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The.
INCLUDING
Railway & Industrial Section
Bank & Quotation Section
Bankers' Convention Section
Railway Earnings Section
SATURDAY, NOVEMBER 28 1914.
VOL. 99
Electric Railway Sectior
State and City Section
NO. 2579
eat ending Nov. 21.
'ixt
hronicle.
PUBLISHED WEEKLY.
Clearings at
1914.
1913.
I'Lci. or I
1912.
1911.
S
S
322,273,314 274,215,111
ce
293,328,273 334,983,540
24,894,300
26,214.700
Terms of Subscription-Payable in Advan inn 00 Chicago i
26,442,900
22,882,400
Cincinnat
18,923,531
23,329,749
23,339,749
21,380,151
for One Year
Cleveland
19,614,496
24,875:483
28,124,052
26,180,590
13 00
For Six Months
Detroit
13,034,691
ng postage)
5,532,590
16,405,529 +2.4
16,800,315
Xnropean Subscription (includi
50
7
Milwaukee
8,888,606
8,672,319
tion six month.(including postage)
8,532,651
European Subscrip
8,092,506
£2 14a. Indianapolis
5,596,400
ng postage)
(includi
6,754,003
5.7
6,447,200 6,079,900
£1 11g. Columbus
Annual Subscription in London
4,084,188
5,305,314
Subscription in London (including postage)
6,349,155 +5.4
6,691,042
211 60
Six Months
Toledo
3,825,655
3,957,145
(including postage)
26.4
4,149,518 3,055,609
Canadian Subscription
Peoria
2,974,594
3,554,321
16.6
3,659,798 following Supplements
2,975,387
_
Grand Rapids__
Subscription includes
2,053,816
2,307,750
-24.4
2,645,453
2,000,288
1,285,694
AND INDUSTRIAL(3 times yearly) Dayton
1,217,217
) 1 RAILWAY
14.2
1,365,213 1,171,731
BANK AND QUOTATION(monthly ELECTRIC RAILWAY(3 times yearly)
Evansville
697,833
875,142
E•RNINGs(monthly)
686.371 -21.7
537.063
RAILWAY
Kalamazoo
926,398
1,142,273
BANKERS'CONVENTION (yearly)
2.4
1,081,245 1,055,364
OTATE AND CITY(sem4annually)
Springfield, IlL _
912,589
1,136,172
1,229,237 +1.4
1,246,117
Fort Wayne
1,417,000
2,058,
12.3
Terms of Advertising-Per Inch Space
1,823,000 1,598,000
869,320
4 20 Akron
054,101
690,733 -8.0
agate Lass))
635,846
1,025,605
2 00 Lexington
Transient matter per inch space(14
1,523,248
($
1,439,587 -17.9
1,181,642
×)wo Months
860,562
29 00 Youngstown _ _ _
896,396
-14.9
times)
996,214
848.559
Three Months (13
1,116,529
50 00 Rockford
1,271,776
(26 times)
1,655,000 -8.6
Btanding Business Cards
Six Months
1,513,275
638,962
87 00 Canton
769,652
799,843 -3.4
Months(52 times)
772,990
Twelve
406.335
570,037
een4011 Quincy d, 0_ 714,411 -3.6
688,542
513 Monadnock Bla ,k;TeLHarri
Springfiel
521,959
600,000
CHICAGO OFFIcE-Geo.M.Shepherd,
690,300 -3.9
E. C.
663,230
620,453
South Bend
618,716
-Edwards 3::. Smith,1 Drapers' Gardens,
OFFICE
585,463 +4.1
LONDON
609,880
Bloomington__ _ _
398,161
501,194
2.3
488,140 NY, Publishers,
477,109
Mansfield
330,383
WILLIAM U. DANA COMPA
464,728
444,629 -3.8
427,607
New York.
Decatur
500,000
550,000
Front. Pine and Depeyater Ste..
610,586 -6.7
P.O.Box 958.
570,000
Jackson
449,908
449,236
5.1
411,056 390,000
COMPANY, Danville
327,433
452,236
-7.4
morning by WILLIAM B. DANA
475,00
440,000
Published every ilaturday
331,072
George S. Dana and Arnold G. Dana. Lima
507,227
+3.4
Treas.:
559,29
580.000
Lansing
Jacob Seibert Jr., President and Sec. Addresses of all. Office of the Compans
255,015
255,533
15.5
316,95 Arnold G. Dana,
267,320
Ylce-Presidents:
Jacksonville, Ill_
147,273
195,401
+51.2
179,92
271,349
43,346
Ann Arbor
40,000
89.1
95,92, 10,479
Adrian
497,761
442.170
443,620 -31.7
-HOUSE RETURNS.
302,469
CLEARING
total Owensboro
that the
11.1 460,277.190 392,732,679
by telegraph, Scc.. indicates
Tot. Mid.West 425,725,031 478,771,287
The following table, made up houses of the United States for the week
53,513,393
60,464,489
53,988,932 +7.0
of all the clearing
last week San Francisco_ _ _
57,771,322
bank clearings
19,475,055
27,215,349
65,923, against 22,818,764,466
25,630,600 -21.3
20,170,386
ending to-day have been 22,314,3
9,862,449
Los Angeles
last year.
3
12,611,90
week
15.9
13.777,336 11,589,967
and 82,890,402.418 the corresponding
11,439,756
Seattle
12,315,612
12,982,365
11,700,000
4,303,803
Portland
4,825,378
Per
-21.2
4,729,950
3,724,738
9,190,717
Spokane
8,704.299
Cent.
Clearings-Returns by Telegraph.
1913.
11,641,693 -12.5
10.190,963
1914.
3,389,506
Salt Lake City
Wed endtng Not. 28.
3,167,650
14.9
2,357,399
2,007,263
3,269,434
Tacoma
3,826,323
2.4
3,674,277 3,587,536
2910,561,797 21,251,858,068 -28.0 Oakland
1,864,092
2,452,202
New York
2,712,423 -7.3
, 107,436,078 -23.7
2,515,198
82,017,213
2,000,000
2,875,959
-12.4 Sacramento
Boston
-17.2
108,969,214
2,232,300
1,849,293
95,452,559
1,262,120
1,600,406
Philadelphia
25,734,541 -14.0 San Diego
1,511,195
22,129,662
1,504,628
1,150,692
1,136,873
Baltimore
-6.7 Fresno
212,709,523
1,154,587
198,532,754
1,151,889
817,329
Stockton
1,202,488
Chicago
23.5
57,073,904 -12.9
923,034 49,714,242
706,323
365,530
863,612
St. bouts
-2.5 Pasadena
15,309,461
658,815 +20.2
14,929,582
791,878
419,272
New Orleans
472,444
San Jose
500,000 -16.
420.089
300,000
North Yakima
300,180
318,324 -6.3
21.364,337,809 21,779,095,989 -23.3 Reno
298,264
Seven cities, five days
-6.0
492,284,917
462,786.941
502,840 Not incl. in total.
Other cities, five days
Beach_
Long
-6.3 144,035,172 123,123.154
138,773,23
Total Pacific_ _ 129,979,737 $1,827,124,750 $2,271,380,906 -19.6
52,585,138
61,80.5,269
Total all cities, five days
60,885,299 +20.9
619,021,512 -21.3 Kansas City_ _ _
73,608,0M
487,241,243
25,841,885
one day
33,320,529
All cities,
32,283,723 +3.3
34,054,619
13.590.121
Minneapolis _ _ _
18,093,105
18,813,966
52,890,402,418 -19.9 Omaha
17,714,702
22,314,365,993
13,123,990
Total all cities, for week
16 098,800
13,249,780 -3.0
12,849,738
11,058,826
Paul
11,872,975
will be given next St.
11,952,840 -2.1
11,098,882
6,330,036
The full details for the week covered by the abovo
9.735,518
being made up by the Denver
+20.3
7,707,415
9,274,880
6.916,939
Saturday. We cannot furnish them to-day, clearings
Duluth
7,183,592
the above the last day
8,720,473 -1.3
8,567,926
clearing houses at noon on Saturday, and hence in to press Friday night St. Josepla
3,789,318
4,855,247
5,036,194 -7.7
all eases estimated, as we go
4.649,793
of the week has to be in
2,344,506
2,900.000
ending with Saturday Des Moines
3,374,504 -13.9
2,906,897
We present below detailed figures for the week
Sioux City
3,394,475
3,540.105
3,657,113 +2.7
3,756,565
November 21. for four years: .
Wichita
noon,
1,549,862
1,677,894
1,777,957 -13.7
1,534,41
Topeka
1,443,428
1,764,643
2,064,459 +4.7
2,161,752
Lincoln
1,463,543
Wed ending Nov. 21.
1,515,770
1,480,785 -17.4
1,222,534
t
Davenpor
1,075,900
1,680,424
+8.3
Clearings at
1,535,691
1,662,033
Cedar Rapids._ _
Inc. or
883.613
534,184
725,110 +214.6
1911.
2,281,730
1912.
Dec.
Fargo
630,178
1913.
1914.
738,028
720,405 -2.4
702,804
Colorado Springs
1,055,263
1,461,177
+0.9
1.393,985
1,406,925
$
Pueblo
276,724
8
278,318
233,998 +24.3
352,939
-24.1 2,015,377,697 1,819,279,401 Fremont
164.517
178,066
1,402,845,262 1,848,111,972
155,638 +4835
New York
148,314,952 Hastings
231,281
343,076
451,013
153,692,107 173,199,785 -8.4 182,119,320
_
+75.0
456,269
Philadelphia _798,797
50,772,588 Aberdeen
58,499,387
1,013,943
58,739,383 -20.9
1,478,340
46,480,330
1.527,213 -7.8
1,408,671
Pittsburgh
38,584,896 Waterloo
41,987,335
1,011,251
40.362,639 -14.8
1,339,042
34,390,707
+1.2
1,469,331
Baltimore
1,487,016
10,806.466 Helena
13,041,713
350.000
14,266,312 -19.9
552,364
11.431,116
683,749 -18.9
Buffalo
6,439,848 Billings
812,930
6,411,828
7,897,649 -17.5
6,515,293
183.059,903 150,206.430
Albany
6,958,083
7,329,109
8,083,553 -12.4
7,082,900
Total oth.Weet 195,145,898 179,955,877 +8.4
Washington
4,153,584
4,713,140
4,864,517 -10.2
4,367,358
80,805,209
Rochester
87,160,318
2,486,293
3,191,576
87,634,414 -14.7
74,705,018
3,676.249 -18.6
2,991,183
24,342,277
Scranton
2,199,435 St. Louis
27,209,071
2,676,109
23,552,927 -18.3
3,228,289 -18.5
19,253,531
Orleans_ _ _ _
2,630,006
12,633,095
Syracuse
13,666,273
1,728,923 New
1,779,125
11,384,088 -21.6
1,941,82 -13.9
11,273,292
1,671,078
1,267,795 Louisville
Reading
1,678,941
10.631,252 -13.6
2,272,740 -30.9
9,187,311
1,569,150
4,434,800
Wilmington
1,454,664 Houston
4,106,500
1,684,420
3,790,000 +23.2
1,768,927 -4.7
4,669,272
1,685,530
Galveston
Wilkes-Barre____
11.167,8.57
1,800,508
2,307,569
13,222,880
13,161,789 -35.4
2,294,118 -23.8
8,502,996
1,749,032
3,787,846
Wheeling
1
1,726,403 Memphis
11,857.07
2,168,666
11,100.324
1,933,898 +5.7
10,500,
2,044,243
7,863,679
912,143 Fort Worth
Trenton
9,051,086
964,477
8,909,017 +4.6
889,145
9,320,820
887,493
16,809,617
871,047 Richmond
York
17,085,469
1,029,215
20,275,005 -30.5
1,162,973 -18.2
14,098,075
950,038
7,367.403
495.930 Atlanta
Erie
7,735,514
500,000
7,373,056 -40.4
510,000 -9.8
4,396,286
460,000
Savannah
4,627,635
491,273
Greensburg
7,735,005
701.146
8,473,875 -20.7
765,397 -14.0
6,721,223
658,045
3,957,876
493,500 Nashville
Chester
5,073,092
655,000
5,161,247 -20.1
689,800 -8.9
4,122,255
628,100
2,306,003
404,266 Norfolk
Binghamton _ _
3,475,288
577018
4,069,774 -30.9
712,707 -14.7
2,611,336
___
608,018
2,981,585
848,629 Birmingham
3,073,253
Altoona
1,551,635
-27.6
-15.0
2,682,729
1,437,258
1,915,719
1,221,305
Augusta
3,100,000
Lancaster
3,243,401
356,353
3,443,734 -20.1
487,593 -20.1
2,750,000
391,257
Jacksonville
1,730,376
Montclair
2,101,588
1,982,378 -12.1
1,742,202
Knoxville
2,498,374
3,210,582
-22.4
2,347,300,849 2,102,578.617
3,300,909
2,562,651
2,179,296,774 -22.4
Little Rock
2,309,188
2,591,885
Total Middle_ 1,691,956,455
2,726,992 -26.7
1,997,830
Chattanooga_ _ _ _
2,538,447
2,315,105
163,952,065 168,210,640
2,978,060 -29.7
1,795,154
146.429,773 162,731,354 -10.0
1,524,147
7,156,100 Charleston
1,750,000
9,760,000
Boston
1,500,000 -33.3
9,141,900 -21.1
1,000,000
7,216,200
2,375,594
4,063,925 Mobile
Providence
2,053,146
4,453,882
2,233,363 +36.3
4,584.629
3.043,678
4,251,097
4,996,948
2,756,140 Oklahoma
5,038,262
Hartford
2,822,243
-38.5
-1.3
6,012,215
3,701,028
3,363,374
3,319,255
1,905,126
2,145,177 Madan
2,321,083
2,602,301
New Haven
3,239,012 -21.2
2,553,305
2,577,638 +2.5
2,642,072
342,665
2,071,438 Austin
349,751
Springfield
2,245,031
377,569 -13.9
2,167,287 -4.3
325,000
2,073,072
2,125,888 Meridian
391,298
467,419
Portland
2,634,215
416,433, -36.7
263,777
2,807,196 -7.7
2,591,344
1,303,468 Vicksburg
439,214
495,644
Worcester
1,369,076
463,968, -16.8
385,810
1,645,248 -2.8
1,102,752
976,636 Jackson
843,287
1,061,372
1.079,967
Fall River
, -25.9
1,507,869
1,252,487 -7.6
1,118,059
1,157,932
529,763 Muskogee
567,273
.,
519,968
New Bedford_ _
1,327,750, +8.4
849,847 -13.1
1,438,852
746,161
600,000 Tulsa
Lowell
708,377
841,291 -10.9
238,353,424 214,234,554
749,372
521,262
Total Southern 202,952,710 252,801,7971 -19.31
Holyoke
707,875
482,646 +29.6
625,605
.871
Bangor
2,818,754,466 3,422,053,863, -17.6 3,565,862.1193 3,173,335
Total all
-10.1 192,836,455 190,460.437
50,485,2941,355,0S1iITO
Eng 172,994,635 192,454,398
Outside N. Y. 1,415,909,204 1,573,941,891 -10.01,5
Total New
Commercial and MMOellaneous News."
-For Canadian clearings see Note.
%
12.4
-13.5
-8.4
1554
THE CHRONICLE
xcix.
Not only does the new form of retu
OUR PANAMA NUMBER.
rn omit giving
the gold holdings; it conveys no
At a time when nearly the who
information whatle of Europe is ever as to the
character or quality of the reserve.
involved in war,it seems peculiarly
fitting that occa- The old form of return segregat
ed the cash reserves
sion should be taken to glorify
the arts of peace. under two heads, namely "specie" (which
everyone
Among the great achievements of
the time and the knew to mean gold, since silver has become so greatly
age, none surpasses in magnific
ence and in far- depreciated) and "legal tenders". This was clear,
definite and precise. Now, instead of
reaching effects—in the new poss
these specific
ibilities it opens up cash
items the return simply shows Reserv
for the development of commerce
e, and
and the better- this is sub-divided
under three heads, (1) "Reserve
ment of the human race—the
building of the in own vaults", amounting
last Saturday to $350,Panama Canal.
462,000; (2) "Reserve in Federal
Reserve Bank,"
The year 1914 will always be
memorable for two amounting to $96,060,000; and (3) "Reserve in other
great events, the gigantic conflict
which is now devas- depositaries.", amounting (after corrections) to
$25,484,000. The whole three
tating Europe and the opening
are then lumped and
of this new waterway call
ed "Aggregate Reserve", with
to promote the peaceful pursuits of
this aggregate
man. The one reported $472,006,000
.
of these events is a blot upon civiliza
In the first place, it should
tion, the other
be noted that the
represents civilization's highest
attempt to show the cash reserve
fruitage.
has been altogether
Accordingly, we issue to-day,
in conjunction with abandoned. There is of course no doubt as to the
character of the reserve in the
"The Economist" of London, Eng
Federal Reserve Bank,
land, and "The and
this can with perfect propriet
Economist" of Chicago, a special
y be counted as
supplement in com- "cash," for
it exists as a special prot
memoration of the latter achievement.
ection for the
A copy of member banks of the Federal
Reserve Bank. "Rethis special number goes to every one
of the sub- serve in Other Depositaries," howeve
r, cannot in.
scribers of the three publications.
any way be considered as akin
to cash. It represents
the reserve which the trust
companies are allq_3ved to
keep on deposit with the
THE FINANCIAL SITUATION.
Clearing
and hence does not constitute cash -House banks,
Surely the New York Clearing-House auth
at all. There is
orities no reason at all why in the
Clearing-House return
erred sadly when in reconstructing the for
m of the this "Reserve in Other Deposita
ries," after having
weekly return, to make it conform to the
conditions been stated separately, should be
treated as it if were
growing out of the inauguration of the new
Federal cash reserve and• made part of "Ag
gregate Reserve"
Reserve banks, they omitted altogether the
item of and used to swell the "Excess Rese
rve," thus making
gold holdings in recasting the statement.
One rubs this excess reserve (on the basis
of the lowered
his eyes in amazement when in scanning
the return 18% requirement instead of the
former 25%), $137,one finds this most important item miss
ing. If it 890,540.
had not actually happened the act wou
ld seem inTo be sure, under the law the trust
conceivable. Indeed, if at any time with
companies are
in the last allowed to count these deposits
with the banks as
few years when the money interests of
New York part of their reserve, but so the
y were under the old
have been assailed with such unpardona
ble vicious- law, and yet the Clearing Hou
se refused to be bound
ness by politicians and demagogues
in and out of by that rule and never
treated the item (always
Congress, any one had dared to suggest
that a Clear- stated separately) as "Ca
sh Reserve" or included
ing-House return would ever be issu
it
ed purporting to in figuring the exce
ss or the deficiency in
show reserves but failing to indicate
reserve.
how much of The objection now to
such a course is vastly stro
these reserves consisted of actual gold
nger
, the sugges- than before, because
the percentage of reserve
tion would have been scoffed at and
itself
held to be as has been material
ly reduced. The Legislat
devoid of substance as the baseless insi
ure sets
nuations and its own standard,
to which the State banks
assertions that have in recent periods
and trust
been hurled companies must,
of course, conform. The
with such recklessness, and wholly wit
law, howhout provoca- ever, simply
fixes a positive minimum
tion, against the New York banking
below which
institutions.
the institutions must not
Yet, on the morning of the establishmen
go. The Clearing House
t of a new stands for a higher
banking system which everyone with
standard, not merely the legal rerare enthusi- quirement, if
that be deemed inadequate—a stan
asm, but perhaps prematurely, is hail
ing with delight, conforming
dard
to the best banking practice, buil
and which is to inaugurate a new
t on years
and much more of experien
ce. The Clearing House has inti
enlightened era than any existing
mated
heretofore in the too, that
country's banking history, here com
the same policy is to control in
the
es last Saturday's future.
Clearing-House bank return, a
thousand years behind
In a statement published last week
the times, and omits all reference
the Chairman
to the gold holdings, of the
Clearing House Committee, Mr. Albert
the one thing above every othe
H.
r thing concerning Wig
gin, took occasion to point out that the
which the world is seeking
increase
information. If it had in surp
lus reserve produced by lowering of lega
not previously been the custom
l
to give out the fig- reserves
from 25% to 18% is "not a change in conures, the act might be pass
ed over, but the fact is diti
on", and that "many of our important inst
that no practice is so rigidly
itufixed in Clearing-House tions find
it impracticable to do business satisfacrules, which have always
conformed to the highest torily
on as low a reserve as the law permits." He
banking standards, as that
of recording the details also caut
ioned against considering the new and
of the money holdings.
There is no apparent ex- larger
surplus as "a fund awaiting investment." It
planation for the step, except
that in changing from is thus
the old form of return
evident that, notwithstanding the more
to the new,ithe item has leni
ent requirement of the law, the Clearing Hou
been dropped.
se
authorities, guided by experience, mean
to adhere
Nov. 281914.]
THE CHRONICLE
1555
e the Bank of Germany,
the past. issuing its weekly return, whil
conservative practice as in
rruptions following the outto the same
incomprehensible after one or two inte
es it all the more
ing weekly reports. Even
But that mak
s are carry- break of war, is again mak
owing
which the trust companie
that deposits
k of France, though it was obliged,
selves should be used in the Ban
move all
ing with the banks them
the onrush of the German invaders, to
as if it were that much to
, keeps giving
figuring the excess reserve
g its belongings from Paris to Bordeaux
k of gold
it is really a liability owin
additional cash when
out occasional statements showing its stoc
its condition.
ous other items appertaining to
by the banks.
however, of our present com- and vari
-House
The main purpose,
l it be said that the New York Clearing
Shal
figures
attention to the absence of any
the New World,
ment is to call
s, at the financial centre of
gold in bank vaults. These bank
h gold they
showing the stock of
stand alone in refusing to report how muc
r the general
ings are covered up unde
ges in their holdings
w the chan
gold hold
Vaults." There is possess and to sho
ncial journals
designation "Reserve in Own
com- from week to week. Many of the fina
what this item is
absolutely no way of telling
r European centres collect figures
and othe
h of it is gold, how much of London
r does,with reference
posed of, that is, how muc
national bank each week, just as this newspape
ers and how much of it
pean banks, and
of it legal tend
e of these to the gold holdings of the Euro
is composed of the whole thre
gold holdings of the
notes. It
lomeration, then add a line to show the
therefore, is a meaningless cong
as the designation
and,
nal sanc- New York "Associated Banks"
persists
nothing to excuse it except the nomi
having
is on the other side. If the Clearing House
cians will now have
of the law.
tion
se these statisti
we are trifling when in its present cour
are no longer
It may appear to some that
this to report that the New York figures
form part of
say that national bank notes
of giving the gold stock the
we
ly stating a fact. available, that instead
reserve in vaults, but we are simp
gives out merely a composite item
ot count their own Clearing House
National banks, of course, cann
erve in Own Vaults" and consisting of
s as reserve. The called "Res
addition to gold.
notes or the notes of other bank
r hand, various kinds of paper money in
s and trust companies, on the othe
ncial comment this would
State bank
it. Formerly What an occasion for fina
the State law expressly allows
of scorn would be pointed at
can, as
its sanction to be and how the finger
Clgaring House refused to give
the
deems the statute suf- this country.
rtthe arrangement but now it
There is of course no difficulty at all about repo
k notes go into the
nt, and these national ban
Clearing House gets complete
ficie
res. The
by State institutions, ing the figu
the separate banks each
self-same hopper, when held
will, hence, detailed returns from all
in vault. It
occasion for criticism lies in the fact that
and are counted as reserve
. The
ion of the excess reserve, week
it omits to make public
be seen that the computat
the huge figure in giving out the footings
Saturday was given at
same with other items.
which for last
of dilu- the gold holdings,lumping the
,540, involves a double process
t remarkable one (if it be more
of $137,890
deposits of The departure is a mos
, in including $25,484,000 of
tion, first
vertence) and absolutely nothing can
s and second in than mere inad
trust companies with the bank
the
se or extenuation of it. In times of
notes the trust be said in excu
uding whatever national bank
incl
ring House has frequently omitted to
counting as part crises the Clea
n for the separate
companies and State banks may be
publish the figures of conditio
their reserves.
g this now and there is abundant
of
t that the banks. It is doin
a course. But
All this renders it all the more importan
reason and justification for such
ld be reported as a separate item,
on of specie
gold holdings shou
r at any time since the resumpti
past. There is no true reserve neve
over 35 years
the same as in the
payments on Jan. 1 1879—that is,
ithstanding what the law may say.
ed until last Saturexcept gold, notw
ago—has it ever in any week fail
d's experience and the world's authorias a separate and
And the worl
day to report the specie holdings
gnize nothing else as reserve. The chances
ties reco
enviable record and
ly distinct item. That is an
will serve to
are that the omission to state these holdings is mere
nothing should be now tolerated that
the result of inadvertence, reflecting hasty action
cast a blemish upon it.
or action taken without sufficient consideration at a
s
ific declaratime when the opening of the Federal Reserve bank
While Portugal has as yet made no spec
ssary to alter the form of return in some
on Tuesday
made it nece
se Congress
there tion of war, the Portugue
the
material particulars. We cannot imagine that
that that country should co-operate with
ge- decided
step necessary. The
any purpose to conceal. Clearing-House mana
the
is
e board. Allies when they consider
ring
ee
ment has ever been open, frank and abov
Minister of War is expected to issue a decr orde
the banks
The authorities have always recognized that
near future. Full mobiliic has a partial mobilization in the
perform public functions and that the publ
ed, produce a force of
a fundamen- zation will, it is calculat
right to knowledge of their condition;and
tion Portugal has in commisn is the extent to 250,000 men. In addi
tal fact bearing on their conditio
sion five protected cruisers, three destroyers, four
with gold.
des an obwhich their liabilities are fortified
ledge torpedo boats and three submarines, besi
the Clearing House now to withhold know
For
oats. Bulgaria
backward solete battleship and some old gunb
that point would be taking a step
will remain neutral,
on
le Ages. And has notified the Allies that she
towards the darkness of the Midd
ier has asked the Allies to
be presenting to the and the Bulgarian Prem
what a spectacle we would
n expectations in territries of Europe, define the limits of Bulgaria
world I Even the benighted coun
h has no parallel in the tory.
now engaged in a war whic
The sensational developments in the war this week
with their resources
history of the human race,
d as a German catastrophe
making regular are, first, what is describe
strained to the breaking point, keep
nd, and, second, the loss of another British
notwithstanding the in Pola
returns of their gold stock,
least 736 officers and men. In addiThe Bank of England, warship with at
cements to the contrary.
indu
ralty announced yesterday that
l world, has not tion, the British Admi
Rock of Gibraltar in the financia
had been sunk by a
the
even delayed the British collier Khartoum
since the outbreak of the war
once
1556
THE CHRONICLE
WoL. xcix
mine off Grimsby. In the House of Common
s yes- an official announcement.
Anti-Christian agitation
terday Winston Churchill declared that the loss
es to is spreading in Palestine and
the Italian Consul at
the British merchant marine have not been as
great Jerusalem has appealed for
warships. The renewed
as was anticipated since the opening of the war.
advance by Austria into Servia
is causing uneasiness
Lord Churchill said he had expected a 5% loss to
the in Bulgaria as to the future
of the Balkan States.
mercantile marine, but during the first, seco
nd and Italy, too, has been affected
by the Austrian advance
third months of the war the loss has been only
and her ambassadors at the Eur
opean capitals have
1.9%. He further stated that the British
fleet been called home to confer with
would be increased by fifteen warships by the
the Cabinet.
end
of 1915, while the maximum reinforcements Ger
many
What is accepted as a satisfactory expl
could receive up to that time was three ship
anation by
s.
Turkey for the firing on the laun
Full official details of the German defe
ch of the United
at in States cruiser Tennessee
Poland are still lacking, though such a
by Turkish troops at
conservative Smyrna last week
has been received from United
authority as Lord Kitchener told
the House of States Ambassador
Morgenthau by the State DeCommons on Thursday that the
Russians had partment. The Amb
assador communicates the Turdefeated the Germans with the
heaviest losses kish commander's "ver
y great regret" that he was
yet suffered in the war. Dispatches fro
m Russian obliged to fire on the
launch. The commander at
sources declare that not only has the
German in- Smyrna first ordered two
vading army of General von Hinden
blank shots of warning
burg been fired. "The Turkish sent
inel, after waiting two
crushed and his forces divided, but that
the army of minutes," the Ambassado
r reports, "was obliged to
General von Makensen, which went
to von linden- fire the third shot in
another direction from that
burg's relief, has also been met and defe
ated. The of the launch, which latt
er shot was merely to
German front, south of Plock, is said
to have been prevent the helmsman of
the launch from holding his
cut in two and the Russians have driven a wed
ge into course, which would have led dire
ctly on to the mines
the German line between Plock and Lowicz.
The at the entrance to the fort,and
to rescue him from a
Southern half of the German army is endeavor
ing to very certain danger. The com
mander at Smyrna
cut its way through to join the German forces furt
her expresses very great regret that such
to the right, from which it is also said to be
an obligation
cut off. was presented to the sent
inel of the port, which he
The other half of the divided army is declared
to be attributes to the indifference
of the helmsman of
vainly endeavoring to fight its way out of
the trap the launch."
into which General von Hindenburg
was led by
striking toward the North. Russian
war critics
In accordance with the Administration's
declare that the surrender of this part
plans, the
of the army, American forces of occupati
on under General Frederwhich is surrounded, must soon ensue.
Estimates ick Funston, after a stay in
Vera Cruz of seven
of the number of German prisoners
reported cap- months, left that port on Mon
day. T.hey embarked
tured in the battle runs as high as
50,000. On on transports en route for the
United States. As the
the other hand, an official Ger
man statement Americans withdrew, first
from the outlying districts,
asserts that no decision in Poland
has yet been and then from the city itsel
f, the Constitutionalists
reached. General von Makensen's
troops at Lodz entered and nominally occu
pied the territory vacated.
and Lowicz are said to have infl
icted heavy losses on Hence there was
no formal turning over of the city
the first, second and a portion
of the fifth Russian to any of the
Mexican factions. Considerable
armies. The Germans claim to
have taken 40,000 rioting and looting
are reported to have taken place,
prisoners, 70 cannon, 160 amm
unition wagons and but the Constitu
tionalist forces finally succeeded in
156 machine guns Except for
artillery contests, the restoring orde
battle in the West (in France
r. General Zapata seems to be in
and Belgium) is vir- the imme
diate charge of military affairs at Vera
tually at a standstill, although
in isolated attacks Cruz. Prov
isional President Carranza,, surrounded
each side claims to have made
some preogress:
by his uniform?,d officers, entered the city
The British battleship Bulwar
on Thursk
Thursday in the River Thames was blown up on day afternoon and the residents lined the streets to
, off Sheerness, at give him
an enthusiastic welcome. With Carranza
the mouth of the estuary of
Medway, only 35 miles were
Generals Obregon and Alvarado and
from London. A vice-admiral
many
and a rear-admiral' minor offic
ers,the entire Government staff of offic
who were at Sheerness reported
ials,
that they were con- most of the empl
vinced that the disaster was
oyees,besides a large body of troops.
caused by a magazine The party
was met at the Custom House by Gene
explosion. Ammunition was bein
ral
g loaded on the Aguilar and staf
warship. When the smoke had
f. A banquet followed and cong
ratcleared away the ulatory speeches
ship had entirely disappeared.
were made by the leaders. CarImmediately after ranza .will inst
the explosion the vessel was blot
all his capital at Vera Cruz.
ted out by smoke,
Meanwhile General Villa is said to
and as the veil slowly lifted, all that
be carefully procould be seen ceeding to Mexico
was a handful of men struggling in the
City. He is confident that
water. An Zapata has not reno
official inquiry into the disaster has been
unced the Aguas Calientes
constarted, and vention and has
dispatched a delegation of
thus far the official view holds that the
his
explosion was officers from Tula to
Mexico City to meet Zapata,
accidental and internal. Outside of this
or
the more whoever is in charge of
the capital for Zapata, and
general view is that the work was either
that of a discuss the situation.
If he
spy, the result of treachery of some kind on boar
d,or, renounced the convention, finds that Zapata has
as followers of Carranza
finally, that the Bulwark was blown up by a sub
mar- state, then Villa will tight
for the possession of the
ine. To date the losses to the British navy num
ber city. But if he finds that
Zapata is tractable, it is
nineteen ships— a superdreadnought, a battlesh
ip, believed Villa will enter with
his army. Villa is said
ten cruisers, two submarines, two gunboats and
three to be at Tula and General
Guiterrez is at Queretaro.
converted cruisers. The Turks in the Caucasus
re- Guiterrez, it will be recalled,
gions are being driven towards Erzerum, acco
was the choice for
rding to Provisional President of the
Convention of generals
Nov. 281914.1
THE CHRONICLE
recently held at Aguas Calientes. In an official announcement our Secretary of State, Mr. Bryan, on
Thursday announced that Villa had promised to keep
order and protect private and property rights when he
gets into Mexico City.
The volume of subscriptions to the new British war
loan has not been officially announced, but London
correspondents agree that the amount of £350,000,000
has been over-subscribed. The subscriptions range in
size from £95, the issue price, to £200,000, the latter
representing the application of a large insurance
company. It is announced that banks and insurance
companies all over the United Kingdom and throughout the Colonies as well, subscribed liberally. The
loan has not appreciably strengthened the private
discount market nor the views of money lenders,
notwithstanding the tying up of funds by the requirement that £2 per £100 must accompany each
subscription.
The Chancellor of the Exchequer, Lloyd George,
in the House of Commons yesterday, while not giving
figures, announced that the loan had been highly successful. The feature of the transaction, he said,
was the enormous number of individuals,totaling
nearly 100,000, who had made applications for small
sums. These subscribers are to receive allotments in
full. The cabled accounts of the Chancellor's speech
undoubtedly do not correctly report him. He is
made to say that the financial deadlock which followed the outbreak of war was due to inability to
collect outstanding debts abroad. As an instance,
Mr. Lloyd George is declared to have referred to the
United States, which he said owed Great Britain
about a thousand millions sterling ($5,000,000,000),
"but we could do no business," he added. The
Chancellor is probably referring to the more or less
general estimate that British capital to the extent
of between $4,000,000,000 and $6,000,000,000 is at
present invested in American railroad and other securities. How he can regard this as a debt that by
inference should be collected it is rather difficult to
conceive. The estimate made of American indebtedness immediately owing to England by Sir George
Paish, the British Treasury representative, who recently returned home from conferences with bankers
and Treasury officials in this country, was about
$250,000,000, which, obviously, is far below' the
views of the Chancellor. In enumerating the steps
taken by the Government to assist commerce during
the war, Mr. Lloyd George said that the Government had undertaken responsibilities which no Government ever had been called upon to assume before.
"We had not merely our own business to run," the
Chancellor continued, "but we were an essential
part of a machine that ran the international trade of
the world. We carried half the produce and provided the capital that moved this produce from one
part of the world to another, not merely ourselves,
but for other countries."
Lloyd George told his hearers that the action
which the British Government had taken was to
save British trade, British commerce, British labor
and British lives. The Government, he said, had
hypothecated the credit of the State in order to restore these exchanges upon which the commerce
and industry of the country depended, and upon
which the whole- community depended for their
daily life. One hundred and twenty million pounds
sterling ($600,000,000) of bills, Mr. Lloyd George
1557
continued, had been discounted by the Bank of England, and that showed, he said, that out of a total of
between £300,000,000 and £500,000,000 of bills out
at the beginning of the war, a greater part was disposed of in the ordinary course. The total amount
of bills which had arrived at maturity and for which
the Bank of England had found money was £60,386,000. It was estimated that at the end of the
war there would be about 00,000,000 of bills in
what he would call "cold store" through their belonging to belligerent countries or for other reasons.
There would not be a penny lost to the great accepting houses, and the total loss upon the whole of these
transactions, he estimated, would not be equal to
the cost of a single week of carrying on the war, and
in addition British commerce and industry would be
saved from one of the worst possible catastrophes.
So far as the London financial markets are concerned, there does not appear any immediate movement to re-open the Stock Exchange there, although
the decision of the Governors of the New York
Exchange to resume bond trading to-day on a restricted basis has produced an excellent impression
at the British centre. London authorities seem to
agree that little will be done in the way of official
trading there until the New Year arrives. This
view was taken by Sir George Paish. It is considered probable, however, that after the next
settlement, December 1, the London Stock Exchange Committee will make a more general extension of fixed minimum prices for securities than is
at present the case. Consols are reported to have
sold during the week privately in London below the
established minimum prices of 683/2, which is not
unnatural in view of the active competition of the
new loan. The successes reported for Russian arms
in Poland are said to have induced fresh investment
buying of Russian securities in London. Kaffir
shares have favorably reflected the apparent collapse
of the South African rebellion.
A definite date, Dec. 7, has been set for reopening the Paris Bourse. Official announcement
to this effect was made yesterday after a conference
between the Minister of Finance and a syndicate
of French brokers. Trading will be confined exclusively to cash transactions. The French provincial bourses are open. We do not understand that any
formal action has been taken closing them, business
apparently having merely been suspended. Quotations on these provincial bourses suggest a tendency
toward further depression. But the chief form of trading in France, so far as securities are concerned,seems
to be in the shape of lists sent to their customers by
leading brokerage banks containing securities available for purchase or sale. But even these operations
are believed to be of limited volume. Advices from
Paris state that the French Government will probably
prolong the moratorium for a further period. The
French Cabinet has authorized the Minister of Finance
to advance 20,000,000 francs to the Greek Government. Subscriptions were invited on Thursday to a
short-term 5% French national defense loan and
amounted to 700,000,000 francs for France alone. In
addition, 300,000,000 francs of Treasury bonds were
already in circulation. The Minister of Finance,
Alexandre Ribot, submitted to the Cabinet a decree
raising to 1,400,000,000 francs ($280,000,000) the
amount issuable of war defense bonds. It is proposed
to issue bonds in small denominations, as low as 100
1558
THE CHRONICLE
francs. Subscriptions to these bonds will be taken at
all tobacco shops, post-offices and savings banks.
That Germany will be forced to issue another war
loan, notwithstanding the large issue recently so
successfully distributed, is officially announced. A
second supplementary budget for 1914 has been introduced in the Bundesrath authorizing the expenditure of 5,000,000,000 marks and an issue of Treasury
warrants to a maximum of 400,000,000 marks. The
second war loan will constitute the principal business
in the Reichstag when it meets on Dec. 2. The loan
just issued is expected to last for a considerable
period—it was at first stated that it would last a
year—but the Government, it is stated, desires to
take precautionary measures in order to be assured
that money will be forthcoming as required. The
session of the Reichstag will, it is understood, be a
short one and, aside from the new credit, will confine
itself to the ratification of the various emergency
measures promulgated by the Bundesrath. Advices
cabled from Dresden state that the Saxon Government is about to introduce a bill authorizing an
extraordinary State loan of 200,000,000 marks to
relieve the general distressincurred by the war. Cable
advices from Vienna,via Rome, state that the Austrian war loan of $1,000,000,000,to which we referred
in last week's "Chronicle," closed with subscriptions
of $290,000,000. Of this amount $5,000,000 was
squeezed out of Bosnia and Herzegovina, although it
is officially announced that this money was spontaneously invested. It is also announced that the
Treasury will continue to accept investments, despite
the closing of the war loan.
European bank rates still continue without quotable change. In London private bank rates are 3%
for sixty-day bills and 338% for long bills. Quotations at other European centres for private bank discounts as reported by mail are nominally: Paris,4%;
1%, and Amsterdam, 331%. Official
Berlin, 6%
bank rates at the leading foreign centres are: London, 5%; Paris, 5%; Berlin, 6%; Brussels, 5%, and
Amsterdam, 5%.
The weekly statement of the Bank of England indicated a decrease of £347,210 in the gold holdings and
of £349,000 in the reserve. The loan item (other
securities) increased £4,212,000. Public deposits increased £2,405,000 and other deposits increased
£9,128,000. An expansion of £1,000 was shown in
note circulation and a decrease of £401,000 in notes
reserved. The proportion of reserves to liabilities
this week is 31.60, against 34.04 last week and 54.38
last year. The preparations for subscriptions to the
new war loan were undoubtedly the chief basis for
the increase in loans. The Bank's gold holdings
aggregate £72,222,932, comparing with £37,422,608
at this date last year. The reserve totals £55,358,000, against £27,456,243. Loans are £111,315,000,
against £29,591,342, and "other deposits" are
£156,462,000, against £40,724,468. Our special correspondent furnishes the following details by cable
of the gold movement into and out of the Bank for
the Bank week: Inflow, £623,000 bought in the open
market and receipts of £30,000 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:
[VOL.
xc
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1914.
1913.
1912.
1911.
1910.
Nov. 26.
Nov. 27.
Nov.25.
Nov. 29.
Nov. 30.
.£
Circulation
35,314,000 28,416,365 28,311,835 28,731,960 28,394,980
Public deposits__
18 691.000 9.749,254 13,179,627 12.128,431 11,415,399
Other deposits
156,462,000 40,724,468 41,753,316 40,618,588 39,685,
467
Gov't securities__
26,285,000 11,184,993 13,034,576 14,437,210 .14,643,568
Other securities__ __111,315,000 29,591,342 31,760,724 28,911,031 28,491,146
Reserve,notesdtcoln. 55,358.000 27,456,243 27,924,435 27,075,283 25,686,492
Coin and bullion___ 72,222,932 37,422,608 37,786,270 37,357,243 35,631,472
Proportion of reserve
to liabilities
50.81%
51.32%
31.60%
54.38%
51.47%
Bank rate
5%
4%
414%
5%
5%
The weekly return of the Imperial Bank of Germany, as cabled yesterday, showed an increase of
32,716,000 marks in gold. The item of "specie,
bank notes and notes of other banks" decreased
119,189,000 marks; Lombards increased 4,227,000
marks. Bills of exchange increased 117,779,000
marks; stocks decreased 3,622,000 marks; current
notes decreased 50,845,000 marks and deposits increased 58,788,000 marks. The Bank's gold holdings
now aggregate 1,978,761,000 marks. One year ago
the total holdings of cash, including gold, was
1,540,100,000 and two years ago 1,142,400,000.
The note circulation aggregates 4,009,165,000,
against 1,837,714,000 marks in 1913 at this date and
1,796,002,000 marks in 1912.
Local money conditions have indicated still further
ease this week. One influence has been the publication of the weekly bank statement in the new form
necessitated by the inauguration of the Federal
Reserve Law. As a result of the reduction in reserves which the banks and trust companies in the
Clearing House under the new regulations are now
permitted to carry, the banks and trust companies
reported reserves in excess of the new requirements,
according to a revised statement, amounting to
$137,890,540, which, however, includes that portion
of their reserves kept by the trust companies on
deposit with the banks,and to that extent,therefore,
is fictitious. This compares with a surplus reserve
of $7,413,900 (all in cash) shown by the previous
week's statement. The Clearing House Committee
found it necessary to issue a corrected report on
Thursday,as it had been discovered that more or
less confusion had arisen in preparing the original
statement of last Saturday, when an excess of
reserve of $176,830,520 was reported. Some members failed to include in the item of "Loans, &c.,'
the real estate holdings. In the item "Reserve in
other depositaries" the excess on deposit over the
amount allowed as reserve was included. Amended
returns show that the item "Loans, &c.," should
have been about .$18,000,000 larger and that the
item "Reserve in other depositaries" should have
been about $39,000,000 less. With these corrections the excess in reserve in the published statement
of November 21 was $137,890,540 instead of $176,830,540. The full statement appears on a subsequent page of this issue of the "Chronicle". Even
the revised figures represent an exaggeration of
actual conditions as far as true reserves are concerned, and there seems slight likelihood that for a
considerable time to come the New York institutions will desire to do business on as low a reserve
as the law permits. It is obvious that comparisons
of items in the new form of the bank statement with
those in the old form can have little value. The
statement, which is one of averages, shows loans
of $2,164,651,000. The reserve carried in the
vaults of the Clearing House institutions amounts to
$350,462,000;1the reserve in the Federal reserve
Nov. 28 1914.]
THE CHRONICLE
1559
bank is $96,060,000 and in other depositaries $25,484,000. The net demand deposits amount to
$1,936,028,000 and the net time deposits $91,932,000.
The circulation outstanding is given at $92,652,000.
The aggregate reserve is $472,006,000 and, as already noted, the excess reserve is $137,890,540.
The banks are continuing to actively retire their
Clearing-House certificates and their emergency
circulation. Of the latter there has thus far been
retired 376,855,320/out of a total issued in New
York of about $133,000,000.
Ninety-day funds have loaned quite freely this
week at 43/2% and time money rates, as a whole,
0
may be quoted at 43/2% to 4%7 for all periods up
to six months, comparing with 43@5% a week
ago. Commercial paper is on a 4%@5% basis
for sixty and ninety day endorsed bills receivable
and for four to six months' single names of choice
character. Names less favorably known are 53/i
@6%. Call money has covered a range of 43/2@
,
532% during the week. On Monday 53/ and 49%
were the highest and lowest figures, respectively,
with 5% the ruling rate; on Tuesday 5% was the
highest and renewal basis, with 4%% the lowest;
on Wednesday 4%% was the highest and ruling
rate,with 43/2% the lowest; Thursday was a holiday—
Thanksgiving Day; on Friday the range of quotations
was 4%@4%%, with renewals at the lower figure.
$100. The lower figure has been the regular Assay
Office charge for some years, to cover incidental expenses in connection with refining, i&c. The higher
premium will make but slight difference in the gold
export-point, which is now quoted at 4 8965 for bars.
It is figured that there is a difference of only about
6 points now between the shipping prices of gold bars
and gold coin to Canada, one reason for that being
that the Government recently replenished the gold
stock in the New York Sub-Treasury with new gold
coin. These are of full weight, and it is figured have
brought down the shipping point to 4 8971 on coin.
Bankers, however, have not found it necessary to
ship additional gold to Canada this week.
Exchange on Berlin continues weak, checks having declined still further to 85%@85%, against
863' a week ago, while cables are quoted at the close
at 85% against 86%. The offerings of marks have
been active, which suggests a continued movement
to convert Berlin credits into dollars. It is understood that Germany, like other belligerents, is buying supplies here with some freedom. These will,
of course, require payment. Hence the necessity
of establishing German credits in this country.
Paris checks have still/further advanced, closing at
5 093/, against 5 12 a week ago, while cables closed
s
at 5 09, against 5 11. Exchange on Amsterdam is
about 1-16 firmer,closing at 40%@,40% for bankers'
sight, 403 for bankers' cables, while commercial
4
sight is slightly easier at 403@40 5-16. Italian
exchange finished at 5 363/2, against 5 393/i last week.
Compared with Friday of last week, sterling exchange on Saturday was slightly higher, with demand quoted at 4 883/@4 883, cable transfers
8
at 4 88%@4 89 and sixty days at 4 85. On Monday
a decidedly firm undertone was apparent and demand
advanced to 4 893/s, cable transfers to 4 903/ and
8
sixty days to 4 87%;the rise was mainly attributable
to lighter offerings, owing to a decrease in the volume
of exports as contrasted with the previous week;
active buying by Stock Exchange firms also had a
stimulative influence. Sterling rates fluctuated
sharply on Tuesday; demand bounded up to 4 903j
in the early transactions on heavy buying by important banking concerns, while later an increase in the
supply of commercial bills brought about a decline
to 4 893j, this in turn being followed by a recovery
to 4 89% at the close on renewed inquiries from Stock
Exchange brokers in preparation for an early resumption of business in that institution; the day's
range was 4 9032@4 913 for cable transfers, 4 893
@4 903 for demand and 4 863/ for sixty days. On
Wednesday an easier tone prevailed; demand bills
declined to 4 883/2@4 893., cable transfers to 4 89%
@)4 903 and sixty/days to 4 863(4)4 863/2; as compared with the previous day's activity, trading was
dull and lifeless, being largely of a pre-holiday character, with veryllittle actual business transacted.
On Friday the market ruled quiet but firm.
Closing quotations were 4 863/2@4 86% for sixty
days, 4 88%@4 893/ for demand and 4 89%(4)
s
4 90 for cable transfers.
Commercial on banks
nominal, documents for payment nominal. Sevenday grain bills 4 87%@4 88. Cotton for payment
nominal, grain for payment nominal.
In sterling exchange the market has shown a good
undertone, as the supply of bills has not quite kept
up to expectations. Cotton bills, while being offered
rather more freely, are still far below normal. Another influence of the firmness has been the news that
the Stock Exchange has decided to open for bond
trading on Saturday. This seemed responsible for
more or less speculative buying of exchange by large
institutions, probably in anticipation of a demand
for remittances in payment for sales that some authorities expect will take place on a liberal scale for
foreign account as soon as official opportunity becomes available. This is a point, however, on which
difference of opinion exists, though it has been argued that the buying of exchange by houses through
whom sales would in the natural order of events be
conducted merits significance. London bankers,
however (quoting a special dispatch to the "Journal
of Commerce" from its London correspondent), do
not expect that the opening of the New York Exchange will be accompanied by active liquidation.
American railway bonds, the correspondent argues,
are not held in large amounts in Cantinental Europe,
except, possibly, to a fair extent in Holland. Germany probably sold out very freely before the war
began, as German bankers appear to have been fully
in touch with events then approaching and had ample opportunity to sell. In England high-grade
American railroad bonds are held in large amounts as
estate investments of long standing. They have
always paid their interest and are considered safe.
Hence, with the extreme ease prevailing in money in
London and the decision of the British Government
to aid the Stock Exchange situation, there is no reasonable expectation, the correspondent adds, that
these bonds will be sacrificed. Furthermore, they
cannot be sold by cable, as contracts for future deThe New York Clearing-House banks, in their
livery are not permitted under the New York Stock
Exchange's new regulations.
operations with interior banking institutions,lhave
The United States Assay Office on Wednesday gained $8,392,000 net in cash as a result of the:curraised the premium on gold bars to 5c. from 4c. per rency movements for the week ending/Nov.127.
1560
THE CHRONICLE
[VOL. xcix.
This soothing talk was to be expected, for the
amateurs could not persevere in their course and
admit that any injury had been wrought. The
Executive Mansion has its own superior sources of
information, we were told. A few letters of plaudits
and of gratitude for the emancipation policy were
paraded, and anything of a different tenor was rejected as almost treasonable. One sort of testiInto
Out of
Net Change in
Week ending Nov.27.
Blinks.
_ Blinks.
Bank Holdings.
mony was natural, spontaneous and conclusive; the
813,184,000
84,792,000 Gain $8,392,000 other was condemned as artificially produced. Were
Banks' interior movement
12,963,000
30,796,000 Loss 17,833,000
Sub-Treasury operations
months ago, of a quasi "conspiracy"
826,147,000 835,588,000jLoss 59.441.000 we not told, some
Total
to construct a pseudo public opinion against the
The following table indicates the amount of bullion
benevolent Administration policy? Were not some
in the principal European banks:
business organizations accused of sending out form
Nov. 26 1914.
Nov. 27 1913.
letters whereby to elicit apparently voluntary opinBarks of
Silver.
Total.
Gold.
Gold.
Silver.
Total.
ions in criticism? Were not the railroads in particu£
£
£
£
trying to bring an artificial pressure
72,222,93 37,422,608
England__ 72.222,93
37,422,608 lar charged with
178.040,00. 141,043,88 25,721,240166,765,120
France a__ 104,880,601 13,160,
Inter-State ComGermany _ 97,434,301 1,808,200 99,242,50 62.740.950 14,265,800 77,006,750 wherewith to force or browbeat the
Russia __ 176,472,011 „ 180,736,11: 167,358,000 5,826,000173,184,000
not some letters given
Were
. , 11 12,140,000 63.718.000 51,207,
Aus.-Hunc
10,561,000 61,768,000 merce Commission?
Spain__.... 22,417,001 27,827,000 50,244,000 18,971,000 29,159,000 48,130,000
132,2..
46,823,001 2,500,111 49,323,000 45,546,000 2,950,000 48,496,000 out as samples of the underhand and concerted work
Italy
NetberEds 14.357,01:
14,489,2
12,459,000
683,800 13,142,800
Nat.Belgd 15,380,00
600,000 15,980,000 8,405,333 4,202,667 12,608,000 which was going on in order to make it appear that
Sweden _ _
5,781,00.
5,781,000 5,695,000
5,695,000
fact
SwItz'land 9,695,111
9,695,1
6,875,000
6,875,000 the country was disturbed in mind, whereas in
2,265.111
2,265,111 2.550.
Norway
2,550,000
things were doing nicely? And now we are assured
Tot. week 679,305,33 62,431,4 741,736,732 560,273,771 93,369.507653,643,278
Prey. wec10685,323,34 62,173.600747,496.942 558,329,79 92,538,290650,868,082 (officially and therefore inerrantly) that the country
a Data for 1914 for Oct. 15. c July 30. d Sept. 21.
is just about entering upon a period of unparalleled
prosperity, Sm.
POLITICAL REGULATIONS AND PROSPERITY.
There has been some improvement upon the situaExcept that it includes by natural implication tion precipitated by the war; this has already been
rather than distinct statement the fact that produc- noticed; it was both natural and expected and it
tion from the earth must always be the beginning and need not be recapitulated. Yet Mr. Hill is correct
condition precedent of prosperity, Mr. James J. Hill and careful in saying that business is in a hesitant
put the business case very compactly when he recently state, that people are not buying now as they would
said: "The volume of the country's business is re- be if more confident about the future, that the labor
flected in the commodities moved by the railroads; situation is another deterrent as to building operawith railroad earnings steadily decreasing, the talk tions, that if the urgent financial needs of Europe
of prosperity is simply not true; no better barometer put an upward pressure upon interest rates, that
on the state of the country's business than railroad pressure will be felt here also and will sharply enearnings can be taken." This is the view of a veteran hance the financial difficulties of the railroads, and
man of business affairs, not a politician; of a practi- that "the reports with respect to trade do not subcal man rather than a theorist; of a man whose life stantiate the claims made about prosperity." Noting
and labor have been constructive rather than destruc- exceptional instanced which prove the rule, the
tive. It comes just after a renewed chantfrom Wash- broad statement'is that business is only fair and that
ington about a New Day, a glorious future right it is in "watchful waiting."
before us, a country now emancipated from a conThe sum of it is that the trouble is "psychodition of bondage to greedy capital, and a lot more logical," a state of mind which means distrust more
of iridescent soap-bubble talk.
than confidence; but the worst of the truth is that
Neither extravagant optimism nor extravagant this results from persistence in theoretical political
pessimism is justified, although we seem to be get- folly; the mischief lies in presumptious meddling.
ting expressions of both alternately. The bare fact The unavoidable uncertainties of life are serious
is that the minimum degree of trade which mere enough; add the uncertainty that political regulators
subsistence and daily necessities compel is going on, will undertake next, and what wonder the menaced
as always, and there is something more. Accounts owner of capital savings dares not launch out in
meant for encouraging come concerning the motor new ventures? He is told that now the work is
trade, but a considerable use of the motor is strictly finished; but there is no warrant of that, and the
commercial and luxury always seems active. The last batch of violent stuff has yet to do its work on
stores will be thronged as usual in the next four weeks, the business system. The hope now is that there
the human wave rolls along the streets, the many will be a long term of rest (and possibly that some
amusement places show undiminished attendance; of the "medicines" may be thrown away, after
but in financial crises there appear to be plenty of watching the squirms they cause), but confidence can
people with money to spend on luxuries. All through revive only gradually, as hope becomes justified by
the past eight or ten months business has been kept result.
underIthreat of vivisection by amateur surgeons,
THE EVIL SPIRIT OF DISTRUST.
with reiterated assurances that the operation might
One effect of war which seems to be escaping genfrighten andieven be a little painful, but the speedy
result wouldibe splendid for both friends and sub- eral attention is the inevitable breaking down of
stirred by fierce pas%
jects. Theltright was imaginary and needless, be- moral restraint. When men,
trusted; it was sions, find themselves caused to live for a time in
cause theldoctor knows and must be
where human life is held cheap, where
merely psychological, and business only thought it- circumstances
confident and rights of property and of person are swept aside,and
self fearful andifaltering—it was really
the Ten Commandments are abrogated, the effect
moving with firm step.
Their receipts from the interior have aggregated $13,184,000, while the shipments have reached $4,792,000. Adding the Sub-Treasury operations, which occasioned a loss of $17,833,000, the combined result
of the flow of money into and out of the New York
banks for the week appears to have been a loss of
$9,441,000, as follows:
Noy. 28 1914.]
THE CHRONICLE
1561
on character and habits, even when peace is restored, they were breaking the law and were liable to arrest
is Burl to be more or less permanent. The commun- and indictment. Just and desirable as the new laws
ity into which soldiers return, despite the steadying may be which make these acts criminal or illegal,
effect of wide personal sorrow, is sure to suffer under obviously the acts are wrong in a different sense from
a recrudescence of vice. It needs a substantial re- those violations of law the significance of which was
enforcement of moral and religious vigor if it is to long understood, or is established in a recognized
withstand the relaxing of moral restraint and the moral code. As a consequence, men of standing
sudden and bold aggressiveness of every sort of evil.
in the community have in many directions been lowThe whole world is sure to be affected in this way ered, if not degraded, in the public eye. Of course,
after the world-wide war now raging. We, in our far more serious evils are extant in the community,
American isolation, will not altogether escape. It and, after being long covered up, have of late been
is the part of wisdom, therefore, to have it in mind brought to light. And this has always been true
when we consider the conditions in which we are liv- from the beginning of the Republic. Washington's
ing and the influences that are at work among us. Administration was burdened by it; and the War of
These, just now, are in some ways deeply disturb- the Revolution had its scandal, no less than did the
ing. They concern not only economic and financial Spanish War.
relations, but the more serious moral ones. The
We do not propose to review the facts or attempt
former we are fully alive to. The latter we are to determine the responsibility for what has occurred.
aware of, but we either are not giving them attention, We are concerned with quite another side of the
situaor are uncertain as to just how to deal with them.
tion, viz., the resulting public temper of distrust
We have spoken recently of the retrogression of toward men who in one way or another may be promdemocracy in its political methods. The country is inent, and for that reason are more or lessimportant
suffering at the moment a somewhat similar retro- in the general life of the community. Many
have
gression in public confidence. Politically, t113 eyes long found it hard to believe that any "politician"
of the people have been turned expectantly to politi- is honest, or to-day that any rich man is not an opcal leaders, as they are just now turned, by the war, pressor. Not a few rich men are wholly apathetic
to military ones. It is significant that at the same as to public affairs, and some are permanent
ly distime their confidence in the business morality and couraged as to the future, because of this
feeling of
personal integrity of men prominent in civil life is distrust and antagonism. They say,'"It is
all party
severely shaken. Whether this is a justifiable feel- politics," meaning that there is no serious
attempt to
ing or not is relatively not so important as is the promote the public welfare, and that the public
itself
question as to its exact extent. It is sufficient that, is stirred only by the talking and writing of those
who
whether it is due to an awakening of the public have axes to grind. When any man, high
or low,
conscience and a sharpening of judgment of both tries to work some change for the general good,
or
public and private conduct, or to an outbreak of to remedy some evil, he is accused
of "playing polimuch more or less justifiable "muck-raking," or to tics," or of wanting something
for himself.
excessive and often thoughtless legislation, the fact
This always unfortunate condition is a most
is that some notable reputations have bmn destroyed, serious fact
in our situation to-day. We are urged
many have been shaken and there is, both at home to be neutral and
to cultivate an open mind in regard
and abroad, altogether too much distrust of men who to
the European War because the United States
in the business world occupy high and responsible will
have some important duties in the day of final
position.
settlement. Here is a more pressing situation.
With that distrust as a personal grievance we are We have innumerab
le more or less grave problems
not now concerned. It is injurious and greatly to be before
us at home. We never more needed wise
deplored, but in time it will remedy itself. Our and strong
leaders in every department of life than
concern is with its effect upon the public itself and we do
in these days of widely extending national
upon the community at large, as bearing upon the interests.
How are we to get these men if we cherish
new conditions into which we are sure to be carried. this temper of distrust?
We need to recognize that
In this relation it ought to be understood and to be such men are largely the
product of the common
dealt with in a large and intelligent fashion.
life. They arise out of the body of the people.
The other day a Connecticut judge of the highest Unless they are recognized
and sustained, they
personal probity and standing, lately retired from quickly fall back,
themselves or their children, behis bench, said in conversation with reference to the cause none of us lives to himself.
We depend,
New Haven Railway, "When such men are indicted one upon another, for all
that we are. Capacity
by the grand jury as if they were common criminals, for public service is of slow
acquisition. It has to
the people are bewildered. It is simply inconceiva- be developed and encourage
d. It needs, from the
ble." He went on to say, "If they have broken the start, recognition and cheer.
law, they must pay the penalty, but who can believe
In 1877 Jowett,the great Master of Balliol, wrote
they had any such knowledge or intention?" The to his friend, Sir Robert Morier,
the English Amfact is, there has been such rapid extension of law, bassador,"Don't let us complain of
things or persons,
making many things illegal which were done in the or of the nineteenth century, or of
the indifference
ordinary course of business, thus creating new crimes, of the country occupied in making
money, but
that the country has not grasped its significance, nor simply say to ourselves, "These are the
things and
have individuals appreciated the change. When,for persons through which and with which we
have to
example, the owner of a stage line bought out a less work, and by influencing them, or
managing them,
successful competitor, or a manufacturer absorbed or forcing them, the end must be
attained, or not
the only other mill in the country producing the same at all'."
fabric with his own, or the farmer accustomed to
There is a host of young men, and young women,
walk down the railroad track to reach his lower lot, too, for that matter, who are filled with a desire
continued to do so, one and all of them foundithat to be of service and to do something worth
while in
1562
THE CHRONICLE
[VOL. XCIX.
the way of service to othersor for the State,and thatin in producing them. The real and appreciative
no selfish spirit. Wherever one turns one comes demand will surely create the supply, as a reckless
upon new groups who are thus at work, many of spirit of distrust will as surely destroy it.
whom are started or sustained by some unheralded
rich man or woman. The future is with people so
inspired. Everything depends upon the atmosphere THE INJUSTICE OF RAILWAY MAILS PAY.
Mr. Ralph Peters, Chairman of the committee
in which they find themselves. Dr. Kane, the
Arctic explorer, in the depth of the Arctic winter, on railway mails pay and representing 264 roads,
wrote in his journal, "a desponding or complaining has made another attempt to obtain justice by
spirit would sweep our decks like a pestilence." publishing an appeal to Senator Bankhead of AlaIf that could be said of a little company of tried and bama, Chairman of the Senate Committee on Postpicked men, what is to be said of the effect of a offices and Post Roads. Mr. Peters says in part
general distrust of would-be public servants, high that after two years of most careful inquiry the
joint committee on this subject of payment for mails
or low?
In our Civil War many intelligent and patriotic carrying, under the chairmanship of former Senator
men in the North did not believe in the success of Bourne of Oregon, established three fundamental
the Union cause because of the absence of a Union facts; that the roads as a whole are underpaid for
sentiment and party in the South. Their faith this work at least three millions a year; that they
rested upon party organization and leadership, and are also required to render important military serthey failed to reckon with the deep moral sentiment vices, aside from actual transportation, without any
which leadership or organization cannot call forth payment therefor; and that these conditions which
or set in array when great interests are at stake. produce underpayment are due to certain defects in
That deep moral sentiment is unworthily expressed the present system. These defects appear to be
in public distrust. It is to be recognized in its better chiefly weighing of mails only quadrennially, the
aspects and as an abiding expression of all that is entire non-payment for distributing space in apartconstructive and vital in the life of the people. It ment cars and a variety of services at terminal and
ought not to be clouded or diverted by the mist transfer places, the underpayments and non-payarising from suspicion or scandal. The chief asset ments being estimated at nine millions a year.
of any community is the character of its leading Therefore the roads desire to have these defects
men. If they are discredited it is quickly de- corrected by an annual weighing and by paying for
stroyed, and their place is sure to be taken by men the various car spaces and services rendered,as just
stated. This, says Mr. Peters, would correct the
of a different temper and purpose.
Why is it so hard to get men of the highest standing present injustice and furnish for the future a basis
automatic
to accept public office? There must be a reason. of known experience; would provide an
service; and would
We need to restore our idea of politics to its original plan for the fast-developing mail
misundersignificance of devotion to the public welfare. remove opportunity for friction and
There is no worthier service, no nobler ambition. standing.
Publishing this appeal carries the subject along to
If this conception could be restored to the public
which we
mind, it would be promptly responded to. The the people and seeks to use the publicity
forced
fact is that the existing situation is not only in our are frequently asked to believe and are really
always imown control, but is largely the result of our own to believe is the effectual although not
matter
doing. Leadership will count here as largely as in mediate cure for admitted evils. In this
fail, for apparently
any other connection. The dishonest man is for appeal to the people seems to
us a public enemy and the unscrupulous man of the people do not care enough for justice in this
position a traitor.
one concrete case to take any trouble about it.
There is to-day a loud call for men who are promin- Calling the quadrennial weighing a "defect" is very
nent by position or responsibility to guard them- mild language; the term "injustice" comes nearer and
selves carefully against those methods in business the term "robbery" is not extravagant. A number
which have created the distrust, or which may be of test weighings of mail matter having been made
open to accusation. The honesty which is some- for reaching a test of their average, and that test
thing more than astute observance of the law or being probably not unfair at the time, then the
careful adherence to the customs of trade, but is bulk and weight of mail matter is largely and progoverned by a strict regard for the moral law and gressively increased.
personal honor, and doing to others as we would
The parcels post makes the largest part of the
have them do to us, is the most effective antidote for increase, and this class of matter is entirely new.
suspicion or malice or reckless muck-raking. To Congratulations over the success of this post and its
exalt uprightness, to give strength and validity to great economic value to the people (particularly in
the moral law, to ensure appreciation of honest men, getting food products from producer to consumer)
and to promote the vigorous health of the business have been frequently printed, and we have been
community is a task requiring the united action of told of mailing 'brick walls in parcels of a few bricks
leading business men themselves and of the com- at a time and a variety of other materials ranging
munity acting as a whole. We need to remember from fence posts to small children; a great public
that no man is perfect, that a man is to be estimated benefit and an achievement for the party in power,
by the trend of his life, that his character as a whole but the fact that it is at the expense of the carriers
stands for something,and is his proper defense, and causes slight notice. The express companies comcompany
that he can be held to his best by the respect and the plain of their own serious hurts, and one
confidence of his neighbors. We are to have still has retired compulsorily.
The matter is an old one; this is the suggestiveness
greater need of leading men in the growth of the
it. No citizen
country and the development of our public institu- and should be the felt disgrace of
buy or would expect to buy material
tions. We have, one and all, no small part to play I buys or could
Nov. 28 1914.]
THE CHRONICLE
for services distributed over a term of years to come
on:a basis of present prices, and certainly on a basis
of weights which were once correct but become progressively false. The wrong done is flagrant. What
is almost worse is that Government is undertaking
to call all large business to the bar under accusation,
and to expose, correct, and punish its alleged wrongdoing and unfair dealing; yet this very Government
comes forward with unclean hands and refuses to
purge itself.
1563
The Union Pacific still has outstanding a large amount
of bonds convertible into Union Pacific common.
Had all of these bonds been converted, substantially
all the Baltimore & Ohio stock owned would have
been appropriated to the dividend. As a matter of
fact, however, $26,835,225 of convertible bonds
failed to avail of the option to convert, and accordingly a small amount of Baltimore & Ohio shares
still remains in the Union Pacific treasury—$3,594,035 common and $1,805,992 preferred stock.
It will be observed that the extra dividend repreTHE UNION PACIFIC AFTER ITS EXTRA
sented the equivalent of $37 50 per share in BaltiDISTRIBUTION.
more & Ohio stock at par, and cash. This still left
year embraced by the present annual report the company with the proceed
The
of the sale of $88,of the Union Pacific Railroad Company, covering 357,600 of Southern Pacific stock offered to
Union
the twelve monthsending June 3011914, was marked by Pacific shareholders at 92 and having a money
value
transactions of large importance arising out of the of considerably over
$80,000,000. Thus the posispecial dividend made on the common shares of the tion of the Union Pacific, even
after the large special
company. This involved the distribution of a large or extra dividend,remains
a very strong one. Until
block of the investment holdings of the stocks of the appearance of the annual
report, this week, it
other companies. It should be understood that part- was not known what dispositi
on had been made off the
ing with these stocks has not in any way affected the proceeds of the sale referred to. The
report shows
extent of road included in the company's own oper- that the money has been invested
temporarily in
ations or diminished or impaired its traffic and reve- railroad bonds, equipment trust
obligations, shortnues. The Union Pacific Co. is to-day, as it was term railroad notes and secured loans,
which, while
before the Supreme Court decision compelled the affording a reliable income, can
be converted into
company to dispose of its holdings of Southern Pa- cash when needed. A list of these
security holdings
cific stock, a large revenue producer. Moreover, is given in the report.
even with its investment income diminished by
The payment of the extra dividend was postponed
reason of the distribution of Southern Pacific shares, by litigation until July 20 1914. The
dividend not
the income account shows a large margin of surplus having actually been paid prior to the close of the
above the dividend requirements.
fiscal year, the amount representing the same was
What the company was called upon to do in the charged to profit and loss and set up as a reserve
carrying out of the Supreme Court decree compelling under "appropriated surplus," while on
the other
a dissolution of common control of Union Pacific and side of the account the cash and Baltimor
e & Ohio
Southern Pacific properties was the disposition of stock to be distributed in the extra
dividend are set
$126,650,000 of Southern Pacific Company stock aside as "assets reserved for payment
of extra diviowned directly or indirectly by the Union Pacific dend."
Railroad. How this was, accomplished is part of
Altogether, a total of $74,020,372 is involved in
the history of the previous fiscal year, but to a bet- this extra dividend distribution.
And it is a reter understanding of the situation it will be well to markable fact, showing how large
is the surplus the
recall briefly the plan to that end adopted and car- company has accumulated
during the seventeen years
ried out. Stated in brief, $38,292,400 par value of its existence, that after
charging off the amount
of the stock of the Southern Pacific Co. held was ex- represented by the
extra dividend a credit balance
changed for $42,547,200 of Baltimore & Ohio stock still remains
to profit and loss in the large sum of
(half common and half preferred) held by the Penn- $90,586,
423, this, too, after having set up a year ago
sylvania RR. The remaining $88,357,600 Southern a reserve
of $50,000,000 for depreciation of securities,
Pacific stock held was deposited with a trust com- of which
there still remained on hand June 30 1914
pany in New York and trustees' certificates issued $35,418,052. This
depreciation reserve has been
against the same; but under such restrictions that created for the
purpose of providing for any further
the certificates can not be converted into the under- depreciation in the value of
the company's investlying Southern Pacific stock by any owner of Union ment holdings of stocks and
bonds. It is wholly
Pacific stock. The certificates were then offered to precautionary and a dictate
of prudence.
Union Pacific shareholders, preferred and common,
With the declaration of the extra dividend it was
at $92 per share.
immediately arranged to reduce the regular dis• In the year under review the transaction was car- tribution on Union Pacific common
from 10% per
ried a step further. The Union Pacific already held annum to 8%, the return from the
extra dividend
a large block of Baltimore & Ohio stock and the ad- yielding the additional 2%. The last two
quarterly
ditional shares acquired from the Pennsylvania RR. payments have been on the
basis of the lower rate
raised its total holdings of Baltimore & Ohio shares of distribution. Altogether 9%
in dividends is
to $53,607,800 common and $28,480,000 preferred, charged up against the year's income.
The income
or $82,087,800 of Baltimore & Ohio stock of both account shows that after allowing for this
9% and
classes. It was decided to distribute the whole of for all other charges, there
remained a surplus of no
together with some cash, as an extra dividend less than $9,331,426 on
this,
the operations of the twelve
upon'Union Pacific common stock. The extra divi- months, equal to over 4% more on
the $222,293,100
dend was declared out of the unappropriated ac- of Union Pacific common
outstanding. In other
cumulated surplus and made payable April 1 1914. words, over 13%
was earned for the shares, even
Each share of Union Pacific common got $12 par after a reduction in the
income from investments
value in Baltimore & Ohio preferred stock, $22 50 for part of the year through
the distribution of the
in Baltimore & Ohio common stock and $3 in cash. Baltimore & Ohio shares held. This, too,
is the
1564
THE CHRONIC E
[VoL Xcix.
result after a considerable loss in net revenue from holders, amounting to $80,000,000, and investing
the same temporarily in short-time obligations, so
the transportation operations.
- that the cash would remain ready to hand, was a
The company's gross earnings from the transporta
tion business suffered relatively little decrease, wise one. Just at the moment the money, apparnotwithstanding the reaction in general trade. In ently, is not needed, if one can judge from the
es for
the previous year there had been an increase in these figures in the report. The year's expenditur
and for additions
gross revenues of no less than $7,660,849, raising new mileage and new property
the total to the very largest figure on record. From and betterments reached almost 21 million dollars
ss,
this large total there was a falling off in 1914 of only cash—in exact figures $20,919,271. Neverthele
sheet that cash on hand
$1,523,126, or a little over 13/2%. Unfortunately, it appears from the balance
however, this was attended by an increase in ex- June 30 1914 stood within a million dollars of the
penses and a further rise in taxes, the two together, amount on June 30 1913, the comparison being $10,along with the loss in gross, producing a falling off in 861,733, against $11,855,029. On the other hand,
net of $3,315,751. It is proper to state, however, there was due the company on loans and bills rethat the increase in Operating expenses was due to ceivable $17,386,377, against only $8,268,964 the
the creation of a reserve for depreciation of equip- previous year. Thus, the position of the company
ment in order fully to conform to the accounting in this as in earnings and in other respects is an
regulations of the Inter-State Commerce Commis- exceptionally strong one.
sion. Beginning with July 1 1913 operating expenses, it is stated, have been charged monthly PROSPERITY LUNCHEON TO NEW YORK FEDERAL
RESERVE OFFICERS.
with an amount based upon the estimated life of
The "prosperity luncheon" tendered on Tuesday to the
the
equipment in service, whereas previously it was
of the Executive Committee of the
practice to charge operating expenses with the officers and members
New York Federal Reserve Bank by the Members' Council
original cost (less salvage) of units of equipment of the Merchants' Association of New York brought together
retired from service. The increase for the year due a gathering of about 1,625 business men, who filled to overto this change is stated to have been $1,581,663. flowing the grand ballroom of the Hotel Astor, where the
Governor of the
Excluding this item, operating expenses show a affair was held. Benjamin Strong Jr., speaker at the
Federal Reserve Bank, was the principal
decrease of $201,628, not counting, of course, the luncheon, which was presided over by William C. Breed,
taxes, which made a further increase of $412,590, Chairman of the Members' Council. Pierre Jay, Federal
on top of the large and uninterrupted increases of Reserve Agent and Chairman of the board of directors, was
formerly
likewise a speaker, and so were Henry R. Towne,
other recent years.
Merchants' Association and a member of
The fact that operating expenses distinct from President of the
T. Bush,
the Executive Committee of the bank, and Irving
renewals should have decreased even to a small President of the Bush Terminal Co. and Chairman of the
extent is a gratifying fact, in view of the rising Committee on Banking and Currency of the Merchants'
tendency of expenses generally as disclosed in the Association when the Federal Reserve Law was enacted.
gathering discussed its signifireports of other large railroad systems. The traffic Mr. Breed in addressing the
cance as follows:
of the system was, on the whole, well maintained. Our guests may be interested to know that the word "prosperity" beour desire to pay them a personal compliment beIn the number of tons of revenue freight there was came entangled with found that in the mind of the public prosperity and
cause the committee
Federal
tons having the establishment of theevent theReserve banking system were synonymous
actually a small increase, 17,155,390
merchants of New York wanted to make
terms, and that in any
of necessity
largest
against 16,456,182 tons in 1913, them such. New York, theill affordmarket, and, therefore, of optimism
to allow any evidence
been carried in 1914,
the most conservative, can
to pass unnoticed. The Association believes that there are
and among these places
but there was a falling-off in the long distance traffic or prosperity of better times,Reserve banking system.first and foremost
many evidences
of the Federal
real prosperity can come through
and the average haul, therefore, decreased, with the the inauguration does not believe thatshould and can be controlled under
The Association
great or rapid inflation of credit, which
new
result that the tonnage movement one mile was a Act; but rather because thecreditbanking system makes possible a gradthe
resources of the country along solid
ual expansion of the natural
makes
reduced somewhat, being 6,168,799,317 for 1914, lines, and results it impossible for a sudden panic to sweep away in a few
of business efforts of a lifetime.
weeks the
against 6,283,029,209 in 1913. There was also
Mr. Strong declared that the new system has already
a falling off in the long distance through passen- erased the word "panic" from our financial lexicon, but
ger traffic, so that the number of passengers carried warned his hearers that the Reserve banks cannot make
one mile aggregated only 888,375,847 in 1914, prosperity. "As they gradually assume their functions," he
said, "they will certainly aid in the recovery of business
against 903,046,763 in 1913.
main- from the shock of war and, I hope, will reap their share of
Operating efficiency, however, was fully
the rewards."
tained. The lading of the trains was slightly reWe quote the following from Gov. Strong's remarks:
duced and yet was held at the high figure of 430 Until Nov. 16 the Federal Reserve Act was simply the expression of what
Congress believed the country demanded in banking and currency legislatons of revenue freight alone, or,including company tion. Since Nov.16 it has become a powerful force behind our business maindicates very marked ad- chinery. The test of its ability to accomplish the objects desired will be
freight, of 559 tons. This
determined by the experience of the future. We must bear in mind that
vance as compared with the record of less than 280 banking legislation in the United States affects over 25,000 institutions
of
panic of
with
(including company freight) tons the first year of the New resources of $25,000,000,000. Since theCalifornia1907, the States
York. Pennsylvania, Ohio, Illinois and
have made imporcompany's organization. We have already stated tant or complete revisions of State banking laws, and Congress has enacted
the Federal Reserve law.
that this train-load is a trifle less—about 7 tons less— Legislation of this sweeping character, which in the case of the Federal
a Federal board,
than the average for the preceding year, but the aver- Act reposes broad powers of interpretation and direction insystem may have
be dealt
conservatively. The defects of the old
of the mustcorrectedwiththe new, but we must be sure that other defects have not
by
been
age rate realized was a little better (on account
crept undetected into the Act,from which unsound tendencies may develop,
fall in long distance traffic, probably because of a thereby defeating the purpose of Congress and creating other weaknesses
be
which it would require further legislation
failure of the crops in certain parts of the West), suspended and a generous attitude must to correct. Judgment mustthe
toward
be observed,
against 9.70. Thus, Federal Reserve Board and the measures adopted by it boththe developfor
being 9.75 mills per ton mile,
the ment and control of the new system, and toward the managements of the
it happened that the trains earned precisely
of the functions of these new Instituvarious Reserve banks in their exercise
system.
will insure
same amount as in the previous year, namely $4 18 tions. A liberal spirit of co-operationto defeat itsthe success ofthe
progress.
Determined opposition can be made
The first notable development in the inauguration of the system was the
per mile run.
the capital installment, and during the past week the comPlecapital requirements continue payment ofinitial reserve transfer, largely in gold, without recourse to the
The yearly new
tion of the
the
pursued by the deposited reserves in the reserve and central reserve cities. Out of this
large and, therefore, the course
$110,000,000 of such transfers made to the Federal Reserve Bank ofthelmanagement in retaining the cash proceeds derived city, a negligible amount was made by New York banks for account of
stock to the share- correspondents in this district, and over $85,000,000 of the amount transr
from the sale of Southern Pacific
Nov. 28 1914.]
THE CHRONICLE
1565
furred was in gold. The spirit of co-operation thus exhibited by the banks best guide to a safe course will be experience. Our new system may
of this district, and particularly by the members of the New York Clearing- at first appear to have been devised for the service and protection of the
House Association, in this as in all matters connected with the establish- banks. They own the stock, the reserve deposits belong to them. The
ment of the Federal Reserve Bank of New York. gives striking evidence of benefits of the system, however, will, in fact, be realized by the merchant
their intention to permit no opposition to develop which may interfere with who borrows money. It has already erased the word "panic" from our financial lexicon. Its purpose is to safeguard your credit, and ultimately to
a thorough test of the plan. This insures its success.
Some of you no doubt have at times been subjected to the uncertainty enlarge the field of your business enterprise.
and anxiety of having obligations to meet without the immediate means
Mr.Jay referred to the period of co-operation following the
of meeting them, except through credit with a bank. Your business may outbreak of the war, which marked the formation of the syncondition, but still your bank be unable to care for
have been in a sound
Your legitimate needs. Certainly .your business, as well as your peace dicate by New York City bankers to pay in gold the city's
of mind, will be promoted by a greater certainty in regard to your credit foreign debts; the creation of the Gold Pool of $100,000,000,
at the bank, and particularly at a time when money rates may be high and the co-operation of the Northern and Southern bankers to
business uncertainty prevail. Therein lies an important function of the
Reserve Dank system. It will broaden and stabilize the market for assist in the marketing of the cotton crop, &c. He pointed
commercial borrowings.
out that the new Act contains one unsatisfactory element—
The Federal Reserve Act provides for the discount by Federal Reserve
from the law) "of notes, drafts and bills of exchange arising the involuntary membership of the national banks. This,
banks (I quote
out of actual commercial transactions." The limitation thus imposed he said, "was undoubtedly a necessary element at the outupon the Reserve banks in the character of paper which they may discount set, but if the system is to become really successful, these
raises three important questions: First, shall the test of the eligible character of the paper be evidenced in the form of the paper itself? Second,if the compulsory members must be not only content and glad to
note does not bear such evidence on its face, shall the Federal Reserve banks stay in it, but its advantages and services to them and to the
accept the statement of the member banks that it does comply with the country
generally must be such as to attract into it most of
statute; or, third, shall the member banks provide themselves with such
means of information as will enable them to determine whether paper the eighteen thousand State banks and trust companies
offered for discount complies with the statute?
which the law could not compel and which are standing on
The note of a merchant representing goods purchased, if drawn upon an
acceptor, who may be either the purchaser of the goods or a bank or banker, the side lines watching its development with the greatest inaffords reasonably certain evidence on its face of the character of the trans- terest." An explanation as to how the new Federal Reserve
action which it represents, and that it complies with the statute. Such notes are issued, and what relation they bear to re-discounts
paper is, in fact, the bill common to the London market, and known by
bankers the world over. If gradually, without undue disturbance of was offered by Mr. Jay; in declaring that the new system has
existing methods, the accepted bill can be substituted for the note of hand, laid the foundations for a really elastic currency, he said:
a class of paper will be created which will command a premium in the
Under the new system, the foundations have been laid for a really elastic
money markets of this country. Its convertibility at minimum rates of currency. It is true that its elasticity will not be called much into play
discount will serve as an inducement to both the buyer and the seller of until the volume of outstanding national bank notes has been considerably
goods to substitute this form of credit for direct bank borrowings against reduced, for this volume represents more nearly our maximum than our
book accounts. Many obstacles must be overcome before any such prac- minimum currency requirements. But such Federal Reserve notes as are
tice can be generally introduced. A merchant drawing a bill in Hongkong issued will be subject to an automatic redemption which has been unknown
for acceptance in New York must know that the bill can be sold in Hong- in this country since the National Bank Act taxed the Suffolk Bank and other
kong. The bank in Hongkong with which he does business and which will State systems out of existence.
be asked to buy the bill must know that the credit is good, and if it buys
For example, if a New York national bank ships $100,000 of Federal
.
the bill that be or his agent (say in New York) can get immediate discount. Reserve notes out to its Kansas correspondent in order that they may be
He should be able to ascertain the rate, and should know that the rate will put in circulation there at harvest time, they will gradulaly be deposited
be fairly stable. While the banker in Hongkong will know the drawer in the local banks, which in turn will deposit them in the Kansas City
of the bill, he must also be informed as to the standing of the acceptor in Federal Reserve Bank. Once there they may not be paid out again, under
New York.
penalty of a tax of 10%. Consequently, the Reserve Bank of Kansas
There are to-day in this country no acceptance houses, very few of the City will send them at once to the Reserve Bank of New York for credit
national and State banks are engaging in the acceptance business, and of its account, and they will be immediately retired from circulation.
furthermore, unfortunately, the Federal Reserve Act limits the new
By this provision of law, and this tax to make it effective, inflation of our
acceptance privilege of the national banks to the acceptance of bills repre' bank currency will be impossible, for the notes will only stay out as long as
senting the exportation or importation of goods. In England the small people want to use them. Assoon as their work is done and they are no longer
number of acceptances and discount houses, which, however, do a vast needed they will be returned to the bank which issued them, and the credit
volume of business, has enabled the business and banking world to become they represent will automatically change from a note credit to a deposit
familiar with London credits to an extent that is not true of any other credit. The volume of this currency will increase and decrease with curmoney centre. Similar information regarding our credits must be dissemin- rency requirements, and will bear no relation, as our national bank curated the world over. Knowledge of the credit of American firms and insti- rency does, to the price of Government bonds. This happy transformation,
tutions will follow the trade of the country, but it will not precede it. The however, will not be completely accomplished under the law for thirty
process of education which must accompany the general use of bills drawn years; for the retirement of national bank notes is to take place very gradand accepted in dollars will take time and patience. One important func- ually. But there is always a possibility of amendment, and if after a few
tion of the Reserve banks at the outset should be to standardize the develop- years both the system and retirement are proceeding well, we may reasonment of this practice and put a premium upon that bill which conforms to ably hope that Congress will grant permission to accelerate the operation
sound business principles. Accommodation acceptance, where the bill does materially.
not represent the sale of commodities, should be discouraged, so that evenSuch an amendment, as well as other needed amendments to a law which
tually a dollar acceptance will, in fact, represent the sale of a commodity, bears many marks of compromise on its face, will naturally follow recomof the ultimate sale of which will provide the funds to meet mendations of the Federal Reserve Board, and will carry the weight which
the proceeds
the bill at maturity.
goes with the recommendations of such a body.
The second question has already been answered in part. The Reserve
In the opinion of Mr. Bush the opening of the Federal
Board has, for the present, placed upon the management of each member
bank the responsibility of determining and giving satisfactory assurance to Reserve banks came at a most opportune time; in his rethe Reserve banks that paper offered by it for discount generally conforms marks to this effect he said:
to the intention of the Act. This is to be evidenced by the written stateI do not know which book—the "White" or "Blue" or "Yellow"—is rement of an officer of the member bank. Commencing with January 15, sponsible for starting this war,
but whoever was responsible picked out the
however, the member banks will be required to affix by stamped endorse- psychological moment when, if we
had to have a war, this country was best
ment upon the note or by some other simple method an indication that the prepared to bear its share of the
burden. We were not in the throes of a
note conforms to the requirements of the Act and the definitions of the speculative boom. We
were pretty well liquidated. The cereal crops of
Reserve Board, and that credit information about the maker is available if the world were small and ours were
large and unsold, available for market
called for. This again places upon the member bank, and not upon the at war prices. The war began Aug. 1 and the Panama Canal opened Aug.
Reserve bank, the obligation to determine the eligibility of the paper. By 15, guaranteeing our trade an open route to the Orient. and—most imauthorizing this method the Federal Board has recognized the unwisdom portant of all—our new banking system was
ready to throw in the clutch.
of attempting revolutionary changes in business practice.
We cannot escape our share of the world's financial burden due to the war,
Assuming, however, that by later regulation the Reserve banks are nor can we escape prosperity. It would have come anyway, war or
no
themselves required to determine the eligibility of paper offered for re- war, but after the first shock of the conflict is over, the wheels of industry
discount, the third question arises, How shall the Reserve banks distinguish
will turn again with increasing speed, and the orders of those at war and the
between that portion of the borrowings of a merchant which may have been needs of those who are not, will give new stimulus to American energy.
applied to the building of factories, the purchase of machinery, or to
Mr. Towne in addressing the gathering said in part:
some other fixed investment, and that portion which has been invested in
We business men have a profound interest in what this movement stands
the purchase of goods for re-sale or which represents a sale of goods to a
for. Banking and business are partners, whether they wish It or not.
customer? Borrowed dollars are not earmarked in their Journeys through
the accounts of the borrower, and it therefore would necessitate an examina- One cannot prosper without the other; both are vital to the commerce and
tion of the financial statements of borrowers to ascertain whether, in fact, industry of our country. Heretofore our industries and our commerce
borrowings are confined to an amount representing the business turnover, have suffered periodically from violent fluctuations in financial conditions,
or whether such borrowings, if representing fixed investments, may not which have in some cases wiped out almost over night the fruits of a liferesult in a condition in the merchant's affairs which would make it impossi- time of work.
All of us older men can remember many of these crises through which the
ble to discount the paper without violation of the provisions of the law.
By some means yet to be fully devised, it must become possible to readily country has passed. What were they due to? In large part, to the lack
determine the eligible character and quality of paper of the various classes of co-ordination of our financial system, to the fact that each bank stood
which may be offered to the Federal Reserve banks. I do not wish to by itself, without adequate means of co-operation and aid from one to the
suggest that the present system of mercantile credits should be generally other. If the new Federal Reserve Bank Act stands for anything, it stands
abandoned. The discount allowed for such settlement Is an important first in my opinion for the co-ordination of our banking system and the comeans that when money is needed in one part
factor in our business system. But much of the trade of the country which operation of our banks. Itnaturally through organized channels to where
or the country it will flow
is now conducted against book credits of thirty, sixty, or even ninety days it is needed and will do most good. If this machinery is as adequate as
may properly be represented by mercantile paper if the inducement is we hope it will be we may fairly hope that never again in our history shall
attractive. Our vast domestic trade should not be disorganized or ham- we see such violent shocks and disturbances to our industry and commerce
pered by a sudden and radical departure from methods which are now satis- as we have witnessed in the past.
factory to merchants, and which are approved by many bankers. The
Those seated at the speakers' table, in addition to the
elimination from our money market of the single-name note may not be
necessary or desirable, but, on the other hand, it is undoubtedly desirable above, were William Woodward, Deputy Governor; Charles
that the paper in which our banks invest should more largely represent the Starek, Deputy Federal Reserve Agent; William B. Thomppurchase and sale of commodities, and not permanent capital. The induce- son, of the Executive Committee; James F. Curtis, Secrement to the making of double-name paper, representing in fact commercial tary; R. H. Treman and L. R. Palmer, directors of the
transactions, will Ile in a preferential rate, rather than in a regulation.
Gradual changes in trade methods will aid in bringing this about. The bank; William A. Marble, President of the Merchants' As-
1566
THE CHRONICLE
sociation; J. Ward Warner, President of the Produce Exchange; William Bayne, President of the Coffee Exchange;
George W. Lawrence, Vice-President of the Coffee Exchange; Martin Vogel, Assistant Treasurer of the United
States; William P. Malburn, Assistant Secretary of the
Treasury; Eugene Lamb Richards, State Superintendent of
Banks; R. W. Bonynge, Lewis E. Pierson, J. Howard
Cowperthwait, Professor Joseph F. Johnson, Edward D.
Page and F. I. Kent, Vice-President of the Bankers Trust
Company.
ANOTHER CALL IN CONNECTION WITH NEW YORK
CITY LOAN.
J. P. Morgan & Co. and Kuhn, Loeb & Co., managers of
the $100,000,000 New York City loan syndicate issued call
for payment yesterday (November 27) by members of
$3,699,325, payable in Clearing-House checks. This is the
tenth call for funds and makes the amount provided to date
$69,526,766.
THE FEDERAL RESERVE BANKS.
Regulations dealing with the reserves of national banks,
which are to apply with the creation of the Federal Reserve
banks,were issued by the Comptroller of the Currency this
week. Under the latest instructions no deposits will hereafter be exempt from reserve requirements, reserve being
now called for against all United States deposits, including
postal savings funds, deposits of United States disbursing
officers, Canal Zone and Philippine deposits and all other
Government funds. The instructions which are issued in
out the form for
explanation of the requirements for filling ,
calculating reserve, are as follows:
[VOL. xoix.
outlook for business is stated as satisfactory. The establishment of the
system has already had an important effect in increasing the lending power
of the member banks in addition to the loan power of the Federal Reserve
banks.
"The following consolidated statement shows in one total as nearly as
available figures will permit the condition of the twelve Federal Reserve
banks at the close of business on November 20 1914.
"Statement of cash on hand, re-discounts, reserve deposits and capital
paid In of the twelve Federal Reserve banks at the close of business November 20 1914:
Cash on hand—Gold coin-and certificates
.4203,415,000
Legal tender, silver certificates and subsidiary coin
37,308,000
Total
Re-discounts
All other assets
$240,723,000
5,607,000
95.000
Total
Capital paid in
Reserve deposits
Federal Reserve notes in circulation
$246,425,000
$18.072,000
227,138,000
1,215,000
Total
$246,425,000
Gold reserve against all liabilities
89%
Cash reserve against all liabilities
105%
Cash reserve against all liabilities, after setting aside 40% gold reserve against Federal Reserve notes In circulation
105%
On another page we give the returns made by the Federal
Reserve banks of the several districts.
The Board announced on the 23d inst. that each Federal
Reserve Agent will be required to furnish a bond of $250,000,
and each deputy Federal Reserve Agent a bond of $150,000.
Reports of dissensions in the Federal Reserve Board,
rumored to have arisen because of the alleged opposition of
Messrs. Warburg, Delano and Harding to the proposal of
Secretary of the Treasury McAdoo to distribute national
bank funds amounting to $135,000,000 in Southern banks for
the purpose of aiding the cotton situation, were denied on
Tuesday by Messrs. Warburg and Harding in the following
statement:
1. This form is for your guidance in calculating reserve under Section 19
of the Federal Reserve Act, as amended, which went into effect upon the
opening of the Federal Reserve banks on November 16 1914.
2. Section 5191 U. S. R. S. requires reserves to be held by national
"The story printed in a morning paper to the effect that there was a
banks against the aggregate amount of their deposits. Section 14 of the rift In the Federal Reserve Board is absurd upon its face and without the
Act of May 30 1908 which amended this Section and exempted the deposits slightest foundation. As the story purports to have come from members
of public moneys of the United States in designated depositaries from the of the Federal Reserve Board In New York on Friday last, and as we are
reserve requirements, was repealed by Section 27 of the Federal Reserve the only two members who were there at that time, having been in that
Act. Therefore the national banks are now required to carry reserve city on that date to attend a meeting of the Cotton Fund Committee,
against such deposits, and in caluclating the reserve all deposits of public we feel it our duty to make this positive and unequivocal denial."
moneys must be included in item 4 of the aforesaid circular sent you by
direction of the Secretary of the Treasury under date of November 16 1914.
In other words, no deposits are now exempt from reserve requirements,
J.P.Morgan was elected a member of the Federal Advisory
and the lawful reserve must also be maintained against all United States
deposits, including postal savings funds, deposits of United States dis- Council of the New York Federal Reserve Bank at the
bursing officers, Canal Zone and Philippine deposits and all other Govern- regular weekly meeting of the directors on Wednesday. A
ment funds.
committee composed of Chairman Pierre Jay, Henry R.
3. Section 19 of the Federal Reserve Act provides that in estimating
reserve the net balance of amounts due to and from other banks shall be Towne and George Foster Peabody notified Mr. Morgan of
taken as the basis for ascertaining the aggregate deposits against which the action of the Board and received his acceptance. The
reserves shall be maintained.
Federal Advisory Council is to be composed of one member
4. If the amount carried with reserve agents exceeds the amount which
the law permits to be counted as reserve with such agents, such excess from each Federal Reserve district, to be elected annually by
may be counted as "due from banks" and added to the amount due "from the directors of each of the twelve Reserve banks. The
banks other than reserve agents" as a deduction from the amount "due to
members receive no compensation, but may be reiumbursed
banks" in calculating the reserve. This necessitates, of course, a further
for actual necessary expenses.
computation.
5. The 5% redemption fund deposited by your bank with the Treasurer of the United States cannot be counted as part of your lawful reserve.
(Section 20, Federal Reserve Act.)
The Philadelphia Federal Reserve Bank (District No. 3)
6. National bank notes are not to be treated as an offset and are not
to be taken into consideration In any way in the computation of your was admitted to clearance privileges of the Clearing-House
reserve.
Association on the 24th inst. Action on the question of
A change in the re-discount rate for the Boston Federal
Reserve Bank was announced by the Federal Reserve Board
on the 20th inst.; the Boston rate, which had been originally
fixed at 6% for all maturities, has been changed to agree
with the rates for New York and Philadelphia, namely
5%% for bills and notes having a maturity of not over thirty
days and 6% for paper with a longer maturity. It was
stated on the 23d that no further modification of the rediscount rates will be made at the present time.
The Board made public on the 21st inst. the first consolidated statement of the Reserve system; the statement
covered the operations of the banks for the first five days;
the total cash holdings at the close of the five days reached
$240,723,000; the re-discounts aggregated $5,607,000 and
the reserve deposits amounted to $227,138,000. In submitting these figures the Board said:
"Re-discounting privileges have been availed of to a considerable extent in
New York, Chicago, St. Louis and Kansas City. Elsewhere the showing is
much smaller. Federal Reserve notes to meet local demand have been
issued principally in Chicago, New York and Minneapolis, but every bank
has been supplied with an adequate quantity of notes to meet its needs.
The relatively small amount of re-discounts as compared with the resources
of the system is due to the policy of the Federal Reserve Board in encouraging the payment of reserve deposits in actual money instead of in
re-discounted paper.
"Rates of re-discount established a week ago were fixed with this policy in
mind, as outlined in Circular No. 10, issued by the Board some time ago.
Reports from all districts are of the most encouraging nature, and the
amending the by-laws of the Clearing House so as to reduce
the reserve requirements from 20% to 15% was deferred on
the 24th for ten days.
Levi L. Rue,President of the Philadelphia National Bank,
was chosen by the directors of the Federal Reserve Bank of
Philadelphia on the 25th as its representative in the Federal
Advisory Council at Washington.
According to the Philadelphia "Press," around $100,000
of the new Federal Reserve Bank notes were issued by the
Federal Reserve Bank of Philadelphia on the 23d. The
notes were issued to five institutions which re-discounted a
total of $325,000 of commercial paper with the Reserve
Bank, and notification was given Governor Charles J.
Rhoads that additional re-discounts would be sought the
following day, which would bring the total to $500,000. The
first re-discount was for the Penn National Bank, which
offered $50,000 of commercial paper. The Penn National
was given a credit on the books of the Reserve Bank of
$50,000, and had the privilege of checking against all or a
part of this credit; before the end of the day it drew on the
Bank, receiving in payment the new Federal Reserve notes.
Daniel G. Wing, President of the First National Bank-of
Boston, has been chosen to represent the Boston Federal
Reserve Bank (District No. 1) on the Federal Advisory
Council for the first year.
Nov. 28 1914.)
1567
THE CHRONICLE
THE NEW YORK CLEARING-HOUSE STATEMENT IN
ITS NEW FORM.
The New York Clearing House issued last Saturday its
first statement under the changed conditions of reduced
reserve requirements incidental to the establishment of the
Federal Reserve banks. On Thursday, however, the figures
of some of the items were revised, the reason for this being
contained in the following announcement made by Albert H.
Wiggin, Chairman of the Clearing-House Committee:
The change in the method of compiling the bank statement and in the
amended forms used by the banks for the first time last week was the
cause of more or less confusion. Some membersfailed to include in the item
of"Loans, &c.." the real estate holdings; and in the item "Reserve in Other
Depositaries" the excess on deposit over the amount allowed as reserve was
included.
Amended returns show that the item "Loans, &c.," should have been
about $18,000.000 larger and that the item "Reserve in Other Depositaries" should have been about $39,000,000 less.
With these corrections the excess in reserve in the published statement
of Nov. 21 was $137,890,540 instead of $176,830,540.
Herewith is a statement as published and a statement as amended. The
Committee believes it important that the amended statement of the
average returns for the week ending Nov. 21 be on record and thus form a
correct basis of comparison with subsequent statements. Such excess
reserve as may appear in the statement to be published Saturday of this
week should be compared with the excess of $137,890,540 shown in the
amended statement and not with the figures as published Saturday. Nov.21.
It is believed by the Clearing-House Committee that the matter is now
understood and that no further confusion will exist.
We give both the original and the revised figures:
against $6,420,833; to France $17,037,469, against $26,194,861, and to the Netherlands $3,975,057, against $6,974,291.
There was a decided shrinkage, too,in the movement to Canada, this year's exports to the Dominion being valued at
only $23,586,256, against $33,102,217. The following gives
full details of the exports and imports:
—Month of October— —10 Mos.end. with October—
1913.
Importsfrom—
1914.
1914.
1913.
Grand di ions:$
$
$
Europe
57,611,255 64,134,125 679,203,186 703.877,879
North America..
33,746,418 28.768.983 384,798,976 323,413.193
South America_ _ - 20.597.638 15.180,939 193,903.912 154,253,817
Asia
20,220.875 21,771,370 230,552,830 229.430,014
28,240.121
Oceania
43,332.817
5,024,953
2,393,889
Africa
21,119,349
16,739,673
799,381
699,996
Total
138,080,520 132.949,302 1,548,531,394 1,460,334,373
Principal countries:
Argentina
1,244,372
5,870,171
Australia
1,486,313
807,396
Belgium
2,079,223
653.719
Brazil
8,885,954
9,514.403
Canada
15,288,830 15,040,458
China
2,986,267
2,932.793
Cuba
7,861,059
5,072,478
France
7,802.719
9,503,777
Germany
6,168,058 14,815,675
India, British_ _ _ _ 2,366.530
4,620,277
Italy
5.627.310
4,345,846
Japan
9.723,903
8,632,366
Mexico
6,957,008
6,361,129
Netherlands
2,942,450
1,781,248
Russia
127,883
1,764,874
United Kingdom- 25.057,590 20,243,649
17.754,334
8,485,095
35,542,121
76,486,365
107.364,156
32,650.899
115.500.622
109,339,126
151.682,274
58,398,148
44.313.93*
78,022,440
65,166,313
31.794.527
20.014.545
221,747,116
Exports to—
Grand divisions:
Europe
130,854,297 181,657,940 1.004,753,756 1,176,741,068
North America..
38,827.317 50.552.125 413,070,470 512,554,986
South America--- 6,735,605 14,358,067
80,428,152 124,602,862
Asia
8,796,076 13,848,241
77,642,188 100,656,052
Oceania
7,442.336
64,852,756
9,123,797
66,629,000
Africa
2,748,999
22,059.297
2,321,294
24,099,654
Total
195.404,630 271,861,464 1,662.806,619 2,005,283.622
Original
Revised
Figures.
Figures.
$2,146,189.000 $2,164,651,000
350.462,000 (No change)
96,060,000 (No change)
64,424,000
25,484,000
1,936,028,000 (No change)
Principal countries:
91,932,000 (No change)
Argentina
92,652,000 (No change)
Australia
Belgium
510.946,000
472,006.000
Brazil
176.830.540
137.890,540
Canada
China
Cuba
France
RETIRING EMERGENCY CURRENCY AND CLEARINGGermany
India, British_ - _ HOUSE CERTIFICATES.
Italy
Japan
Somewhat over $100,000,000 of emergency currency has
Mexico
Netherlands
been retired throughout the country, according to stateRussia
United Kingdom..
ments from Washington yesterday. In New York the total
Loans,&c
*Reserve in own vaults
*Reserve in Federal Reserve Bank
*Reserve in other depositaries
Net demand deposits
Net time deposits
Circulation
* Aggregate reserve
Excess reserve
50,040,088
17,106,935
29,758,028
77,073,248
136.568,889
31,215,723
136,083,565
90,930,064
128,788,258
58.024,255
46.272.939
89,295,022
73,812,283
32.495,609
14,413,460
251,912,237
1.683,693
4,770,317
446,650
1,362,246
23,586,256
994.414
6,937,986
17,037,469
17,508
1,388,434
11,119,476
4,784,852
3,001,144
3,975,057
3,980,160
72.474,221
5,168,450
4,823,032
6.420,833
3,866,191
33,102,217
2,010,092
6,933,471
26,194,861
48,433,396
1,527.753
7,463,491
7,808,412
3,768.616
6,974,291
2,407,738
70,991.350
24.387.260
37,457.620
33,890,925
20.152,866
268,756,833
18.365.797
56,456,556
111,653,783
156,058,815
8,345,814
54,737,758
32,146,988
27,673,226
81,221,917
22,222,289
446,756,693
46,129.166
35,799,998
54,577.788
35,144.279
346,829,303
21.808,988
60,482,150
116.471,751
270.647,472
8,969,182
61,793.968
47,723,114
41,627.045
103,768,717
18.984,366
459,879,463
amount retired aggregates over $76,855,300 out of a total of
$133,000,000.
SIR GEORGE PAISH AND THE FOREIGN EXCHANGE
PROBLEM.
- The Clearing-House loan certificates issued in PhiladelSir George Paish and Basil B. Blackett, who as represenphia will all be retired before Dec. 1. The Philadephia
tatives of the British Treasury had been in this country
"Ledger" of the 25th says:
middle of October, returned on Wednesday on the
It was learned yesterday that the few banks which still had such certifi- since the
cates outstanding had been quietly requested by the Clearing-House Com- steamship "Adrictic", in company with H.P. Davison, of
mittee to pay them off by the end of this month. Less than $2,000,000 J.P. Morgan & Co. The English representatives are returnsuch certificates were still outstanding when this notice was given a few
days ago, being distributed among ten or eleven banks, and the bulk of ing in reponse to instructions from London in order that a
these has been retired, a considerable volume being paid off
yesterday. clearer understanding may be had of the proposals subNo official figures of the total amount issued have been given, but it is
to the British Government as a result of the conestimated the issue approximated $11,300,000. This would compare mitted
with $13,695,000 in 1907, with $11,470.000 in 1893, with $9,655,000 in ferences which have been held at Washington. Announce1890 and $6.285,000 in 1873, when resort was first had to this substitute ment of the proposed departure of the visitors was made by
for cash. The attitude of the Clearing-House Committee was that the
Secretary of the Treasury McAdoo on the 21st. inst., as
necessity which called forth the loan certificates no longer exists.
follows:
Sir George Paish has just informed
The last of the Clearing-House certificates issued in Boston England saying that the suggestions me that he had received a cable from
submitted by the committee of New
were retired on the 24th. The Boston banks took out a total York bankers, composed of James Brown, A. H. Wiggin and Benjamin
of $11,385,000 of these certificates. The Boston "Tran- Strong Jr., are under consideration by the London bankers, but as some
points are
full explanation
the Chancellor of
script" states that "the Boston banks are now in a position Exchequernot clear and aSir George Paishis needed,Blackett to returnthe
has requested
and Mr.
to
to resume the regular weekly statement,which has been sus- England to explain the situation more fully. They expect to leave ,therewithin the
pended since Aug. 11, or the longest period in the history of fore,is thought next few days.
It
inadvisable to publish the recommendations and suggestions
the Boston Clearing House. The exact form of the new of the New York bankers until the London bankers have had an opportunstatement here has not yet been deterrr ined upon, but it will ity to consider them fully and to act upon them. As soon as a conclusion
follow in a general way the outline of the New York bank is reached, the facts will be given to the public.
The situation here has materially improved since Sir George and Mr.
statement, with allowances for certain fundamental differ- Blackett came to America, and their visit has been exceedingly valuable in
ences, due to the fact that Boston is not a central reserve bringing about a clearer understanding on both sides of the water of existing conditions. The commercial and financial relations between Great
city."
Britain and this country are so large and intricate
OUR FOREIGN TRADE, WHERE THE LOSS IS
OCCURRING.
The detailed statement of the country's foreign trade for
the month of October, segregated by countries, was issued
on Thursday, Nov. 25, and the figures possess great interest.
While the loss in the exports has been mainly in the shipments to Germany, Belgium, the Netherlands and France,
it is noteworthy that our trade with South American countries, which every one is engaged in promoting at the present
time, also shows marked contraction. For instance, the
exports to Argentina were valued at only $1,683,693 in
October 1914, against $5,168,450 in October 1913 and to
Brazil $1,362,246, against $3,866,191. There were practically no exports to Germany against 4834 millions last year;
while to Belgium the shipments were.valuedrat $446,650,
that a fuller understanding of the problems caused by the war is mutually beneficial to the interests
of each country.
The visit of Sir George and Mr. Blackett has accomplished this. It was
a very gracious act on the part of the Chancellor of the Exchequer to let
them come to Washington.
It is understood that the plans developed as a result of the
Washington conferences called for the establishment of a
credit of $100,000,000 by the Bank of England or the British
Government against which American bankers might draw
for the protection of American securities, which are expected
to be sold in large volume when the Stock Exchange reopens.
It is as to this point that the British Treasury seems particularly concerned. It is stated that Mr. Davison goes
abroad with the British representatives at the request of the
bankers who were parties to the Washington conferences,
for the further discussion of the matter abroad. Mr.Davison
was one of the bankers who took part in these conferences;
James Brown of Brown Brothers & Co.. another of those
1568
THE CHRONICLE
who participated in them, is now in London and will also
enter into the further proceedings abroad. Before his
departure, Sir George was interviewed by a representative
of the New York "Sun", which has the following to say
concerning the interview:
xcix
$4,640,000. Since then a number of institutions which
at first refused to join the movement reconsidered the proposition, and the additional amounts received are from these
sources.
"As for the opening of the stock exchanges here and in London," he said,
Henry D. Lindsley, President of the Dallas Cotton Syn"I would say that London is feeling its way, as you are. I think London
Commerce, announces that
is not likely to open until the new year. Your Exchange will open when dicate of the Dallas Chamber of
ready. I consider it ready for opening in bonds, for instance, when the de- as the $135,000,000 Cotton Loan Fund has been completed,
mand exceeds the offers to sell. It is the same with stocks. Money is this releases the subscriptions to the original fund made by
accumulating here very fast, making the time for opening apparently
not far off. The Exchange should open, as it is doing, little bit by little the citizens of Dallas. The Dallas Cotton Syndicate—see
bit."
our issue of Oct. 10—was organized in October before the
Sir George took up the matter of the 3100,000,000 credit extension by
present Cotton Loan Fund and with the same objects,except it
Great Britain to the United States, which is the central feature of the financial protection for the two countries now under discussion. He said that was to apply only to Texas and Oklahoma cotton. With the
misunderstanding had arisen among bankers here and abroad, but that this projection of the more comprehensive plan,the local scheme
was now helng cleared.
larger plan.
"The nroposal is a contingency against the future," he went on. "There was held in abeyance awaiting the outcome of the
The success of the latter now being assured, the Dallas
is no real need at the moment for exceptional measures of this kind.
"While the war is going on there are many uncertainties that may arise, Syndicate will be abandoned.
many of which will affect the financial situation. This proposal is purely
a war provision. We may never have to resort to it. I don't think we
,Shall. When the proposal is fully understood by British bankers as a mat
President Andrew Querbes of the Louisiana State Bankers'
7 ter for future utilization, I feel sure it will not be opposed. It has been impossible to communicate by cable the features of the plan in the clear way Association has called a meeting of the bankers of the State,
it could be done in personal conference, and the resumption of the confer- to be held at Alexandria on Dec. 15, to discuss, among other
ences in London will give a general understanding there of the scope of' things,
reduction of cotton acreage.
the matter under consideration.
"I am pleased with the way things are going in this country. The opening of the Federal Reserve banks has given you plenty of banking resources.
You have now a great deal of money available for your needs. The banks THE MISSISSIPPI VALLEY AND LATIN-AMERICAN
should be of great helpfulness.
TRADE EXPANSION.
"I believe that financial conditions in your country are now founded on
Important action toward broadening the scope of trade
solid strength. I can see no basis for financial apprehensions in this country. You have plenty of money available for productive purposes and you and banking relations with Latin-America was taken in
will be enabled also to pay off some of your long-term obligations. Of
Memphis last week at the International Trade Conference
course, you will want to pay off your short-term notes and will do this as
of the Mississippi Valley and Central West. The call for
they come due.
"Your foreign trade is moving favorably. Exports are large and this is the conference, as heretofore noted, was issued as the result
helping the general situation greatly. The opening of the cotton exchanges
of a meeting of Chicago and New Orleans business men held
has had an undoubtedly beneficial effect, and I look for a considerable
in the first-named city on Sept. 25. The conference took
movement of cotton in the next few months.
"The demand for bonds is now exceeding the offers to sell, indicating place on the 19th and 20th inst. and was attended by over
that property is accumulating and seeking employment. If this continues,
the demand will later take care of stocks, demand for these exceeding the one hundred delegates from seventeen States, namely Ohio,
Indiana, Illinois, Iowa, Minnesota, Wisconsin, Missouri,
desire to sell.
"This is especially true in the event that the Inter-State Commerce Com- Arkansas, Oklahoma, Texas, Kentucky, Tennessee, Georgia,
Confidence in the railmission gives a favorable decision in the rate case.
and the District of
roads would be greatly restored and their stocks strengthened in equivalent Louisiana, New York, Pennsylvania
degree. The industrial stocks will be benefitted by the large growth in for- Columbia. A resolution was adopted at the conference, in
eign trade going on, which will undoubtedly affect all industries.
which the Federal Reserve Board is requested to authorize
"The results of our mission here have been quite satisfactory. The idea
banks serving the Mississpipi Valley
in coming was to talk about the general situation between the two countries the Federal Reserve
and establish a mutual understanding. The improvement both here and territory to join in establishing branches in Central and
in London from many causes has been quite marked in the period of our South America, Mexico and the West Indies; the conference
stay."
GEORGIA STATE BANKS ORGANIZE CLEARINGHOUSE.
An organization, the purpose ofiwhich, it is stated, is to
put the Georgia State banks which are not members of the
Federal Reserve system on an equal footing as regards
clearing facilities with Georgia national banks in the new
system, has been formed under the name of the Georgia
Clearing-House Association. The organization was brought
into being at a meeting in Atlanta on the 10th inst., and in
explanation of the purpose of the Association,the Atlanta
"Journal" said:
When the Federal Reserve Bank in Atlanta begins operations, with its
subsidiary banks throughout the Atlanta district, the checks of these member banks will be cleared at par at any point in the United States with other
national reserve member banks; the organization formed Tuesday alms to
give equal facilities to Georgia State banks.
Atlanta is to be the headquarters of the Association, which
will begin operations about the first of the year. It has been
agreed, it is said, that all Georgia banks, State, national and
private, shall be eligible for membership in the organization.
The following committee has been named to complete the
details for the establishment of the association: Rufus H.
Brown, L. G.Council, George H. Smith, R. 0. Pitts, F. T.
Hardwick, J. E. Dunson, S. B. Brown, Asa G. Candler,
C. H. Humphrey,A. P. Coles and C. H. Lewis. J. E. Dunson of La Grange presided at the organization meeting and
Carl H. Lewis was Secretary.
THE COTTON LOAN FUND.
Wiggin, President of the Chase National Bank, is
A. H.
reported as saying,with reference to the reports that a number
of applications for loans had been received by the Cotton
Loan Committee, that these applications had not yet come
to hand. Mr. Wiggin stated that the Committee was
working over various matters and he did not believe that they
would be in proper shape to allow an announcement for
several days.
Recent additions to Philadelphia's subscriptions to the
Cotton Loan Fund raise the amount to $5,200,000. Last week
Secretary of the Treasury McAdoo announced the fund as
completed, giving Philadelphia's portion at that time as
also went on record as favoring the organization by manufacturing,commercial,investment and banking interests, of a
corporation to co-operate with business interests and the
branches of the Federal Reserve banks in promoting commerce and affording opportunities for investment and the
exchange of credit between the United States and the LatinAmerican countries. The appointment of a committee of
seven to work out plans for the organization of the institution was authorized under the resolution. The appointment
of a committee of fifteen to develop a plan for a co-operative
trading company to encourage and foster trade between the
Mississippi Valley and Central West, and Central and
South America was likewise authorized. The following are
the resolutions as reported in the "Commercial Appeal" of
Memphis:
"Whereas,The great forces of production and distribution in the different
countries comprising the American continents are not operating with economic efficiency as to the interchange of commodities and securities, owing
to the inadequacy of facilities for the direct exchange of credits arising from
commercial and investment transactions; and
"Whereas, The interdependence of the republics, shown by present conditions suggests action to fully protect and advance the commercial and
financial relations between them: and
"Whereas, This conference believes the bankers of the Mississippi Valley
and the Central and Southern States represented desire to be mutually
helpful both to the business interests of this section and of the LatinAmerican countries easily accessible from the Gulf ports; Therefore be it
"Resolved. First. That the Federal Reserve Board be requested to
authorize the Federal Reserve banks, serving this territory, to join in
establishing branches in Central and South America. Mexico and the
West Indies.
"Second, That the manufacturing, commercial, investment and banking
interests organize a banking corporation to co-operate with business interests and the branches of the Federal Reserve banks in efficiently promoting
commerce, affording opportunities for Investment and the exchange of
credits between the different countries.
"Third, That the Chairman of this conference within ten days appoint a
committee of seven, the duties of such committee being to consult with
the banking and commercial interests of the Mississippi Valley and Central
West, and with their co-operation work out a plan for the organization of
said bank, the business of which shall include the financing of trade with
Central and South America. Mexico and the West Indies and the operation
of branches in such South and Central American. Mexican and West Indies
trade zones as may be particularly developed by the Mississippi Valley and
Central West interests,such bank,however,not to compete for the domestic
business of other American banks and to work in the closest possible
harmony with the foreign branches of the Federal Reserve banks.
"Belt further resolved. That whereas, the work of the Bureau of Foreign
and Domestic Commerce of the Department of Commerce, through its
American consul service. Its commercial attaches and special agents stationed in all foreign countries, has proven itself of so great value to American
-e
Nov. 28 1914.]
THE CHRONICLE
heartily indorse the splendid
manufacturers, importers and exporters. we
work which is being done.
the Bureau of Commerce for
Therefore, be it resolved. That we commend
co-operation and support to the end
the splendid service and pledge our
secured,so that this work can be
that even a larger appropriation may be
enlarged and made more effective.
this resolution be transmitted to
"Be it further resolved, That a copy of
Committee, House of Representatives.
the Chairman of the Appropriation
International Trade Conference
"Resolved, That the Mississippi Valley
relations with our sister republics in
favors closer and more friendly trade
and the West Indies, to promote
South and Central America ,Mexico
a larger exchange of our products. appointment, by the Chairman of this
the
"To this end we recommend
committee of fifteen to consider ways and
conference within ten days, a
co-operative trading company, existing or
means and work out a plan for
and foster trade between the Mississippi Valley
to be formed, to encourage
and South America, Mexico and the West
and Central West, and Central
of this conference as early
Indies; and report to the executive committee
as possible.
committee that between the territory in and adjacent
"It is the view of the
South America, CentralAmerica.
to the Mississippi Valley and points in
Mexico and the West Indies, that the natural course of travel and the line
of least resistance is through Gulf ports,and that the problem of supplying
adequate transportation is composed of three leading factors:
"First, inland transportation to and from Gulf ports; second, storage
and handling at ports; and, third, ocean transportation.
"With respect to the first proposition, it is felt that existing rail transportation is adequate to present needs and is readily adjustable to increased demands.
"With respect to the second proposition, it is felt that the matter of storage and handling at Gulf ports is one in which the port interests are also
vitally concerned and the co-operation of municipal and vested authorities
at the ports is considered highly important in perfecting an improved and
enlarged foreign service.
"With respect to ocean transportation, it is felt that an adequate and
regular steamship service depends largely upon cargoes being supplied in
both directions.
"It is therefore resolved, That the exporters and importers handling
commodities moving between the Mississippi Valley and points in South
America, Central America, Mexico and the West Indies be earnestly urged
to co-operate with the inland and ocean carriers in systematic efforts to
provide sufficient cargo traffic to warrant additional and dependable, direct
and regular steamship service in both directions.
"And whereas, the development of river traffic will have an influence on
the growth of North and South commerce in the United States, and can be
an important factor in the growth of our foreign trade;
"Therefore, it is urged that, where practicable, Mississippi River cities
and 'towns build modern river terminals, connecting with rail carriers.
"Further resolved, That Congress be urged to enact maritime legislation
looking towards placing the American shippers and ship-owners upon a
basis more nearly equal with those of competing nations, thereby enabling
American exporters and ship-owners to meet the competition of other
nations in the ocean-carrying trade.
"Resolved, That a permanent committee of five be named within ten
days, by the Chairman, to promote commercial use of the Mississippi River
and its navigable tributaries, as a potential factor in developing the natural
North and South trade route through the Mississippi Valley.
"Be it resolved, That the conference urge the Congress of the United
States to provide adequate continuing appropriations for the development
of the navigability of the Mississippi River and its tributaries as a central
system of national water trade routes.
"Be it further resolved, That this conference extend its most cordial
greeting to the members of the Pan-American Union and that its DirectorGeneral at Washington, D. C., be requested to convey to the Government
members of the union the greetings and good wishes of this conference and
express the desire and hope for closer personal and business relations.
"Resolved, That a permament executive committee, consisting of seven
members, be appointed by the Chairman of this conference within ten days,
with authority to receive the reports of the various committees of this
conference and to act thereon; and that upon the completion of their
work in connection with the committee so appointed that the work of this
conference be deemed to be at an end and that the Chairman adjourn this
*conference without delay."
John Barrett, Director-General of the Pan-American
Union, was one of the speakers at the conference; Mr. Barrett characterized it as a most unfortunate tendency in the
United States to segregate Central and South America under
one head; he declared that the term "Spanish-American"
should be eliminated—that the only term approaching it
is "Latin-America." In portraying Mississippi Valley's
opportunity in Latin-America Mr. Barrett said in part:
The Mississippi Valley and its tributary sections between the Alleghenies and the Rockies have a remarkable and peculiarly advantageous
relationship to the Latin-American commercial opportunity which is not
generally appreciated.
For practical study and action let it be understood that the Mississippi
Valley has a particular sphere of territory in Latin-America which is in
many respects different from those open to the Atlantic and Pacific coasts.
This sphere includes: First, the coast line of 11 Latin-American countries
bordering upon the Gulf of Mexico and the Caribbean Sea. This commercial area bears essentially the same relationship in proximity, shipping
routes and markets to the Mississippi Valley that the countries of Northern
Africa and Western Asia bear to the European countries of the Mediterranean Sea. This coast line of 11 countries—Mexico, Guatemala, Honduras, Nicaragua, Costa Rica, Panama, Colombia, Venezuela, Dominican
Republic, Haiti and Cuba—has debouching upon it a population of 25,000,000, and last year, according to figures just at hand, bought and sold
products valued at the surprising total of approximately $700,000,000.
With the now impetus coming from the opening of the Panama Canal this
commerce will surely grow to $1,400,000,000 during the next 10 years,
and there is every reason why the Mississippi Valley should control twothirds of that total in both volume and value.
This sphere includes, secondly, the Pacific slope of Western South
America. which reaches for 4,000 miles from Panama south to Puntas
Arenas on the Straits of Magellan; includes Western Colombia, Ecuador,
Peru, Bolivia and Chile; supports a population of 15,000,000, and conducts an annual foreign trade valued at approximately $400,000,000. This
total, which is large, considering that it was built up before the canal was
opened, represents a remarkable increase over 10 years ago and bids fair,
with the actual and growing use of the canal, to increase to $1,000,000,000
n another 10 years. Again, hero the..Mississippi Valley has an extraordi-
1569
nary opportunity to supplant with its own exports and imports those of
Europe, which heretofore have held the field against the United States
because of shipping advantages around South America and through the
Straits.
This sphere also includes, third, the western or Pacific coast of Central
America and Mexico, to which the canal gives the Mississippi Valley direct
access for the first time. Here we have 3,000 miles of coast line, including
Panama, the five Central American countries and Mexico, upon which
debouch nearly 10.000,000 of people and a foreign trade of approximately
$200,000,000, which will double itself in the next 10 years and make corresponding demands onithe Mississippi Valley.
To sum up, the Mississippi Calley's special sphere of opportunity and
activity in Latin-America comprises portions of 16 countries, a population
of nearly 50,000,000 and a present foreign trade of $1,400,000,000, which
must, with no exaggeration of possibilities, grow to $2,800,000,000 within
the next 10 years. These figures do not include the great foreign commerce, valued at $1,600,000,000, of Brazil, Argentina, Uruguay and Paraguay, which form the special sphere of opportunity for the Atlantic Coast
and the eastern section of the United States.
Now, what is to be done in the premises?
First, special credit and attention should be given to those persons,
firms and organizations which have for many years been working success-.
fully in this field. What they have done and are doing should be carefully
studied and followed.
Second, the whole situation must be approached from the Latin-American, as well as the United States, standpoint, and from the side of imports
of raw products for our manufacturing plants as well as of exports of our
finished manufactured goods and that surplus of our agricultural products
that are suited to their markets. Ships must have return as well as outgoing cargoes.
Third, Latin-America at the moment needs the money as much as the
merchandise of the Mississippi Valley and the country at large. If the
financial institutions of the Mississippi Valley could lend Latin-America
$500,000,000 during the next five years, they would by that agency alone
and in that period increase the Mississippi Valley trade with Latin-America„
$1,500,000,000. Some method must be devised by the Federal Reseiiye
Board and private banking and trust companies to meet the situation, Itor
Europe can supply only a small amount of money to Latin-America for t e
next decade.
Fourth, a great and immediate need of the hour are well recogniz
and developed banking and credit facilities for the commercial and financial]
transactions of Latin-America and the Mississippi Valley, especially in thi.3
spheres of influence of the Caribbean Sea and tho western coast of Latin
America. The banking, commercial, manufacturing, exporting and i
porting interests of the principal industrial centres and ports of the Mississippi Valley should therefore at once set themselves to working out th s
vital problem.
Fifth, as soon as possible regular and permanent mail, passenger and
freight steamship service under the United States flag must be established
between the gulf ports of the Mississippi Valley and those of its sphere of
opportunity in Latin-America—one going through the canal and down the
west coast of South America as far as Valparaiso and another through the
canal and up the west coast of Central America and Mexico to California.
eagerly\
Latin-America to-day realizes the need of this service and calls as
for it as does the Mississippi Valley.
'
t
E. F. Sweet, Assistant Secretary of the Department A e
Commerce, speaking with reference to the movements
the Government toward the development of foreign trade, "
is quoted as follows:
and I
Without reference to the European war, a year ago Mr. Redfield
was not
talked over our foreign trade bureau. We found the Government
of that bureau. Foreign countries
doing enough to justify the existence
had commercial attaches. We had not. Foreign countries had special
agents. We had not.
We asked Congress to give us $150,000 with which to send out commercial
attaches. We sought as those emissaries business men of long vision,
speaking the language of the countries to which they were assigned. We
have sent four of these attaches to South America—to Rio Janeiro, Buenos
Aires, Santiago and Lima. We have not begun to receive results yet, but
we will soon.
Our department also is sending out more commercial agents. These
men are specialists in machinery, boots and shoes and other commodities.
It is their business to go all over the world where those commodities are
used and to send in all information obtainable.
Formerly our Government had only one means to get that information- —
through the consular service. But our consuls were diplomats, rather than
business men. Our commercial attaches are business men.
We had been limited in distributing information, so we established four
domestic agencies as receptacles into which should pass information. The
business of these agencies is to digest and disseminate information from
foreign countries and to get into close personal touch with exporters.
This service was an experiment, but has proved successful. It seemed
to fill a long-felt want. We established four more agencies, and will con
tinue to establish more until the Department of Commerce will have a
representative in every large American city.
The war in Europe has re-arranged our business program. The problems of a year ago are not the problems of to-day. We have to shift and readjust our business. We are all looking to South America to buy goods
we expected to sell to Europe.
Unfortunately, the same conditions which apply here apply also in South
America. Their exports and imports are cut off. They are hard up.
The war has not affected us so much as it has Latin-America, because we
are bigger and stronger than they. They look to us to help them. There
is sentiment in it, as Mr. Barrett said. We are going to put them on their
feet if we can and we intend to impress upon them an obligation they cannot
soon forget.
But let us not take advantage of their necessity. Every step should
be a step forward, never to take a step backward. The same condition
may prevail five or ten years and we must have an outlet for our goods.
Let us give our customers a fair deal.
The war will have two results in the United States. We will be the
peacemaker. This nation will be called upon,if we maintain our neutrality.
to act as mediators. President Wilson's advice will be sought and we will
be the country to settle the difficulties of the warring nations of Europe.
That position will elevate us as a nation. This war has a tendency to
elevate us in every way.
We have another opportunity—the trade opportunity. It is up to us
as men, as thinkers, to work out ways to increase our trade with LatinAmerica. I wish I had a workable practical plan to offer, but I have not.
Neither has any other man. We must work it out in such meetings as
this. It will be an evolution. Some man will suggest the right plan.
All we know is that we will succeed. We must succeed.
1570
THE CHRONICLE
How are we going to finance South America? A New York bank has
established two branch banks in South American cities. American banks
are reaching out to establish others if these first prove successful. It cannot be done all at once.
At the closing session of the conference, Walter Parker,
representing the New Orleans Association of Commerce, explained to the delegates what the port of New Orleans is
doing to aid the Mississippi Valley and Central West to reach
the world markets left unprovided for by the war. In part
he said:
[VOL. xenr.
require the deposit of further margin, until after the expiry of
a period
of twelve months from the conclusion of peace, or after the expiry
of the
Courts (Emergency Powers) Act, 1914, whichever shall happen first,
provided that this agreement shall not prejudice the right to immediate
repayment if and when a receiving order in bankruptcy (or the corresponding order in Scotland) is made against the borrower. The rate of
interest
to be charged on loans continued under this arrangement shall not exceed
the rate chargeable by the Bank of England to other lenders under Paragraph 4.
(3) Subject to the following conditions, the Government will arrange
with the Bank of England to advance to lenders to whom the scheme is
applicable 60% of the value of the securities at present held by the lenders
against any loans which they had outstanding on July 29 1914. Such
securities to be valued for the purpose of the advance at the making-up
prices of the July 29 settlement—INote: In the case of Consols and other
securities settling at the Consols account, the mean price of the Official
List of July 27 will be taken.]
(a) The Bank of England may at their discretion refuse any application,
but in the exercise of this discretion due regard shall be had to the object
of this scheme, viz.: To prevent as far as possible the forced realization
ofsecurities,and before a final decision is arrived at in regard to any application the Bank will, if the applicant so desires, submit it to the Treasury.
(b) Both the lender and the immediate borrower from the lender shall
be Jointly and severally responsible to the Bank of England for the repayment of the advance and interest thereon.
(c) All applications for loans under the scheme giving the particulars
required by the Bank of England shall be made on or before January 31
1915 and no application will be entertained which is received after that
date.
(4) Loans by the Bank of England under the scheme are to bear interest at 1% above Bank rate, with a minimum of 5% in all.
Interest will be repayable fortnightly or, when the Stock Exchange is
reopened, at each settlement, and the borrowers will be entitled to coupons
and dividends, provided that such interest is duly paid.
(5) The Bank of England will not press for the repayment of advances
made under the scheme until after the expiry of a period of twelve months
from the conclusion of peace or after the expiry of the Courts (Emergency
Powers) Act, 1914, whichever shall happen first, nor will the Bank in the
meantime require the deposit of further margin, provided that this agree!
meat shall not prejudice the right to immediate repayment if and when a
receiving order in bankruptcy is made against the borrower.
(6) The borrower may at any time repay the advance in whole or in
part. In the case of part repayment the securities to be released will be
settled by agreement between the borrower and the Bank of England, or,
In default of agreement, will be such proportion of each security as the
amount of the repayment bears to the whole advance, provided that where
any of the securities held by the borrower against a loan made by him the
Bank of England shall release those particular securities upon replacement
of an amount equal to the value of the securities at the prices of the July 29
settlement, less the amount of the margin (if any) deposited with such
borrower.
(7) When any of the securities against which advances are outstanding,
either under Paragraph 2 or Paragraph 3, reaches the above-mentioned
prices of the July 29 settlement, the bank concerned, or the Bank of England, as the case may be, shall have the right of calling from the borrowers
fo the replacement oftheirloans to the extent of the value of such securities,
and should such request not be complied with the bank shall have the right
of selling such securities for account of the borrowers; but not under the
above-mentioned prices.
(8) Lenders taking advantage of the scheme shall be bound by the same
conditions as the banks under Paragraph 2. In the event of any lender
who might take advantage of the scheme not doing so, but seeking to
realize his securities, the Stock Exchange as a body shall oppose the application on the borrower's behalf under the Courts (Emergency Powers) Act
1914. The Stock Exchange Committee undertake to make rules to secure
that where any loans have been used for the purpose of making other loans
on the Stock Exchange, or for the purpose of carrying over stock,the advantages of the scheme shall extend so far as practicable to the clients and
other parties concerned.
(9) The Stock Exchange Committee will not reopen the Stock Exchange
without submitting the proposed date and conditions of such reopening
to the Treasury and obtaining their consent.
Treasury Chambers, S. W.
October 31 1014.
No plan for the continuing development of Mississippi Valley commerce
and industry can hold the element of complete and well-balanced potentiality unless it include provision for the development of a world market
of deposit at the mouth of the Mississippi River. Such a market of deposit must, of course, provide adequately for quick and economic handling,
warehousing and interchange of commodities between railroads, boat lines
and ocean-going vessels. It must also provide for the financing of such
commerce under conditions at least as favorable as can be found at other
ports. Commercial use of the Mississippi River and its tributaries is an
Important factor.
Such a market of deposit will enable producers and shippers in the valley
to move their commodities into cheap storage at ship-side, whenever they
so desire, without reference to the condition of the foreign consuming markets, and to finance such commerce pending favorable demand from foreign
markets. It also will enable foreign producers and shippers to assemble and
finance the commodities they ship, and hold them off the consuming markets of the valley until need and demand arise. With such facilities available no producer, exporter or importer need ever force his consuming markets, as is now frequently done, and it is only through the establishment
of such a market of deposit at the mouth of the Mississippi River that the
.... commerce creators, both import and export, of the Mississippi Valley can
.
•••-..hope to enjoy full scope for their enterprises, independence of action and
a wi e open opportunity to reach and trade with all the markets of the
worVlri without paying tribute in any form to any section or to any set of
ess men.
b
T als is true because the valley's natural trade channel is north and
sout,h and the interchange of valley imports and exports should be made
at II he mouth of the Mississippi, provided natural conditions of least reidstisnee be permitted to rule.
From the mouth of the Mississippi River splendidly developed ocean
tra4ie routes reach all the important markets of the world.
'Ijo utilize these ocean routes to the fullest extent should be the desire
of very handler of commerce in the valley.
Therefore the proper and scientific development of the port facilities
at the mouth of the Mississippi, facilities which will bring into play selfperpetuating economies in behalf of Mississippi Valley commerce, is as
important to the manufacturer of Pittsburgh, the exporter of the Middle
West and the importer of Chicago as it is to the business men of the lower
valley, and, being a matter that affects their business welfare, merits their
Interest and best endeavor.
eallzing the advantage to be gained from the application of scientific
nomy in equipping their port for the handling of Mississippi Valley
mere°, New Orleans thus far has done these things:
_ AL'abtained from the State on Nov. 3 changes in the organic law making
:VOL ana's attitude toward business and investment capital of all kinds
"as favorable as exists anywhere, and opening water frontage to ownership
and development into warehouse facilities by private enterprise and capital.
2. Through public enterprise New Orleans has equipped the harbor
with steel-receiving and discharging sheds, built and is operating an efficient belt railroad system, is erecting a series of economic warehouses and
concentration plants on the river front for valley imports and exports, and
has practically finished a complete sewerage, drainage and pure water
system.
Thus the three great problems that a successful port market of deposit
must solve for itself have been fully solved by New Orleans—that of health,
economic facilities for the handling of commerce and the supply of money
required to finance commerce at low cost.
These things have only just been done by New Orleans, consequently the
valley does not yet realize that changed economic conditions at New Orleans open an easy and independent channel to the markets of the world.
which, in the new trade era now dawning: must draw more heavily on the
products of the Mississippi Valley than ever before.
The New Orleans gateway is now fully prepared to extend its facilities
--ag_n!Led_arises. - Manufacturers and shippers who require specialized conThe General Purposes Committee of the Stock Exchange
centration facilities at ship-side can get them at New Orleans, through
the New Orleans Dock Board, without having to purchase costly river issued the following:
front property, and as this commerce increases there will be money at New
Committee Room, Stock Exchange,
Orleans to finance it because the law relating to money in all its forms is
October 311914.
now highly favorable. .
The Committee fo General Purposes desire to draw the attention of
Revived commercial use of the Mississippi River and its navigable ,members to the Government scheme, framed
with a view to avoiding the
tributaries has recently been given great impetus through the building
at necessity for the forced realization on a large scale of securities held as cover
New Orleans of a new type of shallow draft flat botton self-propelled steel for account
-to-account loans. The alterations to the rules necessary to
barges, and by the approved plans of the New Orleans Dock Board
to build give effect to this scheme are in preaparation, and will be issued shortly.
terminals so designed as to completely co-ordinate river, rail and
ocean The Committee are happy to be able to announce that in the event of any
traffic, and to so improve port charges as to encourage the
movement member having to seek the protection of the Courts (Emergency Powers)
of commerce by river boats and the coming of additional ship lines.
Act, 1914, the trustees and managers have agreed to be responsible for the
Shippers of the valley should fully inform themselves as to what
New legal expenses. Any member who seeks the protection of this Act is reOrleans, their natural port of least resistance, is doing to better the con- quired to communicate with the
secretary before taking or defending any
ditions under which Valley commerce Is handled.
proceedings.
air
By order.
EDWARD
SATTERTHWAITE.
BRITISH TREASURY PROPOSALS FOR HELPING STOCK
Secretary C. G. P.
EXCHANGE.
THE STOCK AND OTHER EXCHANGES.
The British Treasury's statement embodying its plan for
A start towards a general resumption of business on the
providing Government assistance in dealing with account-toaccount loans on the London Stock Exchange, to which brief New York Stock Exchange was made this week,when the
reference was made in our issue of November 7, is printed Governors of the Exchange at a meeting on Tuesday unanias follows in the London "Financial News" of the 2nd inst.: mously adopted the following resolution:
With a view to avoiding the necessity for the forced realization on a
large scale of securities held as cover for account-to-account loans, Ills
Majesty's Government has agreed to arrange with the Bank of England to
make advances to certain classes of lenders, in order to enable them to
continue their loans until after the end of the war. The arrangements
agreed upon are as follow:
(1) The application of the scheme will be confined to account-to-account
loans made to members of the Stock Exchange by lenders other than banks
to which currency facilities are open. It will not apply to lenders who
are themselves members of the Stock Exchange.
(2) All banks to which currency facilities are open, whether clearing
banks or not, have agreed not to press for repayment of such loans or
Resolved. That the Committee of Five is hereby empowered
to permit
dealings in bonds on the Floor of the Exchange under
restrictions prescribed by it.
Acting under this resolution, the Special Committee of
Five voted to permit the beginning of trading on the Exchange on Saturday, Nov. 28, in bonds, under restrictions.
The plan provides for the fixing of minimum prices from
time to time for bonds and their sale for "cash" or "regular
way" only. Bonds sold on the floor of the Exchange "cash",
under the rules of the Exchange, are delivered the same day,
Nov. 281914.1
THE CHRONICLE
and those sold "regular way" are delivered next day. This
arrangement accordingly excludes transactions which provide that delivery is to be deferred for any length of time.
It is understood that present current prices on bonds being
traded in are above the minimum prices that are to be fixed
by the Co II Itee. Additional regulations issued yesterday provide that sales may be made at minimum prices or
higher without submission to the Committee, but sellers must
report every transaction, whether executed on the Exchange
or elsewhere. All trades for foreign account must be so
designated. This will be the first trading on the floor of the
Exchange since the announcement made just before the
opening hour on July 31 last that the Exchange would be
closed indefinitely.
The following is the ruling of the Committee of Five:
1571
The following notice has been sent to the members of the
Boston Stock Exchange:
In order to reduce the chance of error, the Special Committee of Five
will consider all orders as canceled at the close of business Saturday. Nov.28
1914.
Only good until canceled orders will be received and all that are given
by telephone must be immediately confirmed in writing.
The Committee assumes no responsibility on the reports and no transactions should be considered as complete until the buyer and seller have
compared.
Where orders are submitted at different prices on the same security it
will facilitate the work of the Committee if all are on the same card, but
under no circumstances should orders for different securities be on the
same card.
A resolution was also adopted that stamp tax (when
necessary) in the State of New York and that imposed by
Massachusetts, effective Dec. 1, and that imposed by Congress, effective Dec. 1, must be added to the regular commission.
We quote the Boston "Advertiser" regarding any extension of trading on the Boston Stock Exchange as follows:
31.
November 24 1914.
Dealings in Bonds.
The special Committee of Five rules that so much of Rule 21 as applies
The Boston Stock Exchange will not follow the lead of the New York
bonds through the Clearing House be rescinded, to take
to dealings in listed
Exchange in reopening for restricted trading in bonds for cash, as the
effect at the close of business on Friday, November 27 1914.
Beginning on Saturday, November 281914. dealings in bonds listed on the amount of business done locally in this class of securities is very small, and
Exchange will be permitted on the floor of the Exchange between the hours to open the Exchange for this purpose alone would entail too great an
of 10 and 3 o'clock each day except Saturday, when dealings shall cease expense for the amount of business transacted.
The Boston Stock Exchange Committee, however, is working out a plan
at 12 o'clock noon.
Such dealings to be under the supervision and regulation of the Committee for the early reopening of the local Exchange on a broader scale than that
and to be for "cash" or "regular way" only, and not below the minimum of bond trading, the details of which may be announced in a few days.
prices as authorized by the Committee from time to time.
Transactions at prices other than those allowed by the Committee or in
The Chicago Stock Exchange resumed business on Monday
evasion of the Committee's rules are prohibited.
(Nov. 23), having been closed since July 30. Trading was
All rules of the Exchange governing delivery and default on contracts
coveredYby this resolution shall be in force on and after Saturday, Novem- begun in all listed securities, both stocks and bonds, also
ber 23 1914, but the closing of contracts "under the rule" shall be subject unlisted stocks, but at not below the closing prices of July 30,
to the foregoing provisions.
except in cases where a dividend has been paid in the interim.
Further regulations for dealing in bonds were issued yesA ruling made this week, however, permits, beginning with
terday as follows:
Friday (Nov. 27), trading without price restrictions in all
All transactions must be for "Cash" or "Regular way."
listed securities except securities also listed on the New York
Minimum prices will be posted before 10 o'clock a. m.
Trades may be made at the minimum prices or higher, without submission Exchange.
transacto the Committee for confirmation, but sellers must report every
In the case of bonds listed on the Chicago Exchange
tion to the Committee promptly, whether executed on the Floor or elsetrading has been permitted at a minimum price of four
where, and if sold for foreign account must be so designated.
The Committee considers this course necessary in order that it may be fully points below the July 30 closing in a number of the more
advised as to the breadth of the market and thus enabled to pass more intelliactive issues. Record of transactions will be found on
gently upon the level at which to permit trading.
All trades where the minimum price is not posted must be submitted to another page.
the Committee for approval.
Orders in bonds, where the miniinum prices are not posted, must be
C.,"
filed through the floor representative with the Committee "G. T.
and the Committee will continue its efforts to consummate transactions
through such representative. Each order must be written on a separate
slip.
Houses not directly represented on the Bond Platform will please indicate on their orders the name of the specialist acting for them. This does
not apply to clearance orders.
Unrestricted trading in listed municipal and State bonds, and in bonds
and notes maturing prior to Nov. 1 1917, and equipment trust certificates
of any maturity, is permitted as heretofore.
Members or firms accepting orders from customers should advise them
that they are accepted to be executed under the Rule No. 31 and subject
thereto and in reporting purchases or sales should add "as per Rule No.31."
The special Committee of Five which has been in charge
of trading since the Exchange closed had had plans for
resuming trading in bonds on the Exchange under consideration for some time. The latest plan had been so far completed last week that it was supposed the Exchange would
open on Saturday, November 21. An announcement was,
however, made on Thursday, November 19, that unforeseen
difficulties would prevent re-opening at that time. The
obstacles, whatever their nature, were quickly overcome,
and the Committee made the following statement on Saturday, Nov. 21:
The Special Committee of Five announces that having consummated its
plan for the bond transactions on the Exchange under certain specified
restrictions, the same will, in accordance with the constitution of the
Exchange, be submitted to the Governing Committee at the regular
meeting to be held on November 24.
If the recommendations of the Special Committee are adopted by the
Governing Committee, the plan will go into operation at an early date.
The ticker will be used in recording transactions and members will again receive the sales sheets. The Committee of
Five, through a sub-committee of three, will be on the floor
constantly to solve any problem that may arise.
At a meeting of the board of managers of the New York
Coffee Exchange on Wednesday it was decided to reopen
the Exchange for trading at 10:30 a. m.on Monday,Nov.30.
Regarding the situation in Baltimore, the "Sun" of that
city says:
The Committee of Five now in control of the operations at the Baltimore
Stock Exchange says there is no immediate intention here of following the
lead of New York and opening the floor of the Exchange for bond trading or
otherwise. Members of the Committee assert that the local operations are
now as free as those which will be permitted in New York under the method
just adopted, and there is no reason why the conditions here should be
altered at this time. The members of the Exchange are now practically
given free rein in their bond dealings, the only restriction the Committee
imposes being a minimum price, which is what the New York Exchange
has done. The lists of the daily operations here are opened to the members
twice a day and New York will do no more.
The Cleveland Stock Exchange re-opened for business
on Nov. 23. The last regular session was on July 31.
The New Orleans Stock Exchange re-opened on Monday,
Nov. 23, but trading was restricted to bonds only. Last
week we reported the Exchange as having opened on Nov.19,
but this was incorrect. The New Orleans Stock Exchange
has been closed nearly three months and a half (since Aug. 1),
having suspended active trading a few days after the Cotton
Exchange closed.
The Philadelphia Stock Exchange will reopen on Monday,
Nov.30,for trading in all securities on the listed and unlisted
departments at minimum prices to be established by the
committee. Permission is not given, however, to trading
in such securities as are listed on the N.Y.Stock Exchange,
and which have heretofore been traded in on the Philadelphia Exchange. The following announcement was made
after a special meeting of the Governing Committee on Nov.
27:
Pursuant to resolution adopted at a special meeting of the Governing
Committee, held to-day, the Philadelphia Stock Exchange will be reopened on Monday. Nov. 30. at 10 o'clock a. m., for transactions in all
securities listed on the regular and unlisted departments of the Exchange,
transactions to be made at not less than the minimum prices established by
the special committee on each individual security. Minimum prices will
be posted on the board room of the Exchange each morning. On bonds on
which no minimum prices are established minimum prices will be fixed
by the special committee upon application. On stocks on which no minimum prices are established, transactions may be made without restriction.
Transactions will be permitted only in the securities listed on the regular
and unlisted departments of the Exchange, deliveries to be made in accordance with the established rules of the Exchange.
The Clearing House of the Exchange will remain closed until further
notice.
The special committee of five appointed by the President Aug. 3 is continued with full authority until discharged by the President of the Exchange.
It will be noted that permission is not granted at present to trade in securities listed on the New York Stock Exchange and heretofore dealt in on the
Philadelphia Stock Exchange by virtue of being listed on the New York
Stock Exchange.
The Pittsburgh Stock Exchange voted to open the Exchange on Dec. 2 to trading, without price restrictions, in
stocks listed on the Exchange and not listed on other exchanges which closed at $15 per share or lower on July 30.
Following is the notice:
By order of the board of directors of the Pittsburgh Stock Exchange,
the Exchange will open for business at the regular how on Dec. 2 1914,
when members will be permitted to trade without price restrictions in securities listed on the Exchange and not listed on other exchanges
which
closed at 315 per share or lower on July 30 1914. In all other listed
stocks
1572
THE CHRONICLE
[VOL.
xcrx.
no trading will be permitted at less than the closing prices of July 30 1914, general notable for its exemption from all supervision of any
kind, State
less one dividend. This includes all stocks listed on New York, Boston, or Federal:'
Philadelphia or Chicago stock exchanges.
There is pending in Congress a law limiting the number of freight cars
The control of trading and quotations remains in the hands of the com- which may be hauled with one locomotive. At the meeting of
Commismittee on securities.
sioners in Washington a committee recommended that the Inter-State
Commerce Commission be given full authority to prescribe "the character
The "Pittsburgh Gazette" says:
The restrictions contained in the foregoing will not permit of dealings in of equipment to be used in Inter-State commerce, also authority to prePure Oil, the most active stock in the local market before the suspension, scribe the manner of using or hauling same."
And the most amazing feature of this whole process is that actual experiInasmuch as its final price on July 30 was 16%, and no change has been
officially recognized, although the company deferred the dividend three ence in the successful conduct of railroad affairs apparently disqualifies
months ago. Unofficial quotations have been reported recently at a frac- a man from appointment to a railroad commission.
In 1913 nearly 1,400 laws regulating railroads were introduced in 42
tion above 15, which would eliminate it from the dealings under the restric.
tion. There are five listed stocks which are now quoted above the July State legislatures. In 1914 only 14 legislatures were in session, but 236
prices which will be open to dealings under the rule. These are American new railway bills were proposed. Of these, 112 provided for some manWindow Glass preferred, Pittsburgh Plate Glass, Caney River Gas, Manu- datory concessions to employees.
Arbitration commissions establish the rates of wages which shall be paid
facturers' Light & Heat and Pittsburgh Brewing preferred. There are 12
stocks in which unrestricted dealings are permitted, as follows, the prices to employees, but assume no responsibility for obtaining the money with
which to pay them.
prices being those quoted on July 30:
Local authorities assess railway taxes, but these authorities have no power
Columbia Gas & Electric
9
Ohio Fuel Oil
12
to help the railroads assess charges out of which to pay these taxes. On
Consolidated Ice
7
Pittsburgh Brewing
9
the Pennsylvania RR. in the past 14 years total wage payments increased
Crucible Steel
14g Pittsburgh Oil & Gas
7
National Fireproofing
7% San Toy Mining
160% and taxes increased over 200%.
16
Independent Brewing
4
Pittsburgh Silver Peak
25
Perhaps expenditure for an these purposes is desirable, but It is certain
Interior Mining
5
West Penn Power
12% that it cannot be made unless the railroads receive higher
charges for the
Dealings in bonds will be conducted as usual, through the Committee on services they render—and the railroad
company is concerned only that
Securities, but it is assumed that when prices recover to or above the July returns as a whole shall be adequate.
level, transactions will be permitted and quotations made public the same
Nevertheless, a non-political Congressional committee reports that the
as listed stocks which are at or above the last official prices.
railroads aro underpaid for carrying the malls; but Congress takes no steps
to provide the additional money.
Many States arbitrarily limit both freight and passenger rates.
It is stated that the San Francisco Stock and Bond Ex- where that is not done, higher rates can only be obtained with theBut even
sanction
change has resumed unrestricted trading in listed bonds. of railway commissions.
Thus hemmed in between Scylla and Charybdis, the railroads have run
The report says that only listed stocks are now under re- aground on a long-charted and well-known rock
known as the arithmetical
striction. The status of the Exchange was given by Harry table. In concrete form this is how the danger has manifested itself:
During the four years from June 30 1910 to June 30 1914 the thirty-five
Schwartz, Secretary of the Exchange, in a letter dated
railroad systems east of the Mississippi and
Oct. 15 as follows: "For your information I will state that pended for improvements nearly $900,000.000.north of the Ohio River exYet such was the increased
our Exchange is not formally open; the transactions as pub- expense of handling business that in the fiscal year 1914 these railroads
earned net operating income less by $90,000,000 than in 1910, before that
lished are informal trades between members of our Exchange cash investment
had been made.
passed upon by our executive committee."
Must it not be apparent that had investors in the past realized the treatment they were to receive, they would not have provided the money for
the building and development of our railroads?
The Toledo Stock Exchange resumed trading on Nov. 23,
And as the money for future railroad development must be supplied by
private capital, is it not time that we took some thought for the morrow?
having been closed since July 30.
A dispatch from Washington says the Washington Stock PRESIDENT HAS NO POWER TO PUT COLORADO
Exchange will resume trading Monday, Nov. 30.
MIA ES IN RECEIVER'S HANDS.
President Wilson let it be known on the 24th that the
Administration will not adopt the proposal of the American
RAILROAD REGULATION BUT NOT STRANGULATION. Federation of Labor that a Federal receiver be appointed for
In an address before the Men's Church Club of New the Colorado coal mines involved in the strike with a view
Brunswick on the 20th inst. Ivy L. Lee, Executive Assistant to their operation by the Government. In making the
of the Pennsylvania RR., had something to say concerning announcement the President stated that he had been informed
Federal and State legislation and the resultant gradual by Secretary Wilson of the Department of Labor that the
Solicitor of that Department has given it as his opinion that
strangulation of the railroads. In part he said:
The railroads in this country are caught in a vise which is being screwed there would be no legal warrant for the operation of the mines
tighter and tighter. Railroads do not oppose proper regulation, but is it by the Government. The President also stated that he had
not time to inquire whether regulation is not gradually becoming strangu- so
far received no suggestions from Governor Ammons of
lation? Many are the signs now that the grip of cumulative regulation
Is slowly but surely squeezing out the life blood of what President Wilson Colorado that the Federal troops be withdrawn. A State
has called "the one common interest of our whole industrial life"; that it is report into the strike situation, made by the Burris
Legislascotching initiative and enterprise, and that it is undermining the ability
tive Investigating Committee and filed by it on the 22d, calls
of the railroads to provide for future public needs.
In our treatment as a people of the railroad question we are obeying upon Governor Ammons to "prepare to accept for the people
literally the scriptural injunction, "Take no thought for the morrow." of this State the responsibility
of again being a State." The
"The railroad is here," we reason. "It cannot run away; let us get all we
Committee says:
can out of it now, because—may be—its stock is watered."
Mr. Prouty said before the National Association of Railway Commissioners in Washington on Wednesday: "Grave doubts exist as to whether
rates must not be generally increased." And then he added: "The question cannot be satisfactorily answered untll there is a national ,valuation
of these properties." And Mr.Prouty himself predicted that this valuation
would not be arrived at until 1919.
Regulation of railroads—so eminentaly desirable, when proper and not
merely political—was originally to prevent discrimination and oppression.
In no respect is anything else intended now, but the cumulative effect of
laws and commission activities is that this device of statesmanship is being
converted into an instrument of torture. In what manner that is true may
be realized from the following:
Many States insist upon approving the terms of security issues.
New Jersey insists that grade crossings shall be removed at the sole
expense of the railroad. At the meeting of the National Association of
Railway Commissioners in Washington on Thursday, Commissioner Hall
of Nebraska is reported to have urged that " a concerted effort should be
made by all Commissioners in all States that grade crossings should be
eliminated at no matter what cost to the railroads." To remove all the
grade crossings in the United States would probably cost $5,000,000.000—
one-third of the present total investment in our railroads.
Commissions may order improved stations and the installation of signals;
they may tell you where you must and when you cannot stop a passenger
train.
They pass upon the quality of the locomotive boiler; they prescribe the
character of headlight; they stipulate the kind of ash-pan, and the State
of Indiana has now decreed that an automatic door be used on the locomotive firebox.
The law sets forth where the ladders, bars and other safety devices shall
be placed on freight cars.
Commissions decree whether on mountain grades you shall use hand
brakes, holding the air brakes in reserve, or air brakes holding the band
brakes in reserse.
Federal laws stipulate the number of hours men shall work; States tell
You how often you must pay your men, and many State laws fix the number of men in a train crew.
The process of manufacture of steel rails and the kind of ties used are
still matters for which railroad officers are responsible, but at the meeting
in Washington an Inter-State Commerce Commissioner called attention,
as to an omission requiring repair, to the fact that "railway material is in
"We recommend that you issue a proclamation that every person within
the State is commanded to obey the law and to refrain from all incendiary
utterances. Make it clear that each able-bodied man between the ages
of 18 and 45 is in fact a member of the militia and that if it becomes necessary he will be called into active service."
A request made by Governor Ammons and Governor-elect
Carlson that the Federal Industrial Relations Committee
defer its proposed investigation into the Colorado mine
strike, scheduled to begin Dec. 1, has been declined by
Frank P. Walsh, Chairman of the Committee. The postponement of the inquiry was asked for in the following telegram addressed by Messrs. Ammons and Carlson to President
Wilson and Mr. Walsh:
"We have had within the last year more than a score of investigations
of industrial conditions in our coal fields, including one by a special Congressional committee and others by the Federal Bureau of Labor. We
seriously question whether an investigation at this time can bring out any
new information.
"The undersigned are working in harmony and in the interests of law,
order and peace, with an earnest desire to have no further expense or
bloodshed in Colorado. We have a feeling of good will toward all, but a
fixed determination to preserve the present status of peace in this State.
"The entrance into Colorado of your estimable body at about the time
of the withdrawal of tho Federal troops and at approximately the date
fixed
for the present administration to retire and the incoming administration to
take up its new duties might greatly embarrass us in the administration
of our program of government, and the hearings conducted by your Committee might servo to inflame passions and endanger the peace maintained
by the troops in the past. We therefore respeetfully request and urge
that the date of your proposed investigation be postponed."
In answer to the above Mr. Walsh said:
"Your telegram received. It will be impossible to postpone the hearing
of the United States Commission on Industrial Relations set for Dec. 1 at
Denver. Please be assured that no action will be taken subversive of the
maintenance of peace and order, or which is not in full accord with the
public welfare. I trust that the Commission may have the privilege of
co-operating with you to that end."
tiov. 28 1914.1
THE CHRONICLE
INDUSTRIAL DEPRESSION ASCRIBED TO
"GOVERNMENTITIS."
"Governmentitis" is given by Louis W. Hill, President of
the Great Northern RR., as the cause of the depression
which the railroads, the steel and other industries are at
present experiencing. Mr. Hill, in holding the Federal
Government largely responsible for present conditions, is
quoted to the following effect in the Denver "News" of the
14th inst.:
Nothing can keep this country back, but we are having a period of depression which will be felt for a long time in business circles, although the
movement of crops and the certain European demand for American products which will follow the present war will ameliorate the condition
somewhat.
The Federal Government is largely responsible for present conditions.
Railroads, the steel industry and other big industries are suffering from
governmentitis. Too much or too little has been done. There is much
fault-finding without suggesting remedies; too little actual aid given for
the unrest caused.
The people have lost their faith in the securities of the railroads and
other great industries of the country.
There is little wonder at this when the prices of the stocks have dropped
to their present low figure. That being the case, it is impossible for the railroads to sell their bonds, or to borrow money except at exorbitant rates of
interest. That can mean only that the coming year will be one of stagnation so far as railroad development and extension is concerned.
I am sorry to see it; I do not like a year of inactivity, of barelyiholding
our own, but wish to go ahead and help develop the nation. We have no
alternative under existing conditions but to reduce our operating expenses,
and that means reduced pay-rolls and idle men.
Instead of buying our bonds or loaning us money for needed development
work, which would mean the employment of thousands of men, the public
will take up European war loans because of the high rates of interest paid.
We need more immigrants, more settlers in the West, but the nations
of Europe have barred railroads and steamship companies and private individuals with land to sell from carrying on a campaign across the water
to induce immigration from Europe. Another nation, or any governmental
unit of a nation from a State down to a small community can conduct such
a campaign across the water. That is where this great nation falls short
of requirements.
Unless something is done to induce it, immigration from the warring nations of Europe will be light for many years to come, as there will be a deal
of rebuilding to be accomplished over there and the natives will remain at
home to do that work for small wages.
Another thing is that this nation, as a nation, must undertake a campaign to encourage the home purchase of goods made in this country, and in
making that campaign must first set a good example. Up my way, in
Montana, the Government purchases practically all its supplies—including
meat, oats, salt, &c.—from Canada and ships them into this country.
I believe Government and politics are being divorced to a certain extent
and that the time will come when business conditions and individuals
rather than party will govern the Government. •
1573
It is our belief that the work mapped out in the statute directing the
valuation is impossible to be accomplished in its entirety, but we further
believe, proceeding under this statute, the Inter-State Commerce Commission will develop the difficulties of the plan. While we are not pessimistic as to the value of this work, still we believe it will not meet with the
expectations of those who framed the statute under which work was undertaken. And we most strongly urge the necessity, both on the part of the
Inter-State Commerce Commission and the States, of being awake to the
program of the carriers involved to lay a foundation for proceedings in
court which may ultimately vitally affecz, both regulation, while regulation
exists, and public ownership should the Government find it necessary to
enter into ownership of the railroads of this country.
A report of the Committee on Shippers' Claims presented by Commissioner James S. Harlan showed that steam
carriers having annual revenues exceeding $1,000,000 and
representing 220,062 miles, or approximately 90% of the
total mileage of the United States, reported a grand total of
2,424,996 claims presented, of which 1,895,432 were adjusted during a period from Jan. 1 to June 30 1914. The
period Of adjustment varied from 15 to 180 days. At the
end of the six months' period there remained unadjusted
529,564 claims, or 22% of the claims received. The majority of the unadjusted claims were presented in the last
thirty days of the period under consideration. This shows
that 78% of the claims received were adjusted, and of those
adjusted, 88.6% were paid, 9.8% declined and 1.6% withdrawn. These percentages, Justice Harlan pointed out,
"tend to refute to some extent the assertion so often made that
carriers purposely evade payment of a large proportion of
claims." In calling attention to the increase in loss and damage claims for freight, the report said:
In recent years there has been an abnormal increase in the payments for
loss and damage to freight. In 1900 the amount paid on this account was
$7,055,622, while in 1913 it was 630,885,454—an Increase of 337%. During the same time freight earnings have increased 109%, showing that the
increase in payments for loss and damage is entirely out of proportion to
the increase in freight business.
The report,in assigning causes for this disproportion,refers to the tendency of shippers to use a cheaper and frailer
grade of shipping containers.
Railway Commissioners representing Iowa, Nebraska,
Washington, California, Montana, North Dakota, South
Dakota, Minnesota, Oregon, Missouri, Kansas, Texas and
Oklahoma petitioned the Inter-State Commerce Commission
on the 21st to suspend increases in freight rates proposed by
Western railroads, effective Dec. 15.
The roads operating west of the Mississippi River have filed
effective Dec. 15,
RAILWAY COMMISSIONERS DO NOT WANT COM— freight tariffs with the Commission,
making advances in commodity rates. The increases are
MERCE COMMISSION TO INTERFERE WITH
not flat on all freight, as was the case of the Eastern lines,
STATE RATES BUT FAVOR DOUBLE REGU—
but vary in amount according to the commodity. The adLATION OF SECURITY ISSUES.
2% to approximately
The annual convention of the National Association of vances range, it is estimated, from
12%. They affect all the commodities that ordinarily
Railway Commissioners was brought to an end on the 20th
inst. after the Commissioners, by a divided vote, recom- enter into inter-State transportation.
mended to Congress the enactment of a law providing that
THE DANBURY HATTER'S CASE.
the Inter-State Commerce Commission should not interfere
The so-called Danbury Hatters' case has been advanced
with the operation of any State-made rate or regulation until
such rate regulation had been declared by the courts to be for hearing by the United States Supreme Court on Dec. 7.
unreasonable. The recommendation, to which we referred The defendants, the United Hatters of North America, seek
last week, was embodied in a resolution proposed by Com- a reversal of the judgment of $252,131 awarded to the plainmissioner W. D. Williams of Texas. It induced a discus- tiffs, D. E. Loewe & Co., hat manufacturers, of Danbury.
sion of the principle involved in the Shreveport rate case. by the U. S. District Court at Hartford in October 1912,
It was held by a majority of the convention that the decision and sustained by the U. S. Circuit Court of Appeals last
of the United States Supreme Court in that case seriously December. In the argument filed on behalf of the defendcurtailed the rate-making powers of State commissions. ants in the Supreme Court it is contended that most of the
An effort was made to refer the whole matter, involving 186 defendants did not participate in the slightest decree
State rights, back to the committee, with directions to re- in the boycott of the hats of D. E. Loewe & Co. for which
port to the convention next year. On a roll-call of States they were convicted. "They were made defendants," the
the motion was defeated, 22 to 11. By an aye and no vote brief asserted, "because they were members of local hatters'
unions,in the respective places where they lived, which were
Commissioner Williams' resolution was then adopted.
The following resolution in which the Association decared affiliated with the United Hatters, and because they owned
its position on the question of governmental regulation of property." It is urged that the laborers could not be held liable
for the campaign against Loewe & Co.carried on by the Presirailway securities was also adopted:
That it is the sense of this Association that the issue of stocks and bonds dent of the National United Hatters' Union, and its adverby common carriers and other public service corporations shall be regulated
tising agents, because, if the officers engaged in illegal acts,
and controlled by governmental authority, but that the regulation and
control of issues of stocks andlbonds by the Federal Government shall not they exceeded their authority. The Connecticut laboring men,
be in lieu of but in addition to the authority of the several States in such it is further argued,through their conventions, merely authormatters.
ized their agents to advertise the union label and not to boyThe convention continued for another year the Committee cott any one; consequently responsibility for any unlawful
Railway Valuation, with Commissioner Milo R. Maltbie acts should rest upon the officers
on
and agents of the national
of New York as Chairman. In the reportIof this committee union and the officers and members of the unions in Virpresented at last week's meeting the belief was expressed that ginia and on the Pacific Coast, which placed the Loewe hats
the work mapped out in theistatute directing the valuation on the unfair list. The attorneys for the defendants deof the railroads "is impossible to be accomplished in its clare that the attitude of the trial Judge injured the cause.
entirety." On this point the report said:
"Just as the trial Court was niggardly in giving instructions
It may well be expected that nothing will be left undone by the representaof these great enterprises to bring about a valuation as favorable to requested by the defendants, and hostile to the defendants
tives
their contentions as is possible. It is plainly apparent that the carriers in the instructions which were given," they said, "so it was
do not consider that the effect of this valuation work will be seen alone in prodigal in its liberality in admitting evidence offered by the
rates but it is also quite likely that a basis of valuation for possible sales
plaintiffs."
to the Government may be contemplated.
1574
THE CHRONICLE
WOOL EMBARGO TO STAND.
Advices to the effect that Great Britain has declined to
modify, in favor of American manufacturers, the embargo
on exportations of wool from Australia and other British
dominions, were reported from Washington on the 20th inst.
It had been hoped, it is stated, that after the needs of the
British army had been satisfied Americans might be permitted
to buy the Australian surplus, giving guaranties that neither
the wool nor goods made from it would reach Austria or
Germany; the State Department, however, was informed
on the 20th that,for the present at least, no exceptions would
be made. It is understood that the decision of the British
Privy Council as to wool applies also to rubber. On the
23d inst. it was reported that Ambassador Page had informed the State Department that the embargo applies in
equal force to meat, wool and woolskins, all of which England desires to conserve for the use of its armies and navies.
As soon as there is a surplus above its requirements,exportation to the United States will be permitted, we learn from
the "Journal of Commerce," if a proposed arrangement
now under discussion is acceptable to both governments."
Reports on the 19th inst. stated that Great Britain's embargo
on wool does not prevent the shipment of mohair and spun
wool to the United States.
COTTON SHIPMENTS TO GERMANY.
Announcement was made at the State Department on the
23d of the receipt of advices from the American Legation at
The Hague that the Foreign Office of the Netherlands
Government states that no difficulties will be presented to
consignments of cotton in transit to Germany or to transshipment of cotton consigned to Dutch firms, and'
ithat before
or upon arrival of shipments consigned to Dutch firms,
transit permits may be obtained by them from the Netherlands Government.
GERMAN DECREES REGARDING POTATO PRICES,
BILLS OF EXCHANGE, GOLD SPECULATION,Pc.
The following cable advices were received from Berlin,
via The Hague and London, on the 24th inst.,concerning
the decrees issued on that date by the German Bundesrath
prohibiting gold speculation, fixing the price:which growers
are to charge for potatoes throughout the Empire, extending the time for protesting bills of exchange, &c.
The Bundesrath to-day fixed the price which growers are to charge for
potatoes throughout the Empire.
For purposes of classification the country has been divided into four
sections. The first consists approximately of the territory to the east of
Elbe, and here the price is fixed at 2.75 marks (66 cents) per decalitre
(9.08 quarts). The second section is the Kingdom of Saxony and the
district of Thuringia, where the price is 2.85 marks(683 cents) per decalitre.
In the third section, which is northwestern Germany, the price is 2.95 marks
(71 cents) per decalitre, and in the fourth section. comprising the western
and southern portions of the Empire, the price is 3.05 (73 cents) per decalitre. These prices are for the best qualities. For inferior qualities the
price is 25 pfennigs (6 cents) less.
Another measure adopted by the Bundesrath was to prolong by thirty
days the time for protest on bills of exchange in Alsace, Lorraine, East
Prussia and a few cities in West Prussia. The regular time of protest
taken with this extension gives at present a protest period of 150 days.
The Bundesrath decreed also that every attempt to buy or sell the gold
coins of the Empire at prices above their nominal value, or the aiding in
such transaction, would be punished by imprisonment for one year and a
maximum fine of 5,000 marks ($1,250). At the same time the coins destined for such transactions will be confiscated.
A decree has been issued for the city of Berlin and the Province of Brandenburg which sets forth that it Is the duty of everybody to supervise with
care the use of wheat flour. Bakeries, hotels and restaurants using wheat
flour must finish their baking before 2 p. m. every day, and they may not
begin preparations for baking before 8 p. m. Wheat bread may not be
placed freely at the disposal of guests in inns, cafes and restaurants.
(VOL. xenc
made by and for labor in the last two generations." In
part Secretary Wilson said:
During the forty-three years of my experience in labor unions, most of
It active, I have never understood that the trade union movement meant
anything but justice to the wage-earners and never understood that the
movement aimed to impose an injustice on any one. There can be no industrial peace that is not based upon industrial justice to labor. You men
are fighting for industrial justice. My Department is doing its best to
bring it about—industrial justice for labor and for its employers at one and
the same time.
Secretary Wilson said there were still extremists who look
upon the workmen only as part of the machinery of an establishment. When a piece of machinery is crowded and breaks
down from strain, it costs the employer something to repair
or replace it. "Not so with the human being," declared
Mr. Wilson. "When the human machine is 'crowded and
breaks down from strain, it costs nothing to replace it. We
contend that the human machine should be treated differently from inanimate machinery. The human machine is
entitled to the same consideration as the human being that
is not employed." In the Clayton law, he said, we have
given the right viewpoint on labor. Labor at last, the Secretary said, has been placed where it ought to be, as a part
of the community. "We recognize that the employers
have the right to own land, plants, and machinery," he said,
"but we contend that they do not own the man, and for the
first time in the history of this country labor is declared not
to be a commodity or an article of commerce."
A resolution calling for the establishment of an arbitration
and mediation department of three members, to have final
power in solving all the disputes which come up between the
international unions composing the Federation, was offered
by Chairman O'Connell of the Adjustment Committee,and a
member of the Federal Commission on Industrial Relations.
According to the Philadelphia "Ledger," the proposal will
be taken under consideration for one year by all the union
men of the country, and especially by the Federation's executive council; it will be definitely decided by the 1915 convention. The convention refused to endorse the proposal
for a universal eight-hour law on the Pacific Coast, and a
proposition of the Bridge and Structural Ironworkers for
the establishment of a labor bank was also voted down.
With regard to the Federation's action in the eight-hour
matter, Ernest Bohm, Secretary of the Central Federated
Union of New York City, is quoted in the "Sun" as saying:
Wherever the eight-hour workday rules, it has been brought about by the
unions. The development of labor-saving machinery may require us to
agitate for a seven-hour or a six-hour workday. With an eight-hour workday on private work established by law, the unions would be hampered in
their efforts to further reduce the working hours.
Samuel Gompers was re-elected President of the Federation for the thirty-third time and Frank Morrison was reelected Secretary.
TRADING WITH THE ENEMY.
The London Board of Trade issued the following notice on
the 7th inst. bearing on the King's proclamation of Sept. 9
(published in these columns Oct. 24) dealing with trading
with the enemy:
(1) The attention of importers and exporters is directed to the provisions
of His Majesty's Proclamation dated Sept. 9, relating to Trading with the
Enemy. By paragraph 5 (7) of this Proclamation all persons resident.
carrying on business, or being in His Majesty's Dominions,are warned "not
directly or indirectly to supply to or for the use or benefit of, or obtain
from an enemy country or an enemy,any goods, wares or merchandise; nor
directly or indirectly to supply to or for the use or benefit of, or obtain from
any person,any goods, wares or merchandise for or by way of transmission
to or from an enemy country or an enemy; nor directly or indirectly to
trade in or carry any goods, wares or merchandise destined for or coming
from an enemy country or an enemy." It is further provided by paragraph 3 that the expression "enemy" in the Proclamation means "any
person or body of persons of whatever nationality resident or carrying on
business in the enemy country, but does not include persons of enemy
nationality who are neither resident nor carrying on business in the enemy
AMERICAN FEDERATION OF LABOR UPHOLDS
country. In the case of incorporated bodies, enemy character attaches
-INJUNCTION PROVISION.
CLAYTON ANTI
only to those incorporated in an enemy country."
On the 21st, the concluding day of the two-weeks' conven- (2) With a view to preventing breaches of this Proclamation,it is hereby
Federation of Labor, a resolution was notified that the Commissioners of His Majesty's Customs and Excise
tion of the American
authorized by
Government
adopted pledging its support to the labor-injunction pro- have beenor DeclarationsHis Majesty'sDestination, to require Certificates
of Ultimate
of Origin
respectively, to
embodied in the Clayton Anti-Trust Law. The sented in respect of all goods, wares or merchandise imported intobeprevision
or exported from the United Kingdom in trade with any foreign place in Europe
resolution states:
temporary or on the Mediterranean or Black Seas, with the exception of those situated
Whereas, the Federal Court at Indianapolis has granted a
Injunction against the members of the Amalgamated Association of Street in Russia, Belgium, France, Spain and Portugal.
(3) Declarations of Ultimate Destination will consequently be required
and Electric Railway Employees of America, forbidding them the right of
exercising their Constitutional liberty as provided under the recent Clayton until further notice in respect of all exports, without regard to value of
consignments, to all the foreign places referred to above.
bill, passed by the United States Congress, which guarantees to the workers
(4) For the present, however, Certificates of Origin will not be required in
the right to suspend labor in order to protect their interest as wage-workers
withour interference by injunction, the President and executive council respect of imports of foodstuffs, of timber of any kind (including pit-ProPs),
wood pulp, iron ore, granite, ice, tar, or carbide of calcium,
of the American Federation of Labor are hereby instructed to co-operate strawboard,
with and give all the assistance possible to bring about and secure a sat's- or in respect of any importsfrom places other than those situated in Norway.
Sweden, Denmark, Holland, Switzerland and Italy, or in respect of indiactory decision in this case, in order to establish clearly and without quesconsignments not exceeding £25 in value.
tion the Constitutional right of the workers and thereby put an end to in- vidual
(5) Any goods, wares or merchandise imported from the above-mentioned
-workers struggling for their lives.
junctions against wage
foreign places, except as provided in paragraph 4, unaccompanied by
Secretary of Labor Wilson, speaking at the convention on Certificates of Origin. Wlii be detained by the Commissioners of Customs
inst., characterized the new Clayton Anti-Trust and Exci e anti. the requisite certificates are produced. The Commis,
the 20th
bill as "the most important forward step sioners are, how '1 Sr, authorized:1n such cases, and at their discretion, to
anti-injunction
Nov. 28 1914.1
THE CHRONICLE
allow delivery of the goods on the security of a deposit or of a bond to the
amount of three times the value of the goods, with a view to the production
of the necessary certificates within a prescribed period, provided that they
see no reason for suspecting that the goods emanate from an enemy country.
(6) Goods, wares or merchandise sought to be exported to any foreign
places in Europe,or on the Mediterranean or Black Seas, with the exception
of those situated in Russia, Belgium, France, Spain and Portugal, will not
be allowed to be shipped until Declarations of Ultimate Destination in the
form prescribed have been lodged with the proper Customs authority.
(7) A single Declaration of Ultimate Destination may be used to cover
any number of consignments by the same exporter from the same port
by the same ship at the same time.
(8) Declarations of Ultimate Destination must be made by the actual
exporter or by some responsible representative of the actual exporter (or in
the case of a Limited Company by a Director, Secretary, Manager or other
responsible officer) having a personal and first-hand knowledge of the inquiries made and of the facts stated in the Declaration. Carrying Agents
are not regarded as competent to make the Declaration.
(9) The following goods will be exempt from these requirements: (a)
Goods imported under license; (b) goods shipped for the United Kingdom
on or before Nov. 19 and hitherto exempted; (c) goods in respect of which
Customs export entries have been accepted before the publication of this
Notice.
Board of Trade, Nov. 7 1914.
1575
Reserve Board, be able instantly to accept hills drawn by the other country
at the established rate of discount, so that under the auspices of those countries, from time to time the balance of trade can be adjusted. It seems
to me that this is a perfectly direct and practical suggestion to be made, by
which this difficult problem can be solved at once, and solved upon such a
permanent basis that the return to normal conditions will not affect it.
THE PIPE LINES AND THE COMMERCE COMMISSION.
The Inter-State Commerce Commission announced on the
18th inst. that investigation into the reasonableness of the
rates and practices of the pipe lines will be resumed on a new
basis; its announcement said:
Since the Supreme Court in the early summer decided the so-called pipeline case, holding that the respondents were common carriers and subject to
the Act to regulate commerce the Commission has received numerous inquiries relative to its future action under docket No. 4199. which covers
the original order of investigation into the reasonableness of the rates,rules,
regulations and practices of pipe lines which are subject to the Act. The
jurisdictional question now having been settled, the proceeding has again
been taken up and is now being actively prosecuted in accordance with its
original terms which bring into question the reasonable ness of the rates.
rules, regulations and practices of the pipe lines.
Attorney-General Sir John Simon introduced in the House
of Commons on the 20inst.an amendment to the Act covering
trading with the enemy. He said his aim was to stop the
transmission of credits which would be advantageous to the
enemy. He stated that everybody holding property in
trust, such as dividends, profits, &c., belonging to enemies
of the British Empire in Germany,Austria and Turkey,lwould
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."
GERMANY PROTESTS AGAINST GREAT BRITAIN'S
DISREGARD OF LAW OF CONTRABAND.
A protest made to the United States by Germany, in
which England and France are charged with violating the
Declaration of London relative to the Law of Naval Warfare,
was made public on the 23d inst. In its protest Germany
complains that the most vital modifications of the Declaration of London are contained in the rule concerning conditional contraband. The United States, in setting out its
stand in the matter, as called for in the protest, indicates
that it has withdrawn its support of the London Declaration. With this week's publication of the protest, publicity
was given to a cablegram sent to !Ambassador Gerard at
ESTABLISHMENT OF THE DOLLAR EXCHANGE.
Berlin on Oct. 14, which made clear the attitude of the United
The proposal to make the American dollar the basis of States; this cablegram was published as follows in the
foreign exchange formed the topic of discussion at the "Times" of the 26th:
Please inform the German Government that the Department's suggesmonthy luncheon of the American Manufacturers' Export
tion made to the belligerent countries
the adoption, for the sake of uniAssociation on the 18th inst. David Penny, Vice-President formity, of the Declaration of London fora temporary code of naval warfare
as
and manager of the foreign exchange department of the Irv- for use in the present war, has been withdrawn because of the unwillingness of some of the belligerents
ing National Bank, in his remarks on the subject, declared out modification. The United to adopt the Declaration of London withStates Government, therefore, will insist
that "all of us who have any business relations with South that its rights and duties and those of its citizens in the present war be
America should take such steps as are possible to permanently defined by the existing rules of international law and the treaties of the
United States with the belligerents independently of
provisions of the
establish the dollar exchange, and the American banks down • Declaration,and this Government will reserve the righttheenter a demand or
to
there will compel their competitors to quote sight and 90 protest in every case in which the rights and duties mentioned above
days New York, which has not been done hitherto." Mr. are defined by existing rules of international law are violated or their
free exercise hindered by the authorities of the belligerent Governments.
Penny in his further remarks on the subject said:
It must be borne in mind that America is a comparatively new country.
The protest declares that the additions and modifications
Importers and exporters here wishing to trade abroad have heretofore had which Great Britain has made to the London Declaration
to adapt themselves to the financial customs as they were found, and conduct their trading operations in foreign moneys, of which the English pound "are of such a nature that they obliterate the said Declarasterling takes the lead. The one thing apart from the breaking down of tion in several vital points, and at the same time encroach
European credit machinery due to the war, which will have the greatest
on the accepted rules of international law." It adds:
permanent effect in
advancing the importance of the dollar and tending
to make it the basis of international exchange, is the establishment of the
Federal Reserve system, which will regulate and support a free discount market for prime bank acceptances. Mr. Warburg very aptly called the opening day the 4th of July in finance.
When our importers have had to pay over $6 per pound sterling and 25c.
per franc to cover purchases based on normal rates, and were actually
engaging passage on European steamers to personally discharge their obligations in American gold coin, (as was actually done at the beginning of
August), and exporters are selling their German and Russian funds at
21;ic. per mark and 40c. per rouble, it is time that they should get together
and take steps to give the dollar,the place it deserves in international transactions. I cannot see, however, that we can become the clearing house for
the world until our people invest freely in foreign enterprises as well as
foreign State loans, and there will, no doubt, be many attractive propositions offering along this line, needing only a careful discernment of merit.
Article 33 of the Declaration of London defines that there can be no question of conditional contraband except in the case where cargo is destined
for the use of the administrative departments or the military force of the
hostile Power. Moreover, according to Article 35, the question whether
goods are conditional contraband or not can under no circumstances arise
when the vessel is sailing for a neutral port. * * * The more lenient
regulation with regard to conditional contraband established by the
Declaration of London is simply set aside with the result that conditional
contraband is virtually on the same footing as absolute contraband. In
consequence, the supply by neutrals of objects of conditional contraband.
especially of foodstuffs, destined only for the consumption of the inhabitants
of a belligerent country, which is universally considered legitimate in international law, is practically rendered illusory, whereby the interests of
the belligerents, as well as of the neutrals, are violated in a manner contrary
to the law of nations. As events at the theatres of naval warfare prove.
this respect in the most
England
Alba B. Johnson, President of the association and Presi- enforcing proceeds inover the supplies destinedhigh-handed manner, even
for the countries adjacent
a control
dent of the Baldwin Locomotive Works of Philadelphia, to Germany,and thereby endangering their victualing. * * *
It is thus evident that the regulations issued by Great Britain and France
made known at the luncheon that a committee of the National
Foreign Trade Council, of which he is a member, has been and even more so their respective navalyorces, are disregarding in the most
wantonly way the provisions embodied in the Declaration of London relari
engaged in a study of the question of dollar.exchange, and tive to the law of naval warfare. It is their acknowledged aim to hit not
that it is shortly to lay before the Federal Reserve Board a only the military but also the commercial power of their adversaries by
purpose they encroach
and
way
proposal looking to the carrying out in a practical way "the In anof paralyzing neutral tradeonly in pursuing this
upon the legitimate commerce between
unjustifiable manner not
work of establishing permanently exchange between the the neutrals and the enemy, but also upon the commerce among the neutral
United States and South America, and later with other coun- don countries themselves. It is true that thus far the Declaration of Lonhas not been ratified. However, in its preamble it has been specially
tries, on the basis of the dollar, without having to incur acknowledged by the delegates of all its signatory Powers, including those
double loss of exchange by reason of conversion into ster- of Great Britain and Prance. that in the main the provisions of the Declarathe
tion of London
accordance
principles
ling and subsequent conversion into money of this country." of internationalare in which must with the general acknowledgedserious belaw,
be considered so much more
Mr. Johnson added:
cause in the course of former wars, in which she was neutral, notably in the
The difficulty of the whole problem is the establishment of credits in the Russo-Japanese war. Great Britain has always protested most emphatically
other country to be good, notwithstanding an adverse balance in favor or against violation of international law of the indicated order.
The Imperial German Government must now study the question whether
against either country. How can that be accomplished? One of the suggestions to that end which will be made to the Federal Reserve Board is it will be able to continue to maintain the above attitude if the enemy Powers
this: That the State Department of the United States, through its accred- abide by the procedure observed by them, and if the neutral Powers allow
ited representatives in foreign countries, will be asked to accept a deposit such violations of the principles of neutrality to go on, to the detriment of
from the nations of South America large enough to cover the transactions German interests.
The Imperial German Government considers it, therefore, of interest
between them and the United States for a given period. So that those banks
to
will be guaranteed—practically guaranteed—in accepting bills from the learn which position the neutral Powers intend to take towards the atittude
United States upon the basis of dollar exchange, and similar guaranties adopted by Great Britain and France, contrary to international law and
will be made through the Federal Reserve banks in the United States. So particularly whether it is their intention to take measures against the viothat both our own bankers and those of foreign countries can, under the lence committed on board their merchant vessels against German subjects
rates of discount which shall be established by the rulings of the National and German property.
1576
THE CHRONICLE
GOLD EXPORTS FORBIDDEN BY TURKEY.
A decree is said to have been issued at Constantinople by
which the exportation of gold is absolutely forbidden. All
foreigners are ordered to deliver up the keys to their strong
boxes in the banks. The object is to prevent the removal of
gold deposited with the banks for the payment of coupons on
the Ottoman public debt.
APPEAL TO BAR BELLIGERENTS FROM AMERICAN
WATERS.
The principal nations of South America have asked the
co-operation of the United States in negotiations with the
warring powers of Europe to bring about the exclusion
of all belligerent warships from the waters of North and
South America and safeguard the trade of Pan-American
countries with each other. Argentina, Chile, Peru and
Uruguay, it is stated, have laid their suggestions before the
Washington Government, while the Brazilian Government
is considering the advisability of taking a similar step.
Practically all the Central and South American countries
have been circularized by Some of the principal nations,
resulting in a series of diplomatic conferences in Washington
and the capitals of South America which are now in progress.
While the proposals are different in character and scope,
they all seek the same end—the restoration of the trade
between North and South America, paralyzed by the
European war. The movement also has for its object the
removal of possible causes of serious friction between the
countries of this hemisphere and the European belligerents
on questions of neutrality.
None of the nations is committed to any particular plan,
but all seek the co-operation of the United States.
The various plans thus far formally communicated to the
United States are as follows:
• 1. The establishment of neutral zones on the Atlantic and Pacific coasts
of North and South America within which the belligerents shall be asked
to agree not to engage in hostilities, or interfere with commercial vessels.
A meridian would be designated as the limit in each case.
2. The convocation of a general conference of diplomatic representatives and commercial delegates of all the countries of this hemisphere with
powers to vote on steps which can be taken to protect and restore PanAmerican trade.
3. The appointment by the Pan-American Union of a commission to
recommend steps that would remove dangers to Pan-American trade. •
4. Prohibition by all nations of the two Americas of the privilege hitherto
exercised by belligerents of coaling in neutral ports, or the issuance of only
a sufficient quantity of coal to enable a belligerent vessel to reach the
nearest port of another country.
It is stated that already some of the Powers of Europe have
been sounded on these propositions and it is understood that
Great Britain is ready to deny her warships entry into Central
and South American ports to coal if the United States approves the proposal and other belligerents agree.
The entire movement is as yet in a formative state
and depends very largely for its progress on the attitude
of the United States toward it. This Government, it is
believed, is particularly anxious to take no steps which
possibly would impair its influence with any of the belligerents in the eventual settlement of the war. South
American diplomats, realizing this, have been seeking some
common ground on which to act, so that practical results
may be obtained without embarrassing the neutrals in their
relations with the belligerents.
THE COTTON PROBLEM IN EGYPT.
Mr. Costi Pilavichi, of Pilavichi & Co., Ltd., Alexandria,
Egypt, whose communication to the "Egyptian Gazette" on
the "Crisis in Egypt" was given in these columns on Sept. 26
1914, page 864, has furnished us a copy of a second letter,
which is given in full below. This second letter, which is
practically a sequel to the first one and, in part, replies to
criticisms thereon, is very interesting, but being self-explanatory requires no comment.
To the Editor. "Egyptian Gazette":
Sir—It was natural that a startling innovation such as the compulsory
reduction of cotton acreage by the Government should arouse widespread
criticism and disapproval. I regret to see, however, that all the adverse
criticism leveled at the Government for taking the above step seems to
-Interested points of view, regardless of the
be conceived solely from self
reasons of vital importance which inspired the Government.
the "Manchester Guardian" have attacked the "reduction"
Critics like
decrees from the theoretical point of view of the spinner's future supplies
of the raw material necessary to his industry. Critics like the "Statist"
commented adversely on my proposal merely as to the advisability of replacing cotton by cereals; passing lightly over the other questions. Finally
your Liverpool correspondent, attacking the subject from all sides except
the right one, declares that Egypt will be ruined unless we go on growing
our usual crop, oblivious of present circumstances.
It would take up too much of your valuable space to go into the specious
arguments of your Liverpool correspondent; the spirit of self-interest
Is only too apparent under the garb of anxiety for Egypt's welfare, which
seemingly inspires the article. Let it suffice to say that not once in the
whole of this lengthy impeachment has he attempted to see through the
[VOL. XCIX.
Government's eyes or suggest some other measures to remedy the abnormal
situation.
Review of the Situation.
For the benefit, however, of more impartial critics who, living abroad,
might be unaware of the state of affairs which prompted the taking of such
an unusual step, I will describe the situation in brief.
Egypt's sole cash asset wherewith to meet its numerous obligations is
cotton. In normal times this product found a ready sale or at least was
considered sufficient collateral for a loan of from three to three and a half
pounds Egyptian per canter. To-day not only has the value of cotton
depreciated to two pounds Egyptian, but furthermore, owing to the scarcity
of buyers and the absence of demand from abroad, its value as collateral
Is insignificant.
In countries normally constituted and of a homogeneous whole, the
leading banking, financial, commercial and agricultural interests of the
nation would have met, discussed the situation and taken common action to
relieve the country. But the situation in Egypt is so complex—what with
Its different nationalities, lack of initiative and organizing .power, the
inherent inertia of its Oriental mind, the instinctive mistrust of neighbors' Intentions, and especially the total lack of any financial organization
managed and inspired by local magnates alone, who would be willing to
take action for the benefit of this country without being hampered by
the whims of foreign boards of directors—that ordinary measures could not
be looked for or expected to prove efficient.
This Year's Inextricable Difficulty.
Only people who have lived long in Egypt and are aware of the difficulty of obtaining concerted action of private interests can appreciate the
inextricable difficulty in which the Government found itself.
A crop of 7 millions was about to be marketed; the value of this crop
had to pay, not only the taxes but all the numerous other obligations of the
country; owing to the state of war not only were half the markets for this
cotton totally closed to it, but the consuming power of the rest was severely impaired; no buyers were forthcoming for this cotton, consumers
being content for the while to use up their old stocks; even investing
buyers kept off, owing to the lack of financial facilities; to cap the climax,
In two months the country would start preparations for another crop of
equal dimensions.
The situation was extremely serious and all eyes were turned to the
Government; from that quarter alone could salvation come.' The Council
of Ministers had to supply not only the financial means whereby the crop
could be moved, but further offer some inducement to buyers. Yet how
could any one reasonably expect traders or spinners to purchase otherwise
than hand to mouth? There lay before them the certain prospect of declining prices, due, not only to the burden of a heavy surplus from this
crop, but also the impending menace of another such huge supply from
the crop to be sown. Something had to be done to relieve buyers of this
menace of seeing their to-day's cheap purchase turning out dear and the
value of their stocks dwindling slowly with every fresh arrival of unsalable
cotton.
The Fellah and the New Law.
And what were the prospects facing the fellah? Cotton at its value
of to-day was barely remunerative; add to which it was proving to be
totally unsalable. How were they to meet all their numerous and urgent
obligations? Some other more easily salable crop had to be grown; but
It was doubtful whether they would overcome their inertia of mind and
mistrust of their neighbors sufficiently to take upon themselves each
one and all the voluntary initiative of such a step.
No; it was expecting too much from the Egyptian, and the Ministers
knew their countrymen only too well when they advocated the compulsory
reduction in acreage. Even as it is, I doubt the efficiency of the means
employed to ensure the enactment of the decree; each one will try all in
his power to steal a march on his neighbor.
As for the Government, they knew only too well that their taxes could
only be paid if the fellaheen's cotton was sold and the unsalabillty of
Egyptian cotton means the non-payment of their Public Debt obligations:
not only had they to remedy the condition of things but they had to prevent its recurrence next year.
Such were the motives which inspired the Government to issue this
much criticized decree. They are asked why other interests were not consulted; we can affirm that they were, and the result of this consultation
only confirmed the Government's idea that a reduction of acreage was
Imperative.
Yet, drastic as the measures taken by the Government may seem to some.
those living in the country seem to consider them incomplete. Projects
of cotton valorization are continually being put before the Government,
happily without result, for any attempt to interfere with the normal
course of supply and demand would bring further disasters to this unfortunate country.
Avoiding Responsibility.
Although not attempting to criticize the Government, yet I must admit
that everyone expected It in this grave crisis of Egypt's existence to shoulder
certain responsibilities and to assume certain risks which, while not amounting to considerable, would relieve the situation and give the necessary impetus to the stagnating business world. The ideas outlined in my letter of
Aug. 26 in re a Government guarantee to banks, might easily have fulfilled
Its necessary purpose if put Into execution. The risks involved were not an
atom of those incurred by the British Government In guaranteeing the Bank
of England against loss in the discount of pre-moratorium bills. Yet look
at the far-reaching effects of that courageous decision. The Government of
Egypt issued £8,000,000 Treasury bills to provide the necessary finances
for the moving of this season's crop. This sum will be advanced to the
banks in the form of a loan to eanble them to pay their deposits and resume
active business. Yet how much has the knowledge of impending relief
steadied the cotton market or reassured holders. Cotton is being sold today $2 cheaper than the day the Government intentions were known and
there is every evidence that it will not stay at that.
To-day, with the knowledge of one of the poorest crops grown, of a
reduced acreage next year, of Government money to finance the crop movement, and of the avowed intention of all the large landowners to hold for
better prices, cotton keeps on getting cheaper.
And who is being affected by this continual melting away of prices?
Is it the large dairas, the land companies, the rich owners of Upper and
Lower Egypt? No, it is the small holder, the one-foddan fellah, the man
for whom the five-feddan law was made, the man Kitchener tried to save.
He forms the vast majority of cotton growers. He cannot hold his cotton,
pressed as hots on every side by tax-gatherers,the banker and the usurious
army of lenders in every shape and form; cotton has to be sold at any Mine
It will fetch, in the nearest market, and to provide for the deficit in his
meagre budget his cattle will have to go next, and we know what that
means.
The Lack of Confidence.
Surely such a state of affairs justifies us in believing that a grave flaw
exists in the Government plan which seriously impairs its efficiency in
achieving the results hoped for. There is lack of confidence in the value
Nov. 28 1914.1
THE CHRONICLE
of cotton on the part of everybody connected with it; from grower to
banker and spinner. To the absence of official markets to indicate exactly
what the value of cotton will be three and five months hence must be imputed this lack of confidence; and since these markets cannot be opened
without bringing about a complete commercial cataclysm,it is the Government's duty to provide an alternative.
I think that it is not too late even at this eleventh hour to elaborate
the idea expounded in my letter on the 26th August, of a Government
guaranteed minimum price at which cotton can be taken as collateral. I
repeat that all that is lacking is confidence, and confidence must be restored
at any price.
Yours truly,
COSTI PILAVACHI.
Alexandria, Oct. 19.
We give in our Cotton Department to-day the announcement by the Egyptian Government of its decision to authorize the buying of cotton extensively from small proprietors on Government account.
The Government's decree limiting the planting of cotton
in 1915 and encompassing a reduction of over 50% in area
was issued under date of Cairo, Sept. 22. As translated it
reads as follows:
1577
articles of food are to be had in abundance in this market and when they
are scarce. Vast quantities of food are often wasted and thrown away
because they cannot be sold for enough to pay transportation cnarges:
and yet our great purchasing public is ignorant of the fact that the supply
has reached the city.
Your Committee believes that producer, dealer and consumer could
all be materially benefited if a market commission as above suggested
were empowered to issue bulletins—one for the benefit of the retail dealer
and the consuming public in this city and another for the benefit of producers and shippers who consign food supplies to this city. To be made
effective, the first
-named bulletin would doubtless have to be issued daily
through the newspapers, in a block of space assigned especially for this
purpose, so that every housewife and purchaser of food supplies as well
as every retail dealer would know exactly where to look for this bulletin.
would consult it daisy and would rely upon it as a guide. Such a bulletin
would also greatly help our vast number of retail dealers through broadening the market for the goods they carry.
The bulletin for the benefit of producers and shippers should be issued
for the purpose of informing them as to the demands in New York and as
to the condition each day of the market in New York from the standpoint
of scarcity or oversupply—an official statement that would enable shippers
to know the exact conditions each day in New York on all items of food
supply. Under present conditions, many producers and shippers have
ceased sending supplies to New York because of their experience in the
past in being told that their goods reached New York at a time when the
when the market was glutted with similar goods and that their consignment had to be sold at ridiculously low prices or else be thrown away.
Such a bulletin, to which purchasers and shippers could subscribe.
giving official information each day on this whole subject would be not only
a help to the many thousands of producers who ship to New York, but it
could gradually be made the means of more or less regulating the supply
of foodstuffs coming into New York and could be issued by a bureau that
would co-operate in establishing a more uniform system than now exists
In the matter of packing and grading goods. Under our present market
system a large waste and expense now exists because of a lack of knowledge on the part of many shippers as to the requirements of the New York
market.
The first bulletin would be an expense to the city, but the second bulletin
could doubtless be made a paying'proposition. The bureau that issued
these bulletins could also answer any telegraphic requests from distant
points as to the demand in this city for any given article that was to be had
In abundance at any distant point. In this way the bureau would gradually develop and promote broader markets from which to gather our food
Cairo. Sept. 22 1914.—Decree.—Cultivation of Cotton: Considering
that under present circumstances it is of the utmost interest for the country
on one hand to limit the production of cotton in conformity with the reduction of the requirements of the market and thus maintain a reasonable
price for the crop. On the other hand,in order to offset by overproduction
of cereals any probable rise in prices on imported ones, or even to be in
such a position as to profit by the exportation of any surplus of such local
crops; upon the proposition of our Minister of Agriculture after duly consulting the Board of Agriculture and in conformity with the opinion of
our Council of Ministers, we decree:
Article 1. The total area to be cultivated in cotton during the agricultural
year 1915 is hereby limited to 1,000.000 feddans as a maximum.
To this effect: (1) The planting of cotton in the Upper Egypt basin is
entirely prohibited; (2) it is also prohibited that any owner or lessee should
cultivate more than one-quarter of the area of one and the same estate.
Art. 2. By exception to the above dispositions the proportion of land
which may be planted in cotton may be brought up to one-third by the
Minister of Agriculture's decision, provided he considers any such district
or estate not suitable for the raising of cereals, without, however, the
stipulated maximum of 1,000,000 feddans be exceeded.
Cold Storage.
Art. 3. The lands situated in the low areas which are divided into
Terminal facilities and markets cannot be made efficient these days
"Hochas" and which benefit by summer irrigation either directly from the without cold storage
accommodations. This city has spent many millions
Nile or from canals (by special authorization granted by the irrigation ser- of dollars building reservoirs in Greater Now York
in which to store water
vices), or by artesian or other wells, will be excluded from the application of for future use. It has not spent a dollar for cold storage in
which to store
paragraph 1. Article 1, and will be considered under paragraph 2 of the same food for future use. Cold storage has come to be a great and
important
Article as forming distinct estates.
factor in saving the waste and in equalizing the distribution of food throughArt. 4. In estimating the area of an agricultural estate for paragraph 2 out the year. The cold storage plants in New York are privately owned.
of Article 1, no account will be taken of uncultivated land, nor of such land Had it not been for the private cold storage plants in and about New York
which is not adapted to normal cultivation. Further land situated in two at the time of the floods in Ohio several years ago, this city would have
or several villages will be considered as forming distinct estates unless a been greatly inconvenienced in connectioa with its food supply, as these
special authorization has been made.
cold storage plants were heavily drawn on at that time. The same thing
occurred during our heavy storms of last winter.
The cold storage facilities of New York are not sufficient for present
THE PROPOSED CREATION OF A MARKET COM- needs. At this time there is not an inch of available cold storage space
to be had in Greater New York or Jersey City.
MISSION.
Cold storage facilities could be made of very great advantage to retail
The centralization of the market functions now resting dealers throughout the city and save an enormous acmount of food that is
with various city departments is urged by the Executive now wasted. If municipally controlled or owned, they could be so adCommittee of Mayor Mitchel's Committee on Food Supply ministered as to have a most salutary effect on such tendency as may exist
In any quarter to monopolize or improperly control the food supply of this.
in a report submitted to the Mayor under date of the 20th great city. The City at this time ought to very seriously consider whether
inst. by George W. Perkins, Chairman of the Committee. municipal cold storage plants should not be established. This is being
The committee, which came into being at the outset of the tried in other cities, and a properly established market commission could
speedily determine the practicability of this suggestion.
European war, when an unwonted advance occurred in
food prices, announces in its latest report (an earlier one
was referred to in these columns September 5) that it is
drafting a bill providing for a Market Commission; only
by the establishment of some such board or commission,
It believes, can the question of terminals, public markets,
market conditions, market regulations, &43., be put on a
basis that will be efficient and helpful. The issuance of
market bulletins for the benefit of the retail dealer and the
consuming public is suggested as a means of more or less
regulating the food supply, and the establishment of municipal cold storage plants is also advocated by the committee.
Its report in full follows:
Fish Markets.
There is perhaps no city in the world so backward and destitute in the
matter of anything that resembles proper fish markets as New York.
At the same time, there is probably no city in the world that ought to have
as good fish markets as New York, where fish can be supplied so abundantly and, with proper markets, so economically. Thousands of tons of fish
that might be used are thrown away in our very harbor and thousands of
tons of fish are sent to Barren Island to be converted into fertilizers, because of the lack of proper facilities for reaching consumers. Many carloads of fish are shipped from New York to other cities that ought to be
consumed here. The lack of knowledge among our people of the value
of fish as an article of food and the lack of ability to get fish that is fresh
and get It at reasonable prices is little short of a disgrace to a city like ours.
Immediate attention should be given to this matter. It is a fair question
whether New York as a city ought not to take up the question of handling
and regulating its fish supply and do it promptly.
November 20 1914.
Hon. John Purroy Mitchell, Mayor of the City of New York, New York City.
Dear Sir.—The Executive Committee of your Food Supply Committee
submits its fourth report as follows:
Market Commission.
Referring to the several conversations that members of this Committee
have had with you during the past few weeks on the subject of a Market
Commission, we beg to report that we are drafting a bill which we will
submit for your consideration very soon. Your Committee believes that
only by the establishment of some such Board or Commission can the
question of terminals, public markets, market conditions, market regulations, &c., be put on a basis that will be efficient and helpful to the citizens
of New York. At present there is no centralized bureau responsible for
food supply conditions in New York City. Some market functions are
under the respective Borough Presidents, some under the Comptroller,
some under the Board of Aldermen, the Dock Commission, the Superintendent of Markets, the Bureau of Weights and Measures. the Department
of Health, &c.
We strongly recommend that these functions be centralized as speedily
as possible in some one board or department that would be responsible and
invested with broad enough powers to eradicate existing antiquated methods
and install new, up-to-date, more economical and efficient methods, along
the lines of the reports of this committee and the many excellent recommendations made in the report heretofore sumbitte.d by the Mayor's Market
Commission, of which Mr. Cyrus C. Miller was Chairman.
Market Bulletins.
Your committee finds that one cause of the high cost of living is lack
of information on the part of the purchasing public as to when certain
Retail Dealers.
Your Committee feels that the retail dealers of Greater New York, in •
matter of all food supplies, are at a great disadvantage and seriously handicapped in their efforts to supply their customers with good goods and fresh
goods at reasonable prices. In most cases they have to pay large rents,
go a long distance for their supplies, and deliver them to their customers
at considerable cost, and inconvenience. These retail dealers. however,
are indispensable in our system of distributing supplies to consumers.
Every facility should be rendered them so that they can obtain their goods
In a fresh condition and at the lowest possible cost. A great many of them
make just a bare living and do that only through the hardest sort of work.
very long hours of work, and with constant anxiety and risk.
City Delivery.
After our retail dealers receive their food supplies from such crude,
inadequate and inconveniently located centres as now exist, the expense
of delivering them to the consumer is not only very large but very wasteful. Lines cross each other in every direction. Work is duplicated timeand
time again. It is no uncommon thing to find as many as twenty grocery
wagons calling in a day at a given apartment house to receive and later on
deliver orders. The expense of this is, of course, borne by the ultimate
consumes and is estimated to be 10% of the average groceryman's expense.
Not a great while ago, the city of Rochester made an exhaustive study
of the cost of supplying itself with milk and found that if it were to establish three separate milk depots in different parts of the city, and all the
milk for the city as it came from the farmers was delivered to these three
depots and then delivered to the consumers through one delivery organization, a saving of approximately half a million dollars a year, simply in the
Item of delivering milk, could be effected. In Emporia, Kansas, delivery
1578
THE CHRONICLE
of meat, vegetables and groceries by individual dealers has been abandoned and one company organized that picks up all these articles at given
hours in the day and delivers them.
Your Committee feels this is such an important question that it should
be studied exhaustively; that the co-operation of the retail dealers should
be obtained in an effort to establish ozone system, If possible, or some sort
of co-operative delivery that would materially save the waste and reduce
the cost of this important item of transportation. The question of utilizing the parcel-post should be studied in this connection, and a properly
organized market commission having a grasp of the needs of the entire
city could doubtless solve this important problem, at least in part.
Respectfully submitted on behalf of the Executive Committee of the
Mayor's Food Supply Committee.
Very truly yours.
GEORGE W. PERKINS,
Chairman.
MUTUALIZATION OF METROPOLITAN LIFE
INSURANCE COMPANY.
Plans for the mutualization of the Metropolitan Life Insurance Company, which have already been approved by the
directors, have been presented to the policy-holders for ratification. A majority of the stockholders, it is understood,
have signified their approval of the proposal, but a stockholders' meeting is to be held on Dec. 4, when formal action
will be taken in the matter. The policy-holders are asked
to meet at the company's offices at 1 Madison Avenue on
Dec. 28 to pass on the proposition. A letter addressed to
the policy-holders by President John R. Hegeman, outlining
the proposal, says:
xes.
be returned to the stockholders is to be deposited by the
company with the New York Trust Co. at its office, 24
Broad Street, where the stockholders will surrender their
In the contemplated moveshares and receive payment.
ment, it is stated, the stockholders will relinquish control
of over $547,000,000 of assets and their claims upon nearly
$40,000,000 of surplus or unassigned funds.
INCOME TAX REGULATIONS.
Under a Treasury decision of the 12th inst. it is held that
dividends are vested in a stockholder on the date on which
they are declared, whether distributed or not, and when so
declared are to be accounted for in full in returns of income
of individuals for the year in which they became due and payable. The following is the ruling in full:
DIVIDENDS TO BE ACCOUNTED FOR IN RETURNS WHEN
DECLARED, WHETHER DISTRIBUTED OR NOT.
(T. D. 2048.)
INCOME TAX.
Taxable status of dividends paid on the capital stock from the current
net earnings or established surplus created from the net earnings of corporations, joint-stock companies or associations and insurance companies
taxable upon their net income.
Treasury Department,
Office of Commissioner of Internal Revenue.
Washington, D. C., Nov. 12 1914.
To Collectors of Internal Revenue:
Dividends from the net earnings or established surplus created from the
net earnings of any corporation, joint-stock company or association and InThe capital of the company is $2,000,000. divided into 80,000 shares of surance Company are vested in the stockholder on the date on which such
$25 each, and the dividends to the shareholders are limited to 7% per an- dividends are declared, whether distributed or not, and regardless of the
num. The charter provides that the net surplus derived from the business time when the surplus or undivided profits from which such dividends are
of the industrial department shall be added to the capital stock as additional declared were earned and entered on the books of the corporation as such.
security to the policy-holders.
Dividends so declared should be accounted for in full in the returns of InThe laws of New York make provision for the mutualization of stock in- come of individuals for the year in which they became due and payable.
surance companies under a plan for the acquisition by the company of its whenever the amount of income is sufficient to require the inclusion of
capital stock, which shall be approved, first, by a majority of the directors; dividends,as provided in paragraph D of the income tax law and T. D.1945,
second, by a majority of the capital stock at a meeting of the stockholders and should be included In the gross income of corporations, dm., regardless
called for the purpose; third, by a majority vote at a meeting called for the of the amount of income.
purpose of policy-holders each insured in at least $1,000. and whose insurAll decisions and regalations which are in conflict herewith are hereby
ance shall then be in force and shall have been in force for at least one year revoked.
prior to such meeting, and fourth, by the Superintendent of Insurance.
W. H. OSBORN,
Commissioner of Internal Revenue.
The plan provides for the acquisition of the capital stock at the price of
$75 per share. Its adoption will call for the return to the stockholders of
Approved: W. G. McADOO. Secretary of the Treasury.
$2,000,000, the share capital, from the assets of the company, and $4,000,000 from the surplus. The total surplus at the end of September 1914 was
KROONLAND FINED AT NAPLES.
estimated at over $40,000,000.
The advantages to be derived by the policy-holders from the adoption
The Red Star Line steamer Kroonland, which had been
of the plan include:
detained by the British Government at Gibraltar because
First—The absolute control of the management by the policy-holders.
At present under the charter two-thirds of the membership of the board of of its copper cargo, but was released on the 8th inst., was
directors must be stockholders owning together a majority of the stock.
fined $2,200 by the Italian Government when reaching NaSecond—The safeguarding of the company for all times against schemes ples on
the 11th. The steamer carried Italian immigrants,
for obtaining stock control and for using such control to exploit the assets
and income of the company. It is a grave peril to the interests of the and the fine, it is understood, was imposed as a penalty for
policy-holders that the control of the stock may, through the death of its delay in reaching the Italian port. It is expected, howthose who are now stockholders and deeply interested in the welfare of the ever, in view of the circumstances attending the delay, that
company and otherwise, be acquired by men who would seek to manage
the company in their Own interests and against the interests of the policy- the fine will be remitted. According to the "Sun," the
holders and the public. The retirement of the stock avoids that peril. •
Kroonland was properly entitled to carry Italian passengers
Third—The conversion of all non-participating policies, except those to Italian
ports, and got her license before the Italian Governof the.law, into participating
excluded in accordance with provisions
policies. The savings and surplus will belong to the policy-holders.and ment recently decided to make liners other than Italian pay
their distribution, except the part held for the security of the policy-hold- $4,000 and $20 additional for each steerage passenger carers, will, under mutualiaztion. be equitably made for the benefit of the
ried.
policy-holders.
The company has in force over fourteen and a half millions of policies.
Of these, over fourteen and a quarter millions are non-participating; that BANKING, FINANCIAL AND LEGISLATIVE NEWS.
is, the policy contracts give no rights to the holders to share in the savings
A membership on the New York Coffee Exchange was
and surplus. The remaining policies, about 220,000 in number, are either
Intermediate policies issued between 1895 and 1907. or special class policies reported sold yesterday for $1,275.
issued between 1898 and 1907, or policies issued by other companies assumed by the Metropolitan, all of which are kept in separate classes and
It is reported that Chicago Board of Trade memberships
which share in the savings and surplus earned by the respective classes, but
have recently been sold for $2,200, net to buyer, an increase
do not share in the general savings and surplus.
No dividends or bonuses have ever been declared upon policies issued in of $200 over last reported transaction.
the ordinary department since 1891, except upon policies comprised in the
classes mentioned above, and there are no participating policies issed by the
Announcement is made of the appointment of Patrick F.
company outstanding issued prior to 1891. There are over a million of
policies in the ordinary department which have never shared in the savings Trower as Cashier and Chief Clerk of the Sub-Treasury at
and surplus and have no right by their terms to share in them. There are
Orleans, succeeding Milton W. Bell, who has become
over thirteen and a quarter millions of industrial policies which depend for New
any benefits out of the savings and surplus upon the voluntary action of the Assistant Cashier of the Atlanta Federal Reserve Bank.
company in distributing bonuses and not upon the contract rights of the Mr. Trower has been identified with the Sub
-Treasury about
policy-holder. If the plan proposed be adopted, all these policies will parrecently held the position of Vault Clerk.
ticipate in the savings and surplus under equitable rules prescribed by the twenty years. He
directors, who will be elected by the policy-holders.
The letter further says:
The directors of the company believe that the price proposed to be paid
for the stock is a fair one. The following are some of the elements that constitute the value of the stock in the hands of the present holders: The payment of the dividend of seven per cent is assured from year to year beyond
peradventure. The stock is, therefore, practically speaking, a permanent
seven per cent investment, which gives it a market value much above par.
It has an additional value because of the control which it gives of the constitution of two-thirds of the membership of the board of directors. Another additional element of value is the provision of the charter which adds
the net surplus of the industrial department to the capital, even though it
is added as security to the policy-holders. Under these circumstances, an
addition of $50 to the par value of each share as a consideration of surrender would seem to be entirely fair, just and reasonable. There is no doubt
that a larger price could have been obtained by the present stockholders
If they had been willing to sell to men seeking to control the company for
their own benefit; but that they have refused to do.
Efforts to adjust differences in rural credits bills pending
in Congress will be made at a conference of the United States
Rural Credits Commission called for December 2 by its
chairman, Senator Fletcher. The original bill, drawn under
direction of the Commission, proposed that the system be
administered by a land commissioner under supervision of
the Secretary of the Treasury. After a joint hearing on
that measure, Senator Hollis and Representative Bulkley
introduced bills proposing to incorporate the rural credits
system into the Federal Reserve bank establishment.
At next week's conference the Commission will attempt to
decide whether it will insist upon its original bill or approve
the later proposal.
Under the plan proposed, payment to the stockholders
David Lamar, who was indicted in July 1913 by the
is to be made on Jan. 5 next, provided the plan is approved
those whose assent is necessary. The $6,000,000 to Federal Grand Jury of New York on a charge of having
by all
Nov.281914.1
THE CHRONICLE
impersonated Congressmen Riordan and Palmer, will be
placed on trial on Monday next the 30th. Ever since the
indictment he had fought the proceedings for his removal
from Washington, until the 6th inst., when he was arrested
at the Waldorf. With his arrest it became known that a
new indictment had been returned against him charging
him with conspiracy, and naming as co-defendant Edward
Lauterbach. The conspiracy charge, it is understood, is
based on an alleged attempt of Lamar to get J. P. Morgan
& Co. and the United States Steel Corporation to hire Lauterbach to call off the investigation of the Steel Corporation
several years ago. Mr. Lauterba,ch pleaded not guilty to
the charge on the 9th inst. and was released under a bond
of $1,000. An application for a writ of habeas corpus
made by Lamar on the ground that the indictments were
insufficient was denied by Judge Sessions of the U. S.
District Court, this city, on the 17th inst. His demurrer
to the indictments was overruled on the 19th by Judge
Sessions, and November 30 was set as the date for the trial.
After two weeks in the Tombs Lamar was released under
bonds of $30,000 on the 21st inst.
During the convention at Richmond,the Executive Council
of the American Bankers' Association authorized the establishment of a Department of Public Relations—or a publicity
department. The Administrative Committee, acting under
authority vested with it by the Executive Council, has selected as Manager of the new department Arthur Welton
of Chicago. Mr. Welton is also to assume the editorial
management of the "Journal-Bulletin", the bulletin of the
American Bankers' Association. The "Bulletin" states that
the necessity for the new department has been apparent for
some time, and recent developments have but emphasized
the necessity for such a phase of Association activity.
Concerning Mr. Welton,it says:
Mr. Welton has had wide experience in newspaper work in various capacities and was the managing editor at different periods of two prominent
daily papers in large cities in the Middle West. During the existence of
the organization, he was manager of the National Citizens' League in Chicago and at that time made a special study of banking and finance. He has
a large acquaintance with the various press agencies, newspaper men and
correspondents generally; also an extensive acquaintance among public
men and bankers. He is an able writer.
Mr. Welton will at once assume the editorial management of the "Journal-Belletin," and that periodical will become a more valuable monthly
visitor to bankers than ever before.
At the Richmond meeting the Executive Council approved of the enargement of the scope of the "Journal-Bulletin"; and while the "Journal
Bulletin" will not go into the field of general bank news, personal items and
many other features which are now embodied in the financial journals, it
will contain, in each Issue, matter of decided interest to its subscribers in
the way of instructive information on current topics of banking and currency legislation, the activities of the Federal Reserve banks, &c•
Mr. Welton's duties will also Include general publicity work for the Association and items of interest to banks, bankers and business men will be
prepared in an endeavor to furnish a broader knowledge of the workings
of the Federal Reserve system and the functions of a bank, respectively.
The application of the war-tax to investment dealers and
brokers is the subject of a bulletin just issued by the Investment Bankers' Association of America, containing a letter
from Caldwell, Masslich & Reed, counsel for the association,
with a copy of Treasury Decision 21152 of the year 1899.
This decision held that bond and stock brokers were subject
to the tax as brokers and not to the tax as bankers. The
brokers' tax under the present law is $30 a year, and the
bankers' tax is $1 a thousand on capital and surplus. Caldwell, Masslich & Reed also cite the case of Selden v. Equitable Trust Co., 94 U. S. 419, decided by the Supreme Court
in 1876, construing substantially the same language used in
the Civil War tax Act as that used in the present tax applying to bankers, and holding that it,did not apply to a company whose business is in the investment of its own money in
mortgage securities and selling such mortgage securities with
the company's guaranty. As applying to investment houses
and trust companies who also have a banking department,
they cite the case of Central Trust Co. v. Treat, 171 Federal
301, affirmed 185 Federal 360, "holding that the bankers,
tax under the Spanish War tax Act of 1898 only applies to so
much of the 'capital and surplus' as is used in the banking
business, and does not apply to capital and surplus invested
in securities." In this case it was found that the trust company's banking department was entirely conducted with the
depositors' money and that its "capital and surplus" were
wholly represented by investments and were held not to be
taxable under the law.
John B. Dillon, President of the State Agricultural Society, was appointed by Governor Glynn on the 20th inst.
as Commissioner of the Department of Foods and Markets,
1579
created under an Act of the Legislature to assist in the distribution of farm products and to aid in the organization of
co-operative societies among producers and consumers.
The salary of the commissioner is $6,000 a year. Commissioner Dillon is empowered to establish local markets
wherever he deems them necessary and to make rules and
regulations for the grading, packing, handling, storage and
sale of all foodstuffs.
Joseph A. Broderick was the guest at a testimonial dinner
given in his honor by the thirteen past presidents of the
New York Chapter of the American Institute of Banking
last Tuesday night at the Transportation Club. Mr. Broderick was recently appointed Chief of the Audit and Examination Department of the Federal Reserve system and
served the New York Chapter as President several years
ago. His hosts presented him with a handsome solid gold
watch fob, on one side of which is the Chapter pin, the other
side bearing the inscription "To Joseph A. Broderick in
appreciation of his long and unselfish service for the bank men
of New York."
New York State Superintendent of Banks, Euguene Lamb
Richards,has appointed Arthur J. Van Pelt of Brooklyn and
Benjamin Fairbanks of Bronxville, as State bank examiners.
The appointments were made necessary by the increased
volume of business, due to the exaction of additional duties
imposed by the revised banking law. Mr. Van Pelt up
to the time of his appointment was in charge of one of the
branches of the State Bank of New York City and had been
in the employ of that bank over twelve years. Mr. Fairbanks for fifteen years was employed by the National Bank
of Commerce in various capacities, having handled loans,
discounts, stocks and bonds, and general correspondence of
every kind. Mr. Fairbanks left the employ of the National
Bank of Commerce in December last to accept a position
with the International Paper Co. as Assistant Auditor,and
later was transferred to the Treasury Department of that
company, where he had since been employed.
Superintendent Richards has notified several temporary
employees of the Private Bankers' Bureau of the State
Banking Department that their services will no longer be
required after December 1st next. These employees were
engaged in July last under authority granted by the State
Civil Service Commission. Although Superintendent Richards was authorized to employ them for a period of six
months he has decided that the work connected with the
Private Bankers' Bureau is now in such shape that he can
dispense with their services on the first of next month.
The resignation of Matthew T. Horgan as Chief of the
Liquidation Bureau of the New York State Banking Department tendered to State Superintendent Richards,to take
effect November 15,was accepted by the latter on the 13th
inst. Mr. Horgan's fitness for the post was under discussion
in the recent election; his letter of resignation written under
date of the 5th and Mr. Richard's acceptance were made
public on the eve of Mr. Horgan's withdrawal last week as
follows:
Eugene Lamb Richards, Superintendent of Banks of the State of New York,
New York City.
Dear Sir.—I hereby resign my position in the Liquidation Bureau of the
Banking Department, to take effect the 15th day of November, 1914.
I do so fully conscious that there can be no possible criticism of the work
that I have performed in the department. I am governed entirely by
what I regard as the welfare of the Department and my own welfare.
During my connection with the Liquidation Bureau the Department and
myself have been severely criticized for matters in no way concerned
with my official work. Although such criticisms are unreasonable, malicious and untruthful, I can no longer consent to a continuation of these
attacks upon my family, myself, and upon your department.
As you know, I voluntarily expressed my willingness to resign when
these attacks were made last summer, and I certainly would have done
so had my work in the Liquidation Bureau been the subject of the slightest
criticism; but, inasmuch as there was no criticism of that work and as I
felt that there could be no reasonable criticism, I continued my work until
the present time. However, for the reasons above given, I now feel that
It is due to you personally, to the Department, to myself and to my family
that I be relieved immediately of my duties in the Department.
Respectfully yours,
MATTHEW T. HORGAN.
Matthew T. Horgan, Brooklyn, N. Y.
Dear sir.—Your letter of November 5 resigning your position in the
Liquidation Bureau of the Banking Department, to take effect on November 15 1914, has been duly received.
I note your expressed desire to avoid further criticism of this department
and of yourself by longer continuing your connection here, and It is for that
reason that I accept your resignation. I feel bound to say, in Justice to
yourself, that In all matters pertaining to your official duties you have been
both diligent and efficient. While you have been severely criticised for
events claimed to have occurred long ago, you have at no time been charged
with incapacity or misconduct in the performance of your official duties
in connection with this department, nor can any one familiar with the
facts make such a charge.
1580
THE CHRONICLE
Realizing* however, the importance of keeping this department free from
public criticism, unjust or otherwise, and conceding your right to protect
your name and your family from a further continuance of such criticism.
your resignation is accepted.
Very truly yours,
EUGENE LAMB RICHARDS,
Superintendent of Banks.
Henry Siegel, of the failed private bank of Henry Siegel
& Co., operated in connection with the Fourteenth Street
Store, was found guilty on the 2.3d by a jury in the Supreme
Court at Geneseo, N. Y., of a misdemeanor in obtaining
credit on false financial statements and was sentenced by
Justice Clark to pay a fine of $1,000 and to serve ten months
in the Monroe County Penitentiary at Rochester. So far
as the prison term is concerned judgment is suspended until
the second Monday in June, when the accused is to appear
before Judge Clark. Bail to the amount of $25,000 was furnished by the convicted man's bondsmen yesterday. The specific charge in the indictment on which he was tried accused
him of having obtained $684 05 for the Foutreenth Street
Store from the National Bank of Commerce, by reason of
false statements. Siegel's partner, Frank E. Vogel, who had
also been named with him in the indictments, died suddenly of heart failure last month.
IVOL. xc
Trust Co. is to continue in its present location, taking over
the offices occupied by the Second National Bank. The
combined capital and surplus of the First and Second banks
are about $3,750,000, deposits $7,500,000 and assets over
$13,000,000, while the capital of the new consolidated institution will probably be $500,000, surplus and profits
$1,250,000. This merger will eliminate one of the three
banks holding a national charter in the Pittsburgh district
bearing the title "First." The officers and directors have
not been announced as yet.
A. E. Masten has recently been elected a director of the
Pittsburgh Trust Co. of Pittsburgh, Pa. Mr. Masten, who
is senior member of the firm of A. E. Masten & Co., is also
President of the Pittsburgh Stock Exchange. John G.Pew
has also been elected a director.
Conrad Reeb was elected President of the Southern Illinois National Bank of East St. Louis, Ill., on the 12th inst.,
succeeding the late Henry B. Sexton. Mr. Reeb was First
Vice-President of the bank. G. A. Miller, who was Cashier,
is promoted to the first vice-presidency, and H. H. Jost,
Assistant Cashier, succeeds Mr. Miller as Cashier. J. A.
Harszy has been named Assistant Cashier. S. B. Sexton,
Eugene D. Greenleaf, formerly a member of the Boston a brother of the late President, was elected a director.
Stock Exchange, died on the 16th inst. after several years'
illness. He was at one time a member of the Governing
A consolidation of the Scandinavian American National
Board of the Exchange, and for many years had offices at Bank and the National City Bank of Minneapolis has been
53 State Street.
effected, following the purchase of the Scandinavian-American National by interests in the National City. The
Edward T. Stotesbury, head of the firm of Drexel & Co. negotiations to this end were entered into as a result of the
of Philadelphia, whose resignation from the board of the withdrawal of Theodore Weld from the presidency of the
Philadelphia National Bank was announced last week, has Scandinavian American National with his election as
also resigned as a director of the Franklin National Bank Governor of the Minneapolis Federal Reserve Bank. The
of Philadelphia.
consolidated institution operates under the name of the
Scandinavian-American National, and has as its President
C. Clymer Brook, also a partner in Drexel & Co., has re- H. R. Lyon, who was President of the National City.
tired as a member of the board of the Central National The latter was established on May 12 last as successor to the
Bank of Philadelphia.
Commercial National Bank; the National City started with
a capital of $500,000; George F. Orde, formerly ViceCharles W. Pickering Jr., Assistant Trust Officer of the President of the First National Bank of Minneapolis, who
United Security Life Insurance & Trust Co. of Philadelphia, was actually identified with the formation of the National
died on the 17th inst.following an attack of acute indigestion. City and was made a vice-president with its creation, has
Mr. Pickering was forty-three years old; he entered the become a Vice-President of the enlarged Scandinavianservices of the trust company in 1901.
American National; Charles B. Mills, also a Vice-President
of the National City is likewise identified with the conA charter has been issued to the proposed State Bank of solidated bank as a Vice-President; Andreas Ueland, VicePhiladelphia. The organizers are Senator Samuel W. Salus, President and E.L. Mattson, Cashier, of the ScandinavianGerson Dannenberg, Morris Polin, David Netter and Ed- American National, are also both vice-presidents of the
ward M.Brash and they have decided not to push the organ- new organization; E. V. Bloomquist, Assistant Cashier of
ization until financial conditions improve. The bank will the Scandinavian-American National is Cashier, and A. E.
be formed with a capital of $50,000. Previous reference Lindhjem, remains as Assistant Cashier of the Scandinavian-American, but with his authority extended by reason
to the project was madelin our issue of August 1.
of the enlarged business; A. J. Hogan, Assistant Cashier
The banking firm of Lewis Johnson & Co.of Washington, of the National City, continues in that capacity with the
D. C., was placed in the hands of receivers on the 16th inst. Scandina,vian-American National. With the consolidation
The receivers were appointed in response to the petition of the capital of the Scandinavian-American National has been
two creditors, who presented a letter to the court signed by increased from $500,000 to $1,000,000. The National City
the members of the firm, in which the latter admitted their Bank had deposits on October 31 of $1,683,619, while the
inability to settle with their creditors in full. The petition- Scandinavian-American National reported deposits of
ing creditors are G. W. Weber, a member of the stock ex- 778,645 on the same date.
change here, who has a claim of $4,500,and Arthur M.
J.Z.Miller,Jr.,recently appointed Federal Reserve Agent
Travers, $1,000. The firm of.Lewis Johnson & Co. was
started in 1857 by Lewis Johnson; after his death the original and Chairman of the board of directors of the Federal Refirm name was retained. Charles T. Williams retired from serve Bank at Kansas City, has sold his bank stocks and rethe firm about two years ago, and William A. Mearns re- signed as Vice-President of the Commerce Trust Company of
tired early in the present year. The two remaining members Kansas City. R. C. Menefee, heretofore Treasurer of the
of the firm were J. William Henry and Benjamin W. Wood- company, has been elected Vice-President to succeed Mr.
ruff. Mr. Woodruff is a member of the New York Stock Miller, and J. Zach Miller, son of J. Z. Miller Jr., has been
Exchange. The firm has always enjoyed a high standing. elected Treasurer, succeeding Mr. Menefee.
The conditions brought about by the war—the closing of the
John Rothenheber, Secretary of the Easton-Taylor Trust
Exchange and the loss in trading—are said to to be responsible for its embarrassment. The receivers are J. Miller Co. of St. Louis, Mo., died at his home in that city on the
Kenyon, a lawyer, and W. Morris Lammond,a bookkeeper 12th inst. after several years' illness. Mr. Rothenheber
became Secretary of the institution at the time of its organiof the firm.
4
zation in 1911. He was in his 53d year.
A consolidation in the Greater Pittsburgh district of the
A dividend of 16 2-3% was distributed to the depositors of
First National Bank with the Second National Bank of
effected this week by the Dollar the Traders & Truckers' Bank of Portsmouth, Va., which
Allegheny, Pa., has been
Savings & Trust Co., which owns the Second National. failed in 1909. This is the first and, it is reported, the final
The First National will be liquidated and the Second Na- dividend to be paid.
tional will move to the former's new building, where the
A merger of the Tidewater Trust Company and the Citibusiness of both institutions is to be conducted under the
name of the Second National Bank. The Dollar Savings & zens' Bank of Wilmington, N. C., was effected on the 17th
THE CHRONICLE
Nov. 28 19141
1581
inst. under the name of the Citizens' Bank. The directorate consists of C. D. Weeks, T. E. Sprunt, T. F. Bagley, IMPORTS AND EXPORTS OF GOLD AND SILVER AT
SAN FRANCISCO.
W. H. Brown, Richard Bradley, W.M.Cumming and H. F.
The Collector of Customs at San Francisco has furnished
Wilder. The officials are H. F. Wilder, President; T. E.
us this week with the details of the imports and exports of
Sprunt, Vice-President, and Richard Bradley, Cashier.
gold and silver through that port for the month of October,
and we give them below in conjunction with the figures preColonel Daniel R. Wilkie, President and General Man- ceding, thus completing the results for ten months of the
ager of the Imperial Bank of Canada and President of the calendar year 1914.
Canadian Bankers' Association, died in Toronto on the 17th
IMPORTS OF GOLD AND SILVER AT BAN FRANCISCO.
inst. Mr. Wilkie was in the banking business over fifty years
Gold.
Silver.
and was well known both in this country and abroad. He
Months.
Coin.
Bullion. I Total.
Bullion.
Coin.
entered the employ of the Quebec Bank as a junior clerk in
Total.
1914.
1862 and five years later became manager of the St. Cath$
January
8,583
97,285
105,868
5.254
87,405
92,659
erines, Ont., branch. He became manager of the Toronto February
252,700
132,450
385,150
35,505
35,505
March
2,690
112,308
114,998
branch of the Quebec Bank in 1872. He was made General April
48,677
48.677
1,535
98,266
99.801
700
66,856
67.556
Manager of the Imperial Bank,with its organization in 1875, May
4.704
134,851
139,555
480
91.766
92,246
1,478
90,395
91,873
2,344
31,326
33,670
and since 1906 has been the bank's chief executive. Mr. June
July
60,236
60,236
16,784
16,784
August
2,755
88,503
91,258
43,523
43,523
Wilkie had been re-elected President of the Canadian Bank- September_
39,431
39.431
115.672
115,672
2,855,860
ers' Association at the annual meeting held on the 12th inst. October
107,934 2,963,794
203,272
203,272
He also served as President of the Toronto Board of Trade Total, 10 moo. 3,130,305 961,659 4,091,964
740,7861 749,564
8,778
and President of the Niagara Falls Suspension Bridge Co. At 10 mos. 1913 1,639,4441 1,551,808 3,191,252 138,284
2,105,9131 2.244,197
the time of his death he was a director of the Confederation
EXPORTS OF GOLD AND SILVER FROM SAN FRANCISCO.
Life Assurance Co., Toronto General Trusts Corporation,
the General Accident, Fire & Life Assurance Corporation
Gold.
Sneer.
Months.
and other similar organizations. Mr. Wilkie was in his sixtyCoin.
Total.
Bullion.
Coin.
Total.
seventh year.
BOOK NOTICE.
TRADE MORALS, THEIR ORIGIN, GROWTH AND PROVINCE:
1914.
January
February
March
April
May
June
July
August
September_
October
457,050
200
1,500
700
457,050
200
1,500
700
$
27,027
220
320
$
27,027
346,177
346,397
69.011
69,331
953.489
953.489
1,032,922 1,032.922
1,196
663,713
664,909
669,833
669,833
13,730
254,653
268.383
504
348,621
349,125
224,908
224.908
by Edward D. Page. Pp. 288; price $1 50. New
2,500
2.500
Haven: Yale University Press, 1914.
45
45
"This book ;says the preface] is the outgrowth of a course
Total, 10 moo.
4,945
457,050
461,995
42,997 4.563,327 4,606.324
of lectures delivered to the graduating class at the Sheffield
1.965
4,043
6,008
150 10,915,449 10,915,599
Scientific School of Yale University in the spring of 1911; 10 mos. 1913._
their object was to show in some consecutive form the growth
of trade morals from the social andjmental conditions which
IMPORTS AND EXPORTS FOR OCTOBER.
form the environment of business men, and to illustrate their
The Bureau of Statistics at Washington has issued the
meaning and purpose in such a way as to clarify, if not to
solve, some difficulties by which the men of our time are statement of the country's foreign trade for October, and
from it and previous statements we have prepared the
perplexed."
By trade morals would naturally be understood the ethics following interesting summaries:
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
and moral standards recognized, and measurably followed,
(In the following tables three ciphers (000) are In all cases omitted )
in the practice of trade. A concise analysis of these, hisMERCHANDISE.
torically changing from the times of the book of Genesis
Export
Imports
1914.
1913
1912
1914.
1913.
1912.
to this century, when an obsession that all trade is bad and January
204.067 3227,033 $202,446 3154,743 $163 063 $143,386
173.920
193,997
grows worse in proportion to its volume has been made the February._
198,844
148,045
149,914
134,188
March
187,499
187,427
205,412
182.555
155.446
157,577
unspoken basis of a series of restrictive laws, would have April
162.553
199,813
179,300
173,762
146,194
162.571
May
161,733
194.607
175.380
164,282
133.724
155.698
value, but we do not find this in the work of Mr. Page, June
157.072
163,405
138,234
157.529
131,246
131,031
154,139
160,991
148,885
although he regards morals as "the rules of right conduct July
159,677
139,062
148,687
August
110.367
187,909
167,845
129.768
137,652
154.75)
recognized as valid at any given time by any group." In September
156,052
218,240
199.678
140,090
171,085
144,820
October
105,284
271,861
254,634
137,979
132.949
177,988
Ins last chapters he does succeed in giving some sketch of November__
245,539
278.244
148,236
153,095
233.196
250,316
changes in this country; how transportation broke up the December
184.026
154,095
early bartering and what are not inaptly called "the self- Tote
32,484,018 32,399.218
$1.792,596 $1.818,07
3
GOLD.
sufficing" ways of the early part of the last century; how the
Export
Imports
1914.
1913.
factory system came in and the pace of trade became accele- January
1912.
1914.
1913.
1912
36,914
817,238
31,915
810,442
$6,210
$5,141
rated; how standardizing and concentration followed; how February.-9.079
12,373
10.589
3.209
5,357
2,987
March
2.632
18,077
7,454
7.842
4.381
4,336
margins of profit shrank and volume had to make good their AprIl
407
3,010
1,817
3,460
4,014
3.893
May
16.835
12.467
4,451
1,973
4,661
shrinking. The chapters on the moral conditions of success, June
3,347
48,107
569
7.171
3,817
3,337
5,611
33,649
8,654
7.265
and on competition and contract, indicate that honesty is July
3.392
7.859
3.748
August
18.126
1.195
2,498
3.045
5,804
5,577
the best policy and publicity the best curative,and do seem September.... 21,887
496
568
2,762
4,627
4,201
50,342
484
330
5,935
5.391
11,887
convey a belief in the author that trade is not behind other October
to
November__
6.663
2,710
7,041
4,474
December...10,573
657
human work in moving towards higher planes.
5,073
11,397
Total
In these chapters we find what valuable substance the book
891.799
347,425
$63,705
$66.54
SILVER
contains, but it is marred, as it seems to us, by the author's
Exports
Imports
1914.
1913.
1912.
desire to talk metaphysically. This makes his style stilted. January
1914.
1913.
1912.
84,010
$6,436
$6,028
$2,318
54,201
$4,358
He actually supplies a sort of glossary of definitions, of even February _ _
3,592
5,315
5.122
1,914
2,481
3,781
March
3,882
5,537
5,806
2,567
3,184
3,712
such familiar words as love, subject, vanity, nation, pity, April
4,543
5,972
4,941
2,214
2,808
4,189
May
4,845
5,329
6,726
1,755
conduct, &c. We are told in this glossary that hunger is June
3,093
4,345
4,639
4,732
5,046
1,822
2.365
4,880
3,953
4,936
"a feeling derived from tropisms, the stimulus of the ali- July
6,591
1,240
2,799
3,436
August
3,627
4,908
6,077
2.097
3,401
3.952
mentary instincts," and when we seek tropisms we find a September__ _
5.390
5.856
6.011
1.864
3,098
3.649
October
3,972
4,874
6,172
2,549
2,538
4,684
tropism "a mode of behavior which is the direct response November..4,423
5,834
3,089
3.417
4,458
7,608
2,810
3,998
of an organism to its environment," a definition which may December _
362,776
371,962
be correct yet has no particular relation to trade morals. Total
535,867
$48,401
EXCESS OF EXPORTS OR IMPORTS.
In this glossary are folkways, folkspeech, folkweal, folkwill
aferehandis
-Gold
Stloer
1914.
1913.
1912.
1914.
1913.
and other compounds of the word folk. These made-up Januar) - +549,324 +363,970 +858.860 -33,523+311,028 1914. 1913.
,
terms are scattered all over the book, and the expression February - +25.875 +44,083 +64,656 +5.870 +7,016 +41,692 8+2,235
+1.678 +2,834
March
+4.944 +31.981 +47,835 -5,210 +13.696
"a humanistic" is encountered several times, as thus: "The April
-11,209 +53,619 +16.729 -3,053 -1.004 +1.314 +2,353
+2.329 +3,164
May
-2,549 +60.883 +19,682 +14,862 +7.906
folkeustom expressed in a law may have died, that is, be- June
+3,090 +2,236
-457 +32,159
+7,203 +44,290 -2,818 +2,817
I %my
-5,538 +21.929
+218 +30,278
+795 +2.713
come maladjusted to folkgroup welfare; or it may have July
3,317
August..- -19.401 +50,257 +13.088 +15.081
-4,609 +1,530 +1.507
supplanted by another folkcustom or by a humanistic." September +15,962 +47.155 +54,858 +19,125 -4,131 +3.526 +2,758
been
October
+57,305 +138,912 +76,646 +44,407 -4,907
+1.423 +2.310
This reaching after strange and impressive phraseology is November
+97,303 +125,149
-378
+1.3...4
December.
+49,170 +96,221
+5,500
a drawback in what is nevertheless a valuable contribution
+1.648
Total.-+5691.422+3581.145
to the discussion of the subject.
8+28.094
+826.909
+ Estiortil. -Imports.
Totals for merchandise, gold and silver for ten months:
Gold.
Merchandise.
Ten
Months.
(0005
omitted)
Exports.
Imports.
Excess
Exof
Exports ports.
$
I
4914- 1,662,686 1,548,430 114,256 207,999
1913... ,005,283 1,460,334 544,949 74,563
1912_ ,870,658 1,510,883 359,775 44,058
1911... ,665,867 1,265,523 400,344 22,247
1910_ 1,430,636 1,296,409 134,227 56,068
1909- 1,381,722 1,196,268 165,454 106,652
Silver.
Excess
of
ImExports. Exports ports.
Excess
Imof
ports. Exports
$
45,877 162,122
51,591 22,972
50,677 a6,619
49,279a27,032
49,932 6,136
38,139 68,513
$
20,341
29,969
40,986
37,101
36,652
37,289
42.453
53,897
58,520
54,615
46,034
47,343
22,112
23,928
17,534
17,514
9,382
10,054
a Excess of imports.
Similar totals for the four months since July 1 for six years
make the following exhibit:
Exports.
Duports.
Silver.
Gold.
Merchandise.
Four
Months.
(000s
mused)
[VOL. XCIX.
THE CHRONICLE
1582
Excess
of
EsExports ports.
8
8
$
$
1914... 615,843 567,514 48,329 124,024
1913_ 839,001 580,747258,254 10,828
1912_ 771,042 626,231 144,811 10,662
501,777 176,269 8,996
1911- 678.04
496,985 128,892 6,552
1910- 62.5,87
474,27 95,478 42,817
573,74
1909a Excess of imports.
Excess
of
, InsEs
Insports. Exports ports. ports
$
i
15,133108,891
23,681 a12,853
25,413a14,751
15,507 06,511
30,544a23,99
18,004 24.813
$
16,943
20,575
24,851
20,172
18,980
17,983
$
7,75
11,837
15,721
15,140
14,751
14,417
EMS!
of
?sports
4
9,11,3
8,733
9,130
5,032
4,229
3,566
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 12 1914:
GOLD.
during recent weeks,
The influx of gold, which has been extremely heavy
pronounced. The following receipts are announced by the Bank of
I. less
England:
Nov. 9_ £35,000 in U.S. A.gold coin.
Nov. 5_654,0O0 in bar gold.
10._ 128,000 " U.S. gold coin okc.
5._ 43,000 " U.S. A.geld coin.
IL_ 57.000" bar gold.
7,000" bar gold.
6_
IL_ 155,000 "U.S. A .gold coin.
gold.
9__ 20,000" bar
of the TreasYesterday the sum of £1.000.000 was set aside on account
the net influx during the
ury Currency Note Redemption Account, making
week £99,000.
of October 1914 was
The net import of gold into India for the month
£79,900, approximately.
Britain during the
The total import of gold bullion and coin into Great
that during the similar
first ten months of this year approximated closely
months of 1913. The figures are £49,362,977 and £49,846,369.
£40,The total exports, however, differ widely, being £29.712.990 and
ten millions
238.692 during the respective periods. That is to say, about months of
more gold has been retained this year than during the first ten
1913. The net import up to the end of October of this year was £19,649,987.
this
In order to obtain a correct view of the gold position in regard toEmcountry, the extremely large sums of gold held elsewhere in the British for
of the Bank of England should be taken into account,
pire on
into
they are an equivalent, qua gold reserves, to gold actually imported
this country, and figure as a portion of the Bank of England gold holding
the weekly statement.
specified in
SILVER.
The rally in the price of silver to 23d. per oz. standard, which was chronicled last week, was not sustained beyond the 7th inst. After that date,
the market showed less animation and the price fell away daily 3id., until to-clay, when the fall was 5-16d.
A certain amount of demand continued to be received from the Indian
Bazaars, but not with the same ardor as last week.
It remains to be seen whether the capture of the Emden will reduce the
rate of insurance from the East in a sufficient degree to encourage buying
orders from that quarter on a more substantial scale than has obtained of
late. Meanwhile, the market is somewhat heavy in tone, and sensitive
to the pressure of supplies, which are rather more generous in quantity
than so sluggish a market can digest.
The stock in Bombay consists of 33,000 bars, which is slightly less than
that of last week.
An Indian currency return on the 7th inst. consisted as follows:
Rs.60.79
Note circulation
Rs.31.94
Reserve in silver coin
Rs. 7.20
Gold coin and bullion
Rs.10.00
East Indian securities
Rs. 7.65
Gold in England
Its. 4.00
Securities in En land
to Hongkong during
No shipment as been made from San Francisco is 11-16d. below that
the week. The quotation to-day for cash delivery
fixed a week ago.
Quotations for bar silver, per ounce standard:
5%
Bank rate
No
cash
Nov. 6._ _ _23
779. 9d.
Bar gold per oz. standard
quotation
"
7_ _ _ _23
French gold per oz. standard...Nominal
fixed
Nominal
German gold coin per oz
tor
10_ __.221£
Nominal
U. S. A.gold coin per ex
forward
11____2254
delivery.
12_ _ _ _ 22 5-16 "
Average for the week. _22.760 cash
enronercial andMiscellantonsgents
-The
Breadstuffs Figures brought from page 1610.
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
Wheat.
Corn.
Oats.
Barley.
Rye.
Flour.
32 lbs. bush.481bs, bu.56 lbs.
bbis.1961b5. Cush. 60 lbs. bush. 56 lbs. bush.
61,000
706,000
204,000 2,657,000 3,285.000 2,367,000
Chicago __
335,000 135,000
359,000
575,000
383,000
93,000
Milwaukee.
768,000 334,000
298,000
3,343,000
Duluth
727,C00 168,000
429,000
467,000
2,822,000
Minneapolis
4,000
45,000
144,000
192,000
Toledo
65,000
94,000
56,000
8,000
Detroit
96,000
58,000
55,000
12,000
Cleveland _ _
80,000
10,000
335,000
262,000
908,000
63.000
St. Louts
57,000
189,000
1,000
275,000
20,000
38,000
Peoria
168,000
189,000
2,235,000
Kansas City
270,000
347,000
529,000
Omaha
4,621,000 2,673,000 713,000
418,000 13,200.000 5,696.000 4,065,000 2,859,000 306,000
Total wk.'14
382,000 9,555.000 3,587.000 4,888,808 3,266,316 652,039
Same wk.•13
11,255,545 3,180,978
429,941
Same wk.'12
Receipts al-
Since Aug. 1
123,320,000 40,892.000 0583,000
7,090,000 213,726,000 56,896,000 92,346,000 43.842,000 7.075,000
1914
6,447,000 145.626,000 57,659,000 99.650,146 40,314,859 8,852,640
1913
5 054 42A 181.462.877 49,080,335
1019
Total receipts of flour and grain at the seaboard ports for
the week ended Nov. 21 1914 follow:
Wheat,
Flour,
Lush,
bbls.
Receipts al
303,000 1,824,000
New York
855,000
39,000
Boston
577.000
72,000
Philadelphia
142,000
49,001)
Baltimore
61,000 1,140,000
New Orleans *
6,000
Newport News_ _ _
1,283,000
Galveston
714,000
63,000
Montreal
53,000
4,000
St. John
232.000
Port Arthur
Corn,
bush,
724,000
115,000
324,000
31,000
Rye,
Oats, Barmy,
bush,
bush.
bush.
372,000 413,000 111,000
102,000
56,000
2,000
212,000
73,000 396,000
1,110,000
31,000
41,000
432,000
563,000
Total week 1914 597,000 6.820,000 1,194,000 2,259,000 529,000 6545,000
Since Jan. 1 1914_21,135,000 220619,000 24,612,000 66,176,000 13582000
36.000
657,000 131,000
464,000
447,000 4,987,000
Week 1913
2844,000
SinceJan. 1 1913A1,203,000 182723,000 47,750,000 49,197,000 18040000
*Receipts do not include grain passing through New Olreans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Nov. 21 are shown in the annexed statement:
Rye, Barley.
Oats,
bush.
bush,
bush,
176,418 220,561 133,790
14,848 35,000
681,000
1,321,675 317,662
2,000
4,000
6,000
4,000
Wheat,
bush.
Exportsfrom1 235,876
New York
192,234
Boston
Philadelphia ____ 761,000
408,228
Baltimore
New Orleans..,.1,196,000
Newport News_
195,000
Galveston
Mobile
928,000
Montreal
53,000
St. John
232,000
Port Arthur
Corn, Flour,
Ibis.
bush.
100,234 95,409
10,950
72,000
Total week,... 5,201,338
4 598,319
Week 1913
120,234 292,359 2,184.093 553,071 168,790
269,886
25.134 285,595 184,925
20,000
96,000
4,000
__
Peas
bush.
3,389
103,000
3,389
1,397
The destination of these exports for the week and since
July 1 1914 is as below:
Wheat
.-Flour
Since
Since
Since
Since
July 1
Week.
July 1
1Veek.
July 1
Week.
1914.
1914. Noe. 21.
1914. Nco. 21.
Exportsfor week and Nov. 21.
bush.
bush.
bush.
bush.
Ills.
bbls.
since July 1 to-45,490
United Kingdom_ _175,433 2,296,697 2.224,188 63,287,667
94,494 1,430,264
91,644 1,568,072 2,916.650 64,453,048
Continent
787,863
76,800
60,000 2,385,077
So. c1c Cent. America 6,984 628,843
739.308
89,400
21,633
500
16,048 619 774
West Indies
4,618
33,560
2,250
Brit. No. Am. Cols_
13,950
25,510
___. 122,445
Other countries__
120,234
25,134
292,359 5,269,391 5,201,338 130172,935
285,595 4.834,171 4,598,319 92,681,539
Total
Total 1913
3,021,583
1,616,501
The world's shipments of wheat and corn for the week
ending Nov.21 1914 and since July 1 1914 and 1913 are shown
in the following:
Corn.
Wheat.
Exports.
1Veek.
Nov. 21.
Since
July 1.
Since
July 1.
1913.
1914,
1913.
1914.
1Veek
Nov. 21.
Since
July 1.
Since
July 1.
Bushels.
Bushels. Bushels.
Bushels.
Bushels.
Bushels.
639.000
North Amer. 8,376,000 170,690,000 130,114,000 167,000 2,353.000 6,660,000
4,813,000
12,074,000 70,214,000
Russia
9,431,000 6,711,000
•
2,347,000 16.340,000
•
Danube _ _
80,000 3,930,000 11,066,000 5,228,000 65,001,000 105.675,000
Argentina _ _
8,400,000 12,960,000
Australia _
440,000 14,632.000 23,712.000
India
3,890,000
0th. countr's 200,000 3,801,000
Total
9,096,000 215,274,000 268,296,000 5,395,000 81,594,000 119,685,000
Not available since Aug. I.
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat.
United
Kingdom. Continent.
Corn.
Total.
United
Kingdom. Continent,
Total.
Bushels. Bushels.
Bushels.
Bushels.
23,002,000
32,952,000
Nov.211914....
21,766,000
30,816,000
Nov.14 1914
Nov.22 1913... 12,592,000 20,440,000 33,032,000 6,426,000 7,650.000 14,076,000
Nov.23 1912_ 21,120,000 18,856,600 39,976.000 12,640,000 21,233.06033,873.000
Bushels.
Bushels,
-The clearings for the week
Canadian Bank Clearings.
ending Nov.21 at Canadian cities, in comparison with the
same week in 1913, shows a decrease in the aggregate of
24.5%.
Week ending Nov. 21.
Clearings at
1914.
Canada
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Calgary
Hamilton
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Total Canada
1913.
$
50,429,224
39,114,568
33,305,168
6,527,230
4,443.591
3,508,665
2,098,610
3,179,637
2,579,067
1,412.749
1,849,925
1,570,139
2,433,132
2,021,698
635,630
386,178
1,162,997
933,254
505,769
640.106
312,430
331,464
411,264
60,767,596
44,277,847
51,219,253
11,567,311
4,595.480
3,792,814
2,239,043
5,546,692
3,438,002
1,546,990
3,146,603
1,842,784
5,402.084
3,143,694
831,025
762,118
2,280,972
1,564,792
704,879
1,147,383
482,787
640,194
Not incl. In
Inc.or
Dec.
-17.0
-11.7
-35.0
-43.6
-3.3
-7.5
-10.3
-42.7
-25.0
--8.7
-40.8
-14.8
-54.9
-35.7
-23.6
-49.3
-49.0
-40.3
-28.2
-44.2
-35.2
-48.3
total.
1912.
1911.
59,362,145
44,846,227
46,652,937
14,264.6.9
5,057,846
3,455,861
2,654,988
6,203,067
3,909,946
2,018,689
4,266,835
1,849,546
5.625,635
3,421,750
1,034,696
938,035
3,085,992
1,7'6.483
725,499
968,158
55,289,286
41,985,831
36,372,723
11.845,637
4,971,116
2,925.381
1,923,559
5,293,616
2,898.047
1,461,278
3,085,584
1,505,813
3,265,350
1,661,870
846,501
742,297
2,118,293
1,158,041
574,905
835,295
159,290,141 210.918,433 -24.5 211,109,014 180,720,423
THE CHRONICLE
Nov. 281914.]
-The following securities were sold at
Auction Sales.
public auction this week in New York and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Bands.
Percent.
Per cent.l
Stocks.
Shares.
52,000 Valley Stream Development
539
22 Atlantic Refining Co
550 lot
197%
5 Southern Pipe Line Co
Co* 65
10 Standard Oil Co.of California__297
By Messrs. Barnes & Lofland, Philadelphia:
5 per sli.
Studs.
Shares.
5 Bergner & Engel Brew., corn__ _ 30
Camden F.Ins. Assn..$5 each__ 1034
10
10 Cont.-Equit. Tr. Co., $50 each_ 95
2 First Nat. Bank of PLiladelphia_19954
15 General Asphalt Co., common__ 33
53 Hoopes & Townsend Co.,350 ea_ 25
15 Manufacturers' National Bank_ 125
1 Market Street National flank.. 191
52 H.K. Mulford Co.,$50 each__ 5134
2 Nat. Bank of Northern Liberties243
15 People's Trust Co., $50 each__ 44
1514
31 Phila. City Passenger By
31 Philadelphia National Bank__ 403
I Provident Life & Trust Co
8274
20 Prudential Loan Society of Phil
adelphla,$10 each
11
3 Real Est. T.I.& Trust Co
300
5 13th & 15th Streets Pass. Ry_ _ _240
37 United N. J. RR.& Canal_218-2184
Bends.
Per cent.
$15,000 Bayano River Lumber lot
he, 1918
10
$1,000 Camden & Suburban By. let
55, 1946
1003-i
$1,000 Elmira wet. Lt. dr RR. let
5s. 1949
9454
By Messrs. Samuel T. Freeman & Co., Philadelphia:
per oh.
Stocks.
Shares.
50c.
104 Auxiliary Fire A.& Tel
1 Blooming Grove H. & F. Club,
524
$50 each
15 Catawissa RR., 2d p1., $50 each 53
1 Egypt Mills Clut,Pike County. 80
14 Elmira & Williamsport RR.,
com., 550 each
50
19 North Pennsylv. RR.,$50 each 90
Ger. & Norris. RR., $50
each
140
50 Pay -You-Enter Car Corp_ _
-As
1
Bonds.
Percent.
$1,000 Amer. Ice Sec.deb.6s, 1925. 8354
$200 Blooming Grove H.& F. Club
let 5s. 1959
$5 lot
$1,500 Philadelphia City 4s, 1943._ 9931
$200 Philadelphia City 4s, 1939
9954
$200 Philadelphia City 34s,1934.. 9151
5500 West Penn Rya. 1st 58. 1931.... 96
DIVIDENDS.
following shows all the dividends announced for the
The
future by large or important corporations.
Dividends announced this week are printed in italics.
Name of Comvang.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
254 Dec. 28 Holders of rec. Dec. 12a
Alabama Great Southern, common
3
Feb. 23 Holders of rec. Jan. 23a
Preferred
134 Dec. 1 Holders of rec. Oct. 30a
Atchison Topeka & Santa Fe,com.(qu.)
B $1.50 Dec. 10 Dec. 1 to Dec. 9
Atlantic Coast Line Co. (quar.)
234 Dec. 31 Holders of tee. Nov.30a
Boston dr Albany (guar.)
154 Jan. 1 Holders of rec. Dec. 15a
Boston Revere Beach et blinn (guar.)
254 Jan. 2 Holders of rec. Dec. la
Canadian Pacific, com.(quar.)(No.74)
Dec. 31 Holders of rec. Dec. 5a
1
Chesapeake & Ohio
154 Dec. 4 Nov. 21 to Dec. 3
Chestnut Hill (quar.)
Chicago & North Western,com.(quar.)_. 14 Jan. 2 Holders of rec. Dee. la
2
Jan. 2 Holders of rec. Dec. la
Preferred (quar.)
Dec. 10 Holders of rec. Nov.28a
3
On. N.0.& Texas Pacific, corn.
254 Dec. 10 Holders of rec. Nov.28a
Common (extra)
Prekerred (quar.)
154 Doe. 1 Holders of rec. Nov: 21a
Dec. 1 Holders of rec. Nov. 10a
Cleveland dr Pittsburgh, reg. guar. (qu.)
Special guaranteed (quar)
1
Dec. 1 Holders of roe. Nov. 109
Cripple Creek Cent., coin. (qu.)(No. 20) 1
Dec. 1 Holders of rec. Nov. 21a
Preferred (quar.)(No. 38)
Dec. 1 Holders of rec. Nov. 21a
1
Delaware Lackawanna & Western (extra)._ 10
Dec. 21 Holders of rec. Dec. 4a
Detroit & Mack new,com,and pref
234 Jan. 2 Dec. 16 to Jan. 3
Erie & P.Usburgh (guar.)
14 Dec. 10 Holders of rec. Nov. 309
Mobile & Birmingham. preferred
2
Jan. 1 Dec. 2 to Jan. 1
New York Philadelphia dr Norfolk
83
Nov.30 Holders of rec. Nov. 149
Norfolk & Western, common (quar.)___
14 Dec. 19 Holders of rec. Nov.309
Pennsylvania (guar.)
750. Nov. 30 Holders of rec. Nov. 2a
Phila. Germantown dr Norristown (quar.) $1% Dec. 4 Nov. 21 to Dec. 3
Pittsburgh Bessemer & Lake Erie, pref.
3
Dec. 1 Holders of rec. Nov. 14
PUts. Youngs. &.435.,corn. et pref.(guar.)
Dec. I Holders of rec. Nov. 20a
Reading Company, 1st pref (quar.)
1
Dec. 10 Holders of rec. Nov. 24a
Second rrelerred (quar.)
1
Jan. 14 Holders of roc. Dec. 22a
St. L.Rocky Mt.& Pao. Co.,cora.
(qu.)Jan. 10 Holders of rec. Dee. 31
Southern Pacific Co.(quar.)(No. 33). _ _
154 Jan. 2 Holders of rec. Nov.309
Southern By., prof.(Payable in div. Otis.) 21
(I)
Holders of rec. Oct. 31
Union Pacific, common (guar.)
2
Jan. 2 Holders of rec. Dec. la
Street and Electric Railways.
American Railways, com. (quar.)
8254c Dec. 15 Holders of rec. Nov. 30a
Baton Rouge Elec. Co.. Prof.(No.7)--3
Dec. 1 Holders of rec. Nov. 14a
Brazilian Tree., Lt.& Pow.. Ltd..(quar.) 154 Dec. 1 Holders of rec. Oct. 31
Brooklyn Rapid Transit (guar.)
134 Jan. 1 Holders of rec. Dec. 9
Con. Ark.Ry.&Lt.Corp.,p1.(qu.)(No. 7) 134 Dee. 1 Holders of rec. Nov. 14a
Detroit United By. (Misr.)
134 Dec. 1 Holders of rec. Nov. 14a
Eastern Texas Electric Co., pref.(No.6)
Jan. 1 Holders of rec. Dec. 19a
El Paso Elec. Co., com. (qtr.) (No. 14) 234 Dec. 15 Holders of rec. Dec. la
Jan. 11 Holders of rec. Dec. 24a
Preferred (No. 25)
3
Frankford& Southwark Pass. (guar.)
$4.50 Jan
2 Holders of rec. Dec. la
1
Lowisvi,le Traction, common (guar.)
Jan. 1 Holders of rec. Dec. 10
Manhattan Bridge Three-Cent Line (qu.) 154 Dec. 1 Holders of rec. Nov. 27a
Massachusetts Electric Companies, pref.-- $2 Jan. 1 Holders of rec. Nov.30
3
Dee. 10 Holders or rec. Nov. 309
Norfolk Railway dr Light
154 Dec.35 Holders of rec. Nov. 309
Northern Ohio Tr. dr Lt.. corn. (quar.)_
134 Dec. 1 Holders of rec. Nov.209
Northern Texas Elec.. com.(qu.)(No.21)
Dec. 1 Holders of rec. Nov.23a
Rochester R.& Light. pref. (quar.)__
Second & Third Sts. Pass. Ry. (guar.)._ _ $3 Jan. 2 Holders of rec. Dee. la
washington(D.C.) Ry.drEfitc..coni.(q11.) 134 Dec. 1 Nov. 15 to Nov. 16
114 Dec. 1 Nov. 15 to Nov. 16
Preferred (quar.)
Wisconsin-Minn. Lt. & Pow.. pi. (au)
- 154 Dee. 1 Nov. 18 to Nov.30
Trust Companies.
-Citizens'. Brooklyn (guar.) 134 Dec. 1 Holders of rec. Nov.20
Manufacturers'
Miscellaneous.
Dec. 1 Nov. 17 to Nov.30
$1
Adams Express ((Plan)
Amalgamated Copper (quar.)
34 Nov.30 Holders of rm. Oct. 24a
Dec. 1 Nov. 13 to Dec. 3
American Cotton Oil, preferred
Dee. 1 Holders of rec. Nov. 18a
American Gas (quar.)
Dec. 1 Holders ot reo. Nov. 25a
Amer.Power & Light. cam.(qu.)(NO.8L..
Dec. 31 Dec. 23 to Jan. 1
AmericanRadiator. common (quar.)
Dec. 15 Nov. 28 to Dec. 6
m.Smelt.& Ref.,corn.(qu.)(No.45)
134 Dec. 1 Nov. 14 to Nov.22
Preferred (quar.)(No. 62)
134 Jan. 2 Holders of tee. Dec. la
Amer. Sugar Refs.. coin. & prof. (qu.)
134 Dec. 1 Holders of rec. Nov.309
Amer. Telegraph & Cable (guar.)
Dec. 1 Holders of rec. Nov. 149
American Tobacco, common (quar.)- Dec. 15 Holders of rec. Nov. 20a
Atlantic Refining
1% Dec. 10 Nov. 29 to Dec. 10
Atlas Powder (quar.)
Dec. 1 Holders of rec. Nov. 24a
Blackstone Val.Gas & El.,com.(gu.)(N0.0) 2
Dec. 1 Holders of rec. Nov. 240
3
preferred (No• 5)
154 Jan. 2 Holders or rec. Dec. 21
Booth Fisheries, first preferred (guar.)._
Borden's Condensed Milk, prof. (quay.). 154 Dec. 15 Dec. 6 to Dec. 15
134 Jan. 2 Dec. 17 to Jan. 1
Brooklyn Union Gas (quar.) (No. 55)
Jan. 2 Dec. 17 to Jan. 1
1
Extra
$2 Dec. 15 Holders of rec. Nov.24
Buckeye Pipe Line (quar.)
54 Dec. 1 Holders of rec. Nov. 18a
Butterick Company (quar.)
134 Jan. 2 Holders of rec. Dec. 10a
Central Leather, preferred (gnar.)
Central Miss. Val. Elec. Properties
$1.50 Dec. 1 Holders of rec. Nov. 209
Preferred (quer.)(No. 9)
Dec. 22 Dec. 1 to Dec. 22
Chesebrough Mfg. Consolidated (qUar.)Dec. 22 Dec. 1 to Dec. 22
4
Extra
Dee. 31 Holders of rec. Dec. 309
2
Telephone (quar.)
chicago
14 Dec. 10 Dec. 3 to Dec. 10
Childs Company, common (Par.)
154 Dec. 10 Dec. 3 to Dec. 10
preferred (guar.)
Dec. 4 Holders of rec. Dec. 1
coy & Suburban Homes
Name of Company.
Miscellaneous (Concluded).
Cleve.& Sandusky Brewing, prof.(qu.) Colorado Power, pref. (quar.)
Columbus Gas& Fuel,com.(Guar.)
Connecticut Power, pref. (qu.)(No. 7).Conneelicul River Power of Maine, pref._
Consolidated Gas (quar.)
Continental 011 (quar.)
Crescent Pipe Line (quar.)
Cuban-American Sugar, pref. (quar.)
Cumberland Pipe Line
Deere & Co., pref. (quer.)
Diamond Match (quar.)
Domlnion Pow. dr Transm., urn. pt. stk.
Dominion Textile, common (quar.)
duPont Internat. Powder, pref. (guar.).
duPont(E.I.)de Nemours Poted.,com.(gu.).
Preferred (guar.)
Eastman Kodak, com. (guar.)
Preferred (quar.)
Electric Properties Corporation, preferred_.
Essex dr Hudson Gas
Federal Mining & Smelt., pros. (quar.)
Galena-Signal 011, corn. (quar.)
Preferred (Guar.)
General Asphalt, pref. (quar.)(No. 30)
General Chemical, common (guar.)
General Chemical, common (extra)
Preferred (quar.)
General Electric (quar.)
Globe Soap, 1st, 2d & spec. pf.stks.
Goodrich (B. F.) Co., pref. (quar.)
Great Northern Ore Certificates
Great Northern Paper (quar.)
Hackensack Water, corn, and preferred
Harbison-Walker Refrac., com. (quar.)_
Hawaiian Commercial dc Sugar
Extra
Inland Steel (quay.)
Int. Harvester of N.J.. PL.(qu.)(No.31)
Int. Harvester Corp.. Df. (qu.)(No.7)._
International Nickel, common (guar.).Internat. Smokel.Pow.dr Ch..corn.(qu.)
Jumbo Extension Mining
Kings County El. Lt.& P.(qu.)(No.59)
La Belle Iron Works, pref.(guar.)
Lackawanna Steel. preferred (Oust )-Laclede Gas Light, com. ((filar.)
Preferred
Lake of the Woods Milling, common
Preferred (guar.)
Lehigh Coal & Nay.(quar.)(No. 144)...Liggett & Myers Tobacco, com. (quar.)
Liggett & Myers Tobacco, pref. (guar.)_ _ _
Lindsay Light Co., preferred (guar.).Louisvilie Gas & Electric, pref.
Mackay Companies, corn. (vs.)(No. 38)._
Preferred (guar.) (No. 44)
Massachusetts Gas Companies, preferren
May Department Stores,common (quar.)
Mergenthaler Linotype (quar.)
Extra
Middle West Utilities, pref. (quay,)
Moline Plow. lot pref.(quar.)
Montana Power, common (guar.)
Preferred (guar.)
Montreal Cottons, Ltd., com. (quar.)....
Preferred (quar.)
National Biscuit, corn. (qtr.)(No. 66)
Preferred (quar.)(No. 67)
Nat. Cloak & Suit, pref.(guar.)
Natienal Lead, corn. (quar.)
National Lead, pref. (quar.)
National Properties, preferred
National Sugar Refining (quar.)
National Transit (Guar.)
New York Air Brake (quar.)
N. Y.& Q. El. Lt. & Pow., prof. (qtr.).
North American Co. (guar.)(No. 43)...
Northern Pipe Line
Ogilvie Flour Mills, Ltd., pref. (quar,)..
Ohio Cities Gas, common (MIRO
Ohio Cities Gas, prof. (quar,)
Ohio 011 (quar.)
Extra
Pabst Brewing, prof.(guar.)
Pennsylvania Lighting, common
Pettibone-Milliken. 1st & 2d pref.(guar.).
Second preferred (guar.)
Philadelphia Electric (quar.)
Pittsburgh Brewing,common (Clusx.)-Preferred (quar.)
Plasb. Term. Whouse & Transf.(mthly.)_
Porto Rican Amer. Tobacco (quar.)
Pressed Steel Car. com.(qu.)(No. 23)
Quaker Oats. common (quar.)
Preferred (quar.)
Quaker Oats, preferred (quar.)
Ouincy Mining (guar.)
Rahway Steel-Spring. pref. (guar.)
Realty Associates (No. 24)
Solar Refining
Southern Pipe Line (quar.)
South Porto Rice Sugar, com. (quar.)-Preferred (quar.)
Southwestern Pow. & Lt., pref. (quer.).
Standard 011 (California) (quar.)
Standard 011 (Indiana) (quar.)
Extra
Standard Oil (Kentucky) (guar.)
Standard Oil (Nebraska)
Standard Oil of N. J. (quar.)
Standard Oil of New York (guar.)
Standard 011 (Ohio) (guar.)
Extra
Studebaker Corporation, preferred (qu.).
Swift & Co.(guar.) (No. 113)
Tennessee Eastern Electric, pref. (guar.).... _
Texas Company (quar.)
Underwood Typewriter, corn, (quar.)
Preferred (quar.)
Maim Stock Yards, Omaha (guar.)
United Cigar Mfrs., preferred (quar.) _
United CigarStoresof Am.,pf.qu.)
(No.9)
T.J. S. Gypsum. pref. (Guar.)
U. S. Steel Corp., corn. (quay.)
Preferred (quar.)
Utah Consolidated Mining
Waltham Watch. preferred
Washington Oil
WhIte(J
Pf.(q11.)(No.7)
Wbite(J.G.)Management,PL (q1L)(No.7)
Wisconsin Edison (quar.)
Woolworth(F.W.), com.(quar.)(No. 10)
Preferred (quar.)
1583
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
1
Dec. 15 Holders of rec. Nov.309
154 Dec. 15 Holders of rec. Nov. 309
Dee. 1 Holders of rec. Nov. 14a
I
$1.50 Dec. 1 Holders of rec. Nov.21a
3
Dec. 1 Holders of rec. Nov. 25
154 Dec. 15 Holders of rec. Nov. 12a
dDec.17 Nov. 28 to Dec. 17
3
750. Dec. 15 Nov. 26 to Dec. 15
154 Jan. 2 Holders of rec. Dec. 159
5
Dec. 15 Holders of rec. Nov.30
154 Dec. 1 Holders of rec. Nov. 14a
154 Dec. 15 Holders of rec. Nov.300
2
Dec. 15 Holders of rec. Nov.30
14 Jan. 2 Holders of rec. Dec. 15
154 Jan. 2 Holders of rec. Dec. 21
2
Dec. 15 Holders of rec. Dec. 5
14 Jan, 25 Holders of rec. Jan 151
234 Jan, 2 Holders of rec. Dec. 59
134 Jan. 2 Holders of rec. Dec. 59
2
Dec. 10 Holders of rec. Dec. 1
4
Dec. 1 Holders of rec. Nov.20
Dec. 15 Holders of rec. Nov.209
1
3
Dec. 31 Holders of rec. Nov.309
2
Dec. 31 Holders of rec. Nov.309
14 Dec. 1 Holders of rec. Nov. 14a
14 Deo, 1 Holders of rec. Nov. 19a
5
Feb. 1 Holders of rec. Dec. 31a
134 Jan. 2 Holders of rec. Dec. 17a
2
Jan, 15 Holders of rec. Nov. 28a
134 Dec. 15 Dec. 1 to Dec. 15
154 Jan. 1 Holders of rec. Dec. 21a
50e, Dec. 22 Dec. 9 to Doc. 22
134 Dec. 1 Holders of rec. Nov.309
3
Dec. 1 Nov. 15 to Dec. 9
34 Dec. 1 Holders of rec. Nov.20
28c, Dec. 5 Holders of rec. Nov. 25
50c. Dec. 5 Holders of rec. Nov.25
I
Dec. 1 Holders of rec. Nov. 10
154 Dec. 1 Holders of rec. Nov. 100
14 Dec. 1 Holders of rec. Nov. 100
254 Dec. 1 Nov. 15 to Dec. 1
54 Jan. 2 Holders of rec. Dec. 21a
5e. Dec. 15 Holders of rec. Nov.20
2
Dec. 1 Holders of rec. Nov. 200
1
Dec. 24
154 Dec. 1 Holders of rec. Nov.30
154 Dec. 15 Dec. 2 to Dec. 15
24 Dec. 15 Dec. 2 to Dec. 15
2
Dec. I Holders of rec. Nov. 259
14 Dec. 1 Holders of rec. Nov. 26a
$1
Nov.30 Holders of rec. Oct. 310
3
Dec. 1 Holders of rec. Nov. 180
151 Jan. 2 Holders of rec. Dec. 15a
154 Nov.30 Holders of rec. Nov. 16a
1% Dec. 10 Holders of rec. Nov.30a
154 Jan, 2 Holders of rec. Dec. 9a
1
Jan, 2 Holders of rec. Dec. 9a
2
Dec. I Nov. 15 to Nov.30
134 Dec. 1 Holders of rec. Nov. 200
254 Dec. 31 Holders of rec. Dec. 59
3
Dec. 31 Holders of rec. Dec. 50
154 Dec. 1 Holders of rec. Nov. 14
14 Dec. 1 Holders of rec. Nov. 17a
54 Jan, 2 Holders of rec. Dec. 15
154 Jan, 2 Holders of rec. Dec 15
1
Dec. 15 Holders of rec. Dec. 5a
154 Dec. 15 Holders of rec. Dec. 5a
154 Jan, 15 Holders of rec. Dec. 280
151 Nov.30 Holders of rec. Nov. 160
14 Dec. 1 Holders of rec. Nov. 209
54 Dec. 31 Dec. 12 to Dec. 16
154 Dec. 15 Nov. 21 to Nov.24
3
Jan. 15 Holders of rec. Jan. 6
154 Jan. 2 Holders of rec. Dec. 7
750. Dec. 15 Holders of rec. Nov.30
155 Dec. 23 Holders of rec. Dec. 2a
1
Dec. 1 Holders of rec. Nov. 209
154 Jan. 2 Holders of rec. Dee. 15
5
Jan. 2 Holders of rec. Dec. 14
14 Dec. 1 Holders of rec. Nov.20
14 Dec. 1 Holders of rec. Nov.14
14 Jan. 1 Holders fo rec. Dec. 15
$1.25 Dee. 19 Nov. 25 to Dec. 9
75e. Dec. 19 Nov. 25 to Dec. 9
154 Dec. 15 Dec. 8 to Dec. 15
1
Nov.30 Holders of rec. Nov.24a
14 Jan. 2 Holders of rec. Dee. 17
154 Jan. 2 Holders of rec. Dec. 17
3934e. Dee. 15 Holders of rec. Nov. 209
35 Nov. 30 Nov.20
to Nov.30
154 Nov.30 Nov.20 to Nov.30
2154c Dec. 15 Holders of rec. Dec. 8
50 Dec. 3 Nov. 15 to Dec. 3
54 Dec. 16 Nov.26 to Dec. 15
254 Jan. 15 Holders of rec. Dec. 31a
154 Feb. 27 Holders of rec. Feb. la
154 Nov. 30 Holders of rec. Nov. 2a
50e. Dec. 21 Holders of rec. Nov. 28a
14 Dec. 21 Holders of rec. Dec. 4
3
Tan. 15 Holders of rec. Jan. 5
5
Dec. 21 Dec. 1 to Dec. 21
6
Dec. 1 Holders of rec. Nov.16a
1
Jan. 2 Holders of rec. Dec. 12a
2
Jan, 2 Holders of rec. Dec. 12a
14 Dec. 1 Holders of rec. Nov. 25a
254 Dec. 15 Holders of rec. Nov. 23a
3
Nov.30 Nov. 10 to Nov.30
3
Nov. 30 Nov. 10 to Nov.30
4
Jan. 2 Dec. 16 to Jan. 1
10
Dec. 20 Holders of rec. Nov. 20a
5
Dee. 15 Holders of rec. Nov. 209
2
Dec. 15 Holders of rec. Nov.27
3
Jan. 1 Dec. 5 to Dec. 23
3
Jan. 1 Dec. 5 to Dec. 23
154 Dec. 1 Holders of rec. Nov.209
14 Jan. 1 Dec. 11 to Jan.
134 Dec. 1 Holders of rec. Nov. 20a
254 Dec. 31 Holders of rec. Dec. 17a
1
Jan, 1 Holders of rec. Dec. 19a
131 Jan. I Holders of rec. Dec. 19a
14 Dec. 1 Nov. 21 to
Nov.30
154 Dec. 1 Holders of rec. Nov. 290
154 Dec. 15,Dee. 1 to Dec 15
134 Dec. 24'Dee. 11 to Dec. 25
51 Dec. 30 Dec. 2 to
Dec. 10
134 Nov. 28 Nov. 3 to
Nov. 16
50c. Dee. 22 Holders of rec. Dec. 1
3
Dec. 1 Holders of rec. Nov.10
$3 Dec. 31 Dec. 1 to Jan. 1
154 Dec. 1 Holders of rec. Nov. 16
154 Dec. 1 Holders of rec. Nov. 18
$1.75 Dec. 1 Holders of rec. Nov. 14
14 Dee, I Holders of rec. Nov 104
14 Jan. 2 Holders of rec. Dee. 109
a Transfer books not closed for this dividend. b Leas British Income
tax. d Cop.
rection, e Payable in stock. fPayable in common stock. g
Payable in scrip.
h On account of accumulated dividends. I Payable in dividend
certificates maturMg Nov. 1 1919 and bearing Interest from Nov. 1 1914 at rate of 4%
per annum,
payable semi-annually, said certificates to be mailed on Dec.
10.
THE CHRONICLE
1584
The Federal Reserve Banks.—The Federal Reserve
Board gave out on Saturday a consolidated statement of
condition of the Federal Reserve banks comprising the system at the close of business Nov. 20. In reply to a request
for separate statements for the individual banks, Governor
Hamlin states:
In view of the fragmentary character of the reports received from several banks
last week, the Board decided to give out last Saturday only a consolidated statement
for the entire system, and to defer for another week the publication of the statements by individual banks.
It is bored that next Saturday's rercrts, showing conditions at the close of business on Friday, Nov. 27, will be sufficiently complete to warrant the publication
of data by banks.
It Is our present plan to give out each Saturday, about noon, a weekly consolidated statement, showing condition of the Federal Reserve Bank System at the
close of business on the preceding day, and to give out a like statement by banks
on the following Monday.
The daily papers have printed figures and telegraphic
dispatches purporting to show some of the items of assets
and liabilities of the twelve separate Federal Reserve benks.
These it has been impossible to verify for the reasons enumerated in the above, but we reprint them below subject to the
qualification that they are not official, and the reader can
accept them for what they may be worth.
FEDERAL RESERVE DISTRICT BANK STATEMENTS.
At close of business Nov. 20 1914.
Total for Dist. No.1 Did. No. 2Dist. No.3 Dist. No.4 Dist.No.5
at Phila- at Cleve- at Richat
at
12 District
Boston. New York. aelphia.
Banks.
land.
mond.
Liabilities.
S
$
$
$
$
$
Capital paid In. 18,072,000 1,619,000 3,321,950 2,088,114 2,025,924 1,089,317
Reserve deposits 227,138,000 15,151,000 107,529,994 17,706,858 14,457,272 3,780,394
Fed. rm. notes
10,000
1,215,000
in circulation_
224,875
Total liabil's_ 246,425,000 16,780,000 111,076,819 19,794,973 16,483,276 7,869,711
Assets.
Gold coin & ctfs 203,415,000
17,832,943
7,423,403
Legal-tender,s111,934,668
aver Mrs., &c_ 37,308,000
434,145
Cash on hand 240,723,000 16,580,000 108,314,67419,767,611 16,464,486 7,857,548
200,000 3,023,500
Re-discounts__ _ 5,607,000
23,617
95,000
Excl.ofF.R.
All other assets_
18,790
12,163
notes on
Total assets__ 246,425,000 16,780,000 hand, earn- 19,794,973 18,183,276 7,869,711
Ines, expenses& accels.
District District District Distria District District District
No. 6 at No. 7 at No. 8 alga. 9 a .Vo. bat No. 11 at No. 12 at
Atlanta. Chicago. St.Lout,.1.ftn'olts Kan.City Dallas. San Fran
—
—
Liabilities.
S.
$
Capital paid in. 786,595 2,195,188
Reserve deposits 3,073,989 38,127,866
Fed. res. notes
819,315
$
5
800,000
5500000
175,000
8
$
8
957,001 1,295,033
1,636,878 7,347,840
No
report
Total Habits__ 3,860,534 11,142,369 obtain- 6475000
5,593,879
Assets.
able.
Gold coin & ctfs 2,550,000 36,687,925
6250,000
Legal-tender,silver ctfs., &c. 1,303,985 3,303,790
Cash on hand 3,853,985 39,991,715
5,574,746
Re
-discounts_ _.
1,130,522
220,000
19,133
All other assets.
6,599
20,132
Total assets__ 3,860.584 41.142.369
5.593.879
Gold reserve against all liabilities
89%
Cash reserve against all liabilities
105%
Cash reserve against all liabilities, after setting aside 40% gold reserve against
Federal Reserve notes In circulation
105%
Statement of New York City Clearing-House Banks
and Trust Companies.—The weekly New York City Clearing-House bank statement was issued on Saturday last, and
an "amended statement", with corrected figures, was given
out on Friday of this week. The explanation accompanying the "amended statement" will be found in a preceding
column of to-day's "Chronicle." Special interest attaches
to this statement of last Saturday because it is
in an entirely new form, made necessary by the inauguration the previous Monday of the Federal Reserve banking system, under which part of the reserves of the banks
are transferred to the Federal Reserve regional banks.
In preparation for the change amendments to the
Clearing-House constitution were adopted on Nov. 13.
These amendments appeared in the "Chronicle" of Nov. 14,
page 1420.The most important change, the lowering of
reserve requirements, may be explained as follows: All bank
members of the association were formerly required to keep
in their own vaults a cash reserve of 25% o their net deposits.
This has been changed so that national banks are required
to maintain a reserve of 18% of demand deposits and 5%
of time deposits and State banks a reserve of 18% of aggregate demand deposits. Trust companies, which were required to maintain a cash reserve of 25% of their "legal net
deposits" (of which, however, only 15% had to be kept in
their own vaults, the other 10% being optionally on deposit
-H. members carrying full 25% cash reserve in their
with C.
own vaults) are now permitted to reduce their reserve holdings to 15% of "aggregate demand deposits." These "aggregate demand deposits" must include deposits secured by
bonds of the State or City of New York which were deducted
in arriving at "legal net deposits" on which reserve was
formerly based. The proportion of these reserves which
must be kept on hand and the percentage which may be on
deposit with other institutions is fixed by the ClearingHouse to coincide with the provisions of the Federal and
of
State laws governing the maintenance . reserves by the
institutions under their respective jurisdictions. Briefly,
these laws provide that of the 18% on demand deposits
and 5% on time deposits required of a national bank sixeighteenths must be in its vaults, seven-eighteenths in the
Federal Reserve bank and the remainder,optionally,either in
own vaults or in the Federal Reserve bank. The 18% of
aggregate demand deposits which State banks must hold as
XCIX.
reserve may consist of not less than 12% of such deposits
as reserves on hand and remainder on deposit. Trust companies carrying 15% reserve against aggregate demand deposits must maintain at least 10% of such deposits as reserve on hand, remainder on deposit.
The new statement shows "Reserve in own vaults" $350,462,000 and "Reserve in Federal Reserve bank" $96,060,000
—a total of $446,522,000 (corresponding to item of "Aggregate cash reserve" reported the preceding week at $442,799,000). To this is added "Reserve in other depositories"
-H.
$25,484,000 (formerly 'Trust companies' reserve with C.
members carrying 25% reserve"—Nov. 14 $57,840,000),
making "Aggregate reserve" $472,006,000, against a total
reserve preceding week of $500,639,000.
The surplus reserve of $7,413,900 shown Nov. 14 represented cash over required reserve of 25% for banks and 15%
for trust companies. If to this we add the $57,840,000 trust
companies' reserve carried on deposit the total surplus reserve would have been $65,253,900, comparing with the
similar item, under lessened reserve requirements, this week
reported at $137,890,540.
Another change is in the method of stating deposits.
Deposits secured by bonds of the State or City of New York
formerly deducted by banks and trust companies in stating
"Legal net deposits" under the old form of statement are
now included in "Net demand deposits." Time deposits
of national banks, which had been included in "Legal net
deposits," are now deducted in arriving at "Net demand
deposits"; they appear, however, as a separate item in "Net
time deposits' shown in the new statement. The item "Net
time deposits" includes, also, State banks' and trust companies' deposits not payable within 30 days which were not
reported heretofore, although they were always deducted
from the gross amount of deposits in making up the item
"Legal net deposits." These several changes appear to be
the reason why the total of net deposits now (time and demand combined) amounts to $2,027,960,000, against only
$1,925,354,000 the previous Saturday.
We give below• the statement as issued by the ClearingHouse, but, on account of the changes set forth above in
the method of computing the results, we omit all comparisons with preceding dates. The figures are the revised
totals given out yesterday, not those originally made public
last Saturday.
SUMMARY OF WEEKLY STATEMENTS.
Companies.
Clearing-House Members—Banks and Trust
Daily Average Week Ending Nov. 211914.
$2,164,651,000
Loans, &c
350,462,000
*Reserve in own vaults
96,060,000
*Reserve in Federal Reserve Bank
25,484,000
*Reserve in other depositaries
1,936,028,000
Net demand deposits
01,932,000
Net time deposits
92,652,000
Circulation
472,006,000
*Aggregate reserve
137,890,540
Excess reserve
*Aggregate reserve.
The State Banking Department continues to report the
weekly figures showing the condition of State banks and trust
companies in New York City not in the Clearing-House, and
these are shown in the folowmg table:
GREATER
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN
STATEMENT.
NEW YORK, NOT INCLUDED IN CLEARING-HOUSE
(Figures Furnished by state Banking Department.)
$561,111,700 Inc. 5732,600
Loans and Investments
249,800
41,730,200 Inc.
Gold
977,500
12,399,000 Dec.
Currency and bank notes
636,683,500 Dec. 1,199,900
Total deposits
Deposits, eliminating amounts due from reserve
depositaries and from other banks and trust
126,900
553,451,200 Inc.
companies In New York City and exchanges
140,895,600 Dec. 2,091,700
Reserve on deposits
RESERVE.
—Trust Companies—
Stale Banks—
$41,906,900 9.70%
$12,231,300 13.13%
Cash in vault
75,203,300 17.40%
Deposits in banks and trust co's_ _ _ 11,554,100 12.40%
5117,110,200 27.10%
$23,785,400 25.53%
Total
Aggregate reserve on deposits, $140,895,600: decrease, $2,091,700. Per cent
of legal reserve, 26.80.
The averages of the New York City Clearing-House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House,compare as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphers in all these figures.
Week
Ended—
Sept. 19
Sept. 26
Oct. 3
Oct. 10
Oct. 17
Oct. 24
Oct. 31
Nov. 7
Nov. 14
Nov. 21
Loans and
Investments.
Deposits.
Money in
Own Vaults
Other
Reserve.
Total
Reserve.
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
2.725.762.7
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
2.489.479.2
5
463,666,1
470,302,5
479,725,9
484,086,3
489,240,0
498,763,1
503,256,1
505,008,8
497,664,9
404.600.2
$
125,334,3
129,793,1
135,519,7
137,159,3
135,137,1
136,799,1
142,489,1
147,597,4
145,961,4
208.301.4
$
589,099,4
600,095,6
610,245,6
621,245,6
624,377,1
633,562,2
645,745,2
652,656,2
643,626,3
612.901.6
In addition to the returns of "State banks and trust companies in New York City not in the Clearing-House" furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this
class in the whole State. The figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
following.
For definitions and rules under which the various items
are made up, see "Chronicle," V. 98, p. 1661.
THE CHRONICLE
Nov. 281914.]
STATE BANKS AND TRUST COMPANIES.
State Banks
Trust Cos
Trutt Cot.
State Banks
outside of
outside of
Its
in
Greater N. F. Greater N. F. Greater N. 5'. Greaser N. 3'.
Week ended Nov. 21.
Capital as of Sept. 12____
324,550,000
$67,300,000
39,119.300
$10,758,000
$11,300,000
151.148,900
13,894,100
11,702,800
Loans and investments_ _
1... Change from last week_
322,247,000 1,103.917,000
+1,905.900 +3,991,800
132,744,500
+232,300
192,722,700
+316,600
Gold
Change from last week.
80,975,600
47,048,900
-1,609,200 -1,288,700
Currency and bank notes_
6 Change from last week.
37,261,700
-1,512,600
Deposits
Change irom last week.
409,228.400 1,199,174,700
-1,039,800 +7.085,600
Reserve on deposits
Change from last week_
103,889,500
-2,256,900
Surplus as of Sept. 12__
22,436,200i
-1,240,000
241,162,100,
-1,826,0001
136,338,800
+196 300
196,440,800
-699,100
23,426,700
--142,700
23,730,000
-1,511,500
29.5%
25.471
P. C. reserve to depo*Its_
Percentage last week
29.3%
25A`g
_
+ Increase over last week. -Decrease from last week.
18.9%
19.1%
14.4%
15.3%
Boston and Philadelphia Banks.
-Summary of weekly
totals of Clearing-House banks of Boston and Philadelphia:
We omit two ciphers WO) in all these figures
Banks.
Capital
and
Surplus.
Loans.
Specie.
Legais
Deposits.
a
Circa.
lotion.
Clearings
Boston.
$
$
$
$
Oct. 3_ No state ment Issu ed.
130.921,8
Oct. 10_ No state ment issu ed.
124,433,2
Oct. 17_ No state ment issu ed.
134,223,1
Oct. 24_ No state ment issu ed.
144,652,1
Oct. 31_ No state ment Issu ed.
123,014.8
Nov. 7_ No state ment !mu ed.
168,268,1
Nov. 14_ No state merit issu ed.
138.952.7
Nov. 21_ No state ment issu ed.
1.46,429,8
Phila.
Oct. 3_ 103,684.3 401,699,0
94,029,0
*434,394,0 15,504,0 154,615,9
Oct. 10_ 103,684,3 401,912,0
90.049,0
*428.208.0 15,683,0 143,371.3
Oct. 17_ 103,684,3 400,840,0
92,549,0
*435,866,0 15,902.0 140,830.3
Oct. 24_ 103,684,3 399.731,0
92.023,0
*429,604,0 15.985,0 146,031,8
Oct. 31_ 103,684.3 397.346,0
93,423.0
*424,779.0 16,178,0 126.758,2
96,430,0
*432,391,0 16,233,0 148,524,4
Nov. 7_ 103,684,3 395,705,0
Nov. 14_ 103,684.3 395,058,0
95.099.0
*428,612.0 16.069,0 152,173,6
90,251,0
*428,989,0 15,210,0 158,692,1
Nov. 21_ 103,684.3 343,182,0
a Includes Government deposits and the item "due to other banks."
* "Deposits" now include the item "Exchanges for Clear ng House," which
were reported on November 21 as $12,938,000.
-The following are
Imports and Exports for the Week.
'the imports at New York for the week ending Nov. 21; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK
83,052,844
14,810,380
32,554,351
14,305,619
Dry goods
General merchandise
1912.
1913.
1914.
For Week.
1911.
33,230,100
20,695,415
52,666,195
13,677,861
316,859,970 317,863,224 $23,925,515 $16,344,056
Total
Since January 1.
Dry goods
General merchandise
$154,867,000 $141,128,682 $137,335,337 8127,249,676
726,550,192 744,943,434 785,497,417 666,990,819
Total 47 weeks
. •-
1585
Sales of Philadelphia Company scrip were made this
week (Nov. 25) at 90.
Boston Prices.
-The Boston "Transcript" reports securities dealt in through the Committee of Five of the Boston
Stock Exchange and prices as follows:
Stocks
Nov. 24.
Nov. 21.
Nov. 23.
/kiosks Gold Mines (par $10)_
324-244
$2454
3244-2454
Amalgamated Copper Co_ _ _ _
Amer Agric Chemical, pref..
91
Amer Pneu Serv, pf (par 350)_
American Sugar, common__ __
4
155-103- =104
10394
Preferred
109 .
109%
Amer Teiephone & Telegraph_
116
116%
1101:11654
American Woolen preferred
77-77%
77
77
American Zinc Lead Inc ($25)
513
3124-124
Amoskeag Mfg, common....
60
Anaconda Cop Min (par $25)_
Arizona Commercial (par $5)_
ii- .
g
i5;
iiii
Boston & Albany
_
Boston Elevated
90
90
8954-90
863.4Boston & Maine, common_ _ _
33if- 34
Butte & Super. Cop (par 3101.
528
3 -29
$28
524- 1
Calumet & Ariz Min (par 510)
$31%
Chino copper(par 35)
331%
.
8313.4
Copper Range Con Co
29
29
Edison Electric Illuminating.
240-2404
240
GeneralElectric
1374-1374
15754
1374-138
Kerr Lake Mining (par $5)
344-5
35
$5
Massachusetts Elec Cos, pref.
5654
Massachusetts Gas, common.
-Preferred
ii87
ii-Mayflower Mining (par 825).
$4If
McElwain(W H) 1st prei
106-Mergenthaler Linotype
zio-Mohawk Mining (par $25)- - Nevada Con Cop (par $5)...
siEl
a1084
s1634
New England Telep & Teleg.
128
NY New Haven & Hartford_
50
5054-7
-051
Nipissing Mines (par $5)- __ $54
---North Butte Mining (par $15)
$20
Old Colony RR
140,
.4
5
Old Colony Mining (par 325).
Pond Creek Coal (par $10)..
513
81511.34
Pullman Company
148
148
148
Shannon Copper (par $10)-- $4
Superior& Ben.Cop (par 510).
$tg
Superior Copper (par $25)...
Swift & Co
10154
102
Torrington Co, coin (par $5).
$28
TrinityCopper (par $25)....
$2%
United Fruit
128
128
Un Shoe Mach,corn (par $25)
$5354
5534-54
Preferred (par $25)
sigiA
5284
S Smelt, Ref & Min,of($50)
$43
$43
United States Steel Corp, corn
50%
50%
50%,
Preferred
104%
104%
Utah Apex Mining (par $5).
$134
Utah Consol Cop (par $5)_ _ _
$10
$IO
510
Utah Copper (par 310)
84554
5454-45% 8454-4551
West End St, corn (par 350)__ 56634-664
$66
Western Union Telegraph _ _ _ _
5634
Winona Copper (par 525)
$14
Wolverine Copper Min ($25).
$35
68Bonds-94
AmerTelep &Telcony 4431'33_
94
Col 45 1929
8731
8754
Chic Junct Rys& Un Stk Yds84
Col tr 45 1940
65Eng Tele!)& Teleg 5s_ _ _
New
99-0954
96
Western T & T 55 1132
Nov. 25.
324-244
49
104-10454
110-113
116-11634
77
$iiii
$34
130-18014
90-0054
34
530-304
3154
iiii-138
563.4
794
----
$39
$10%
14134
514--
22
103
128
5534
5284
$43
50%
104%
$14
$10
5454
58
94%
87%
3881.417.102 3886.072.116 8922.832.754 3794.240.495
Haffords & Co. of Fall River under date of Nov. 25
G.
The following is a statement of the exports (exclusive of quoteM. River mill stocks as follows:
Fall
specie) from the port of New York to foreign ports for the
Bid. Asked.
Bid. Asked.
week ending Nov. 21 and from Jan. 1 to date:
Luther Mfg
50
60
125
American Linen
EXPORTS FROM NEW YORK.
1914.
For the week
Previously reported
_Total 47 weeks
1913.
1912.
1911.
$19,885,938 313,219,049 317,954,986 $19,778,172
773,390,811 773,100,407 735,095,737 687,310,861
5793,276 749 3786 319 456 $753,950,723 $707,089,033
The following shows exports and imports of specie at port
of New York for week ending Nov. 21 and since Jan. 1 1914,
and for corresponding periods in 1913 and 1912:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Espana.
Gold.
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1914
Total 1913
Total 1912
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1914
Total 1913
Total 1912
Since Jan.1
$37,971,960
85,540,015
1,018,913
937,201
1,106,014
841,470 1.280.508
355,300
Imports
Week.
3750
242,440
6,054
96,678
33,330
Since Jan. I
$18,116
124,195
3,602
1,910,576
1,436,199
3,459,624
1,808,866
841.470 3128209911 $379,302 $8,761,178
32,500 68,896,146 2,860,103 23,734,225
25,470 33,235,951
811,494 27,244,862
$1,001,943 $32,283,087
3,204,408
$3,461
405.600
91,346
1,590,144
1,648,334
3,035
451.540
17,830
2,171
84,876
51,086,819 $39,222,919
817,567 44,330,057
979,645 51,654,890
$12,766
13,226
18,413
69,008
5,242,323
2,548,752
1,325,653
$478,037 $9,237,141
596,483 9,830,768
241.957 8,877,542
Of the above imports for the week in 1914, $241,350 were
American gold coin and $1,661 American silver coin.
-Prices are as follows:
New York City Bonds.
Bid. Asked.
10254 10394
445, March 1963
10254 10394
44s, May 1957
1024 10394
4.45, Nov. 1987
44s, May 1917
9954 10084
9954 10094
4548. Nov. 1917
9754 974
445, March 1964
4548, March 1962
9754 9734
454s, Sept. 1960
9754 9714
4545, March 1930-1960.... 973.4 9734
48, May 1959
9494 954
945.4 954
4s, Nov. 1958
9454 9594
48, May 1957
4s, Nov. 1956
4e, Nov lc55
4s, Nov. 1936
48, Nov. 1918-19
345, Nov. 1954-55
354s, May 1954
3Ifs, 1950-54
3Ifs, 1940-50
345, 1930-40
34s, 1920-30
3& 345, 1915-20
Bid. Asked.
934 9454
9354 9494
.4 9554
94 5
9854
8484
8454
4.40 "4:5i
4.40 4.30
4.40 4.30
4.40 4.25
4.50 4.30
Mechanics Mills
Merchants Mfg
Narragansett
1024 Osborn Mills
Pocasset Mfg
95
140
Richard Borden Mfg
85
Seaconnet Mills
Shove
95
100
Stafford Mills
102
Tecumseh Mills
105
Union Cotton Mfg
75
Wampanoag Mills
Weetamoe Mills
Last sales
-Border City Mfg., 95; Cornell Mills, 140; Mechanics'
Richard Borden Mfg., 120; Wampanoag, 75.
ArkwrIght Mfg
Barnard Mfg
Border City Mfg
Chace Mills
Conanicut
Cornell Mills
Davol Mills
Flint Mills
Granite Mills
King Philip Mills
Laurel Lake Mills
Lincoln
65
60
70
93
76
80
102
984
100
118
55
75
75
105
100
170
7734
80
Mills, 7174;
Chicago Stock Exchange Transactions.
-The following are the sales reported from Nov. 23 to Nov. 27, both
inclusive:
Bonds.
Chicago City Ky. 55 of 1927
-Nov. 23, 33,000 at 9854.
Chicago Ry. 5s of 1927
-Nov. 25. $5,000 at 96696%.
Commonwealth Edison Si of 1943
-Nov. 24. 31,000 at 884.
Commonwealth Electric 58 of 1943
-Nov. 25, 31,000 at 98% •
Morris & Co. 454a of 1939
-Nov. 27, 52,000 at 864.
Swift & Co.55 of 1944
-Nov. 25.515,000 at 94340943f; Nev. 27, 58,000 at 9454.
Stocks.
American Can common (par 5100)
-Nov. 24, 60 at 21; Nov. 25,40 at 2154 fg2134
Nov. 27. 45 at 220224;
American Linseed (par 5100)
-Nov. 25. 25 at 734.
Booth Fisheries, common (par 5100)
-Nov. 27, 175 at 374.
Booth Fisheries, prei. (par 8100)
-Nov. 23, 10 at 75; Nov. 24.4 at 74: Nov. 25, Sat
74; Nov. 27, 30 at 75.
Cal. & Chic. Canal & Dock (par 8100)-Nov. 23, 30 at 494.
Chic. Miiw. dr St. Paul (par 5100)
-Nov. 23, 75 at 8254; Nov. 24, 20 at 8254.
Chic. hYS., part. ctf. No. 1
-Nov. 25, 45 at 293.4; Nov. 27, 40 at 2954.
Commonwealth Edison (par 3100)
-Nov. 23. 35 at 135(4136; Nov. 24, 9 at 133
135: Nov. 25, 84 at 1340134%; Nov. 27, 24 at 134013454.
Corn Products Refining Co.. common (par 8100)
-Nov. 25, 20 at 74•
Diamcnd Match (par 5100)
-Nov. 23.26 at 91(59154.
Goodrich (13. F.), corn. (par 3100)
-Nov. 23, 50 at 22: Nov. 24. 150 at 2254 @)224;
Nov. 25, 110 at 2354; Nov. 27, 10 at 24.
Goodrich (B. F.), prof. (par 3100)
-Nov. 27, 50 at 91.
Hart, Shaffner & Marx, pref. (par$100)-Nov. 23, 10 at 103: Nov. 27, 7 at 103.
Illinois Brick (par 5100)
-Nov. 24, 4 at 60; Nov. 25, 15 at 60.
Illinois Central (par 3100)
-Nov. 23, 30 at 1034.
International Harvester of N. J. (par 3100)-Nev. 24, 4 at 94; Nov. 25, 13 at 920
924; Nov. 27, 60 at 92.
Kansas City By. & It. cut -Nov. 24; 16 at 2554
National Biscuit Co.. corn. (par 8100)
-Nov. 25, 182 at 120; Nov. 27, 5 at 121.
National Carbon,corn.(par $100)
-Nov.23, 18 at 110; Nov. 24.0 at 11154; Nov.25,
30 at 112; Nov. 27, 150 at 112.
People's Gas Lt. & Coke (par 3100)
-Nov. 23. 35 at 1174@118: Nov. 24, 260 at
116401174; Nov. 25, 87 at 1165401174; Nov. 27. 93 at 11694(511754.
Public Service of No. Ill., prof.(par 8100)
-Nov.23, 10 at 924: Nov. 24, 124 at920
924.
Rumley (M.) Co., corn. (par 5100)
-Nov. 25. 25 at 22.
Sears-Roebuck,corn.(par $100)
-Nov.25. 180 at 1684; Nov. 27, 225 at 1684°170
Southern Pacific Co. (par $100)
-Nov. 24, 16 at 83%.
Studebaker Corp., corn.(par 31013)
-Nov.23, 100 at 33; Nov. 24, 50 at 34: Nov. 25,
170 at 3415344; Nov. 27, 50 at 35.
15 6
THE CHRONICLE
-Nov. 25, 100 at 434.
Street's Western Stable Car Line (par 5100)
-Nov. 23, 188 at 102©103: Nov. 24, 31 at 103(410334:
Swift & Co. (par 5100)
Nov. 25, 198 at 10361104: Nov. 27. 101st 10434©10434.
-Nov.23.3 at 104; Nov.25,84 at 10334.
The Quaker Oats Co.. preferred (par 5100)
-Nov. 23, 85 at 146@)14654; Nov. 24, 57 at 146;
Union Carbide Co. (par 5100)
Nov. 25. 26 at 14634; Nov. 27, 29 at 14634 @14635.
-The Cleveland Stock ExCleveland Stock Exchange.
change re-opened on Nov.23. Sales from Nov.23 to Nov.25
both inclusive, follow:
Bonds.
-Nov. 23, 54,000 at 80.
U. S. Telephone its of 1919
Stocks.
-Nov. 25. 10 at 11534.
Cleveland Worsted Mills par (8100)
-Nov. 23, 105 at 103; Nov. 24, 30 at 103.
Cleveland Ry.(par $100)
-Nov. 23 100 at 21.
B. F. Goodrich Co., commen (par $100)
-Nov. 24, 10 at 180.
Goodyear Tire & Rubber, common (par 3100)
-Nov. 23, 7 at 9934: Nov. 24, Sat
Goodyear Tire dr Rubber, preferred (par 8100)
99, and 96 at 9956; Nov. 25, 120 at 99.
-Nov. 23, 5 at 60.
Northern Ohio Traction & Light. common (par 5100)
-Nov. 24. 50 at 12 and 50 at 14.
Peerless Motor Car (par 5100)
Bid. Asked.
BondsErie RR-N Y Susq&W 58 37 90
---70
Gen 55 1940
Midland of NJ 55'40
102
Public Serv Corp 581959... 8634 88
103
101
Trust certificates 6%
East Jersey St 5s 1944_
93
Ella Plaint dr Cent J 55'50 94
So Jere GE & Tr 551953. 97
99
Central Electric 58 1940.... 95
-United Elea Co 4.3 1949._ 77
79
Dundee W P & L 7E11922._ _103
Public Service Corp
J C H & Pat Ry 4s Nov '49 74
76
Nor Hud Co Ry5sJuly'28_ 102 103
Gas& Elof Bergen Co 58'49 98
100
Pat & Pas G & E 58 1949_100
102
Trenton GI & E 5s Mar'49 101
103
[VOL. xc
Bonds (concl.)Bid. Asked.
Plainfield Un Water 551931-101
103
Stocks (Per cent per share)
Consolidated Traction
68
71
Gas 35 Elec of Bergen Co
89
92
Newark Con Gas
90
95
Ironbound Trust Co
230
__ _
Stocks-(% per share) Bid. Asked.
Morris & Essex RR
150
_
N Y Lackawanna & West 110
_
Lackawanna RR of N J
90
Consolidated Traction Co 69
71-92
Crocker-Wheeler pre(
220 230
Singer Mfg
130
SpringfieldAvenue Tr
...520
American Insurance Co.
-The New Orleans Stock
New Orleans Stock Exchange.
Exchange re-opened for trading in bonds on Nov. 23. Following sales were reported:
-Following are official quotaDetroit Stock Exchange.
tions of the Detroit Stock Exchange as of Nov. 25:
American Cities Co. coll. tr. 5-6s of 1919 nds v. 23,$LOW at 8734.
o N.
- o
Birmingham Ry L & P 430 of 1954
-Nov. 24, 51,000 at 8654.
Louisiana State 450, 1964
-Nov. 24, $1,000 at 10034.
Bonds.
-Nov.23,$2,000 at 10034; Nov. 24,82.000 at10034•
Louisiana State 454s 011963
Std. Asked.
-Nov. 23, 83,000 at 1004.
Dtd. Asked. Louisiana State 450 of 1950
East Mich. Edison 55, 1931_ ___ 99
Louisiana State 454s of 1938
Consumers' Power 55, 1936_ ____ 90
-Nov. 23, SLOW at 10034.
98
New Orleans City Premium Bonds
Det. Gas Co. cons. 55, 1918_ ____ 101
-No.23, $2,000 at 277 flat; Nov. 24, $500 at
Detroit Elec. Ry.55, 1910._ 95
Det CityGas g.m. 5.s.'18-'28 95
278 flat.
Detroit & Flint 55. 1921_ _ _ _ ___. 93
_____
Do prior lien 58. 1923_ _ _
-Nov. 23,$1,000 at 9154; Nov. 24,15,000 at 9155.
Det. Ft. W.& B. I. 5s. 1928
99K New Orleans City 413
Det.& L. St. Clair 59, 1920.......... Det.& Suburb Gas 5s. 1928_ ___ 92
Gen. Motors notes 65, 1915_100
Det. M.& T.S. L. 58, 1933_ ____ 96
Philadelphia Prices.
-While transactions in the main in
101
_____ Mich.State Tel Co.58. 1924 ____ 9934
Det.& N W.4545, 1921_
Philadelphia are still subject to the approval of the Stook
Det.& Pontiac Ry.58, 1922- 91334 10034 Mich. United RYs• 55, 1936- 79
Rapid Ry. Co. 1st 55, 1915.......... Exchange Committee, the Philadelphia daily newspapers
Do 454s, 1926
_ _ 91
Do 58, 1916
Det.& Pt. H S.L.5s, 1950have reported dealings and prices as follows:
Tol. Fire & Nor. 55, 1920_ 92
net Ry. 5s, 1924
Sates.
BondsWyan t Det. River 5s, 1918 __-- 100
net. RR.& L. O.5s. 1920__ ____ 97
Lehigh Coal & Navigation 4556-Nov. 18 81 96: Nov. 19 at 9654.
99
By-Products Coke CorporaDet. Ypsi.65 A. A.6s. 1917_
Stocks
Lion 13s. 1930
9954
68. 1924
97
-Nov. 25 at $36.
American Railways, common (par 550)
87
Det. Y. A. A.& J. 58. 1926_
Detroit Rock Salt 65, 1932-- 50
Cambria Steel dividend scrip-Nov. 24 at 96; Nov. 25 at 40.
67
64
Det.United 4348, 1932
Michigan State Agricultural
-Nov. 19 at 840.
Cambria Steel (par 550)
Society 13s, 1911-20______
Det. Edison Co.58, 1933._ 9934
101
-Nov. 25 at 44.
Electric Storage Battery (par 8100)
Do debenture es. 1924-104 105
-Nov. 19 at 82534.
Internat. Smokeless Powd. & Chem., common (par 350)
Active Stocks.
-Nov. 24 at $52 and 55234; Nov. 25 at $5254:
Pennsylvania RR.(par 550)
Bid. Asked.
Bid. Asked. Philadelphia Electric (par 525)
-Nov.18 at 52334; Nov. 19 at 52334 ex-dIv.; Nov. 20
Mexican Crude Rubber__ __ 5
Acme White Lead & Color
6
at 52354 and $2334; Nov. 24 at 523%; Nov. 25 at 5234.
Works,common _______ ___ 14% Mich.State Telephone, pref. 8654 89
-Nov. 18 at $1154.
Philadelphia Rapid Transit (par $50)
1734 Michigan Sugar, common__ 39% 41
Preferred
-Nov. 18 at $3934.
Union '1 action (oar 850)
44
35
Preferred
Amer. Pub. Util
69
Nov. 19 at $434
-Nov. 18 at
Tonopah Belmont Develop. Co. (par 11)
66
62
Miles-Detroit Theatre
Preferred
834 9%
Nov. 24 at 6451; Nov. 25 at 84@&5494.
Minnesota Sugar, common_ ____ 30
Burroughs Add. Machine__ _ ____ 304
-Nov. 18 at $754; Ncv. 19 at 1751; Nov. 25
Tonopah Mining of Nevada (par 51)
97
Chalmers' Motor
Preferred
40
50
at 57 1-16.
Preferred
9334 National Grocer
6154 6234 United Gas Improvement (par 550)
-Nov. 19 at 179; Nov. 24 at 57954; Nov. 25
Preferred
Commonwealth Ry., Power
91g
89
at $80.
56
& Light. corn
58
Packard Motor
100
Quotations.
Bonds77
79
Preferred
Preferred
89
-Nov. 25, 9254 bid.
Allegheny Valley Ry. gen. 48 of 1942
Dec. & Cleve. Navigation-- 9334
Parke, Davis & Co
109
111
-Nov. 25, 9034 bid.
Bergner & Engel Brew. 68 of 1921
2134 Reo Motor Car
21
Detroit Creamery
2134 2234 Easton Coml. Elec. 5e of 1949
-Nov. 25, 9734 bid.
109
Detroit Edison
110
Reo Motor Truck
1034 1134 Interstate Rys. 45 of 1943
-Nov. 19 offered at 5554.
Detroit Iron & Steel_______ -_-9634.
854 Scotten-Dillon
105
-Nov 19,9634 bid.9634 asked; Nov.25. bid,9634 to
Lehigh Coal& Nay.450
um Trussed Con. Steel
Preferred
25
--Nov. 18,9534 bid; Nev. 19,at 95 bid.9554 asked; Nov.25.
Lehigh Valley RR.4355
General Motors., corn-----66346754
Preferred
bid,954 10 96.
8554 87
Preferred
VVhite S
Line
.
)
. 4 New York & Richmond Gas 55 of 1921
47%tar --i !
-Nov.25,88 bid.
Holland-St. Louis Sugar-- ---5
Wolverine Portland Cement 234
354 Pennsylvania RR. 55 of 1919-Nev. 25, bid 101.
Iron Silver Mining
105
Detroit Valve & Fittings__ 654
731
-Nov. 25, 51754 bid.
Coneolidated 4801 1948
S. S. Kresge
89
91
Tower's Wayne Co. Cream_ __-- 31
-Nov. 19, 9731 bid, 9734 asked: Nov. 24.98 11-16 bid.
Convertible 334s of 1915
Preferred
100
-Nov. 25, 4.70% basis bid.
-long maturities
Equipments
Maxwell Motor
15
14
-Nov. 25, 99 bid, IGO asked.
Pitts. an Chic. & St. Louis gen. 4548
1st preferred
45
43
bid, 54 asked.
-Nov. 25. 93
General 48
2d preferred
1854
17
-Nov. 18.0234 Lid, 9294 asked; Nov. 25, bid 9134 to
Reading Co. gen. 48 of 1997
Banks and Trust Companies.
9251.
-Nov. 25, 100 bid.
Bid. Asked. Spanish-American Iron (is. 1927
Bid. Asked.
American State
163
Michigan Savings
-Nov. 19, 99 bid.
Temple Coal 53 of 1924
Nat. Bank of Commerce_ _ _ __-- 209
Central Savings
225
Stocks
215
-Nov. 19, 4315 bid; Nov. 24.4534 bid.
Peninsular State
Detroit Savings
Electric Storage Battery (par 8100)
-Nov. 25, 535954 bid.
270
People's State
Dime Savings
236
Frankford & Southwark Paps. Ry.(par 850)
212
-Nov. 25, 674 bid.
United Savings
176
First & Old Detroit Nat
General Asphalt, preferred (par 8100)
-Nov 20,81014 bid,$1134 asked; Nov.24,
Wayne County & Home_ _ __ ____ 343
210
Keystone Telephone,common (par 150)
German-American
355
Detroit Trust
225
Highland Park State
51034 bid, $1134 asked.
-Nov. 25, 654 hid.
253
Security Trust
115
Geo. B. Newton Coal, 2d pref. (par $100)
Federal State
-Nov. 25, 34934 bid.
180
Union Trust
John 11. Stetson Co., common (par $100)
135
Merchants' National
-Nov. 25, 16434 bid.
German-Amer.Ln.& Trust_177
John B. Stetson Co.. preferred (par 5100)
zEx-dividend.
-Nov. 19, 103 bid.
Coal, preierred (par 3100)
The following sales were reported since Nov.10 to Nov.25, Temple
-Nov. 25, 14934 bid.
New Jersey & Seashore (par 850)
UK;
inclusive:
-Acme White Lead & Color, pref., at 1714; Amer. Light & Tree.,common,
Stocks
at 274, 293. 310, 31334; preferred, at 10014. 10154; Amer. Public Utilities, common.
at 40, 4554; preferred, at 6331; Cities Service, common, at 46; preferred, at 5511:
Commonwealth Power, Ry. & Lt. common. at 5654: preferred at 744; 7754;
Detroit Creamery at 2134, 2155; Detroit Edison at 10534, 106. 10634, 106, 10634.
10634, 10734. 10814; Detroit Valve & Fittings, at 7; General Motors common at
6151,6154,62%.6554. 6734.6734; preferred at 82%,82%.8551.8654. 86%; Maxwell Motor, common at 14. 1034, 14; Mexican Crude Rubber at 53.4, 554; NilesDetroit Theatre, at 9; Michigan Sugar, common at 381.1, 40, 4034; Minnesota
Sugar, preferred at 45; Reo Motor Car, at 2154, 22, 2114, 22; Reo Motor Truck,
at 1154; Scotten-Dilion Co. at 10754, 108; White Star Line, at 50. 5034• at 2151.1;
-Merchants' National Bank at 135; Peninsula State Bank
Banks
Wayne County & Home Savings Bank, at 349.
Recent changes in prices as reported under date of Nov. 21
by the H. P. Wright Investment Co., Kansas City, Mo.,
are as follows:
Stocks.
Bid. Asked.
M Rumeiy Co corn
85
70
Preferred
86
84
Moline Plow pref
46
43
Willys-Overland corn
88
86
Preferred
454
5454
Bonds.
K C Long Dist Tel 5^, 1925_
88
Light 5s, 1913._ 87
K C Ry &
K C Home Telep 58, 1923.. 8534 8634
J I Case Thresh Mach,pref.
Deere & Co pref
K C Ry & Light pref
Loose-Wiles Biscuit,2d pref _
Lucky Tiger Min (par 110)-
Bid. Asked.
7
5
19
17
97%
96
72
70
89
87
85
87
-The Exchange re-opened
Louisville Stock Exchange.
Nov. 16 for unrestricted trading in bonds. Following sales
were reported:
-Nov. 18, $1,000 at 9834; Nov. 19, $1,000 at 97;
Louisville Ry. gen. 15s of 1950
Nov. 24, 51,000 at 9634.
18, $13,000 at 102: Nov. 19, $2,000 at 102.
-Nov.
Louisville City 4545
-Nov. 24. 81,000 at 9554 •
Rochester Ry.& Light 55 of 1954
Quotations Nov. 25.
Street Railways (cotact.)-Bid. Asked.
Bid. Asked.
-,
Railroads
Portland Sty Ss, 1930
Loulsv Hend & St L 5s, 1940_ _ .... 101
9534 9534
Roch Ry & Lt 55, 1954
Street Railways,55, 1933 ___ 8834
Birm Ry L35 P ref& 6E1'57 9734 9854 Springfield (III) 11.3 1939.. 8454 88
Union Ry Gas&EI 5s,
93
______
E St L & Sub 5s, 1932
MiscellaneousKnoxv RV & Lt 55, 1945-- -__ 95%
9334
Cumb Tel & Tel 55, 1937.-- 92
10134 102
Loulsvide Ry 58, 1930
Fayette Home Telep 5s,'21-- 80
453s, 1940
9814 9954
9634 9734 Loulsv Water 4s, 1950
58, 1950
General
9854 9954
4s, 1946
Memphis St Ry 55, 1945._ 8934 93
San Francisco Stock and Bond Exchange Transac-The following are the sales reported from Nov.14
tions.
to Nov. 21, both inclusive. Like records will be found in
previous issues.
Bonds.
-Nov. 16. $1000 95%; Nov. 18. 51,000 at 9554•
Associated 011 58 of 1922
-Nov. 17, $1,000 at 9834.
Bay Counties Power 58 of 1930
-Nov. 18, $4,000 at 9854: Nov. 19, 51,000
California Gas & Electric a. 1. 58 01 1933
-Nov 14, 82,000 at 90: Nov. 18,
"
at B .
Californla Gas & Electric unit. & ref 55 of 1937
57,000 at 90; Nov. 20, 54,000 at 9034; Nov. 21,$5,000 at 9051.
-Nov. 18. $2,000 at 100.
California Street Cable RR. let Es of 1915
-Nov. 20.60 at 4334.
Calliornia Wine Association, common (par 8100)
-Nov. 18, 57,000 at 76.
Great Western Power 55 ot 1946
-Nov. 17, 53,000 at 100; Nov. 20
Hawaiian Commercial & Sugar 58 of 1919
$1,000 at 100.
-Nov. 20. 100 at 34.
Hawaiian Sugar (par 520)
Los Angeles Gas & Elec. 5s of 1934-Nov. 14, 52,000 at 97%.
Los Angeles Gas & Elec. Corp. 580? 1939-Nov. 18, 51,000 at 8954.
Los Angeles-Pacific let con. 58 of 1931-Nov. 17. 11,000 at 9954.
-Nov. 17,811,000 at 97: Nov. 21, 51.0008196%.
Pacific Electric Ry. its of 1942
-Nov.16,111.000 at 8254; Nov. 17,82.000 at 8234
Pacific Gas & Electric 5s of 1942
Nov. 19,85,000 at 8454; Nov. 21.86.000 at 8434.
-Nov. 14, $1,000 at 94; Nov. 19. 55,000
Telegraph 58 of 1937
at IC Telephone&
Pacitoi
-Nov. 17, $2,000 at 99.
Sacramento Electric Gas & Ry. 55 of 1927
-Nov.21. 83,0008193.
San Joaquin Licht & Power 59 of 1945
Southern Pacific ref. 43 of 1955-Nov. 20, 82,000 at 8711.
-Nov. 18, 13,00051 118.
South Pacific Branch Ry. 6s of 1937
-Nov. 16,81,000 at 8834 and 31,000 at 89; Nov. 18.
Spring Valley Water 4s01 1923
at 8914: Nov. 19,57,000 at 90: Nov. 20,58,060 at 90; Nov. 21.11.000 at 90
51,000
-Nov. 20, 51,000 at 50.
United RIls. of San Francisco 4s 011927
Stocks.
-Nov. 16. 50 at 33: Nov. 17, 50 at 33.
Associated 011 (par 81.00)
-Nov. 16, 37 at 175; Nov. 17. 35 at 175; Nov. 18,
Bank of California (par 5100)
20 at
-Nov. 21,65 at 4354.
California Wine Association common (par 5100)
-Nov. 19, 50 at 7234; Nov. 21, 50 at
California Wine Association, pref. (par 5100)
72%.
Giant Consolidated Co.(par 8503-Nov. 17, 5 at 7734.
-Nov. 14. 10 at $14; Nov. 16, 5 at $14.
Hutchinson Sugar Plantation (par 525)
-Nov. 16, 10 at 36; Nov. 21 30 at 40.
Pacific Gas & Electric, common (par 5100)
-Nov. 17, 10 at 70.
Pacific Lighting Corporation. pref. (par 8100)
-Nov. 16, 10 at 85.
Pacific Telephone 65 Telegraph, pref. (par 5100)
-Nov. 16, 65 at 50; Nov. 17, 130 at 50; Nov. 18
Spring Valley Water (par 8100)
20 at 50; Nov. 21, 150 at 5231.
-Nov. 14, 100 at $15; Nov. 18, 25 at $15.
Union Sugar (par 525)
Toledo Stock Exchange.
-The Toledo Stock Exchange
re-opened Nov. 23. Sales Nov. 23 to Nov. 25, both includate sive, were as follows:
Stocks.
J. S. Rippel, 756 Broad St., Newark, N. J., under
-Nov. 23, 20 at 3136; Nov. 25, 10 at $140.
Dime Savings Bank (par 550)
as follows:
of Nov. 21 quotes
Nov. 281914.)
THE CHRONICLE
Current Bond Prices
Railroad.
Atchison Topeka & Santa Fe general gold 4s, 1995-- --A-0
Nov
Adjustment gold 4s. 1995
JD
Convertible 48 (issue of 1910). 1960
MS
Atlantic Coast Line 1st gold 45. July 1952
Louisville & Nashville collateral gold 45, Oct 1952..-M-N
A-0
July 1948
Baltimore & Ohio gold 4s,
M-S
-year convertible 4345, 1933
20
M-N
P L E & W Va System ref 48,1941
J
-J
Southwest Division 1st gold 334s, 1925
F
-A
Central of Georgia 1st gold 58, Nov 1945
Chesapeake & Ohio
M-N
First consoildated gold 58. 1939
MS
General gold 434s. 1992
F
-A
Convertible 434s, 1930
M-S
Chicago Burlington & Quincy general 4s, 1958
Chicago Milw & St Paul gen gold 4s,Ser A,May 1989-J-J
J-J
General gold 334s, Series B. May 1989
J-J
General 4345, Series C,May 1989
Convertible 4348, 1932
J-D
A-()
General and refunding 434s, Jan 2014
North Western general gold 334s. 1987
Chicago &
M-N
General 4s, 1987
M-N
Chicago Rock Island & Pacific general gold 4s, 1988--J-J
Refunding gold 48. 1934
A-0
-year debenture 5s. 1932
20
..1-J
Cleveland Short Line 1st guar 430,1961
A-0
Colorado & Southern 1st gold 4s,1929
F
-A
Refunding and extension 434s, 1935
M-N
Delaware & Hudson 1st and refunding 4s. 1943
M-N
Denver & Rio Grande 1st consol gold 4s. 1936
.1-J
First and refunding 5s. 1955
F
-A
Erie 1st consolidated gold 4s, prior. 1996
J-J
First consolidated general lien gold 4s, 1994
J-J
50
-year convertible 48, Series A, 1953
A-0
50
-year convertible 4s, Series B. 1953
A-o
Great Northern
Chicago Burlington &fiuincy colt trust 45, 1921
J-J
First and refunding 4 s, Series A,1961
J
-J
Illinois Central 1st gol 4s. 1951
J-J
First gold 334s. 1951
J-J
First refunding 45, 1955
M-N
Chicago St Louis & New Orleans
Joint 1st and refunding 5s, 1963
J
-D
Kansas City Southern 1st gold 3s, 1950
A-0
Refunding and improvement Es April 1950
J
Lehigh Valley (Pa) general consolidated 430.2003..--M-N
Louisville dc Nashville unified gold 4s, 1940
J
-J
South & North Ala gen cons gu 50
-year 5s, 1963_ __ _A-0
Missouri Pacific 1st and refunding cony 5s, 1959
M-S
New York Central & Hudson River g 334s, 1997
J-J
Debenture gold 4s. 1934
M-N
Refunding and improvement 4348, 2013
A-0
Lake Shore collateral gold 334s, 1998
F
-A
Debenture gold 4s, 1928
M-S
25
-year gold 4s. 1931
MN
West Shore 1st 4s.guar,2361
J-J
Norfolk & Western Ry 1st consol g 4s, 1996
A-0
Convertible 430, 1938
M-S
Northern Pacific prior lien gold 4s. 1997
.
i. .1
General lien gold 3s. 2047
F
Pennsylvania RR consol gold 4s. 1948
-N
Reading Co general gold 4s, 1997
J-J
Seaboard Air Line gold 45,stamped. 1950
A-0
Adjustment 5s, Oct 1949
F
-A
Southern Pacific Co
Gold 4s(Central Pacific collateral), Aug 1949
J
-D
20
-year convertible 4s, June 1929
M-S
Central Pacific 1st refunding gu gold 4s, 1949
F
-A
Southern Pacific RR 1st ref 4s. 1955
J-J
Soutnern-1st consolidated gold 5s, 1994
J
-J
Development and general 48, Series A. 1956
A-0
Union Pacific
First railroad and land grant gold 4s. 1947
J
-J
20
-year convertible 4s, 1927
J
-J
First and refunding 4s. June 2008_
M-S
Oregon Short Line guar refunding 4s. 1929
J-1)
Bid.
9034
81
9034
8634
84
88
8434
80
873
102
Asked.
9134
8234
91
88
86
89
8434
82
8834
----
10034
84
6734
88
90
77
9734
96
89
78
90
7834
63
52
90
84
72
9134
7234
42
72
64
5934
60
102
86
6834
89
92
80
9
834
9634
90
79
91
80
6434
53
9134
87
77
9334
80
45
80
66
61
62
Tobacco Stocks
-Per Sha
Par
American Cigar common 100
Preferred
100
Amer Machine Az Fdry_ 100
British-Amer Tobac ord_ £1.
Ordinary, bearer
£1
Conley Foil
100
Johnson Tin Foil & Met..100
MacAndrews & Forbes...100
Porto Rican-Amer Tob 100
6% scrip
Reynolds(R .1) Tobacco_100
Preferred (when issued) _
Tobacco Products corn_ _100
Preferred
100
United Cigar Stores corn.100
Preferred
100
United Cigar Stores(new) 10
Young (J S) Co
100
1587
Bid. Ask.
100 120
93 98
70 85
*153 1612
4
1612
*16
275 300
120 160
150 185
220 240
115 125
263 270
108 115
100 150
82 85
9212 94
107 110
*914 93
a
120 140
Short Term Notes
-Per Cent.
Amal Cop 55, Mar15 '15 M S
Amer Lccomotive 55,'15_J-J
58, July 1916
J-J
58, July 1917
3-3
Am Tob 6% scrip. Sep 1 '15.
Am T & T Sub Cos 55, 1916_
Balt dr Ohio 414s. 1915-1-13
BetbSteel5s,rnell'15 3-D11
Ches & Ohio bs 1919 ..„3-D
Chic Elev Ry 55, 1916_ J-J
Chic & W Ind bs, 1915....M-S
Conrol Gas 68, June 25 '15_ _
Erie RR 5s, April 1 1915_A55, Oct 1 1915
A-0
510, April 1 1917
A-0
General Motors 6s, 1915.A-0
General Rubber 434g.'15.3-3
Ear Riv & Pt Ch 5s.'15 M-N
Hocking Valley 65,'15_M-N
Jot Han 5s, Feblb
,
Tack Steel 55, 1915
M-S
Lake Sh Az Mich So,J'ne'15_
Mich Cent 4118, 1915_ _M-S
New Eng Nay 68, 1917_M-N
NY C&H Riv 5s,'15_ _A-0
450, May 1 1915
58, Sept 15 1915
58, Oct 1 1915
A-0
NYNH&H 5s, 1915_M-N
Pac G&E5s,Mar25'1581-825
Penns 3165, Oct 1 1915_J
-D
Pub Ser Corp NJ 55,'16 M-S
Schwarz & Sulzb 6s,'16_J-D
Seaboard A L 55, 1916 M-S
Southern Ry 58. 1916 F
-A
bs, Mar 2 1917
M-E2
Sulz&SonsCo 6s,J'nel'16M-8
UnTypew 5s,Jan15 '16 J-315
United Frult6s,Mayl'17M-N
Gold notes 5s 1918M-N
Utah Co 65, 1917
A-0
UtahSecurCorp 6s,'22M-S15
Westhse El&Mfg 5s,'17 A-0
100 10014
inn4 10014
9817 9912
9814 9
914
100% 100%
993 99%
8
9955 927
8
99t2 100
8912 9012
- 98
Imps 9912
100% 1007
s
99 993
4
96% 9712
9514 9012
10014 10034
99 993
8
90 93
9912 997
8
100 10014
98 99
b4.85 4.50
993 100
8
88 91
9912 997
8
9914 993
4
9834 993
4
98 8 9914
5
94 96
9 4 100
93
98 4 99
3
9714 9812
99 00
9712 99
97 4 99
3
9712 9812
99 100
97 99
12
100 10012
96% 97$/
9712 99
77 79
9714 981s
Elec. Gas & Power Cos
P. Bid. Ask.
5 *78 82
Am Gas Az Elec com
Preferred
Si .45 48
Am Lt & Trac common 100 310 315
Preferred
100 105 107
Amer Power & Lt coin_ _ _100 54 61
iii 80 83
Preferred
35 45
Amer Public Utilities com10
lii 62 66
Preferred
5 •10c lie.
Bay State Gas
Buffalo City Gas stock_ _1
100 48 ___
Cities Service Co com
Ill 5411 5612
Preferred
812 912
Columbia Gas& Elea_ __ _10
62 67
1st 58. 1927
Elec Bond & Share pref 100 95 99
Indiana Lighting Co_ _ 100 35 40
67 71
4s, 1958 optional Pacific Gas & El com_ __ _100 39 41
78 82
Preferred
1
79 81
South Calif Edison com_10
lii 89 91
Preferred
•0
71s
Standard Gas Az El (Del)_ 5
Preferred
5 *17 19
United Gas & Elec Corp_100 20 25
55
1st preferred
10
100 20 25
2d preferred
16's, Ma
Utah Secuzitiee Corp.__ _1
-Term Noted.
6% notes
-See Short
1412
13
Western Power common_l
53 45
Preferred
1
Industrial
and Miscellaneous
Adams Exp col tra45'473-D 165 69
100
Alliance Realty
Amer Bank Note corn....-5 *30 35
Preferred
5 *46 49
lii 150 160
American Book__.
III 125 129
American Brass
197 200
American Chicle com
1
93 98
10
Preferred
17
Am Giaphophone com_100
60
100
Preferred
American Hardware_ _ 1
-D 9912 job%
Amer Malting 68 1914 J
943j
9431
5 165 175
American Surety
9734 100
Amer Typetounders com_ iii 35 38
93
98
iii 85 90
Preferred
81
1
100
Amer Writing Paper_
8634
g'iii
98
34
Bliss(E W)Co corn
5
Preferred
5 115
9634
9834
100 270 290
Bond & Mtge Guar
67
6834
Borden's Cond Milk com_10 108 109
88
90
155 102 103
Preferred
953(
96
5
5 *63 6%
Braden Copper mines
9034
9134
Casualty Co of America.100
9934 10034
lii 127 jib
Celluloid Co
34
36
City Investing Co
lii 15 20
78
80
100 70 80
Preferred
8534
8434
65 70
1
Congo' Car Heating
85
86
*3
4 1
Davis
-Daly Copper Co _10
78
76
New York City Note
du Pont (E I) de Nemours
90
90PI
100 150 157
Powder
8934
90
8112 8 1
6s, Sept 1 1915
Preferred4
31
1
10111 0114
88
90
5 15
68, Sent 1 1916
102% 10212 Emerson-Brantingham ..1 ii
90
50 50
6s, Sept 1 1917
103% 1037
1
Preferred
/
98
§ ;i
.
9
•18
4 112
Goldfield Congo! Mines_ _1
89 X
90
Havana Tobacco
155
63
65
5
Per Ct.Basis
RR. Equipments
Preferred
10
9734
9834
fd. Ask.
1st g 55 June 1 1922._J-'D 157 63
92
9234 Baltimore & Ohio 434s
412 512
4.95 4.8 IntervontIn Rub corn_
1ss
77
80
Buff Roch & Pittsburgh 434
5.00 4.75 Internal Banking Co_ _10
95 105
60
62
Equipment 45.
98 102
5.00 4.75 International Nickel._ 10
Central of Georgia 58____
5.20 4.90
95 100
Preferred
1
82
84
Equipment 434s
5.20 4.90 International Salt
100 13
8034
81
Chicago & Alton 40
6
1st g 5s 1951
A-0 /57 60
86
87
Chicago & Eastern Illinois 55
95 100
6
International Silver pref _10
8634
87
Equipment 41111
6
J
-D 103 106
1st 69 1948
99
9934 Chic Ind & Loulsv
-7 5.10 Kelly Springfield Tire__ _1
512
62 65
62
6333 Chicago & NW
4.95 4.70
4345.
1st preferred
Iii 75 80
714 614
Chicago RI & Pac
2d preferred
lii 90 95
9334
9434 Colorado & Southern 5s__
514 5
Kerr Lake Mining
* 7 5
4/
8534
8634 Erie 58
5.30 5.10 Lanston MonotYPe
62
10
88
90
*8
4
78
Equipment 414s
5.30 5.10 La Rose Consol Mines
8634
88
Equipment 41
5.30 5.10 Lawyers' Mtge Co
155 180 190
Evansville dr Terre Haute 55
140 45
6
Lehigh Val Coal Sales___5
Manufacturing and Industrial.
•18
Hocking Valley 48
8:Zo
Manhattan Transit
3
11
2
American Smelters' Securities sinking fund 6s, 1926_ _ F
-A
100
102
Illinois Central 5s
5 14.75 Marconi Wireless of Am _5 *214 21s .
Bethlehem Steel 1st and ref 5s,guar ix. 1942
M-N
83
84
4%8
5 i 4.75 Mortgage Bond Co
90 96
10
Central Leather 20
-year gold 5s, 1925
A-o
9634
97
Kanawha & Michigan 4345.. 5.35 5
45 50
Nat Cloak & Suit corn... _10
Distillers' Securities Corp cony 1st g 5s, 1927
A-0
55
56
C Ft S Az Memphis 434s..
88 94
6
Preferred
10
General Motors 434s. 1915
-See Short
-Term Notes.
Louisville & Nashville 5s
8:60 4.75 N Y Mtge & Security_ I 130 145
Indiana Steel 1st 5s, 1952
M-N
98
99
Minn St P&SSM 43.4s.. 5.30 5
45 55
N Y Title ins Co
1
The Texas Co convertible debntures 6s. 1931
J-J
9634 Missouri Kansas & Texas 58. 6.40 5.80 NI/Awing Mines
9534
13
*
514 5
United States Rubber 10-year coil trust 68, 1918_ _ - _ _J-D
10
034 102
•7c. 150.
Missouri Pacific 55
6.75 6.25 Ohio Copper Co
1
United States Steel Corp sink fund 10 60-year 5s. 1963 M-N
9934 100
5.40 5.20 Otis Elevator cora
68 72
Mobile & Ohio 58
Western Electric 1st 5s, Dec 1922
J-J
9934 10034
5.40 5.20
88 91
Equipment 416s
Preferred
1
Westinghouse Elec & Mfg 5s, 1917
-See Short
-Term Notes.
514 5
New York Central Lines 5s
Pittsburgh Brewing
5
6.35 5.25
Equipment 414s
Preferred
5
Street Railway.
N Y Ontario & West 410_ 5.301 5
1
Producers 011
Brooklyn Rapid Transit 6
-year secured notes Es, 1918-J
5.00 4.75 Realty Assoc (Pklyn). -10
97 102
Norfolk & Western 410_ _
-J
9834
99
Detroit United 1st cons g 434s, 1932
5.00 4.75 Remington Typewriter
Equipment 49
J-J
63
65
Interboro-Metropolitan collateral 434g. 1956
A-0
4.75 4.50
20
7134
Common
100
72 34 Pennsylvania RR 4145
Interboro Rapid Transit 1st and refunding 5s, 1966_ _J-J
96
Equipment 4s
4.75 4.50
- • 90
1st preferred
97
Manhattan Ry(NY)cons g 45,stamped tax-ex, 1990-A-0
Pere Marquette 55
6
80
86
28 preferred
88
1
New York Rys 1st real estate and refund 4s,June 1942 .1
-17
4, 72X
71tf
"i 812
Equipment 41 s
4
Riker-Fiegeman
30
-year adjustment income 5s, 1942
St Louis Iron Mt & Sou bs_ 584 514
*28c. 32o.
48
Rights
Third Avenue 1st refunding 4s, 1960
St Louts & San Francisco 5s
J-J
160 60
78g
6
80
Royal Bak Powd corn._1
Seaboard Air Line 5s
5.305.10
100 02
Preferred
1
Telegraph Sr Telephone.
Equipment 434s
5.3oi 5.10 Safety Car Heat & Lt__ _10 104 08
Southern Pacific Co 434s.
5.001 4.80 Singer Mfg Co
-year cony 434s. 1933_ _ --M-S
10 235 40
American Teleph & Teleg 20
943(
94% Southern Railway 414s
5.10 4.90 Standard Coupler coin_ 1
Toledo & Ohio Central 4s_
612 512
Preferred
1
Sterling Gum
5 *43 5
4
Railroads
Stewart
-Warner Speedo'r 1
West Pac 1st 5s, 1933.,_M-S 35 37
1
Preferred
Sulzberger & Sons pref..100 55 "e§
All bond prices are "and Interest" except where marked "f."
100
Texas Is Facile C,oal__ _.100
Street Railways
Tonopah Extension Min__ I *23‘,2,f,,
8 71,
Par Bid. Ask. Tonopah Min of Nev
Stand 011 Stks (Cou) Per share
-Pe'Share
1 *67
Standard 011 Stocks
Par Bid. Ask.
Par Bid. Ask, Com'velth Pow Ry & L__ 100 55 57 United Profit Sharing
1 *1514 16
Preferred
100 77 7812
190 210
41412 15 Prairie Oil & Gas
S Casualty
1
Anglo-Amer Oil new
1001 427 433
Federal Light 5s Traction 100 13 18 U S Envelope corn
130 140
1007230 240
100 535 545 Solar Refining
Atlantic Refining
Preferred
100 52 60
95 100
Preferred
10
Co
100 270 290 Southern Pipe Line Co._100J 196 199
Borne-Scrymser
Republic Ry & Light_ _100 17 19 U 1 Finishing
71
8 12
10
100 212 277
50 *109 112 South Penn 011
Buckeye Pipe Line Co_
Preferred
100 66 72
28 33
Preferred
1
Chesebrough Mfg Cons 100 625 645 Southwest Pa Pipe Lines_ 1001 115 120
Tennessee Ry L & P com_100
9
1st g 5s 1919
J-J 90 95
100 90 100 Standard 011 (California) lOOj 300 303
Colonial 011
Preferred
100 40 45
Con g 58 1929
70 75
100 2111 223 Standard Oil (Jnalanah,100l 475 480
Continental 011
United Lt & Rya com_ 100 40 44 US Tit Cu & Indem___ _100 --_
50
50 .40 43 Standard 011 (Kansas) ....l00l 34' 55
Crescent Pipe Line Co
1st preferred
100 67 70 Westchester & Bronx Title
Cumberland Pipe Line__ _100 /55 60 Standard 01101 Kentucky 1991 240 2.50
2d preferred
100 62 65
& Mtge Guar
100
Pipe Line Co_ _ _ _100 228 233 Standard 011 of Nebraska 1001 330 340
Eureka
Wash R y & El Co
100
Willys-Overland com ..10
76 85
Galena-Signal 011 com100 x170 174 Standard 011 of New Jer_ 1001 392 394
Preferred
1001
Preferred
100 87 92
100z140 145 Standard 011 of New Y'rk I00:191 193
Preorred
45, 1951
J-1)
Worthington (YI R) Com410 420
50 *95 98 Standard 011 of Oblo___ _ 1
Indiana Pipe Line Co
West Penn Tr & WatPow 100
pany pref
100 25 40
10 155 165
01
25 *36 38 Swan Az Finch
National Transit Co
Pre:erred
100 30 35 Yukon Gold
214
Union Tank Line Co_.1001 82 85
5 *2
New York Transit Co_ _100 227 233 Vacuum Oil
100 198 202
Northern Pipe Lino Co_ _100 96 99
10 *37 41
*Per share. a And scan ed dividend
25*181 183 Washington 011
011 Co
b Basis. I Flat price. n Nominal.
Ohio
....._..- (In Inennl
25 •14 15
Sale price. x Ex-dividend. 7 Ex-rights.
Inactive and Unlisted Securities
THE CHRONICLE
1588
Vanhtrs7
Wall Street, Friday Night, Nov. 27 1914.
-A good
The Money Market and Financial Situation.
deal of interest has been manifest throughout the week in
plans for opening the bond market on Saturday at the Stock
Exchange. In anticipation of this event, and stimulated,
perhaps, by the hope that it foreshadows an early opening of
the stock market, sales of bonds and stocks have been larger
than at any time since the Exchange closed. The fact that
the Chicago and several smaller exchanges have been
opened, that restricted trading at Philadelphia and Boston
has steadily broadened, leaves little room for doubt that
before very long a way will be found for some sort of an
opening of the New York Exchange. The volume of business now being done-it is said that sales of 25,000 shares
were approved at the Stock Exchange Clearing House on
Wednesday-seems to make the matter of a much less restricted market here quite feasible, if not absolutely necessary. Moreover, the second week of banking under the
new system has been marked by satisfactory progress in its
establishment and by declining discount rates, which will
make such an opening easier than it probably would have
been under the old regime. It is reported, but so far as
we know not officially confirmed, that the call loan market
will open for business in usual form on Monday at the Stock
• Exchange, and a cable to-day from Paris announces that the
Bourse there will be opened for cash trading a week later,
on Dec. 7.
Reports of exports during the week show liberal shipments
of cotton, and it is known that large orders from abroad for
manufactured goods of various kinds have been booked in
New England and elsewhere. In the iron and steel trade
there is, however, much to be desired. Pig iron is said to
be in somewhat better demand,and there is a little more inquiry for structural steel, but actual orders for finished products are still exceptionally limited.
Foreign exchange was higher early in the week, but declined later. It is an interesting phase of the present
market that exchange on Germany is considerably below the
normal rate. Evidently our trade with that country is at
such a low ebb that there is practically no demand for the
small amount of bills offered.
The open market rate for call loans on the Stock Exchange
on stock and bond collaterals has ranged from 43/ to 6%.
a
Commercial paper closed at 5%@6% for sixty to ninety-day
endorsements and prime four to six months' single names.
Good single names 6@,6%%.
The Bank of England weekly statement on Thursday
showed a decrease of £347,210 in gold coin and bullion
holdings, and the percentage of reserve to liabilities was
31.60, against 34.04 the week before. The rate of discount
remains unchanged at 5%, as fixed Aug. 13. The Bank
of France issued no statement.
The New York City Clearing-House bank statement for
last week was issued in an entirely new form, which makes a
comparison of the figures with those for the preceding week
or former years inaccurate and unsatisfactory. We have
therefore discontinued the publication of the table usually
shown in this column. The complete statement with explanatory remarks will be found on a preceding page.
[Vol. xcix.
att.
-The market for sterling exchange
Foreign Exchange.
has ruled irregular this week. Commercial bills have been
in rather better supply, but rates as a rule have been maintained.
To-day's (Friday's) actual rates for sterling exchange wore 4 86%0
4 86% for sixty days, 4 88%04 893 for cheques and 4 89%04 00 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 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 foreign exchange for the week follows:
Cables.
Cheques.
Sterling. Actual- Sixty Days.
4913(
489(
High for the week_ _ _4 86%
4 88%
4 88%
Low for the week_ _ _4 85
Paris Bankers' Francs
5O8
509Y'
High for the week_ _ _
5 10%
5 12
Low for the week_ _ _
Germany Bankers' Marks
86
86
High for the week_ _ _
83%
853
Low for the week_ _ _
Amsterdam Bankers' Guilders
/
407
40%
High for the week__ _
40 11-16
409-16
Low for the week_ _ _
-Chicago,35c. per $1,000 premium. Boston, par.
Domestic Exchange.
St. Louis, 20c. per $1.000 premium bid and 30c. premium asked. San
Francisco, 20e. per $1,000 premium. Montreal, 623ic. per $1,000 premium. Minneapolis, 50c. per $1,000 premium. Cincinnati, 40c. per 81,000
premium.
-Trading on the "curb" this week cenOutside Market.
tred chiefly in the mining shares, with prices generally firm
throughout. Considerable interest was also displayed in the
so-called Whelan group, and these, with the Standard Oil
shares, became more active and stronger as the week progressed. Atlantic Refining lost 10 points to 535. Buckeye
Pipe Line sold down from $112% to $108 and was traded in
to-day at $110. Northern Pipe Line rose from 91 to 100.
Ohio Oil, after a loss of over 3 points to $171, ran up to $182
and ends the week at $181. Prairie Oil & Gas was conspicuous for a rise of 51 points to 430, the final figure to-day being
429. South Penn Oil was irregular, advancing at first some
20 points to 285, then dropping to 253 and showing a final
recovery to 270. Standard Oil (California) was active and
advanced from 292 to 304, ending the week at 303. Standoff
ard Oil (Indiana) moved up from 468 to 476, sold was to
at
465 and then recovered to 480. The close to-day
Standard Oil (Nebraska) on few transactions advanced
478.
.decided
20 points to 340. Standard Oil of N. J. displayed gained
moving up from 376 to 393. Vacuum 911 Stores
strength,
7 points to $195. In Tobacco shares, United Cigar Stores
new stock advanced from 8% to 93% and United Cigar
3
of America common from 91 to 93%,the latter closing to-day
at 933%. United Profit Sharing sold up almost 5 points to
Heger4an
163/i, with the close to-day at 153%. Riker &
weakened from 83% to 73% and recovered to 8. Sterling
rose to
Gum, after an early loss of about half a point to 4
53/i and ended the week at 5. Kelly-Springfield Tire moved
up a point to 62. A feature was the first trading in bonds
since the reopening. Consolidated Gas cony. 6s sold in
large volume down from 1123% to 111%. The "rights" were
.Mining shares were active, with Jumbo
off from 33% to 23/
8
Extension the particular feature. It advanced from 93
4
cents to $23 , the close being at $2 3-16. Braden Copper
sold up from 53% to 63%, the final figure to-day being at 6%.
Outside quotations will be found on page 1587.
We furnish to-day on preceding pages quotations for a large
number of unlisted securities and also a considerable number
of Stock Exchange bonds of the better class.
Wound the July 30 prices of every stock and bond quoted on the New York Stock Exchange.)
In the Nov.7 issue of our"Bank and Quotation Section- will
THE CHRONICLE
Nov. 28 1914.1
1589
inuestruent and ifiaitroad intelltunce.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. 'I he first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electnc 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.
S
S
5
$
Ala N 0& Tex PacN 0 & Nor East- October-. 287,705 354,122 1.230.117 1,399.373
632,842
550,896
Ala & Vicksburg_ October-- 140,403 175,740
Vicks Shr & Pac_ October... 127,677 161,233
527,704
607.306
3d wk Nov
40.770
989.221
49.597
Ann Arbor
983,414
Atch Top & San Fe_ October.... 10882377 10368555 41,297,400 38,984,263
713.900
209.494 287,092
Atlanta 73irm & Atl September
803,911
Atlantic Coast Line September 2.186,558 2,642.406 6.938,463 7.431,274
Chariest & W Car September
136,150 164.313
466.010
425.234
255,545
Lou hand & St L August ___ 130,836 120,973
230,411
g Baltimore& Ohio_ October -- 7,955,694 9,486,051 33,585.090 37,529.985
B& 0 Ch Ter RR September
151,412 156,658
474,818
437.443
Bangor & Aroostook September
288,452 322,658
763.642
765,572
Bessemer & L Erie_ September 1.179,904 1.010,818 3,448,975 3.141.353
Birmingham South_ October_ _ _
71,194 105,377
442,233
323,415
Boston & Maine_... September 4.277,688 4,400.562 12,884.675 13.397,847
Buff Roch & Pittsb_ 3d wk Nov 179,117 230,895 4,242,541 5,122,650
Buffalo & Susq
September
122.142 147,346
381.663
455.143
Canadian Northern 3d wk Nov 372,800 608,000 8,094,900 10,307.500
Canadian Pacific 3d wk Nov 1,729,000 3,119,000 45,820,876 59,388,603
Central of Georgia_ October_ _ .. 1,055.587 1,613,875 4,228,908 4,892,362
Cent of New Jersey September 2,935,2462,847,944 8,538,240 8.827,608
Cent New England_ September
332,735 340,246
924.604
929.890
Central Vermont September
351.296 385,117 1.049,353 1,155,788
Ches & Ohio Lines_ 3d wk Nov 681,569 741,212 15,712.514 14,812.424
2d wk Nov 282,872 291,047 5,739,733 6,195,655
Chicago & Alton
Chic Burl & Quincy September 8.579.305 9,055,734 25,183.260 26,024,285
East Ill
September 1,277.667 1,473.600 3.978,632 4.309,950
Chic Great West_ 2d wk Nov 283,643 298,004 5,576.669 5,789,249
Chic Ind & Louisv_ 3d wk Nov 111,501 137.668 2,780.0942,952,041
Chic Milw & St P-1 September 9.240,208 8,872,609 25,254,395 24.866,079
Chic Mil& Pug St
'Chic & North West October_ _ _ 7.884,096 8.619.059 31.723.306 32.831,163
Chic St PM & Om October _ _ .. 1.751,180 1,887.582 6.762,070 6,683,003
Chic Terre H & SE September
206,434 197,412
524.086
595.379
Din Ham & Dayton September
939.903 930.970 2.856,096 2.782,995
Colorado Midland_ August -__ 201,686 173,783
336.710
303,155
5 Colorado & South 3d wk Nov 327,649 293.673 5,850.822 6,020,189
Cornwall
September
10.041
16,290
50,986
35,015
Cornwall& Lebanon September
26,914
25,780
88,733
90,357
Cuba Railroad_
September
314,676 340,252 1,040,707 1.025,312
Delaware & Hudson September 2,068,596 2,117,961 6.169.416„
Del Lack & West September 3.857.1253,910,838 11.324,747 11.706,884
Deny & Rio Grande 3d wk Nov 428,200 508,000 10.008,946 10,861,770
Western Pacific 3d wk Nov 102,500 137,600 2,558,530 3.006,810
Denver & Salt Lake 2d wk Nov
558,657
732,245
18.658
38,906
Detroit Tol & Iront October__ 210,247 144,091
552,370
743,312
Detroit & Mackinac 3d wk Nov
513.621
18.164
462,896
24,005
Dul & Iron Range September
583.632 1.013,548 2.081.585 3.418.104
Duluth So Sh & Atl 3d wk Nov
61,940 1,250,655 1,530.256
46,069
Min Joliet & East_ September
863,643 1,161.538 2,495,562 3,402,056
II two& Sou West September
574,102 678,933 2,019,172 2,054,890
Erie
September 5,506.358 5.462,035 16.414.705 16.651.290
Florida East Coast.. September
851.835
905,565
314,405 281.406
Fonda Johns & Glov October _366,702
330,838
79.684
72.727
3eorgia Railroad September
241.082 292,795
747,734
772.862
3rand Trunk Pac 1st wk Nov 150,535 254,367 2,373,693 2,989,943
3rand Trunk Syst_ 3d wk Nov 841,607 1.080,010 21.262,959 23.335,690
Grand Trunk Ry 1st wk Nov 716,368 926,241 15,813,564 17,538,729
Grand Trk West_ 1st wk Nov 135,897 136,797 2,678.380 2,667,227
Det Gr H & Milw 1st wk Nov
946,862
54,647
983,377
55,630
3reat North System October___ 7.972,656 ,922.062 29,810,791 32,565,396
3ulf & Ship Island_ September
550,683
436.132
135,686 183.894
Socking Valley
September
750,945 801.990 1,913,394 2.316.678
Binois Central.... October__ 5,463,749 ,108,642 22,234.653 23,018,715
nternat & Grt Nor September
761,256 1.065,410 2.227.540 2,724,833
i Interoceanic Mex. 1st wk Aug
42,403 181.276
225.474
910.778
Kanawha & Mich._ September
913,649
308.767 301.615
917,777
Kansas City South_ October __ 880.044 922.263 3,570,118 3,523.113
..ehigh & New Eng_ September
705,037
246,431 160,511
439.478
lohigh Valley
October.... 4,110,503 4,129,453 15,378,758 15,559,131
.ouisiana & Arkan_ September
131,826 137.938
434.368
468,366
; Louisville & Nash 2d wk Nov 970,230 1,282,085 20,615.540 23,774,132
dacon & Birm'ham October...
13,537
17,519
54,436
52,491
Vlaine Central
September 1,056,375 1.095,732 3.137,868 3.211,069
vlaryland & Penna. September
54,664
56.841
143,074
150,032
t Mexican Railways 1st wk Nov 182,300 160.200 3,557,000 3,558,200
vlineral Range_ __ - 3d wk Nov
15,190
5.524
320,896
131,099
vlinn & St Louis....1 3d wk Nov 224,312 204,151 4.216,646 4,032.168
Iowa Central__ f
vlinn St P & S SM.. 3d wk Nov 580,742 727,602 12,775,728 13,527.639
dississippi Central_ September
81,377
95,089
241,570
276.968
t Mo an & Texas_ 3d wk Nov 721,509 752,032 13,320,846 13.829,488
,Missouri Pacific. 3d wk Nov 1,183.000 .310,000 24,877,318 25.507,944
lashv Chatt & St I: September
909,055 1.055,938 2.966,708 3.133,881
; Nat Rys of Mex_t tat wk Aug 208,408 603,778 1,583,461 3,327.255
ievada-Cal-Oregon 2d wk Nov
6,481
9.190
182,458
181.163
qew Orl Great Nor.. September
132,294 156.866
429,122
478,941
; NYC & Hud Ely September 8,765,247 ,625,456 25.529,908 27.957.132
Boston & Albany September 1,483,917 1,620,787 4.441,106 4,800.677
Lake Shore & M S September 4.694.381 5,243,587 14,086.708 15,668,029
537.832 556.516 1,612.391 1.599.049
fiLake Erie & W.September
387,598 353.582 1,069.031 1.041,663
Chic Ind & South September
Michigan Central September ,140.684 3.233.323 9.000,383 9.381,070
Cloy 0 C & St Ll
Peoria & Eastern( September 3,369,280 3,435.332 9,883,427 10,360,074
151,582 143,437
Cincinnati North. September
439.204
394.816
Pitts & Lake Erie September 1,359,223 1,709.702 4.380,986 5.226,617
928,828 1.038,716 2,816,600 3.029,867
N Y Chic & St L. September
617 893 603,227 1,479.232 1.768.114
Tol St Ohio Cent_ September
Tot all lines above September 25436465 27563665 74,738.976 81.227.180
rChic &
Latest Gross Earnings.
July 1 to Latest Date.
ROADS.
Week or
Current Previous Current 1 Previous
Month.
Year.
Year.
Year.
Year.
$
$
5
$
N 0 Mobile & Chic_ September
544.875
491 987
149.630 180,160
NY N H & Ha._ September 5,802,378 6.152,740 17,314,921 18,164,962
NY Ont & West__. September
821.968 850,320 2.815.260 2.855,294
NY Susq & West__ September
958.489
928.706
324,002 331,003
Norfolk Southern__ September
997,174
307,212 317,317 1,001.942
Norfolk Sr Western_ September 4.096.891 4,076,342 11,831,020 11,882,527
Northern Pacific__ September 6.733.845 7.355,824 18.601.841 19.850,278
Northwestern Pac_ September
369.457 362.795 1,202,701 1,205.239
Pacific Coast Co__ September
671,598 660,942 1,910,860 2,100,181
zPennsylvania RR__ September 16768404 18159471 49,838,197 52,802,931
Balt Ches & Atl__ September
440,387
473,518
131,994 136,672
Cumberland Vail. September
903,508
795,731
272,995 316,637
Long Island
September 1,299,929 1,192,415 4,325.012 4.177.153
Maryrd Del & Va September
331,659
331,379
97,873
97.700
NY Philo & Norf September
300,960 312,557 1.106,702 1,081,842
PhilaBalt & Wash September 1.812,969 1,846,669 5,570,034 5.516,685
W Jersey & Seash September
664,678 632,598 2,506,281 2,559,791
Pennsylvania Co
September 5,271,507 6.202,260 15.966.067 18,852,171
Grand Rap & lnd September
521,315 548,351 1,571,031 1,615.501
Pitts CC & St L_ September 3,719.088 4.062.745 10.780,557 11,871,495
Vandalla
September 1.030,635 1.072.113 2.992.073 3,085,129
Total lines
East Pitts & Erie September 21911364 23272468 66,734.442 70,909.593
West Pitts & Erie September 10676711 12029210 31,706,893 35.844.756
All East & West_ September 32388075 35301678 98,441,336 106754350
Pere Marquette
September 1.743.780 1,527.845 4,747.397 4.445,188
Reading (Jo
Phila. & Reading_ September 4.291.141 4,428,428 12,242,337 13,078,942
Coal & Iron Co September 2,797.331 2,335.159 7,097,676 6,537.824
Total both Cos September 7,088,472 6.763.587 19,340.012 19,616,566
Rich Fred & Potom September
663,316
684,042
218.213 211.859
Rio Grande June_ August ___
177.986
176,281
94,470
97,776
280,162
Rio Grande South
2d wk Nov
226,665
15.129
12,800
Rock Island Lines September 6,881,742 6.212,442 19.586.333 18,432.108
Rutland
September
968.226 1,075.219
336.039 363.975
St Jos & Grand Isl. September
438,500
477.398
141.119 128,024
St L Iron Mt & Sou September 2.570.190 2.779.390 8.040.720 8,325.779
547.212
St L Rocky Mt & P September
688.962
232,137 193,955
St Louis & San Fran September 3.675.369 3,993,067 11.336,308 12,125,770
St Louis Southwest_ 2d wk NovI 243,000 293.000 4.255.471 5.062.066
San Pad LA & S L. September
785.956 863,374 2,434,756 2,637,582
1st wk Nov 460,044 571,468 7,297,766 8,341.979
Seaboard Air Line
Southern Pacific.... October_ ....I 12005046 13512897 47.251,123 50.276.308
Southern Railway... 3d wk Nov 1,160.937 1,499.489 26.015,956 28.587.554
Mobile & Ohio... 2d wk Nov 192,594 276,0137 4,331,481 4,928,8.36
CM NO & T P
3d wk Nov 167.900 218,663 3,r 71,8 2 4,207,952
Ala Great South_ 3d wk Nov
83,407 106.567 1.922.547 2,151,212
Georgia So & Fla_ 2d wk Nov
53,277
42,460
955.079
901,830
Spok Portl & Seattle September
480,338 490.615 1.412,278 1.450.856
Tenn Ala & Georgia 2d wk Nov
1.271
1.776
38.843
30,199
Tennessee Central_ September
130,051 147,467
424,829
443.019
Texas & Pacific.._.... 3d wk Nov 428,062 477,910 7,368,190 7.660,587
Tidewater & West.. September
7,710
7,646
23,264
21,620
Toledo Poor & West 3d wk Nov
21,147
24.628
569.274
509,442
Toledo St L& West 26 wk Nov
98,943 108,127 1,780,503 1,827.758
Union Pacific Syst. October _ _ _ 9,201,934 10354504 34,392.197 35.970.103
Virginia & Sou West October.- 170,182 178,042
679,330
685,830
Virginian
September
597.213 602,368 1.639,328 1.678,682
Wabash
October.-- 2.560.849 2,867,240 10,650.665 11,307,021
Western Maryland_ September
724.690 731.032 2,200,248 2,222.833
Wheel & Lake Erie._ October __ 532,266 858,82e 2,149,628 3.245,772
Wrightsv & Tennille September
25,178
38.592
63.041
73,374
Yazoo & Miss Vail.. October__ 1,057,476 1,209,814 3,714,326 3.915.852
Various Fiscal Years.
Current
Year.
Period.
Delaware & Hudson
Jan
N Y Central & Hudson River_e. Jan
Boston & Albany
Jan
Lake Shore & Michigan South Jan
Lake Erie & Western_n
Jan
Chicago Indiana & Southern_ Jan
Michigan Central
Jan
Cleve Cincin Chic & St Louis Jan
Cincinnati Northern
Jan
Pittsburgh & Lake Erie
Jan
New York Chicago & St Louis Jan
Toledo & Ohio Central
Jan
Total all lines
Jan
:Pennsylvania Railroad
Jan
Baltimore Chesap & Atlantic_ Jan
Cumberland Valley
Jan
Long Island
Jan
Maryland Del & Virginia
Jan
NY Philadelphia & Norfolk_ Jan
Phila Baltimore & Washing n Jan
West Jersey & Seashore
Jan
Pennsylvania Company
Jan
Grand Rapids & Indiana
Jan
Pitts Cin Chic & St Louis
Jan
Vendetta
Jan
Total lines
-East Pitts & Erie Jan
-WestPitts & Erie Jan
-All lines B & W.Jan
Rio Grande Junction
Dec
Rutland
Jan
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
I
1
1
1
1
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Sept
Aug
Sept
Previous
Year.
s
s
30 16,925,922 18,261,061
30 71,451.951 77,807,215
30 12,499,555 13.247,280
3039.087.438 45.309.311
30 4,297.654 4,475,306
30 3.143,228 3,248.777
30 25,262,671 27.389.269
3026,467,27328.151.841
30 1.076.804 1,009,846
30 12,376.563 15,196,945
30 8.379,503 9,177.276
30 3.535.181 4,503,559
30 207557 821 229516 625
30 141624746 152769679
30
974,860
935,655
30 2,504.193 2.674.188
30 10,280,264 10,190,869
30
723,755
720,559
30 2,899,764 2,993,296
30 15,388,960 15,842.962
30 5,222,611 5.288.090
3042,428.027 50.392,541
30 4,109,703 4.199,368
30 29,814,799 33,048,187
30 8.122,780 8.360.533
30 183349626 195769993
30 85.622,112 97.174,559
30 268971738 292944553
70'3,483
661.261
31
30 2.618,277 2.786,965
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly
_
Current
Year.
Previous
Year.
Increase or
Decrease.
Current
Previous
Increase or
%
*Monthly Summaries.
Year.
Year.
Decrease.
%
S
$
S
Mileage. Cur. Yr. Prey. Yr.
-573,127 4.04
roads)____ 13,565,225 14.138.352
January
943.732 241.469 233.073,E•34 240.958.641 -16,884,807 6.75
2,1 week Sept (36
-847,724 5.76
13,863,558 14.711,282
February:
-_244.925 242,928 209,233.005 233,056,143 -23,823,138 10.22
3(1 week Sept (37 roads)____ 18,115,984 20,107,749
March _
245.200 243.184 250.174.257 249.514.091
4th week Sept (36 roads)____ 13,328,596 15,233.094 -1,991.765 9.90
+660.166 0.27
043.513
-1,904,498 12.50
A ril
.
236.531.600 245 045.870 -8.517.27 3.48
1st week Oct (35 roads)._
lk ay
246.070 243.954 239.427.102 285.435.022-26.007.920 9.73
Oct (36 roads)____ 13,300,265 15.684.210 -2.383,945 15.19
2 week
June
-2.931,143 19.65
` 22.001 219.691 230,751.850 241.107,727 -10.355.877 4.30
,
week Oct (34 roads)____ 12,515,701 15.446.844
22,633,633 -4,615,686 20.40
235,407 231.639 252,231.248 261,803,011 -9,571,763 3.67
k Oct (37 roads).
4th wwee_ 18.017,947 15,243.348 -3.020,626 19.82
August
,
. • 9 269,593,446 280,919,858 -11,326,412 4.03
Nov (37 roads)____ 12,222.722
weklt
September_ _242,386 238.698 272,992.901 285.850,745-12,857,844 4.50
2dweek Nov (37 roads)____ 11.975,539 14,863,074 -2,887.53519.43
October_ _ _ _ 92,332
9.445.152 12,318,167 -2,873,015 23.45
90,964 75,767580 90.038.5(14 -14.270.984 15.82
Nov (26 roads)_ _ _ _
id week
Colorado Springs &
District Ry.
a Mexican Currency. b Does not Include earnings of & New York Ry..Cripple Creekwhich, being from Nov. 11911. e Includes the New York &
the latter of
Ottawa
a Canadian road, does not make returns to the
Ottawa, the St. Lawrence & Adirondack and the
Commerce Commission. f Includes Evansville & Terre Haute and Evansville & Indiana RR.
Includes the Cleveland Lorain & Wheeling
inter-State
City & Fort Dodge and Wisconsin Minnesota & Pacific. s InRR. p Includes earnings
By. in both years. n Includes the Northern OhioCincinnati. t Includes the of Mason International.
Mexican
u Includes the Texas Central and the Wichita
Louisville & Atlantic and the Frankfort &
cludes
also all other receipts. z Includes St. Louis Iron Mountain & Southern. z Includes the NorFalls Lines. v Includes not only operating revenues. but
include the Mexican roads in any of our totals.
thern Central beginning July 1 1914. aWe no longer
•Weekly Summaries.
s
11
s
$
THE CHRONICLE
1590
-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the third week
of November. The table covers 26 roads and shows 23.45%
decrease in the aggregate under the same week last year.
Third week of November.
1914.
1913.
$
3
83,407
106,567
Alabama Great Southern
49,597
40,770
Ann Arbor
179,117
230.895
Buffalo Rochester & Pittsburgh
608,000
372,800
Canadian Northern
1,729,000 3.119,000
Canadian Pacific
741,212
681,569
Chesapeake & Ohio
137,666
111,501
Chicago Indianapolis & Louisv_
218,663
167,900
Cinc New On & Texas Pacific
293,673
327,649
Colorado & Southern
508,000
428,200
Denver & Rio Grande
137.600
102,500
Western Pacific
24.005
18,164
Detroit & Mackinac
61,940
46,069
Duluth South Shore & Atlantic_
Grand Trunk of Canada
841,607 1,080,010
Grand Trunk Western
Detroit Grd Haven & Mllw_
Canada Atlantic
5,524
15.190
Mineral Range
204,154
224.312
1
Minneapolis & St Louis
Iowa Central
727.602
580.742
Minneapolis St Paul & S 8 M__
752.032
721.509
Missouri Kansas & Texas
1,163,000 1.310.000
Missouri Pacific
1,160.937 1,499,489
Southern Railway
477,910
428.062
Texas & Pacific
24.628
21,147
Toledo Peoria & Western
Total(26 roads)
TT... A.m.... (02 Anat..)
a
9,445,152 12,318,167
Increase. Decrease.
$
s
23,160
8.827
51,778
235,200
1.390,000
59,643
26,165
50.763
33,976
79,800
35,100
5,841
15,871
238,403
9,666
20,158
146,860
30,523
147.000
338,552
49,848
3,481
63.800 2.936,815
9 RTI (11A
For the second week of November our final statement covers 37 roads and shows 19.43% decrease in the aggregate
under the same week last year.
Second week of November.
1914.
1913.
Increase. Decrease.
s
s
$
$
69,341 2,482,808
Previously reported (25 roads)_ 9,794,714 12,208.181
108,871
24,735
84,136
Alabama Great Southern
47.353
1,834
45,519
Ann Arbor
8,175
291.047
282,872
Chicago & Alton
14,361
298,004
283,643
Chicago Great Western
207,523
34,723
172.800
Cln New On & Texas Pacific
38,906
18.658
20,248
Denver & Salt Lake
11,216
46,485
57,701
Duluth South Shore & Atlantic
42,460
53,277 .
10,817
Georgia Southern & Florida___
970,230 1,282,085
Louisville & Nashville
311,855
14,699
Mineral Range
4,377
10,322
Mobile & Ohio
192,594
276,087
83.493
Nevada-California-Oregon
6.481
9,910
3.429
Total(37 roads)
Net decrease (19.42%)
11.975.539 14,863,074
99,911 2,987,446
2 1127.535
Net Earnings Monthly to Latest Dates.
-The table
following shows the gross and net earnings of STEAM
railroads and industrial companies reported this week:
[VOL. xc
Interest Charges and Surplus.
-Int., Rentals, &c.- -Sal. of Net Earns.
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
3
$
3
$
Buffalo Roch & Pitts____Oct 197,671
181.236 5114,996 5248,886
July 1 to Oct 31
792,148
730.126 5495,058 5918,683
Chic & North Western__Oct 925,811
959,740 1.347,394 1,824,102
July 1 to Oct 31
3,697,460 3.629.295 5,615,240 6,262,518
Chic St Paul Minn & 0__Oct 233,029
242,106
320,543
347,880
July 1 to Oct 31
939,959
906,518 1,104,215
855,362
Louisiana & Arkansas_ Sept
27,630
28,744 def3,137
15.825
July 1 to Sept 30
85,456
84,723
58,101
70,666
New London Northern
July 1 to Sept 30
78,683
78,546 zdef41,743 zdef53,160
Jan 1 to Sept 30
236,677
242.3535def226,1075def141,980
INDUSTRIAL COMPANIES.
American Pow & Light (includes only the earnings of the Kansas Gas & El.
Pacific Power & Light and Portland Gas & Coke Co)
October
74,059
65,632
77,144
80,881
Nov 1 to Oct 31
831,849
749,129
958.078
854,425
Mt Whitney Pow & El_ _Oct
12,058
9.736
17,456
18,293
Nov 1 to Oct 31
138,475
104,003
241,625
190,881
San Joaquin Lt & Pow__Oct
42,106
38,203
72,374
39.859
Jan 1 to Oct 31
416,537
348,095
654,177
462,441
Southern Calif Edison___Oct
79,120
75,586 5147,106 5133,750
Jan 1 to Oct 31
769.056
704.570 51,312.945 51.275,685
5 After allowing for other income received.
Roads.
ELECTRIC RAILWAY AND TRACTION COMPANIES.
Latest Gross Earnings.
Name of
Road.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
$
$
$
$
American Rys Co___ October___ 449,551 452.428 4,514,643 4,349.787
Atlantic Shore Ry___ October--_ 27,184 25,420
312,149
323.510
cAur Elgin & Chic Ry September 183,355 188,601 1.538,210 1.513,514
69,099 68,457
578.251
Bangor Ry & Electric September
564,615
14,332 14.254
130,383
Baton Rouge Elec Co September
116,234
64,995 64.484
425,931
436,612
BeltL RyCorp(NYC)July
87.236 91,591
738,449
Berkshire Street Ry_ September
768,547
Brazilian Trac, L & P September 16096940 16028078 155170.088 153823,815
13,080 12,091
99,729
95.805
Brock & Plym St Ry_ September
2579,109 2573,173 15,775,328 15.345.567
Bklyn Rap Tran Syst July
259.302
27.773 32,516
273.139
Cape Breton Elec Co September
822.928
87.086 117,882
908.163
Chattanooga By & Lt September
329,930
326,712
41.638 43,186
Cleve Painesv & East September
950,590
939.427
Cleve Southw & Col- September 113,019 114,659
494.504
59,676 50.685
438.496
Columbus(Ga) El Co September
250.255 249,887 2.382,866 al,768.163
Comwth Pow,Ry&L OctoberSeptember 704,175 694,281 6,108,425 6.238,220
Connecticut Co
291,849 276.665 2,776.210 2,539,151
Consum Pow (Mich)_ October
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
Detroit United Lines 1st wk Nov 215,219 213,898 10,262,282 10.713,988
352,620
300,976
44,257 51,961
DDEB& Batt(Rec) July
110,668 110,047 1,096,138 1,056.565
Duluth-Superior Trac October..
East St Louis & Sub_ September 216,514 232.446 1,985,315 1,950,552
643,837
772,716
87,041 73,685
El Paso Electric Co September
158,347 158.230 1.058,978 1,091,506
42d St M & St N Ave July
Galv-Hous Elec Co.._ September 195.260 200,183 1,846,891 1,764,480
972.587
959,482
Grand Rapids Ry Co September 108,327 112,753
749.942
747,682
81,575 78,987
Harrisburg Railways. September
Havana El Ry.L & P
Railway Dept...._ Wk Nov 22 49,836 53,090 2.490,440 2,531,880
228,103
214,332
21,298 22,596
Houghton Co Tr o_ September
b Hudson & Manhat_ September 435,844 446,208 4,140,435 4,066,099
Illinois Traction.. _ _ _ October_... 718,855 729,533 6,772,779 6,458,095
2936,217 2854,894 27,952,368 26,902,928
Interboro Rap Tran_ October
499.240
549.486
53,567 55,357
Jacksonville Trac Co. September
103.466
100,217
11,412 12,342
September
Key West Electric
788,183
810.105
151,999 154,483
Lake Shore Elec Ry_ July
Lehigh Valley Transit September 173,649 164,620 1,385,876 1.297,448
522,039
520.104
67,326 64,139
Lewis Aug & Watery_ September
141,700
140,092
29,813 32.479
Long Island Electric- July
268,080 281,486 2,661,966 2,690,011
Louisville Railway October
Miiw El Ry & Lt Co_ September 479.857 495.763 4,470.381 4,448,742
Milw Lt, Ht & Tr Co September 132.480 138.878 1,145,955 1,086,338
57,421 53,884
347,751
397.022
NY City Interboro _ July
225.717
42,386 43,526
233,908
N Y & Long Island July
17.450 16,447
91,535
94.190
N Y & North Shore - July
131,808 132,688
781.471
NY & Queens Co...... July
805,863
New York Railways. September 1133.466 1214,051 10,099,657 10,601,600
37,175 32,686
N Y & Stamford By.. September
298,357
300,562
36,811 34,490
N Y Westches& Dos_ September
272.132
305,819
Northampton Trac September
17,074 17.046
142,528
140,412
Nor Ohio Trac & Lt_ September 311,656 289,022 2,728,559 2,444.698
North Texas Elec Lt.. September 164,778 172,014 1.566,941 1.548,124
Northw Pennsylv Ry September
33,242 31,844
282.285
275.048
Ocean Electric (L I)- July
34,335 36,601
85,421
88,595
Paducah Tr & Lt Co_ September
23,805 24,843
213.969
223.116
Pensacola Electric Co September
20,510 23,307
211,372
206,056
Phila Rap Transit Co October_ 2097,099 2113,530 19,927,044 20,080,569
Port(Ore)Ry,L&PCo September 483.313 547.451 4,753,241 4,965,497
Portland (Me) RR September
95,122 90,286
798,715
800.621
PugetSound Tr,L&P September 683.557 717,282 6.335,603 6,325,792
Republic Ry & Light
253,134 257,302 2.512.307 2,450,705
Rhode Island Co..
September 467.400 454,747 4,084,272 4,118,312
October....Richmond Lt & RR- July
47,475
221,132
St Joseph(Mo)Ry,Lt.
Heat & Power Co_ October
107,171 103,814 1,065,751 1,024,983
Santiago El Lt & Tr_ September
37,953 38,085
340,537
347,937
Savannah Electric Co September
65,201 67.291
612.396
633,561
July
Second Ave (Rec)
89,293 97,715
603.190
526.535
Southern Boulevard.. July
21,477 20,067
127,264
117,153
Staten Isld Midland_ July
43,641
179,25
Tampa Electric Co September
80.755 73,362
612,092
731,569
July
Third Avenue
341,476 352,142 2,304,654 2,356,438
September 525,264 549,859 4,584.361 4,482,045
Toronto Street Ry
Twin City Rap Tran_ 2d wk Nov 173.206 173,063 8,094,549 7,680,296
Union Ry Co of N Y C July
288,515 269.871 1,585,956 1,582,260
United Rys of St L.... September 1013,214 1049,487 9,404,987 9,413,311
Virginia Ry & Power_ October..-.. 446,704 445,821 4,298,632 4,157.692
Wash Balt & Annap_ August
74,839 84,825
557,306
527.567
Westchester Electric_ 1 ,
66,109 68,704
.1113
341,480
343,378
Westchester St RR.... September
190,706
25.705 23.800
196.814
Western Rys & Light October
235,544 223,381 2,229,650 2.115,582
Wisconsin Gas & Elec September
545,520
57,102 65.395
556,069
Yonkers Railroad.. _ July
394.415
67.350 65.810
412.389
York Railways
October..-- 70.171 69.770
659,488
635,357
Youngstown & Ohio_ September
188.351
27.175 23,878
198,096
Youngstown & South September
129.417
122 2119
16.564 15.8(11
a Includes since May 1 1913 the earnings on the additional stocks acquired on that date. b Represents income from all sources. c These
figures are for consolidated company. f Earnings now given in milreis.
-Gross Earnings- -Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
8
$
$
Atch Topeka & S F_b__Oct10,882,377 10.368,555 34,133,032 53,757,430
July 1 to Oct 31
41.297,400 38,984.263515,422.495513.394,454
Buffalo Roch & Pitts_b_Oct 842,546 1,142,601
237.352
354,628
July 1 to Oct 31
3,632,624 4,354,473 1,029,608 '1,389.175
Canadian Northern
Oct 1,895,300 2,687,100
563,200 1,004,100
July 1 to Oct 31
6,967,200 8,435,600 1,829.100 2.451.900
Central of Georgia_b___Oct 1,055,587 1,613,875 c287,434 c620,782
July 1 to Oct 31
4,228,908 4,892.362 c1,023,304 c1,312,925
Chic & North West_a___Oct 7,884.096 8,619,059 2,273,205 2,783,842
July 1 to Oct 31
31,723,306 32,831.163 9,312,700 9.891.813
Chic St Paul M & 0_a__Oct 1,751,180 1.887,582
553,572
589,986
July 1 to Oct 31
6,762,070 6.683.003 2,044.174 1,761,880
Colorado & Southern_b_Oct 1,384,946 1,273,179
506,776
339,431
July 1 to Oct 31
4.896,871 5,184,023 1,493.417 1,474,738
Detroit & Mackinac_a__Oct 101,145
114.708
23,455
31,538
July 1 to Oct 31
403,813
445,076
94,733
118,892
Lehigh Valley_b
Oct 4,110,503 4,129,453 1,393,236 1,312,382
July 1 to Oct 31
15,378,758 15,559,131 4,983.450 4,984,367
137,938
24,494
44,569
Louisiana & Arkansas Sept 131,827
155,389
468,366
434,368
143,557
July 1 to Sept 30
New London Northern_b286,693
36.950
25.371
276,308
July 1 to Sept 30
10.580
100,358
865,384
778,969
Jan 1 to Sept 30
Railway_b_ _ __Oct 5,531,969 6.785,151 1,416,575 2,364,320
Southern
22,434,865 24,066.074 5,393,155 7,143,767
July 1 to Oct 31
325,600
216,984
Oct 894.710 1,203,537
Mobile & Ohlo_b
819,152 1,097,460
3,951.662 4,386,828
July 1 to Oct 31
293,873
185,074
965,103
Cin N 0 & Tex Pb_-Oct 820,637
749.079 1,104,150
3.256,081 3,567,896
July 1 to Oct 31
138,223
75,316
513,974
Ala Great South_b___Oct 388,222
462,722
357,542
1,674.656 1,841,446
July 1 to Oct 31
Oct 9,201,934 10,354,504 3,885,758 4,648,310
Union Pacific_a
34,392.197 35,970.103 13,941.954 14,493.818
July 1 to Oct 31
64,062
54,685
178,042
Virginia St Southwest_b_Oct 170,182
228,016
221,299
679,330
685,830
July 1 to Oct 31
, INDUSTRIAL COMPANIES.
American Power & Light (includes only the earnings of the Kansas Gas &
Elect. Pacific Power & Light and Portland Gas & Coke Co)
146,513
151,203
303.008
310,837
October
3,790.291 3.541,165 1,789.927 1,603.554
Nov 1 to Oct 31
Light (includes, irrespective of date of acquisition,
American Power &
earnings of all properties now owned by the Kansas Gas & El. Portland
Gas & Coke, Pacific Pow & Lt and Southw Pow & Lt Co's subsidiaries)
149
513.355,
.
562,338
October
6,528,064 5,734,838 3,045,549 2.599,558
Nov 1 to Oct 31
29,514
28,029
51,563
51,709
Mt Whitney P & El_a_ _Oct
294,884
380,100
543,270
650.840
Nov 1 to Oct 31
78,062
114,480
154.891
P_a__Oct 161,337
San Joaquin Lt &
810,536
1,553,728 1,434,355 1,070,714
Jan 1 to Oct 31
207,521
214,529
414,092
Southern Calif Edison__Oct 402,061
3.959,232 3,939,113 2,005,780 1,952,345
Electric Railway Net Earnings.
Jan 1 to Oct 31
-The following table
95,636
127,664
210,347
Southw Pow & Ltsub cos_ Oct 252,138
996,004 gives the returns of ELECTRIC railway gross and net
2,195,753 1,255,622
2,745,320
Nov 1 to Oct 31
earnings reported this week.
a Net earnings here given are after deducting taxes.
-Gross Earnings--Net Earnings Previous
b Net earnings here given are before deducting taxes.
Current
Current
Previous
operating income
Year.
c After allowing for uncollectible revenue and taxes, July 1 to Oct. 31
Year.
Year.
Year.
Roads.
and from
for Oct. 1914 was $242,213. against $572,916; year.
$
$
$
$
236,547
was $823,517 in 1914, against $1,113,853 last
249,887
240.603
amounted to $477,463, Commonwealth Pow &LaOct 250,255
5 For Oct. taxes and uncollectible railway revenuenet for Oct. 1914 was
Jan 1 to Oct 31
2,382.866 1.768.163 2.286,905 1.696.281
against $461,071 in 1913; after deducting which
44,199
110,668
110,047
41,963
$3,655,568. against $3,296,359 last year. From July 1 to Oct. 31 taxes, Duluth-Superior Trac-b-Oct 1.096,138 1,056.565
436,861
473,586
Jan 1 to Oct 31
&c., were $1,863,423 in 1914, against $1,784,054 in 1913.
Roads.
THE CHRONICLE
Nov. 28 1914.]
Roads.
-Net Beaming
-Gross Earnings
Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
Oct 718,855
Illinois Traction a
6,772.779
Jan 1 to Oct 31
Interborough Rap Tran a Oct 2,936.217
10,436.428
July 1 to Oct 31
79.191
Kentucky Sec Corp _ b_ _ _Oct
304,560
July 1 to Oct 31
Louisville Railway b____Oct 268.080
2,661.966
Jan 1 to Oct 31
Sept 1,133,466
NY Railways-a
3,413,349
July 1 to Sept 30
Philadelphia Company
Nat'l Gas & Oil depts_Oct 443,027
3,425,202
Apr 1 to Oct 31
10,595
Consol Gas of Pitts-Oct
72,112
Apr 1 to Oct 31
Oct 403,910
Duquesne Light
2,693,004
Apr 1 to Oct 31
16.584
Penne Light & Power_Oct
110,933
Apr 1 to Oct 31
Oct 1,031,988
Rys
Pittsburgh
7.152.377
Apr 1 to Oct 31
29.291
Beaver Valley Trac___Oct
210.716
Apr 1 to Oct 31
Third Ave Ry System a_Oct 949,429
3,844,275
July 1 to Oct 31
Twin City Rap Tran b__Oct 800,097
7,746,726
Jan 1 to Oct 31
729.533
6,458,095
2,854,894
10.142,228
64,309
280,556
281,486
2,690,011
1,211,051
7,573,790
298.663
2,632.286
1,691,637
5,621,403
33,828
145,175
117,304
1,141,729
344,788
1,024,723
325,791
2.621,553
1,597.167
5.304,364
30,659
136,303
122,582
1,141,779
383,301
1,077,485
1591
Union Pacific Railroad.
(Report for Fiscal Year ending June 30 1914.)
Below are the principal traffic statistics and comparative
income account for several years, compiled for the "Chronicle." Further data will be given another week.
TRAFFIC STATISTICS.
1911-12.
1912-13.
1913-14.
7.150
Average miles operated
7,349
7,597
Equipment
1,331
1.501
Locomotives
1.476
1.110,
Passenger cars
1.170
30,224
32,692
Freight cars
37.817
Road service equipment
3.817
3.958
3,637
Passenger Traffic a
527,235
137,523
218,566 No. of revenue passengers carried
8.566,493 8,563,262 8.194.026
3,654.371 1,403,210 1,803.671 Passengers carried one mile
888,375.847 903.046,763 886,336.274
16.628 def3,587
def9.005 Rects, pass. trains per rev.train mile_
$1.45
$1.40
$1.33
90,270 def15.455 def30,180
Freight Traffic c
17.155,390 16,456,182 14.709,164
407,422
177,113
147,234 Tons commercial freight cars
6168799.317 6283029,209 5356162.375
2,602,026 1,073,983
915.398 Tons carried one mile_b
Tons company freight carried
7,656,442 7,466,831 7,424.334
18.091
6,346
5,453 Average revenue per ton mile (cts.)
.971
1.005
.975
118.644
38,331
37,222 Receipts per revenue train mile
$4.01
$4.18
$4.18
552.38
1.031,698
283,751
553.51
559.29
306,248 Tons per revenue freight train mile_d
7,118.628 2.083,207 2,168.888
a Mixed train statistics included, except under train and locomotive
12.751
29,325
9.821
motor cars and special train service excluded.
66.900
206,646
71,498 miles; also on way-bill tonnage, commercial freight only.
b Based
954,386
265,982
292,563
c Mixed trains included in freight-train performance; special train ser3,850,829 1,218,874 1,280,221 vice not included.
d Based on conductor's tonnage, including company freight.
765.160
407,725
390.004
7,333,922 3,751,123 3,622,548
EARNINGS AND OPERATING EXPENSES.
1911-12.
1910-11.
1913-14.
1912-13.
a Net earnings here given are after deducting taxes.
$21,070,802 $21,322,493 $20,207,257 $20,981,405
Passenger
b Net earnings here given are before deducting taxes.
Mail and express
5,150.723 5,034,212 4,859,879 4.637,739
Freight
62,434.292 63,773,804 57,483.558 59,964,364
Interest Charges and Surplus.
Switching, rentals, &c... 1,652.935
1,679,798
1,629,403
1.618.464
1,828,152
1,797,512
1,781.136
-Int., Rentals, &c.- -Bat, of Net Earns.
- Outside oper.-revenue_ 1,806,581
Current
Previous
Current
Previous
Total revenues
$92,115,333 $93,638,459 $85,977,609 $88,983.108
Roads.
Year.
Year.
Year.
Year.
Maint. of way & struct_$10,785.783 510.688.564 $9,594,538 $10,445,203
$
$
$
$
2,282,596 2,107.146 2,119,603 2,021,492
Commonw Pow Ry & Lt_Oct
50,516
52,890
190,087
183,657 Traffic expenses
expenses
2,874,292 2,530.727 2,251.895 2.241.017
Jan 1 to Oct 31
556,474
291,451 1,730.431 1,404,829 Generalof equipment
Maint.
12,123,174 10,694,011 9,812,175 9.208,725
Duluth-Superior Tract_ _Oct
24,767
25,163
17,196
19,036 Transportation expenses 25,325,975 26.077,120 24.755.109 23.991,335
Jan 1 to Oct 31
1.900.062
252,813
249,847
220,774
187,014 Outside oper.-expenses 2,018,432 1,932,649 1.856,087
5,078,867 4,666,277 4,368,789 3,464,147
Interborough Rap Tran-Oct 906,966 1,049,786 x830,609 z648,464 Taxes
July 1 to Oct 31
3,638,921 3.847,114 x2,162,538 x1,686.084
Total exp. and taxes_$60,489,119 558,696,493 $54,758,196 $53,271,981
Kentucky Secur Corp_.-Oct
2,802
3,398
z32,390
x28,670 Rev. over exp. & taxes_$31,626,214 $34,941,966 $31,219,413 $35,711,127
July 1 to Oct 31
10.944
15,142 z140,184 z126,183
Other IncomeLouisville Railway
Oct
73,250
70,167
z60,411
x68,189 Int. on bonds owned.- $2,883,791 $2,647,583 $1,834,020 $1,392,509
Jan 1 to Oct 31
720,166
697,500 x576,425 z610,658 Divs,on stocks owned__ 9,258,794 13,151,422 14,651,247 14,596.702
*2,016.542
NY Railways
Sept 280,583
275.124 404,323 z137,640 Bal.of int. on loans, &c_ 4,209,339 1,951,210 2.131,975
*243.361
1,332,167
Jan 1 to Sept 30
841,020
830,515 z296,527 z339,458 Rentfor lease of rd., &c.. 1,330,349 1,360,038
304,800
101,600
Rents from steamships_
Third Ave Ry System-Oct 214,590
r61.124
212.524
x83.330 Net income from lease
July 1 to Oct 31
27
35
853,637
851,840 z396,674 x445,087
of unpl. Ids., &c_
89,650
97,626
97,718
113.227
Twin City Rap Tran____Oct 231.438
238,135
176,286
151.869 Miscellaneous income__
Jan 1 to Oct 31
2.278,509 2,349,531 1,472,614 1,273,017
Total other income_317,795,500 $19,207,971 $20,148,671 $18,643,590
Total net income
$49,421,714 554,149.937 $51,368,085*$54.354.716
z After allowing for other income received.
DeductInt.on bds. held by pub.$14;062,108 $14,201,658 $14,068.704 $12.623,282
EXPRESS COMPANIES.
12.013
12,013
11,980
Sink, fund requirements
11,973
-Month ofJul
1.742.563
1,825,988 1.930,118
Hire of equipment-bal_
771,886
Canadian Express Co.1914.
1913.
Rentfor lease of rd., &c_ 1,466,537 1.332,303 1,292,009 *
3
$
25,247
1,097
15,266
903
Total from transportation
318.758
303,467 Miscellaneous expenses_
3,981,744
3.981.740 3.981.744
Express privileges
163,167
141,779 Prof. dividends (4%)--- 3,981,740
-Dr
Common dividends._.. 19,780,778 21,663.370 21.664.739 21.659,571
(9%)
(10%)
(10%)
(10%)
Revenue from transportation
155,591
161,688 Rate % common diva..
5.142
Operations other than transportation
7,787
Total deductions_ ___$40,090,288 $43,017,942 $42,974,574*$40,020,270
$9.331,426 $11,131,995 $8,393,511 $14.334,446
Total operating revenues
160,733
169,475 Balance,surplus
Operating expenses
142.751
148,582
*Comparisons of the item so marked is inaccurate, the figures having
Net operating revenue
17.982
20,892 been slightly changed in later years; the final result, however, remains
unchanged.
-V. 99. p. 895, 818, 749.
Uncollectible revenue from transportation
Express taxes
4,000
2,750
Missouri Kansas & Texas Ry.
(Report for Fiscal Year ending June 30 1914.)
On subsequent pages will be found the report of ChairANNUAL REPORTS.
man Frank Trumbull and President C. E. Schaff, also the
detailed income account, balance sheet and profit and loss
Annual Reports.
-The following is an index to all annual account. Below we give comparative income account and
reports of steam railroads, street railways and miscellaneous statistics for several years and comparative balance sheet.
companies which have been published since Oct. 31.
OPERATIONS AND FISCAL RESULTS.
This index, which is given monthly,does not include re1911-12.
1910-11.
1913-14.
14912-13.
ports in to-day's "Chronicle.
'
Mlles operated, average
3.398
3.377
3,825
3,677
Operating income
RailroadPage.
1298
Alabama & Vicksburg Ry
1523, 1536
Atlantic Coast Line RR
1358, 1373
Baltimore It Ohio RR
1290
Bangor It Aroostook RR
Chicago Burl.& Quincy RR__1359, 1379
Chicago Rock Island & Pacific Ry 1523
Gino. New On.& Texas Pat. Ry_..1527
1300
Coal & Coke Ry
1524
Colorado & Southern RY
1366
Detroit & Mackinac RY
1360
Florida East Coast RY
Fonda Johnstown & Gloversv. RR_1292
Georgia Southern & Florida Ry____1361
1291
Gulf & Ship Island RR
1525
Lehigh & New England RR
1293
Louisiana & Arkansas Ry
Louisville Rend. & St. Louis Ry_ _ _1300
Midland Valley RR., Arkansas. 1290
1289
Mobile It Ohio RR
Nashville Chatt. & St. Louis Ry--_1289
New Orleans Mobile & Chicago RR.1525
New Orleans & Northeastern RR_.1300
New York Slum.& Western RR_ __ _1360
1367
Quebec Central By
St. Louis Rocky Mtn.& Pas. Co_ _ _1298
San Antonio & Aransas Pass Ry_ __ _1301
1362, 1377
Seaboard Air Line Ry
1440, 1457
Southern Pacific Co
1292
Toledo Peoria & Western RY
.
Toledo St. Louis It Western RR_ _ _1361
1292
Tonopah & Goldfield RR
'United Ry. of Am & Regis Wareh_1529
Vicksburg Shrevey.ort & Pacific Ry_1301
1301
Virginia & Southwestern Ry
1524
Virginian By
Wabash-Pittsburgh Terminal Ry. &
1291
West Side Belt RR
1359
" Maryland Ry
stern
Electric RailwaysBirmingham Ensiey & Bessemer RR.
1526
(Receiver's Report)
1147
Boston Elevated RS'
1299
Carolina Power & Light Co
1527
cbieago Elevated RYs
Commonwealth Pow.,Ry.& Lt.Co_1366
-Oakland Terminal Rya_ _1529
Fran.
San
13,982
18,142
Electric Raiiways (vend.).Page.
Spokane dr Inland Empire RR
1292
Third Ave. Ry., N. Y.
.1447, 1526, 1534
United Light & Railways
Virginia Ry.&POw.Co.,Richmond
Industrials
AlgomaSteelCorp.,Sault5te.54arte_1526
American Cotton Oil Co
1448, 1463
American Express Co
1448
American Malt Corporation
1293
American Malting Co
1294
American Shipbuilding Co
1295
American Soda-Fountain Co. (Balance Sheet Aug. 31)
1530
American Type Founders Co
1164
American Window Glass Co
1449
Assets Realization Co. (Creditors'
Committee Report Sept. 1)
1996
Boston Woven Hose & Rubber Co.
(Balance Sheet Sept. 1)
1449
British Westinghouse Electric &
Manufacturing Co.. Ltd
1453
Central Kentucky Nat.Gas Co.,Inc.1298
City Investing Co
1302
Colorado Fuel & Iron Co... 1364, 1381
Consumers Gas Co. of Toronto____1302
Crucible Steel Co
1449
Denver Gas & Electric Light Co_ _1302
Edison Electric Ilium. Co., Boston_1295
Fifth Ave. Coach Co., New York. 1370
Hendee Mfg. Co.,Springfield, Mass.1370
Independent Brewing Co
1449
Intercontinental Rubber Co
1296
Iron Steamboat Co
1455
Lackawanna Coal & Lumber Co
_1296
Massachusetts Gas Companies
1294
Mergenthaler Linotype Co
1295
Moline Plow Co., Moline, Ill
1363
New York Dock Co
1448
Northern States Power Co
1303
Packard Motor Car Co., Detroit__ _1364
Pittsburgh Brewing Co
1449
Sherwin-Williams Co., Canada
1533
South Porto Rico Sugar Co
1303
United States Steel Corp. (3 and 9
months ending Sept. 30)
1293
Western Canada Flour Mills Co. .1304
1323
Passengers carried
7,334,836 6.238.049
5,692,238 6,044,154
Pass. carried 1 mile
404,034,141 401,082,344 349.180.896 391.065.334
2.28 cts.
Rate per pass. per mile_
2.34 eta.
2.35 cts.
2.25 cts.
Tons freight carried
9,121,554 8,874,462 8,722.847 8,165,406
Tons fr't crr'd 1 mile_ _1,850.591,630 1830519,759 1675674,860 1605999.502
1.13 cts.
Rate per ton per mile_ _ _
1.09 cts.
1.14 cts.
1.08 cts.
Gross earnings per mile$8,241
$8,796
$8,295
$8,607
EARNINGS, EXPENSES, &c.
(Including Wichita Falls Lines from Nov. 1 1912.)
1913-14.
1912-13.
1911-12.
1910-11.
Passenger
Freight
Mail, express, &c
9,105,242 9,402,967 8,220,409 8,923.259
20,228,337 20,912,978 18,100,906 18,184.664
2,187.609 2.030.313
1.865.404
1.957,370
Gross oper. revenues_
Maint. of way, &c
Maint. of equipment_ _ Traffic expenses
Transportation expenses
General expenses
31.521,188 32,346,258 28,186,719 29,065,293
4,574,726 4,637,748 4.129,256 3,900,643
3,934,119 4,100.819 3,745,233 3,550,393
742,628
737,766
755.120
738,928
12,258,499 12,255.845 11,647.573 11,409.361
1.003.490
944,859
1,217,009
1,058.880
Total
22,722.119 22,808,412 21,205,849 20,606,515
Per cent of exp. to earns.
(70.90)
(75.23)
(70.51)
(72.09)
Net operating revenues_ 8,799,069 9,537.846 6,980.870 8.458,778
Taxes accrued
1.005.649
1,060,181
1,287.903
1,499.521
Operating income_ _ _ _
Hire of equipment
Int. on investments. &c_
Sundry receipts
7,299,548
Gross income
Interest on bonds
Other interest
Hire of equipment
Rentals rd. It. trks.,8tc_
Discount on securities
Other deductions
8.249.943
411.307
128,490
126.815
5,920,689 7,453.129
127,911
69,437
159.1701
303,782
127.789!
7,516,827
6.124,370
195,502
18,544
523,807
8.916.554
5,965,362
12.832
6,277.085 7.884.822
5,570,0781 5,300.780
75.4651
565,749
579,048
115,377
55,626
35.326
92,064
125.215
662.184
141.548
6,604
Total deductions..._ 6.977.600 6.599,569 6.259.918 6,111,116
Net income
17,168
1,773,706
539.227 2,316.985
Prof. diva. (see note).- (2)260.000 (4)520.000 (4)520.000 (4)520,000
Texas Central diva
1,010
1,635
1.407
1,020
Divs. on sub. cos, not
42
owned
21
THE CHRONICLE
1592•
Note.-Divklends in 1913-14, 1912-13 and 1911-12 were charged against
profit and loss; in previous years they were deducted from the income
accounts of the respective years.
CONDENSED GENERAL BALANCE SHEET JUNE 30.
1913.
1914.
1913.
1914.
3
$
A ssels221569,389 M.K.&T.com.stk.63,300,300 63,300,300
Road & equip__2224,229,154
M .K .4SrT .pfd .stk .13,000,000 13,000,000
Secur. pledged
25,400
25,700
698,161 Stk. of sub. cos___
Prop., &c., cos__ 1,544,993
Issued or ass'd__28,217,C00 25,420,000 Funded debt_......171,613.500 167788,991
185,712 Loans and bills
Misc. investments 959,628
3,281,386 1,516,386
payable
Spee'l depos. ace't
938,608
1,062,558 Traffic, &c., tals_ 571.095
equipm't trusts_
1,458,801 1,502,733 Vouch. At wages 4,391,095 3,931,183
Cash
640,399
883,512 Matur.int.,&c_ _ _ 663,175
9,096
Loans& bills rec.148,101
335,808
817,810 Misc. accounts
Traffic, &c., bats_ 461,498
Miscellaneous_ _ 2,020,805 1,840,093 Unmat. int., drc 1,136,186 1,122,723
260,855 Taxes accrued__ _ _ 439,881
298.868
390,767
Agents, ,fge
Mater.& supplies_ 2,987,136 3,137,207 Aec't of provident
111,284
funds
71'6,548
846,299
Securs. in trees__
Other def. credit
Unmatured int.,
82,162
305,528
items
15,202
16,993
divs., atc
Sinking funds_ _ _ _ 1,902,507 1,460,001 Adirns to prop'ty_ 1,563,430 1,563,430
221,167
111,284 Sinking funds_ __ _ 236,846
Provident funds_ _
Profit and loss_ _ _ 64,832,457 5,223,147
Other def. debit
430,089
556,502
items
Total
265,508,680 260191,454
Total
265,508,680 260,191,454
a After deducting accrued depreciation on eixsting equipment.$1,219.888.
, b After deducting depreciation prior to July 1 1907 on equipment destroyed. $347,408; uncoflectible accounts charged off and reserve, $165.550:
side tracks, &c. property abandoned, $109,8'12, and miscellaneous items
(net) aggregating 545,718.-V. 99, p. 1451. 1366, 1052.
Pere Marquette Railroad.
(Report for Fiscal Year ended June 30 1914.)
-page report published in pamphlet form by receivThe 60
ers Frank W. Blair, Dudley E. Waters and Paul H. King,
contains a great amount of information, mostly in tabular
form, regarding the operation of the property, the rentals in
detail, the outstanding obligations, and the interest payments
met and in default thereon. The text of the report, dated
Sept. 1, says in substance:
-The decrease of 8.40 miles embraces: Ottawa Beach
Mileage Operated.
branch, sold July 2 1913, 5.25 miles; Finch Creek branch, taken up. 3.15
miles. The purchase price of the Ottawa Beach branch, $50.000, was
collected from B. S. Hanchett and deposited with New England Trust Co.,
trustee under Chicago & West Michigan first mortgage.
-Operating revenues decreased $1,092,519, while operGeneral Results.
ating expenses increased $3,570,140, consequently there was a net operating
deficit of $1,118,977, as against net earnings of 53,543,683 in 1912-13.
After deducting all charges, including interest, rentals and hire of equipment, the deficit for the year was $7,152,895. an increase of$5,557,345.
[The interest charges actually paid during the year amounted to $1,319.940, against $2.795,587 in 1912-13 out of total interest charges of $4,062,907
and 53.565,117, respectively-1
The freight revenues decreased 8897,788, or 7.52%. The revenue tonnage carried one mile decreased 171,104,851 tons, or 8.6470. The loaded
freight-car mileage decreased 10,650,884 miles, or 10.18%. Empty freight
car mileage increased 5,186,046 miles, or 14.02%. The average rate per
ton per mile was 6.11 mills, as compared with 6.03 mills in 1913.
-Passenger revenue figures show a
Passenger Revenues and Comments.
decrease of $95.558, or 2.38%. The average rate per passenger mile for
1914 was 1.890c., as compared with 1.841c. in 1913: the number of passengers carried one mile decreased 4.92%.
The total passenger-train revenues for the year were 54,818.323; deducting estimated oper. expenses assignable to passenger traffic, 55,404,938,
leaves estimated deficit from such traffic, $586,616, with no allowance for the proportion of taxes, rentals and interest charges assignable
to passenger traffic. If the average passenger rate for the period Jan. 1
19010 to June 30 1907 of 2.108e. could have been applied to the 1914 passengers carried, it would have added $450,504 to the passenger revenue-and it
-cent fare
is estimated that since the adoption in 1907 of the Michigan 2
law, the passenger revenues have suffered to the extent of $4,266,232 in
consequence thereof.
The revenues from outside operations decreased 8117,703, while the
eepenses increased $50,439. Upon instructions from the court, accumulated depreciation of $104,024 on steamers, &c., was charged to expenses.
Operating Expenses.
-The ratio of expenses to gross operating revenues
for the year was 106.62%, as compared with 80.32% for the previous year.
Maintenance of way and structures increased $34,605: maintenance of
equipment increased $2.076,734, and maintenance of equipment (depreciation) increased $1,201,571.
Included in the maintenance expenses are these items, aggregating
5356.254. which were charged upon instructions from the court, viz.:
Adjustment of salvage, &c., $28,419; adjustment of apparent shortage in
materials evidently used and not charged to maintenance, prior to Oct. 31
1913. 5262,835; deferred maintenance to right-of-way fences, $65,000.
Special Items Aggregating $1,819,387 Charged to Maintenance of Equipment.
-S.
Under rulings of the I. -C. Commission to represent amount
charged on account of equipment retired from service
Heavy repairs made at outside plants to 2,632 bad order cars and$400,936
26 bad order locomotives
Under order of court, to represent estimated cost of heavy repairs 855.391
to 2,131 bad order cars. May 31 1914,in excess of normal number 554.060
The maintenance of equipment (depreciation) increased 51.201,571.
Prior to the receivership, and up to Aug. 31 1913, an arbitrary rate of depre. elation of 3-e of 1% per annum on the original cost of equipment was in effect
and from Sept. 1 1913 to April 30 1914, a rate of 31 of 1% was used. In
order to make the rates,in effect during the entire receivership period conform more hearly with the actual current loss from depreciation, these
annual rates were changed during May 1914, upon instructions from the
court, to the following rates, viz.: Locomotives. 1.79%; passenger cars,
2.33%; freight cars, 3.90%; work equipment, 2.79%: river boats, 1.31%.
Transportation expenses embrace an item of $42,249, which represents
payments to enginemen-to cover additional compensation for period
May 1 1912 to June 1 1913, which, prior to May 1 1914, was in suspense.
During the year 1905 06 the ratio of labor charges to operating revenues
was 38.61%-and for the late year 47.84%, which proves conclusively that
wages have materially increased. The ratio of material and supply charges
to operating revenues in 1906 was 11.75%, as against 15.649i in 1914.
-The debit balance on this account amounted to
Hire of Equipment.
$771,573, an increase of $331,838, or 75.46% •
New equipment is badly needed to handle the freight traffic to advantage
and to replace such equipment as may have been retired from service during
past years. On June 30 1914 there were 2,949 bad order cars on hand and
unfit for service, which should be repaired as soon as possiole. (On June 30
1914 the rolling stock available for service included: 431 locomotives, 380
cars in passenger service and 16,558 cars in freight service.)
Profit and Loss Debit.-Thls debt was increased to $22,559,538 as of
June 30 1914. or a net debit of 88.115,367 during the year. due chiefly to
$7,152,895 balance from income account on Juno 30 1914 and $711,143
depreciation prior to July 1 1907 on equipment destroyed, sold, etc.
-The amount of this debt in hands of public
Bonded and Secured Debt.
increased 51.015,339. as follows:
June 1
Issued during year: (a) Receivers' 5% certificates, datedand for
1912, due June 11915, to retire equipment obligations interimprovements, $2,000,000; (b) receivers' notes, bearing notes,
maturity of
est at rate of 6% per annum, payable at
cost of 5 Pacific
$750,000; (c) 8% equipment notes, covering agreement dated
passenger locomotives purchased under
type
$2,862,790
April 23 1914, $112,790: total,
[VoL. xc rx.
Retired: (a) Receivers'6% notes paid. $425,000; (b) 5% equipment obligations, due July 15 1913 (Equitable Tr. Co.), paid
from proceeds of 5% receivers' certificates, $4,680; (c) paid
from current funds: C. H. & D. Ry.-Kleybolte equipment
% notes, due Oct. 1 1913, $34,372; Baldwin Locomotive
Co. 6% notes, due May 16 1914 and June 16 1914, 59,399:
(d) matured prior to July 1 1913, but paid during year from
proceeds of 5% receivers' certificates: P. M. RR.6% equipmemt gold notes, due March 11912, extended to Sept. 1 1912,
0
$650,000; Amer. Car & Fdy. Co.67 notes, due April 11912,
Oct. 1 1912 and April 1 1913($2O,000,$100.000; R. Winthrop
& Co. 43i% notes, due April 1 1912, Oct. 1 1912 and April 1
1913,$228.000; P.M.RR.Pullman Co.5% notes, due April 1
51,847.451
1912, Oct. 1 1912 and April 1 1913,5396,000; total
In addition to the principal obligations paid as aforesaid during the year
there was left unpaid and therefore transferred on the books to heading
"Matured mortgage, bonded and secured debt unpaid," viz.: Amer. Car
& Foundry Co. 6% notes. due Oct. 1 1913 and April 1 1914. 580.000:
R. Winthrop & Co. 43.)% equipment notes, due Oct. 1 1913 and April 1
1914, 5152,000; Pullman Co. 5% notes, Series "C," due Sept. 15 1913,
Dec. 15 1913, March 15 1914 and June 15 1914, $48,801; C. H. di D. By.
(see V. 99, p. 1451), Kleyboite equipment 454% notes, due April 1 1914,
334.372; P. M. RR. Pullman Co. 5% notes, due Oct. 1 1913 and April 1
1914, $264,000; Equitable Trust Co. 5% notes, due Aug. 15, Sept. 15,
Oct. 15 and Nov. 15 1913,518,720; P.M. RR.5% Equipment Gold Notes.
due Dec. 1 1913 and June 1 1914, $88,000; total. $685,893.
(As to plan for protection ofcertain equipment trusts, see V.99,P• 539.)
-There were constructed 12.14 miles of side and yard tracks and
Property.
7.76 miles of passing tracks; 6.58 miles of side and yard tracks were taken
up; a net increase of 13.32 miles. There were 692,378 cross ties used in
main track renewals; 86,000 tie plates were applied: 35 miles of track were
ballasted with cinders and 63 miles with gravel. There were laid 10,875
tons of new 90-1b. and 521 tons of new 85-1b. rail on main tracks.
Automatic block signals were erected on 112.13 miles of road. New steel
bridges were installed, replacing old, light structures, as follows: (a) At
-ft. deck plate girder; (b) At Ionia, six 66
Wayne. one 70
-ft. and two 76-ft.
deck plate girders; (c) At Hartford, one 70
-ft. through plate girder and two
-ft. approach spans of eye beams; (d) At Pearl, one 18-ft. eye-beam span.
30
-During the year 85 additional gasoline motor cars were
Equipment.
purchased for use of trackmen. There were also purchased five new Pacific
type and ten Mikado engines from the Baldwin Locomotive Works.
There were written out of service because of age, &c., or were destroyed:
42 locomotives, 12 cars for passenger service and 1,684 freight andservice.
Net Credits to Additions and Betterments 5429.184-Year 1914.
Debits.
DescriptionCredits.
Net.
Bridges, trestles and culverts
877,107
$41,105
$36,002
Increased weight of rail
240,737
240,737
Sidings and spur tracks
107,910
39,506
68,404
Block and other signal apparatus
127,976
127,526
450
Other additions and betterments on roads 302,879
98,992
203,887
Additions and betterments
-equipment
506,969 z1.484,019 cr977.050
Total additions and betterments
$1,363,578 $1,792.762 ci$429.184
x Represents original cost of equipment, which was retired from service
during year ended June 30 1914, and previous to that time. Upon instructions from the court, the value of 1,489 condemned cars and 42 condemned
locomotives was credited to additions and betterments during May 1914.
-During the latter part of the year the
-15.
Financial Program for 1914
court issued instructions to the receivers to the effect that payment of all
interest charges on funded debt, with the exception of the interest on
Canadian bonds, be discontinued. The receivers have outlined a financial
program for the ensuing year-which is contingent upon earnings, and provides for the expenditure of $780,000 to be used for heavy repairs to bad
order cars; $60,000 for repairs to bad order fences along the right of way;
$123,600 to cover safety appliances to be placed upon equipment, and
$694,603 to be applied in payment of equipment obligation maturities,
$294.511 of which matured prior to June 30 1914 (V. 99, p. 539), and the
balance is to be applied upon maturing obligations during the ensuing year.
The receivers have also provided in their financial plan for payment of
Michigan State taxes due in April .1915, amounting to approximately
$546,000, and have set aside a monthly fund for this purpose.
-The receivers applied to the court during the year
Receivers' Certificates.
for permission to issue certificates amounting to $11,100,000. The court
on July 14 1914 ordered (V. 98. p.1460. 1609; V.99. p. 121,970:) that the
receivers be authorized to issue certificates as follows:
$2,000,000 Series A, 1914: (a) $605,000 to retire present outstanding
issue of receivers' certificates issued for the payment of that amount now in
default, and to be used for no other purpose; (b) the balance solely to pay
the taxes due April 301914,together with the interest and penalties thereon,
and also the receivers' notes heretofore issued for taxes and pay-roils. That
said Issue of $2,000,000 of certificates be a first and paramount lien upon
all of the Michigan property of the Pere Marquette RR. Co.
$2,000.000 Series B, 1914, solely to pay indebtedness of the receivers for
materials and supplies and other necessary expenses in the operation of said
railroad. That said additional amount of certificates oe a lien upon all the
property of the company (1) subordinate to the following divisional mortgages, to wit: (a) Mint & Pere Marquette RR. mortgages dated, respectively. Oct. 1 1880, March 1 1889, May 17 1889 and Aug. 27 1897; (b)
Sag. Tuscola & Huron RR. Co. dated Feb. 1 1900: (c) Chicago & West
Mich. By. Co. dated Nov. 1 1881; (d) Chicago & North Mich. RR.Co..
dated May 1 1891: (e) Dot. Or. Rapids & West. RR.dated Dec. 15 1896;
(e) Pere Marquette RR. Co. of Indiana dated May 22 1903; (g) Grand
Rapids Belding & Sag. RR., dated March 1 1889. (2) and on a parity
with the present outstanding issue; of receivers' certificates for $3.500,000,
matur ng June 1 1915; and (3) except for the liens of said divisional mortgages and receivers' certificates, Series A, 1914, hereby authorized, ba a
first and paramount lien upon all of the property of the defendant within
the State of Michigan (and if suitable orders shall be made by the U. S
District Courts, then also on all the property of tile defendant within the
States of Ohio and Indiana.)
That both of said Issues of certificates, aggregating the total amount of
$4,000 000. payable on or before June 11915, with interest at 5% perannum.
payable Dec 1 1914, and at maturity both principal and interest to be
payable at the Guaranty Trust Co. of N. Y., In N. Y. City.
That said receivers be authorized, from time to time in their discretion,
to sell or dispsoe of any or all of said certificates in furtherance of the
execution of this order at not less than par, and may appply for further
directions In the premises not Inconsistent with thef oregoing provisions.
That all of the obJections made by any of the respondents to the issuing
of said certificates are hereby overruled
That said petition, except as to the relief hereby granted, be and the same
is hereby dismissed, but without prejudice to the making of any further
application to provide for equipment obligations, or for any other purpose.
o. -During the year ended June 30 1914
Results-Group Ito. 3.
returns of 67 roads comprising I. S. C. Commission Group No. 3, located in
Ohio, Indiana, Michigan and that portion of New York and Pennsylvania
west of Buffalo and Pittsburgh, indicate that the gross earnings decreased
523,081.364. or 5.41%, and that the net earnings decreased $34,823,769, or
29.44%. The decrease of 29.447 in net earnings in the group referred to,
and in which the Pere Marquette ER. Is situated, was the highest per cent
of decrease in this country. As it is Impossible for the railroads to reduce
expenses without impairing efficiency and safe operation, it is evident that
the only relief from existing conditions is a substantial increase in freight
and passenger rates. In so far as the Pere Marquette RR. is concerned,
the proposed freight rate increase of 5%, if granted by the I. S. C. Commission, would be wholly inadequate for its needs.
OPERATIONS. EARNINGS, EXPENSES, &C.
1913-14.
1910-11.
1912-13.
1911-12.
Average miles operated_
2,324
2.333
2,330
2,331
Passengers carried
4
5,569.426
5,745,12
5,666,058
5.905.044
Pees. carried one mile._206,954,347 217,655,744 224,750,787 222,096,660
Earns, per pass. per mile 1.890 ets.
1.841 et%
1.774 cts.
1.800 ete.
50.9272
Earns, per pass. train m.
50.9805
50.9910
50.9569
Revenue tons carried_ _ 10,867.428 11,401,029 10.420.770 10,346.272
..
Rev, tons carried 1 mile_1808504819 1979609.670 1749267,067 1858421.3
84
Earn, per rev, ton p.m.. 0.611 ets: 0.603 ets. 0.643 ets. 0.579 eta.
320.32
430.90
Tons per fgt. train mile_
419.33
335.45
8
51.8555
$2.63139
Earn, per fght. train m_
32.52957
52.15847
$7,082
87,279
Gross earnings per mile_
$7,728
$7,362
THE CHRONICLE
Nov. 28 1914.1
INCOME ACCOUNT.
1912-13.
1913-14.
1911-12.
1910-11.
Freight
11.044,099
Passenger
3,912,093
Mall and express
684,877
Other trans01 revenue578.789
212,081
Rev. other than transp_
483,258
Outside operations
11.941,888
4,007.651
716,031
541.776
199,409
600.962
11,255,766
4,045,588
724,866
464.313
185.895
484,053
10,765,545
3,939,391
689,541
438,388
153,943
536.954
Total oper. revenue- 16,915,197
Maint, of way & struc
2.979,122
Maint. of equipment_ _ _ 6,265,461
411,910
Traffic expenses
Transportation expenses 7,250,494
519.136
General expenses
608,051
Outside operations
18,007,717
2,944,517
2,987,156
400,347
7,146.827
427.575
557,612
17.160,481
2,064,891
2,804,938
423.916
7,707,865
407,194
559,229
16,523,762
2,123,296
.550.859
2
467.790
7,292,092
424,373
612,555
18,034,174
Total expenses
(106.62)
Per cent exp. to earns
Net operating revenue_def1,118,977
643.168
Taxes
14.464.034
(80.32)
3,543,683
555,242
13,968,033
(81.40)
3,192.448
667.704
13,470,965
(81.52)
3,052.797
664,770
Operating inCome__-def1,762,145
185.037
Int., diva., &c., received
2.988,441
154.845
2,524,743
157.138
2,388,027
164,132
Total net Income_ -- -def1,577.108
Interest on bonds
x3.192.903
Interest on bills payable
x679,108
x190,896
Int. on rec. ctfs.& notes
Rentals
741.307
Hire of equipment
-Dr771,573
3,143,286
x3,370,759
x128,221
x66,136
733,985
439,735
2,681,881
3,291.196
38.050
4,840
712,655
614.819
2.552,159
2.997.130
77,370
Total deductions
Balance. deficit
4.738.836
1,595,550
4,661,561
1,979.680
4,365.920
1,813,761
5,575,787
7.152,895
721,188
570.232
x The total interest actually paid by the receivers during the year 1913-14
was $1,319,940, against $2,795,587 in 1912-13.
BALANCE SHEET JUNE 30.
1814.
1913.
1814.
1913.
A sse1S-
a39,457,304 91,181,593 Common stock_ 16,241,200 16,216,200
Road,ertuiP.
Secure.owned_ _612,840,858 612,840,858 Preferred stock_ 12,200,000 12,199,000
Other investm'ts c1,478,570
1,596,062 Stock of sub.cos.
58,800
84,800
Cash
610,428
707,683 L.E.& D.R.Ry.
Deposits for int.
common stock 1,400,000
1,400,000
and dividends
70,511
344,351
tge.,bond,&c.,
Secure. in treas. 2,267,790
debt(see "Ry.
2,267,790
Marketable sec_
678
dr Ind." Sec.). 82,959,163 81,255,720
703
Agents and conVouch.Ac wages. 4,412,148
2,731.525
ductors
439,472
703,489 Tra 1 tic balances
252,990
347.144
Material dr supp 1,141,131
1,591,654 Maturant.,81vs.,
MISC. accounts_
943,436
753,741
& rents, unpd. 4,110,827
1,602,914
Accrued income
Matured mtge.,
18,352
19,432
not due
bonded & sec.
222,271
Advances
246,546
9,824,564
9,121,457
debt unpaid_
Misc. accounts_
Prepaid rent and
283,386
255,908
18,193 Acc.int ,divs.,&c
insurance_ _
15,173
755,203
715,283
82,834
Special deposits.
27,677 Accrued taxes.. _
305,468
323,632
Oper. reserves. _
657,866
Other del. debit
Dr.7,835
653,952 Other deferred
733,687
Items
414,451
198,112
credit items__
22,559,538 14,444,170
Prolit and joss
Total
132,907,388 127,412,539
Total
132,907,338 127,412,539
a Road, franchises and equipment incl. leasehold estate). $89.457,304 in
1914, includes investment to June 30 1907. $81,873,241; investment since
June 30 1907, $9,542,006; less reserve for accrued depreciation. $1,957,943.
b Includes in 1914 and 1913 securities of proprietary, affiliated and controlled companies, pledged, 53.782.856. anti unpledged, $2; also securities
issued or assumed, pledged, 39,058,000.
c Other investments include in 1914 physical property, $199,787; securities pledged, $818,401, and securities unpledged, 5460,382. V. 99, p.
1529, 1301, 970.
Norfolk Southern Railroad.
(4th Annual Report-Year ended June 30 1914.)
• Pres. & Gen. Mgr. J. H. Young, Norfolk, says in subst.:
Mtleage.-The 22 miles of new line between Varina and Colon. N. C.
were opened for traffic on July 1 1913. The extension from Mt. Gilead
to Charlotte. 51.77 miles, was placed in operation on Dec. 11913.
Previous to Jan. 1 1914 all this new mileage was operated as a part of the
system of the Raleigh Charlotte & Southern Ry. Co. On that date the
accounts of that company were consolidated with those of the Norfolk
Southern RR. Co. and the operation of its 291.88 miles of road assumed by
Your company. The operated mileage (all lines) June 30 was900.04 miles.
Results.
-The total operating revenues exceeded those of 1912-13 by
$119,556, or 3.09%, freight revenue showing an increase of $71,837, or
2.70%. and passenger-train revenue an increase of 563,492, or
5.86%.
while other revenue decreased $15.774, or 12.26%. The tons handled one
mile increased 15.78% but yielded an increase of only 2.70% in freight
revenue, which condition reflected itself In the net earnings.
Both the operating revenues and expenses were adversely affected, first,
by a severe storm in Eastern North Carolina during Sept. 1913, followed
by a tidal wave which washed away approximately 15S miles of bridges, one
being nearly a mile long, causing a suspension in the movement of traffic
on a large portion of the system for a period of ten days, or more.and severe
damage to the cotton crop in Eastern NorthCarolina. and, second, by the
almost unprecedented amount of rain and snow during Feb. and, March
1914, which so softened a large part of the track, especially the 74 miles of
new line Just put in operation during that fiscal year, as to severely handicap the operation of the property, causing frequent derailments, with the
resultant damage to freight and company's property, slow movement of
traffic, and other unsatisfactory and expensive operating conditions. The
excessive period of dry weather in April and May also affected the revenue
by reducing the size of the vegetable crops then growing, which prior to that
time had given every evidence of a large yield.
Maintenance of way expenses showed an increase of 595,950. Maintenance of equipment increased $80,561. Transportation expenses showed an
increase 018238,714, due chiefly to (a) interruption of traffic by the Sept.
1913 storm and the expenses incident thereto; (6) abnormal weather conditions in Feb. and March 1914; (c) increased wages paid organized labor;
(d)increased cost of fuel, and (e) opening up of 74 miles of new lines on which
the revenue was not commensurate with the service necessary in order to
aid in upbuilding the territory served.
Other income, exclusive of credits account hire of equipment, decreased
$318.867, due to the fact that the John L. Roper Lumber Co., on account
of depression in the lumber market,failed to declare a dividend this year on
its I$1,000.0001 stock. which your company holds.
lure of equipment increased $123,742,due to the additional mileage operated, delay in delivery to your company of new freight equipment ordered,
increase in the per diem rate from 30 and 35 eta. to 45 eta, per day, conditions produced by the Sept. 1913 storm and tidal wave and the unusually
severe weather experienced in Feb. and March 1914.
Interest on funded debt increased $174,482, due principally to there having been charged in this year's accounts six months interest on the bonds sold
to provide funds for the purchase and construction of lines west of Raleigh.
Gross Open Revenues per Mile of Road (Steam Lines)for Past 6 Fiscal Years.
1910.
1914.
1911.
1912.
1913.
1909.
$4,497
84.909
$4,732
$4,214
85,424
$5,860
The figures for the year 1914 include the new lines west of Raleigh, which
yielded much lower gross revenues per mile of road than the old line east
of that point, while the figures for the previous years included the gross
revenues of only the original Norfolk Southern system.
Maint..Avg.Cost-'13-'14. '12-'13.l I Maint.,Avg.Cost-'13 '14.'12-'l3.
$55.60
$50.92
Per locomotive_$1.967.53 $1.779.97 Per freight car
656.83
467.01 Per mile of road_-_727.39
436.43
Per pass. car--Number of cross-ties used In renewals, 292.339, against 221,882 in 1912-lb. rail were
-lb. rail and 4.86X miles of new 70
13; 1.787 miles of new 80
-lb. rail; 88,500
laid in the main line track, replacing a like amount of 60
bushels of oyster shells were placed as ballast.
1593
Bonds. $600.000 First & Ref. M.5% bonds were issued and sold during
the year to reimburse the treasury for additions, betterments, purchases of
equipment, &c.(V. 98, p. 523).
Dtvidends.-Dividends of yi of 1% each were paid on Oct. 1 1913 and
Jan. 1 1914. Your directors on Mar. 27 1914 decided to suspend further
dividends(V. 98, p. 1072, 1000).
Industrial Spur Tracks.
-There were placed in operation 5.96 miles of
new industrial tracks, reaching 10 new lumber manufacturing plants, 10
new logging operations, 1 cotton mill, 2 oil mills. 1 new fertilizer factory,
2 tobacco factories, 2 tobacco storage warehouses, 1 tobacco stemmery and
31 brick plants, cooperage plants, cotton gins, ice factories, fish scrap factories, &c. The estimated annual gross revenue to be derived by your
company from these various industries is $206,000, which, when compared
with the estimated income from industries mentioned in the previous year's
report, namely, $113,000, indicates a more rapid development of the territory served by your lines.
With the opening of your lines west of Raleigh there has been a broadening of Interest in new manufacturing locations. New wood-working plants.
cotton mills, fertilizer factories and oil mills are negotiating fordefinite
locations, with every evidence of a still further increase of like concerns.
New Equipment.
-On Jan. 2 1914 your company executed an equipment
trust agreement providing for the lease to it by the Commercial Trust Co.
of Philadelphia of the following new equipment, being a part of that ordered in 1912-13(V. 97, p. 1201), viz.: 6 passenger cars,6 caboose cars and
463 steel underframe cars (3 mail and baggage, 160 flat and 300 box).
Your company guaranteed the principal and dividend of 5500,000 5% trust
certificates (Series A, dated Jan. 1 1914) issued under said agreement;
$25,000 matured and was paid [July 1 19141•
Agricultural Development.
-There has been a marked increase in inquiries
in respect to the agricultural possibilities of the territory tributary to your
line, particularly as to new development projects, prospective or under way.
Wonderful crop results are being obtained on the newly developed lands in
Eastern North Carolina, while better farming methods are securing increased
farm returns per acre throughout the entire territory.
Addl =and Eetterm'ts for Year ended June 30 1914, Aggregating 51,112.505.
.
Right of way,stations, &c.,$53,101; water & fuel sta'ns,$35.850_ _ $88,951
Grade reductions and changes of line, $132.202; ballast, 818.504_ _ 150.704
Additional main tracks,sidings and spur tracks and terminal yards 83,439
Additions and betterments
54.644
Equipment
734,767
Digest of Report of C. I. Millard. Pres. of John L. Roper Lumber Co.
On Sept. 3 1913 the saw mill plant and stock of lumber on hand at Belhaven •6I.0 were seriously damaged by wind and flood,causing a lossfor re.
pairs ofabout$15.000,and this also enforced the closing ofthe plant for about
six weeks,causing a further loss of at least as much more. The same storm
adversely affected the operation at New Bern.
On Mar. 4 1914 the dry
kilns at Roper were destroyed by fire, causing considerable delay and extra expense in operating. The curtailment of the cut during the summer
and fall of 1913, owing to the slack demand for lumber, reduced the production and added materially to the cost. The enforced cancellation of the
contract to log the Belhaven plant increased the cost of the logs. The cost
of labor, which has increased during the last three or four years, did not fall
with the price of the product of the mills, which steadily declined throughout the year. No dividend action was taken during the year.
CLASSIFICATION OF TONNAGE
-STEAM DIVISION-Products ofYearAgriculture. Animals.
Mines.
Forests. Manufactures. Misc.
1913-14
288,180
23,403
212,433
1,053,765
254,278
267.468
1912-13
305,988
23,232
193,244
973,157
240,330
268,175
TRAFFIC STATISTICS
-STEAM DIVISION.
1913-14.
1912-13.
1913-14.
1912-13.
Average miles_ _._
843
788 Pass. carried 1 m_41,932,048 42,338,417
*Equipment
Rec. p. pass. p. m. 2.272 eta. 2.161 cts.
Locomotives
89
62 No. tons carried.. 2,099,532 2,007,126
Passenger cars_ _ _
116
88 Tons car'd 1 mm179,773,601 155,275,142
Freight cars
3,329
2,889 Rec. per ton p.
1.518 eta. 1.711 cts.
Work, &c., care
49
32 Av. tons p. tr. m_
193.01
154.09
Traffic
Gross rev, per m.
34.732
54.913
Passengers carried 1,532,061 1,541,956
Equipment as above on June 30 1914 includes 15 locomotives leased and 341
cars in passenger,freight and company's service. The .company also owned 9 barges,
5 car floats and 1 tug. Equipment on hand June 30 1914 (electric line). Cars owned
or leased in passenger service, 39; others in freight service, 6; in company's service
(caboose cars), 1.
INCOME ACCOUNTS (a) Norfolk Southern RR. Steam Division,
1912-13.
Revenues1913-14.
1913-14.
1912-13.
52,729,272 12,657,435 Net revenue
Freight
$1,059,417 $1,370,386
914,760 Taxes accrued_ _
952,510
Passenger
125,810
112,901
239,285
Mall,exp.& misc. 255,510
Oper. income
Oth.rev.from oper.
58,284
52,728
$933,607 51,257,485
Hire of equiprift_. 332,182
312.344
53,9911,020 53,870,464 Other income_ _
Total
31,189
350,055
ExpensesMaint.of way,&c. 5613,372 5517,421
Grass corp. inc_51,296,978 51,919,884
481,135
Maint. of equip
561.696
Traffic expenses_ _
70,938
64,429
TransporVn exa _ 1.466,146 1,229,432
Deduct
General expenses_
214,754
196,235 Rent, lease of road
578,016
$83,730
Int. on bonds, &c. 695,274
520,792
Total
Ss 926.906 52,488,652 Hire of equipment 528,009
384,429
P.C. of exp. to earns.(73.36)
(64.30) Miscellaneous _ _ _
61.917
50,244
Net oper. revenue_51,063,114 51,381,812 Dividends
(1)160,000 (2)320,000
Outside over., net _ de1.3,697 del.11,421
Total dectuc'ns_51,523,216
Net revenue .....$l.019.417 $1,370,386 Bal., our. or deLdef.5226,238 51.359,195
sr.5560.689
(b) Norfolk & Southern Electric Division (miles operated)
Operating Net(after
Other
Interest, Dividends,
Balance,
Fiscal Year- Revenue.
Taxes). Income. Rents, etc. Paid. Sur. or
Del
1913-14
5276.826 $12,849,
sur.$12.849
1912-13
273,910
22,941
sur. 22,941
(c) Combined Steam and Electric Divs. (900 miles In 1914 vs.
825 in
84,266,846 5946.456 5363,370 51,363,216 $160,000 de( 1913).
1913-14
.52l3.3$9
1912-13
4,144,375 1.280,426 662,400 1,035,195 320,000
sur. 583,630
(d) John L. Roper Lumber Co.
1913
-14
51,728,429 882,608 843,806
512,731
sur.5113,683
1912-13
1,962,451 357,592
33,890
70,155 320,000 our.
1,327
BALANCE SHEET JUNE 30.
1914.
1913.
1914.
1913.
Arras
$
Liabilities$
$
Road &
d27,952,931 22,390,202 Capital stock__ _ _16,000,000
16,000,000
Real est, not used
Funded debt (see
in operation_ _ _ _
123,763
131,013
"Ry. & Indus."
Lea-sed rail
52.413
52,538
Section)
18,832,143 17,903,000
Adv. to proprieTraffic, &c., bsis
82,6t5
63,124
tary, &c., cos
145,098 2,659,691 Vouchers & wages 302,936
397,403
Secure. of underlyInterest,&c.,due. 108,550
63,525
ing & other cos. 6,671,849 6,428,699 Mlscell. accounts
Cash
436,580 1,730,291
payable
40.103
23,062
Depos. with Grua_ _
049,506
Accrued interest,
Material & supp
330,358
514,659
rents &c
293,523
283,104Loans & notes roe.. 241,358
584 Taxes accrued_ _ _ _
31,000
18,899
Misc, accts. rec_ _
613,242 De,. credit Items_
507,263
153,653
144,228
Accrued income. _
2,558
1,725 Surplus
11,018,426 1,130,343
Unexting. disc.__ 1.122,834 1.087.993
Special deposits
135,000
Oth.def.deb.items 224,438
281,051
Total
37,862,949 36,026,688
Total
37,862,949 36,026,688
d Includes road, $24,133,785, and equipment. $3,531,519, and $480,586
for general expenditures, leas reserve tor depreciation, $192,959. e Includes deposits
for
additions and betterments, $27,638; sinking fund, 813,032; sale or
and equipment destroyed, $510. c Both pledged and unfledged. property. $8.32($
f After adding
adjustments aggregating 5114,322.
Note.
-The N. & S. RR., with the Virginia Ry...guarantees the authorized
Issue
of $2,000,000 let M.50-year 46 of the Norfolk Terminal Ry. due May
11961. The
co. also guarantees $73,190 Carolina RR. bonds.
-V. 99, p. 1300.
St. Joseph & Grand Island Railway.
(18th Annual Report-Year ended June 30 1914.)
Pres. Graham G.Lacy,St. Joseph,Sept. 16,wrote in subst.
-Gross transportation revenue increased 354.726 and the total
Results.
deficit, after charges, was 5198.841, a decrease of $27,449.
The freight business was the greatest of any year in the history of the
road, the actual tons handled showing an increase of 11.7% over last year
in its
and the ton miles an increase of 5.3% over last year, which trafficturn was
arrangegreater than any previous year. This increase was due to a
with the Union Pacific RR. for handling Union Pacific freight
ment made
traffic between Marysville, Kansas,and Hastings. Nebraska, which brought
a revenue of $186,713, and increased the tonnage and earnings sufficiently
corn crop.
to overcome the losses due to a total failure in the for additional passing
-There was expended $14,162
Additions, &c.
facilities, enlarging station buildings and new water tanks; $6.61
track
expenses and $7,547 to additions, etc.
of this was chargeable to operatingneeded for improvements of
roadbed,
The expenditure of $913.124 is
from Carden, Kan.,
&c. (1) Referred to in former reports:(a) Line$261,443: rectifying
bridges,
to Hastings, Neb. 118 miles, $409,566 (ballasting,
es. $61,440; passing tracks, &c., 386,683); (b) grade adjustment, &c.,
Carden to Marysville. $27,104, and coal and water station, Hanover,
Kan.,$20,100;(c)8freight and 5 passenger locomotives, $190,500. (2) additional to previous requisitions: (a) further passing track facilities,
enlarging station buildings and new water tanks. $35,598; (5) replacing
-lb. rail between Manville and
-lb. rail with 75
-lb. and 52
48.4 miles 60
Price. Kan., and Hastings and Grand Island. $167,600; (c) renewing telegraph pole line. Wathema to Seneca. Nan.. $14,300: (d) reconstruction of
telegraph line, Seneca, Kan., to Hastings, Neb., $28,200; (e) steel under
frames to 43 box cars. $9,211; sheer boom and rip-rap, Missouri River
bridge, $9,045; improvement to other bridges, 51.900. driver and 1 locoDuring the fiscal year 113 freight and outfit cars ,1 pile
motive which had been condemned were destroyed. In addition. 7 freight
cars were destroyed by accident. There were 3 freight cars built at company shops and 2 converted to be used in company service. This leaves
only 576 serviceable freight cars for commercial service and will explain
the large payment for hire of equipment.
-The litigation instituted by certain stockholders, referred to in
Suit.
A decision
the last two annual reports, has not been finally disposed of.for the Dist.
Court
therein was rendered May 27 1914 by the U. S. District this company were
the Union Pacific RR. Co. and
of Neb., holding that
in
competitors for inter-State traffic amounting to some $48,000 theannual
Union
revenue to this company and some $18,000 in annual revenue to carried by
whole amount of this traffic
Pacific RR. Co.; that although the
0
both roads was less than 1-10 of 17 of the total revenue of the Union Pacific
conRR. Co. and was only 3.88% of the total revenue of this company, itthat,
stituted a substantial amount of traffic subject to competition; andof the
therefore, the ownership by the Union Pacific RR.Co. of a majority
law.
capital stock constituted a violation of the Federal Anti-Trust the Union
by
The decree of the Court enjoined the voting of said stock or supervision
RR. Co., and the exercise of any control, direction from
Pacific
making
by it over the affairs of this company, enjoined this company
line
any further expenditures for the reconstruction of that portion of its
Kan.,and Hastings. Neb.,or acquiring by purchase
lying between Upland.
or lease the railroad of the Hastings & Northwestern Ity. Co. extending
from Hastings to Gibbon, Neb., except upon authority of a board of directors chosen by stockholders other than the Union Pacific RR.Co., and provided that unless within 60 days from the entry of the decree the management and control of this company should be surrendered to a board of directors chosen by stockholders other than the Union Pacific RR. Co., a
receiver of this company and of all tis property and franchises would be appointed by the Court. An appeal from this decree to the U. S. Circuit
Court of Appeals was taken both by this company and by the Union Pacific
RR.Co.and the decree was superseded and its enforcement stayed pending
the appeal. The appeal has been perfected and is set for argument in the
Court of Appeals on Jan. 19 1915. (V.99,p. 1695, 1768, 1847, 1994.)
OPERATIONS, EARNINGS, EXPENSES, &c.
1910-11.
1911-12.
1912-13.
1913-14.
319
319
319
319
Miles operated June 30$5.343
$4.846
$4,872
$5,049
Oper. revenue per mile..
733,062
726.293
763,645
853,333
Freight (tons) carried_Fr't(tons) carried 1 mile 105,253.955 99,896.721 85,667.522 97,153,809
1.14 eta.
1.16 cis.
1.03 eta.
1.07 eta.
Av. rate per ton per mile
199
189
217
233
Aver. train-load (tons)_
Aver, earnings per mile
$227
$2 20
$2 23
$2 50
of each freight train__
857.384
786,771
711,147
607,829
Passengers carried
Pass. carried 1 mile
16.362.057 17.764,916 19.764,772 21.922,158
2.08 eta.
2.05 eta.
2.17 eta.
2.12 eta.
Rate per pass. per mile_
Freight
Passenger
Mail, express, &c
INCOME ACCOUNT.
1910-11.
1911-12.
1912-13.
1913-14.
$996,848 $1,109,259
$1,129.677 $1,024.264
455.800
405,478
385,686
347,504
139,256
143.499
143,515
132.879
Total oper. revenue
Outside operations
51,610,060 $1,553,465 $1,545,825 31,704,315
5,521
5,566
4,067
2,198
$1,612,258 $1,557,532 $1,551,391 $1.709,836
Total revenues
$363.925
$274.732
$353,567
$326,115
Maint. of way & struct_
243,113
280,465
232,204
261,106
Maint. of equipment_
76.937
59,708
58,537
60,181
Traffic expenses
732.726
691,661
698,712
696.054
Transportation
77,518
77.104
68,617
83,808
General expenses
Total oper. expenses.. 51.427.264 31.411.637 $1,383,670 S1,494,219
5,032
4,286
4,981
2.177
Outside operations
$1,429,441 31,416,618 $1.387,956 51,499.251
Total expenses
(87.86)
(89.47)
P.c. of oper. exp. to rev.(90.95)
$210.585
$163.435
$140.914
$182,B14
Net earnings
41.278
40,757
41,395
*42.725
Other income
$251,863
$204,192
$182,309
$225,542
Total income
$70.458
$80,858
$73,987
$86,482
Taxes
160,000
160,000
160,000
160.000
Int. on 1st M.4% bds
62,917
79,128
76.869
Rents for joint facilities_
77,753
77.655
91,662
95,113
Hire of equip. balance....
90,516
2,631
9.632
Interest on notes
$371,030
$411,649
$408,599
Total deductions- $424,383
$119.167
$207,457
$226,290
Balance, deficit
$198,841
• Other income includes $41.493 rents received from joint facilities in
1913-14 and in 1912-13 539.589; also interest on loans, $1,232 in 1913-14
against $1,806.
BALANCE SHEET JUNE 30.
1914.
1913.
1914.
1913.
$
$
AssetsFirst pref. stock__ 5,499,400 5,499,400
Cost of road,equip18,335,877 18,440,554 Second pref. stock 3,500,000 3,500,000
ment, &c
118,513136,464 Common stock_ __ 4,600,000 4,600,000
Cash
33,275 Bonds outstanding 4,000,000 4,000,000
26,978
Due from agts.,&c.
215,338
Audited vouchers_ 269,205
Due from Individu64,410
62,931
110,165 Pay-rolls
115,758
als & companies
127,216
59,098
3,457 Due to other cos
3,038
Due from U.S.P.O.
174,900
226,316 Notes payable _ _ 274,900
Materials & supp.. 200,887
81,950
82,490
24,640 Interest on bonds..
Bills receivable__ 24,640
35,575
37,660
37,526 Accrued taxes._
28,921
Unadjusted accts.
38,124
48,803
1,431 Miscellaneous......_
1,524
Miscellaneous
676,918
Profit & loss.surp. 421,699
18 856,186 19,013,831
Total
-V. 99, p. 817.
Total
18,856,186 19,013,831
Cincinnati New Orleans & Texas Pacific Ry.
(Lessee of the Cincinnati Southern Ry.)
(32nd Annual Report-Year ended June 30 1914.)
Pres. Fairfax Harrison, Nov. 17, wrote in substance:
-Operating revenues increased $427,522, while operating exResults.
increase, 5375.455. or 56.02%.
penses increased $870,238. Of this latter
xcxx.
THE CHRONICLE
1594
was in maintenance. New ballast was placed aggregating 105.690 cu. yds.;
268,470 cross-ties were used in renewals; 7,876 tons of new 85-lb. steel
rail, representing 58.97 miles of track, were laid. Maintenance of equipment increased $315,877, due principally to the necessity of greater expenditures in the maintenance of wooden freight cars. Transportation
expenses increased $233,021, or 7.69%, due principally to the necessary
handling of empty foreign car equipment routed home, the increase in the
empty movement for the year being 63.39%.
The decrease of $76,829 in other income was due to decrease in the receipts from per diem rental of freight train cars. During the year additions and betterments costing $1.324,563 were made, and included in
income account, an increase of $299.914 compared with 1912-13. Of these
additions and betterments, improvements casting 51,234,647 will revert
to the City of Cincinnati at the expiration of the lease. [The balance of
income after deducting additions and betterments, but not dividends, was
$589,779. against $1,227,904 in 1912-13.
-The usual dividends, aggregating 5%, declared out of inDividends.
come for the year, were paid on the pref. stock. Dividends aggregating
6%, declared out of accumulated surplus and charged to profit and loss,
were paid on the common stock. Extra dividends aggregating 5% were
also paid on the common stock and charged to profit and loss (just as in
the two preceding years).
-The trustees of the Cincinnati Southern Ry. are expending
Terminals.
in improvement of the terminal facilities in Cincinnati the proceeds of the
$100,000 of bonds of the City of Cincinnati referred to in the last report,
being a part of the $500,000 authorized in 1911 to be issued for said purpose at not exceeding $100.000 per annum. Under the lease, your company assumes the interest upon these bonds and contributes 1% per annum
to a sinking fund for their payment at maturity. The improvements made
with the proceeds of these bonds will revert to the City of Cincinnati upon
the expiration of the company's lease.
-Our investment in equipment increased during the
Property Investment.
year $323,010. [Additions, 100 automobile freight cars, 100 box cars.
150 coal cars, 5 dining cars, &c., $530,901. less equipment retired, 310cars,
$207,891. Other property increased $120,491 (shops at Ferguson, Ky.)
Equipment trust obligations paid amounted to $294.000.
-Second main track between Erlanger and WillAdditional Facilities.
iamstown, Ky., 28.46 mules, was completed and put in service; total double
track June 30 1914, 119.15 miles, or 35.5% of the total main-track mileage. 18.15 miles of side and yard tracks were constructed. The yards
at Cincinnati, 0., Lexington, Ky., Danville, Ky. and Oakdale, Tenn.,
'
have been improved and enlarged. Considerable work in the widening
of cuts and fills is being done, with a view to bringing all cuts and fills up
to standard. A number of bridges were renewed or replaced with concrete
culverts. An overhead viaduct at McCallie Ave., Chattanooga, was
completed, and another at East End Ave., is under construction.
-During the year there were
Industrial Progress and Traffic Conditions.
located on or contiguous to the road 27 new industrial plants, representing
an investment of $953,000 and employing 1,277 persons. The inbound
and outbound freight tonnage from these new industries is estimated at
4,483 cars per annum. The total estimated value of improvements adjacent to the line (exclusive of the City of Cincinnati, but including municipal and industrial improvements of all kinds) made during the year is
33,000,483. In the cities and towns between Cincinnati and Chattanooga 653 new dwelling houses were erected.
Our passenger service is adjusted to meet the demands upon an initial
road from the Ohio River to the Gulf, to the Southeast, and to Eastern
Tennessee and the Carolinas, and the passenger train service is closely
followed by the movement given to freight traffic in both directions. The
inauguration of the "Carolina Special' from Cincinnati to Charleston.
S. C., and later of the "Royal Palm," from Chicago,111.,to Jacksonville.
Fla. has opened up a means of communication between the Middle West
'
and the South Atlantic seaboard superior to any previously afforded.timAdvances have been made in the development of mineral, clay and
discovered
have
ber resources. Large deposits of shale and fire clay A newbeen large terriand
at a number of points in Kentucky and Tennessee.
Tenn.
tory of hardwoods has been opened up tributary to Oneida,
TRAFFIC STATISTICS FOR YEAR ENDING JUNE 30.
1910-11.
1911-12.
1912-13.
1913-14.
Operations335
335
335
335
Miles operated
1,403,384
1.451.010
1,495,728
1,512,097
passengers carried
No.
86.619,647 82,784.199 79,492,273
96.885,503
Pass. carried 1 mile
2.10 cts.
2.11 cts.
2.13 eta.
- 2.11 cis.
Rev. pass. per mile_
4,906,920
5,241,311
5,631,134
Tons rev, freight moved 5,373,066
931.626,139
Tons fr't moved 1 mile 1.102,522,13t 1072034,160 996.917.794
0.76 eta.
0.75 eta.
0.75 cts.
0.75 eta.
Rev. per ton per mile
400
403
419
411
Av.train-load(rev.) tons
$1.41
$1.36
$1.36
$1.37
Earns, per pass. tr. mile
$3.02
$3.03
$3.16
$3.10
Earns, per fr't tr. mile
527.441
329.083
$31.137
$32,411
Gross earnings per mile..
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
1910-11.
1911-12.
1912-13.
1913-14.
$8,303.851 $8,078.157 $7.503.581 $7.043,373
Freight revenues
1,668,145
1,746,678
1,848,423
Passenger revenues_.._- 2,043,306
446,912
451,864
459,188
456.363
Mail, exp. and miscell46,975
54,142
59,401
69,170
from oper
Other rev,
Total oper. revenue-310,872,690 $10,445.169 39.756.266 $9,205,405
$1,116,637 $1,057,059 31,006,493 31.006,435
Maint. of way & struc
1,916,375
2.165,571
2,429,958
2,745,835
Maint. ofequipment_
2,729,481
2,835,008
3,030,545
expenses 3,263,566
Transportation
245,383
246,443
281,571
307,400
Traffic expenses
218,517
230.394
237,349
273,282
General expenses
Total oper. expenses.. $7,706,720 $7,036,482 $6,483,909 $6,116.191
Net operating revenue_ - $3,165,970 $3,408,687 $3,272,357 $3,089,214
16,443
6.493
7,877
9,447
Outside oper.-net def..
$3,400,810 $3,265,864 $33,072,771
$3,156,523
Total net revenue
254.483
271,600
345,600
368,000
Taxes accrued
Operating income__ -- $2.788,523 $3,055,210 $2,994,264
218,170
436,207
320,105
Hire of equip. balance
95.821
118,228
157.501
Income from invest.,&c.
$3,266,129 13,609,645 $3,308,255
Total gross income
$1,231,431 $1,227,742 $1,228.775
Rental to Cincinnati..
132,315
129.350
120,356
Miscell. int. & rentals
579,342
1,024.649
1,324,563
impts
Permanent
122.670
122,
122,670
Divs. on pref. stk.(5%)
Divs, on coin. stock *--(11)328.900 (11)328,900 (11)328,900
$2,818,288
861,514
78.587
$3,258,389
$1,229,990
123.029
606,671
122.670
(5)150,000
Total deductions- -- 33,127,920 32.833,311 $2,392,002 $2,232,360
3916,253 $1,026,029
$776,334
$138,209
Balance, surplus
* Deducted by the company from profit and loss, but here shown for
the sake of simplicity.
BALANCE SHEET JUNE 30.
1914.
1913.
•S
Assets
Road & equipml.a9,792,321 9,553,438 Common stock- 3,000,000
Misc.securities.... 1,033,790 1,033,790 Preferred stock- 2,453,400
4,515 Vouchers & wages 904,352
4,515
Physical property_
91,146
597,643 Misc. accounts.Material & suppl. 582,782
2,297,625 2,729,283 Accrued taxes__ __ 313,069
Cash
10,000 Equip. obligations 1,086,000
10,000
Secure. in treasury
1.035 Rent & int. acer'd 315,269
Marketable secure. 217,328
239,004 Traffic balances._ 293,156
Agents & conduc. 151,124
909 Operating reserves 405,708
140
Bills receivable_
309,651 Oth.def.cred.items 103,825
Traffic, &e., bals. 328,813
144,005
442,450 Approp. surplus_
Misc. accounts...... 454,344
197,308 Profit and loss__ 6,075,255
Def. deb. items.- 312,403
15.185,185
Total
15,185,185 15.178,920
Total
1914.
1913.
$
3,000,000
2,453,400
903,394
104,629
280,955
1,380,000
317,476
247,706
459,045
63,524
56,512
5,912,285
15,178,92
a After deducting $2,738,383 reserved tor accrued depreciation of equ
ment.-V. 99, p. 1527.
THE CHRONICLE
Nov. 28 1914.]
Aurora Elgin 85 Chicago (Electric) Railroad.
(Report for Fiscal Year ending June 30 1914.)
Pres. L. J. Wolf, Cleveland, Oct. 21, wrote in substance:
[Compare map. &c., pages 29 and 30 of "Electric Railway Section."'
Property.
-On the Chicago division 15 miles of track from Des Plaines
River west were raised, widened and ballast added, and 30.000 ties were
renewed; 336 miles of double track between Central Ave., Chicago,and the
,
Des Plaines River were re-ballasted with new crushed stone. The track and
roadbed of the Fox River interurban lines have been maintained at a higher
standard than ever before; during the past year 20,000 ties were renewed;
at six points open culverts and trestles have been replaced with permanent
concrete construction. At Aurora City a new passing track was constructed
700 ft. in lenght, and 8,400 ft. of track was entirely reconstructed with
new material,including new pavement. In Elgin, also, 4,919 ft. of the St.
Charles St. line was entirely reconstructed.
The new high-tension steel pole lino between Ingalton nd Elgin lighting
sub-stations was put in service on Dec. 1 1913 with entirely satisfactory
results. A high-tension line of similar character is contemplated between
Wheaton and Lombard sub-station.
Great effort has been made toward the better protection of highway
crossings and elimination of danger to passenger, to public and to property.
The 8,300 kva, high-pressure steam turbine mentioned in last year's
report has been installed and is in operation. Two additional 500 h.p.
boilers were installed, together with the necessary stokers, coal and ashconveying apparatus, bunkers, &c., thus making a total installation of
9,500 h.p. At Lombard sub-station a 450 k.w. oil-cooled transformer has
been installed as a spare unit in connecton with the lighting sets.
Six new Chicago division cars of the latest type of semi-steel construction were put in service early in 1914. Four new double-truck, pay-enter
city cars of semi-steel construction were put in service.
Business.
-A new five-year contract has been signed with the Elmhurst
Chicago Stone Co. for the power requirements of their quarry and stonecrushing plant, the current to be delivered from our Lombard sub-station.
The Stone Company has added 150 h.p. to their plant this year, making
a total of approximately 550 h.p. connected. A new five-year contract
has also been executed with the Western United Gas & Electric Co..covering their requirements for the village of Glen Ellyn and the city of Wheaton.
Our business in Elgin. West Chicago and Ardmore has shown a healthy
growth and extensions of our lines have been made where warranted.
There has been an unusually large amount of excursion business during
the past year and our various picnic parks continue to be very popular.
Owing to the dissolution of the United States Express Co. we have lost
the revenue from that source. However, under traffic arrangement with
the Arrow Transfer Co., which transports express and freight matter
from the downtown district of Chicago to our freight terminal at Laramie
Ave. near the city limits, we are undertaking to
express business between Chicago and variousbuild up a local freight and
villages along our line.
-The company now hasin its treasury $1.119.000 of its First
Financial.
& Ref. M. bonds, certified against construction, improvements and betterments heretofore made. Market conditions have not been favorable
to their sale, and the company is therefore carrying its present obligations
as notes and accounts payable. When market conditions are again normal, the sale of the treasury bonds will liquidate the notes and accounts
payable and leave a substantial cash balance.
RESULTS FOR YEARS ENDING JUNE 30.
1913-14.
1912-13.
1911-12.
1910-11.
Gross RR. earnings_ $2,094.157 $2.013,030 151,780.637 $1,672,278
Gross earns,light dept_
1
111,750
102,714
Total gross earnings-- $2.094,157 $2,013,030 $1,892.388 $1,774.992
Expenses & taxes, RR_1 $1,396,791 $1,238.642 151.084,015 51,002.690
Exp.& taxesJightdept.J
53,157
50.658
1
Total oper. expenses_ $1,396,791 $1.238,642 $1,137.172 $1,053,348
P.c. oper. exp. to earns_
(61.53)
(60.09)
(59.35)
(66.69)
$755.216
Net earnings, all depts.- $697,366
$721.644
$774.388
Other income
8.240
15,493
1.814
2,026
Total net income_ _ _ _
Deductions from income
Div. on pref. stock(6%)
Div. on corn. stock(3%)
8699,392
$418,759
186,000
93,000
$776,202
$395,223
186,000
93,000
$763.456
$386,127
186.000
93.000
$737,137
$423,373
186,000
93,000
Total deductions_,.,.
Balance,surplus
$697.759*
$665.127
$702,373
$674,223
$1,633
$101,979
$98,329
534.764
BALANCE SHEET JUNE 30.
1914.
1913.
1914.
1913.
"Wets$
3
Mobilities-.
$
$
Prop., plant, &c_ _12,595,398 12,598,881 Preferred stock... 3,100,000 3,100,000
Construction, imCommon stock... 3,100,000 3,100,000
provements, &c. 2,590,569 2,222,668 First & ref. bonds 4,198,000 3,486,000
Elgin & Aur. imFirst mtge. bonds_ 2,800,000 2,850,000
provements unE. & A. S. Trac.
der leases
10,963
15,145
cons. 1st M.bds. 2,000,000 2,000,000
Investments
15.601
15,280 Salaries and wages
32 292
31.643
"First & refund's',
Vouchers & accts. 245,139
350,337
bonds in treas._ 1,119,000
450,000 Notes payable_ _
846,279
345,037
Sinking funds__.. 389,118
346,443 Accr. in & taxes..
63,677
59,574
Material, supplies
Accrued dividends
69,750
69,750
& prepaid accts. 172,420
163,086 Outstanding tickCash on hand,&c..
49,757
72.432 ets, &c
19,838
29,630
Accts. receivable_ 115,722
121,442 Reserves
.33,188
32.586
Deferred accounts
7,334
6,576 Profit and loss_ _
557,719
557,394
Total
17,065,882 16,011,951
Total
17,065,882 16,011,951
* Includes $24,064 for replacements and renewals and $9,124 for aocounts receivable and for damages.
-V. 99. p. 1213. 968.
Cudahy Packing Co., Chicago.
(Report for Fiscal Year ending Oce. 31 1914.)
INCOME ACCOUNT YEARS ENDED OCT. 31.
1913-14.
1912-13.
1911-12.
1910-11.
Not stated $104,408,789 $90,443,970 $87,803,856
Total sales
1,850,682
Profits before repairs,&c. $1,923,742
1,651,686
830,334
521,726
521.504
Repairs, &c
522,221
451.027
Net profits for year.... $1402016 51.329.178 $1.129,465
$379,307
$120,000
Preferred div. (6%)----$120,000
$120,000
$120.000
Common dividends---- (4)400000 (7)700,000 (4)400.000
Balance, surplus
$882,016
$509.178
$609.465
$259,307
BALANCE SHEET OCTOBER 31.
1913.
1914.
1914.
1913.
Liabilities-$3
$
Assets$
8
8,045,178 7,852,369 Preferred stock... 2,000,000 2,000,000
plants, &(3
2,301091 2,128,849 Common stock _10,000,000 10,000,000
Branch houses
1,687,534 1,491,777 First mtge. bonds_ 3,780,000 4,020,000
Car line
2,294,524 1,809,873 Bids and accounts
Cash
payable
13,792,834 10,501,663
Bills & accts. rec. 6,299,640 5,953,755
14,079,201 11,995,019 Surplusland profits z6,022,289 z5,593,873
Inventory
883,895
837,155
Investments
Total
35,595,123 32,115,537
Total
35,595,123 32,115,537
x The "surplus and profits" are stated in the balance sheet before de-V.99, p. 819.
ducting any dividends.
New England Cotton Yarn Co., Boston.
(Annual Statement of Oct. 1 1914.)
President C. Minot Weld,Boston, Nov. 17, wrote in subst.
other textile cor"" During the past year this company has suffered, with
porations, through business depression. It has made a manufacturing
profit, but quite insignificant in amount.
stockholders were notified of the sale of the
In the last year's statement,
Union Mills stock carried on the books of the company at $1,333,333. for
1595
$1.000.000 cash and $200,000 in 2d pref. stock of the Union Mills. This
has led to a bookkeeping loss of 8133,333. The directors also deemed it
wise to charge off from their inventory $113.819.
*-4
During the year, when many of the mills have shut down from time to
time by reason of lack of orders, they were thoroughly renovated, new machinery was put in to a large extent, and they are now as a manufacturing
proposition in better shape than heretofore. In addition to this the company has been able to cut down its current loss from excess labor costs
where it now is manufacturing on an economical basis.
Orders to the amount of 19,000,000 pounds of yarn are
books, which show a good profit per pound and per spindle. now on the
BALANCE SHEET SEPT. 1914 AND 1913.
Seyt.22 '14. Sept.27 '13.
Seyt.26 '14. Sept.27 '13.
LiabilitiesReal estate and
Preferred stock... 2,000,000 2,000,000
machinery
8,673,073 8,688,345 Common stock... 3,900,000 3,900,000
Merchandise
1,736,217 3,009,835 Bonded debt
4,713,000 4,777,000
Notwand accounts
Notes payable__ _ _ 995,880 2,760,150
receivable
1,226,860 1,573,049 Accts. payable_ _ _ 153,871
144,683
Cash
564,275
405,164 Reserve for insur_
10,000
10,000
Investments
902,493 1,864,326
do suspense
821
Suspense account_
10,922
9,023
do depreciat'n
49.3,020
462,881
Renewal account_ 104,838
20,612 Profit and loss_ _ _ 947,907 1,514,819
Total
13,218,678 15,570,354
Total
13,218,678 15,570,354
-V. 98. p. 1320.
Ford Motor Company, Detroit, U. S. A.
(Report for Fiscal Year ending Sept. 30 1914.)
The "Chronicle" has been favored with the following:
Our output from Sept. 30 1913 to Sept.
From
Aug. 1 1913 to Aug. 1 1914 we sold and30 1914 was 265,006 cars. During
delivered 221,888 cars.
August, September and October we sold at retail 59,507 cars,
as against
29,821 cars for the same months in 1913-about 100% increase.
We are very confident of selling over 300,000 cars during the year ending
Sept. 30 1915, since the volume of sales for
larger this year than it was in Aug.. Sept. Aug.. Sept. and Oct. Is 100%
Oct. 1913.
output is 1,000 cars per day of 8 hours. and can increase The present
We
200% without adding anything to the mechanical equipment this output
of the
tory. simply supplying material and two more shifts of men,8 hours faceach.
On Sept. 1 1914 there were in commission in excess of 585,000
To-day there are more than 650,000 of them. To enable the Ford cars.
owners at
all times to obtain prompt repairs, there is in stock at our various
branches
andlwith Ford agents, parts to the aggregate value of more than
$12.000.000.
The proposed profit-sharing with retail buyers is
desires of Pres. Henry Ford that the owners of Ford in harmony with the
cars shall receive
pleasure and profit that his product brings at the minimum expense. the
It
Is in line with the increase of wages in the factory to a
day established Jan. 1 1914, and which is working out sominimum of $5 per
beautifully.
Data from Official Circular of Aug. 1 1914.
Prices effective Aug. 1 1914. guaranteed against a reduction up
1915, but not guaranteed against an advance. All cars fully to Aug. 1
equipped
f.o.b. Detroit. Prices (for the U. S. of Am. only): Roadster,
touring car. $490; town car, $690. This is a cut of 560 on each car. $440;
Retail buyers of new Ford cars from Aug. 1 1914 to Aug. 1 1915 will
be
allowed to share in the profits earned by the company during that
period
to the extent of from $40 to $60 per car on each car they
some time during Aug. 1915, provided we sell and deliver buy, to be paid
300,000 or more
new cars during this period. This means that if we sell and
deliver 300.000
new Ford cars in said period, we will hand back to the retail
tween $12,000,000 and $18.000.000 in profits. When we buy buyers beon a
of a 300,000
-car production, we can purchase materials at a lower cost basis
than
we could for a production of 221,888 cars. So if we sell and
deliver 300,000 new cars (or more) we will be able to return to each retail buyer
of a
new Ford car from $40 to $60 as his share of the profits. The number of
cars sold and delivered each month will be published monthly In the "Ford
Times." This profit-sharing plan is entirely distinct and separate from
the reduction of $60 in the price.
BALANCE SHEET SEPT. 30.
1914.
1913.
1914.
1913.
Assets8
$
Plant& machinery 3,821,465 2,832,907 Capital stock
2,000,000 2,000,000
Tools, patents,&c. 1,365,539 1,064,673 Acc'ts payable... 3,335,139 3,019,587
Cash on hand,&c27.441,469 13,225,711 Contract deposits_ 1,452,623
Municipal bonds
Accr. salaries, &c. 581,720
216,110
1,330,547 1,283,944 Accrued expenses_ 218,141
(cost)
266,119
9,200
Other Investments
7,433 Contract rebates_ 621.381
25,960
Inventory (cost)._ 9,284,449 9,046,172 Reserves for
Prepaid expenses_ 437,090
215,259
Employ's bonus
135,000
Acc'ts receivable_ 3,233,583
448,2?4
Bad debts__
3,511
Real estate
2,227,568 1,640,483
Buyers' profitBidgs. & bldg.fa.10,714.928 4,615,157
shafts
2,557,080
Office fist.& furn_ 105,264
77,358
Deprec'n of fixed
Factory equip t 1,661,155
676,589
assets.
1,935,440 1,061,805
Depr. of patents
59,767
57,224
Fire Ina. prem__
43,934
34,060
Unearnedprofits
(branches)._
60,370
Surplus
48,8270322 28,124,174
Total
61,632.257 35,033.920
Total
61,632,257 35,033,920
The "Detroit Free Press" Nov. 14 said: "With the proflt-sharing
system
by which it is planned to distribute about 830,000,000 this year
employees in operation during nine months of the period (see V. among the
233), the balance sheet on Sept. 30 1914 presents total assets of 98.p. 158,
an crease of $26,598.337. while of these total assets. cash $61.632.257.
amounted to
$27,441,469, representing nearly one-half, and an increase of
$14,215,758
over a year ago. Surplus is given as $48,827,032. being
$20,702,858, or
more than 40% greater than in 1913. [Par of shares
$1001.-V. 99. p. 346
Amercan Linseed Company.
(Report for Fiscal Year ending Sept. 30 1914.)
Pres. R. H. Adams, Nov. 10, wrote in substance:
Beginning with February, your business began
this continued each month until the beginning of to show a falling off, and
on Aug. 1. when all business, as well as your own, the general European war
and Sept., which should be our best months, became demoralized; Aug.
our
theless, we were able to pass to the credit of profit wereloss worst. Neverand
the sum
647 and increase the surplus to $1,570,797. Normal conditions, of $306.we fear,
will not obtain until the great European conflict has been
terminated.
RESULTS FOR YEAR ENDING SEPT. 30.
1913-14. 1912-13.
1913-14. 1912-13.
Gross earns., less
Operating gain__ $406,497 71544,025
sbort'g's,sbrink.
Interest paid on
& inv. deduc'ns_51,924,948 52,655.973
borrowed money
99,850
47,843
Operating expenses 1,518,451 2,111,948
Operating gain_ $406,497 5544,025
Balance, surplus $306,1347 $496,182
BALANCE SHEET SEPT. 30.
1914.
1913.
1914.
1913.
Ands$
$
Liabilities$
$
Plants, equip. and
Common stock__ _16,750,000 16,750,000
Inventory
33,131,277 33,036,281 Preferred stock _ - _16,750.000
16,750,000
Traffic imp. acc't.
18,467
18,256 Bonds payable_ _
. 315,000
315,000
Investments
602,162
502,608 Current accounts_
18,428
37,419
Cash & cash items 2,370,657 1,179,331 Notes payable..._
1,545,0013
260,000
Acc'ts & notes rec. 622,965
562,691 Accident reserve__
362
Cap. stk. in treas.
54,322
54,322 Surplus
1,570,797 1,264,150
Naval stores
58.608
Miscellaneous_ __ _
31,129
23,080
Total
36,949,587 35,376,569
Total
36,949,537 35,376,569
Stock in treasury Sept. 30 1914. 827,970 common, $26,352
pref.-V. 97.
p. 1502.
Virginia Iron, Coal & Coke Co., Roanoke, Va.
(12th Annual Report-Year ended June 30 1914.)
Pres. John B. Newton, Roanoke, Sept. 5, wrote in subst.:
The general depression in business throughout the country during the
past year is reflected in the statement of business done during the year by
your company, in so far as the department of pig iron manufacture is concerned. In spite of the business depression, the coal-mining department
has shown steady growth, with satisfactory resulta
On July 1 1913 your stock of pig iron on hand amounted to 59,564 tons
During the year the furnaces produced 127,941 tons, but the demand was
so limited and the prices offered so low that we were not justified In shipping over 103.310 tons. The stock of pig iron, therefore, increased 24.631
tons. One of the furnaces at Roanoke, therefore, was put out of blast on
April 1 last, leaving only two of furnaces, using coke as fuel, and one furnace, using charcoal as fuel, in blast.
With a view to reducing the cost of manufacturing pig iron, it was decided to expend about $100.000 in new equipment at your Roanoke furnaces.
This equipment has been delivered and is being rapidly installed.
The mines have produced 1,988,000 tons of coal at a profit of $449.775
as against 1.840.213 tons at a profit of $353.655 the preceding year.
The modern all-steel tipple at Toms Creek colliery has been completed
and in every way fulfills our expectations in improved facilities for handling
a steadily increasing production. Further to increase the efficiency of
this colliery, we are constructing a washery with a capacity for washing
2,000 tons of slack coal per day to wash the slack from which your coke
Is manufactured, thereby improving substantially the quality of same.
We expect to complete this plant by Dec. 1.
We have retired by purchase during the year $48,000 of our 1st M.
bonds, costing $45,058, and $14,000 Carter Coal & Iron Co. bonds, costing
$14,682, and have purchased real estate to the amount of $28,676.
The plants and equipment have been fully maintained, we having charged
$349,737 against operating expenses and through income account for depreciation of plants, ore lands and coal lands, and expended $277,145 for
additional equipment and permanent improvements.
EARNINGS FOR YEAR ENDING JUNE 30.
-Year 1913-14-- -Year 1912 -13
Gross.
Net.
Gross.
Operation ofNet.
$1.743,405
$11,075 $1,986,679 $185,828
Furnaces
95.293 def.7,689
Foundries and shops
102.555
1,182
Coal mines
1.815,190
449,775 1,616,465
353,655
428,341
Coke ovens
28,561
444,729
35,861
150
Saw mills
296
180,129
6,689
Grist mills
180,539
5,304
$4,262,508 $488,411 $4,331,263 $581,830
INCOME ACCOUNT.
1913-14.
1912-13.
1911-12.
1910-11.
Net earnings from operation $488,411 $581,830 $278,517 $336,235
16,145
3,351
Farms and farm rentals..,_
9,822
6,187
20,348
18.922
Miscell., mdse., dis., &c.._ _
23,820
29.318
Total
$512.110
Total net income
DeductionsTaxes
$61,225
Bond interest
259,856
Insurance
34,049
Expenses of idle plants
68,317
Depreciation of idle plants_ 1
122,516
Depreciation of active prntsf
Interest and discount
73.484
2,433
Dead rents and contracts
75
Miscellaneous
7,761
Development
$616,897
$312,159
$371,740
103,160
2.674
302
2,838
$57,069
264,513
23.792
65,490
191,155
29,048
12,809
13.111
168
28,044
$50.500
265,638
22,348
51,758
60,69
53,594
90.519
14,190
245
25,044
.
$57,337
262,688
28,191
71.439
126,359
Total deductions
$629,716 $654,988 $685,199 $634,527
Loss for the year
$117,606
$338,091 3373.040 $262,787
Operating, &c.. accounts were charged during the year with $349,737 for
depreciation, viz.: Depreciation of coal lands,$120,729; deprec. of ore lands,
$4,066; deprec. of impts. to leased properties, $53,730; deprec. of impts. to
owned properties, $171,108; deprec. of quarries, $104; also with furnace
repairs, $31.985.
There was spent $211,594 during the year for additions and improvements
to owned and leased properties, viz., impts. to owned properties. $179,571;
impts. to leased properties, $32,023; repairs to furnaces, $20,765.
BALANCE SHEET JUNE 30.
1914.
1913.
1914.
1913.
s
3
LiabilitiesAssets$
$
Real est. & plant_12,420,405 12,595,009 Capital stock _ _10,000,000 10,000,000
411,147 First mtge. bonds_ 4,787,000 4,835,000
476,738
Equipment
197,363 Prior lien bonds__ 384,000
197,363
398,000
Securities owned
747,169 Unpaid vouchers_ 249,281
251,808
Bales ledger barce 351,118
104,142 Unpaid pay-rolls._
54,887
_
82,055
89,132
Bills receivable_.
57,346 Accounts payable_
9,850
8,509
50,302
Cash
2,169,930 1,753,755 Bills payable
1,633,855 1,522,056
Materials
84,517
95,401 Interest accrued
86,832
85.292
Miscellaneous_
11,220
Profit and loss... 1,378,517 1,229,804 Furnace-repair Id,
Total
17,213.269 17,191,136
V. 99. p. 1218.
[VOL. xc
THE CHRONICLE
1596
Total
17,213,269 17,191,136
Lehigh & Wilkes-Barre Coal Co., Wilkes-Barre, Pa.
(Report for Fiscal Year ending June 30 1914.)
Pres. Charles F. Huber, Wilkes-Barre, Sept. 24, wrote:
TONNAGE, EARNINGS, EXPENSES, ETC.
1911-12.
1912-13.
1913-14.
Tonnage shipped2.836.117
From co.'s feel ds by co. 3.598,523 3.686.394
1.087,109
1,361.521
1,390.418
Leased lands, by co..
62.198
140,306
Washeries, by co..,...233,402
844,888
884,998
756,974
Co.'s fee i'ds by tents
161,001
103.372
13,522
Leased i'ds, by tents
107,237
66,731
8,121
Washeries, by tenants
1910-11.
3,042.486
1.104,545
137,411
967.933
115.024
171.943
5,098,552
5,539,345
Total of all
Earnings
Coal sales
Coal mined by tenants
Miscellaneous
6.000,961
6.243.321
17,930,990 20,085,620
316,850
240,948
226.094
272,875
18,271,001 16,1,244
350,032
306,928
139,299
164,695
18,444,813 20,628,564 18,742,624 16,879,575
Total
Expenses
6,297,131
6,450.714
7.881.079
Mining coal and repairs_ 8,260,921
209,743
261.181
337,137
317,125
Colliery improvements_
341,156
341,089
395,257
401,822
Royalty leased proplies
1.756,014
1,691,392
1,246,470
142,060
Coal purchased
3,876.863
3,885.289
4,451,284
& ag'y exp. 3.828,542
Transp., yard
124,562
119,219
126,701
131.384
General expenses
631,887
689,535
691.706
1,018,340
Taxes, State and local
17,193
29,934
35,373
49,083
Taxes, Federal
16,180
16,386
19,781
20,484
Insurance
28,058
7.676
3.952
Maintenance of prop'ty_
152.657
1.469.465
Val. of coal sold from stk. Cr424,528 Cr172,732
13.749.185 15,019,733 14,982.263 13,423,386
Total
3,456,189
3,760,361
5.608,831
4,695,628
Net earnings
Deduct
814,390
814.390
724,690
679,840
Fixed interest on bonds460.000
460,000
461.090
672,311
Depletion funds
1,197.625
1,197,625
1,197,625
1,197,300
Dividends (13%)
2.472,015
2,472,015
2,383,405
Total deductions---- 2,549,450
984.174
1.288.346
3,225.426
2,146.178
Surplus
CONDENSED BALANCE SHEET JUNE 30.
1913.
1914.
1913.
1914.
Liabilities
$
$
Assets9,210,000 9,210,000
29,036,546 Capital stock
Property & equip_28,915,895
Funded debt (see
Advanced royalties
1 "Ry.&Ind ."Sec.)16,996,000 16,996,000
1
for coal
299,562 Depletion fund.507,929
Cash
2,134.711 1,466,252
coal lands
6,531
12,265
Cash for coup.,&c.
908,150
Bills& accts. rec._ 2,237,661 5,393,640 Vouch. As pay-rolls 1,051,812
10,006
13,665
282,760 Coup.,&e.,unpald.
707,288
Coal on hand
Int., mine rents,
not
Land contracts
564,991
not due_ _ _ 1,009,964
10,076 &c.,
8,092
due
48,605 Reserve for
36,337
loser., adv. pay'ts
New collieries__ 1,597,682 1,781,408
407,116
Materials & supp_ 428,502
do breaker and
Securities of com500,000
281,001
shops
panies owned _ _ _ 371,001
14.810
11,860
372,596 Land snap. acct,,
Marketable secure. 5,539,616
59,015
79,145
1,947,390 1,426,829 Suspense accounts
Sinking fund
240,648 Sink. fund Income 107,390 6,795,280
398,733
Suspense accounts
8,398,481
Profit and loss
41,110.710 37,805,912
Total
41,110,710 37.805,912
Total
-V. 99. P. 8 89
GENERAL INVESTMENT NEWS.
ROADS.
RAILROADS, INCLUDING ELECTRIC
-Time
& Bessemer (Electric) RR.
Birmingham Ensley
M.
-The committee of holders of 1st St.,
for Deposits Limited.
Charles H. Zender,140 pedal.
-year gold bonds,
5% 30
limit of time within
N. Y.,Chairman, has fixed Dec. 15 as the deposit the same
which the holders of undeposited bonds may its agents, and
with the Empire Trust Co., the depositary, or
which
thereby become parties to any plan of reorganization
majority
may be adopted by the committee. More than a V. 99,
of the outstanding bonds has been deposited. See
p. 1526, 1365, 894, 814.
-The com-Mortgage.
California Street Cable RR.
pany has filed a new first mortgage with the Union Trust
Co., San Francisco, as trustee, to secure $900,000 bonds.
Jan. 1 1915, but $516,000
The present $900,000 1st M. will mature on5384,000 of the issue to be
of same are in the shaking fund, leaving only
equal amount of bonds (said to bear 6% int.)
refunded by the sale of an
said, will be subject
secured by the new mortgage. The new issue. it is any time thereafter.
the first five years and at 103 at
to call at 105 within sinking fund will range from $24,000 in 1916 to $46,000
Annual payments to
in 1927. See V. 99. p. 1527.
-The com-Deposits.
Chicago & Eastern Illinois RR.
mittee of holders of Chicago & Indiana Coal Railway Co.
1st M.5% bonds, James B. Mabon, Chairman, announces
that after Dec. 1 next no further deposits of bonds will be
acceptedwithout the special action of the committee and on
such terms as it decides to impose. There have been deposited $3,343,000 bonds out of $4,626,000. See adv. on another
page and compare V. 99, p. 195, 269.
The committee consists of James B. Mabon, It. H. Carleton, Edwin S.
-From the surplus for the year, $3,343,478, dividends Nos. 9
Results.
and 10 were paid Dec. 22 1913 and June 23 1914 ($3 25 per share or 6)i%.
'
making 13% for the year). aggregating $1.197.300, and leaving a
each,
balance from the year's operations of $2,146,178. Of this last amount
there was appropriated for new breaker, new general shops and supply store
$500,000, and for sundry adjustments $42,977, making the balance carried
to profit and loss $1,603.200.
and Ward W. Jacobs. Chairman, with Sullivan & Crom-We mined and shipped during the year 5,222.343 tons of coal. Hunt, J. S. Fariee
Coal.
of well. counsel. Central Trust Co. of New York
an increase of 34.122 tons. and 98,059 tons were purchased. a decreaseIn- Charles E. Sigler, Secretary, 54 Wall St.. N. Y. depositary, 51 Wall St.:
sold.
443.499 tons over previous year. The tonnage a prepared sizes
cluding lump, equaled 65.93%. and of pea and smaller 34.07%.
-The U.S. District
Separate Receivers for Coal Properties.
-Surface land sold, &c. (325.879), and deChanges in Property Account.
predation of yards and wharves, marine equipment, colliery improvements Court at Chicago has appointed Francis S. Peabody of
&c.,
and culm banks aggregated $156.720: less coal property purchased,
Hinsdale, Jackson K.Dering of Lake Villa and Jabez Wooley
$36,068; net decrease, $120,651.
-The amount on deposit was in- of Evansville, Ind. This was done at the request of reSinking Fund for the Consolidated Loan.
interest recreased by payment June 1 1914 of $460,000 and by $60.561
ceivers of the road, who wish to be relieved of charge of the
ceived from investments. Amount in fund June 1 1914. 31,947,390, viz.:
as they are not conversant with the coal
Invested in interest-bearing bonds. $1,945,974; cash, $1,416. excess of coal coal properties,
-V.99, p. 1299, 1213.
-The payments under coal leases for rentals in been charged business.
Leases.
has
mined during the current year amounted to $7,786, which
Chicago & Indiana Coal Ry.-Deposits.to operating expenses.
from
-V • 99. D. 269. 195.
See Chicago & Eastern Illinois RR. above.
Improsements.-The Buttonwood Colliery, acquired under purchase and
rehabilitated
Parrish Coal Co.(V. 97, p. 882), has been thoroughly
the
Chicago Milwaukee & St. Paul Ry.-Electrification.outside and inside operation. The two collieries,
modernized, both as to
by a tunnel and the output The company has closed a contract with the General Electric
Parrish and Buttonwood, have been connected
Buttonwood breaker. The track
of Parrish will be handled through the has been completed and the out- Co. for the equipment with which to electrify the first 113collieries
between Inman and Buttonwood Buttonwood.
main-line Puget Sound division in the
put of Inman will also be taken to work has been carried on at all collieries mile section ofits
Three Forks and Deer Lodge,
Development and improvement
generally are in position to maintain Rocky Mountains, between
large extent,so that the operations
to a
Mont. The following has been published:
output at a reasonable cost.
construction of a new breaker and a
It is estimated that the labor and equipment for the first 113-mile division
Plans are now under way for the
Wanamie colliery. The present
will cost about $3.000,000, and that the complete electrification, 440 miles,
general rehabilitation of the plant at
started
1868.
undersized breaker was erected in shown a further increase, and amounted will cost $12,000,000. Work on the overhead construction is to bealready
Practically all poles are
-Taxes for the year have
Taxes.
local courts as soon as field crews can be organized.
The appeals from time to time in the a case tried on the ground and the overhead-line material is available for use as needed.
to 20c. per ton of output.
handed down In
on equipment on May 1
are still pending, and no decision has yet been paid under protest, in the The contract calls for delivery of the first sub-statiThe first electrified diin Jan. 1913. In the interim, taxes have been and definite 1oasis of valua- 1915, and the first locomotive October 1 1915. by Jan. 1 1916. The
equitable
operation, it is expected,
hope that we may some time reach an
ronnage tax, levied pur- vision will be ready for
said, covers 12 electric locomotives of the heaviest
tion on coal lands. In the matter of the so-called
the
appeals have been filed and present contract, it is
suant to Act of Assembly passed June 27 1913, .Act has been finally passed type, total weight 519,000 lbs. each, the overhead line material and
no payment will oe made until the validity of the
equipment for the five sub-stations to be built.
upon by the courts.
Nov. 28 1914.]
THE CHRONICLE
1597
Newman Erb, President of the company, denied yesterday the reports in
long-term contracts from
Hydro-electric energy will be supplied under subsidiary the Thompson circulation in this city and in Denver. Coth.. that he was preparing to
the systems of the Montana Power Co. and its w. hour. The electrified resign from the presidency of the road. Mr. Erb said that the property
cent per k.
Falls Power Co. at, it is said, about H
of the Rockies was in the best of condition, that it had just paid [Nov. 1] the semi-annual
at
section will cross three mountain ranges and sea the summit highest grade interest on its 1st M. 50-year gold bonds and that asfde from the fact that
level. The
will roach an elevation of 6,322 feet above
proposed to haul freight trains of tho development of the tunnel under James Peak. Col.. had been held
to be ascended is 2% and over this it is
necessary capital
to eighteen miles an hour and passen- up through an adverse court decision and the lack of the
2.500 tons at a speed of from fifteen miles an hour. See also V.96, P. 135 owing to the war, the outlook for the property was a most cheerful one.
ger trains at a speed of from 25 to 30
Mr. Erb added that the $1,000,000 which he and other Eastern capitalp. 1450, 831.
N. Y.—V.99.
and pages 1153 to 1155 of "El. Ry. Journal" of
ists had agreed to put into the property under the plan of reoganization
more than
Chicago Railways.—Earnings.—Pres. Henry A. Blair formulated somewhat for which it 18 months ago had been paid in and
had been set aside.
spent for the purposes
on Nov. 10 was quoted as saying in substance: last year. It will
Statement issued by President Newman Erb, N. Y., Nov. 27.
compared with
Our traffic is now breaking about even according to special conditions.
The statements which have appeared in the press, coming from Denver,
vary from day to day a fraction of 1%
the banner year for the com- are ridiculously misleading. Certain interests who have sought to obtain
This record we consider fine, since 1913 was next. Our grass income will a large or controlling interest in the property have been referred to Denver,
Jan.
pany. Our fiscal year will end on year. 31
who refused to consider it. There the matter rests. The property will be
be slightly lower than the previous
operating expenses our net profits are ahead developed on the original lines as laid down by the people who became
But owing to a decrease in for the fiscal period. Furthermore, we have associated with Mr. Erb in the enterprise.
of last year and will so show
The entire capital stock is deposited under a voting trust agreement which
miles of track and in new equipspent over $4,000,000 in building twenty cars. These latter cost $6,000 does not expire until May 1 1918. It is controlled by seven trustees, of
200
ment, the latter amounting to about around $1.200,000.
whom Newman Erb is one, and who designated three of the other trustees,
so that the new car item totals
apiece.
interest whose
the sole right to appoint. There can be no change
We have been enabled to meet and overcome the increased gain in in the successors he hascontrol of the property except through the voting
management or
charge of 5% on capital expenditures and we still shall show a small
Newman Erb cannot, if he would, and would not if he could,
If traffic had shown normal improvement the results for the year trustees. the control
net.
dispose of
without the concurrence of the Denver interests.
would have been highly satisfactory.
no dimiThe road is a purely Denver enterprise, whose people are largely interested
Meanwhile, the city's share of 55% of the net receipts will show than
the directly and indirectly in the property, and no transfer of it could be consince, as I indicated, the net profits will be slightly larger
nution,
sidered which might be inimical to their interests.
previous year.—V. 99, p. 1213. 673.
("N. Y. Times" on Nov. 26 had a press dispatch from Denver to the
and
Chicago Rock Island & Pacific RR.—Opinion.—The effect that there had been a break between Mr. Erb seekiFrederick H.
Prince of Boston,as a result of which Mr.Prince had been
prevailing opinion of the U. S. Circuit Court of Appeals for the acquisition of the control of the company wither by theng to arrange
Gould interholding that the Amster interests are entitled to be made a ests or a Denver syndicate.)—V. 99, p. 119.
party defendant in the foreclosure suit, written by Judge
Dominion Power & Transmission Co., Ltd., Hamilton,
Ward, was handed down on Tuesday. It states that the Ont.—Preferred Dividends.—A dividend of 2% has been deCourt expresses no opinion as to the merits of Amster's clared on the $5,100,000 limited preference stock, payable
claim. Judge Rogers concurs. Judge Lacombe rendered a Dec. 15 to holders of record Nov. 30.
dissenting opinion, holding that the orders appealed from
This makes the second dividend of this amount paid in the current year,
the former having been disbursed on June 15 1914. On Dec. 15 1913 2%
were not appealable. N. L. Amster says:
July 151907. 34 of
paid, and on July 15 and
The confusion that some seem to be laboring under that the decision of was also total payments to date Jan. 15 1908 andthe dividends paidI%
on
When
7;i
making
the Circuit Court of Appeals did not mean the reversal of the lower courts this stock aggregate 10%,It will become %.
ordinary stock, of which $2.614.500
absolutely unfounded. The lower court
and a setting aside of the sale is
is now outstanding (the total authorized issue of the latter being $9,900.000).
has been reversed and the sale has been set aside, as will be seen from the It is expected that the remaining payment of 234% will be made in June
following extract from the opinion of the Court of Appeals:
"The circumstances of this case are such as to cause us to think that the 1915, provided operations continue as at present.—V. 99, P. 119.
intervention should have been allowed. Very substantial rights are involved
Erie RR.—Again Adjourned.—The special meeting of
and serious objections made. The attitude of the trustee is ambiguous.
again
The property is railroad stock. The value of it depends largely upon the stockholders to act on the new refunding mortgage has
purchasers getting control of the railway company. The interest of the been adjourned until Dec. 1, and will be further postponed
as cheaply as possible, while it is the
protective committee is to buy stock
of the new mortgage have
price
Interest of the non-depositing bondholders that it be sold at as high a dissi- from time to time until the details
been worked out.—V. 99, p. 1366, 1300.
as possible. If the sale be confirmed the mortgaged stock may be
pated."
Sale Adjourned.—The sale of the C. R. I. & P. Railway
stock deposited under the mortgage has been adjourned two
weeks to Dec. 8.
Deposits.—The deposits of collateral trust bonds with
Central Trust Co.,. under agreement of Wallace committee,
aggregated to and including Nov. 27 $49,936,000; add some
$7,600,000 deposits in Holland en route to U. S.; total under
committee's control, $57,536,000 out of $71,353,500. The
committee will continue to receive deposits for the present,
although the time previously set for the same expired on
Saturday last.—V. 99, p. 1527, 1450.
Cincinnati Dayton & Toledo Traction Co.—Mortgage.
—The company on Nov. 24 filed a mortgage to the Fidelity
Trust Co., Phila., trustee, to secure not exceeding $7,500,000 bonds, of which a sufficient amount will be reserved to
retire the $5,000,000 existing bonds due 1916 to 1922.
The remainder,$2,500,000, of the new bonds will not be issued at present
but will be held by the trustee to provide for future improvements and addi
-year 5% bonds
Lions as from time to time required. The bonds are to be 30
of $1,000 each, dated Oct. 1 1914,and wil be known as "General Refunding
and Gold Mortgage bonds."
Illinois Southern Ry.—Bonds.—The company has applied to the State P. S. Commission for authority to issue
-year 5s of 1911, making,it is understood,
$284,000 1st M.40
$2,014,000 of the &3,000,000 outstanding.—V. 99, p. 1300.
Kansas City & Memphis Ry. & Bridge Co.—Decision.
—The Arkansas Supreme Court on Nov. 16, according to
press dispatches, ordered a trial of the suit brought by the
State of Arkansas for back taxes aggregating over $700,000.
The "Dallas News" says: "Two years ago Attorney-General Moose
brought suit against the company, alleging that since 1892 taxes assessed
against the bridge. one-half of which is in Crittenden County. Ark., had
been only one-sixth the amount the assessment should have aggregated.
The suit was brought in the Crittenden Chancery Court, but was thrown
out when the company proved the Act under which the suit was brought
did not cover the facts in the case. The Act provided that back taxes
could be collected when no assessments had been made, but contained no
provision when only inadequate assessments had been made and collected.
The last Legislature passed an amendment to the Act causing it to cover
inadequate assessments. The suit was re-filed under the amended Act.—
V. 78, p. 1549.
Kansas City Mexico & Orient RR.—Directors, &c.—
The board, as increased from 11 to 20, includes: J. B. Nevin
W. W. Colpitts, W.V. King, C. H. Jones, O. L. Sanderson,
of New York; E. Dickinson, W. T. Kemper, H. T. Hall, D. J. Haff of
Kansas City: F. K. Hurdle, Lord Monson, Cecil Braithwaite, D. Tuckett
of London, Eng.; B. F. McLean, C. H. Smythe of Wichita, Kan.; James
Couzens, E. D. Stair of Detroit; Thomas Best, Medicine Lodge, Kan.;
John It. Mulvane, Topeka. Kan.. and George Tyson, Boston.
Reduction in Common Stock to $2,000,000.—The common
shareholders are notified to present their stock to the company,907 Traction Bldg., Cincinnati, for exchange under the
Lord Monson, who represents the English bondholders,
plan of May 1913 (V. 96, p. 1556), for new certificates of
has been elected Chairman of the Board, and Willard V.
half of the present par value.
King, President of the Columbia Trust Co., Chairman of the
Official Statement Dated at Cincinnati. Nov. 23.
The common capital stock has been reduced from 25,000,000 to $2,000,- Executive Committee; Edward Dickinson, V.-Pres. and Gen.
000. The resolutions provide that this reduction shall be accomplished by Mgr. of the old (railway) company, President; and Neal S.
the surrender for cancellation of $1,000,000 par value of common stock Doran,
Secretary and Auditor.
owned by The Ohio Electric Ry. Co. [which leases the property] and the
exchange of one share of the [remaining] common stock as so reduced for
The executive committee consists of W. V. King, E. Dicktwo shares of the present outstanding common stock.
C. L.Sanderson and J. B. Nevin,of Nel,, York; W.T.
The Ohio Electric Ry. Co. has deposited the aforesaid $1,000,000 of inson,
common stock with The Central Trust & Safe Deposit Co.of Cincinnati, Kemper, H. T. Hall, D.J. Haff and W. W. Colpitts of Kanfor surrender and cancellation, and your company is now prepared to issue sas City; George Tyson of Boston, and E. D. Stair of Deone share of the new common stock for each two shares of the present
common stock. properly indorsed. Half-share certificates will be issued troit.—V. 99, p. 894, 748.
where required by holdings of odd numbers of shares. The stock transfer
Kansas City Railways.—Prospects.—Arthur S. H.
books will close Dec. 1 1914, and no transfer of the present stock will be
made after that date, except in exchange for shares of the new stock
Jones, 20 Broad St., has this from a reliable source:
[The outstanding preferred stock,amounting to $250,000,is not disturbed
by the plan.]—V. 98, p. 838.
Cincinnati Hamilton & Dayton Ry.—Troy & Piqua
Coupons Paid.—The Union Says.Bank & Trust Co.of Cincinnati, over whose counter these coupons are paid, says:
The semi-annual interest due Nov. 1 on the $250,000 guaranteed 1st M.
and we know
,
4% bonds of the Piqua & Troy Eli. has been paid promptly,
of no reason why the interest should not be paid regularly.
Foreclosure.—Suit is pending for the foreclosure of the
first and ref. M. of the Cin. Ind. & Western, under which
$4,722,000 bonds are outstanding, with July 1914 coupons
in default.—V. 99, p. 1451, 1365.
Commonwealth Power, Ry. & Light Co.—New Director.—D. E. Pomeroy of the Bankers' Trust Co. has been
elected a director to succeed Benjamin Strong Jr., who resigned.—V. 99, p. 1366, 1130.
Consumers' Power Co. (of Maine).—Merger Authorized.
—The Michigan RR. Commission on Nov. 27 authorized
the merger of the eleven controlled companies mentioned
last week on page 1528.—V.99, p. 1528.
Cumberland Co. Power & Light Co.—Sub. Co. Bonds—
p. 1451.
See York County Pow. Co. under "Industrials" below.—V. 99.
Salt Lake RR.—Mr. Erb Not to Withdraw.—
Denver &
Touching the report that he had lost control of the property
and would soon resign as President,the "Sun"Nov.18,said:
The change in the money market indicates that before Jan. 7 he Metropolitan St. sty, of Kansas City will finance their new franchise.—V. 99,
City Terminal Ry.---Application.—The company on Nov. 19 applied to the Missouri P. S. Comm. for
authority to issue $1,600,000 notes and to secure the same
by deposit of $2,000,000 1st M.4% bonds.
13. 81I
Kansas
The cost of the station to date is stated to be $35,778,000 and the estimated total cost is about 543,500,000.—V. 99, p. 1130.
Lacombe & Blindman Valley Electric Ry.—Guaranteed
Bonds Offered.—W. L. McKinnon & Co. Toronto, will
receive bids up to 3 p. m. Nov.30 for $206,7d05% bonds due
Oct. 22 1943 (interest semi-annually), guaranteed by the
Province of Alberta as to both principal and interest.
Denom. $1,000, and one bond for $700. Payable at the agency of Merchants' Bank, London. N. Y. or Montreal. Present line, most of which
Is understood to have been graded is to extend from Lacombe, westerly via
Gull Lake, Bentley and the Blindman River Valley to Rimbey. 3634 miles,
mostly on a private right-of-way, gradient 1% compensated, maximum
curvature.6 deg., rail 60
-lb. The road will require a wooden trestle, 700 ft.
long and 60 ft. high across Outlet Creek. Branch, Bentley to Brownlow's Landing. 2.6 miles.
Incorporated under Act of Province of Alberta with $500,000 auth. capital
stock,in $100 shares, to build a railway in the Province of not over 75 miles
between termini. V.-Pres. Allan B. Taylor:, Sec., J. Boyd McBride.
Present plans include 39.1 miles of railway, estimated to cost $14.000
per mile on which the Province may guarantee bonds (or deb. stock) to
a total not exceeding 507,, or $7,000 per mile. Mortgage dated March
12 1914; trustee, Canada Trust Co. Interest A. & 0. 22. In case of de-
1598
THE CHRONICLE
fault for three months, a receiver may be appointed, the property sold. &c.'
the holders of more than one-half the bonds having the right to require
the trustee to declare the principal due or to waive the default. His
Majesty the King is made a party to the deed of trust and the bonds are
guaranteed under provisions of Provinical Act assented to Oct. 22 1913,
authorizing the guaranty of securities of light railways. Form of guaranty
for endorsement on bonds if required: "By virtue of the powers conferred
by the Legislature of the Province of Alberta, Canada, and of an order of
the Lieutenant-Governor-in-Council, the Province of Alberta does hereby
guarantee to the holder of the within bond for the time being payment of
the principal and interest thereof according to its tenor. [Signed by Provincial Treasurer.'"
Lake Shore & Michigan Southern Ry.—Amended
Terms.—See New York Central & Hudson River RR. below.—V. 99, p. 1528, 1451.
Lehigh Traction Co., Hazleton, Pa.—Default--Deposits.—It was announced on Nov. 14 that the company will
not meet promptly the Dec. 1 coupons on its $500,000 1st M.
5s. As was done also six months ago in the case of the June
coupons, Pres. Alvan Markle individually offers to purchase
these coupons if presented on or before Jan. 1 1915 at the
Markle Banking & Trust Co., Hazleton.
The bondholders' committee disapproving said Nov. 14:
1
[VOL. xcDE.
The proceeds of the bonds have been used to reimburse the treasury in
part for expenditures in constructing double track. betterments, real estate, line changes and grade revision.—V. 99. p. 1529. 1452.
Oakland Antioch & Eastern Ry.—Funding.--The company, it is reported, is circulating among bondholders an
agreement providing for the payment of bond interest for 3
years in company notes secured by 200% bonds.—V. 99,
p. 1131, 408.
Ottawa & New York Ry.—Proposed Lease.—
See New York Central & Hudson River RR. above.—V. 72, p. 339.
Pacific Electric Ry., Los Angeles.—Application.—The
company has filed an application with the California RR.
Comm. for authority to sell $2,942,000 Refunding Mtge.
50
-year gold bonds to provide for improvements already
completed or under way.
These expenditures include: For bridges and paving, $1,050,000: rolling
stock, $800,000; additions and betterments, $471,000: extensions and
branches, $250,000; station and shop improvements, $177,000; power
plants,sub-stations and transmission lines, $100,000; real estate purchases,
$2,500. Of the total issue $1,213,000 will be used to pay for work long
completed, such as the construction of Lincoln Ave. line, Pasadena, purchase of stepless cars for Pasadena lines, and laying of trackage at Torrance.
The application states that In five years the company has not paid any dividends out has spent large amounts of borrowed money for improvements.
—V.99, p. 1367. 467.
Your committee believes it distinctly unwise to accept this proposition of
Mr. Markle's, as existing conditions do not warrant continued
the first mortgage bonds of the Lehigh Traction Co., on whichdefault on
the semiannual interest due Dec. 1 amounts to only 512,500. The
Pennsylvania RR.—Enforced Economies.—Pres. Rae on
ciao situation, together with the settlement some monthsimproving finanago of
troubles, makes us feel strongly that any further the com- returning from an inspection of the system on Nov. 20 said:
pany's labor
delay in
• meeting the interest when due is unnecessary and uncalled for. Acting in
The tracks and facilities were found In good condition, but owing to
your interest, we will therefore make tender on Dec. 1 of the December necessary economy much improvement and replacement work has been decoupons deposited with us. and. if payment is refused, we will promptly lay !erred. Business is depressed and railroad earnings continue to fall mabefore you our recommendations as to the course most likely to be protec- terially as compared with last year. As a result, many men are out of
tive of your interests."
work, train mileage and shop operations are curtailed and purchases of
Committee: W. Frederick Snyder, Pres. of Northern Trust
hila., materials and supplies are reduced to a minimum. This enforced economy
the depositary; Henry M. Watts, of Robert Glendinning &
Co.,do., and on nearly all railroads means very many millions lost to manufacturing
George P. Bissell.—V. 99, p. 894.
and business establishments. There is an eagerness among all classes for
Inter-State Commerce Commission, and the hope is
Lorain Street Ry.—Notes.—The company on Nov. 24 some action by thethat the Commission will help the railroads. The begenerally expressed
applied to the Ohio State P. U. Commission for authority lief is widespread that such constructive action by tho Commission would
would turn the tide of
to issue 8200,000 3
-year 6% notes to be sold at not less restore confidence and that itestablished the reserve business uncertainty
now that the Government has
measurably
than 92
to provide with treasury cash for the pay- provided for carrying this year's cotton crop. It is banks andthe Governfelt that
ment is doing a groat deal to stimulate business, but that the condition of
ment of $200,000 1st 6s due Jan. 1 1915.—V. 83, p. 1171.
the railroads is still the chief drawback to manufacturing and commercial
activity . and that this serious obstacle can be removed by promptly allow,
Michigan Ry.—Operation.—President Crowell on Nov. 18 ing freight-rate increases.
announced that accommodation service between Grand Rapids and Kalamazoo will be begun on Jan. 1 and limited service on or before April 1 and between those dates an accommodation service between Grand Rapids and Battle Creek
willibe inaugurated.—V. 99, p. 1451.
Middlesex & Boston Street Ry.—Appeal.--George B.
Willard as President of the Waltham Board of Trade has
petitioned the Mass. Supreme Judicial Court to review,
modify, amend or annul the order of the P. S. Commission
dated Oct. 28, authorizing the company to raise its car
fare_
in Waltham from 5 to 6 cents.
It is claimed that the order of the Commission affords more than
reason
able compensation to the company and is, therefore, illegal.
it is stated that the order puts an unfair burden on the Furthermore.
city to support
unprofitable lines of the company.—V. 99. p. 1366. 788.
Nevada-California-Oregon Ry.—Earnings.—
Oper.
Net
Outside Other
Int.,
Balance,
June 30 Yr.: Revenue. Barns. Oper.(Net) Inc. Tax,
,&c. Sur. or Def.
1913-14
3367.260 369,065 $1.025 $4,098 $90.044 def.$15,856
1912-13
403,979 120,347 def.359
3,442
87,426 sur. 36,004
—V.99. p. 1366. 346.
A statement in regard to the company's dividend and wage
payments was given in the "Chronicle" last week on page
1506.—V. 99, p. 1529, 748.
Pere Marquette RR.—Report.—See "Annual Reports."
Appeal.—The trustees of the various underlying bond issues have appealed to the U.S.Circuit Court of Appeals from
that part of the order of Judge Tuttle of the U. S. District
Court dated July 14 1914, authorizing the issue of $4,000,000
receivers' certificates which provided that $2,000,000 of the
certificates shall have a first lien on the property within the
State of Michigan.
It is contended that the Michigan Court did not have jurisdiction and
that in giving the certificates priority over the mortgage liens the action
was equivalent to depriving the trustees and bondholders of their property
without due process of law.—V.99,D. 1529, 1300.
Philadelphia Rapid Transit Co.—Status of City Plan
for Subway and Elevated Extensions.—City Director of Transit,
A. Merritt Taylor in a speech on Nov. 23, said in part:
Philadelphia is now prepared, legally and financially, to proceed with
the construction of the recommended rapid transit lines. All that is needed
is appropriate action by the people, City Councils and P. S. Commission.
An election should be ordered at once in order that the people may authorize an increase in the city's indebtedness to an extent necessary to provide
for construction. The city has a borrowing capacity of upward of $40.000,000 available for transit development under the terms of the personal
property tax Act, without including the general borrowing capacity.
Formal action should also be taken by CityCouncils definitely establishing
the routes, and submitting the routes and plan to the State P.S.Commission.
The Ottawa & New York Ry. extends from Ottawa, Ont., to
InternaThe cost of constructing the recommended lines will be approximately
tional Boundary. 56.9 miles, all of its $1,000,000 stock and
$1,600,000 946,000,000. In borrowing that amount the city will Incur an annual
bonds being owned by the New York Central. The latter also
owns
entire stock of the St. Lawrence & Adirondack Ry. and has operated the fixed charge of only $2,990,000 for 30 years. The annual fixed charge inthe cludes, in addition to the interest, the sinking fund payments necessary
road under an agreement dated June 1 1898. terminable
on
notice, by which the net earnings are turned over to the St. sixty days' to extinguish the entire debt during the 30 years. To offset this annual
Lawrence & fixed charge, the city will have the annual net income produced by the
Adirondack Ry.
reconimended lines over and above the reasonable payments which will be
Amendment Asked.—The New York P. S. Commission allowed the operator. No burden will be placed upon the city or upon the
taxpayers in establishing the system, and Philadelphians, who pay more
will hear on Dec.2 the petition for an amendment of its order, than $800.000 a year for exchange tickets, will save that money.
made on Oct. 9, under which the Lake Shore company will
If the needed money be made promptly available, the department will
be prepared
the construction of certain sections of the
be allowed to purchase the guaranteed pref. Michigan South- delivery loopto let contracts forthe existing system falls to co-operate with
early in 1915. If
ern & Northern Indiana RR. stock ($533,500 in amount) at the city, as contemplated, there is no reason whatever why the city should
St. subway and delivery loop.
$500 per share, being the same price as the dissenting minor- not proceed with the construction of Broadexisting companies to welcome
[Mr.Taylor has also said:"We expect the
ity holders of the regular stock are entitled to receive on the adequate protection which the program for rapid transit development
affords thel stockholders against loss to their present net income by reason
,
demand under the provisions of the Ohio law.
of their co-operation (V. 98, p. 1000. 1695, 1920).—V. 99, p• 1529.
This will obviate the necessity of continuing the guaranty as well as the
objections made by the Commission to the original application, and is stated
Pittsburgh Railways Co.—Decision of Arbitrators. to be substantially the last remaining difficulty in the way of the consolidation(V.99.p. 1131). Compare Lake Shore & Mich.Southern Ry items, The arbitrators in the dispute between the company and the
V. 99, p. 1528, 1451, 1366, 1214.—V. 99. p. 1528. 1452.
motormen and conductors in Pittsburgh and Washington,
New York Central & Hudson River RR.—Proposed
Leases.—The Ottawa & New York Ry. and St. Lawrence &
Ottawa Ry. give notice that they will apply to the Canadian
Parliament for authority to lease the roads to the New York
Central & Hudson River RR. or its corporate successor.
New York Central Lines.—Eguipment Trusts Offered.—
The Guaranty Trust Co. Kissel, Kinnicutt & Co. and
White, Weld & Co. are offering on a 5)4,% basis the unsold
part of $1,862,000 432% gold equipment trusts of 1913, due
$133,000 annually on Jan. 1 from 1916 to 1928, being part
of the $2,730,000 which it was announced last week the company had just sold. A circular says in substance:
Pa., in regard to wages and conditions on Nov. 2,handed
down a decision holding that there should not be any change
in the wage scale, either upward or downward, as demanded
by the men and the company, respectively.
The board was composed of Attorney James C. Gray, representing the
company; Congressman Stephen G. Porter, the employees, with Judge
Buffington of the U. S. Circuit Court of Appeals as umpire. Congressman Porter filed a dissenting opinion. The men asked for changes in conditions, a flat wage rate of 35 cents an hour, the present plan of fixing the
These trust certificates are part of a total authorized $24,000,000, of rate by length of service to be discontinued. The present rate is 231-f cents
which there is now outstanding. including the present issue, 523,202,000, an hour for the first 6 months, 26 cents for the second. 263 cents for the
due $1,600,000 yearly. Interest J. & J. Denom. cs $1,000, and r $5,000, second year, 28 for the third, 29 for the fourth and 30 for the fifth and all
510,000 and $50,000. The following six comries jointly and severally years thereafter. Mr. Porter finds that the men should have an increase
covenant to pay the principal and semi-annua dividend warrants in gold of at least 5 cents an hour. In the matter of the dispute about Sunday
,
coin: N. Y. Central & Hudson River RR. Co., Lake Shore & Michigan pay,the company asked for a decrease and the men for an increase and both
Southern RR. Co. Michigan Central RR. Co., Cleve. Cin. Chic. & St. L. were refused. In other respects the decision was for the most part admen.
RR. Co., Pitts. ,J2 Lake Erie RR. Co.. Toledo & Ohio Central RR. Co. verse to the claims of the Journal"
The "Electric Railway
of Oct 17 contained an extended refer90% of the actual
The amount of certificates cannot at any time exceedthe
Guarantyjrus1 ence to the letter of President Callery to Mayor Armstrong in reply to the
(
trustee.,
cost of equipment delivered to and held by the
latter's communication regarding conditions in Pittsburgh.—V. 97. p. 666.
Co. of N. Y., as security for the certificates and the semi-annual di den
warrants appertaining thereto.
Rapid Transit in New York City.—Contracts.—
,
3
The present issue of 52,730,000 equipment trusts Is for the pu1•pose of
purchasing the following additional equipment costing $3,049,000, f which ofTenders are asked by advertisement for section No. 4 of routes 4 and 36
the Broadway-Fourth Ave. Rapid Transit RR. up to Dec. 11. The line
cash, viz.: 1,000 40-ton steel
19,000, or over 10%, has been paid in
-track subway extending from near the southerly line of
-ton all-steel gondola crop-bottom cars. Is to be a 2,4 and 6
underframe box cars and 2,500 50
51st St. under 7th Ave., Manhattan, to 59th St., with a spur under 59th
p. 1845.
St. and Central Park; also up to Dec. 1 for reconstruction of section 9-C-1,
Northern Pacific Ry.—Listed.—The New York Stock route 9 of the Broadway-Fourth Ave. Rapid Transit RR. extending under
Extension between
DeKalb avenues,
Exchange has listed $2,597,000 additional prior lien 4% Flatbush Ave. railroad at this point WiRoughby and the reconstruction
has 6 tracks and
Brooklyn. The
bonds due 1907, making the total amount listed $111,652,500. s to provide for the Installation of additional crossovers.
i
Nov. 28 1914.]
THE CHRONICLE
A settlement, it is announced, has been made by the city with the Pierrepont estate under which construction, which was halted for a time on the
two under-river tubes to Brooklyn will be resumed. Justice Maddox of the
Supreme Court on Nov. 17 decided that the estate had title to the land at
Montague and Furman Sts. (where the city had already erected construction fences),and had never dedicated the property for street use. Arrangements may be made for a court test of Section 14 of the Labor Law, prohibiting employment of aliens on public works. While work has been
stopped on some of the construction contracts, particularly in the Bronx,it
-V.99, p. 1053,895.
is hoped that no serious delays will be encountered.
-Status of Lease.
Rhode Island Co.
-V.99, p. 1452.
See United Traction SG Electric Co. below.
St. Lawrence & Adirondack Ry.-Proposed Lease.
-V.93. p. 1669.
See New York Central & Hudson River RR. above.
St. Louis Southwestern Ry.-Temporary Injunction.
The Circuit Court, City of St. Louis, on Nov. 9 granted a
temporary injunction on application of a number of conductors, restraining the declaration of a strike on the vote
taken on Sept. 2 last on the ground that the strike vote or
ballot does not contain the full and fair statement it should.
The injunction does not interfere with the taking of another
vote if desired. Compare V. 99, p. 817.
President Britton has had reprinted in a pamphlet of 161 pages, under
date of Nov. 21, the testimony taken at the hearing of the injunction suit
in St. Louis together with a copy of the opinion of the Court. A copy of
the pamphlet has been given to an employees in the train, yard and engine
service.
-Judge Kenneth Force in the FourInjunction Refused.
teenth District Court of Texas,on Nov.21,denied the application of J. A. Underwood and others, suing as members of
the Switchmen's Union, to restrain the company, International & Great Northern, Gulf Colorado & Santa Fe and
Houston & Texas Central from refusing to employ men as
trainmen merely because they were not members of the
Brotherhood of Railway Trainmen.
The petition in the suit alleged that the plaintiffs and others had been
refused employment by the defendants for the sole reason that they were
not members of the Brotherhood of Railway Trainmen and testimony was
given that the men had been told that they would otherwise be acceptable
if they were members in good standing of the Brotherhood. The defendants' witnesses testified that the arrangements were not exclusive and
that in the cases of some railroads not more than 60% of the trainmenin
service are members of the Brotherhood. The answers of the roads
exhibited the contracts between the roads and the trainmen's order, calling
for employment of members by the roads to the extent of 85% of all trainmen on the Mo. Kan. & Texas, with preference as to others, and of 75%
on the Texas & Pacific By.
The attorneys for the plaintiffs in their arguments maintained that the
contracts were practically, although not entirely, exclusive, the difference
being only in degree. The first question asked of a man seeking employment of a Texas road as a switchman or trainman would, it was stated, be
whether or not he was a member of the Brotherhood of Railway Trainmen,
and this was in effect a restriction of competition of labor and a monopoly,
closing the door of opportunity to non-members and, especially at present,
at a critical time. Reference was made, among other cases, to the decision
In the suit of the Chicago American League Club against Hal Chase. ball
player, in which it was held that baseball contracts such as had existed
were illegal and monopolistic. The plaintiffs, it was argued, asked simply
to have the railroads restored to their freedom of contract, so they could
make efficiency their test in employment of labor. An appeal will be taken
to the Court of Civil Appeals for the Fifth Judicial District and the case,
it Is stated, will be carried to the U. S. Supremo Court if necessary.
V. 99, p. 1215, 1127.
San Francisco-Oakland Terminal Rys. Co.
-Bonds, &c.
The original application for authority to issue $10,000,000 bonds has been
indefinitely postponed by the California RR. Commission (V. 98. p. 611)•
See F. M. Smith Securities Co. under "Industrials" below.
-V. 99. 13•
1529, 895.
Southern Pacific Co.
-Equipment Trusts.
-Kuhn, Loeb
& Co. have purchased and re-sold an issue of $1,170,000
43/2% equip. trusts, Series "C," due annually for ten years.
The proceeds are to be used to purchase 20 passenger locomotives, 10
switching locomotives, 50 steel passenger coaches, 22 electric motor coaches
and 2 combination coaches and express cars. The certificates have been
authorized by the Cal. RR. Commission.
-V. 99. p. 1446, 1452, 1457.
Southern Pacific RR.
-Authorized.
-The Arizona Corporation Commission on Nov. 14 authorized the company
to issue $5,324,804 additional First and Ref. M.4% bonds,
to provide for expenditures for improvements between Dec. 1,
1912 and June 30 1914. The bonds were previously approved
by the Cal. RR. Commission.
-V.99, p. 1301, 970.
Temiscouata Ry.-Income Interest.
-The bondholders'
Committee, Ltd., give notice that the interest payment of
1y,% for the year ended June 30 1914, less income tax, on
the provisional certificates issued by the Committee (being
the same as last year), will be made on and after Dec. 15
at the Bank of Montreal,47 Threadneedle St., E.C., on presentation of Coupon No.8 attached to the certificates. Compare V. 99, p. 1132.
Underground Electric Ry. of London.
-Extension.
The extension to Queen's Park, where platform exchange
train service to Watford will
with L. N. W. R. suburban
be effected, will open Dec. 15.-V. 99, p. 468, 408.
United Properties Co. of Calif.-Liquida ling Co.
1599
The rentals, aggregating annually $850,000, enable the United Traction
& Electric Co. to pay the interest on its $9,000,000 5% bonds and the 5%
annual dividends on its $8,000,000 capital stock.
The leases provide that if the Rhode Island Co. shall, after written noWe,(a) fail for 30 days to pay any installment of rent, or any other money
provided to be paid by it, or (b) fail for 6 months to keep any other of its
covenants, the leases shall, after said period of 30 days or six months terminate, at the option of the lessor companies, and the lessor companies may
resume possession. In such event, the stockholders of the United Traction & Electric Co. would have the benefit, at no cost, of all the expenditures of more than $7,000,000 made on the leased properties by the Rhode
Island Co. up to the present time.
By a decision of the Supreme Court of Rhode Island rendered this year,
the owners of the stock and bonds of the United Traction & Electric Co.
are exempt from taxation in this State thereon.
Thus, while the control of the stock of the Rhode Island Co. and the
management of the company have been transferred to the trustees, there
has been no change in the relations of the Rhode Island Co. to the United
Traction & Electric Co. or to the three lessor companies, so that the stability of the income is assured.
-V.89, p. 105.
Virginia Railway & Power Co.
-Changes.
-
Coleman Wortham of Richmond, Va., Finley J. Shepard and Arthur W.
Kelly of New York have been elected directors to succeed Guy Phillips.
Victor Cumberson and J. L. Sellman. Mr. Shepard also becomes a member of the executive committee in place of Mr.Phillips.-V.99.P•1453, 1367.
Wages.
-Arbitration on Western Wage Scale.
See item on page 1506 in last week's "Chronicle."
-V.99, p. 408, 344.
INDUSTRIAL, GAS AND MISCELLANEOUS.
Algoma Steel Corporation, Ltd.
-Interest Payments.
Holders of First & Ref. M. 5s and of 6% 3
-Year Notes are
informed that after further discussion between the committee
and the President of the company, the latter has agreed to
pay from Oct. 1 1914 to April 1 1916 interest in cash at 6%
per annum half-yearly on the scrip to be issued in exchange for
coupons to be funded under the scheme proposed in the letter
from the President dated Oct. 31 1914.
The bonds delivered in exchange for the scrip will carry interest payable
in cash from April 1 1916. Compare V. 99, p. 1368, 1216.
The bondholders yesterday authorized the various propositions referred
to in V. 99, p. 1368.-V. 99, p. 1368, 1216.
American Malting Co.
-Bonds Extended.
At the close of business on Nov. 25 the holders of $1,983,000 of the
$2,353,000 outstanding 1st M. 6% bonds had agreed to the extension of
their bonds to June 1 1917 per plan V. 99. p. 818. 971. and the company,
It is stated, has arranged for the extension of the remainder of the ($370,000)
bonds without the payment of the $40 per bond or any other expense except the payment of interest at the rate of 6% per annum thereon until
date of the new maturity on Juno 1 1917.-V. 99. p. 1294. 971.
Armour & Co., Chicago.
-Changes.
-
A. Watson Armour and G. B. Robbins have been elected directors.
Under an amendment in the by-laws, Messrs. Armour and Robbins and
F. Edson White have been made Vice-Presidents. increasing the number
from 3 to 6.-V. 98, p. 1002.
Austin, Nichols & Co., Inc., N. Y.
-Wholesale Grocers.
This well-known house, reported to be the largest in this line in the
world, has recently had completed for it by Havemeyer Elder. onthe East
River front at the Brooklyn Eastern District Terminal, Kent Ave. and
North Third St. a combined warehouse, factory and office building with
trackage to accommodate sixty cars, and wharfage facilities.
The building is a reinforced concrete structure, 440 by 179 feet, six
stories and basement, and is believed to have cost about $1.000,000. It
will be occupied under a long-term lease, enabling the lessors to effect
considerable economies as to taxes, and, through the elimination of duplicate cartage and double handling in storage, as compared with the old
headquarters at 61 Hudson St., Manhattan.
The business was established about 1854 under name of Fitts, Martin &
Clough, and, having _changed its name several times, was incorporated as
now at Albany, N. Y.. on Nov. 29 1912. Authorized capital stock, $6,000,000, in $100 shares, of which $3,000,000 is common stock and
$3,000,000 7% cum. pref. (p. & d.) stock, callable at 120. Of these
amounts at organization only $2,000,000 each of common and preferred was
issued, having been taken at par and paid for in cash by members of the
firm without a public offering. Bonded debt, none. On May 31 1913 the
company took over the business of Stoddard, Gilbert & Co., New Haven,
Bridgeport, Norwich and Waterbury, Conn. issuing $590,000 of its 7%
treasury pref. stock at par, equal amount of cash assets in the transaction.
-P. & Gen. Mgr., Harry Balfe;
Directors.-Pres., Lewis E. Pierson; V.
Sec., Ericsson F. Bushnell; Treas., Thomas M. McCarthy; Asst. Treas..
Walter B. Timms; John C. Mahlan, Louis C. Owens, of New York, and
E. G. Stoddard. New Haven. Conn.
Bethlehem Steel Corporation.
-Resumption.
The rail mills and the ordnance plant are, it is stated, running full blast
as a result of the orders,said to amount to $50,000.000. brought back from
Europe by President Schwab, which will keep the plants busy for a long
time to come. The 3,000 steel workers, who were either laid off entirely
or put on half time during the slack season last summer, are being taken
back in batches of hundreds. It is stated unofficially that the company
has received an order from a South African railroad that will keep the rail
mill busy until next April.
-V. 99, p. 1301. 896.
Bigelow-Hartford Carpet Co.
-Merger Completed.
-
On Nov. 20 the Bigelow Carpet Corporation, having changed its name
as above, took over the property and business of the Hartfrod Carpet Corporation per plan in V. 99, p. 750. The capital stock, all outstanding, is
now $8.050,000 common stock and $5,500,000 6% cum. pref.
Directors (and officers): President, Robert P. Perkins, N. Y. City;
V.-Pres., Alvin D. Higgins, Thompsonville, Conn.; Sec., G. S. Squire,
Mt. Vernon, N. Y.; Treas., George E. Perkins, Thompsonville, Conn.
Neal Rantoul, Wm. Endicott Jr., F. G. Webster. Robert Winsor and
Thomas P. Beal, Boston; Thomas L. Manson. Thompsonville, Conn.;
Henry H. Skinner, Charles W. Bosworth, Springfield, Mass; Harry P.
Fairbanks, Washington, D. C.
The Bigelow Carpet Corporation (a Massachusetts corporation)
last (V. 99. p. 344) succeeded the Bigelow Carpet Co., which wasin July
one of
the oldest and most flourishing concerns in the carpet industry, its two
modern mills at Lowell and Clinton. Maas., manufacturing Brussels,
Wilton and Axminster carpets and rugs. As Brussels and Wilton
See F. M. Smith Securities Co. under "Industrials" below--V. 99. p. which composed a large part of its product, were not made by the carpets,
Hartford
895. 750.
Carpet Corp., while tapestries and velvets, which were manufactured by
the
Carpet
United Traction & Electric Co.(of N. J.), Providence. two Hartford largely Corp. were not products of the Bigelow mills. the
concerns
-As to the effect on this company of p. 90, 139. 285, 440; suppleMented each other. (See Hartford Co.,'V. 72.
-Status Unchanged.
V. 90. p. 562)•
the Bigelow Carpet Co. were reported
the transfer to trustees, under order of court, of the entire toThe earnings offor the last five years about $600,000 in September last
(without
capital stock of the Rhode Island Co. (V. 99, forhave averaged being substantially the same as those of theallowance
$9,685,500
depreciation),
Hartford
Carpet
The plants of the
p. 1452) with instructions to use their best efforts to com- at leastCorporation. not more than, theBigelow Co. were considered worth
as much as,
plant of the Hartford Co., and for
said shares before July 1 1919 and in the insurance purposes if valued at a much higher figure. The net quick
plete the sale of
are
assets of
meantime to operate the properties, Secretary C. S. also saidboth companies were approximately the same in amount. It was
Sept. 10 that if
should continue as theretofore,
in circular dated at Jersey City they would Justify dividendsthe earnings5% upon the common stock
Sweetland of Providence,
at the rate of
from
start, while
the amount applicable to dividends would
on Nov. 19, says in substance: the Pawtucket St. By. Co. and the thesubstantiallyit was probablethe consolidation.
be
increased by
-V. 99, p. 750.
On Jane 24 1902 the Union RR.CO.,
Co. the entire capital stock of each of which
Rhode Island Suburban By.
Brady Estate.
-Appraisal
-Leading Assets.
-The ap'
companies belongs to the United Traction & Electric Co.. leased all their
properties for 999 years to the Rhode Island Co. In addition to the annual praisal made by Charles M.Friend for the State Comptroller
Traction & Electric Co. and filed at Albany
rentals of $850,000 which are paid to the United
on Nov. 19 places the net value of the
stock of the three lessor
In the form of dividends on the shares of theall taxes and assessmentscom- estate at $72,125,863 (after reservation for
lawdebts, &c.), and
mutes, the Rhode Island Co. agreed to pay
fully imposed, to provide all further equipment and make all improvements the gross value at $77,042,443, the latter including:
betterments that might be necessary, all such equipment. improveand
property of the three lessor Cash.$1.163,852, and real estate,$140.255
ments and additions to become forthwith the
$1.304,107
companies, respectively; to keep the property properly insured; to pay the Stocks and bonds
67,307,301
interest on the mortgage debt of the Rhode Island Suburban By. Co. and Personal chattels, bonds and mortgages, promissory notes,
claims, accounts receivable and miscellaneous investments._ 8.431.035
expenses.
to Day the annual organization
1600
THE CHRONICLE
After making several small bequests and having provided that the home
at Albany. $1,000.000 outright and an annuity of $60,000 should go to
the widow, the will divides the remaining $71,000,000 into six parts, two
parts going to Nicholas F. Brady and James C. Brady, sons; three parts
to be placed in the hands of the executors and trustees for the benefit of
his daughters, Mrs. James C. Farrell, Mrs. Francis P. Garvan and Mrs.
Carl Tucker, and the other part to Mr. Brady's granddaughter. Miss
Marie A. Gavit, whose mother was killed in an accident.
Principal Holdings of Anthony N. Brady at Death July 22 1913.
Appraisal.
StocksNo. Shrs.
3449.625
6,600 Amalgamated Copper Co
100,000
1.000 American Meter Co
990.827
6,311 American Snuff Co., common
1,155,960
12,844 American Tobacco Co., new preferred
6,792,240
32,344 American Tobacco Co., common
421,600
12,400 Anaconda Copper Mining Co
317,850
2.445 Bridgeport Gas Light Co., common
5,190,030
288.335 British-American Tobacco Co., Ltd
360,000
3,600 Bronx Terminal Corp
22,029 Brooklyn Rapid Transit Co
1,935.798
210 Central Trust Co
205.800
3,960.80 Commonwealth Edison Co
566,394
411 Conley Foil Co
110.970
9,200 Consolidated Gas Co. of New York
.1,205,200
6,501.60 Consolidated Gas,Elec. Lt.& Pow. Co. of Bait., pref. 650,160
do
do
do
do
5,439.20
common.. 516,724
5.323 Consumers' Lt., Heat & Power Co. of Topeka
None
2,000 Cuba Railroad Co., preferred200,000
4 Cuba Co., $50,000 per share
200,000
4,803.20 Dayton Power & Light Co., pref
336,224
do
do
do
common
10,324.80
103.248
2,920 Delaware & Hudson Company
452.600
250 Delaware Lackawanna & Western Coal Co
32,500
1.150 Delaware Lackawanna & Western RR. Co
221,375
9,614 Electric Storage Battery Co., common
432,630
1.857.44 General Motors Co., preferred
143,022
1,668.80 Harway Improvement Co
233,632
309,150
2,290 Herne(Geo. W.) Co.. common
800 Industrial Trust Co
188,800
7,392 Interborough-Metropolitan ,common
116,424
589.60 Intercontinental Rubber Co., preferred
58.960
306.072
40,809.60 Intercontinental Rubber Co., common
3.799.425
36.185 Kings County Electric Light & Power Co
6,989 Kings County Lighting Co. voting trust certificates_ _ _ _
384,395
TitleInsurance & Trust Co
157,575
Lawyers'95
393.300
3,933 Liggett & Myers Tobacco Co., preferred
do
common
do
3,442.975
do
16.795
277,300
2,773 Lorillard (P.) Co., preferred
common
1.902,000
do
do
12,680
289,245
1,753 MacAndrews & Forbes Co., common
920.400
14,150 Memphis Consolidated Gas & Electric Co
405.600
6.240 Merchants' Power Co
1.081.765
3,667 Municipal Gas Co
120,000
400 New York State National Bank (Albany)
600,000
8,000 Ogden Gas Co
1,746,240
58,208 Osaka Gas Co., Ltd
639,806
5,662 People's Gas Light & Coke Co
1,100 Porto Rican-American Tobacco Co
214,500
103,440
1,034.40 Providence Gas Co
4,149 Reynolds (R. J.) Tobacco Co
975.015
25 Thomson Hill Land Improvement Co
162,500
1,155 Troy Gas Co
259,875
8,800 Union Carbide Co
1,425,600
4,000 United Drug Co. of Massachusetts, common
400,000
2,561 U. S. Cast Iron Pipe & Foundry Co., preferred
121,647
45,020.40 U. S. Rubber Co.,first preferred
4.276.938
75,754.20 U. S. Rubber Co., first common
3,787,710
11,200 Utica Gas & Electric Co
1,680,000
3.600 Universal Gas Co
252,000
2,290 Weyman-Bruton Co., common
504,120
Amount
Bonds (Includin Interest)Appraisal.
$2.385,000 Brooklyn Rapid Transit Co.4% bonds
$2.101,383
535,000 Consumers' Light, Heat & Power Co. 5% bonds._
429,560
169,600 Dayton Power & Light Co.5'bonds
136,881
200,000 DurhamCoal Iron Co.5% onds
120.583
280,000 Georgia & Florida By. 5% bonds
199,150
1,088,000 Indiana Natural Gas & 011 Co. 5% bonds
719,440
629,800 Kings Co. El. Lt. & Pow. Co.cony.6% bonds
698,133
1,010,400 Memphis Cons. Gas & El. Co. 5% bonds
791,059
312,000 Merchants' Power Co. 5% bonds
266.110
152,000 Norfolk & Portsmouth Traction Co.5% bonds
124,196
Interest in Chattanooga & Tennessee River Power Co
3,200,000
Equities in brokers accounts
2,757,441
Due from N.F. Brady participation account
3,719.014
Also $500,000 interest In Piedmont Syndicate (capital $7,500.000).
listed at $450,000. and the following interest in the U. S. Motors Syndicate:
4,960 shares Maxwell Motor Co. 1st pref.. $124,000; 3,370 shares Maxwell
Motor Co. 2d pref., $20,220: 4,780 common, $11.950, and $23,879 cash.
At the hearing before the appraiser the following information was brought
out regarding the Chattanooga & Tennessee River Power Co., which was
organized by Mr. Brady to build a power plant in the Chattanooga River
at Hale's Bar, to furnish power in Chattanooga. (See V. 81, p. 1377;
V.82, p. 989: V. 97, p. 1506.) Work on the plant began in 1907, at which
time the estimated cost was $960,000, and the plant was to be ready for
business in two years. The project cost him and his estate more than
$6,000.000. and one witness testified that when completed the plant will
not be worth more than $2,500,000. The excessive cost is attributed largely
to the fact that the rock bottom of the river was unsound, necessitating
a great amount of excavating and concrete work. Nicholas F. Brady has
a fifth interest in the plant, and the amount charged against him for his
share of the construction expense is $1.893,914. The appraiser fixed the
value of Anthony N. Brady's interest at $3,200.000 in view of testimony
that the company will make money if it gets sufficient customers to use its
power. When the project was undertaken Mr. Brady thought that he had
arranged to purchase control of the Chattanooga Railway & Light Co.
(Compare p. 73 of "Electric Railway Section.")
Canadian Elevator Co., Ltd.
-Stock Increase.
This company, incorporated under the Dominion Companies' Act,
has increased its authorized capital stock from $1,000,000 to $3.000,000,
par value $100 a share.
-Receiver.
Canadian Northern Pacific Fisheries, Ltd.
A press dispatch from Vancouver, B. C.. on Nov. 21 said that the Yorkshire Guaranty & Securities Corp., Ltd., has been appointed receiver. See
V. 99, p. 1217.
Canadian Sardine Co.
-Foreclosure.
A Canadian paper says: "The Bank of Nova Scotia has foreclosed the
mortgage on the company's property at St. Andrew's, N. B. This company was incorporated in 1911. It has $500,000 common and $543,250
pref. stock outstanding. There is also a bond issue of 3300.000 deposited
as collateral for loans. In May this year a receiver was appointed at the
request of the bondholders."
Chattanooga & Tennessee River Power Co.
-V.97, p. 1506.
See Brady Estate above.
City Water Co. of East St. Louis & Granite City, Ill.
The East St. Louis City Council on Nov. 16 passed over the veto of
Mayor Chamberlin by a vote of 12 to 3 a repeal of the franchise granted
to the company on July 6. The company several days before brought a
suit in the U. S. District Court asking for an injunction to prevent taking
action on the repeal. Compare V. 99. p. 1369, 610.
-Application.
Coast Valleys Gas & Elec. Co., San Fran.
The company has applied to the Cal. RR. Commission for authority to
-year gold bonds to reimburse itself for money
Issue 3100.000 1st M.6% 40
expended from income for betterments to its system,amounting to $69,392,
-V. 99, p. 1470.
the balance to be used for further construction work.
-Authorized.
--The
Consolidated Gas Co. of New York.
P. S. Commission on Tuesday directed its counsel to prepare an order granting the application made in May 1914
-year 6% convertible
for permission to issue $25,000,000 5
[VOL. xcix.
debentures and PASO $25,000,000 stock as required to redeem
the same, making the total amount of stock authorized $125,000,000. It is expected that the final order will be made on
Monday next. Compare V.98 p. 1540, 1610.
The debentures are to be in denominations of $500 or multiples, to be
payable in 5 years, to bear interest at 6% and convertible at the option of
the holders into stock three years from date, or any subsequent interset
day within five years, on the basis of one share of stock for each $100 par
value of debentures.
-V.99, p. 1217, 540.
Cudahy Packing Co.
-Officers-(Report, see above.)
Joseph A. Cudahy has been elected President to succeed Edward A.
Cudahy, who resigned. G.C.Shepard, chief of provisions dept., and 11. F.
Wilkins, chief of fresh meat dept., have been elected vice-presidents
Compare V. 99, p. 819.
Denver (Colo.) Union Water Co.
-Deferred.
-Counsel for the New York Trust Co., mortgage trustee, on Nov. 6. which
has filed a suit to foreclose the mortgage,stated that the application for the
appointment of a receiver has been deferred and that his client would be
content to await developments in the general water situation. He said:
"The water company's finances are being handled properly. A satisfactory account of the disbursement of its funds is being made. The trust
company is being kept advised of the details of the management and there
is no reason why the additional expense of a receivership should be incurred,
for the present at least."
-V.99. p. 1454. 52.
Diamond Light Co., Cincinnati.
-Decision.
Judge Gorman in the Common Pleas Court on Nov. 11,in the suit brought
by the city, denied the application for an injunction restraining the company from crossing the streets of the city of Cincinnati and selling electrical power for commercial use, and dissolved the temporary restraining order
previously granted.
The Court says that it was never contemplated that "a monopoly of the
lighting business for commercial purposes should be given to any one individual, partnership or corporation; that an abutting owner upon a street
of a municipality has the right to use the streets and highways for any
purpose he may deem proper, not inconsistent with the use of It as a street;
that he may lay water mains or electric light conduits and wires, provided
he does not interfere with the use of the street as a street, and that he may
grant the right to connect his property with the property on the opposite
side of the street to any person, partnership or corporation desiring to make
the connection, providing it is done without affecting the rights of the municipality in the street." In regard to the contention that a consentfrom
the city authorities is necessary, it is stated that "if it should be adjudged
necessary to secure the naked consent of the city authorities to further lay
conduits and wires across the streets or alleys of the city by the defendant
company, the Court is of the opinion that upon refusal to give the consent
It, may be enforced by proceedings in mandamus against the proper city
authorities or by mandatory injunction to require the consent to be given
to lay the conduits and wires In accordance with the provisions of the city
ordinance heretofore referred to under Section 647."
The case will be appealed to the Supreme Court. H. C. Fricke of Pittsburgh, head of the Turner-Fricke Co.,is said to be the principal stockholder.
Rud. K.Ilynicka is also reported to be a stockholder.
(E. I.) du Pont de Nemours Powder Co.-Vice-Pres.
William du Pont has been elected Vice-President to fill a vacancy.
-V. 99, p. 1302, 345.
-Postponement ofInt.,&c.
Ecuadorian Corporation, Ltd.
Holders of 6% First Debentures were to vote Nov. 24 on (1) sanctioning
the postponement of tho payment of the half-yearly installment of interest
payable Oct. 11914. until June 1 1915, and (2) releasing the company from
payment to trustee due Jan. 11915.
-Share capital issued.
Balance sheet of July 31 1914 showed: Debit
£282,806: shares to be allotted on presentation of talons attached to debentures, £33,240; 6% First Debentures, less £3,150 install. unpaid, £319,350;
bills payable, £20,306; deb. interest accrued, £6,310; sundry creditors,
£411* reserves, £1.123: profit and loss, £260; total, £633,806. Offsets
Cash, £14,228: dividends and in, accrued, £945; debtors-Ecuador Brew'
eries Co., £17,828: Quito Tramways Co., £12,853; sundry. £409; properties and investments at cost, £501,715; deb. discount, commission, &c.,
£115.828. See V. 96, p. 1492.
Electric Properties Corp., N. Y.-4 Months' Dividend.
A dividend of 2% has been declared on the 34,000,000 pref. stock for the
4 months ending Sept. 30, payable Dec. 10 to holders of record Dec. 1.
Previous payments were 134% each on Dec. 10 1913 and March 10 and
Juno 10 1914, covering the quarters ending Nov. 30 1913 and Feb. 28 and
May 31 1914. The change is due to the fiscal year having been made to
correspond with the calendar year. The next declaration will be made
after the close of the year and will probably cover the 3 months ending
Dec. 31 1914.-V. 98, P. 841.
-On 7% Basis-Earnings.
Fayette County Gas Co.
A quarterly dividend of 1 X% has been declared on the $1,600,000 stock.
Previous disbursements were 1% %. This increases the yearly rate from
6% to 7%. For year ending Sept. 30 1913 gross revenue was $452,456;
net, $143,613; dividends, $96.000; surplus for the year, $47,613; total accumulated surplus Sept. 30 1914, $140,460. The company, it is stated,
has no debts of any kind.
-V.90, li• 1493.
First National Copper Co.
-New Directors.
E. M. Buchanan and James A. Young have been elected directors to
succeed T. M. Raborg, who resigned, and the late 11. Mason Raborg.V. 90, p. 979.
Improved Property Holding Co.of New York.
-Plan.
--
The committee of holders of "B" bonds, consisting of Edward F. Clark,
Chairman. 165 Broadway, N. Y.; Elbert S. Barlow and Charles D. Cooke.
has issued a report and plan of reorg. dated Nov. 14. saying in subst.:
A separate committee having been formed for the "A" bonds, and the
Court having ordered the cancellation of the "M" bonds, this committee
represents solely the "B" bondholders.,
for joint action
which would assure us some equity in the "A" property failed. Nos.2-4-6
East 34th St. and 56 Madison Ave.were lost through, legal proceedings.
properties, it was deemed practicable to save only No. 505
Of the other
5th Ave., and to do this $37,000 was furnished by some of the
and an extension of time was obtained for meeting the large bondholders
arrears due
on the property, including a postponement till Jan. 1 1915 of payment of
the $30,000 due Jan. 1 1913 on the $250,000 5% mortgage held by the
William Barclay Parsons estate. This property Is excellently located on
5th Ave., 273 ft. north of 42d St., and the plan contemplates its purchase at foreclosure on Dec. 15. It includes a modern 18-story
building built by the company on a plot 37 ft. by 108 ft., held under office(made
by Parsons Estate) expiring Jan. 311929. with rights to four lease
renewals of
21 years each, the last expiring Jan. 31 2013. At the sale the purchaser
must pay off the receivers certificates ($37,000 and int.), pay $5,000 for
fees of trustee, &c. To acquire the property, pay expenses, &c.(incl. taxes
in 1914, $13,350; ground rent Nov. 1, 38,375, &c.1, and meet the $30,000
due Jan. 1 1915 on the mortgage, will require
380,000 cash.
The committee has adopted and filed with the Equitable Trust Co.a plan
of reorganization which provides that the aforesaid $80,000 shall be provided by depositing bondholders and that the successor corporation shall
have an authorized issue of $100.000 pref. stock and $300,000 common stock
(par $100 per share), subscribers to receive one share of pref. stock and
two shares of common stock for each $100 of their respective subscriptions.
The balance of the stock will be placed in the treasury for future corporate purposes. Subscriptions must be filed with committee, 165 Broadway,
on or before Dec. 1 1914, accompanied by a check for 25% of same to order
of"Edward F. Clark. Chairman," the balance is to be paid on demand.
Particulars from Receiver Jos. J. O'Donohue Jr. as to 505 Fifth Ave.
Ground lease rental. $33.500 annually to Jan. 311919. then $40,000 till
1929 and if renewed not less than 340.000 thereafter. Parsons mortgage.
$250,000, due $30,000 (as extended) Jan. 1 1915; $30,000 Jan. 1 1917;
330,000 Jan. 11921:$30.000 Jan. 1 1925;$100,000 Aug. 1 1928 and $30,000
Jan. 1 1929, but if ground lease be renewed for 21 years by Aug. 1 1928,
then the 1100.000 due Aug. 1 1928 shall be payable as follows: $25,000
Jan. 11933. $25,000 Jan. 1 1937. $25,000 Jan. 1 1945 and 325,000 Jan. 1
1949. Estimate for one year, based on present condition of property;
i Rents receivable for year, $74,100; schedule rental value of vacancies,
a)
en
Fix
32,950. (b) Fixed charges: Ground rent. $33,500: interest on mtge..
12,500; taxes 1914, 313,350; total, $59,350. (c) General operating, including insurance, water, pay-roll, coal, electric current. &c., $18,000.
Cash on hand Oct. 27 1914, $730; rents to be collected to Oct. 27, $1,631.
Unpaid charges to and including Nov. 1 1913, $23.220.--V. 95, p. 300.
Nov. 281914.1
1601
THE CHRONICLE
- Perry, Coffin & Burr of Boston and New York have concluded
International Educational Pub. Co.-Divd.in Notes.
5% bonds,
negotiations for the purchase of $1,200,000 1st M.
which will shortly be issued and will be the initial block of
- an authorized issue of $30,000,000. The bonds are dated
-Suit Dismissed.
International Harvester Co. of N. J.
17 dismissed the proceedings May 1 1914 and are due May 1 1944. It is anticipated that
The Kentucky Court of Appeals on Nov. America, which was charged
the bonds will presently be offered to investors at 90 and int.
against the International Harvester Co. of
The company, which is the foreign branch of the International Text Book
Co. of Scranton. Pa., has paid its quarterly dividend of 1S(% on the
89,014.800 7% cum. pref. stock due Nov. 1 in 2 years 6% notes.
with conspiracy in restraint of trade in Taylor, Green, Nicholas, Mercer,
Washington Pendleton, Lincoln, Robertson, Marion, Harrison, Christian,
Ohio, Gallatin, Carroll, Owen, Grant, Boone, Clinton and Garrard counties.
In cases appealed to the U.S.Supreme Court the company contended that
the
the Crecelius Act, exempting growers' pools from the prohibition of was
anti-trust law violated the Federal Constitution and the contention
upheld by that Court.
harmonize the original
The Court of Appeals in seeking tothat with the Crecelius measure and
amendment,
amendments, had taken the viewconcerns accused had entered into an
the
it was necessary to allege that
or depress them below their true value.
agreement to inflate prices above Appeals in the present suit the CommonAt the hearing before the Court of
and still
wealth insisted that the Crecelius .Act could be treated as voidas alleged
accusation
leave the old Act in effect, and that so much of the their real value could
deflating or depressing prices beyond
the purpose of
be treated as surplusage.
Chief Justice Hobson, who wrote the opinion, says: "The petitions in
these cases fail to state facts constituting a cause of action under the
-V. 99, p. 1133, 1054.
opinion of the United States Supreme Court."
International Steam Pump Co.-Request.Hawkes & Hoppin, attorneys-at-law, state that they have been retained
They notify
by the owners of preferred stock to represent such
ownership.
"actual owners of preferred stock that there will be a meeting of owners of
said preferred stock to-day at 12 o'clock, in Room 915,9th floor, 32 Liberty
St., N. Y., to consider what course it is advisable to follow to protect the
-V. 99. p. 1455, 1302.
Interest of the preferred stockholders."
-Subsidiary Co. Div.
International Text Book Co.
-V.98, p. 1922.
Bee International Educational Publishing Co. above.
-Preferred Dividend Reduced.
La Belle Iron Works.
A quarterly dividend of 1% has been declared on the $9,915,400 8
cum. pref. stock, payable Dec. 24. Payments at the full rate of 2%
quarterly were made from the time of issuance of the stock in 1912 to
Sept. 1914. Distributions on the $9.915.400 common stock were discontinued in July last. Compare V. 98. p. 1697.-V. 99. p. 1455.
Guaranty Trust Co., trustee: intert, M.& N. Subject to call on and
after May 1 1919 at 105 and int. Sinking and improvement fund beginning
May 1 1919. first 6 years, Si %; 2d six years, 1%; 3d 6 years, 1Si 70; last
8 years, 2%.-V. 99, p. 473.
-Property Sold.
Ohio & Texas Sugar Co.
The property was bid in at foreclosure sale in Brownsville, Tex., on
Nov. 10 for $60,000 by J. M. Butler of Columbus, 0., representing three.
-V. 99, p. 473.
fourths of the bondholders. There were five bidders.
-Extra Dividend.
Onomea Sugar Co., Hawaii.
An extra dividend of 80 cents per share (4%) has been declared. payable
Dec. 21. The directors have, It is stated, under consideration a new
monthly rate for next year, beginning with theJanuary payment. The
dividends in 1914 have been equal to a monthly rate of 30 cents, but it is
understood that some of the directors believe that the company can safely
pay in 1913 a monthly rate of 35 cents, or at the annual rate of $4 20.
Compare V. 99, p. 820.
Pacific Coast Borax Co.
-Stock Reduced.
The capital stock was reduced on Oct. 23 from 52.000.000 to 5300.000.
A San Fran. paper says that practically the company's entire holdings.
consisting of stock of the Borax Consolidated of London, was virtually
owned by Frank M.Smith and pledged for loans made to him and his corporations. This stock during the last few months has passed into other
hands as the result of the liquidation of debts by the Smith advisory committee, and the Pacific Coast Borax Co. will be kept alive, owning at least
3300,000 of property until the $300,000 obligations of Borax Consolidated
Ltd. of London which it endorsed are paid off within three years, and will
then be entirely dissolved (V. 97. p. 1902).-V. 99, p. 898.
-Successor Co.
Pacific Mills Co., Vancouver, B. C.
The company has, it is reported, been incorporated with 59,500,000
authorized stock as successor to the Ocean'Falls (Pulp & Paper) Co., Ltd.,
which was sold at auction some time ago (V. 98, p• 693)•
-Plan.
People's Water Co., Oakland, Cal.
At a meeting of the Refunding M. committee on Nov. 17 a conference
committee was appointed, consisting of the Chairmen of the underlying
bondholders' and noteholders' committees, all the members of the People's
Water bondholders' committee and the Refunding committee (V. 99.
p. 274, 123) to consider the plan of reorganization. See V. 99, p. 1455.
F. W. Van Sicklen, Chairman of the committee for Contra Costa 1st M.
The mortgage securing these bonds, while made as of Oct.1,1910 is a bonds, suggested that (1) The accrued and unpaid interest for 1914 should
new mortgage filed for record last July to replace the original First Ref. M. be paid in cash, and not funded, as in the plan. (2) The rate of interest
of 1910. Of the new bonds, it was provided that $363,500 should be ap- on the new 1st M.bonds should be 6% and not 5%. (3) The first M.should
plicable to retirement, by exchange or sale, at not less than 89.95% of the authorize some sum less than $12.500,000. Compare V. 99, p. 1455.
A press dispatch from San Francisco on Nov. 23 quoted Rudolph Sprec$327,000 old outstanding First Ref. M. 6s (all of which have been canceled) and $444,500 are held to retire at or before maturity, by exchange kels as announcing that several banks and individuals owning Contra Costa
Co.
or sale, at not less than 89,98% the outstanding 1st M. 30-year 6s due Water Co. 1st M. bonds. Contra Costa Gen. Mtge. bonds. Oakland
Water
bonds and Alameda Artesian Water Co. bonds had asked him
1926. The remaining $2,192,000 are applicable to future extensions and to
represent them in opposition to the plan submitted by the refunding
improvements. Denom. $1,000 and $500. Bankers Trust Co., trustee.
Mr. Spreckels says: "I have prepared a tentative outline of
Redeemable as a whole or in part by lot at 110 and int. on any interest committee. I
a plan which believe is entirely Just to all concerned and I will gladly disdate. Company agrees to pay the 1% normal Federal income tax.
-V.99, p. 1455.
A direct mortgage lien upon all property now owned or hereafter ac- cuss my views with all underlying bondholders."
quired, subject to $400,000 prior bonds, due 1926. Company does the enHawaii.-Extra Div.Pioneer (Sugar) Mill Co.,
of Madison,
tire commercial gas and electric light and power business under a perAn extra dividend of 90 cents a share (4Si %) has been declared on the
Ltd.,
serving a population of approximately 25.000. Operates
physical $4.000,000 stock (par $20), payable Dec. 15, in addition to the regular
petual franchise, exclusive as to gas. Valuation of company's together monthly dividend of 20 cents(17 payable Dec. 1.-V. 94,9.702.
0),
1908,
property by the Wisconsin RR. Commission as of Dec. 31$1,582,000.
-Dividends Resumed.
Quincy Mining Co.
with subsequent betterments and extensions, aggregates
Earnings for the Past Three Calendar Years.
A dividend of 50 cents a share (2%) has been declared on the $2.750,000
1911.
1912.
1913.
Dec. 21 to holders of record Nov. 28. This is the first
$412,602 stock, payable Sept. 29 1913, when Si (4%) was paid.
5457.263
$499,211
Grass earnings
distribution since
199,038
215,761
218,502
Net earnings
Annual Dividend Record (Per Cent) Since 1899q.
38,832
42,640
42,902
Interest charges
'00. '01. '02. '03. '04. '05. '06. '07. '08. '09. '10. '11. '12. 13. '14. 1915.
2
36 38 28 22 20 24 50 54 18 16 20 16 20 15 0
$160,206
$173,121
$175,600
Surplus
Compare V. 97, p. 1667, 669.-V. 99, p. 535.
Entire capital stock is owned by American Light & Traction Co., which
also controls and operates the Milwaukee Gas Light Co.
-V.93. p. 534.
Realty Associates of Brooklyn.
Balance,
Profit-share Dios.
Real Est.
-Earnings of Oct. 31. Total & Gen. Exp. Int. on Reserve.
Massachusetts Gas Companies, Boston.
Surplus
(6%)
Bonds.
Year- Income.
Controlled Companies.
-Net earnings of the subsidiary com- 1913-14.. 5937.848 8376.073 5206.375 512.253 (8)3319.992 $23.155
60,560 (6) 239,994 441,017
224,282
363,326
panies for October and the four months ending Oct. 31:
1912-13..1,329,180
Dividend in 1913-14 includes 27 extra in addition to the regular 6%
-October
4 Mos. end. On. 31.
yearly rate. See V. 97, p. 1588.-V • 98, P. 71.
1914.
1913.
1913.
1914.
Boston Consolidated Gas
$119,803 $102,775 $361,493 $297,813
-Control.
St. Louis Breweries, Ltd.
New England Gas & Coke
207.547
50,667
234,647
57,945
It. W. Cairns, who in recent years has obtained control of the boards
New England Coal & Coke
32,870
127.882
42,939
162.502
of a number of Anglo-American brewing companies, is, it is stated, seeking
Newton & Watertown Gas Light_. 7,898
12,976
6,12118,197
the election of a new
East Boston Gas
27,341
6,679
21,129 to turn out the board of the company with a view to
11,020
protective committee," of which he is
by
Citizens' Company of Quincy__ _
4,699
1,700
20,820
12,538 board namedThe the "shareholders' said by others to have managed the
ioresent board is
Chairman.
Federal Coal & Coke
6,012
7.119
27,880
17,953
shareholdBoston Towboat
16,471
4,083
14,248 property "extremely well, with the full confidence of the larger
1,231
ers -V. 98, p. 767.
Total
$242.780 $220.781 $807,631 $773,806
San Antonio Land & Irrigation Co., Ltd.-Bankruptcyl
Increase in Gas Output.
trustee obtained id
The
Boston Consolidated Gas Co_ _ _ 1.627
3.68%
2.177
3.797 AugustEmpire Trust Co. of N. Y., which as mortgageforeign corporation.
last the appointment of a receiver for this
East Boston Gas
7.40
6.02
10.00
5.33
filed for the same in N. Y. City on Nov.4 a voluntary petition in bankruptCitizens' Company of Quincy
8.53%
4.19
18.01
18.39
Newton & Watertown
11.25 0 cy. This petition, it is reported, showed nominal assets of 5758,354. in8.93%
6.61%
10.99%
eluding accounts, $412,417, of Medina Valley Irrigation Co. and Medina
-V.99. p. 1455. 1370.
Town Site Co.; interest due, $339,397 on bond of the Medina Valley Irri- gation Co.: machinery and fixtures, $4,581; cash. $1,959, and right to an
-Interest Payment.
Minneapolis General Electric Co.
in 57,137 acres of land in Texas when
trustee. In
Wm.P. Bonbright & Co., Inc., have been appointed agents accountinglegal title is Invested, after the 1st M. ofsold by theheld by the
whom the
58,000,000
-year 6% gold notes. Payment of Empire Trust Co. to secure an issue of bonds has been paid. The liabilities
for the payment of the 3
$7,704.217 are secured and $1,326,717
the coupons will, therefore, be made at their New York office aggregate $9,030,934, of which creditors are, it is stated, Bank of Scotunsecured. Among the secured
-V. 99, p. 472.
land of London. $612.046; Canadian Bank of Commerce of Toronto. $540.on Dec. 1. See advertisement.
000, and Keystone Land & Cattle Co. of San Antonio, 399.479. Among
-2nd Pref. Div. Omitted.
Moline Plow Co.
the unsecured creditors, it is said, are J. II. Dunn of London, $847.660.
The regular quarterly dividend of 1Si% has been declared on the $7.- Dunn,Fischer & Co.,London.$252,367,the Guaranty Insurance & Invest500,000 7% cum. pref. 1st pref. stock, payable Dec. 1 to holders of record ment Co., London. $103.253, and the Canadian Bank of Commerce;
Nov. 17. The usual quarterly distribution on the $1,500,000 6% non- 893,713.-V. 99, p. 542. 473, 411. 124.
cum. pref. stock will, however, be omitted. Payments were made on the
San Diego (Cal.) Cons. Gas & Elec. Co.
latter from June 1913 to Sept. 1914. both incl.-V. 99, P. 1363.
-Stock-Bonds.
The Cal. RR. Commission on
-Bonds Oversubscribed. 8250,0006% deb. bonds, payableNov. 23 authorized the company to issue
North Packing & Provision Co.
common stock,
Dec.1 1922. and
Hornblower & Weeks and William A. Read & Co. announce that the issue to be sold at less than 93 and 100, respectively. $240,000
The proceeds are to be
of $1.000,000 first M.30-year s. f. gold 5s. due Jan. 1 1945. to refund the used to discharge obligations amounting to 5472,296.-V. 96, P• 1777.
$1,000,000 bonds due Jan. 11915. which were offered by them last WednesSan Jose (Cal.) Water Co.
day, have been oversubscribed. A large number of the old bondholders will
-Authorized.
exchange their holdings for the new bonds. The bonds are non-taxable in
The California RR. Comm. has authorized the company to issue 8160,000
Massachusetts and are being offered at 97Si, or practically a 5.15% basis. promissory notes for refunding purposes.
The company pays the normal Federal income tax. Earnings for past 5
Sealshipt Oyster System.
-Receiver Discharged.
years, after depreciation, have, it is stated, averaged 5 times hit, charges
Judge Morton in the U. S. District Court at Boston has discharged
on bonds. Preliminary circular says:
The bonds are callable as a whole or for sinking fund at 105 and tot. Pierre M. Brown and William H. Raye as receivers. The Court in July
Coupon bonds, $1,000 and $500. May be registered as to principal. Old last confirmed the sale to the reorganization committee. The new manageColony Trust Co., trustee. The bonds will be a direct obligation of the ment on July 23 last took official charge of the property, which has been
North Packing & Provision Co. and will be secured by a closed first mort- reorganized per plan V. 98, p. 1004.-V. 99, p. 124.
gage on land and buildings located principally in Somerville, Mats.. as(F. M.) Smith Securities Co., San Fran.
-Liquidating.
sessed for over 81,250,000. The company has outstanding $3,000,000
capital stock, upon which annual dividends have been paid for a number of of This company was incorporated in California on Nov. 9 with 55,000.000
auth. capital stock in $100 shares, of which 52.500,000 will be preferred.
require an annual cash investment in
years. The sinking fund provisions
Directors, A. L. Whittle, Edwin Schwab, F. B. Lorigan, all of
these bomb of at least 510.000. Bonds must be drawn by lot at 105 and H. R. White of Berkeley and George J. Hatfield of Oakland. San Fran.;
The attorint. if not obtainable at a less price, and as purchased will be kept alive neys for the corporation are Morrison, Dunne & Brobeck, Crocker Bldg.,
and the income therefrom used for sinking fund purposes. Thus the oper- San Fran. A San Francisco paper states that the company is formed to
ation of the sinking fund will retire by maturity approximately 8600,000 pay off the $2,000,000 balance of F. M.Smith's 56,000,000 debt, which the
out of the 51,000.000 issuo.-V. 83, p. 34.
advisory committee in charge of his affairs took over 18 months ago. The
- plan is to issue notes to the holders of the Smith securities in addition to such
-Successor.
Ocean Falls (Pulp & Paper) Co., Ltd.
pledges as they now hold, guaranteeing the interest on the indebtedness and
693.
-V. 98. p.
See Pacific Mills Co. below.
Its final redemption in full. (See United Properties Co. of Calif., V. 99,P.
-New Securities. 895.750; V.98,p.306; V.97, p. 118; V.96 p. 1425;and Pacific Coast Borax
Ohio Light & Power Co., Tiffin, Ohio.
Forbes & Co. of New York, Harris Trust & Say- Co.above.)
-The
-Bonds, &c.
Madison (Wis.) Gas & Electric Co.
Marshall & Ilsley Bank, Milwaukee, on July 7 1914 offered,
at 98 and int., First Refunding M. 5% gold bonds dated
1910, due Oct. 1 1940. Auth. $3,000,000, out $363,500.
-Harris,
ings Bank, Chicago, N. W.Harris & Co., Inc., Boston, and
For other
nvestmentiNews see page 1604.
1602
THE CHRONICLE
xcix.
fqxrais mut Poruntents.
PUOLISNED AS ADVERTISEMENTS.
MISSOURI KANSAS & TEXAS RAILWAY COMPANY
ANNUAL REPORT—FOR THE YEAR ENDED JUNE 30 1914.
St. Louis, Missouri, November 4 1914.
The changes in funded debt in the hands of the public
during the year were as follows:
To the Stockholders:
Decrease.
The directors and officers of your Company submit hereM. K.& T. Ry. Co. 5% Equipment Notes
$190,000 00
with their report for the fiscal year ended June 30 1914.
Boonville RR. Bridge Co. 1st Mortgage 4% Bonds
11.000 00
The operations of the Lines named
Southwestern Coal & Improvement Co. 1st Mortgage6% Bonds 18,000 00
Missouri Kansas & Texas Railway Company
The Missouri Kansas & Texas Railway Company of Texas
The Wichita Falls & Northwestern Railway Company
Total miles operated June 30 1914
1.744.41
1,791.98
328.68
3,865.07
were as follows:
RESULTS FOR THE YEAR.
(Includes two months' operation of the Beaumont & Great Northern RR.,
from May 1 1914. Inter-corporate income items are excluded.)
Operating Revenues were
131.521.18835
(Decrease. $825.070 04, or 3%)
Operating Expenses were
22,722,119 24
(Decrease, $86.293 15. or 0.4%)
Net Operating Revenue was
$8.799,069 11
(Decrease. $738,776 89, or 8%).
Taxes were
1,499,520 89
(Increase, $211,617 60. or 16%)
Operating Income, Taxes deducted, was
$7.299,548 22
(Decrease $950,394 49. or 12%)
Miscellaneous Income was
217,278 55
*(Decrease. $449,332 51. or 67%)
$7,516,826 77
Rentals and Other Payments were
657.728 34
(Increase, 336.354 79. or 6%)
Income for the year available for Interest was
*6,859,098 43
(Decrease, $1,436.081 79, or 17%)
Interest (92% of amount available) amounted to
6,319.871 69
(Increase, $341.676 94, or 6%)
Net Income for the year amounted to
$539,226 74
(Decrease $1,777,758 73, or 77%)
Dividends declared during the year:
M. K. Az T. Ry. Co. Preferred Stock
$260,000 00
Texas Central RR. Stock Outstanding
1,407 51
Subsidiary Companies Stock Outstanding_ _
21 00
261,428 51
* For details see income account.
W. F. & N. W. Ry. Co. 1st Mortgage 5% Bonds
23,00000
W.F. & N. W. By. Co. 1st Lien Collateral Trust Mortgage
5% Bonds
8,000 00
W. F. & N. W. By. Co. Equipment Trust Notes
56,490 97
W. F. Az S. Ry. Co. 1st Mortgage 5% Bonds
8,00000
Total decrease
1314,490 97
(in addition to which $555,000 General Mortgage 4)i% Gold Bonds purchased for the Sinking Fund are held by the Trustee.)
Other changes in funded debt, as shown by condensed
balance sheet of June 30 1914, published on pages 18 and 19
hereof, were:
Increase.
M. K. & T. RY. Co. Consolidated Mortgage 5% Bonds__ __$3,256.000 00
The B.& G. N. RR. 1st Mortgage 5% Bonds
883.000 00
Total increase
$4,139,000 00
$3,256,000 Missouri Kansas & Texas Railway Company
Consolidated Mortgage 5% Gold Bonds were authenticated
under the mortgage, and delivered to your Company during
the year as follows:
In reimbursement of expenditures made for additions and
betterments
$2,150,000 00
Against M. K.& T. Ry. Co. General Mortgage Bonds retired
by Sinking Fund
555,000 00
Against Boonville Railroad Bridge Company First Mortgage
Bonds retired by Sinking Fund
11,000 00
Against the pledge of First and Refunding Mortgage Bonds of
the Wichita Falls & Northwestern Railway Company acquired during the year
103,000 00
Against the pledge of Capital Stock of the Houston & Brazos
Valley Terminal Company acquired during the year
333,000 00
Against M. K.& T.Ry. Co. Equipment Notes of 1913 retired 104,000 00
Total
$3.256,000 00
Of the above-mentioned Consolidated Mortgage bonds,
The average mileage operated during the year was $3,- $643,000 were on June 30 1914 in your Company's treasury
and $2,613,000 were pledged as collateral for loans.
824.82, an increase over the previous year of 147.35 miles.
The total mileage operated June 30 1914 increased 48.3
ROLLING STOCK.
miles, as compared with the mileage operated June 30 1913,
The equipment inventory as of June 30 1914 was asfollows:
as follows:
Decrease 26
656
The Beaumont & Great Northern Railroad, Weldon to Locomotives
Passenger-Train Cars
511
Increase 18
Livingston, Texas, 48.3 miles.
The acquisition by your Company of the capital stock of Freight-Train and Miscellaneous Cars owned and26.798
leased
Decrease 74
The Beaumont & Great Northern Railroad was mentioned
Thirty heavy Mikado locomotives and two hundred ballast
in the annual report to Stockholders for the fiscal year ended
June 30 1913. On May 1 1914 the property was leased to cars ordered during the year were not delivered by June 30
The Missouri Kansas & Texas Railway Company of Texas, and are not, therefore, shown in the above inventory.
The average amounts expended for repairs to equipment in
since which date it has been operated by the latter Company,
service were:
'and its assets and liabilities have been included in reports.
Increase.
MILEAGE.
OPERATIONS.
Revenues from traffic and expenses of operation were
adversely affected by rate reductions, and by drought and
floods, unprecedented in their severity, and never before occurring in combination during the period of a single year.
The enforcement of the two-cent per mile passenger fare
in the States of Missouri and Oklahoma caused a loss in revenue of approximately $676,500, and reductions in freight
rates, made effective during the year, induced further losses
approximating $165,000, such losses reducing the net earnings correspondingly. Drought prevailed over nearly the
whole of your Company's territory during the critical time
of growth of grain and forage crops, resulting in almost complete failure of crops in many sections. The cotton crop of
Texas was reduced in quantity and impaired in quality, first
by drought and later by rains and floods. The unsatisfactory crop production naturally induced a recession in general
business conditions. The loss of transportation revenue
.
attributable to the extraordinary floods, which interrupted
traffic movement for various periods during July, October,
December, April and May in Texas, and.during May in
Oklahoma, is estimated at $775,000. The increased expenses of operation caused by the floods is estimated at $1,281,000.
Locomotives$2,128 95
Cars
Passenger-Train Ca
694 83
Freight-Train and Miscellaneous Cars
56 53
Decrease. PerCt.
$293 13 12.10
82 84 10.65
$2 82
5.25
121 locomotives, or 18.4% of the number owned, and 831
.the number owned, were undergoing
freight cars, or 3.3% of
or awaiting heavy repairs at the close of the year.
The average tractive power of locomotives in service increased 408 pounds, or 1.5%. The average capacity of
freight cars in service increased 318 pounds, or .5%.
There was expended during the year for the purchase of
equipment, less the value of equipment retired, a net amount'
$60734580
of The equipment records of your Company are being rewritten in very complete and detailed form, and these records
will be a valuable aid in showing the cost or book value of
eq uipment vacated. Under previous administrations, several
.
million dollars was charged to income account and operatihg
expenses for new equipment purchases. Independently of
this, the credit on the general books as of June 30 1914 for
equipment retired was $1,750,608 44, and the debit to additions and betterments account (as required by rules of the
Inter-State Commerce Commission) for new equipment purchased or built and for improvement of existing equipment,
for which no capital issues were made, amounted to $1,471,523 26, a difference of $279,085 18, which value will be reFINANCIAL.
placed as rapidly as practicable, notwithstanding the very
outstanding capital stock during the year, liberal charges to income account and operating expenses just
The changes in
were as follows:
referred to.
as shown by the balance sheet,
For some time it has been the policy of your Company (and
Increase. Decrease.
$100 00 considered by many prominent companies in previous years
Boonville Railroad Bridge Co
400 00 to be correct practice) to charge operating expenses with the
Missouri Kansas & Texas Terminal Co. of St. Louis100 00 value, less salvage, of equipment retirals, just as ties, rails,
Wichita Falls & Southern Railway Co
$90000
The Beaumont & Great Northern Railroad
bridges, etc., are charged to expenses. Any charge in addition to this is guesswork, and, strictly speaking, not accurate
1300 00
Net Increase
Nov. 28 1914.]
THE CHRONICLE
1603
Statements and tables of accounts and operations are
accounting, but the charge of an additional percentage for
depreciation has the advantage of distributing the business appended to this report.
The officers and employees are especially commended for
credit on the books of your Comrisk. The "depreciation"
pany as of June 30 1914 amounted to $1,219,888 24. The their faithful and efficient service during the past year.
By order of the Board of Directors.
policy for the coming fiscal year is now under consideration,
and the re-writing of equipment records will permit a more
C. E. SCHAFF,
the whole subject.
intelligent determination of
President.
FRANK TRUMBULL,
STRUCTURES.
ROADWAY AND
Chairman.
Satisfactory progress has been made in the work of repairDELOITTE, PLENDER, GRIFFITHS & CO.
ing the damage resulting from the floods, and the property is
Accountants and Auditors.
now in condition to handle the traffic of the coming year
49 Wall Street, New York.
without delay, although tiiere is considerable work yet to be
Francis F. White.
Sir William Plender, F. C. A.
done in Texas to bring the roadbed and track up to the F.
Palmer Page, F. C. A.
Percival D. Griffiths,F.C. A.
standard of economical maintenance and operation.
Thomas R. Clark, A. C. A.
Considerable improvement work has been carried out
during the year. The expenditures for permanent additions Vivian Harcourt.
and betterments, exclusive of equipment, were $1,232,019 03.
September 21 1914.
This includes 100 miles of new 85-1b. rail, which was used to The Executive Committee, Missouri Kansas & Texas Railway
replace lighter rail in the main line south of Hillsboro.
Company, New York City.
New steel and concrete bridges have been installed at
Gentlemen—In accordance with instructions conveyed to
several points, and a number of other bridges were renewed. us under authority of a resolution passed by you at a meeting
Embankments were widened on twenty miles of right-of- held May 13 1914, we have made an examination of the
way, and thirty-two miles of ditching was done.
books at New York City; St. Louis, Missouri; Parsons, KanNew ballast was applied on 143 miles of track, and 146 sas; Denison, Texas; Dallas, Texas,and Wichita Falls, Texas,
miles were re-ballasted.
of the Missouri Kansas & Texas Railway Company and allied
There were thirty-two miles of yard and industrial tracks Companies,forming the Missouri Kansas & Texas Lines, for
built.
the fiscal year ended June 30 1914.
1,061,673 cross ties and 360 sets of switch ties were used
The Securities on hand at the terminating dates have been
during the year.
examined, and those pledged have been confirmed by Certifi-.
New fencing was done on seven miles, and 605 miles of cates obtained from or by examination of the books of the
fencing re-built.
respective depositories. The Cash at Banks has been veriThe new passenger stations at Parsons and Houston, work fied by letters from the respective bankers.
on which was in progress last year, have been completed and
All Capital Expenditures have been examined by us and
put in operation.
found to be proper, and we have verified that all equipment
New stations were built at Osage, Leonard, Sealy and dismantled in the period has been written off.
Dixon, and several others have been re-built and extended.
Subject to the question of the charge for Depreciation of
The new Union Station at Kansas City is nearing comple- Equipment referred to in the President's remarks, we hereby
tion, and will be ready for service about November 1 1914.
certify that the attached Condensed General Balance Sheet
Contract for the construction of the Union Station at and accompanying Income and Profit and Loss Accounts,
Dallas has been let, and work will be started within a short in our opinion, correctly set forth, respectively, the financial
time.
position of the Company at June 30 1914, and its earnings
for the twelve months ended that date.
GENERAL REMARKS
We are, gentlemen,
Semi-annual dividends on the preferred capital stock of
Yours very truly,
.
your Company, which had been paid at the rate of four per
DELOITTE, PLENDER..GRIFFITHS & CO.
cent per annum since May 1906, were discontinued last
spring. Your Directors concluded that the unsatisfactory
•
MISSOURI KANSAS 15 TEXAS LINES.
,
traffic conditions, together with the depressed and uncertain
conditions in the financial markets, made the suspension of GENERAL INCOME ACCOUNT, FISCAL YEAR ENDED JUNE 30
1914, COMPARED WITH YEAR ENDED JUNE 30 1913.
dividend payments essential to the future welfare of your
property.
Increase(±)or
1914.
In March 1913 the Legislature of the State of Texas enacDecrease (—).
1913.
Average Mileage Operated
3,824.82
3,677.47
+147.35
ted a law authorizing The Missouri Kansas & Texas Railway
Operating Revenues—
$
Company of Texas to purchase or lease and operate the lines From Freight Traffic
20,228.337 20 20,912.978 29 —684,641 09
Passenger Traffic
86
of The Beaumont & Great Northern Railroad, Texas Central From Transportation of Mails 9.105.241 42 9,402,966 60 —297,724 74
From
632,610 75
+34.921 67
Railroad Company, The Denison Bonham & New Orleans Trom Transportation of Ex- 667532
pat
press
960,026 83
882.604 26
+77,422 57
Railroad Company, The Dallas Cleburne & Southwestern From Other
Transportation
288.969 58
2736151 24
+15.81834
Railway Company, The Wichita Falls & Northwestern Rail- From Non-Transportation
271.080 46
241,947 25
+29.133 21
way Company of Texas, Wichita Falls & Wellington Railway
Total Operating Revenues__31,521,188 35 32,346.258 39 —825,070 04
Company of Texas, The Wichita Falls Railway Company
Operating Expenses—
and Wichita Falls & Southern Railway Company. The For Maintenance of Way and
Structures
Attorney-General of Texas brought suit to prevent the lines For Maintenance of Equip- 4,574,726 37 4,637.747 68 —63,021 31
SS
mentioned from carrying into effect the terms of said legislament
3,934.118 75 4,100.819 25 —166,700 50
737.766 02
tion, and also alleged certain violations of the laws and Con- For Traffic
755,120 22
—17,354 20
For
12,258,499 43 12.255.845 47
+2,653 96
stitution of the State of Texas by the Companies referred to, For Transportation
General
1,217.008 67 1,058.879 77 +158,128 90
for which he sought to collect vast sums in penalties and to
Total Operating Expenses_ _22,722,119 24 22,808.412 39
—86.293 15
forfeit the charter of The Missouri Kansas & Texas Railway
Operating Ratio
(72.09%)
+(I.589'
(70.519')
Company of Texas. A satisfactory settlement of the suit
Net Operating Revenue
8,799,069 11 9.537.846 00 —738,776 89
Income from Other
was effected on February 6 1914, without payment of penal- Hire of Equipment Sources—
411,306 64 —411,306 64
ties and by the recording of an agreed judgment which fixed Interestfrom Investments
24.273 75
52,183 32
—27,909 57
General
67,789 53
76.306 30
the status of the Companies mentioned, and disposes finally Interest,Items Account_
—8,516 77
Sundry
125,215 27
126.814 80
—1.599 53
of the questions which have been raised by the Texas authoriTotal
217.278 55
at intervals in the past regarding the legality of the man666.611 06 —449,332 51
ties
Gross Income
9,016.347 66 10.204,457 06 —1.188.109 40
ner in which the capital stock of The Missouri Kansas &
Deductions from Income—
6,124.370 12 5.965.362 42 +159,007 70
Texas Railway Company of Texas is held and of the owner- Interest on Funded Debt
103,668 24
10,544 88
+93.123 36
ship by your Company of the capital stock of the various Other Interest
Hire of Equipment
18,544 29
+18.544 29
Texas Railway Companies, whose lines have now been, since Interest on Equipment Trust_
91,833 33
2.287 45
+89,54588
May 1 1914 leased to and operated by The Missouri Kansas & Taxes Leased Roads, Joint 1.499,52089 1,287,903 29 +211.617 60
Rentals,
Company of Texas. This consolidation of
Texas Railway
Tracks, &c
523,807 31
565,748 40
—41.941 09
115,376 74
operations will improve the service and should effect a sub- Other Deductions
55.625 15
+59.751 59
stantial reduction in expenses.
Total Deductions
8.477.120 92 7,887,471 59 +589,649 33
Net Income
539.226 74 2,316,985 47 —1.777.758 73
The litigation in the States of Missouri and Oklahoma,
involving the reduced freight and passenger rates prePROFIT AND LOSS ACCOUNT.
scribed some years ago by legislative bodies of those States,
has not been concluded. This litigation, if decided ad- Balance to Credit of Profit and Loss June 30 1913
$5,223,147 39
Additions—
.
versely to your Company, may require the refund of charges Balance for Year Brought Forward from Income Account_ _ _
539,226 74
passengers and shippers in excess of the amount Miscellaneous Credits
collected from
52,745 82
established by the State laws. In the opinion of counsel, the
Total
15.815,119 95
Deductions—
amount of such refunds, if made, would not exmaximum
Depreciation prior to
$347.408 Si
ceed the amount of the bonds filed by your Company in the Side tracks and otherJuly 1 1907 on equipment destroyed
property abandoned
Expenses in connection with various surveys, account projects 109,812 24
litigation, namely, $260,000.
abandoned
Mr. James Campbell, a Director of your Company and Uncollectible accounts charged oft' and reserve
46,839 01
a member of its Executive Committee, died on June 12, Refunds to Corporation Commission of Oklahoma, account 165,549 54
of overcharges under various orders of the Commission_
1914. He was a man of unusual force, and his death is a Expenses of security issues
34.521 17
1.425 00
severe loss.
Dividends on capital stock
Southwestern Coal & Improvement Co. sinking fund trans- 261,428 51
Mr. Horace E. Andrews was elected a member of the
ferred to "Appropriated Surplus"
15.678 67
Executive Committee.
Mr. C. N. Whitehead, formerly Assistant to the Presi$982.662 65
dent, was appointed Vice-President, effective Feb. 16 1914.
Balance to credit of Profit and Loss June 30 1914
$4,832,457 30
THE CHRONICLE
1604
[VOL. xc
MISSOURI KANSAS & TEXAS LINES.
CONDENSED GENERAL BALANCE SHEET JUNE 30 1914.
ASSETS.
Properly Investment
5225,449,042 72
Road and Equipment
Cost of
Less Accrued Depreciation on existing Equin(Credit, 1.219,888 24
meat
$224,229,154 48
Securities of Proprietary, Affiliated and
-Pledged ($589,Controlled Companies
$1,544.993 01
085 71-under Bills Payable)
Miscellaneous Investments
$199,028 33
Physical Property
Securities Pledged under Bills
760,000 00
Payable
LIABILITIES.
Capital Stock
Common Stock M. K. & T.
Ry.Co.,held by thepublic_$63,283,257 00
Preferred Stock M. K. & T.
Ry.Co.,heldby thepublic_ 13.000,000 00
Common Stock M. K. & T.
Ry. Co., held by the Com17,043 00
pany
25,700 00
Stock, Subsidiary Companies
$76,326,000 00
Funded Debt
Bonds and Notes
959,028 33
2,504,021 34
Securities Issued or Assumed, Pledged
Consolidated Mortgage Bonds (under 2
$24,516.000 00
Year Notes)
Consolidated Mortgage Bonds (under Bills
3,701.000 00
Payable)
28,217,000 00
Cash and Securities in Sinking and Redemption Funds
1.902,50732
$256,852,683 14
Working Assets
$1,458,800 87
Cash
9,096 02
Loans and Bills Receivable._
Traffic and Car Service Balances due from Other Com461,498 32
panies
Net Balance due from Agents,
Train Auditors and Con298.868 24
ductors
Miscellaneous Accounts Receivable
1,970,860 47
2,987.135 78
Material and Supplies
49,944 46
Other Working Assets
140,783,500 00
$217,109.500 00
$28,217,000 00
Consolidated Mortgage Bonds
00
643,000
Consolidated Mortgage Bonds in Treasury_
1,970,000 00
General Mortgage Bonds in Sinking Fund_
30,830,000 00
$247,939,500 00
Working Liabilities
Loans and Bills Payable
$3,281,385 55
Traffic and Car service Balances due to
571.095 24
other Companies
3.313.512 38
Audited Vouchers Unpaid
1.077,583 13
Audited Wages Unpaid
91,137 31
Miscellaneous Accounts Payable
Matured Interest, Dividends and Rents
663.175 15
Unpaid
Matured Mortgage and Secured Debt Un4,000 00
paid
52,964 13
Other Working Liabilities
9,054,852 89
Deferred LiabilitiesUmnatured Interest, Dividends and RentsTaxes Accrued
Other Deferred Credit Items
$7.236,204 16
1.881.594 38
Appropriated Surplus
Additions to Property since June 30 1907,
$1,563,429 84
through Income
Reserves Invested in Sinking and Redemp236,845 62
tion Funds
Securities in Treasury. UnpledgedSecurities of Proprietary, Affiliated and
$185,042 71
Controlled Companies
Securities Issued or Assumed_ 660,043 00
1,212 79
Marketable Securities
846.298 50
8,082,502 66
Deferred AssetsUnmatured Interest, Dividends and Rents
Receivable
Working Funds-Advanced
Rents and Insurance Paid in advance
Other Deferred Debit Items
$1.136,185 58
439,880 86
305,527 94
Profit and Loss Balance
1.800,27546
$4,832.457 30
6,632.732 76
$16,992 60
7.226 95
48,903 06
500.371 62
573,494 23
Total
$265,508.680 03
Total
$265.508,68003
The Company is also guarantorOf Kansas City Terminal Railway Company First Mortgage Bonds, due 1960 (jointly with eleven other Railway Companies)
Companies)
Terminal Company (of Dallas, Tex.) First Mortgage Bonds, due 1942 (jointly with eight other Railway
Of U
Of Joplin Union Depot Company First Mortgage Bonds, due 1940 (Jointly with three other Railway Companies)
Of Houston & Brazos Valley Railway Company First Mortgage Bonds, due 1937
Co.)
Of Galveston Houston & Henderson RR. Co. Note (jointly with The International & Great Northern RR.
on a preceding page.
-There exists a possible liability in connection with State rate cases under appeal. See general remarks
Note.
-Work Suspended.
Southern Aluminum Co., New York.
The company, whose stockholders on June 2 last authorized an issue of
57,000,0006% bonds, is. it is stated, owing to the European war, unable to
obtain the necessary funds at present to prosecute the work and will suspend operations at Badin, N. C., until the general conditions in the finan'
cial and industrial world are better. Since August there has been remarkable progress made on the project; foundations and steel superstructure of
the power house are up, with work under way on the brick work. Over
35,000 cubic yards have been placed of the concrete for the power dam,and
the electrode factory is nearly completed. Portions of the structural steel
framework are erected for both the furnace plant and the storage house of
the alumina purification plant. The company is controlled by Frenchmen,
and with the mobiliaztion of the French army has lost temporarily 3 of its
technical staff.
M. Barendson and J. Bordelonge were on June 2 elected directors.
V. 98. p. 1923.
Supplee-Biddle Hardware Co., Phila.-Pref. Stock.
Henry S. Morris, Inc., 868 Drexel Bldg., Phila., purchased,
and recently offered, $200,000 of the company's $400,000
authorized and issued 7% cum. pref.(p.& d.) stock (tax-free
in Penn.) at $95 per share (par $100), netting 73/8% in-J.
come. Dividends Q.
Data from Pres. J. E. Batten, Philadelphia, Oct. 13 1914.
Incorporated in Penn. Dec. 31 1913 and acquired the business, merchandise and good-will of Supple() Hardware Co. and Biddle Hardware Co.. the
latter having been in business since 1837,the former over 50 years. Transacts a general wholesale hardware business, and also consumes tAo entire
output of the Pennsylvania Lawn Mower Co., and is a distributer of Monel
metal and Monet products (a non-corrosive composition chiefly of nickel
and copper produced by the International Nickel Co.) by virtue of important selling rights and contracts.
Seventy travelling salesmen are
employed. Annual business aggregates upwards of 53,000,000. More
than 30 of the employees are stockholders, and the controlling common
stock is held by the officers.
CapitalizationAuthorized. Outstanding.
7% cumulative preferred stock
$400,000
5400.000
Common stock
400,000
600.000
The average annual profits of the two concerns for the ten Years last
passed were $88,861 and in 1913 were $102.900.
The preferred stock may be increased at par for cash up to but not
exceeding 60% of the entire paid-up capital at any time that the
aidek assets are 150% of the pref. then outstanding, and then being issued.
The pref. is redeemable as a whole (a) on any dividend date upon vote of
60% of the common stock or (b) upon dissolution at $105 and divs., on or
prior to Jan. 1 1918 and at $110 and divs. thereafter. After the payment
in full of the cumulative met. dive., at least 10% of the surplus income of
each calendar year shall.for three months of each ensuing year, he applied,
if possible,to the purchaseof pref.shares at or below $105 and accrued diva.
To the extent not so invested, said 10% shall be carried to accumulated surplus, which shall never be distributed as diva,on the common stock until the
total aggregate surplus so accumulated equals 60% on the pref. stock issued
and then outstanding in addition to the sum so distributed. No mortgage
shall be created without the consent in writing thereto of the holders of
66 2-3% of the pref. shares then outstanding. The right of the pref. stock
to vote shall arise only whenever three successive defaults occur, and shall
be extinguished whenever such defaults cease to exist.
Assets per Balance Shed, Jan. 1 1914 Aggregating 1,064,305,
$116,9291 Catalogues, &c
$24,483
Cash
44,787
730,2381 Furniture and fixtures
Merchandise
'will143,290
4,5781 Good
note interest
Prepaid
Offsets: Notes and accounts payable. $264,305: pref. stock. $400,000:
common stock, $400.000.
:
2 703 000 00
$39:161 0 0 0
650,000 00
210,000 00
75.000 00
-Bonds.
-William R. Staa ts
Thousand Oaks Land Co.
Co. of San Fran. Los Angeles, &c., is offering at 97 $200,000.
-year 6% sinking fund bonds.
5
The security, it is said, has been appraised as follows: List price of unsold
lands, $975,900; appraised value for purposes of this issue, $649,191
amount due on contracts, $190,503; quick-selling value of assets 839,694;
Tonopah-Belmont Development Co.
-Div. Reduced.
A quarterly dividend of 123 % has been declared on the $1.500,000 stock
(par $1), payable Jan. 1 to holders of record Dec. 15, comparing with 25%
quarterly from April 1911 to Oct. 1914 inclusive. The reduction is stated
to be due to the general conditions and also on account of there being no
market for silver.
Previous Dividend Record (Per Cent).
'06. '07. '08-'09. '10. '11. '12. 1913.
1914.
100
20 20 None 30 90 100
Regular
100
Extra
10(Nov.) 10(May
-V. 98. p. 1248.
-Annual Meeting.
United Paperboard Co., N. Y.
At the annual meeting on Nov. 19 Thomas R. Cotter, of the law firm of
Weeds, Conway & Cotter, Plattsburgh, N. Y., a stockholder owning 56
shares of pref. and 450 shares of common stock, presented a motion calling
for the appointment of a committee of five stockholders who should at a
cost to the company of not over $3,500 make a thorough examination of
its affairs, accounts, &c., from organization to Oct. 1 1914. This resolution was lost, owing, Mr. Cotter says, to the opposition of the directors.
In a circular dated Nov. 10 Mr. Cotter insists that the information contained in the annual report is unjustifiably meagre and urges that the
shareholders are also entitled to have "apparent discrepancies" in the
report cleared up. Compare V. 99, p. 1213.
-Dividend Reduced.
Washington Oil Co.
A dividend of $3(30%) has been declared on the 5100.000 stock, payable
Dec.31 to holders of record Nov.30. This compares with $4 (40%) in Dec.
and Feb. 1913 and $2 90 (29%) in 1911.-V. 97, p. 1120.
-18t M. Bonds Called.
Watertown (S. D.) Water Co.
Twelve bonds, Nos. 33, 155, 161, 162, 172, 173, 174. 175, 259, 281,
309 and 311, for payment at par and int., on Jan. 2 at Empire Trust Co..
-V. 97, p. 1597.
65 Cedar St., N. Y. City.
--Earnings.
West Kootenay Power & Light Co., Ltd.
Balance,
Common
Int..Sink. Pf.Divs.
Net
Gross
Avg. 31
Dividends. Surplus.
Earns. Fund.&c. (7% ).
Earns.
Year.
1913-14.._$424,262 5304,544 5123.184 $24100 (5)5100,000 $56,860
74,919
21,000 (4) 80,000
124,215
300,134
1912-13_ _ 415,414
-V. 98. p. 154.
-Further Data.
York County Power Co.
Of the $500,000 bonds which have been certified and guaranteed by the
Cumberland County Power & Light Co., $315,500 are outstanding in the
hands of the public, $150,000 are in the treasury of the Cumberland County
Power & Light Co. and $34,500 are in the treasury of the York County
Power Co. The $315,500 outstanding includes $100,500 bonds which have
been exchanged for an equal amount of underlying liens and which are in
the treasury of the company; 5719.500 are reserved for underlying liens, ineluding the 1100,500 already exchanged, and the remaining $1,280,500 are
issuable only for extensions and additions. There has been no offering of
these bonds. See V. 99. p. 1456.
-White & Co., bankers, of 30 Pine Street, announce that
John R. Sofio, who has been associated with their London
house, White, Fellner & Co., for a number of years, was admitted as a partner of White, Fellner & Co. on Nov. 1.
Nov. 28 1914
THE CHRONICLE
1605
The Tommercial
enough to excite comment.
freely. The remaining asso Sumatra is not selling very
greatly to attract buyers. rtments of that kind do not seem
COMMERCIAL EPITOME.
COPPER has advanced,
Friday Night,
is said that supplies in Euro with a better demand. Yet it
Though domestic trade continues quiet,Nov. 27 1914.
pe are very
ther
signs of an increase here and there. Collections e are some ian ships are declining to take copper forlarge and that ItalEuropean markets.
are somewhat The Norwegian
better, except at the South, where the
steamer "Si!" has been
is a drawback. For a time cold weatherlow price of cotton lish into Glasgow and 400 tons of elect taken by the Engat the West helped which was
rolyt
retail trade, though latterly higher temperatures
consigned to Gothenberg, Swed ic copper seized
business. Money is easier. Commercial pape have hurt wegian steamer Tier, with 400 tons of copp en. The Norr sells much been detained
er
more readily. Stocks and bonds have
at Glasgow. At the same time ore, has also
prices in many instances above those ofbeen more active at ter demand in this country for wire, shee there is a betthat the New York Stock Exchange will July 30. The fact shapes from interior and Atlantic Seaboard ts and finished
markets. Railbond trading within restricted limits has open tomorrow for roads are expected to take considerable
had
The Coffee Exchange will reopen on Nov. a good effect. trification of lines, as for instance,the copper for the elec30. Various ex- the Chicago
mountain division of
changes are reopening in different part
Milwaukee & St.
s of
cific Coast trade is better, though the depr the country. Pa- electrolytic 123 e. Tin has advaPaul RR. Lake 1214e.,
A
a bad feature. Large sales of wheat,corn ession in lumber is here and where the stock is cont nced to 34e. on the spot
are still noted and exports of manufact and oats to Europe 333c. Lead here 3.90e. and rolled by a few houses; later
spelter 5Yic. Pig iron has
ures are large. Ex- been firm.
ports of cotton, too, are the largest thus
A better inqu
of late cotton prices here and at the Sout far this season, and No. 2 Eastern $13@$13iry is reported in the Central West;
50; No. 2 Southern Birmingham
h have been steadier. $10. Stee
On the other hand, the business in
l products have been
pointing and prices have declined iron and steel is disap- ous and competition sharp. weaker, as sellers are numer. The textile trades are not seem
Easi
also rather slow. The scarcity
to held trade much. Still ng prices, however, do
of dyes
tile manufacturers. It does not look tuffs hampers tex- steel orders have been placed for , it is a fact that increased
export to Europe, including
as though the Christ- plates,
mas trade will be anything like
billets, shapes and
as
The jewelry trade reflects the bad large as it was last year. with American mills a contsheets. And Australia has placed
ract for 15,000 tons of steel plat
times, though the business for a pipe
is somewhat better than it
es
line. Sales of pig iron
then, although there are signs was recently. On the whole, are put at 250,000 tons. In within a fortnight at Buffalo
here and there of improvement pig
the Cincinnati district sales of
of trade, both foreign and dome
iron have also been large.
shadow of the great war which stic, business is still under the
is devastating Europe.
LARD has been in somewhat bett
COTTION.
ern 10.65c., showing an advance; er demand; prime West12.30c., South America 12.50c., refined for the Continent
Frid
Brazil 13.50c. Lard fuTHE MOVEMENT OF THE ay Night, Nov. 27 1914.
tures have not shown marked chan
CROP,as indicated by our
ges. At times they have telegrams from the South to-night
been somewhat easier, with large
, is given below. For the
receipts of hogs and lower week ending this evening the
prices for them. On a single day
total receipts have reac
points reached 106,200, against 95,1the receipts at Western 360,439 bales, against 359,216 bales last week and 338,hed
055
00 on the same day last bales the previous week, making
year. Packers have been selli
the total receipts sinc
slightly on covering of shorts, ng. To-day prices advanced Aug. 1 1914 2,690,158 bales, against 5,545,070 bales for e
and despite some continued same period of 1913, show
the
selling by packers.
ing a decrease since Aug. 1
1914 of 2,854,912 bales.
DAILY CLOSING PRICES OF
LARD FUTURES IN CHICAGO.
Sat.
Mon. Tues.
Wed. Thurs. Fri.
November delivery cts_10.50
10.45
10.12
10.12
January delivery
Roll- 10.12
10.15
10.00
9.90
May delivery
9.82
day.
9.87
10.30
10.12
10.07
10.10
PORK quie
Pi
Sal. I Mon. Tues. '
Wed.
Galveston
24,114' 30.094 44,512 32.114
Texas City
1,954
712
____ 6,703
Port Arthur_
Aran. Pass, dm__
___
____
_
____
New Orleans____ 7,823, 11,63
4 17,566 10,382
Mobile
645
704
614
391
Pencaeola
Thurs.
Fri.
Total.
23,326 21,058 175.216
1.654 11,023
__ _
350
350
12,78 2,505 61.722
1,400 1.080 4,834
______________________ 1.517 1,517
Savannah
87.5g4 gr
or
'.
Brunswick
2,209 47.013
__I ------------- --- -5.000 5,000
Charleston
3.705 2,384 3,820 2,191
,428 2,696 17,224
Wilmington
1,142
793
709
798
621 1,859 5,922
Norfolk
N'port News, acc 2,864 4.028 1,082 3,022
4.791 16.687
New York
11,216 11,216
(50
Boston.
200
150
125
Baltimore
340
------Philadelphia_ _
---.
i0
---_
e --------- 2 108 2,108
-------51
67
Totals this week_ 80.791 59.83
7 77.RRI i 63.490 40.328 68.09
2360.439
t and steaay;
$25, family $24 50(025. mess $20 50@$21, clear $21©
Beef steady; mess $21@$23;
packet $23@$24, family
$38. Cut meats steady; $24@$26, extra India mess $36©
@14c.; pickled bellies, 6pickled hams, 10 to 20 lbs., 1334
creamery extras, 34M@34to 12 lbs., 16(4)163/sc. Butter,
/
colored specials, 16c. Eggs31c. Cheese, State whole milk
COFFEE has been quiet, fresh-gathered extras 41@43c.
Santos 93 c. to 10c.; fair with No. 7 Rio 61ic.; No. 4
,
%
to good Cucuta 1014 to
Coffee futures have fluc
lie.
.
limits. Certainly prices tuated within comparatively small
a little switching has beenhave shown little change. Quite
done from December to more distant months on the basis of
39
and 139 for July. December points for March, 59 for May
The
but later reacted to 5.25c., at one time sold up to 5.35c., total following table shows the week's total receipts, the
5.31c.; March at 5.65 to 5.70with sales still later at 5.30 to with since Aug. 1 1914 and the stocks to-night, compared
e.; May at 5.78 to 5.860., and
last year:
July at 6.67 to 6.72e.
advanced to 13 11-16d. Rio exchange, after receding a little,
The Coffee Exchange here will
1914.
open on Nov. 30. December
re1913.
Receipts to
Stock.
noti
November 27.
said to have reached 50,000 bap ces on Wednesday are
This Since Aug This
,
Week. 11914. Week. Since Aug
cally completes the December liqu which, it is said, practi1 1913.
1914.
1913.
idation.
Galveston
SUGAR quiet and steady;
175.216 1,285,036 146.538
Texas
centrifugal, 96-degrees test, Port City
11,023 117,707 28,991 1.936,695 446,633 310,474
4.01@i4.070.; molasses, 894legre
Arthur
215.272
28,769
29,511
es test,
400
Aransas PaSS,
11.918
vices from Cuba state that the weather 3.36@3.39c. Ad- New Orlea &c_
350
9.720 6.896 105,342
ther
7,035
3.718
crop. It is said that trading in suga e is favorable for Gulfport ns_ _ _ _ 61,722 345.695 80,914 631,988 196.956 228.3
the
r futures might be Mobile
11
delayed here for about a month, owin
4.834
56.108 11,945 219,215
Pensacola
g to cond
4.066
in regard to the British embargo. Refined itions existing Jacksonville. &c- 1,517 19,00 25,184 90,250 37,029 49,434
quiet at 5.10c. Savannah
2 1,821
18.653
for granulated.
47,013 450,638 46,987
1,324
1,782
Brunswick
5.000
OILS.
28,308 5.500 1,176,767 183,328 169,992
-Linseed steady; City raw Amer
Charleston
196,442
10,745
17,224 129,336 19.070
ican seed 47c.; Georgetown
19.990
boiled 48c.; Calcutta 70e. Cocoanut
328.383
85,807
65,513
stea
Wilmington
5.922
1414c.; Ceylon 103@11c. Olive $1@$1 dy; Cochin 14@ Norfolk
61,016 14,252
10. Castor 834 ® N'port Nevrs
41.591
16.687 124.224 26.371 273.921
37.478
,&c- 11.216
83/2c. Palm steady at 8%@9e. for Lagos. Cod
48.934
3
49,248
36.247 3,516 258.188
New
domestic BostoYork
23,283
200
steady at 33@135c. Cottonseed oil stea
744
102
n
876
dy at 5.60c. for Baltimore
71,555
340
44.822
4.214
winter and 5.85c. for summer white. Corn
627
5,822
4.082
2,108
4.002
17,295 4,682
in
51,581
3,471
67
8,304
at 5.35()5.40e. Spirits of turpentine 473/2e. good demand Philadelphia
402
399
474
6,676
Common to
4,533
Totals
good strained rosin $3 75.
360.439 2.690.188 423.708 A A4A
twn 1 171102'i 1 091 119
PETROLEUM steady; refined in barre
In order that comparison
ls 8 to 9c.,bulk
4.50 to 5.50c., cases 10.50 to 11.50c. Naphtha,
we give below the totals at may be made with other years,
73 to 76
leading ports for six seasons:
degrees, in 100-gallon drums, 2314c; drum
s
Gasoline, 89
-degrees, 260.; 74 to•76-degrees, 25e. 50 extra. Receipts at- 1914.
1913.
1912.
; 67 to 70
1911.
1910. ' 1909.
degrees, 22c. Crude prices continue unch
Galveston ___
come from Pittsburgh that the work of anged. Advices Texas City,dtc 175.216 146.538 184.164 130.580 108,565 85,404
11.373
35,887
development is New Orleans_ 61.72
38.303
57.103
15.461
lagging and that there is little interest manifested
2
9,382
80.914
94.420
Mobil
73.631 101,132
in the wells Sava e
4.834
35,292
11,945
9.472
drilling and starting.
nnah
13.585
18,261
47,013
7,068
46,987
48,088
Brunswick_
71,510
71,843
5.000
27.024
5,500
12.800
Somerset, 32 deg-- 85c. CharlestonAc
10,950
16,250
17.224
1,240
19.070
11,814
Ragland
Wilmington
19,495
18,630
5.922
65c
3,704
14.252
17.389
Illinois, above 30
Norfolk
20,494
20.216
16,687
4.219
26,371
24,950
degrees
32.379
35.431
89c. N'port N.,&c.
11,216
13,767
3.516
2,461
Kansas and OklaAll others_ _
2,014
487
4.232
763
32.815
10,481
homa
26,552
26.353
28.526
TOBACCO has been quiet but steady.
Total this wk. 360.439 423.7
95 454,342 458,293
But consumers
432.629 216,389
are not carrying big stocks, and the early part of 1915
Sines Ans. 1 2.1100.1A8
Pennsylvania dark El 45
Second sand
1 45
Tiona
1 45
Cabell
1 05
Mercer black
1 02
1 02
New Castle
Corning
Wooster
North Lima
South Lima
Indiana
Princeton
85c.
51 15
93c.
88c.
88c.
89c.
S.A4S.0711 11819 917 A Al
R Qt29 .1 ss, am
believed will see some revival of business. Wisconsi it is
n 1914
The exports for the week ending
rather neglected, as holders are very firm and the qual
is
this evening reach a total
ity of 249,901 bales, of whic
h 131,291 were to Grea
of most offerings is said to be none too attractive
necticut Havana seed is meeting with some demand, . Con- 16,093 to France and 102,517 to the rest of the t Britain,
but not Below are the exports
Continent.
for the week and since Aug.
1 1914.
A
1606
THE CHRONICLE
VOL.1
xe rx.
that prices have recently
been severe comment on the fact red thta an extraordinary
ined. The fact seems to be igno t prostration of trade
decl
and grea
war, an extraordinary crop nst the cotton market and anyContiExports
Great
ContiTotal.
Great
d over militate agai
nent.
.
the worl
from
Britain. France
prices. Savannah people
Britain. France. non:. Total.
thing like a marked advance indecline while the exchanges
55,753 293,870 625,604
1
big
13,000 43,714 110.989 275,98 4
89,939 charge Texas with causing a
3
16,76
Galveston_ _ 54,27
73,17
falling from 90
051 25,056
400
400
Texas City_ 24,20
ed, Middling at Savannah rts are increas310 were clos
310
Pt. Arthur_
On the other hand, expo largest of any
4 to
7c.
61,705 176,67
6,339
Ar.Passokc
0
the
2,593 18.5121 59,757 108,53
3,086
301
New Orl'ns _ 38,65
On Tuesday last they wereoximately 65,000 bales.
2,875
4,245 ing.
appr
Mobile
4,245
e the war began, reachingshort interest in December
92,287 113,632 day sinc
Pensacola._
21,345
16,9981 16,998
11,900 There is believed to be a large
Savannab_ _
11.90
time the cer24,990
2,2
Brunswick..
account. At the same 39,000 bales,
22,79
8,200
5,600 for Liverpool straddle
8,200
5,6
Charleston
about
3,000
7,001 tificated stock here amounts to only
ton _ Wllm'
7,001
and Janu80,590
48,604
Norfolk_ _ _ _
2,555
29,431
bales of expirers in December cotton to
9,708 12,918
12,595 with some 16,000
916
New York _ 2,71
e to export
11,679
40
400
3,649 ary. Arrangements are being mad
1
Boston
3,549
3,249
encouraging ship20,032
1,69
Baltimore_ _ 3,24
18,342
49
The Holland Government isSo great is the de490
37,682 Bremen.
37,682
PhliadeLia.
Holland.
5,286 5,286
1 ments to Germany through
39,45
39,451
San Fran..
3,558 3,558
to Bremen that rates have
Pt T'wni'd
mand for ocean freight room es. It is said that $2 to $3
64,647 601.881 1,257,280
extraordinary figur
16,0t3 102,517 249,901 590,752
131,291
advanced to
Total
room to that port, in
07 4.005,570 per hundred pounds is bid for freight
194.777385,805 1,466.158 616,342 1,923,
prevailing just before
Total 1913 137,84 53.181
e 1,531 balm Peruvian and 25 bales sharp contrast with the rates
1 includ
-New York exports since Aug. ian to Mexico,
Note.
It is believed that the exEgypt
West Indian to Liverpool, 50 bales
the war of 40 to 45 cents.
Recent
ly.
e exports, our telegrams to-night, also ports from now on will increase material goods. New
In addition to abov
dry
owing amounts of cotton on shipboard, not colder weather has favored retail trade in osed to buy at
give us the foll
similar figures for England is said to be rather more disp
cleared, at the ports named. We add
the spinUnder the new contract ook seems
this level of prices.
New York.
The outl
hantable cotton here. at New York than
ner gets merc
business
OnShipboard, Not Cleared for
to point to a better spinning
e really begins in earnest.
Leaving
Other I Coast
GerGreat
for many. years past, when trad of shorts in December.
Stock.
Total.
wise.
- Britain. France. many. Foreign!
advanced on covering
Nov. 27 at
and
To-day prices
ht by Liverpool, spot interests
153 36,303 160,653
5,525 1.956 3.683 24,9861 7,000 171,867 274,766 That month was boug
to only about
New Orleans__
68,105
the December notices amounted ty times that
_ _ _ 86,774 9,988
Galveston _
900 19,267 164,061 others. Also
twen
Savannah _ _ _ _ 18,367
79,807
6,000
3:665
s, whereas some had looked for
large spot
Charleston.... 3,000
35,606 1,000 bale
1,423
250
-338
esting rumor, too, was that one to 20,000
835
Mobile
27,502 total. An inter
21,432 21,432
10,000
Norfolk
68,755 house had sold to another anywhere from
2,800
2,500
of
300
New York....
84.693
k here at a premium es
19,000
10,000
bales of spot cotton from the stoc
Other ports__ _ 9,000
the higher grad
43 five points over December. Differences on
4,021 108,591 29,735 278,092 895,8
ittee on Wednesday,
Total 1914.. 123,801 11,944 94,502 84,054 23,560 343,382 683,730
d by the Revision Communchanged-something
Total i913.. 85,431 55,785
6 328,749 983,367 were increase
2
r grades remain ments of such grades
1912.... 80,755 56,432 119,264 48,66 23.63
Total
but those on the lowe
, will prevent ship ngthen December.
continued
Speculation in cotton for future delivery has and other which, it is believed
eby tend to stre
prices have been irregular. December fact they to New York and ther signs of broadening. Galveston
dull and
some
ed
Japan.
near months have been the best sustained. In deliveries The market show to Europe and to some extent to er. It
nced to some extent, but more distant however, is shipping heavily ets were generally steady or high some
have adva
mark
,
et showed
like May and July have declined. Fluctuations the con- Southern rspot
here to-day and the mark
, have not been within wide limits. On a profes- was easie to trade and getting into a more normal condias a rule
out
y of
ened under
trary, the trading has been as a rule generall ing features. signs of wideningthe day distant months weakMay. Spot
tion. Later in
the market really lacks strik
mber and
Dece
sional sort and
an
l bought December quite
ng by those who bought
Last Tuesday, to be sure, Liverpoohases of that month by sellion ended at 7.75e. for middling uplands, showing
cott
mpanied its purc
heavily, but acco
es which advance for the week of 15 points.
spot hous
ling upland cotton in the
sales of May. On the other hand, large rs again who had
The official quotations for midd past week has been:
sold December freely bought May. Othe Cotton Exchange
each day for the Tues. Wed. Thurs. Fri.
market
the
sold ?December cotton obtained fror ht October. At times New York Nov. 277.75
Sat. Mon.
H
7.75
Nov. 21 to
7.75
boug
7.75 7.75
Trading Corporation at 7 Mc:, month on the list. But the Middling uplands
YEA
TATIONS FOR 32 1890_RS.. 9.44
been the steadiest
October has
NEW YORK QUO 11.40 1898_c
c
5.50
monotonous. Everybody
10.25
7.75 1906 c
market, as a whole, has been her developments. Most 1914_c
5.81 1889
12.00 1897
9.81
13.30 1905
1913
7.69 1888
be waiting for furt
appears to
9.70 1896
10.50
anxious as yet 1912
13.10 1904
ially
8.62 1887
seem
11.35 1895
9.19
9.30 1903
commission houses do not ness. espec y are unusually 1911
6.00 1886
1894
8.55
The
9.44
15.15 1902
8.06 1885
to do a large busi basis of $3 to $5. Some misap- 1910
8.00 1893
1044
14.75 1901
10.00 1884
1909
10.12 1892
t margins on the
strict abou
9.45 1900
10.56
8.12 1883
the tax that might be 1908
7.81 1891
11.45 1899
prehension has existed in regard to But the New York 1907
K.
MARKET AND SALES AT NEW YOR
in trading in new contracts. tly with the requirelevied
stric
Cotton Exchange contract conforms is no danger of the trader
SALES.
Futures
e
s of the law and therefore therUnited States Government
Market
ment
Spot Market
Spot. Contr'cti Total.
Closed.
Closed.
g a tax of $10 a bale. The h will go into effect on
incurrin
whic
has imposed a special war tax value on all sales. This tax Saturday___ Quiet 15 pts. adv __ Barely steday__
uiet
Barely steady_
Dec. 1 of 1 cent per $100 of omer with cotton on the basis Monday --- Quiet
Steady
606
chargeable to the cust amount to 35 cents per 100 Tuesday ___ Quiet
will be
600
Steady
Quiet
d
Wednesday_
HOLIDAY
of 7 cents per pound,and woul which the customer is liable. Thursday __
Steady
Quiet
bales. This is the only tax tohedge, but on nothing like as Friday
600
600
The South has sold here as a ed. The price is down pretty
Total --_
at
large a scale as some had fear cost of production, and for
est, lowest and closing prices
--The high
w the
FUTURES.
low, many maintain beloseem especially anxious to hedge.
have been as follows:
New York for the past week
once the South does not
Requirements as to mar'y, Friday,
It can borrow money at 6 cents.mated, very strict, some,
Saturday, Monday, Tuesday, 1 Ved'day, Thursd26. Nov. 27. Week.
ady
_
Nov. 21, Nov. 23. Nov. 24. Nov. 25. Nov.
gins are also, as alremay inti had some tendency to
have
thing which of itself
the evidence multi- NewContract
time
restrict Southern hedging. Mean . Certainly the ginning December
crop
Range
plies that this is a very largethe period up to Nov. 14 was
Closing _
d on Nov. 21 for
as announce
fact, the total given January
56 7.36-.(
7.52-.
y. In
7.45-.60 7.47-.51 7.37-.42 7.36-49
Range
so large as to surprise everybod bales larger than had been
7.52-.54- 400,000
7.43-47 7.47-48 7.40-42 7.49-.51
Closin
out on that day was some be 11,624,708 bales, against 10,- March g
7.60-.69 7.41-.1 9
proved to
65 7.49 .55 7.52-63
7.54-.69 7.53expected. It
Range
7.63-64-- year, 10,299,846 in 1912 and
7.52-43 7.50-.60
Closi
445,290 in the same time last was 312,000 bales larger than May ng__ 7.57-.58 7.59-.60
7.70-80 7.60-.(8
70 7.60-.65
1911. So that it
7.74-.88 7.69-.82 7.61-.
11,313,000 in
Range
7.75-.76-- ions differ as to
7.75-.76 7.75-.76 7.63-.64 7.70-.71
crop year of 1911-12.e Opink it points to a
g
Closin
even in the big
5
7.87-.83 7.70-A
ginning means. Som thin where between July
93
7.94-05 7.90-99 7.81-.87 7.79-.89
just what this
Range
8.11-.91-- bales;others that it is some emists go as
95 7.93-95 7.81-82 7.887.94Closing
crop of 16,250,000 50,000 bales, and some extr
8.11-.18 7.90-.1
October
8.06-.16 8.04-.14 7.99-05 8.01-.14
16,000,000 to 16,2
would be easy
8.12-.13-- Range
05 8.10-.11
bales. Some think that it crop from this
Closing_ _ _ _ 8.10-.11 8.07-09 8.03HOLThigh as 16,500,000 s idea of the size of the
Old Contract
DAY.
43
7.30-43 7.19..
to form an erroneou believe that it has been done with December35
7.17-40 7.23-.38 7.20-.26 7.19-. 32
7.37-.38-- Range
ginning,because they that labor in the towns and villages
7.31-.
24
Closing..... 7.26-.27 7.29-.30 7.23-.
;
extraordinary rapidity largely engaged in gathering the crop January
7.38-.50 7.37 .1
7.41-.42-- 7.43 - 7.39 - 7.37 --0Range
of'th&'South has been ion of other business. However this
7.40
7.37-.39 7.40-42 7.34-.38
Closin
because of the prostratis that it is nne!of the largest crops on March g
7.49..51 7.30-.1
- ig - 7.38 - 0_ fg
7.47-49-- Range
maybe,the consensus
7.43 not considerably exceed any crop
7.37-40 7.42-.44 7.36 Closin
if indeed it doesrpool's spot sales have been rather May g
- record,
-0
(5Live
- 0-07.60 -- Range
everibefore raised. 7,000 to 8,000 bales a day, and to-day
7.51-.55 7.55 - 7.43 - 7.50
Closin
small, usually only markets at the South have been quiet. July g
_
only 4,000. Spot against the cotton ephanges has sprung
Range
A renewed agitation andFicksburgiMiss., where there:has
up atTouston, Tex.,
1914.
Week ending Nov. 27
Exported to-
From Aug. 1 1914:0 Nov. 27 1914.
Exported to
Nov. 281914A
THE CHRONICLE
1607
THE VISIBLE SUPPLY OF COTTON to-n
ight
up by cable and telegraph, is as follows. Fore , as made
as well as the afloat, are this week's returns, and ign stocks,
consequently
all foreign figures are brought down to Thu
rsday evening.
But to make the total the complete figures
(Friday), we add the item of exports from the for to-night
United States,
including in it the exports of Friday only.
Nove
mber 27Stock at Liverpool
Stock at London
Stock at Manchester
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
1914.
bales. 694,000
22,000
52,000
1913.
746.000
5,000
73,000
1912.
927,000
3,000
49,000
768.000
*10.000
*85.000
188,000
3,000
20,000
25,000
*7,000
824,000
13,000
315,000
325.000
2,000
12,000
18,000
9.000
979.000
12.000
361,000
288,000
2,000
15,000
11,000
7,000
-1914
November 27-1913
ShippedSince
Since
Week. Aug. 1.
Via St. Louis
Week. Aug. 1.
18,429 148,387
Via Cairo
24.024 163.824
12,801
Via Rock Islan
82.902
17.451 137.831
Via Louisville d
•
1,151
347
2.135
4,628
Via Cincinnati
33.125
4,812
38.748
2,313
Via Virginia point
18.981
7,582
31,354
s
9,084
Via other routes, &c
39,474
7.214
71,329
10,976 109.261
11,063 131,406
Total gross overland
1911.
'58.231 433.281
Deduct shipments
72.493 576.627
609,000
Overland to N. Y., Bost
4,000
22.655
Between interior towns on, &c..... 2,715
5,810
58,753
48,000
11,325
37.922
Inland, &c., from Sout
2.416
25,792
h
1,468
51.050
3.493
38,567
661,000
Total to be deducted
9,000
15.508 111,627
11,719 123,112
241,000 Leaving total
net overland *
157,000
42,723 321.654
60.774 453,515
2,000
* Including movement by
rail to Canada.
12,000
The foregoing shows the week's
26,000
net overland movement
4,000 this year
has
been 42,723 bales, against 52,774 bale
338.000 694,000 696,
s for the
000 451.000 week last year, and that
for the
Total European stocks
1,106,000 1,518,000 1,675
net overland exhibits a decr season to date the aggregate
India cotton afloat for Europe..
,000 1.112.000
ease fromla year ago of 131,861
101,000 111,000
Amer. cotton afloat for Europe
25.000
13,000 bales.
493.218 989.860 1.161,689
EgyptBrazil,&c.,aflt.for Euro
76,000 101,000 927,573
Stock in Alexandria, Egypt pe. 56,000
1914
84.000
*126,000 341.000 279,
/n Sight and Spinners'
1913
Stock in Bombay. India
Since
451,000 433,000 299, 000 185.000
Takings.
Stock in U. S. ports
Since
Week.
Aug. 1.
1.173,935 1,027,112 1,312 000 226,000 Receipts at ports to Nov. 27__
Week.
Stock in U. S.interior towns_
Aug. 1.
,116 1,256.110 Net overland to
__360.439 2.690,158 423.795
__ _1,165,390 831.839
5,545,070
U.S. exports to-day
734.723 866,581 Southern cons Nov. 27
42,723
321.654 60.774
27,061
umption to Nov. 27 60,000
52,095
453.515
62.782
35,770
990.000 60.000 1.026.000
Total visible supply
Total marketed
4.699,604 5,379,906 5,650,310
Of the above, totals of Amer
463,162 4,001.812 544.569
4,706,034 Interior stocks in exces
ican and other descriptions
7,024.585
s
American
68.154 1,045,251
are as follows:
88,442
688,381
Liverpool stock
Came into sight during
bales_ 427.000 541,000
Manchester stock
784.000 524,000
Total in sight Nov. 27 week 531,316
633,011
37,000
Continental stock
46,000
30.000
5,047,063
37,000
*247.000 658,000 659.000
7,712.966
American afloat for Europe
418,000 Nor,spinners' takings to Nov.
493,218 989,860
U. S. port stocks
27- 96,398
843,814 117,714 1.133.239
1,173.935 1,027.112 1,161,689 927,573
U.S.interior stocks
1,312,116 1,256,110
QUOTATIONS FOR MIDDLI
1,165,390 831.839 734.723
U.S. exports to-day
NG COTTON AT OTHER
866,581 MAR
27,916
52.095
KETS.
62,782
-Below are the
35,770
Total American
cotton at Southern and othe closing quotations of middling
3,570,604 4,145,906 4,744.310
Bast Indian, Brazil, &c..
r principal cotton markets for
4,065,034 each day
Liverpool stock
of the week.
267,000 205.000 143.000
London stock
85.000
22.000
Manchester stock
5,000
3,000
4.000
15,000
27,000
Continental stock
Closing Qoulations for Middling
19,000
11.000
Week ending
*91,000
Cotton on
36,000
India afloat for Europe
37,000
33,000
Week ending Saturday.
101,000
111,000
Egypt, Brazil, &c.afloat
Monday. Tuesday. Wed'day.
25.000
13,000
56,000
Thurscry. Friday.
76,000 101,000
Stock in Alexandria, Egypt
84,000 Galveston
*126,000 341,000 279,0
7%
Stock in Bombay, India
00
7
451,000 433.000 299,000 185,000 New Orleans_ _ _ 7%
73.1
7,1
226,000 Mobile
7%
7 7-16
7 7-16
Total East India, dm
7%
Savannah
7 7-16
1,129,000 1,234,000 906,000
71
7%
Total American
7%
641,000 Charleston
3,570,604 4,145,906 4.744,310 4.065
.034
7
7
4
Total visible supply
7
Norfolk
74
7
HOU- 734
4,699,604 5.379.906 5,650,310 4,706
7 16
Middling Upland, Liverpool
73-i
,034 Baltimore
7
DAY
7%
4.46d.
7.22d.
Middling Upland, New York
74
7
7.09d.
7%
5.08d. Philadelphia
73.1
8
7.75c.
7%
13.40c.
Egypt, Good Brown, Liver
8
13.10c.
8
9.25c. Augusta
pool
7.656. 10.60d. 10.60d. 10.00d.
8
Peruvian, Rough Good,
7%
7
Memphis
7 5-16
7%
Broach, Fine, LiverpoolLiverpool 8.756.
9.25d. 10.25d.
73.1
9.50d. St. Louis
7
4.156.
Tinnevelly, Good, Liverpool
7%
6%d.
6%d
534d
7
7 11-16 73.1
7,1
4.00d. 6 15-16d. 6 9-16d. 5 5-16d. Houston
74
7
.
*Estimated.
7%
. Little Rock..
7,1
63
,
1
6%
6%
6.4
6,1
Continental impo
7 7q
rts for past
NEW ORLEANS CONTRACT MAR
The above figures for 1914 week have been 56,000 bales.
KET.
-The highshow an increase over last
of 172,821 bales,a loss of
week est, lowest and closing quotations for leading contracts in
680,
of 950,706 bales from 1912 302 bales from 1913,a decrease the New Orleans cotton market for the past wee
k have been
and a loss of 6,430 bales
1911.
from as follows:
AT THE INTERIOR
Saturday, Monday, Tuesday, Wed'
the receipts for the wee TOWNS the movement-that is,
Nov. 21. Nov. 23. Nov. 24. NOV. day, Thursd'y, Friday,
25. Nov. 26. Nov. 27.
the week and the stooks k and since Aug.1,the shipments for New Contract
.
corresponding period ofto-night, and the same items for the December
the previous year-is set
Range
detail below.
out in
Closing
- 7.25
.
a.
w-li .. a
.
a 0.D.2 .015 q19.0.19-410 "114
,14
,
'40
a.uals'a 3o.c.alo:0=
w01ma.p.o-J10=1010=.o,.a 14O.O14oZolo-41-41m
oao.
. . 12 a...,*414 .o.c,000. obatooa=t0..000vaa
,..,a..a 194901
a tvar4aoa 4.-4mo 01,, .
January
- Range
7.32-.42 7.35-.41 7.32-.36
Movement to November 27
Closing
1914. Movement to November
7.31-.40
7.36-.37 7.39-.40 7.33 - 7.30-.39
28 1913. March
7.37-.39
Towns.
7.37-.38
Receipts.
Ship- Sacks
Range
Receipts.
7.46-.55 7.46-.53 7.43-.47
Ship, Stocks
Closing
7.46-.47 7.49-.50 7.45-.46 7.41-.52
Week. Season. meats. Nov.
7.50-.60
ments. Nov.
Week. 27.
May-7.51-.52
Week. I Season. Week.
7.55-.56
28.
Range
Ala., Eufaula__
7.66-.74 7.67-.73 7.61-.66
15,129
900 10,296
Closing
Montgomery.
700 16,951
.
7.66-.67 7.67-.68 7.62-.63 7.60-.69
7.69-.78
116,333 3,377; 78,505
500 3,724
7.67-.78
8.477 118.95: 3,716 32,17
Selma
7.72-.73
77,734 4,782, 47,312 8,538
3 jultit;g
Ark., Helena
7.90-.93 7.82-.90
35,973 3,694 22,069 3,717 98,987 2,966 19,217
Closing
Little Rock_
7.86-.87 7.85-.86- 7.83 7.78 35,837 2,363 19.093
77,285 5,230 42,948 10,40
7.79-.80 7.84-.86 ROLL. 7.91 1 91,863 7,242 47,203 October(Is., Albany
7.90-.92
24,467
540' 19,13
Range
1,000
Athens
900 3,384
57,717 1,050 29,041 3,308 24,085
8.04-.06 8.05-.06 DAY
C
Closing
2
Atlanta
8.16 17
730 19,617 Old Contract 7.96 - 8.00-.05 8.04 - 8.08 86,336 8,142 16,204 5,700 70,871
.
Augusta
, 8.14-17
236,953 7.854 150,546 11,92 146.481 4,491, 25,264 December
Columbus._ ,. _
4
53,841 1,135: 40.496 2,420 230,354 4,960 61,472
Range
-33,76
- 7.26-.28 7.22-.26
Macon
28,589
660, 23,085 2,183 33,15 7 1,150 8,793
Closing
7.14-.21
7.22-.24 7.26 - 7.229 1,757 3,856 January
7.24 26
Rome
31,869 2.810 9.327 3,121
.24 7.22-i.e., Shrevepor
7.28 90,972 3,151' 73,925 11,925 42,109 2,500 8,217
Range
miss.,Columbu
7.31-.37 7.31-.38 7.2913,939
8981 9,712 2,833 107,863 7,779 33,449
Closing
.31 7.24-.27
7.31-.32 7.32-.34 7.29Greenville
7.35-.45
48,334 2,432 30,730 5,341 24,713 2,000 7.909 March
.31 7.31-.33
43,41
Greenwood_
7.33-.35
70.249 3,0001 30,809 8,000 72,879 2,890 20,987
Range
Meridian
3
11,856
700 10,011 1,488 18,157 5,000 32,032
Closing
7.38-.39
7.36-.37 7.38-.40 7.36Natchez
819 8,534 May
7.46-.50
13,18a
40d 10,200
.37 7.42-.44
900 10.778
Vicksburg300 3,800
7.46-.48
17,548
Range
759 13,093 2,137 14,443
1,075 8,410
Yazoo CIfy._
24,871
Closing
922 20,884 2,282 22,08
7.67 - 7.58-.60 7.5320 13,43
510.,$t. Louis_
162,067 18,429 30,805 27,248 187,3 6
.54 7.59-.61
19 24,024 15,741 Tone
7.61-.66
N.C. Raleigh2,619
0
Spot
475
254
559
Steady. Quiet.
8,892
Cincinnati_
800
O.,
48,285 5.584 4,329 11,002 55,00
313
Quiet
Options
Quiet.
Steady. Steady. Stea .
4 7,763 15,053
°ma., Hugo _;_
Quiet.
8,910
dy. Steady.
823 2,915 3,347 29,779 1.692
Steady.
S.C., Greenw d
5,940
7,917
8,967
800
8,715
Tenn..Memphi
WEATHER REPORTS
700
443,735 31,569241.062 89,611 493,7
617
BY TELEGRAPH.
38 41,789 187,374
Nashville._..1,347
-Our re1,280
737
6.852
398 1,524 ports from the South this evening by
Tex., Brenham
10,328
308 4,225
700 21,455
telegraph indicate that
600 2,081 while there has
Clarksville
22,751 1.670 5.368 3.854 36,063
been heavy rain in portions
2,839 9,385
54,690 3,012 4,522 7,077 50,64
Dallas Grove
of Texas during
3
_
Hones
18,145
,
615 6,297 3,070 27,105 3.802 10,371 the week, elsewhere the precipitatio
n has been light as a
1,201,881 102,321154.829 142,175 1,741,710 2,649 5,960 rule and
134,058 185,718
the temperature has been
-------48,978 3,626 5.192 5,829 87,888
Paris
lower. Picking has
6,270, 11.418 progress
_
ed satisfactorily.
OO,ilOU,
Totsi,33 tOWflS.....nevInn IAA nononn,miollacq0n gala 211,12 0701:A0970. /1,
0,1912
..111
Galv
The above totals show that the interior stocks have
creased during the week 68,154 bales and are to-night 333, in551
bales more than at the same time last year. The receipts at
an towns have been 79,288 bales less than the same wee
k
last year.
Fr OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing
SINCE AUG. 1.
the
overland movement for the week and since Aug. 1, as mad
e
up from telegraphic reports Friday night. The results for the
weekliand since Aug. 1 in the last two years are as follows:
eston, Tex.
-It has
throughout the State. rained the greater part of the week
the north portion and frosFreezing weather is predicted for
ts in
has been rain on four days durithe southeast portion. There
being eight inches and eighty ng the week, the precipitation
hund
mometer 57, highest 69 and lowe redths. Average therst 49.
Abilene, Tex.
-Rain has fallen on three
days of the
the rainfall being one inch
and twenty hundredths. week,
mum thermometer 34.
MiniDallas, Tex.
-Rain has fallen on two
days of the week,
the rainfall being one inch
Minimum thermometer 30. and twenty-four hundredths.
[VoL. xc
THE CHRONICLE
1608
INGS OF COTTON.
WORLD'S SUPPLY AND TAK
of the
-We have had rain on three daysredths.
Palestine, Tex.
1913.
s and six hund
1914.
Cotton Takings.
week, the rainfall being two inche
Week. i Season.
Week and Season.
mometer 30.
Season.
Week.
Minimum ther
-Rain has fallen on four days of the
San Antonio, Tex.
5.172.628
redths. Visible supply Nov.20
4.526,783
2.581.551
extent of one inch and sixty-four hund
3,176,816
week, to the
7.712,966
Visible supply Aug. 1
531.316 5,047,063 633.011
thermometer 40.
sight to Nov. 27..
452.000
Minimum
88,000
121.000
during the American inipts to Nov. 26
56.000
89,000
5,000
-Rain has fallen on three days of an inch. Bombayrece
110,000
Taylor, Tex.
51.000
564,600
Other India shiprn'ts to Nov. 26
52,000
140,000
extent of ninety-six hundredths
b8.000
108,000
week, to the
5.000
Alexandria receipts to Nov. 25.
0
43.00
2.000
Minimum thermometer 34. has been rain on two days of the Othersupply to Nov. 25
,639 11,508,117
-There
5.075,099 8.637.879 5.955
New Orleans, La.
Total supply
redths of an inch.
y-two hund
Deduct
,906 5.379.906
week, the rainfall being thirt 55.
4,699,604 4.699,604 5,379
e supply Nov. 27
The thermometer has averaged n on two days of the week, Visibl
575.733 6,128,211
,275
-Rain has falle
Total takings to Nov. 27_a____ 375,495 3,938,275 486,733 4,900.611
Shreveport, La.
361.495 3,156
redths of an inch. The
Of which American
89.000 1.227.600
782,000
14,000
the rainfall being eighty hund to 74.
Of which other
Indies, etc.
thermometer has ranged from 28
on one day during
ts in Europe from Brazil, Smyrna, West
* Embraces receip
-There has been rain
mpt on by Southern mills,
Vicksburg, Miss.
a This total embraces the tots estimated consu-takings not being availy-one hundredths of
in 1913
being thirt
990,000 bales in 1914 and 1,026,000 bales Northern and foreign spinners.
the week, the precipitationter 232 highest 71, average 53.
able-and aggregate amounts taken by
of which 2.166,275
an inch. Lowest thermome
in
one day of the past 2,948,275 bales,6111914 and 5.102,211 bales In 1913,
bales American.
-We have had ram on
3,874
Mobile, Ala.
hs of an inch. The bales and ated.
redt
S Estim
week, the rainfall being five hund highest being 68 and the
thermometer has averaged 53, the
-The receipts of
BOMBAY COTTON MOVEMENT. for the week endlowest 28.
s
on one day of
ship
-There has been a trace of rain 42.5, ranging India cotton at Bombay and the fromment 1 for three years
Ala.
Selma,
Aug.
averaged
ing Oct. 15 and for the season
the week. The thermometer has
have been as follows:
to 62.
from 18
past week.
-There has been no rain the aging 49.
1912.
Madison, Fla.
1913.
1914.
mometer has ranged from 27 to 66, aver
The ther
Since
October 15.
age thermometer
Since
Since
Savannah, Ga.-Dry all the week. Aver
Week. Aug. 1.
ReceiptsiVeek. Aug. 1. Week. Aug. I.
st 67 and lowest 24.
46, highe
.
61.000
-There has been no rain during the week Bombay
50.000 30.000 150.000 5.000
3.000
Charlotte, N. C.
19 to 67.
mometer has averaged 43, ranging from week. The
The ther
Since Attirtai 1.
-It has been dry all the
For the Week.
Memphis, Tenn.
48.
has ranged from 16 to 68, averaging
Japan
ESports
Contithermometer
Great
n
Conti- Japan
Great
funn-GE.-Cotton and Cotto
n. sent. dC China Total.
Britain. nent. &China Total. Britai
NEW YORK COTTON EXCHANK. Cone of the New
-President E.
Products Exposition.
92,isi 138,000
inted Messrs. S. T. Hub- Bombay2,000 42,
17,000 17,000
York Cotton Exchange, has appo , H. D. Clearman and
1914____
101,000, 274,000
1.000 20;6456 13,000 34,000 3,000 170,0
14,000 98,000
3.000 81,
bard, A. R. Marsh, J. A. Hartcorn to co-operate with the
17,000
16,000 1,000
1912._
e,
C. E. Rich Jr., a special committe facturers and boards
Cotton Manu
National Association of
-Our report received by
the First National ExpoMANCHESTER MARKET.
d
of trade and cotton exchanges in
et for
on Products to be held at the Gran cable to-night from Manchester states that the mark
as
sition of Cotton and Cott
Piece goods are slow of sale, however,.
City, from Jan. 23 to 31.
yarns is firmer.
Central Palace, New York
WEEN GRADES there is little disposition to anticipate future requirements
BET
REVISION OF DIFFERENCE of the Revision Commit-At the meeting
AT NEW YORK.
-Shipments in detail:
SHIPPING NEWS.
Exchange held Wednesday,
tee of the New York Cotton made in the differences that To conform to the desire of the Secretary of the Treasury, the names of vessels
.
will be omitted until further notice. 25-785 upNov. 25, several changes were grades, namely, fair, strict
-Nov. 20-581--Nov
1,610
will determine contracts. Four low middling tinged, were NEW YORK-To Liverpool
Peruvian
land. 244
1,100
middling fair, good ordinary and
To Manchester-Nov.25-1,100
500
gives the old and
wing table
-Nov. 24-500
100
To Havre
entirely eliminated. The follo nd column, giving the new
To Bergen-Nov. 24-100
4,000
differences (the seco
new scale of
To Gothenburg--Nov. 24-4,000 .
ge was made):
5,358
-Nov 25-2,684
g blank in cases where no chan
20
-2,674,
250
To Genoa-Nov.
differences bein
New.
Old.
Grade-Nov.25-200
-50
To Napies-Nov. 20
-Nov. 23-14.249 35.927
-3,756
-Nov. 20
GALVESTON-To Liverpool
18,348
-Nov. 24-17,922
-Nov.23-18,348
13.000
To Manchester
6,200
-Nov. 25-13,000
To Havre
To Gothernburg-Nov. 20-6.200 23-7,800-Nov.25-11.504 24,214
-Nov.
13,300
To Genoa-Nov.21-4,910
To Japan-Nov.21-13.300 .20
-Nov.23-11.641 24,205
-12,564
-To Livemool-Nov
851
TEXAS CITY
-Nov. 25-851 -Nov. 21-9,395
To Mexico
-Nov. 25-To Liverpool
38.652
NEW ORLEANS
2.593
29.257
7,587
-Nov.26-2.593
To Havre
, one according to
587
10.425
Two revisions are slated for Decemberaccording to New
To Gothenburg-Nov. 26-7,
500
To Genoa-Nov. 21-10.425
Government standards and the other
00
-Nov.23-5
To Mexico
-Nov. 23-4,750 9,098
7,900
-To Gothenburg-Nov. 21-4,348
York standards.
SAVANNAH
-Nov. 21-7,900
8,200
TON GINTo Barcelona
CENSUS BUREAU'S REPORT ON COT the Celan, CHARLESTON-To Liverpool-Nov. 21-8.200
3,000
000
in
400
INGTON-To Gothenburg-Nov.
-The Division of Manufactures its report on th WILMON-To Yarmouth-Nov. 20-40019-3.
NING.
3.249
BOST
issued on Nov. 21
-Nov. 21-3,249
-To Liverpool
490
Bureau completed and
BALTIMORE
rdam-Nov.20-490
the present season'
5,286
amount of cotton ginned up to Nov. 14 g made with the PHILADELPHIA-To Rotte
-To Japan-Nov. 21-5.286
3,5.58
SAN FRANCISCO
arison bein
To Japan-Nov. 23-3.558
and we give it below, comp
PORT TOWNSENDpreceding years.
249,901
returns for the like period of the threeRound as Half Bales
Total
-Counting
1911.
1912.
1913.
1914.
1,239.211
&c., for past week:
1,263,430 1,181,232 981.313 583.115
LIVERPOOL-Sales ,stocks, 6. Nov. 13. Nov. 20. Nov. 27.
Alabama
Nov.
735,228 606,388 547,644
65,236
Arkansas
42,263
-----41,000
53,217
48.000
65.903
55.000
.305
Florida
of the week
-----1,000
900
600
2,061.251 1,823,789 1,331,709 2,106 48 Sales which speculators took
Georgia
Of
-----3,000
3.300
341.342 276.271 300.482 269.5 38
1,400
ers took
Louisiana
54 719.6
Of which export
27,000
30.000
838.355 734.988 644,551 716,200
37,000
Mississippi
- 9.000
4,000
5,000
555,401 493,360 627,2 06 657.497 Sales, American
6.000
t
North Carolina
0
77,00
Actual expor
83,000
840.634 666.736 725,0
69.000
60,000
.984
Oklahoma
1,091.289 995,398 883,535 1,163 77 Forwarded
00 734,000 711.000 694.000
724,0
264,7
00
South Carolina
238,401 233,663 158,161 3,473.702 Total stock American
442,000 454,000 441.000 427,0 ssee
----Tenne
Of which
84.000
3,511,138 3,313.443 4,020.939
83,000
35,000
74.023 Total imports of the week
-----58.789
Texas
66.044
60,000
82,338
72,000
35,000
All other States
Of which American
:
227.000 239,000 265.000
cotton prior to Nov. 14 by States
1911. Amount afloat
Ghinings of Sea Island
1912.
1913.
00 196,000 196.000
1914.
190.0
26.818
Of which American
15,052
19,542
23,751
41,730
22,873
Florida
29.355
28,478
2.656
2.464
futures
3,053
Georgia
1.646
with 74.167
The tone of the Liverpool market for spots and
South Carolina
s of
32.454 round bales, compared
Included In the ginnIngs were
day of the past week and the daily closing price
In 1911.
each
and 75,963
last year. 62.768 in 1912
on have been as follows:
GradeFair
Strict Middling Fair_ _ __
Middling Fair
Strict Good Middling__
Fully Good middling._
Good Middling
Barely Good middling__
Strict Middling
Fully middling
Middling
Strict Low Middling
New.
Old.
_ _ .85 off
70 on Omitted Fully Low
1.25 "
.62 " Omitted Low Middling
ry_ 2.0() "
Ordina
.56 " .80 on Strict Good ry
300 " Omitted
" Good Ordina
.42 " .60
Tinged .14 on .20 on
.35 " .50 " StrictGoodMidd. _Val. of Mid.
28 " .40 " Good Mid. Tinged
Strict Middling Tinged_ .20 off
.21 " .30 "
40 off
14 " .20 " Middling Tinged
_
1.25 " _
.7 " .10 " Strict Low Mid. Tinged _ 3.00 " Omitted
ng Tinged.
Basis. Basis. Low Middli
1.25 off
Middling Stained
.50 off
SHIPMENTS.
ALEXANDRIA RECEIPTS AND
Alexandria. Egypt,
October 28.
Receipts (cantars)This week
Since Aug. 1
1914.
175.843
439,505
1913.
500,000
2,595,378
1912.
480.000
2,094,192
spot cott
Spot.
Market, I
12:15
P. M.
mid.upPds
Saturday.
Dull,
4.47
Mcnday.
Tuesday. Wednesday. Thursday.
Fair
business
doing,
Fair
business
doing,
Fair
business
doing,
4.50
4.47
4.43
Fair
demand.
4.48
Friday
Dull.
4.46
6,000
800
8.000
8.000
8.000
7,000
4,000
Sales
This Since
800
800
This Since
500
1.000
400
1. Spec.&exp.
Week. Aug. 1. Week. Aug.
Quiet uncb
Quiet
Quiet
Exports (bales)
Quiet
to 1 pt•
9
s.
34.66
Ft.ture
ti(4155pts 114@4 pts.
advance.
Quiet
8.656 15.000 54.557 9,500 38,741 Market 1 2®4 pis.
1,918
6 8,250
decline.
To Liverpool
4,152 9,266 8,000 42,878 5.750 54,095
d j advance, unchanged, advance.
opene
To Manchester
3,637 18,107 14,250 83,18
etmadY
Quiet
Steady
Quiet
400 4,024 3.000 10,114
Quiet
To Continent and India 2.857 9.984
%
3 Pis
Quiet
Market, I
s. (p) 4 Dts. 4 points 20
ToAmerica
114 ® 2ii 314 ®455 465@pt 22, e, advance. advance
137,619
4
declin
decline,
advance,
3 37,650 184.445 26,500
advance,
12,564 44,01
P. M.
ts
Total expor
750 lbs.
Egyptian bales weigh about
-A cantar is 99 lbs.
Note.
This Since
Week. Aug. 1
Nov 28 1914.]
THE CHRONICLE
1609
The prices of futures at Liverpool for each
below. Prices are on the basis of upland, day are given recently as high as 80s. for 480 lbs. In Hun
good ordinary farm-work has
gary very little
clause, unless otherwise stated.
been done, as
labor and farming facilities, the army has been taking the
The prices are given in pence and 100ths. Thus
. 4 16 means 4 16-100d.
very small acreage. Ital so that the prospects point to a
Nov. 21
tity of foreign wheat. In y will require a further large quanSaturday. Monday. Tuesday. Wed'day. Thurs
othe
day. Friday.
to
.
is such that a good many of the r words, the situation 111 wheat
Nov. 27. 12% 12% 12% 4 12% 4 1234
4
prices are not likely to decline trade are inclined to think that
p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. 12% 4 12% 4
p.m. p.m. p.m. p.m.
come before it is generally expe much. Even if peace should
d.
cted, European crops next sead.
d. d. d. d. d. it. d. d.
d. d. son are likely to be comparat
May-June ___ 4 1634 1934 20 17 16 13% 14
ively light, and if this idea should
17 18 18% 2134
July-Aug_ ____ 4 2334 26% 27 2334 22% 20
20% 2334 24% 25 2734 prove to be correct, prices might rema
Oct.
-Nov_ ____ 4 32 3634
in high for some time.
3334
Latterly, too, there has been
Jam .-Feh_ _ ___ 4 39 48 37 3934 3234 29% 30 33 34 34 36
4334
3834 3534 36 40 40 40 4234
export inquiry in American markmore stress laid upon the
ets, and on the belief that
if freight room could be had
wheat would be even larg foreign purchases of American
er
BREADSTUFFS.
days ago ocean freight enga than they have been. A few
2,000,000 bushels. Also the gements were made for about
Friday Night, Nov. 27 1914.
International Institute reports
Flour has remained quiet. The dome
the production of
no disposition to take hold on any large stic traders show of last year, and the Northern Hemisphere at only 91.2%
Australia's probable outturn as
scale, nor has the
export demand shown, as a rule, any
25,000,000
bushels, agai
great
of freight room is a serious bar to foreign life. The scarcity port puts thenst 104,000,000 last year. And the Kansas recondition in that State at 82.3%,
business. Meantime, stocks at New York are larg
against 96.3%
a year ago.
according to the latest advices, som e. At the Northwest, succession, The United States has had three large crops in
and many think a fourth is unli
e increase in business is
reported. But, taken for all and
kely. Curiously
enough, too, rye, weight for
weight, is higher than wheat.
of real snap and activity. Afterall, the flour trade is devoid Some Western
a season of extraordinarily
authorities insist that the conditio
lame business, there is now somethin
n of wheat
is not up
tic buyers are keeping close to shor g of a reaction. Domes- vanced 13to the average for this time of the year. Prices adcents during October and up
e,and,for the time being
at any rate, Europe for the most part
to
is purchasing only on a came a moderate reaction, but later on anot Nov. 10; then
moderate scale, when it buys at
all. Chicago had a report day prices declined on very favorable weat her rally. Toearly in the week that considerable
her in Argentina,
estimate
Swedish Government for prompt flour had been sold to the 144,000,s of an exportable surplus from that country of
000 bushels, and peace talk grow
shipment. But this was
an exception which proved the
ing out of the request of the American Minister
to the Neth
Swedish business were absolute rule, even if the reports of early conferen
ly correct.
ce at Washington. This may erlands for an
Wheat weakened at one time
or may not be
significant, but it is a sensitive
market at this level.
not fluctuated on a large scale. and then recovered. It has
On the contrary the price DAILY CLOSING PRICES OF WHE
movement has been within a
AT FUTURES
Sat. Mon. Tues. IN NEW YORK.
export business has been on contracted compass. Yet the No.2 red
Wed.
Fri.
a scale which in other times December delivery in eleva cts_125 125 126 125 Thurs.124%
Holiwould attract a good deal of atte
123 122%
ntion. Daily transactions May delivery in elevator tor- __-123 130% 129% 122% day. 120%
130%
at times of 800,000 to 850,000 bush
129%
DAILY CLOSING PRICES
127
OF WHEAT FUTURES
look interesting. Yet the market els for export certainly
IN
Sat. Mon. Tues. Wed. CHICAGO.
has taken big export sales December delivery in elevator_cts_11
Thurs
rather phlegmatically for some littl
5 115% 115% 115% Hell- . Fri.
May delivery in elevator
e
112
121% 121% 12134 129%
lation has certainly subsided. The time past. And specuday. 117%
Indian corn
of wheat at the present level of pric rank and file are afraid words, it has declined a little and then rallied. In other
peace may come suddenly to Eur es. They are afraid that not decline shown no very striking features. Still it does
ope
sharp decline in the wheat markets and precipitate a very been a goodmuch. That fact is remarked upon. There has
dem
tistical news has not been stimulat of the world. The sta- bought a good and for old corn from exporters. They also
deal some little time ago
supply in Canada decreased last ing. It is true that the to get the
corn. It seems that in part and are now trying
week some 2,765,000 bushels, against a decrease in the
is one thing and to get the corn is anot s of the West to buy
same time last year of 836,000
bushels, and that the
have been sales of anywhere from 150, her. However, there
off nearly 400,000 bushtotal supply of American wheat fell a
000
els as contrasted with an actu
day, and no doubt business would have to 300,000 bushels
crease in the same wee
al in- the scar
k last year of 253,000 bush
city of ocean freight room. Still,been larger but for
But the upshot, after all,
els.
it is true that forwheat last week increased was that the world's supply of eign demand for new corn at the moment is small, and at
.
which was not very much something over 2,000,000 bushels, times the selling of December by cash houses in Chicago has
time last year, 1. e., less than the increase in the same been large enough to have a more or less depressing effe
2,25
England the wheat crop is 0,000 bushels. Then, too, in Liverpool prices have also suffered now and then from heact.
vy
starting well and sowing cont
arrivals in the United Kingdo
with the weather favorabl
e. In France seeding andinues; Wet weather in Argentina has m and a poor spot inquiry.
work have made good
tended to check the movement
farm of the
prog
crop in that country. Yet on
In parts of France field wor ress except in the war zone.
the whole
k
completed and it is expected and autumn sowing have been here has been by no means aggressive on the bull the market
side. The
that the measures adopted
weather has been for the mos
the French Government will
by moveme
t part favorable. The crop
insu
nt has been liberal, spec
before hard winter weather sets re the completion of sowing
ulation has been slack,
in. The acreage is believed country offerings have been
to be larger than was at
increasing at Chic
seeding had a good start andone time expected. In Russia Illinois crop is now put at 310,000,000 bushels, ago and the
The outlook there for the the weather has been favorable. bushels larger than the October estimate by the or 5,000,000
wint
with the planted area prot er is generally satisfactory Stress is laid on the large crop movement, theGovernment.
weather and crop prospectsected by snow. In India and some pressure on December, due to coun fine weather
try
tugal will not have to impo are generally good.
Por- and hedges. To-day prices were lower. Countr offerings
were larger at Chicago,
y offe
Also, the trade is suffering rt wheat before next March. Hedg .
especially from the Nort rings
hwest.
freight room. Many foreignfrom the scarcity of ocean were ing sales seem to be increasing. Yet 250,
ships have gone into the
000 bushels
sold for.export, and cons
American registry, but not
iderable covering was done
enough, it seems, to greatly Some ale buying corn against
.
relieve the situation. In this
sales of oats.
DAILY CLOSING PRICES OF
NO.2 MIXED COR
that President Wilson seems connection, it is remarked
N
determined to press the No. 2 mixed
Sat. Mon. Tues. IN NEW YORK.
merchant marine bill and is
Wed. Thurs. Fri.
cts- 75
7534 75
DAILY CLOSING PRICES
possibility of an immediate also said to be canvassing the
OF CORN FUTURES 7334 Hory 73
purchase by the Govern
numerous vessels now tied
Sat. Mon. Tues. IN CHICAGO.
ment of December delivery in eleva
Wed. Thurs Fri.
6634
scarcity of ocean freight roomup in American ports. The May delivery in elevator tor_cts_ 7031 65% 65 64 Holl- . 6334
certainly acts as more or
of a damper. Also the weather in
Oats receded in value a littl 7034 7034 69% day. 6834
less
e and then, like other
Argentina of late has been recovere
reported more favorable. In
grain,
d. Cash houses
outlook for seeding is favorabl Roumania and Bulgaria the ber at Chicago, receipts have been good buyers of Deceme and the acreage will be
have been small and the
than that of last year.
larger and the export
domestic
bushels, against 87,000,0The Kansas crop was 181,000,000 ding for oats indemand fair. Also, Canada has been bidthe American Northwest,
00 last year. On the othe
while Australia
there has been, as we have seen
r hand, has been trying to buy in
, som
and at times,it may be added, the e export business done, a more or loss steadyin Canada. Naturally, this has had
g effect on prices. Besides,
weather in Argentina has country
been wet and unfavorable. Coun
the
offerings have been
have been small. Some decrease try offerings at Chicago while the export demand has next to nothing. In a word,
not been quite up to its rece
Kansas acreage, the total area beinhas been reported in the proportions, this fact has
nt
been offset by the smallness
9,062,000 last year. The average g 8,870,000 acres, against crop movement. Besides,
of the
cond
latt
Kansas is put at 82.2%, against ition of winter wheat increased very noticeably. erly the export business has
in
Last week interior rece
100 in the December were 1,15
Government report last year.
ipts
7,000 bushels smal
In
weather is complained of. In som Western Kansas dry Seaboard exports increased ler than in the previous week.
counties such conditions are repo e 32 Western Kansas and were 1,183,000 bushels 101,000 bushels for the week
tracted considerable attention. rted, and they have at- last year. The distribution larger than in the same week
of oats
And what
be said about favorable progress of sowing ever may ceipts by 3,161,000 bushels. Of late exceeded primary resome 600,
in France, have been sold at seab
.
it is none the less true that threshing returns
oard markets for expo 000 bushels
old crop of that country are very disappointing and from the same time buying of December at Chicago rt and at the
that con- increased. To-day prices
corr
tinued large importations by France will
declined in spite espondingly
be
for Russia, much damage has been done by thenecessary. As of December oats against sales of 500,000 bush of purchases
invading
els
in the war zone and large supplies have been confisca army at Seaboard markets. Country offerings were for export
ted. In
small.
Austria food supplies are very scarce and
DAILY CLOSING PRICES
OF OATS
prices
NEW YORK.
Sat.
Mon. Tues. INWed.
This is emphasized by the fact that spot wheat are very high. Standards
Thurs. Fri.
cts_5234-53 5234-53 5216
sold in Austria No. 2 white
-53 5234-53
53-5334 53-5334 53-53%
53-5334
Holt- 53-53%
day. 5334-54
1610
THE CHRONICLE
[VOL. 'cc .
are reported to be
made for Red Sea account. Stocks goods are no longer
running low in that market, and annental manufacturers,
obtainable in any degree from Conti
. Good orders
further sales are expected in the near future
the various countries at war,
continue to come to hand fromknitgoods and.hosiery.
following are closing quotations:
The
GRAIN.
chiefly for flannels, blankets,
cte.
Corn,per bushel-The export
-f.o. b.
73
DOMESTIC COTTON GOODS. g Nov. 21 s of cotton
Wheat,per bushel
No. 2 mixed, new
*1268%
were 3,628
73
N.Spring. No.1
from this port for the week endin
No. 2 yellow
718% goods
N.Spring, No.2
for the period from Jan. 1
No. 3 yellow
1 248%
packages, valued at $231,703, and packages, valued at $19,Red winter, No. 2
1 24% _ Argentina In bags
Hard winter. No.2
Nov. 21 they reached 269,916
Rye, per bushel
cts
17
83( to
16
the totals
Oats, per bushel, newNew York
53 ®53%
875,487. For the corresponding period of 1913
Standard
s
Western
54
538%0
-86 were 298,803 packages and $22,956,445. The usual detail
704
No. 2. white
ng
528% ©53 Barley-Malti
t
the
No. 3. white
we have heretofore given are withheld for ury. presen
that
FLOUR.
85 251035 35
ctions of the Secretary of the Treas
-64 00§34 50 Spring clears ts,sacks_ 5 20® 5 40 under instru
the better
Winter, low grades
5 60 6 00 Kansas straigh sacks_,,_ 4 80(8 5 10
Business in staple cotton goods is quiet but inBuyers are
Winter patents
5 35 Kansas clears,
51
7 25
Winter straights
known tickets a fair business is being done.
4 751 5 20 City patents
5 25 ® 600
Winter clears
goods as they are needed and in some instances
5 65 5 90 Rye flour
5 150 5 40 covering on
Spring patents
business has been
5 60 Graham flour
5 40
Spring straights
where prices are considered attractivethe new year. The
here, see page 1582.
For other tables usually given
done running through the first half of ng into a stronger
worki
comprising the stocks in
The visible supply of grain, accumulation at lake and finished goods trade is steadilybrighter than it was a few
at principal points of
position with the outlook much lties in the raw material
granary
s:
weeks ago. Most of the difficu
seaboard ports Nov. 21 1914 was as follow
and prices are believed to
UNITED STATES GRAIN STOCKS.Amer. Amer. Bonded situation have been overcome
Amer. Amer. Bonded
for some time. In the print
Amer. Bonded
Rye. Barley. Barley. have touched their lowest
Oats.
Wheat. Wheat. Corn. Oats. bush, bush, bush. bush.
goods market, prices continue firm in spite
bush, bush, bush, bush,
295 cloth and gray
In Thousands464
252
270
sions from market
484 1,375
846
3,082
15 of buyer's offers of business at conces
York
152___ _
New
32
23
774
342
very little
Boston
500 16 -/19 186
quotations. Printers and converters are doingBusiness in
118
1,572
Philadelphia
137 1,802 ____
116
1,802
buyers are holding off for lower levels. buyers are
re
and
Baltimo
151 .._..
27
3,207
New Orleans
5
colored cottons shows some improvement, aswarning that
1,775 ____
Galveston
15 -;5K3
113 1;515
690
4,662
beginning to take some notice of selling agentsseason, owing
1
2
Buffalo
874 ____
77
1,906
Toledo
23
there will be a shortage of goods later in the hed goods are
48 ____
114
.510
Detroit
57 1:296
bleac
574 12,573 ____
7,277
to the scarcity of dyes. Brown andstandard, are steady
Chicago
55 ____
_
156___
" afloat
-15 -115
moving slowly. Gray goods, 38-inch
218
Milwaukee
LSO; -10 154 116
156 ___! 4,512 ____ 132 1,213 -56 at 4c.
11,558
Duluth
30
15,915
Minneapolis
-In woolens and worsteds a fair
485
-- ---35
WOOLEN GOODS.
3,669
St. Louis
862 ____ --14
56
the dress goods trade and demand
9,452
Kansas City
____ _...Th -_-_-_-_ business is being done for
33 1,297 ____
3
improving. In
Peoria
415
137
for men's wear lines for prompt delivery isdemand for next
458
Indianapolis
19
in
122 2,278 ___
1,118
Omaha
the dress goods trade covert cloths aremedium and better
523
187
397 ____
316
6,408
On lakes
10
211 -------9
spring season. These cloths in the ses and for separate
297
On canal and river
for suiting purpo
340 grades are very popular
346 1,659 5,152
selling agents
,387 2,644 2,487 32,304
Total Nov. 21 1914_75
251 cloaks. Poplin is also good property and
429 1,998 5,726
32,103
Total Nov. 14 191473,476 2,550 2,774 30,626 2,035 2,307 5,644
liberal scale. Wool
902
that orders are being placed ondafrom both cutters-up
Nov. 22 1913.59,732 6,471 2,335
Total
138 state
72 1,649 4.174
Total Nov.23 1912_ _55,369 1,442 1,535 12,001
and silk mixtures are in good deman of broadcloths ara re.
CANADIAN GRAIN STOCKS.
s. Supplies
Canadian Bonded and piece goods buyer
Canadian Bonded
Canadian Bonded
quarters, but these contmue
Wheat. Corn. Oats. Oats. Rye, Barley. Barley. ported to be scarce in most
Wheat.
over the rawbush. bush. bush, bush. bush. bush, bush. bush. popular. Manufacturers are very uneasy
In Thousands3 1,264 _
embargo placed upon
3,729
Montreal
ion but are hopeful that the shortly be modified.
2,173
wool situat
Ft. William & Pt. Arth_ 5,907
n will
6,853
Other Canadian
exports of wool by Great Britai to accomplish this, if pos146
pressure is being exerted
3 4,865
Strong
Total Nov. 21 1914.. 16,489
96
12 3,949
Total Nov. 14 1914_ _19,070
sible.
546
18
52 9,841
in imported fabrics
Total Noy.22 1913..20,369
-Busi
165
16 5,228
__
FOREIGN DRY GOODS. areness g to book business
Total Noy. 23 1G12__18,936
willin
agents
quiet. Foreign selling
SUMMARY.
Bonded is
influenced by the belief
Bonded
Bonded
in woolens and fancy goods, being supplies of goods, parWheat. Wheat. Corn. Oats. Oats. Rye, Barley. Barley.
secure fair
to
bush, bush, bush, bush. bush. bush, bush. hush. that they will be able
In Thousands-Consumers, however, are
340
346 1,659 5,152
75,387 2,644 2,487 32,304
American
ticularly from Great Britain. they are doubtful whether
146
3 4,865
__
16,489
g, as
n
Canadia
very conservative in buyin goods when needed. Linens
340
346 1,659 5,298
will obtain the
Total Nov. 21 1914_91,876 2,644 2.490 37,169
251 or not they
429 1,998 5,822
rd contracts for spring
2,546 2,550 2,786 36,052
Total Nov. 14 1914__9
902 are quiet and firm. Some forwa
2,035 2,345 6,190
Total Nov.22 1913_ _80,101 6,471 2.387 40,467
subject to confirmation
d, but
138
72 1,649 4,339
dress goods are being placebefore are
Total Nov. 23 1912,74,305 1,442 1,551 17,229
being accepted. All mills
by foreign manufacturers entatives in this country not to
have notified their represit has been submitted to the home
THE DRY GOODS TRADE.
contract for business until whether or not the goods can be
New York, Friday Night, Nov. 27 1914.
office for verification as to the tendency of prices is downregards burlaps
Owing to the holiday, most departments of the drygoods shipped. Asa moderate trade in light-weights. Heavyg tho past week. Many buyers ward with
trade have been quiet durin
Lightweights are quoted at 4.10c., and
and department heads left town to spend Thanksgiving weights rule dull. ally at 5.50c.
the first of next week. heavyweights nomin
Day at home and will not return until
Withdrawals of Dry Goods.
d for
Wholesale houses report a quiet but steady demanbetter Importations & Warehouse ouse withdrawals of dry goods
ns and wareh
some quarters a
The importatio
goods to fill current needs and in
week ending Nov. 21 1914 and since
business is being done for forward account. Jobbers state at this port for the the corresponding periods of last year,
below normal for this Jan. 1 1914, and for
that demand from retailers is far
for
period of the year and blame the unseasonable weather on were as follows: Consumption for the Week and Since Jan. 1.
Imports Entered for
the slackness. Improvement is looked for from now
Week Ending
nding
Since Jan. 11914.
in preparation for the Christmas holidays;anotwithsta uth
Nov. 21 1914.
Value.
Pkgs.
hand-to-mo
Value.
Pkgs.
the fact retailers continue to operate on
rs state that never within their recol- Manufactures of
80,161 22,099,114
285.301
basis. Many jobbe
1,996
Wool
as it is
a narrow
453,819 138.640 37,303,350
1,992
lection has retail buying been on such cases are scale lously
Cotton
62,197 29,805,761
313,687
701
ridicu
Silk
64.013 16,129,356
to-day. Individual orders in many volume, a great deal
367,813
1,098
Flax
aggregate a fair
271,535 119.404 12,452,023
2,055
small and while they
Miscellaneous
ary in filling them. Retailers no longer
more work is necess
7.842 1,692,155 464.515 117,789,604
Total 1914
on the
7,891 2.065,378 410.743 102,593,462
purchase a season's requirements ahead and draw
Total 1913
awals Thrown Upon the Market.
instead go over their stocks frequently
Warehouse Withdr
goods as needed, but
purchases. Jobbingof
9,914,457
36.371
112,444
408
and replenish any shortage with small the road in search Manufactures
Wool
on
34.322 9,770,915
189,148
581
Cotton
house salesmen and mill agents out mixed reports on the
5,663.015
13,426
97,385
255
sending in
Silk
6.180,869
23,657
71.169
254
of spring business are
Flax
5.210.216
122,954 80,609
In some.sections the demand for
941
Miscellaneous
condition of business.
but m most cases buyers are
593,100 188,385 36.739,473
spring goods is improving, of the year before making any
2,439
Total withdrawals
7,842 1.692.155 464,515 117,789.604
waiting until after the first nt. Improvement is most Entered for consumption
purchases for spring accou the recent favorable develop10,281 2,285,255 652,900 154,529.077
Total marketed 1914
11,346 2,772,814 609,573 136,575,252
noticeable in the South, where has had a beneficial effect
Total marketed 1913
ion
During Same Period.
ments in the cotton situat sections of the country buying
Imports Entered for Warehouse
Manufactures of
sentiment. In other
9,359,112
182,093 30,846
upon
681
y against current needs.
Wool
9,715.392
32,696
128,751
495
is reported to be quiet and mostl
Cotton
6,423,004
15,230
133,388
little change.Mills con365
Silk
6,565.713
Manufacturing conditions show t actual bookings and are
25,436
194,494
675
Flax
5,014,175
59,333
223,470
2,298
to turn out goods only agains
tinue
Miscellaneous
. The unsettlement
future
not taking chances regarding the s manufacturers to move
862,196 163,541 37,077,396
4,514
cause
Total
7,842 1.692,155 464,515 117,789.604
of the raw material situation
far ahead at current; Entered for consumption
cautiously in booking business very in the export division
12,356 2,554,351 628,056 154,867,000
ted
Total imports 1914
12.084 3,052,844 635,438 141,128,682
prices. Some improvement is repor n sheetings have been
Total imports 1913
of the market. Further sales of cotto
OF OATS FUTURES
DAILY CLOSING PRICES
Sat. Mon. Tues.
498%
delivery in elevator-cts_ 50% 498% 538%
December
538% 538%
r
May delivery in elevato
IN CHICAGO.
Wed. Thurs. Frt.
498% HMI-.488%
(Mi..:61%
53
Nov. 28 1914.]
THE CHRONICLE
;WE MID CITY DtfitilIKE
NT.
News Items.
1611
No. 1-Anti-single tax meas
For. Against.
ure
No. 2
-Exemption of water-wor
ks bonds from debt138.039 334,310
limit in Kansas City
No. 3
-Mill tax for good roads
123.596 312,651
No. 4
-Changing pay of members
112,497346,995
of Legislature
No. 5
-Kansas City subw
89,629 355.326
aY
No. 6
-Special road district bonds
117,197 316.959
No. 7
-Pension for deserving tax
117,041 333,576
blind
No. 8
-Authorizing certain large
214,951 255.717
cities to amend their
charters
No. 9
-Full
140.475 290.562
-crew law
No. 10
-County unit Act
159.892 324,384
No. 11
-St. Louis home-rule
172.909 311,285
excise bill
No. 12
-St. Louis home-rule polic
134.449 303,757
e bill
No. 13
-Woman suffrage
131.382 306.942
No. 14-Fifty-million-do1
182.257 322,463
lar road bond issue by State
No. 15
-Authorizing 51% of the
voters to order an-un- 76,574 378,530
limited bond elect
80,935 373.302
Municipal Bonds ion for roads
as Secu
Etowah County (P. 0. Gadsden), Ala.
-Bond Election
Contested.
-Papers have been filed, it
Court contesting the election held on is stated, in the Circuit
Nov
$200,000 road bonds were favorably vote . 3, at which time
d
The contest is the result of the failure of the (V. 99, p. 1547).
of Clear Creek and Brocks beats of thiselection managers
county to make
proper returns. The case will be heard befo
re Judge Blackwood on Dec. 7.
Florence, Ore.
-Mayor Recalled. cor
-Ac
papers, Geo. W.Evans, Mayor of this city ding to Portland
rity for Postal Savings De-The Board of Trustees
C. W. Morey was elected to fill the offic , was recalled, and posits.
e by a vote of 104 at a meeting held Nov. 19th of the Postal Savings System
to 78, at an election held Nov. 14.
adopted a reso
It
Mayor was removed on the ground that is stated that the the regulations which became effective Julylution amending
1 1913 for the
he directed destruc- guidance of qualified bank
tion of a building which was being
s and others
from Council, and when judgment moved without permission new law prohibits the acceptance as secuconcerned. The
rity, obligations
was obtained by the own- of the general class com
ers of the building voted
monly known as "revenue bonds,"
costs from city funds. for the payment of the judgment and "temporary bonds," "temporary notes", "cer
tificates of
indebtedness," and "warrants,
whether issued in anticipa
Harrisburg, Pa.
tion of the collection of taxes,
-New Charter Adopted. y a
-B
assessments or other revenuesmajority or for similar
of 35 the voters on Nov. 17
,
purposes
charter giving greater power adopted, it is stated, a new city ing this regulation, . Provided, however, that in applyto the City Council.
consideration will be given to the lega
status of the obligations subm
l
Kansas.
-Result of Vote on Proposed
itted rather
ments.
-The voters at the general Constitutional Amend- nomenclature employed in designating such than to the
election held Nov. 3 We print below the sect
obligations.
adopted, according to Top
ions as amended. Whe
pape
constituton providing for eka recalrs, an amendment to the are made to any of these, the same are prin re additions
l of public officials by a while the portions elim
ted
vote of 240,240 "for" to the
inated are given in brac in italics,
135,
another proposal permitting a 630 "against," and defeated previous items covering this subject see "Chr kets. For
tax on
and occupations, by a vote of 156, franchises, privileges Feb. 14 and 21 1914, pages 538 and 626, resp onicle" for
ectively, and
969 "for" to 166,800 April 11 1914, p. 1179
"against."
.
Section 6. The Third Assis •
tant Postmaster-General will infor
Treasurer of
Los Angeles, Cal.
m
States of the amou
-Cha
Election -The City Council, spective bankthe United red to deposit. nts of securities which thethe
s are requi
reaccording to local papers,rterprovided.
the
has
for an election to be confTreasurer shall determine, as matterUpon receipt of such securities,
of fact, whether the securities
held Dec. 31 for the purpose of havi
orm to the requirements of these
regulations.
a statement of his
shall then
the following proposed amendments ng the voters pass upon for the Post Offic findings to the [Assistant AttorHe -General] submit
ney
to the City Charter:
e
whether such secur Department, who shall determine, as a matte Solicitor
No. 1. City Manager: aboli
ities are legally acceptable
r of
1910 and the regul
under the Act of Junelaw
25
have access to the ations herein set forth; and who for that purpose
securities. No securities shall
shall
legal acceptability has been
be accepted until their
Solicitor for the Post Offic determined by the [Assistant Attorney-Gene
ral]
e Department.
If such bonds are
in duplicate, forwa accepted the Treasurer shall issue his receipt
rding the original to the
therefor
General with advice of
Third Assistant Postmaster
his action, and the dupli
the securities. If
cate to the bank depositing
of the law or thesethe bonds are held not to conform to the
regulation
and at the risk of the bank s, they shall be retained subjectrequirements
to the
bank so notified. If tho for whose account they were tendered, order
and
be requested by the Treasbonds are insufficient in amount, the bank the
shall
Sec. 8. The Board of urer to furnish additional bonds.
security in public bonds or Trustees hereby prescribes and approves
such
as it deems sufficient and other securities, supported by the taxin
g
ment on demand of posta necessary to insure the safety and prom power,
pt
l
the securities so prescribed savings deposits. and fixes the value at payand approved shall be accep
which
named. Such securities, in
ted for the piurposes
the
with the Treasurer of the Boar amount so specified, shall be
deposited
d
[The following-described secur of Trustees.
ities, at the respective
will be accepted by the
Louisiana.
-Result of Vote on Cons
Board of Trustees as secur values herein fixed,
ity for postal-savings
-The official vote, as reported intitutional Amendments. deposits, viz.]:
he Board of Trustees will
polled "for" and "against" the seve New Orleans papers, at the respective values herein accept as security for postal savings deposits,
fixed, negotiable interest-bea
ring bonds or sements to the constitution submitte nteen proposed amend- curities of the following classes, viz.:
(a) Bonds of the
d at the general election
Nov. 3, was as follows:
of Columbia, and of United States, of the Philippine Islands. of the
Porto Rico, will be accep
(b) Bonds of any State
ted at their par valueDistrict
Hawaii will be accepted at of the United States and of the Terri.
Amen
1. Providing for the extent dments Adopted.
tory of
their market value, but if
above par, they will be accep
and limitation of taxation on
such market value is
associations, corporations
ted at their
banks, banking
(C)
domiciled in other States or companies doing business in this State but over Bonds of any city in the Unitedpar value.
States having a population
of
30,000, as shown by the
24,615 "for" to 7,539 "agai the Union or in foreign countries. Vote, Censu
of
lates
s. entitled "Official Statis t annual report of the Bureau of the
2. Exempting from taxat nst."
tics of Cities havin
over Thirty Thousand", whic
by Homestead Associatio ion all money in hand or on deposit; and
h has been in existence g a Population of
loans years, which for a perio
for a period of 10
secured by stock of said ns or Homestead Societies to their memb
d of 10 years previously
associations or societies.
ers paym
has
7,947 "against."
Vote, 23,714 "for" to authoent of any part of either principal or interest not defaulted in the
rized to be contracted
of any funded
3. Relative to the suppo
rt of the public schools
does not exceed 10% of the by it, and whose net funded indebted debt
and the levying of taxes there
of the
ness
on by parishes, cities, State of Louisiana tained by the last 'preceding valuation of its taxable property, to be ascer
certain conditions. Vote.
and towns, under accepted
valuation for the assessment
21,79
at 90% of their market value
of taxes
4. Increasing the Governor's 4 "for" to 8.386 "against."
, but if such market value , will be
salary from $5,000 to
par, they will be accepted
this shall not disqualify any
is above
at 90% of their par value.
$7,500; providing
members of the General
(d)
this amendment. Vote. 17,77
Assembly submitting munic Bonds of any other city, town, county, or other
ipality or district
legally constituted
6. Exempting from taxation2 "for" to 13,510 "against."
for a period of 10 years,in the United States, which has been in existence
pletion certain new canals for for ten (10) years from the date
which for a
to be completed within five irrigation, navigation and power of com- defaulted in the payment of any partperiod of 10 years perviously has not
of either principal or
purposes,
(5) years, with a capit
$3.000,000. Vote, 21,429
al of not less than funded debt authorized to be contracted by it and, whos interest, of any
Indebtedness does not exceed 10%
e net funded
7. Permitting the sale , "for" to 9,247 "against."
of
to be ascertained by the last prece the valuation of its taxable property,
"for" to 9,366 "against.'of drainage bonds at 90% of par. Vote
ding valuation for the
, 19,368 taxes, will be accepted
6. Relative to nsions for
assessment of
,pe
at 75% of their market
Confederate veterans.
value, but
8.012 "against.'
Vote, 23.412 "for" to value is above par. they will be accepted at 75%, of their if such market
The term "net funded indebted
par
9. Relative to District Attor
ness" for the purposes value.
neys. Vote. 17.5E4
(c) and (d), is hereby defined to
10. Permitting the levy
of paragraphs
"for" to
be the
2 "agai
excess of limitation for fire of a special tax by parishes and 11.96ipali nst.' indebtedness of a city, town, county, or difference between the legal gross
munic
departments and buildings.
other
ties in amount of
to 10.851 "against.'
Vote. 17,671 "for" demption any school district or other bonds municipality (including the
which depend
upon taxes levied upon prope
11. Giving the power to
rty within the munic for their rethe aggregate of the following
Orleans to dig, build, erect the Board of Commissioners of the Port
ipality) and
and
of
(1) The total of all sinkingitems:
canal, and the necessary locks operate or acquire and operate a navig New
funds accumulated for the
, slips, laterals, basin
ation such gross indebtedne
thereof, in the City of New
redemption of
s
ss, except sinking funds
Orleans, to connect Lake and appurtenances after described In this
applicable to bonds herethe Mississippi River. Vote, 20,91
Pontchartrain and
Section.
(2) The amount of outstandin
12. For the registration of autom 6 "for" to 8,577 "against."
g bonds or other debt
obile
obligations made
a license tax for the use thereof. Vote s and motor vehicles and provide payable from current revenues.
(3) The amount of outst
, 22,544 "for" to 7,723 "agai
14. Act 262. of 1914. providing
anding bonds issue
nst.'
000 bonds by the Parish of Orlea amendment authorizing issue of $2,000,- the inhabitants of a municipality with publi d for the purpose of providing
c utilities, including the
ns to be
City of New Orleans and Parish of Orlea styled "Public School Bonds of ing of water or the construction of subways
supplyProvided,
and
ns." Vote, 19,876 "for"
"against."
evide
to 8.489 utilities is Thatcient nce is submitted showing that tunnels for railways.
the income from
suffi
is. Relative to District Courts. Vote.
for maintenance, for
bonds, and for the accum
payment of interest on such
18.493 "for" to 11.550 "agai
17. Providing for the recall of certa
ulati
such
nst."
(4) The amount of outst on of a sinking fund for their redemption
Vote, 23,208 'for' to 7,650 "against. in officers elected by the people. which provi
anding improvement bond
.
ds for the
s issued under laws
property in sufficient levying of special assessments against
Amendments Defeated.
amou
abutting
bonds and the redemption nts to insure the payment of interest
6. Permitting women to hold any offic
e connected with
on the
thereof,
educational system or with insti
tutions of charity or corre the public obligations of the municipality andProvided, That such bonds are direct
included in the gross
ction. Vote, the municipality.
12.537 "for" to 19,654 "against.'
indebtedness of
Authorizing the City of New Orlea
The Board of Trustees reser
13.
ns to Issue not exceeding
ves
$3,000.- acceptable for deposits and to chan the right to re-classify the secur
000 3 % bonds secured by a special tax of six-tenths of one
ities
ge the valuation
mill on the accep
dollar, to create a Lake Shore Park. Vote,
7,667 "for" to 21,953 "against." thoseted. Under no circumstances will securities at which they will be
16. Creating an additional Judge for the Thirt
above named be accepted.
of other classes
eenth Judicial District.
than
Section 8-a. Bonds of the
7,519 "for" to 22,128 "against.Vote.
graphs (b), (c) and (d), to beseveral classes described in Section
8, paraacceptable as
oblig
Missouri.-Official Vote on Propositions
States. Terri
Submitted at Gen- politiations of theby or in behaltories, countsecurity, shall bes, or
ies, cities, town the general
cal divisions
Election.
-We give below the official vote cast
f of which they are
other
either direc
eral
or
issue
"for" and limitation totlyspeciultimately, [without restriction or d, and payable,
“against," as reported in local papers for Nov
.
a
al fund, from the proceeds
limit
. 19, the
taxab
of taxes levie ation]
prepositions and constitutional amendments, defeated fifteen politile real and personal property within the territorial d upon without
all the
cal divisions.
limits of such
Section 8b. Obligations or the gener
general election on Nov. 3(V. 99, p. 1545). A full at the
,
descrip- known as "revenue bonds,"temporaryal class embracing what are
these measures will be found on page
tion of
bonds,'
commonly
cates of indeb
1239 in the anticipati tedness", "warrants," and the like "temporary notes", "certifi"Chronicle for Oct. 24.
obligations, whether
on of the collection of
issued in'
sale of bonds or other obligationtaxes,assessments, or other revenues,
s, or for similar purpo
ses, will not be or of the
accepted
tion
ment of department directors; eight of boards and commissions; appointCouncilmen, with Mayor
Council.
President of
No. 2. Establishment of borough
market for surplus aqueduct water. system for annexed territory to create
No. 3. Authority of the city to issue
fund bonds to handle the district bond investment, district and revolving
s
tion district in San Fernando Valley andvoted by the newly-formed irrigaother
No. 4. Elevation of tracks to parallel streets s.
as
No. 5. Appointment of members of School Boar well as to cross.
d by Mayor and Council.
No.6. Street railway subway under Silve
Lake Park
No. 7. Consolidation of city and county rtax office and others.
s, letting
the work now done by both city and coun
ty tax assessment andcounty do
service.
collection
No. 8. Minority representation, allowing group
s of voters to have proportional representation on Council.
No. 9. Donations for public parks to
thus doing away with such controversies be handled by special commissions,
as that between Griffith J.
and the Park Commission.
Griffith
No. 10. Authorizing Harbor Commissi
on to make emergency purch
ases,
1612
THE CHRONICLE
[VoL. sou.
the commerce of the United States
the ratio which
applying this reguladeposits. Provided, That,in obligations submitted to 1912
total foreign commerce has
as security for postal savings
status of the
with Norway bore to Norway's Imports from the United
ion will be given to the legalin designating such obligations.
tion, considerat
1% to 7.31%.
clature employed
be legally accept- increased from 3.0
rather than to the nomen
d from $3,162,641 to
in all other respects are found to
Section Sc. Bonds whichPostal Savings Act and these regulations will be States during that period increase
d from
able as security under the law, to conform to those provisions of Section 8,
exports to the United States increase usive
construed, as a matter ofrespectively, which relate to term of existence and $9,060,195 and
(c) and (d),
,324. The Kingdom of Norway,excl
Paragraphs
,587 to ,078
conditions:
other legally $648
onal assets valued at about
nondefault, under the following
behalf of any city, town, county, or was, subse- of its taxing power, possesses nati
(I) Bonds issued by or in
d States which
onal debt.
l
the
ipality or district in consoUnite with, or merged into, an $201,000,000, or more than twice the tota nati
constituted munic
lidated
of such bonds,
quently to the issuanceion which meets the requirements of these regulations,
osed Constitutional Amend-Vole Polled on Prop
Ohio.
existing political divis bonds of such political division. Provided. That such
ents to the constituand appropriate
will be deemed to be the
-Of the four proposed amendm er 3 only one was
political division under statutes al obligations of ments.
bonds were assumed by such
bonds gener
such
rs on Novemb
s the effect of which is to make le, either directly or ultimately tion submitted to the vote
proceeding
the subject of intoxidivision, and payab
such assuming politicalspecial fund, from the proceeds of taxes levied upon adopted providing for home-rule on
a vote of 559,872 "for" to
without limitation to apersonal property within its territorial limits.
real and
legally cating liquors. This received
vote
all the taxable
behalf of any city, town, county, or other subseThe proposals defeated and the
(2) Bonds issued by or in
district in the Unired States which was, ized 547,254 "against".
eded by a newly organ
constituted municipality or
Against.
nce of such bonds, wholly succe of such original political cast in each instance, follows:
For.
quently to the issua
of existence, added to that
for the
political division, whose term cal division so succeeded, is equal to a period
551,760
the limitation of the tax rate and
division, or of any other politibe bonds of such succeeding political division. Providing for on of property for purposes of taxation_ -223,873
518,295
deemed to
classificati
335,390
of 10 years, will be g such period none of such political divisions shall have
588,329
504,177
Provided, That durin ent of any part of either principal or interest of any Woman suffrage
That such State-wide prohibition
defaulted in the paym
contracted by it And provided,further,
funded debt authorized to be new political division under statutes and approbonds were assumed by suchof which is to make such bonds general obligations
the effect
priate proceedings political division, and payable, either directly or ultimately,
-Bond
of such assuming to a special fund,from the proceeds of taxes levied upon all
0.1Cincinnati), Ohio.
limitation
.
Hamilton County (P.•e on Dec. 1 at the County Treaswithout
nal property within its territorial limits
the taxable real and perso in behalf of any city, town, county, or other legally Call.
-Payment will be mad
(3) Bonds issued by or district in the Unired States which, prior to such
t-house rebuilding bonds, Issue No. 3
by the consolida- urer's office of 5% cour
constituted municipality or
Denom. $500 each and
ssor of one or more, or wasformed the term of existissuance, became the succe
numbered from 1 to 70 incl. 1 1934, with the option
isting political divisions
and
pre-ex
due Dec.
tion or merger of two or more,added to that of such succeeding or consolidated
of which,
bonds dated Dec. 1 1884, and
ence of one or more equal to a period of 10 years, will be deemed to be
to redeem said bonds on
period of 10 years. on the part of Hamilton County
political division, is
which has been in existence for a
of a political division g such period none of such original, succeeding, or and after Dec. 1 1914.
part
payment of any
Provided, That durin
divisions shall have defaulted in the
consolidated politicalinterest of anyfunded debt authorized to be contracted by it.
of either principal or
Bond Calls and Redemptions.
ons this week
the Light of Recent DevelopBond Proposals and Negotiati
Municipal Bonds In ing booklet bearing this title has
ows:
have been as foll
-A very interest
ty, Mich.
ments.
ts & Co., bankers,of Baltimore,
RICT (P. 0. Ada), Kent Coun ts this disrepor
ADA
been published by Baker,Wat r clients. In the introductory BONDS SCHOOL DIST ording to local newspaper .
-Acc
AUTHORIZED.
Md., for the benefit of thei municipal bonds are one of trict has authorized the Issuance of $10,000 building bonds OFFERING.
-BOND
ny), N. Y.
remarks it is pointed out that investment to-day, and also
ALBANY COUNTY (P. 0. Alba 9 by Isaac La Grange, Co. Treas.,
until 12 m. Dec.
be
safest and wisest forms ofncial stringency and changed Rids will 000receivedreg. court-house-construction and equipment bonds.
the
43.1%
1939, 1940
fina
the for $300,$1,000. Int. semi-ann. Due $100,000 on Jan. 15000 of which
that the present period of
Denom.
issue of $700,000. $300,
e one in which to observe
These bond are part
ey values is an opportunbonds and to obtain full ad- and 1941. A. B. Leachs& Co. of of an.on April 27(V. 98, p. 1405.)
mon
N.Y
-The
-BOND SALE.
special merits of municipalrtunities which they as a class was sold to COUNTY (P. 0. Corinth), Miss.
ALC
offered on Aug.3(V. 99. p. 212)
age of the unusual oppo stors. With a desire of better $14,800ORN1-20-yr. (ser.) drainage bonds& Co. of Memphis. Tenn., convant
6%
nnis
inve
been
now afford conservative not familiar with this class of bonds haveors. awarded to W. C. McGi
-BOND OFFERING.-Proposacquainting their clients t features of such securities, they tract EN COUNTY (P. 0. Lima), Ohio.
d of
ALL
by H. J. Lawlor, Clerk of Boar
with some of the importan ng a brief analysis of the subject ale will be received until 12 m. Dec. 15on ditch-improvement bonds. Decoup
$6,840 6%
County Cornmrs., forsemi-annual. Due $760 in 6 months and $760 in 18
issued this booklet givi
have
s
est
nom. $760. Interannually thereafter. Certified check for 10% of bond
referred to.
to be delivered
hs and semiTreasurer, required. Bonds
Proposed Amendments to mont payable to Countydays from time of award. Purchaser to pay
bid for,
-Official Vote on
Nebraska.
ndments to the con- and paid for within three
-The three proposed ame (V. 99, p. 1545) re- accrued interest.
n), Lehigh
Constitution.
.3
DISTRICT (P. 0. Allentow ved until
Nov
ALLENTOWN SCHOOL RING.
-Proposals will be recei bonds:
stitution defeated by voters on
4%
to local papers for Nov. County, Pa.
-BOND OFFE
following
rding
ceived the following vote, acco but three of the propositions 433. m. Dec. 9 by T.P. Wenner, Dist. Sec., for the call in 20 yrs. or on
all
in 25 yrs., subject to
18. While the vote polled onthey did not receive the neces- $58.000 school bonds. Duedate.
-paying
any interest
in 20 yrs. or on any
shows in favor of the same, constitution.
Due in 30 yrs., subject to call
70,000 school bonds. date thereafter.
required by the
st.
-paying
Again
For.
interest
sary majority
e
in 20 yrs.
Thes
Due
20,500 school bonds. J. & J. Cert. check for 5% of bid required.
1914.
Denom.$500. Int.
on of the issue dated July 1
bonds are the unsold porti
-On Nov. 16 $3,400
.
-BOND SALE
Ind.
ANGOLA,Steuben County, ks bonds were awarded to William M.
on Nov. 1.
tax-free refunding water-wor
Date Nov. 11914. Int. ann.
e amendments see "Chronicle" for Oct. 434%n at 100.50. Denom.$100. and $500 yearly from 1918 to 1922, incl..
Brow
For details of thes
1917
Due $500 Nov. 1 1916: $400 .
31, page 1313.
2 years
-No
. 3 and the vote cast subject to call afterAngeles County Calif.-BONDS NOT SOLD. 250.
Other propositions submitted on Nov
ARCADIA, Los
bonds, aggregating $281,
'
of the two issues of 534%
were:
Against. sale was made
in each instance
For.
p. 1239.)
85,651 offered on Nov. 19.(V. 99,
-On Nov. 23 the
92,426
-BOND SALE.
Mont.
No. 1-Workmen's compensation
40,674 130,493
BAKER, Fallon County,
-works bonds (V. 99. P. 1239) were
-Memorial armory
-20
No. 2
65,777 147.647 $25,000 6% 10 -year (opt.) gold water
s at par.
apoli
-University removal
99.036 awarded to the Security Bridge Co. of Minne
No. 3
90.036
will be re-BOND OFFERING.-Bids and $3,500
-Woman suffrage
Ill.
No.4
BATAVIA, Kane County,
on Question of Holding ceived until Dec. 14 by W. H. Heaney, City Clerk, for $6,500 at election
-Official Vote
Auth. vote of 134 to 31 to 473 on
New York State.
.
city-well and equip. bonds
tion of holding a conand vote of 834
-Th
$1.000.
Constitutional Convention. iede ques election held April 7 434%Aug. 22 on $6,500 issue (V. 99, p. 087) 1474). Denom.(6). Bank,
held
at the
held April 21 (V.98, p.
$3.500 issue at election11914. Int. M.& N. at Harris Tr. & Says
nal convention carr
stitutio
1916 to 1921
969.
. Date May
151,
(8) $500
$1,000 yrly. on May 1 from ssful bidder
1914 by a vote of 153,322 to
Chicago. Due $500 May 1 1915,
1928 incl. Succe
yrly. on May 1 from 1922 to
-New $3,000,000 6% Gold Loan. incl. and $500 printing of bonds.
Norway (Kingdom of).
for
-AccordNew York City is offering to provide , Dutchess County, N. Y.
of
-BOND OFFERING.
BEACON
nts, will receive bids
-The National City Bank r sale, at par and interest, to
Lamont, Commissioner of Accou) school bonds. Int•
reports
to the public, subject to prio notes of the Kingdom of Nor- ing to10 a. m.Moses7 for $60,000 5% 1-30-year (ser.
Dec.
until
0
yield 6%,$3,000,000 6% goldd Oct. 15 1914 and mature semi-annual. Cert, check for 2% required. IN PART.
-Of the $175,00
-BONDS.AWARDED
. These notes are date 00,000 Oct. 151917. InterUMONT, Tex.
ss on Sept. 15
way
BEA
) gold wharf bonds offered without succe below par.
-40
5% 20 -year (opt.
$1,500,000 Oct. 15 1916 and $1,5 15. Principal and interest (V. 99, p. 913). $153,000 have been sold, it is stated, slightly St. Clair
(P. 0. Belleville),
est is payable April 15 and Oct. bank. Coupon notes are
BELLEVILLE SCHOOL DISTRICT recent election the question of
ned
a
-BONDS VOTED.
is payable at the above-mentio the circular issued by the County, Ills. site-purchase and-At ruction bonds carried, it is reported.
const
000
00. In
-On Nov. 23 the
in denomination of $1,0 e 1886 the Government has been Issuing $225, Genesee County, N. Y.
-BOND SALE.
BERGEN,
ributing-system bonds(V.
bank it is stated that sinc
ic-cu
cost ranging from 3.099% for the $4,5005% 8-year (aver.) reg. electrFirstrrent-dist of Batavia at par and
a
Nat. Bank
able to float its loans at 1% for the 4% issue of 1911. Four 99. p. 1472) were awarded to the
3% issue of 1896 to 4.1 es are listed on the London Stock int. There were no other bidders. Calif.
-BOND OFFERINO.-Ad
ty,
of the Government issu ed market prices of July 30 1914
BERKELEY, Alameda Coun ive to the offering on Dec. 15 of the
99,
nal infor
ange, and at the quot e from 3.86% to 4.30%. The dltIo.000 5% mation is at hand relat ase-constr. and equip. bonds (V.daY
Exch
gold coupon site-purch
on that
es rang
$500
received
bond
the yields on these issu way amounted on June 30 1913 to p. 1472). Bids for these Clerks will be m. (480)until 101 a. m.$500. Data
$1.000, (40)
. Deno
on
J. Seaborn, City
ta debt of Nor
908, iv W. 1915. Int. J. & J. at City Treas. office. Due $12,500 yearly5%
per capi
debt at that date being $91,331,
1
bank for
Cert. check on
intless than $40,its external 83,349, a total of $97,215,257, as Jan. 1 from 1916 to 1955 incl. required. Purcha California accrued shed
Jan.
aser to pay
$5,8
Treas.,
firni
ssful bidder will be
and its internal debt in 1912 of 2,439,309. In each of the of bid, payable to City
. Bids must be unconditional. Succe of San Fran., declaring that
against a population d June 30 1913 the Kingdom of Nor- erest a copy of the opinion of Thos. B. Haven authorized are vaned. The
with
these bonds were
by
pending or
seven fiscal years ende ordinary expenditures amounting the proceedingsstatewhich there is no controversy or litigationexistence or
s that
al circular
corporate
way had a surplus overover $13,382,616. While the fiscal offici tened affecting the legality of these bonds, thethe present officials to
threa
ipality or the titles of
to
for the entire period predicated upon practically free impor- the boundaries of this munic validity of the bonds.
ctive offices, or the
RE
-BOND ELECTION
system of Norway is s and a moderate protective duty upon their respe , Yellowstone County, Mont.
BILLINGS
Nov. 20 passed_,
rial
the
tation of raw mate-finished products, the weight of taxation SCINDED.-Local papers state that whicCity Council on
been held to-a_aY
h was to have
off the election
""'"'
per capita an ordinance callingon the question of issuing the $450,000 6% 10-3
finished and semi
upon the people, for the
28) to vote
does not rest heavily in Norway amounted in 1912 to only (Nov.bonds (V. 99. p. 1546).
improvewater
-On Oct. 15 $19,500 5% Birmingtaxation
ND SALE.
-BO
of
Sweden and Denrevenue from
BIRMINGHAM, Ala.
somewhat lower than in $16 35 for Great ment bonds were awarded to the American Trust & Say. Bank annually.
Int.
$8 03, which is
Denom. $500. Date Oct. 15 1914.
with $12 24 for Austria,
ham at par and int.
nal at 101.25 and int.
mark,and compares
es us under
$1667 for France. Kingdom of Due 10 years, optio TAKEN.
-The City Comptroller advis ing of the
the
Britain and Ireland and
NO ACTION YET
taken toward the offer
this loan is to supply purchases of vaii- date of Nov. 23 that no action has yet been s voted Sept. 214(V. 99,P.913.)
The purpose of
year water-works bond
wherewith to finance
$4,500,000 4.34% 30-
87.967
No. 1-Uniform tax amendment s of jury may render ver-Providing that five-sixth
No. 2
102,819
dict In certain cases
90.408
ers
-Fixing salaries of State offic
No.3
8:2,138
63,579
75,937
1903
Norway with credits
try. In the ten years from
ous_commodities in this coun
Nov. 28 1914.1
THE CHRONICLE
-BOND SALE.
BLACKFORD COUNTY (P. 0. Hartford City), Ind.
-On Nov. 20 $60,000 Monroe St., $39,000 Franklin St. and $18,600 Trant
awarded to C. C. Shipp & Co. of Indianroad-improvement bonds were
apolis at par and interest, it is stated.
-BOND OFFERING.
,A
BOONE COUNTY (P. 0. Lebanon) Ind.
Bids will be received until 10 a. m.Dec.7 by J. T.F. Laughner, Co. Treas.,
for $57,600 4Y4% J. Howard Riley et al. highway impt. bonds in Sugar
Creek Twp. Denom. $1,440. Date Sept. 15 1914. Int. M.& N. Due
31,440 each six months from May 15 1915 to Nov. 15 1934 incl.
-BOND ELECTION PROBRAZOS COUNTY (P. 0. Bryan), Tex.
POSED.
-Reports state that a petition is being circulated for an election
to vote on the question of issuing 5600,000 road bonds.
-This city recently completed
-BOND SALE.
BRIDGEPORT, Conn.
the sale of the $300,000 sewer bonds voted May 2.(V. 98, p. 1474.)
-BOND OFFERING.
-ProBRIDGEVILLE, Allegheny County, Pa.
posals will be received until 3 p. m. Dec. 1 by J. E. Franks, Borough Clerk,
% 30-year building bonds. Certified check for 5% of bid.
for $10,000
required. Price bid to include furnishing of bonds.
-BOND SALE.
-Local
BURLINGTON, Des Moines County, Iowa.
Investors have purchased $36,000 5% sewer bonds, it is stated.
-BONDS AUTHORIZED.
-Reports
BUTLER, Butler County, Pa.
state that an ordinance has been passed providing for the issuance of $90,,
000 436% viaduct-constr. bonds. Date Dec. 1 1914.
-BOND OFFERING.
-Bids wil
CADIZ, Harrison County, Ohio.
be received until 12 m. Dec. 19 by W.H.Lucas, Vii. Clerk,for *10,0005%
street-improvement (assess.) bonds. Denom. $500. Date Dec. 1 1914.
Int. J. &D. Due $500 each six months from March 1 1915 to Sept. 1 1924
incl. Cert. check (or other deposit) for $500, required. Bonds to be delivered and paid for within 10 days from time of award. Purchaser to pay
accrued interest.
CANTON, Stark County, Ohio.
-BOND OFFERING.
-Reports state
that bids will be received until 12 m. Dec. 12 by W. F. Alt, Sec. of Sink
-year refunding bonds. Int. semi-ann.
Fund Trustees, for $31.100 6% 2
Cert. check for 5% required.
CAPE MAY COUNTY (P. 0. Cape May Court House), N. J.
-BOND
-On Nov. 17 the $20,000 5% 30
SALE.
-year coup. or reg. road-impt.
bonds(V.99. p. 1314) were awarded to Bull & Eldridge of N. Y. as follows:
$3,000 at 102.125: $3,000 at 102.375: $3,000 at 102.75; $6,000 at 103.125:
$3,000 at 103.25 and $2,000 at 103.75.
CARDINGTON, Morrow County, Ohio.
-BOND OFFERING.
-Bids
will be received until 12 m. Dec. 21 by W.C. Lentz, VII. Clerk, for the following 5% No. Marion and Railroad streets paving bonds:
$6,460 bonds. Denom. (5) $1,000. (1) $1,460. Due $1,000 yrly. on
Nov. 1 from 1929 to 1933 incl. and $1,460 Nov. 1 1934.
5.947 assess. bonds. Denom. $594 70. Due yrly. from 1 to 10 yrs. incl.
These bonds are subject to reduction in amount by whatever may
be paid in by property owners prior to sale of said bonds.
Date Nov. 1 1914. Int. M. & N. Cert. check on a Morrow County
bank for $100 required.
CARROLL COUNTY (P. 0. Delphi), Ind.
-BOND SALE.
-On Nov.
road bonds (V. 99, p. 1546) were awarded to Wm. J.
24 the 86,600 43i
Guckien for $6,625, making the price about 100.38. Bids were also received from the Fletcher Bank. J. F. Wild & Co. and Breed, Elliott & Co.
of Indianapolis and E. O'Gara of Lafayette. Denom.$330. Date Nov.4
1914. Int. M. & N. Due part each six months for 10 years.
-BOND SALE.
CHAMPAIGN COUNTY (P. 0. Urbana), Ohio.
On Nov. 23 the $3,000 (not $2,009 as first reported)5% 1', -year (aver.)
coupon Graham Ditch No. 396 bonds (V. 99, p. 1472) were awarded to the
Champaign Nat. Bank of Urbana at par, it is stated.
-BOND SALE.
-On Nov. 20 the
CHEHALIS, Lewis County, Wash.
$23,000 refunding bonds offered on Nov. 16 were awarded to the State of
Washington at par for 53is. Bonds due in 20 years, subject to call after
one year. Other bids were:
Discount for At- Rate
Premium. tor'y's Fees. &c.ofInt.
Bidder53 %
Lumbermen's Trust Co., Portland
6%
13550 00
-505
%
Carstens & Earles, Inc., Seattle
230 00
6
Hoehler, Cummings & Prudden, Toledo___ 538 25
302 00
Sweet Causey, Foster & Co., Denver
6%
Well, toth & Co., Cincinnati
103 50
6%
Spokane & Eastern Trust Co., Spokane_- 23
006%
James N. Wright & Co., Denver
-885
6%
CHICKASAW COUNTY (P. 0. Houston), Miss.
-BOND SALE.The $100,000 20-yr. coup, bridge bonds offered on Aug. 3 (V. 99, p. 213)
have been sold to John Nuveen & Co. of Chicago.
CLAIBORNE COUNTY (P. 0.Port Gibson) Miss.
-BOND SALE.
The $40,000 5% 20-year funding bonds (V. 99. p. 843) have been sold to
local banks.
CLALLAM COUNTY SCHOOL DISTRICT NO. 38, Wash.
-BOND
SALE.
-On Nov. 14 an issue of $1,000 bldg. bonds was awarded to the
State of Washington at par for 6s. Denom. $100.
CLAY COUNTY (P. 0. Spencer), Iowa.
-BOND OFFERING.
Proposals will be received until 11 a. m. Dec. 10 by A. W. Chamberlain,
Co. Aud., for $28,551 Dist. No. 16, $4,517 Dist. No. 23, $2,600 Dist. No.
26, $2,500 Dist. No. 27 and $50,000 Dists. Nos. 14 and 42
% drainage
assess. bonds. Int. semi-ann. Due in seven equal annual installments,
beginning Nov. 1 1917. Cert. check for I% of bid, required. Purchaser
to pay accrued interest and furnish bonds. The above amounts are estimated as the unpaid assessments that will be sold. The date of the bonds,
time installments are due and number of installments may be changed by
the successful bidder by agreement with Board of County Supervisors,
CLAYTON COUNTY (P. 0. Elkader), Iowa.
-BOND SALE.
-An is8110 of $50.000 6% road-impt. bonds has been taken up by local banks of
Elkader, it is stated.
CLERMONT COUNTY (P. 0. Batavia), 01110.
-BOND OFFERING.
Proposals will be received by W. H. Atkin, Co. Aud. until 12 m. Dec. 1
-27-year (ser.) emergency bonds, It is stated. Cert.
for $25,000 5% 3
'
check for $200 required.
CODINGTON COUNTY (P. 0. Watertown), So. Dak.-NO ACTION
-We are advised by the Co. Aud. that no action will be
YET TAKEN.
taken until about April 1915 towards the issuance of the $25,000 poorasylum-constr. bonds voted Nov. 3 (V. 99, p. 1547)•
CODY CANAL IRRIGATION DISTRICT (P. 0. Cody), Wyo.-Reports state that the question of issuing $50,000 Red
BONDS VOTED.
Hill tunnel-constr. bonds carried at a recent election.
COLUMBIANA COUNTY (P. 0. Lisbon), Ohio.
-BOND OFFERING.
-Proposals will be received until 12 m. Dec. 21 by H. R. Dickey, Clerk
Board of County Commissioners, for $3,900 5% highway-improvement
bonds. Denom. (1) $400,(7) $500. Date Dec. 1 1914. Int. J. & 13. at
office of County Treasurer. Due $500 yearly on Dec. 1 from 1915 to 1921,
inclusive, and $400 Dec. 1 1922. Certified check on a bank other than the
one making the bid, for $500. payable to County Treasurer, required.
Bonds to be delivered and paid for on Dec. 28. Purchaser to pay accrued
interest.
CONVERSE COUNTY (P. 0. Douglas), Wyo.-BONDS VOTED.
Local newspaper reports state that the question of issuing the $40,000
court-house and jail bonds (V. 99, p. 914) carried at the recent election.
-BONDS PROPOSED.
CORNING, Tehama County, Cal.
-Reports
state that this city is contemplating the issuance of $30.000 water and sewer
mains extension bonds.
CUMBERLAND, Md.-BOND SALE.
-Alexander Brown & Sons of
Balti. were awarded on Nov. 20 the5150,0004 % coup.paving bonds mentioned in V. 99, p 1547. The price is reported at 98 less a commission of
$180. Denom.$1,000. Date Sept. 1 1914. Due $15,000 yrly. on Sept. 1
from 1915 to 1924 incl. These bonds are exempt from taxation in Maryland
and are now being offered to investors by above firm.
DAYTONA BEACH, Volusia County, Fla.
-BONDS AWARDED IN
-OFFERING.
-This city has disposed of 314,000 of an issue of
PART.
$22,500 6% 20-year water bonds. Denom. $500. Date July 1 1914.
& J.
BOND OFFERING.
-The balance of the above issue ($38,500) will be
sold at par until Dec. 1. Chas. H. Williams is Chairman of Finance Cora.
DEEP FORK DRAINAGE DISTRICT NO. 1, Lincoln County,
-The Hanchett Bond Co. of
Okla. BONDS OFFERED BY BANKERS.
-
1613
Chicago is offering to investors $80,000 6% bonds of this district. Denom.
Int. J. & J. at fiscal agency of State of Okla. (Chatham & Phoenix Nat. Bank), New York City. Due on Dec. 1 as follows: 35,000 1917,
$12,000 1918. $10.000 1919 and 1920, $13,000 1921, $12,000 in 1922 and
1923 and $6.000 1924.
DELAWARE COUNTY (P. 0. Muncie), Ind.
-BOND OFFERING.
Bids will be received until 10 a. m. Nov. 30 by G. G. Williamson, County
Treasurer, for $6,200
% Lafayette Roberts et al road-improvement
bonds in Union Twp. Denom. $310. Date Nov. 1 1914. Int. M.& N.
Due $310 each six months from May 15 1916 to Nov. 15 1925 incl.
DELRAY, Palm Beach County, Fla.
-BOND SALE.
-The $20,000
6% 30
-year coupon tax-free water and light bonds offered on Aug. 10(V.99,
p. 360) have been sold to J. B. McCrary Co. of Atlanta at 95.
DE WITT, Saline County, Neb.-BONDS NOT SOLD.
-No bids were
received on Nov. 24 for the $12.000 5-20-yr. (opt.) coup. taxable electric..
light bonds at not exceeding 6% int. offered on that day (V. 99. p. 1393).
DONALDSONVILLE SCHOOL DISTRICT (P. 0. Donaldsonville),
Decatu ;County, Ga.-BOND SALE.
-On Nov. 18 the 515,000 6%
22
-yea t (aver.) building and equipment bonds (V. 99, p. 1314) were
awarded to Well, Roth & Co. of Cincinnati for $15,305 (102.333) Int
and blank bonds.
EAST CLEVELAND, Cuyahoga County, Ohio.
-BOND OFFERING.
-Proposals will be received until 11 a. m. Dec. 15 (date changed from
Dec.8) by the Library Board of City, Clara S.Parks, Secretary,for $50,000
5% library site-purchase, construction and equipment bonds. (V. 99.
p.658). Authority election held Oct. 11. Denom. $1,000. 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 be received until 11 a. m. Dec. 22 (date changed from Dec. 8)
by E. L. Hickey, City Auditor, for $171,155 5M% assessment bonds.
(V. 99, p. 688). Authority Sections 3939, 3922. 3923 and 3924. General
Code. Denomination (341) $500, (1) $655. Date Oct. 15 1914. Int.
A. & 0. at Guardian S'avs. & Trust
leveland. Due on Oct. 15
1919. Cert. check on a Cuyahoga County bank for 10% of bonds bid for,
Co..'
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 FORK IRRIGATION DISTRICT (P. 0. Hood River), Hood
River County, Ore.
-BOND OFFERING.
-Bids will be received until
2 p. m. Dec. 1. it is stated, by Geo. R. Wilbut, Sec., for *25.0006% bonds.
Denom.(47) $500,(15) $100.
EASTON, Northampton County, Pa.
-BONDS PROPOSED.
-An
ordinance was introduced in City Council Nov. 20, it is reported, providing
for the issuance of $16.300 4% 5-20-yr. bonds dated Jan. 1 1915 for streetimprovements, new playground and lighting extensions.
EDNEYVILLE TOWNSHIP, Henderson County, No. Caro.
BONDS OFFERED BY BANKERS.
-The Hanchett Bond Co. of Chicago
is offering to investors $8,000 of an issue of $12,000 6% road bonds. Denom. $1,000. Date Jan. 1 1914. Int. J. & J. at Hanover Nat. Bank,
New York. Due Jan. 1 1944. No other bonds outstanding. Assess.
val. 1913, $221,207. Total val. (est.), $600,000.
ELIDA SCHOOL DISTRICT (p. 0. Elide), Allen County, Ohio.
BONDS VOTED.
-It is stated that the question of issuing $10,900 schoolcompletion bonds carried at the election held Nov. 25 by a vote of 46 to 45.
ESSEX COUNTY (P 0. Salem), Mass.
-BOND OFFERING.
-Proposals will be received until 10:30 a. m. Nov. 30. it is stated, by the County
Treasurer, for $50,000 4% bridge bonds. Date Dec. 1 1914. Due $5,000
yearly from 1915 to 1924, inclusive.
LOAN OFFERING.
-The County Treasurer will also receive bids until
10:30 a. m. Nov.30 for a loan of $50,000, dated Dec. 10 1914 and maturing
April 10 1915.
FALL RIVER, Bristol County, Mass.
-BOND SALE.
-On Nov. 24
the *25,000414% almshouse bonds(V.99, p. 1547) were awarded to Adams
& Co. of Boston at 103.28. Other bids were:
B. M.C.Durfee Safe Deposit
Blodget & Co.. Boston
102.75
& T Co., F River103.00 Estabrook & Co., Boston- 102.95
Unity Lodge, I.O.O.F., Fall
N. W. Harris & Co., Inc,
Boston
River
100.00
102.18
C.S. Butler, Boston
101.40 Blake Bros. & Co., Boston--102.10
E.H. Rollins & Sons, Boston 103.26 Merrill, Oldham & Co.. Bost 102 679
R.L.Day & Co.. Boston_ ---103.219 Curtis & Sanger, Boston_...102.69
Denom. $1,000 or multiples thereof. Date Nov. 2 1914. Int. M.& N.
Due $2,000 yearly from 1915 to 1919 incl. and $1,000 yearly from 1920,to
1934 incl.
FLORALA, Fla.
-BOND SALE.
-We are advised that the J. B. McCrary Co. of Atlanta have been awarded at par the $20,000 water-works
and sewerage-system bonds voted as reported in V.99. p. 139.
FLOYD COUNTY (P. 0. New Albany), Ind.
-BOND OFFERING.
Proposals will be received until 10 a. m. Dec. 7, by Claude A. Sittason,
County Treasurer, for $4,200 434% James Lopp, H. A. Hartman, Louis
Hartman et al. highway-improvement bonds in New Albany Twp. Denom.
$105. Date Dec. 7 1914. Int. M.& N.
FORT ATKINSON SCHOOL DISTRICT (P. 0. Fort Atkinson),
-BONDS VOTED.
Winneshiek County, Iowa.
-The proposition to
Issue $5,000 bldg. bonds carried, it is reported, at the election held Nov. 16.
FORT DODGE, Webster County, Iowa.
-BOND SALE.
-On Nov.
16 the $80,000 5% city-hall bonds mentioned in V.99. p. 557, were awarded
to C. W. McNear & Co. of Chicago at par, it is stated.
FULTON COUNTY (P. 0. Rochester), Ind.
-BOND OFFERING.
Bids will be received until 3 p. m. Dec. 7 by L. E. Downey, County Treasurer, for the following 4) % highway bonds:
$8,800 00 John F. Smith road-impt. bonds in Liberty Twp. Denom. $440.
*1.40000 J. J. Estabrook road-impt. bds. in Rochester Twp. Denom.$520.
36,900 00 A. L. Lowe road-impt. bonds in Rochester Twp. Denom. 81,845.
23,280 00 A. J. Barrett road-impt. bds. in Rochester Twp. Denom. $1,164.
1.99920 Aaron Landis et al. road-impt. bonds in Henry Twp. Denom.
$99 96.
Date Nov. 15 1914. Int. M. & N. Due one bond of each issue each
six months from May 15 1916 to Nov. 15 1925 incl.
GARDEN VALLEY HIGHWAY DISTRICT (P. 0. Idaho City),
Boise County, Idaho.
-BOND SALE.
-Keeler Bros. of
were
awarded on Oct. 20 at par $12,000 6% coupon highway and Denverbonds
bridge
offered on Sept. 30. Denom. $1,000. Date Oct. 20 1914. Int. A.& 0.
GEORGETOWN, Copiah County, Miss.
-BONDS CANCELED.
We are advised that the $7,500 coup. water-works bonds at not
exceeding
6% int. offered without success during August (V. 99. p. 843) have
been
canceled.
GRAND ISLAND, Hall County, Neb.-BOND SALE.
-The 314.000
7% coup. taxable Paving Dist. No. 12 bonds offered on Oct. 21 (V.
99,30.
1081) have been awarded to the Home Says. Bank of Grand
814.025 (100.178) and int. Due Nov. 1 1924, subject to call. Island for
GREEN CAMP TOWNSHIP, Marion County, 01110.
-BOND OFFERING.
-Proposals will be received until 12 m. Dec. 24 by the
Trustees (care Conley & Johnson, P. 0. Marion), for $3,500 6%Bd. of
coup.
town-hall bonds. Denom. $500. Int. M. & S. at People's Bank, Green
Camp. Due $500 each six months from Mar. 1 1916 to Mar. 1 1919 incl
Cert. check on a Marion County bank for $200, payable to Bd. of Trustees,
required. Bonds to be delivered to purchaser on Dec. 24 or as soon thereafter as may be required for printing and preparing a transcript of proceedings of said board in reference to the issuance of said bonds. Purchaser to
pay accrued interest.
GREENFIELD AND SPRINGWELLS TOWNSHIPS
SCHOOL DISTRICT NO. 10, Wayne County, Mich. FRACTIONAL
-BOND SALE.
On Nov. 23 the $10,000 5% 15
-year school bonds dated
D. 1547) were awarded to Matthew Finn of Detroit at Oct. 1 1914 (V. 99,
102.88 and int.-a
loasis of about 4.74%. Other bids were:
Bumpus & Co., Detroit__$10,217 50 Hanchett Bond Co., Chicago
$10,136
Detroit Trust Co10,21500 Geo. M West & Co
10,110
Bolger, Mosser & WillaC. H. Coffin, Chicago
10,015
man Chicago
10,245 00 Stellwager & McKay
10,000
W.H.NobleCo.,Dot-- 10,115 00
In addition to the above. Bolger, osser & Willaman offered 310.011
for
43is and J. F. McLean & Co.$10,097 64 for 454s.
GUERNSEY COUNTY (P. 0. Cambridge), Ohio.
-BOND OFFER-Bids will be received until 11 a. m.Dec. 1 by T. C. White, Co.
ING.
Aud.,
for $6,000
% coup. tax-free bridge bonds. Auth. Sec. 2434, Gen. Code,
$1.000.
1614
THE CHRONICLE
Denom. $500. Date Dec. 1 1914. Int. J. & D. In Cambridge. Due
$1,000 yrly. on Dec. 1 from 1917 to 1922 incl. Cert. check for 5% of bid,
payable to Co. And.. required. Bonds to be delivered and paid for within
10,days from time of award. Purchaser to pay accrued interest.
-Proposals
-BOND OFFERING.
HAMILTON, Butler County, Ohio.
will be received until 12 m. Dec. 22 by Ernst E. Erb, City Auditor,for the
following 5% bonds:
$25,000 00 street-improvement (city's portion) bonds. Denom. $500.
Date May 1 1914. Due $2,500 yearly on May 1 from 1915 to
1924 inclusive.
-improvement bonds. Denom. $500. Date Oct. 1 1914.
11.000 00 gas
Due $1,000 yearly on Oct. 1 from 1915 to 1925 incl.
5.971 60 sanitary sewer-improvement bonds. Date April 1 1914. Due
from 1 to 10 years inclusive.
Interest semi-annual. Cert. check for 55' of bid, payable to City Treas.,
required. Bonds to be -delivered and paid for within 10 days from time
of award. Purchaser to pay accrued interest.
HARRIS COUNTY COMMON SCHOOL DISTRICT NO. 20, Tex.
-The State Comptroller on Nov. 18 registered
BONDS REGISTERED.
-40
$15.000 5% 20 -year (opt.) school bonds.
-The
-BONDS VOTED.
HIGHLAND PARK, Wayne County, Mich.
questions of issuing the $110,000 high-school and $90,000 play-ground
bonds (V. 99, p. 1548) carried, it is stated, at the election held Nov. 24
by a vote of 663 to 224 and 604 to 289 respectively.
-Bids
-BOND OFFERING.
HILL COUNTY (P. 0. Havre), Mont.
will be received until 10 a. m. Jan. 5 for $125.000 5% 18 -year (opt.)
-20
court-house and jail bonds. Auth. vote of 1,038 to 1,027 at the election
held Nov. 3. John H. Devine is County Clerk.
-BOND OFFERING.
-Proposals
HOLLEY, Orleans County, N. Y.
will be received until 8 p. m. Nov. 30 by E. A. Cooley, Village Clerk, it is
stated, for $64,400 sewer bonds at not exceeding 5% interest. Cert. check
for $2,000 required. A like issue of bonds was reported sold to the Isaac
W. Sherrill Co. of Poughkeepsie on June 29 (V. 99. P- 66)•
-Further
HUDSON, Fremont County, Wyo.-BOND OFFERING.
details are at band relative to the offering on Dec. 1 of the $20,000 5%
-30
15 -year (opt.) coupon water bonds voted Oct. 6 (V. 99, p. 1548). Bids
for these bonds will be received until 6 p. m.on that day by Leslie Davidson,
Town Clerk. Denom. $100. Date Jan. 10 1915. Int. J. & J. Certified
check for 1% of bonds required.
HUDSON VILLAGE SCHOOL DISTRICT (P. 0. Hudson), Summit
-Proposals will be received until
-BOND OFFERING.
County, Ohio.
7p. m. Dec. 9 by J. S. Walker. Clerk of Board of Education, for $10,000
5% coup. school-building bonds. Denom. $500. Date "day of sale.
Int. M. & N. at Central Nat. Bank, Cleveland. Due $1,000 each six
months from Nov. 1 1940 to May 1 1945 incl. Certified check on a Cleveland or Hudson bank other than the one making the bid, for $500, payable
to District Treasurer, required. Bonds to be delivered and paid for within
10 days from time of award.
-No bids were received
-BONDS NOT SOLD.
INDIANAPOLIS, Ind.
on Nov. 20 for the $80,000 4% coup. safety-board bonds of 1914 offered on
day (V. 99. p. 1473).
that
INDIANAPOLIS SCHOOL DISTRICT (P. 0. Indianapolis), Ind.
-No bids were received on Nov. 24 for the $75.000
BONDS NOT SOLD.
4% coupon tax-free real estate and improvement bonds offered on that
day (V. 99, p. 1394)•
IRONTON CITY SCHOOL DISTRICT (P. 0. Ironton), Lawrence
-Bids will be received until 12 m.
-BOND OFFERING.
County, Ohio.
-year coup. school
Dec.4 by F. A. Ross, Clerk Bd. of Ed.,for $5,000 5% 20
property impt. bonds. Denom. $500. Date Dec. 4 1914. Int. J. & D.
Cert. check for $100. payable to Treas. of Bd. of Ed..
at City Treas.
required. Bonds to be delivered and paid for within 10 days from time of
award. Purchaser to pay accrued int. Official circular states that the
district has never defaulted in the payment of interest. Bonded debt
$56,500; no floating debt. Tax duplicate 1915. $15,700,000.
-Reports
-BONDS AUTHORIZED.
JACKSON, Hinds County, Miss.
state that a resolution was passed by the City Commissioners on Nov. 18
electric-light and power-plantproviding for the issuance of $160,000
construction bonds.
-On
-BOND SALE.
JACKSON COUNTY (P. 0. Brownstown), Ind.
Nov. 23 the three issues of 4%% highway-improvement bonds, aggregating
to the Seymour National Bank of
$13.440 (V. 99, p. 1548), were awarded
Seymour at par and interest.
-CERTIFICATE SALE.
JACKSONVILLE, Duval County, Fla.
We have just been advised that the $65.000 65" paving certificates ofwere disposed of the latter part
fered but not sold on Aug. 1 (V. 99. P. 215)
of August.
-On Nov.
-BOND SALE.
JACKSONVILLE, Athens County, Ohio.
18 the $1,000 6% 334-year (aver.) coup. fire-engine-purchase bonds (V. 99,
Engine Co. at par and int. Purchaser to
p. 1241) were awarded to Howe
furnish bonds free. Tillotson I& Wolcott Co. of Cleveland bid par and int.
-The
-BONDS VOTED.
JAMESTOVTN, Chautauqua County, N. Y.
question of issuing the $25,000 sewer bonds at not exceeding 5% int.(V.99.
p. 1473) earthed by a vote of 231 to 54 at the election held Nov. 21.
-On
-BOND SALE.
JASPER COUNTY (P. 0. Rennselaer), Ind.
Nov. 21 the $3.500 434% 534-yr. (aver.) highway-impt. bonds (V. 99. i3.
1473) were awarded to the Fletcher-Amer. Nat. Bank of Indianapolis
at par. Denom. $175. Date Nov. 1 1914. Int. M. Sc N.
-BOND OFFERING.-Propos.
JAY COUNTY (P. 0. Portland), Ind.
als will be received until 10 a. m. Dec. 5 by John B. Ropp, County Treas.
for the following 434% highway-improvement bonds in Wayne Township:
$10,000 S. J. King et al road-improvement bonds. Denom. $500.
6,500 Chas. K. Watson et al road bonds. Denom. $325.
Date Aug. 15 1914. Int. M. & N. Due one bond of each Issue each
six months from May 15 1915 to Nov. 15 1924, inclusive. These bonds
were offered without success on Aug. 28 (V. 99, p. 688).
-BOND SALE.
JEFFERSON COUNTY (P. 0. Watertown), N. Y.
On Nov. 24 the $200.000 5% 3 1-3-year registered highway-improvement
bonds(V.99, p. 1548) were awarded as follows: 8173,000 at 100.67 and int.
to A. B. Leach & Co., New York, and $27,000 at 101 and int. to local
bidders. Other bids were:
E. H. Rollins & Sons, N. Y_ _100.657 Remick, Hodges & Co., N.Y.100.344
.
Nor. N.Y.Tr. Co.,Watert n.100.61 Geo. B. Gibbons & Co..N.Y_100.29
Millett, Roe & Itagen, N. Y_100.389 Farson, Son & Co.. N. Y___-100.177
Estabrook & Co., N. Y
100.375
JUANITA SCHOOL DISTRICT (P. 0. Juanita), Blair County, Pa.
-BOND OFFERING.-Blds will be received until 7.300. m. Dec. 14, it is
-30
stated, by J. W. Fleck, Secy. Bd. of Ed.. for the $25.000 5% 20 -year
(opt.) school bonds voted Nov. 3(V. 99. p. 1473). Int. semi-ann. Cert.
check for 5% required.
-BONDS
KANE COUNTY SCHOOL DISTRICT NO. 101, Ill.
-At the election held Nov. 14 the question of issuing $20,000 5%
VOTED.
school bonds carried, reports state, by a vote of 396 to 84. Int. annual.
KISHAWAUKEE CONSOLIDATED SCHOOL DISTRICT No. 124,
-A Byron, Ill., newspaper reports that the issuance
-BONDS VOTED.
Ill.
of $5.000 bonds was authorized at a recent special election.
-It Is
KLAMATH FALLS, Klamath County Ore.-BOND SALE.
'
stated that.). II. Garrett has been awarded at par and int. the $25,021 15
6% 10-year impt. bonds offered on Nov. 12 (V. 99, p. 1315)•
-BONDS VOTED.
LA FOURCHE PARISH (P. 0. Thibodaux), La.
The proposition to issue $100,000 Road District No. 1 bonds carried, it is
stated, at the election held Nov. 17.
-BONDS NOT TO BE OFFERED
LAKE CITY, Columbia County, Fla.
-We are advised that It is not likely that the $79,000 5%
AT PRESENT.
bonds offered without success Aug. 24 (V. 99. p. 623) will be re-offered in
the near future.
-NOTE OFFERING.
LAKE COUNTY (P. 0. Crown Point), Ind.
Proposals will be received until 10 a. m. Jan. 2 1915 (and from day to day
thereafter until sold) by Ed. Simon. County Auditor, for $200.000 6%
current revenue promissory notes. Denom. $1,000. Date Jan, 2 1915.
Due July 2 1915.
-According to reports two Issues of road bonds, aggreBOND SALE.
gating $47,000 have been awarded at par as follows:
$25,000 to Peoples' State Bank and $22,000 to the Commercial Bank,
both of Crown Point.
-NO BONDS PROPOSED.
LAMAR COUNTY (P. 0. Purvis), Miss.
We are advised that the reports stating that this county is contemplating
the issuance of $5,000 road bonds(V. 99, p. 915) are erroneous.
[VOL. xc
-BONDS PROPOSED.
-Local newsLEBANON,Lebanon County, Pa.
paper dispatches state that this city is contemplating the issuance of approximately $40.000 disposal-plant bonds.
-NO BONDS VOTED.
LEWIS COUNTY (P. 0. Lowville), N. Y.
Using newspaper reports, we stated In V. 99. p. 1474. that a proposition to
issue tuberculosis hospital construction bonds carried at the election held
Nov. 3. We now learn that no bond issue was authorized at this election,
but the Board of Supervisors were directed to erect a hospital at a cost
not to exceed $10,000.
-BOND OFFERING.
LICKING COUNTY (P. 0. Newark), Ohio.
Proposals will be received until 1 p. m. Dec. 5 by J. W. Hursey, County
-improvement 'bonds:
Auditor, for the following 5% pike
$27.000 Croton and Sunbury one-mile assess. pike bonds. Due $2,500
each six months from June 1 1015 to Dec. 1 1917 incl. and $3.000
each six months from June 1 1918 to Dec. 1 1919 incl.
22,500 pike-impt. bonds. Due $500 on June 1 and $1,000 on Dec. 1 from
June 1 1915 to Dec. 1 1929 incl.
7,000 Linnville ext. one-mile assess. pike bonds. Duo $1,000 each six
months from June 1 1916 to Dec. 1 1917 incl., and 8500 each six
months from June 1 1917 to Dec. 1 1919 incl.
10,000 Utica, Homer and Centerburg one-mile assess. pike bonds. Due
$1,000 each six months from June 1 1915 to Dec. 1 1919 incl.
15,000 road-impt. bonds. Due $500 each six months from June 1 1915
to Dec. 1 1929 Ind.
Denom. $500. Date Dec. 1 1914. Int. J. & D. at Co. Treasury. Cert.
check (or cash) for 10% of bonds bid for, payable to President of Board
of County Commissioners, required. Bids for the last four issues must be
unconditional The offering of the first two issues was reported in last
week's "Chronicle," page 1548.
-BOND SALE.
LINN COUNTY SCHOOL DISTRICT NO. 5, Ore.
Reports state that Morris Bros. of Portland have been awarded at par the
-20
$50,000 5% 10 -year (opt.) building Central school bonds offered without success on Oct. 1 (V. 99, p. 1161.)
-BONDS AWARDED IIV PART.
LORAIN, Lorain County, Ohio.
-year (aver.) general sewer bonds (V. 99, p.
On Nov. 17 the $11,000 5% 6
1241) were awarded to Seasongood& Mayer of Cincinnati at 100.30 and int.
-year (aver.) water-worksThere were no bidders for the $45,000 434% 8
impt. bonds also offered on Nov. 17 (V. 99, p. 1241).
LORAIN SCHOOL DISTRICT (P. 0. Lorain), Lorain County, Ohio.
-Reports state that the Sinking Fund Commissioners has
-BOND SALE.
purchased an issue of $10,000 school bonds.
-BOND OFFERING.
LOWELLVILLE, Mahoning County, Ohio.
Proposals will be received until 12 m. Dec. 21 by C. W. Baker, Village
Clerk, for the $33,000 6% coupon water-works-construction bonds authorized by the Village Council on Oct. 19 (V. 99, p. 1394). Denom. $1.000.
Date Oct. 1 1914. Interest annually on Oct. 1 at office of Sinking Fund
Trustees. Due $1,000 yearly on Oct. 1 from 1917 t 1938, inclusive:
$2,000 yearly on Oct. 1 from 1939 to 1943, inclusive, and $1,000 on Oct. 1
1944. Certified check for 10% 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. Bids must be unconditional.
-BONDS WITHLOWNDES COUNTY (P. 0. Haynesville), Ala.
DRAWN FROM MARKET.
-The $150,000 5% 30-vr. road bonds refused
by Steiner Bros. of Birmingham (V. 99. p. 844) will not be placed on the
market, we are advised.
LUCAS COUNTY (P. 0. Toledo), Ohio.
-BOND OFFERING.-Proposals will be received until 10 a. m. Dec. 11 by Chas. J. Sanzenbacher,
County Auditor, for the following bonds:
$15,000 00 534% bonds to construct a heating, lighting and power plant
at the Children's Home. Denom. $1,000. Due $2,000
in 2 years and $1,000 yearly from 3 to 15 years incl.
7,984 52 5% Lockwood Ave. road-impt. No. 60 bonds. Denom. (1)
$484 52. (15) $500. Due $984 52 in 1 year, $1,000
yearly from 2 to 6 years incl. and $1,000 yearly from
7 to 10 years inclusive.
Date Dec. 211914. Int. J. & D.at office of County Treas. Cert. check
(or cash) on a Toledo bank for $500 with first issue and for $300 with
last issue required. Bonds to be delivered Dec. 21. A complete certified transcript of all proceedings evidencing the regularity and validity of
the issuance of said bonds will be furnished successful bidder. Official
advertisement states that there has never been any default in the payment
of principal and interest. These bonds with an issue of $18,754 79 sewer
bonds were offered without success as 5s on Oct. 6 (V. 99, p. 1082).
-On Nov. 24 the $196,LYNN, Essex County, Mass.
-BOND SALE.
000 4% 1554-year (aver.) registered tax-free water bonds (V. 99, p. 1548)
were awarded to E. H. Rollins & Sons of Boston, it is stated, at 105.427.
Other bids were:
105.38 Blake Bros. & Co
White. Weld & Co
104.65
Estabrook & Co
105.27 Blodget & Co
104.63
R. L. Day & Co
105.099 Curtis & Sanger
104.44
104.72 Perry, Coffin & Burr
Adams & Co
104.25
104.659 N. VV. Harris & Co
Merrill, Oldham & Co
104.14
LYNN CREEK CONSOLIDATED HIGH SCHOOL DISTRICT
-BOND SALE.
-An issue of
(P. 0. Macon), Noxubee County, Miss.
$5,000 6% school-building bonds was purchased on Sept. 12 by the "City
-equal to 101.133. Denom. (40) $100. (2) $500.
of Macon" for $5,056 67
Date Aug. 3 1914. Int. F. & A. Due $200 yearly from 1915 to 1919.
Inclusive; $300 yearly from 1920 to 1924, inclusive; $500 in 1925, 1926
and 1927 and $1,000 in 1928.
-BONDS VOTED.
MADISON COUNTY (P. 0. Huntsville), Ala.
The question of issuing the $70,000 court-house and $15,000 equip. 5%
20-year bonds (V. 99, p. 1161) carried at the election held Nov. 3.
-LOAN OFFERING.
MARLBOROUGH, Middlesex County, Mass.
According to reports, bids will be received by the Treasurer until 12 re.
Dec. 1 for the discount of a temporary loan of $25,000, due $10.000 on
May 20 1915 and $15,000 Nov. 20 1915.
-Proposals
-BOND OFFERING.
MARION, Marion County, Ohio.
will be received until 12 m. Dec. 17 by IIarry IC. Mason, City Auditor, for
the following 554% bonds:
-improvement bonds. Denom. (1) $400, (27) $500. Due
$13,900 street
$900 March 1 1916, $1,000 each six months from Sept. 1 1916 to
March 1 1918 incl., $500 on March 1 and $1,000 on Sept. 1 from
March 1 1919 to March 1 1921 incl. and $500 each six months from
Sept. 1 1921 to Sept. 1 1925 incl. Certified check for $3700 required.
79.000 refunding bonds. Denom. $500. Duo $4,000 each six months
from March 1 1916 to Sept. 1 1925 incl., except that on Sept. 1
1924 and 1925, $3,500 is due. Certified chock for $3,950 required.
Date Sept. 1 1914. Int. M. & S. Certified checks must be made
payable to the City Treasurer.
MARSHFIELD SCHOOL DISTRICT NO.9(P. 0. Marshfield), COOS
-We are advised that the price
-PRICE PAID FOR BONDS.
County, Ore.
paid for the $10,000 bldg. bonds awarded to Keeler Bros. of Denver on
Oct. 24 (V. 99, P. 1394) was par for 534s. Denom. $500. Date Nov. 1
1914. Int. M.& N. Due in 20 years, subject to call after 10 years.
MARSHFIELD SCHOOL DISTRICT NO. 1 (P. 0. Marshfield),
--The Madison Bond Co. of Madison
Wood County, Wisc.-BOND SALE.
has Just purchased $20,000 5% bonds at par and interest. $12,000 of the
bonds are dated Mar. 1 1914 and duo $3,000 yearly, Mar. 1, from 1919 to
1922 Incl., and $8,000 of the bonds will be issued Jan. 1 1915 and due $2,000
yearly from 1923 to 1926 incl.
MARTIN COUNTY (P. 0. Martinsville) Ind.-BOND OFFERING.BicLs will be received until 12m. Dec. 10 by VI". W. Rosenbalm, Co. Treas.,
for the following 434% semi-ann. highway-Impt. bonds dated Nov. 15 1914:
36.600 T. S. Voshall et al road-impt. bonds in Ashland Twp. Denom.
$330. Due $330 each six months from May 15 1916 to Nov. 15
25
10.740 Henry Summers et al road-impt. bonds in Adams T vp. Denom.
$537. Due $537 each six months from May 15 1915 to Nov. 15
'
i
4
V
192 Inci
MARYSILL , Union County, Ohio.
-BOND OFFERING.
-Proposals will be received until 12 m. Dec. 19 by L. J. Zwerner, Village Clerk.
for 310,000 6% refunding bonds. Auth. Secs. 3916, 3917 and 3925. Gen.
Code. Date Oct. 1 1914. Int. A. & 0. Due one bond each six months
from 6 to 16 years, inclusive.
-BOND OFFERING.-ProMIAMI COUNTY (P. 0. Troy), Ohio.
osals will be received until 10 a. m. Dec. 4 by M. T. Staley. County
Auditor, for the following 5% coupon flood-emergency bonds:
$40,000 bridge bonds of an issue of $451,000. Date Sept. 1 1913. Due
on Sept. 1 as follows: 312,000 1926 and $28,000 1927.
Nov. 28 1914.)
THE CHRONICLE
Denom. $500. Int. semi-ann. at office of County Auditor. Certified
check for 3% of bonds bid for, payable to County Auditor, required.
Bonds to be delivered and paid for within 5 days from time of award; purchaser to pay accrued interest. Bids must be unconditional.
BOND SALES.
-5
-The $40.000 5% 13 3 -year (aver.) coupon floodemergency bonds offered without success on Oct. 23 (V. 99. p. 1315) have
been purchased by the Piqua Nat. Bank of Piqua at par and int.
BOND SALE.
-The First Nat. Bank of Troy has been awarded at par the
$14.000 5% coup.flood-emergency bonds offered without success on Oct. 23
(V. 99, p. 1315)•
-BONDS AWARDED IN PART.
MIAMI, Dade County, Fla.
-Of
the five Issues of 5% gold coup. municipal-inmt. bonds aggregating $250,000 offered without success on Aug. 6 (V. 99. P. 491), $210,000 have been
sold to the Southern Bank & Trust Co. of Miami and Sidney Spitzer & Co.
of Toledo at 95 and interest.
MICHIGAN CITY, Nelson County, No. Dak.-BONDS VOTED.
The question of issuing the $7,000 4% electric-light-plant bonds (V. 99.
p. 1474) carried by a vote of 66 to 4 at the election held Nov. 14. Denom.
$1,000. Date Jan. 2 1915. Int. ann. Due 51,000 every two years on
Jan. 2from 1920 to 1932 incl. It is expected that these bonds will be purchased by the State of North Dakota.
MILAM COUNTY (P. 0. Cameron), Tex.
-BONDS NOT YET IS-According to local newspaper reports, the $100,000 Road Dist.
SUED.
No.8 bonds voted May 27 (V. 98, p. 1867) have not yet been issued.
MINERAL CITY VILLAGE SCHOOL DISTRICT (P. 0. Mineral
City), Tuscarawas County, Ohio.
-BOND OFFERING.
-Proposals will
be received until 12 m. Dec. 11 by E. Bender, Clerk Board of Education,
for $1.000 6% school bonds. Denom. $250. Int. M. & S. in Mineral
City. Due $250 each six months from March 1 1916 to Sept. 11917.incl.
MINNEAPOLIS, Minn.
-BOND OFFERING.
-Proposals will be received until 2 p. m. Dec. 15 by Dan C. Brown, City Compt.,for the $100.000 high-school and $250,000 grade-school 4; % coup. bonds (V. 99, P.
,
6
1548). Denom.$50, $100,$500 or $1,000, as purchaser may desire. Date
Dec. 1 1914. Int. J. & D. Due In not less than 1 year nor more than 30
years from date, to suit purchaser. Cert. check for 2% of bonds bid for,
payable to C. A. Bloomquist, City Treas., required. No bids will be considered for less than 95% of par value and accrued int.
The official notice of this bond offering will appear next week among the
advertisements elsewhere in this Department.
BOND SALE.
-On Nov. 25 the three issues of 4% 30-yr. coup. bonds,
regating $250,000 (V. 99, p. 1548), were awarded to the Northwestern
t. Bank of Minneapolis at 95.
NO ACTION YET TAKEN.
-Under date of Nov. 25 the City Compt.
advises us that no action has yet been taken looking towards the issuance
of the $100,000 bonds and $300,000 certificates of indebtedness to be issued
for a municipal ice plant voted Nov. 3(V. 99, p. 1548)•
MONTEREY COUNTY (P. 0. Salinas), Calif.
-BOND OFFERING.Proposals will be received by T. P. Coy, Clerk Board of Supervisors, on
and after Jan. 5 1915. for the $570,000 6% road and bridge bonds voted
Nov. 3 (V. 99, p. 1548). Denom. $250. Date Jan. 2 1915. Int. ann.
Due in not more than 10 years provided that $57,000 matures yearly on
Jan. 2, beginning 1916. Certified check for not less than 1% of bid
required.
MORNINGSIDE SCHOOL DISTRICT (P. 0. San Fernando), Los
Angeles County, Calif.
-BONDS VOTED.
-By a vote of 199 to 9, this
district at a recent election voted in favor of the issuance of the $55,000
bldg. bonds (V. 99, p. 1315)•
MOTT, Hettinger County, No. Dak.-BOND ELECTION.
-An
election will be held Dec. 1 (postponed from Nov. 17). reports state, to
submit to a vote the question of issuing water-works bonds(V.99, p. 1474).
MOUNT VERNON, Westchester County, N. Y.
-BOND SALE.
-On
Nov. 24 the $110,000 tax-relief and $65,000 school-tax-relief 3
-year bonds
(V. 99, p 1549) were awarded to Geo. B. Gibbons & Co. of New 'York as
58 for $175,800 (100.457) and int. Other bids were:
Parson, Son & Co.. New York
$175,757 00
Harris, Forbes & Co., New York
175,701 75
811JLTNOMAH COUNTY (P. 0. Portland), Ore.
-BOND OFFER
ING.-Proposals will be received, it is stated, until Dec. 14
by John B.
Coffey, County Clerk, for $1,000,000 5% coupon inter-Sta
The official advertisement wifi provide for two different te bridg.e bonds.
the entire block of $1,000,000 to be issued, bearing date tenders' one for
the other for $250,000 to be dated and delivered withinof July 1 1914, and
twenty days from
the acceptance of the bid, and a like amount dated
July 1 1915 and delivered at date of issue. Denom. March 1, May 1 and
$100, 5500 or $1,000.
option of purchaser. Due $40,000 annually
at
beginning July 1 1918. The
successful bidder will be furnished with competent
opinions
of the issue and the committee will reserve the right to as to the legality
bids. These bonds are part of an issue of $1,250,000. reject any and all
$250,000 of which
were disposed of on Nov. 9 1914 (V. 99. p•
1549).
MUSKEGON HEIGHTS, Muskegon County, Mich.
On Nov. 20 the $25,000 5% water-ext. bonds offered -BOND SALE.
on Nov. 16 (V. 99.
p. 1474) were awarded to J. F. McLean & Co.of
Detroit
$500. Date Dec. 1 1914. Int. ann. on Jan. 1. Duo at 100.75. Denom.
$5.000 yearly from
8 to 7 years incl.
MUSSELSHELL COUNTY (P. 0. Roundup), Mont.
FEATED.
-The questions of issuing the $200,000 road and-BONDS DE$75,000 bridge
bonds (V. 99. p. 1315) failed to carry, reports state, at the
election held
Nov. 3.
MUSSELSHELL COUNTY SCHOOL DISTRICT NO. 18
(P. 0.
Roundup), Mont.
-BOND SALE.
-On Nov. 14 an Issue of $1,500 6%
10-15-year (opt.) bldg. bonds was awarded to the State Board of Land Commissioners at par. Denom. $500.
r
NAPOLEON, Henry County, Ohio.
-BONDS AUTHORIZED.
-The
City Council has passed an ordinance providing for the issuance of $6,835
5% sewer bonds, it is stated.
NAVARRO COUNTY(P.O. Corsicana), Tex.
-BOND OFFERING.
proposals will be received until 10:30 a. in. Dec. 10 by H. D.
Johnson.
County Auditor, for $75,000 Road District No. 3 bonds. Denom. 51.000.
Date Sept. 11913. Int. M.& S. in N. Y. Due in 40 years, subject to call
$2,000 yearly after 1 year. Cert. check for $1,000, payable to R. R. Owen,
County Judge, required. These bonds were offered without success on
May 15 (V• 98. p. 2011.)
NELSON COUNTY (P. 0. Lakota), No. Dak.-BONDS NOT SOLD.
No bids were received for the $14,215 drainage bonds offered on Nov. 18
at not exceeding 7% int.(V. 99, p. 1394)•
NEWARK, N. J.
-TEMPORARY LOAN.
-H.Lee Anstey of Now York
City has been awarded a $600,000 temporary loan at 4%% interest less a
premium of 5120, it is stated.
NEWBURYPORT, Essex County, Mass.
-LOAN OFFERING.Reports state that tho City Treasurer will receive bids until 8 p. m. Dec. 1
for a loan of $50,000 In anticipation of taxes, maturing April 2 1915.
NEW CASTLE COUNTY (P. 0. Wilmington), Dela.-BOND OF-Proposals will be received until 12 m. Dec.8 by Benj. A. Groves.
FERING.
Chairman of Finance Committee, for $150.000 4; % gold coup, bridge,
5
impt. bonds, first series. Denom. $1,000. Date July 1 1913. Int.
J. at Farmers' Bank, Wilmington. Due $5.000 July 1 1939, $15,000
yearly on July 1 from 1940 to 1948 incl. and $10,000 July 1 1949. Cert.
check for 2% of bonds bid for, payable to County Treas., required. Bonds
to be delivered to the purchaser at 11 a. m. Jan. 1 unless another date shall
be Mutually agreed upon. These bonds will be certified as to genuineness
by the Columbia Trust Co. and their legality approved by Caldwell, Masslich & Reed of N. Y. C.. whose favorable opinion will be furnished purchaser Bonded debt (Incl. this issue). $2,068,000. Assess. val., $75,(590,000; actual (est.), $100,000,000.
NEWFANE (TOWN) UNION FREE SCHOOL DISTRICT NO. 12
-BOND OFFERING.
-Bids
(p. 0. Newfane), Niagara County, N. Y.
gill be received until 10 a. in. to-day (Nov. 28) by the Board of Ed. for
18,000 school bonds at not exceeding 5% int. Denom. not to exceed
1 000. Date May 1 1914. Int. ann. Due one bond ann. on Nov. 1
.
031nning in 1917. Cert. check (or cash) for 5% of bonds, payable to
Clerk of Hel. of Ed.,required.
-BOND SALE.
-On Nov. 9
NEW PRAGUE, Lesueur County, Minn.
-year (aver.) coup. bonds to defray all contingent expenses
0
the S15.00 5% 8
( On, p. 1162) were awarded to Carroll & Horn of Minneapolis at par and
v.
The Hanchett Bond Co.of Chicago bid par, less $427.
1
1615
NEW VIENNA, Clinton County, Ohio.
-BOND
-Reports
state that the New Vienna Bank of New Vienna has been SALE. the
awarded
$3.500 6% water-works bonds offered without success as 5s on Aug. 11. (V.
99, p. 492.)
NILES, Trumbull County, Ohio.
-BOND OFFERING.
-Bids
received until 2 p. m. Dec. 14 by Homer Thomas, City Auditor. for will be
6% foot-bridge bonds. Auth. Sec. 3939, Gen. Code. Denon.$1,100
$550.
Date Dec. 151914. Int. J. & D. Due Dec. 15 1925. Certified chock for
5% of bonds bid for, payable to City Treasurer, required. Bonds to be
delivered and paid for within 10 days from time of award. Purchaser to
pay accrued interest.
NORCROSS, Gwinnett County, Ga.-BOND
-We are
advised that the Mayor is offering at private sale OFFERING. 0 bonds
the $4,000 5°7
mentioned in V. 99, p. 68. Denom. $1,000. Date July 15 1914. Int.
J. & J. Due $1,000 every five years.
NOWATA COUNTY (P. 0. Nowata), Okla.
-BOND SALE.
county, reports state, has sold $10,000 bonds to Rogers County. -This
OGDEN, Weber County, Utah.
-WARRANTS OFFERED BY
BANKERS.
-The German-American Trust Co. of Denver is offering to
investors $28,800 6% tax-secured improvement warrants. Donom. $900.
Date Aug. 25 1914. Int, at office of City Treasurer or through this
trust
co. Due $3.200 yearly on Aug. 25 from 1915 to 1923 incl.
ORANGE COUNTY (P. 0. Paoli), Ind.
-BOND OFFERING.
will be received until 2 p. m. Nov. 30 by J. W. McCullough, Co. -Bids
Treas..
for $5,600 435% tax-free road-impt. bonds in French Lick Twp. Denom.
,
$280. Int. semi-ann.
OWEN COUNTY (P. 0. Spencer), Ind.
-BOND OFFERING.
-Proposals will be received until 2 p. in. Dec. 7 by Harry B. Williams, County
Treasurer, for the following 4l % highway-improvement bonds:
58,473 40 Geo. W. Stutz et al highway-improvement bonds in Lafayette
Twp. Denom. $423 67. Due $423 67 each six months from
May 15 1916 to Nov. 15 1923, incl., and $847 34 on May 15 and
Nov. 15 1924.
.510 00 John Brinson et at highway-improvement bonds in Clay Twp.
Denom. $425 50. Due $425 50 each six months from May 15
1916 to Nov. 15 1923, incl., and $851 on May 15 and Nov. 15
1924.
Date Nov. 4 1914. Int. M.& N.
PAINESWLLE, Lake County, Ohio.
-BOND SALE.
-On Nov. 23
the $10,000 5% 20
-year coup. water-purification-works
-construction bonds
(V. 99, p. 1315) were awarded to Seasongood & Mayer of Cincinnati
at
101.43-a basis of about 4.898% int. Other bids were:
Premium.
Premium.
Breed,Elliott&Harrison,Cin.$138 00 Tillotson & Wolcott Co., Clev.$63 00
Wm. Guckenberger, Cinc___ 135 50 Davies-Bertram Co.,
Well, Roth & Co.. Cinc___- 107 5() Otis & Co., ClevelandCinc___ 61 00
Hayden, Miller & Co., Cloy_ 106 00 0. E. Denison & Co., Cleve.. 52 00
Field, Richards & Co., eine_ 81 00 Provident Savings Bank & 31 60
J. C. Mayer & Co., Cinc__ 77 00
Trust Co., Cincinnati
7 00
Stacy & Braun, Toledo
67 00 Spitzer, Rorick & Co., Toledo_ Par
PALATINE TOWNSHIP HIGH SCHOOL DISTRICT, Cook County,
M.
-BOND ELECTION.
-An election will be held to-day (Nov. 28),
stated, to vote on the question of issuing $35.000 6% building bonds.it is
PARKE COUNTY (P. 0. Rockville) Ind.
-BOND
Proposals will be received until 2 p. in. Dec. 4 by J. H. OFFERING.
Rush,
Treasurer, for the following 4M % highway-improvement bonds: County
$5,760 Geo. W. Burnsides et al highway-improvement bonds
in Greene
Township. Denom. $288.
4,214 Wm.Lamb et al highway-improvement bonds in Penn and Reserve
Townships. Denom. $210 70.
Date Oct. 6 1914. Int. M.& N. Due one bond of each issue each
six
months.
PAYETTE, Canyon County, Idaho.
-BONDS DEFEATED.
-The
propositions to issue $6,000 filtration and $6,000 water-works bonds failed
to carry at the election held Nov. 14 by a vote of 57 "for" to 269 "against."
PIGEON SCHOOL TOWNSHIP (P. 0. Evansville), Vanderburgh
County, Ind.
-WARRANT OFFERING.
-Bids will be received until
10 a. m. Dec. 8 by Wm. Atkins, Twp. Trustee, for the $17,000 school
warrants mentioned in V. 99. p. 1549. Bids for these bonds are requested
at 5%. 43%,4%.
% 3%. 2% and 2%; int. payable semi-ann.
Denom. (14) $1,100, (1) $1,600. Due $1,100 yrly. on Dec. 8 from 1915
to 1928 incl. and $1,600 Dec. 8 1929. Cert. check on an Evansville bank
for $500, payable to Township Trustee, required.
PLAINFIELD, Union County, N. J.
-BOND SALE.
-The following
are the bids received for the $92,000 19 -year (average) sewer, Fifth Series,
and $75,000 18
-year (average) Joint-sewerage-system 5% gold coupon or
registered bonds offered on•Nev. 23 (V. 99, p. 1475):
$92,000
$75,000
Name of BidderIssue.
Issue.
Redmond & Co., New York
*105.843
*105.693
E. H. Rollins & Sons, New York
104.078
104.078
Estabrook & Co., New York
103.85
103.43
Remick, Hodges & Co., New York
103.583
103.333
R. M. Grant & Co., New York
103.27
103.27
Harris, Forbes & Co., New York
102.683
102.683
Kean, Taylor & Co.. New York
102.309
102.059
John D. Everitt & Co., New York
102.27
102.27
D. W. Wyckoff
102
Rhoades & Co.. New York
101.883
101.753
Kissel. Kinnicutt & Co., New York
101.854
101.695
J. S. Rippel, Newark
101.795
101.666
City National Bank. Plainfield
100.67
100.63
A. L. Rossberg
100
* Successful bids. Purchaser to pay accrued
interest.
PLEASANT RIDGE SCHOOL DISTRICT (P. 0.
Laurel), Jones
County, Miss.
-BOND SALE.
-We are advised that
bonds mentioned in V. 99, p. 845. have been sold to the $2,000 building
W. N. Montgomery
and W. W. Hopkins, both of Jones County.
POMEROY VILLAGE SCHOOL DISTRICT (P. 0.
Pomeroy), Meigs
County, Ohio.
-BOND SALE.
-On Nov. 20 the
coupon equipment bonds (V. 99, p• 1395) were $5,000 6% 5 -year (av )
Say. Bank & Trust Co. of Cincinnati at 102.73 awarded to the Provident
and int. Other bids were:
Brighton Germ. Bk., Cin35,135 50 Field, Richards
& Co. Cin.$5 045 00
Otis & Co..Cleveland
5,126 00 First Nat. Bk.,
Breed,Elliott&Harrison,Cin.5.114 00 Terry, Briggs & Barnesville 5,031 00
Slayton,To1.5,027 50
Stacy & Braun, Toledo_
5,069 00 Hayden, Miller & Co., Cloy. 5,011 00
Well. Roth & Co., Cincin
5,051 50 First City Bank, Pomeroy.. 5,000 00
PONTIAC, Oakland County, Mich.
-On Nov. 16
the $7,500 5% garbage-reduction-p ant -BOND SALE.
bonds (V.
awarded, it is stated, to the Oakland County Say. 99, p. 1475) were
Bank of Pontiac for
$7.550--oqual to 100.666. The city must pay for
the printing of the
bonds. Other bids were:
John F. McLean & Co., Detroit
-$7,531
Hoehier, Cummings & Prudden of Toledo 21, city to print bonds.
-$7,530
Spitzer, Radek & Co., Toledo-Par, city to print 75,city to print bonds.
Franklin Green of Pontiac (for $3,500)-$3,540 bonds.
, city to print bonds.
Detroit Trust Co.. Detroit
-57,520 and
Date Dec. 1 1914. Due March 1 1919. lithographing bonds.
PORTER COUNTY (P. 0. Valparaiso), Ind.
-BOND SALE.
-On
Nov. 23 the 56.500 45i%
(aver.)
p. 1475) were awarded to the State Bank of highway-lent. bonds (V. 99.
Valparaiso for $6.502 (100.03)
and int. Other bids were:
Breed, Elliott & Harrison, Indianapolis, $6,501 and
J. F. Wild & Co., Indianapolis, par and interest. interest.
Denom. $325. Date Oct. 16. 1914 Int. M. & N.
PORT OF SEATTLE, Wash.
-BIDS REJECTED.
mission at a special meeting Nov. 21 rejected the bids -The Port Comreceived for several
issues of bonds, aggregating $422,100, offered recently.
According to
local papers the bids were as follows: Well, Roth & Co..
Cincinnati, 98.56
for the $275,000 of East waterway and $100,000 of Central
water-front
bonds; N. W. Halsey & Co., A. B. Leach & Co. and
Chapman, Mills &
Co., all of Chicago, par less $5,500 for East waterway and Central
waterfront bonds and par less $1,300 for the $46,100 worth of Smith
Cove waterway bonds; E. H. Rollins & Sons, William A. Read & Co.,
Continental Commercial Trust & Savings Bank, all of Chicago, with Dexter
Horton National
Bank of Seattle, 99.08 for all th eseveral series sought to
be
mission has announced that it will accept bids at par with sold. The Comaccrued interest
In amounts of not less than $50,000 until Dec. 15.
1616
THE CHRONICLE
-BONDS NOT SOLD.
-Owing to an error in the adPORTLAND, Ore.
vertisement, no sale was made on Nov. 10 of the $102,969 92 bonds offered
on that day.
-The following bids were received for the $92.984 92
BOND SALE.
6% 10
-year improvement bonds offered on Nov. 17 (V. 99. p. 1475):
And. Price
And. Price
Bid for. Bid.
PurchaserBid for. Bid.
PurchaserMary Jenkins
810,000 101
$.2,000 102.25
E. D. Rood
*15,000 103.05 E. F. Day
6,000 102
Sarah J. Buckman
2,500 102
D. Visser
1,000 102
2,500 101.75 Union Pacific Life Ins. Co. 5,000 101.9
2,500 101.50 C. C.Crim
I 500 101.985
2,500 101
1 500 101.93
David Dupee
5,000 101
2,500 100.75 Bank of California
2,500 100.50 Scandinavian American 125,000y101.85
125,0005101.76
Bank
2,500 100.25
5.000 102
2,500 100.125 Beni. Latz
1,000 101.80
2,500 102.02 Frances H.Relf
Ludwig Hirsch
W. F. White
*35,000 102.16
6,000 102
*25,000 102.55
25.000 101.61 Henry Teal
Jacob Kansler
25,000 101.86 Lumbermen's Trust Co-*50,000 102.03
William S. George
1,000 101.30
1,500 102
Geo. L.& J. A. McPherLuella H. Wadsworth__ 1,500 102
92,984 181,865
*500 103
son
John Holm
1 prem.
L. H. Wang
*1,500 102.10
The First Nat. Bank.._ 6,000 $16
1,500 102
Fred Schreeck
prem.
y And $36 additional premium.
* Successful bids. The Lumbermen's Trust Co. was only allotted
$13,984 92.
-BOND OFFERING.
POSEY COUNTY (P 0. Mt. Vernon), Ind.
Reports state that bids will be received until 2 p. m. Dec. 7 by Andrew A.
Schenk, County Treasurer, for $8,400 and $6,000 4%% highway-improvement bonds.
RITTMAN VILLAGE SCHOOL DISTRICT (P. 0. Rittman), Wayne
County, Ohio.
-BOND OFFERING.
-Bids will be received until 12 m.
Dec. 15 by Roy E. Faber, Clerk of Bd. of Ed. for $40,000 53.6% school
bonds. Denom. $500. Int. A. & 0. Due $1,b00 each six months from
Apr. 1 1916 to Oct. 1 1935 incl. Cert. check for $500, payable to Clerk
ofBd. of Ed., required.
ROCHESTER, N. Y.
-NOTE SALE.
-On Nov. 25 the $33,200 parkimprovement notes, to run for four months from Nov.30 1914. and $100,000
water-works-improvement notes, to run for four months from Dec. 1 1914
(V. 99, p. 1549) were awarded to Luther Robins of Rochester on his bid,
interest 4.25%, premium $5. Other bidders were
Int. Prem.
Bernhard, Scholle & Co., New York, entire issue
4.40 $2 50
Salomon Bros. & Hutzler, New York, entire issue
1 00
4.45
T. J. Swanton, Rochester, entire issue
4.50 15 00
Farmers' Loan & Trust Co., New York, entire issue
4.50 - „
Goldman, Sachs & Co.,fPark-Improvement notes(entire issue) 4.55
5-00
New York
1Water-works-impt. notes, $100,000.._ 4.55 15 00
Equitable Trust Co. New York, entire issue
4.60 11 00
Bond & Goodwin, New
York,entire issue
4.75 --_ ROGERS COUNTY (P. 0. Claremore), Okla.
-BOND SALE.
-Local
papers report the sale of $10,000 refunding bonds of this county to Nowata
County.
ROUND HILL, Loudon County, Va.-BOND SALE.
-On Nov. 24
the $900 (unsold portion of an issue of $12.000) 5% coup. water and street
improvement bonds(V. 99, p. 1243) were awarded to J. C. Rojero at par.
ROYALTON TOWNSHIP, Cuyahoga County, Ohio.
-BOND OFFERING.
-Proposals will be received until 1 p. m. Dec. 26 by S. W.
Thomas, Twp. Clerk (P. 0. Brecksville, R. F. D. No. 2), for 813,580 70
5% coup• highway-improvement bonds. Denom.(1) $580 70, (1) 81,000,
(8) $1,500. Date Dec. 1 1914. Int. A.& 0. at office of Twp. Treasurer.
Due $580 70 Oct. 1 1916, $1,000 Oct. 1 1917 and $1,500 yearly on Oct. 1
from 1918 to 1925 incl. An unconditional certified check on a bank other
than the one making the bid, for 10% of bonds bid for, payable to Township Treasurer, required. Bonds to be delivered and paid for within
10 days from time of award. Purchaser to pay accrued interest.
SALEM, Essex County, Mass.
-BOND SALE.
-On Nov. 20 $120,000
43 % coupon Loan Acts of 1914 bonds were awarded to Lee, Higginson
& Co. of Boston at 106.67 and int. Other bids were:
B.
c
Co., Boston 106.355 Blake Bros. & Co., Boston .105.64
ls,fillett, Roe & Hagen, Bost_106.298 Jackson & Curtis, Boston....-105.616
Wm.S. Felton & Co., Salem_106.231 N.W.Harris& Co.,Inc. Bost.105.53
Curtis & Sanger, Boston_ _106.111 Naumkeag Trust Co.,Salem-105.35
Adams & Co., Boston
106.09 R. L. Day & Co., Boston---105.099
E.M.Farnsworth & Co.,Bos.106.05 Perry, Coffin & Burr. Boston 105.02
Edgerly & Crocker, Boston_ _105.87 Estabrook & Co., Boston ...104.68
E. H. Rollins & Sons, Bost_ _105.81 Merrill, Oldham & Co., Bost-104.099
Blodget & Co., Boston
105.75 White, Weld & Co., Boston.. 103.73
N. W. Halsey & Co., Boston 105.75
Denom. $1,000. Date Aug. 1 19.4. Int. F. & A. at the Merchants'
Nat. Bank of Boston. Due $3,000 yearly Aug. 1 from 1915 to 1954, incl.
SALEM CONSOLIDATED SCHOOL DISTRICT (P. 0. Macon),
Noxubee County, Miss.
-BOND SALE.
-An issue of $3,500 6% school
building bonds was purchased on Sept. 10 by the "City of Macon" for
-equal to 101.491. Denom. (15) MO,(4) $500. Date Aug. 3
$3.552 19
1914. Int. F.& A. Due $100 yearly Aug.3from 1915 to 1927, inclusive,
and $2.200 Aug. 3 1928.
SAN DIEGO, San Diego County, Cal.
-BOND SALE.
-Local newspaper dispatches state that the Harris Tr.& Says. Bank of Chicago recently
purchased $408.000 4i. % permanent park impt. bonds. Date Jan. 1
1914. Due serially from 1917 to 1951.
SAN FRANCISCO, Cal.
-BOND SALE OVER THE COUNTER.
Local papers state that up to and including Nov. 17 the $660,000 2636-year
(average) city-hall and $857,500 19-year (average) municipal railway 5%
gold coupon tax-free bonds were sold "over the counter" at par and int. Of
the 5225,000 434% 32
-year (average) water bonds, $10,500 had been disposed of "over the counter at par and interest" up to and including the
above date
All of the above bonds were offered without success on Oct. 26 and were
then ordered sold over the counter at par and int. (V. 99, p. 1395)•
SCOTTS BLUFF SCHOOL DISTRICT (P. 0. Scotts Bluff), Scotts
Bluff County, Neb.-BOND OFFERING.
-T. F. Kennedy, Secretary
Board of Education, will receive bids until 6 p. m. Dec. 7, it is stated, for
the $18.000 6% 20-year site-purchase and construction bonds voted Sept. 8
(V. 99, p. 845). Certified check for $1,000 required.
-The $829,500 5% 10-19-DELIVERY OF BONDS.
SEATTLE, Wash.
year (ser.) bridge bonds awarded at private sale on Nov. 16 to Carstens &
Earles, Inc., of Seattle, at par and int.(V. 99, p. 1550) will be delivered as
follows: The first delivery of $400,000, under the terms agreed upon, will
be Nov.24.or earlier if it is possible for the lithographing to be done in that
time; the second delivery of $429.500 will be made Dec. 24 or earlier. The
city agrees to sell no other municipal bonds except to Carstens & Earles
or the State until Jan. 30.
-The sale of the $404,000 5% gold
BOND OFFERING RESCINDED.
-extension bonds which was to have taken place to-day (Nov. 28)
coup. light
(V. 99. p. 1550) will not be held because of the agreement with Carstens
& Earles.
-BOND SALE.
-On
SHELBY COUNTY (P. 0. Shelbyville), Ind.
f
Nov. 20 the four issues of 43•6% ryear (aver.) highway-impt. bonds, aggregating $35,080 (V. 99, p. 1475 were awarded to C. C. Shipp & Co. o
$35,109 50 (100. 12) and int. There were no other bidIndianapolis for
ders.
-The fol-BIDS REJECTED.
BILVERTON, Marion County, Ore.
lowing bids received on Nov. 16 for the $14,000 6% semi-ann. paving bonds
1476) were rejected because of demands for
offered on that day (V. 99. p.
attorney fees:
$14.050
Sweet, Causey. Foster & Co., Denver
14.000
H.T. Holtz & Co., Chicago
14.000
Lumbermen's Trust Co.,Portland
SIOUX RAPIDS CONSOLIDATED SCHOOL DISTRICT (P. O.
-Reports
-BOND SALE.
County, Iowa.
Sioux Rapids), Buena Vista
state that the Bank of Sioux Rapids has been awarded at par the $60,000
5% building bonds offered without success on Sept.10 (V. 99, p. 845).
-TEMPORARY LOANS.
SOMERVILLE, Middlesex County, Mass.
Reports state that loans of 550.000, maturing April 2 1915 and $25,000
[VoL. xcix.
maturing July 23 1915 have been negotiated with Blake Bros. & Co. of
Boston at 4.03% discount and 4.08% discount respectively.
SOUTH FORK SCHOOL DISTRICT (P. O. South Fork), Cambria
-We are advised that the
County, Pa. DESCRIPTION OF BONDS.
$15.000 4%% coup. (not $16,000 as first reported) bldg. bonds recently
voted (V. 99, p. 1395) are In the denom. of $500 and are exempt from taxes.
Int. at First Nat. Bank, South Fork. Bonded debt (not incl. this issue),
$37,000; no floating debt. Assess. val. 1914, $1,837,109. John C. Penrod is Secretary of Board of Education.
SPRINGFIELD, Hampden County, Mass.
-LOAN 'PROPOSED.
According to local newspaper dispatches, this city is contemplating the
negotiation of a loan of $200,000 to be issued in anticipation of taxes
STAMFORD, Conn.
-BOND SALE.
-On Nov. 23 the five issues of
43 % coupon bonds, aggregating $94,000 (V. 99, p. 1476) were awarded
to the First Nat. Bank of Stamford at 102.349. Other bids were:
R. L. Day & Co
101.358 Clark, Dodge & Co
100.5955
Merrill, Oldham & Co
101.349 Estabrook & Co
100.310
E. H. Rollins & Sons
101.048 Richter & Co
100.2532
Jackson & Curtis
100.957 Hincks Bros. & Co
)100.25
Kissel, Kinnicutt & Co
100.867 A. B. Leach & Co
Curtis & Sanger
100.710
STILLWATER (Town), Saratoga County, N. Y.
-BOND SALE.
On Nov. 24 the $30,060 3
-20-year (ser.) coup. funding bonds (V. 99, P.
1550) were awarded to Geo. B. Gibbons & Co. ,N. Y., at 100.70 and int.
for 5s. The Isaac W. Sherrill Co. of Poughkeepsie bid 100.61 and the
Manufacturers' National Bank of Meehantcville offered a flat premium
of $76.
STILL WATER (Village), Saratoga County, N. Y.
-BOND SALE.
The $18,500 Main St. impt, bonds offered Nov. 24 (V. 99, p. 1476) were
awarded to the Isaac W. Sherrill Co. of Poughkeepsie at 100.62 and hit.
STRONGHURST, Henderson County, Ills.
-BOND OFFERING.
Bids will be received until Dec.4 by F.Lazear, Village Clerk,for the $12,000
6% coup. water-works bonds voted Oct. 10 (V. 99, p. 1163). Denom.
$500. Date Jan. 1 1915. Int. J. & J. at Village Treasurer's office. Due
$1.000 yearly on Jan. 1 from 1918 to 1929 incl. No deposit required.
No bonded or floating debt. Assessed valuation 1914, 8250,000.
SWATARA TOWNSHIP SCHOOL DISTRICT, Dauphin County,
Pa.
-BOND OFFERING.
-Bids will be opened at 7:30 p. in. Dec. 14 by
John M. Erb, Secretary of Board of School Directors (P. 0. Harrisburg).
for $17.000 434% 10
-30-year (opt.) school bonds. Certified check for 2%
of bonds bid for, payable to R. A. Schulz, School Treasurer, required.
-BOND OFFERING.
SYRACUSE, N. Y.
-Proposals will be received
until 1 p. m. Dec. 1 by M.E. Conan, City Compt.,for $20,000 434% reg.
tax-free Delaware school bonds. Denom. to suit purchaser. Date Dec. 1
1914. Int. J.& D.at trust company mentioned below. Due $1,000 yearlY
on Dec. 1 from 1915 to 1934 Incl. Cert. check for 2% of bonds bid for,
payable to City Compt. required. Bonds to be delivered to purchaser on
Dec. 15 at 11 a. m. unles;a subsequent date shall be mutually agreed upon,
at office of U. S. Mtge. & Tr. Co., N. Y. These bonds will be certified as
to genuineness by said trust company and the legality will be examined
by the Corporation Counsel of Suracuse, whose favorable opinion will be
furnished purchaser. Bids must be made on forms furnished by the City
Compt. Purchaser to pay accrued int. Bids must be unconditional.
TAUNTON, Bristol County, Mass.
-LOAN OFFERING.-Dispatches
state that the Treasurer will receive bids until 4 p. m. Dec. 1 for thediscount of a temporary loan of $100,000 due Nov.10 1915 and issued in anticipation of the collection of taxes.
-The $150,000 4.36% park-improveTOLEDO, Ohio.
-BOND SALE.
ment bonds offered without success on Nov. 9 (V. 99, p• 1476) have been
disposed of as follows: Stacy & Braun, Toledo, 843,000; J. C. Bonner &
Co., Toledo, $100.000, and T. L. Clifford, for two clients, $7,000.
TOMPKINS SCHOOL DISTRICT NO.1 (P. 0. Cannonsville), N. Y.
to
-On Nov. 24 $3,200 4% building bonds were awarded E.
-BOND SALE.
C.
Thos. S. Dolg of Andes and J. B. Gardner of Cannonsyllle at par.Interest
Denom. $100. Date Nov. 1 1914.
Scott offered par for 530.
annual. Due $400 yearly.
TOOLE AND TETON COUNTIES SCHOOL DISTRICT NO. 54,
-No sale was made on Nov. 14 of the $1,000
-BONDS NOT SOLD.
Mont.
7
6 6-10-year ( ) coupon tax-free building bonds offered on that day.
w 99 p l163 t.)
% , .
TOWNSEND TOWNSHIP (P. 0. Collins), Huron County, Ohio.
BOND SALE.
-On Nov. 21 the $6,000 6% 4%-year (aver.) coup. roadimprovement bonds (V. 99, p. 1243) were awarded to the Huron County
Banking Co., Norwalk, at 103.17 and int. Other bids were:
$6,063 00
Seasongood & Mayer, Cin-$6,140 00 Otis & Co., Cleveland
Hanchett Bond Co., Chic__ 6,127 00 First Nat, Bk., Barnesville 6,026 00
Hayden,Miller & Co.,Cloy. 6.10600 Terry, Briggs & Slayton,
6,011 00
Toledo
Hoehler, Cummings & Prud6,06480
den,Toledo
-The City Commission on
-BONDS PROPOSED.
TRENTON, N. .T.
Dec. 2 will consider an ordinance providing for the issuance of 43i% 30-Yr.
municipal-hospital-improvement bonds at not exceeding $40,000. Denom.
$100 or multiples thereof. Int. semi-annual.
-BOND ELECTION.
-An election will
TUCSON, Pima County, Ariz.
be held Dec. 14. it is stated, to submit to a vote the question of issuing
aggregating $239.000.
bonds
TULLY TOWNSHIP SCHOOL DISTRICT (P. 0. Martel), Marion
-BOND SALE.
-On Nov. 25 the $30.000 5%% 5l4-year
County, Ohio.
(aver.) coup. taxable school bonds(V.99, P. 1395) were awarded to Spitzer,
Rorick & Co. of Toledo, it is stated, for $30,003 50
-equal to 100.011.
UTICA, Oneida County, N. Y.
-BOND OFFERING.
-Proposals will
received until 12 m. Dec. 1 by A. M. Burke, City Comptroller, for
be
840.000 434% registered tax-free fire-station site-purchase and construction
bonds. Denom. to suit purchaser. Date Nov. 1 1914. Int. M.& N. at
office of City Treasurer, or upon request of registered holder will be remitted
in N. Y. exchange. Due $2.000 yearly on Nov. 1 from 1915 to 1934, inclusive. Certified check for 1% of bonds bid for, payable to City Treasurer, required. Purchaser to pay accrued interest. Bids must be unconditional and upon forms furnished by the City Comptroller. The favorable
opinion of Caldwell, Masslich & Reed as to the legality of these bonds will
be on file in the City Comptroller's office before delivery.
VANDERBURGH COUNTY (P. 0. Evansville), Ind.
-BOND OFFER-Proposals will be received until 10 a. m. Nov. 30(and from day
ING.
to
day thereafter until sold) by C. P. Beard, Co. Aud.,for $3,226 205% coup.
Flat drainage system bonds. Denom. (8) 3400, (1) $26 20. Int.
Pond
J. Sr J. at office of Co. Treas. Due $26 20 July 1 1915 and $400 yearly
on July 1 from 1916 to 1923 incl. Cert. check for 10% of bid required.
VIGO COUNTY (P. 0. Terre Haute), Ind.
-BOND SALE.
-On
21 the 817.0006% 63.6-year (aver.) ditch-impt. bonds (V. 99, p. 1477)Nov.
were
awarded to Breed, Elliott & Harrison of Indianapolis for $17.050 (100.294)
and int. The Fletcher-American Nat. Bank of Indianapolis bid $17,005'
VISALIA, Tulare County, Calif.
-RESULT OF BOND ELECTION.
Reports state that at a recent election the question of issuing $12,000 fireapparatus bonds carried, while the proposition to issue $108,000 sewer
bonds was defeated.
WAHKIALKUM COUNTY (P. 0. Cathlamet), Wash.
-BONDS
VOTED.
-The question of issuing the 875.000 highway bonds at not exceeding 6% int. (V. 99, p. 1244) carried at the election held Nov. 3 by a vote
of 404 to 259. Due on or before 10 years from date of issue.
WARRENTON, Clatsop County, Ore.
-BONDS VOTED.
-Reports
state that at a recent election the proposition to issue $150,000 watersystem-constr. bonds carried. A similar Issue of bonds was to have been
offered on Aug. 3, but was postponed. See V. 99, p. 493.
WATERBURY, New Haven County, Conn.
-BOND OFFERING.
Proposals will be received until 8 p. in. Dec. 21 by Wm. F. Moher, City
Clerk, for the following 4%% coup. or reg. taxable bonds:
$300,000 school bonds, second series. Date Jan. 1 1911. Due $10,000
yearly on Jan. 1 from 1922 to 1951 incl.
100,000 school bonds, third series. Date July 1 1913. Due $5,000
yearly on July 1 from 1934 to 1953 incl.
75.000 Brooklyn Bridge bonds. Date Jan. 1 1914. Due Jan. 11944.
Denom. $1,000. Int. J. & J. at First Nat. Bank, Boston. Certified
check for 1% of bonds bid for, payable to City Treasurer, required. Bonds
to be delivered on Jan. 11 at above bank. These bonds will be certified
as to genuineness by the above Bank and their legality approved by Storey,
Thorndike, Palmer & Dodge of Boston, whose opinion will be furnished
purchaser.
THE CHRONICLE
Nov. 281914.1
WEST CREEK SCHOOL TOWNSHIP (P. 0. Lowell), Lake County,
Ind.
-BOND SALE.
-On Nov. 21 the $11,500 5% 7%-yr. (aver.) school
bonds (V. 99, p. 1550) were awarded to E. M. Campbell, Sons & Co. of
Indianapolis for $12,000 (104.347) and int.
WETZELL COUNTY, W. Va.-BONDS TO BE SOLD AT PRIVATE
SALE.
-L. E. Lantz, Secretary (care of Bank of Jacksonburg, Jacksonburg) will receive bids at private sale for the $25,000 6% 10-30-year (opt.)
Grant District Road bonds offered without success on Oct. 1 (V.99,P.1084)•
-BOND OFFERING.
WHITE COUNTY (P. 0. Monticello), Ind.
Proposals will be received until 10 a. m. Dec. 5 by A. G. Fisher, Co. And..
for the following 4%% road-improvement bonds:
$6,500 Gustavus Fewell et al gravel-road bonds. Denom. $325.
6.000 David A. Scroggs et al gravel road bonds in Union Twp. Denom.
$300.
Date Nov. 5 1914. Int. M.& N. Due one bond of each issue each six
months from May 15 1916 to Nov. 15 1925 incl.
-BOND
WHITMAN COUNTY SCHOOL DISTRICT NO. 47, Wash.
-Proposals will be received until 2 p. m. Dec. 15 by H.H.
OFFERING.
Colfax), for $2,000 1-5
-year (opt.)
Wheeler, County Treasurer (P. 0.not
exceeding 6% interest. Denom.
building_and improvement bonds at
Interest annually at
$500. Date Feb. 1 1915. State of Washington.office of County Treasurer
Certified check or draft
or at fiscal agency of the County Treasurer,
required. Bidders to state
for 1% of bonds, payable to
whether or not they will furnish the necessary blank bonds. These bonds
are issued under the 1909 Session Laws of the State of Washington. page
324, Secs. 1 and 2: also by vote of 68 to 56 at an election held Oct. 24. No
bonded debt at present. Warrant indebtedness general fund, $100. Assessed valuation, $290,818.
WILKES-BARRE, Luzerne County, Pa.
-BOND SALE.
-On Nov. 19
$5,100 5% paving bonds due July 1 1919, were sold, it is stated, at public
auction to local investors. The total premium on the entire issue amounted
to $60 65, making the average price about 101.19.
WOOD COUNTY (P. 0. Bowling Green), Ohio.
-BOND SALE.
-On
-year (aver.) coup. bridge bonds (V. 99, p. 14771
Nov. 20 the $16,000 6% 3
were awarded,it is stated, to Tillotson & Wolcott Co.of Cleveland at 102.07
basis of about 5.25% interest.
WOOSTER, Wayne County, Ohio.
-BOND OFFERING.-Blds will
be received until 12 m. Dec. 22 by Fred E. Faber, City Aud., for $11,000
% water-works-ext. bonds. Auth. Sec. 3939 Gen. Code. Denom.
$300. Date Oct. 15 1914. Int. A. & 0. at City Treas., office. Due
$2,000 Oct. 15 1916 and $1.000 yearly on Oct. 15 from 1917 to 1925 incl.
Cert. check for 2%, payable to City Treas., required. Purchaser to pay
accrued interest.
WORCESTER, Worcester County, Mass.
-BOND SALE.
-On Nov.
24 the eleven issues of 4% bonds. aggregating $881,000 (V. 99, p. 1551).
were awarded to Estabrook & Co. of Boston at 100.65-a basis of about
3.89%• Other bids were:
Kinsley & Adams, Worcester 100.449 Old Colony Trust Co. and
White, Weld & Co., N. Y..100.295
F. S. Moseley & Co..
Jackson & Curtis, Boston_ _ _100.28
iointly. Boston
100.149
B.M.Farnsworth& Co.,Bost.100.26 N. .Harris& Co..Inc.,Bost.100
All bids provide for payment of accrued interest.
YELLOWSTONE COUNTY (P. 0. Billings), Mont.
-BOND OFFERING.
-Bids will be received until 12 m. Dec. 28 by F. E. Williams, County
Clerk and Recorder, for $45,000 Pompey's Pillar Creek bridge and $32,000
-20-year (opt.) coup. bonds. Auth.
Duck Creek bridge construction 5% 10
vote of 1827 to 996 and 1836 to 1138, respectively, at the election held
Nov. 3. Denom. $1,000. Date Jan. 1 1915. Int. J. & J. at office of
County Treasurer or at Amer. Exch. Nat. Bank, N. Y. Certified check for
5% of bonds, payable to C. H. Newman, Chairman, required with all bids
except from the Board of State Land Commissioners. Official circular
states that there is no controversy or litigation pending or threatened affecting the corporate existence or the boundaries of the county, or title of
its present officials to their respective offices or the validity of its bonds,
that the principal and interest of all bonds previously issued have always
been promptly paid at maturity and that no previous issues of bonds
have been contested. Bonded debt $205,000. Assessed valuation 1914
(equalized), $19.793,371.
YOUNGSTOWN, Ohio.
-BOND SALE.
-The following 29 issues of
5% coup. or reg. bonds, aggregating $168,700, have been disposed of at
par and interest:
Amount.
Purpose.
Purchasers.
$15.000 City portion of improvement_Local Firemen's Pension Fund.
*15,500 Foster St. widening
Hayden, Miller & Co., Cleveland,0.
*3,440 Blaine Ave. paving
Martin V. Hall, New Castle, Pa.
6,530 Jackson St. paving
Local Firemen's Pension Fund.
13,290 Byron St. paving
Sinking Fund Trustees.
3,775 Kensington paving
Sinking Fund Trustees.
11.700 Truesdale Ave. paving
Sinking Fund Trustees.
7,410 Lauderdale Ave. paving
Miller Bros.. contractors.
4,830 Hawthorne St. paving
Sinking Fund Trustees.
1.155 Carlyle St.
Sinking Fund Trustees.
1,420 Knox St. grading
Sinking Fund Trustees.
*30,000 City Building
Various local banks.
2,000 Street-repair bonds
Local School Teachers'Pension Fund
3,000 Sidewalk and crosswalk bonds Local School Teachers'Pension Fund
6,000 City portion of improvement_The Bessemer Limestone Co.
8,000 City portion of improvement_Firemen's Pension Fund.
3,135 Sherman St. paving
Sinking Fund Trustees.
5.355 Pyatt St. paving
Sinking Fund Trustees.
2,025 Rigby St. paving
Sinking Fund Trustees.
4,285 Belleview Ave. paving
Otis & Co.. Cleveland. Ohio.
1,625 Webb St. paving
Firemen's Pension Fund.
3,090 Augusta St. paving
Firemen's Pension Fund.
1,905 Ohio Ave. paving
Youngstown Const'n Co.,contractors
1,010 Simon St. paving
Firemen's Pension Fund.
4,880 Thorn St. paving
Otis & Co., Cleveland, Ohio.
3,005 Oklahoma St. paving
Otis & Co., Cleveland. Ohio.
965 Cleveland St. sewer
Sinking Fund Trustees.
520 Green St. sewer
Sinking Fund Trustees.
3,850 Flint Hill et al. Sidewalk_
Policemen's Pension Fund.
* The sale of these bonds was previously reported in the "Chronicle."
The first twelve issues were offered without success on Aug. 24 (V• 99,
ir. i8) p cn . remaining issues were offered without success on Sept. 21
.6 , an i te
i
.l
t
Canada. its Provinces and Municipalities.
BENITO SCHOOL DISTRICT (P. 0. Benito), Man.
-BOND OFFERING.
-Proposals will be received at any time for the $3,000 6% school
completion and equipment debentures authorized by vote of 31 to 1 at Use
election held Nov. 16 (V. 99, p. 1317). Due $150 yearly for 20 years.
DAVIDSON, Sask.-DEBENTURES NOT SOLD.
-Reports state that
no sale has been made of the $2,000 power and $2,300 hospital 53% coup.
tax-free debentures mentioned in V. 98. p. 1189.
ESTEVAN, Sask.-DEBENTURES AUTHORIZED.
-A by-law was
passed on Nov. 9 providing for the issuance of $4,000 sewer debentures,
it is stated.
FOREST, Ont.-DEBENTURES AUTHORIZED.
-It is stated that
the local Council on Nov. 6 passed a by-law authorizing the issuance of
$3,000 electric-light
-plant
-improvement bonds.
LAMBERTH, Ont.-DEBENTURE ELECTION.
-An election will be
held Nov. 28, it is stated, to vote on the question of issuing $4,000 hydroelectric-power debentures.
REDCLIFF, Alta.
-Reports state that
-DEBENTURES PROPOSED.
this city is contemplating the issuance of $2,300 storehouse and $2,900
Industrial-spur-track debentures.
ST. THOMAS, Ont.-DEBENTURE SALE.
-It is stated that the issue
of $36,000 improvement debentures, of which $28.000 was reported sold in
V. 99, p. 1551, have all been sold to local investors.
WATROUS, Sask.-LOAN AUTHORIZED.
-Reports state that the
Town Council on Nov. 9 passed a by-law providing for the borrowing of
$7.000 from the Union Bank for school and current expenses.
WINDSOR, Ont.-DEBENTURE SALE.
-Reports state that the
Dominion Securities Corp., Ltd., of Toronto recently purchased $75,000
hydro
-electric power debentures.
YORK TOWNSHIP,Ont.-DEBENTURE SALE.
-An issue of $80,000
5% debentures, maturing in 20 years, has, according to reports, been
awarded to Toronto bankers.
NEW LOANS.
MISCELLANEOUS.
/
$25,000
Osawatomie City, Miami County, Kansas,
Street-Improvement Bonds
1617
LLOYDS BANK LIMITED
HEAD OFFICE a
LOMBARD St,
LONDON.
Deputy Chairman, J. W. BEAUMONT PEASE.
id, $
/
1 / 8
Capital paid up
Reserve Fund -
-
-8156,521,000
..
25,043,860
..
18,000,000
Advances, &c. Deposits, &c.
-
•
..
• 284,199,605
- 536,609,255
LIST ON APPLICATION
THIS BANK HAS OVER 850 OFFICES IN ENGLAND a WALES.
SEASONGOOD & MAYER
Colonial and Foreign Department: 110, Lombard St., London.
Ingalls Building
CINCINNATI
A ''
'
-
AUDITORS FOR FINANCIAL, INDUSTRIAL
AND MINING CORPORATIONS.
investigations, Financial Statements,
Periodical Audits and Accounting
...
.0,
4
,,
.
I.;
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PARIS AUXILIARY,
Chicago, Cincinnati and
New York,
London, England
Watertown, N. Y., C. E. Scoville.
,.
/ ''
($5=1.)
Capital Subscribed-
BON DS
CERTIFIED PUBLIC) ACCOUNTANTS.
1
,
to,
MUNICIPAL AND RAILROAD
PARK,POTTER & CO.
i
Chairman, R. V. VASSAR-SMITH.
Proposals will be received until 12 o'clock noon
of NOVEMBER 30TH, 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.
Occountaittc
a
y
tM
1 1il
_
1-.
.
LLOYDS DANK (FRANCE) LTD., 26, AVENUE DE L'OPERA.
_
Hand Book of Securities
The Hand-Book is issued to Banks, Bankers, Investment Dealers and
others with their cards lettered in gilt on the outside cover (not less
than 25 copies to one address) at special rates.
Price of Single Copies
To Subscribers of the Chronicle
$100
75
Commercial & Financial Chronicle
138
Front Street, NewAYork.
THE CHRONICLE
1618
[VoL. xc
w'rnst Tenmutes.
Cnatneers
THE J. G. WHITE COMPANIES
CHARTERED 1853
United States Trust Company of New York
45-47 WALL STREET
Capital,
Surplus and Undivided Profits
- $2,000,00,
,.00
- $14,151,944.23
Financiers
Engineers
Operators
Managers
This Company acts as Executor, Administrator, Guardian, Trustee, Court
Depositary and in other recognized trust capacities.
43 EXCHANGE PLACE, NEW YORK
It allows interest at current rates on deposits.
CHICAGO
LONDON
SAN FRANCISCO
It holds, manages and invests money, securities and other property, real or
personal, for estates, corporations and individuals.
EDWARD W. SHELDON. President.
WILLIAM M. KINGSLEY, Vice-President
WILFRED J. WORCESTER, Secretary.
WILLIAMSON PELL. Asst. Secretary
CHARLES A. EDWARDS. 2d Asst. Secr
Alex. C. Humphreys
Alien S. Miller
HUMPHREYS& MILLER,Inc
TRUSTEES
ENGINEERS
JOHN A. STEWART Chairman of the Board
PAYNE WHITNEY
WILLIAM ROCKEFELLER
OGDEN MILLS
WILLIAM D.SLOANE
EDWARD W. SHELDON
EGERTON L. WINTHROP
CHAUNCEY KEEP
FRANK LYMAN
CORNELIUS N. BLISS JR.
GEORGE L. RD/ES
JAMES STILLMAN
HENRY W. de FOREST
ARTHUR CURTISS JAMES ROBERT I. GAMMELL
JOHN J. PHELPS
WILLIAM M. KINGSLEY
LEWIS CABS LEDYARD
WILLIAM VINCENT ASTOR
WILLIAM STEWART TOD
LYMAN J. GAGE
CHARLES FRED. HOFFMAN
Power—Light---Gas
165 BROADWAY
NEW YORK
C. G. YOUNG
Engineering and Construction
ifinantiai
ATLANTIC MUTUAL INSURANCE COMPANY.
New York, January 22d, 1914.
The Trustees, in conformity with the Charter of the Company, submit the following statement of its affairs on Os
31st of December, 1913.
The Company's business has been confined to marine and inland transportation insurance,
Premiums on such risks from the lot January, 1913. to the 31st December, 1913
13,600,334 83
Premiums on Policies not marked of/ 1st January. 1913
767.030 94
Total Premiums
REPORTS FOR FINANCING
Bankers Trust Bldg., New York
$4,367,385 77 Alfred E. Forstall
,
53,712,60251
Premiums marked off from January 1st, 1913. to December 3Ist, 1913
Interest on the investments of the Company received during the year__2308,419 46
Interest on Deposits in Banks and Trust Companies, etc
39,877 94
Reut received less Taxes and Expenses
130,212 32
Losses paid during the year
Less Salvages
Re-Insurances
Discount
Plans, Methods, Examinations
Public Utilities and Industrials
Charles D. Robison
FORSTALL AND ROBISON
ENGINEERS
478,609 72
21.790,888 32
$233,482 06
320,813 71
47 68 554,343 35
Investigations and Appraisals of Gas and
Electric Properties for Owners or Financial
Institutions.
34 William St..
NEW YORK CITY
11.236,54497
Returns of Premiums
Expenses, Including officers' salaries and clerks' compensation, stationery, advertise- 3105,033 85
ments, etc
650,942 08
A dividend of interest or Six per cent on the outstanding certificates of profits will
thereof, or their legal representatives, on and after Tuesday the third of February next. be paid to the holders
The outstanding certificates of the Issue of 1908 will be redeemed and paid to the holders thereof, or
that
legal representatives, on and after Tuesday the third of February next, from which date
all Interest thereon
will cease The certificates to be produced at the time of payment and canceled.
A dividend of Forty per cent Is declared on the earned premiums of the Company for the year ending
31st
December. 1913 which are entitled to participate In dividend, for which, upon application, certificates will hi
Issued on and after Tuesday the fifth of May next,
By order of the Board.
O. STANTON FLOYD-JONES, Secretary.
TRUSTEES
JOHN N. BEACH,
SAMUEL T. HUBBARD,
CHARLES M. PRATT.]
ERNEST C. BLISS.,
THOMAS H. HUBBARD,
DALLAS B. PRATT,
WALDRON P. BROWN.
LEWIS CASS LEDYARD,
ANTON A. RAVEI.,
JOHN CLAFLIN
WILLIAM H.LEFFERTS.
JOHN J. RIKER,
GEORGE C. CLARK,
CHARLES D. LEVERICH.
DOUGLAS ROBINSON;
CLEVELAND H. DODGE,
GEORGE H. MACY,
WILLIAM J. SCH1EFFELIN
CORNELIUS ELDERT.
NICHOLAS F. PALMER.
WILLIAM SLOANE.
RICHARD H. EWART,
HENRY PARISH.
•
LOUIS STERN,
PHILIF A. S FRAN5CLIN4
ADOLF PAVENSTEDT,
WILLIAM A. STREET,
HERBERT L. GRIGGS.
JAMES H. POST,
GEORGE E. TURNURE.
ANSON W. HARD.
RICHARD H. WILLIAMS.
A. A. RAVEN, President.
CORNELIUS ELDERT, Vice-President.
WALTER WOOD PARSONS, 2d Vice-Prestdent.
CHARLES E. FAY, 3d Vice-President,
ASSETS.
United States and State of New York
Bonds
New York City and New York Trust
Companies and Bank Stocks
Stocks and Bonds of Railroads
Other Securities
Special Deposits In Banks and Trust
Companies
Real Estate cot. Wall and William Streets
and Exchange Piave, containing offices
Real Estate on Staten Island (held Under
provisions of Chapter 481,Laws of 1887)
Premium Notes
B Ils Receivable
Cash In !lands of European Bankers to
pay losses under policies payable In
foreign countries
Cash In Bank
Temporary Investmentn (payable tannery and February. 1914)
Loa*.
5670,000 00
1.783 700 00
2,737 412 00
282,520 00
1,000.000 00
4,299,426 04
75,000 00
475 727 45
1:05,89179
LIABILITIES.
Estimated Losses and Losses Unsettled
In process or Adjustment
51.806,024 00
Premiums on Untermlnated Risks
654,783 so
Certificates of Profits and Interest Un264,138 25
paid
Return Premiums Unpaid
108,786 90
Reserve for Taxes
28,905 88
lie-Insurance Premiums
221,485 06
Claims not Settled, Including Compensation, etc
70,799 43
Certificates of Profits Ordered Redeemed.
Withheld for Unpaid Premiums
22,556 09
Certificates - • Profits Outstanding
7,240,320 00
Mining Engineers and Geologists
COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
Drexel Bldg.
PHILADELPHIA
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.
505,000 00
10.000 00
TERMS.
s10.917,706 8'7
Thus$2,8:657 29
$51 22c
4
leaving a balance of
Accrued Interest on the 31st day of December, 1913, amounted to
Rents due and accrued on the 31st day of December, 1913, amounted to
28,378 28
Re-Insurance due or accrued, In companies authorized In New York, on the 31st day of December.
1913. amounted to
166.830 00
Unexpired re-insurance premium, on the 31st day of December, 1913. amounted to
55,903 22
Note: The Insurance Department has estimated the value of the Real Estate corner Wall and
William Streets and Exchange Place In excess of the Book Value given above, at
453773 00
6 ; 00 96
05
And the property at Staten Island In excess of the Book Value, at
!No Market Value of Stocks, Bonds and other Securities on the 31st day of December, 1913, exceeded the Compady's valuation by
1.268,075 10
H. M. CHANCE & CO.
177,881 39
636,465 49
513,259.024 16
a the basis of these Increased
inintng engineers
valuation. the oalruce would be
14,926.338 01
Price of the Review, bound in cloth-12.28
Parties desiring ten or more copies can
have their names stamped on the covers,
In gilt, at reduced prices.
Commercial & Financial Chronicle
138
Front Street, New .York.[
22
T I TE PACIFIC COAST
THE PACIFIC COAST.
At a time when the columns of the press are
so largely devoted to chronicling the events of a
great war, and attempting to prognosticate its
results; and when the financial journals are
chiefly concerned in discussing, and striving
to solve, the many and varied problems arising
from conditions created by a world disturbance
of such magnitude, there is no little satisfaction
in presenting to our readers an issue devoted to
so great an achievement of Peace as the Panama
Canal, and to a territory so pregnant with possibility in peaceful pursuits as the Pacific Coast of
the United States.
Departing from their usual custom, the publishers herein offer an edition which is, except
for the statistical departments, composed entirely of contributed articles. In arranging for each
of these articles dealing with conditions on the
Pacific Coast the publishers have sought, and
have been so fortunate as to secure, the co-operation of the individual to whom a concensus of
opinion pointed as best equipped and qualified
to deal with the special subject assigned to him.
The opinions of these contributors are based on
experience, not on theory.
As we have become familiar with these various
articles, during the process of assembling, co-ordinating, and preparing the edition for the press,
we have been particularly impressed by certain points of unanimous agreement in the
opinions expressed. As the articles cover a broad
range of activity, and emanate from minds working along widely diversified channels, such concordances are significant, and it Seems pertinent
to direct the reader's attention to them. It may
also be well to emphasize the fact that where our
contributors unite in a common opinion they are
in entire accord with those leaders of commercial
thought and activity who are directing the work
of intelligent development and substantial progress throughout the entire West Coast territory.
The first of these points in importance is, generally speaking, the last to be brought out in the
individual articles, namely: the secure confidence
with which the future is awaited—the dominant
note of optimism. It is not uncommon to hear,
from those but vaguely familiar with conditions
on the Pacific Coast, expressions of opinion to
the effect that affairs there are in a sad way;
that a revival of activity is remote, if not improbable. Such is not, in fact, the case. The
Pacific Coast may pause to permit of a re-adjustment of fundamental conditions. In its periods
of more strenuous activity, basic economic principles trail, breathless, in the wake of the impetuous optimism and headlong energy which
characterize its progress. Re-adjustments are
thus rendered necessary. Also, since no human
energy is absolutely indefatigable, prodigal expenditures of vital force necessitate occasional
recruiting intervals of relaxation. Thus, the
Coast may pause—must, indeed—but let none
be so fatuous as to believe that it will stop.
The Pacific Coast, in common with the rest of
us, has made its mistakes and is suffering for
them; the more keenly in that, during a normal
period of rehabilitation and adjustment, events
conspire to bring about a time of stress, when the
results of all mistakes are magnified, and made
peculiarly obvious and painful. That such mistakes are fully appreciated, and that constructive
minds are engaged in devising remedies, is the
second point which will become apparent in the
perusal of the subsequent pages.
The third is: the unanimous recognition of
the fact that the future influx of population
to the Pacific Coast must be diverted, to as
great a degree as possible, onto the land. Commerce may be broadly classified in three elementary divisions: Production, Conversion, and Merchandising, the first including only the development of natural resources and the actual creation of wealth, the second comprehending the
treatment of raw materials by manufacture, the
third involving the transfer of commodities between men or nations. Activity in the first of
these divisions distributes population over the
agricultural lands, through the forest areas, and
in the mountainous regions. The second and
third divisions create cities, either as industrial
centers or as logical points of transfer. Both of
the latter divisions being wholly dependent upon
the first, it is obvious that population should adjust itself accordingly. It is an economic error
to rear large cities on the edge of a great potentially productive territory, only a small percentage of which is fully developed. The Pacific Coast
logically falls into the first of the three divisions.
From the standpoint of its ultimate possibilities,
productive development of the Pacific Coast has
only been fairly begun, while its cities have grown
with an astounding and disportionate rapidity. Census figures show a much larger percentage of
urban population on the Pacific Coast today than
in other essentially productive areas in the United
States. The Coast may be termed, to coin a
phrase, "over-citied," for the time being. The
contemplated effort at diversion of population
onto the land will gradually correct the error,
and the result will be a sounder economic basis
throughout the territory.
The fourth point of unanimity to be noted is:
that land values on the Pacific Coast have advanced too far, and too fast. It is frequently remarked by those most actively engaged in the
Coast's permanent and sane development that
the incubus from which the territory has suffered most in the past has been the unscrupulous
real estate promoter, colloquially (but aptly)
termed "land shark." The operations of those
that prey on the credulous were there made so
easy and profitable by the alluring possibilities of
high returns from irrigated land, that their
business extended with such rapidity as to become a serious menace to the prosperity of the
territory.
Illustrative of what is being done on the Coast
to remedy the situation as regards land values,
and to discourage the further activities of the
"land shark," witness the sweeping reductions in
the price of raw land, and the restrictions re-
THE PACIFIC COAST
garding its sale, which have been instituted by
the railroads, and other large land holders, as
cited in a subsequent article. A recent decision of Judge Bean in a United States district court in Oregon is likewise apposite
for purposes of illustration. The case in point
was a suit brought by land purchasers against
the sellers, alleging misrepresentation of the
productive possibilities of the land. In deciding for the plaintiffs the presiding judge ordered the return of all payments on the contract,
together with the costs of the action, stating that
the sellers "must know what the land is good
for"; belief in its possibilities not constituting a
sufficient defense against the charge of misrepresentation. The decision will tend to restrict wild
exploitation and prevent sales at prices not based
on actual productive value. The adoption of
such drastic measures will do much to correct the
mistakes of the past, and eliminate the possibility
of their repetition.
Much of the publicity that has emanated from
the Pacific Coast has been unfortunate in character. Consisting largely of the propaganda of
the self-interested, it has been highly bombastic;
teeming with hyperbole. It has exaggerated all the
attractions, (inventing them when occasion demanded) and carefully avoided any mention whatsoever of any existing difficulties to be encountered. Its tendency has been to attract the invalid,
seeking a salubrious climate where an exceptional
fruitfulness of soil might offset impaired physical efficiency; the indolent, thinking to obtain
a maximum of return for a minimum of effort;
the incompetent, hoping that, where a benign
nature dispenses special largess, lack of ordinary
ability would not be so apparent, nor its results
co painful. Such types are a benefit to no community, least of all, perhaps, to the Pacific Coast,
where the tremendous amount of development
yet to be accomplished demands a little more than
an average man's-sized day's work from each inhabitant every twenty-four hours. The failures
of such deluded ones have added no small quota
to the disastrous results of the operations of the
"land shark."
Commercial organizations, variously designated, abound on the Pacific Coast. Many of these
owe their origin to the local activities of the traffic department of one of the transcontinental
railroad systems, which has indirectly profited
by fostering and encouraging them. While
these organizations have been laudably energetic and enthusiastic, they are frequently ineffectual, either because badly managed, or
because insufficiently informed as to the real
needs of the community which they were attempting to serve, or both. Of late, a number of
such organizations have undertaken to make a
serious study of conditions and conduct development and publicity campaigns with intelligence
and efficiency. These are performing a real service to their respective territories. They eliminate
misrepresentation, in so far as is possible, and endeavor, by presenting the real facts to prospective
settlers, to prevent an influx of indigents and
undesirables. The Coast wishes to increase, not
23
only its population, but also its thought units,
and units of energy per square mile.
The real work of development and progress
was begun, and is being continued, by men of the
largest physical and mental capacity. The hostile
Red-man, the weary miles of unknown desert,
the difficult mountain ranges, and other obstacles
encountered and overcome by the pioneers, precluded the possibility of any but the sturdiest and
most courageous reaching the Coast at all in the
days of early settlement. Such men have developed the Coast, and, conversely, the Coast developes such men. Undoubtedly climatic conditions are partially responsible, but there is
something deeper, more subtle, and more inspiring, at work at man-making on the Pacific Coast. The very vastness of the territory, its great distances, and the sense of limitless expanse which it engenders,seems to demand
mental expansion and expansiveness. Magnitude
is omni-present on the Pacific Coast. Its mountains are capped with eternal snows, while in its
fertile valleys, millions of acres bask in eternal
summer. The Coast mentions a chasm as worthy
of note; it is thirteen miles wide and a mile deep;
a waterfall; it has a sheer fall of half a mile. Trees
grow four hundred feet high, and, through apertures made in their base the Coast drives its coach
and four. Comparisons superimposing a considerable group of the European countries, with a
number of our eastern states thrown in for good
measure, on one of the Pacific Coast states, and
still leaving a respectable margin, have been worn
threadbare to odium. None the less the physical
bigness of things is inspirational, and has its own.
peculiar effect on those to whom such wonders
are the commonplaces of their immediate surroundings. Take at random some of the figures
which will be found on the ensuing pages: six
hundred continuous miles of high tension, steel
towered, transmission line; five hundred and fifty
thousand horse power; four billion, three hundred
million barrels of oil; fifteen hundred and twelve
billion, nine hundred million feet of standing timber. The business man of the Pacific Coast must
not only deal constantly in such figures in the
regular course of routine work; but, to transact
his business intelligently, he must be able to comprehend them and their significance. Small wonder that he expands in imagination, looks far into
the future, and falls into an expansive habit of
mind. Nor can he be severely censured if he
grows to be rather cavalier in his treatment of 1.3
inches, or tupence ha'penny.
Rome has sat for centuries on her seven hills,
and seen the westward march of empire reach
and pass her; Seattle, finding herself somewhat
similarly located topographically, decided that
hills were bad for business. Visioning an empire
to come, she temporarily removed herself from
her hills and proceeded to dispense with them by
means of the most abundant available commodity
—water. The hills were sluiced away onto
the tide-flats, where they make excellent factory sites. In replacing herself on the leveled
land, Seattle demands quarters so modern that
they include a forty-two story office building.
THE PACIFIC COAST
On the hot ashes of one of the most dire municipal disasters in history, San Francisco began
her rehabilitation, and in six years has completed
it. It requires a search to discover traces of the
fire in the bright, modern metropolis at the Golden Gate. These instances are cited only as typical, not as unique. The spirit is the same throughout the entire territory, and even the smallest
communities are performing feats proportionately as startling.
The reticent and reserved may take exception
to the easy familiarity and blatant local pride of
certain types; the ultra-conservative may deprecate the proclivity of certain others to deal continually in extravagant figures and superlatives;
there are extremes of every type, and there is logical reason for such idiosyncracies. Speaking by
and large, the man that the Coast develops is lovable, stimulating, and wholly admirable. He lives
in the open air and sunshine, does big things in a
big way, as a casual matter of course, and he is
not afraid.
Thus we find, through those who speak for it,
that the Pacific Coast faces the future with confident optimism. Proud of itself and of its past
achievements, it nevertheless fully realizes its
mistakes and is endeavoring to rectify them in
the most reasonable manner. It seems to be a
generally accepted fact, that further immediate
development should be along the lines of production—the increasing creation of wealth. To those
working intelligently, conscientiously, and persistently along this line, there is no section of our
land that offers a more attractive field.
To the shirker there is nothing offered, west of
the Rockies, other than the usual emolument accruing to the indifferent and inferior worker. To
the average man, the Coast territory holds forth
the certainty of a generous reward for earnest
endeavor. But to him in whom lies, either latent
or developed, the germ of true commercial greatness; who can think in more than eight figures,
and build for more than a hundred years; the
one man in ten thousand who may, perhaps, reclaim another Imperial Valley, or bridge another
Great Salt Lake—to him there opens a field of
limitless possibilities presenting problems and
struggles to delight his soul. If he will go to the
Coast and identify himself with it; permit the
Coast to develop him along the lines that it does
develop men; become inoculated with that indomitable spirit that fires those that dwell within its
boundaries; make their people his people, and
their God his God; take his share of the great
work, and solve his share of the great problems;
give to the Coast his best, unselfishly, and with
true patriotism;—to him the Pacific Coast will
return lavish measure of honor and gratitude,
and, incidentally, the ransom of a hundred kings.
W
•
•
SEATTLE'S NEW SKYSCRAPER AND MOUNT RAINIER
Copyright 1914, by Curtis 6 Miller.
THE PANAMA CANAL AND THE PACIFIC COAST
THE CANAL AND THE PACIFIC COAST.
FROM a commercial point of view, the main object of
undertaking such a work as the Panama Canal is, of
course, the shortening of distances for oversea traffic.
It is abvious that, given a line of steamships running
between two ports, great benefit will arise if the distance to be traversed is halved or considerably reduced. Here it is proposed to make an attempt to
estimate the effect of the Panama Canal upon the
trade of the Pacific coast of the United States and
Canada with Great Britain. The following figures
show the saving of distances which will be made by
English vessels and vessels of the east coast of the
United States when making voyages to Pacific ports.
Seattle is, of course, a United States port, but, as it
is close to Vancouver, the figures relating to it may
be taken as applying to Canada also:—
New York. New Orleans. Liverpool.
To Seattle by Magellan.13,953
To Seattle by Panama. 6,080
14,369
5,501
14,320
8,654
Distance saved .... 7,873
8,868
5,666
New
New York. Orleans. Liverpool.
To San Francisco by Magellan 13,135
13,551
13,502
To San Francisco by Panama. 5,262
4,683
7,836
Distance saved
7,873
8,868 •
5,666
l'hus it will be seen that New York and New Orleans
gain a much greater advantage than Liverpool. On
the other hand, Jamaica and the other West Indian
islands will be brought much nearer the Pacific
coast, and, what is a far greater benefit, they will
find themselves upon a main trade route instead of
being, as hitherto, in a cul-de-sac.
From the commercial point of view, trade in the
United States ports is the most important to Great
Britain, not merely because of the volume of trade
between the Western States and Great Britain which
goes by sea, but because of the much larger population in the vast districts tributary to San Francisco
compared with the population of Western Canada.
The population of the three Pacific American States
was over 4 millions in 1910, while more than 22
millions were enumerated in the eight adjacent
mountain States; whereas there were less than 114
/
millions in 1911 in the whole of British Columbia, Alberta, Saskatchewan, and the North-West territories. The following table shows, moreover, that
though Canada's trade from the Pacific to this country is relatively large, it is now much smaller than
from American ports:—
NET TONNAGE OF SHIPPING ENTERED AND CLEARED IN BRITISH
PORTS FROM CANADA AND THE UNITED STATES IN 1912.
Entered.
Cleared.
Canada—
Tons.
Tons.
Atlantic ports
2,688,448
2,578,993
Pacific ports
93,850
57,618
1J. S. A.—
Atlantic ports
8,451,803
8,806,192
Pacific ports
184,013
115,088
Thus the Canadian Pacific shipping is a larger proportion of the whole, but is not so large as our trade
with San Francisco and Puget Sound.
The critical point, however, is not the amount of
shipping that now passes between this country and
the Pacific, but the amount that will do so when the
Canal is open. And in this connection it should be
pointed out that there has been a marked decline in
shipping between this country and American Pacific ports, and this for two reasons. In the first
25
place, the competition of trans-continental routes has
no doubt diverted traffic from the slow journey round
the Horn, and in the second, the export of Western American corn, which was the staple cargo of the
old sailing ships from California to Liverpool, has
been partially absorbed by the home market. In
view of this latter consideration it is a very open
question whether the shortening of the journey will
succeed in attracting larger quantities of Californian
wheat to Great Britain. Puget Sound is also the
outlet for timber from the State of Washington,
which produces more than any State of the Union,
while California is easily the largest petroleum producer in the States. These two commodities are
badly needed by this country, and though it is
doubtful whether the tolls will be light enough to
make it commercially feasible to bring lumber
through the Canal, it is quite possible that California
might send some of its oil via Panama. The trade,
however, which is most certain to be stimulated by
the shortening of the route is that in fruit, which
is one of the chief products of the Pacific coast. The
Canal will bring this fruit area as near by sea to the
British market as is South Africa.
In the other hand, the growing population of these
States affords a market for British goods which has
been appreciably affected by the reduction of the
tariff.
The effect that the Canal may have upon Canada
is, naturally, of paramount interest to Englishmen.
One of the main industrial features of the present
time is the development of the western portions of
Canada, and these are certain to make abundant use
of the Canal. Recently, Dr. Vrooman read a paper
before the Royal Colonial Institute in which he took
a very sanguine view of the country and the advantages which it will derive from the Panama
Canal. "Two thirds," he said, "of the future products of Canada are tributary to the western sea."
There is no doubt that Alberta and Saskatchewan
might easily produce five times as much grain as
they are now doing, and may probably do so in the
not distant future. Such an estimate is not merely
an exercise of the imagination, as is too often the
case in forecasts of alleged coming countries; the
unoccupied lands are of exactly the same quality as
the productive lands, and a stream of immigrants is
pouring in; thus the production of Western Canada is
certain to increase by leaps and bounds. It is esti
,
mated that Alberta has one hundred million of acres
suitable for agriculture and less than three million
are under cultivation. Saskatchewan, which is
considerably larger than France, saw its population
increase from 91,000 to 492,000 between 1901
and
1911. It has about eight million acres under
cultivation. It is practically certain that these two provinces will ship their grain entirely from Pacific
ports when the Canal is opened. Dr. Vrooman
urges
the people of Canada to be prepared for the
vast increase of traffic which he believes is imminent.
He
estimates that to make adequate docks at
Vancouver
will take twenty years, and is anxious that
works
shall be at once begun of "sufficient dignity
and importance." Unfortunately, the people of
Vancouver
do not seem to be awake to the situation.
In contrast
with this, the port of Los Angeles, which
aims at be-
26
THE PANAMA CANAL AND THE PACIFIC COAST
coming the leading port of the coast, has pledged
itself to spend $18,000,000 on its harbour by 1918.
But, whether the main traffic passes through the ports
of Canada or North America, there can be no doubt
that a large proportion of it will pass through the
Panama Canal. Another circumstance may be noted;
in 1912 only one sailing ship oalled at Vancouver,
and thus practically none of its shipping is inseparably tied to the Magellan route.
San Francisco exports to Great Britain produce
valued at £1,500,000 and much of this is likely
to go through the Canal, especially as a considerable
proportion consists of fruit, salmon, and other canned
goods, which will be the better for a quick passage.
The figure given above, of course, only refers to seaborne trade; by far the largest part of California's
exports goes by land, and much of this will, in future, be railed to the Pacific and help to swell the
Canal traffic. San Francisco will grealy benefit by
the Canal. The last Consular Report says: "It is
reported that various steamship companies—British,
German, Japanese, and others—are making arrangements to run lines through the Panama Canal and
make San Francisco one of their ports of call." It
is also anticipated that a good many of the emigrants
will arrive by Panama, thus avoiding the expensive
railway journey from eastern ports. There is, in
fact, every reason to expect that the Pacific coast of
North America will contribute very largely to the
traffic of the Panama Canal, which must inevitably
depend for its success mainly upon San Francisco,
Los Angeles, and Vancouver. At present the South
American coast is not likely to do very much for it.
The competition of the Magellan route will remain,
and doubtless will be formidable in the case of lumber and other bulky articles, but the distance is so
enormous that Panama can hardly fail to have the
preference in most cases, provided that the Canal tolls
are reasonable. As regards Oriental ports, the Suez
Canal will be, in some sort, a competitor. The Panama Canal will only bring New York 350 miles nearer to Hong Kong, while Great Britain is 1,600 miles
nearer that port via Suez than via Panama. So far
as the frozen meat trade from Australasia is concerned, shipowners declare that they will make no
change in their arrangements in spite of the saving
of distance by coming via Panama; for they prefer
the colder, and consequently cheaper, route. The
Canal route from the Antipodes involves a long slanting journey through the tropics, whereas the route
from New Zealand via the Horn takes the shortest
possible route across the equator. Since logs of most
ships show that when water is entering the ship at
84 degrees F. the refrigerating machinery has to be
kept going for 12 to 15 hours a day, against 9 hours
a day when the water is entering at 57 degrees F., it
is clear that the new route would involve additional
expense in addition to the tolls levied for the use of
the Canal itself.
Again, a formidable competitor will be the Tehuantepec Railway, which, opened in 1907, runs from
Puerto, Mexico,in the Gulf of Mexico, to Salina Cruz,
on the Pacific. The through traffic on this line is
rapidly increasing, and now amounts to over 700,000
tons yearly. It carries more than double the freight
of the Panama Railway, and the figures of the lat
ter are swollen by Canal material, which will soon
cease. The following figures show the difference between the Mexican and the Panama routes:—New
York to San Francisco, via Mexico, 1,173 miles
shorter; Liverpool to San Francisco, via Mexico, 609
miles short&; New Orleans to San Francisco, via
Mexico, 1,767 miles shorter. But as regards many
kinds of merchandise, the Mexico route is likely to
compete successfully with the Canal. A writer in the
Economic Journal estimates the annual cost of the
Canal, including sinking fund, at 21 million dollars.
"A liberal estimate of receipts from tolls, based on the
tonnage of vessels which might have used the Canal
in 1909-10, had it then been in existence, places the
revenue at something over $6,000,000 per annum.
Therefore, even without taking into account any increase in operating expenses with increased tonnage,
the business of the canal must grow to three and a
half times the estimated volume of 1919-10 before
a profit can be realised." At one time a far more
gloomy view was taken of the probable receipts. The
eminent United States traveller, Colonel Church,
speaking before the Royal Geographical Society,
said: "I may say that, with a year of labour, I ana
lysed all the commerce that would possibly go
through the Canal if it were open to-day, and I
could not make it a million tons." Certainly, this is
an underestimate, but it is important to notice the
contentions that only 6 per cent. of the area of South
America lies on the Pacific slope of the Andes, and
that the North American railways may be able to
carry freight as cheaply as a ship can carry it from
San Francisco to New York by way of Panama. The
Canal also will be handicapped, and the United
States will be handicapped in their use of it, as long
as their mercantile marine continues on its present
small scale. Mr. Vaughan Cornish has remarked:
"There is at present some ground for the extreme
opinion sometimes expressed in the United States
that the Canal is being built with American money
for the use of Europe—and,one may add, of Japan."
The Canal,in all probability, will disappoint many
expectations, for it is such a great work that great
results are expected from it, and these can hardly be
expected under the present conditions; there must be
material to work upon. It should be remembered
that a mere saving of distance is not enough to make
a waterway successful. To compare small things
with great, the Corinthian Canal is little used, although it effected a very considerbale saving of distance. But the Canal will have the advantage of
serving, in Western Canada, a country which must
be one of the chief granaries of the world, and cannot fail to grow very rapidly in population and productiveness. Whereas Panama is not now on a trade
route, unless the comparatively insignificant one
from San Francisco to Valparaiso may be so described, it will hereafter stand on the convergence
of two routes—that from Europe and that from
New York—and these two will radiate from Panama into the Pacific to the north and south coasts,
and also to Japan, China, and Australasia. It!nay be
long before the tolls become remunerative, but its
immediate effect upon commerce will be stimulating, and eventually the Isthmus is likely to become
one of the busiest resorts of shipping upon the face
of the globe.
THE PANAMA
CANAL
The Panama Canal Its History and Construction
By ISHAM RANDOLPH, C.E., D.E.
Member of the Board of Consulting Engineers for the Panama Canal. Member of the Advisory
Board of Engineers 1909. Chief Engineer of the Chicago Drainage Canal During Entire
Period of Construction 1893 to 1907. Consulting Engineer 1907 to 1913.
The Panama Canal is an accomplished fact!
A section has been torn from the backbone of the
Isthmus and the shores, which since time began
have stayed the proud waves of the Atlantic of
the North and held back the swelling tides of the
Pacific on the South, have been cleft to receive
the sweet waters of an inland sea, pent up by man
and by him to be loosened at his pleasure. The
Chagres River is a submissive captive and the
way from ocean to ocean has been shortened for
the toilers of the sea by eight thousand four hundred and nineteen miles. Such is the fact but there remains an antecedent history to that fact, and a part of that
history is dependent upon "the testimony of the
rocks" which testimony the geologists assume
to read and impart the facts to their lay brethren.
But there are "faults" in rocks and it follows
that if there be faults in the text, there must be
faults in its rendering by the savant who undertakes it. I think that the rocks of Panama have
baffled the geologists and kept their age old
secrets and will keep them until time shall be no
more. Only "He who knoweth all things" can
tell when and how there came to be the narrow
strip of land which serves as a bridge joining the
two continents of America.
We know that it exists and white men found
it out only 422 years ago. And when they found
the Isthmus they found it inhabited by a people
of different hue and different characteristics, and
today we no more know how these people came
to be upon it than we know how the Isthmus
came to be a barrier between the world's greatest
oceans.
He who essays to write history which antedates his own existence, or if it be contemporaneous and not coming within his personal knowledge, is dependent upon what others have written
or what they have told him, for what he accepts
as historic fact and records as truth to be
accepted by those who come after him. The
historian should be a delver after truth; old
archives should be studied and the weight of
evidence carefully considered in the light of
reason and of probability before ancient history
is presented to modern credulity and modern history should stand the test of rigid cross-examination; its witnesses should have their veracity
tested by the most rigorous standards.
But some who write of history need not be historians in the strict sense of the term, for the
work has often been so well done by others that
he can "reap where he has not sown" and gather
of the harvest made ready for him, and that is
my fortunate situation with regard to all the
ancient and some of the modern history of
Panama.
For the purposes of this paper, ancient history
long drawn out is unessential but ancient history
epitomized meets its needs fully; and most admirably have these needs been anticipated by the
report of the Isthmian Canal Commission of
1899-1901, Chapter 2, pages 18 to 43. But much
THE FIRST STEAMER TO PASS THROUGH THE PACIFIC LOCKS.
THE PANAMA CANAL
29
of what is there recorded is irrelevant and beyond the scope of this paper.
Moreover, if the facts of the text can be presented in fewer words to meet our need, that
economy in language will be practiced.
profit was, in 1597, transferred to Porto Bello.
This highway was paved and, according to some
accounts, it was only wide enough for riders and
beasts of burden, but Peter Martyr says that two
carts could pass one another upon it.
"When Columbus left Spain in 1502, on his fourth and
last voyage, his intention was to go still further westward
and endeavor to find a strait that would lead to India. He
would thus complete his great discovery and demonstrate
the correctness of the theories upon which his expeditions
had been undertaken. He reached Honduras and followed
the coast line to Darien, but long-continued and severe
storms, the hostile attitude of the Indians, and the discouragement of his followers interfered with his plans and
progress, and with sorrow and regret he turned toward
Hispaniola with his shattered ships before he had accomplished the long-hoped-for result, in which, however, his
faith was not abated. When he died on the 26th of May,
1506, he was still fully satisfied that his discoveries were
In the eastern part of the Old World, and never fully realized the extent and grandeur of his achievements."
"The value of this interoceanic communication increased
every year. After the conquest of Pizarro vast quantities
of gold and silver were brought from the mines of Peru
to Panama, carried across the Isthmus on the King's
horses, kept for that purpose, and transported from the
eastern terminus of the paved way in royal galleons to
Spain."
"The importance of a maritime connection and the discouraging results of the efforts to discover a natural channel between the two oceans suggested to many minds
the idea of a ship canal. * *
According to one
authority, Charles V. directed that the Isthmus of Panama
be surveyed with this purpose in view as early as 1520.
In February, 1534, a royal decree was confirmed directing
that the space between the Chagres and the Pacific be
examined by experienced men, and that they ascertain the
best and most convenient means of effecting a communication between the navigable waters of the river and the
ocean and the difficulties to be met in the execution of
such a project. The Governor, Pascual Andagoya, reported
that such a work was impracticable, and that no king,
however powerful he might be, was capable of forming
a junction of the two seas or of furnishing the means of
carrying out such an undertaking."
The early discoverers were all searching for a
strait giving direct passage to the East (Cathay).
Finally they came to the realization of the fact
that a new world had been discovered and the
strongest confirmation of this fact was afforded
"in September, 1513, by Vasco Nunez de Balboa,
then governor of a province in Darien known as
Castilla del Oro," who organized an expedition to
go in search of a "great sea, beyond the mountains," of which the Indians had told him.
"He crossed from Santa Maria de la Antigua, the capital
of his province, a city founded in 1509 or 1510, near the
Atrato River, to a point near Caledonia Bay, where Ada
was afterwards built; thence he proceeded with a considerable force of Spaniards and Indians across the divide,
and on the 25th day of the month reached a high ridge
above the gulf which he named San Miguel. Advancing
beyond his companions to a favorable elevation, he was
the first European to behold the great ocean to the south,
which he called the South Sea, from the direction in which
he viewed it." "Four days later he entered the sea and
with great ceremony claimed it by right of discovery for
his royal master, the King of Spain."
The narrative goes on to tell of Balboa's ambition to discover yet more lands; how he caused
the timbers for four brigantines to be framed on
the Atlantic coast; how he compelled the natives
to transport these timbers to the Pacific Coast;
how the first lot of timbers was swept away by
flood; how he again caused the timbers for
four brigantines to be framed on the Atlantic
coast and transported by the natives to the Pacific to be successfully framed and launched.
This was cruel and deadly work for the Indians
and "Bishop Quevado testified before the Spanish
Court that 500 poor wretches perished in this
work, while Las Casas says the deaths were
nearer 2,000 in number." But Balboa was superseded by Pedro Arias de Avila, better known as
"Pedrarias." The jealousy of the supplanter
caused him to charge Balboa with treasonable
conduct and after a form of trial he was condemned and beheaded in the latter part of 1517.
Thus was meted out to him the decree promulgated after the ark rested on Mount Ararat,
"Whoso sheddeth man's blood by man shall his
blood be shed."
The city of Panama was commenced in August,
1517, and in September, 1521, it was made a city
by royal decree, with special privileges and a coat
of arms. It became the Pacific terminus of a
line of posts and a road was at once constructed
via Cruces on the Chagres River to Ada, which
was the Atlantic port until the distinction and the
Enough history has now been quoted to show
that the seed of the Panama Canal was sown 394
years before the canal bloomed into existence.
Was there ever another aquatic plant of such
slow growth?
The City of Panama was captured by Sir
Henry Morgan in February, 1671, and on the
24th day of that month it was burned. Two
hundred and forty-one years and one day later
the present writer saw the ruins and took pictures of some of them.
The present city of Panama occupies a site
about seven miles west of the original city and it
was commenced January 21st, 1673. This I
learn from the "Canal Zone Pilot."
But to return to my text book. On page 28, I
read:
"No actual progress in the way of establishing a maritime communication from the Atlantic to the Pacific had
been made during the three hundred years of Spanish
occupation. Baron Von Humboldt, who visited New Spain
about this time and took a great interest in this subject,
deplored the lack of accurate knowledge of the physical
features of the isthmian country. * * * The publications of Humboldt were extensively read and revived the
Interest of the commercial nations of the world in this
subject. The Spanish Cortes was aroused to action and in
April, 1814, passed a formal decree for the construction
of a canal through the peninsula for vessels of the largest
size and provided for the formation of a company to
undertake the enterprise, but it led to no results and
Spain's opportunities to obtain the glory of opening this
great highway for the commerce of the world terminated
in 1823 when the last of her Central and South American
provinces succeeded in establishing their independence."
I could go on quoting from the chronicles to
which I have resorted for my ready made history many interesting statements but I do not
think it well to burden this paper with a record
of all of the abortive attempts to bring about the
building of an Isthmian Canal between 1814 and
1869: and I only resume at the latter date because the data about that period gathered by
Commander Selfridge and reported to the Congress of the United States were brought to my
attention some time in the mid-nineties.
The demand for transportation facilities
across the Isthmus became so imperative that
capitalists determined to build a railroad and
reap the harvest which their shrewdness foresaw. In May, 1847, one Mateo Kline secured
30
THE PANAMA CANAL
a franchise for such a railroad and in December,
1848, this franchise was transferred to Aspinwall, Stephens and Chauncy who, with their associates, organized the Panama Railroad Company, commenced work in 1849, and opened
the road for traffic early in 1855. The Atlantic terminus on Limon Bay was Aspinwall—
later the name was changed to Colon—and the
Pacific terminus was Panama. The length of
the road was 47% miles. Tradition has it that
in building this railroad, a life was sacrificed
for every cross tie in it, so great was the mortality among the workmen. Were this tradition
true, it would mean that the road cost about
150,000 human lives in the six years spent in
building it. In fiat contradiction of the tradition is the fairly well authenticated fact that at
no time were more than eight thousand men
employed in building the road. It is interesting
to note that the ties used in building the Panama
Railroad were of lignum vitae, and that they
were still in use after nearly sixty years' service when the rising waters of Lake Gatun buried
them from sight.
In 1869 General Grant became President of
the United States and in his first message to
Congress "commended an American canal on
American soil to the American people."
"Congress promptly responded to this sentiment by
adopting a joint resolution providing for further explorations of the isthmus by officers of the Navy, and Admiral
Ammen, as Chief of the Bureau of Navigation, was authorized to organize and send out expeditions for this purpose.
In March, 1872, a further resolution was adopted for the
appointment of a commission to study the results of
the explorations and to obtain from other reliable sources
all available information regarding the practicability of
the construction of a canal across the American continent.
The President appointed on this Interoceanic Canal Commission Gen. A. A. Humphreys, Chief of Engineers, United
States Army; C. P. Patterson, Superintendent of the Coast
Survey, and Commodore Daniel Ammen, Chief of the
Bureau of Navigation of the Navy."
In February, 1876, "after long, careful and
minute study of the several surveys of the various routes across the continent," this Commission reported
"that the route known as the 'Nicaragua route' beginning
on the Atlantic side at or near Greytown; running by canal
to the San Juan River; thence * * * to * * *
Lake Nicaragua, from thence across the lake and through
the valleys of the Rio del Medio and the Rio Grande to
* * * Brito, on the Pacific coast, possesses, both for
the construction and maintenance of a canal, greater advantages and offers fewer difficulties from engineering,
commercial and economic points of view than any one of
the other routes shown to be practicable surveys sufficient
in detail to enable a judgment to be formed of their
respective merits.
This report was not transmitted to Congress
until April, 1879, when it was called for by a
resolution of the Senate. It is in print as "Senate Ex. Doc. No. 15 46th Congress, First session."
Having back of him French support, Lieut.
L. N. B. Wyse, in May, 1876, entered into a cona
tract with the Columbian Government to build
of the Republic. In
canal across the territory
and exMay, 1878 this contract was so modified
s the exclusive
tended as to give the promoter
of
privilege, for a period of ninety-nine years,
original
constructing the canal covered by the
ons
contract without any restrictive stipulati
and
other than those safeguarding the rights
Panama Railroad. The general
property of the
route of the proposed canal was to be determined
by an international congress of engineers to be
assembled not later than 1881.
Accordingly, the International Scientific Congress convened in Paris in May, 1879, with a
membership of 139 and their decision was in
favor of the route from Colon (Aspinwall) to
Panama.
The Wyse concession was transferred to "La
Compagnie Universelle du Canal Interoceanique
de Panama," better known in the United States
as the Panama Canal Company. Ferdinand de
Lesseps was President. The Wyse concession
was purchased from its holders by this new company with the high sounding name for 10,000,000
francs. The purchasers then proceeded to sell
600,000 shares of stock of 500 francs each.
Two years were devoted to surveys and examinations and preliminary work. The plan
adopted was for a sea level canal 72 feet wide on
the bottom and a navigable depth of 29.5 feet.
The volume of excavation computed for this
canal was 157,000,000 cubic yards. The center
line elevation at the summit of the Culebra cut
was 333 feet above the sea level. The cost of
this plan as estimated by DeLesseps in 1880 was
con$127,600,000.00 and the time required for
eight years. Work on this
struction was given as
time Deproject continued until 1887. By that
fact, which had long been
Lesseps had to admit a
with the remanifest to others, namely; that
could not be carsources available, the canal
provisional
ried through at the sea level. A
of canal for
change was made to a lock type
to be
which the water for the summit level was
plan
provided by pumping. Work under this
bewas carried on until 1889 when the company
judgcame bankrupt and was dissolved by a
l Civil de la Seine" on Febment of the "Tribuna
was apruary 4th of that year and a liquidator
to take charge of its afpointed by the court
fairs. The liquidator gradually reduced the
force employed and suspended work May 15th,
1889.
He thereafter appointed a "Commission d'
etudes" composed of eleven Frenchmen and foreign engineers with Inspector General Guillemain, director of the Ecole Nationale des Ponts
and Chaussees, at its head. The Commission
made a study of the entire project and on May
5th, 1890, submitted a plan for a lock canal
which they estimated would cost $112,500,000.00
to complete and suggested that to cover the cost
of administration and financing, this estimate
should be increased to $174,600,000.00. The old
company and the liquidator had by sale of stocks
and bonds raised $246,706,431.68. The face value
of the securities issued to raise this money was
$435,559,332.80. The number of persons holding these securities was over two hundred thousand. There had been excavated in all about
72,000,000 cubic yards and there had been purchased and transported to the Isthmus an enormous quantity of machinery and other equipment valued at $29,000,000.00. The scandals
connected with the old company led to the prose-
THE PANAMA CANAL
31
On January 6th, 1900, the Commission sailed
cution and conviction of DeLesseps and other
from New York for Greytown, Nicaragua.
prominent persons.
As the outcome of its studies, the Commission
In 1894, the New Panama Canal Company was
took over all of the canal property submitted its report to the President under date
organized and
except the Panama Railroad shares which were of November 16th, 1901. This report presents
held for its benefit. Work was resumed on a estimates of quantities and cost of four "other
small scale and continued until June 30th, 1899, possible routes" but concentrated its work on the
by which time the additional excavation amount- Panama and Nicaragua routes. The other posed to about 5,000,000 cubic yards and the addi- sible routes and their estimates of cost were:
tional expenditures to about $7,000,000.
The Sassaedi route
$263,340,000.10
Aglaseniqua route
283,440,000.00
The interest of the United States in an IsthCaledonia route
320,040,000.00
mian Canal was manifested by an act of ConSan Blas route
289,770,000.00
gress, approved March 3rd, 1899, authorizing the
I will digress here to make a few personal
President to appoint that Commission from statements
in regard to the San Bias route, or
whose report I have quoted. The men selected as it was first named to me
prior to the submisby President McKinley for this important sion of this report, the Darien Mandinga route.
task were: John G. Walker, Rear Admiral, About the year 1896 during
the construction
United States Navy, President; Samuel Pasco; period of
the Chicago Sanitary & Ship Canal, a
Alfred Noble; George S. Morrison; Peter C. Chicago
attorney, named Bliss, called on me and
Hains, Colonel United States Corps of En- told
me that he had become much interested in
gineers; William H. Burr, 0. H. Ernst, Lieut. Colreading Commodore Selfridge's report on his
onel, United States Corps of Engineers; Lewis M. Isthmian
Canal investigations and he asked me if
Haupt; and Emory R. Johnson.
I thought a ship tunnel, such as Selfridge sugThe members of the Commission convened in gested, seven miles long was practicable. I told
Washington on June 15th, 1899, and immediately him that my answer would depend upon
the
began the work for which they were appointed. character of the material through which the
tunThe scope of their investigations embraced the nel was to be bored. He could not tell me what
following subjects:
material would be encountered.
1. The Nicaragua route.
Later on, Capt. Robert Wainwright of the
2. The Panama route.
3. Other possible routes.
First United States Cavalry, called on me one
4. Industrial, commercial and military value of an intermorning and introduced his father-in-law, Genoceanic canal.
5. Rights and privtleges.
eral Charles Serrell, a retired engineer officer,
Later in the division of the duties, number one who was desirous of seeing our work. I took
was assigned to Mr. Noble, Mr. Burr and Colonel them both over the work and they were
Hains; number two to Mr. Burr, Mr. Morrison greatly interested. As we were returning to Chiand Lieut.-Col. Ernst; number three to Mr. Morri- cago, General Serrell said to me: "I will tell you
son, Mr. Noble and Col. Hains; number four to now why I wanted to meet you. I wish to talk
Mr. Johnson, Mr. Haupt and Mr. Pasco; and num- with you about a sea-level canal." "Yes," said I,
ber five to Mr. Pasco, Lieut.-Col. Ernst and Mr. "a sea-level canal with seven miles of tunnel on
Johnson.
it." He seemed surprised and asked what I knew
To follow these gentlemen through the ramifi- about it. I told him of my talk with Mr. Bliss.
cations of their researches would be to trans- "Well," he said, "I can tell you what the mouncribe their report which will not be attempted tain is made of; it is granite and the length of
and only very prominent features of it will be the tunnel will be only four and a half miles;
noted.
and the distance from tide water to tide water
At a very early stage of their activities, the only twenty-one miles." He went on to say that
Panama Canal became prominent. The new he had in his possession the notes of the survey
Panama Canal Company made overtures looking made for and at the cost of Mr. Frederick Kelley
to a sale of their bankrupt enterprise. The Com- of New York and these notes he wished to submit
mission visited Paris, sailing from New York, to me and have me examine them. He did subAugust 9th, 1899. Upon reaching Paris, the mit them to me and they were in good preservaCanal Company displayed its wares, giving the tion and had all the ear-marks of authenticity. I
Americans free access and every facility for ex- also went over estimates of quantities and unit
amining maps, plans, profiles and all other data prices applied to the work.
relating to the Canal, of which it was possessed.
General Serrell enlisted the active sympathy of
Mr. Maurice Hutin, the Director General, and Mr. Senator Scott of West Virginia and Mark Hanna.
L. Choron, the chief engineer, as well as the I corresponded with Senator Scott in regard to
other officers of the company, extended every the matter but had no communication with Sencourtesy to the visitors and afforded all needed ator Hanna. Both Senator Scott and General
assistance. A special meeting of the Comite Serrell advised me that they had aroused PresTechnique was also called to give the Commis- ident McKinley's interest in the project. The
sioners such oral explanations as they might de- President died, Mark Hanna died, and the last
sire. After making all needed investigations the time I saw Senator Scott he was still firm in his
Commission returned to New York, sailing from conviction that the government had made a mistake in not taking up this project.
an English port on September 29th, 1899.
32
THE PANAMA CANAL
To go back to the report of the Commission,
from page 51, I quote:
"The Kelley examination, starting from the Pacific, was
carried with level and transit up the Chepo and Mamoni
rivers across the summit to a point on the Carti, following the valleys of these streams. The Selfridge surveys,
starting from the Atlantic side, were carried with level
and transit up the Mandinga River, across the divide, and
up the Nercalagua River nearly to the divide, while barometrical reconnaissances were made up the Carti River
overlapping the Kelley survey. This is the narrowest
place on the Isthmus, it being less than thirty-one miles
from shore line to shore line and only about two-thirds of
this distance from the Atlantic to tide water in the Chepo
River. Furthermore, the Pacific harbor is quite as good
as that at Panama, while Mandinga Harbor, in the Gulf of
San Blast at the northern end of the route, is all that could
be desired."
The Commission, in investigating the cost of
the San Bias project, figured the tunnel at $22,500,000 per mile, an estimate far exceeding my
own computations. They used a unit price of $5.00
per cubic yard for excavation, which would be all
right for headings, but the great bulk of the excavation should be done for about $2.00 per cubic
yard. They figured on lining the entire tunnel
with concrete five feet in thickness, estimated
to cost $10.00 per cubic yard.
However, even at the excessive unit costs applied in the Commission's report, the cost of the
San Bias route would have been close to $100,000,000 less than the cost of the Panama Canal
has proven to be. The question would be debatable as to the comparative merits of 4.5
miles of ship tunnel and 1.54 miles of locks.
If the world should need another canal across the
American Isthmus, the San Bias route would be
very tempting, and owners of a canal at sea
level with a tunnel of 4.5 miles and a total length
of twenty-one miles from tide water to tide water
might justify a claim of superiority for their
waterway over our waterway of thirty-five miles
from tide water to tide water with an intermediate stretch of water elevated eighty-five feet
above the sea level.
With this brief digression, I will resume the
narrative derived from the report of 1899-1901.
That report disposes of "other possible routes"
and concentrates on Nicaragua and Panama. On
page 173 of the Report, they make a comparison
of these rival routes:
ter the cost of acquiring the rights and property of the
New Canal Company. This Commission has estimated the
value of these in the project recommended by it at
$40,000,000.00."
In the chapter devoted to maintenance and
operation, the Commission arrives at the conclusion that this charge will be for
$3,300,000 per annum
Nicaragua route
2,000,000 per annum
Panama route
the negotiations with the officials of
Covering
the New Panama Canal Company, this statement
is presented:
"Much correspondence and many conferences followed,
but no proposition naming a price was presented until the
middle of October, 1901, and after a prolonged discussion,
it was submitted to the Commission in a modified form, on
the 4th of November, to be included in its report to the
President. The itemized statement appears in an earlier
chapter of the report. The total amount for which the
company offers to sell and transfer its canal property to
the United States is $109,141,500.00. This added to the
cost of completing the work makes the whole cost of the
canal by the Panama route $253,374,858, while the cost of
the Nicaragua route is $189,864,062, a difference of $63,510,796 in favor of the Nicaragua route. In each case there
must be added the cost of obtaining the use of the territory to be occupied and such other privileges as may be
necessary for the construction and operation of the canal
In perpetuity. The compensation that the different states
will ask for granting these privileges is now unknown."
The final recommendation is stated thus:
"After considering all of the facts developed by the investigations made by the Commission and the actual situation as it now stands, and having in view the terms
offered by the New Panama Canal Company, this Commission is of the unanimous opinion that 'the most practicable
and feasible route' for an isthmian canal to be 'under the
control, management and ownership of the United States'
is known as the Nicaragua route."
This report was transmitted to Congress December 4th, 1901.
But there was to be a sequel to this report. The
New Panama Canal Company realized that if the
United States should build the Nicaragua Canal,
the last chance of securing salvage from its
wreck would be gone and its officers lost no time
in opening up negotiations with the Commission,
the result of which was that on January 18,
1902, the Commission addressed a further communication to the President of the United States,
the first sentence of which reads: "Sir: The
Isthmian Canal Commission has the honor to
submit the following report upon the proposition
of the New Panama Canal Company to sell and
dispose of all of its rights, property and unfinished work to the United States for $40,000,000."
"The total length of the Nicaragua route from sea to
This was the salient feature of the supplemental
sea is 183.66 miles, while the total length of the Panama
route is 49.09 miles. The length in standard canal secreport and it sealed the fate of the Nicaragua
tion and in harbors and entrances is 73.78 miles for the
The President transmitted the report to
Nicaragua route and 36.41 miles for the Panama route. canal.
length of sailing line in Lake Nicaragua is 70.51
the United States Senate.
The
miles, while that in Lake Bohio is 12.68 miles. That porA description of the prominent features of the
tion of the Nicaragua route in the canalized San Juan is
miles. The preceding physical features of the two
39.37
canal which this Commission proposed to build
lines measure the magnitude of the work to be done in
at Panama will be deferred until other historic
construction of waterways along the two routes."
the
events become a part of this narrative; but before
On a previous page is this statement:
"The Nicaragua route has no natural harbor at either
taking leave of the report of 1889-1901, its value
end. At both the Atlantic and Pacific termini, however,
to the historian should be pointed out. With its
satisfactory harbors may be created by the removal of
of
material at low unit prices and by the construction
text and its. appendices, it fills a volume of 681
protective works of well-established design. An excellent
printed pages and it treats of such a variety of
exists at Panama
roadstead, protected by islands, already
conand no work need be done there, either for harbor ter- correlated subjects that it may well be regarded
struction or maintenance. At Colon, the Atlantic
as exhaustive in its discussion of interoceanic
minus a the Panama route, a serviceable harbor already
exists.
canals.
On page 174, we find this summation of costs:
The act of Congress under which the commisroute
"The cost of constructing a canal by the Nicaragua
sion, from whose report we have quoted so freely,
completing the Panama canal without including the
and of
govcost of acquiring the concessions from the different
was appointed was no doubt prompted by an
ernments is estimated as follows:
$189,864,062.00
event which aroused the American people to the
Nicaragua
144,233,358.00
Panama •
need of an "American canal on American soil for
the latadded to
For a proper comparison, there must be
THE PANAMA CANAL
American people." That event was the voyage
of the United States man-of-war "Oregon,"
which sailed from San Francisco on the 19th of
March, 1898, and dropped anchor at Key West
May 24th. She had steamed 14,000 miles in
sixty-eight days, was in fighting trim at the end
of the voyage and was able to take a prominent
part in the destruction of the Spanish fleet under
Cervera on July 3rd, 1898. Had the Panama canal
been completed when the "Oregon" made this
voyage, her distance travelled would have been reduced 8,415 miles and her time reduced thirtyeight days, but a splendid bit of naval history
would not have been written.
An Act of Congress, approved June 28th, 1902,
empowered the President to purchase from the
New Panama Canal Company all of its rights and
properties enumerated in the report rendered by
the Commission on January 18th of that year at
a cost not in excess of $40,000,000, provided a
satisfactory title could be obtained. The President was further authorized to acquire from the
Republic of Colombia, upon reasonable terms, a
strip of land across the Isthmus not less than
six miles wide; "the control of this right of way
by the United States to be perpetual and the right
to construct the canal within the boundaries of
this strip from the Caribbean sea to the Pacific
Ocean." The proposed canal to be "of sufficient
capacity and depth as shall afford convenient
passage for vessels of the largest tonnage and
greatest draft now in use, and such as may reaCONE OF LEAPING WATER. GATUN SPILLWAY.
DETAIL OF CONSTRUCTION WORK.
sonably be anticipated" with all necessary locks
and other appliances as well as safe and commodious harbors at the termini and suitable provision for defense. The sum of $10,000,000 was
appropriated and the President was directed to
"cause contracts to be entered into for the construction of the canal, its harbors and defenses,
limiting the additional expenditure to the sum of
$135,000,000, to be met by future appropriations." The act also called for the creation of
an Isthmian Canal Commission to be composed
of seven members.
A treaty was negotiated by Mr. John Hay, Secretary of State, with Mr. Herran, representing
the government of Colombia, under the terms of
which the United States would acquire the right
to construct the canal. This treaty was ratified
by the United States, but on August 12th, 1903,
was rejected by the Colombian Congress. The
Department or State of Panama had long been
straining at the tether which held it to Colombia,
as frequent attempted revolutions had shown.
The year 1902 had been one of internecine strife;
one incident of which was the sinking in the Bay
of Panama by the insurgents of the Colombian
gun boat "Lautaro." The government's chief military representative on the Isthmus, General Carlos Alban, went down with the ship. One mast
of this vessel was still visible above the surface
in 1909. The strife of 1900-1902 terminated on
the 21st of November 1902, when a treaty of
peace between the government and the "Liberals" was signed on board the United States bat-
34
THE PANAMA CANAL
tie ship "Wisconsin" in the harbor of Panama.
With such a history as a background, it is easy
to understand the alacrity with which the citizens of Panama seized what seemed to be the
psychologic moment to throw off the yoke of
Colombia, as was done on November 3rd, 1903.
The fullest account of the events preceding the
secession of Panama to which I have had access,
is found in the "Canal Zone Pilot" on pages 23335. The names of the men in the junta who engineered the movement are given and it is stated
that in the last days of August they held a meeting in New York.. It is also stated that one of
the junta, Mr. J. Gabriel Duque was sent to Washington and what purports to be an interview with
Mr. Hay, Secretary of State, is given. Mr. Hay
is reported to have said among other things, "Of
course, you understand that if there is a revolution, the United States will keep the Isthmus open
and allow no fighting near the railway. If there
is to be any, it will.have to be done before our
marines get there." Whatever the precedent facts
may have been, when the revolution occurred,
the United States Navy was represented at Colon
by the S. S. "Nashville"—Commander John HubOne
bard — which arrived November 3rd.
hundred and ninety-two men, said to be all he
had, served to keep the peace and on November
5th the Colombia troops, five hundred strong,
whose arrival on November 3rd on a chartered
steamer and a Colombian gun boat is described
in the "Canal Zone Pilot," evacuated the Isthmus.
The officers in command of this repressive expedition went to the City of Panama directly
after landing at Colon. These officers, Generals
Tovar and Amaya, were received with military
honors, disguising the trap into which they had
hastened, and that afternoon they were arrested
and imprisoned, but they were released in time
for their return to Colombia with their commands. The new Republic was recognized by the
United States on November 6th, 1903, just three
days after the revolution was started.
Mr. Philippe Bunau-Varilla was designated by
the new Republic as its envoy extraordinary and
minister plenipotentiary to the United States,
and a treaty known as the Hay-Bunau-Varilla
treaty was negotiated, ratified by the Republic of
Panama December 2nd, 1903, and by the United
States on the 23rd of the following February.
Under this treaty, the United States acquired in
perpetuity possession of a zone of territory extending across the Isthmus, ten miles in width,
five miles on each side of the center line of the
canal. Like control and use was also granted for
any other lands or waters outside of the zone
which might become necessary or convenient for
the work. For the property and rights so conveyed, the payment by the United States was
$10,000,000 and a further annual payment to
begin nine years after the ratification of the
treaty, of $250,000.00. On April 23rd, 1904, the
stockholders of the New Panama Canal Company
formally authorized the sale of the Company's
property to the United States for the sum of
$40,000,000. The transfer of this property was
made May 4th, 1904, to Lieut. Mark Brooke,
Corps of Engineers, U. S. A., detailed for that
duty.
The President appointed the Isthmian Canal
Commission authorized by the act of June 28,
1902, and the Commission held its first meeting
March 22, 1904. The members of this Commission were:
Rear Admiral John C. Walker, U. S.. Navy (Retired),
Chairman.
Major General George W. Davis, U. S. Army (Retired).
Mr. William Barclay Parsons, C. E.
Mr. William H. Burr, C. E.
Mr. Benjamin M. Harrod, C. E.
Mr. Carl Ewald Grunsky, C. E.
Col. Frank J. Hecker.
On May 6th, Mr. John F. Wallace was appointed Chief Engineer. He assumed his duties
June 1st.
On May 9th, the President, through the Secretary of War, placed the government of the
Canal. Zone in charge of the Commission with
power to enact and enforce such laws as in its
judgment were required to insure order and justice. He appointed Major General George W.
Davis, Governor.
When the transfer of the New Panama Canal
Company's properties was made that company
had about seven hundred men at work. The Commission decided to continue the work then in
progress and to increase the force gradually. The
most vital question confronting the Commission
was that of health. During the French occupation, the mortality among employees had been
appalling.
Col. William C. Gorgas had been so successful
in producing sanitary conditions in Havana during the American occupation that he was selected
to carry on a like work in the Zone.
Omitting the details of alignment, the lock
canal planned by the Commission of 1899-1901
may be concisely described as follows:
Total length from six fathom line in Limon Bay to deep
water in Panama Bay, 49.09 miles.
Description
Subdivision of
Mlles
Cost
Channel
2.39 $ 8,057,707
Colon entrance and 00 ft. wide side
slope ion 3
harbor '
14.42
to Width 150 ft.
Harbor
11,099,839
From
Bohio Locks
2 lifts, double flight,
.35
11,567,276
Bohio Locks
84' wide, 740' long,
35' deep over miter
sill
Elevation 86' above 13.61
2,952,154
Lake Bohio
mean tide area 38.5
sq. mi.
Designed for use in
295,434
Obispo gates
case of need to
drain Culebra cut.
Bottom
width 150'
44,414,460
Culebra section
side slopes 1 on 1
7.91
.35
Locks 2 lifts, double flight
9,081,321
Pedro Miguel
84' wide, 740' long,
35' deep over miter
sills
Pedro Miguel Level Elevation of water 28'
1.33
above mean tide
1,192,286
1 lift, 84' wide, 740'
Mirafiores Locks
long, 35' deep over
.20
miter sill
5,781,401
or 4.12 mi. 150' wide,
Pacific Level
to
LaBoca
200'
8.53
wide, 4. 41 mi
12,427,971
arth dam with core
Bohio Dam
wall, top 100' above
sea level
6,369,640
oncrete dam 2,000'
Gigante Spillway
long, crest at elevation 85'
1,209,419
Artificial channel disPena Blanca outlet
charging into Aqua
Clara swamp
2,448,076
Chagres diversion Artificial channel
1,929,982
Gatun diversion
Artificial channel
100,000
Panama Railroad diversion
1,267,500
Engineering, police, sanitation and genera
contingencies, 20%
Aggregate,
49.09 $120,194,465
24.038,893
$144,233,368
THE PANAMA CANAL
The Gigante Spillway scheduled above was to
pass the surplus flood waters from Lake Bohio
into the Pena Blanca swamp. From this swamp
the surplus waters were to flow via the Pena
Blanca outlet into the Aqua Clara swamp from
which swamp they will flow on through other
swamps and outlets to the sea..
The project thus epitomized in description was
ready for adoption by the newly appointed Isthmian Canal Commission. This Commission seems
to have been an inharmonious organization,
judged by the resignations which were soon in
order. Col. Hecker resigned November 16, 1904,
and all the other members tendered their resignations to take effect at the pleasure of the
President.
A new Commission was appointed
and entered upon its duties April 1st, 1905. The
new members were: Mr. Theodore P. Shonts,
Chairman; Mr. Charles E. Magoon, Governor of
the Canal Zone; Mr. John F. Wallace, Chief Engineer; Rear-Admiral M. T. Endicott, IT. S. Navy,
Chief of the Bureau of Yards and Docks; Brig.
General Peter C. Hains, U. S. Army (Retired);
Col. 0. H. Ernst, Corps of Engineers, U. S. Army;
and Mr. Benjamin Harrod. Mr. Wallace and Mr.
Harrod were the only hold-overs from the first
board.
During the period between the appointment of
the first board and the accession to power of their
successors, a strong sentiment in favor of the
sea-level type of canal had sprung 14p. This sentiment was fostered by the Chief Engineer, Mr.
John F. Wallace, who had convinced himself of
the practicability of constructing a seal level
canal. Mr. Wallace resigned June 13, 1905. Mr.
John F. Stevens was chosen to succeed him on
July 1st, 1905, and immediately entered upon a
vigorous discharge of his new duties.
Meantime, Colonel Gorgas had been most assiduous in his efforts to safeguard the health of
the inhabitants of the Canal Zone.
His war
against every unsanitary condition and his effort
to exterminate the deadly stegomyia mosquito, as
well as the less deadly but still dreadful anopheles
branch of the mosquito family, soon produced results. Waters troubled by mosquitos were oiled,
swamps were drained, cisterns screened, until a
plentiful supply of pure water, drawn from government reservoirs, was distributed over the isthmus through mains and laterals laid by government engineers. The domestfc sources of
water supply and disease were then done
away with. Houses were fumigated, renovated and thoroughly screened. Yellow fever
was stamped out and for many years the canal
zone has been exempt from the scourge which
was so merciless in the years of the French occupation.
The sea level idea appealed so strongly to the
American people that a popular demand for it
seemed imminent. While the President embraced the hope that a sea level canal was practicable, he decided that a change of plan should
not be accepted until he had secured for himself
and the Congress of the United States the wisest
advice along engineering lines that was procur
35
able. He decided to bring about the appointment
of an international commission to make a study
of the merits of both types of canal, and to that
end he requested certain foreign powers to appoint eminent engineers to serve with the Americans whom he would select. King Edward appointed Mr. William Henry Hunter, Mem. Inst.
C. E., Chief Engineer Manchester Ship Canal;
Emperor William of Germany appointed Mr.
Eugen Tincauzer, Koniglich Preussischer Regierungs- und Baurat, Mitglied der Regierung zu
Konigsberg i. Pr., Germany; President Loubet of
France appointed Adolphe Guerard, InspecteurGeneral des Ponts et Chaussees, France; and
E. Quellennec, Ingenieur en Chef des Ponts et
Chaussees; Ingenieur Conseil de la Cie. du Canal
de Suez, France; Queen Wilhelmina appointed J.
W. Welker, Hoofdingenieur-Directeur van den
Ryks-Waterstaat, the Netherlands. The American engineers appointed by the president to
serve with these distinguished foreigners were:
George W. Davis, Major General, U. S. Army, Retired, Chairman; Alfred Noble, Chief Engineer,
East River Division P., N. Y. & L. I. R. R.; Mr.
William Barclay Parsons, Chief Engineer, New
York Subway; Mr. William H. Burr, Consulting
Engineer, Board of Water Supply, New York City,
Professor of Civil Engineering Columbia University, Engineering Expert, Aqueduct Commissioners, New York City; Henry L. Abbot, Brigadier General, U. S. Army, Retired; Mr. Frederic
P. Stearns, Chief Engineer, Metropolitan Water
and Sewage Board, Boston; Mr. Joseph Ripley,
General Superintendent St. Marys Falls Canal;
Mr. Isham Randolph, Chief Engineer Sanitary
District of Chicago. John C. Oakes, Captain Corps
of Engineers, General Staff, U. S. Army was appointed Secretary of the Board of Consulting Engineers for the Panama Canal.
This Board convened in the City of Washington on the first day of September, 1905. A letter from Chairman T. P. Shonts of the Isthmian
Canal Commission advised us of the data placed
at our disposal and of the arrangements made for
our study and investigations. All of the maps,
reports of investigations made on the Isthmus
by both French and American engineers, and such
collateral data as were deemed pertinent, had
been assembled for our use. Our studies commenced at once and were pursued with assiduity.
On September 11, 1905, on invitation of President
Roosevelt, the Board made the pilgrimage to
"Sagamore Hill," the President's home and summer capital at Oyster Bay. Our reception was cordial and we were first entertained by a substantial
luncheon presided over by our host and enlivened
by a flow of conversation and anecdote that was
most agreeable. After luncheon we were assembled in a beautiful and spacious room (a recent addition to the home, added for reception
purposes) and there addressed by the President.
His opening sentence was: "What I am about
to say must be considered in the light of suggestion merely, not as direction. I have named you
because in my judgment you are especially fitted
to serve as advisors in planning the greatest en.
THE PANAMA CANAL
•
gineering work the world has yet seen; I expect formal call upon the President of the Republic,
you to advise me, not what you think I want to Dr. Amador. We were received at the Governhear but what you think I ought to hear." This ment building with distinguished consideration
was followed by a strong plea for a sea-level and our entrance was between files of soldiers in
canal. Many good reasons were advanced in dress uniforms and officers clad in "all the pomp
support of that type of canal. (For this address, and circumstance of war," who saluted us and
see page 12 of the report of the Board). We re- led the way to the reception room, where we
turned to Washington and resumed our studies. met the President and his Cabinet, The PresOn September 27th, we visited the Wauchussetts ident was a man of quiet and dignified manners
dam and other important works constructed by and the brief interview left a pleasant impresthe Metropolitan Water and Sewage Board of sion.
Boston.
We sailed from Colon for New York on October
we sailed from New York 11th, on the ship on which we had come. With
On September 28th,
for Panama on board the S. S. "Havana," accom- the crystalizing of our ideas and the strengthpanied by Mr. T. P. Shonts, General 0. H. Ernst, ening of our convictions came vigorous discusRear Admiral Endicott and Mr. B. M. Harrod of sions of the merits of the two types of canal.
the Commission. The tenth meeting of the Board The five foreign members were a unit for a sea
was held on board at ten A. M. September 30th. level canal. With them stood General George
All were present except Mr. Noble, who remained W. Davis, Chairman, Mr. William R. Burr and Mr.
in New York: his familiarity with the Isthmus, William Barclay Parsons.
gained during his connection with his studies of
Their contention and our counter arguments
the Isthmian Canal Commission, 1899-1901, made may be condensed into a brief statement, boiled
further examination by him unnecessary. We down from very lengthy discussions indulged in
landed at Colon on the morning of Wednesday, by the advocates of each type of canal. For the
October 4th, and for the next week devoted our sea level, the claim was made that the time of
time to a study of the physical features of the passage through the sea level channel would conchosen route and to obtaining the ideas of those sume less time than passage through a lock canal.
engineers on the work whose experience and ob- This, we admitted, would be true until the numservation served to give value to their views upon ber of vessels reached fifteen per day at which
the many questions on which we had to pass. . time
-as we demonstrated to our own satisfacWe gave the Chief Engineer, Mr. John F. Stevens, tion-the time would be equal for each type. In
a very exhaustive examination. At its close I a channel of the dimensions which was proposed,
asked if he had any suggestion, any plan of his no two large vessels would be allowed to pass
own, that he would like to have embodied in our with both in motion; one must tie up. This meant
report. His reply was: "I suppose I am the only a loss of time equivalent to that lost in lockage.
man in the United States who has not a plan for In the lock canal, moreover, for eighty-two
this canal. You gentlemen tell me what is to be per cent of the distance there would be deep, wide
done and I will do it." He is a man who does water in which the vessels could move at sea
speed, while in the narrow sea level channel the
things and he did them in Panama.
Those few days spent in close contact with the speed must be reduced to six miles per hour or
actual conditions to be met with in doing the less. Illustrating this discussion, see the followwork and in study of materials to be encountered ing table taken from the report:
in its execution served to convince some of us
Time required for transit
Distance
across the isthmus
that the sea level canal project ought not to be Type of shi1: between Type of
1
passing Canal
10 ships 15 ships 20shipsI25 ships 30 sblps
adopted. On the third day out from New York
Places
Per day per day per dayl per day per day
on our way down, the Chairman laid before the
Miles
Hours Hours Hours Hours Hours
Type
Board a letter he had received from Mr. C. D. ft. by 60C. sae{ 6.0 Sea level. 8.9
ft. by
12.0
11.6
9.6
10.6
11.1
2.5 ...do....
8.6
10.3
8.0
9.7
Ward,enclosing a copy of his paper on the "Gatun 32ft
10.0
9.6
Lock
9.8
9.6
9.7
Dam" which was read before the American SoType E.700
ft. by
5.0 Sea level
11.6
12.8
14.3
16.2
18.9
ciety of Civil Engineers, of which Mr. Ward was 37 ft 75 ft. by{ 2.5 ....do
11.1
11.6
12.6
13.6
14.7
Lock
10.6
10.7
10.8
10.9
11.1
on May 18th, 1904. The arguments in
a member,
The capacity for traffic of the two types was
that paper appealed so strongly to Mr. F. P.
that he became a strenuous discussed. We met the claim for greater capacity
Stearns of our Board
advocate of its recommendations and, today, the in the sea level by citing the fact that in the preGatun Dam stands in evidence of the fact that vious year, the Saulte Ste. Marie lock canal had
some of man's most prodigious creations have passed 36,617,699 tons in eight months as against
been evolved from the "baseless fabric of a 11,500,000 tons through the Suez canal in the
dream." No single feature of the project, as now twelve months of 1904. Then the question of the
constructed, was subjected to more persistent vulnerability of the two types was discussed. The
and hostile criticism than this earth dam which sea level advocates claiming that in time of war
has now taken its place among the "everlasting the locks could easily be destroyed by hostile
agents. We contended that forces could be conhills."
almost wholly con- centrated for the defense of the locks whereas in
Our time in Panama was
such as this canal would trasumed by the studies for which we had come and a jungle country,
verse, vessels would be at the mercy of guerrillas
the only relaxation enjoyed was at a breakfast
sink them easily. During this discusgiven to the Board by Governor Magoon and a who could
36
THE PANAMA CANAL
ONE OF THE
EMERGENCY DAMS.
NOTE MOVABLE
PARTS UNDER THE
BRIDGE
STRUCTURE
sion, Mr. Quellennec received a telegram advising him that the British barque "Chatham" was
sunken in the Suez canal, blocking traffic. On
November 7th, the following cablegram was received and translated for us by Mr. Quellennec
"Paris, November 4th, 1905.
Board of Consulting Engineers, Panama Canal, Washington:
Interruption to traffic occasioned by Chatham exactly
ten days. Number of vessels having waited twenty-four
hours or over to enter, 53 at Port Said and 56 at Suez.
Number of vessels that entered canal within twenty-four
hours after traffic had been established, 51. Maximum
number of vessels that entered canal during twenty-four
hours under normal conditions since opening of canal, 36.
BONNET."
(Signed)
So we had in this incident a demonstration, in
time of peace, of what could much more easily
happen in time of war.
Of course, all of the changes were rung on the
danger to ships and locks both, in that type of
canals and our condensed answer is found on
page 91 of the report:
"This canal (St. Mary's Falls) has been in operation a
little more than fifty years and a traffic aggregating about
360,000,000 tons, net register, has passed through it with
no accidents seriously obstructing navigation."
The locks, as actually built, are equipped with
safe-guarding devices more elaborate and more
perfect than were conceived of at the time of
these discussions. Of course, the elements of cost
and time involved in construction figured largely
in the discussion. The majority report gives its
estimated cost as $247,021,200.00, and the time
required to complete as twelve to thirteen years.
The minority report placed the cost of the lock
• project at $139,705,200.00, and the time required
to build as nine years. This latter estimate of
time has been justified by actual performance but
the estimate of cost has been totally eclipsed.
Over the relations of the Chagres river to the
.problem, the differences of opinion between the
proponents of the two types of canal were most
radical. The minority could not accept the plans
and estimates of the majority for the diversion
and control of that river as being adequate. The
Chagres river was, and ever would have been, an
enemy, a perpetual menace,to the sea level canal;
whereas it is the friend and ally of the lock canal,
supplying the water which alone made the present construction possible.
The issues between the advocates of the two
SECOND LOCK
LEVEL AT GATUN.
CANAL AND OCEAN
IN THE
DISTANCE.
38
THE PANAMA CANAL
types of canal having now been presented, a brief
description of what was advocated is in order.
Tabular Comparison
Lock Canal with
Sea Level Canal
summit level at
elevation 85
Length Percent
Length Percent
Miles
of route
Miles
of route
19.08
38.4
0.00
1,000 feet
0.00
3.86
7.8
0.00
800 "
0.00
12.29
24.7
4.87
9.90
500 "
0.00
0.00
.77
350 "
1.60
7.21
14.50
3.05
300 "
6.20
4.70
9.4
19.47
200 "
39.60
0.00
0.00
150 "
20.39
41.50
2.58
5.20
Locks & approaches
0.59
1.20
Total
49.72 I 100.00
49.14
100.00
Excavation, cubic yards....95,955,000
231,026,477
Estimated cost
$139,705,200.00 $247,021,200.00
Estimated time required
9 years
to build
12 to 13 years
Bottom width of
channel
Owing to the fact that the range in tide in
Limon Bay is about two feet between extreme
high and low stages and that the extreme range
in the bay of Panama is twenty-two feet, it was
conceded that a tidal lock at the Pacific end of
the canal would be a necessity and the majority
provided for such a lock in their plans and estimates, thereby admitting that an absolute sea
level canal was not a possible creation on the
route chosen.
The minority departed from the project of the
Isthmian Canal Commission of 1899-1901 in
everything but the elevation of the summit level
water-surface, which was established at elevation
85 ft. The Gamboa dam site was abandoned and
the Gatun site adopted. The computed area of
the Lake of Gamboa was thirty-eight square
miles while the area of Gatun lake is 164 square
miles. The locks at Gatun are in three flights,
dividing the 85 feet of total lift into three lifts of
28.33 feet each. The lock dimensions recommended were: usable width 95 feet, usable length
poo feet, depth over miter sills, 40 feet. The first
lock south of the Culebra Cut was located at
Pedro Miguel with a descent of thirty-one feet
in a single lift-to Lake Sosa, the water surface
of which was fixed at elevation 55 ft. above midtide. Lake Sosa was to have been created by building dams across the Rio Grande at LaBoca, joining Sosa hill on the east to San Juan hill on the
west side of the river. Then Sosa hill was to be
Joined to Ancon hill by a dam,and a third darn was
to be extended from Ancon hill in the direction of
Corozal to high ground on the east side of the
Panama railroad. The site selected for the Pacific locks was the west side of Sosa hill, two lifts
of thirty-one feet each. All locks were to be in
duplicate.
In regard to Lake Sosa and the Pacific terminal
locks, the Minority report says: (see pages 78-79)
"If for military or other reasons, the location of the
teminal locks on the Pacific at the shore line of Sosa
should be deemed inadvisable and the location at Mirafibres, three and six-tenth miles inland, be substituted, the
cost of the canal would be increased about $8,000,000.00."
Mention has already been made of Mr. C. D.
Ward's communication to the Board recommending the construction of a darn at Gatun. A reprint of Mr. Ward's paper, presented to the American Society of Civil Engineers is given as Appendix I, page 279 of the report. In that paper he
speaks of the Gatun dam site having been suggested by Ashbel Welch in 1880. Major Cassius
E. Gillette, Corps of Engineers, U. S. A. also
brought to the attention of the Board a paper
of his which was printed in the Engineering News,
July 27th, 1905, entitled "The Panama Canal,
some serious objections to the sea level plan."
The most elaborate plans and proposals brought
before the Board, and urged with much insistance,
were those presented respectively by Mr. Lindon
W. Bates and Mr. Philippe Bunau-Varilla. The
latter project was for the "Straits of Panama."
The Board gave patient attention to the elaboration of their projects by these two gentlemen with
the result that the records of its twenty-fifth
meeting contains this entry:
"Resolved, That after careful consideration, it is the
sense of the Board that the adoption of the plan of either
Mr. Bunau-Varilla or Mr. Bates is not expedient."
The Board completed its labors and the majority report favoring the sea level canal was
signed by
George W. Davis
William Barclay Parsons
William H. Burr
William Henry Hunter
Ad. Guerard
Eugen Tincauzer
J. W. Welcker
E. Quellennec
Of these signators, Messrs. Hunter, Tincauzer,
Welcker and Quellennec were men who had had
previous experience in canal construction and
operation.
The minority report recommending the lock
canal was signed by
Alfred Noble
Henry L. Abbott
Frederic P. Stearns
Joseph Ripley
Isham Randolph
Noble had built the Poe locks at Sault Ste
Marie and had an intimate knowledge of canal
requirements. Ripley was Noble's assistant and
later, as superintendent of the St. Mary's Canal,
had the lock under his charge; Randolph had
built the Chicago Sanitary & Ship Canal, at that
date the largest (not the longest) artificial waterway man had ever built.
The report of the majority is dated January
10th, 1906. The report of the minority is without date. The Board held its final meeting January 31st, 1906, in the office of Mr. Parsons, 60
Wall Street, New York. Present: The chairman,
Messrs. Noble, Burr, Parsons, Abbot, Stearns,
Ripley and Randolph. The foreign members had
returned to their homes. Both reports were delivered to the Isthmian Canal Commission. That
Commission in turn transmitted them to the Secretary of War under date of February 6th, 1906,
accompanied by a communication which ends
with this statement:
"It is our opinion that the plan proposed by the minority
of the Board of Consulting Engineers is a most sad&
factory solution of the problem of an Isthmian Canal, and
therefore, we recommend that the plan of the minority
be adopted, subject, of course, to such changes as may be
found desirable during construction and with the understanding that the works in Limon Bay be deferred for the
present. The entrance now in use at that place must for
the present be used in any event, in order to secure harbor room for the landing of supplies immediately needed.
The question of whether or not it should be changed and
what changes should be made can better be determined
hereafter."
T. P. Shonts, Chairman.
(Signed)
Charles E. Magoon,
Peter C. Heins, Brig.
-Gen. U. S. Army
(Retired).
0. H. Ernst, Col. Corps Eng.
B. M. Harrod.
THE PANAMA CANAL
A minority report favoring the sea level was
submitted which ends with these words:
"Believing that a sea level canal substantially according to the project of the Consulting Board would best serve
the present and future commerce of the world and the
military necessities of this nation, I have the honor to
recommend its adoption."
Mordecai T. Endicott.
(Signed)
Mr. John F. Stevens submitted a letter ending
thus:
"I therefore recommend the adoption of the plan for an
35-foot summit-level lock canal as set forth in the minority
report of the Consulting Board of Engineers."
The Secretary of War forwarded both reports
and those of the Isthmian Canal Commission, and
the letter of the Chief Engineer, to the President
with a communication which concludes:
"We may well concede that if we could have a sea level
canal with a prism from 300 to 400 feet wide, with curves
that must now exist reduced, it would be preferable to
the plan of the minority, but the time and cost of constructing such a canal are in effect prohibitory.
"I ought not to close without inviting attention to the
satisfactory character of the discussion of the two types
of canal by the greatest canal engineers of the world, which
Insures to you an to Congress an opportunity to consider
all of the arguments, pro and con, reaching a proper conclusion."
William -H. Taft,
(Signed)
Secretary of War.
Then comes the transmission by the President
• to the Congress of the reports accompanied by a
message which ends with these words:
"The law now upon our statute books seems to contemplate a lock canal. In my judgment, a lock canal, as
herein recommended, is advisable. If the Congress directs that a sea level canal be constructed, its direction
will, of course, be carried out. Otherwise, the canal will
be built on substantially the plan for a lock canal outlined in the accompanying papers, such changes being
made, of course, as may be found actually necessary, including possibly the change recommended by the Secretary of War as to the site of the dam on the Pacific side."
Theodore Roosevelt.
(Signed)
The White House, February 19th, 1906.
Congress acted favorably upon the President's
recommendation and the task undertaken by the
minority of the Board of Consulting Engineers
for the Panama Canal was accomplished. The
majority of the Isthmian Canal Commission, the
Secretary of War, the President of the United
States, and Congress, were converted to the true
faith of the lock canal and the tide of public
opinion which had set so strongly toward the sea
level project reached its flood and receded.
The construction work, wisely and efficiently
organized, was being pushed with all the vigor
that a born leader of men could inspire. The
sanitary measures enforced by Col. Gorgas had
banished the scourge of yellow fever and the fear
of it. The work was carried on by forces directly
employed by the Government, but building the
canal under contract was considered advisable
and was urged by Mr. Stevens, the Chief Engineer. The method under which bids were invited provided that the Government should supply the equipment and the contractor to supply
the labor and supervision thereof and to be compensated on a basis of percentage of cost. On
January 13th, 1907, the following bids were received:
39
for this in considerable detail. In this letter, he
says: "Less than two days ago I received a letter
from Mr. Stevens in which he asks to be entirely
relieved from work on the canal as soon as he
could be replaced by a competent person and that
person could become familiar with the work. I
have accepted his resignation."
What were the reasons prompting this resignation? Two strong wills clashed and one of
these strong wills had back of it the executive
power which resides in the head of a great nation.
The Fourth Isthmian Canal Commission was
appointed March 7th, 1907 and entered upon the
discharge of its duties the ensuing first of April.
Its membership embraced Lieut. Col. George W.
Goethals, Chairman and Chief Engineer; Major
David DuB. Gaillard; Major William L. Sibert;
Civil Engineer H. H. Rouseau, U. S. N.; Col. W. C.
Gorgas; J. C. S. Blackburn and Jackson Smith.
Joseph Bucklin Bishop was made Secretary of
the Commission. On July 14th, 1908, Col. F. H.
Hodges succeeded Mr. Jackson Smith. Col.
Hodges' designation was Assistant Chief Engineer. Avoiding details, it is sufficient to state
that the work was segregated into three divisions: First, the Atlantic Division, extending from
deep water in Limon Bay to and including the
Gatun Locks and Dam, 7.7 miles, Major Wm. L.
Sibert in charge; Second, the Central Division,
Major D. DuB. Gaillard in charge; including the
Culebra Cut, extending from Gatun to Pedro
Migul, 31.7 miles; Third, the Pacific Division, including the Pedro Miguel and Miraflores locks
and extending to deep water in the Pacific, 11.
miles, in charge of Mr. S. B. Williamson, C. E.
The efficiency of this organization is evidenced
by the work accomplished; in 1907, the excavation was 15,765,290 cubic yards; in 1908, the
volume taken out, 37,116,735 cubic yards and
that was the maximum year's work. All previous
records of accomplishment were broken and
higher standards of efficiency established. In
1908, the plans for the canal underwent radical
changes which enormously increased the volumes of material to be excavated and largely increased the volume of material involved in lock
construction. On October 23rd, 1908, President
Roosevelt addressed a memorandum to the Secretary of War authorizing him to have the bottom
width of the Culebra cut increased from 200 feet
to 300 feet. The report of the Chief Engineer for
1907, page five, says: "The locks are in pairs as
now proposed with usable lengths of one thousand feet and widths of one hundred feet." From
page seven of the annual report for 1908, I quote:
7.19 per cent
6.75 per cent
12.50 per cent
28.00 per cent
"The locks are in pairs and since the compilation of the
last annual report the projected dimension have been increased so that the width in the clear will be 110 feet,
the usable length remaining as heretofore, 1,000 feet. The
question of increasing the width was raised by the General
Board of the Navy in a memorandum to the Secretary of
the Navy dated October 29th, 1907, setting forth that the
width of the locks as now fixed, namely 100 feet, is insufficient for probable ships of future construction and that
sound policy would dictate an increase to a clear width
of 110 feet."
On February 26, 1907, the Isthmian Canal Commission, under orders from the President, rejected all bids. The President gave his reasons
While the Commission, after due consideration
was of the opinion that the width already adopted
for locks-100 feet in the clear—was ample for
George Peirce & Co
William J. Oliver and Anson M. Bangs
McArthur-Gillespie Co.
North American Dredging Co
40
THE PANAMA CANAL
all commercial vessels, and sufficient for any battleship constructed, building or projected, it felt
that the wishes of the Navy, as expressed by the
General Board, should be followed,. there being
no insuperable obstacles, and it accordingly recommended that the project be modified as desired. This modification was approved by the
President, under date of January 15th, 1908.
While the lock canal had back of it the approval of the Chief Executive and the sanction
of Congress, the agitation for a sea level canal
was still kept up by some of the newspapers and
by one of the leading technical papers. The prodigious accomplishments in the way of excavation shown by the reports from the zone served
the proponents of the sea level canal as an argument in its behalf. This agitation became so
serious that President Roosevelt decided to meet
It fairly and, with that end in view, he arranged
with the President-elect to visit the Isthmus and
take with him an advisory Board of Engineers.
Those whom he appointed were: James R.
Freeman, James D. Schuyler, Frederic P. Stearns,
Capt. Henry Allen, Allen Hazen, A. P. Davis
and Isham Randolph. The armored cruiser
"North Carolina" — Capt Marshall — and her
consort, the "Montana"—Captain Reynolds—
were detailed to take Mr. Taft and his Advisory
Board to Panama. Mr. and Mrs. Taft and
our Board took passage on the "North Carolina" and the "Montana" acted as escort.
The start was made from Charleston, S. C.
on the morning of January 25th, 1909. En route
for Charleston, I stopped over in Washington for
a few hours and paid my respects to the President. He then said to me: "I do not think you
will find anything on the Isthmus to change your
mind about the type of canal, but if you do, I believe you will have the moral courage to say so;
and you may be assured that both Mr. Taft and
myself have the moral courage to make any
change that is justified by the facts."
We arrived in the harbor of Colon, January
29th, and were met by Colonels Goethals, Gorgas
and Hodges, and Majors Sibert and Gaillard and
Secretary Bishop. We proceeded to Gatun and
there effected a permanent organization by electing Mr. Frederick P. Stearns chairman and Mr.
Allen Hazen secretary. We were on the Isthmus eleven-days and made most critical and careful examination of every phase of the subject
that was the cause of our being sent on this mission. The result was that we were each and
every one convinced that no mistake had been
made when the lock type of canal was adopted.
One incident occurring during out sojourn is
of special interest; namely, the opportunity to
get an idea of what the harbor of Colon needed
in the way of breakwater protection. When the
International Board of Engineers was on the
Isthmus, Limon Bay was as smooth .as a mirror,
but on February 1st a Norther set in and on the
next day Mr. Taft and his advisors saw a condition which carried conviction that breakwaters
ought to be provided to make the harbor safe.
All of the vessels that were in port when the
storm broke had to put to sea for safety.
Another item of interest for entirely different
reasons was "un baile" given in honor of Mr.
Taft (Presidente electo de los Estados Unidos de
Norte America) and Mrs. Taft, by "El Presidente
de la Republica y la Senora Obaldia." This function took place in the "Teatro Nacional" on the
evening of February 5th. From my diary, I quote:
"Presidente and Mrs. Obaldia stood with Mr. and Mrs.
After the
Taft and endured a siege of hand-shaking.
hand-shaking, all of the high dignitaries went over to the
stage area and, to slow music, danced a very stately measure with which none of them seemed very familiar. Then
dancing became general."
The National Theatre is one of the items in
which the $10,000,000.00 paid to Panama was invested. It is a very beautiful building and one
well suited to such a function as the one of that
evening. The feast was lavish and champagne
was in flood like the Chagres.
The return voyage commenced in the late afternoon of February 7th. The home port was New
Orleans. At Port Eads our party was transferred from the' "North Carolina" to the scout
steamer "Birmingham." We reached New Orleans
on the afternoon of February 11th and, leaving
Mr. and Mrs. Taft to enjoy the ovation tendered
by the City of New Orleans, we hastened to
Washington and on Tuesday, February 16th. we
submitted our report to President Roosevelt. He
read it over and promptly, in our presence, dictated a message of transmittal to Congress. The
reports and message put a quietus on the hopes
of sea level advocates.
We now come to a comparison of the estimated
cost of a lock canal submitted by the Minority of
the "Board of Consulting Engineers" with the actual cost thereof as shown by the report of the
Isthmian Canal Commission for 1913, (see page
427 to 429.)
Estimates of
Minority of Board
of ConsultComparable Items.
ing Engineers. Report of 1913.
Construction account
$134,965,200.00 $185,316,095.75
Panama R. R. reconstruction
4,440,000.00
8,656,061.20
Land damages
300,000.00
617,262.16
$139,705,200.00
Excess cost over estimate of
of comparable items
54,884,219.10
$194,589,419.10
$194,589,419.10
Cost of items not covered in the Minority Report:
Payment to New Panama Canal
Co.
40,000,000.00
Payment to Republic of Panama
10,000,000.00
Civil administration
6,393,308.73
Department of Law
44,982.27
Department of Sanitation
16,250,164.93
Hotels & Buildings
10,233,182.16
Water & Sewers
6,878,683.68
Roads & Paving
2,726,932.32
Operation & Equipment of Panama Railroad
5,581,388.79
Purchase, Improvement & Repair of Steamers
2,680,112.01
Docks & Wharves
490,548.16
Moving and Care of French
Equipment
2,833.23
Fortifications
3,114,357.52
Total items not reported on
by the Board of Consulting Engineers
$104,396,393.80
Total amount expended
$298,985,812.90
Total Bond issue authorized by Congress
375,200,900.00
Balance of issue available for work in Panama
76,215,087.10
These are enormous figures and the expenditures have been so made as to leave no shadow of
reproach upon the administrators of the fund.
No peasant class in any land laments the loss of
the hoarded earnings of their lives of toil, as did
THE PANAMA CANAL
the peasantry of France after work was suspended in 1889. No pround names have been
humiliated; and the strong hand of the law need
not to be invoked to punish dishonesty on the
part of any administrative officer.
The figures show that the actual cost of the
work accomplished to June 10th, 1913, exceeded
the estimates presented by the minority of the
Board of Consulting Engineers by $54,884,219.10.
How is this discrepancy to be accounted for?
Largely by the increased amount of excavation.
The total yardage to June 30th, as shown by the
reports, was 203,383,539 cubic yards. The total
yardage estimated by the minority was 104,745,000 cubic yards, of this amount 95,955,000 was
channel prism excavation. A part of this increased yardage was due to widening the Culebra Cut from 200 to 300 feet. This increase is
stated to have been 13,000,000 cubic yards, which
amount added to the 53,765,000 computed for the
200 foot width, gives a total of 66,765,000 cubic
yards; but the excavation reported to June 30th,
1913, was 93,305,974, showing that the volume
of slides to that date had been 26,540,975 cubic
yards. The abandonment of the location of the
locks and dams recommended by the minority for
the Pacific end of the canal added nearly $8,000,000.00 to the cost, and the increased length and
width and modern equipment of the locks added
about $9,700,000.00.
In his report of 1909, Colonel Goethals gives
A SLIDE IN. THE CULEBRA CUT.
quite an elaborate analysis of these differences
and he ends that analysis with this statement:
"This estimate shows that nearly 50% more work is
necessary to complete the canal than was contemplated by
the original estimate and that the unit prices, due to labor
conditions, cost of materials, and gratuities given the employes have been increased about twenty per cent."
But the end is not yet. The final reckoning with
Culebra will only come when the last avalanche of
mud, and stone engulfed in it, has been dredged
away and whatis left of Gold Hill and Contractor's
Hill has reached the angle of repose. The report
of the Board of Consulting Engineers contains
426 pages; of these pages fourteen are devoted to
the geology of the Canal Zone, prepared by Mr.
Marcel Bertrand, Professor in the National High
School of Mines, Paris, in collaboration with Mr.
Philippe Zurcher, Chief Engineer of Bridges and
Routes of Communications, of France. This interesting item is taken from page 163, referring
particularly to the Culebra Cut.
"The examination of these lands shows that they will
stand extremely well, and this fact has been practically
proved by the experience of the preparatory trench
(cunette), the slopes of which have been exposed to the
air for more than two years. Even the marl, which, when
in separate pieces, disintegrates and splits easily, resists
very well in a mass, and may require, at the most, some
local supports to protect it from the action of the atmosphere."
CLEARING THE SLIDE.
The Isthmian Commission of 1899-1901 proposed to wall this cut and carry the railroad
through it on a terrace formed by the wall on the
east side. Events have shown that no wall that
could have been built would have stood up against
the slides.
THE PANAMA CANAL
42
. In his report for 1913, page 23, Col. .Goethals
says:
"The predictions of the geologist in the last annual report with reference to the Cucaracha slide, that 'The end
of activity of this slide is now well in sight, however, because all loose surface stones and clay have almost slid off,
exposing several large dikes and flows of basalt which
would successfully maintain in place most of the remaining material' has not been realized."
While there was much to condemn in the business conduct of the French projectors of the
Panama Canal, their engineers are deserving of
high praise. It is my conviction that, if these
engineers had been given the money that was
raised ostensibly to build the canal, they would
have accomplished that which they undertook,
and the commerce of the world would have paid
its tolls, to the French Company and not to the
American ,Government. These French engineers
had to combat the Physical problems that nature
put up to them. They were handicapped by the
4pacit3F of thQir Vw'fi Countrymen and they had
to meet the "yellow death," against which the
medical science of the day had found no defense.
The triumphs of medical science made the canal
possible and W. C. Gorgas was the great apostle
of that science who carried its salvation to
Panama.
One thinks of the army of workers moving forward under the leadership of skilled and determined men to the final accomplishment of a great
work and mayhap forgets that it demanded ability of a high order to keep this army properly
victualled and clothed; conditions so essential to
the efficiency of the workers. How admirable
these conditions have been under the Quartermaster's department as directed by Lieutenant
Colonel C. A. Devol, U. S. A., and by Major
Eugene T. Wilson, U. S. A., of the subsistence
department, is a part of the proud history of
America in Panama.
All American engineers glory, with the American people,in the achievements in Panama of the
men of the Corps of Engineers of the United
States Army. In many fields, that Corps has
built up and sustained a reputation for ability,
honor, and integrity, which is a glory to the service; but we civilian engineers would not have our
countrymen forget the part that our unbrevetted
fellows bore in the building of the Panama Canal.
Goethals, Hodges, Sibert, Gaillard will always
be foremost in the thought when the building
of the great canal is under discussion; but I do
not believe that they forget, or for one moment
underrate, the support they had from Williamson,
Goldmark, Schildhauer, Zinn, Saville, Nichols,
Cornish and others, who supplemented their efforts from start to finish. The work stands as
a triumph of American accomplishment; builded
into it are American imagination, American creative genius, American brains, courage, perseverance and a tithe of the vast resources of our people; a work not for ourselves alone but for all
the peoples of all the climes "who go down to the
sea in ships and do business in great waters."
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LOCK GATE IN COURSE OF CONSTRUCTION.
DETAIL OF FINISHED LOCK GATE.
4
THE PANAMA CANAL
43
ping by way of the Panama Canal, will be able to
maintain with producers in the eastern part of the
United States for the trade of the Pacific seaboard
and the section which gets its supplies in greater or
BY EMORY R. JOHNSON, Ph. D., Sc. D.
less share from the west coast importers and jobbers.
The distances via the Panama Canal to San FranProfessor of Transportation and Commerce, Unicisco are 5,666 miles less from Liverpool, and 5,528
versity of Pennsylvania; Member of Public
less from Hamburg than by way of the Straits of
Service Commission of Pennsylvania; SpeMagellan, the reduction in time of voyage for 10cial Commissioner on Panama
and 12-knot freight steamers being respectively 23
Canal Traffic and Tolls,
and 19 days.
1911-13.
The export trade of the west coast of South Amerof growing importance to
The Panama Canal has been constructed to ica is large in volume and
the United States and to Europe. For a number of
shorten the length and time of ocean voyages in
nitrate have been shipped
order thereby to reduce the costs and rates of trans- years, 2,500,000 tons of
annually from Chile, four-fifths of it being sent to
portation, to increase the volume of possible shipStates. There
ments, and to enable industry to develop with the Europe and one-fifth to the United
are large exports of Chilean grain and copper, and,
expansion of trade. The opening of the canal• to
The opening of the canal, a heavy tonnage of
the world's shipping makes this an opportune time after
high grade ore will be shipped from Chile to the
to inquire what economies the waterway will effect,
present time,
what use will be made of the new route via the United States and to Europe. At the
import and export
Isthmus and how American commerce and indus- the west coast South American
trade accounts for some 4,000,000 tons of vessel entrY will be developed.
trances and clearances at the ports of Europe and the
The people of the United States are interested, eastern seaboard of the United States. Europe has
first of all, in the shortening of distances by ocean gotten six-sevenths of the west coast South American
routes between the two seaboards of the country and trade and the United States only one-seventh under
in the reduction of freight rates between Atlantic conditions that have prevailed in the past. It is exand Pacific ports. Up to the opening of the canal, pected that the United States will,.as the result of
heavy traffic between the east and west coasts of the the opening of the canal, be able gradually to inUnited States continued to move via the Straits of crease this percentage of the trade of western South
Magellan, although from 1907 until stopped by the America.
revolution in Mexico, package freight and some
Practically all of the trade of the eastern part of
bulky articles were shipped by way of the Isthmus
the United States with that of western South Amerof Tehuantepec. The large fleet which the Ameriica will be handled by way of the Panama Canal.
can-Hawaiian Steamship Company employed in the
distance from New York to the principal niservice via Tehuantepec and the vessels that were The
trate port has been reduced 5,139 miles, and the
operated between the two seaboards of the United
steamers has been shortened 21 days
States through the Straits of Magellan (as well as time for 10-knot
by the construction of the canal. Valparaiso has
numerous ships not previously in the intercoastal
been brought 3,747 miles, and for 10-knot steamers
service) are now using the Panama route.
15 days, nearer New York by the opening of the
The distance between New York and San Fran- canal. Europe naturally will be assisted less than the
cisco via the Straits of Magellan is 13,135 nautical eastern part of the United States in trading with
miles as compared with 5,262 miles by way of the western South America, by the use of the Panama
Panama Canal, the saving being 7,873 sea miles. Canal; but Europe will be about 3,000 miles nearer
The time saved in making the run from New York the nitrate deposits and 1,500 miles nearer the grain
to San Francisco via Panama instead of by way of fields of Chili in the future than she has been in the
the Straits of Magellan is 32.3 days for a 10-knot past. A 10-knot freight steamer will be able to make
freight steamer, and 26.8 days for a vessel of 12 the run from Iquique to Liverpool and Hamburg in
knots speed. A passenger vessel of 16 knots average 11 days less time via the Panama Canal than by way
speed (which would, of course, not be operated via of the Straits of Magellan. From Valparaiso to Livthe Straits of Magellan) can make the voyage from erpool the saving in time by the canal will be about
New York to San Francisco in two weeks, or in 6 days.
fifteen days, if a day be spent at Panama to enable
In building the Panama Canal the people of the
passengers to see the canal and the sights of the City United States were concerned, first of all, with the
of Panama.
reduction in the cost of transportation between the
United States is hardly Atlantic and Pacific seaboards of the country. For
The western section of the
less interested in a shorter route to Europe than in several years prior to the opening of the canal, most
a reduction in the distance by water to the eastern of the freight shipped by water between the two seapart of the United States. West coast products are boards of the United States was transferred across
exported largely to Europe and the transportation the Isthmuses of Tehuantepec and Panama, the
costs by way of the Straits of Magellan have been larger share of the tonnage being shipped via Teheavy. The Western States, moreover, import large huantepec. The agreement which the Americanquantities of iron and steel, textiles and other man- Hawaiian Steamship Company made with the Mexufactures and have much to gain by the more active. - lean National Railway in 1907 provided that onecompetition which European manufacturers, ship- third of the throng!) freight rate between the two seaTHE USE AND BENEFITS OF THE PANAMA
CANAL
44
THE PANAMA CANAL
boards should be paid to the railroad company for
transferring freight from the vessel on one ocean
across the Isthmus and into the hold of the vessel
on the other ocean. It is reported that the Mexican
National Railway received on the average, $3.50 per
ton of 2,000 lbs. for its service. The cost of transferring freight from vessel to vessel across the Isthmus of Panama probably has been about $3.00 per
cargo ton. This cost of $3 to $3.50 per ton of 2,000
lbs. for transferring freight across the Isthmus is
equivalent to $6 or $7 per ton when calculated upon
the net tonnage of the vessels employed in the trade,
for the reason that modern freight steamers ordinarily carry two tons of cargo for each net vessel ton.
The tolls fixed by President Taft in 1912 are $1.20
per net ton, or about one-fifth of the saving effected
by the canal in the cost of transportation between
the two seaboards of the United States.
The carrier is interested in the reduction in the
cost of transportation; the shipper is concerned with
the freight rates. That the canal will largely reduce
the cost of transportation between the two seaboards
of the United States and will reduce the cost of
handling freight between the United States and the
western coast of South America, Australia and the
Orient north of Honkong, is certain. As regards
the freight rates on traffic from the United States
to foreign countries, it is probable that competition
will give shippers most of the benefit of the reduction
in the cost of transportation; but in all ocean services, particularly in the line traffic between the two
seaboards of the United States, the extent to which
the shippers, instead of the carriers, gain from the
reduction in the cost of transportation depends upon
the ability of the carriers, by agreements, to maintain rates above the level to which the charges would
be forced by unrestricted competition.
In this connection the fact is to be borne in mind
that most manufacturers and traders shipping goods
between the two seaboards of the United States, via
the canal, will be served by regular steamship lines;
only a comparatively small number of exceptionally
large producers will dispatch goods in full vessel
cargoes in ships which they own or charter. With
the exception of /umber, east-bound, coal, westbound, and occasional large shipments of heavy steel
products, most of the traffic will be handled in units
of less than vessel loads; and the service desired by
shippers will be that afforded by the regular lines,
of which there will, in all probability, be several between New York and San Francisco, and one or
more from each of the "out ports," such as Boston,
Philadelphia and Baltimore.
In so far as traffic is handled in chartered vessels
or in ships belonging to the owners of the goods
transported, shippers may be expected to get the
entire saving in the cost of transportation resulting
from the use of the canal; but the rates of.the regular steamship lines will be fixed by agreements of the
rival carriers; and the history of steamship conferences shows clearly that competing steamship lines
will be able, by means of their conference agreements, effectively to regulate their competitive services and charges. The services of the several lines
will be distributed among the various ports. The
rates between any two termini may be expected to
be the same by all lines for similar services; and, in
general, the rates fixed in the conference agreements
may be expected to be maintained at such a level
below the general schedule of transcontinental railroad charges as the managers of the steamship lines
find by experience can be maintained, and yet secure the volume of traffic required to supply the vessels with the requisite traffic. Rates by water will
not be all the traffic might bear, but will be what
the shippers can and will pay for transportation by
water instead of transportation by rail. Rates by
water as well as by rail will be fixed with reference
to what the traffic will bear.
If this be true—and it unquestionably is sound
transportation economics—the people of the United
States will be obliged, in order to secure the benefits
of lower transportation charges to be obtained from
the Panama Canal, to regulate the charges and services of the intercoastal carriers by applying to those
carriers the general principles of regulation that
have been successfully applied to rail carriers. The
rules applicable to the regulation of carriers by water
are not identical with the rules applicable to railroads, but the general principles to be followed are
the same in both instances.
The most concrete measure of the commercial usefulness of the Panama Canal will be the volume or
tonnage of shipping using the waterway each year.
The probable traffic of the Panama Canal has been
calculated with exceptional care. For six years, ending with 1898, the Panama Canal Company kept a
record of vessel movements, from which the Company was able to calculate the tonnage of ships that
would have used a Panama Canal had one been in
existence. Again, in the years 1899 to 1901, the
Isthmian Canal Commission made an elaborate statistical investigation of the tonnage of available canal
traffic. The tonnage figures arrived at by the French
company and by the Isthmian Canal Commission
showed that had an. isthmian canal been in existence in 1899 the tonnage using the waterway would
have amounted to 5,000,000 net (vessel) tons. This
investigation by the Isthmian Canal Commission
was made under the direction of the author who,
eleven years later as special commissioner on Panama Canal traffic and tolls, made another equally
careful statistical study of the tonnage of shipping
that would have used the canal had one been in existence in 1910. During the eleven years intervening between the two investigations, the available traffic had increased from 5,000,000 to 8,328,000 tons.
Inasmuch as it is doubtless safe to assume that the
rate of increase that had prevailed from 1898 to 1910
will probably continue, it seems fairly certain that
the tonnage of the Panama Canal during 1915 will
amount to about 10,500,000 net tons. With an increase of only 60 per cent during the first decade;
which is 12 per cent less than the rate of increase
in the traffic of the Suez Canal during the decade
ending in 1912, the tonnage of shipping using the
Panama Canal in 1925, at the end of the first ten
years of its operation, will amount to 17,000,000 net
tons. Those to whom this seems to be a large tonnage may well compare it with the traffic of the Suez
waterway, which, in 1912, was used by 5,373 ships
having a net tonnage of 20,275,000. The traffic
THE PANAMA CANAL
of the Suez Canal in 1925 will doubtless exceed 30,000,000 net tons of shipping.
The tolls for the use of the Panama Canal—$1.20
per net ton with 40 per cent reduction for vessels
in ballast—were decided upon after careful consideration had been given to the effect of the tolls upon
the traffic and usefulness of the canal. It would
have been undesirable to have imposed tolls high
45
coast of North America and Europe, will be much
greater than the tolls that have been established.
The payment made by vessels for the use of the
canal, and consequently the revenues received by the
United States Government from the canal, are determined by two factors—the rate of tolls and the
tonnage upon which the charges are levied; accordingly, the Panama tonnage rules are of as much
TOWING RUNWAY
BETWEEN THE
LOCKS AT
GATUN.
enough to have diverted from the canal to the Straits importance to shipowners as is the rate tolls. The
of Magellan any considerable portion of the large Panama tonnage rules prescribed by the President
tonnage moving between Chile and the United were formulated after a thorough study had been
States and Europe. It would also have been a mis- made of the merits and defects of the several natake to have placed the tolls at a figure that would tional tonnage rules and of those in force at the
have lessened the use of the canal by the Suez Canal. As prescribed, the Panama rules are
vessels operating between the eastern seaboard more nearly like those of the Suez Canal Company
of the United States and Australia, and also the ship- than those by which the registered tonnage of Amer-
UPPER
SIDE OF GATUN
SPILLWAY.
CONE OF WATER
IN DISTANCE.
ping engaged in the trade between the eastern seaboard of the United States and the Oriental ports
from Manila and Hongkong northward. The saving effected by the canal for the traffic between the
two seaboards of the United States and between the
eastern seaboard of the United States and the west
coast of South America, and between the western
ican ships is determined. It is unfortunate that the
American, British, French, German, Suez and other
tonnage rules are not uniform. As a matter of fact,
they differ in important details, those of the British
Government, under the influence of British shipowners, having provided for an especially low net tonnage as compared with gross tonnage.
46
THE PANAMA CANAL
The gross tonnage of a vessel, possibly it should
be explained, is the measure of the entire closed-in
capacity of the ship; the net tonnage is the entire
closed-in capacity minus the spaces occupied by machinery, fuel, and housings for the crew. A vessel
ton, gross or net, has nothing to do with weight, but
is 100 cubic feet of space. A vessel of 5,000 tons,
net, is a vessel of 500,000 cubic feet of capacity available for the storage of freight or for the accommodation of passengers.
The application of the Panama rules to the measurement of vessels will give vessels a somewhat
smaller net tonnage than ships would have if measured by the Suez rules. The Panama net tonnage will
be slightly in excess of the registered tonnage of
American vessels, and considerably larger than the
net tonnage of most vessels under the British or
German flags. The Panama rules were drafted
with a view to establishing for the Panama Canal as
scientific a set of rules as could be formulated. It
is to be hoped that the Panama rules will remain unchanged, and that they may have the effect ultimately of bringing about a greater degree of uniformity in the- different tonnage rules now applied to
the measurement of vessels.
The economies due to the use of the Panama
Canal, especially for the traffic between north Atlantic countries and the countries of western South
America, will result not only from the shortening of
distance and time of ocean voyages, but also from
reducing the fuel expenses of vessels engaged in the
traffic. There is no coal in eastern South America,
and that on the west coast is of poor quality. Vessels trading between Europe and the west coast of
South America by way of the Straits of Magellan
have to take on large quantities of fuel for the long
run around to the west coast of South America,
thereby reducing the space available for cargo and
thus the earning ability of vessels. Coal will be
relatively inexpensive at the Panama Canal, where
it can be sold by the Government, without loss, at $5
per ton. The coaling stations at the canal will be
largely used by merchant vessels, and in the traffic
with western South America the fuel expenses will
thereby be much reduced. Indeed, the reduction in
fuel expenses will cause the Panama route to be
taken by vessels from Europe to Santiago, Chile,
even though the tolls charged at Panama somewhat
exceed the saving which vessels can make by taking
the Panama route instead of the one via the Straits
of Magellan.
It is interesting to note that vessels trading between
New York and Australia, or between New York and
Manila, will find fuel expenses via Panama appreciably less than by way of the Suez Canal. Coal can
profitably be sold by the United States Government
at Cristobol for $1.25 less per ton than the price now
charged at Port Said. The studies that have been
made of fuel expenses via Panama indicate clearly
isthmus
that the lower fuel cost via the American
in
will be of much assistance to the Panama route
the Straits of Macompetition with routes by way of
gellan and the Suez Canal.
.
The studies that have been made of available canal
the new traftraffic did not take into consideration
fic that will be able to move as the result of the opening of the Canal. In the past, the rich beds of Chilean iron ore have remained unworked because the
cost of transporting the ore to Europe and the United States was prohibitive. The prospective opening
of the canal caused the Bethlehem Steel Company to
construct a fleet of large ore carriers which have
already begun to bring the ore from Chile to the
United States. Some of the Chilean ore will also be
taken to Europe. All of this traffic will pass through
the Panama Canal. Prior to the opening of the
canal, only a small quantity of the lumber from
Washington and British Columbia could be marketed in the eastern part of the United States; with
the reduced cost of transportation via the Isthmus,
it is expected that a large trade in west coast lumber
will be carried on by merchants who distribute lumber from Philadelphia, New York and other Atlantic ports. To some extent, this west coast lumber
will supplant the lumber from the Southern States,
but in larger measure the west coast lumber will supplement that from the South.
The Panama Canal will enable both the intercoastal and the foreign trade of the United States
to be carried on under more favorable conditions
than have prevailed in the past. It is too early to
measure in detail the commercial effects of the Panama Canal; it is certain, however, that the influence
of the canal will ultimately be far reaching. The
American people, however, must not expect the
canal to revolutionize the foreign trade of the United
States. The canal will give the people of this country an opportunity to trade with western South
America and with trans-Pacific countries under more
favorable conditions as regards length of ocean
routes and transportation costs, but economies in
transportation will not alone determine whether the
trade of Pacific countries will be mainly with Europe or with the United States. Europe has the lead
of the United States in the commerce of Pacific countries. The exporters from Great Britain, Germany
and other European countries are served by numerous steamship lines and by a vast tonnage of other
available shipping. The financial and banking relaions of Pacific countries are mainly with Europe. The
merchants of Great Britain, Germany, Belgium and
France have long established trade relations with the
countries of the Pacific. European merchants have
branch houses or agents in South American, Australian and Asiatic ports. It will take time to transfer the bankng, merchandising and trading relations of South American and trans-Pacific countries from Europe to the United States.
In order to secure the benefits obtainable from the
opening of the Panama Canal, it will be necessary
for the American bankers, manufacturers and
traders to be alert; and it will also be • necessary
for the United States Government to formulate a
broader commercial policy than has thus far prevailed. The Federal Government must seek by practical measures to develop a larger American merchant marine in the foreign trade, to facilitate by
liberal legislation the growth of international trade,
and by favorable banking laws to strengthen the
financial position of the United States among commercial nations.
THE PANAMA CANAL
47
But the growth of new business is problematTHE PANAMA CANAL AND THE RAILROADS.
ical and takes time, and in the meanwhile the
By John Maurice Clark
canal route will be taking away from the railAmong the many questions raised by the open- roads some of the business they already have,
ing of the Panama Canal, not the least interest- just at the time when the revival of the longing will be the effect of this great new waterway and-short haul clause seems threatening to deon the greater common carriers, the railways, to prive them of their customary freedom in meeting
which it will appear in the two-fold guise of team- the inroads of competition. At present the boat
mate and competitor. It will develop some new lines carry something over one-tenth of the transtraffic in which the railways will have a share; continental freight tonnage. However, the soit will take some of their present traffic away called "transcontinental" traffic includes shipfrom them, and some traffic will be shifted from ments from as far west as the Mississippi River,
its present course, and will run in new channels. and goods destined to inland points throughout
All this will bring gains to some carriers, pos- the Pacific slope. In fact, only about one ton in five
sibly losses to others, while to most it will bring of the westbound transcontinental traffic comes
gain and loss commingled.
from farther east than Buffalo and Pittsburg.
We expect an increase in our export trade to The Middle West has become dominant over the
the west coast of South America and the Orient. Atlantic seaboard in the commerce of the PaciExports, moreover, must be paid for with im- fic slope.
ports. Now the greater part of the exports and
Now, obviously, it is the traffic from seaport to
imports must be carried by rail, some distance at seaport that is most exposed to water competileast, and the profits on this business will be one tion, and half of this traffic the boat lines have
of the benefits which the Panama Canal will already taken from the railroads.
bring to the railroads. For much of this comIn one sense, it would seem as if the railroads
merce, New Orleans is the natural port, and, in had
already suffered the greatest damage to
proportion as New Orleans comes thus into its
which they stand exposed. And yet, even so,
own, the railroads which serve that port must there has been
no absolute shrinkage of traffic by
share in its prosperity. Not only in foreign trade rail. The increase in the water-borne tonnage has
does New Orleans expect great growth, but in come out of the normal growth of the total voltrade to the Pacific Coast of the United States ume of business. The question, to which the fuitself, diverting traffic from the overland routes. ture holds the answer, is: will the added advantThus the Illinois Central and the Louisville and age from the use of the canal be enough to take
Nashville may become competitors of the Union from the railroads the balance of the coast-toPacific or even of the Great Northern. The coast freight, and make serious inroads on the
strictly north and south lines are not, however,
business moving from the interior cities?
the only ones to share in this traffic. The Rock
Compared to the present rail-and-water routes
Island controls a route from Chicago to Galvesacross the isthmus at Panama and at Tehuanteton, and the 'Frisco system also includes a Gulf
connection. Thus these western transcontinental pec, the canal route will, of course, be faster and
roads, which are exposed to the most direct substantially cheaper. The steamship lines will
losses from the competition of the canal route, save an amount which may be roughly estimated
have at least some small chance to participate in not to exceed 13c per 100 lb s. of freight, or
something like one-tenth of an average transcongains as well.
tinental freight rate by rail.
So much for the commerce of the Gulf ports.
This is on the supposition that the boats travel
What of the transcontinental traffic and carThese roads are clearly liable to very with full cargoes, but the indications are that
riers?
definite losses from the opening of a great new they will probably find it quite difficult to secure
waterway which must inevitably strengthen the an east bound tonnage equal to the westbound.
competition for business from coast to coast—a It is only the heavy eastward movement of Hawaterway through which their own ships may not waiian sugar that keeps the tonnage fairly well
balanced at the present time. If the freight
pass.
passing through the canal has to pay expenses on
Aside from the general, normal growth of busi- a balance of empty cargo space, the
economy of
ness, there will undoubtedly be some business the Panama route will not be quite as
great as
which the canal itself will create. Indeed, there it appears on paper.
will be a sort of rough, natural compensation at
It must be further taken into account that the
work by which, the more traffic is taken from the
freight rate is not the only consideration in comroads, the more of other sorts of traffic will come
petition between a railroad and a line of steamin to them. The steamers cannot make serious boats. The rates are now from 20 per
cent to
inroads into the railways' business without a very 60 per cent lower by water, and
still the railroads
considerable lowering of rates; a slight reduction keep nearly half of the coast-to-coast
tonnage.
will not do it. And if rates are lowered a great Obviously, a great deal of the business is govdeal, the result will be more than a mere diversion erned by other considerations than the mere
of the existing traffic; it will mean a stimulus to freight rate. It hardly seems probable that anindustry and commerce which cannot fail to fur- other 10 per cent subtracted would be enough
nish some work for the well nigh universal com- to overcome all these "other considerations" at
one blow, and take all the remaining traffic away
mon carrier, the railroad.
48
THE PANAMA CANAL
from the railroads, even if the roads did not meet
the cut in rates.
One of the reasons why the railroads can
charge more and still keep a large share of traffic is the fact that the train-isthmian route demands so much handling en route. If a short rail
haul is needed at each end, the goods must be
loaded and unloaded at least ten times, into and
out of three freight cars and two steamers, and
all of this means a greater risk of injury to the
goods calling for more expensive packing to
protect them. With the Canal in use, this disadvantage would be cut approximately in half,
though it would still remain a substantial handicap. In the matter of speed the new route will
about equal the ordinary slow-freight service of
the railways.
There are some things which the steamers can
not wholly divert by any reduction in rates. California fruit, and all goods using the special fast
freight service of the railroads, would probably continue to move largely as it does
now, no matter what inducements the steamThe fruit growers'
ship lines might offer.
co-operative associations have enormously increased the value of their crops by following up the shipments on their way eastward, and diverting them by telegraphic orders
to the most favorable market. This advantage
they will probably not abandon, even if the other
obstacles to the carriage of fruit by steamer
through the tropics should be successfully overcome. There is doubtless other traffic which will
still prefer the overland route, for one special
reason or another. On the whole, then, with regard to the strictly coast-to-coast traffic, the situation would seem to be this: that the railroads
will not lose all of it in any case; but that they
carry less than half of it at present, and would
probably come out of a defensive rate war with
a. still smaller percentage.
Will they lower their rates? If this strictly
through traffic were a thing by itself, they would
probably make a determined effort to retain it.
But it is not a thing by itself. The whole eastern
part of the country is given the same rates on
transcontinental business, so that the railroads
could not lower the New York rates without a
similar loss of revenue on the vastly greater volume of shipments originating, or terminating, at
inland points as far west as the Mississippi River.
This would be a heavy price to pay to keep a
small part of the traffic, already carried at far
less than the normal margin of earnings. Indeed, this very fact may help to explain why the
railroads have avoided rate wars in the immediate past, and have followed a "live and let live"
policy toward the steamship lines connecting
with the Tehuantepec and the Panama railways.
The loss would have been greater than the prize
was worth. Unless the steamers begin taking on so much traffic from far inland, as to make
serious inroads on this, the main part of the
railroads' transcontinental business, we need not
expect to see a war of rates inaugurated.
For all of this traffic, especially for traffic which
does not reach the seacoast at either end of its
journey, the railroads will continue to have advantages that should be almost decisive. They
will avoid two transfers, with all the delay and
chance of injury involved. They can carry the
goods more quickly and more safely than can the
steamers with rail connections at the terminals.
And when the traffic goes by sea, either the shipper or the steamship company must pay the railroads for their part of the roundabout haul, thus
increasing the expense of the ocean route. At
present, some shipments move by water from as
far west as Buffalo and -Pittsburg, and from
points a hundred to a hundred-and-fifty miles inland on the Pacific slope. The saving from the use
of the canal may be equivalent, at a liberal estimate, to an extra haul of three hundred miles at
the eastern end of the journey, or less than half as
much in the Pacific coast states, where rates are
higher. How formidable this widening of the
steamers' sphere of influence will prove, is a matter that can only be conjectured. The railraods
may be consoled, especially the eastern lines, by
the fact that even such traffic as they may lose is
not wholly lost. They will merely have exchanged
a long haul at a low margin of profit for shorter
hauls at more satisfactory returns, mile for
mile. If the general growth of traffic is as great
as is expected, the result may be no loss at all,
but rather an improvement in the character of
the traffic and an increase in ton-mile revenues.
If the railroads are forced to fight for the middle-western traffic, they may find themselves
somewhat hampered because the present orders of the Interstate Commerce Commission
place certain limits on the practice of charging
lower rates to Pacific seaports than to intermediate points. This fact should prove to be an interesting incidental problem, but not, necessarily,
a terrifying one, even though the Supreme Court
has upheld the rulings of the Commission. The
idea of these rulings is to grant exemption from
the long-and-short haul clause and allow the
railroads to discriminate in favor of their terminal cities, just so far as they are compelled by
genuine water competition, but no farther. Now
that the force of competition by sea is to be considerably increased, it is entirely possible that
the details of the Commission's plan may need
to be reconsidered and extensive changes made.
In particular, it seems unnatural that Galveston
should be classed with Omaha as a place enjoying no water competition, and that New Orleans
should be treated as enjoying no more effective
water competition than Madison, Wisconsin.
Rates from Galveston may not be higher to intermediate points than to the coast, and rates
from New Orleans may be only 7 per cent higher,
while from Boston, New York, Philadelphia and
Baltimore, the intermediate rates may be 25 per
cent higher, the through rates being forced down
by water competition. At present, no regular
steamship lines run frrm the Gulf ports to the
isthmus, but with the opening of the canal we
may expect to see genuine and active water competition at these points. Accordingly, we may
expect that the Interstate Commerce Commission, following the principle of its first ruling,
THE PANAMA CANAL
49
will grant more liberal dispensations from the
long-and-short haul clause, especially to the railroads serving the Gulf Ports, provided that these
carriers show that they need the revenue which
higher rates to intermediate points would furnish.
So far, we have been viewing the more immediate effects of the canal, and we have seen
that there will be both gains and losses. Will
things bear a different aspect in the long run?
Will the railroads ever reach that happy state in
which they will not care how much through
freight is carried by the steamers? There is
good reason for believing that the time will come
when railroading will not be a business of "increasing returns" to anything like the same extent that it has been in the past, if at all, and
when extra tonnage, carried extra long distances
at extra low rates, will not be regarded as a valuable prize, but as a very doubtful asset.
For some roads, indeed, that time seems to
have arrived already. To the Pennsylvania Railroad, for example, the regular growth of traffic
means the outlay of enormous sums for increased
plant to handle the added tonnage, over $64,000,000 having been spent thus in the last year
alone. In recent years this Company has built
what is virtually a separate double-track railroad to handle freight alone and relieve the main
line of congestion. The expenses, for various
reasons, (not all connected with increased traffic) are growing actually faster than the income.
Under such conditions, it is far from true that
added traffic always pays, so long as it brings in
LOOKING THROUGH GATUN LOCKS.
TOWING ENGINE CLIMBING RUNWAY.
anything above operating expenses. A road in
this condition need not mourn if a competitor
kindly relieves it of some of its least profitable
business.
The condition of the lines east of Pittsburg
can, in itself, hardly have much bearing on the
question at issue, for these lines are comparatively indifferent to canal competition in any case.
But we are looking into the future, to a time when
lines farther west will be approaching a similar
condition. At present, it is the western roads,
rather than their eastern connections, which are
chiefly responsible for the disregard of distance
that characterizes our transcontinental freight
rates.
When the plant was partly idle, more tonnage
was a boon at almost any price. But as traffic
becomes more dense, the motive to discriminate
becomes weaker and weaker. Thus the western
lines made low rates to fill their eastbound empty
cars with lumber, with the final result that the
policy was too successful. The cars were more
than filled, and further shipments of lumber were
chargeable with the cost of added rolling stock,
and the haul of empty cars westward, as well.
This is an extreme case, but typical.
The western roads have, of late, been spending
many millions in enlarging the capacity of
roadbed and rolling stock, while the moving of
freight
through Chicago, St. Louis, and other
western
cities is a great and growing problem, calling
for
huge capital expenditures. No traffic is
self-
60
THE PANAMA CANAL
supporting which does not contribute its full
share toward the interest on these outlays. When
congestion turns railroading into a business of
diminishing returns, the traffic that was once
eagerly sought for at extra low rates, may become an actual burden, to be borne grudgingly,
and only out of consideration for the many interests that are always dependent on an established adjustment of charges.
Across the arid and mountainous stretches of
the West the tonnage will hardly grow to this
extent, and the officials in charge of these divisions may never cease to cast covetous eyes at
the water-borne traffic. But as the rest of the
country grows up to its transportation facilities,
we may expect that the carriers in general will
soon cease to lament the business the canal has
taken away, while they will continue to enjoy the
more attractive business which the many-sided
growth of the country will bring with it.
Let us suppose that the canal has taken its
place in our commercial system and our growing population and industry have adjusted themselves to it. The railroads will then, as now,
be facing the problem of providing billions of
capital to meet the transportation demands of
our ever-growing country. What would they say
then to a proposal to close the Panama waterway
to all coastwise traffic, and throw upon them the
responsibility of raising funds to provide facilities
for a sudden increase of relatively low grade
business? One can hardly imagine them actively advocating the passage of such a. measure.
On the contrary, if, in the year 1950, an earthquake should destroy the canal, it is quite possible that among those who would view the catastrophe with the most sincere grief would be
the heads of the great railroad systems of the
country.
THE REMOTE EFFECTS OF THE PANAMA
CANAL.
BY JOHN BATES CLARK, PH.D., L.L.D.
Professor of Political Economy, Columbia University; Director of the Division of Economics
and History, Carnegie Endowment
for International Peace.
What, after all, is the Panama Canal? Is it
merely a ditch, forty-nine miles long, and are the
two ends of it respectively at Panama and Colon?
In a truer sense it is a connecting link between two
vast systems of canals comprising the water routes
which radiate from the two terminal harbors to every
part of the earth. If we consider that every "steamship lane" is in effect such a line of water communiany
cation as a canal furnishes, though better than.
artificial canal can be, we may say that the excavation across the narrow isthmus of Panama has
at one stroke united some hundreds of channels
lying eastward from America with an equal number lying on the western side. A myriad of long
routes for travelling by water meet and intersect in
the small canal zone.
It is a truism that commerce binds nations together
and that the international bond is closer the more
dependent on each other the nations come to be.
The commerce between a country having much
land and few people and one that has little land
and many people is essential to both of them. England thus clothes other countries and is fed by them.
The commercial bond is close between any two
regions that in an economic way are as unlike as
are temperate regions and tropical ones.
All trade is essentially barter. It pays New
England to send cotton goods, paper, machinery,
etc., to the West Indies in exchange for bananas
and pineapples rather than to try to cultivate
and it pays the West Indian to acthese fruits;.
quire the manufactured goods thus indirectly rather
than to attempt directly to make them. Densely
peopled regions and sparsely peopled ones make
similar gains by exchanging products. A land of
shops and factories thrives by commerce with a land
of flocks, herds and grain fields.
Usually countries of dense population are advanced
in a technical way. They abound in mills and shops
and they use improved methods and machinery.
China, however, is densely peopled and its industrial
methods are still primitive. The sea that separates
her from America is narrower than was once the
English Channel, and it might seem that here were
found the countries of the greatest commercial
affinity between which incentives to trade would be
at a maximum.
It is not so. The mere density of the population
of China, by providing an unlimited supply of cheap
Amerilabor, somewhat neutralizes the effect of
unlike as in many ways the two
can machinery, and
countries are, there is more of similarity than of
contrast in their products. In both of them the internal commerce greatly overbalances the foreign.
Both of them are highly civilized and have developed
the refinements of life to an extent that calls for a
wide range of commodities. In America the goods
are made for us by the deft fingers of tireless machines, while in eastern Asia they are, for the most
part, made by trained hands. The amount of labor
required for a given product is enormously greater
in Asia; but the difference in cost between making
the goods in Asia and making them in America is
far less than it would otherwise be. It is the familiar
rivalry of machine and cheap labor, and while the
machine wins, yet so long as it is used by an American worker, it does not win by such a margin that it
can immediately drive the Asiatic worker out of his
trade. If used by an Asiatic worker, it can and will
do this. It is foreordained that Asia shall go the
way of western lands that have put machines in the
place of trained hands, and when that happens the
entire world must take note of it; and the canal will
have a new work to do.
In estimating the effect of. the canal on the relation of the United States to South America we do
not have to assume that the industry of the latter
continent is about to undergo such a sweeping transformation as is to be expected in Asia. The importance to America of lanes of commerce that intersect at Panama lies partly.in bringing our eastern states into connection with the western part of
South America. From the Pacific states of South
America we can draw ores, fertilizers, and, in general, raw products, in exchange for some other raw
THE PANAMA CANAL
products and a variety of manufactured ones. By
aid of the canal we can greatly increase the volume
of such traffic, but the new connection is not likely
to transform the industry of the southern continent.
With Eastern Asia the case is different. From the
first there will be some exchanging of raw products
and much exchanging of highly wrought ones. We
shall bring thence tea, rice and raw silk, and from
the neighboring islands at the south we shall bring
hemp and sugar and tobacco; but we shall also bring
from China and Japan art products and many
highly wrought specialties. We shall send to them
refined oil and agricultural produce, together with
tools, machines, and a varied assortment of finished
goods. Our importations from Asia will thus combine agricultural products with industrial ones; our
exports to Asia will do the same, and the traffic at
first will be much smaller than it would be if the
products of the two regions were generally unlike.
Between the two lists of goods produced in North
America and in Eastern Asia respectively there is
not, if we take each list in its entirety, as radical a
difference as there might be.
- The character of the traffic between these vast
regions will change much with the rapid modernizing of Asiatic production. We have not merely
to look at China and Japan as they are
and try to see what special advantages are at
present offered by the exchanging of one or another
kind of goods. Our problem becomes far more interesting when we consider what China and Japan
must and will become in the near future. The machine is nearly omnipotent and may be trusted to
control the history of Asia. Man makes it, indeed,
but it controls him and shapes the destiny of his
race. The ingenuity of one inventor devises an engine of production, and the labor of a few mechanics
constructs it; but it then multiplies like a prolific
animal and in the end dominates men and shapes
empires. All the while it serves men like a genie of
.the lamp. Machines have utterly transformed the
economic shape of much of the world, and they will
continue to do this on a grand scale as soon as the
close connection of Eastern Asia with Europe and
America shall have produced its natural effect.
Asia is bound to repeat the history of Europe and
America in so far as the arts of industry are concerned. How many decades this will take it would
be rash to prophesy. How many detailed processes
now used in the West will be adopted in the East
during each decade of the twentieth century no one
can positively assert;, but the general fact that hand
labor will gradually yield to machine labor, in Asia
as everywhere else, is surer than the average fact of
history. Some prophecy is surer than some history
and that which predicts the triumph of the machine
is one of the prophetic certainties. On this point
we can reverse Webster's familiar statement and
say,"The future, at least, is secure." We know that
Asia will introduce machinery on a great scale, that
the whole world will be powerfully affected by this
change and that our own relation to Asia will be
dominated by it.
This will happen partly because machinery everywhere excels hand labor; but in this case there is a
further and very decisive reason for it. Machinery
51
has its best field in a country of dense population.
It takes time and a struggle to introduce the machinery of manufacturing into a new country where
land is abundant and men scarce. Where land is
scarce and is worked to the final limit of intensiveness, the produce per man is small and wages are
necessarily low. Such a country is compelled to go
into manufacturing and can afford to undersell the
world in the products of it. The poverty of its agriculture is its key to success as a competitor in manufacturing. If the Chinese laborer can earn only
fifteen cents per day on the farm, he can get only
a little more than fifteen cents in a workshop; and
when a mill with modern machinery has supplanted
the workshop and is run by men who get twenty-five
cents per day, it can undersell a mill in a richer
land. China and Japan taken together have the
capacity to become ultimately the great workshop of
the world.
Does this mean a real "yellow peril" for the remainder of mankind? If the transformation came
all at once, it might mean this, and it would certainly mean a violent overturning in China itself.
If the change comes quite gradually, it may involve
no peril but an assured gain for western countries
and a greater one for China.
We need to know what parts of the world will be
the natural customers of the manufacturers of the
East. Strictly speaking, commerce is between occupations rather than between localities. The weaver
and the tailor clothe the farmer and the farmer
feeds them, though they may all happen to live in
the same township; and it is only in a secondary way
that one can speak of one country as being agricultural and of another as being industrial. Farmers buy more of the goods manufactured by their
own countrymen than of goods manufactured by
foreigners, and for an indefinite time—probably for
centuries—this will hold true in Eastern Asia, though
even a great region like this can • never supply its
wants altogether by its own direct production. Long
before Asia will have developed its manufacturing as
fully as it is now developed elsewhere it will begin
to export some of the products of it, but the amount
that will come to Europe and America will be restricted by several influences. Mere inertia—the
slowness with which the transformation of an economic system proceeds—will protect the present generation of western producers. Japan has modernized itself with brilliant rapidity, but even she has
made only a beginning in the introduction of western machinery. The question that can be intelligently asked is whether, in later generations, West,
ern countries will encounter a real danger from this
rivalry of eastern manufacturers, and whether, for
fear of it, we shall suffer from a recredescence of exteme protectionism. Shall we ever need a Chinese
wall to bar out the products of China?
It is conceivable that the "pauper labor" of the
East, with machinery at its command, might play
the part in discussion with which we have been
made familiar in the case of the so called "pauper
labor" of Europe, and a prohibitory tariff might
be called for in the platform of some party. As
bearing on this question there are a few more
points on which known economic tendencies
52
THE PANAMA CANAL
enable us to form assured opinions. One is
that, in Asia, the different productive arts will be
modernized one by one, and not all together; and
another is that, for many years, the principal markets supplied by every one of these modernized industries will be found within the boundaries of the
Asiatic empires themselves. If we include with Japan that portion of the mainland in which she has
lately become dominant, we may say that three
vast oriental empires—those, namely, of Japan,
China and Russia—with all of which the Panama
Canal has brought our Eastern States into closer
connection, will slowly remodel their economic systems and bring them into closer resemblance to
those of the West. They will do this in the order
in which they are here named, Japan being the first
to accomplish it, Asiatic Russia the last and the
Chinese Empire 'being between them in the succession. It will take time to transform even the industries of the first of the three empires, and a very
Jong time to transform those of the last.
Again, when the exporting of manufactured
products from one of these regions takes place on
a large scale it will seek pre-eminently those parts
of the earth which offer the greatest gain from the
interchange, and that means agricultural and mining regions. Raw materials and food will be what
the industrial populations of Asia will chiefly need.
The strongest affinity, so to speak, of such centers of manufacturing will be with the interior districts of the Chinese empire and the limitless stretches
of Manchuria and Siberia. Unless political obstacles intervene, traffic of great usefulness and equally
great profit should exist between these regions. The
Pacific states of North America will have something
to offer to the developing industrial populations of
Asia, and with them, as with Siberia, the connection will be made quite independently of the Panama Canal. With Atlantic states the case is quite
otherwise. Brazil, the West Indies and the old
"Spanish Main" will be brought commercially
within reach of Japan by the Canal route. Argentina, however, is already reachable by way of Cape
Horn and the Canal will not greatly affect her dealings with the East, which will be large in any case.
The products of the new industrial centers of Asia
will seek out such regions as markets and if commercial "buffer states" are needed to ward off from
our industrial centers the impact of Asiatic competition, these and similar regions will furnish them.
We are chiefly interested in knowing how the
eastern half of the United States will be affected. It
is here that industrialisni has its chief home and
here, if anywhere, Asiatic rivalry will be dreaded.
It is therefore in connection with what may happen
to this region, with its vast production, that a broad
and clear view is most 'needed. What I venture to
predict is that there will be a large increase of traffic
between eastern America and eastern Asia and that
the exportation of manufactured goods to that great
region taken as a whole will not be reduced by the
modernization of Asiatic production. The time will
doubtless come when we shall import goods from the
workshops of Japan and China. They will consist
of special products for making which those awntries are particularly well adapted. It would be
strange if we should not import from that region
products of silk. Thanks to the presence of machinery
in America, the absence of it in Eastern Asia, and
a high protective tariff, we now import from them
relatively little manufactured silk; but with the tariff
even as high as it is and modern machinery introduced into the East, the situation would be otherwise. It will be found, however, that every case of
silk that shall come from those countries will create
a demand for other manufactures in the making of
which we shall for an indefinite time have the advantage. And we shall export them in. greatly increased quantity because of the new and abounding
wealth of the eastern lands.
The indirect effects of modernizing the industries
of the East are too complex to be more than alluded
to here; but it is a perfectly safe prediction that the
general development which will take place in the
East will make that vast region a better and better
customer for the producers of the West and that an
influx of riches measured and expressed in gold Will
be the only "yellow" incident in the case. Within
the vast confines of the three great empires the "dynamic" movement that is going on will open more
markets for American products than it closes. A
narrow view might lead some men to think otherwise, and a narrow policy might lead a country to
act otherwise than in the way that would secure for
itself the largest benefit from this development.
There is an immigration problem too vast to be
more than mentioned here; but it is evident that the
modernization of Asia will, as far as it goes, reduce
the incentives for emigrating from that continent.
The richer Asia becomes, the higher will be the standard of living of its people; and this will make them
better customers if they stay where they are, and will
cause more of them to stay there.
In general, it is the common interests of mankind that will be promoted by the use of the Panama Canal, and the gains will be those in which all
nations will participate. If we divide the world into
two hemispheres by a meridian running through the
Pacific and the Atlantic, the commercial center of
one hemisphere will be at Panama and that of the
other at Suez. At these points routes innumerable
intersect, and through each of the artificial straits
will pass an ever increasing volume of commerce.
Relatively the increase of the traffic through the Panama Canal will be the greater, and long before the
time when the full economic transformation of the
Pacific countries will have been established, it will
take more than one channel across the American
isthmus to accommodate it. No traffic which the
present generation will witness will constitute more
than a tithe of that which will be seen in the future,
and no figures that anyone would now dare to make
will measure the wealth that will ultimately flow
from it. The chief single fact about the canal is its
aptitude for becoming a vital world asset, from the
use of which under a far seeing policy, our land and
all lands will thrive. It should be no cause of con.
tention but a bond of fraternity and assured peace.
THE PACIFIC
COAST
BANKS AND BANKING
54
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SAN FRANCISCO REBUILT. IN THE FINANCIAL DISTRICT.
BANKS AND BANKING ON THE PACIFIC
COAST.
By J. K. Lynch, President of the San Francisco
Clearing House. Vice President of the First
National Bank of San Francisco.
If asked to name the particulars in which banking on the Pacific Coast differs most widely from
banking on the Atlantic seaboard, we must reply
that it is in the larger proportion of capital to
deposits in the banks of the Pacific Coast, and in
the greater rigidity of the loans in which their
funds are invested. Both conditions are the direct result of the newness of the country and the
consequent scarcity of capital available for the
development of the great natural resources of
the region. Under-capitalized enterprises lean on
their commercial depositaries for funds which
should be supplied by shareholders, or through
funded loans repayable over a long term of years.
Thus the proceeds of loans nominally payable on
demand are actually invested in plant and fixtures.
This is time not alone of manufacturing concerns but also of those engaged in merchandising, so that relatively few of them measure up to
the standard set for firms that can issue saleable
commercial paper. The favorite form of note
obligation is therefore made payable "one day
after date," which means in practice, at the pleasure of the maker and only then, unless the banker
is ready to call the loan and (incidentally) to dislodge the account. The one-day-after-date note,
which is the successor of the overdraft, has
tended to diminish the balances which the banker
has a right to expect from the accounts of borrowers. The evils of this system are fully recognized and the practice is being restricted year by
year, but the underlying condition from which
it has resulted can only be removed gradually,
and after the lapse of considerable time.
The Pacific Coast witnessed the evolution of
the bank from the merchandising concern, epitomizing in a few years a process that has consumed hundreds of years in developing throughout the world.
In the mining regions the early bankers were
buyers and shippers of gold dust and gold bullion, which was exchanged for merchandise. In
the farming districts produce was handled in the
same way and the final function of the banker,
the loaning of credit resulting from the sale of
produce (whether of the mines or of the fields),
was an easy and natural step. In some of the
more remote places the general merchant is still
the banker, but the search for banking locations
has been prosecuted so vigorously that there are
today but few places that are not provided with a
bank, the organizers frequently being willing to
ignore profits for some years in order to be first
in the field, and to secure that goodwill which
comes from assisting in the development of the
community. More rigid laws passed by the different States have also contributed to the elimination from banking of all those not exclusively
in the business, and under the safeguards of
either State or National laws.
The history of banking in California is typical
of that on the entire coast, at least in the earlier
stages of the business. Of the many private firms
that began banking in the fifties but few survived
the speculation and the fluctuations in trade
which are characteristic of pioneer days. Failure removed the greater number; some retired in
a more regular way; and the few who remained
were absorbed by incorporated banks, or themselves incorporated.
From the fact that California, and the Pacific
Coast generally, remained on a gold basis while
the rest of the country kept the currency dollar
as the unit of value, the National system made
its way slowly. The first National bank incorporated in California was chartered in 1870 under
the amendment to the banking Act authorizing
banks to issue currency notes payable in gold.
Altogether some ten banks were organized
under this Act. When the Government resumed
specie payments there was no further reason for
the existence of the National-Gold banks, and the
heavier penalties they were obliged to bear caused
them to enter the National system on the same
terms as the banks throughout the country. The
majority of the banks in the central and northern
portions of the Stale remained under the State
system, and it was not until the passage of a severely restrictive Act known as the California
Bank Act of 1909, that some of the largest banks
changed to the National system.
San Francisco was recognized as an important
BANKS AND BANKING
link in the chain of international exchange operations from an early date, and English and French
banks established branches which had an important part in the development of the Coast.
The Canadian joint stock banks also entered the
field, and two of them still maintain flourishing
branches in San Francisco.
In the southern part of California, with Los
Angeles as the financial center, the National system made a beginning with The First National
'Bank of that city, converted from a State bank
in 1880. Following the building of the transcontinental roads entering Los Angeles, and the
consequent increase in population coming from
the Middle West and from the Atlantic Seaboard,
(made up largely of men familiar with the National system), it became a strong favorite in
that part of the State.
While the principal commercial banks in California are now operating under the National
laws, those laws have made but inadequate provision for the Savings business, which, from the
beginning, had been well cared for under the
State laws. In fact, one of the characteristic
features of banking in San Francisco is the number of large Savings banks strongly capitalized
and having deposits aggregating one hundred and
eighty-five millions. Many of these deposits are
not strictly savings, but represent, rather, idle
funds awaiting investment by the owners. In
this city the Savings banks have taken on a class
of business which on the other side of the continent is in the hands of the Trust Companies.
It being generally recognized that the Bank Act
of 1909 was too restrictive, and that it placed the
State banks at a disadvantage in competing with
the Nationals, amendments to the Act were
passed at the last session of the legislature which
have made the law much more flexible, and the
effect has been to check the conversion of State
banks to Nationals. One feature of Act which
has proved popular is that permitting one institution to transact Commercial, Savings, and
Trust business, a segregation of capital being required for each branch of the business. A sufficient time has not yet elapsed to determine
whether or not this departmental banking will
prove more efficient, and consequently more
profitable, than the more specialized banking
hitherto in force. In the smaller communities the
departmental bank has manifest advantages, but
It is not so clear that these advantages extend to
banks in the large cities.
One feature of the Bank Act which is worthy
of notice is the requirement to maintain a ratio
of at least one to ten between the capital and
surplus, and the deposits. This is no hardship in
the case of a commercial bank but, in a prosperous community, it sometimes keeps the shareholders in a savings institution busy.
In spite of some features which are still regarded as unnecessarily restrictive, and which
may be removed by future legislation, this Act
is undoubtedly one of the best banking laws in
the country, and its operations have done much
to raise the standard of the. State banks.
While Oregon went through the preliminary
55
stage of banking by merchandising firms, express
companies, and private bankers, the National
system was initiated by the incorporators of The
First National Bank of Portland in 1866,
-four
years earlier than the incorporation of The First
National (Gold) Bank of San Francisco. While
the Portland bank remained the only National
bank in the State until 1882, the Nationals are
now well represented, and the State is amply supplied with banking capital. The pioneer bankers in both Oregon and Washington suffered
from an excess of opportunity, or rather
from the excess of natural resources, lack of
transportation to market, and scanty population. The proper adjustment of these three
factors in the production of wealth is a slow
process, and while it is going on it requires
a high order of banking skill to avoid ruinous loss. In a sense, this adjustment is always
going on, but the process is particularly rapid
while a country is being settled; and the bankers
of the Northwest met the usual number of reverses. They have emerged from the period of
settlement and experiment with the banks adjusted to the needs of the community, and themselves fully understanding those needs.
The States of Idaho, Nevada and Arizona began
as mining territories, and then took on stockgrowing and agriculture as rapidly as the population and transportation permitted. Utah had
a special and unusual beginning in that it was
settled by the Mormons, who were farmers, and
not miners; but mining, though delayed, came
later and is still a leading industry. The banks
.
throughout this entire region developed as the
needs of the country developed, being capitalized
largely from the products of the mines and the
pastures; the specialization of banking from
merchandising proceeding in the manner that
prevailed in the other States.
The region which we call the Pacific Slope, extending from Canada to Mexico, and from the
Pacific Ocean to the Rocky Mountains, is practically all included in Federal Reserve District No.
12; the exceptions being the western portions of
Montana and Colorado, and the south eastern
strip of Arizona, which is included in District No.
11. The figures representing the capital, surplus and deposits of the State and National banks
in District No. 12, taken from the latest available
sources, will fairly represent the banking capital
of the region we are considering.
State
Capital, Surplus and Profits
Combined
National
State
Nat & State
Banks
Banks
California
$203,148
$100,211
$102,937
Washington
40,911
18,601
22,310
Oregon
28,065
15,061
13,004
Utah
14,313
6,627
8,686
Idaho
10,416
5,396
5,020
Nevada
4,399
2,080
2,319
Northwestern part of Arizona
3,339
1,482
1,857
$304,591
Total Capital, Surplus and Profits
Total Deposits
Nat.& State
Combined
California
$943,229
Washington
192,343
Oregon
118,471
Utah
68,792
Idaho
39,697
Nevada
17,262
Northwestern part of Arizona
16,589
$1,396,383
Total Deposits
$148,458
$156,133
(hundreds omitted)
$609,182,000
Banks
National
$347,642
96,698
60,516
24,954
21,029
6,816
5,706
Banks
State
$595,687
95,645
57,955
43,838
18,668
10,446
10,883
$563,261
$833,122
(hundreds omitted)
$2,792,766,000
BANKS AND BANKING
51;
Bank Deposits
(Not including "Due to Reserve Agents")
State
National
Combined
Banks
Banks
Nat.& State
$ 11,490
$ 84,710
$ 96,200
California
3,916
16,159
19,075
Washington
3,163
9,744
12,907
Oregon
8,838
6,335
15,173
Utah
1,600
1,638
3,138
Idaho
100
748
848
Nevada
1,000
1,244
692
Arizona
Northwestern part of
$ 30,007
$119,026
$148,585
(hundreds omitted)
$297,618,000
Total Bank Deposits
Individual Deposits
National State
Combined
Banks
Banks
Nat. & State
$684,197
$262,832
$847,029
California
91,729
81,539
173,268
Washington
54,792
50,772
105,564
Oregon
36,000
18,619
53,619
Utah
17,168
19,391
36,559
Idaho
10,346
6,068
16,414
Nevada
9,883
5,014
15,345
Northwestern part of Arizona
$1,247,798
Total Individual Deposits
$803,115
$444,235
(hundreds omitted)
$2,495,148,000
These figures, in a sense, measure the financial
achievement of a region that had its beginning
in the discovery of gold in California in 1849.
They indicate the substantial foundation on
which the resources of the Pacific Coast rest, at
a time when the opening of the Panama Canal
places it in a new relation to the rest of the
world. The effect of this change in the currents of the world's commerce on particular
places or special industries on the Coast is hard
to predict, but when we consider the entire region there can be no doubt. The opening of a
direct water-way to the Atlantic States, to the
Eastern Coast of South America and to Europe,
gives new markets for the products of the Coast
and those products embrace almost every,thing
that can be grown in the temperate zones and
many that belong to the tropics.
At the same time the immigration will come
direct from Europe to the Pacific and the result
must be the production of conditions favorable
to manufacturing. The bar to these industries
has hitherto been the lack of cheap power and
the lack of cheap labor. The development of electric power from the unequaled water falls of
the Sierras, and the production of fuel oil in
large quantities (with enormous reserves in the
ground), have already made power both cheap
and efficient. Immigration and the natural increase in population will provide labor which
should be efficient, and if so, must be cheap; for
cheapness is always relative.
The experimenting which is a necessary accompaniment of pioneer days has been done;
the region has been prospected; soils have been
analyzed and tested; agriculture has become
more scientific and efficient. This all means a
larger and safer field for the banker. Increase
in agricultural products; increase in manufactures; cheaper freights to larger markets, will
give employment to increased banking capital
with the prospect of surer net returns.
The Federal Reserve Bank, which is now in
process of organization, will begin its operation
almost at the time that the opening of the Canal
will become effective. Under proper administration, this bank should increase the efficiency of
the banking capital now in use, and should gradually raise the standard of commercial loans, by
discriminating in favor of those which are liquid
in character. It may also help to give the Pacific Coast that share of the international business of the world to which it is rightly entitled.
It is not to be expected that this country can at
once secure even its fair share of the trade of the
Orient. England has been studying and cultivating that trade for centuries, and financial affairs tend to persist in established channels. England has also bought and paid for her experience
in the Orient and we will have to do likewise. The
original capital investment of almost every bank
operating there has been lost and made good,
sometimes more than once, before the business
was established and profitable. Only those banks
which can contemplate heavy losses with equanimity should undertake the opening of branches
in that part of the world. Nevertheless the Pa-fronts the Orient
cific Coast-the extreme West
-and inevitably trade will
-the extreme East
grow, and banking must find a way to follow
trade.
We can look forward to an increasing banking business with countries across the Pacific,
and also with South America, a land of great natural resources, where conditions more nearly approximate those in our own country. If rightly
used, the disastrous war, now involving the leading nations of Europe, is an opportunity which
will enable us to make a beginning in securing
this business.
While fully realizing that war is destruction,
and ultimately benefits no one, we, on this shore
of the Pacific, can congratulate ourselves on being as far removed as possible from the scene of
the conflict, and on having abundant food supplies for which the war must create an active demand. One local result of the opening of hostilities is already apparent, and it has shown us
that the common use of gold instead of paper
money, on which we prided ourselves as a source
of strength, is really a weakness in our financial
system. Gold is the current money in San
Francisco, and in a very large measure throughout the Coast, and the use of reserve money
for counter payment leaves us particularly
exposed at a time when the whole world is
scrambling for gold. Fortunately the use of
currency has been gradually increasing and
the additional circulation provided by the Aldrich-Vreeland bill is being used in counter payments as far as practicable. The Federal Reserve notes will, in due time, add to the circulating medium and we may look forward to a time
when circulating notes and silver will be the
pocket currency, and gold will remain in the bank
vaults as a reserve against real emergencies.
While recognizing that there are no certainties
in financial affairs, we have confidence that a
country which produces gold as well as silver,
copper, and many other metals; which has the
world's finest merchantable standing timber within its borders, and which grows the grains and
fruits most in demand, will be able to retain gold
enough from international exchange to keep its
finances on a sound basis.
PUBLIC UTILITIES
57
meet such expenditures for extensions and enlargements anywhere on the Pacific Coast is absolutely impossible, and more than one of the
western public service companies that have been
While it may not be true that many public or are now in financial difficulties would have
had
utility corporations of the Pacific Coast have
had no trouble whatsoever had it not been for the
serious problems to satisfactorily added financial burden resulting from what would
as many or as
and
solve as similar companies in the eastern
always seem to be desirable, namely, a large, rapid
portion of the American Continent and permanent growth of new business.
middle western
have had to consider, especially during the past
A notable exception is to be found in the telefew years, yet the conditions have been decided- phone situation. The great advantage of a perly different in the West as compared with the manent, and practically unlimited, financial policy,
East, and some of these differences are worthy
founded upon truly ultimate economic principles,
of careful analysis. In this article it shall be my is
here apparent. Exchanges, toll lines, and local
aim to set forth concisely and yet somewhat service
conduits and cables have been built in
fully the immediate past as well as the present
the minimum amount of time, and business and
situation, and the conditions governing the princustomers taken on as rapidly as the demand decipal public service utilities.
veloped. But it must not for a moment be asWhat I have to say refers primarily to the ursumed that the necessary new capital in such
ban and inter-urban electric railways rather than large
amounts could under any circumstances
either to the transcontinental or local steam railhave been obtained in any of the most prosperous
roads, but I have in mind practically all other pubcenters of population in which such increased
lic utilities operating under private ownership,
demand for telephone service has developed.
such as electric light and power, telephone, gas—
In some cases western public service corporaboth artificial and natural—and water companies.
tions have been pioneers. This is true of the
Excepting only the advent of public regulageneration of electrical energy with water power,
tion and control, which has caused far-reaching
and its transmission at high voltage over long dischanges in the methods of financing, constructances to centers of use. Such systems may now
tion and operation, the most important problem
be found in all parts of the globe. In many inwith which the majority of public service comstances fuel is used as the source of energy, the
panies have had to deal has been that of keeplarge central stations being connected with local
ing pace with the rapid growth of business caused
substations by high voltage transmission lines.
by the abnormal increase in population within
But twenty years ago the West was just bethe districts served. The census of 1910, when
to "get electric power for nothing" from
compared with that of 1900 for the Pacific Coast ginning
and the conditions existing during
states and cities, does not really indicate the falling water,
the last few years have demonstrated some new
present situation. The four years since 1910,
due to the advent of public regulation and con- engineering, economic, and financial principles
trol, and changed financial conditions—decided- which are decidedly more sound than the somely worse as far as public service companies are what false idea that it is always cheaper to geneconcerned—has presented by far more difficulties rate electric power with water than with fuel
than the previous decade, and the rate of increase consuming devices as prime movers. Experience
in population has been for the most part at a has in the West proven that for the requirements
greater rate since 1910 than immediately prior of the larger cities a combination of water power
thereto over the larger part of the Pacific Coast. and steam driven generating stations is the best
from the standpoint of economy, as well as reliaTo illustrate the conditions by a single instance
bility of service. Notwithstanding the introduccoming under my own personal observation, I
tion of fuel oil in place of coal, which has reduced
have in mind a gas company in the principal the
actual cost of fuel for steam plants to less than
city of southern California which had an invest- half, and in
some cases to less than one-third the
ment in its artificial gas properties in 1910 of
cost of coal, the great economic value of the
approximately $10,000,000, with about 90,000
modern large hydro-electric generating system
customers. Three years later the total invest- Is more
apparent today in the West than ever
ment had been increased to $13,000,000, or ad- before.
ditional capital required amounting to 30 per cent
I do not wish to convey the idea that auxiliary
or at an average rate of $1,000,000 per year.
period the number steam or other forms of fuel consuming electric
During this same three-year
of customers had increased practically 50 per generating stations are not desirable and necescent, or to nearly 130,000. And it was during this sary. In the majority of cases they, in reality,
period of abnormal growth that the most rigid and increase the economy of operation as well as
searching rate investigations were being continu- reliability of service. But the greatest ultimate
ously made by the public regulation board or com- economy, in prosperous as well as lean years,
mission. Nevertheless, to keep up with the in- demands, when conditions are favorable, the decreased demands of the community, it was neces- velopment of water power systems for the generation of power.
sary for this company to procure $1,000,000 under
Except in the change to larger sizes of machisuch conditions and restrictions as existed in
nes, the equipment of the most modern hydroprincipal financial centers of the country.
the
To raise the necessary amount of money to electric generation station has approximately
THE PUBLIC UTILITIES OF THE PACIFIC
COAST
C. L. Cory.
58
PUBLIC UTILITIES
the same efficiency as those installed ten years
ago. The depreciation, or reduction • of worth
or value, as a result of age, is decidedly less
for the hydraulic development and generating
equipment of a modern electric station than for
a steam plant of the same capacity. There is
no doubt that the first cost of the hydro-electric
system may be from two to three times the cost
of a steam turbine plant of the same capacity,
but the depreciation upon the former will be
much less, as far as present experience goes,
than upon the latter.
But it is during the lean years that the hydro-
POWER HOUSE AND 2,000
electric system has a decided advantage over
its competitor, the steam plant. If required, the
cost of operating the hydro-electric plant for a
few years can be reduced to a minimum, with
no permanent injury resulting, or excessive
future expenses demanded. On the other hand,
however, the steam plant must be constantly
provided with fuel which is permanently consumed, resulting in an ever lessening of our
natural resources. In addition, the conservation and storage of water for the more uniform
operation of the hydro-electric systems, not only
makes possible the continuous generation of a
FT. INCLINE, BIG CREEK DEVELOPMENT.
PUBLIC UTILITIES
greater maximum amount of electric power, but,
in the majority of cases, makes available large
quantities of water for irrigation and domestic
use which adds real wealth to the community.
In large electrical generating, transmission
and distributing systems, both water power and
steam power plants are usually desirable, each
to supplement the other, but, as I not long ago
heard one of the most eminent engineers on the
Pacific Coast express it, the greatest economy will
many times be brought about by the steam plant
being operated so as to use the least possible
amount of fuel. In other words, the operating
engineer should strive to attain, if possible, the
condition where the total amount of fuel burned
is a mimimum, rather than to obtain the maximum efficiency with which the energy of the
fuel is converted into electrical energy; this, of
course, to be the case only when the hydro-electric generating plants will supply the maximum
demand without requiring excessive investments
in water storage, or other hydraulic development.
The fundamental principles set forth above in
reference to the generation of electric power in
hydro-electric plants are becoming more and more
important in connection with the production of
power for all purposes on the Pacific Coast, and
the public utility companies have, during the
past few years, consistently planned future developments with this end in view. From the financial side this broader basis for meeting the
needs of the future should not be allowed to go
unrecognized. If wisely carried out it will increase, to a marked degree, the security which
will, for all time, continue to exist in investments
in hydro-electric systems.
The facts set forth above, in comparing the
ultimate economy resulting from the development and construction of hydro-electric generation and transmission systems in place of, or as
a substitute for, the generation of electrical
energy from fuel, indicate but one instance of
many that might be cited where the permanent
investment of a comparatively large sum of
money results in a great reduction in the maintenance and operating costs, and also decidedly
Improves the character of the investment itself.
There can be no question, however, that to
obtain such greater efficiency and economy in
the end, requires investments sometimes many
fold greater than would be absolutely necessary
to accomplish the result desired, serious consideration not being given to the increased maintenance and operating costs.
As contrasted with Eastern cities, the domestic water supply systems of the West are, in most
cases, what are known as gravity systems, meaning thereby that the necessary supply of water
is diverted from the mountain streams, sometimes stored, and conveyed to the place of consumption through gravity conduits so that little,
if any, pumping is required, even to supply the
higher levels where the manufacturing plants
and residences may be located. The investment
in such gravity systems, however, notably the
recently completed aqueduct of Los Angeles, is
very large when compared with a water supply
59
system of the same total capacity, usually expressed in millions of gallons daily, where the
water is pumped directly into the mains with
comparatively small storage, as is the case in
many of the large cities along the Great Lakes
in the North Central and Eastern States.
In some instances, notably Los Angeles and
Seattle, the bringing of domestic water from the
mountains into the cities makes it possible to
_generate considerable quantities of electrical
energy. When this is done it is, of course, apparent that additional wealth is thereby created,
and but little reflection is required in such case
to convince one that the greatest ultimate efficiency and economy, and the greatest benefit to
the people of the community, not only justifies,
but demands, the large investments required for
such extensive storage and conveying systems.
Based upon the above analysis, it is but a
step to the important conclusion that, to provide
for the necessities, let alone the conveniences
and luxuries of centers of population, capital
must be available in larger and larger amounts,
as the size of the development is increased, due
to the greater population and growth of industry
in such communities. Rarely, is all of the capital required available, or to be obtained, in the
West. Many such enterprises, whether publicly
or privately owned, are financed in the East.
Just at the present time there can be no question but that such enterprises, the development
of which is absolutely demanded upon purely
economic grounds, is being held back because of
the impossibility of obtaining the necessary capital from heretofore available sources.
There are probably a number of reasons for
such restriction in the financing of such permanent physical developments. Unquestionably the introduction of public service commissions, which have the power to regulate the
financing as well as the rates for service rendered, has had much to do in diverting the investment of capital from such public utilities. It
is to be hoped, howeVer, that such conditions
are only temporary, but at least one set of conditions which exist in some of the western states
must be changed before there will be any improvement over the present most unsatisfactory
situation. In some states, the regulation of all
of the public utilities is not under the control of
the state commission. Some of the public service companies are under such control, while
others, principally in the cities, are under the
supervision of the public utility boards of these
different cities.
It is certainly most unreasonable to expect
capital to be forthcoming from any source, if
the rates of a large public utility in any city are
subject to change as often as once a year, little
consideration being given to the inevitable
variations and increased investments, which not
only may, but do occur in different years. In
such instances, nothing can ever be settled, and
it is foolish to presume that the public is being
protected. Such is not the case. The public in
reality suffers most. The stockholders in the
public utility never know what is coming next,
GO
PUBLIC UTILITIES
and if there is anyone that is benefited, and I
doubt if the benefit in this direction is material,
it is the investment bankers, who, in order to.
protect themselves, increase interest rates to
such public service corporations, with the result
that the normal development of the industry as
well as the community is retarded.
The President of the Public Utility Commission
of one of the largest states on the Pacific Coast
is responsible for the assertion that it is the ob-.
ject of the Commission to so do its work
that any conservative business man will prefer
to invest small sums that may be entrusted to
him to invest for his immediate relatives and
friends, in the securities of the public utility
companies, rather than resort to the long considered safe and conservative investment in mortgages and deeds of trust.
There are many indications of a decided improvement in the attitude of mind of the investing public toward the honest, wise, and conservative public utility corporation. One of the
largest hydro-electric, light, power and gas companies in the United States, which controls practically the entire business of the character carried on by it in Central California, has, within
the past six months, sold in excess of $10,000,000
of its preferred stock to its former stockholders,
present employees, and existing customers. The
guaranteed return upon'the investment is somewhat in excess of 7 per cent per annum, and there
seems no question whatsoever but that the money
so invested is not only secure as regards the
principal, but that the interest will be forthcoming promptly when due, and, in addition, the development of the community very materially advanced.
There are other similar companies of less
magnitude that are being financed satisfactorily
in the same way, but the greatest possible development of such methods of financing can only
be brought about by the most hearty co-operation of the public utility commissions, in their
actions in reference to the financing and regulation of rates of such public utilities, and the
directors, financial managers and operators of
the utility companies.
Under present conditions, however, it would
seem practically impossible to assist new enterprises. While money may be available for extensions and improvements of the older, successful companies, new, and as yet untried, enterprises on the Pacific Coast are receiving little
or no consideration from investors of any class.
Serious as this situation may be, it has its advantages. It is unquestionably very much better, at the present time, to conservatively advance
the interest of heretofore successful enterprises
that have been wisely administered, than to run
the risk of attempting to make successful the
untried enterprise, with a new organization as
regards its personnel, which organization may, or
may not, have the ability to manage the enterprise wisely.
Among the many developments for which
there is a crying need upon the Pacific Coast,
is the application of the now well-known, sue
cessful, and efficient methods of the corporation
to deal with the production of wealth from what
are now relatively non-productive lands. Unwise
speculative individuals, with little or no ability as
regards the development of land, have, within
the past few years, made some monumental
failures in the western states. In fact, it is somewhat of a question yet whether the United
States Government itself, through its Reclamation Service, has made an unqualified success of
many of its irrigation enterprises. The return
upon such land projects will necessarily be slower than in transportation systems or other similar public service projects, but there seems no
sound reason why, with proper management, a
great land enterprise might not be operated successfully, the same as a transportation system, or
large manufacturing company. In the West the
development of water, either by storage, pumping,
or the diversion of natural stream flow, is usually
necessary in such land projects, and it has been
in connection with the satisfactory supplying of
such water that many false estimates as to the
relation of the cost to the quantity of the water
obtained have been made. This fact, coupled
with the speculative character of many land
schemes, has resulted in serious financial failures.
The element of time must be taken into consideration, as it has not been heretofore, and the
manner
profit cannot be obtained in any other
than from the land itself, as a result of its increased producing power. The usual plan of
purchasing the raw land in great areas at low
figures, the development of an adequate irrigation system, and the sale of such land on easy
terms in small tracts at a large apparent profit, in
most instances, has resulted in placing the burden of development upon the purchasers, who are
not only the least capable of overcoming the inevitable difficulties involved, but are not able financially to provide the necessary funds to prosecute the work with the greatest efficiency.
Proper encouragement from the legislative
and state regulation boards toward large land
operating corporations, conducted upon a far-seeing and wise financial policy by capable administrators and managers, will unquestionably result,
in the near future, in the success of such agricultural corporation enterprises.
In conclusion, it may be said that, for the most'
part, the public utility companies of the Pacific
Coast are in a sound financial condition, with excellent prospects for the future. Some errors
that have been made in the past must be corrected, not only within the management of the
companies themselves, but in the attitude of the
public towards such utilities. The elimination of
unrestricted competition has been most beneficial, and a liberal policy toward public utility companies by the various State Commissions, coupled with a consistent effort on the part of the
managers of the utilities to be scrupulously honest with all stockholders and to give the best possible service at a reasonable cost to their customers, will serve to attract the necessary capital
required for the greatest ultimate efficiency and
economy in operation.
IRRIGATION
61
THE WEALTH OF THE WEST.
THE PRESENT STATUS OF WESTERN
IRRIGATION.
By Walter V. Woehlke.
(Contributing Editor Sunset Magazine; Author of
"Water as Wealth"; "The Water Savers";
"The Land of Before and After," etc.)
homesteader, who was the irrigator, during a war
that lasted for thirty years.
The laws governing the disposition of the public domain, cut to fit conditions in the humid
region, blocked the path of irrigation and encouraged speculation. Worst of all was the
insecurity of water titles. The owner of a
No other important industry of the West has water right could
never be certain of its concarried a heavier burden of advorse circumstances tinued
possession. At any moment a newcomer
than irrigation. Since its inception in 1847, might
divert half of his water from the stream
when the Mormons under Brigham Young raised above.
The enlargement of a ditch higher up
the first American irrigated crop, the industry has
might leave the stream dry, the farmer ruined.
been beset by an endless series of difficulties, the
Against this robbery he had no redress except an
chief of which was ignorance. Though irriga- appeal
to the courts. The law considered a watertion is one of man's oldest arts, the American set- right
to be personal property; there was no public
tlers who ventured into the West's arid valleys supervi
sion over the West's most precious possesand plains did not know its ABC. In the construc- sion. The acquisi
tion of public land was regution of dams and diversion works, in running the lated by
ever more stringent provisions. Records
lines for the ditches, they had no engineering ad- were
kept and every care was taken to protect the
vice; no instruments. No precedents guided them title of the
freeholder. Water titles, however,
in the preparation of the land for irrigation or in through the utter
lack of a comprehensive irrigathe application of water to the crops, and the tion code, were
as unstable as the element upon
accumulated experience fund of one district was which they
were based. Endless litigation over
Inaccessible to nearly all others on account of water-rights
clogged all the courts in the irrigaIsolation.
tion states, but the decrees resulting from
the law
The miner's hand was raised against the ir- suits could not be enforced except throug
h more
rigator. In the early years the law, in dis- litigation or by force of arms.
putes over water, favored the miner at the exDespite these drawbacks, serious
enough to
pense of the farmer. After the miner abdicated as choke a less vital industr
y, irrigation expanded.
boss of the West the cattleman usurped the In 1899, when irrigation
enterprises were first
throne, and the cattleman's most precious pos- made the subject of detailed
Census investigasession was the water front; the right of exclusive tions, the West had become,
in point of area,
control, by fair means or foul, over the streams of number of enterprises, length
of canals and
life-sustaining moisture crossing the parched ditches and of capital invested, the third
largest
range. This possession he defended against the irrigated district in the world,
yielding the palm
62.
IRRIGATION
only to India and China. It contained 107,716
farms irrigating a total area of 7,527,690 acres,
and the irrigation works represented an estimated
capital outlay of $67,482,261. This rank was attained in spite of the fact that, in the preceding
decade, construction of new works had been almost at a standstill.
Between 1870 and 1890 canal construction kept
ahead of settlement. From 1890 to 1902 when
the Reclamation Act was passed, the number of
new enterprises was small. In 1903 the revival
began and by 1910 the total irrigated area had increased to 13,738,485 acres, the canal mileage had
grown to 125,591, 6,812 reservoirs with a total
storage capacity of 12 million acre-feet had been
built, and the capital invested in irrigation enterprises had increased to $307,866,369. The farmers themselves owned eighty per cent of all irrigation systems.
But these figures do not tell the whole of the
remarkable development. In 1910 construction
had again outstripped settlement.. Mater was
available for almost 20 million acres, yet fourteen
million acres only were irrigated. And the projects initiated and under way in 1910 included
an area of 31 million acres, with an estimated
final investment of $424,281,000 in all projects
reporting that year.
These statistics indicate a continuous, rapid
growth in the development and utilization of irrigation water but they do not answer that most
important question: Does irrigation pay? The
correct answer to this question not only determines the safety of the mOney invested in completed and uncompleted irrigation enterprises;
it must also have a tremendous influence
upon the future growth and development of the
entire Pacific slope and upon every investment
made in this territory. The ratio of the West's industrial and commercial development must largely depend upon the density of the rural population. A minimum of forty million acres can be
added to the present irrigated area. Divided into
eighty-acre farms (the average unit will be nearer
forty acres) this area will support a strictly rural
population of three and a half million souls, plus
an equally large additional urban population—if
irrigation pays.
A population of seven millions is practically
the equivalent of the entire population throughout the arid and semi-arid West in 1910.
The U. S. Census Office of Agriculture in 1910
estimated the average value of crops produced on
Irrigated land to be $25.08 per acre; for crops
grown throughout the country under humid conditions, without irrigation, the estimated value
was placed by the Census office at $17.54 per
acre, showing a greater crop value per irrigated
acre of 43 per cent.
These estimates, however, were based solely
on the comparative yields of field crops; wheat,
alfalfa, barley, oats, potatoes, sugar beets, timothy and clover. The high-priced crops such as
orchard fruits, berries and small fruits, tropical
and subtropical soil products, nuts, grapes and
vegetables did not enter into the computations
at all. Had these high-priced crops been added.
the crop value per irrigated acre would have
been considerably higher. Nor should these
products be omitted in a discussion of the present and future status of Western irrigation, as
they constitute a far larger percentage of the
total soil output in the irrigation states than in
the rest of the country. In the North, according to the 1910 Census, the output of vegetables
and potatoes, of fruits, nuts, grapes and berries
aggregates 10.8 per cent of the total crop value;
in the South the percentage is 9.8; in the West
it rises to 24. For the three Pacific states, California, Oregon and Washington, the percentage
of these high-value products climbs to 29.5, or
almost one-third of the total value of all crops.
As a result of this extensive specialization in
crops of more than average value the yield per
irrigated acre in the state of Washington reached
$49.82; in California $43.50; in Texas $45.43 as
against a general average of $25.08 for all irrigated land.
With systematized distribution, with energetic selling campaigns conducted by co-operative associations of the growers, with laid-down
costs in the Eastern markets reduced to those
districts located close to tidewater through
water transportation via Panama, with Europe
accessible through the Canal and with ample
refrigeration capacity to handie the potential
traffic in perishable products, the proportion of
the West's high-value crops to the total yield
can be raised to 35 or 40 per cent in the next ten
years without filling domestic and foreign markets beyond the saturation point.
There is still another factor bearing on the
profit of cultivating irrigated land which the
Census enumerators did not, and could not, take
into consideration. They could make no distinction between land having a full supply and
that having only a partial supply of irrigation
water. Though there were no statistical data
available on the subject, the irrigated area which
has only a partial, irregular supply of water
must by far exceed a million acres. More than
sixty per cent of the entire irrigated area depends upon the variable flow of the smaller
streams for its water. Many ranches merely
have a flood-water right. Late appropriators on
fully developed streams—and their number is
legion—must be content with one or two irrigations because the demands of prior appropriators
absorb the entire available flow long before the
end of the growing season. Of the 508,000 acres
reported as irrigated from the San Joaquin River,
for instance, 125,000 acres are merely unbroken
pasture land flooded during periods of high water.
The elimination of this partially irrigated land,
most of which will eventually have a full supply
through flood-water storage, would materially
add to the average acre yield of the balance.
If irrigation pays, how does it happen that irrigation bonds to the amount of $25,000,000 are
in default; that approximately five million acres
for which water is available lie idle and unproduc-
IRRIGATION
tive? What has caused the Eastern investor to
lose faith in irrigation securities? Why did the
stream of settlers shrink instead of broaden
during the last three years?
The answer to the last question lies close at
hand. The investment in the irrigation systems
of the 7,500,000 acres watered in 1899 averaged
$8.89 per acre; the cost of the systems constructed in the following decade rose to $37 an
acre. Still, this increase alone could not have
checked settlement. Far more serious than the
higher cost of the water-right was the increasing price placed upon the irrigable land. Raw
land which, dry, would not fetch $10 per acre in
the open market became the subject of speculation as soon as a supply of irrigation water was
63
tlers; the Southern Pacific Company cut the
appraised value of its holdings under the
Truckee-Carson project, Nevada, from $30 to
$15 an acre and placed a similar restriction upon
buyers; in the Rio Grande Valley the Water
Users' Association obtained options on all the
excess holdings of its members under the Elephant Butte project and is disposing of the land
at prices forty per cent lower than those demanded by private owners or promoters of private enterprises two years ago.
Though the reduction in the price of raw
irrigable land has been universal throughout the
West in the past two years, except in those districts of suburban rather than rural character,
this drop in the general price level is insufficient
IRRIGATED LAND IN THE "INLAND EMPIRE," NEAR SPOKANE,
WASH.
in prospect and passed from one speculator to another until its price, exclusive of the water-right's
cost, reached $75, $100, even $150 per acre. In
Idaho relinquishments of desert entries on land
which might come under a Reclamation Service
project sold for as high as $40 an acre; lieu-land
scrip entitling the owner to select and obtain
patent to public land which was vaguely, tentatively included in the preliminary survey of a
government project brought $30 an .acre.
This upward movement of land prices saw its
culmination in 1912. Since then reason has returned and prices have come down. Lieu-land
scrip has dropped to $10. The Northern Pacific
railway, for instance, cut the price of some of its
land included in a government project from $90
to $35 and refused to sell except to actual set
by itself to bring about the speedy, full utilization
of the raw land for which water is now available,
or will be within the next few years. It must be
supplemented by a radical change in colonization
methods.
The Reclamation Act was passed in 1902 after
a five years' campaign financed by the Western
railroads. One of the principal arguments used
by its proponents was that the federal government would not be called upon to appropriate a
dollar; that the receipts from the sale of public
land would create the reclamation fund and that
the settlers would perpetuate this fund by paying back into it the cost of every project within
ten years from the opening. In other words,
the
proponents of the measure asserted that
the
homesteader would be able not only to
trans-
IRRIGATION
form a piece of raw desert land into an improved,
self-supporting farm within a year from the delivery of the first water, but that he would also
be able to retire the entire construction cost
within ten years. Following the lead of the
Reclamation Act, the promoters of projects
under the Carey Act likewise divided the payment of water-right charges into ten annual instalments and issued ten-year bonds against
them. In undertakings on private land the repayment period was usually reduced to periods
of five, six or seven years.
Costly experience has since shown that the
average settler requires not one but five years
merely to transform .the desert land into an improved, self-supporting farm; that he cannot
begin to repay the cost of the irrigation system
until after the fifth year, and that the burden will
be too heavy on him unless the total term of
repayment is extended over a period of at least
twenty years. On a majority of the surviving
Carey Act and on all of the Reclamation Service
projects the twenty-year extension in the time
of payment has since been, or will be, made. But
the hardships imposed upon the settlers through
the lack of knowledge on the part of the promoters, the ill will and prejudice engendered
through the numerous settlers who lost their
land and improvements because they could not
meet the payments, have made colonization difficult and slow. When there is added to the annual water-right instalment, to interest on deferred payments, to the charge for maintaining
and operating the system, an annual instalment
on the cost of the land itself, the task of the settler becomes almost impossible.
Colonization methods, however, are beginning
to change in accord with the new conditions and
the new experience. Promoters of irrigation enterprises have learned that their success and
profit depend upon the settler's success. A number of the commercial irrigation undertakings
owning both the land and the water are beginning to improve various units of their holdings
out of their own funds, to level, ditch, seed
and crop the land prior to the coming of the
settler, thus producing an income whether the
land is sold or not. In addition several concerns
are assisting the settler by supplying him with
dairy cows and stock on favorable terms. However, this change of the promoter's attitude toward the settler is sporadic only. The isolated
Instances of this practice merely indicate that
the promoter is just beginning to see the relation of his own to the settler's success. From
this phase of colonization to the ready-made
irrigated farms of the Canadian Pacific Railway,
or to the state loans made by Australian boards
to new irrigation farmers is a long step. Advance in this direction is made difficult by the
restricted market for irrigation securities.
The apparent inability of the engineering profession to furnish a reliable estimate of a project's ultimate cost is one cause of defaults in
irrigation securities. Underestimating the cost
of an irrigation system is an ancient fault. It
almost disrupted the enterprise of the Greeley
colony, Colorado's irrigation pioneer. The colony's engineer estimated that four ditches would
be needed to water 120,000 acres, and that their
cost would run to a total of $20,000. The first
ditch cost $30,000 and was too small to irrigate
even 2,000 acres. When this ditch was finally
enlarged and finished it watered 32,000 acres
and cost $112,000. Since that time inadequate
cost estimates have ruined scores of enterprises
with monotonous regularity. Financed in accordance with the engineer's figures—often dictated by the promoter, it must be admitted—
construction is begun, settlers appear, make improvements and wait for the water that does
not come because available funds are exhausted
long before completion. Since the settlers receive no water or an intermittent, insufficient
supply, they can pay neither interest nor principal. Both bondholders and settlers lose hope
and the half-finished project is abandoned.
Such underestimating of cost is not at all infrequent. On the Twin Falls South Side project,
the largest and most successful Carey Act enterprise in Idaho, the actual cost exceeded the estimate by almost one hundred per cent, and absorbed the entire profit expected from the sale of
the water-rights. But the successful colonization
of the 200,000-acre tract, together with the activity on nearby projects began under different
such
auspices, raised the value of the townsite to
profits attracted
an extent that the promoters'
and
the attention and envy of other promoters
more or less
Inaugurated the long succession of
speculative Carey Act projects whose collapse is
largely responsible for the present odium attached to irrigation bonds. On nearly all of these
projects not only the cost but the quantity of
the available water was underestimated. On
some of these enterprises the engineers made no
measurements, had no records of the run-off.
They surveyed the stream's drainage area, estimated the average precipitation over the watershed and from these data computed the run-off
which, in turn, determined the area included in
the project and the cost per acre. One project
upon completion had water for only 36,000 acres,
though water-right contracts had been sold to
cover 65,000 acres. Upon investigation it was
found that the engineer had included in the
watershed a large area which drained into an
entirely different stream, whose run-off did not
reach the project's ditches at all. The bondholders and settlers paid heavily for this oversight.
A combination of insufficient capital and
Insufficient water ruined the Carey Act project which is now being completed jointly by
the State of Oregon and the Reclamation
Service. Another project in Idaho which had to
be taken over and refinanced by the bondholders
cost them a million dollars because the promoters had included in the total area of 60,000
acres a tract of 20,000 acres consisting of
rough, broken lava scab land unsuitable for agriculture. Since the contract with the state called
for $50 per water-right the elimination of these
20,000 acres cost the bondholders a million.
IRRIGATION
Shoestring promotion played its part in the demoralization of the irrigation-bond market. The
Twin Falls Land & Water Company had its project eighty per cent completed and paid for out
of its funds before it issued bonds, and these
bonds, owing to the success of the enterprise,
were retired in short order. Several succeeding
projects tried to make up for the promoters' lack
of capital by financing the enterprise wholly
through bonds and through the sale of waterright contracts to settlers almost before construction had begun, with disastrous results, of course.
The only large shoestring promotion which succeeded of late in creating a prosperous irrigated
district was the California Development Company, and this concern, despite the settlers' success, is in the hands of the receiver. But the project it initiated, the Imperial Valley, has added
more than 300,000 acres to California's irrigated
area in twelve years.
Underestimation of cost, overestimation of the
available water, engineering mistakes, faulty and
sometimes fraudulent financing, poor management, inflated land prices, higher cost of waterrights and wrong colonization methods are responsible for the present status of irrigation, for
the bad odor of its securities and for the decline
in the demand for irrigated land. Results from
cultivation not at all up to the level of the rosy
predictions likewise helped to cut down the number of settlers.
The worst has been said. It needed saying.
Recognition of past mistakes and a sincere effort to avoid them in the future constitute the
only basis upon which to renew building activities. Without this recognition of past errors in
methods no correction is possible, and without
this correction the task of reassuring investors,
of restoring confidence in irrigation securities is
practically impossible.
That at least some of the lessons contained in
past mistakes have been learned is shown by
the adoption of model irrigation codes in half a
dozen Western states during the last ten years.
Insecurity and instability of water titles constituted one of the most discouraging features of
the situation.
So long as no efficient public
supervision over water filings, diversions, and distribution was exercised, water titles were in a
chaotic condition, sound development was hampered and restricted and litigation was encouraged. During the last ten years Oregon, Washington, Utah, Nebraska, South Dakota have followed
the lead of Wyoming and Colorado and adopted
comprehensive irrigation codes providing for
strict supervision of all water filings, for an efficient system of recording priorities and for an intelligent method of determining the extent and
measure of every water-right on all streams. The
California legislature likewise adopted a comprehensive irrigation code at its last session
which aimed to place the state's entire water resources under the supervision of a special commission, but the opposition succeeded in sidetracking the law by means of the referendum petition. The act will be submitted to the voters in
November and, if approved, will become opera
65
tive immediately. Its passage will gradually diminish the astonishing volume of water litigation that has cost the Californian irrigators millions of dollars, and it will set free for use and
development vast amounts of flood water now
controlled by riparian owners, as the act makes
the common-law doctrine of riparian rights inoperative in the state.
The gradual change in the -altitude of the promoters toward irrigation projects is as important
and as far-reaching in its effects as the adoption
of comprehensive irrigation codes. In the early
period of extensive ditch building, between 1880
and 1890 when English and Scotch capital was
freely invested in new enterprises, the irrigation
companies endeavored to make a profit both out
of the sale of water-rights and of the water itself; to retain possession of the ditch system after
the water-rights covering its full capacity had
been disposed of. The majority of these water
companies were disappointed in their expectations
of profit from operation. The power to make
rates for the delivery of water to the owners of
water-rights was vested in local bodies, usually
in the boards of county commissioners or supervisors elected by popular votes. The water users
had the votes, the water companies did not. As
a result rates were fixed at so low a point that
the companies, as a rule, were glad to turn the
ditch systems over to the farmers. One instance
is on record in which the county commissioners
fixed a rate of 20 cents per acre for water delivery despite the vehement protest of the water
company. When the farmers took over this system they found that the actual cost of maintenance and operation the first year exceeded
$1.15 per acre. On the other hand, when the
settlers under the Twin Falls South Side project
assumed the management of the canal system
they cut the water rate the first year from 90
cents to 15 cents per acre. The following year
they had to spend $300,000 to put their neglected
ditches in order.
During the last fifteen years irrigation enterprises have ceased to expect profit from operation. The sale of the water-right, of the land, or
of both, is the only source of profit in the modern
undertaking. Hitherto, periods of five to ten years
were considered ample for the repayment of capital investment plus profit, but the experience of
the last six years has shown the fallacy of this
assumption. A twenty-year period instead of
five years is now accepted as the minimum. This
change will shortly make itself felt in a stimulation of the demand for irrigated land, and there
are indications showing that this increase in the
time of payment will not remain the only concession to the settler. Financial assistance to the
colonist, either in the form of improved land or
in loans for improvements and the purchase of
stock, is gaining favor, but it is always accompanied by a careful selection of the beneficiaries
from the mass of the applicants.
A marked tendency toward stricter, more efficient public supervision over private and quasipublic irrigation enterprises is even more important in the ultimate restoration of confidence in
66
IRRIGATION
IRRIGATING ORANGES, LOS ANGELES COUNTY, CAL.
irrigation securities. A large share of responsibility for the failure of numerous Carey Act
projects must be placed upon the shoulders of
state officials who failed to protect the interests
of both investors and settlers; who lent the name
of the state to the enterprises and then allowed
the promoters to do as they pleased. Adequate
preliminary investigation of the engineering features; determined, vigilant supervision over both
construction and finances; insistence upon adequate bonds; refusal to allow the sale of water
contracts before water is ready, would have forestalled ninety per cent of the failures. Though the
collapse of numerous projects has jarred the state
officials into action and though a recurrence of
the old laissez-faire conditions on a large scale is
impossible, the change has come too late. In future large irrigation enterprises, the state, no matter how efficient its supervision, will have to lend
more than its name; it will have to lend its credit
as well and guarantee the bonds of the project to
finance the enterprise, for the memory of the
investor is longer than is usually supposed.
The California legislature in 1887 passed the
Wright Act authorizing the formation of irrigation districts which were given the power to
issue bonds for the construction, improvement
or enlargement of irrigation systems. Forty-one
districts were organized under this law. All of
them issued and sold bonds; most of them defaulted in the payment of both interest and principal. Inexperience, mismanagement, politics, attacks upon the legality of the bonds by the large
landholders opposed to the formation of the district, all brought about the financial fiasco.
That was twenty-five years ago. Since then
the Wright Act has been strengthened, its
weak places have been reinforced, two large districts have demonstrated the successful working-out of the new law, but nevertheless the memory of the initial failure still lingers and irrigation-district bonds are a drug on the market.
Though the state has placed the district bond on
a legal parity with municipal bonds, still these
securities are unsalable except at a heavy discount.
It is an anomalous situation. In the TurlockModesto irrigation district, for instance, the prosperity, yea the very life of the two thriving towns
is based on the success of the water system, on
the prosperity of the district. Without the water
supplied to the dense rural population by the district— the towns would revert to the condition of
,
insignificant hamlets. The municipal and school
bonds of these communities have always sold at
par or better; the basic securities, the bonds of
the district, supported by the power to levy taxes
both on city and country property, have gone begging far below par.
Despite this deep-seated prejudice the irrigation-district plan of financing and carrying out
irrigation projects will probably supplant private
initiative in the larger enterprises of the future.
There are two reasons in favor of the district
plan. In the first place it will be impossible for
years to come to market bonds issued by private
IRRIGATION
irrigation enterprises of large size, no matter how
strict public supervision over these enterprises
may become. Through proper legislation providing for stringent preliminary investigation by
competent, non-political commissions of technical
and legal experts, unsound district projects can
be practically eliminated, and the various Western states can well afford to lend their credit to
feasible, sound enterprises under the district plan,
either by guaranteeing the interest on the district bonds or by making the issues incontestable
before they are placed. This method presupposes
rigid state supervision over all district projects
from their inception to their completion.
The chief irrigation development of the future,
however, is predicated upon an extension of Federal activities. It has been shown that the average cost per acre rose from $9 for enterprises
initiated prior to 1900 to $37 for the projects completed in the subsequent decade. The bulk of the
irrigable land as yet unreclaimed must depend
for its water supply upon the West's large rivers;
upon the Colorado, the Green, the Grand and
their important tributaries; upon the Sacramento and the Columbia. The magnitude of the
task involved in storing the flood waters of these
rivers, of diverting the storage and placing it upon
the high-lying irrigable lands makes the undertaking impossible either for private or state enterprise. To place water from the deep gorge of
the Columbia river upon the two million fertile
acres of the Horse Heaven plateau in central
Washington, for instance, would require the construction of a main canal five hundred miles
long. On the Colorado river water must be stored
in Colorado and Wyoming for use in Arizona and
California. Comprehensive development of the
Sacramento river watershed is possible only
through state and federal co-operation. It will
be some time, though, before the scope of the
U. S. Reclamation Service can be enlarged, before a method of co-operation between states,
districts and the national government can be
worked out.
In the meantime the most pressing problem
before the irrigated West consists of the colonization and cultivation of the 6,000,000 acres for
which water is now ready. Almost $200,000,000
are tied up in these idle parts of the various enterprises. By extending payments over a minimum of twenty instead of five years, by relieving the settler of all charges except for maintenance and operation the first four years, by judicious loans for improvements or for the purchase
of stock, the rate of settlement can be increased
materially. The first part of this colonization
program promises to be adopted almost generally
on new enterprises throughout the West, and the
example of the Canadian Pacific Railway is opening the eyes of irrigation managers to the need
and effectiveness of a first-aid-to-the-new-settler
plan. The prospect of a speedy settlement of
the fallow, unproductive area under existing
ditches is better than it has been for the past two
years on account of deflated prices of raw land
and a decided drop in speculation and speculative values.
67
Compared with the rest of the West, California
has always occupied a place apart in its economic
development. Two features distinguish the
growth and development of Californian irrigation
from the development of the industry in other
parts of the West. One of the great obstacles
in financing irrigation enterprises outside of California has been due to arid conditions and to
the public ownership of the land. Arid land without water has no value as security, nor can it
be given as security for a loan until title has
passed from the United States to the entryman,
and reclamation by irrigation is a condition preceding the granting of patent. In California,
however, by far the largest part of the irrigable
area is only semi-arid, will produce grain and
forage crops without irrigation and therefore has
earning power and value prior to irrigation. Again,
the bulk of this land has been in private hands,
producing revenue for fifty years. And where
the land was both arid and in public ownership,
as in the Imperial Valley, construction was so inexpensive that the notes and cash payment of the
entrymen, averaging $10 per acre, sufficed to
build the canal system. Furthermore, California's
climate made possible the cultivation of a tremendous range of high-priced products almost
from one end of the state to the other, a
distance of 800 miles. As a result of these favorable circumstances, and in the face of the chaotic
conditions of water titles, California has been able
to finance its irrigation projects without going
far beyond its borders. The thousands of mutual
water companies, for instance, always find a
ready market for their securities within the state.
Eastern bond buyers, judging the value of a bond
by the net earnings of the concern issuing it,
rarely touch these securities because the mutual
water companies, being co-operative in their
organization, show no earnings, their revenues
being raised by assessments upon their shares.
Experience has shown, however, that the moral
security behind these bonds is excellent; namely,
the earning power of fully developed ranches and
orchards whose owners know that the mortgaged
water is the basis of their prosperity.
Still, California has by no means been exempt
from loss through speculative promotion of irrigation enterprises. It is only necessary to mention the Solano project, partially financed
with
funds taken from the treasury of the United Railroads of San Francisco, to illustrate conditions.
But whatever loss has been occasioned
through
irrigation failures in California has fallen largely
upon the promoters, their associates, and
creditors and upon the purchasers of land; the
Eastern market has been in no wise affected.
Nor has the Eastern investor been called upon
to finance the large area that has been reclaimed
by wells during the last ten years. In 1910
13,906
pumping plants and 5,070 flowing wells
irrigated
a total of 622,025 acres. Since then well
irrigation, born and perfected in the southern
third
of California, has made remarkable strides.
Where
a lift of 30 feet was considered the
practicable
limit ten or twelve years ago, improvement
in the
efficiency of pumps and internal combustion
en-
IRRIGATION
68
gines, reduction in the cost of liquid fuel, substitution of distillate and tops for gasoline, the advent of cheap hydro-electric power in the irrigation field have doubled the economic range of the
lift even for field crops. Flowing artesian wells
were discovered in numerous districts of Nevada,
California, Arizona, New Mexico and Washington.
Throughout the great interior valleys of California pumping plants began to water areas
which, under gravity systems depending upon
stored flood water, would have to wait years for
their full development.
Judging from the performance in the past five
years the most profitable employment of capital
In irrigation enterprises within the immediate
future will be in the outright purchase of waterbearing land, in the installation of well-irrigation systems watering small units which, seeded
. to alfalfa, will be colonized more speedily than
large irrigated tracts without improvements. How
large this potential field is may be judged from
the fact that in India 16,000,000 acres are irrigated from wells.
From the foregoing it appears that the period
of private, largely speculative irrigation enterprises in the West is almost over. The bulk of
the new work must in the future be undertaken
either by the state and the ,federal governments
of by irrigation districts with federal or state aid
and supervision. Not only does the condition of
the bond market make such a change necessary
in order to give the cautious investor and investment banker a guarantee against default, but the
very nature of the work points to the necessity of public rather than private enterprise.
Most of the remaining large projects will at least
be as costly per acre as the works so far put up
by the Reclamation Service. Had the Reclamation Service work been financed through private
channels, the bonds based on the settlers' promise to repay the construction charges in ten
years would have been in default long ago. Even
admitting that private work can be done at smaller cost than public work, the acre-charge of the
greatest remaining projects must of necessity be
so high and the unproductive period so long that
private capital will hesitate in entering the field
except under public guarantees, irrespective of
the present position of irrigation securities. And
the trend of all the agencies working for the development of the Pacific Slope's irrigation resources is directed toward the harmonizing of
federal, state and district activities.
It must not be understood that private capital
and enterprise without public guarantees will
cease to participate entirely in future work. Far
In California the irrigated area was
from it.
lifted to 3,250,000 acres without public aid or
supervision of any kind and several million additional irrigated acres will be added solely through
private undertakings. When it is considered,
however, that the total area which will ultimate- •
ly be irrigated in the state is close to ten million
acres it will be seen that the commonwealth
must inevitably play a most important role in
the work before the task is finished.
IRRIGATION FROM DESERT WASTE.
COTTON IN THE IMPERIAL VALLEY, CAL., RECLAIMED BY
WATER POWER
69
81,907 horsepower and its total capitalization is
approximately $60,000,000. The California Oregon Power Company operates in the Rogue River
The Pacific Coast presents many unusual fea- Valley in Oregon, and in the northern part of Calitures in connection with water power develop- fornia, with a total installation of approximately
ments. The Cascade mountains, starting at the 20,000 horsepower. The Pacific Gas & Electric
British Columbia line and extending southerly Company supplies all of central California, its
through Washington and Oregon, giving place to total installation being 233,900 horsepower, of
the Sierra Nevada mountains extending southerly which 123,700 horsepower is generated by hydrothrough California, parallel the Pacific Coast line electric plants. The Southern California Edison
at a distance of 100 to 125 miles. Streams rising Company supplies Los Angeles and vicinity and
in these ranges of mountains and flowing west- has a total installation of 119,800 horsepower, of
ward are fed by numerous glaciers and snow which only 42,500 horsepower is generated by
fields, and fall from average elevations of from water. In California there are also a number
six to ten thousand feet to the flat plateau coun- of companies which supply power in large quantry, the average elevation of .which is about 500 tities to distributing companies. Among these
feet. This fall takes place within comparatively are the Great Western and the Northern Califew miles and an enormous head can be obtained fornia Power Companies with plant capacities of
on any of the streams. In the Pacific Northwest approximately 90,000 and 50,000 horsepower; and
there is an average annual precipitation of ap- the Pacific Power & Light Corporation with 156,proximately 100 inches along the Cascade Range, 000 horsepower of which 80,000 horsepower is
while in California the precipitation is very much hydro-electric. In addition to these companies
less.
there are others which supply both light and
Owing to topographical and physical condi- power to the smaller communities.
tions, the Pacific Coast section naturally divides
Across the western barricade of mountains
tself into several entirely distinct territories or
zones. At the north end is the Puget Sound from the immense territory just described, and
country, extending from Olympia on the south to reaching back inland to the East are numerous
the Canadian line on the north, a distance of ap- fertile areas, some well populated, others more
supplied by various
proximately one hundred and seventy-five miles, .sparsely settled, which are
companies. The territory in and around
all bordering on Puget Sound, and including the operating
Spokane, Washington, is served by the Washingcities of Seattle, Tacoma, Everett, Bellingham
ton Water Power Company, whose total capacity
and Olympia. To the south, and inland one hunis 108,250 horsepower, of which 89,250 horsedred and twenty miles from the ocean, bordering the Willamette River, a few miles above the power is water power. The basin of the Columconfluence with the Columbia, is Portland and the bia River, and the country extending east to the
immensely rich land adjacent to it on the south, limits of the State of Washington, is supplied by
which supports several good sized cities. Farther the Pacific Power & Light Company, with a
south, still west of the mountains but yet not total installed capacity of 22,100 horsepower.
bordering on the ocean, is the famous Rogue Central Oregon is so thinly populated that no
River Valley, and to the south of this in California large operating company has attempted to supply
is the Sacramento Valley extending down to Sac- it. In California, Truckee, and also the neighborramento. Beyond is the immense territory ad- ing section of the western part of the State of
jacent to San Francisco, and the San Joaquin Val- Nevada, is covered by The Truckee River Genley to the south. Cut off entirely from this sec- eral Electric Company. Further south, the
Southern Sierra Power Company supplies, from
tion is the region in and around Los Angeles.
its various plants on Bishop Creek, the adjoining
Economic reasons require that each of these
territory in California, and its transmission lines
sections be treated as a separate entity, and be
extend to various mining communities and into
supplied with its various public utilities, indethe Imperial Valley district. The Company has
pendent of the other communities. At first these
one of the longest transmission lines in the world.
various sections were entirely separated from
one another, but as time elapsed, connecting railThe growth of the Pacific Coast States is so
ways were found to be a necessity, and today they well known that not more than passing menare well served in this respect. The distance be- tion need be made of it. In the ten years from
tween the different localities, however, prohib- 1900 to 1910, the remarkably increasing demand
ited their being served as a whole by any one for electric power could not be met by the operating companies. The earlier types of construcpublic utility, and hence the present situation.
tion for the water power plants are not the recogThe Puget Sound country is served by the
nized standard of construction at the present day,
Puget Sound Traction, Light & Power Company,
but at that time they fulfilled the purpose admirwhose total installation is 107,907 horsepower, ably,
with exceptions that are now well known.
of which 73,667 horsepower is produced by water Lack of storage facilities was one of the
compower plants and 34,240 horsepower by steam mon causes of inability to supply the
constantly
plants. The total capitalization is approximately increasing demand for electric power. This
was
The Portland Railway, Light & overcome, in some measure, by the
$71,000,000.
construction
Power Company supplies the territory from Port- of steam auxiliary plants, to tide over the peak
land to Salem, Oregon. Its total installation is period. The later hydro-electric developments
WATER POWERS OF THE PACIFIC COAST.
By W. E. Herring, of Stone & Webster.
70
WATER POWER
which have been made, have ample storage facill
ities which will obviate, to a great extent, the
necessity of these steam relays; particularly is
this true where more than one water power plant
feeds into a transmission line. With only one
such plant, the steam relay is needed to guarantee continuity of service; but, with several
water plants, it is not.so essential. In some cases,
the expensive steam auxiliary plants provided
In the early stages of development are now practically a dead investment so far as present revenue producing capacity is concerned; as a measure, however, of guaranteed continuity of service they are worth the money invested. The
northern portion of the Pacific Coast differs very
materially from the southern portion in this respect. On many of the streams in the southern
portion the run-off is not sufficiently large to provide storage of any size, while on others prior appropriation of water for irrigation or for mining
purposes prevents storage of any magnitude. In
the northern part, however, these conditions do
not exist. The run-off in the streams, owing to
the fact that the precipitation is very heavy, is
much greater.
As stated above, up to 1910 the operating companies had much difficulty in obtaining capacity
needed for the demand upon their plants. Since
that time conditions have changed to a certain
extent; the markets have become more nearly
saturated with power, and there has not been the
demand that existed prior to that time. Forecast
curves made as late as 1909 and 1910 by various
operating companies showed an average annual
increment that seemed to prove that much greater capacities would be needed in the next few
years. It is not possible for a public utility company to wait until the demand exists for power
before constructing its plant, but it is necessary
for it to look ahead a few years, estimate, as
closely as possible, the power that will be required, and anticipate the demand. Following this
procedure, the various companies provided additional capacities and made arrangements for new
plants to take care of the load which they expected to have in the succeeding years. The
forecast curves did not follow their upward trend,
but flattened out, and practically all of the companies on the Coast now find that they have a
surplus of power. This condition is not so marked
with the companies in California, for the reason
that new uses have been found for power which
cannot be found in the Pacific Northwest. Pumping water for irrigation, dredging, and similar
purposes in California has served to consume a
large amount of power, which at the time the
plants were constructed was not counted upon.
So far as the Pacific Northwest is concerned,
the three large operating companies find themselves with an excess in their. present operating
plants of from thirteen thousand to twenty-five
or thirty thousand horsepower. If the capacities
of their steam plants are included, their surplus power ranges from thirty-five to forty thousand horsepower, up to as much as fifty and
sixty thousand horsepower.
As a result of this condition the largest operating company in the Northwest has attempted
by means of a very aggressive compaign, to interest manufacturers in other parts of the country in locations in the Pacific Northwest. The
An en-.
result has been rather gratifying.
deavor of this kind is entirely new to the power
companies, and the results will be noted with
interest. In line with all the other public utility
corporations operating in this country, the Pacific Coast companies are endeavoring at all times
to build up the communities which they serve,
realizing that upon these communities depends
the success or failure of their particular enterprises. The amount of new capital needed for
electrical development •in California, Washington
and Oregon in the next ten years is estimated at
anywhere from $150,000,000 to $250,000,000, depending largely .upon the number of new industries that can be brought to this section.
In practically all of the Coast cities the value
of the manufactured products is less than in a.
majority of cities of smaller size in the eastern
part of the country. With a rapidly increasing
population, with the opening of the Panama
Canal, and with the opening of Alaska, it is believed that this condition will be changed. Local
conditions will have to be taken into consideration before any prediction can be made as to the
extent to which the Coast will become a manufacturing centre. The four vital elements for industrial pre-eminence are: a market for the product manufactured, transportation, labor, and raw
materials, and, to a lesser extent, the cost of
power. The location of the industry naturally
depends to a great extent upon the article manufactured. It is believed that the predominance
of raw materials in the Pacific Northwest, the
extremely cheap power which can be had there,
the splendid transportation facilities offered both
by rail and water to all points along the Pacific
Coast, as well as to eastern points, will have
much to do in influencing large concerns to locate west of the Cascade Mountains.
Statistics show that today one-fourth of the
entire generating capacity of the United States
is used by one-seventeenth of the country's population in the West, and that this same population is contributing one-seventh of the aggregate income of the electric lighting industry. On
an average, every person in the West uses five
hundred and twenty-seven kilowatt hours annually, and pays $7.50 for light and power, as
compared with the ninety-nine kilowatt hours
consumption, and the $3.00 contribution east of
the Rockies.
California ranks second to New York State in
the amount of water power development, there
being a total of 432,300 horsepower in water
wheels installed; (it also ranks third in total capacity of dynamos, having 817,000 horsepower
installed). Washington, with an installation of
269,640 horsepower in water wheels, ranks third,
while Oregon, with a total water wheel development of 105,300 horsepower, also ranks high
among the states as a producer of electric power.
71
RIVERS AND HARBORS
.e 0
Vt v.; •\.,
_
•%4
•
'iAN DIEGO BARB R IMPROVEMENTS
In course of Construction
Pacific Coast is increasing rapidly in population,
and with this increase has come the natural demand for better water transportation facilities,
Brig. Gen. W. H. -Bixby, U. S. A., Retired.
and the ability to provide them.
Formerly Chief of Engineers.
The experience of the Atlantic Coast and
Europe indicates that the success of a harbor or
The present extent and the possible future dewater terminal depends greatly upon its accesvelopment of the rivers and harbors of the Pasibility to and from all its transportation lines,
cific Coast of the United States can not be fully
both water and land, at inexpensive rates for
appreciated without comparison of those of the
transfers between them, and that this condition
Eastern United States and of foreign countries.
can rarely be secured except through public conThe useful water area of the State of Wash- trol of some sort. It is already known (see House
ington is closely that of the States of Vir- Doc. 492, 60th U. S. Congress, 1st Session) that
ginia and Maryland. The American half of once loaded into 211t. draft boats on the Great
the Juan de Fuca Strait (whose length is Lakes, or into 9-ft. draft boats on rivers like the
about 80 miles, average width about 14 miles, Ohio, heavy bulk cargoes can be transported by
average depth several-hundred feet, with few out- water at a cost of less than $.005 per ton
lying dangers) taken in connection with its south- mile, a rate which is much lower than rates by
ward prolongation, Admiralty Inlet and Puget rail; but this saving may easily be wiped out
Sound (together about 82 miles long, 7 to 1 miles by the high transfer rates of poorly arranged,
wide—average about 2 miles—great depths as or
monopolized, terminals. Within the past few
a rule up to within half a mile of the shore or to years, the legislatures of California, Oregon, and
within reach of modern wharf construction) and Washington have
passed acts allowing municthe adjoining waters of Washington Sound, on ipalities and other public bodies to own, or to
the northeast, and Hood Canal, on the south- control, the harbor areas, piers, wharves, docks
west, constitute a single waterway, almost equal and adjacent
properties, and to issue bonds to
in area to Chesapeake Bay, and far surpass- secure the funds
necessary for proper developing it in deep water anchorage and deep water ment of harbors.. Realizing further that the
frontage. Such being the case, with their chief
benefits from such developments are usually
large area • of fast-developing back country local, and
that direct federal help must be
and their direct connection to four trans-conti- limited in amount, and be merely supplemental to
nental railway lines, Tacoma and Seattle, and local
expenditures, the larger municipalities (and
even Everett and Bellingham, have possibilities some smaller ones) of the Pacific Coast are congreater than those of Baltimore and Norfolk tributing liberally to harbor development work,
of today. The Columbia River valley is over and the counties and states are lending aid in
a thousand miles in length; and its basin, or the same, or other equally material,.ways.
drainage area, involving about two-thirds of the
San Diego, which has complete ownership of
States of Washington, Oregon, and Idaho, is several miles of harbor front and several hundred
larger than the valley of the Danube west acres of tide lands adjacent thereto, is already
of the Iron Gates, or than the Ohio River valley. spending, under the guidance of expert harbor enThe Sacramento and San Joao:111in valleys, form- gineers, $1,000,000 in commencing the construcing a single continuous valley tributary to San tion of modern terminals for 35 feet draft vessels.
Francisco Bay, form an area greater than the The actual depth over the ocean bar is already
valley of the Rhine or the Rhone, and practically 30 feet at low water and 35 feet at high water,
equal to that of the Elbe or the Vistula.
with an additional 5 feet being dredged by the
In past years, especially prior to 1900, the water federal government. The municipal wharves are
borne commerce, and th0 river and harbor de- to be provided with modern loading and unloadvelopments, of the Pacific Coast (except at San ing devices, and the dockage, wharfage and hanFrancisco) have been comparatively slight, due dling charges at all wharves receiving mixed or
rather to sparseness of population than to lack general cargoes are regulated by the Board of
the Harbor Commissioners.
of harbors or harbor depths. At present,
RIVERS AND HARBORS OF THE PACIFIC
COAST OF THE UNITED STATES.
72
RIVERS AND HARBORS
Los Angeles, in like manner, although without
complete ownership, is spending $10,000,000 (over
half of which has already been voted) upon accommodations for vessels of 35 feet draft. Its
existing draft is 30 feet at low water (an increase to 35 has been recommended by federal
officials) up to 16,000 linear feet of wharf frontage, over 2,600 of which belongs to the city,
and a less draft up to about 14,000 more wharfage. The municipal ownership is about onesixth of the present total wharf frontage, and
the charges at all wharves are controlled, as at
San Diego. An increase of depth to 35 feet
has been recommended by federal officials. At
San Francisco harbor, the State owns about 10
miles of water frontage, of which it has improved
about 4.75 miles with about 10 miles of wharves
—exclusive of bulkheads. Moreover, along the entire improved water front of the city of San
Francisco, the State controls a public street between the water and the private property with
riparian rights. By popular vote of 1904 and
1910 the State is now spending $12,000,000 upon
port improvements, all of which, together with
operation of existing State wharves and of the
State Belt Railroad, are under the direction and
control of the State Harbor Commission of. San
Francisco; all being based upon the existing 48
feet depth at low tide on the best ocean bar, and
4 feet tidal range.
Portland, Ore., within the past 2 years has
voted $2,500,000 for municipal wharves, and
Portland and Astoria have together voted $500,000 for channel dredging in the Columbia River,
this being in addition to liberal former contributions for similar dredging by the Port of Portland;
all being based upon an actual 26.5 feet depth at
low water on the ocean bar and in the river. The
federal project, two-thirds completed, is for 40
feet on the ocean bar, at a total cost of about
$18,000,000.
Seattle and King county in 1912-3 voted $6,300,000 for port improvements to accommodate
vessels of 30 feet draft at low water, a much
greater draft being possible at comparatively
slight expense whenever demanded by. Pacific
vessels.
Tacoma, Yaquima, Tillamook, Nehalem, and
other lesser municipalities along the seacoast
are following these examples, so far as local circumstances will allow.
The Pacific Coast is already reasonably supplied with dry docks, stone and floating, and
marine railways, for vessel repairs. At San Diego,
there is a marine railway of 50 feet length, 50 feet
beam, 11.5 feet draft, and 1,000 tons capacity. At
Long Beach, adjoining San Pedro, a floating dock
of 284 feet length, 76 feet beam, 21 feet draft over
keel blocks, and 3,000 tons capacity. At San
Francisco, besides the accommodations at the
U. S. Naval Station at Mare's Island, there are 4
marine railways of 4,000, or less, tons capacity;
3 floating docks of 2,500, or less, tons capacity;
and 2 stone docks, the largest (Union Iron Works)
*having 730 feet bottom length, 74 feet bottom
breadth, and 30 feet draft over sills. At Portland, Ore., 5 marine railways and 2 floating docks,
the largest (municipal) having 468 feet length, 8t
feet inside breadth, 25 feet draft over keel blocks
and 10,000 tons capacity. At Aberdeen, Grays
Harbor, a marine railway of 1,500 tons capacity.
At Seattle, 3 marine railways of 3,000, or less, tons
capacity,and 4 floating docks, the largest (Seattle
Construction & Dry Dock Co.) having 468 feet
length, 110 feet inside width, 31 feet depth over
keel blocks, and 12,000 tons capacity. At Bremerton, the Puget Sound U. S. Naval Establishment,
there are 2 stone docks, available to the public
when not in use by the federal government, of
which the largest has 573 feet length on blocks,
93 feet entrance width, and 28.5 draft over its
blocks. At Winslow, Eagle Harbor, there is a
marine railway (Hall Bros.) of 325 feet length,
85 feet width, 17-21 feet draft over blocks, and
4,000 tons capacity. At Everett, another marine
railway of 1,500 tons. And at Esquinalt, Victoria,
and Vancouver, British Columbia, there are 6 marine railways of 3,000,or less, tonnage capacity,
and 1 government stone dock of 450 feet length,
65 feet width of gate, 45 feet bottom width and
27-29 feet draft over sills. In connection with
the above docks and railways, ship-building operations are carried on at San Francisco, at Portland, and at Grays Harbor, Eagle Harbor, and Seattle. Oil docks for general supply purposes exist
at San Diego, San Pedro, Redondo Beach, Monterey, San Francisco, Oleum, Stockton and Sacramento, at Astoria and Portland, and at Seattle.
Coal docks for supply in large quantities exist
at San Francisco, Portland, Tacoma, and Seattle.
As regards existing commerce, the ports of the
Pacific Coast are already doing well considering
their youth and surroundings. In 1913 (as stated
in the An. Report Chief of Engineers U. S. Army,
1914) the total water commerce, exports and imports, foreign and coastwise, reached the 'following values at the larger ports: At Tacoma $36,000,000,—greater than that of Toledo, Ohio; at
Seattle about $115,000,000,—about the same as
that of Portland, Me., or Providence, R. I., and
more than half that of Baltimore or Buffalo; (the
foreign commerce of Puget Sound alone equaling
about $114,000,000, or about one-half that of Boston); at Astoria and Portland, Oreg. (mouth
of Columbia River) $102,000,000, — greater
than either Cleveland, 0., Mobile, Ala., or Charleston, S. C.; at San Francisco, $540,000,000 (of
which $183,000,000 was foreign), surpassed in the
United States, in both total and foreign cominerce, only by New York City, Boston, Norfolk
and Galveston, and in total commerce alone by
Philadelphia; at Los Angeles, $94,000,000, greater
than Cleveland, Mobile, or Charleston, S. C.; and
at San Diego, $55,000,000, practically equal to
Tampa, Fla., and only a little less than Mobile,
Ala., and Jacksonville, Fla.
In this connection, it is well to bear in mind the
rapidity with which all Pacific Coast water-borne
commerce is increasing; for example, San Francisco foreign commerce alone increased 33 per
cent in the eight years from 1905 to 1913 (of
which 20 per cent was in 1912-1913), and Puget
Sound foreign commerce alone increased in like
manner 50 per cent in the same eight years (of
RIVERS AND HARBORS
-which 12 per cent was in the single year 19121913).
In available depths, Seattle, Tacoma, and Puget
Sound water fronts in general are equal to those
of any parts of the Atlantic coast of America, and
better than those of Antwerp, Belgium; Naples or
Brindisi, Italy; Dieppe or Havre, France; Bremerhaven or Hamburg, Germany. Grays Harbor
(21 feet on its bar at low water) and Willapa
Ilarbor (27 feet on bar) north of the Columbia
River, and Tillamook Bay (10 feet on bar),
Taquina (12 feet on bar), Sinslaw (7 feet on bar),
Umpqua (13 feet on bar), Coos Bay (14 feet on
bar), Humboldt Harbor (18 feet on bar), between the Columbia and San Francisco, while
not yet fully developed, have natural endowments
sufficient in time to enable them to rival Charleston, S. C., or Portland, Me., (the shifting and dangerous bars are being improved under projects
and appropriations made by the federal government). From the Ocean to Portland, Ore., the
Columbia River is, in depth, equal or superior to
the harbors of Portland (Me.), Norfolk, Charleston (S. C.), Jacksonville or Pensacola. Astoria
and Portland, which bear to the rich and extensive Columbia River basin the same geographical
73
The Columbia, Sacramento, and San Joaquin
rivers have large drainage basins and permit of
extensive navigation. The Columbia is valuable for water power and irrigation as well
in its middle portions as in its upper portion. The Sacramento and San Joaquin are
specially valuable for irrigation purposes in
their middle portion. The Columbia river, and its
tributaries, by the end of 1915 when the 9-mile,
8-feet depth canal is completed at Cellilo, will
be navigable from its mouth upward for 114 miles
(to Portland) with 26 feet draft, 200 miles with 8
feet draft, 400 miles with 4 feet draft, and over
500 miles with 2 feet draft, into the interior of
Oregon, Washington, and Idaho. The Sacramento
is already navigable over 100 miles with 7 feet (to
Sacramento), and over 300 miles with 2 feet
(to Red Bluff). The San Joaquin is already navigable 45 miles with 7 feet (to Stockton); and the
San Joaquin and Mokelumne 88 miles with 8
feet (to Galt-New Hope). So far as these rivers
are navigable they are valuable adjuncts to the
harbors into which they enter, and the communities served thereby are naturally much interested
in the general river and harbor developments to
which they are thus affiliated. Aside from these
BREAKWATER AT SAN PEDRO-PORT OF LOS ANGELES.
relations that Rotterdam and Cologne bear to the three, Pacific Coast rivers are comparatively
Rhine basin, have depths and areas of good water- small, and their navigable lengths are mainly re-ways, accessible back country, and trans-conti- stricted to the portions affected by the tides of
nental railway connections sufficient to bring the harbors which they enter. All of them howthem a population and commerce equal to that of ever have valuable water powers at or near their
the European cities. San Francisco Harbor (all head-waters.
The opening of the Panama Canal will neces-of San Francisco Bay) with its 36 square miles
.of anchorage area with depths of 40 to 90 feet, sarily add considerable impetus to further deand 200 or more square miles of lesser depths, is velopment of the Pacific Coast Harbors. With
already in depths equal to New York Harbor or the increased business will come the need for
any other Atlantic or Gulf port of the United more wharves and improved terminal facilities,
States; and in future possibilities it is the such as are already being started at San Diego,
-equal of any of them. Los Angeles has an Los Angeles, San Francisco, Portland, and in
available bar and harbor depth equalled by Puget Sound, under municipal ownership or
supervision.
no United States port except New York. San
Full details of past development of individual
Diego Harbor, with its completely land-locked,
harbors, and present rules and directions for use
half-tide water area of 21 square miles, and of
pilots and other navigators of the Coast or its
its existing inside draft of 21 feet at low harbors, are published by the
War Department
water over 9 miles in length, will, when dredg- (Annual Reports, Chief of
Engineers, U. S.
ing now in progress is completed, have a bar and Army) and of the Department of Commerce
harbor depth exceeded on the Atlantic coast only and Labor—now the Department of
Commerce
by New York, and its commerce should now in- —(U. S. Coast Pilot—Pacific Coast, 1909, with
annual supplements).
crease with great rapidity.
71
SECURITIES
SIPHON ON LOS ANGELES AQUEDUCT. BUILT BY THE CITY. DEADMAN'S CANYON.
PACIFIC COAST SECURITIES.
By G. K. Weeks.
The following article, prepared before the
cataclysm in Europe temporarily deranged all
security markets, undertakes to deal with normal conditions as they have existed. A discussion of the qualities of investment bonds
which are common to these securities in all markets is not considered within its scope. Rather
will it be the purpose to outline as clearly as may
be those conditions governing the issuance of
securities or features of the market therefor
which have been characteristic of the Pacific
Coast.
The leading characteristics of the Pacific Coast
States which have influenced the issuance and
sale of securities are probably the rapid growth
of this territory in population and production;
the need of outside capital; the exceptional climate, which attracts people accustomed to the
luxuries of life; and the original and independent
habits of thought which are typical of the sons
of pioneers who form the backbone of the population of this section.
The last federal census showed a percentage
of increase in population during the 1900-1910
decade as compared with the beginning of that
decade amounting in California to 60.09%, in
Oregon, to 62.68%, and in the State of Washington to 120.41%, as compared with only 21.02%
for the United States as a whole. While the most
rapid growth was in the cities, the rural districts also showed marked increases in population
and wealth. Of the eleven counties in California
where the population increased over 75% between 1900 and 1910, only two contained cities
having a population of 50,000 or more. These
Increases are all the more striking as compared
with the small growth or declines in the population of rural districts in the East and Middle West.
Such rapid growth points to a necessity on the
part of states, municipalities and public utility
corporations alike of raising large amounts of
capital for providing the facilities necessary for
the adequate public service of these communities.
There are at present evidences of some discrimination against Pacific Coast Municipal
Bonds, on the ground that these municipalities
are putting out "too many bonds." That there
is some justice in this criticism the writer would
be the last one to deny. However, from 1890 to
1910, Seattle grew in population from 42,837 to
237,194; Oakland from 48,682 to 150,174; Los
Angeles from 50,395 to 319,198, and the confident
utterances of the various Chambers of Commerce
are to the effect that the ratio of growth reflected
in the above federal census figures has been more
than maintained during the last four years. In
contrast, we find that among Eastern cities of
similar rank, between 1890 and 1910 Cincinnati
increased in population only from 296,908 to 363,591; Buffalo from 255,664 to 423,715; Washington
from 230,392 to 331,069, and New Orleans from
242,039 to 339,075. This rapid Western growth
requires continuous expenditures for new schools,
new public buildings, new sewers, new fire protection systems, and, alas, new jails. Also, if the
municipality operates its own water system, new
capital is constantly required for its ,enlargement, particularly in "Sunny California," with
her dry seasons, where domestic water in many
cases is brought at heavy expense from the distant mountains.
Likewise, in undertaking the financing of
healthy public utilities on the Pacific Coast, it
must be realized that success can only be attained
by the expenditure of large sums of money year
after year to provide necessary increases in plant
and equipment, and that if these sums are not
supplied, companies cannot give satisfactory
service to consumers in their territory and cannot prosper. An illustration of financing illy
suited to conditions in this territory is furnished
by a traction system in California on which
there
were placed in the short space of eight and onehalf years five successive bond issues, being in
turn, first, second, third, fourth, and fifth
mortgages on the bulk of the system, all because the
authorized amount of these various issues was insufficient to provide for the growth of the sys-
SECURITIES
tern for even a moderate period of time. The
history of the Pacific Gas & Electric Company,
the largest and best known utility on the Pacific
Coast, illustrates the growth for which a utility
in this territory must be prepared to provide. This
company practically doubled the number of its
consumers in the six and one-half years ending
June 30, 1914, the increase being from 183,271
to 359,228, without extending into any new territory of importance. Our first proposition thus is,
that the legitimate financing of the Pacific Coast
States involves the continued issuance and sale
of large amounts of new securities so long as the
present ratio of growth continues.
The demand for outside capital follows naturally, although not necessarily, the rapid growth
In this matter conditions
already outlined.
In the three Coast States have been by no
means identical. In California, during a long
period terminating about 1906, local capital
Exseemed sufficient for all requirements.
cept for the money brought into the State by the
transcontinental railroads, financed in the East,
and by Eastern settlers, neither the municipalities nor the corporations went outside their own
state for funds. Since the bonanza days of '49,
the output of the State's mines had been enormous, the fertile valleys had rendered ready tribute to the agriculturist, and the shipping of the
State's chief port, San Francisco, had added not
a little to the general wealth. At the beginning
of the year 1906 the total of California State and
Municipal Bonds held in the East was less than
$5,000,000, an amount now frequently exceeded
by the shipments during a three months' period.
The public utilities of the State were practically
all financed at home. The San Francisco earthquake and fire of 1906 resulted in a tremendous
demand for capital for the rebuilding of homes,
stores, office buildings and factories. About the
same time the subdivision of the great interior
ranches, and their irrigation or reclamation to
make them suitable for intensive farming, received a great impetus; interurban railroad buildtug began in earnest; the hydro-electric industry,
which had sprung into being half-a-dozen years
before, underwent rapid development; and the
State came to be one of the greatest petroleumproducing sections in the world. From being
self-sufficient in her financial affairs, California
has now come to be a very large borrower of
Eastern and foreign capital. In Oregon development has been less rapid. Portland is the most
conservative city on the Pacific Coast. The East
Is constantly buying securities in moderate volume for the financing of Oregon municipalities,
utilities and timber enterprises, but the development of the State has not gone forward with the
feverish haste that has characterized California
during recent years. Washington has been developed almost entirely by Eastern money, a
goodly portion of it coming from New England,
and while the forests and grainfields of the
State are bringing in increasingly large returns
and the Alaskan trade is proving a source of great
revenue, municipalities and corporations alike
75
still turn to the Atlantic Seaboard for practically
their entire supply of new capital.
The effect of the climate and the wealth it attracts is to be noted in the $18,000,000 issue of
California State Highway Bonds now in process
of being marketed, supplemented by county bond
issues throughout California aggregating an additional $12,500,000 for permanent road-building,
which have been sold during the last six years.
California owns more automobiles per capital
than any other state in the country, which probably accounts in some degree for the passion for
good roads. Santa Barbara and San Diego are
reputed to enjoy an exceptionally equable climate, and have attracted a large number of
wealthy Eastern residents. Santa Barbara, in
order to assure herself a permanent supply of
pure water has tunneled a mountain, tapping a
natural reservoir. San Diego, a comparatively
small city, has sold during the last five years approximately $6,100,000 bonds for the acquisition
and development of a domestic water system, and
$4,000,000 additional for parks, schools and other
municipal improvements.
The effect of the pioneer spirit already referred
to is to be found in part in the confident crowding into a few short years of the development
and improvements which have occupied practically as many decades in most Eastern communities,—in part in the slashing way in which Pacific Coast communities frequently go about remedying abuses. If because of improper financing or for other reasons a street railway system
fails to give proper service, or to provide the extensions required by the growth of a community,
the vigorous Western mind jumps at the solution
of municipal ownership, sometimes, it seems,
with very little consideration, minding not at all
that the careful economist who has worked
out these movements to their final conclusion may advise that the latter state will be
worse than the first. While it is unwise to dogmatize on matters of this kind, it is the writer's
judgment that the population on the Pacific Coast
contains no greater socialistic element—probably less—than the population of the Eastern
states, and that the considerable vogue of municipal ownership is due not to any theoretical conversion to the wisdom of state ownership and
operation of utilities, but rather to an ungovernable determination that the facilities which are
believed by the local population to be befitting
their ambitious cities, shall be immediately
achieved—if private capital does not respond with
alacrity, then by the municipality itself.
A detailed discussion of the exact market for
the various classes of Pacific Coast bonds would
be too technical for the purposes of this article.
The state bonds and bonds of the cities of
Spokane, Seattle, Portland, San Francisco, Oakland, and Los Angeles, which alone of the
Pacific Coast public issues are legal investments
for savings banks in New York and Massachusetts, naturally find their market largely in the
East. In the case of none of the municipalities
in question are more than 50% of outstanding
bonds held on the Pacific Coast, and in the case
76
MINING
of some of them practically the entire outstanding indebtedness is held outside the home market. The situation as regards county bonds is
somewhat mixed. Many of these issues find their
way to the Eastern market, but in California,
where county bonds are favored for trust fund
investment, even above the bonds of the largest
municipalities, the local market absorbs a very
fair proportion of county issues. Of all California county bonds outstanding, a majority are
today held within the State. In all of the three
Pacific Coast states, local municipal bonds are
accepted as security for public deposits; in California they are the only legal security. The demand for public bonds for this purpose reinforces
the demand for savings bank or trust fund investment to a marked degree, in addition to which the
state school funds in California and Washington
absorb a very considerable amount of local bonds,
so that outside of the very high-grade municipals
Which are legal for savings banks or sought after
for insurance company investment in the East,
the local market absorbs the bulk of new municipal issues.
In the public utility field the movement toward
consolidation, so well known in all sections of the
country, has gone forward in a rather rapid way.
In the State of Washington practically all public utilities of importance fall within five or six
groups, all controlled from the East. The situation in Oregon is similar. In California many
of the important interurban railways are under
the control of the Southern Pacific Company. In
the hydro-electric field eight companies practically dominate this industry throughout the
State. These companies are mostly controlled
in California, but represent the investment of a
large amount of Eastern capital. In the case of
bonds issued, the proportion placed in the East
Is usually in direct ratio to the size and importance of the issue, the more important bond issues
which come on the market in large blocks being
taken principally by Eastern and foreign capital, while the smaller companies putting out
bonds in limited amounts from time to time are
able to obtain their capital to a large extent in the
local market.
The railroad commissions of the Pacific Coast
states, and particularly the California Commission, bid fair to become large factors in the market for public utility securities which come under
their jurisdiction. The California Commission
has adopted the broad principal that no securities, either stock or bonds, may be issued except
against an investment in property in an amount
fairly comparable to the par value of the securities issued. While a strict adherence to this
rule may work some initial hardship in the matter of stock issues, it is believed by the writer
that its conscientious application to the securities of companies operating in a territory which
possesses such great natural resources and such
brilliant prospects of future growth as the Pacific
Coast states, will insure a class of public utility
bonds as safe and ultimately as popular as those
originating in any other section of the United
States.
MINING ON THE PACIFIC COAST.
By H. Foster Bain, Editor Mining & Scientific
Press, San Francisco.
Time is bringing changes in mining along the
Pacific Coast. Only in Alaska and Oregon do the
gold mines now make the largest contribution
to the annual output. In California, petroleum,
the wonderful liquid fuel that is transforming the
industrial situation on the West coast, now outranks it; while in Washington coal takes first
place and even in British Columbia, that province
of marvelously varied mineral wealth, coal outranks not only gold but copper, which there takes
second place.
Using for convenience the more complete figures for 1912, and following the statistics compiled by the United States Geological Survey, it
appears that the mineral output of the three
Pacific Coast states is now as follows:
California
$92,837,374
Washington
15,347,313
Oregon
2,553,549
$110,738,236
To this may be added the production of Alaska
and British Columbia, $22,724,833 and $32,440,800
respectively, making a total of $165,903,869. The
present production is at an even larger rate. The
total is impressive even in these days of large
sums. What is even more significant, however,
is the large portion of the total which represents
fuels and structural materials; the former accounts for $58,322,376, and the latter for $26,276,879. Of these the expenditure on structural materials—including clay products, stone, cement,
and lime—represents money spent at home largely in building up permanent structures. In a
sense, it stands for savings of the present for
the future. The fuel, too, is largely consumed
at home. While California is exporting large
quantities of petroleum, the bulk of the oil is
burned on the West coast and each barrel of oil
or ton of coal represents work done by unseen
hands; labor that does not eat and does not consume. The waterfalls, oilwells, and coal mines
make up in part for the small population in the
large area.
Ninety per cent of the mineral output of the
Pacific Coast is represented by four items:
Fuel
$58,322,376
Gold
43,416,335
Structural materials
26,276,879
Copper
19,373,233
The remainder of the production is in widely
varied form. California is the most important
North American producer of quicksilver, and
Alaska has the only important tin mine. Silver
and lead are not mined in important quantities
on the Pacific coast, though in eastern British
Columbia there is a thriving industry and in the
Coeur D'Alenes, barely outside the state of Washington, is one of the world's great lead-silver districts. Almost all the metals and non-metallic
minerals of economic importance occur in the
region and many of them are produced. It is
not likely, however, that within any period of
MINING
present importance the dominance of fuels, gold,
copper, and building materials will be challenged.
While the days of gold easily won from shallow placers have gone, gold mining is still a
great industry and it is now based upon deposits
that assure it a long life. The dredging fields,
it is true will be exhausted in a few years by the
great 16-cubic foot buckets used on modern
boats, but the quartz mines grow in importance
rather than the reverse. The reason is that each
new device, each increase in scale of operations,
so lowers the cost of production as automatically
to convert into ore much that was previously too
lean to rank as more than waste. When mining began at Juneau, small veins of quartz containing gold to the value of $20 per ton or more
were worked, just as even richer veins have been,
within a few years, opened near Sitka. Such veins
are quickly exhausted, but the Alaska-Juneau
is now preparing to mine ore worth but $1.35 per
ton net, and is counting on treating 12,000 tons
per day. On this basis the supply is considered
adequate for 300 years. Two neighboring mines
are likewise arranging for wholesale production.
While the opportunities are exceptional at Juneau,
and for some time to come it will be impossible
to hope for equally low costs elsewhere, movement in the same direction is taking place in all
the mining districts on the coast. There can be
no such thing as total exhaustion of the mines,
even though a mine is a true wasting asset. As
the demand for metal grows, any resulting scarcity is reflected in price, which in turn, with better or larger scale operations reducing costs,
brings into the field deposits previously unworkable.
The great new thing in the Pacific Coast mineral industry in the last decade has been the
opening of the California oil fields. It is difficult to overestimate the importance of this development in an area relatively barren of fuel.
Nowadays not only does California supply more
crude petroleum than any field in the world, but
its reserve is the largest known; more than half
the total for the United States. It is believed
77
that the California oil fields have now been outlined and that there is comparatively little hope
of finding any great productive area outside their
limits. While, too, it is hazardous to guess, it is
not thought probable that any comparable fields
will be discovered upon the Pacific Coast of
North America. The reserve, therefore, while
large when measured in barrels is small as measured against future demands if oil is to continue
to be burned for fuel in all the industries and
territory now dominated by it. For the present
coal is at a discount on the Pacific, but, measured by long years, the petroleum supply is entirely inadequate. Even now, and with the Mexican and other Gulf coast fields to reinforce the
supply, the Atlantic steamship companies dare
not convert their ships to oil burners. It is inevitable that in a comparatively few years the
demand for petroleum will outrun the cheap supply and its use will be restricted. For the present it is abundant and so cheap that the producer makes little or not profit. The benefit
goes to the transporting and marketing agencies
in part, but most of all to the people of California and neighboring states who, by reason of
the possession of this marvelously efficient and
convenient fuel, have seen industries established
and brought to a profitable basis in a few years
that would otherwise have had to wait for
decades.
Time will continue to work changes in the
mining industry of the coast. Petroleum will
become a precious fuel to be used only for special purposes. Coal mining in the Northwest
and Alaska will grow; improvements in smelting practice will permit the copper industry, now
held down by court restrictions on fume emission, to take its proper place; iron and the minor
metals will play their part; the output of structural materials will increase with the population;
and always the West will furnish, not only the
minerals called for by industry, but an appreciable amount of gold as a basis for the currency
with which the business of industry may be
transacted.
A GOLD DREDGER.
AGRICULTURE
HARVEST TIME IN THE INLAND EMPIRE.
THE AGRICULTURE OF THE PACIFIC COAST.
By Thomas H. Means, of Symmes, Means &
Chandler.
These five topographic regions merge somewhat, but are, in their broad lines, distinct. Each
has its crops, its transportation and marketing
problems, and each will develop in the future
along lines more or less independent of the
others.
Less than one hundred years ago the agricultural products of the Pacific Coast country consisted of a few cattle raised under the direction
The Rocky Mountain Region.
of the mission fathers, and of the yields from
The Rocky Mountain Region of the Pacific
small orchards, gardens, and grain fields surCoast includes that part of Montana, Idaho, Wyorounding the mission settlements. The country
hack from the Coast and away from the missions ming, Utah, Colorado and New Mexico draining
was a wilderness inhabited by Indians. Within this into, and commercially tributary to, the Pacific
hundred years a population of seven millions has Coast. The area includes the mountain slopes
come into the district west of the Rocky Moun- and elevated valleys of the states mentioned. A
tains; five millions occupying the immediate coast great variety of climates, soils and agricultural
states. The mines first attracted settlement, but possibilities are present.
agricultural development has gone on so rapidly
Owing to the distance of the region from large
that today mining is but a small part of the inter- cities and from cheap transportation, the agriculests of the people. Agriculture has become the tural development of an intensive character is
great industry, and, though the area of land de- confined to small areas around centers of mining
veloped is small as compared with the total area, activity, and to districts along the transcontithere are large areas of the highest type of agri- nental railroads and their branch lines.
cultural development. One hundred years has
Grain, hay, cattle and sheep are the principal
seen a change from wilderness to the most sci- products, but the growing of potatoes for shipentific and highly specialized farming in the ment and fruit of a superior quality has been deworld.
veloped on a considerable scale at many points.
This settlement and development of so vast a The upper Snake River Valley in Idaho, and the
territory is one of the most remarkable events in country around Grand Junction, Colo., are exthe history of the world. While the time given amples.
above is one hundred years, the real substantial
Irrigation is necessary in all of these higher
progress has occurred within sixty years. Withvalleys. The country can be said to be only
in that time the five millions of people who occupy
opened up, and its possibilities demonstrated, by
the Pacific Coast states have established 200,000
these developments; the future will see many
farms containing 51 million acres, of which 22
undeveloped areas brought into a high state
million acres are improved. The value of crops
of cultivation. Very few localities now have a
raised in 1909 was $345,000,000, and the value of
large area of high class development, but as
live stock on farms $360,000,000.
transportation facilities and population increase
A development carried on at such a rapid rate
larger areas will be improved, and we may expect
must meet and solve many important problems,
to see a continued and healthy growth on these
and it is natural to suppose that many problems
regions.
of importance are yet awaiting solution. Taking
A great area in which irrigation cannot be careverything into consideration, however, the develried on will, on account of its roughness, doubtopment of agriculture in some parts of this terless be devoted in the future, as it has been in
ritory, is superior to that of any similar area in
the past, to grazing. The valleys will be devoted
the world.
to the production of grain and hay for maintainThe Pacific Coast region is divided, agriculing and fattening the cattle grazed on the mounturally, into five great districts, each of which has
agricultural possibilities peculiar to itself. These tains and hills. The local markets in mining
camps and cities along the railroads will be sup
,
are:
plied with produce, and a surplus of high grade
1. Rocky Mountain Slopes.
2. Great Basin.
fruit, and such commodities as potatoes will be
3. Sierra Nevada Valleys.
4. Interior Valleys of California and Oregon.
shipped out.
5. Coastal Regions of California, Oregon and Washington.
AGRICULTURE
Freight rates from this mountain region to the
markets of the world will always act to prevent
the shipping of bulky commodities. The produce
will probably be shipped out as meat, wool,
or other animal products. The high quality of
the potatoes, fruit and canned goods is such
that there will always be an outside market for
them, and Colorado, Utah and Montana potatoes
and apples are likely to be in demand.
This region will benefit as little as any from the
Panama Canal, except as the opening of the cam:
will cause great development on the Pacific Coast.
The canal will not make the world's markets
more available to Rocky Mountain agriculturists.
The Great Basin.
The great basin is that county between the
Rocky and Sierra Nevada mountains,and includes
parts of Idaho, Washington, Oregon, Utah, Nevada, Arizona, and Eastern California. The region
is elevated in Southern Idaho and Nevada, the
valleys averaging over 4,000 feet above sea level,
but is lower at the north and south ends. In
Washington the elevation is generally less than
2,500 feet, and in Southern Arizona less than 3,000
feet. The rainfall varies greatly, from less than 5
inches per annum in parts of Southern California,
Arizona, and Nevada, to 25 inches in Washington.
Temperatures vary in a similar manner and, while
oranges are grown in the south, there are mountain ranges covered with perpetual snow.
Irrigation is necessary in most parts of the
great basin region. The only portions where
farming without irrigation is possible are certain
parts of Northern Idaho, Oregon, and Washington. A few districts are humid enough to permit
of dry farming in parts of Utah, Nevada, and
Arizona.
The irrigated valleys present highly cultivated
and prosperous districts, as is seen in Southern
Idaho, and in Utah and Arizona. Much of the
land, however, has no available water supply and
Is used for pasturage alone. Hundreds of square
miles are sheep and cattle range, and will always
remain so.
The soils of the great basin vary greatly, but
there are larger areas of soil derived from volcanic material. Washington, Idaho, and Nevada
Where
are regions of lava ash and lava soil.
water is available, the crops
rainfall or irrigation
produced are excellent and regular.
The crops of the great basin are varied, oranges
in the south; fruit in Utah and in the north; potatoes in Idaho; and alfalfa, grains, and cattle in
all parts. Fruits and vegetables are but a small
part of the total produce, but in some districts
they become an important item of production.
For instance, in certain parts of southern Idaho
fruits are important, and potatoes of a high quality are produced. Oranges and grape-fruit, very
early in bearing, are grown in Arizona, and there
is promise of considerable extension of this business. In Utah, where farms are small and labor
abundant, fruits and vegetables are grown for
canning and shipping.
Grain and cattle products are, however, the
79
most important Reins which go into general commerce. The grain-growing regions of Oregon and
Washington now produce fifty million bushels of
wheat yearly and are capable of producing more.
The other parts of the region do not now produce
much more grain than needed for local consumption.
Cattle and cattle products are everywhere important, and in aggregate these are the most important items of agricultural produce entering
the channels of commerce. The wide areas of
semi-arid land, too dry for farming, afford considerable feed, and cattle and sheep produced
under range conditions are fattened for slaughter
in the irrigated valleys, or shipped to other feedproducing regions. The opportunities for the
future lie in the direction of increasing the number and quality of the cattle and sheep raised.
High freight rates will always work against the
great basin country and hold.down the shipping
of bulky produce. It is true that, in special districts, fruit and vegetables of a high quality will
always be produced and, on account of their superior quality, will be shipped long distances, but in
the long run sheep, cattle, and their products,
will be the staples and the money makers for the
farmer.
The new lines of commerce introduced by the
opening of the Panama Canal will have considerable effect upon the great basin region. Freight
rates at tide water are low enough to enable
these regions to ship into the world's markets,
and it is likely that canned foods, potatoes, fruits
and grain, as well as animal products, will be
shipped.
The Sierra Nevada Region.
The district designated the Sierra Nevada Region includes the mountain zone from Mexico to
Canada which lies between the great basin on
the east, and the Interior Valleys of California and
Oregon on the west. The width of this great
mountain belt varies from fifty to one hundred
miles. It includes a large area of fertile valley
and hill land, but a great area is too rough for
anything but grazing or forestry.
Much of the area is now occupied by National
Forests, and by forest land in private ownership
The lower mountain slopes are well suited to
fruit culture, and the valleys for production of
all kinds of produce suited to the climate. The
east slope is much drier than the west slope and
much smaller in area, for the distance between
the mountain crest and the great basin region is
short. To the west the slope is gradual, and the
area of land suited for agriculture is large.
Very little of this region is now farmed. Much
of it is grazed by cattle and sheep, and it is only
where the transcontinental railroads cross the
range that the area of farmed land is large. Such
a farming area is found along the Southern Pacific Railroad from Sacramento to Reno.
Large areas of land of great potentiality are
found in all three states traversed by this great
mountain range and it is likely that future generations will see much of this now undeveloped
80
AGRICULTURE
•
HOPS IN THE SACRAMENTO VALLEY. CAL
land cultivated, irrigated and producing crops.
Fruit and fruit products will be the greatest item
in production, but cattle and animal products
will be important on account of the area of land
which is too high and too rough for anything but
pasturage.
The Interior Valleys of California and Oregon.
The Interior Valleys of California and Oregon
lie between the Sierra Nevada Mountains and
the Coast Range. The San Joaquin and Sacramento Valleys in California, and the Willamette
Valley in Oregon are the most important regions.
These valleys are warm in summer, with very
mild winters; have large areas of excellent soil,
and quantities of water for irrigation. are sur;
rounded by mountains rich in minerals and oil,
with tremendous quantities of water power developed and awaiting development. Deep water
transportation is available in both valleys, and
rail transportation is well developed.
The products are varied, almost every crop
grown in the United States, with the exception of
a few strictly tropical plants, is grown here, and
there are such varieties of soils and situations that
some spot may be found where each crop can be
produced commercially. There is no region in
America where a greater variety of products may
be found. Grain has long been the staple crop,
but as irrigation is developed, grain gives way to
horticulture, dairying, gardening, sugar beets
and hops. Cotton, tobacco, and rice have been
grown on a small scale, and the near future will
see these rapidly extended. Cattle and sheep
summer in the surrounding mountains, and winter in the valleys. Hops, barley, and vines furnish the stimulants for the nation and there is the
opportunity for great extension of these crops
when temperance instead of prohibition becomes
the rule in the United States.
These valleys are, in many places, highly developed, and support confortably a large population in a small area. Such regions as those around
Fresno and Modesto in California have considerable areas where a family is comfortably supported by the produce from ten or twenty acres,
and there are, in California and Oregon, several
million acres capable of equally high development. The great valleys of California and Oregon could support five million people in comfort.
The nearness of these valleys to tidewater is
.an
important factor in their favor. Tidewater enters the lower part of the valleys in both cases.
Steam roads and electric lines are being constantly developed to transport produce to the
cities and to tide water.
The products of these valleys already enter extensively into the world's commerce. California grain, wines, and dried fruits, and Oregon
hops, are shipped to Europe in direct competition with European grown produce.
'These valleys have a variety of soils, and conditions which permit regular and heavy crops
to be produced.
The climate is dry and the
sunshine strong in summer, making the harvesting of crops sure and the quality good.
AGRICULTURE
As yet, water transportation, though available,
has had a small part in the development of these
valleys. The greater part of the higher valued
produce goes east by rail, but grain, hops, dried
fruits, and wines are sent to Europe and the Atlantic coast by water. The Panama Canal will
open the way for more extensive shipments of
these commodities, and it is likely that vessels
equipped for refrigeration will permit shipment,
by the canal route, of oranges, grapes, apples, and
other fruits now shipped by rail.
Coastal Regions, California, Washington and Oregon.
The coastal regions of California, Washington,
and Oregon include that portion of the coast
which derives its climate directly from the Pacific Ocean, where the temperatures are generally low, there is little frost, and more rain than
in the interior valley.
In southern California, the rainfall varies from
12 to 15 inches. Northward there is a gradual increase until, in Washington and Oregon, the fall
is from 100 to 120 inches. There is a corresponding gradual change in crop possibilities, and in
native vegetation. In southern California, the
land is scarcely timbered at all, and the agricultural products are largely of a sub-tropical nature. In central and northern California, grain,
beans, alfalfa, truck, and dairying are the rule.
In the north, dairying is the greatest industry.
These coast regions have a climate which is
regarded as superior to any of the interior climates, and for that reason are apt to fill up with
a large population. We have today an example
of this dense population in southern California.
Almost the entire orange belt lies in the coastal
region. A similar condition prevails in many of the
smaller valleys which open out on the Pacific
Ocean, such as the Salinas Valley, and the valleys
at each end of the San Francisco Bay. The portions of this region in north California, Oregon,
and Washington, are now only partially developed, but we may expect a large influx of settlers who will farm the valleys and clear the
low mountains and foot hills for the planting of
fruit. This region will be largely farmed for
the purpose of supplying the coast cities;
comparatively few products will be grown for
shipping or export. There are important exceptions, however. The citrus fruits of southern
California are one of the State's largest export
crops, and important fruit centers have been developed in a number of other valleys, such as
the Pajaro and Santa Clara valleys, south of San
Francisco. Other important centers of fruit
growing will later be developed in the north.
These fruits will be shipped to eastern markets
by rail or the Panama Canal.
The Agricultural Problems of the Pacific Coast.
The statements above outlined briefly review
the physical conditions of each of the important
districts of the Pacific Coast, and call attention
to the products which these districts grow for
shipment. It is easy to see that the development
of the Pacific Coast is yet in its infancy, and while
no portion of the United States has had more
81
rapid development or greater increase in population in the last twenty-five years, it is equally
true that in the near future we may expect a
much greater advance. There are certan problems, however, which must, sooner or later, be
settled by the people who come into these regions.
The first problem, on the settlement of which
will depend the future of the country, is that of
markets for produce. The second problem, which
has been seriously considered in many regions of
the west, is that of the supply of agricultural
labor. The third problem is that of securing settlers for much of the land which now lies idle,
or which is held in large tracts.
The Markets for Pacific Coast Products.The markets for Pacific Coast products are today well developed, but a large increase in the
production of any one crop would cause disaster.
For instance, the orange business has been developed from a small beginning to shipments exceeding 40,000 carloads per annum. It happens
that Florida is now increasing products of citrus
fruits to a great extent, and any further increase in the production of the Pacific Coast will
have to meet Florida campetition, or seek a market elsewhere.
Again, the apple industry of
Washington and Oregon has been developed faster than regular markets for the produce have
been secured, and there are now years when
fruit brings low prices. These low prices are,
without doubt, largely due to competition from
districts nearer the point of consumption. Until
the people of the• Pacific Coast have developed
and secured a permanent market for their
fruit, they will always have this fluctuation
in prices. It is thought that the Panama Canal
will open new channels of trade and thus enable
the people of the Pacific Coast to overcome these
difficulties by shipment of their products over a
wider area.
The fruit business is, however, by no means
the only agricultural industry which has problems of marketing. The grain crops are generally
sold without difficulty, but there are times when
the hay crop exceeds the demand and prices are
low. At present this is due to the scarcity of
feeding cattle for the consumption of hay, high
prices for beef having recently caused large numbers of young animals to be sold. It will naturally come about that the herds of the west
will be built up, though this is going to be difficult as long as young cattle continue high in
price, but once the industry is re-established,
there should be a smaller fluctuation in hay
prices. The time will rapidly come when the
small farmer who has a few acres of hay will produce a few animals for slaughter and, by thus
creating a market for his own forage crops, be
independent of the general market prices for
such produce.
The Labor Problem. Many of the industries of
the Pacific Coast are highly specialized and a
large amount of labor is, each year, required
for short periods; for example, the fruit picking and hop picking seasons. The hay harvest, which extends over a longer period
than in the east, also requires considerable
82
AGRICULTURE
the west have built up social and political institutions which are attractive to thinking people.
All of these together are serving to interest
people the world over in the Pacific Coast.
Now that the Government has undertaken the
development of the irrigation resources of the
country, and has settled upon a fixed policy reThis condition will slowly right itself as the garding other natural resources, this population
large holdings are cut up. An increase in the is bound to come, and come to stay.
number of small farms results in a large amount
It is unfortunate that the real development of
of labor being brought into the country. The the west has been made a business of money
women and children will be able to do much in making on too large a scale. The sale of land
the way of fruit and hop picking, leaving the men at high prices has been the one great motive
free for the hay and grain harvests. It is further- which is back of practically all settlement in the
more expected that cheap passenger rates will west. The rise in land values has been extrabe established via the Panama Canal bringing im- ordinary and to-day, in California, Washington,
migrants from European countries, who will nat- Oregon, and other states of the west, land is ofurally drift to the farms, and much healthier fered to settlers at prices ten times its value a few
labor conditions will be the result. It is not likely years ago. It is claimed that the prices now bethat much of this labor will come supplied with ing asked are justified by the return that the lands
capital sufficient to enable them to buy farms, will give, but, whether this is true or not, high
but, wherever government lands are available, prices are discouraging settlers, and the west
they will settle on them and secure their living, is suffering in consequence. However, operators
while developing their own farms, by working on are beginning to realize their mistakes, and are
adjoining places. It is unfortunate that public taking steps to rectify them, as elsewhere cited
sentiment on the coast is now so strongly un- in this volume.
favorable to certain classes of Oriental labor, for
Natural conditions on the Pacific Coast have
no other people have been able to give us the
made possible a remarkably rapid development of
services required at such a low rate of pay.
that territory in the last sixty years. Its future
The Settlement of the West. The settlement of development, to which the Panama Canal will
the west has only begun. It will easily be pos- contribute, will be even more rapid. The pressible to support a population five times as great ent tendency is toward development of a conas that now found there. Climatic conditions stantly more intensive character. This, together
are favorable; health conditions are good; with an ever broadening market for its products
the splendid class of pioneers who settled will result in greater prosperity.
extra labor and coincides with the busy
season in the mountain lumber camps. The consequence is that there are often periods when
labor is scarce in parts of the west, and the farmer has to put up with very inferior help, despite
the fact that prices for agricultural labor in the
west are higher than in the eastern states.
ALL READY TO PICK APPLES IN OREGON.
AGRICULTURE
INTENSIVE FARMING ON A LARGE SCALE
By S. F. B. Morse
The farming industry has not, until within a few
years, been regarded with favor by the large investor.
Bad seasons, lack of rain, or too much rain have rendered the return uncertain and the interest item has
been considered hazardous when directly dependent
upon crops; although the fact that principal invested
in the industry has been deemed sufficiently secured
is evidenced by the enormous aggregate loaned on
farm mortgage by such large investors as the Insurance companies.
That this general attitude on the part of capital
has been successfully defied is illustrated by the great
fortunes built up in earlier days by the "wheat
kings" and other large operators of the Pacific Coast.
83
describe here only such of its phases as bear directly
on the subject in hand.
Irrigation greatly reduces the uncertainty Of farming and, owing to the fact that the Pacific Coast has
a wet and a dry season, the danger of injury to crops
by summer rains is practically eliminated. It has
been the general opinion that irrigated farming,
which is of necessity intensive, must be limited to the
small farmer, the average size of an irrigated farm
in California being twenty acres. The difference between the earning power per acre of dry farmed or
grain land, and that of irrigated land, was so wide
that the majority of large investment in agricultural
projects up to the present time has been along the
lines of acquiring tracts of arid land, developing irrigation, and offering the land for sale to small farmers
or, as they are commonly called, colonists.
The most inexpensively developed irrigation
project is one where the land is adjacent to a stream,
Tractor and 24 disc plows cutting a 16-foot furrow in dry sod land and covering over 4 acres per hour.
These men were, almost without exception, "one
crop" men. In spite of the large average return that
their operations showed, floods, droughts, or other
causes of crop damage or failure occasioned them
heavy periodic losses—sometimes through a series of
years. This fact did not tend to change the attitude
of capital toward large single investments in the
farming industry.
The first primitive experiments in irrigation in
California quickly served to demonstrate the economic error of such operations. The case of the
"wheat kings" was analogous to that of Mark
Twain's pseudo prince "Tom Canty," who used the
Great Seal of England "to crack nuts with." They
were raising seventeen bushels of wheat per year,
less deductions for losses and fallow years, on an
acre of land which, with the additional investment
required for irrigation would, in seven years, yield
annually one ton of olives, and in ten years, two
tons. Investors were quick to see the obvious and
the conversion of great grain farmed tracts to diversified farming under irrigation has since been steadily
carried on.
As the subject of irrigation is separately treated
another article it is the writer's intention to
in
the flow of which is constant enough to furnish sufficient. water for irrigating, and- where there are no
difficult engineering features involved in diverting
the water from the stream onto the land. Projects
of this type were, of course, the first to be developed.
Those who were able to acquire large tracts of land
so located, at a price based upon its value when grain
farmed, realized enormous profits from its sale in
twenty acre tracts under irrigation. The success of
the early investors gave such an impetus to the business of developing large irrigation tracts that, at the
present time, there remains no arid land capable of
simple irrigation, save at a price based upon its possible earning power when irrigated rather than on
its present earnings. Furthermore, all of the inexpensively developed river waters which can be used
for direct irrigation have been appropriated. The
future irrigation supply must be had by means of
expensive storage or pumping stations.
Of land and water available by such methods
there is still abundant supply. Great as has been
the influx of settlers, particularly to California, it is
a fact that of the fourteen millions of acres susceptible to intensive cultivation in the San Joaquin and
Sacramento Valleys alone, there are less than three
84
AGRICULTURE
million acres actually irrigated and settled. There is or any one of a number of possible conditions that
very little agricultural land in the entire state that hinder their ability to make sales, may force the
cannot be supplied with sufficient water for irriga- companies to offer their properties in small parcels;
tion by one of the two methods above mentioned. at far below their real value, in a vain attempt to
All of the streams of the semi-arid west have tre- meet fixed and current charges. Yet these companiesmendous flood discharges in the winter and spring have made no expenditures in the actual farming of
caused by winter rains and melting snows in the the land.
mountains. These flood discharges are, for the most
The majority of the colonists come to the coast
. part, unused, as they seldom occur during the irri- from abroad or from the middle west. In most cases
gating season. It has been estimated that tile flood they are unfamiliar with local conditions and with
discharges of the streams emptying into the San irrigation, and have only enough money to make a
Joaquin and Sacramento rivers are, if stored, of suffi- reasonable payment on their land and equip themcient volume to irrigate every acre of agricultural selves to start farming. Generally the colonist is deland in the valleys, and that sufficient practical stor- pendent upon the immediate success of his operations
age sites exist to hold these flood waters.
for his living and for the funds required to defray the
The San Joaquin and Sacramento valleys are the deferred payments on his land, which, as a rule, conagricultural backbone of California and, as Southern sist of five equal annual payments, with interest on
California is already in a high state of development, balances at the rate of 7% per annum. Even if the
they will be the field for the greatest development in land he purchases is excellent, the climatic conditions
the future.
good, and the water supply adequate, his success,
In an article recently published by the Modesto under this handicap, is problematical; yet upon his
Chamber of Commerce, certain statistics for the year success hangs that of the company from whom he
1912 were quoted showing that in the Modesto Irri- buys, if they are depending entirely upon the sale
gation District the average value per acre of all prod- of their lands to meet their financial requirements.
ucts grown amounted to $137.16. After deducting
If the colonist fails, not only does the land revert
50% of the gross as
to the seller but the
the necessary cost
reputation of theof caring for the
entire project sufland harvesting
fers, making futurewater
crops,
sales increasingly
charges, etc., the net
difficult.
production amounts
In view of these
facts it is strange
to 6% on a valuthat the large ination o f $1,143
vestor, in casting
per acre. Despite
made
about'for a more
the showing
substantial finanby these figures
cial plan, has
a number of
neither contemthe largest agricultural projects on
plated nor investithe coast have met
ititsd of e ntenibilgaee th posssive
with severe reverses
farming on a large
in the last two
years and are now
scale as the logical
in difficulties and
solution of his probprocess of re-adjust- Caterpillar tractor with two-furrow ditching plow building irrigation ditch and levee lems in meeting
at the same time.
ment.
charges
carrying
The failure of
and overhead exnearly every one of these projects has been due to a pense; the items which have been the primary cause
mistake in policy or to bad management rather than of so many failures. If the small farmer with limto any intrinsic fault in the physical property, such ited means and narrow viewpoint can, in un-numas.; poor land or insufficient water. The increased bered instances, make a success of such farming on a
cost of land and of water, and the large overhead ex- small scale, the business man with adequate capital,
pense entailed by present methods of subdividing scientific management, and labor saving devices, canand selling, together with the development of a make an even greater success on a large scale. Broad,
supply of small irrigated tracts actually exceeding axiomatic business principles pertain to this industry
the demand and the resulting competition between as well as to any other, if applied with equal
the selling companies, have reduced the chances gence.
• of financial success for such companies to a miniFarming projects so handled under able managemum. Competition has been so keen that great ment give the investor a high rate of return and perextremes have been resorted to in connection with mit of his holding developed lands for higher prices
the selling of such small irrigated tracts. Many and disposing of the property in accordance with the
companies maintain extensive offices with a number natural laws of supply and.demand at an ultimately
of branches throughout the country, pay large com- greater profit. Likewise, when fully developed
missions, and indulge in extravagantly expensive and lands, from which the colonist can be assured of
badly planned advertising campaigns. Nearly all an immediate return, are sold on the partial payment
are compelled to allow the purchaser several years in plan, the security to the seller is much greater for the
unpaid portions of the purchase price. In the
which to pay for his property.
The basic error in the methods that have been Modesto district above mentioned, land may be puremployed is the fact that the developing companies chased at $125 yielding a 6% return on a valuation
have depended entirely upon the sales of land, not of $1,143. It is obvious that the large investor, puronly for the ultimate return of their initial invest- chasing land in large tracts at much less than this
ment, but also for the payment of interest, overhead retail price, and developing his own water supply, is
charges, and their profits. Hard times, over supply, presented with greater possibilities in the develop
, AGRICULTURE
85
ment and operation of the land than in the re-sale in small tracts at current prices. A fair example of
the advantage of intensive farming on a large scale
in small parcels at prevailing values.
There are certain Crops for irrigated areas that has come to the observation of the writer in the case
are particularly suited to farming on a large scale. of a company holding a tract of nearly seventy thouPerhaps the most important of these is alfalfa, which sand acres in the San Joaquin Valley in Califoris, of course, a staple. It is the forage crop of the nia. Interesting comparisons are available between
southwest, being particularly valuable in the feeding its operations and those of the adjoining farmers of
of all types of work stock and dairy cows, and in fat- small tracts. This company has ample financial backtening cattle, hogs or sheep. It is the most common ing and owns one of the old holdings of the state, to
which it has added from time to time as occasion decrop grown by the twenty or forty acre farmer.
There are other crops that it is practical to grow manded. From grain farming the company has proon a large scale under irrigation; the olive, for which gressed, step by step, through various phases of operthere is a constantly increasing demand, an espe- ating as experience and conditions have dictated
cially hardy tree bearing for practically an unlimited changes. It was one of the first to develop a large irrilength of time • the fig, of which much the same gation system, yet for years did little farming on its
can be said; the sugar beet; the onion; the potato own account, depending entirely upon thesubdivision
(all being among the hardier types of roots). Within and sale of its property in small parcels for its revethe last year or two cotton has been proved to be a nue, disposing of several thousand acres in this manprofitable crop in certain sections of California. In ner. Later it did small development in the line of profact, an eminent authority states that there is no ducing alfalfa, gradually working into the business
crop grown in the United States which cannot be on a larger scale. The company now has nearly three
grown to advantage in California, under irrigation. thousand acres in a single tract of alfalfa and intends
It is simply a -question of the selection of the crop to increase this to ten thousand acres. A direct combest suited to the land, which can be handled to ad- parison of the methods and results obtained by the
colonists on the one hand and the company on the
vantage on a large scale.
The developer
other are available.
of an irrigation
The company has
project which is to
taken units of three
be operated on a
thousand acres and
large scale has a
first platted these
distinct advantage
lands in twenty acre
tracts, then surin that he can so
veyed an irrigation
prepare his land as
system and a drainto make irrigation
age system in such
adequate and inexa manner as to
pensive, and promake each unit a
vide for proper
drainage.
block of perfectly
Under a disdrained and irritrict, or co-operagated twenty acre
tive plan, the small
farms. The purfarmer must be
pose of first subsatisfied with a redividing the land
stricted quantity of A tractor pulling a battery of scrapers. Grading and leveling land ready for water. has been to make it
water,
available
possible,
should
only at certain intervals, and he ordinarily meets with conditions warrant, to dispose of the property
a serious problem in drainage, owing to the fact that in small blocks in the shape of developed and prohis excess water must either remain on his own land, ducing farms. But the work is done in such a manor, in discharging, prove an injury to his neighbor. ner as not to handicap in any way the ease and
Of course, in certain districts, such difficulties have economy of operating the property as a whole. The
been largely obviated, but the fact remains that a use of tractors and heavy disc gang plows has made
large tract operated by one management can be made it possible for the company to do better, more rapid,
to yield a return much greater than the same num- and more economical work than can be done by the
ber of acres cut up into small tracts under several colonist with small horse-drawn implements. The
hundred individuals.
company has also developed a special type of leveler
• Even if it is the ultimate intention to dispose of designed for use with a tractor which reduces the
the tract in small parcels, it is the course of wisdom cost of leveling to one-half of what it is when done
to develop all, or a large portion, of it for immediate with horse-drawn Fresno scrapers; the only availoperation, to provide for interest and overhead ex- able method for the small farmer. By the employpenses. The project thus developed is independent ment of these methods the company is independent
of any of the causes of adverse selling conditions. of unskilled labor. There is but a small and exThe chance of failure of either seller or buyer is re- tremely undependable floating supply of such labor
duced to a minimum. It is along such lines that the in California and it is the cause of one of the most
irrigation project of the future must be handled in serious problems facing the ordinary developer. On
order to obtain for the investor the surest and high- the developed portions of the company's alfalfa fields
est return.
certain crops are cut and cured. The cuttings are,
There have recently been some projects that have for the most part, chopped, and blown by machinery
been handled exactly along the lines above outlined. into large storage feed sheds for the winter feeding of
In most instances with which the writer is beef cattle. The food value of chopped alfalfa hay
familiar, the operating returns have been so is much higher than that of unchopped hay. Other
much greater than was anticipated that it has been crops are allowed to mature on the ground and are
deemed inadvisable to market any of the property pastured off by beef steers being fattened for market.
86
AGRICULT URE
At first all of the company's fattened cattle were sold
on the hoof to large packing establishments. Later,
realizing that neighboring communities could be
easily supplied with dressed beef, the company installed its own abattoir and cold storage plant
which was made large enough to handle much of the
live stock produced by small local operators in addition to the entire product of the company's own
ranch. Having recently added to their holdings large
tracts of grange lands on which cattle are raised
to be alfalfa-fattened for killing, this product is considerable. So successful has the company been with
its dressed beef operations that it now contemplates
the purchase of a chain of retail butcher shops. Many
of the neighboring colonists, on the other hand, are
not in a position to consume the alfalfa that they
produce but are obliged to haul it to market and dispose of it subject to variations in price. It so happens that in the season of 1914 there has been a
large supply of alfalfa hay and small farmers are
receiving a low price. On the other hand, while hay
is cheap, beef is high and the company, which is
marketing its alfalfa in the form of dressed beef, is
receiving a handsome price and making a large
profit with much less cost of handling. Many of
the colonists are fattening beef on a small scale;
many are raising and feeding hogs on alfalfa; and
many are operating dairies. Here again . large
the
operator has a distinct advantage. The company
has control of the dressed meat market over a considerable extent of local territory and is independent of the middle man, whereas the colonist is not.
In fact the company is in the position of making the
middleman's profit on the product of the colonist,
a large portion of which the company handles, as
well as saving that profit on its own product. In
addition to these obvious items there are many ways
in which this company, on account of the size of
its holdings and the magnitude of its operations, effects minor economies which, in the aggregate,
amount to a considerable percentage. For instance,
the company breeds, raises, and breaks all of the work
stock for its own use and some for market. The
company maintains a machine shop of considerable
size and not only makes all necessary repairs to its
machinery and equipment but also manufactures new
parts, thus effecting the saving of a considerable
item. The company is in a position where it is
making a very liberal return on a valuation approximately double the price at which it disposed
of its other holdings to colonists, plus the cost of
development. It is able, when it desires, to dispose
of its improved holdings to demonstrate its earning power and can afford to be liberal in the terms of
payment allowed the purchaser because of the certain knowledge that the property is fully and properly developed and is now producing at a rate sufficient to insure the success of purchasers under ordinary conditions. As a matter of fact, its success in
intensive farming under irrigation on a large scale
has been so great that it is not now offering, and
cannot afford to sell, any of its irrigable lands at
present prices. The facts regarding this company
strikingly illustrate the possibilities of this method
of handling large projects.
The field for investment in this line is tremendous and the profits to be realized by the project
properly handled are large and sure. The three requisites to certain success are these:
Proper examination prior to the purchase of the
land, taking into consideration soil, climate, water
supply, and transportation available.
Intelligent planning of crops with a view to what
is best suited to the particular soil and general market conditions.
Efficient management, insuring a maximum output at a minimum cost.
Intensive farming on a large scale offers a most
attractive field for investment and its possibilities
loom large in the realm of big business.
Tractor and scarifier working in an orchard to help the rapid growth of trees.
OIL
THE OIL INDUSTRY OF CALIFORNIA.
By Frank J. Silsbee.
The beginning of the twentieth century marked
the dawn of the era of oil power in industrial and
maritime pursuits the world over. Before its
span of years is half passed there will have been
witnessed the most phenomenal revolution in all
history of mechanical engineering through the
utilization of oil as a source of energy in place of
coal and other combustibles used for steam-making and other power-production purposes. The
development of the internal combustion engine,
capable of being operated with crude petroleum
and low-grade distillates, and suited to the requirements of the world's work on land and sea,
will work a marvelous change in engineering
standards. No mechanical achievement has made
such rapid strides and none has been more revolutionary in effect. Oil power is in the ascendency.
The petroleum industry of California is of
great importance to the industrial and commercial pursuits of the Pacific coast, on account of
the economic change in production and transportation costs being brought about by the development of oil power. The oil resources of
the Golden State are destined to have a worldwide influence on industry and commerce. The
economic advantages of liquid fuel on land and
sea will attract the manufacturer, and, with the
Panama Canal, influence the routing of the
world's shipping.
Petroleum is the natural fuel of the Pacific
coast states of North and South America. This
territory has no coal deposits of particular commercial importance. Aside from deposits in Washington and British Columbia, and the undeveloped
resources of Alaska and Peru, there is no satisfactory coal. The coal that is produced does not
compare favorably with eastern, Welsh, or Australian coals, and the cost is considerably higher.
The use of California oil is therefore universal on
all railroads in the state and its consumption extends into Arizona, New Mexico, Nevada, Oregon
and Washington, British Columbia and Alaska.
In short, the market comprehends a territory
from Alaska to Chile and Hawaii, and inland as
far east as Carlin, Nevada, El Paso, Texas and Albuquerque, New Mexico. Almost all coastwise
steamers burn oil, and when the economic influence of liquid fuel with the internal com.bustion engine begins to be felt, the use of oil
will extend to the trans-oceanic vessels.
The advantages enjoyed in the use of liquid
fuel in stationary plants may be summed up
briefly as follows:
1. General cleanliness.
2. High boiler and furnace efficiency.
3. Ability to carry overloads and meet, almost instantly, wide ranges in load.
4. Total absence of smoke when burners are
properly handled.
5. Uniform draft and air supply, giving minimum variation in furnace temperature.
87
6. No loss when stored indefinitely.
7. Low cost of handling.
The advantages of oil being burned under marine boilers instead of coal are enumeratad as
follows:
1. Ability to raise steam quickly.
2. Rapid bunkering from lighter or shore, day
or night, rain or shine, with no dust or dirt.
3. Can be stored in double bottoms and in
other spaces on board ship where coal could not
be placed.
4. Practically double steaming radius for
given storage space.
5. No spontaneous combustion; decreased
boiler room force; hardships of stoking removed; absence of aust and dirt in the engine
room with the consequent reduction of wear on
working parts.
6. No ashes to handle; and decreased maintenance cost through increased life of boilers. etc.
For railroad purposes the use of liquid fuel,
aside from affording many of the benefits given
in the foregoing, has the further advantage of
the absence of sparks, thereby eliminating the
danger of fires along rights-of-way. In certain
forest reserves through which railroads pass, the
government requires that oil be burned, to reduce
the fire hazard.
For metallurgical purposes, fuel oil gives an increased capacity to the furnaces, high temperatures, absence of soot in dust chambers, ease and
range of regulation, and ability to reduce "sows"
quickly.
The average price for which good steaming
coal can be delivered into bunkers of consumers
in Pacific coast territory is close to $8 per ton.
Records of the Navy Department from 1906 to
1910 indicate that the average price the federal
government paid for coal for its war vessels on
the Pacific was $8.10 per ton. The average in
the Puget Sound country was $8.18 and Mare
Island $8.47 per ton. It will therefore be seen
that $8 per ton is a fair basis of coal cost in comparison with liquid fuel. Exhaustive tests by the
United States government, and other independent
investigations, indicate that from three to three
and one-half barrels of oil fuel are equivalent
to one ton of good steaming coal. The average
price which the consumer of California fuel oil
has had to pay for supplies during the past decade
is probably less than $1 per barrel; for the purpose of comparison, however, that figure will be
used. On the basis of three and one-half barrels
of oil as the equivalent of one ton of good steaming coal, the per-coal-ton-cost of oil figures $3.50.
The saving in favor of oil, therefore, is $4.50.
To illustrate how this works out, take the case
of the Southern Pacific railroad system, the
greatest single beneficiary of oil fuel. It uses
approximately a million and a quarter barrels per
month. The cost of this oil to the railroad is
probably close to 75c per barrel, or $2.75 for the
combustible equivalent to one ton of coal. If
coal were used, approximately 357,143 tons
would be required to do the work done by oil.
At $8 per ton this coal would cost $2,857,144.
88
OIL
Figuring oil at 75c per barrel, the cost for fuel
would be $937,500, representing a saving of $1,919,644 per month, or approximately, $24,000,000 a year. It might be well to point out,
at this juncture, the economy of oil transportation on railroads. Fuel oil equivalent to
one ton of coal weighs 1,139 pounds. One of
the ordinary tank cars in use on the railroads will
hold 297 barrels of oil, which is equal to 85 tons
of coal. It is thus seen that two forty-ton coal
cars would be required to transport the fuel
equivalent of one tank car of oil. The saving in
equipment and transportation costs is readily apparent.
A gas company in Los Angeles uses approximately 60,000 barrels of oil fuel per month. Assume that the average cost per barrel is $1,
though in fact, this company has long bought
fuel below 75c per barrel. The total monthly
bill for oil fuel would therefore be $60,000. Sixty
thousand barrels of oil is equivalent to 17,143
tons of coal, which figured at $8 per ton, would
require an outlay of $137,144, compared to
$60,000 for oil; a monthly saving of $77,144. Thus the comparisons may be brought
down to the smallest consumer, whose saving is
proportionate to the amount of oil used. It can
readily be seen what a boon oil fuel is to the small
user, particularly on account of its ease in handling, storage, etc.
Interesting and remarkable as these facts are
In connection with the use of oil as fuel, they sink
Into comparative insignificance, in the light of
the economies of the heavy oil internal combustion engine for land or sea power. Burning oil
under boilers must be characterized as criminally
wasteful when compared to the new engine.
A description of this engine, which is commonly
referred to as the Diesel, taken from a paper prepared in 1912 by Rudolph Diesel, the inventor, is
as follows:
"The Diesel engine suffers neither ignition nor
carburetion troubles for the same reason that a
snake is not troubled with gout. The oil engine
does not depend on, any sparking device, as does
the gasoline engine, nor any red-hot ball, as does
the kerosene engine. The Diesel compresses pure
air into its cylinders, not an explosive mixture
of gas and air. The air is compressed to a degree which raises its temperature far above the
burning point of oil. Pre-ignition would occur,
as in gasoline engines, were it not for the fact that
there is nothing to ignite until the piston has finished its upward stroke and is ready to descend.
Just at this instant a tiny spurt of oil is injected
Into the hot compressed air, where it ignites. The
result is what the average person would call an
explosion. In reality it is not an explosion such
as occurs in the gasoline engine, where a mixture of gas and oil is fired. The burning of the
oil occupies almost the whole time during which
the piston is descending. The result is a steady
push like steam, instead of the violent blow of a
gas explosion."
The United States Bureau of Mines, in Technical Paper No. 37, has published some interest
ing facts in connection with.some of the advantages of the internal combustion engine over
steam and other prime movers. It deals particularly with the engine as adapted for marine propulsion, showing such economies and efficiency
in its use, as will attract the attention of the
world's merchant marine. Reduced to simple
terms, one barrel of oil used in the marine internal
combustion engine, is equivalent to three or four
barrels burned under a boiler. The oil engine requires less men than a steam engine of equal
power. It is cleaner, and much easier for the men
to handle. No fireroom is necessary. No stokers
are required and consequently there is no need of
qu4rters for them. The engine dispenses with
boilers. It requires no smokestacks — only a
small exhaust stack—and no ventilating fans are
needed in the stokehold. It develops no smoke
whatever. When the engine is running properly,
no exhaust is visible. The total weight of the
engine is about the same as that of a reciprocating steam engine, not including the boilers and
condensers. No fresh water is required; salt
water can be used for cooling the cylinders. The
engine room is thirty to fifty per cent smaller
than that of the steam engine of equal power and
more easily kept clean and in order. The thermal
efficiency of the internal combustion engine, or
heavy oil engine, as it is sometimes called, under
full load is thirty per cent, compared to twelve
per cent under steam units. Such engines are in
use in many types of vessels, ranging from small
pleasure vessels to those of ten to twelve thousand tons displacement, and larger ones are constantly being built.
A ship of this type visited California ports recently. Comparing two vessels of equal displacement, one a motor-ship and the other a steamer,
it is stated that the motor-ship will carry 10,000
tons of pay freight as against 8,000 tons by the
steamer,at 50 per cent of the fuel cost per ton carried and with a ship's crew of half the size. The
motor-ship can travel one and one-quarter times
the circumference of the globe without replenishing fuel tanks, whereas a steamer could go
no more than a quarter of the distance without
coaling. Marine engineers state that, even
though the first motor-ships built have cost
more than steamers, there is no real reason
why the new type of sea transport should not
ultimately be built and fully equipped for nearly
the same price per ton as a high grade quadrupleexpansion-engined steamship, provided the size
is at least 10,000 tons. Even though the original
cost of the motor-ship exceeds that of the steam;
er, its rate of interest return is higher on account
of greater earning capacity and smaller operating
cost.
The petroleum fields, so far discovered in California, are vast in area and remarkable in output,
approximating over 150 square miles of proven
ground, and with a potential production for 1914
of approximately 112,000,000 barrels. The United
States Geological Survey estimates that the California fields are capable of furnishing a maximum of eight billion barrels of crude petroleum
OIL
out of twenty-four billion barrels maximum yet
available in the United States. It is fair to state,
however, that since this estimate was made by
the government agents, additional resources have
been discovered in Oklahoma, which no doubt will
raise considerably the estimate as to the ultimate
extractable oil content of this country. The minimum estimates are about fifty per cent of the
maximum in each case. Whether or not the maximum is reached seems immaterial at this time.
Competent petroleum engineers and geologists,
on independent investigation, state that it is reasonable to believe that the oil fuel of California
will dominate the Pacific coast for the next fifty
years, and possibly the balance of the present
century.
The importance of the California petroleum resources as compared to the rest of the United
89
duction purposes, for years to come. According
to figures published in United States Geological
Survey Bulletin No. 442-A, of the year 1910, the
cost of delivering Alaskan anthracite and bituminous coal to Washington and Oregon ports will
approximate $5 per ton, and to California ports
50c per ton additional. By the time the necessary arrangements are made to mine and
transport this coal, it is possible that progress
in the development of the internal combustion
engine will have been so great that the Alaskan
product will not threaten the supremacy of liquid
fuel for some time to come. Furthermore, the
growth in ideals of the conservation of our natural resources will ultimately forbid the use of
our bituminous coals under boilers, just
as this sentiment must eventually force a discontinuance of the wasteful burning of petroleum
OIL FIELD NEAR LOS ANGELES.
States, and the production of foreign countries
is set forth in statistical data accompanying this
article. These statistics show that in the year
1901 California produced eleven per cent of the
total output of the United States, the proportion
growing steadily until the year 1913, when, according to the United States Geological Survey,
the Golden State produced nearly forty per cent
of the total petroleum yield of this country. The
production of all foreign countries, as compared
to California, shows that of the whole, California's output amounted to a little over seven
per cent in the year 1901, mounting upward to
forty per cent in 1912.
The development of Alaskan coal resources
will not affect the practical predominance of California oil for steam-making, and other power pro
in a like manner. The factor of conservation
along this line will certainly play an important
part in determining the length of time that oil
maintains supremacy as a fuel, and this point is
taken cognizance of, in estimating the years that
liquid fuel will probably predominate. When the
oil resources are exhausted, the country will turn
to the development of its remarkable shale deposits, and coal will be coked, and the oil residues,
and other by-products, turned into their natural
industries, instead of going up the chimney into
the air. . The shale deposits, existing in conjunction with the oil fields of the state, and the coal
measures of Utah, Wyoming and other western
states, should yield enough oil to guarantee practically an unlimited supply for the future, particularly when it is considered that by virtue of
90
OIL
the internal combustion engine, a price can be
paid for oil that will make the mining of these
shales profitable.
It is to be regretted that so much information
has been peddled to the public heralding the oil
business as the long-sought way to "get rich
quick." It has done inestimable damage to the
industry and its legitimate promoters. The public mind has been educated to believe that the
earnings of such corporations as the Standard
Oil Company are general in the petroleum inThe StandThis is far from true.
dustry.
ard Oil Company is principally a purchaser, transporter, and refiner of crude petroleum. The business of producing oil is totally different. The
history of the oil business of California shows
that the producer of oil, under a competitive
economic system, influenced by considerations of
competition, and the diplomacy of rivalry among
the marketing factors, in conjunction with the
law of supply and demand, can hardly expect stable profits from year to year in an oil region of
tremendous potentialities.
The writer is not decrying investment in California oil properties. It is well to point out, however, that the average price per barrel, at the
well, for California crude oil during the past fourteen years has been forty-five cents. Competent
petroleum engineers estimate that the actual cost
of producing oil in California, taking into account depreciation of the producing capabilities
of the land, redemption of capital, and development and operating expense, is not far from that
figure. Indeed the statement is made that, considering the hazardous and speculative nature of
the business, seventy-five cents per barrel should
be the minimum price, at the well, to insure profit.
In face of a market with very fixed and definite
limitations and production potentialities of. enormous proportions, millions of barrels of California oil are now being marketed annually at a
price below the cost of production.
It is
certain that, for many years to come, California
can produce millions of barrels more oil than can
be profitably marketed. -Under the unrestricted
operation of the law of supply and demand, advance in price to the producer only serves to stimulate production until returns to the producer
again fall back to an unprofitable level. It,
logically follows, that if the producer is to
receive a profit com_nensurate with the risk of
the business, some regulating influence must be
brought into play. Some means must be adopted
whereby the producer will receive a just economic
price for the product, at the same time taking care
of the marketer. The question of declaring oil a
public utility to meet the present unprofitable situation is occupying the attention of the leaders of
the industry. It is proposed that thorough regulation, from producing to marketing, be instituted
through the present railroad commission, or some
other legally constituted body. The idea is
permeating the consciousness of the leaders of
the state that, in a higher way, our mineral resources should be regarded as property to be
used, and to be held in trust, with regard to
the present and future needs of the country.
It is being realized that neither human labor
nor any other human agency has contributed
to the origin of oil. Whatever rights the individual may possess have been derived from the general government and from the state as the original owners. The men of this generation must not
be permitted to dissipate a great state asset at
continuous financial loss to themselves, as well as
to future generations. There can be no such thing
as an oil industry without profit, and when this
is more fully and concretely realized suitable
regulation will come about to the interest of all
concerned, based on the principles of conservation of natural resources, and economic fairness
to the producer.
Thus, while the present situation from an investment point of view is not encouraging, the
future is bright. Well managed and amply
financed companies, with reasonably large acreage, offer attractive speculative and investment
possibilities, if judicious selection is exercised.
California properties are rapidly going into centralized control. The small operator is at a hopeless diSadvantage from a marketing standpoint.
The capitalist finds his opportunity in consolidation, which reduces the cost. of production.
Centralization in California has progressed to the
point where 65 per cent of the output of the state
Is controlled outright by the marketers and consumers, leaving 35 per cent to be purchased in
the open market. Amalgamation of producing
properties will assist materially the operation of
measures of regulation and work for the best
interest of producer and consumer. But the great
story of California oil lies in the statistics accompanying this article.
ESTIMATE OF CALIFORNIA'S PROVEN PETROLEUM
LANDS AND REMAINING RECOVERABLE
OIL CONTENT
Estimated
Estimated Estimated Production Remaining
Counties
Recoverabb
Proven Oil Recoverable
to
Acreage Oil Content Jany. 1, 1915 Oil Content
Fresno
30,000 1,150,000,000 154,843,000 995,157,000
Kern
53,000 2,375,000,000 397,156,645 1,977,843,355
Los Angeles . ?
Orange
Santa Barbara
17,000
775,000,000 192,737,000 582,263,006
Ventura
San Luis Obispo
Santa Clara
TOTAL
100,000
4,300,000,000
744,736 645 3555 263,35E
NOTE.—Estimates of additional probable oil lands range
from 250,000 to 544,000 acres, the greater part of which, if
proven at all, being considered as of low productivity per
acre.
PRODUCTION IN CALIFORNIA AS COMPARED TO ALL
FOREIGN COUNTRIES PREPARED FROM RECORDS
OF UNITED STATES GEOLOGICAL SURVEY
Foreign
California's
California Countries
Year
Total
Percentage
7,710,315
96,384,167 104,094,482
1901
7.4%
13,984,268
96,391,106 110,375,374
1902
12.7
24,382,472
1903
94,742,174 119,124,646
20.5
29,649,434 102,170,629 131,820,063
1904
22.5
33,427,473
1905
80,928,598 114,356,071
29.2
109,153,962 470,616,674 579,770,636
FIVE YEARS.1
18.8%
33,098,598
86,899,474 119,998,072
1906
27.6%
39,748,375
96,533,286 136,281,661
1907
29.2
44,854,737 105,041,543 149,896,280
1908
29.9
55,471,601 115,155,199 170,626,800
1909
32.5
73,010,560 117,917,056 190,927,616
1,910
38.2
FIVE YEARS.246,183,871
521,546,558
767,730,429
32.1%
81.134,391 125,062,794 206,197,185
39.4%
1911
86,450,767 129,065,018 215,515,785
40.1
1912
97,764,525
1913
• • ••
105,000,000
1914
• •• •
NOTE.—While complete figures are not available, proforeign countries will probably show a decline in
duction in
1913 and 1914.
OIL
91
PRODUCTION AND VALUE OF PETROLEUM IN CALIFORNIA
FROM 1876 TO 1914 PREPARED FROM RECORDS OF U. S. GEOLOGICAL SURVEY
Production
Value
(-Average
Total Yield
Per Cent
Barrels
Yearly
Total Value
Per
Per
Per Cent
Gained
Production
Series Years
Year.
Years
Value
Gained
Series Years Barrel
Barrel
12,000
1876
1 ...$
36,000
....
36,000
$3.00
$
12,000.8.3%
.
.
25,000
13,000
1877
39,000
75,000
8.3%
3.00
17.1
15,227
40,227
1878
45,681
17.1
120,681
3.00
30.4
19,858
60,085
1879
59,574
180,255
30.4
3.00
104.2
40,552
100,637
1880
121,656
104.2
$3.00
301,911
3.00
100,637
100,637
FIVE YEARS
301,911
••• •
$
$3.00
301,911
$
146.3%
99,862
200,499
6 ...$
1881
199,724
6.4%
$2.00
501,635
$
128,636
28.8
329,135
1882
257,272
758,907
28.8
2.00
11.1
142,857
471,992
1883
285,714
11.1
1,044,621
2.00
262,000
83.4
733,992
1884
524,000
1,568,621
2.00
83.4
325,000
24.0
1,058,992
1885
10 ...
650,000
24.0
$16
2,218,621
2.00
958,355
852.3%
FIVE YEARS
$ 1,916,710
534.8%
$2.00
377,145
16.0%
1,436,137
1886
11 ...$
754,290
16.0%
$ 2,972,911
$2.00
678,572
80.0
2,114,709
1887
12 ...
1,357,144
80.0
4,330,055
2.00
690,333
1.7
2,805,042
1888
13 ...
1,380,666
1.7
5,710,721
2.00
303,220
*56.0
3,108,262
1889
14 ...
368,048
*81.5
1.21
6,078,769
307,360
0.1
3,415,622
1890
15 ...
384,200
4.3
6,462,969
1.25
2,356,630
145.9%
FIVE YEARS
$ 4,244,348
121.4%
$1.80
323,600
5.2%
1891
3,739,222
16 ...$
401,264
4.4%
$1.24
$ 6,864,233
385,049
18.7
1892
4,124,271
17 ...
561,333
39.9
7,425,566
1.46
470,179
1893
22.1
4,594,450
18 ...
608,092
8.3
1.29
8,033,658
783,078
1894
5,377,528
66.5
19 ...
1,064,521
74.9
9,098,179
1.36
1895
1,245,339
59.0
6,622,867
20 ...
1,000,235
*6.0
10,098,414
.80
FIVE YEARS
3,207,245
36.1%
$ 3,635,445
14.3%
$1.13
1,257,780
1896
0.9%
7,880,647
21 ...$ 1,180,793
18.0%
$ 11,279,207
$0.94
1897
1,911,569
51.9
9,792,216
22 ...
1,918,269
62.4
1.00
13,197.476
17.6
1898
2,249,088
12,041,304
23 ...
2,376,420
23.9
1.06
15,573,896
19.0
1899
2,677,875
14,719,179
24 ...
2,660,793
11.9
.99
18,234,689
1900
4,329,950
19,049,129
61.7
25 ...
4,152,928
56.1
22,387,617
.96
FIVE YEARS
287.4%
12,426,262
$ 12,289,203
238.0%
$0.99
1901
7,710,315
26,759,444
78.0%
26 ...$ 2,961,102
28.7%
$0.38
$ 25,348,719
1902
13,984,268
40,743,712
59.1
27 ...
4,873,617
64.5
.35
30,222,336
....
1903
24,382,472
65,126,184
74.3
28 ...
7,399,349
51.8
37,621,685
.30
....
29,649,434
1904
94,775,618
21.6
25
8,265,434
11.7
.28
45,887,119
1905
33,427,473
128,203,091
12.7
30 ...
8,201,846
0.7
.25
54,088,965
109,153,962
778.4%
FIVE YEARS
$ 31,701,348
157.9%
$0.29
33,098,598
161,301,689
1906
31 ...$ 9,553,430
16.5%
$0.29
$ 63,642,395
201,050,064
20.1
39,748,375
1907
32 ... 14,699,956
53.8
.37
78,342,351
245,904,801
12.8
44,854,737
1908
33 ... 23,433,502
59.4
.52
101,775,853
301,376,402
23.6
55,471,601
1909
34 ... 30,756,713
31.2
.55
132,532,566
374,386,962
31.6
73,010,560
1910
35 ... 35,749,473
16.2 .
.49
168,282,039
125.5%
246,183,871
FIVE YEARS
$114,193,074
260.2%
$0.46
455,521,353
11.1%
81,134,391
36 ...$ 38,719,080
1911
8.3%
$0.48
$207,001,119
541,972,120
6.6
86,450,767
37 ... 39,213,588
1912
1.3
.45
246,214.707
639,736,645
13.1
97,764,525
38 ... 45,661,400
1913
16.4
.47
291,876,107
744,736,645
7.4
1914105,000,000
39 ... 47,250,000
3.4
.45
339,126,107
$0
..46
.
*Loss.
*Loss.
NOTE.
-Figures for 1914 are estimated based on a production of approximately 53,000,000 barrels for the first half of
the year. In that period fully 3,000,000 barrels were shut in, indicating a potential production strength of 56,000 barrels for the six months, or approximately 112,000.000 barrels for 1914, figured at the same rate of output.
Year
1876
1877
1878
1879
1880
PRODUCTION AND VALUE OF PETROLEUM IN THE U. S. FROM 1876 TO 1913
INDICATING CALIFORNIA IN COMPARISON TO THE WHOLE
PREPARED PROM RECORDS Or UNITED STATES GEOLOGICAL SURVEY
Production
Value
15 Other
Calif's
'
15 Other
California
States
Total
Per Cent
Year
California
States
12,000
9,120,669
9,132,669
1876
36,000 $ 22,946,822 $
$
13,000
13,337,363
13,350,363
1877
39,000
31,749,566
15,227
15,381,641
15,396,868
1878
45,681
17,998,839
19,858
19,894,288
19,914,146
1879
"
17,151,134
59,574
40,552
26,245,571
26,286,123
1880
121,656
24,478,982
FIVE YEARS
1881
1882
1883
1884
1885
100,637
99,862
128,636
142,857
262,000
325,000
83,979,632
27,561,376
30,221,261
23,306,776
23,956,438
21,533,785
84,080,169
27,661,238
30,349,897
23,449,633
24,218,438
21,858,785
FIVE YEARS
1886
1887
1888
1889
1890
958,355
377,145
678,572
690,333
303,220
307,360
126,579,636
27,687,696
27,604,911
26,921,692
34,860,293
45,516,212
127,537,991
28,064,841
28,283,483
27,612,025
35,163,513
45,823,572
FIVE YEARS
1891
1892
1893
1894
1895
2,356,630
323,600
385,049
470,179
783,078
1,245,339
162,590,804
53,969,055
60,129,608
47,960,887
48,561,438
51,646,937
FIVE YEARS
1.896
1897
1898
1899
1900
3,207,245
1,257,780
1,911,569
2,249,088
2,677,875
4,329,950
FIVE YEARS
1901
1902
1903
1904
1905
FIVE YEARS.$
1881
$
1882
1883
1884
1885
301,911
199,724
257,272
285,714
524,000
650,000
1.3%
2.4
2.5
0.9
0.7
FIVE YEARS $
1886
$
1887
1888
1889
1890
164,947,434
54,292,655
50,514,657
48,431,066
49,344,516
52,892,276
1.4%
0.6%
0.8 '
1.0
1.6
2.4
252,267,925
59,702,581
58,563,947
53,115,145
54,392,975
59,290,579
255,475,170
60,960,361
60,475,516
55,364,233
57,070,850
63,620,529
1.2%
2.1%
3.2
4.1
4.7
6.8
12,426,262
7,710,315
13,984,268
24,382,472
29,649,434
33,427,473
285,065,227
61,678,879
74,782,648
76,078,865
87,431,526
101,290,107
297,491,489
69,389,194
88,766,916
100,461,337
117,080,960
134,717,580
109,153,962
33,098,598
39,748,375
44,854,737
55,471,601
73.010,560
401,262,025
93,395,338
126,346,960
133,672,618
127,699,273
136,546,688
FIVE YEARS 246,183,871
617,660,877
81,134,391
139,315.000
1911
86,450,767
135,662,451
1912
97,764,525
150,681,705
1913
105,000,000 Estimated.
1914
FIVE YEARS.
1906
1907 •••
1908
1909
1910
Calif's
Total
Per Cent
22,982,822
31,788,566
18,044,520
17,210,708
24,600,638
$114,325,343 $114,627,254
$ 23,312,327 $ 23,512,051
23,373,893
23,631,165
25,454,538
25,740,252
19,952,924 ' 20,476,924
18,543,694
19,193,694
0.9%
1.1
1.1
2.6
3.4
1,916,710
754,290
1,357,144
1,380,666
368,048
384,200
$110,637,376
$ 19,274,167
17,499,462
16,569,687
26,595,292
34,980,905
$112,554,086
$ 20,028,457
18,856,606
17,950,353
26,963,340
35,365,105
1.7%
3.8%
7.2
8.1
1.4
1.1
FIVE YEARS $
1891
$
1892
1893
1894
1895
4,244,348
401,264
561,333
608,092
1,064,521
1,000,235
$114,919,513
$ 30,125,289
25,345,130
28,324,234
34,457,574
56,691,044
$119,163,861
$ 30,526,553
25,906,463
28,932,326
35,522,095
57,691,279
3.6%
1.3%
2.2
2.1
3.0
1.7
FIVE Y.EARS.$
1896
$
1897
1898
1899
1900
3,635,445
1,180,793
1,918,269
2,376,420
2,660,793
4,152,928
$174,943,271
$ 57,337,916
39,011,342
41,816,939
61,943,111
71,599,763
$178,578,716
$ 58,518,709
40,929,611
44,193,359
64.603,904
75,752,691
2.0%
2.0%
4.7
5.4
4.1
5.5
4.2%
11.1%
15.8
24.3
25.3
24.8
FIVE YEARS $ 12,289,203
1901
$ 2,961,102
1902
4,873,617
1903
7,399,349
1904
8,265,434
1905
8,201,846
$271,709,071
$ 63,456,233
66,305,293
87,294,701
92,910,021
75,955,553
$283,998,274
$ 66,417,335
71,178,910
94,694,050
101,175,455
84,157,399
4.3%
4.5%
6.8
7.8
8.2
9.8
510,415,987
126,493,936
166,095,335
178,527,355
183,170,874
209,557,248
21.4%
26.2%
23.9
25.1
30.3
34.8
FIVE YEARS $ 31,701,348
1906
$ 9,553,430
1907
14,699,956
1908
23,433,502
1909
30,756,713
1910
35,749,473
$385,921,801
$ 82,891,305
105,406,793
105,645,682
97,571,774
92,150,215
$417,623,149
$ 92,444,725
120,106,749
129,079,184
128,328,487
127,899,688
7.6%
10.3%
12.2
18.1
23.9
27.9
863,844,748
220,449,391
222,113,218
248,446,230
28.5%
36.8%
38.9
39.4
FIVE YEARS $114,193,074
1911
$ 38,719,080
1912
39,213,588
1913
45,661,400
1914
$483,665,769
$ 95,325,672
124,588,746
191,459,988
$597,858,843
$134,044,752
163,802,334
237,121,388
19.1%
28.9%
23.9
19.3
SHIPPING
A BUSY PIER IN SAN FRANCISCO.
THE SHIPPING INDUSTRY OF THE PACIFIC
COAST.
By Capt. Robert Dollar.
This industry is second to none in importance
in the Pacific Coast States. It is difficult to get
at the exact tonnage owned, as, on account of the
high taxes imposed, many coastwise vessels are
registered in Minnesota, Maine, New York and
New Jersey; and, on account of our unjust and
unreasonable laws, a great many large cargo
steamers, owned by citizens of the Pacific Coast
States, are registered in foreign countries, fly
their flags, and are principally engaged in foreign
commerce to and from this coast. The approximate tonnage of vessels is 1,049,296 gross registered tons. The money value also can only be
approximated; it is estimated at sixty million
dollars.
The vessels engaged in the domestic trade are
more than sufficient for present requirements.
At this writing some thirty steamers are laid up,
so I think the increase will be gradual and will
only come as trade conditions warrant. In the
Foreign Trade, we look for very great advancement and development. This will be brought
about by the great increase of trade that we will
get from the opening up and development of
China. Thirty-five years ago the Pacific Mail
was the only company operating steamers, and
the combined cargo capacity, of all their steamers at that time, was not as great as is that of
one of their large, modern steamers. If ,the increase keeps up at the same rate as during that
period, long before this century closes, the center of the world's commercial activity will be
transferred from the Atlantic to the Pacific.
It is generally supposed that the opening of the
canal will take away a great deal of freight from
our ports, but from the line of the great northern
circle from Panama to Japan, San Diego is only
225 miles, Los Angeles 245, San Francisco 325,
Eureka 430, Astoria 670, the entrance to the
Straits of Juan de Fuca 800; so it will be seen
that the deviation will be very slight.
The Pacific Coast is favored with many good
and commodious harbours. In the extreme
South is San Diego, having ample accommodations for all the requirements; next Los Angeles with more than they require and by dredging they can extend indefinitely; then San
Francisco with sufficient anchorage for all the
navies of the world. Eureka has plenty of room
for her rapidly growing trade. In Oregon is
Coos Bay. As soon as contemplated improvements are completed, the largest tramp steamers afloat can find berth there. Next comes
the Columbia River. When the jetties and dredging contemplated are completed, it can receive vessels drawing thirty feet of water. Willapa and Grays Harbor are rapidly increasing
their facilities to receive large vessels. At present steamers 400 feet long and drawing 20 feet
have no trouble going in and out. Puget Sound,
unsurpassed for its land locked bays, has sufficient water to take at one time all the ships of
the world. Seattle and Tacoma are rapidly building wharves to accommodate the great increase
expected after the Canal is in operation.
Our shipping may be divided into three parts,
first, Coastwise, second, Inter Coast, (via Panama), and third, Foreign.
The bulk of the coastwise cargoes carried are
from north to south,lumber furnishing more than
95% of the whole. Vessels carry bulk cargoes
north, but not to exceed 10% of their capacity.
The steamers engaged in carrying lumber on this
Coast are constructed specially for this trade
and are entirely different than can be seen in any
other part of the world. The machinery is placed
aft, and from 30% to 50% of the cargo is carried on deck and with perfect safety to both the
vessel and cargo. The ordinary height of those
deckloads are from 12 to 18 feet.
The trade that will go from one seaboard of
the United States to the other is problematical.
The value of commodities carried in 1913 was
$80,026,517. This was an increase from 1900 of
$73,208,737, although handicapped by having to
trans-ship by rail either via Tehantepec or Panama. As to what increase the opening of the
Canal will effect we must wait trade develop-
SHIPPING
93
ment for a year or two, before we can even as in any part of the United States. Iron ore of
That the increase a better quality can be laid down in Pacific Coast
make any calculations.
sure, although some ex- ports at a lower price than the supply is dewill be gradual, we are
pect an immediate expansion. In this they will livered at Pittsburg. Cokeing coal can be debe disappointed, but that there will be a tre- livered here at a price that will enable us to promendous increase of this trade, admits no argu- duce coke at competitive prices if the most modment. The difference between rail and all ern by-product ovens are employed. Thus there
water rates will be sufficient to warrant this pre- is no reason why we cannot produce iron and
diction. For the opening of the Canal the rate steel, not only for our own requirements, but
for export also. Raw cotton and wool can be deof freight has been reduced about 30%,
Foreign trade has not been pushed as it should. livered at our sea-board as cheap as anywhere
The local or domestic demand has satisfied all else, as both are grown near by.
producers, therefore there was little incentive to
The opening of markets of China warrants
go farther afield as long as the home consump- the prediction of an enormous commerce betion kept up. Now we see that we must reach tween that country and ours. The Philippine trade
out for foreign markets. So far we have only that has increased by leaps and bounds and, if
exported the products of the forest, fields and political conditions permit, a great trade will refisheries; now we must reach out for manufac- sult. Japan, India and the East Indies will all intulles. Up to the present time labor conditions crease their trade with us. The custom house stahave been such as to effectually preclude the tistics are extremely encouraging. In 1856 our topossibility of manufacturing on this coast for tal exports from this entire coast were $3,460,448,
export. Now we feel that, with the opening of in 1880 $38,888,418, in 1913 $146,856,469. If
the canal, a great number of emigrants will reach this same ratio of increase continues for the next
our shores. Employment must be found for them 60 years, it can easily be seen that the fulfillment
either in the cultivation of the fields or in manu- of my prediction will be accomplished, that the
facturing as very few will have money enough to Atlantic trade will be superseded by the Pacific,
take up land. We can expect factories to be and that the commerce of San Francisco will exbuilt because raw material can be gotten as cheap ceed that of New York of today.
A VESSEL ESPECIALLY DESIGNED FOR TIMBER CARRYING. NOTE THE LENGTH
OF CLEAR
HULL AND DECK ROOM.
FISHERIES
94
A SALMON CANNERY IN WASHINGTON SHOWING SOME OF THE TRAPS.
portance. The total fisheries products of the
Pacific Coast were worth, last year, about $60,Commercial, Financial and Economic Features of 000,000 to the producer, or with transportation
and distributing costs $100,000,000 to the conthe Pacific Coast Fisheries.
sumer.
One reason why, perhaps, so little is understood
By Miller Freeman. Editor of "The Pacific
about the Pacific Fisheries is because they differ
Fisherman."
Food is the prime requisite of life and where, so radically from those of the Atlantic coast, upon
when and how to get it, how to pay for it, and how which most casual observers formulate their opinmuch, constitute the vital problem of the race. ions. On the east coast large fishing banks are
The traffic in food is the biggest item in the located in a position really adjacent to large consuming centers such as Boston, New York, and
world's commerce.
Fish are food—nay more, they are cheap food. Philadelphia, with the result that most of the fish
As such they are surely entitled to serious con- is handled in a fresh state. The Pacific Coast is
sideration in this day and age. Americans, it is comparatively lightly populated, and its fishery
true, are not, broadly speaking, a fish eating peo- products must find their chief market in the Eastple and it is in America that the High Cost of ern states and abroad. Owing to the fact that
Living holds untrammelled sway. These two facts these fisheries are situated so far from the conare worth weighing in their relation to one an- suming centers, the bulk of the product must be
prepared, with the result that here we have not
other.
It seems strange that Americans—not them- only a fishery of unparalleled importance, but a
selves essentially fish consumers, should have de- large and thriving manufacturing business.
Take, for instance, the example of the salmon
veloped, and today control, what is probably the
world's most important fishery. It has sprung canning industry, the product of which comprises
up upon the Pacific Coast within the past half three-fourths of the sixty million dollar total. Last
century and, in spite of the important position it year this industry consumed, in raw materials,
now occupies as demonstrated by statistics, it is 575,000,000 pounds of fish; 30,000,000,000 square
inches of tin plate; 8,000,000 packing cases; 60,still considered in its infancy.
of the com- 000,000 pounds of salt; 4,000,000 pounds each of
So rapid has been the development
n'ercial fisheries of the West Coast that few peo- pig tin and pig lead; 360,000,000 cement coated
ple east of the continental backbone have even nails; 400,000,000 lithographed labels, and thouan approximate idea of their present size and im- sands of gallons of gasolene, kerosene, lacquer
FISH FACTS AND FIGURES.
FISHERIES
and acids. With this it produced some four hundred million sealed packages of nutritious, palatable, and economical food.
To further show how this differs from the
ordinary conception of a fishing business, it might
be mentioned that these fish are, in the main, not
caught by hook and line, but with such gear as
salmon traps and purse seines. In the traps the
fish are kept alive in the water until ready for
packing, and are not touched by human hands
until they are delivered at the packing establishment.
The fish are handled with large power vessels
driven by gas engines, less picturesque, but more
practical than the fishing smacks of the Atlantic.
95
From an initial pack of 2,000 cases, the business
grew by leaps and bounds, the output of 1913
being 8,000,000 cases of 48 pounds each. This industry employs over 30,000 people and, since the
entire pack if made in a few months in the summer season, an enormous equipment is required
to handle it successfully.
Canned salmon now fills a tremendous domestic demand, and may be found on sale in every
country in the world. Twenty-five per cent of
the output is sold abroad and it is the largest item
of canned food exported by the United States.
The fish canning activities of the coast are by
no means limited to salmon. Within the past
few years, there has sprung up the practice of
SALMON ON THE FLOOR OF THE
CANNERY.
The manufacture of engines for the fishing fleet
Is in itself a large industry on the Pacific Coast.
In the canneries, modern sanitary machinery is
used throughout and the fish are even butchered
by a mechanical device known as the "Iron
Chink," which performs this difficult operation
without the aid of a human hand.
In 1913 this branch celebrated its fiftieth anniversary with the largest output in its history. It
was founded on the Sacramento half a century
ago by some pioneers experienced in the lobster
canneries of Maine. Today the business finds its
principal seat in the state of Washington, and
In Alaska. The Columbia River, while not numerically a big factor, will always continue to enjoy
an enviable reputation for the quality of its fish.
canning a species of tuna found on the coast of
California and, although only a few years old, this
business exceeds a million dollars a year. Besides
this there are canned large quantities of clams,
crabs, sardines, etc.
In the fresh fisheries the halibut is of paramount importance. As this fish must find its
principal market in Eastern States, it must be
shipped packed in ice, or frozen. This has necessitated the construction, at various points along
the coast, of ice making plants and cold storages.
The largest fish cold storage plant in the world,
is now located at the Pacific Coast and has a capacity of 15,000,000 pounds. The halibut fisheries
alone produce about 60,000,000 pounds of fish a
year and, in addition to this, there is a consider-
96
FISHERIES
able business in fresh salmon, herring, and various
kinds of cod.
The salt fish business is also an important
branch of the industry. This group includes, as
its most important branch, the business of packing large, choice salmon in light brine, and shipping them to Germany where they are washed,
smoked,and canned. The current year's business
has of course been disorganized by the war, but
last year some 20,000,000 salmon were prepared in this fashion. The general salt fish business includes the packing of salmon and herring
in barrels, and salting codfish and herring in bulk.
The manufacture of oil and fertilizer, together
with miscellaneous chemical by-products from
whales, cannery offal and non-edible fish, is also
another branch of the fisheries which is increasing in importance with the passing of years.
It is very fascinating to contemplate the future of this industry. There are at least 250 varieties of edible fish on the Pacific Coast, of which
not more than a dozen are being exploited today,
and yet these dozen have elevated the fishery to
a sixty million dollar business. The finding of a
market for California's tuna, which was unutilized up to a few years ago, is only one example
of the many developments which years are sure
to bring. In this instance, we have a case of a
million dollar business springing up in a twinkling
from a fish which had not been regarded as
edible, and southern California ports are the
richer by a score of fine food factories employing hundreds.
The raw material—the fish—is to be found in
these waters in inconceivable quantities, and
growth is, at present, limited only by the market—by the amount of fish that can be packed
and sold profitably. With the extension of the
markets the industry will logically expand.
All eyes are at present turned to the Panama
Canal. Its economical altering of trade routes
is bound to have a beneficial effect upon Pacific
Fisheries, and it may be said that readjustment
in accordance with the changed conditions is going on even now. Every few days, large cargoes
of canned salmon—a hundred ,thousand cases
and more—leave the Pacific for Atlantic ports.
These goods travel under a water rate of thirty
cents a hundred pounds, compared to seventy
cents present rail rate. As the chief markets,
not only for canned salmon but our other fisheries
products, lies in the East and abroad, the cost of
getting the finished product to consumers is going to be reduced, and this will represent a saving to purchasers which is bound to result in increased consumption.
Direct benefits will come through a reduction
in the cost of materials and equipment to the
packers, as a large amount of these goods come
from the east.
The canal will unquestionably make the Pacific Fisheries a bigger figure in the export trade
than ever before. A general movement, originated by the writer, to secure a reduction in foreign duties on canned salmon is beginning to
bear fruit and, coincident with the lower cost
of getting these goods to foreign ports, this opens
up new and rich markets. It will be possible to
ship cheap frozen fish direct to Europe, and this
branch alone will unquestionably receive a tremendous impetus when conditions on the continent have adjusted themselves, as they eventually must. The business of handling low priced
salt fish in barrels and bulk will also expand, as a
cheap food is more than welcome in many foreign countries.
Coupled with the natural growth incident to the
continued extension of domestic markets, the
opening of the canal marks the beginning of a
new era in the Pacific Fisheries. The fishing industry of the Pacific Coast is an industrial benefactor. The money received for its products flows
into a hundred trade channels and is an important
factor in the general prosperity of the nation.
FISHING FLEET OF THE ALASKA PACKERS.
THE EXPOSITIONS
•
98
PANAMA PACIFIC INTER NATIONAL EXPOSITION
COMPLETE SECTIONAL PANORAMA OF EXPOSITION.
WEST SECTION.
THE PALACE OF EDUCATION, SHOWING THE WESTERN ENTRANCE.
These photographs copyright 1914 by Pan. Pac. Int. Expo. Co.
SECTIONAL PANORAMA OF EXPOSITION. EAST CENTRAL SECTION.
PANAMA PACIFIC INTER NATIONAL EXPOSITION
99
‘v. JILALS."..1
SECTIONAL PANORAMA OF THE EXPOSITION. WEST CENTRAL SECTION.
PALACE OF MANUFACTURES FROM THE SOUTH GARDENS.
These photographs copyright 1914 by Pan. Pac. Int. Expo.
Co.
SECTIONAL PANORAMA OF THE EXPOSITION. EAST SECTION.
100
THE SAN DIEGO EXPOSITION
The Panama California Exposition at San Diego
There is now in progress an engrossing experiment by the furthest south of the American ports
-an experiment which
on the Pacific, San Diego,
is so closely bound up with San Diego's PanamaCalifornia Exposition of 1915, as to appear partly
as a cause, partly as an effect. One important
point is that it demonstrates a new idea in expo-a serious purpose and something of
sition work
genuine economic interest rather than the futile
hope of an ephemeral "boom." So far as known
this is unique. Broadly, this purpose is to build
up the great southwest area which is barely
tapped today. No less interesting is the method
whereby this purpose is to be carried out:
San Diego's present back country is almost
negligible. Not even the Imperial Valley, directly
east but over the first divide, can be considered
as tributary to the coast city under present traffic
conditions. To grasp the idea of the program
there must be a general understanding of geographical conditions-San Diego the first port
of call north of the Canal, nearer to the new
waterway by 600 miles than is San Francisco,
routes became identical. Everything west and
south of that line, then, was reserved as San
Diego's back country, inasmuch as every point
within that territory could obtain its goods from
the east more cheaply via San Diego than by
any other way. Similarly, all products of that
country could be shipped to the Atlantic ports
more cheaply via San Diego than by any other
way.
The territory so defined includes Southern California, most of Nevada, southern Utah, southwestern Colorado, all of New Mexico and all of
Arizona. Sections which are different in latitude
and altitude are capable of producing an extraordinary variety of raw materials. The statisticians tossed aside their freight rate statistics and
set about finding out what they are.
By means of detail maps and the data mentioned, the statisticians prepared their reports
on each of the counties and valleys in the southwest, by states. Thus in southwest Colorado
were 17 counties, in southern California 11
counties, in Arizona 14 counties, in New Mexico
,---- Present Routes.-----N
0
,
.I
Rates given in car load quantities.
0
...
4)
.....m
re; 4d o
c
4
0g be
g0
0
4
Commodity.
Shipping Point.
1. Carpets
Worcester, Mass.
2. Clothing
Rochester, N. Y.
3. Dry goods
Fall River, Mass.
4. Electrical appliances and supplies
Pittsburgh, Pa.
Grand Rapids, Mich.
5. Furniture
., Cleveland, Ohio
6. Hardware
Pittsburgh, Pa.
Structural iron and steel
7.
Cleveland, Ohio
8. Castings
Hamilton, Ohio
9. Safes, etc.
Paterson, N. J.
10. Pipe, wrought iron
Paterson, N. J.
11. Pipe fittings
Detroit
12. Gas and gasolene engines
Pittsburgh, Pa.
13. Bathtubs
Worcester, Mass.
14. Wire fencing, in rolls
g ..T,
:.1I3
cad)
gZ
$0.22
.32
.30
.48
.25
.16
.16
.30%
.07
.07
.23%
.21
.17
also much nearer the east, owing to the curvature of the California coast, and, yet again, very
much nearer in railroad time and cost by reason
of the lower grades which the Southern Sierras
offer. The last two are railroad factors, the first
is a water factor.
Under the personal direction of H. 0. Davis,
director general of the Exposition, a corps of
statisticians, equipped with the government and
state reports, private data and water and rail
freight information, has been at work for several
months. The figures this corps has prepared
are now made public for the first time.
The first task was to determine the potential
"back country." A carload of steel was brought
from Pittsburgh to eastern tidewater, transferred
to boat, carried through the Canal and up to San
Diego, there transferred to train and carried eastward. The same theoretical transfer was made
with other commodities from various points.
Then the same units were shipped to the southwest by all-rail routes. The cost of both routes
was kept by zones.
The charts completed, the statisticians found
a fairly steady line where the cost of the two
'00
0'
d ca
0
a+
ha
.
::: 2
(1
0
...
$1.15
2.00
2.00
1.00
1.50
1.00
.60
.80
.90
.45
.50
1.00
1.25
.65
$1.37
2.32
1.30
1.98
1.25
.76
.96
1.20%
.52
.57
1.23%
1.46
.82
-Via Panama Canal-,
(
'00
0
0
al 0
g
74 f: 1
.
.
1
g
0
C&
CO
1.60
2.65
.80
.80
1.75
.65
.70
1.40
1.80
.85
$1.85
3.00
1.10
$0.60
.60
.60
$1.85
3.00
1.10
.30
.48
.25
.16
.16
.30%
.07 •
.07
.23%
.21
.17
.55
.60
.60
.30
.60
.40
.25
.25
.40
.60
.25
.85
1.08
.85
.46
.76
.70%
.32
.32
.63%
.81
.42
1.60
2.65
.80
.80
1.75
.65
.70
1.40
1.80
.85
26 counties, in Nevada for the southern half 8,
and for the southern half of Utah 17 counties.
Some of the individual counties contain as many
as twenty separate valleys and plateaus, but all
of these containing 2,000 acres or over are itemized individually. The tabular report shows population, altitude, water sources, length of growing season, principal farm products, the number
of railroads or distance to the nearest road and
the principal town. Then comes the statement
of development, the acreage of irrigated land in
1913, of other cultivated land, the percentage of
increase over 1910, the acreage of other irrigable
lands and other arable lands, and the total area
of land which has agricultural possibilities.
So much as a basis. Certain farmland is of'
such a character as to make it most profitable
in 320-acre units. Other land can be operated to
better advantage in 40-acre tracts, even smaller.
But for estimate purposes these two classifications
have been made and for each river valley or plateau there is given the total number of possible 320acre and 40-acre farms, their total being an approximation of what the agricultural land will
have when it is fully developed. Whatever the
101
THE SAN DIEGO EXPOSITION
unit of operation, the average farm population is
found to be seven persons, and on this basis the
probable population is figured.
Then there is a return to the government census figures, and a citation of the value of all lands,
poulall farm property, and domestic animals,
the same source is taken a
try and bees. From
in
report on the value of all livestock products
finally of all mineral products.
1909, of all crops,
These data have been carefully checked and
assembled,'by counties, by states, and finally arranged in a single aggregate table for the entire
southwest.
There is no mention of manufacturing or of
cities, the entire tabulation concerning only land
development and the potentialities of agriculture.
Hence the moderate increase of population, inasmuch as no allowance is made for municipal
growth.
It is the agricultural possibilities that demand
attention. Southern California is nearly half
developed, so far as occupation is concerned.
Southwestern Colorado is about a third occupied.
But how of Utah and Arizona and Nevada and
New Mexico? Or the aggregate for the entire
Southwestern Southern
California
Colorado
815,452
112,526
Population, 1910
Probable farm population after total
rate of seven
number is reached at
1,076,978
399,784
persons per farm
Acreage of irrigated lands under culti1,044,894
730,533
vation, 1913
Acreage of other lands under cultiva1,965,694
515,967
tion, 1913
4,723,527
1,361,500
Acreage of other irrigable lands, 1913
1,220,550
1,024,000
lands, 1913
Acreage of other arable
Total acreage of all agricultural lands, 3,632,000
8,954,665
1913
Possible number of irrigated 40-acre
144,210
52,300
farms
Possible number of 320-acre farms of
9,644
4,812
other arable lands
Total number of possible farms of all
153,854
57,112
agricultural land
119,642,014 595,580,821
Value of all farm property, 1910
92,268,698 511,420,821
Value of all lands, 1910
Value of domestic animals, poultry and
33,800,481
15,219,741
bees
Value of live stock products and domes17,223,748
7,164,911
tic animals sold or slaughtered
52,749,243
12,559,447
Valhe of all crops, 1909
69,972,991
19,724,358
Value of farm products, 1909
31,400,950
9,961,890
Value of mineral products, 1911
southwest? The total area of irrigated land under
cultivation in 1913 was 4,229,704 acres, with
3,847,161 other cultivated lands, a total of 8,076,865 acres. The total of irrigable lands other than
that was 22,314,527 acres, with 21,637,550 acres
of other arable lands idle, a total of 43,952,077
acres-roughly five and a half times as much as
is now under cultivation.
Skipping the next item, the table shows the
value of all farm property in 1910. It figures
$1,031,942,705. It shows the output from the
farms in crops and livestock products in 1909 as
$143,728,991 entirely aside from the $136,718,238
mineral products.
There are further figures in the tables that
are most impressive. The thirty standard crops
of the southwest, fruits, grapes, grains, grasses,
vegetables, cotton and nuts, are listed, with the
averages for the different sections, price per acre,
and price for the total investment in units found
operated most economically. On that investment is shown the annual gross, the cost of
labor, of water, of team hire, running expense
for the family, and interest at 7 per cent. The
net results follow naturally.
What of the goods which must be purchased
by the people who occupy these 742,931 farms?
Here are figures which have been compiled by
specialists in that field, figures for the lumber
that will be needed, the cement, the hardware,
paints, farm machinery, house, implements, every
necessary article of furniture and furnishings
for the farm and the house, 72 items in all, figured
separately for the six states, and the totals are
most interesting. For present purposes it is sufficient to mention only the total, $4,148,378,117.
The Exposition's methods of impressing the
facts developed by these statistics is unique. For
instance, a complete equipment of heavy machinery, such as is used in large scale farming, will
be in actual operation; in a bearing orchard will
be demonstrated the most advanced methods of
caring for fruit trees; a model five acre irrigated
farm, already in a high state of cultivation, shows
what a great variety of fruits, vegetables, and
berries may be profitably grown, on a small scale,
in the Southwest. A model poultry yard and
bungalow complete this exhibit.
From the standpoint of settlement, this intensive farming display is significant, as it shows
South Half
Nevada
36,596
Total
South Half
Southwest
Utah
1,627,308
131,079
Arizona
204,354
New Mexico
327,301
860,195
1,247,554
730,009
885,997
600,000
1,013,777
227,000
613,500
4,229,704
27,500
3,919,000
3,143,500
868,000
4,858,500
9,185,000
55,000
3,679,500
2,064,500
415,000
3,772,500
5,000,000
3,847,161
22,314,527
21,637,550
7,690,000
15,925,277
6,026,000
9,801,000
52,028,942
146,807
97,662
109,650
663,604
31,415
6,625
16,921
79,327
. 178,222
122,885
75,123,970 159,447,990
98,806,497
42,349,737
104,287
15,998,372
10,209,146
126,571
66,149,538
40,613,771
742,931
1,031,942,705
795,668,670
26,050,870
43,494,674
3,750,201
16,415,179
138,731,146
7,206,443
5,496,872
12,703,315
44,157,223
14,969,422
8,922,397
23,891,819
7,230,768
1,555,861
2,028,597
3,584,458
30,424,565
6,124,321
7,727,729
13,852,050
13,542.842
54,244,706
89,484,286
143,728,991
136,718,238
112,975
9,910
5,200,517
in concrete form the possibilities of the small
farm.
There are plenty of these small farms in the
west. A little distance from San Diego, almost
on the border of Mexico, lies an important colony
of "little landers," many of them farming in
units of less than an acre, and yet selling enough
garden truck from that tiny spot to give them a
sure living, and a sure, though small, annual
profit. A colony of Japanese, situated in the Mission Valley, near the old mission of San Diego de
Alcala, demonstrates the efficiency of intensive
farming quite as vividly.
If any considerable portion of the southwest
be settled in this way, naturally the statistics prepared by the Exposition will prove underestimates.
They are averages entirely, but by far the best
figures of the sort prepared up to the present.
Also they are ample evidence of why San Diego
is holding its Exposition of 1915, regardless of
the 1915 program of San Francisco. The smaller
city has a most impressive story to tell the world,
and incidentally a stage of gorgeous beauty on
which to tell it.
Three Principal Species of Pacific Coast Timber.
Complete Record of All Timber Bonds
I Handled by CLARK L.POOLE & CO.
As of July 1st, 1914
Of the total $80,483,000 of timber land bonds purchased and sold
by Clark L. Poole & Co. during the past eleven years $23,982,500
have matured to date and been paid, or called in prior to maturity
at a premium.
We give below a COMPLETE tabulated record of ALL of our
loans. The last two columns sum up the operation of the sinking
fund-showing the percentage of the loan paid off as compared with
the percentage of timber cut.
Percentage X Percentage of
timber cut
of loan
Names of Lumber and
Total amount Now outpaid off.
or released.
Timber Cos,
of issue. standing.
Hudson River Lbr. Co.$ 560,000
None
100%
King-Ryder Lbr. Co
360,000
None
100%
Rapt.les Lbr. Co
420,000
None
100%
Called
Lufkin Ld. & Lbr. Co
None at 103 In 100%
600,000
&
Weed Lbr. Co. (1st
interest
None & paid,
issue)
550,000
100%
C. A. Smith Timber
before
Co. (1st issue)
3,000,000
None maturity
100%
J. M. Thompson Lbr.Co.
600,000
None
100%
Westmorel'd Lbr. Corp. 1,094,000
None
100%
Called in
Ky. & Tenn. Ry. Co.
716,500
None at 105.
100%
Called in
Silverton Lbr. Co
153,500
None at 102.
100%
Called In
Wilson River T'ber Co
900,000
None at 102%. t00%
Matured
None and paid. 100%
Camp Sr Hinton Co
500,000
Matured
Scranton Lbr. Co
1,000,000
None and paid. 100%
SUGAR AND WHITE PINE.
Champion Lbr. Co
Cheboygan Tbr. Co
Consolidated 'Land Co
C. D. Danaher Pine Co
Delta L'd & T'ber Co
Dowling Lbr. Co
Elk Lbr. Co
Falls City Lbr. Co
Fidelity Lbr. Co
Fourche River Lbr. Co
Fresno Flume & Lbr. Co
2.500,000 $ 2,385,000
150,000
150,000
600,000
1,000,000
450,000
600,000
4,000,000
3,896,000
405,000
1,000,000
383,000
383,000
222,500
250,000
180,000
250,000
172,500
230,000
1,146,000
1,235,000.
Frost-Johnson Lbr. Co
Grandin Lbr. Co
Great So. Lbr. Co..
Hilton-Dodge Lbr. Co
Jones-Wheeler Co
F. P. Kellogg Lbr. Co
1,058,000
1,600,000
2,140,000
6,000,000
300,000
250,000
5%•
5%
41)%ie
13%
25%
2%t
59%
3%
29%
f
11%
14%
28%
19%
25%4
7%
5%
No timber
cut
49%
541,000
1,600,000
1,316,000
5,473,000
300,000
250,000
15%
5%
38i7011
8%11
:
20%
49%
• .••
No timber
cut.
27%
•.• •
2,000,000
Lagoon Lbr. Co
Long•Bell Lbr. Co.., 9,000,000
500,000
Mendocino RedwoodCo.
Metropolitan Redwood
Lbr. Co.
310,000
Miller & Vidor Lbr. Co
375,000
0. D. McHenry Lbr.
Co.
150,000
A. J. Neimeyer Lbr. Co
500,000
N.Y.& P. Redwood Co
500,000
Nor. Redwood Lbr.Co. 1,900,000
1,600,000
4,557,500
500,000
Norton Lbr. Co
Ozan Lbr. Co
Pacific Lbr. Co
Parsons Pulp & Lbr.Co.
W. R. Pickering Lum.
bet Co.
Pickering Ld.Sr Tim.Co.
Santiam Ld.& Tim. Co.
Savannah Timber Co
Silver Falls Tim. Co
C. A. Smith Tim. Co
So. Pine Lbr. Co
Spokane Lumber Co
Standard Lumber Co
Storey Timber Co
Temple Lumber
Tillamook Tim. & Log.
Co.
Tremont Lumber Co
Tidewater M. Co
Union Lumber Co
Union Saw Mill Co
Weed Lumber Co
Wendling J o h n a 0 n
LumberCo.
..'
Willapa Lumber Co
Wind River Lbr. Co
Yosemite Lumber Co
100,000
443,500
2,000,000
3,300,000
60,000
102,500
2,000,000
2,468,500
800,000
1,027,000
300,000
179,000
750,000
4,500,000
750,000
500,000
360,000
300,000
493,500
• 400,000
927,000
300,000
150,000
750,000
4,500,000
200,000
425,000
174,000
300,000
286,000
3,100,000
2,500,000
350,000
3,000,000
368,000
1,200,000
3,100,000
1,450,000
350,000
3,000,000
128,000
850,000
29%
18%
1,177,000
750,000
250,000
3,450,000
1,177,000
750,000
150,000
3,333,000
3%
2%
6%
•• ..,
27%** 19%
290,000
275,000
57%
65,000
212,000
400,000
1,900,000
15%
42%
9%
....
No timber
40%
cut.
77%
6k%
58%
20%
....
25%
13%
50%
10%
35%'
6%
itt li%
.
less
. .3 al 76
.
.
._
:
29%
73%,
15%
6%
52%
29%
:12%
liVo
than
iw
$80,583,000 $56,600,500
s$107,368 in sinking fund to retire bonds-which will make 0% paid off.
t 148,700 in sinking fund to retire bonds-which will make 6% paid off.
0,445 in sinking fund to retire bonds-which will make 13% paid off.
O 12.140 in sinking fund to retire bonds-which will make 30% paid on.
IT 57.595 in sinking fund to retire bonds-which will make 41% paid off.
*. 23.307 In sinking fund to retire bonds-which will make 33% paid off.
.H. 14,127 In sinking fund to retire bonds-which will make 24% paid off.
g 11,072 in sinking fund to retire bonds-which will make 2% paid off.
IlIn process of reorganization.
Note-Where no figures are shown In the last two columns showing percentages.
no timber has been cut and no bonds matured.
WE DEAL EXCLUSIVELY IN TIMBER LAND BONDS
Circulars describing Four issues, the unsold portions of which
we are now offering, to yield better than 6% per annum, will be
sent upon application.
CLARK L. POOLE &
CO.
TIMBER LAND BONDS
BANK FLOOR
10.)
WESTMINSTER BLDG., CHICAGO.
Attention is called to the
announcement on page it
TIMBER
SECTION
The Pacific Lumber Company
Originally Organized February 24th, 1869
Paid-up Capital
-
-
$9,133,300.00 (Gold)
Largest Manufacturers of
REDWOOD
(Sequoia Sempervirens)
Cut 500,000 Ft. Daily
Saw Mills, Planing Mills, Factories,Redwood Dryers,
Dry Sheds and Air-Drying Yards
At
Scotia, Humboldt County, Cal.
"The Home of Redwood"
PL
(Trade Mark Registered)
Large Stocks of Air -Dried Redwood
Twenty-eight patented Redwood dryers of our own design enable us to
specialize in Seasoned Redwood for Eastern and Export shipment.
GENERAL OFFICES
HOBART BUILDING
-
SAN FRANCISCO
BRANCH SALES OFFICES
NEW YORK, N. Y.
SAGINAW, MICH.
CHICAGO, ILL.
KANSAS CITY, MO.
Los ANGELES, CAL.
EXPORT SALES OFFICES
A. F. THANE & CO.,
GENERAL EXPORT AGENTS,
LIVERPOOL, ENG.
SAN FRANCISCO, CAL.
Correspondents in the principal cities of the world
104
Attention is called to the
announcement on page u
TIMBER
THE REDWOOD OF CALIFORNIA.
By Junius H. Browne.
The market for Redwood was for many years
uncertain and limited, its sale depending chiefly
upon the California demand. The development
of the Eastern and foreign business was slow, because there was no direct rail connection with
the Redwood country, it being necessary to bring
all shipments into the harbors of San Francisco
or Los Angeles for reshipment. The opening of
the Panama Canal and the completion of the
Northwestern Pacific Railroad into Humboldt
County will mean much to the Redwood industry.
With the canal will come the opportunity of marketing Redwood throughout the world in parcel
lots of twenty-five, fifty, or one hundred thousand
feet, where, heretofore, it has been necessary to
sell in cargo lots of a million feet or more to obtain advantageous freight rates. Direct rail connection with the mills in Humboldt County will
enable them to market a large quantity of byproducts which are now burnt up or sold at cost
locally.
The earliest logging of Redwood forests was
by the Spaniards near San Francisco Bay, but
their operations were very small. At the beginning of the nineteenth century, a Russian colony
near Fort Ross in Mendocino County, cleared a
tract of Redwood which has since grown up and
again been cut over. It was not until 1850, however, that small sawmills were started at various
points along the coast. There are now eighteen
or twenty important mills in operation with a
total annual output of 550 to 600,000,000 feet.
The biggest stands of Redwood timber are in
Del Norte, Humboldt and Mendocino Counties,
but there are isolated groups as far north as
the Chetco River in Curry County, Ore., and as
far south as the Santa Lucia Mountains, Monterey County. The Redwood belt is from twenty
to forty miles wide, the trees growing on the
west slopes of the coast range. The enormous
size which Redwood attains is due to the heavy
rainfall in the autumn and winter, (from thirty
to sixty inches) and to the sea fogs which bathe
the coast in the summer. On the slopes Redwood grows mixed with other woods such as Red
Fir, Tan Bark Oak and White Fir. As the slopes
become moderate, the altitude lower, the soil
deeper and the water supply better, Redwood
steadily gains on the other species until on the
rich flats there is no other tree. The extreme
form of the Redwood flat is along the Eel River,
and here the trees reach their greatest known
height and clear length. Under best conditions
these trees grow to be 350 feet high with a diameter of 20 feet. Most of. the Redwoods cut are
The oldest tree
from 400 to 800 years old.
found during the Government investigation in
1900 was 1.373 years old. The normal tree has
a straight, slightly tapered bole clear for more
than 100 feet, and a crown of horizontal branches
that may occupy from one-third to one-half of
its total length.
105
The enemies of Redwood are few and it suffers
from them less than other trees. The wind can
scarcely uproot it, insects seem to do it little
harm, and fungi seldom affect it. Fire occasionally kills whole stands of young Redwood growth,
but is unable to penetrate the sheathing of shaggy bark with which the old trees protect themselves.
The yield of Redwood will average from 75,000
to 85,000 board-feet per acre, but some of the flat
lands will show a stand of 1,000,000 feet or more
to the acre. It is estimated that there is standing today about 75,000,000,000 feet of merchantable Redwood timber, so that, at the present rate
of production, there is more than a century's
supply in sight.
The value of the stumpage varies from $1.50
to $5.00 per thousand feet, depending upon the
character of the timber and its location and accessibility. The flat timber is less expensive to
log, and produces a greater percentage of upper
grade lumber.
Redwood logging is expensive and difficult.
The average cost is $5.00 to $6.00 per thousand
feet. On the flat lands it will go as low as $3.00 per
thousand. The greatest care must be taken by the
choppers in felling a tree so that it will strike
throughout most of its length at the same time,
otherwise the wood will break and splinter badly. When felled, the tree is barked and cut into
lengths from 16 to 40 feet. Skid roads are constructed over which the logs are hauled to the
landings and loaded on cars by donkey engines,
on their way to the sawmills.
The cost of converting Redwood logs into lumber is from $2.50 to $3.00 per thousand feet, this
cost being increased because of the waste in manufacture, and because of the large amount of
small sizes which the market calls for. Some
logs are so large that they have to be split before
the carriage will handle them in the mills. All
machinery must be of the heaviest.
In this country Redwood is used very largely
for exterior finish. It is particularly valuable
for this sort of work because of its lasting qualities and its resistance to fire. Redwood contains a peculiar acid which preserves the wood.
Many examples can be given of buildings sided
with Redwood boards and covered with Redwood shingles that are today in firstclass condition after fifty or sixty years of continuous use
without paint or treatment of any kind. Redwood contains no pitch, will not ignite easily, and
burns very slowly. After the great San Francisco fire in April, 1906, the Building Committee
appointed by the Mayor specified galvanized iron
and redwood as the only materials from which
temporary buildings might be erected without a
permit.
The United States Government has compiled
a list of woods designating the degree of inflammability by the position on the list. Redwood
heads this list.
The better grades of Redwood are peculiarly
fitted for the better class of interior finishing.
I
OriDn'INWIIII-MTles
•RDRY0
107
TIMBER
It has an effective natural grain, so that it is not
necessary to select special pieces for finish. It
is easily worked and takes a beautiful polish.
When the wood is once properly dried, it will not
shrink, swell, or crack. It is used for all kinds
of exterior and interior work.
There are various kinds of special work to
which this wood is especially adapted on account
of its peculiar qualities, such as incubators, beehives, pattern stock, tank, pipe and silo staves,
cores for veneer work, Caskets and casket boxes.
The lower grades of Redwood are used for all
kinds of foundation work, irrigation work, and
for railway ties and tunnel timbers. Redwood is not only valuable for these purposes because of its durability and freedom from decay
or rot, but also because it is not susceptible to
the attacks of insects, such as the white ant, that
destroy other woods.
Notwithstanding the handicaps that have existed in connection with the marketing of Redwood in the East, the present volume of Eastern
shipments is now about 75,000,000 feet annually.
This stock is distributed in practically every
State, except those in the extreme south. While
Redwood is extremely heavy when it is first cut,
it dries out very light so that it may be advantageously shipped at high freight rates in competition with other woods. The foreign market
takes even greater quantities of Redwood than
the Eastern market. Australia and the United
Kingdom are the largest consumers of the Upper grades, while the west coast of South America, India, China, the Philippine and Hawaiian
Islands use quantities of Redwood ties. Smaller
shipments of Redwood have been made to the
east coast of South America, France, Germany
and South Africa. Earlier shipments of Clear
Redwood to Australia and Great Britain were
largely heavy plank in the green state. Recently
both of these countries have begun to realize the
advantage of purchasing seasoned material in
the sizes that are actually going to be used, and
as many of the mills are now equipped to handle seasoned stock in large quantities, the volume of business has been considerably increased.
Australia has already ordered 50,000,000 feet of
Clear Redwood in 1914.
The problem of drying Redwood properly has
been serious because of the large amount of
moisture the wood contains. Earlier shipments
of kiln-dried material did not give satisfaction because excessive or too rapid drying left the wood
brittle and likely to split. Now the manufacturers
realize that the best method of artificial drying
is the one that approaches most nearly the natural air-drying, namely, a low heat with a big
circulation of air to carry off the moisture.
The ability to furnish seasoned Redwood in
large quantities will undoubtedly open new markets throughout the world, and with the improved conditions for marketing their products,
the Redwood manufacturers are looking forward
to a period of prosperity that will increase rapidly as the true worth of the wood is recognized
in a greater degree.
PACIFIC COAST TIMBER
By G. X. Wendling.
.
The annual production of lumber is about forty
billion (40,000,000,000) feet for the entire United
States. Of this, the Pacific Coast now produces over
one-fifth,—manufacturing about eight billion two
hundred million (8,200,000,000) feet. That this
total will be largely increased by the opening of the
Panama Canal to commerce, is generally expected
by well informed people. This belief is based on
the fact that the rail freight on lumber from the
Pacific to the Atlantic is approximately seventeen
dollars per thousand feet, whereas it is stated by the
steamship companies that the present tentative rate
of thirteen dollars per thousand by the new water
route will later be materially reduced. The present
rail rate permits the shipment of only a small
amount of the highest grades. A substantially lower
rate will allow shipment of even the lowest grades.
If we accept the figures given in the report of the
U. S. Commissioner of Corporations on the lumber
industry published February 13, 1911, the duration
of the business on the West Coast is based on a stand
estimated at over fifteen hundred billion feet, distributed as follows:
Montana
65,600,000,000
Idaho
129,100,000,000
Washington
391,000,000,000
Oregon
545,800,000,000
California
381,400,000,000
Total
1,512,900,000,000
The length of time necessary to cut this supply
will depend on future demand. From year to year,
the consumption of lumber is increasing while the
supply in the forests is not.
Heretofore, many people have hesitated to invest
money in the securities of timber and lumber companies because ignorant writers and interested parties
have spread the idea that twenty years cut would entirely obliterate the lumber industry. The business
on the Pacific Coast has a good life before it and the
present method of issuing serial bonds on timber
properties, when bonds are protected by sinking funds
collected as the timber is cut, makes timber investments on the Pacific Coast safe and profitable.
In earlier years, the fire hazard was viewed as a
serious obstacle to investment in timber but the
difficulty of protection from fire,—it may be said
without fear of successful contradiction,—is no longer
a serious matter, for, with the splendid forest protection systems now in operation, timber owners have
the fire risk safely underwritten. That there may
be, and no doubt will be, forest fires goes without
saying, yet the risk of fire is down to a minimum
and standing timber is as safe from fire as property
in any of our Western cities. In some classes of
timber, such as Redwood, there is no fire risk, and in
others the danger is so slight as to be negligible
from a practical viewpoint.
The value of merchantable stumpage on the Pacific
Coast is governed largely by its accessibility and ease
of operation. It must be within reach of transportation and it must be so situated that the cost of putting a road into it will not be a burden on future
108
TIMBER
operations. The nature of the country in which the
timber grows should be favorable for logging and
handling so as to enable the logger to get the logs
to the main line of railroad, or to the mill, at a cost
that will permit profitable operation.
Nearly all the timber on the West Coast is large
and the logging equipment must be big and powerful. The logging cost varies in different localities,
but, throughout the Coast, it usually runs from $4.50
to $7 per thousand feet, including the cost of building logging railroads. The construction of these
roads may be estimated as costing about one dollar
per thousand feet on an average operation.
In the region extending from California to British
Columbia, and east to the Rocky mountains, grows
the Douglas Fir or Oregon Pine. There are two
forms of this tree known as "Yellow Fir" and "Red
Fir." Sometimes both grades of lumber are cut
from one tree but chiefly the trees of each form grow
on different kind of ground. The "Yellow Fir"
is found in thick forests on deep, moist soil and the
"Red Fir" on the thinner soils with less moisture.
The wood of the "Yellow," which is softer than
the "Red," is of a light yellow color. The wood
of Douglas Fir is beautifully grained, has good tensile strength, and comes in long lengths. It is in
demand for spars, bridges, and framing timbers. It
is also adapted for flooring, inside finish, doors, and
other building purposes. It is one of the most
valuable all-purpose woods in North America. The
size of the trees range from four to twelve feet
in diameter and up to two hundred feet to the
first limb. The stands of fir run from thirty thousand
feet up to a hundred thousand feet per acre. The
total stand on the Pacific Coast of the United States
is approximately 640,000,000,000 feet, exceeding the
stand of any other wood in that region.
A strip of territory along the Pacific Coast from
California to Alaska, stretching out in places to a
width of two hundred miles, produces one of the
largest trees in the world, known as Menzies Spruce.
This tree yields a wood that does not impart taste
or odor, and makes an excellent container. It is also
.adapted to paper making, car siding, roofing and
inside finish. Where soil and climatic conditions
are favorable the tree grows rapidly and at times
attains a diameter of seventeen feet and a height
of two hundred and sixty feet. It is the next largest
tree to the Redwood. The approximate stand in
California, Oregon and Washington of Menzies or
Tideland Spruce is 23,000,000,000 feet.
Through the Coast mountains and on the western
slope of the Cascade range is found the Western
Hemlock, which sometimes grows in almost pure
stands. Its wood is free from pitch, of a light
color and, when thoroughly seasoned, is a most valuable lumber. The name "Hemlock" was an unfortunate title for this valuable wood which resembles
the Hemlock of the East only in such externals
as the color and general appearance of its foliage.
Owing to the prejudice against the inferior Eastern
Hemlock, the Western Hemlock was at first sold
under the names of "Alaska Pine," "Mountain .
Spruce," "Silver Fir," "Gray Fir," "Washington
Pine," "Hemlock Larch," and other titles. However
its native value and splendid possibilities have forced
it into the favor of buyers and users, adjusted the
misunderstanding of its qualities, permitted it to
discard all disguises and enabled it to enter the
mechanical field on a par with most other soft
woods, and to sell under its own name. Much of the
timely recognition of the superior qualities of Western Hemlock has resulted from the thorough tests
carried on by the United States Forest Service at the
University of Washington. These tests show conclusively that, while in its green state, it is, to a slight
degree, inferior in strenith to some other woods,
its power of resisting rupture, crushing, and splitting
is increased from 20% to 25% by seasoning. In the
process of seasoning, it loses from 15% to 20% in
weight and only 3% to 4% in volume. When dry,
therefore, it compares favorably with any of the
evergreens. Western Hemlock is practically free
from "shake," differing greatly in this respect from
the Northern and Eastern varieties. The tree is
straight and tall, large in size, often growing to six
and eight feet in diameter. The total quantity on
the Pacific Coast of the United States is about
88,000,000,000 feet.
At altitudes of from two thousand to five thousand
feet, on the Western slope of the Cascade mountains
and also through the Coast Range, is found Larch or
Noble Fir. The wood of this tree which is creamy
white in color and is free from pitch or resinous matter. The fibre is soft, satiny, and susceptible of a
high polish. The lumber is easily worked and
valuable for inside finish. This tree attains
a height of one hundred fifty to two hundred and
eighty feet and a diameter of three to nine feet.
The trunks are very erect and smooth, preserving
a uniform diameter to a height of one hundred
feet.
Along the western slopes of the Cascades and
throughout the Coast Range grows the Western Red
Cedar. Its heaviest stands are in the state of Washington where the abundant rainfall and 'other climatic factors fill its growing needs. Its reddish brown
wood is soft, easily worked and very durable. Its
wonderful lasting qualities under exposure have led
to its use in large quantities for shingles. The state
of Washington is the largest maker of shingles,
producing about 85% of the total shingle output in
the United States. The tree often attains a height
of two hundred feet. Its average is more than one
hundred feet. Diameter three to nine feet. Sometimes trees are found having diameters of fifteen
feet. The exact quantity of this timber is not
known, but there is a good supply.
In the Coos Bay region,in the southwestern part of
Oregon,is found the most valuable species of cedar in
the state, known as Port Orford, or White Cedar,
The yellowish wood of this tree is very durable,
easily worked, takes a high polish and contains a
large quantity of resin. The odor from the resin
is supposed to be offensive to insects, and for this
reason the wood is used in large quantities in the
manufacture of cedar chests for the protection of all
kinds of cloth and fur clothes. The oil of the resin
prevents decay, and the wood is extensively used
in shipbuilding. The trees grow as high as two
hundred feet and have diameters from three up to
ten feet, but the latter size is rarely found. The
TIMBER
109
=7"
stands of this timber run about twenty thousand feet
per acre and in isolated cases as high as one hundred
thousand feet. The total quantity of Port Orford
Cedar is supposed to be about 5,000,000,000 feet.
Sugar and White Pine grow along the western
slopes of the Cascade and Sierra mountains from
Central Oregon to Central California. The trees
flourish at elevations of fifteen hundred to seven
thousand feet, but the choicest growth is found between three thousand and fifty five hundred feet
above sea level. The trees grow in a mixed forest
carrying about an equal quantity of Sugar and White
Pine and, generally, other woods such as White and
Red Fir. It is a common remark among California
lumbermen that our forests run about one-third Sugar
Pine, one-third White Pine and one-third White and
Red Fir, with some Incense Cedar. Sugar and White
Pine are useful mainly for general building lumber.
They make a beautiful house finish and trim, possess
exceptional value for doors, windows, blinds. As a
veneer material, they have no superior in soft woods,
as they are entirely free from face checking. For
the manufacture of box shooks, these woods are truly
wonderful because the White and Sugar Pine shooks,
when ready for use may be shipped to any climate
without checking. In California the fruit products
are, in the main, packed in White and Sugar Pine
boxes. The consumption of raw material for this
purpose reaches the generous total of about two hundred million feet annually. When thoroughly
seasoned, Sugar Pine is not subject to expansion or
contraction and, therefore, is superior to all known
soft woods for making piano keys and pattern materials. The wood of Sugar and White Pine, which is
soft and creamy white, is used for the same purposes
as the White Pines of Michigan, Wisconsin and
Minnesota. The trees grow up to twelve feet in
diameter, and reach a height of two hundred and
fifty feet. The total quantity of these woods in
California is about 306,000,000,000 feet.
PARTIAL VIEW OF A LUMBER MILLING OPERATION IN. WASHINGTON.
110
TIMBER SECURITIES
TIMBER BONDS.
Features Deserving Consideration.
By T. S. McGrath.
The timber bond issue should be, and generally
is, a first mortgage on all the property of the
company, but the real security on which the issue
is based is the green and growing timber.
The margin of safety, as regards principle, is
easily determined and is generally ample. Timber
is a staple and its products have an established
market. The industry pays vast sums to the
people in the form of wages, to the governments
as taxes, to transportation companies for carrying charges, to mill, foundries and supply houses
for equipment. The quantity and quality of stumpage on a given area can be examined, estimated,
graded and valued with a great degree of accuracy, and its loan value definitely determined.
Timber differs from coal and iron which, once
mined, can never be replaced. Timber is a crop,
and with care in cutting and some attention to
the logged-off land, it will again produce a forest
in a reasonable time. When accurately estimated
and properly appraised, it is a sound security for
loans and a profitable investment, which contains
certain basic features of safety not always to be
found combined in other classes of collateral.
Defaults which occur in timber bond issues do
not always come about through insufficient collateral security. Frequently they are caused by
unwise provisions in the trust deed regarding
sinking fund requirements and serial maturities.
As timber is cut and removed from the land, a
sinking fund of a certain sum per thousand feet
is paid to the trustee for the retirement of the
principal, which is usually represented by serial
bonds, maturing at specified intervals. This sinking fund should not be applied to the payment
of interest.
The heavy cost of building present day mills
and constructing railways, make it necessary to
provide a supply of timber that will furnish
raw material for Many years. This involves
a large initial investment. This timber can only
be cut at a certain rate per month, and the bonds
are made retirable every six months in amounts
based on the capacity of the mill and the amount
to be paid into the sinking fund. The interval
allowed before the first serial maturity is a very
serious matter. In many instances this interval
is too short, and the necessity of meeting a large
payment after only a brief period of operation is too great a burden. To provide for
early maturities it is necessary to create heavy
sinking fund payments, and these factors constitute a serious danger. This danger is sometimes overlooked or ignored by underwriters because it is easy, in many instances, to sell early
maturities, and it has been easier to sell all the
maturities if they had a brief life than if they ran
for a long period.
Buyers of timber bonds have become alive to
these dangers and it is safe to say that, henceforth, the amount paid to the sinking fund will be
reduced to a minimum, the first maturity post-
poned for a safe number of years, the serial payment made as small as possible,.and the life of
the loan extended over the longest permissible period. Provisions regarding these matters must
necessarily be regulated according to the particular property under consideration, but safety demands their careful adjustment.
The amount and kind of timber on a given area,
and the cost of manufacturing it determines the
loan value or the purchase price of timber land.
The quantity and quality of timber is determined by an examination of the land known as
"cruise." The cruiser should estimate the amount
of each kind and grade of timber on the tract.
When timber was very cheap a "rule of thumb"
method of doing this was sufficiently accurate.
In the old days there were no bonds outstanding against the timber and an owner could cruise
to suit himself. Today, however, the value of
timber land has increased to such an extent that
"rule of thumb" estimating should no longer be
countenanced. There is no reason why a cruiser
should be permitted to place the loan value on
the timber, to estimate the logging cost, to lay
out the probable railway line, to guess the milling cost, and to appraise mill value. The values
should be figured by an expert; the logging cost
should be determined by a logging engineer;
the railway should be laid out by a civil
engineer; the milling cost should be worked
out by a millman who is perfectly familiar
with the particular kind of timber to be manufactured. All these estimates and reports, including
the legal opinion of the titles, should be correlated by a capable man, and the loan viewed and
and analyzed as a whole. There are many able
cruising engineers whose men are educated, experienced and capable. There is, therefore, no
excuse for the continuance of the antiquated and
dangerous methods. The mistakes made through
employing them are rarely discovered soon
enough to prevent trouble.
Recently some cruising firms have been prone
to over-estimate the quantity and quality of timber on a tract. This class of cruiser estimates
everything that could be profitably taken out in
the highest lumber market; and, occasionally,
much more. When prices are normal it is impossible for the operator to get as much timber off
the land at a profit as such a cruiser estimated,
and when prices are low the shortage from
the cruise is very heavy. The lumberman cannot
get cost out of low grade logs or tops, and must
leave them in the woods unless lumber prices
are high. Thus the supposed security of the
bond holder shrinks. Should the operator fail,
the hope of the bond holder is in the timber, and
if this timber is estimated to show twenty to fifty
per cent more on the land than really exists in
commercial grades, the bonds may not pay out
after deducting court fees, receiver's charges and
other expenses incident to foreclosure.
There are tracts of timber now under offer in
this country and Europe where the cruises have
been lifted fifty per cent and the values over one
hundred per cent. Such tracts have been sold
TIMBER SECURITIES
111
of our timber resources. True conservation should
look to the recovery of the entire merchantable
content of the tree—the extraction of all of the
wealth that the tree contains, whether in lumber or other products. The so called "conservationists" have preached the non-cutting of trees
and the non-use of the forest areas. This theory
that non-use is conservation is a fallacy that must
inevitably be superseded by the practice of complete utilization.
It is a waste of energy to say that trees in the
forest must not be cut, but allowed to die of old
age and rot. The over ripe trees make poor
lumber, are always in danger of being blown
down by the wind, clutter the land and occupy the
space that should be devoted to green and growing and living timber. Every tree must die and fall.
Permitting them to stand until they are downed
by decay makes them unfit for lumber, removes
that much material from the market and raises
the price of wood products.
The Bureau of Forestry is not giving the attention and aggressive interest to furthering the uses
of the entire tree that the importance of such
work demands. The country is in greater need
of experts in the manufacture of wood products
than in the policing of tracts of growing timber.
Trees are a natural crop and if given the right
chance will reproduce themselves, but it takes
brains, skill and energy to manufacture them into
finished materials. We need schools for teaching,
and • experiment stations and men for directing
the utilization of the entire content of a tree, far
more than we need instructions on how to grow a
tree. Even under the present crude methods of
manufacture we have enough timber to last a very
long time, and if complete use of the tree was established our timber resources could be very conservatively figured as perpetual. The Bureau of
Forestry is the arm of the Government that
should bear the brunt of working out new uses
for wood products. The industry is still in its infancy and the present methods so crude and
backward that a large part of every tree is wasted.
There is today a demand for many products that
can be made from this waste. This demand was
not recognized a generation ago or the lumber
men of that day would have found the means to
meet it by utilizing the parts of the tree not now
used for naval stores, lumber, lath or shingles.
The next step forward in the timber industry
should be the addition to the present plants of
units for making by-products from all parts now
wasted, thus making them complete factories—
factories that will convert every part of the tree
into useful articles of commerce. This step will
be taken and these complete factories for making
wood products will come into existence. The
possibilities for development in the making of
wood products are immense and it is time this
large industry was freed from its handicaps and
country.
oppressions and permitted to develop into the
We have heard a great deal about conservation great institution it is destined to become.
here and abroad during the past six years. Bond
buyers should scrupulously guard against excess
cruises and valuations by purchasing their bonds
through conservative houses and banks.
Over-production has always been the bane of
the lumber business. In early days the ease of
entering the trade and the profits to be derived,
in good years, from sawing logs, caused numbers of small mills to spring up through the timber states. These mills butchered the log as well
as the price, and finally raised the production of
lumber far beyond the consumption. When this
stage was reached the lumber buyer found himself in a position to insist that proper, grades
and kinds of lumber be delivered on his orders. He also insisted on careful sawing, even
widths, uniform thickness and merchantable
quality. These demands the small mills that were
only designed to rip the log and butcher the
board could not meet, and they gradually ceased
to exist. They were succeeded by larger mills,
and in recent years, these, in turn have been improved, or replaced by large band mills that operate with wonderful economy and efficiency. The
purpose of the timber bond should be to secure
for the existing mills the necessary lands to keep
them running and to add the latest improvements
as they are perfected and to provide capital for
such new enterprises as rigid investigation shows
are fully warranted. Bond buyers should learn
to recognize promotion enterprises however
skillfully disguised, and avoid purchase of their
securities.
The purchaser of the bonds of public utility or
industrial companies insists on the highest operating efficiency in the active management of the
company whose securities he holds. The holder
of the timber bond, who provides the operating
capital, is entitled to the same consideration from
the lumber mill man, yet, if the situation is carefully analyzed, he finds that there is a wide difference between the methods of lumber manufacturers and those of the manufacturers of many
other staple commodities.
The bond holder is supposedly secured by the
entire contents of the tree, but he finds that
only that portion of sufficiently high quality to
permit of its being profitably manufactured into
lumber, is taken out of the forest. The remainder
of the tree is wasted. He finds that the parts
of the tree now discarded could be converted
into marketable products, but that the skill for doing this in commercial quantities is lacking. While
he holds the entire tree as security for his bonds
he accepts a small portion of it as payment, which
is bad practice if his bond has a long life. A large
quantity of the timber content of every tree is
wasted. Extension of the uses of the volume of the tree and improvements in the manufacture of wood products have not kept pace with
the improvements in the other industries of this
WE offer a select list of Municipal, Railway
"and Corporation Bonds. For over twenty years we have accumulated information on
California Securities, until at this time we have,
we believe, the largest financial library of the
kind on the Coast.
You are cordially invited to let us serve you.
TORRANCE,MARSHALL & CO.
III West Fourth St., Los Angeles 300 Sansome St., San Francisco
112
Attention is called to the
a;znouncenzetzt on Page II
Debts and Resources
of
States, Cities and Towns
in the
Pacific Coast States
STATE OF CALIFORNIA.
ITS
DEBT, RESOURCES, &c.
Admitted as a State (Act of Sept. 9, 1850)....Sept. 9, 1850
Total area of State (square miles)
158,297
State Capital
Sacramento
Governor (term expires 1st Monday after
January 1, 1915)
Hiram W. Johnson
Secretary of State (term expires 1st Monday
after January 1, 1915)
Frank C. Jordan
Treasurer (term expires 1st Monday after
January 1, 1915)
Edw. a Roberts
LEGISLATURE meets biennially
in odd years on the first Monday
after January 1, and sessions are not limited, though members receive
only $1,000 for each regular session and $10 for each day while in
.
special session.
HISTORY OF DEBT.—Commercial and Financial Chronicle.—For
early history of the State debt, see "State and City Section" of April,
1894, page 142.
Civil War Bonds of 1857.
Harbor-Improvement Bonds.
Int. ceased $3,500c
45 g '11 J-J $8,298,000c.July 2, 1985
Civil War Bonds of 1860.
(Subject to call after July 2, 195001
Int. ceased
$500c
Highway Bonds.
Funded Debt .Bonds.
$5,200,000c.July 3,'17-'29
6s g '73 J-J $2,277,500c
(*)
I 1,600,000c.July 3,'30-'33
Sea Wall Bonds.
4s'l 1 J-J
200000c. July 3, 1934
4s '05 J-J $2,000,000c, Tan. 2, 1924
3,000,000c. uly 3,'35-'41
(Subject to call after Jan. 2, 1914.)
3,000,000c. uly 3,'42-'49
Of which $1,526,500 held by State School Fund and $751,000 by
University fund.
INTEREST is payable at the office of the Treasurer in Sacramento,
and Bankers Trust Co., New York City.
TOTAL DEBT.—The total bonded debt of the State Sept. 1, 1914,
was $25,579,500, including $4,000 civil bonds on which int. has ceased.
The warrant debt on that date was $334,465.20. Cash in treasury on
March, 20, 1914, amounted to $22,545,783.09. The $2,000,000 sea wall
bonds issued for San Francisco are not included in the total
ness of the State; these bonds are payable out of a sinking indebtedfund receiving its revenue from moneys collected by the San Francisco
Harbor Commissioners.
The bonds of 1873 ($2,277,500) matured in 1893. No sinking
having been provided for their payment, they were taken over byfund
the
State for its school funds and have been so held since 1893.
The State Treasurer on Sept. 1, 1914, held bonds aggregating
$7,563,375 for the benefit of the State School Fund; this includes
$1,526,500 of the funded debt bonds of 1873. The State Treasurer
also holds $3,234,125 for the benefit of State funds other than the
School Fund. This includes $751,000 of the funded debt bonds of 1873
held in trust for the University Fund referred to above.
ASSESSED VALUATION.—The following statement shows the
total assessed valuation and the tax rate (per $1,000) for the years
indicated.—decrease in 1906 caused by destruction of property by
earthquake.
Years.
Valuation. Tax rate. Years.
Valuation. Tax rate.
1914
$3,202,450,546
1902
$1,290,238,964
$3.82
1913
3,114,136,640
1900
1,217,648,863
4.98
1912
2,920,400,512
*None 1890
1,101,137,290
5.80
1910
2,471,505,410
$3.53 1880
666,399,985
6.40
1908
1,991,554,603
4.00 1870
277,538,134
8.65
1906
1,595,897,411
4.76 1860
148,193,540
6.00
1904
1,545,698,785
5.35 1850
57,670,689
5.00
*Pursuant to Chap. 335, Laws of 1911, carrying into effect Sec. 14
of Art. 13 of the constitution as amended Nov. 8, 1910 (see below)
there is now no general tax, revenue being derived from the taxation
of public service and other corporations, banks and insurance companies. The amount of tax placed upon these corporations by the
State Board of Equalization for 1911 was $10,454,125.46; 1912, $10,922,405.72; 1913, $12,971,541.80; and 1914, $13,580,773.44.
CONSTITUTIONAL AMENDMENTS.—Pursuant to a constitutional amendment adopted Nov. 8, 1910, the city of San Francisco
voted and issued $5,000,000 bonds, the proceeds to be used by the
Panama Pacific International Exposition Co. for an exposition to be
held in San Francisco to celebrate the opening of the Panama Canal.
Another amendment, approved on Nov. 8, 1910, creates a State fund
of $5,000,000 for the use, establishment, maintenance and support of
the Panama Pacific International Exposition. Still another amendment adopted provides for the separation of State and local taxation
and for the taxation of public service and other corporations for the
benefit of the State. On Oct. 10, 1911, the voters adopted constitutional amendments granting equal suffrage to women, allowing the recall
of public officials, even the judiciary, and reserving to the people the
powers of initiative and referendum.
BOND PROPOSITIONS.—Propositions providing for the issuance
of $18,000,000 highway, $1,500,000 San Diego sea-wall, $1,000,000
India Basin and $9,000,000 harbor-improvement 4% bonds for the
city and county of San Francisco were adopted at the general election
on Nov. 8, 1910. This latter issue was declared valid by Superior
Judge Seawell on Feb. 2, 1914. On May.23, 1912, judge Seawell dismissed an order to show cause why an injunction should not be issued
restraining the sale of the $1,000,000 4% India Basin bonds. The offering of these bonds, which was to have taken place July 22, 1912, was
indefinitely postponed.
DEBT LIMITATION.—The limitations fixed in the constitution of
California with reference to the creation of State debt, debts of
counties, cities, towns, etc., are as follows:
ARTICLE 16. Section 1.—State Indebtedness.—The Legislature
shall not in any manner create any debt or debts, liability or liabilities,
which shall, singly or in aggregate with any previous debts or liabilities, exceed the sum of three hundred thousand dollars, except in
case of war to repel invasion or suppress insurrection, unless the same
shall be authorized by law for some single object or work to be distinctly specified therein, which law shall provide ways and means,
exclusive of loans, for the payment of the interest of such debt or
liability as it falls due, and also to pay and discharge the principal of
such debt or liability within seventy-five years of the time of the
contracting thereof, and shall be irrepealable until the principal and
interest thereon shall be paid and discharged, and such law may
make provision for a sinking fund to pay the principal of such debt
or liability to commence at a time after the incurring of such debt
Os- liability of not more than a period of one-fourth of the time of
(Compiled by the Commercial and Financial Chronicle.)
I maturity of such debt or liability; but no such law shall take effect
until, at a general election, it shall have been submitted to the people
and shall have received a majority of•all the votes cast for and against
it at such election; and all moneys raised by authority of such law
shall be applied only to the specific object therein stated, or to the
payment of the debt thereby created, and such law shall be published
in at least one newspaper in each county, or city and county, if one
be published therein, throughout the State, for three months next
preceding the election at which it is submitted to the people. The
Legislaure may at any time after the approval of such law by the
people, if no debt shall have been contracted in pursuance thereof,
repeal the same.
ARTICLE 12. Section 13.—State Not to Loan Its Credit, &c.—The
State shall not, in any manner, loan its credit, nor shall it subscribe
to or be interested in the stock of any company, association or corporation.
ARTICLE 4. Section 31.—Legislature Prohibited from Loaning
Credit, &c., of State, City, County, &c.—The Legislature shall have
no power to give or to lend, or to authorize the giving or lending of,
the credit of the State, or of any 'county, city and county, city, township or other political corporation or sub-division of the State now
existing, or that may be hereafter established, in aid of or to any
person, association or corporation, whether municipal or otherwise,
or to pledge the credit thereof in any manner whatever for the payment of the liabilities of any individual, association, municipal or other
corporation whatever; nor shall it have power to make any gift, or
authorize the making of any gift, or any public money or thing of
value to any individual, municipal or other corporation whatever;
provided, that nothing in this section shall prevent the Legislature
granting aid pursuant to section twenty-two of this Article; and it shall
not have the power to authorize the State or any political sub-division
thereof to subscribe for stock or to become a stockholder in any
corporation whatever.
The exception provided in Section 22 of Article 4 (refererd to in the
last clause of the above) permits merely the granting of aid by the
State and by cities, &c., to institutions for the support and maintenance of minor orphans, or half-orphans, or abandoned children, or
aged persons in indigent circumstances. By an amendment adopted
Nov. 8, 1910, further provision is made for creating a fund of $5,000,000
for the use, establishment, maintenance and support of the Panama
Pacific International Exposition. See constitutional amendments given
in preceding column.
&c., Debt
ARTICLE 11. Section 18.—Counties, Cities and Towns,
education or
Restrictions.—No county, city, town, township, board of any manner,
any indebtedness or liability, in
school district shall incur
revenue
or for any purpose, exceeding in any year the income and of the
of two-thirds
provided for it for such year, without the assent to be held for that
qualified electors thereof voting at an election
indebtedpurpose, nor unless, before or at the time of incurring such
tax
ness, provision shall be made for the collection of an itannual due,
falls
indebtedness as
sufficient to pay the interest on such
the
and also provision to constitute a sinking fund for the payment of
principal thereof on or before maturity, which shall not exceed forty
contracting the same; provided, however,
years from the time of
pay the
that the City and County of San Francisco may at any time cent per
unpaid claims, with interest thereon at the rate of five per
city and
annum, for materials furnished to and work done for said
county during the forty-first, forty-second, forty-third, forty-fourth and
fiftieth fiscal years, and for unpaid teachers' salaries for the fiftieth
fiscal year, out of the income and revenue of any succeeding year
or years, the amount to be paid in full of said claims not to exceed
in the aggregate the sum of five hundred thousand dollars, and that
no statute of limitations shall apply in any manner to these claims;
and provided, further, that the City of Vallejo, of Solano County,
may pay its existing indebtedness incurred in the construction of its
water-works whenever two-thirds of the electors thereof voting at an
shall so decide, and that no statute of
election held for that p
limitations shall apply in any manner. Any indebtedness or liability
incurred contrary to this provision, with the exceptions hereinbefore
recited shall be void.
The City and County of San Francisco, the City of San Jose and
the Town of Santa Clara may make provision for a sinking fund, to
pay the principal of any indebtedness incurred, or to be hereafter
incurred, by it, to commence at a time after the incurring of such
indebtedness of not more than a period of one-fourth of the time
of maturity of such indebtedness, which shall not exceed seventy-five
years from the time of contracting the same. Any indebtedness incurred contrary to any provision of this section shall be void.
COUNTY DEBT RESTRICTIONS.—Bya State law passed March
24, 1893, all counties are restricted to the issuance of bonds running
not longer than twenty years.
A new law regulating indebtedness for public improvements was
enacted in 1901. Section 4 of this law establishes a limit for such
indebtedness, and is as follows:
LIMIT OF INDEBTEDNESS.
SECTION 4. No city, town or municipal corporation shall incur
an indebtedness for public improvements which shall in the aggregate
exceed 15% of the assessed value of all the real and personal property
of such city, town or municipal corporation.
TAX EXEMPT AMENDMENT.—At the November 1902 election
the follownig amendment to Article 13 of the State constitution was
favorably voted upon.
SECTION lg. All bonds hereafter issued by the State of California, or by any county, city and county, municipal corporation, or
district (including school, reclamation and irrigation districts) within
said State shall be free and exempt from taxation.
MORTGAGES EXEMPT FROM TAXATION.—Among the
amendments voted Nov. 8, 1910, is one repealing Section 4 of Article
13 of the State constitution, changing Section 1 so that hereafter a
mortgage deed of trust, &c., together with the money represented by
such debt, shall be exempt from taxation.
IRRIGATION BONDS AS SAVINGS BANK INVESTMENTS:—
The Legislature in 1911 passed an Act (Chapter 157, Laws 1911)
allowing investment by savings banks in bonds of irrigation districts.
POPULATION OF STATE.
2,377,54911890....1,208,130I1870
1910.
560,24711850.
1900...1,485,05311880
864,69411860
.379,9941
9
2
The number of Chinese in the population in 1900 was 45,753,.72 54
9 ,7 7
i 1890 and 75,132 in 1880.
n
CITIES, COUNTIES AND TOWNS IN THE
STATE OF CALIFORNIA.
Many of the counties in this State levy a special tax on propertY
outside incorporated cities and towns for making, repairing and
sprinkling of roads, and the tax rate as given below under these
.
counties is made up of the State tax rate and the county tax rate
including special road tax.
CALIFORNIA CITIES AND TOWNS
ALAMEDA.
This city is in Alameda County. City was
incorporated 1854; re-incorporated 1872. Special charter adopted April, 1907. For proposed purchase of certain water properties,
Population 1910, 23,382.
City Hall.
Dec 1 '14-'34
5s '94 J-D $ 26,250c
School.
Dec 1 '14-'34
-D $ 21,525c
'94
5s
Dec 1 '14-'41
70,000c
-D
01
4s
June 1 '15-'50
4%s '10 J-D 135,600
Municipal Improvement Bonds.
Apr 1 '15-'48
4%s '08 A-0 $259,250c
Electric Light & Police Department Bonds.
Nov 1 '15-'52
5s '12 M-N $150,100
Sewer Bonds.
June 1 '15-'50
45.Ss '10 J-D $26,400
$693,075
BOND DEBT Apr 1914
Assessed valuation '13 (65% act.)..$20,971,561
$10.30
City tax rate (per $1,000) '13
INTEREST payable at City Treas. office.
ALAMEDA CO. UN. H. S. D. NO. 3.
Building Bonds.
June 1 '18-'47
Is g '12 J-D $80,000c
$ 80,000
BONDED DEBT Nov 1913
7,449,900
Assessed valuation '12 (3-5 act)
Population in 1912 (estimated)
5,000
INTEREST payable at County Treasurer's
office in Oakland.
ALAMEDA CO. UN. H. S. D. NO. 4.
High-School Building Bonds.
1914-1926
5s '06 J-J $79,858
Assessed valuation '12 (3-5 act)..$17,490,027
INTEREST at County Treasurer's office.
ARMIJO UNION HIGH S. D.
A district in Solano County.
Buildin Bonds (Tax-free).
July 1 '14-'49
5s '13 J- $70,000c
BONDEDDEBT Mar 1914
$ 70,000
Assessed valuation '13 (60% act.)
4,272,867
School tax (per $1,000) 1913
3.80
Population in 1914 (estimated)
4 380
INTEREST at Treasurer's office.
BAKERSFIELD.
This city is in Kern County. Incorporated
Jan. 11, 1898. Town of Kern annexed July
19, 1910. Population 1910 12,729.
Improvement Bonds.
4s '04
$23,000c
Pt yly July 1
Fire-Department Bonds.
5s '12 A-0 $57,000
Oct 1 '15-'52
Library Bonds.
5s '12 A-0 $26,650
Oct 1 '15-'52
Sewer Bonds.
43/sg '07 M-N $ 99,000
May 1 '15-'47
Is
'12 A-0 204,225
Oct 1 '15-'52
Is
'12 ....
15,200
Oct 1 '15-'52
City-Hall Bonds.
5s
'12 A-0 $145,875
Oct 1 '15-'52
School Bonds.
4%s
$30,000
Part yly July 1
BONDED DEBT Mar 1914
$ 606,425
Assessed valuation '13 (% act.)
7,885,000
Total tax (per $1,000) 1913
19.00
INTEREST payable at City Treas. office.
BAKERSFIELD SCHOOL DISTRICT.
Building Bonds.
A
51 s '14
$40,000
1918-1927
BONDED DEBT July 1914
$ 231,000
Assessed val. '13 (abt 3/5 act.)
8,852,594
BERKELEY.
This city is in Alameda County. Incorporated April, 1878. New charter adopted
March 5, 1895.
Commission government
adopted July 1, 1909.
Sewer and Fire Equipment.
Is '13 J-J $555,000c
July 15-'51
School Bonds.
4%s '00
$65,000c
July 10 '15-'40
Munic. Improvement Bonds (Tax exempt).
41 2s'g_ F-A $245,932.50
/
Feb 1 '15-'47
BONDED DEBT Sept 21, '14....$ 865,933
Sinking funds
5,938
Assessed valuation 14-'13
• 42,706,510
Total tax (per $1,000) '12-13
24.10
Population in 1910 (Census)
40,434
INTEREST on fire-equipment and sewer
bonds at office of City Treasurer or at N. W.
Halsey & Co., N. Y.; other bonds at City
Treasurer's office.
BERKELEY SCHOOL DISTRICT.
41 s '06 J. J. $118,500
A
45'ss '07 J. J. 186,750
4%s '07 J. J.
82,450
41 2s '08 J. 3. 175,000
/
BONDED DEBT June 30"14
$562,700
INTEREST payable at County Treasurer's
office.
BRAWLEY UNION HIGH S. D.
A district in Imperial County.
$50,000
5s '13
1933
TOTAL DEBT Oct 14 '14
$ 50,000
Assessed valuation '14
4,286,669
School tax rate (per $1,000) '14
6.00
CENTRAL UNION HIGH S. D.
A district (P. 0. El Centro) in Imperial
County. Population '14 (estimated) 8,000.
Building Bonds.
1927-1951
5s '11 J-j $75,000
7s
1-1 15,000r
1914-1919
BONDED DEBT Oct. '14
$ 90,000
Sinking fund Mar. 24 '14
10,000
Assessed valuation '13 (3-5 act.)
6,500,000
High-school tax (per $1,000)'l4
3.40
INTEREST payable at County Treas. office.
CHAFFEE UN. HIGH SCHOOL DIST.
A district in San Bernardino County.
Building Bonds.
55 g '11 Sept $100,000
Sept 11 '17-'51
55 g '11 Sept 100,000
Sept 1 '20-'51
BONDED DEBT Mar 1913
$ 200,000
5,458,439
Assessed valuation1912
Real valuation (estimated)
12,000,000
INTEREST at County Treas. office.
CHICO.
This city is in Butte County.
Sewer Bonds.
5s '02 J-J $31,500c
Jan 1 '15-'42
Municipal Improvement Bonds.
138,750
5 '10
July 1 '14-'50
BONDED DEBT Oct 31 '13
$ 171,375
Assessed valuation '13
3,004,003
Tax rate (per $1,000) '12-'13
15,50
Population in 1910
3 750
INTEREST at office of City Treasurer.
CHICO GRAMMAR SCHOOL DIST.
$5,000
Building Bonds.
1915-1938
$47,000
5s '13
$57,500
TOTAL DEBT Sept '14
5130,000
Assessed valuation '13 (% act.)
Population in 1914 (est.)
14,000
4s
COLTON
This city is in San Bernardino County.
Water Bonds.
$33,600c
1925
6s '85 J
12,500c
1939
6s '99 JElectric-Light Bonds.
$3,300c
1936
6s '96 J-J
Refunding Bonds.
1941
$3,800c
6s '01 J-J
Sewer Bonds.
1941
5s '10 3-3 $57,000c
$ 110,200
BONDED DEBT Apr 22 '14
Assessed valuation '13-'14 (% act) 2,105,965
Value of corporative and operative
695,610
property (additional)
33.35
Total tax rate (per $1,000) '13
4 852
Population in 1910 (Census)
INTEREST payable at First Nat. Bank,
Colton, or at Colton Nat. Bank.
COLUSA COUNTY.
Colusa is the county seat.
Hall of Records Bonds.
Is g '14 J-D $60,000c
yly on June 15
Bridge and Culverts Bonds.
Is g '14 J-D $140,000c
yly on June 15
$ 452,000
BONDED DEBT Apr '14
14,150,781
Assessed valuation
7 732
Population in 1910
CONTRA COSTA COUNTY.
Martinez is the county seat. Bonds are
tax-exempt. Population, 1910, 31,674.
Court-House and Jail Bonds.
1943
4s g '03 J-J $161,000c
$ 161,000
BONDED DEBT May 1 '14
Assessed valuation '13 (% act.) 47,731,341
12.00
State & County tax 5 Inside
16.00
1,000 1913 / Outside
(per
INTEREST payable at County Treasury.
CORONA.
This city is in Riverside County. Incorporated July 19, 1896. Population, 1910, 3,550.
Sewer Bonds.
Aug 1 '15-'49
5s g '09 A-0 $26,250c.
Street Bonds.
Aug 1 '15-'49
5s g '09 A-0 $ 12,687.50c
Jan 1 '15-'52
130,623c
Ss g '12 ....
Drainage Bonds.
$79,625c
Aug 1 '15-'49
Is g '09 A.-0
Municipal Improvement Bonds.
1915-1952
41 s & 5%s '11 $95,950
A
$ 249,188
BONDED DEBT Sept 1 '14
Assessed valuation '14 (2-5 act.)
4,021,500
Total tax rate (per $1,000) '14
38.60
INTEREST payable at City Treas. office.
CORONADO.
This city is in San Diego County. Incorporated 1890. Population, 1910, 1,477.
Seawall Bonds.
F-A $108,000
Seawall and Street Improvement.
A-0 $143,000
Sewer and Fire Improvement.
F-A $42,550
BONDED DEBT Apr '14
$ 293,500
Assessed valuation '14 (% act.)
3,372,276
City tax rate (per $1,000) '14
18.70
INTEREST Payable at City Treas. office.
CORONADO SCHOOL DISTRICT.
Building Bonds.
5s '12 July $80,000c
1915-1934
BONDED DEBT Sept 1 '14
80,000
Sinking fund
7,516
Assessed val. '14 (abt. 35% act.) 2,461,861
School tax rate (per $1,000 '14)
13.80
Population in 1914 (estimated)
4 500
INTEREST at County Treasurer's office.
DIXON.
This town is in Solano County. Incorporated in 1878; re-incorporated in 1884. Population, 10,827.
Sewer Bonds (tax free).
Is '11 J-D $38,000
$1,000 yearly
BONDED DEBT Mar 1 '14
$ 38,000
Assessed valuation '13 (% act.)
625,750
City tax rate (per $1,000) '13
13.50
INTEREST payable at Bank of Dixon.
EL CENTRO.
This city is in Imperial County. Incorporated April 16, 1908.
Municipal Improvement Bonds.
5%s J-j $50,000c
July 2 '23-'42
BONDED DEBT Sept 21 '14
$ 149,000
Assessed valuation '14 (34 act.)
3,404,815
City tax rate (per $1,000) '14
13.60
Population in 1910
1,610
EL CENTRO SCHOOL DISTRICT.
6s g '13 J-D $30,000
1918-1947
(Compiled by the Commercial and Financial Chronicle.:
115
TOT. BONDED DEBT Jan 1 '14..$ 149,000
Assessed valuation '13 (% act.).... 2,308,919
EL DORADO COUNTY.
Placerville is the county seat.
Court-House Bonds.
1946
ann $120,000
Is
(Maturity 1-30 yearly after 5th year.)
$ 120,000
'14
BONDED DEBT Mar
6,954,117
Assessed valuation 1913
17.00
State & Co. tax rate Inside
21.00
(per $1,000) 1913... 1 Outside
7,492
Population in 1910
INTEREST payable at County Treas. office.
EUREKA.
This city is in Humboldt County. Incorporated Feb. 10, 1874. All bonds are exempt
from taxation. Commission government defeated Dec. 4, 1911. Population, 1910, 11,845.
*City Hall Bonds.
45/2s semi-an $77,500c
*Sewer Completion Bonds.
454s semi-an *$27,125c
45/25 semi-an 161,625c
*Fire Apparatus Bonds.
45/25 semi-an $11,625c
*Park Bonds.
454s semi-an
$3,875c
§Third Ward School Bonds.
43/25 semi-an $10,875c
Fifth Ward School Bonds.
45/25 semi-an $10,875c
*Part yearly on July 15. §Part yearly April
15.
Water Works Bonds.
Is '14 J-J $270,000
July 15 '24-'53
BONDED DEBT Mar 20 '14
$ 203,500
Assessed valuation '13 (2-5 act.) x8,889,076
Total tax (per $1,000) '13
30.70
x Including $712,839 operating property
taxed only by State.
INTEREST payable at City Treas. office.
EUREKA HIGH SCHOOL DIST.
Building Bonds.
Ss g '13 A-0 $150,000
Oct 1 '18-'53
TOTAL DEBT Apr 24 '14
$ 150,000
Assessed valuation '14
6,979,564
INT. at Co. Treas. office in Eureka.
FRESNO.
County seat of Fresno County. Incorporated Oct. 27, 1885. Commission government
defeated July 26, 1912.
City Hall.
45/as '06 J-J 61,000c
1914-1943
Sewer.
J-J $21,000c
5s g
July 1 '15-'35
45%s '06 j-j 143,500c
1914-1945
Playground Site Bonds.
4y,s
J-D $54,000c
.1940
Convention Hall Bonds.
F-A $42,000
Is '12
Aug 15 '15-'42
TOTAL DEBT April '14
$ 311,500
Assessed valuation '13 (3-5 acct.)
20,842,966
City tax rate (per $1,000) '13
11.40
Population in 1910
24.892
INTEREST payable at City Treas. office.
FRESNO CITY SCHOOL DISTRICT.
Is
.... $40,000c
June 6'15-'22
5s g '09 June 150,000c
June 12 '15-'34
5s g '14 A-0 200,000c
1920-1936
BONDED DEBT Sept. 22 '14....$ 390,000
Assessed valuation '14 OA acct.).. 24,114,513
School tax rate (per $1,000) '14...
9.00
Population in 1912 (est.)
40,000
INTEREST at County Treasurer's office.
FULLERTON.
This city is in Orange County.
Water Works Bonds.
Is '12 A-0
$80,000
6s
J-D
12,000 Part yearly
Paving Bonds.
6s
$16,000 Part yearly
Road Bonds.
Is, '12 A-0
$132,000
TOTAL DEBT Oct 10 '14
240,000
Assessed valuation '13
2,615,545
Population in 1910
1 725
FULLERTON UN. HIGH S. D.
Building Bonds.
Ss '06
$20,000c
1926
($2,000 due annually.)
5s
-3
50,000c
1914-1938
5s
D 130,000c
1916-1941
TOTAL DEBT Sept. '14
$200,000
Assessed valuation '13 OA sect.).
9,250,000
School tax (per $1,000) 1913
$0.63
INTEREST at County Treasurer's office.
GLENDALE.
A city in Los Angeles County. Incorporated Feb., 1906. Of the water bonds given
below $114,000 had been sold up to date of
statement.
Municipal Water Bonds...$248,000
Electric-Light Bonds.
Is '09 J-J
$54,000c
1949
Is '12 /ff-S
40,000c
March 1 '30-'34
Fire Department Bonds.
6s '07 M-S $ 4,250c
1947
5s '13 J-J
19,500
Jan 1 '15-'52
City Hall and Library Bonds
5s '11 J-J
$16,500c
1935
Street Bonds.
5s '13 J-J
$4,500
Jan 1 '15-'23
BONDED DEBT act. '14
,
Assessed valuation '14 (2-5 act.)
4,354,000
City tax rate (per $1,000) '13
12.30
Population in 1910
2,746
INTEREST payable at City Treas. office.
GLENDALE SCHOOL DISTRICT.
BONDED DEBT July 1 '13
$88,000
GLENDALE UNION HIGH S. D.
TOTAL DEBT July 1 '13
$56,000
116
CALIFORNIA CITIES AND TOWNS
GLENN COUNTY.
Willow is the county seat.
Road and Bridge Bonds.
Nov 1 '21-'50
5s g '11 M-N $450,000c
$ 450,000
TOTAL DEBT Oct '14
17,576,399
Assessed valuation 14
15.00
State & Co. tax rate fOutside
1. Inside
19,00
(Per 1,000) '14
Population in 1910
7,172
INTEREST payable at County Treas. office.
HANFORD SCHOOL DISTRICT.
Oct 9 '15-'30
$32,000
6s g '12
$43,000
TOTAL DEBT May '13
HAYWARDS UNION HIGH S. D.
A district in Alameda County.
Building Bonds.
1922.1932
5s '12 1-3 $80,000
$
BONDED DEBT Sept '14
80,000
8,000,000
Assessed valuation '13 (1-3 act.)
2.50
School tax rate (per $1,000) '13
Population in 1913 (est.)
7,000
INT. at County Treas. office in Oakland.
HESTER SCHOOL DISTRICT.
A district in Santa Clara County.
Building Bonds (Tax-Exempt).
..- $8,000
April 1 1917
55
5s '12 F-A 74,000c
1915-1952
BONDED DEBT April '14
$
82,000
Assessed valuation '13
2,221,065
School tax rate (per $1,000) '13....
3.80
INTEREST payable at County Treasurer's
office in San Jose.
HILLSBOROUGH.
This city is in San Mateo County. Bonds
are tax-free in California. Incorporated May
5, 1910.
Street and Fire Department Bonds.
Ss g '12 A-0 $117,000c
1915-1922
TOTAL DEBT Sept 21 '14
$ 117,000
Assessed valuation '14
2,688,380
(Assessment 1-5 to / actual value.)
3
4
Total tax (per $1,000) '14 (est.)
30.70
Population in 1914(est.)900
INTEREST payable at City Treasurer's
office, Mercantile Tr. Co., San Francisco.
IMPERIAL.
This city is in Imperial County. Incorporated August, 1904. Pop'n 1910, 1,257.
Water Bonds.
6s '09 J-J $50,000
(Payable annually beginning in 1919.)
Sewer and City-Hall Bonds.
$1,500 yearly
6s '10 J-J $44,000
Sewer Bonds.
$1,000 yearly
6s '11 M-S $25,000
$ 119,000
BONDED DEBT Sept 1 '14
Assessed valuation '14 (65% act.). 1,406,711
18.00
Total tax rate (per $1,000) '13
KERN COUNTY.
County seat is Bakersfield.
Refunding Bonds.
1915-1917
$90,000c
454s '97 j-J
Court-House Bonds.
1919-1928
454s '09 M-S $400,000c
Highway Bonds.
Sept 1 '19-'38
5s '13 M-S $500,000c
$ 520,000
BONDED DEBT April '14
80,529,757
/
3
4
Assessed valuation '13 ( act.)
9.00
State & Co. tax rate Inside
(per $1,000)
12.50
1 Outside
Population in 1910
37,715
INTEREST on refunding bonds payable at
State Treasurer's office and on court-house
bonds at County Treasurer's office.
LODI.
This city is in San Joaquin County. Inc.
in November, 1906, Population 1910, 2,697.
Sewer Bonds.
5s '08 J-J $41,666c
July 1 '14-'38
Light and Water Bonds.
5s '08 J-J $63,334c
July 1 '14-'38
BONDED DEBT June 30 '14
$ 105,000
Assessed valuation '14( act.)
/
3
4
2,019,165
Total tax (per $1,000) '13
33.70
INTEREST at First National Bank, Lodi.
LODI UNION HIGH SCH. DIST.
6s g '12 F-A $141,000
1915-1937
TOTAL BOND DT. April '14
$ 141,000
Assessed valuation '13
6,191,635
INTEREST payable at County Treasurer's
office or in New York City.
LONG BEACH.
This city is in Los Angeles County. Incorporated city of first class January 6, 1908.
City-Hall Bonds
$ 5,625
Ss '99
1939
Park Bonds.
5s '99
$ 2,968.75.
1939
Bath-House Bonds.
$ 2,500
5s 99
1939
Wharf Bonds.
5s '01
$ 4,460
1941
Pier Bonds.
$75,000
Is '03
1943
8,000
Is '06
1922
Sewer Bonds.
$25,375
5s '03
1943
340,000c
Jan 1 '15-'54
Is g '14 J. J.
Public-Han Bonds.
$22,000
Is '05
1935
Fire-Apparatus Bonds.
Is '05
$22,000
1935
Water Bonds.
43 '09
$220,500
/
4s
1949
...s '14
200,000
Water-Plant-Purchase Bonds.
45 s '11
A
July 1 '17-'50
$850,000
BONDED DEBT April '14
$ 1,238,429
Assessment debt (add'I)
445,000
Assessed valuation '13-'14 (54 act.) 29,170,797
Oper. exp. banks (add'I)
2,458,515
City tax rate (per $1,000) '13
14.00
Population in 1910
17,805
INTEREST on bonds of 1914 at City Treas.
office; others at Nat. Bank of Long Beach.
LONG BEACH CITY SCH. DIST.
5s '08
$43,000
1918
Site-Purchasing and Building Bonds.
454s g '12
$100,000
5s
30,000
BONDED DEBT July 1 '13
$ 125,000
Assessed valuation '13
21,274,695
INTEREST at County Treasurer's office.
LONG BEACH HIGH SCH. DIST.
5s g '10 A-0 $216,000
April 25 '15.'50
BONDED DEBT July 1 '13
$222,000
INTEREST payable at County Treas. office.
LOS ANGELES.
County seat of Los Angeles County. Commission government rejected Dec. 3, 1912. All
bonds are exempt from taxation in California.
City founded in 1781; incorporated in 1850.
In August, 1909, voted to consolidate with the
city of Wilmington and with the city of San
Pedro. Early in 1910 city of Hollywood was
consolidated. In the same year and in the
year 1912 additional territory was annexed,
making present area of city 107.62 square
miles. Superior Court on Aug. 31, 1914, upheld validity of $6,500,000 power bonds voted
May 8, 1914.
Bridge Bonds.
4s '98 J-J $13,800c
,July 1 '15-'39
3s'03 j
-D
72,500c
June 1 '15-'43
Detention Hospital Bonds.
334s '04 J-D $37,500c
June 1 '15-'44
Fire Department Bonds.
4s '98
-J $90,000c
.June 1 '15-'39
Impounding Reservoir Bonds.
/
4
33s 04 J-D $112,500c
June 1 '15-'44
Main and Lateral Sewer Bonds.
4s g '06 j
-J $234,000c
July 2 '15-'46
Park Bonds.
4s '98 F-A $6,000c
Aug '15-'39
Outfall Sewer Bonds.
344s '03 J-D $725,000
June '15-'43
School Improvement.
454s '95 J-J $160,650c
July 1 '15-'35
Refunding Bonds.
4s "g. '97 J-D $155,250c
July 1 '15-'37
Polytechnic High School.
354s '03 J-D $145,000c
June 1 '15-'43
Police Station Bonds.
July 1 '15-'35
4545 '95 J-J $21,000c
Tunnel Bonds.
Aug 1 '15-'38
4s '98 F-A $96,000c
Storm Drain Bonds.
3gs '03 J-D $290,000c
June '15-'43
Public School.
33 '03 J-D $348,000c
/
4s
June 1 '15-'43
Water Works Bonds.
43 '95 J-J_ $ 15,750c
/
4s
July 1 '15-'35
4s g '05 1,1-1s1
1,200,000c
Nov 1 '14-'45
3gs'01 A-0
1,400,000c
Oct 1 '14-'41
35/s '04 J-D
213,000c
June 1 '15-'31
Franklin Canyon Line Water Bonds.
4 As'13 M-N $1,450,000c
,
May 1 '15-'43
Owens River Bonds.
-4s '07 J-D $ 1,033,600c
Dec 31 '14-'47
43 '07 .J-D
/
4s
21,964,000c
Dec 31 '14-'47
Harbor-Improvement Bonds.
43s '11 J-D $2,225,000
/
4
June 1 '15-'51
43 '13 M-N
/
4s
1,665,000
May 1 '53 .
Electric-Light-Plant Bonds.
454s '11 J-D $3 500 000
June 1 '17-'51
Hollywood (annexed)
5s '05
July 1 '15-'20
$ 6,000c
5s '06
Sept 1 '15-'16
1,000c
5s '07
Dec 1 '14-'22
9,000c
/
4s
July 1 '15-'22
56,000c
43 '07
San Pedro (annexed)
5s '04
Nov 1 '14-'24
$16,500c
5s '06
Nov 1 '14-'26
26,000c
Wilmington (annexed)
May 1 '15-'48
5s '08 -N $85,000c
BONDED DEBT Sept 22 '14...$ 37,923,050
3,454,836
Sinking J Owens Riv bonds
259,758
funds 1 Electric-plant bonds
3,295
Water bonds '13
355,785,785
Assessed valuation, real
60,078,125
Assessed valuation, personal
92,382,700
Assessed valuation oper. prop.
Total assessed valuation '14-'15
508,246,610
actual)
(
/
3
4
16.00
City tax (per $1,000) '14-'15
319,198
Population in 1910 (Census)
575,000
Population in 1914 (est.)
INTEREST on the Owens River bonds,
outfall sewer bonds of 1892, school bonds,
police station bonds and water bonds of 1895
is payable at the office of Kountze Bros., New
York; on power and harbor bonds at Speyer
& Co., New York; on all others at office of
City Treasurer.
-The revised city
DEBT LIMITATION.
charter limits its debt to 3% of the assessed
value of all taxable real and personal property
within the city for all purposes, except water,
gas, electric light, and power wharves, docks,
piers, warehouses, etc., on water front, harbor
improvements, and for any revenue-producing
public utility. For any or all of these purposes a further indebtedness may be incurred
not exceeding 12% of such assessed value.
LOS ANGELES CITY SCH. DIST.
$ 416,000
Jan 1 '15-'46
4s
'06
April 1 '15-'19
175,000
'09
4s
Sept 1 '14-'51
43 g '11 M-S.. 1,102,000
/
4s
American S. D. Bonds (Assumed).
May 17 '15-'19
$2,000
Is '09
1,200
July 26 '20-'22
454s '09
Annandale S. D. Bonds (Assumed).
Mar 22 '15-'25
$11,000
5s '09
Aug 5 '15-'30
16,000
5s '07
Belvedere S. D. (Assumed).
3,600
Mar 26 '15-'20
$
5s '06
Jan 3 '15-'45
31,000
43 '10
/
4s
(Compiled by the Commercial and Financial Chronicle.)
Is '08
24,000
May 4 '15-'38
45/as '12
11,000
April 1 '15-'25
Cahuenga Sch. Bonds (Assumed).
5s '04
$22,000
June 7 '15-'36
45'as '09
25,000
June 28 '20-'44
Coldwater Sch. Bonds (Assumed).
5s '06
$1,000
June 25 '15-'16
Colegrove S. D. (Assumed).
45/.5 '09
$13,000
Sept 7 '15-'27
Gardena School Bonds (Assumed),
5s '04
$1,000
Sept 26 '15-'16
Hollywood Sch. Bonds (Assumed).
Is '04
$38,000
May 23 '15-'43
5s '05
5,000
....Aug 22 '15
43 '09
/
4s
29,000
.Dec 6 '15-'43
Lankershim S. D. Bonds (Assumed). .
5s '05
$1,000
July 10 '15
Las Feliz S. D. Bonds (Assumed).
Is '03
$4,500
June 29 '15-'23
Is '07
3,000
Mar 25 '15-'17
Miramonte S. D. Bonds (Assumed).
5s '08
$10,000
May 18 '15-'24
43 '09
/
4s
5,000
July 26 '25-'29
5s '11
13,000
Sept 1 '33-'4$
Mt. Washington S. D. (Assumed).
Is '12
$9,000
Jan 1 '15-'32
San Pedro Sch. Bonds (Assumed).
6s '03
$2,700
Nov 9 '15-'23
5s '05
6,000
Oct 10 '15-'20
Sunnyside Sch. Bonds (Assumed).
55 '06
$6,000
Sept 30 '15-'20
5s '06
2,000.......Nov 5 '21-'22
Terminal Sch. Bonds (Assumed).
Is '04
$1,500
June 21 '15-'18
The Pass Sch. Dist.'
5s '04
$5,000
June 13 '15-'24
Washington Park Dist. (Assumed).
5s '11
$5,000
Aug 1 '27
5s '09
7,500.....April 1915-'29
BONDED DEBT July 1 '13
$ 2,049,800
Assessed valuation 1913 .
413,420,613
Real value (est.)
825,000,000
School tax rate {Elementary
4.90
(per $1,000)) High school
3.00
1913
Elem'ty & high.
.50
LOS ANGELES CITY HIGH S. D.
Polytechnic High School Bonds.
4s '06
$156,000
Jan 1 '15-'36
4s '09
420,000......April 1 '15-'49
454s'11
518,000
Sept 1 '15-'51
Hollywood H. S. Bonds (Assumed).
5s '04
$ 32,500
May 23 '15-'24
45/as '09
12,000
June 7 '15-'20
5s '10
100,000
Jan 27 '15-'34
Jewell School Bonds (Assumed).
45413'06
$12,000
July 2 '15-'26
San Pedro City S. D. (Assumed).
5 '
$20,000
Dec 27 '15-'24
5s '05
6,000
Oct 3 '15-'20
BONDED DEBT July 1 '13
$ 1,294,500
Assessed valuation 1913
413,420,613
Real value (est.)
825,000,000
School tax (per (.Elementary
4.90
$1,000) 1913
High school
3.00
Elem'ty & high
.50
LOS ANGELES COUNTY.
County seat is Los Angeles.
Highway Bonds.
43 g 09 F-A $3,500,000c
/
4s
Feb 1 '15-'49
BONDED DEBT Sept 22 '14....$ 3,500,000
Assessed valuation '14 (3-5 act.).. 849,991,595
State & Co. tax rate J Inside ...
8.50
(per $1,000)
1 Outside...
12.50
Population in 1910
504,131
INTEREST at Kountze Bros , N. Y. C.
MENDOCINO COUNTY.
County seat is Ukiah.
Refunding Bonds.
4s'01 J-J $62,500c
July 1 '15-'39
BONDED DEBT July 1 '13
65,000
$
Assessed valuation '13 ( act.)
/
3
4
18,147,700
State & Co. tax (per f Inside
•
12.00
$1,000) '13
1 Outside
18.00 .
Population in i910....
23,920
MERCED COUNTY.
County seai is Merced. Bonds are exempt
from taxation.
Refunding Bonds.
4s g '03 Dec $30,000c
Dec 1 '14-'16
BONDED DEBT Sept 25 '14
$
30,000
Assessed valuation '14 ( act.)
/
3
4
25,144,757
State & Co. tax rate j Inside
13.00
(per $1,000)
/ Outside
19.00
Population in 1910
15,148
INTEREST at County Treasurer's office.
MODESTO.
This city is in Stanislaus County. Incorporated 1884. Re-incorporated in 1911. Operating under commission form of government.
Population 1910, 4,034.
Fire, Water, Sewer and Street Bonds.
Is g '09 J-D 5 $30,000c
Dec 1 '14-'25
18,000c
Dec 1 '26-'28
5s
'10 J-D
87,500c
Dec 1 '15-'49
Street Bonds.
Is
'11 J-J $27,750c
Jan 2 '15-'51
Water Bonds.
5s
'12 J-j $77,500
Jan 2 '15-'45
BONDED DEBT Sept 28 '14249,250
Assessed valuation '14 OA act.).... 4,389,270
City tax rate (per $1,000) '13
16.00
MODESTO IRRIGATION DIST.
This district (P. 0. Modesto) is in Stanislaus County. Bonds are tax-free.
32.
Is
j• $1,0 0,511c
1
an '23-'42
5s
000c
Jan '25-'44
6s g
17,100c
an '15-'23
5s '09
244,000c
1929-1939
BONDEDDEBT Oct 7 '14
$1,593,611
Warrants outstanding Jan 1 '14
11,97
0
Assessed valuation '14
6,960,870
Tax rate per $1,000) '14
25.00
INTEREST payable at Treasurer's office
and First National Bank at Modesto.
CALIFORNIA CITIES AND TOWNS
ORANGE UNION HIGH S. D.
MONROVIA.
Building Bonds.
Monrovia is in Los Angeles County. Incor- 1
Is '12 SI-S $46,000r
Sept 1 '15-'37
porated December, 1887. Pop'n 1910, 3,576.
BONDED DEBT April '14
$ 68,000
Water Bonds.
Assessed valuation '13
July 1 '15-'34
6s '94 July $20,000
4,398,025
School tax (per $1,000) '13
July 1 '15-'38
6s '98 July 15,000
6.70
INTEREST at County Treasurer's office.
Mar 12 '15-'40
6s '00 Mar 13,135
1930
Is '05 J-D
3,400
1947
Is '07 Mar 25,500
ORANGE COUNTY.
1927
5s '07 Mar
3,500
Santa Ana is the county seat.
1942
Is '09 Mar 15,000.
4s
$40,000
Is '10 Jan 47,500
Bridge Bonds.
Fire Apparatus Bonds
Is g '12 M-S $90,000c
1915-1932
1915
$400
Ss '05 Mar
Hospital and Almshouse Bonds.
Library Bonds.
5s g '12 M-S $54,000
1915-1932
1915
$400
Highway Bonds.
Is '05 J-D
Sewer Bonds.
5s '13
$1,270,000
Is '10 Jan $114,000
BONDED DEBT July 1 '13
$ 1,457,000
Park Bonds.
Assessed valuation '13
41,887,235
1945
Is '05 J-D $14,000.
State & Co. tax
J Inside
.
10.50
Building Bonds.
(per $1,000) '13 I Outside
14.50
1941
Is '05 J-D $6,600
Population in 1910
34,463
BONDED DEBT June 1 '13
$ 282,050
Assessed valuation '13-'14 (A act.) 4,000,733
OROVILLE.
Tax rate (per $1,000) '13
15.00
This city is in Butte County. Incorporated
INTEREST at City Treasurer's office.
Jan. 3, 1906. Population 1910, 3,859.
Levee Bonds (Tax Exempt).
MONROVIA CITY SCH. DIST.
Is
J-J $68,000c
BONDED DEBT April 20 '14
$ 57,750
($2,000 payable annually on July 1.)
Assessed valuation '13
4,150,000
,Sewer Bonds (Tax Exempt).
5s
J-J $108,000e
$3,000 annually
MONROVIA HIGH SCH. DIST.
BONDED DEBT Oct '14
$ 176,000
'10 Sept $121,700c
Is g
Assessed valuation '14 (3-5 act.)
Sept 12 '14-'50
1,820,263
BONDED DEBT April '14
City tax (per $1,000) '14
$ 125,000
18.50
Assessed valuation '13
INTEREST payable at City Treas. office.
4,150,000
INTEREST at County Treasurer's office.
OXNARD.
This city is in Ventura County. IncorMONTEREY.
porated in 1901.
This city is in Monterey County. IncorWater-Works Bonds.
porated as a city of sixth class in 1889. ComIs '12 M-N $100,000c
May 1 '22-'46
mission government went into effect .July 1,
Sewer bonds
1911.
$ 33,625
BONDED DEBT Sept 22 '14
133,625
Municipal Impt. Bonds.
Assessed valuation '14
2,370,687
5s g '09 J-J $131,448c
Jan 2 '15-'51
Tax rate (per 1,000) '14
11.00
BONDED DEBT Sept 23 '14
$ 131,448
Population in 1910
2,555
Assessed valuation '14 (54 act.)
2,650,496
INTEREST on water-works bonds payable
City tax (per $1,000) '13
14.50
at City Treasurer's office.
Population in 1910
4,923
• INTEREST at City Treasurer's office.
PALO ALTO.
This city is in Santa Clara Co. IncorOAKDALE IRRIGATION DIST.
porated July 1, 1909. Population 1910, 4,486.
This district is in Stanislaus County.
Sewer Bonds.
Is
Is '10 j $1,600,000c
July 1 '31-'40
A-0 $24,000c
Oct 1 '15-'38
Is '13 -J
400,000c
Jan 1 '34-'43
Improvement Bonds
Is
BONDED DEBT Sept 21 '14
A-0 $28,000c
$2,000,000
Oct 1 '15-'42
5s
Assessed valuation '14 (1-3 act.)
A-0 60,000c
3,183,660
May 1 '15-'47
Is g '09 J-j 12,600c
60.00
Total tax (per $1,000) '14 (est.)
July 1 '14-'50
5s '11 J-D
.
Population in 1914 (est.)
4,500
27,500c
July 1 '14-'31
Subway Bonds.
INTEREST at District Treasurer's office.
5s '14
J-J
$9,500
.1954
Street Paving Bonds.
OAKLAND.
Is '14
J-J
$25,000
.1954
Oakland is the county seat of Alameda
Water Bonds.
County. Incorporated 1854. Commission gov5s
A-0 $22,000c
July 15 '15-'36
ernment adopted Dec. 8, 1910.
Light and Water Bonds.
Refunding Bonds.
Is '12
$19,000c
1952
4s
g '97 M-S $17,500c
Sept 1 '15-'19
Power-Plant-Impt. Bonds.
McElroy Bonds.
Is '12
$11,200c
1927
454s g '09 Jj $3,016,700c
Jan 1 '15-'50
Oil Pipe Line Bonds.
Municipal Improvement Bonds
5s '12
$2,800c
1927
725,000c
5s '13 F-A
Aug 1 '15-'43
BOND DEBT Sept. 21 '14
$244,600
534s '13 F-A $ 986,000c
Aug 1 '15-'43
Assessed valuation '14-'15
$9,009,572
454s '13 F-A
1,131,000c
Aug 1 '15-'43
(Assessment 3-5 on real estate and 2-5 on
Refunding Bonds.
personal property.)
4s g '97 M-S $80,500c
Sept 1 '15-'37
City tax (per $1,000) '12-'13
$9.50
Sewer Bonds.
INTEREST payable at Bank of Palo Alto.
4545 g '07 J-J $485,512.50c-jan 15 '15-'47
Park Bonds.
PASADENA.
45/as g '07 J-J $818,400c
Jan 15 '15-'47
This city is in Los Angeles County. InSchool and Auditorium Bonds.
corp. June 14, 1886. Resident districts of
45/35 '11 J-D $1,009,357.50c.june 15 '15-'51
San Rafael Heights and Linda Vista annexed
Clawson School Bonds.
to this city Aug. 12, 1914.
Is '14 F-A $26,000c
Aug 1 '15-'29
Electric-Light-Extension Bonds.
Auditorium Bonds.
4s '06
J-J $100,000c
July 1 '14-'46
454s '14 F-A $104,000c
Aug 1 '15-'39
45/a s '08 A-0
42,500c
Apr 1 '15-'48
BONDED DEBT Sept 19 '14....$ 8,319,470
4s '09
M-S
131,250c
Mch 1 '14-'49
Total assessed valuation '13-'14,..l53,845,660
Street-Machinery Bonds.
Real value (est.)
307,691,840
4s '02
J-J
$12,250c
Jan 2 '15-'42
Total tax (per $1,000) '13-'14
30.80
City Hall and Jail Bonds.
Population in 1910 (Census)
150,174
4s '02
J-J
$34,650c
Jan 2 '15-'42
Population in 1914 (est.)
215,000
City Hall Bonds.
*Of the total valuation, $451,400 is exempt
454 g'11 J-D
$21,275c
June 1 '15-'51
from taxation in accordance with State laws
Park Bonds.
$15,666,510 is taxed by the State only, but
and
4s g '02 J-j
$50,000c8zr
Jan 2 '15-22
on this last-named amount the State reim4s '02
J-J
10,000c
Jan 2 '15-'22
burses the city for taxes on interest and reWater Bonds.
demption on bonds sold prior to Nov. 10, 1910.
4s '05 111-N
$19,375c
.May 1 '15-'45
INTEREST on all bonds payable at City
4s '02
J-J
4,200c
Jan 2 '15-'42
Treasurer's office. The McElroy bonds, School
Water-Plant-Purchase Bonds.
and Auditorium bonds and the municipal im454s '12 A-0 $1,250,000
provement, Clawson School and Auditorium
(Due $50,000 yearly beginning Oct 1 '17)
bonds of 1914, can also be paid at National
Sewer Bonds.
City Bank, New York City.
454s '08 A-0 $42,500c
Apr 1 '15-'48
4s '02
J-J
24 500c
Jan 2 '15-'42
Sewer Farm Bonds.
OAKLAND SCHOOL DISTRICT.
.. '02
$3,500
Jan '15-'42
454s '04 J- $720,000
1944
Fire-Department Bonds.
224,000
4.8s '06 J1946
4s'02-I $14,000c
Jan 2 '15-'42
an
BONDED DEBT Oct 6 '14
$
994,000
4s '06
60,000c
1 '14-'46
Assessed valuation '14 (A act.)
135,591.670
454s g '11 16,650c
June '15-'51
School tax (per WOO)'14
8.60
Bridge Bonds.
Population in 1914 (est.)
225,000
454s g '11 J-D $92,500c
June 1 '15-'31
Bonds are exempt from taxation.
Garbage-Incinerator-Plant Bonds.
INTEREST at County Treasurer's office.
454s g '12 M-N $52,000c
May 1 '15-'52
BOND DEBT Sept 1 '14
$1,981,950
ORANGE.
Cash on hand
303,439
Assessed valuation '14 (2-3 acct.). 57,551,665
This city is in Orange County.
City tax (per $1,000) '13-'14
Water Works Bonds.
11.40
Population in 1910 (census)
1951
Ss '11 J-D $48,750
30,291
INTEREST at City Treasurer's office.
40,000
1945
4545 '05 2 •
Sewer Bonds.
PASADENA SCHOOL DISTRICT.
1926
2
Ss '10 . .. $14,000
Includes the City of Pasadena and North
Paving Bonds.
and East Pasadena, Altadena, La Manda
1920
5s '10 • • •. $4,000
Park and Linda Vista School Districts.
Fire Dept. Bonds.
School Bonds.
1921
Is '11 .$4,500
Sept 15 '15-'22
TOTAL BoND DT. April 20 '14-$ 106,650
454s '02 Sept $45,000c
4s 03
2,179,451
Sept
46,000c
Sept 8 '14.'37
Assessed valuation '13
spoo,000 4A s '04 Oct 20,000c
Oct 24 '14-'18
Real value (est.)
$1,000) '13
13.00
M-N 125,000c
4s '06
Mch 12 '15-'39
Total tax (per
140,000c
2,920
Apr 27 1915
Population in 1910
45/a s '08
(Compiled by the Commercial and Financial Chronicle.)
117
454s '11
75,000
1917-1931
5s '14
F-A
90,000
(Due $5,000 yrly. for 15 yrs. beg. after 4
years from issue.)
High-School Buikling Bonds.
454s '11 M-N
475,000c
May 1 '19-'42
BOND DEBT June 1914City School District
$ 548,000
High School District
475,000
Assessed val. '14 (33 to 40% act.) 46,632,150
Tax rate (per $1,000) .1 Gram. sch bds.$1.10
'14-'15
t High sch. bds. .50
Total tax (per $1,000) '14-'15
8.60
INTEREST at County Treasurer's office.
PLUMAS COUNTY.
Quincy is the county seat. All bonds are
tax-exempt.
Refunding Bonds.
4s
1934
A-0 $35,100c
Bridge and Highway Bonds.
4s g '07 A-0 $100,000
Oct 1 '17-'32
(Part every 5 years.)
BOND DEBT Sept 22 '14
$ 135,100
Assessed val. '14 (3-5 act.)
9,398,811
State & Co. tax rate J Inside
(?)
1,000
$16.00
I Outside
Population in 1910
5,259
INTEREST at County Treasurer's office.
POMONA.
This city is in Los Angeles County. In.
corp. Jan, 1888. All bonds tax-exempt. Population 1910, 10,207.
Special Fire Bonds.
Is '13
M-N $15,000c
(Part yearly beg. Nov 1, 1914.)
Special Street Bonds.
5s '13
M-N $75,000c
(Part yearly beg. Nov. 1, 1914.)
Sewer Bonds.
4s '00
J-D $20,250c
1940
Park Bonds.
4s '03
J-D $43,500c
1943
School Bonds.
J-D $33,000c
454s '07
July 1 '15-'47
City-Hall Bonds.
July 1 '15-'49
45/as '09
J J $46,375c
$ 235,450
BOND DEBT June 30 '14
Assessed valuation 1914 (A act.) 8,490,301
rate (per $1,000) '14
16.50
Tax
INTEREST at City Treasurer's office.
POMONA CITY SCHOOL DISTRICT.
1949
$77,000
454s '09
Building Bonds.
1914-1923
$27,000
5s '13
$77,000
BOND DEBT Apr 1914
POMONA CITY HIGH SCHOOL DIST.
1923
$27,000
454s '03
1949
57,000
454s 09
$84,500
BOND DEBT Apr 1914
REDLANDS.
This city is in San Bernardino County.
Incorporated Nov. 1888. Pop. 1910, 10,449.
Water-Works System.
Nov 15, '22-'51
Is g '12 M-N $600,000c
Municipal Improvement Bonds.
July 15 '15-'45
$77,500c
434 g '05 jj
Special Improvement Bonds
$32,500c
Jan 15 '15-'27
J-J
Is g '07
Public Park Bonds.
Aug 1 '14-'22
454s g '07 F-A 1$ 9,000c
Aug 1 '23-'27
/ 10,000c
Mch 1 '15-'51
74,000c
Is '11
M-S
$ 610,000
BOND. DEBT Jan 1 '14
13,460
Sinking fund July 1, 14
9,192.300
Assessed valuation '13 (A act.)
42.20
Total tax rate (per $1,000) '13
INTEREST at office of City Treasurer.
-REDLANDS SCHOOL DISTRICT.
Grammar School Bonds.
1915-1919
$10,000
5s '02
9,000
Sept 15 'l5-'23
Is 02
16,000
May 26 '15-'19
Is '03
Mch 8 '15-'23
9,000
Is '04
Apr 13 '20-'21-'22
5,000
Is '07
Aug 24 '23-'32
55 g '08 Aug 50,000c
High School Bonds.
$36,000
July 17 '15-'23
5s '03
Is g '10 Apr 85,000
1915-1935
BOND. DEBT Sept '14
Grammar School District
$100,000
High School District
121.000
Assessed val. '13 (A act.)
7 719,021
School tax rate (per $1,000) '13
$12.50
INTEREST at County Treasurer's office.
REDWOOD CITY.
This city is in San Mateo County.
Street Light Bonds.
'
55/a s '13 A-OD $5,700
Apr 7 '15-'33
Water Works Bonds.
554s '00 .-. $5,600
1940
Water Works Extension Bonds.
554s'09 .. _ $17,000
1929
Municipal Improvement Bonds.
$82,500
454s'04
1944
Is '10 ...40,375
1950
Paving "fonds.
55'as '12._ . $30,000
BONDED DEBT July 1 '12
$ 150,154
Assessed valuation '12
2,081,965
Tax rate (per $1,000) '12
16.70
Population in 1910
2 442
RICHMOND.
This city is in Contra Costa County. Incorporated Aug. 7, 1905. Population, 1910,
6,802.
Harbor Bonds.
Is '13 J-J $290,000
1914-1952
Improvement Bonds.
55 '13 J-J $270,000c
Jan 1 '15-'23
BONDED DEBT Mar 20 '14
$ 560,000
Assessed valuation '13
15,235,860
(Assessment about 60% act. value)
Total tax (per $1,000) '13
26.65
City tax rate (per $1,000) '13
10.00
INTEREST at City Treasurer's office.
118
CALIFORNIA CITIES AND TOWNS
RIVERSIDE.
This city is the county seat of Riverside
County. Incorporated 1883.
Street Improvement Bonds.
5s'95 s.-an. $47,250c
Aug 1 '15-'35
Electric-Light Improvement Bonds.
5s '95 F-A $21,000c
Aug 1 '15-'35
Steam Power Plant Bonds.
4s g'00 J-D $26,000c
June 1 '15-'40
Fairmont Park Bonds.
Mch 1 '15-'31
43./as g '11 M-S $25,500c
Fire Department Bonds.
Mch 1 '15-'31
4%s g '11 M-S $17,000c
Water-Works-Purchase Bonds
June 1 '15-'53
5s'13 J-D $1,131,000c
BONDED DEBT Sept 30 '14
$ 1,271,000
Floating debt July '14
13,690
10,264,999
Assessed valuation '14 (30% act.)
Total tax tate (per $1,000) '14
43.50
Population in 1910
15,212
INTEREST at City Treas. office & in N. Y.
RIVERSIDE CITY SCHOOL DISTRICT.
All bonds are tax-exempt.
4s g '01 F-A $ 24,000c
1915-1920
5s '08 Feb
32,000c
1915-1922
43/as '10 F-A 250,000c
Aug 3 1920-'39
5s '14 M-S
50,000
$2,000 annually
BONDED DEBT Sept 21 '14....$ 356,000
Assessed valuation '13 (30% act.) 9,659,735
School tax (per $1,000) '13
11.20
Population in 1914 (estimated)
17,000
INTEREST payable at County Treasury.
RIVERSIDE COUNTY.
Riverside is the county seat. All bonds
are tax-exempt.
Highway Bonds.
5g '14 M-N $1,125,000c
May 1 '25-'54
Court
-House Bonds.
4s g '02 M-S $145,000c
Sept 1 '14-'42
BONDED DEBT May '14
$ 1,270,000
Assessed valuation '13 (1-3 act.) 31,984,516
State and county tax I Inside
13.00
(per $1,000)
.. l Outside
19.00
Population in '13.'
1910
34,696
INTEREST on highway bonds at County
Treasurer's office or at Hanover National
Bank, New York; on other bonds at County
Treasurer's office.
SACRAMENTO.
County seat of Sacramento County and capital of State. Re-incorporated April 23, 1863.
Delinquency in payment of original debt.
Commission government adopted Nov. 7, 1911
and went into effect July 1, 1912.
Levee and Sewer (red, any time).
4s g '05 J-J $120,000c
Jan '15-'38
48 g '08 J-J 170,000c
Jan 1 '15-'48
Sewer and Drainage.
43/as'13 .... $185,600
July 1 '15-'53
Electric Distribution.
43/as '14 .... $9,600
Jan 1 '15-'54
Levee Bonds.
4*As '13 J
$751,825
Jan 1 '15-'53
4s '08 J60,000c
July 1 '15-'38
High-School Bonds.
4s '05 J- $155,000c
Jan 1 '15-'45
4s'08 J-J
38,000c
July 1 '15-'33
City-Hall Bonds.
4s'07 J-J $247,500c
July 1 '15-'47
Water-Main Bonds (red, any time).
43/as '13 .. $ 35,500
July 1 '15-'53
4s '03 ..
J-J 106,000c
Jan 1 '15-'41
River Improvement Bonds.
434s
-.. $67,500c
Jan 1 '15-'41
Old bonds outstanding
$
7,100
BONDED DEBT Oct '14
1,953,625
Sinking fund
31,607
Assessed valuation '14 (72% act.). 74,163,100
City tax (per $1,000) '14
14.60
Population in 1910 (Census)
44,696
Population in 1914 (estimated)
75,000
INTEREST on 434% levee bonds at City
Treasurer's office or at Bank of New York,
N. B. A.; other bonds in Sacramento at Capital National Bank.
SACRAMENTO CITY SCHOOL DIST.
4%s'11 J-J $2000,000
(Maturity 20 bonds in 6 years and 10 bonds
every six months thereafter.)
BONDED DEBT Mar '14
$ 200,000
Assessed valuation '13 (3-5 act.) 56,869,230
Population in 1914 (estimated)
71,000
INTEREST at County Treasurer's office.
SACRAMENTO CITY HIGH S. D.
Building Bonds.
4%s'11 FJ $100,000
(Maturity $4,000 in 16 years and $2,000 every
6 months thereafter.)
$ 100,000
BONDED DEBT Mar '14
Assessed valuation '13 (3-5 act.)
56,869,230
INTEREST at County Treasurer's office.
SACRAMENTO COUNTY.
County seat is Sacramento.
Bridge Bonds.
Jan I '17-'48
43/as '08 J-J $225,000c
Court-House and Jail Bonds.
Jan 1 '17-'48
434s'08 J-J $660,000c
Road Bonds.
Jan 1 '17-'48
43/as '08 J-J $600,000c
$ 1,485,000
BONDED DEBT Apr '14
66,825
Floating debt
1,221,234
Value of county property '13
valuation '13 (3-5 act.) 80,057,358
Assessed
12.23
j Inside
State and county
16.70
tax (tier $1,000) 1 Outside
67,806
Population in 1910
SALINAS CITY.
•
This city is in Monterey County. IncorpoFeb. 11, 1903. Population, 1910, 3,736.
rated
Sewer Bonds.
Jan 2 '15-'37
Is '97 J-J $23,000c
City Hall Bonds.
Dec 31 '14-'46
Is g '06 J-D $41,250c
School Bonds.
Jan 2 '15-'39
Is '09 J-J $18,750c
Dec 31 '14-'46
Is '06 J-Ell 12,375c
BONDED DEBT Sept 23 '14
$ 95,375
Assessed valuation '14 (3-5' act.) 2,502,394
Total tax rate (per $1,000) '14
28.70
INTEREST at City Treasurer's office.
SAN BENITO COUNTY.
Hollister is the county seat.
High-School Bonds.
5s
. $24,000
$3,000 yearly
Road Bonds.
..'
5s '12 j $280,000
-J
July 1 '15-'42
BONDED DEBT Sept 22 '14
$ 304,000
Assessed valuation '14 (3-5 act.)
9,091,200
County tax (per 1 Inside
27.00
$1,000) '14
Z Outside
29.00
Population in 1910
8 041
INTEREST at Holister.
SAN BERNARDINO.
This city is located in San Bernardino County. Incorporated 1886.
An amendment to the city charter was
adopted on April 18, 1913 and, subsequently
approved by the Legislature, increasing the
borrowing capacity to 15% of the assessed
valuation. Population 1910, 12,779.
Water Bonds.
4s '03 A-0 $118,175c
Apr 1 '15-'43
4s'03 A-0 48,300c
Apr 1 '15-'43
Improvements Bonds.
-(Tax Exempt.)
s '08 A-0 $93,500c
1915-1948
BONDED DEBT Sept '14
$ 262,725
Assessed valuation S Non operative
4,686,885
'13-'14
Operative
1,258,731
Total tax (per $1,000) '14-'15
32.00
INTEREST is payable at City Treasurer's
office and in New York.
SAN BERNARDINO HIGH S. D.
This district not only includes the city of
San Bernardino, but also adjacent territory.
Is g '14 A-0 $250,000
(Due $5,000 yearly from 6 to 25 years inclusive and $10,000 yearly from 26 to 40
years inclusive.)
BONDED DEBT May '14
$ 250,000
Assessed valuation j Non operative
.
5,648,275
'13-'14
1,393,052
Operative
Real value (estimated)
12,000,000
INTEREST at County Treasurer's office.
SAN DIEGO
This is the county seat of San Diego Co.
Incorporated Jan. 1, 1835. All bonds are taxexempt. All bonds due part yearly. Population 39,578.
Reservoir Bonds.
4Y.g '07 J-D $123,933c
June 1 '15-'45
Sewer Bonds.
434s'03 j
-J $101,500c
July 1 '15-'43
43/as '05 A-0
58,125c
Oct 1 '15-'45
43/as'07 -D
43/as1
42,394c
June 1 '15-'43
4s 07 -D
1,148c
June 1 '15-'17
4,./2s '07 -D
9,334c
June 1 '15-'33
4%s'07 -D
889c
June 1 '15-'16
4s'07-D
27,112c
June 1 '15-'42
434s'04 ....
85,000c
1948
43/as
....
24,050c
1950
43/as
....
2,000c
1918
...
5,900c
1926
43/as•
4%g '11 J-J
68,500c
Jan 1 '15-'48
434s'13 .... 114,000
1952
Refunding Bonds.
45/as '98 J-J- $156,000c
Jan 1915-'38
Fire Department Bonds.
434s '03 .... $26,000c
July 1 '15-'40
4%s'07 .... 52,000c
June 1 '15-'40
434s '12 .. 75,000c
1952
Water Bonds.
4'/as '01 J-J $ 406,000c
July 1 '15-'41
4343 '03 j
-j
144,275c
July 1 '15-'43
43/as '05 A-0
41,850c
Oct 1 '15-'45
43/as '07 J-D
June 1 '15-'47
48,608c
une
4Y '07 J-D
2s
216,891c
1 '15-'45
434g '11 J-J
'4
9 2
313,000c
Jan 1 '15; 58
4%s'12 ....
275,000
434s'1211
1
323,000c
4 Yzs '13 2,447,500c
Jan 1 '15952
1-14
2
5s g '14 705,000
1 '15-'
454s'14 J-J 1,500,000c
July 1 '15-'54
Street Bonds.
4%s'12 .... $51,250c
1952
Boulevard and Road Bonds.
43/ag '07 J-J $56,000c
June 1 '15-'42
Cemetery Road Bonds.
43/as '07 J-D $1,500c
June 1 '15-'17
Concrete Culvert Bonds.
43/as'07 J-D $39,500c
June 1 '15-'41
Park Bonds.
4rAs g
J-J $925,000c
1950
Is g '13 M-S 828,750c
Sept 1 '15-'53
Playground-Purchase Bonds.
1952
43/a5'13 .... $71,250
Wharf and Harbor Bonds.
4 y '11 J-J $950,000c
2g
Jan 7 '15-'51
Municipal Improvement Bonds
1932
43/as '12 J-J $9,000c
$10,341,734
TOTAL DEBT Sept 1 '14
84,993,931
Assessed valuation '14 (Va act.).'
15.70
City tax rate (per $1,000) '14
INTEREST at City Treasurer's office and
New York.
at National Park Bank,
SAN DIEGO SCHOOL DISTRICT.
July '15-'26
4s g '06 July $ 72,000c
July 5 '15-'27
Is '07 July 130,000c
1921-1929
45,000c
43/as '09 s-an
1919-1953
5s '13 A-0 350,000c
$ 597,000
BONDED DEBT Sept '14
Assessed valuation '13 (2-3 act.) 50,356,208
8.00
School tax rate (per $1,000) '13
INTEREST at County Treasurer's office.
SAN DIEGO HIGH SCHOOL DISTRICT.
Sept '15-'25
5s g '05 M-S $ 99,000c
Feb 6 '17-'51
200,000
5s '11 Feb
$ 299,000
BONDED DEBT Sept '14
Assessed valuation '13 (2-3 act.) 50,356,280
8.00
School tax rate (per $1,000) '12
INTEREST at County Treasurer's office.
(Compiled by the Commercial and Financial Chronicle.)
SAN DIEGO COUNTY.
San Diego is the county seat.
Highway Bonds.
Oct 1 '15-'49
4Y2g 09 A-0 $1,095,000c
$ 1,095,000
BONDED DEBT Oct '14
Sept '14
50,329
Sinking fund
Assessed valuation '14 (40% act.) 75,780,118
Inside
11.90
State and county tax j
18.50
(per $1,000) '14... l Outside
61,665
Population. in 1910
INTEREST at County Treasurer's office.
SAN FRANCISCO.
San Francisco is in San Francisco County.
Financial statement given below is for both
city and county.
At an election held Dec. 10, 1912, 17 amendments to the city charter were adopted.
An agreement has been reached between
the city and the Spring Valley Water Co. on
a an of condemnation proceedings.
The Board of Supervisors on Jan. 5, 1914,
passed an ordinance formally accepting the
water supply and power rights in the HetchHetchy Valley, granted in the bill passed by
Congress in 1913.
The $5,000,000 5% exposition bonds given
in table below are not figured in the 15% debt
limit. These bonds were voted Nov. 15, 1910.
See remarks under State of California for constitutional amendments giving authority to
issue these and other bonds.
On Aug. 26, 1913 the voters authorized the
issuance of $3,500,000 municipal-railway-system
'
bonds. Up to March 20, 1914, $1,802,500 had
been disposed of.
Golden Gate Park Bonds.
15- 44
July 1' '
33/as '04 J-J $246,000c
Bonds.
22
July 1 '15-'
33/as '04 J-j $328,800c
Park Bonds.
July 1 '15-'44
33/as '04'J-J $219,000c
Playground Bonds.
July 1 '15-'44
%s
33/as '04 J-J $555,000c
Bonds.
July 1 '15-'32
5s '08 J-J $1,800,000
Hospital-Jail Completion Bonds.
Apr 1 '16-'37
45/a '13 A-0 $629,000
Sewer Bonds.
July 1 '15-'54'
5s '08 J-J $3,629,000c
8,000c
3%s'04 ....
Polytechnic High-Schocl Bonds.
July 1 '14-'37
$575,000c
43/as'10
Fire-Protection Bonds.
July 1 '16-'55
5s '08 J-J $5,200,000c
Garbage Disposal Bonds.
July 1 '15-'30
Is '08 J- $672,000c
Schoo Bonds.
'14-'16
785,400c
3I/as'04 jj $
j ll y '15-'38
Ju
4,800,000c
Is '08 J
Street Bonds.
July 1 '15-'19
33/as '04 J-J $506,250c
City Jail and Hall of Justice July 1 '15-'20
33/as'04 J J $104,400c
July 1 '15-'31
Is '08 J-J 850,000c
Water-Supply Bonds.
Jan 1 1915
43/as '10 J $ 100,000
1920-1964
-j 1,212,000c
4%s'10 j
Geary Street Ry. Bonds.
July 1 '15-'34
43/as '10 J-J $1,900,000c
'Market Street Ry. Bonds
4 Y2s'10 . . $69,000
Union Street Ry. Bonds
Dec 1 '17-'51
5s g '13 J-D $1,802,500c
Exposition Bonds.
5s '12 M-N $5,000,000
(Payable $200,000 yearly beginning May 1 '17)
City-Hall and Civic-Centre Bonds. '17-'60
July 1
Is '12 J J $7,480,000c
Special bonds made payable by statute from
lands benefited:
taxes on
$1,579,000
Montgomery Ave. bonds
Dupont Street bonds, 7s, amount
outstanding
Both the Dupont St. and the Montgomery
default, but
Ave. bonds have long been in municipality.
they were not obligations•of the
brought
Holders of Montgomery Ave. bonds
value
suit against the State to recover the face Suand interest aggregating $2,000,000. The
holds that the State is not liable.
perior Court
Appeal was taken, which up to March 25,
1914, was still pending.
INTEREST is payable in gold in San Francisco.
TOTAL DEBT. SINKING FUNDS, etc.
Oct. 31 '13
Mar. 20 '14
$34,997,600
Total bonded debt..$39,485,100
36,488
592,433
Sinking funds
$34,961,112
$38,892,667
Net debt
-The following is a
CITY PROPERTY.
description of the property owned by the
City and County of San Francisco, as transmitted to the State Comtroller by direction
of the Board of Supervisors Oct. 13, 1913.
The water, gas and electric-light plant are
not owned by the city:
Park reservations, public squares
and improvements
-$33,543,000
Fire department, lots and improvements, apparatus, etc.
3,930,130
Police department, lots, improve
ments and furnishings
342,100
Auxiliary fire-alarm system
5,496,000
City Hall, Hall of Justice, co ty
jails,. hospitals, amshouses, Ulnots
and improvements and furniture 5,751,300
Channel St. lots from 9th to 18th
610,000
streets
,
School lots, improvements,,libraries,
12,963,520
furniture etc.
Garbage system
684,75
1,240,44(
Hetch-Hetchy lands
County-line Water Co., lands and
property
_ 30,000
1,616,625
Geary Street railway
5,700,000
Civic Centre lands
Total
$71,907,871
119
CALIFORNIA CITIES AND TOWNS
SAN FRANCISCO-Concluded.
ASSESSED VALUATION AND TAX
RATE.
-Property is assessed at about 50%
of its actual value. Assessment decreased in
1906, owing to earthquake.
1912-13.
1913-14.
$461,282,132 $447,777,237
Real estate
62,652,079
64,965,404
Personal
$526,247,536 $510,429,316
Total
20.50
22.42
Tax (per $1,000)
for city and county purposes for
Tax rate
1913-'14 is $20.20 and for State purposes
$0.42 per $1,000 of valuation.
The amount of taxes levied in 1913-'14 for
city and county purposes was $11,577,445.79;
for State purposes, $221,023.96; total amount
of taxes, $11,798,469.75. •
-In 1910 (Census), 416,POPULATION.
912; in 1900 (Census), 342,782; in 1890,
298,997; in 1880, 233,959; in 1870, 149,473.
SAN JOAQUIN COUNTY.
Stockton is the county seat.
Highway Bonds.
1949
5s g '09 J-J $1,750,000c
$ 1,750,000
BONDED DEBT Mar '14
valuation '14 (3-5 act.) 60,638,988
Assessed
14.50
State and County tax 5 Inside
18.50
(per $1,000) '14.... f Outside
50,731
Population in 1910
at County Treasurer's office
INTEREST
or at office of Kountze Bros., New York.
SAN JOSE.
This city is in Santa Clara County. Incorporated 1850. Bonds tax-free. An election held November 2, 1911, favored annexing
East San Jose to this city. In December,
1912, Port San Jose was annexed.
Municipal Improvement Bonds.
Apr 1 '15-'46
45 g '06 A-0 $172,000c
High School Bonds.
June 1 '15-'37
,
4 As g J-D $43,125c
Sewer Bonds.
June 1 '15-'37
4%s g J-D $23,000c
Feb 1 '15-'52
4%s'12 F-A 95,000
City-Hall and Fire Bonds.
Aug 1 '15-'47
45"s g F-A $123,750e
Park Bonds
Feb 1 '15-'52
,
4 As'12 F-A $104,500
Fire and Police Department Bonds.
Feb 1 '15-'52
,
4 As '12 F-A $57,000
Incinerator Bonds.
Feb 1 '15-'52
4s'l2 F-A $47,500
Bridge and Creek Bonds.
Feb 1 '15-'52
4"As '12 F-A $52,250
Station Bonds.
Feb 1 '15-'52
•I'As '12 F-A $1,900
East San Jose Bonds (Assumed).
5s '09 .... $54,000
(Payable part yearly for 40 years.)
$ 772,525
BONDED DEBT Jan 1 '14
24,177,405
Total assessed valuation '13-'14
(Assessment 60-70% actual value.)
12.40
City tax rate (per $1,000) '13
28,946
Population in 1910
INTEREST at City Treasurer's office.
SAN JOSE SCHOOL DISTRICT.
Jan 1 '15-'47
4s g '07 Jan $189,265c
May 1 '15-'43
5s '08 M-N 29,000c
$ 219,000
Apr '14
BONDED DEBT
23,640,756
Assessed valuation '13 (3-5 act.)
at County Treasurer's office.
INTEREST
HIGH SCHOOL DISTRICT.
SAN
Jan 1 1927
an
Jan $127,000
4s
May 1 '15-'28
14,000c
5s'08 i•N
33,000
$
BONDED DEBT Apr '14
23,640,756
Assessed valuation '13 (3-5 act.)
.65
School tax rate (per $1,000) '12
INTEREST at County Treasurer's office.
SAN LUIS OBISPO.
This city is in San Luis Obispo County.
Water Bonds.
1939
5s'99 .•.. $56,000
Sewer Bonds.
1939
5s'99 .... $26,100
Improvement Bonds. ,
1949
'09 .... $171,000
5s
$ 142,000
BONDED DEBT May 15 '13
3,382.243
Assessed valuation
23.30
Tax rate (per $1,000) '11
5,157
Population in 1910
INTEREST at City Treasurer's office.
SAN LUIS OBISPO COUNTY.
San Luis Obispo is the county seat. Bonds
tax-free. Population, 1910, 19,383.
Wharf (Red. after 10 yrs. from issue).
July 1 '15-'30
5s g '06 July $32,000c
July 1 '15-'35
42,000c
5s g '06
BONDED DEBT Sept 24 '14....$• 74,000
18,338,866
Assessed valuation '14-'15
16.20
State and county tax I inside
22.00
(per $1,000) '14.. 1 Outside...,
INTEREST at County Treasurer's office.
Itily
SAN MATEO COUNTY.
Redwood City is the county seat.
Highway Bonds.
July 1 '17-'42
5s '13 J-J $1,250,000
Court-House Bonds.
Sept 1 '14-'46
M-S $135,397c
4s g '06
$ 491,500
BONDED DEBT July 1 '13
Assessed valuation 1329,479,940
10.50
State and county tax i Inside
16.50
tax (per $1,000).... 1 Outside...,
26,585
Poulation in 1910
Treasurer's office.
NTEREST at County
SANTA ANA.
This city is in Orange County. Incorporated June 1, 1886. Bonds tax-free. Population 1910, 9,800.
Water Bonds.
Feb 1 '15-'45
5s '05 F-A $77,500r
1931
Mar 1
18,000
/
41 is '11 M-S
1915-1954
63,000.
'14 s-a
5s
I
Sewer Bonds.
Apr 1938
4%s '98 .... $40,625c
City Hall.
Nov 1924
43.4s'04 .... $11,000r
School Bonds.
Nov 1915
4%s '04 .... $3,000
Fire Bonds.
1915-1938
5s '14 s-a $12,000
$ 152,625
BONDED DEBT Apr 28 '13
6,417,800
Assessed value (35% act.) '12.
City tax (per $LOW) '12
12.00
INTEREST payable at Treasurer's office.
SANTA BARBARA.
Santa Barbara is in Santa Barbara County.
Incorporated March 9, 1874.
Main Sewer Bonds.
45/2s g '03 F-A $10,150c
Aug 1 '15-'43
Bridge Bonds.
4%g '03 F-A $14,500c
Aug 1 '15-'43
High-School Bonds.
5s '01 Jan $40,500c
Jan 10 '15-'41
Oak Park Bonds.
Aug 15 '15-'44
4"As '04 F-A $11,250c
Water Bonds.
July 1 '15-'41
,
4 As '01 JJ $ 42,000c
Aug 1 '15-'43
4./,s '03 F-A 145,000c
Water Works Extension Tunnel.
Sep 1 '15-'48
4%s'08 M-S $170,000c
Oct 1 '15-50
4%s '10 A-0 180,000c
Mission Tunnel.
Nov 1 '15-'33
M-N $116,000
5s
Boulevard Bonds.
Sept 3 '15-'47
4% '07 M•S $42,500c
Aug I '15-43
36,250c
4% '03 F-A
Street Bonds.
July 1 '15-'49
45/2s '09 J-J $37,625c
$ 868,325
BONDED DEBT July 1 '14
27,749
Sinking fund
Assessed valuation '13 (3-5 act.) 9,893,030
14.00
City tax rate (per 5 inside
12.60
$1,000) '12-'13... 1 Outside
Population in 191011,659
INTEREST on water works extension tunnel and street bonds at Kountze Bros., N. Y.
and City Treasurer's office; other bonds at
City Treasurer's office.
SANTA BARBARA COUNTY.
Santa Barbara is the county seat.
Road Bonds.
July '15-'31
-j
6s '1 1 j $34,000c
6s '11 A-0 75,000c
. •$5,000 yearly
.July 22 '15-'32
6s '12 ann 45,000c
...July 1915-30
6s 13 ann 34,000c
County has no general bonded debt.
$ 188,000
6 '14
Road dist. debt Oct
Assessed valuation '14 (70% act.) 29,154,461
16.00
State and county tax i Inside
20.00
(per $1,000) '14.. 1 Outside
27,738
Population in 1910
INTEREST at County Treasurer's office.
SANTA CLARA.
This town is in Santa Clara County. Incorporated March 6, 1872. Pop'n 1910, 4,348.
Gas Bonds.
Jan I '15-'40
5s '00 J-J $19,500c
Water, Light and Power Bonds.
May 1 '15-'47
4%s '07 M-N $17,325c
Sewer Bonds.
4s
4/ '07 M-N $24,750c
May 1 '15-'47
Water Bonds.
5s '95 M-N $31,500c
May I '15-'35
School Bonds.
5s g '05 J-J
Jan 2 '15-'45
$38,750
412s '07 NI-N
May 1 '15-'47
675
'12
58,500
5s
Fire Apparatus Bonds.
$5,362.50
5s '12
$ 205,691
BONDED DEBT May 1 '14
impt. bonds (included)
9,328
Local
..
Assessed valuation '14 (3-5 act.).... 2,417,553
tax rate (per $1,000) '14....
Total
14.75
INTEREST payable at Treasurer's office.
SANTA CLARA COUNTY.
San
BONDJoseis the county seat.
4s '07 an $300,000c
1947
$ 300,000
ED DEBT Apr '14
Assessed valuation '13
80,072,624
State and county tax J Inside
11.50
(Per $1,000) '13.. 1 Outside
15.60
Population in 1910
83,538
INTEREST at County Treasurer's office.
SANTA CRUZ.
This city is in Santa Cruz County. Commission government adopted Jan. 31, 1911. City's
liability on Water Co. bonds assumed by it
sustained by U. S. Circuit Court of Appeals
on Jan. 13, 1913.
Wharf and Bridge Bonds.
5s '14 J-J $182,000c
Jan 15 1954
Refunding Bonds.
4s '94 Apr $189,000c
1934
Water-Plant Purchase Bonds.
5s '13 F-A $220,000
Feb 1 1930
$ 591,000
BONDED DEBT Apr 1 '14
Assessed val. '13 (abt. 1-3 act.)
7,286,555
Total tax rate (per $1,000) '13
14.80
Population in 1910
11,146
INTEREST at City Treasury.
SANTA CRUZ HIGH SCHOOL DIST.
Building Bonds.
Mar 25 '19-'50
5s g '14 M-S $160,000c
$ 160,000
BONDED DEBT Sept '14
Assessed valuation (real and pers.) 7,588,800
Real valuation between $15,000,000 20,000,000
12,000
Population in 1914 (estimated)
INTEREST at County Treasurer's office
in Santa Cruz.
SANTA CRUZ SCHOOL DISTRICT.
Building Bonds.
Mar 25 '15-'54
g'14 M-S $80,000c
5s
$ 100,000
BONDED DEBT Sept '14
valuation (real and pers.) 7,588,800
Assessed
Real valuation between $15,000,000 & 20,000,000
12,000
Population in 1914 (estimated)
INTEREST at County Treasurer's office in
Santa Cruz.
(Compiled by the Commercial and Financia Chronicle.)
SANTA MONICA.
This city is in Los Angeles County. Incorporated Nov. 20, 1886; chartered 1907.
Purchase of local water plant is proposed.
Sewer and Incinerator Bonds.
Nov 1 '15-'47
5s '07 M-N $132,000
Fire Apparatus (part yearly).
1941
5s '06 .
$15,000
Crematory Bonds (part yearly).
1926
$7,500
5s'06 .
Storm-Drain Bonds (part yearly).
1934
5s '06 .... $11,500
Sewer Bonds (part yearly).
1937
6s'97 .... $26,000
1943
5s'06 .... 32,000
City-Hall Bonds (part yearly).
1937
5s '02 .... $26,000
Bridge Bonds (part yearly).
1927
5s '02 .... $16,000
1919
4,000
5s '06 .
1936
' ....
Ss
$ 273,000
BONDED DEBT Sept 19 '14
15,747,455
Assessed valuation '14 (% act.)
14.00
Tax rate (per $1,000) '14
7 847
Population in 1910
SANTA MONICA CITY SCHOOL DIST.
Nov 7 1915
454s 05 .... $ 8,000
June 21 1915
454s'06
8,000
.1918-1932
5s '08 M-N 30,000
Apr 1 '17-'29
25,000
'
5s g p A-0
Oct 1 '17-'52
BONDED DEBT Sept 21 '14
INTEREST at County Treasurer's office.
SANTA MONICA HIGH SCHOOL DIST.
Polytechnic High-School Bonds.
Apr 1 '17-'51
5s g '11 A-0 $200,000
High-School Bonds.
5s '12 A-0 $70,000
Oct 1 '17-'52
$ 270,000
TOTAL DEBT Sept 21 '14
11,342,155
Assessed valuation
payable at County Treasury.
INTEREST
SANTA ROSA.
This city is in Sonoma County. Incorporated in 1872.
Water Bonds.
1915-1925
4s'95 Jan $82,500c
1915-1925
4s '05 Jan 62,500c
Sewer Bonds.
1915-1925
4s '05 Jan $56,000c
Fire-Engine Bonds.
1914-1925
4s '05 Jan $1,000c
$ 242,100
BONDED DEBT March '14
Assessed valuation '13-'14 (3-5 act.) 6,429,885
14.00
Total tax rate (per $1,000) '13
7,817
Population in 1910
at Cy. Tr. of. and Un. Tr. & Sgs Bk.
INT.
SANTA ROSA-COURT HOUSE SCHOOL
DISTRICT.
High School Bonds.
1951
55'11 A-0 $80,000
Grammar School (Part yearly).
July 1 1925
$24,000
4%s .
BONDED DEBT April 28 '14
$80,000
High School District
24,000
Grammar School District
SAUSALITO.
This town is in Mann County.
Water Bonds.
Jan 15 '15-'49
.
5s '09 J-J $87,500c
$ 87,500
BONDED DEBT an '14
Assessed valuation '13-'14 (3-5 act.) 2,061,150
13.70
Total tax rate (per $1,000) '13
2,383
Population in 1910
, SIERRA MADRE.
This city is in Los Angeles County.
Water-Works Bonds (part yearly).
5s '10 s-an $ 40,000c
5s '11 s-an 111,000c
1929-195
5s '12 s-an
75,000c
20,000c
5s '13 s-an
5a'13 J-D 111,000c
20,000c
5s'13 s-an
5s
.... 36,000
$ 171,000
BONDED DEBT April '14
/
.
Assessed valuation '13 (1 4 act.) . . 1,575,000
15.00
City tax rate (per $1,000) '13
1,303
Population in 1910
INTEREST at City Treasurer's office.
SOLANO COUNTY.
Fairfield is the county seat.
Court-House Bonds.
.. .Dec 1 '15-'34
Sag '09 .... $200,000c
$ 210,000
BONDED DEBT March '14
25,406,952
Assessed val. 13 (65% act.)
13.00
State & Co. tax rate i Inside
17.00
(per $1,000) '13 1 Outside
27,559
Po ulation in 1910
office.
NTEREST payable at County Treas.
SONOMA COUNTY.
Santa Rosa is the county seat.
Court-House Bonds (Tax-Exempt).
June 30 '14-'42
4'A g '07 June $268,000e
$ 268,000
BONDED DEBT March '14
40,781,686
Assessed valuation '13
12.00
State & Co. tax I Inside
16.00
(per M) in '13 1 Outside
48,394
Population in 1910
INTEREST payable at County Treas. office.
SOUTH PASADENA.
This city is in Los Angeles County.
Bridge Bonds.
4%s'11 ... $28,000
Fire Prot, Paving and Cy.
-Yard Bonds.
5s g '14 J-J $50,000c
Jan 2 '15-'54
Sewer Bonds.
5s g '14 J-J $120,000c
Jan 2 '15-'54
BONDED DEBT Sept 21 '14
$ 198,000
Assessed val. '14 I Non-operative
5,792,415
1 Operative
644,720
Tax rate (per $1,000) '14
15.00
Population in 1910
4,649
INTEREST at City Treasurer's office.
120
CALIFORNIA
-OREGON
SOUTH SAN JOAQUIN IRR. DIST.
A district in San Joaquin County. The
bonds of 1914 are part of an issue of $790,000.
Irrigation Bonds.
5s'10 J-J $1,875,000c
July 1 '31-'40
Ss '13 J-J 1,170,000c
Apr 18 1943
(Bonds are subject to call at any interest
time by mutual agreement.)
Reservoir-Construction Bonds.
Ss'14 J-J $790,000
July 1 '34-'43
BONDED DEBT April '14
$3,835,000
Assessed valuation, real, '13
3,000,000
(Assessment about 30% actual value.)
Total tax rate (per $1,000) '12
$40.00
INT. at Dist. Treas. office in N. Y
STOCKTON.
Stockton is in San Joaquin county. Incorporated Aug. 5, 1850. Population 1910, 23,253.
Sewer Bonds.
4s
$35,100
Sept 1 '40
4s
31,000
Nov 1 46
Street-Improvement Bonds.
5s g'06 F-A $154,275c
Feb 1 '47
BONDED DEBT April 1 '14
$ 222,375
Assessed valuation 13 (2-3 act.) 26,269,804
City tax rate (per $1,000) '14
15.00
INTEREST at First National Bank.
STOCKTON SCHOOL DISTRICT.
(Part due each year.)
6s '11 M-N $72,000c
1936
5s
July $52,500c
July 1 '15-'21
(Part due yearly on July 1.)
•
High-School Bonds.
5s'13 J-J $98,000c
Grammar-School Bonds.
5s'13 J-J $498,000c
(Fart due yearly on July 1.)
TOTAL BOND.
March '14...$ 720,500
Assessed valuation '14 (3-5 act.).. 22,177,155
School tax (per $1,000) '14
9.00
INTEREST at Stockton Savings Bank.
DT.
SUTTER CO. LEVEE DIST. No. 1.
This district (P. 0. Yuba City) is in Sutter
County.
6s'08 s-a $230,000c
1933
6s'10 s-a 100,000c
1935
BONDED DEBT March '14
$ 330,000
Assessed valuation '13 (40% act.)
3,105,220
Tax rate (per $1,000) '13
45.00
TULARE.
This city is in Tulare County.
The voters in February, 1913, defeated a
proposition to purchase local water company
for $44,000.
Water Bonds.
Dec 1 '17-'49
5s g'12 J-D $100,000c
Municral-Improvement Bonds.
Dec 1 '14-'28
$7,500c
Sag '12 -D
Dec I '14-'32
1,900c
Sag'12 -D
$ 186,000
BONDED DEBT May '13
1,407,620
Assessed valuation '12
16.00
Tax rate (per $1,000) '12
2,758
Population in 1910
INTEREST at City Treasurer's office.
TURLOCK.
This city is in Stanislaus County.
Sewer Bonds.
5s '09
$25,650
5s '10
9,750
Water Bonds.
5s '09
.$24,700
5s '10
14,625
Water and Sewer Bonds.
. '12
$25,000
BONDED DEBT April 1 '12
Assessed valuation '12
Total tax rate (per $1,000) '12
Population in 1910
1949
1920
$ 74,725
1,113,045
13.70
1,573
TURLOCK IRRIGATION DIST.
This district (P. 0. Turlock) is in Stanislaus County.
5s '02 J-I $1,156,000c
July 1 '22-'41
5s '05 j
-j
200,000c
Jan 1 '26-'35
5s'10i100,000c
July 1 '31-'40
5s'111040400c
1932-1941
BONDED DEBT May '14
$ 2,396,400
Assessed valuation '13 (45% act.) 10,099,470
District tax rate (per $1,000) '13
35.50
Population in 1913 (est.)
16,000
INTEREST at Commercial Bank, Turlock.
VALLEJO.
This city is in Solano County. Incorporated
March 30, 1868. Commission government
adopted Feb. 21, 1911.
Refunding Bonds.
5s '95 F-A $16,800c
Aug 1 '15-'35
Water Bonds.
5s'02 M-N $36,000c
May 1 '15-'22
5s '05 M-N 49,500c
May 1 '15-'25
5s'08 M-S 55,000c
Sept 1 '15-'25
5s g 11... 76,053c
Jan 1 '15-'31
Harbor-Improvement Bonds.
5545'14 M-N $142,000
May I '15-'35
BONDED DEBT April 23 '14....$ 248,600
Assessed valuation '13 (3-5 act.)... 5,525,108
17.50
City tax rate (per $1,000) '13
11,324
Population, 1910
INTEREST at City Treasurer's office.
VALLEJO HIGH SCH. DIST.
1914-1935
5s'10 s-an $54,000c
$ 54,000
BONDED DEBT March '14
Assessed valuation '13 (65% act.) 4,425,672
5.70
School tax rate (per $1,000) '13
13,000
Population in 1913 (estimated)
INTEREST at County Treasurer's office.
VAN NUYS GRAM. SCH. DIST.
A district in Los Angeles County.
Building Bonds.
5s '12 Feb $50,000
TOTAL BOND. DT. April 1 '14...$ 50,000
4,486,340
Assessed valuation '13
VAN NUYS HIGH SCH. DIST.
1915-1954
534s '14 s-an $120,000
VENICE.
This city is in Los Angeles County. InFeb. 17, 1904.
corporated
BONDED DEBT March '14
$
68,000
Sinking fund
2,136
Assessed valuation '13 '14
11,716,659
(Assessment about 60% actual value.)
$10.00
City tax (per $1,000) 13
Population in 1914 (es •)
6,500
STATE OF OREGON.
•
ITS
DEBT, RESOURCES, ETC.
Organized as a Territory (Act Aug. 14 1848)..Aug. 14 1848
Admitted as a State (Act Feb 14 1859)
Feb. 14 1859
Total area of State (square miles)
96,030
State CapitalSalem
Governor (term expires in January 1915)
Oswald West
Secretary of State (term expires Jan. 2 1917) B. W. Olcott
Treasurer( term expires Jan. 2 1915)
T. B. Kay
LEGISLATURE meets biennially in odd years on the second
Monday in January, and there is no limit to length of sessions; but
members of the Legislature can draw pay only for 40 days' services in
the aggregate.
.HISTORY OF DEBT.
-For the early history of Oregon's State
debt see Commercial and Financial Chronicle's "State and City Supplement" of April, 1893, page 146.
Today Oregon has no bonded debt.
On Jan. 1, 1914, the amounts held in the irreducible trust funds
were as follows: School fund,. $6,405,950.64; Agricultural College
fund, $202,113.99; and University fund, $103,635.96. On the same
date the cash on hand amounted to $710,314.14.
VALUE OP TAXABLE PROPERTY AND TAX RATE.
Taxable Tax per
Taxable Tax per
Years
Property
$1,000 Years
Property
$1,000
1913
$954,282,374
$4.36 1903
$173,559,889
$7.06
1912
905,011,667
1.20 1902
148,099,602
5.13
1911
890,644,1643.44 1900
117,804,874
5.70
1910
844,887,708
1.64 1895
144,445,426
4.80
1909
694,727,632
2.20 1890
114,077,788
4.34
1908
598,133,963
2.13 1885
77,188,694
110
1907
581,558,918
1.98 1880
48,483,174
7.00
1906
427,379,978
.
2.39 1875
41,436,086
...
1904
I
•
DEBT LIMITATION.
-Constitutional inhibitions as to the' &cation of debt are all found in Article XI., sections 5 to 10 inclusive, of
the Constitution of 1857. We quote these sections in full.
SECTION. 5.
-Restrictions upon Municipal Corporations.
-Acts of
Legislative Assembly incorporating towns and cities shall restrict their
power of taxation, 'borrowing money, contracting debts and loaning
their credit.
SECTION 6.
-State not to be Stockholder in Company.
-The Statt
or
shall not subscribe to . be interested in the stock of any company,
association or corporation.
SECTION 7.
-Credit of State not to be Loaned-Limitation upon
-The Legislative Assembly shall not lend
Powers of Contracting Debts.
credit of the State nor in any manner create any debt or liabilities
the
which shall singly or in the aggregate, with previous debts or liabilities,
exceed the sum of fifty thousand dollars, except in case of war or to
repel invasion or suppress insurrection, or (according to an amendment of 1912) to build and maintain permanent roads; and the
Legislative Assembly shall not lend the credit of the State nor in any
manner create any debt or liabilities to build and maintain permanent
(Compiled by the Commercial and Financial Chronicle.)
1949
1920
INTEREST at First National Bank, Venice.
VENICE CITY SCHOOL DIST.
Building Bonds.
$92,000
5s
BONDED DEBT April '14
$ 102,000
Assessed valuation '13
7,334,000
INTEREST at County Treasurer's office.
VENICE UNION HIGH S. D.
Building Bonds.
Aug 1 '19-'52
5s'13 F-A $250,000
VENTURA COUNTY.
Ventura is the county seat.
Court-House Bonds.
Feb 1 '15-42
5s g '12 F-A $140,000c
Bridge Bonds.
Feb 1 '15-42
5s '11 F-A $252,000c
BONDED DEBT Sept 20 1914...$ 392,000
Assessed valuation '14 (3-5 act.)... 30,971,620
13.00
State & Co. tax 5 Inside
16.00
(per $1,000)'13 1 Outside
18,347
Population in 1910
INTEREST at County Treasurer's office.
VENTURA UNION HIGH S. D.
Building Bonds.
5s g '11 J-J $66,000c
1915-1936
BONDED DEBT Sept 20 '14
$ 66,000
Assessed valuation '14-'15 (3-5 act.) 7,455,535
School tax rate (per $1,000) '14-'15
3.40
6,000
Population in 1913 (est.)
INTEREST at County Treasurer's office.
VISALIA.
County seat of Tulare County. Incorporated
Feb. 27, 1874. Bonds are taxable.
School Bonds.
July
1937
6s
$5,750c
Sewer Bonds.
J-J $54,000c
1940
5s
Sewer, Bride and City-Hall Bonds.
j- $128,100c
1948
5s
BONDED DEBT Sept 21 '14
$ 187,850
Assessed valuation '14 (3-5 act.)
3,608,335
Total tax rate (per $1,000) '14
14.40
Population in 1910
4,831
INTEREST at First Nat. Bank, Visalia.
VISALIA HIGH SCHOOL DIST.
5s '12 .... $19,000
6s'10 .. . 50,000
WHITTIER.
City is in Los Angeles County. Incorporated
Feb. 21, 1898.
Water-Works Bonds.
5s g
J-J $25,000c
an 1 '15-'39
5s g '05 3 D
June 1 '15-'45
85,250c
5s
M-S
ch 1 '15-'40
3,250c
Sewer Bonds.
5s '09 A-0 $96,250c
June 1 '15-'49
Fire and Reservoir.
5s
A-0 $3,500c
Apr 1 '15-'42
BONDED DEBT Sept 30 '14
$ 213,250
Floating debt
5,126
Sinking fund
21,539
Assessed valuation '14 (% actual). 3,986,631
City tax rate (per $1,000) '14
16.10
Population, 1910
,
INTEREST at City Treasurer's office
roads which shall singly or in the aggregate," with previous debts or
liabilities incurred for that purpose, exceed two per cent of the assessed
valuation of all the property in the State; and every contract of
indebtedness entered into or assumed by or on behalf of the State in
violation of the provisions of this section shall be void and of no effect.
SECTION 8.-State not to Assume County Debt, Except in What
Case.
-The State shall never assume the debts of any county, town
or other corporation whatever, unless such debts shall have been
created to repel invasion, suppress insurrection or defend the State
in war.
SECTION 9.
-Prohibition upon Municipal Corporations.
-No county,
city, town or other municipal corporation, by vote of its citizens or
otherwise, shall become a stockholder in any joint-stock company,
corporation or. association whatever or raise money for or loan its
credit to, or in aid of, any such company, corporation or association.
SECTION 10
-Limitation upon Powers of County to Contract Debts.
-No county shall create any debts or liabilities which shall singly or
in the aggregate, with previous debts or liabilities, exceed the sum .of
five thousand dollars, except to suppress insurrection or repel invasion,
or (according to constitutional amendment of 1910) to build and maintain permanent roads within the county; and debts for permanent
roads shall be inctirred only on approval of a majority of those voting
on the question, and (according to an amendment adopted in 1912)
shall not either singly or in the aggregate with previous debts and
liabilities incurred for that purpose, exceed two per cent of the assessed
valuation of all the property in the county.
It will be seen from the above that the power to limit the indebtedness of municipalities has been relegated to the Legislative Assembly.
In 1903 the Legislature, acting under this authority, passed the following Act, Section 2722 of Bellinger & Cotton's Annotated Codes and
Statutes:
The common council (of cities and towns) shall not in any manner
create any debt or liability which shall singly or in the aggregate
exceed the sum of two thousand five hundred dollars without first
obtaining authority from the Legislative Assembly of this State to
contract a debt or liability in excess of said sum.
The above limitation does not apply to bonds issued in anticipation
of the collection of street and sewer assessments under the authority
of any charter of any city of 2,500 or more inhabitants. See sections
2727 to 2735 of the Annotated Codes and Statutes.
As regards school districts, the general school law as amended by
the State Legislature in 1901 (Bellinger & Cotton's Code, section 3389,
paragraph 31) gives permission to school boards to issue bonds (prescribing the method) without special legislation, but stipulates that
"in no case shall the aggregate of bonded debt in any school district
exceed five per centum of the value of the taxable property of any such
district." Further provision is made (Section 3415 of the Code) that
the indebtedness of districts of the first class (those having over 1,000
children of school age) located in cities of over 75,000 inhabitants shall
never exceed $100,000
-the 5% limit mentioned above applying to all
districts of under 75,000 inhabitants.
-No legislation has been
TAXATION OF MUNICIPAL BONDS.
enacted, we were advised Dec. 12, 1911, by the Board of State Tax
exempting from taxation bonds or other obligations
Commissioners,
of the State or its counties and municipalities.
-The population of Oregon has been
POPULATION OF STATE.
as follows in the years named:
13,294
313,76711870
90,92311850
1910
672,765 1890
174,76811860
1900
413,536 1880
52,4651
OREGON CITIES AND TOWNS
ALBANY.
•
This city is in Linn County.
June 1 1915
J-D $20,000
6s
Refunding Bridge & Sewer Bonds.
1923
A-0 $75,000c
5s
Sewer Bonds.
Jan 1 1928
-J $18,000
Ss '13 j
(Subject to call after Jan 1 1923.)
$ 113,000
BONDED DEBT July 1913
123,043
Paving bonds (add'1)
46,642
Warrants outstanding
7,200
Sinking fund
3,527,850
Assessed valuation 1912
7,000,000
Real value (est.)
8.00
City tax rate (per $1,000) 1911
4,275
Population in 1910
agency in New York.
INTEREST at fiscal
ASHLAND.
This city is in Jackson County. Bonds are
tax-exempt.
.
Sewer Bonds.
Apr 1 '15-'27
45/as '04 A-0 $13,000c
Bonds.
Fire Protection
$5,000
Refunding Water Bonds.
July 1 '15-'16
J-J j $10,000c
5s '09
July 1 1929
t 30,000c
(The $30,000 is subject to call after '19.)
Water Bonds.
July 1 1920
45' s '05 J-J $23,000c
Street (Red. after 1 year from issue.)
Apr 1 1921
A-0 $15,500c
65 '11
12,000c
Sept 1 1919
M-S
6s '09
July 1 1920
J-J
. 24,000c
6s '10
Electric Light Bonds.
Sept 1 '14-'29
44s'08 M-S $40,000c
30,000c
J-J
Jan 1 1929
44s 09
(Subject to call after Jan 1 1919.)
Ss g '10 J-J $25,000c
July 1 1930
(Subject to call after July 1 1920.)
Septic-Tank Bonds.
Mch 10 1921
6s g '11 M-S $7,000c
(Subject to call after March 1 1912.).
'14
GEN. BD. DT. June 15
$ 76,500
163,000
Water and light debt (add'1)
204,298
Assessment debt (add'1)
2,880,640
Assessed val. '13 (3-5 act.)
38.50
Total tax rate (per $1,000) '13
5 020
Population 1910
INTEREST payable in Ashland at Granite
Say. Bank, Citizens' Banking & Trust Co.,
U. S. Nat. Bank and First Nat. Bank.
ASHLAND SCHOOL DISTRICT No. S.
Sept 1 1919
$7,000r
s-a
5s
(Subject to call Sept 1 1909.)
1924
j
-j $10,000r
Ss
(Subject to call any time.)
Jan 1 1931
5s 11 J-J $75,000r
(Subject to call $25,000 in 10 years and $25,000 in 15 years.)
$ 97,000
BONDED DEBT Sept 21 '14
3,488,165
Assessed valuation '13 (3-5 act.)
8.70
School tax(per $1,000) 1913
7,000
,,
Population in 1914 (est.)
INTEREST payable at Nat. Park Bank,
N. Y. City, or in Ashland.
ASTORIA.
Astoria is in Clatsod County. Incorporated
1865. Commission government rejected Dec.
13, 1911.
Funding Bonds. (x)
6s g A-0 $90,000c
Apr 1917
Refunding Bonds. (t)
5s '11 M-N- $50,000c
Nov 1 1931
Water Bonds. (*)
5s & 6s J-J $300,000c
1922 & 1925
5s g '11 s-a 45,000c
1931
Bulkhead (Red. beg. Dec. 1923).
Ss g '13 J-D $100,000c
Dec 1 1953
Dam and Reservoir Bonds. (")
5s g '12_J-J $80,000c
Jan 1 1932
BONDED DEBT Sept 19 '14....$ 665,000
Assessed yaluation '14
7,566,019
Total tax (per $1,000) '13
44.00
Popyrit n 0
tEg 1910
INTEREST n bonds marked (") at
T
National Bank, N. Y.; (x) at Kountze Bros.,
N. Y. City; (t) at National Park Bank, N. Y.
ASTORIA SCHOOL DISTRICT NO. 1
July 1 1921
6s'91 J-J $ 5,000c
June 1 1930
5s '10 J-13 75,000
(Subject to call after June 1 1920.)
Building Bonds. (Red. beg. July 1 '24.)
July 1 1934
.
5s '14 J- $20,000
Refunding Bonds.
1923
5s '03 F-A $27,000c
(Subject to call after Aug 1 1913.)
Apr 1 1924
Ss'04 A-0 $12,000c
(Subject to call after April 1 1905.)
$ 120,000
BONDED DEBT Sept '14
5,154,968
Assessed valuation '13 (3-5 act.)
8.50
School tax (per $1,000) '13
15,000
Population in 1914 (estimated)
INTEREST on issues of 1891 and 1910
payable in New York; on refunding bonds at
office of County Treasurer.
BAKER CITY.
County seat of Baker County. Incorporated
1874. Commission government was adopted
Oct. 3, 1910. All bonds are tax-exempt.
Sewer Bonds.
July 1 1923
5s '03 J-J $12,000c
Water Bonds.
July 1 1920
'00 J-J $100,000c
5s g
Sept 3 1921
5s '01 NI-S 20,000c
Apr 2 1922
'02 A-0 45,200c
Ss
Apr 30 1927
5s '05 A-0 10,000c
90,000c
July 1 1921
5s g '11 J-J
Mar 1 1934
5s '14 NI-S 98,851c
Refunding Water Bonds.
April 4 1930
5s '10 A-0 $25,000c
Reservoir Bonds.
July 1 1921
-j
Se g '11 j $251000c
New City Hall Bonds.
July 1 1923
'03 J-J $46,000c
5s
5 g '04 J-D 12,000c
,
Dec 21 1924
Street Intersection Bonds.
81-1599
ase
5s g '11 J-J $23,500c
July 1 1931
5s '12 ..
5,503.72
5s '13
8,826.36
Electric-Light Bonds.
5s g'13 J-D $25,000
Dec 1 1933
GEN. BONDED DEBT July 1 '14$ 546,830
Assessment debt (additional)
200,103
Sinking Fund
45,000
Assessed valuation '13 (abt. act.) 5,768,060
Population 1910
6,742
INT. payable in Baker City and N. Y.
BAKER CITY SCHOOL DISTRICT NO. 5
..s '88 ... $20,000
..s'99
15,000
.s '01
15,000
School Bonds (Red. begin in 1916)•
5s g '08 J-J $20,000c
1926
Heating and Sanitary Plant Bonds.
5s '09 s-a $25,000c
1929
(Subject to call after 1919.)
Ref. Bonds (Red. beg. in 1921).
58 ,11 J-D $45,000
June 1 1931
BONDED DEBT Apr 1 '14
$ 92,000
Assessed valuation '13 (30% act.) 6,362,000
School tax (per $1,000) '13
7.00
Population in 1910 (estimated)
8,000
INTEREST payable in Baker City or N. Y.
CLATSOP COUNTY.
Astoria is the county seat. Bonds tielow
declared valid by State Supreme Court.
Road Bonds.
5s '14 A-0 $400,000
Apr 1 1934
BONDED DEBT Sept 19 '14....$ 400,000
Assessed valuation '13 (equalized) 35,019,969
Population in 1910
16,106
INTEREST at State fiscal agency in N. Y.
City or at County Treasurer's office.
COLUMBIA COUNTY.
St. Helens is the county seat.
Road Bonds.
Sag '14 A-0 J $ 60,000c
Apr 1 1919
300,000c
Apr 1 '24-29-34
BONDED DEBT Apr '14
$ 360,000
Assessed valuation '13
18,067,830
Total cash valuation
24,086,677
.Population in 1910
10,580
INT. at 081. of Co. Treas. or in N. Y. City.
CORVALLIS.
This city is in Benton County.
Water Bonds (Red. beg. in 1916).
5s '06 J-J $75,000
Jan 2 1936
Ss '14 A-0 7,000
Apr 1 1954
Sewer Bonds.
5s '10 J-J $144,000
July 1 1950
Fire-Department Bonds.
5s '10 J-J $16,000
July 1 1950
Street-Improvement Bonds.
55'10-'11..- $28,746.51
40 years
Bridge Bonds.
5s'13 .1-J $2,500
Jan 1 1953
Refunding Bonds.
5s '13 J-J $51,397.08
1953
GEN. BONDED DEBT Jan 27 '13.$ 242,644
Water debt (additional)
75,000
Assessment bonds (additional)
135,515
Warrant debt
51,397
Assessed valuation '13
2,273,749
Actual value (estimated)
4,500,000
Tax rate (per $1,000) '12
35.70
Population in 1910
While the water bonds are direct liabilities
of the city, provision is made in the law for
fixing the rate annually at a sum sufficient to
cover the expenses, pay interest on bonds and
provide a sinking fund that, by annual retirement, will pay the bonds in full at maturity.
DALLES CITY.
This city (P. 0. The Dalles) is in Wasco
County.
Sewer Bonds.
5s'12 J-J $65,000c
July 15 1933
6s
M-N 8,250c
1924
Sidewalk and Improvement Bonds.
6s
J-D
$6,700
1924
Water Bonds.
6s '91 J-D $25,000c
June 30 1916
5s '03 M-N 50,000c
Nov 1 '17-'26
Refunding Bonds.
4s '95 M-N $54,500c
May 1 1920
City Hall Bonds.
6s'08 M-N $28,900c
May 1 1918
General Improvement Bonds.
5s'13
12,000
1933
Street Bonds.
6s
F-A $ 9,000t
1920
6s
M'S
16,000c
1920
6s
J-D
8,400c
1920
Street and Sewer Bonds.
6s
M-N $45,000c
1924
GEN. BD. DEBT Sept 24 '14
$ 156,650
Water bonds (additional)
75,000
Assessment debt (additional)
85,100
Sinking fund Aug 31 '14
Assessment valuation '13 (70% act.) 4,211,000
Total tax (per $1,000) '13
25.25
Population 1910
6 834
INTEREST on bonds of 1912 payable at
State fiscal agency in N. Y.• other interest
at San Francisco, Cal., N. .Y. Security &
Trust Co., N. Y., and at City Treasurer's
office.
EUGENE.
The city is in Lane County. Incorporated
in 1864. The city owns property valued at
$842,000.
Refunding Bonds.
$50,000c
.Aug 1 1915
5s '10
Aug 1 '20 &'30
5s, J-D t 100,000c
11
I 130,000c
Dec 1 1936
Sewer Bonds.
4s '03 .... $ 6,000c
Oct 20, &'18
15
4s '05 -..
5,000c
Oct 20 '15 &'18
5s'12 M-S 183,500c
Sept 1 1942
Paving Bonds.
5s '12 s-a 50,000c
June 1 1922
6s '13 J-J 25,000c
July 1 1923
(Compiled by the Commercial and Financial Chronicle.)
121
Feb 1 1924
6s '14 F-A 43,950c
(Subject to call after Feb 1 1915.)
6s '14 J-D $20,100c
June 1 1924
(Subject to call after June 1 1915.)
Water Bonds.
5s '08 .... $300,000c
Jan 1 1948
Ss 10
. 60,000c
'20, '30 & '40
5s'14
100,000c
1939
Electric-Light Bonds.
6s '11 s-an $25,000c
Oct 1 1921
Light, Power and Water Bonds,
55/2s'1 1 J-D $57,000c
Dec 1 1926
City-Hall-Site Bonds.
5s '12
. $15,500c
July 1 1922
Armory Building Bonds.
5s '14 July $25,000
July 1 1924
TOT. ED. DEBT July 19 '14
$ 1,185,430
Bancroft bonds (incl)
153,430
Water and power bonds (incl)
442,000
Floating debt Apr 1 '14
46,523
Sinking funds and cash
- 135,295
Assessed valuation '13 (equalized) 9,347,813
Real value (estimated)
12,000,000
City tax rate (per $1,000) '13
12.50
Population 1910
9 009
EUGENE SCHOOL DISTRICT NO. 4.
Site and Building Bonds.
4s
s-a $18,500r
1921
4s
s-a 32,000r
1924
4'4s s-a 40,000c
1929
5s '13 J-I 20,000c
Jan 1 1933
(Subject to call beginning Jan 1 1923.)
5s '14 M-N $110,000
May 1 1934
(Subject to call after May 1 1924.)
BONDED DEBT May '14
$ 220,500
Assessed val. '13 (real & pers.)
9,347,813
Real valuation (estimated)
11,684,760
Population in 1914 (estimated)
14,000
INTEREST on 1914 bonds at State fiscal
agency in New York City.
GRANT'S PASS.
This city is in Josephine County.
$200,000 railroad bonds given below upheld
by State Supreme Court on April 28, 1914.
Sewer Bonds.
. $19,000
Ss
1940
Fire Auto Bonds.
6s
... $5,500
1921
Warrant-Funding Bonds.
5s '12 A-0 $80,000
Apr 1 1932
Municipal R. R. Bonds.
$ 15,000
1939
6s '14 J-J
100,000
.1940-1943
1944
1 85,000
BONDED DEBT Sept 22 '14
$ 304,500
Warrant debt Sept 1 '14
2,392
Assessed valuation '13
3,000,000
Real valuation
6,500,000
Population in 1910
3 980
INTEREST payable at City Treas. office.
HOOD RIVER
This city is in Hood River County.
Water Bonds.
July 1 1922
55/is '12 J-J $36,000c
Street-Improvement Bonds.
Dec 22 1923
$10,805.36
6s '13 J-D
(Subject to call any interest paying period
after one year.)
GEN. BD. DEBT Sept 19 '14....$ 126,000
116,420
Assessment debt (additional)
13,419
Sinking fund (cash)
2,184,151
Assessed valuation '13
Approximate. value3,375,626
2 331
Population in 1910
HOOD RIVER IRRIGATION DISTRICT.
A district in Hood River County.
Completion Bonds.
6s g'11
$170,000c
1922-1931
$170,030
BONDED DEBT Apr 26 '12
Assessed valuation (gi act.) '11
950,000
District tax (per $1,000) '11
13.00
INTEREST in Portland, Chicago or N. Y.
City at National Park Bank.
JACKSON COUNTY.
Jacksonville is the county seat.
Road Bonds.
Ss'13 M-N $500,000c
Nov 1 1933
BONDED DEBT Sept 1 '14
$ 500,000
Warrant debt
473,720
Assessed valuation '14 (estimated) 36,000,000
Tax rate (per $1,000) '13
15.00
Population in 1910
25,756
INTEREST payable at fiscal agency of
State of Oregon in!" Y. City.
N.
KLAMATH FALLS.
This city is in Klamath County.
First incorporated in 1889.
City Hall Bonds.
Ss'14 A-0 $50,000c
Apr 1 1934
BONDED DEBT Mar '14
$ 176,793
3:790003
Sinking fund ,
Assessed valuation '13 (abt. act.)
2,906,893
City tax (per $1,000) '13
13.25
Population in 1910
2 758
INTEREST on bonds of 1914 at fiscal
agency in N. Y. City.
LA GRANDE.
This city is in Union County. Incorporated
Feb. 23, 1885. Commission government approved Oct. 1, 1913.
5s'08 F-A $160,000c
1929
(Subject to call after 1918.)
City Hall Bonds (Red. beg, in 1914).
5s '04 J-J $25,000c
1924
Sewer (Red. after 10 years fromFissui .930
eb e)
1
5s '10 ... $40,000c
Ss '11 J-j 10,000c
Jan 1 1931
Ref. Water (Red. beg. in 1920)•
5s'10 si30NDED
-a $49, 00
0
Jan 1 1930
cDEBT Mar '14..$ 228: 01
3 43 10
8 0
debt (additional)
Floating debt
Sinking fund
149000
00 000
,
Assein edfvaluation '13 (g act.)
nkssg und
3,504 8030
00
18.450
,
City tax rate (per $1,000) '13
Population 1910
OREGON CITIES AND TOWNS
122
LA GRANDE
-Concluded.
.
INTEREST on refunding water bonds is
a lab,o at
Ear tlends
n
,oN Y ; on citsns. N.se;v er bons
B. Leach &aC
in
& Soils, Boston.
at E. H.
LA GRANDE SCHOOL DISTRICT NO. 1.
Bonds all subject to call 10 years before
maturity.
High-School Bonds.
1919
J-D $ 8,000c
Sag
1920
A-0 4,000c
5s g
1925
J-D 12,000c
5s g
May 2 1930
Sag '10 M-N 75,000c
School-Site and Building (Tax-exempt).
Apr 1 1933
5s g '13 A-0 $30,000c
$ 127,000
BONDED DEBT Sept 19 '14
3,279,930
act.)
Assessed valuation '12
12.00
School tax rate (per $1,000) '13
INTEREST on bonds of 1913 is payable
at National Park Bank, N. Y. City; on other
bonds at County Treasurer's office in La
Grange.
McMINNVILLE.
This city is in Yamhill County. Incorp.
1882. City owns and operates local water and
light plant. Bonds are exempt from city tax.
Park Bonds.
J-J
• Jan 1 1928
5s '08
$9,400c
(Subject to call after Jan. 1 1913.)
5s '10
$3,000c
J-D
June 1 1928
Street Bonds (General).
J-J $27,000c
6s '14
July 1 1924
12,500
6s '14
1924
(Subject to call after one year.)
Water-Main Bonds.
J-J $13,000c
July 1 '14-'28
6s '12
Water and Light Bonds.
44s'04 M-N $20,000c
Nov 1 1924
(Subject to call Nov. I 1919.)
J-J $45,500c
5s '06
Jan 1 1931
(Subject to call Jan. I
5s '08
A-0 $20,000c
Oct 1 1928
M-N
5s '08
1928
10,000c
Nov
30,000c
Mar 1 1930
M-S
5s '10
25,000c
J-J
Jan 1 1932
6s '12
(Subject to call after Jan. 1 1927.)
$ 194,100
BOND DEBT Sept 1914
28,500
Assessment debt (add'I)
5,000
Floating debt
10,000
Sinking fund (conditional)
1,402,000
Assessed val. '13 (54 act.)
38.00
Total tax (per $1,000) 1913
2,400
Population in 1910
INTEREST on 44s at office of City
Treas.; on 5s at U. S. Nat. Bank in Portland;
on bonds of 1912 at fiscal agency of Oregon
in New York.
MARSHFIELD.
This city is in Coos Co. Inc. 1874.
$ 156,778
TOTAL DEBT Apr 1 '14
102,778
Spec. impt. bonds (incl.)
15,570
Sinking funds
2,602,259
valuation 1913
Assessed
2,980
Population in 1910
MEDFORD.
This city is in Jackson County. Incorporated as a town Feb. 24, 1885, and as a city
Feb. 6, 1901. Re-incorporated (new city
charter) Feb. 7, 1905.
.
Water Bonds (Tax-exempt).
Mar 1 1917
M-S $45,000c
Ss '07
July 1 '23-'38
J-J 355,000c
5s '08
City Hall, &c., Bonds (Tax-exempt).
Feb 1 1918
6s '08 F-A $25,000c
Refunding Bonds (Tax-exempt)
Aug 1 1930
F-A $30,000c
5s '10
Fire Apparatus, &c., (Tax-exempt).
Apr 1 1921
A 0 $38,000c
5 '11
Bridge Bonds (Tax-exempt).
Oct 1 1932
A-0 $20,000c
5s '12
$ 513,000
GEN. BD. DEBT Sept 1 '14
400,000
Water debt (included)
780,000
Assessment debt (addl)
44,892
Sinking fund
5,608,090
Assessed val. '13 (60% act.)
37.00
Total tax rate (per $1,000) '13
INT. on water bonds due 1917 in Medford;
bridge, city-hall and refunding bonds in N.
Y.; all others in Chicago.
MORROW COUNTY S. D. No. 1.
P. 0. Heppner.
54s '12 J-J $40,000cJuly 1 1932
(Subject to call beginning July 1, '22.)
BONDED DEBT Mar 20 '13
$ 48,000
Cash in sinking fund
2,777
1,123,693
Assessed valuation 1911
INT. at State fiscal agency in N. Y.
_
NEWBERG. •
This city is in Yamhill Co. Inc. Feb.
21, 1889.
Water Bonds.
Jan 1 1917
$15,000
6s '97
June 1 '21 & '27
15,000
454s '06
Sewer Bonds.
Jan 1 1931
$80,000
Ss '11
Improvement Bonds.
Nov 1, 1923
6s '13 M-N $38,489.48
(Subject to call after Nov 1 1914.)
Water and Sewer Bonds.
Jan 1 1932
$22,000
5s '12
$150,000
GEN. BONDED DEBT Jan '14
64,902
Assessment debt (addl)
17,010
debt
Floating
921,989
Assessed valuation 1913
13.00
(per $1,000) 1913
Tax rate
2,260
Popu'ation in 1910
Nat. Bank, Newberg.
INT. at First
OREGON CITY.
This city is in Clackamas County.
Refunding Bonds.
$30,000
5s
1925
5s
20,000
5s
50,000
BONDED DEBT Sept 1914
Assessed valuation 1911
Tax rate (per $1,0130) 1913
Population in 1910
PENDLETON.
This city is in Umatilla County. Incorp.
Oct. 25 1880. All bonds are tax-exempt to
residents of State. Commission government
defeated Dec. 1, 1913.
General Bonds (Red. beg. after 20 years
from date).
5s '99 J-J $75,000c
July 1 1929
Water-Works Bonds.
Si '99 I- $45,000c
July 1 1929
5s '13 - $200,000
illy 1 1943
5s '14 40,000
July 1 1944
Bds. (Red. after 20 yrs from issue).
Levee
5s '06 M-N $10,000c
Nov 30 1936
5s '07 F-A
67,000c
Aug 1 1937
Sewer (Red. after 20 years from issue)....
J-J $30,000c
5s '03
July 1 1933
Ss '08 F-A
1938
10,000c
Street Bonds.
5s '08 F-A $18,000c
1938
City-Hall and Jail Bonds.
5s '08 F-A $40,000c
1938
BONDED DEBT Mar 1914
$ 495,000
Assessed valuation '13
5,024,386
Total tax rate (per $1,000) '13
25.00
Population in 19104,460
INT. at City Treas. office, Harris Tr. &
Say. Bk., Chicago, and Kountze Bros., N. Y.
PENDLETON SCHOOL DISTRICT No. 16.
1931
44s '11 A-0 $100,000
(Subject to call after 1921.)
Building Bonds (Tax-exempt).
1924
4Y.s
J-J $60,000c
$ 160,000
BONDED DEBT Sept 19 '14
5,582,250
Assessed valuation '13 (3-5 act.)
9.00
School tax (per $1,000) 1913
5,000
Population in 1911 (est.)
INTEREST at Nat. City Bank, N. Y.
PORTLAND, A. L. Barbur, Auditor.
Portland is the county seat of MultnomahCommission government adopted
County.
May 3, 1913, and upheld by State Supreme
Court on May 28, 1913. The cities of Portland, East Portland and Albina were consolidated in June, 1891. Attempted consolidation of Portland and St. johns held illegal
by State Supreme Court, March 26, 1912.
Dock Bonds.
Nov 1 1961
44s g '11 M-N $500,000c
(Subject to call after Nov 1 194L)
May 1 1943
M-N $2,150,000
44s g '13
Oct I 1939
100,000
44s g '14 A-0
Bridge Bonds.
Jan 1 1922
J-J $500,000c
5s g '92
Apr 1 1925
5s g '95 A-0 200,000c
400,000c
an 1 1934
4s g '04
Jan 1 1939
450,000c
4s g '09
July 1 1940
250,000
4s g '10
Jan 2 1941
500,000c
4s g '11
-J
Sept 1 1941
600,000c
4s g '11 ? -s
Oct 1 1942
4s g '12 A-0 315,000c
1943
55,000c
4s g '13 ....
City Hall Bonds.
Jan 1 1920
J-J $175,000c
5s g '90
July 1 1922
500,000c
J-J
5s g '92
General Bonds.
June 1 1921
J-D $40,000c
6s g '91
Park and Boulevard Bonds.
June 1 1921
J-D $ 50,000c
6s 6 '91
Dec 1 1933
500,000c
J-13
. 4s g '08
July 1 1936
250,000c
J-J
4s g 11
Oct 1 1937
4s g '12 A-CI
250,000c
Water Bonds.
May 1 1921
c
.
6s g '91 M-N 5$250,000c
an 1 1917
5s g '87
700,0116
July 1 1923
5s 6 '93
J-J5 2,0:104:2
Jan 1 1934
4s g '09
June 1 1935
500,000c
4s 5 '10 J-D
Sep 1 1935
500,000c
4s g '10 11,1-S
Jan 2 1936
J J •500,000c
4s g '11
1936
Mch
4s g '11 M-S •500,000c
Oct 1 1936
4s g '11 A-0 •500,000c
Mch 1 1937
4s g '12 M-S 5500,000c
Nov 1 1937
4s g '12 M-N •200,000c
May 1 1938
100,000c
4s g '13 M-N
Aug 1 1938
75,000c
F-A
4s g '13
1938
, c
45 g '13
Feb 2 1939
175,000c
-A
V
4s g '14
Boulevard Bonds.
June 1 1921
$50,000c
6s g '91 J-D
Ferry Bonds.
Apr 1 1923
5s g '93 A-0 $50,000c
Dec 1 1933
15,000c
5s g '03 j•D
Jan 1 1934
50,000c
J-J
4s g '04
Funding Bonds.
Dec 1 1928
J•D $430,000c
Ss g '98
Electric Light Bonds.
May 1 1921
$50,000c
6s g '91 M-N
Crematory Bonds.
Sept 1 '14-'20
5s g '10 M-S. $35,000c
52,200
5s
Refunding Bonds.
May 1 1928
$56,500c
4s g '03 111-N
Fire-Boat Bonds.
July 1 1936
1
J‘ $125,000c
45 g '11
Municipal ail Bonds.
Nov 1 1931
$200,000
45 g '11 MAuditorium Bonds.
1943
-. $35,000c
4s g '13
$16,074,100
GEN BONDS Sept 1 '14
15,177,932
Improvement debt
31,252,032
TOTAL DEBT Sept 1 '14
7,699,000
Water debt (included)
682,610
June I '14
Warrants outstanding
241,678,410
Assessed valuation, real
personal
45,383,580
Assessed valuation,
27,043,787
Assessed val., pub. serv. cor
314,105,777
Total val. '13 (4 actual)
770
City tax rate (per $1,000) '13
207,214
Populationin 1910
*These bonds are payable, principal and
interest, from the watkr rates, not from taxation.
(Compiled by the Commercial and Financial Chronicle.)
1933
1933
$ 100,000
2,608,000
10.00
4,287
The improvement bonds are issued on account of street improvement, sewer, street extension and water-main assessments and, according to the city charter, are not included
in the 7% debt limit.
INT. on dock bonds of 1913 at City Treasurer's office or at fiscal agency of city in
N. Y. City; on others at Chase Nat. Bk., N.
Y., with exception of one issue, which is payable at Chemical Nat. Bank, N. Y.
-The city owned propCITY PROPERTY.
erty on Sept I '14 valued at $26,338,068, including the water works, which are valued at
$13,682,696. Receipts of water works from
Dec 1 '13 to Aug 30 '14 $1,087,364; operating
expenses (including interest), $1,104,276.
PORTLAND SCHOOL DISTRICT No. 1.
District No. 31 Bonds.
June 1 1916
J-D
$10,000c
'91
District l'sio. 1 Bonds (All redeemable 10
years before maturity).
44s '08 A-0 $250,000c
Oct 1 1928
4
Oct 1 1930
g '10 A-0 350,000
Dec 2 1932
44s '12 J-D
150.000
District No. 12 Bonds.
6s '05 M-S $6,000c
Sept 1 1915
770,000
$
BONDED DEBT Sept '14
55,044
Sinking fund
valuation '13 (5-4 act.) 316,180,443
Assessed
7.50
School tax (per $1,000) '14
247,000
Population in 1914 (estimated)
INTEREST is payable in N. Y. City or
Portland.
6s
THE PORT OF PORTLAND.
Incorporated in 1891. Limits include consolidated City of Portland and approximztely
half area and 97% of valuation of the territory
of Multnomah Co. Bonds are tax-exempt to
residents.
River Improvement Bonds.
Jan 1 1922
5s g J-J $350,000c
Dry Dock Bonds.
July 1 1933
$185,000c
4s g
Jan 1 1934
215,000c
4s g
750,000
$
BONDED DEBT Sept '14
207,290
Sinking fund Mar 18 '14
Assessed valuation '13 (70% act.) 333,452,492
1.85
Tax rate (per $1,000) '13
Population of district '14 (estimated)..270,000
INTEREST at U. S. Nat. Bank, Portland.
PORT OF ASTORIA.
A district (P. 0. Astoria) in Clatsop County. The bonds below are part of an issue of
$800,000.
Municipal Harbor Bonds.
1924 & 1929
-J. $150,000
1934 & 1939
150,000
5s g'14 J
1944
100,000
$ 400,000
Sept 23 '14
TOTAL DEBT
Assessed valuation '13 (3-5 act.) 35,019,969
16,106
Population in 1910
INTEREST at State fiscal agency in N.
Y. City.
PORT OF COOS BAY.
P. 0. Marshfield.
Series "A" Improvement Bonds.
Jan 1933-1956
5s g '13 J-J $600,000c
$ 300,000
BONDED DEBT Mch 1 '14
9,140,749
Assessed valuation '13
(Assess. abt. 1-5 to 1-4 act. value.)
3.00
District tax (per $1,000) '13
15,000
Population in 1914 (estimated)
INTEREST at Oregon fiscal agency in N.
Y. (National Park Bank.)
•
PORT OF NEHALEM.
Tillamook County.
A district in
Harbor Improvement Bonds.
July 1 '15-'20
6s g '10il $ 30,000c
1927-1937
235,000c
•
6s
1921-1926
25,000c
6s
. $ 290,000
BONDED DEBT July 1 '14
Assessed valuation '13 (35% act) 3,810,000
2,500
Population in 1913 (estimated)
INTEREST on first two issues payable at
Y.; on third issue at Nat.
Kountze Bros., N.
Park Bank, New York.
PORT OF SIUSLAW.
A district (P. 0. Florence) in Lane County.
Organized June 15 1909.
Harbor-Improvement Bonds.
July 1 '19-29
5s '09 J-3 $ 85,000c
July 1 '21-'31
115,500c
6s '11 J
$ 200,500
BONDED DEBT Sept 22 '14
4,300,000
Assessed valuation '13 ('/ act.)
Bros., N. V.
INTEREST pay. at Kountze
PORT OF TILLAMOOK.
A district in Tillamook County.
Organized in 1899 by the Legislature.
Water-Front and Channel Bonds.
July 1 '21-'31
6s g '11 J-J $214,000
Bar-Improvement Bonds.
July 1 '21-'31
6s g '11 J-J $236,000
TOT. BD DEBT May '13
$ 450,000
7,270,000
Assessed valuation (4 act.) '11
3 000
Population 1912, (estimated)
INTEREST payable in Tillamook or at office of State's fiscal agent in N. Y.
PORT OF TOLEDO.
A district in Lincoln County.
Improvement Bonds.
6s '10 g J-J $50,000c
Nov 1 1930
(Subject to call after Nov. 1 1920.)
BONDED DEBT Oct 16 '14
$ 50,000
1,388,246
Assessed valuation '14 (4act.)
INT. at Lincoln Co. Bk., Toledo, Ore
ROSEBURG.
This city is in Douglas County. Incorporated Oct. 3, 1872. Population, 1910, 4,387.
Street and Bridge Bonds.
)
192'
2
5s '09 . .. $35,000
Street Bonds.
1930
44s'10 .... $40,000
OREGON-WASHINGTON
ROSEBURG-Concluded.
Refunding Bonds.
Is'10 .... $25,000
1930
GEN. BD. DEBT Sept 21 '14
$ 100,000
Improvement bonds (additional)
202,307
Assessed valuation '13
3,258,490
City tax (per $1,000) '13
8.00
INTEREST on street and bridge Is and
street 43 at Douglas Nat. Bank, Roseburg;
/
4s
refunding bonds at Roseburg Nat. Bank, Roseburg and on improvement bonds at City
Treasurer's office.
ST. JOHNS.
This city is in Multnomah County.
City-Hall Bonds.
$10,000
6s'06
July 9 1916
City Dock Bonds.
6s'08 ,
... $60,000
Apr 21,1928
Ferry Bonds.
6s'11 .... $6,000
Mch 21 1921
GEN. BD. Debt Mar 18 '14
$ 76,000
Improv. bonds (additional)
270,287
Assessed valuation '13
3,933,650
City tax (per $1,000) '13
9.00
Population in 1910
4 872
SALEM.
This city, the capital of the State, is in
Marion County. Incorporated Jan., 1857.
Bonds are tax-exempt.
City owns property valued at $350,000.
Refunding Bonds.
Is '10 J-J $63,050r
Jan 20 1920
(Subject to call after 1911.)
5s g'14 J-J $60,000
Jan 1 1934
Sag '14 A-0 30,000
Apr 1 '15-'24
Sewer Bonds.
Ss'10 J-J $19,000r
Jan 20 1y20
(Subject to call after 1911.)
5s j.g '13 M-N $456,000
May 1 -'15-'33
Refunding Bridge Bonds.
6s '10 A-0 $20,000c
Oct 8 1920
GEN. BD. DEBT Sept 19 '14
$ 648,050
Improvement bonds (additional)
485,226
Warrants outstanding
88,626
Cash on hand
125,133
Assessed valuation '13 (/4 act.) 12,435,545
Total tax (per $1,000) '13
33.20
Population in 1910
14,095
INTEREST on sewer bonds of 1913 at City
Treasurer's office or at fiscal agency in N. Y.;
on refunding 6s at Fourth National Bank, N.
Y.; others in Salem.
SALEM SCHOOL DISTRICT NO. 24.
Bonds all redeemable 10 years before final
maturity.
Is A-0 $35,000i
Oct 1 1930
15,225r
5s M-N
Nov 1 1930
4,400r
Is J-D
Dec 1 1930
Refunding Bonds.
5s '11 A-0 49,650r
Apr 1 1931
BONDEDDEBT Sept 21 '14
$ 104,275
Note debt (additional)
25,000
Cash on hand
9,297
Assessed valuation '14
13,306,240
STATE OF WASHINGTON.
ITS
DEBT, RESOURCES, ETC.
Organized as a Territory (Act March 2 1853) March 2 1853
Admitted as a State (Act Feb. 22 1889)
Nov. 13 1889
Total area of State (square miles)
69,180
State Capital
Olympia
Governor (term ends Wed.aft.2d Mon.Jan.'17) Ernest Lister
Secretary (term ends Wed. aft. 2d Mon. Jan.'17) I M Howell
Treasurer (term ends Wed aft. 2d Mon. Jan.'17)..Ed. Meath
Auditor (term ends Wed. aft. 2d Mon. Jan.'17) C. W.Clausen
123*
School tax (per $1,000) '14
7.30
INTEREST at Nat. Park Bank, N. Y.
TILLAMOOK SCHOOL DISTRICT.
A district in Tillamook County.
Building (Redeemable beginning in 1922).
6s 12 A- $35,000
Apr 1 1932
BONDED DEBT Sept 22 '14
35,000
Sinking fund
2,000
Assess. val. '14 (70% act.) est
3,000,000
School tax (per $1,000) 14
5.00
Population in 1914 (estimated)
7 500
INTEREST at Nat. Park Bank, N. Y.
WASCO CO. SCHOOL DISTRICT NO. 12.
P. 0. The Dalles.
Building (Red. beginning Mar. 1, 1924).
Is '14 M-S $100,000
Mar 4 1934
BONDED DEBT Oct 14 '14
$ 120,000
Cash on hand (general fund)
15,632
Building fund
65,149
Assessed valuation
5,328,049
INTEREST at County Treasurer's office
or at State fiscal agency in N. Y. City.
WASHINGTON CO. S. D. NO. 7.
Building Bonds (Red. beginning 1922).
5s'12 J.J $35,000
July 1 1932
BONDED DEBT Nov '13
$ 45,000
Assessed valuation '12
1,556,545
Real value (estimated)
2,500,000
Population in 1912 (estimated)
INTEREST at Equitable Trust Co., N. 5(.
3 10,
0
or at County Treasurer's office, Hillsboro.
1912.... 1,005,086,251 1905 •
328,542,525 1880
23,708,587
1911....
955,125,934 1904
298,460,979 1870
10,642,863
1910....
906,247,944 1903
276,988,569 1860
4,394,735
1908....
748,593,942
EXEMPTION FROM TAXATION.
-Act of Legislature, approved
Feb. 28 1907, exempted mortgages, credits, notes, municipal securities,
&c., from all taxation as personal property. Act upheld by State
Supreme Court in 1908.
DEBT LIMITATION.
-The State may, to meet casual deficits or
failures in revenues, or for expenses not provided for, contract debts;
but such debts in the aggregate shall not at any time exceed $400,000.
The State may also incur debts to repel invasion, suppress insurrection
or to defend the State in time of 'war. Otherwise the State shall not
contract any debt except the same shall be authorized by law, and
provision must be made for the payment of the annual interest on the
same and also for the payment of the principal within 20 years. All
such propositions must first receive the approval of the voters.
As regards counties, cities, towns, school districts or other municipal
corporations, no debt is to be incurred by them in an amount exceeding
13
/
4% of the taxable property without the assent of 3-5 of the voters
therein nor in cases requiring such assent shall the total indebtedness
'
at any time exceed 5% of the taxable property. It is further provided
.
that "any city or town," with the required assent of the voters, may be
allowed to become indebted to a larger amount but not exceeding 5%
additional for supplying such city or town with water, light and sewers,
when the works for the same shall be owned and controlled by the
municipality. The provisions in full will be found in Section 6 of
Article 8 of the Constitution.
POPULATION OF STATE
357,232 11870
23,955
1,141,990 I 1890
1914
75;11611860
518,103 I 1880
11,594
1900
LEGISLATURE meets biennially in odd years on
day in January. Sessions are limited to sixty days. the second MonTOTAL DEBT
-The State has no bonded debt against the general
fund. There are outstanding, however, $206,024 Normal School
bonds and $87,000 Public Highway Fund bonds showd in detail - Fund
below.
Normal School Fund Bonds.
*Public Highway Fund Bonds.
3s '09 J-D $206,024.June 10, 1924
4s'11 F-A $87,000....Feb 1 1923
(Subject to call after June 10 (Subject to call on any interest
1914.
date, 10% ($12,500) annually.)
*If not paid by highway fund in 12 years from their date,
these
bonds will be paid out of general nod. INTEREST is payable at the office of State Treasurer in Olympia.
ASSESSED VALUATION.
-The following statement shows the
total assessed valuation of the State for the years
indicated. Real
estate is valued only every two years. The State tax rate
(per $1,000)
for 1913 was $8.81.
CITIES, COUNTIES AND TOWNS IN THE
Years.
Assessment. Years.
Assessment. Years.
Assessment.
STATE OF WASHINGTON
1914.... $1,031,901,773 1907
$573,070,528 1900
$237,576,523
Equitable Trust Company of New York City is the fiscal agent for the
1913.... 1,014,475,027 1906
530,209,882 1890
217,595,569
State of Washington.
ABERDEEN.
Refunding Bonds.
146,926
Impt. bonded debt (addl)
This city is in Chehalis County. IncorIs '13 ann $35,000
16,975
Impt. warrant debt (add'1)
porated, May 12, 1890. Commission governOld District No. 1 (Whatcom).
Warrant debt (add'I)
74,575
ment rejected Nov. 20, 1911.
43 '01 J-J $13,000
/
4s
Assessed valuation 1913
1,517,000
Jan
2 1921
Funding Bonds.
43s '03 M-S 65,000
/
4
Mch 10 1923
Real value (est.)
3,000,000
$3s '11 J
/
4
-D $120,000c
June 1 '22-'31
Old District No. 4 (Fairhaven).
. Population in 1910
4,507
Refund'
Bonds.
33 '03 June $25,000
/
4s
June 15 1923
53
/
4s
J$40,000
June I '22-'31
BONDED DEBT Oct 16 '14
$ 208,000
CHEHALIS COUNTY.
GEN. BD. DEBT Oct 8 '14
$ 160,000
Assessed valuation '14 (2-5 act.)
12,222,495
Montesano is the county seat.
Warrant debt
145,498
School tax (per $1,000) '14
Funding Bonds.
9.75
Cash on hand
11,557
INTEREST on building and 33
/
4
% bonds
53 '13 J-D $180,000
/
4s
Assessed valuation '14 (2-5 act.)
Dec 1 1924
7,552,017
payable at State Treasurer's office in Olym(Red. $18,000 yearly beg. Dec 1, '14.)
Total tax rate (per $1,000)'l3
47.81+
pia; on refunding bonds at Bellingham NaBOND DEBT Sept '14
$ 180,000
Population in 1910
13,660
tional Bank; on 43 and bonds of 1901 at
/
4s
Assessed valuation '13
34,305,328
INTEREST at Equitable Trust Co., N. Y.
Equitable Trust Co., New York City.
Population in 1910
35,590
INT. at fiscal agency N. Y.
BELLINGHAM.
BENTON COUNTY S. D. No. 16.
This city is in the county seat of Whatcom
Building (Redeemable beg. in 1922).
CHEHALIS CO. S. D. No. 5.
County and was organized Dec. 28, 1903, by
5s'12 Sept $50,000
Building Bonds.
Sept 1 1932
the union of the cities of Fairhaven and W hatTOTAL BONDED DT. July 1 '13.$ 96,000
58'02 J-J
$8,000
July 31 1922
com.
Assessed valuation
(Subject to call after July 31, 1903.)
1,897,097
Bonds Issued by Bellingham to Refund Bonds
Actual valuation
4s'06
Aug $20,000
4,000,000
May 1 1926
of Former Cities. New WhatcomINTEREST at County Treasurer's office in
(Subject to call after May 1, 1907.)
Series A-Funding Bonds.
Prosser.
4s'09 Sept $80,000
Sept I 1929
Is g
A-0 $18,000c
Oct 1 1926
CENTRALIA.
(Subject to call after Sept. 1, 1910.)
Series B-Funding Bonds.
This city is in Lewis County. Incorporated
Warrant Funding Bonds.
Is g
A-0 $39,000c
Oct 1 1926
in 1890.
4s'05
Aug $11,000
Feb 25 1925
Series C-Funding Bonds.
Electric-Light Bonds.
(Subject to call after Feb. 25, 1906.)
f
A-0 $237,000c
Is g
Oct 1 1926
6s .... $11,000
4s '09 July $70,000
Mar 1 1915
July 1 1929
Series fl-Funding Bonds.
Trunk Sewer Bonds.
53
/
45'14 -S 86,000
Mar 1 '20-'34
5s g
A-0 $183,000c
Oct 1 1926
6s
.. $22,150
Oct 22 1917
BONDED DEBT Oct '14
$ 275,000
Series E
-Funding Bonds.
*Water Revenue Bonds.
Assessed valuation '13
Is g
7,480,223
A-0 $225,000c
Oct 1 1926
6s g '13 semi-ann. $300,000
School tax rate (per $1,000) '13
1919-1938
BONDED DEBT Sept 1 '14
11.30
$ 702,000
Funding Bonds.
INTEREST at State Treasurer's office in
Cash in treasury
97,722
5s'14 M-N $118,891.01
Olympia.
May
1934
Assessed Valuation for 1913.
GEN. BD. DEBT Sept 20 '14
$ 152,041
CHEHALIS CO. SCH. DIS. No. 28.
District A (former old Whatcom) 2,110,978
Water bonds
Building Bonds.
*300,000
District B (former new Whatcom) 6,515,075
Assessment debt (add'I)
43 '07 $40,000
/
4s
135,000
District C (former Keeslingville)
Aug 1 1927
431,097
Warrant debt
Wrant Funding Bonds.
ar
88,000
District D (former Fairhaven)
1,490,339
Assessed val., '13
.58'11 F-A $60,000
2,405,783
Feb 15 1931
District E (former Silver Beach)
101,256
Real value (estimated)
5,000,000
(Subject to call after Feb. 15, 1912.)
District F (water-front)
533,022
Total tax rate (per $1,000) '14
54.00
43 '13 s-a $90,000
/
4s
1933
Population in 1910
(Subject to call beginning 1915.)
7,311
Total for all Bellingham
$11,181,767
INT. on electric-light, water and funding
BONDED DEBT Oct '14
$ 190,000
City Tax Rate (per $1,000), 1913.
bonds at fiscal agency (Equitable Tr.
Assessed valuation '13 (3-5 act.)
4,485,586
District A
$12.75
N. Y. City; other bonds at Centralia. Co.) in
School tax rate (per $1,000)'i3
10.45
District B
12.55
`The water bonds are not a direct obligaINTEREST at State Treasurer's office in
District C
10.50
tion of the city, but against the water system
Olympia.
District D
18.30
and its income. The total issue of $300,000
CHELAN CO. SCH. DIST. No. 46.
District E
9.00
is being delivered in installments from time
Building Bonds (Tax-Exempt)
District F
9.00
to time to take up the monthly estimates Of
4s'06 June $12,000c
June 23 1926
Population in 1910
24,298
work done on the system.
(Subject to call June 23, 1907.)
INTEREST at Equitable Trust Co., N. Y.
4;0'07 J-J $10,000c
July 1 1927
CHEHALIS.
(Subject to call July 1, 1922.)
BELLINGHAM SCH. DIS NO. 301.
This city is in Lewis Co. Incorporated
4s'09 Feb $80,000c
Feb 15 1929
This district was formed by the consolidaSept. 22, 1890. State Supreme Court upholds
(Subject to call Feb. 15, 1910.)
tion of Whatcom County School Districts
city's right to issue bonds for gravity-water
53 '10 Dec $15,000c
/
4s
Dec 1 1930
Nos. 1, 4, 37 and 81.
system.
(Subject to call Dec. 1, 1911.)
Building Bonds (Red. aft. June 1, 1918.)
6s j
-J $23,000
Jan I 1915
5s '11
July $50,000
July 1 1911
41/25'08 June $70,000
June 1 1928
Gen. bonded debt Dec 31 '13
$ 23,000
(Subject to call.)
(Compiled by the Commercial and Financial Chronicle.)
124
WASHINGTON CITIES AND TOWNS
-ConCHELATIS CO. SCH. DIST. No. 28
tinued.
1 '13
$ 167,000
BONDED DEBT Oct
33,452
Floating debt
8,190
Sinking fund
5,125,335
Assessed valuation '13 (2-5 act.)
14.00
School tax rate (per $1,000) '13
5,000
Population in 1913
INTEREST at County Treasurer's office.
CHELAN COUNTY S. D. No. 49.
Building Bonds (7'ax-Exempt).
Apr 15 1922
515s '07 Apr $18,000c
(Subject to call beg. April 15, 1908.)
Nov 1 1926
Nov $35,000c
55'11
(Subject to call beg. Nov. 1, 1912.)
$ 53,000
BONDED DEBT Oct 1 '13
6,268
Floating debt
5,560
Sinking fund
1,306,591
Assessed valuation '13 (2-5 act.)
15.00
'School tax rate (per $1,000) '13
4,000
Population in 1913
INTEREST at County Treasurer's office.
CHELAN CO. SCH. DIST. No. 56.
Building Bonds (Tax-Exempt).
Aug 1 1927
55'07 Aug $14,500c
(Subject to call beg. Aug. 1, 1908.)
July 1 1931
5s'11 July $35,000c
(Subject to call beg. July 1, 1912.)
$ 49,500
BONDED DEBT Oct 1 '13
999
Floating debt
1,711
Sinking fund
1,645,068
Assessed valuation '13 (2-5 act.)
1L25
School tax rate (per $1,000) '13
2,000
Population in 1913
INTEREST at County Treasurer's office.
CLALLAM COUNTY.
County seat is Port Angeles. All bonds are
tax-exempt.
Refunding Bonds.
May 15 1921
$90,000c
454s M-N
Road and Bridge Bonds.
Aug 1 1933
55'13 F-A $300,000c
(Subject to call Aug. 1, 1914.)
$ 390,000
BONDED DEBT Sept 1 '14
44,648
Warrant debt (additional)
434,648
TOTAL DEBT Sept 1 '14
,
4 684
Sinking fund
12,440,420
Assessed valuation '13 (% act.)
23.00
'13
State and Co. tax (per $1,000)
Population in 19106,755
INTEREST at Equitable Trust Co., New
York.
CLALLAM COUNTY SCH. DISTS. •
School District No. 3 Bonds.
Dec 1 1929
J-D $4,000c
554s
(Subject to call after 1919.)
Nov 1 1931
$6,000c
Nov
5s
(Subject to call after 1912.)
301 Bonds
School District No.
Aug 1 1932
Aug $4,000c
554s
(Subject to call beg. 1913.)
School District No. 5 Bonds.
Jan 1 1924
J-J $2,000
6s
(Subject to call Jan. 1, 1914.)
School District No. 7 Bonds.
Feb 1 1918
6s'98 F-A $21,000c
July 1 1922
51,200
J-J
5s '12
(Subject to call after July 1, 1917.)
School District No. 27 Bonds.
Jan 1 1922
$2,000
s-an
4545
(Subject to call June 12, 1912.)
BOND. DT. Sept 23 '14...$ 90,200
TOTAL
88,898
Dist. No. 5....
Assessed val.,' 13 Dist. No. 7.... 1,501,478
Dist. No. 28.... 617,249
4.00
Dist. No. 5....
10.00
Dist. No. 7....
Sch. tax rate '13
2.00
Dist. No. 27....
3 500
Population in 191 (est.)
on 6% bonds payable at EquitINTEREST
able Trust Co., New York.
CLARKE COUNTY.
County seat is Vancouver. Bonds are taxexempt. Population 1910, 26,115.
•
Funding Bonds.
Dec 1 1916
6s g J-D $61,000c
July 2 1921
40,000c
J-J
4s
$ 101,000
BONDED DEBT Sept '14
Assessed valuation '14 (45% act.) 15,167,342
29.00
State and Co. tax (per $1,000) '13
INTEREST at Equitable Trust Co., New
York.
CLARKE CO. SCH. DIST. No. 6.
July 1 1929
....$ 25,000
454s
Apr 1 1931
... 11,475
554s
Sept 1 1933
.... 5,000
3
55/s
Sept 1 1931
20,000
....
5s
Feb 3 1932
a
45/8'12 .... 100,000
$ 165,475
BONDED DEBT April 20 '14
5,139 224
Assessed valuation 13
County Treas. odice.
INTEREST payable at
CLARKE CO. SCH. DIST. No. 58.
Building Bonds.
1933
Ss '13 Nov $29,000
$ 29,000
TOTAL DEBT Sept 19 '14
687,203
valuation '13
Assessed
INTEREST payable at County Treas. office.
COWLITZ COUNTY.
Kalama is the county seat.
Funding Bonds (Series "C").
Aug 1 1931
5s'll F-A $22,000c
(Subject to call Feb 1, 1927.)
May 15 1931
'11 M-N $50,000c
(Subject to call after May 15, 1926.)
July 1 1931
.
'11 J - $14,000c
(Subject to call after Jan. 1, 1927.)
$ 97,021
TOTAL DEBT April 1 '14
9,267,086
Assessed valuation '13
12,561
,.
Population in 1910
Trust Co.,
INTEREST payable at Equitable
.
York; Harris Trust & Say. Bank, ChiNew
cago; Harris, Forbes & Co., New York City,
and at N. W. Harris & Co., Inc., Boston.
ELLENSBURG.
This city is in Kittitas County.
Electric-Light Bonds.
June 1 1931
5s J-D $44,000c
Sewer Bonds.
June 1 1931
5s J-D $26,000c
*Electric-Light and Power Bonds.
Mar 1 1927
6s M-S $110,000c
*Water Bonds.
Oct 1 1934
6s A-0 $99,748.35c
Refunding Bonds.
Dec 1 1931
5s J-D $29,000c
Funding Bonds.
Feb 1 1934
5s .... $20,000
May 10 1920
18,000
6s
GEN. BONDED DT. Sept 19 '14.$ 119,000
*209,748
Light and water debt (addl)
15,467
Current expenses
90,811
.
Floating debt.... 1 Electric light
15,007
Water
2,284,585
Assessed valuation '14 (54 act.)
49.94
tax (per $1,000) '13
Total
4,209
Population in 1910
light and power and water
The electric
bonds are not a direct obligation of the city,
but against the electric light and water systems and their incomes.
fThis $18,000 issue was never approved by
the voters, so the city has always considered
it as floating indebtedness, but the same is
not included in such indebtedness given above.
KING COUNTY.
County seat is Seattle. The State Supreme
Court on Dec. 6, 1913, declared valid the
court-house bonds given below. The road
bonds given below are part of an issue of
$3,000,000, the legality of which has been
upheld by State Supreme Court.
Mar 1 1928
5s '08 M-S $1,500,000c
Court-House Bonds.
May 1 1933
5s '13 May $950,000c
(Opt. beg. May 1, 1923, $95,000 yearly.)
Refunding Bonds.
Feb 1 '15-'31
454s'11 F-A $170,000c
Feb 1 '15-'31
98,000c
454s '11 F-A
Harbor Bonds.
Nov 1 '31
454s g'11 Nov $1,750,000c
(Subject to call $175,000 yearly Nov. 1, 1921,
to 1930.)
Road Bonds.
Sept 1 1933
5s '13 M-S $300,000c
May 1 1934
500,000c..'
5s'14 M-N
$ 5,268,000
BONDED DEBT Sept 23 '14
A
Assessed valuation '13 (1 act.) 264,287,057
18.01
State and Co. tax (per $1,000) '13
284,638
Population in 1910
350,000
Population in 1914 (est.)
INTEREST on 5s payable at Equitable
Trust Co., New York; on refunding bonds at
Harris Trust & Savings Bank, Chicago,* on
bonds of 1911 and 1913 at Equitable Trust
Co. or at County Treasurer's office.
ELLENSBURG SCH. DIST. No. 3.
Refunding Bonds.
Oct 1 1931
5s A-0 $40,000c
High-School Bonds.
Dec 1 1932
$90,000c
454s Dec
$ 130,000
BONDED DEBT March '14
3,236,869
Assessed valuation '14
(Assessment about 40 to 50% actual value.)
5,500
Population in 1913 (est.)
INTEREST at County Treas. office.
KING COUNTY COMMERCIAL WATERWAY DIST. No. 1.
P. 0. Seattle. Bonds are tax-exempt.
Dec 1 1923
7s'13 J-D $500,000
(Subject to call after Dec. 1, 1918.)
$ 500,000
BONDED DEBT Sept 23 '14
10,056,599
Assessed valuation '13 (real)
25,000,000
Real value (estimated)
20,000
Population of district (est.)
INTEREST at County Treasurer's office.
EVERETT.
This city is in Snohomish County. Incorporated May 4, 1893.
Sewer Bonds.
Feb 1 1920
Sag F-A $60,000c
Funding Bonds.
Dec 1 1915
6s J-D $61,900c
Warrant Funding Bonds.
July 15 1931
5s g'11 J-J $613,000c
'
$ 764,900
GEN BOND DT. Jan 1 '14
731,842
Assessment debt (adel)
55,198
Floating: debt
1,551,940
TOTAL DEBT Jan 1 '14
80,339
Sinking fund
13,457,336
Assessed valuation '13 (2-5 act.)
43.50
Total tax rate (per $1,000) '14
24,814
Population in 1910
INTEREST at Equitable Trust Co., New
York.
EVERETT SCH. DIST. No. 24.
Mch 1 1927
314s'07 .... $150,000c
May 1 1927
50,000c
3 4s 07 ....
Octuly 1 1927
50,000c
3Yis'07 ....
1 1928
O
50,000c.
4Y,s '08 ....
Jan 1 1929
25,000c
454s'09 ....
.Apr 1 1929
25,000c
,
4/4 s'09 ....
June 1 1929
50,000c
,
4/is '09 ....
$ 400,000
BONDED DEBT Jan 1 '13
111,550
debt Oct 21 '12
Floating
19,180
Sinking fund and cash Oct 21 '12
'12 (3-5 act.)' 13,586,246
Assessed valuation
12.80
School tax (per $1,000) '11
INTEREST at County Treas. office.
-All the above bonds are subOPTIONAL.
ject to call after 1 year from issue.
KING COUNTY SCH. DIST. No. 7.
Building Bonds.
5s'07 June $ 1,500c
June 15 1917
5s '09 Sept 2,000c
Sept 1 1919
5s'11 Feb 65,000c
1 1931
Feb
(Subject to call after Feb. I, 1912.)
554s '14 ann $9,000c
April 1 1934
$ 77,500
BONDED DEBT Sept 23 '14
Assessed valuation '13 (54 act.)
2,026,949
MOO
School tax rate (per $1,000) '13
Population in 1914 (est.)3,750
INTEREST on 5s due 1917 payable in New
York at Equitable Trust Co.; other bonds at
State Treasurer's office.
FRANKLIN COUNTY.
Pasco is the county seat.
Fund. Bonds (Red. beg. Dec. 1, 1921.)
Dec 1 1931
. $40,000
5s'11
Court-House and Jail Bonds.
5s '12 A-0 $85,000
Apr 1 1932
$ 135,000
BONDED DEBT May 1 '14
Assessed valuation '13
8,670,008
Population in 1910
5,153
FRANKLIN CO. SCH. DIS. No. 1.
5s'll
$40,000
1931
(Subject to call after 1921.)
BONDED DEBT April '14
$80,000
KING CO. SCH. DIST. No, 162.
Building (Subject to call).
Aug 1 1925
434s'10 Aug $55,000c
May 15 1920
12,000c
4s '05 May
$ 67,000
BONDED DEBT Sept 23 '14
8,193
Floating debt
7
1 286
0
Sinking fund
2,185,464
Assessed valuation '13 (Y2 act.)
12.00
tax rate (per $1,000) '13
School
3,200
Population in 1914 (est.)
INTEREST payable at State Treas. office.
KING CO. SCH. DIST. No, 170.
i
Buildinl (Subject to call)
a
4i/s '10
.....July 1 1920
uly $46,000c
$ 46,000
BONDE DEBT Sept 23 '14
1,564,469
act.)
Assessed valuation '13
11.00
School tax rate (per $1,000) '13
Population in 1914 (est.)
2,600ffi
INTEREST payable at State Treas. oce.
KITTITAS COUNTY.
County seat is Ellensburg. Chelan County's
portion of the bonded debt is $16,513.
HOQUIAM.
County Bonds, 1895.
This place is in Chehalis County. CommisNov 1 1915
111-N $117,000c
6s
sion government adopted June 5, 1911.
School No. 22 (Subject to call).
Refunding Bonds.
Sept 1 1933
ann
5s '13
$11,000c
1922-1931
554s J-D 115,000
School No. 25 (Subject to call).
GEN. BONDED DT. March '14 $ 115,000
454s'11 ann
Oct 2 1919
$8,000c
239,565 •
Local impt. bonds (addl)
School No. 200 (Subject to call).
157,115
Warrants outstanding
51 s'12 ann
A
Dec 1 1932
$10,000c
63,305
Cash on hand
CO. BONDED DT. Sept 21 '14..$ 117,000
3,973,699
Assessed valuation '13
Cash in county funds
17,179
17.10
Tax rate (per $1,000) '13
Chelan County's portion
.
16,513
8,171
Population 1910
Assessed valuation '13 (2-5 act.) 16,669,448
INTEREST at Harris Tr. & Say. Bk.,
State and Co. tax (per $1,000)13
21.04
Chicago.
Population 1910
18,561
INTEREST at Equitable Trust Co., New
JEFFERSON COUNTY.
York.
County seat is Port Townsend.
Refunding (Part every 5 years).
Jan 1 '16-'31
LEWIS COUNTY.
$133,000c
County seat is Chehalis.
$ 133,000
BONDED DEBT April '14
91,000
Refund. (Red. aft. 10 years fr. issue).
Floating debt
456s '05 - $10,000c
16,000
Tan 1 1925
Sinking fund
54s '06 J-J
10,000c
Jan 1 1925
Assessed valuation '13 (2-5 act.)... 6,839,800
Funding Bonds.
28.24
State and county tax (per $1,000) '13
5s'12 M-S $300,000
8,337
Mar 1 '23-'32
Population in 1910
BONDED DEBT Jan 1 '14
$ 330,000
INTEREST at Equitable Trust Co., New
75,524
Floating debt
York.
Sinking fund
JEFFERSON CO. S. D. No. 1.
20,177,489
Assessed valuation '13 (60% act.).
Treasurer; on 5s at State Treasurer's office.
14.59
County tax rate (per MOOG) '13
' Fund. Bonds (Red. beg. in 1905).
Population in 1910
32,127
Nov 1 1915
6s'95 M-N $24,000
INTEREST at office of County Treasurer.
Bonds.
Refunding
Apr 1 1931
5s '11 A-0 $82,000
LEWIS CO. SCH. DIST. No. 9.
$ 103,000
BONDED DEBT April '14
5s '96 M-S $ 2,600
Mar 15 1916
1,508,342
Assessed valuation '13 (2-5 act.)
5s'06 J-J 15,000
10.00
'13
School tax rate (per $1,000)
(Subject to call $3,000 each year beginning
INTEREST on 6s at office of County
1918.)
Treasurer; on 5s at State Treas. office.
(Lompiled by the Commercial and Financial Chronicle.)
KING COUNTY S. D. No. 51.
Building Bonds (Red. beg. in 1918).
Sept 15 1933
5s '13 Sept $45,000c
BONDED DEBT Sept 23 '14
45 180
$1,595,0 3
Assessed valuation '13
(Assessment about 54 actual value.)
$7.00
School tax (per $1,000) '13
2 500
Population in 1913 (est.)
INTEREST at office of State Treasurer,
Olympia.
WASHINGTON CITIES AND TOWNS
LEWIS CO. SCH. DIST.-Concluded.
Refunding (Red. beg. in 1912)•
43s'11 June $50,000c
June 5 1931
Building (Red. beg. in 1912).
43/ss '11 July $43,000c
July 1 1931
$ 112,600
BONDED DEBT Jan 1 '14
82,470
Floating debt
2,939
Sinking fund Jan 1 '14
3,011,065
Assessed valuation '13 (60% act.)
15.00
School tax rate (per $1,000) '13
INTEREST at State Treasurer's office.
LEWIS COUNTY S. D. No. 211.
Building (Red. begin. July 1, 1914).
July.1 1918
554s'13 July $25,000
$ 25,000
BONDED DEBT Jan 1 '14
5,995
Floating debt
697
Sinking fund
Assessed valuation '13 (60% act.).. 807,863
12.00
School tax (per $1,000) '13
LINCOLN COUNTY.
Davenport is the county seat. All bonds
are taxable.
Refunding Bonds.
June 2 1922
45'ls '02 June $54,000c
Court-House (Red. beg. in 1916),
Apr 5 1926
43/ss'06 Apr 5 $41,000c
BONDED DEBT March 20 '14..$
95,000
Assessed valuation '13 (g act.).. 24,177,168
State and Co. tax (per $1,000) '13.
16.80
Population in 1910
17,539
INTEREST at Equitable Trust Co., N. Y.
MIDDLE KITTITAS IRRIG. DIST.
A district in Kittitas County.
1940
g'10_J'-j $103,000c
6s
BONDED DEBT Sept 21 '14
$103,000
Assessed valuation '13 (40% act.) 673,274
Tax rate (per $1,000) '13
9.40
INTEREST at County Treasurer's office.
NORTH YAKIMA.
This city is situated in Yakima County.
Incorporated May 14, 1894. Commission government went into effect September, 1911.
Sewer Bonds.
4s '06 M-S $48,000c
Mar 1 1926
43/ss '11 A-0
50,000c
Oct 1 1931
5s g '11 ,J-D
60,000c
Dec 15 1931
(Sullect to call after Dec. 15, 1912.)
Refunding Bonds.
43-5s '08
$80,000c
Dec 1 1928
5s '10 -D
30,000c
Dec 1 1930
30,000c
Feb 1 1932
5s '12 .-A
(Subject to call after Feb. 1, 1913.)
TOTAL DEBT March 18 '14
$ 298,000
Assessed valuation '13 (3-5 act.)
8,450,645
20.94
City tax (per $1,000) '13
Total tax rate (per $1,000) '13
43.86
Population in 1910 (Census)
14,082
INTEREST on sewer 454s and refunding
5s of 1910 at fiscal agency (Equitable Trust
Co.), New York; the sewer 4s at Chicago;
sewer 5s and refunding 4gs at City Treasurer's office; others at State Treasurer's office.
NORTH YAKIMA S. D. No. 7.
434s'00 May $11,000c
May 1 1920
4s '03 Aug
22,000c
Aug 8 1923
(Subject to call after Aug. 1, 1904.)
4s '05 Feb $25,000c
Feb 11 1925
(Subject to call after Sept. 11, 1906.)
4s '07 Apr $150,000c
April 1927
(Subject to call after 1908.)
Ss '11 Feb $75,000c
Feb 1931
(Subject to call after 1912)
BONDED DEBT Sept 19 '14
$ 303,000
Sinking fund
13,780
Assessed valuation '13 (45% act.) 9,766,600
School tax (per $1,000) '13
6.22
INTEREST at New York, Chicago and in
Olympia, Wash.
OLYMPIA.
Olympia is situated in Thurston County.
Incorporated as a town 1859; as a city 1881.
Bonds below all owned by State Permanent
School Fund.
Refunding Bonds (Red. beg. in 1911).
33/s'06 j $200,000c
-J
1926
BONDED DEBT Sept 24 '14
§ 200,000
Assessment debt (est.)
357,463
Floating debt (est.)
65,886
Assessed valuation '14 (3-5 act.)
3,271,435
Total tax (per $1,000) '13
48.00
Population in 1910
6,996
INTEREST at office of State Treasurer.
OLYMPIA SCHOOL DIST. No. 1.
Refunding Bonds.
July 1 1930
5s '10 _I-J $25,000c
(Subject to call beg. July 1 1912.)
5s'13 Oct $10,000c
Oct 15 1933
(Subject to call beg. Oct. 15, 1914.)
Funding Bonds (Red. beg. in 1912).
43/as '11 s-an $78,000
Jan 2 1932
BONDED DEBT Sept 18 '14
$ 113,000
Floating debt
6,237
Assessed valuation '13 (3-5 act.)
3,432,107
School tax rate (per $1,000) '13
13.00
Population in 1914 (est.)
9,000
INTEREST at State Treasurer's office.
PACIFIC COUNTY.
South Bend is the county seat.
Building Bonds (Red. any time).
• 5s'13 .• - $10,000
1933
Court-House (Red. beg. in 1911).
July 1 1920
5s'10 J-J $150,000
Refunding (Red. beg. in 1911).
Nov 2 1921
Ss'01 M-N $33,000
Road and Bridge (Red. beg. in 1912).
Jan 2 1926
Ss'11 J-J $100,000
BONDED DEBT April 26 '14 $ 283,000
Warrants outstanding
200,000
Assessed valuation '13
17,979,788
12.65
State and Co. tax (per $1,000) '12
Population in 1910
12,532
PACIFIC COUNTY S. D. No. 36.
High-School-Building Bonds.
45/ g '13 ann $75,000 (Red. beg. '23)....l933
2
BONDED DEBT Sept '13
$ 105,000
Assessed valuation
2,219,919
PEND OREILLE COUNTY.
Newport is the county seat.
Warrant
-Funding Bonds.
43 g'12 M-N $72,000c
May 1 1932
(Subject to call after May 1, 1922.)
BONDED DEBT May '14
$ 72,000
Warrants outstanding
56,152
Sinking fund
10,000
Assessed valuation '14 (3/2 act.)
6,550,382
Population in 1910
6,660
PIERCE COUNTY.
The county seat is Tacoma.
Refunding Bonds.
5s '05 A-0 $268,000c
Oct 2 1925
(Subject to call beginning Oct 2, 1915.)
3gs'06 J-D $8,000c
June 1 1926
(Subject to call beginning June 1, 1907.)
4
'06 M S
Sept 1 1926
BONDED DEBT Jan 1 '13
'
,
Assessed valuation, real
81,082,429
Assessed valuation, personal
17,514,757
Assessed valuation, railroads
10,146,457
Total valuation '12 (3-5 act.)
108,743,643
State and Co. taa (per $1,000) '12.
13,000
Population in 1910
120,812
Interest on 3gs is payable at State Treasurer's; on other bonds in N. Y. City.
PORT ANGELES.
This city is in Clallam County. Incorporated as a city of the third class about
June, 1891.
Refunding Bonds (Red. Oct. 1, 1923)•
53/ s '12 .... $50,000
s
Feb 1 1932
6s '13 A-0 36,000
Oct 1 1933
GEN. BD. DEBT Oct 1 '14
$ 86,000
Assessment bonds (additional)
223,121
Warrants outstanding
59,298
Assessed valuation '14
2,020,060
Population in 1910
2,286
PORT OF SEATTLE.
P. 0. Seattle.
East Waterway Improvement District No. 1.
454s g '13 j
-j $494,000
Jan 1 '15-'55
43/s g '13 M-N 348,000
a
May 1 '15.'55
Sag '13 M-S 436,000
Sept 1 '15-'55
East Waterway Improvement No. 2 Bonds.
5s g '13 M-S $554,000
Sept 1 '15-'55
Sag '14 J-J
40,000
Jan 1 '15-'56
Salmon Bay Improvement Bonds.
45/s g '13 J-J $347,000
z
1915-1955
5s g
s-a
197,000
Part yearly
West Seattle Ferry Bonds.
5s g'14 J-J $200,000
Jan 1 '15-'55
Central Water Front Improvement Bonds.
43/is g M-N $745,000
Part yearly
Smith's Cove Improvement Bonds.
454s g s-a $996,000
Part yearly
Lake Washington Improvement Bonds.
44g '13 J-J $149,000
July 1 '15-'55
BONDED DEBT Sept 1 '14....$ 4,712,000
Assessed valuation '13 (45% act.) 263,611,027
Population in 1910
284,638
Population in 1913 (estimated)
338,500
INTEREST at Equitable Tr. Co., N. Y.
PORT TOWNSEND.
This city is in Jefferson County. Incorporated Dec. 8, 1881.
Funding Bonds.
6s
M-N
$29,100c
Dec 1 1915
*Water Bonds (Red. any time)
6s
M-N $185,000r
Nov 1925
Refunding Bonds.
5'/s'11 J-j $75,000c
July 1931
(Subject to call after 1921.)
GEN. DEBT Jan 1 '14
$ 104,100
Assessment debt (additional)
28,983
Sinking fund and cash
11,643
Water bonds (not included above) 180,000
Water sinking fund
8,929
Assessed valuation '13
1,387 239
City tax (per $1,000) '13
l.00
Population 1910
4,181
*These bonds are not a city obligation.
SEATTLE.
Situated in King County. Incorporated as
a town Jan. 14, 1865 and as a city Dec. 2,
1869. Proposed new city charter rejected
June 30, 1914. An issue of $800,000 municipal-electric-railway system bonds was voted
Mar. 7, 1911, and validity subsequently upheld. Up to Aug. 1, 1913, $300,000 had been
issued.
Building Bonds.
4s '02 A-0 $100,000c •
Oct 15 1922
45 '05 II 175,000c
.t.ily 1 1925
4g s'10 50,000c
July 1 1930
43/as '10 300,000c
Dec 1 1930
Funding Bonds.
Ss '11 j-Ei $46,000c
June 1 1931
General Improvement Bonds.
45/g '11 J-D $136,000c
a
Dec 1 1931
Sewer Bonds.
'
43s'07 M-S $1,650,000c
Mar 1 1927
Refunding Bonds.
5s g '11 J-J $391,000c
July 1 '15.'31
5s g '12 A-0 699,000c
Apr 1 '14-'32
5s g '12 J-J
376,000c
July 1 '14-'32
5s '13 J-J
780,000
July 1 '15-18
Light Plant Extension Bonds
45 '05 J-J $250,000c
July 1 1925
4s '09 A-0 500,000c
Apr•1 1929
4gs'10 M-S 200,000c
Mch 1 1930
43/ag '12 j 1,000,000c
-j
Jan 1 1932
Park Bonds.
4s '07 M-S $500,000c
Mch 1 1927
4s '09 A-0
500,000c
Apr 1 1929
455s '10 M-S
500,000c
Mch 1 1930
43.'s '10 J-D
500,000c
Dec 1 1930
4gs'11 J-D 1,000,000c
June 1 1931
4g g '12 j
-j
500,000c
Jan 1 1932
4gs'12 J-J
500,000c
July 1 1932
(Compiled by the Commercial and Financial Chronicle.)
'
125
Municipal Light Plant Bonds.
3s '04 -J $400,000c
July 27 1923
34/s '04 -0 190,000c
Apr 1 1924
34s
'07t 200,000c
y 1 1927
33s'08
400,000c
&J 1 1928
.
4%s'11
100,000c
June I 1931
43/as '14 .
75,000
Jan 1 1934
Refunding Water and Sewer Bonds.
5s g '10 J-J $814,000c
July 1 '14-30
Water-Works-Extension Bonds.
.
4gs '10 J.J $500,000c
July 1 1930
43/as 11 ).J 580,000c
July 1 1931
45/a g '12 J-j 500,000c
Jan 1 1932
Water Tunnel Bonds.
454s g '14 J-J $300,000
July 1 1934
Refuse Disposal Plant Bonds.
s '10 J-J $320,000c
July 1 '15-'30
City Electric Ry. Bonds.
4%g'13 M-N $300,000c
May 1 1933
BALLARD-Annexed Jan. 29, 1907:
Refunding Bonds.
6s '95 J-D $24,500c
Dec 1 1915
Funding Bonds.
454s '05 F-A $75,000c
Aug 1 1925
55 '10 M-S 65,000e
Mar 1 1930
Water-Works Bonds.
6s '95 J-j *$42,000c
Jan 1.1915
434s '02 F-A *10,000c
Aug 1 1917
4358'04 A-0 *25,000c
Oct 1 1924
COLUMBIA-Annexed May 3, 1907:
General Municipal Bonds.
6s '04 F-A $3,900c
Aug 27 1924
In addition to the bonds given above, there
are also outstanding $1,767,000 5% (J.-J.)
coup. Cedar River water bonds due Jan. 1,
1915-'26. These bonds are a lien on a certain portion of the revenues of the Water
Dept., and are not a general municipal indebtedness. There also remain outstanding.
$510,000 from an issue of $1,250,000 Cedar
River water-supply warrants payable at the
rate of $100,000, principal and interest yearly
from water revenues only.
*Issued in payment for water systems by
their respective cities prior to annexation.
They were then made part of the water plant •
of this city, and although they are a general
indebtedness, and interest is being paid from
the water fund.
INTEREST is payable as follows: Funding bonds of 1891 and funding bonds of 1893
(first and second series) at Seattle or at
Harris, Forbes & Co., N. Y. City; funding
bonds due 1931 and 1933 at fiscal agency in
N. Y. City or at City Treas. office; sewer
tunnel bonds of 1893 and sewer bonds of 1893
at City Treasurer's office or at Blair & Co.,
N. Y. City; library-site bonds at City Treasurer's office or fiscal agency, N. Y. City;
Municipal-light and power-plant bonds (series
A and B), State Treasurer's office; municipallight and and power-plant-extension and park
bonds due July 1, 1932, at City Treasurer's office, and fiscal agency, New York City; park
bonds due 1931, the refuse-disposal-plant bonds
and bonds of 1912 at fiscal agency in N. Y.
City (Equitable Trust Co.). All the other
bonds, except those of the annexed cities,
at City Treasurer's office or at fiscal agency
in New York. Interest on the annexed cities'
bonds is payable as follows: On refunding
bonds, the water-works bonds due 1917 and
1924 and on the general municipal bonds, at
the fiscal agency in N. Y. City; on the funding bonds at the Harris Trust & Savings
Bank, Chicago; on the water-works bonds
due 1915 at the Chemical Nat. Bank, N. Y.
City, and on the water-works bonds due 1922
at the State Treasurer's office.
TOTAL DEBT, etc.
-Cash in treasury
Apr. I, 1914,
$1,330,721.05
Apr. 1 '14
Apr. 1 '13
Bonded debt
$15,440,400 $15,258,400
Floating debt
None
None
Total
$15,440,400 $15,258,400
Water debt (inclu.)
2,572,241
2,625,827
In addition to the above debt, the city had
outstanding March 1, 1914, $8,762,680.99 of
assessment bonds and $2,316,162.53 of assessment warrants, both a lien only against
benefited property.
DEBT LIMITATION.
-The limitation of
bonded indebtedness is 10% of the assessed
valuation, of which 5% is for water, light
and sewers and 5% for general purposes.
CITY PROPERTY.
-Jan. 1, 1914, the city
owned personal property, real estate and securities valued at $29,735,473. This total is
exclusive of highways, sewers and cash.
ASSESSED VALUATION.- Assessment
about 45% actual value.
1912
1913
Real estate
$178,468,225 $176,975,528
Personal
36,893,926
35,953,520
Total
$215,362,151 $212,929,048
Tax (per $1,000)
f43.87
34.57
*CITY TAX RATE (per $1,000) for 1913
in the "old limits" was $19.86; in the "new
limits" it was $19.31 and in South Seattle
$17.63. The total tax rate for 1913 was $43.87,
incl. State, county, city, school and Port of
Seattle.
• POPULATION in 1910 (Census) was 237,194; in 1900 (Census), 80,671; in 1890, 42,837; in 1880, 3,533.
SEATTLE SCHOOL DISTRICT NO. 1
This school district is in King County, and
includes the city of Seattle.
School Bonds.
5s '95 J J $400,000c
July 1 1915
4s '02 141-S 275,000c
Mar 1 1922
434s '03 A-0 100,000c
Oct 1 1923
43/as '04 M-N 300,000c
May 1 1924
434s '00 M-S 200,000c
Sept 1 1920
4s '06 14 500,000c
Jan 1 1926
4i/2s '08 M-N 300,000c
May 1 1928
4s '08 M-N 200,000c
May 1 1928
126
WASHINGTON CITIES AND TOWNS
SEATTLE
-Concluded.
4s 09 M-N 400,000c
May 1 1929
4
/ '11 M-S 400,000c
3
4s
Mch 1 '15-'30
43 '12 M-S 510,000c
/
4s
Mch 1 '15-'31
43 '11 M-S 100,000c
/
4s
Mch 1 1931
43 '13 M-S 200,000c
/
4s
Mar 1 '15-'33
'13 M-S 437,000c
5s
Mar 1 '15-'33
53 '14 A-0 361,000c
1916-1934
43 '14 A-0 152,000c
/
48
So. Park District No. 9 (Annexed).
5s'01 M-S $3,000c
Sept 1921
Rainier Val. District No. 18 (Annexed).
4s'03 July $15,000c
July 1923
W. Seattle District No. 73 (Annexed).
43 '08 J-D $55,000c
/
4s
June 1928
Bullard District No. 50 (Annexed).
4s'03 F-A $20,000c
Feb 1 1923
41 '99 M-S
/
3
4s
10,000c
Sept 1 1919
4%s'01 1M-S
8,000c
Sept 20 1921
3 '07 F-A
/
3
4s
70,000c
Mar 1 1927
Georgetown fists. 143 and 153 (Annexed).
43 '04 j
/
4s
-D $20,000c
June 4 1924
43 '09 M-S 20,000c
/
4s
Mar I 1929
BONDED DEBT June 30 '14
$ 4,904,000
Sinking fund
244,334
Assessed valuation '13 (45% act.) 218,046,671
School tax (per $1,000) '13
6.00
Value of school property
6,315,190
Population in 1910
237,194
INTEREST on 43 of 1911 payable in
/
45
Chicago (Harris Tr. & Say. Bank) or N. Y.
City; on $200,000 43 of 1913 at State Treas/
4s
urer's office in Olympiq; all other bonds at
office of County Treasurer or at State fiscal
agency in N. Y. City (Equitable Trust Co.).
SKAGIT COUNTY.
Mt. Vernon is the county seat.
Refunding Bonds (Red.
1914).
33, s04 J-D $100,000 beg. in June 1 1924
Refunding Warrant (Red. beg in 1921).
43
/
48'11 A-0 $100,000
Apr 1 1931
BONDED DEBT Sept 21 '14
$ 200,000
Assessed valuation '13 (31% act) 14,367,727
State and Co. tax (per $1,000) '13
29.00
Population in 1910
29,241
INTEREST on 33 at State Treasurer's
/
4s
office; on 43 at N. W. Halsey & Co., Chi.
/
4s
SNOHOMISH
This city is in Snohomish County. Incorporated in 1890.
Special water bonds payable from
water rent collections
$ 82,500
Coupon water bonds payable from tax
levy
15,000
Refunded water bonds payable from
tax levy
28,000
BONDED DEBT Oct 19, '14
125,000
Assessed valuation '13 (35% act.). 1,177,235
Total tax rate (per $1,000) '13....
44.60
Population 1910
3,244
INTEREST on 33 at Olympia; on 58 at
/
4
's
County Treasurer's office or Equitable Trust
Co., N. Y.
SNOHOMISH COUNTY.
County seat is Everett.
Refunding (Subject to call).
3s
$53,000
Aug 1 1925
Funding Bonds (Red. beg. in 1921).
58'11
$100,000
Jan 2 1931
BONDED DEBT Feb '13
$ 153,000
Warrant debt Jan 1 '13
194,253
Cash on hand Jan 1 '13
115,742
Assessed valuation '11 (48% act) 38,737,641
State and Co. tax (per $1,000) '11
17.50
Population in 1910
59,209
INTEREST on 33 payable at Olympia;
/
4s
on bonds of 1911 at the County Treasurer's
office or at Equitable Trust Co., N. Y. City.
SPOKANE SCHOOL DISTRICT NO. 81.
Building Bonds.
Jan 1 1918
5s '98 1-J $ 50,000c
80,000c
Aug 1 '15-'22
4s '02 F A
Mch 1 1924
43 '04 M-S 209,000c
/
48
200,000c
July 1 1927
/
4s
43 '07 J-J
(Subject to call after July 1 1917.)
July 1 1928
/
4s
43 '08j $250,000c
July 1 1929
400,000c
43 '09 s.
/
4s
Nov 1 1926
5s '06 _ -N 10,500c
(Subject to call after Nov 1 1916.)
Aug 1 1919
6s '04 F-A $3,000c
(Subject to call after Aug 1 1914.)
Aug 1 1924
53 '04 .... $4,000c
/
4s
(Subject to call after Aug 1 1914.)
May 1 1931
43 'II M-N $500,000c
/
4s
July 1 193.
250,000c
4
/
3
45'12 J-J
SPOKANE.
This city is in Spokane County. Incorporated Nov. 29, 1881. Commission government
Refunding Bonds.
adopted in Dec., 1910.
July 1 1930
41/as '10 J J $250,000c
Funding Bonds.
$ 2,197,500
BONDED DEBT Sept 1 '14
53
/
4s
F
227,51
-A $300,000c
Floating debt
Feb I 1918
Crematory Bonds (Tax-Exempt).
90,192,565
/
3
4
Assessed valuation '13 ( act.)
43 '09 F-A $70,000c
/
4s
5.50
School tax (per $1,000) '13
Feb 1 1929
Bridge Bonds (Tax-Exempt).
110,000
Population in 1913 (estimated)
g '07 J-D $400,000c
Dec 1 1933
INTEREST on bonds due Aug. 1, 1924,
43 g '09 J-J 500,000c
/
4s
July 1 1934
/
4
,
payable at County Treasurer's office; on 43
4g '11 J-J 415,000c
/
3
4
July 1 1931
due March 1, 1924 at County treasurer's ofPark Bonds.
fice or at State fiscal agency in New York
5s
J-D $100,000c
Dec 1 1927
City (Equitable Trust Co.) and on bonds of
43 '12 J-J
/
4g
875,000c
... ..Jan 1 1962
1907 and 1912 in N. Y. City at Equitable
Water Bonds.
Trust Co.
4s g '05 j $450,000c
-J
July 1 1925
43 g '10 J-J 400,000c
/
4s
Jan 1 1935
Refunding Water Bonds.
SPOKANE SCHOOL DISTRICT NO. 122.
43 '11 A-0 $500,000c
/
4g
Oct 1 1931
School-Building Bonds. (Tax-Exempt).
Refunding Municipal Bonds.
June 1 1922
5s'07 J.D $25,000c
43 '11 A-0 $700,000c
/
4g
Oct 1 1931
(Subject to call after June 1, 1917.)
GEN. BONDS Mar 31 '14
$ 3,360,000
Apr 1 1932
5s '12 A-0 $20,000c
Water debt (additional)
1,400,000
..$ 45,000
BONDED DEBT Sept 1 '14
Assessment debt (additional)
4,458,602
5,656
Floating debt
Floating debt
414,036
2,753
Sinking fund
TOTAL DEBT Mar 31 '14
9,632,638
1,772,862
Assessed valuation '13 (=A act.),
Sinking fund
141 227
38.00
School tax (per $1,000) '13
NET DEBT Mar 31 '14
9,491,411
5 000
Population in 1913 (estimated)
Assessed valuation '13 (3-5 act.) 89,987,215
INTEREST on 5s at fiscal agency in N
City tax rate (per $1,000) '13
12.00
Y. City (Equitable Trust Co.).
Total tax (per $1,000) '13
33.50
Population in 1910 (Census)
104,237
In addition to the bonds given above there
are outstanding $1,185,000 5% (j. & D.)
SPOKANE COUNTY.
coupon water bonds due Dec. 1, 1914-31 and
County seat is Spokane.
$78,000 6% (J. & J.) water-works warrants.
These are not payable from the general tax • Refunding Bonds (Red. beg. in '11). 2 1921
Dec
4s'01 J-D $129,000c
levy but are secured by a lien upon the gross
Court House and Jail Bonds.
revenues of the water-works.
Oct 1 1923
43 '03 A-0 $270,000c
/
4s
Assessment bonds are not considered city
(Subject to call after Oct 1 1913.)
debt, being payable by special assessment.
399,000
BONDED DEBT Sept 19 '14...$
CITY PROPERTY. The city inventory
34,499
Warrants outstanding
on Jan. I, 1914, showed real estate, build196,300
Cash on hand
ings, library department equipments, etc., to
(about
Assessed valuation '13
the value of $9,447,880, including water sys122,492.478
42% actual)
tem valued at $4,802,994.
16.00
State and Co. tax (per $1,000) '13
INTEREST and principal of city bonds
139,404
in 1910
Population
payable in New York City at Equitable Trust
INTEREST at fiscal agency in New York.
Co.
(Compiled by the Commercial and Financial Chronicle.)
EYMAN & CO.
INCrRPORATED
INVESTMENT
BANKERS
SEATTLE, WASH.
John E.Price & Co.
INVESTMENT BANKERS
ESTABLISHED 1902
Transact a general investment banking
business.
Purchase outright entire issues of Municipal, Local Improvement District,
Corporation and Timber
Bonds of the Pacific Northwest
Specialists in HIGH GRADE
TAX SECURED BONDS
originating in the Pacific
Northwest. Investments
suitable for Banks, Insurance Companies, Estates and
Individuals-Exempt from
to
Income Tax-To net
7%. Correspondence invited.
The great strides in growth of population and wealth of Washington,Oregon,
Idaho and Montana are making available millions of dollars of excellent
securities of the character indicated
above. Lists of bonds which we have
purchased for our own account and
can recommend for their secui ity and
:
high income yield gladly furnished.
Hoge Building, Cor. Second Ave. and Cherry St.
SEATTLE
Attention is called to the
announcement on page II
WASHINGTON CITIES AND TOWNS
STEVENS COUNTY.
County seat is Colville. A portion of this
county has been taken to form the new Ferry
County.
Refunding Bonds.
44s'02 J-J $35,000c
Mar 1 1922
Refunding Bonds.
4%s'02 M-N $184,000c
Nov 1 1929
(Subject to call after Nov 1 1919.)
BONDED DEBT Sept 19 '14....$ 239,000
8,910,941
Assessed valuation '14
28.00
State and Co. tax (per $1,000) '14
Population in 1910
19,270
INTEREST payable in N. Y. City
TACOMA.
Tacoma is the county seat of Pierce County.
Incorporated Nov. 8, 1883.
Bridge Bonds.
$300,000c
4545'09
July 1 1929
543,000c.
454s'12 -J
Jan 1 1932
35,000c
454s '13 I-S
Mar 15 1928
Refunding Bridge Bonds.
5s '13 s-an $90,000c
June 1 '15-'17
Funding Bonds.
5s g '00 FA $1,093,000c
Feb 15 1920
Refunding Bonds.
4%s'11 A-0 $518,000c
Apr 1 1931
Surface Water Drainage Bonds
4%s '09 Ej $ 75,000c
July 1 1929
454g '10 F-A 100,000c
Aug 1 1930
Green River Gravity Water Bonds.
4'/as'10 J-J $500,000c
July 1 1930
Refunding Light Bonds.
5s '13 s-an $250,000c
June 1 '18-'21
Refunding Water Bonds.
Ss '13 s-a $1,750,000c
June 1 '22-'33
Light and Power-Plant Bonds.
4545 09 J-J $300,000c
Jan 1 1929
Wharf and Dock Banos.
43/ag '11 J-J $405,000c
Jan 1 1931
Road Bonds.
45s'13 M-S $117,000c
(Due $8,000 yearly for 15 years and $5,000 in
16 years.)
GEN. BD. DEBT Sept 1 '14
$ 6,076,000
Water and light debt (additional '3,507,904
Improvement debt (additional)
1,617,913
TOTAL DEBT Sept 1 '14
11,201,817
Sinking fund assets
300,319
NET DEBT Sept 1 '14
10,901,498
Assessed valuation real
48,396,653
Assessed valuation, personal and
'
public service corporation
25,892,923
Total valuation '13 (3-5 act.)
73,298,458
Total tax (per $1,000) '13
36.20
Population in 191083,743
Population in 1914 (estimated)110,000
This debt consists of water and light and
power plant bonds maturing from 1 to 20
years. These are not payable from the general tax levy, but are paid out of revenue of
water and light plants.
INTEREST on local improvement bonds at
City Treasurer's office; other interest at
ID
Equitable Trust Co., N. Y.
TACOMA SCHOOL DISTRICT NO. 10.
Building Bonds.
430'05 M-S $200,000c
Sept 1 1925
45/as '11 ann '290,000c
July 1 1931
45'as'12 ann •200,000c
Dec 31 1932
4555'13 July *200,000
July 1 1933
Refunding Bonds.
45/as '00 F-A $100,000c
Feb 1 1920
BONDED DEBT Mar 1 '14
$ 990,000
Sinking fund
33,243
Value school property 13
2,644,522
Assessed valuation '13 (55 act.)
77,892,299
Tax rate (per $1,000) '13
5.15
Population in 1913 (estimated)
100,000
Redeemable beg. 1 year after date.
INTEREST Equitable Trust Co., N. Y.
WALLA WALLA.
This city is in Walla Walla County. In.
corporated in 1862.
Water and Sewer Bonds (Tax-Exempt).
5s'99 Jan $159,000c
1926
Refunding Bonds. (Tax-Exempt).
4s g '12 -J $40,000c
%
Jan 1 1932
City-Hal and Fire-Station Bonds.
5s g '118 J-J $100,000c
Jan 1 1928
Municipal Improvement Bonds.
5s & 6s .... $41,403.54c
Water-Works Bonds (Tax-Exempt).
454s '99 M-S $133,000c
1919
5s g '06 Nov
213,000c
1936
(Subject to call.)
GEN. BONDS Oct '14
$ 686,404
Assessment debt (additional)
236,797
Floating debt
90,042
Cash on hand
22,042
Assessed valuation '14 (40% act.) 9,359,712
Tax rate (per $1,000) '14
13.00
Population 1910
19,364
INTEREST in W. W. and N. Y. City.
WALLA WALLA CO. S. D. NO. 1.
All bonds are tax-exempt.
Funding and Building Bonds.
454s '03
$63,000c
Sept 21 1923
455s '08 M-S
30,000c
Sept 15 1928
(Subject to call after Sept 15 1918.)
4s '09 ann $167,000c1926
SSubject to call at any time-)
5s'10 F-A $50,000c
Aug 1 1930
BONDED DEBT Apr 18 '14
$ 310,000
Assessed valuation '13 (3-5 act.)
10,659,981
School tax (per $1,000)'135,15
INT. at Harris T. & Sav , Chicago.
WALLA WALLA CO. S. D. NO. 24.
Funding and Building Bonds.
51 s '1 1 ann $35,000c
%
Aug 1 1921
(Subject to call $5,000 after 3 years, $5,000
after 5 years and $10,000 after 10 years.)
TOTAL DEBT Apr 18 '14
$ 35,000
Assessed valuation '13 (3-5 act.)... 1,193,492
School tax rate (per $1,000) '13..
11.75
Interest at County Treasurer's office.
(Compiled by the Commercial and Financial Chronicle.)
BOLGER, MOSSER & WILLAMAN
BANKERS
Established in 1894
127
WENATCHEE.
This city is in Chelan County. Incorporated Dec 26, 1892.
Warrant Funding Bonds.
5s '12
$9,500
1932
Municipal Purpose Bonds.
5s '09 .... $40,000
1924
5s '10
50,000
1930
General Bonds.
5/is '12 J-D $15,000
,
Dec 15 1932
Water Bonds.
6s '01
$ 7,500
1921
4%s'04
16,000
1924
45/as '08 .... 55,000
1928
555s '12 J-D 27,000
Dec 15 1932
BONDED DEBT Dec 31 '13
$ 220,500
Warrants outstanding
115,969
Assessed valuation '13 (60% act.)
3,108,970
City tax (per $1,000) '13
17.25
Population in 1910
4 050
INTEREST at City Treasurer's office.
WHATCOM COUNTY.
County seat is Bellingham.
Refunding Bonds. (Red. beg. in '12).
45/as
J-J 160,000c
Jan 1 1922
GEN. BD DEBT Jan 1 '14
$ 160,000
Assessment debt (additional)
29,114
Floating debt
347,875
TOTAL DEBT Jan 1 '14
536,989
Sinking fund and cash
28,963
Assessed valuation '13 (2-5 act.) 25,718,955
State and Co. tax (per $1,000) '13
30.16
Population in 1910
49,511
INTEREST is payable at fiscal agency in
N. Y. (Equitable Trust Co.)
WHITMAN CO. S. D. NO. 59.. .
Refunding Bonds.
5s'06 F-A $25,000c
1926
(Subject to call beginning 1921.)
High-School-Building Bonds.
5s'13 A-0 $25,000c
Apr 1 1933
(Subject to call beginning Apr 1 1922.)
BONDED DEBT Sept 19 '14
$ 50,000
Floating debt Apr 24 '14
20,469
Assessed valuation '13 (45% act.) 1,260,327
INT. at Co. Treas. office or New York.
' YAKIMA COUNTY.
County seat is North Yakima.
County Bonds.
55/as '89 A-0 $80,000c & r
1919
4s '06 Mar 80,000c & r
1926
BONDED DEBT Sept 1 '14
$ 160,000
Warrants out. (County funds)
13,875
Warrants out. (road dist. funds)
32,795
Cash in road funds
7,389
Sinking fund and cash (Co. funds)
120,274
Uncollected tax due (Co. funds)
155,592
Assessed valuation '14 OA act.) 37,246,145
State and Co. tax (per $1,000) '13
18.86
Population in 1910 (Federal)
41,709
Population in 1914 (local)
50,465
INTEREST in N. Y. and San Francisco.
McCoy & Company
Investment Bonds
105 South La Salle St.
Chicago, Ill.
MUNICIPAL BONDS
Municipals
State, County, City, School, Road
and Drainage District
Bonds.
Our twenty years' experience in
the selection and sale of municipal
bonds has convinced us (and our
clients also) that bonds payable
from taxes are the most reliable
and desirable form of investment.
Their market value is stable and
the payment of principal, as well
as interest, is assured.
We solicit correspondence and interviews with
hives tors desiring safe, conservative bonds.
Second Floor,29 S. LaSalle St.
Chicago,Ill.
Attention is called to the
01 page II
announcement
County, City and School District
• To yield 4.'s to
Public Utility
Issues secured by established, well
managed properties operating
in the east and middle west.
. . To yield ,V to 6';
Timber Land
Bonds, being first liens on selected
tracts of merchantable timber,
examined and cruised by
experts . . To yield 6 to
Suitable for investment of banks, trust funds,
insurance companies, fraternal organizations, postal savings deposits, and for conservative
investors.
Further details cheerfully furnished upon request
Bonds of public service companies,amply secured by
property and earning power, can now be purchased at
prices to yield from 5% to 6%. Bonds of such companies
located in thriving cities and supplying the necessities of
the public in transportation, light, heat and power are
little affected by fluctuations in business conditions.
We shall be glad to send offerings and detailed
information upon request.
LEE, HIGGINSON & CO.
BOSTON
Chicago
New York
Worcester
Portland
Providence
Hartford
HIGGINSON & CO., London
Letters of Credit
Investment Securities
Foreign Exchange
DRAWN ON
Messrs. N. M. ROTHSCHILD & SONS . •
•
London
Messrs. COUTTS & COMPANY
London
Messrs. GLYN, MILLS, CURRIE & COMPANY
London
Messrs. MORGAN, HARJES & COMPANY
Messrs. M. M. WARBURG & COMPANY .
Paris
.
Hamburg
Messrs. GERBRUDER SCHICKLER
Berlin
Members
NEW YORK, BOSTON, PHILADELPHIA and CHICAGO
STOCK EXCHANGES
126
Attention is called to the
announcement on page Ii
E. H. ROLLINS & SONS
FOUNDED 1876
INVESTMENT BONDS
E. H. ROLLINS & SONS' SHARE IN CALIFORNIA'S DEVELOPMENT
During the last twenty years the financial and commercial growth of the State of California has
been the greatest in its history and almost unparalleled by that of any other section of the United States.
Foreseeing this growth and the consequent demand for capital necessary to develop the natural resources
and wealth of the State, E. H. Rollins & Sons, Investment Bankers, opened in 1894 a branch office in San
Francisco and were
THE FIRST BOND HOUSE ESTABLISHED IN CALIFORNIA.
Since then through the purchase of Municipal Bonds they have assisted in the upbuilding and improvement of practically every section of the State, and by furnishing Public Service Corporations with
large sums required for their development they have been financially associated with the remarkable growth
of most of the important companies in the California Public Utility field.
Following are the chief California Public Utility Corporations whose bonds have been purchased by
E. H. Rollins & Sons and their associates to an amount of approximately $100,000,000. Their annual gross
earnings are now in excess of $35,000,000.
*American River Electric Co.
*Bay Counties Power Company.
*Blue Lakes Water Company.
California Delta Farms, Inc.
California Electric Generating Co.
Coast Valleys Gas & Electric Co.
*Edison Electric Co. of Los Angeles.
*Fresno Traction Company.
Great Western Power Company.
Huntington Land & Improvement Co.
Long Beach Consolidated Gas Co.
*Los Angeles Gas & Electric Co.
Los Angeles Gas & Electric Corp.
issues of bonds put out by the above companies have, since
'Ten
The issues in question are indicated by a star.
Los Angeles Railway Corporation.
Market Street Cable Railway Co. (S. F.)
*Mutual Electric Light Company.
Oakland Transit Company.
*Oro Water, Light & Power Company.
Petaluma & Santa Rosa Rwy. Co.
San Francisco, Napa & Calistoga Rwy.
Santa Barbara Gas & Electric Co.
Southern California Edison Co.
*Stockton Gas & Electric Corp.
*United Electric Gas & Power Co.
Western Power Company.
Western States Gas & Electric Co.
E. H. Rollins & Sons handled them, become underlying liens.
•
Since 1894 E. H. Rollins & Sons and their associates have purchased over $5,000,000 of State of California bonds for harbor and highway purposes. They have furnished funds for the improvement of all
of its important counties, cities and many of its minor political subdivisions, including over $10,000,000 for
the reconstruction and improvement of the City of San Francisco and the construction of the PanamaPacific International Exposition; also about 824,500,000 for general civic improvements for the City of Los
Angeles, including the important Owens River Aqueduct. The activities of E. H. Rollins & Sons along the
above lines represent the furnishing of approximately $62,000,000 to the State of California and ninety-two
of its counties, municipalities and political subdivisions.
In the Public Utility field the financing arranged through E. H. Rollins & Sons has enabled—
The extension of the street railway systems in San Francisco, Los Angeles and
Oakland;
The development of the Bay Counties Power Company which was the first company in
the world to successfully transmit electric power over a long distance;
The completion of Southern California Edison Company's original hydro-electric
installation on the Kern River and its steam station of 63,000 H.P. near Los Angeles;
The construction and extension of the Great Western Power Company's hydro-electric
installation (now 82,000 H. P.) on the Feather river and its storage reservoir in Big Meadows.
This reservoir, when fully developed, will be, next to the lake impounded by the Asuan Dam
in Egypt, the largest artificial body of water in the world.
Write for information regarding California's progress, the probable effect .the Panama Canal will
have upon its future, its Public Utility Corporations, and the safeguards furnished to the conservative
investor by its laws.
As E. H. Rollins & Sons have head offices in Boston and New York and branches in the important financial cities of Chicago,
Philadelphia, Denver, Los Angeles and San Francisco, they are familiar with most of the important Public Utility Companies and
general financial conditions throughout the country. On request information and advice as to the soundness of Municipal and Corporation Bonds will be gladly given to prospective purchasers or holders of securities.
E. H. Rollins & Sons, after careful investigation by their attorneys, engineers and commercial experts, have purchased for their
own account bond issues of cities and corporations located in all parts of the United States. Circulars describing Corporation Bonds
yielding from 6% to more than 6%, and State. County and Municipal issues yielding from 4% to more than 5% will be fotwarded
on request.
FIRST NATIONAL BANK BUILDING
SAN FRANCISCO
BOSTON
200 Devonshire St.
NEW YORK
43 Exchange Place
SECURITY BUILDING
LOS ANGELES
CHICAGO
234 So. LaSalle St.
130
DENVER
Int'l Trust Bldg.
LONDON
5 Copthall Court
Attention is called to the
announcement on page ii
Securities and Reports
of
Public Service and Miscellaneous Corporations
of the Pacific Coast
San Francisco, Cal.
Alaska Packers' Association,
The operations of the company consists of catching and
packing of salmon in Alaska and Puget Sound waters. The
company owns and operates a fleet of steamers, sailing
vessels, canneries and hatcheries.
Capitalization.
Authorized.
$7,500,000
Outstanding.
$5,750,000
2,000,000
Stocks—
Common
Funded Debt—
Bonds
815,000
Physical Property.
The company owns 9 ships, 12 barks, 1 barkentine, 3
schooners and 63 steamers and launches, a total of 88 vessels appraised at $1,505,850. The company operated in 1913
14 canneries in Alaska and 3 on Puget Sound and 2 salmon hatcheries in Alaska. From 68,760,000 red salmon
eggs taken in 1912 at these two hatcheries, 62,603,000 fry
were liberated in 1913. 44,109,160 red salmon eggs were
taken at the two hatcheries in 1913. The company also
owns and operates a ship yard at Alameda on San Francisco Bay. The company carries its own insurance on all
its property and operations. The insurance fund in 1913
was $1,841,248.39, of which $1,537,500 is invested in bonds.
•
Statistics.
Capitalization.
Stocks—
Authorized.
Outstanding.
Preferred:
$50,000,000
A. S. & R. (7% cum.)
$50,000,000
A. S. & S. (a) (6%)
17,000,000
17,000,000
A. S. & S. (b) (5%)
30,000,000
30,000,000
Common
50,000,000
A. S. & R
*65,000,000
Funded Debt—Bonds
A. S. & S
30,000,000
t30,000,000
A. S. & S. convertible 6s, Feb.
1st, 1926
15,000,000
15,000,000
*$16,000,000 issued to retire the A. S. & S. 6 per cent convertible Debentures.
tOwned by the A. S. & R. Co.
Physical Property.
These companies own and operate mining properties in
Mexico, Colorado, Missouri, California, Washington, Utah.
They also •own and operate smelting and refining plants
in Utah, Montana, Nebraska, Colorado, Illinois, New Jersey, Mexico, Arizona and elsewhere. The principal merchantable products are bar gold and silver, pig lead,
electrolytic copper and blue vitrol.
Earnings.
Gross
Net
Interest and
Balance.
Dividends.
Revenue.
Earnings.
Year.
$2,551,502
$10,571,502
$8,020,000
1911
$15,112,125
3,059,676
8,020,000
11,079,676
1912
16,759,499
1,736,540
9,756,540
8,020,000
13,429,993
1913t
Net earnings are shown after deducting operating expenses
and taxes.
tReduction in earnings during 1913 due entirely to the disturbed conditions in Mexico.
The following table shows the number of canneries operated and cases packed:
1907-16-1,100,035
1908-16-1,160,477
1909-17-1,333,254
1913-17-1,504,415
1904-21-1,170,474
1905-16-1,139,721
1906-16-1,044,676
1910-15— 971,716
1911-16-1,053,015
1912-15-1,202,779
1910 $517,009-1911 $631,899-1912 $372,832-1913 $148,380
Officers.
Isaac Liebes, Treas.
A. K. Tichenor, Secy.
G. E. Geary, Cashier.
Amalgamated Copper Co.,
New York, N. Y.
The company is a holding company and does not operate
any mining, milling or smelting properties.
Subsidiary Companies.
The United Metals Selling Co.
Anaconda Copper Mining Co.
Capitalization.
Srocks—
Authorized
$155,000,000
Common
Funded Debt
2 year, 5% gold notes, due March
15, 1915
12,500,000
Outstanding
$153,887,900
12,500,000
Physical Property.
The company owns the entire capital stock of the United
Metals Selling Co. It owns a controlling interest in the
Anaconda Copper Mining Co. ($79,609,150 out of the capital
stock $108,312,500). It also owns $3,080,000 of the capital
stock of the Green-Cananea Copper Co. and 150,000 shares
of the Inspiration Consolidated Copper Company.
Earnings.
Nett
Year
Earnings. Dividends. Balance.
1910
$5,963,968 $3,077,758 $2,886,210
1911
6,048,896
3,077,758
2,971,138
1912
6,647,006
3,847,198
2,799,808
1912 (8 mo ending 12/31)
6,595,611
3,847,198
2,748,413
1913
8,871,799
9,233,274
*361,475
*Deficit
tNet earnings are shown after deducting operating expenses
and taxes.
Dividends.
02
Per cent ...2%
03 04 05
,4
2 2 41
06 07 08 toll 12 13
14
7 7 2 yrly 4 6 1 1 4-11 4
,
,
134
Officers.
John D. Ryan, Pres.
A. H. Melin, Sec'y and Treas.
D. B. Hennessy, Asst. Sec'y and Asst. Treas.
American Smelting and Refining Co., and the
American Smelters Securities Co. New York.
The operations of these companies consist of mining
or otherwise acquiring gold, silver, copper, lead and other
ores; dealing in such ores and their products; and of
smelting, refining, milling or otherwise treating same.
Subsidiary Companies.
(Amer. S. & R. Co.) • A. S. Steamship Co.
Con. K. C. S. & R. Co. Nat'l Metullurg. Co.
(Amer. S. S. Co.)
D. S. Zinc Co.
Carbon C. & C. Co. Bait. Cop. S. Sc R. Co.
1912
1913
Mining
Properties
$3,113,105
1,185,154
Interest,
Rents, etc.
$1,077,560
1,318,526
Dividends.
Earnings.
Henry F. Fortmann, Pres.
Louis Sloss, V.-P.
William Timson, V.P.
Sources of Gross Revenue.
Smelting, Refining, etc.
•
$12,568,835
10,926,254
05
A. S. & R. common pct...5%
06 07
7 7%
08 09
5
4
10
4
12
4
13
4
Officers.
Daniel Guggenheim, Pres.
Barton Sewell, V.-Pr.
-P. & Asst. P.
Edward Brush, V.
-P.
S. W. Eccles V.
-P.
Edgar L. Newhouse, V.
Isaac Guggenheim, Treas.
John N. Steele, Gen. Coun.
R. P. Reese,
Judd Stewart, Gen. And. & Asst.
to Pres.
Frank W. Hills, Comptroller.
Lucius A. Chapin, Asst. Treas.
W. E. Merris, Sec'y.
F. R. Foraker, Asst. Gen. Coun.
8z Asst. Sec'y.
Auditor.
The Armsby Company of New York,
New York, N.Y.
The company is engaged in packing and distributing at
wholesale throughout the United States, Canada and Europe, dried fruits, canned fruits, and walnuts; and in selling at wholesale on a commission basis similar products
for other smaller packing companies. The company handles the entire distribution in the United States of salmon
canned by the Alaska Packers' Assn., the largest concern
of its kind in the world. The company's central business
organization is in San Francisco. It maintains branches
in New York, Boston, Chicago, and Los Angeles.
Subsidiary Companies.
J. K. Armsby Co. of Illinois.
Capitalization.
Authorized Outstanding
$500,000
$485,000
500,000
437,000
Stocks—
Preferred (7% cum.)
Common
Physical Property.
The company owns and operates 16 plants for preparing
and packing its various products at the following points:
Los Angeles, Armona, San Jose, Fresno, Visalia, Suisun,
Marysville, Sunnyvale, Stockton, Healdsburg, Gilroy,
Sanger, Vacaville, and Winters, in California, and at Vancouver, Wash., and Dallas, Oregon; also owns warehouse
and office building in San Francisco. The company owns
all of the capital stock of the J. K. Armsby Company of
Illinois and a large interest in the Central California Canneries; also owns stock interests in the Pacific Coast
Seeded Raisin Co. and valuable trade mark rights.
Earnings.
Net Earnings after all charges
1910
$ 87,214
1911
110,098
1912
172,060
1913
170,912
Officers.
Federal Lead.
Garfield S. Co.
Selby S. & L. Co.
Tacoma S. Co.
11
4
J. R. Armsby, Pres.
F. A, Aplin, V. P.
C. N. Armsby, V. P.
A. W. Porter, V. P.
E. P. Sills, V. P.
A. M. Lester, Sec.
E. R. Armsby, Treas.
132
CORPORATIONS
Associated Oil Co.,
San Francisco, Cal.
The company transacts a general business in the acquiring of oil properties, leasing of oil rights, producing,
manufacturing, refining, transporting and distributing oil
in California and throughout the United States and territories.
tems and the sale and lease of such lands for agricultural
purposes.
Subsidiary Companies.
Subsidiary Companies.
Associated Pipe L. Co.
Sterling Oil & De. Co.
Amalgamated Oil Co.
West Coast Oil Co.
Midway Oil
Pioneer
Calif. Coast Oil Co.
Co. Cons.
StocksCommon
Funded Debt
Bonds
Capitalization.
StocksAuthorized.
*Common
$40,000,000
Funded Debt
Bonds
30,000,000
*Control owned by Southern Pacific Co.
Outstanding.
$40,000,000
15,685,000
Physical Property.
Of the California oil properties held in California, the
company owns in fee, according to latest returns, 36,511
acres, and has under leases (20 years) 2,125 acres. Mineral locations, 3,200 acres.
These properties are in Kern, Fresno, San Luis Obispo,
Santa Barbara, Contra Costa and Kings counties. The
company also owns refineries, distributing plants, railway
equipment and a fleet of 13 vessels. It has selling agencies
In the principal cities of Nevada, Arizona, California and
In Portland and Hawaii. The company also owns controlling interest in all the subsidiary companies above
mentioned and stock interest in a number of other companies.
The company had on hand Dec. 31, 1913, 8,595,145 bbls.
of oil, an increase for the year of 488,529 bbls.
Earnings.
Gross
*Net
Year.
Revenue.
Earnings,
Interest.
Balance.
1910
822,385,117 $ 3,007,902 $ 553,688
8 2,454,214
1911
20,337,684
2,594,933
828,687
1,766,246
1912
16,772,618t
2,049,093
818,648
1,230,445
1913,
84,254
1,822,412
*Net earnings are shown
after deducting operating expenses
and taxes and dep.
Moss is largely due to change in methods of
accounting.
Officers.
Wm. Sproule, Pres.
F. B. Henderson. Asst. Gent. Mgr.
P. G. Williams, Secretary.
F.
Buck„ V.
-P.
W. A. Sloan, Treas.
J. R. Lewis, V.-P.
C. L. Coppage, Asst. Sec'y.
R. G. Page, Assistant Secretary.
L A. Chanslor, V.-P.
Booth Fisheries Co.,
Chicago.
The company is engaged in buying and selling at wholesale and retail fish, oysters and all sea foods, and operates
In the Atlantic and Pacific oceans and on the Great Lakes.
Its distributing branches number more than 100 which are
located in the most important cities of the United States.
Subsidiary Companies.
N. W. Fish Co. of Washington.
Booth C. S. Co. of Minnesota.
Booth C. S. Co. of Iii.
U. S. & D. T. Co., Minnesota.
Capitalization.
StocksPreferred (1st cum. 7%)
Common
Funded Debt
Bonds
Bonds on cold storage plants
Authorized.
Outstanding.
$10,000,000
82,200,000
10,000,000
5,000,000
5,000,000
3,520,000
187,600
Physical Property.
The company owns its 100 distributing plants above mentioned and producing stations on the Great Lakes and the
North Pacific Coast with some minor stations on smaller
Inland waters. Four public cold storage plants are owned
and the more important stations are equipped with freezing plants. The company owns and operates a line of
passenger and freight boats on Lake Superior and has
fishing fleets on the Great Lakes and Pacific Ocean. The
company has also obtained concessions from the Newfoundland government. It owns the entire capital stock of the
Northwestern Fisheries Co.
Statistics.
Sales 1911, $14,558,432.59 1912, $16,717,161.58 1913, 817,554,490.75
Earnings.
*Net
Gross
Balance.
Interest.
Revenue. Earnings.
Year.
8402.065
$180,091
$582,156
$3,849,304
1911
403,969
299,735
703,705
4,585,085
1912
210,462
314,786
4,806,481
525,238
1913
*Net earnings are shown after deducting operating expenses
and taxes.
Officers.
A. B. Carpenter, Pres. Sr Treas.
K. L. Ames, V.-P.
W. G. Weil, Sec'y & Asst. Treas.
W.F. Cochran, Asst. Sec. & Treas.
California Delta Farms, Inc.,
Los Angeles, Cal.
The company operations consist of the reclamation by
levee construction and drainage of delta lands of the San
Joaquin River in Contra Costa and San Joaquin counties;
placing reclaimed land under irrigation by pumping sys
Holland Land & Water Co.
Empire Navigation Company.
Capitalization.
Authorized
$7,500,000
Outstanding
in Hands
of Public.
$7,500,000
3,500,000
2,593,000
Physical Property.
The company owns approximately 45,500 acres of land
valued Dec. 11, 1913, at $8,307,425; its permanent improvements consisting of canals, buildings, pumping plants,
bridges, telephone lines, floodgates, dry dock, wharves and
levees valued at $1,129,206; 12 dredges and other machinery and equipment valued at $360,481. Mortgages held by
the company aggregate $484,081; its rent role from lands
leased total $328,231.70 for 1914.
Earnings.
Gross
*Net
Year.
Revenue.
Earnings.
Interest.
Balance.
1913
$545,993
$419,367
$338,805
$80,562
*Net earnings are shown after deducting operating expenses
and taxes.
Officers.
Lee A. Phillips, Pres.
Isaac Milbank, V.
-P.
John B. Miller, V.
-P.
Geo. A. Atherton, Gen'l Mnfr.
Howard S. Dudley, Sec'y & rreas.
Geo. M. Burton, Ass't Sec'y.
San Francisco, Cal.
The company is engaged in canning and preserving of
fruits and vegetables throughout California, and in the sale
and distribution of their products.
Capitalization.
California Fruit Canners,
Authorized Outstanding
$3,000,000
$3,500,000
StocksCommon
Physical Property.
Owns and operates about 75 per cent of the vegetable
and fruit canneries in the state of California. The company owns interests in a number of other companies
similarly engaged. Valuation of such holdings, together
with real estate, machinery and operating plants was
$3,192,260 as of February 28, 1914.
Earnings.
Year
1910
1911
1912
1913
1914
Net Earnings
$381,175
416,725
603,025
739,261
603,051
Surplus and
Contingent
Div. Reserve Fund
$1,407,936
$208,195
1,506,359
208,195
1,700,029
208,195
1,992,862
208,195
2,129,136
333,545
Dividends.
Every year since 1900 at the rate of 7.20 per cent annually. Dividend paid monthly except for 7 months, May to
November, 1906.
Officers.
R. I. Bentley, V.P. & GI. Mgr.
William Fries, Pres.
S. L. Goldstein, V.
-P. & Treas.
Francis Cutting, Vice-Pres.
Chas. B. Carr, Sec.
California Oregon Power Company,
San Francisco, Cal.
The company furnishes electric light and power to the
territory extending from Castilla, Cal., on the south to
Glendale in Oregon on the north; east to Klamath Falls in
Oregon, and west to Etna in California. It also furnishes
water to two communities. Thirty-three cities and towns
in northern California and southern Oregon are served by
this company. Its primary lines extend over 400 miles,
through Shasta-Scott-Butte Valleys in California and
Klamath-Rogue River Valleys in Oregon.
Subsidiary Companies.
Rogue R. Elect. Co. Sisk. E. Pr. & L. Co. Klamath Power Co. '
Capitalization.
StocksCommon
Funded Debt
Bonds
Authorized.
810,000,000
Outstanding.
$10,000,000
10,000,000
5,600,000
Physical Property.
The company owns and operates 7 hydro-electric plants
with an aggregate development of 71,250 hp. and a possible
development of 160,000 hp.; also 400 miles of high tension
transmission lines and the water works at Klamath Falls,
Ore., and Dunsmuir, Cal.
Officers.
J. W. Churchill, Pres.
-P.
J. D. McKee, V.
J. P. Churchill, Treas.
A. J. Rosborough, Sec'y.
California Wine Association,
TVinehaven, Cal.
The operations of the company consist of the growing
and making of wines and brandies and the sale and distribution of these products.
133
CORPORATIONS
Capitalization.
Outstanding.
Authorized.
Stocks$1,426,260
$ 7,000,000*
Preferred (6% cum.)
4,754,200
13,000,000*
Common
Funded Debt
4,495,000
7,000,000
Bonds
to
•$5,000,000 each of pref. and corn, authorized in 1913
provide for convertible feature of debentures.
Physical Property.
The company owns approximately 50 parcels of real estate in 14 counties of California, wineries, distributing
plants, etc., valued at $1,731,392* with an approximate
annual production capacity of 20,000,000 gals. It also
owns interests in the capital stock of other companies
similarly engaged amounting to $7,128,048*. Stock inventory of wines, etc., $3,250,605.*
*As of December 31st, 1913.
Officers.
-P.
T. Frowenfeld, 2nd V. & Treas.
B. R. Kittredge, Pres.
-P., Sec. Gn'l Mngr.
W. Hanson, V.
-P.
C. 0. G. Miller, 1st V.
J. A. 0. Covik, Ass't Sec'y.
Counties Gas & Electric CO.,San Francisco.
The company furnishes electric light and power and gas
in Santa Cruz, San Benito and Santa Clara counties, Cal.
The company purchases a part of its power from the
Pacfife Gas & Electric under a long term contract; also
operates the electric railways in Santa Cruz and vicinity.
Coast
Subsidiary Companies.
Pr. Co.
Coast Co. L & Pr. Co. Union Traction Co. Big Creek Lt. &
S. Benito L. & Pr. Co.
Capitalization.
Authorized. Outstanding.
$1,000,000
$2,000,000
1,000,000
2,000,000
StocksPreferred (6% cum)
Common
Funded Debt
Bonds
1,839,000
1,580,000
Physical Property.
The company owns and operates one hydro-electric and
2 steam plants with a combined development of 3,346 hp.;
75 miles of transmission lines and 531 miles of distributing lines, 6 substations; owns gas plants at Santa Cruz,
Watsonville, Hollister and Gilroy; the Union Traction Co.
operates 18 miles of standard gauge track in Santa Cruz
and thence to Capitol's. The company's municipal franchises are perpetual-county franchises on highways run
until 1946-1959. The Company owns all the capital stock
of its subsidiary companies, except the Union Traction
company, which it controls.
Year.
1909
1910
1911
1912
1913
Statistics.
Consumers Served.
Electric.
Gas.
3,095
1,912
3,539
2 017
4,627
2,726
4,862
3,161
5,530
3,281
Total
5,007
5,556
7,352
8,023
8,811
Earnings.
Net
tGross
Revenue. Earnings. Interest. Balance.
$209,989 $ 87,130 $ 57,575 $ 29,555
1909
49,477
63,560
113,037
252,104
1910
73,574
69,560
143,134
289,115
1911
78,543
72,560
161,032
319,940
1912
64,631
78,543
143,174
356,508
1913
tGross earnings include profit from Union Traction Co.
operations. Deficit in 1913.
*Net earnings are shown after deducting operating expenses
and taxes.
Officers.
R. M. Hotaling, Vice President.
S. W. Coleman, Pres. & Gen. Mgr.
L. W. Pryor, Secretary and Treasurer.
Coast Valleys Gas and Electric Co.,
San Francisco, Cal.
The Company owns and operates the electric business
in Salinas, Monterey, Pacific Grove and King City; the
gas business in Salinas, Monterey and Pacific Grove; the
water business in Salinas and King City; together with
an electric distribution system for power and lighting
service in the Salinas Valley between Salinas and King
City.
Earnings.
Net
Gross
Balance
Interest
Earnings
Year
Revenue
$34,690
$59,813
$94,503
1913
$227,704
Net earnings are shown after deducting operating expenses
and taxes.
C. N. Black, Pres.
G. W. Bacon, Vice-Pres.
Capitalization.
Physical Property.
All power is purchased from Sierra & San Francisco
Power Company, but the Company owns three steam stations having total capacity of 1,375 K. W. The Company
also owns 65 miles of high tension transmission line, 8
sub-stations aggregating 5,100 K. W., and 210 miles of dis-
Officers.
-P.
H. F. Jackson, V. & Gen'l Mgr.
F. J. Blanchard, Sec'y and Treas.
Los Angeles, Cal.
The company owns, leases, and develops oil lands and
constructs and operates pipe lines, refineries, distributing
plants and equipment, etc., and buys and sells oil and its
products.
General Petroleum Co.,
Subsidiary Companies.
General Pipe Line Co
Trumble Refining Co.
Capitalization.
Authorized.
$50,000,000
StocksCommon
Funded Debt
Bonds
Cony. serial 2 yr. notes, 1915
Outstanding.
;34,814,600
12,477,300
2,868,000
25,000,000
3,000,000
Physical Property.
The company owns 23,644 acres of oil lands in California. and 24,500 in Mexico; tanks with combined capacity of 25,128 gals.; 3 refineries with daily capacity
35,000 bbls. Owns entire stock of its subsidiary com-
panies.
-
John Barneson, Pres.
-P.
Jas. T. Currie, 1st V.
Wm. Weir, 2nd V.P.
Sec'y.
C. R. Stevens,
Officers.
Virgil F. Shaw, Ass't Sec'y.
B. C. Donham, Ass't Sec'y.
Robert Mitchell, Treas.
Great Western Power Co. of California,
San Francisco, Cal.
The company furnishes electric light and power to a
a
territory including 11 counties in California, and having
total area of 8,600 square miles.
Subsidiary Companies.
California Electric Generating Co.
City Electric Co.
Capitalization.
Authorized Outstanding
*Stock
$ 6,000,000
West. Power Co. of N. J., pref. 6% $ 6,000,000
14,670,000
14,670,000
corn
West. Power Co. of N. J.,
Funded Debt
subBonds, Gt. West. Power Co. and
23,645,000
35,000,000
sidiaries
West. Power Co. of N. J., notes coll
1,250,000
1,250,000
tr. 6s, due 1915
The stock of the Great Western Power Co. is all owned
by the Western Power Co. of New Jersey. The latter has no
bonded indebtedness.
Physical Property.
The company owns at Big Bend, Califoznia, 18 miles
above Oroville and 154 miles northwest of San Francisco,
a hydro-electric plant with a capacity of 55,000 H. P. its
power being transmitted to Oakland over two circuits to
sub-stations at Sacramento, Brighton, Cowell and Oakland,
each sub-station supplying customers within a radius of
25 miles; a reservoir of 82,000,000,000 gallons capacity
at Big Meadows, which, with the falls on the north fork of
the Feather Rh er, with an ultimate possible development
of 550,000 H. P.; also owns a steam electric power station
in Oakland, developing 15,000 H. P. and a steam power
station at North Beach, San Francisco, developing 28,000
H. P. Power is transmitted from Big Bend station over
double circuit steel tower line to Oakland and thence by
cable to San Francisco.
Statistics.
Customers served
Authorized
Outstanding
Stocks$2,000,000
$2,000,000
*Preferred (7%)
3,000,000
3,000,000
*Common
900,000
10,000,000
Bonds
company is controlled by the United
The stock of this
Inv. Co. through the Cal. Ry. & Power Co.
Rys.
tribution system. The gas plants at Salinas and Monterey have, respectively 400,000 and 500,000 cubic feet daily
capacity. Gas is distributed through 3 miles of high pressure and 39 miles of low pressure mains.
1912
4,228
1914
15,010
Increase % Inc.
255
10,782
Earnings.
Gross
Revenue
Net
and other
Interest
Earnings
Income
Balance
Year
$ 592,828
$ 53,294
$ 646,122
$ 928,786
1910
842,267
1,179,352
1,938,158
337,885
1911
1,303,216
2,313,699
1,017,572
285,644
1912
1,183,751
2,930,068
1,964,099
780,348
1913
Net earnings are shown after deducting operating expenses
and taxes.
Officers.
Frank M. Tompkins, Treas.
Mortimer Fleishliacker, Pres.
Harley P. Wilson, Sec.
Guy C. Earl, Vice-Pres.
Herbert Fleishhacker, Vice-Pres. William H. Spaulding, Asst Sec.
Charles E. Maynard, Asst. Treas.
Harley P. Wilson, Vice-Pres.
134
CORPORATIONS
Great Western Power Company's storage reservoir (Lake Almanor) on the North Fork of the Feather River,
the largest artificial reservoir in the State of California. The lake is over 10 miles in length, has an area of 30Plumas County, California—
square miles and contains
82,000,000,000 gallons of water, at an elevation of 4,450 feet above sea-level. The equalized river flow resulting from this vast storage reservoir
is utilized at the Big Bend Power House where is generated 75,000 continuous electrical horsepower.
GreatWestern PowerCompanySystem of California
The Great Western Power Company of California
had its origin in the year 1901, in the study of water
power possibilities covering the northern half of the
State of California. This study resulted in the elimination of those possibilities which were either expensive or unreliable and in the discovery of the great
water supply of the North Fork of the Feather River,
the unusually large natural underground storage in
its water-shed, and the vast storage site known as the
Big Meadows. In connection with the great storage
facility was the possibility of dropping this equalized
water within a reasonably short section of river, including the famous Big Bend, through a total vertical
head of 4,000 feet.
The result of this extensive survey was presented
to a group of capitalists and shortly afterward land
was purchased for reservoir sites, water rights were
acquired, and the original Western Power Company
of California was organized in the spring of 1901. To
this company all land and water rights acquired were
conveyed.
In September, 1906, the Great Western Power Company of California, the present operating company,
was organized, and acquired all of the physical properties of the former company. At the same time the
Western Power Company of New Jersey, a holding
company, was formed, which acquired and now holds
all of the stock (except qualifying directors' shares)
of the Great Western Power Company of California.
This is a non-operating company and has no bonded
debt. Development of the property was at once begun,
and in December, 1908, the initial development at Big
Bend, of 60,000 horsepower, was placed in operation.
Shortly afterward the California Electric Generating
Company erected a 15,000 horsepower auxiliary steam
plant at the Oakland terminal of the hydroelectric
transmission line, which plant is now leased to the
Great Western Power Company. In July, 1911, the
City Electric Company, comprising a 28,000 horsepower steam plant and an extensive distribution
system in San Francisco, was acquired.
An extension of the Big Bend plant of 60,000
horsepower has since been under way and is partially
completed, making the present capacity of this station
75,000 horsepower. The present installed generating
capacity of the system is therefore 118,000 horsepower.
The Big Meadows dam has recently been completed to a height of eighty feet. The Great Lake
Almanor, formed by the waters impounded by this
dam, is already over ten miles in length and covers
thirty square miles of territory. In this vast reservoir,
which is at an elevation of 4,450 feet above sea level,
there are at present eighty-two billion gallons of water,
a sufficient supply to equalize the river flow so as to
generate continuously at the present Big Bend plant,
even through the driest years, 75,000 horsepower.
This same water can further be used at the four other
power sites controlled by the company, where it will
generate 240,000 additional horsepower.
Power from the Big Bend station is transmitted
over a double circuit steel tower transmission line,
operating at one hundred thousand volts, and which is
one hundred and fifty-four miles in length, extending
through the fertile Sacramento Valley to the many
substations in eleven counties and to the Oakland
terminal station, which supplies the territory contiguous to San Francisco. Hydroelectric power is
transmitted from the Oakland terminal of this transmission line through the agency of two 11,000-volt
submarine cables (the largest of their kind in the
world) under San Francisco Bay to the city of San
Francisco. Through the aid of eight hundred miles
of distributing lines and thirteen substations, the company is now serving the needs of sixteen thousand
consumers, having a connected load of 165,000 horsepower, in eleven counties in the central portion of the
state.
The Big Meadows dam will be even further enlarged and will ultimately impound 1,250,000 acre feet
of water, forming an artificial lake larger than any yet
constructed. The final development of this watershed will ultimately avail 550,000 continuous horsepower, and the stored water, after passing through
the five powerhouses (falling through a vertical drop
of 4,000 feet) will afford irrigation for over one-half
million acres of land in the great Sacramento
Valley.
This hydroelectric power project is one of the
largest and most economical of development in the
United States, and is particularly valuable in view
of the great demand for electric service in this community.
Adv.
Attention is called to the
announcement on page II
135
CORPORATIONS
Stockton, Cal.
pally controls 85% of the gas business in the City of Los
cities above
machinery, Angeles and all of the gas business in the other
This company manufactures and sell patented
an approximate population of 570,000. It
named, serving
Plows
consisting of Gas Tractors, Combined Harvesters,
also operates a plant for the distribution of electric light
together with the necessary supplies and
and Harrows,
and power in the City of Los Angeles.
registered
lubricants. All these goods are sold under their
Capitalization.
are protected
Outstanding.
trade mark CATERPILLAR. Its products
Authorized.
Stocks
None.
England, France, Germany, 1st preferred
$ 4,000,000
by patents in the United States,
None.
6,000,000
America, and all principal foreign coun- 2nd preferred
$10,000,000*
20,000,000
Australia, South
Common
CATERPILLAR, together with its
Funded Debt
8.686,000
tries. The trade mark
15,000,000
Bonds
been
Pacific
. •The capital stock of this company is owned by the
equivalent in the principal foreign languages, has
Lighting Corporation, San Francisco, California.
registered in practically every country in the world.
Property.
Physical
In 1913 a consolidation was effected by which all subThe rated capacity of the gas generating plant, owned
and became a part of
sidiary companies were absorbed
and operated by the company, is 31,140,000 Cu. ft. The
the parent company.
holder capacity is 14,950,377 cu. ft. The company owns
Capitalization.
1,247 miles of gas mains and on July 1st, 1914 had outOutstanding
Authorized
Stocks$603,000
$1,000,000
standing 124,055 meters. The rated capacity of the electric
Preferred (7%)
500,000
500,000
Common
plant, owned and operated by the company, is 25,650 H. P.;
Physical Property.
miles of overhead main wire, 2,410; underground conduits,
The company owns and operates two factories, one at
21 miles. On July 1st, 1914, the company had outstanding
Stockton, Cal., employing about seven hundred and fifty
37,166 electric meters; with a total connected load of 67,men, and one at Peoria, Ill., employing about two hundred
021 H. P. The value of physical property of the corporation
men.
without allowing for good will and franchise, $20,600,000.
The Stockton plant manufactures tractors, plows and
Statistics.
harvesting machinery, and its products are shipped all
Comparative statement of Meters Installed. 1914
1913
1912
1911
1910
over the Pacific Coast, including Alaska and the west January 1st,
74,353 84,773 96,108 107,952 122,020
Gas
36,086
31,324
coast of South America; also the Pacific Islands, China, Electric
20,844 24,130 27,295
Australia, and New Zealand.
158,106
..95,197 108.903 123,403 139,276
Totals
The Peoria factory, which is devoted exclusively to the
Earnings.
*Net
manufacture of CATERPILLAR tractors, supplies the trade
Gross
Balance.
Interest.
Earnings.
Revenue.
Year.
$ 976,056
east of the Rocky Mountains, the eastern part of South
$260,507
$1,236,563
$3,334,861
1910
1,223,545
328,934
1,552,479
3,893,189
1911
America, and the European trade.
1,446,559
396,405
1,842,964
4,178,176
1912
1,536,627
400,943
1,937,570
The company sells direct to the consumer; and it has 1913
4,527,164
shown after deducting operating expenses
twelve American branches and district sales agents. Four- andNet earnings are
taxes.
Officers.
teen foreign agencies handle the trade abroad.
-P.
W. B. Cline, Pres. & Gen'l. Mgr.C. S. Vance, 3rd V.
Its real estate, buildings, machinery equipment, etc., was
R. M. Adams, Sec'y. & Treas.
-P.
Wm. Baurhyte, V.
T. P. McCrea, Ass't. Sec'y.
appraised as of December 31, 1913, at $1,161,398. This
-P.
C. P. Houghton, 2nd V.
Horace Cline, Ass't. Treas.
amount allowed a reserve for depreciation of $259,418.09.
Los Angeles, Cal.
Stock on hand at the same date was $1,486,916.
Los Angeles Railway Corp.,
The Holt Manufacturing Company,
Statistics.
Sales-Year 1903
" 1904
" 1905
" 1906
" 1907
" 1908
$ 787,815
614,264
784,170
1,027,544
1,046,948
1,058,726
Year
"
"
"
"
1909.
1910
1911.
1912.
1913.
$1,365,889
1,737,532
2,245,799
2,262,489
2,874,044
Officers.
Benj. Holt, Pres.
C. Parker Holt, Treas.
R. S. Springer, V. P.
P. Ehrenieldt, Sec'y & Auditor.
M. M. Baker, V. P.
C. L. Neumiller, Gen'l Counsel.
P. E. Holt, V. P. & GI. Man.
Home Telephone Co.
Los Angeles, Cal.
The company operates an independent telephone system covering Los Angeles, South Pasadena and Huntington Park. Its lines connect with other independent systems in southern California through the U. S. Long Distance Tel. & Tel. system.
Capitalization
Stocks
Preferred (5%)
Common
Funded Debt
Bonds
Authorized Outstanding
$3,000,000
$3,000,000
3,000,000
3,000,000
7,500,000
4,318,000
Physical Property.
The company owns and operates an extensive system
of exchanges and connections in the territory which it
covers and is in active competition with the Pacific Tel.
& Tel. Co. in that territory.
Earnings.
Year
1910
1911
1912
1913
Gross
Revenue
$1,079,261
1,293,365
1,514,501
1,720,499
*Net
Earnings
$543,579
556,140
707,894
690,430
The company operates the entire street railway system
in the city of Los Angeles and in the adjacent territory
which includes 5 other towns. The present population of
the territory served is estimated at 516,000 with an average annual increase of 15%. The company does not operate generating plants but purchases its power from the
Pacific Light & Power.
Subsidiary Companies.
City Railway of Los Angeles.
Capitalization.
Authorized.
$20,000,000
25,500,000
Stocks*Common
-Bonds
Funded Debt
*Owned by Mr. H. E. Huntington.
Physical Property.
The company owns 357.88 miles of track and operates
385.82 Miles, of which 85.15 miles is over private right of
way; 875 cars, of which 601 are PAYE type; 321 miles of
transmission lines and 10 sub-stations. The company also
owns all the capital stock of the City Ry. Co. of Los
Angeles. 82% of the company's franchises run beyond
1940.
Statistics.
1900
1911
1912
1913
Gross Income.
$ 835,627
5,843,377
6,616,924
7,005,433
1911
1912
1913
Gross
Revenue.
$5,817,561
6,542,468
7,005,945
Miles of Road Cars
Operated. Operated.
110
74.85
800
360
800
363
876
375
Passengers
Carried.
17,874,308
117,731,241
135,658,571
145,437,439
Earnings.
Interest
$241,650
244,021
247,247
440,480
Balance
$301,929
313,119
460,647
515,176
Not earnings are shown after deducting operating expenses
and taxes.
*Net
Earnings.
$1,693,676
2,207,059
2,306,931
E. P. Murphy, Sec'y.
A. B. Cass, Pres.
M. H. Hellman, Treas.
E. J. Marshall, Vice-President.
F. W. Rea, Asst. Treas.
Los Angeles Gas and Electric Corp.,
Los Angeles, Cal.
This company operates a complete equipment for the
manufacture and distribution of gas in Los Angeles, Pasadena, South Pasadena, Alhambra, San Gabriel, San Marino,
Watts, Eagle Rock, Huntington Park, Inglewood, and other
suburban districts of the City of Los Angeles. The corn-
Interest.
$1,002,500
1,002,500
1,002,500
Balance.
$ 691,176
1,204,559
1,304,431
*After deducting operating expenses and taxes.
Officers.
Officers
Outstanding.
$20,000,000
20,000,000
C. A. Henderson, Sec. and Treas.
H. E. Huntington, President.
Howard Huntington, Vice-President and General Manager.
Montana Power Co.,
New York.
The company owns and operates electric power and
lighting plants in the territory extending from the western boundary of Montana, 540 miles to Billings, and from
the southern border of the state to within a few miles of
the Canadian boundary, embracing the state's most productive territory and including nearly all of its important
cities and towns. The company furnishes electric power
136
CORPORATIONS
and light to 51 cities and towns and sells power to the
lighting and traction lines of Helena and to the electric
railways of Butte; also sells power for mining and smelting operations. The company operates irrigation systems
of both the gravity and pumping type.
wholesale and retail consumption throughout a territory
embracing practically the entire state of California.
Subsidiary Companies.
Pacific I. & C. S. Co. Tahoe Ice Company. Sonora Ice & C. S. Co.
California Ice Co.
Mt. Ice Co. of Cal. South. Calif. Ice Co.
Petal'a I. & C. S. Co. Floriston Ice Co.
Dist. I. & C. S. Co.
Marys'le I. & C. S. Co. S. Pablo I. & C. S. Co. Cone I. & C. S. Co.
Stock. I. & C. S. Co. Fresno Con. Ice Co. San J. I. & C. S. Co.
Watson. I. & C. S. Co. Con. Ice & C. S. Co. Valley Ice Co.
Oakland I. & C. S. Co.
Subsidiary Companies.
Montana Power Transmission Co.
Great Falls Power Co.
Montana Res. Sr Irrigation Co.
Thompson Falls Power Co.
Capitalization.
Capitalization.
StocksAuthorized.
Outstanding
Authorized.
Rate
Outstanding.
StocksPreferred (7% cum.)
$25,000,000
$ 9,700,000
$ 5,000,000
$ 200,000
Preferred (7 per cent cum.)
Common
75,000,000
t 49,567,600
15,000,000
15,000,000
Common
Funded Debt
Funded Debt
Bonds
75,000,000
24,938,000
15,000,000
3,530,000
Bonds
*$28,200 in treasury of Great Falls Power Co.
Physical Property.
with dividend deferred. Of
1122,500,000 under voting trust
The company owns and operates four natural ice plants
the remainder $225,800 in treasury of Great Falls Power co.
Physical Property.
located at Floriston, Iceland, and Polaris, Cal., with a proThe total present capacity of all plants controlled by
ducing capacity of 50,000 tons per annum and a storage
the company is 102,000 H. P. The present output reaches
capacity of 37,000; and wholly or partly owns and opera maximum of 86,000 H. P. with an average of 62,000 H.P. ates 25 artificial ice factories in the following cities: San
Francisco (2), Los Angeles (2), Sacramento, Oakland (2),
The estimated ultimate development of water power sites
Stockton (2), Fresno (2), Red Bluff, Vallejo, Sonora,
undeveloped and under construction is 253,000 H. P., of
Berkeley, Riverside, Santa Rosa, Watsonville, Merced,
which it is expected that 160,000 H. P. will have been dePetaluma, San Jose, Marysville, San Bernardino, Porterveloped by 1918. The total then developed will be 262,000
ville and Bakersfield, with a daily capacity of 1,011 tons
H. P., and the grand total, developed and undeveloped,
and a storage capacity of 46,775 tons of ice. Plants, equip355,000 H. P. The company owns all of the capital stock
ment, real estate, etc., were appraised at $5,750,000 on May
of the subsidiaries above mentioned.
22, 1913, and since that date new construction to the
The Great Falls Power Company and Thompson Falls
amount of more than $500,000.00 has been completed or
Power Company have entered into contracts with the
nearly completed.
Chicago, Milwaukee & Puget Sound Ry. Co. for electrical
Net Earnings.
power to operate about 450 miles of its main transconti1910
$363,116.00
1912
$460,157.00
nental line. Tinder these contracts, which cover a period
1911
420,496.00
1913
487,733.58
of 99 years and go into effect on or before Jan. 1st, 1918,
Officers.
the railway company is bound to take and pay for 20,000
N. Ohlandt, Pres.
F. B. Whipple, 2nd V.-P.
Jno. A. Buck, 1st V.
-P.
Joseph Martin, Gen'l Mngr.
kilowatts (26,500 a P.), and it has taken an option on
J. T. Donahue, Sec'y & Treas.
additional power to the extent of 30,000 kilowatts (about
Denver, Colo.
Nevada California Power Co.,
1
4
40,000 H. P.), which option must be exercised, / in five
The operations of the company and its subsidiaries cover
1
4
years and / in ten years, but not less than / of the
1
4
the mining districts of Goldfield, Tonopah, Millers, Manamount under option must be taken, if any.
hattan, Round Mountain, Rhyolite, Blair and other towns
Earnings.
and cities of Western Nevada, where a large proportion of
*Net
Gross
Earnings.
Interest.
Balance.
Revenue.
Year.
the company's output is required for mining operations
$1,204,959
$786,510
$1,991,469
$3,029,875
1912
and lighting. The company also, through its subsidiary,
2,421,424
904,555
1,516,869
3,359,198
1913
*Net earnings are shown after deducting operating expenses
The Southern Sierras Power Company, serves districts
and taxes.
in Inyo, Kern, San Bernardino and Riverside counties,
Dividends.
California, and through a long term contract with the
January, 1913, to date quarterly dividends of. 1%% on the
preferred and %% on the common have been paid.
Coachella Valley Ice & Electric Company and the Holton
Officers
Power Company, will supply power for distribution to the
Frederick Strauss, V.-P.
John R. Ryan, Pres.
Coachella and Imperial Valleys, California, as far south as
C. R. McCabe, V.P.
Max Hebgen, V.-P.
Walter Dutton, Sec'y & Treas.
-P.
Alfred Taretski, V.
the Mexican border. The territory served, including that
Visalia, Cal. reached by the lines of the Pacific Power Company (an
Mt. Whitney Power & Electric Co.,
allied and inter-connected company), covers a total disThe company furnishes electric light and power to a
territory composed of all of Tulare Co. and a part of Kern
tance, running north and south along the western portion
of Nevada and the eastern portion of California, of nearly
Co., Cal., including the towns of Visalia, Tulare, Portersville, Lindsay and Exter.
600 miles. In addition to furnishing power for mining and
•
Capitalization.
irrigation, the company owns and operates local disStocksAuthorized Outitanding
tributing systems in the cities and towns of Bishop, Big
Preferred
$1,800,000
$ 750,000
Common
3,200,000
1,875,000
Pine, Lone Pine, Randsburg, Inyokern, San Jacinto, Hemet,
Funded Debt
Perris, Elsinore and Corona, California; also electric plant
Bonds
5,000,000
2,477,000
Physical Property.
and distributing system at San Bernardino and Barstow,
The company owns and operates 5 hydro-electric stations
California; also wholesale current to the cities of Redlands
on the Kaweah and Tule Rivers and a storage reservoir
and Riverside, California, for municipal use.
with 130,000,000 cubic feet capacity; a steam turbine
The company operates an extensive system of telephone
generator plant at Visalia developing 10,000 h. p.; 178
lines covering practically the same territory served by its
miles of high tension transmission and 823 miles distributelectrical transmission lines as far south as San Bernaring lines.
dino, California, with exchanges in many small towns and
working arrangement with the Pacific Telephone and TeleEarnings.
Gross
Net
graph Company.
Earnings
Revenue
Interest
Balance
Year
Subsidiary Companies.
$193,332
$356,148
$121,976
$ 71,356
1910
232,620
105,124
413,628
127,496
1911
The Southern Sierras Power Co. Bishop Light & Power Co.
233,074
119,613
113,451
451,862
1912
The Sierras Construction Co.
Corona Gas & Electric Light Co.
336,425
138,201
198.224
592,882
1913
Interstate Telegraph Co.
Hillside Water Co.
Net earnings are shown after deducting operating expenses
Capitalization.
and taxes.
StockAuthorized Outstanding
Officers.
Common
$5,000,000
$5,000,000
Bonds
E. E. Baker, Sec.
8,000,000
John Coffee Hays, Pres.
5,413,000
Patrick Longan, Treas.
Vice-Pres.
B. M. Maddox,
Physical Property.
R. D. Hanna, Asst. Sec.
Harris Hammond, Vice-Pres.
The company's physical properties consist of five (5)
National Ice ec Cold Storage Company of Cali- hydro-electric plants on Bishop Creek, California; aggreBan Francisco, Cal.
gate capacity 22,000 kilowatts; also auxiliary steam plant
fornia,
at San Bernardino, California; capacity 9,000 kilowatts;
harvests natural ice in the Sierra Nevada
The company
553 miles of transmission, 560 miles of distributing and 643
Mountains, manufactures artificial ice in various factories
miles of telephone lines. The company owns a ranch and
located in the principal cities of California and does a
irrigating system at Bishop, California, covering about
diversified business in storage of all classes of meats, poultry, fruits and vegetables, car icing, and the sale of ice for
5,000 acres.
137
CORPORATIONS
Gross
Revenue
Year
$744,644
1910
772,846
1911
872,844
1912
998,457
1913
•Net earnings are shown
and taxes.
tLess interest earned.
*Net
Balance
tInterest
Earnings
$339,409
$175,083
$512,451
392,161
167,323
560,025
423,134
157,438
580,572
375,283
120,228
513,696
after deducting operating expenses
Northern California Power Co., Cons.,
San Francisco, Cal.
The company operates 5 hydro-electric plants in Shasta
Co., Cal., and 2 in Tehama Co., serving 46 cities and towns
in these counties and in Glenn and Colusa Cos. with electric light and power. It also operates gas and water works
In Redding and Willows, and gas works in Red Bluff.
Suksidiary Companies.
Northern Calif. Pr. Co. Battle Creek Pr. Co. Sac. Valley Pr. Co.
Keswick Elec. Pr. Co. The Redding Wr. Co. The Sac. Val. Pr. Co.
Capitalization.
Authorized.
$2,000,000
10,000,000
Outstanding.
11,900,000
StocksPreferred (6% cum.)
Common
Funded Debt
Bonds
7,157,200
$10,000,000
Physical Property.
The company owns and operates the following hydroelectric plants in Shasta Co., Volta, Kilarc, Coleman, South
Cow Creek, Snow Creek, and the following in Tehama
County-South Power House, Inskip, with combined output
of 49,800 H. P. Through consolidation, it acquired and
owns and operates the gas plants and containers, mains,
etc., in Redding, Red Bluff and Willows, and the water
works in Redding and Willows. Operates under State
Constitution and Public Utilities Act, requiring no franchises. It also owns the entire capital stock of its two
subsidiaries-Sacramento Valley Power Co. and the Sacramento Valley Power Company.
Earnings.
Net
Gross
Revenue.t Earnings. Interest. Balance.
Year.
$588,545 $406,843 $122,834 $284,009
1910
421,291
156,403
654,898
264,888
1911
412,736
727,562
282,788
129,948
1912
488,383
822,043
350,666
137,717
1913
Net earnings are shown after deducting operating expenses
and taxes.
tincludes store and ranch account.
Officers.
H. H. Noble, Pres.
E V. D. Johnson, Mgr.
Edw. Whaley, Sec'y.
W. H. Pearce, Asst. Sec'y.
A. S. Carman, V.-P.
F. Reis, Jr., V.-P.
Oakland, Antioch & Eastern Railway,
San Francisco, Cal.
The company's operations, with those of its direct connections and tributaries, extends through six counties in
the State of California, connecting the populous bay section, including San Francisco and Oakland, through the
San Ramon Valley to the capital city of Sacramento.
Operates through cars, over its connections, to Chico
and Marysville. It is unusual in the fact that with approximately 100 miles of main line it is tributary to a
population of 1,000,000, more than one-third of the total
population of the State of California.
It has entrances and terminal facilities in Sacramento
and Oakland, carrying its cars, by arrangement with the
Key Route, directly to the Key Route mole; thus having
the quick ferry service to San Francisco.
A bridge permit has been granted by the War Department to bridge the Suisun Straits, which, when completed
will give this road the only all rail entrance into the Bay
Cities.
Subsidiary Companies.
Oakland & Antioch Ry. San Ramon Val. R. R.
Capitalization.
StocksCommon
Funded Debt
Bonds
Six % four year gold notes
Authorized.
$10,000,000
Outstanding.
$ 9,200,000
7,100,000
700,000
4,600,000
317,000
Physical Property.
The Company has 36 passenger and motor cars and a
large equipment of fiat, box and express cars. Four electric passenger and freight locomotives and two steam
locomotives. Operates four substations. Roadbed is 70
lb. Ferro titanium rail, all rock ballasted.
Officers.
11. C. Breeden, V.-P.
W. Arnstein, Pres.
Sec'y & GI. Mgr.
Oroville Light & Power Co.
Oro Water Light & Power Co.
Oro Development Co.
Capitalization.
Officers.
Lawrence C. Phipps, Jr., Treas.
Delos A. Chappell, Pres.
G. S. Wood, Asst. Treas.
Rodney Curtis, Vice-Pres.
A. S. Cooper, Asst. Treas.
Vice-Pres.
G. S. Wood,
W. E. Porter, Sec.
A. B. \Vest, Vice-Pres. R. Dixon, Gen. Counsel.
J.
S. L. Naphtaly, V.-P.
San Francisco, Cal.
company furnishes light, water and power to the
The
city of Oroville and vicinity.
Subsidiary Companies.
Oro Electric Corporation,
Earnings.
H. A. Mitchell,
$ 3,500,000
6,500,000
Authorized
$3,500,000
6,500,000
Outstanding
11,750,000
Preferred (6% cum.)
Common
StocksFunded Debt
Bonds
11,275,000
Physical Property.
The company owns undeveloped hydro-electric properties
on Deer Creek and Tehama Creek in Tehama Co., Cal.;
a hydro-electric plant on Yellow Creek, Plumes Co., with a
capacity of 50,000 h. p.; a steam relay plant at Stockton.
The ultimate possible development of the hydro-electric
properties owned by the company is 130,000 h. p. The
company owns the entire capital stock of its subsidiaries.
Officers.
E. B. Bumsted, Vice-Pres.
J. W. Goodwin, Pres.
J. K. Moffiitt, Sec.
L. J. Holton, Vice-Pres.
R. Leo Van der Naillen, GI. Mgr.
Pacific Coast Company,
Seattle, Wash.
The company is engaged either directly or through
constituent subsidiary and affiliated corporations in real
estate, railroad, steamship, lumber, coal and mining enterprises in the entire Pacific Coast territory from Mexico
to Alaska.
Subsidiary Companies.
Colorado Puget Sound It. R. Co.Pacific Coast Coal Co.
Pacific Coast Steamship Co.
Pacific Coast Railway.
Capitalization.
Authorized. Outstanding.
$1,525,000
$1,525,000
4,000,000
4,000,000
7,000,000
7,000,000
Stocks1st preferred (5%)
2nd preferred
Common
Funded Debt
Bonds
Serial notes due 1916-1919
5,000,000
1,000,000
6,000,000
750,000
Physical Property.
The company owns and operates 18 steamships; 57 miles
of standard gauge railroad from Seattle to Franklin, 105
miles of narrow gauge road in California from Port Luis
to Los Olivos and Branches; docks and wharves at Seatother
tle, Tacoma, San Francisco, Skagway, Nome and
with
points; coal lands at various points in Washington
acreage of 12,180 acres; real estate holdan aggregate
ports,
ings in San Francisco, Seattle, Portland and Alaska
3,000 acres of timber and logged off land
and more than
in Washington. The company also owns a controlling interest in the stock of its subsidiaries and ih the capital
stock of the Juneau S. S. Co., and the Ketchiken Wharf Co.
Railroad equipment: 19 locomotives, 20 passenger cars,
687 freight cars.
Earnings.
Fiscal year ends June 30.
Net
Gross
Revenue. Earnings. Interest. Balance.
Year.
$7,833,437 $1,363,678 $250,000 11,113,678
1911
865,090
250,000
1,115,090
7,525,491
1912
975,260
250,000
1,225,260
7,989,080
1913
596,381
259,375
855,736
7,198,135
1914
expenses
Net earnings are shown after deducting operating
and taxes.
Dividends.
'05 '06 '07 '08 '09 '10 '11 '12 '13 '14
5
5
6
5
5
5
5
5
1st preferred, %... 5 14 5
2
/
51
6 6
6
4% 4% 9
6
2nd preferred, %... 5 / 6
2
/
51
6 6
4% 4% 9 6
6
5% 6
Common, %
Officers.
Wm. M. Barnum, Pres., N. Y.
J. C. Ford, V.-P. & Gen'l Mgr.
Seattle.
C. C. Fay, Sec'y & Treas, N. Y.
J. W. Smith, Asst. Sec'y & Gen'l
Auditor, Seattle.
Los Angeles, Cal.
The Company operates an interurban electric railway
system centering at Los Angeles, Cal., extending into the
counties of Los Angeles, San Bernardino, Riverside and
Orange and serves the cities of Pasadena, San Bernardino, Riverside, Colton, Redlands, Pomona, Ontario, Santa
Ana, Long Beach, Venice, Ocean Park, Santa Monica, Redondo, San Fernando, Owensmouth and Lankershim.
Estimated population of territory served, including Los
Angeles, 900,000.
Pacific Electric Railway Co.,
Subsidiary Companies.
Pacific Electric Land Company.
Capitalization.
Authorized
Common stock
$100,000,000
Bonds
156,130,000
*Owned by Southern Pacific Co
*Outstanding
$74,000,000
56,528,000
138
CORPORATIONS
Physical Property.
Funded 'Debt-.
Five per cent, gold notes due 1916..
7,000,000
7,000,000
The company owns and operates: 536 miles of single
150,000,000
General and refunding Is
24,986,000
Closed
Divisional bonds
*50,499,800
track, 313 miles of second track, 98 miles of sidings, etc.;
*In addition to this amount, $2,344,200 bonds are held alive
total, 947 miles. It operates under lease: 28 miles of sin- - in Sinking Funds.
There are also outstanding $3,572,000 additional General
gle track; 18 miles of sidings, etc.; total, 46 miles. It oper- and Refunding Mortgage 5's and $5,000,000 General Lien 6
per cent bonds, "Series A," all of which are pledged as
ates under contract: 9 miles of single track, .3 miles of
sidings, etc. It operates under trackage rights: 1 mile of collateral for the issue of notes.
Physical Property
single track, sidings, etc. Total miles of line in operation
The company has electric power plants with a total
June 30, 1914, 1,005 miles.
gtnerating capacity of 233,928 H. P., of which 123,740
The company owns and operates
H. P. is hydro-electric. It owns and operates forty miles
With
Without
Electric
Electric
of street railway track in Sacramento, the capital of the
Equipment. Equipment.
Passenger Cars
state. The gas department has 2,374 miles of mains.
610
13
Freight Cars
1,228
In November, 1913, the company completed the first secCombination Cars
17
•••
Express Cars
26
.....
tion of an important hydro-electric development on the Yuba
Work Cars
21
31
Locomotives
and Bear rivers, including an immense storage reservoir
49
1
Miscellaneous
7
10
at Lake Spaulding, over 33,000 H. P. of generating capaTotal equipment in operation June 30,
city, and a steel tower transmission line, 110 miles in
1914
730
1,283
length, to the center of the company's distributing system.
The company's real estate holdings consist of right of
There was expended on this development to December
way, station grounds and other lands used in the opera31, 1913, approximately $7,000,000, from which practically
tion of the road. Power is purchased from Southern Calino return was received during 1913, but which should result
fornia Edison Company and Pacific Light & Power Comin substantially increasing the net earnings of the company. The company's lines are operated under franchise
pany in future years. When the ultimate capacity of this
ordinances granted by cities and counties. All franchise
development, namely 190,000 H. P., has been reached, it is
payments are a percentage of a pro rata proportion of the
believed that this will rank as one of the cheapest developcompany's gross receipts based on the mileage of line
ments of its size and character in the United States. Furcovered by the franchise to the mileage of the entire systhermore, it will make the company independent of outtem.
side sources of power supply, will enable it to effect a subStatistics.*
stantial saving as compared with the present cost of curMileage of Line in Operation1912.
1913.
1914.
rent purchased, and will give it a source of energy.
Owned and operated
907.194
930.050
947.872
Operated under lease
40.516
46.187
46.934
The company owns in fee all of the property of its
Operated under contract
6.220
6.220
9.440
Operated under trackage rights
subsidiary companies.
1.525
(See map opposite)
Statistics.
Total miles operated
953.930
982.457 1,005.771
The following table shows the growth during the past
Capital Expenditures
1913.
1914.
Road
$1,614,511
$2,365,919
seven years in the number of consumers served by the
Equipment
General Expenditures
Floating Equipment
502,765
30,556
48,598
Total Expenditures
205,280
60,162
......
$2,196,430
1913.
30,709,718
$2,631,361
1912.
1914.
Car Mileage
27,320,758
30,787,415
Passengers Carried69,751,537
82,084,424
*All figures are for fiscal year ending lune 30th.
'
Earnings.
Gross
*Net
Year.
Revenue.
Earnings.
Interest. Balance.
1912t
$8,645,504
$2,574,518
$2,195,944 t$378,574
1913
9,399,080
2,655,653
2,531,540
1124,113
1914
9,467,483
2,366,911
2,820,839
§453,928
*Net earnings are shown after deducting operating expenses
and taxes.
tFigures for 1912 are for constituent companies for months
of July and August, 1911, and for Pacific Electric Railway
Company (of Sept 1, 1911), for balance of year.
tSurplus.
§Deficit.
Officers.
Paul Shoup, Pres.
J. McMillan, Gen. Manager.
A. K. Van Deventer, V. P.
Geo. E. Pillsbury, Chief Engineer.
H. A. Culloden, Sec. & Auditor.
F. L. Annable, Gen'l Supt.
I. W. Hellman, Treas.
D. W. Pontius, Traffic Manager.
Frank Karr, Attorney.
Geo. L. Bugbee, Land Agent.
Pacific Gas & Electric Co.,
San Francisco.Cal.
•
The operations of the Pacific Gas & Electric Company
extend into thirty counties of the State of California, having an area of 37,452 square miles, and a population at
the 1910 census of 1,324,476. The company's business
field embraces the populous San Francisco Bay section
and the fertile Sacramento and San Joaquin Valleys, including the cities of San Francisco, Oakland, Sacramento,
San Jose and 167 other communities. The company owns
and operates properties employed in the manufacture and
sale of gas and electricity for light, heat and power, in
street railway operation and in the sale of water.
The franchise rights of the company are either unlimited
In time or extend, with minor exceptions, beyond the
maturity of its bonds, and the larger part of the transmission lines is located on private right of way.
Subsidiary Companies.
Cal. Gas & Elec. Corp. Sac. Elec. G. & Ry. Co.
Bay Counties Pr. Co. Cent. Elec. Ry.
Nev. Co. Elec. Pr. Co. Blue Lakes Wtr. Co.
Yuba Elec. Pr. Co. United Gas & Elec. Co.
Valley Counties Pr. Co. So. Yuba Water Co.
Cal. Cen. G. & E. Co. Cent. CaL Elec. Co.
Oak'ld G. L. & H. Co. Std. Elec. Co. of Calif.
Subn. Lt. & Pr. Co.
Livermore W. & P. Co.
S. F. Gas & Elec. Co.
Pac. Gas Imp. Co.
Edison Lt. & Pr. Co.
Mut. Elec. Lt. Co.
Met. Gas Corp.
Capitalization.
Stocks1st preferred (6 per cent)
Preferred (6 per cent)
Common
Authorized.
$ 50,000,000
10,000.000
100,000.000
$10.000.000
32,109,300
company:
Gas. Electricity. Water. Steam. Total
December
"
"
"
"
"
June
11: 11N::::111:131 11:P1
71,643
31, 1909....140,670
31, 1910. -.153,566
1912.....
31, 1911.- 177,510
196,133
31,
31, 1913....208,269
30, 1914....211,132
84,329
102,198
116,666
132,355
137,916
g:N?
5,939
6,430
7,398
8,071
8,511
8,873
....
....
....
222
282
307
1g3:111
218,252
244,325
287,106
321,092
349,417
358,288
Earnings.
*Net
Gross
Interest.
Year.
Earnings.
Revenue.
1907
$11,342,140 $ 5,115,911 $ 2,854,264 $
3,021,722
5,864,586
12,657,305
1908
2,988,522
5,959,712
13,491,288
1909
3,006,256
6,123,255
1910
14,044,696
3,254,133
6,390,537
1911
14,604,609
6,313,090
3,568,943
14,744,651
1912
3,902,045
6,871,131
16,202,337
1913
*Net earnings are shown after deducting operating
and taxes.
•
Balance.
2,261,647
2,842,864
2,971,191
3,116,999
3,136,404
2,744,147
2,969,085
expenses
Sources of Gross Revenue.
Year. Electricity.
St. Ry. All Other.
Total.
Gas.
1907 ....$6,316,629 $4,086,372 $431,800 $507,339 $11,342,140
1908 .... 7,059,088
4,494,945 414,326
688,946
12,657,305
1909 .... 7,678,665
4,860,034
452,396
500,193
13,491,288
1910 .... 7,899,224
14,044,596
5,202,284
509,152
433,936
1911 .... 7,823,903
5,735,219
14,604,609
533,520
511,967
1912 ... 7,672,570
14,744,651
5,805,865
547,187
719,029
1913 .... 8,230,782
6,547,595
16,202,337
572,913
851,047
OFFICERS.
F. G. Drum, Pres.
John A. Britton, V.
-P. & GI. Man.
A. F.Hockenbeamer,V.-P.& Treas.
J. E. Gladstone, 3rd V.
-P.
D. H. Foote, Sec'y and Asst. Tr.
Joseph C. Love, Asst. Treas.
Chas. L. Barrett, Asst. Sec'y.
M. K. Parker, Asst. Sec'y.
Pacific Light and Power Corporation,
Los Angeles, Cal.
The Corporation does a general lighting and power business in Southern California, centernig about Los Angeles; a large part of its business being the supply of current to the Los Angeles Railway, with a trackage of 3851
,4
miles of street railway, and to the Pacific Electric Railway,
which operates approximately 560 miles of urban and interurban electric road in Los Angeles and vicinity. It also
sells current for lighting and power throughout Southern
California, principally in the counties of Los Angeles,
Riverside, San Bernardino and Orange. Next to the railway load, the most important power business is that of
operating motors for irrigation purposes.
Subsidiaries.
The Mentone Power Company.
Kern River Company.
San Joaquin Co. Eastern Railroad Company.
Capitalization.
StocksAuthorized.
Outstanding.
$ 5,000,000
1st preferred (cum.)
$ 3,057,000
2nd preferred (cum.)
10,000,000
9,975,000
Common
25,000,000
10,559,500
The majority of the stock is owned by H. E. Huntington.
CORPORATIONS
REFERENCE
139
DC "ARIA P.
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@ Electricity, Gas & Water. Supplied
14100
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,
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PACIFIC GAS & ELECTRIC CO.
SHOWINO
CITIES AND TOWNS IN CENTRAL CALIFORNIA
Supplied with Electricity, Gas and Water
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CORPORATIONS
140
Physical Property.
The company operates three steam plants of modern
design, of 55,919 H. P. one of which is located in the City
of Los Angeles. The eight hydro-electric plants operated
have an aggregate capacity of 99,631 H. P. the largest of
which is located at Big Creek in Fresno County, with a
present capacity of approximately 80,400 H. P. Other
hydro-electric plants are on the Kern River and in the
mountains about the San Bernardino Valley.
The company operates about 1,245 miles of high tension
transmission line, of which 241 miles is 150,000 volt steel
tower, aluminum cable line. Its distributing system consists of 1,976 miles of overhead, and an underground system in the congested district of Los Angeles City.
Statistics.
No. of
Meters.
Year.
1898 .... 950
2,919
1903
1908 .... 8,184
1913 ....24,112
No. of
Motors.
125
640
959
2,423
.
H.P. In Incandescent Are
Motors.
Lamps. Lamps.
458
19,775
421
7,306
73,393
1,232
11,654
202,646
2,257
32,560
474,638
4,424
Earnings.
Gross
1908
1903
1908
1913 .
Operating
Net
Earnings. Expense. Earnings. Interest. Balance.
$ 49,444 $ 28.338 $ 21,105 $ 12,467 $ 8,638
602,980
467.695
135,285
73,087
62,197
1,796,899
957,592
839,307
518,404
320,904
2,852,061
1,574,474
1,277,587
516,385
761,202
Officers.
H. E. Huntington, Pres.
A. N. Kemp, Treas. & Compt.
G. C. Ward, V.
W. T. Gracey, Purchasing Agent.
-P
E R. Davis, Director.
W. E. Dunn, V.-P.
0. V. Showers, Sec'y.
Pacific Lumber Co.,
San Francisco, Cal.
The company operates exclusively in redwood, having
extensive logging and milling operations in Humboldt
County, Cal., where they manufacture various grades of
redwood lumber, of which they are large exporters. The
company maintains general offices in San Francisco, and
branch offices in New York, Chicago, Kansas City, Los Angeles, and Saginaw, Mich.
Capitalization.
StocksCommon
Funded Debt
Bonds
Authorized
$10,000,000
Outstanding
$9,133,300
2,250,000
2,000,000
Physical Property.
The company owns 65,021 acres of redwood stumpage,
of which, as of December 31, 1913, 48,099 acres were virgin
timber. Owns and operates two mills at Scotia, Humboldt
County, Cal., producing annually 110,000,000 board feet;
storage yards; dry kilns, etc.; and wharves at Field's
Landing on Humboldt Bay.
Officers.
C. W. Penoyer, Pres.
Junius H. Browne, GI. Sales Mgr.
Wm. H. Murphy,
V. P.
Donald McDonald, Gen'l
J. H. Emmert, Sec.
(Scotia).
H. M. Robinson, Treas.
Mgr.
Pacific Power & Light Co.,
Portland, Ore.
The company serves a large territory in Washington,
Oregon and Idaho including important towns such as
Walla Walla, Pendleton, Pasco, North Yakima, The DaIles
and Astoria. It does a gas and electric business in the
Columbia, Yakima and Walla Walla Valleys and in Astoria,
Ore. The company furnishes electric light and power and
power service to 42 communities, gas service to 7, street
railway service to 2, interurban railway service to 3 and
water service to 4, having an aggregate population of 111,000 (estimated).
Subsidiary Companies.
Walla Walla Valley Ry. Co.
Capitalization.*
StocksAuthorized.
Outstanding.
Preferred (7% cum.)
$ 3,500,000
$2,000,000
2nd preferred (7% cum.)
2,500,000
1,500,000
Common
6,000,000*
6,000,000
Funded Debt
Bonds
30,000.000
6,076,000
*This company is controlled by the American Power &
Light Co. (Electric Bond & Share Co.) which owns all the
common and second preferred stocks.
Physical Property.
The company owns and operates electric generating
plants with an aggregate capacity of 27,610 hp. (of which
20,760 hp. is hydro-electric), gas holders of 439,500 cu.
ft. capacity; 749 miles of distributing lines; 444 miles of
high voltage transmission lines; 119 miles of gas mains
and 89 miles of water mains. It owns all of the capital
stock (except directors' qualifying shares) of the Walla
Walla Valley Ry. Co. which operates the electric railways
of Walla Walla and an interurban line thence to Milton,
Oregon. The company's franchises are either unlimited or
extend for a long period.
Statistics.
Customers served
1912
1913
Water
4,162
4,442
Gas
4,597
5,759
Elec. L.&P.
13,952
15,285
Earnings.
Net
Gross
Balance.
Earnings.
Interest.
Revenue.
Year.
$321,257
$288,070
$609,327
$1,257,364
1912
282,729
341,656
624,385
1,288,059
1913
operating expenses
Net earnings are shown after deducting
and taxes.
Officers.
G. E. Claflin, V.-P.
-P.
E. W. Cookingham, V.
Guy W. Talbot, Pres.
E. W. Hill, V.-P.
F. G. Sykes, V.
-P.
-P.
A. S. Greiner, V.
-P.
J. E. Davidson, V.
Geo. F. Nevins, Sec'y.
E. P. Summerson, Treas.
Pacific Telephone & Tel. Co.,
San Francisco, Cal.
The company operates services throughout the entire
states of Washington, Oregon and California and in portions of Nevada and western Idaho. The estimated population of the territory served is 4,250,000.
Subsidiary Companies.
Bell Tel. Co. of Nevada.
Sunset Tel. & Tel. Co.
Capitalization.
Outstanding.
$32,000,000
18,000,000
Authorized.
$32,000,000
18,000,000
StocksRate
Preferred*
Common•
Funded Debt
41,664,000
The American Tel. & Tel. Co. owns $21,727,200 of the preferred and $9,027,000 of the common stock.
Physical Property.
Real estate, plants, general equipment, materials and
supplies throughout the territory valued Dec. 31st, 1913,
at $82,153,884; 647,993 connected stations. The work now
In progress includes a new pole line across Nevada connecting with the Mountain States Tel. & Tel. Co., which
will make long distance service between San Francisco
and New York. The total miles of wire Dec. 31st, 19131,806,169. The company owns the entire capital stock of
(Sec map opposite)
Its subsidiary companies.
Statistics.
Miles
No. of
Connected Stations.
446,622
503,626
595,186
647,993
December 31, 1910
31, 1911
dt
31, 1912
Of
31, 1913.
of Wire.
1,302,853
1,439,019
1,724,802
1,806,169
Earnings.
Gross
Net
Balance.
Interest.
Earnings.
Revenue.
Year.
$14,667,112 $ 2,875,413 $ 1,676,208 $ 1,199,205
1910
3,462,274
2,186,147
1,276,127
16,070,112
1911
2,433,659
4,261,431
18,244,786
1,827,772
1912
4,333,922
2,177.333
19,593,536
2,256,589
1913
*Net earnings are shown after deducting operating expenses
and taxes.
Officers.
J. M. Quay, V.-P.
H. T. Scott, Chairman of Board.
F. W. Eaton, Sec'y and Treas.
G. E. McFarland, Pres.
J. C. Nowell, Gen I. Manager.
H. D. Pillsbury, V.-P.
F. C. Phelps, Gent. Auditor.
Phelps, Dodge & Co.,
New York.
The corporation is a holding company and does not
operate directly any mining or other plants. The statistics which follow refer to the holdings and operations of
Its subsidiary companies. These companies operate copper mines in Arizona and New Mexico and in the state of
Sonora, Mexico, and coal mines in New Mexico. The
companies operate in connection with these mines smelters and reduction plants, etc., for the treatment of their
own and other ores, and coke ovens in connection with
their coal mining operations. The company also buys
and sells ores of various kinds and their products. The
mercantile company operates seven stores and branches
In connection with the operations of all the subsidiary companies.
Subsidiary Companies.
Copper Queen Consolidated MinMoctezuma Copper Co.
ing Co..Burro Mountain Copper Co.
Detroit Copper Mining Co. of Art.
Stag Canon Fuel Co.
Sons,
Phelps Dodge Mercantile Co.
Capitalization.
StocksCommon
Authorized,
$50,000,0000
Outstanding.
$46,000,000
Physical Property.
The company owns the entire issued capital stock (except shares required to qualify directors) of its subsidiary
companies as follows: Copper Queen ($2,000,000); Detroit
Copper ($1,000,000); Moctezuma ($2,600,000); Burro
Mountain ($160,000); Stag Canon ($3,000,000); Phelps,
Dodge Mercantile ($2,000,000).
CORPORATIONS
B
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ARIZONA
MAP OP
ME
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0
THE PACIFIC TELEPHONE & TELEGRAPH CO.
SYSTEM
1095
THE PACIFIC.TEL.84 TEL.CO. LINES
CONNECTING LINES
PROPOSED. LINES
142
CORPORATIONS
The extent of the physical property owned by the operating companies is shown by the following figures taken
from the annual report for the year 1913:
Copper Queen Cons. Mines: Total production, 867,481
tons. Exploration and development work, 116,114 feet.
Reduction department: Ore purchased, 1,041,453 tons;
treated, 1,034,357 tons. Copper produced, 133,410,582 lbs. Ore
reserves, 2,536,729 tons. Power plant daily development,
4,595.8 H. P. Employes, 3,661.
Detroit Copper Mining Co. Mines: Total production,
533,563. Reduction department: Ore treated, 150,695 tons.
Bullion produced, 22,255,130 lbs. Exploration and development work, 18,492 feet. Employes, 1,510.
Moctezuma Copper Co. Mines: 31,292.5 feet drifting;
1,028 feet exploration work. Concentrator: Milled 603,654
tons; produced 135,057,331 tons of concentrates.
Burro Mountain Copper Co. In process of development,
3,753 feet of haulage tunnel driven.
Stag Canon Fuel Co. For production see coal and coke
figures below. Development work, 30,226 feet.
Phelps, Dodge Mercantile Co. Sales, $628,932.80. Employes, 490.
Statistics.
1913
Copper & copper bearing, ores
Copper produced (pounds)...
prod. (tons)
1 994,465
155,665,712
Ores and concentrates smelted
Silver produced (oz.) 2,078,376
From companies mines...
Gold produced (oz.)...32,037
1 035,367
Lead produced (lbs.) 5,701,628
Purchased
82,874
Coal produced (tons) 1,322,813
Coke produced (tons) 293,090
Earnings.
Gross
*Net
Year.
Revenue.
Earnings.
Dividends.
Balance.
1910
$ 9,099,910
$ 8,847,388
$5,399,875
$3,447,513
1911
7,284,508
7,134,302
5,400,000
11,734 302
1912
10,411,635
10,285,185
6,750,000
13,535,185
1913
9,581,495
9,407,709
7,425,000
*Net earnings are shown after deducting operating11,982,709
expenses
and taxes.
I$1,500,000 deducted for depreciation in value
of stocks
Owned before transfer to surplus account.
Dividends.
Dividends, 1909, 12%; 1910, 12%; 1911, 12%; 1912, 15%;
1913,
16%%.
Officers.
James Douglas, Pres.
Cleveland H. Dodge, V.
-P.
Arthur C. James, V.P.
James McLean, V.
-P.
Walter Douglas, Gen'l Manager.
George Notman, Sec'y & Treas.
C. W. Parsons, Asst. Treas.
F. T. Bulmer, Asst. Sec'y.
Portland Gas & Coke Co.,
Portland, Ore.
The company does the entire gas business in Portland,
Ore., and suburbs, and supplies gas at wholesale to the St.
Johns Gas Co. and to the Pacific Power & Light for its Vancouver, Wash., service. The estimated population served is
265,000.
Subsidiary Companies.
St. Johns Gas Co.
Capitalization.
Stocks—
Authorized.
Outstanding.
Preferred (7% cum.)
$ 2,000,000
$2,000,000
Common
3,500,000
3,000,000*
Funded Debt—
15,000,000
Bonds
6,796,000
*All common stock, except directors' shares, owned by
American Power & Light Co. (Electric Bond & Share Co.)
Physical Property.
The company has recently put into operation an additional plant, which is one of the largest oil gas plants in
the United States. This plant is located at Linnton on
the Willamette River below the city limits. It has three
20-foot crude oil gas generators and a complete scrubbing,
condensing and purifying system for approximately 7,500,000 cubic feet daily output, and two holders with a combined capacity of 1,185,000 cubic feet. The plant has been
built to accommodate an ultimate daily generating capacity
of 15,000,000 cubic feet. A sixteen-inch high pressure main
connects the new plant with the company's distributing
system and with its plant in Portland, which is maintained
as a reserve plant.
The Portland plant, which is located on the Willamette
River, in the heart of the City of Portland, has a generating capacity of 4,500,000 cubic feet daily and has a holder
capacity of 3,000,000 cubic feet, including the holder capacity in East Portland.
In addition to the present holder capacity at the new
plant and in Portland and East Portland, the company
has under construction an additional 2,000,000 cubic foot
holder in East Portland which is being built in order that
there may be the most effective distributing service. This
will give the company a total holder capacity of 6,185,000
cubic feet. Franchises of the company are unlimited as
to time.
Statistics.
Customers served.
37,276
40,698
1912
1913
.
Cu. ft. output.
1,480,923,593
1,652,926,445
Earnings.
*Net
Gross
Year.
Interest.
Revenue. Earnings.
Balance.
1912 .... .......$ 1,178,772 $ 579,163 $ 201,745 $ 377,418
1913
249,137
406,112
655,249
1,280,916
*Net earnings are shown after deducting operating expenses
and taxes..
Officers.
C. F. Adams, Ch. of Board.
Guy W. Talbot, Pres.
F. G. Sykes, V.
-P.
A. S. Grenier, V.
-P.
-P.
E. W. Hill, V.
G. S. Nevins, Sec'y
& Treas.
Portland Ry., Light & Power Co., Portland, Oregon.
The company operates all the street railways in Portland and the vicinity with the exception of three interurban lines. Its suburban lines include Oregon City,
Troutdale, Cazadero and Bull Run, Oregon, and Vancouver,
Wash., via the company's ferry. It furnishes a large percentage of'the electric light and power in Portland and all
the electric light and power in Oregon City, Salem and
many other cities in the state of Oregon and in Vancouver,
Wash. It also operates the gas plant at Salem. Altogether
the company serves with electric light and power 26 cities
and towns. Power is sold to the three interurban lines
controlled by the Southern Pacific and Northern Pacific
Railways, and to the street railway companies of Salem
and Vancouver.
Subsidiary Companies.
Portland Ry. Co.
Portland Cen'l. E. Co. Will. V. So. Ry. Co.
Ore. Wr. Pr. & Ry. Co. Mt. H'd. R. & Pr. Co. Yamhill Electric Co.
Capitalization.
Authorized.
Stocks—
$25,000,000
Common
Funded Debt—
99,100,000
Bonds
1 yr. 5 per cent gold notes due
5,000,000
May 1915
Oatstanding.
$18,750,000
34,000,000
5,000,000
Physical Property.
The company owns and operates 295.7 miles (on a single
track basis) of electric railways, 633 passenger cars, 522
freight, work and express cars, and 12 locomotives. It also
owns and operates 5 steam stations and 5 hydro-electric
plants with a capacity of 65,280 KW. and 22 sub-stations
with a capacity of 28,580 KW. In addition to this equipment the company owns a building used for headquarters
of light and power service, car shops, four car houses, a
9-story building in the center of the busyness district used
for its offices; the only amusement park near the city,
large tracts of land on the east side of the Willamette River
valuable for terminal purposes and real estate in various
parts of the city. The street railway franchises owned by
the company expire in 1932 but the company has preferential rights covering subsequent franchises. The power
and light franchises are unlimited. It also owns the water
power at Willamette Falls, Oregon City. Power is furnished to several large pulp and paper mills.
' Statistics.
1913
1912
1911
1910
Elec. K. W. hrs. 184,200,820 169,609,004 152,244,267 120,703,715
Light & Power
Cus. served ..
42,063
38,415
33,192
26,413
Operating ratio
42.5%
42.9%
43.1%
43.3%
Pass. Carried .. 94,074,368 94,876,246 91,600,993
88,310,850
Earnings.
Gross
*Net
Year.
Revenue.
Earnings.
Interest.
Balance.
1910
$5,638,896
$2,914,518
$1,398,029
$1,516,489
1911
6,336,703
3,266,806
1,510,280
1,756,526
1912
6,642,308
3,313,397
1,760,991
1,552,406
1913
6,723,742
3.425,432
2,008,601
1,416,831
*Net earnings are shown after deducting
operating expenses
and taxes.
Franklin T. Griffith, Pres.
F. I. Fuller. V.-1.
3
M. S. Hopkins, V.
-P.
E. W. Clark, V.
-P.
Herbert L. Clark, V.
-P.
Officers.
G. L. Estabrook, S. SC A. Treas.
Wm. Lilley, Ass't. Treas.
C. N. Huggins, Treas. & A. Secy.
F. W. Hild, Gen'l. Manager.
R. W.Shepherd, Aud. & Asst. Sec.
Puget Sound Traction, Light & Power Co.,
The company, through ownership or control, do:s asubti
e te
stantially all of the electric street and interurban railway,
and the greater part of the commercial electric lighting
and power business in the Puget Sound district, including
143
CORPORATIONS
the cities of Seattle, Tacoma, Bellingham, and Everett,
Wash. It also supplies gas in the city of Bellingham. The
1910 census gave these cities an aggregate population of
370,049. The present population is estimated to be 389,500.
Subsidiary Companies.
Th Seattle Ry. Co. Whatcom Co. Ry. Lt. Pacific N. W. Traction
Puget Sound InternaThe Seattle Elect. Co. & Pr. Co.
Puget Sound Pr. Co. Puget Sound Elec. Co. tional Ry & Pr. Co.
Tacoma Ity. Co.
Pacific Coast Pr. Co.
Capitalization.
Outstanding
in Hands
of Public.
Authorized.
Stocks$14,792,100*
$15,000,000
Preferred (6 per cent cum.)
20,112,300
25,000,000
Common
Funded Debt
34,286,000
74,000,000
Bonds
*Includes $1,115,200 non interest bearing receipts exchangefor pref. stock Jan. 15, 1916.
able at par
tIncludes $1,544,500 non interest bearing certificates exchangeable at par for corn. stock Jan. 15, 1916.
Physical Property.
The company owns or controls hydro-electric power
plants with a present development of 74,000 H. P. and an
ultimate development of 175,000 H. P.; steam stations with
a present capacity of 32,550 H. P., and street and interurban railways aggregating 493.3 miles of single track. It
owns 623 passenger and 435 other cars, 2 steam and 13
electric locomotives. The company's franchises expire as
follows: Tacoma, Ry., 1939; Lt. & Power, 1930; Seattle,
Ry., 1934, light, 1952; Bellingham, Ry., 1941-1934, Light St
Power, 1940, gas, 1941. Interurban roads operate chiefly
over private rights of way. The company, directly or
through subsidiary companies, owns all of the capital
stock of its subsidiaries excepting that of the Puget Sound
Electric Ry., which it controls.
San Francisco & Oakland Terminal Railways,
Oakland, Cal.
(Known as Key System.)
The company operates street railway lines in and be.
tween Oakland, Berkeley, Richmond, Emeryville, Piedmont,
Albany, San Leandro, San Lorenzo and Hayward. The
system connects with San Francisco by ferry via the company's pier.
Subsidiary Companizs.
Oakland Terminal Co.
San Jose Short Line.
Capitalization.
Authorized
$12,050,000
1,000,000
15,125,000
StocksA preferred (6%).
B preferred
Common
Funded Debt
Bonds
Notes
1913
Physical Property.
The company owns and operates the equivalent of 257.13
miles of single track; 411 pass. cars and 66 miscellaneous
cars; 1 wrecking crane and 5 ferry boats; docks and terminal facilities in Key Route Basin. Franchises expire
1933 to 1959.
Statistics.
Earnings.
Gross
Revenue
Year
$4,776,873
1912
4,676,876
1913
4,651,335
1914
Net earnings are shown after
and taxes.
Thos. S. Blumer, V.
-P.
Henry B. Sawyer, Treas.
Stone & Webster Management,
Ass't. Managers.
San Diego Electric Railway Co.,
San Diego, Cal.
The company operates the entire electric railway system in San Diego and vicinity, except one short line.
Capitalization.
Authorized Outstanding
$1,250,000
$5,000,000
5,000,000
Sources of Gross Revenue.
Year
1912
1913
1914
All
Freight Switching Advertising other
$331,684
$14,430
$31,329
$17,615
192,119
4,691
35,133
22,8E3
184,522
27,888
8,691
19,212
Passenger
$4,281,815
4,422,070
4,411,022
Statistics.
Total number of passengers carried during past five
years:
10,720,995
13,768,038
17,935,059
23,667,585
27,684,826
93,776,503
Earnings.
Bond and
Gross rev. incl. *Net earnings
Balance
Misci. Inc. Miscl. Inc. ded. Other int.
Year
$135,917
$28,228
$ 434,144
$107,688
1909
41,092
137,793
96,700
547,630
1910
73,460
675,142
163,377
1911
89,917
83,750
267,243
910,532
178,493
1912
196,806
85,000
111,806
1,058,977
1913
*Net earnings are shown after deducting operating expenses
and taxes.
Sources of Gross Revenue.
Year
1909
1910
1911
1912
1913
Sale of
Passenger
Revenue
Electric power
$21,288
$ 393,812
502,612
23,096
18,597
643,645
23,568
859,526
32,581
1,001,314
Sale of
Steam
$13,078
Miscl.
Revenue
$19,043
21,921
12,899
27,437
12,002
Officers.
John D. Spreckels. Pres.
Wm. Clayton, V. P. & Mg. Dir.
Geo. K. Weeks, Pres.
W. R. Alberger, V. P. & GI. Man.
F. B. Whipple, V. P.
Angus Clark, Sec. & Asst. Treas.
Kirke Lathrop, Treas.
B. W. Fernald, Auditor.
San Joaquin Light & Power Corporation,
Fresno, Cal.
Supplies electricity for lighting, power and pumping
purposes, throughout the San Joaquin Valley, including the
cities of Merced, Madera, Fresno, Selma, Hanford and
Bakersfield, and 50 towns and small cities. Gas is distributed in Bakersfield, Kern, Merced, Selma; a street railway system is operated in the cities of Bakersfield and
Kern and water furnished for domestic purposes in Selma
and Madera. Population served, about 225,000. The rights
under which the corporation operates are without limitation in point of time in the cities.
1,625,000
Physical Property.
The company owns and operates 63.49 miles of main
track standard guage 60 lb. T and 114 Trilby rails; a steam
generating plant in San Diego with capacity of 7200 kw.
138 pass. motor cars, and 5 pass. trail cars, and 7 miscellaneous cars. The company has franchises covering all of
its lines in San Diego; such franchises expire in 1952.
1909
1910
1911
1912
1913
*Net
Earnings Interest Balance
$1,678,304 $875,389 $802,915
690,793
910,012
1,600,805
655,561
821,598
1,477,159
deducting operating expenses
Officers.
Officers.
StocksCommon
Funded Debt
Bonds
Car hours
Pass. yr.
1,527,377
1,613,907
1,599,923
Car miles
Pass.
16,429,484
16,318,256
16,397,707
Fare Pass.
75,560,740
77,072,203
76,606,881.
Year
1912
1913
1914
Earnings.
*Net
Gross
Balance.
Interest.
Earnings.
Revenue.
Year.
$1,811,435
$1,793,788
$3,605,224
$8,613,599
1913
*Net earnings are shown after deducting operating expenses
and taxes.
-P.
Frederick S. Pratt, V.
-P.
Alton W. Leonard, V.
-P.
Guy L. Weymouth, V.
James C. Trumbull, V.P.
16,656,000
2,500,000
19,997,000
Statistics.
No. passengers
No. consumers
Electric By.
(Inc. Transfers) Light & Power
36,208
146,635,191
Outstanding
$12,050,000
1,000,000
15,125,000
H. L. Titus, Gen'i Counsel.
Claus Spreckles, Sec. & Treas.
Subsidiary Companies.
Lan
San
o.
2Power Co.
ai r;fi idxerniecric
Power, Transit &L gpto.
Ry.
Bake-sfield Gas Sz Electric Co.
Capitalization.
StocksPreferred (6 per cent cum.)
Common
Funded Debt
Bonds
Coll. Tr. 6 per cent notes, due 1915
Authorized
$10,000,000
15,000,000
Outstanding
$ 6,500,000
11,000,000
31,670,000
7,309,000
909,000
Physical Property
The corporation owns and has in operation four hydraulic generating plants, a steam reserve plant in Fresno, and
a modern steam turbine plant in Bakersfield. The electric generating capacity of these plants amounts to 57,000
H. P. Water is received at the principal hydraulic generating plant from the Crane Valley reservoir, under a
head of 1,412 feet. The company has in operation 675
miles of high tension transmission lines; the current is
transformed at 20 sub-stations and distributed through
1,643 miles of distributing lines. Recently a massive dam
at the outlet of the Crane Valley has been constructed, increasing capacity of the reservoir to 51,000 acre feet (12
times its former capacity); thus providing ample water to
operate the hydraulic plants to their full capacity during
the entire season, with a large amount of reserve.
Franchises outside of the incorporated limits, with two
exceptions, extend beyond the life of the bonds, or else the
transmission lines are on private right of way. About
one-half the total length of transmission line will be on
private right of way.
•
144
CORPORATIONS
Statistics.
Consumers
Light
9,011
11,758
14,627
16,694
1910
1911
1912
1913
Southern California Edison Company,
Power
630
810
1,283
1,883
Gas
3,083
3,918
4,449
4,662
Water
722
554
545
563
Earnings.
Gross
Net
Year
Revenue
Earnings
Interest
Balance
1910
$1,052,463
$ 677,685
$ 225,492
$ 452,193
1911
1,104,131
622,538
354,191
268,347
1912
1,401,138
864,372
450,19
414,053
1913
1,762,320921,390
t431.288
490,102
Net earnings are shown after deducting operating expenses
and taxes.
tExclusive of sinking fund.
Sources of Gross Revenue.
Light
Power
Gas
Water
Railway
Miscell.
1912
$ 571,101
514,910
153,816
15,416
110,842
35,053
1913
632,266
800,905
176,016
15,065
106,664
31,404
$1,762,320
1911
$ 533,599
306,900
96,424
17,650
102,857
46,701
1910
$ 462,482
258,154
95,566
17,261
94,766
124,234
1,104,131
$1,052,463
$1,401,138
Officers.
W. G. Kerckhoff, Pres.
A. C. Balch, Vice-Pres.
L. M. Farnham, Sec.
A. E. Peat, Treas. & Comp.
A. G. Wishon, Gen'l Mgr.
Seattle Lighting Co.,
Seattle, wash.
The company supplies all of the gas for light, heat,
and fuel in the city of Seattle and its suburbs, serving a
population estimated at 280,000.
Capitalization.
Authorized.
$1,000,000
3,000,000
.12,000,000
Preferred stock, 6%
Common stock
Bonds
Outstanding.
$1,000,000
3,000,000
6,293,500
Physical Property.
The company owns a modern coal and water gas plant
with a generating capacity of over 5,000,000 cu. ft. per day.
It has recently added a coke plant.
Statistics.
1905
1906
1907
1908
1909
Gas sold
316,501,400
386,518,700
498,571,700
564,565,800
677,241,000
Year
Gross
Gas sold
715,491,500
776,402,700
861,910,300
973,569.300
1910
1911
1912
1913
Earnings.
*Net
Revenue.
Earnings.
Interest.
Balance.
Aug. 31, 1914.... $983,156
$424,117
$332,163
$91,954
Net earnings are shown after deducting operating expenses
and taxes.
Dividend Record.
Pref. 1907 to 1913., 6%; Common 1911-12-13, 2%.
Officers.
J. W. Farrell, Pres.
R. C. Dawes, V. P.
F. K. Lane, Treas.
Sierra & San Francisco Power Co.,
San Francisco, Cal.
The Company operates hydro-electric plants near San
Francisco and a large steam power station in the City. It
furnishes power to the United Railroads of San Francisco
under a contract running until 1954 and general power
and lighting service in its territory.
Capitalization.
Outstanding
Authorized
Stocks$20,000,000
$20,000,000
*Common
Funded Debt
20,000,000
15,358,699
Bonds
The stock of this company is controlled by the United
Rys. Inv. Co. through the Cal. Ry. 8z Power Co.
Physical Property.
The Company owns hydro-electric developments on the
South and Middle Forks of the Stanislaus River, which,
with the North Beach steam power station in San Francisco, give it generating capacity of approximately 75,000
H. P.; 500 miles of high tension transmission line, of
which 234 miles are carried on steel towers; together
with well constructed and equipped sub-stations and distribution systems. The property is in excellent condition,
the greater part having been constructed within the past
five years.
Earnings.
Gross
Net
Earnings
Revenue
tInterest
Balance
Year
$570,559
$ 945,938
$345,724
$224,834
1912
581,978
1,088,774
373,594
1913
208,384
Net earnings are shown after deducting operating expenses
and taxes.
tDoes not include interest on Series "B" mortgage bonds
which is payable in bonds.
Officers.
F. J. Blanchard, Sec'y and Treas.
T. R. Hilton. Asst. Sec'y & Asst.
C. N. Black, Vice-Pies.
Treas.
H. F. Jackson, V. P. & Gen'i Mgr.
G. W. Bacon, Pres.
Los Angeles, Cal.
The company furnishes electric light and power
throughout Santa Barbara, Kern, Ventura, Los Angeles,
San Bernardino, Orange and Riverside Counties, serving
sixty cities, towns and intervening territory, with a population of about one million. Also operates gas distributing
systems in 8 cities and towns.
Subsidiary Companies.
Long Beach Cons. Gas Company.
Santa Barbara Gas & Electric Co.
Capitalization.
StocksPreferred 6%
Common 6%
Funded Debt
Bonds
Authorized.
$ 4,000,000
26,000,000
Outstanding.
$ 4,000,000
10,400,000
30,000,000
16,302,000
Physical Property.
The company owns and operates in parallel six hydroelectric plants on the Kern and Santa Ana Rivers and on
Mill and Lytle Creeks, with an aggregate development of
42,500 h. p.; steam plants at Los Angeles, Long Beach and
Redlands developing 77,300 h. p.; aggregate present development of all plants 119,800 h. p.; valuable additional
water rights on the Kern River capable of ultimate development of 111,000 h. p.; one of which, Kern River No. 333,500 h. p.
-is actively under construction; also owns half
interest in Union Power Co.; hydro-electric development
with capacity of 10,000 h. p. The company owns controlling interest in both its subsidiaries (L. B. Gas $640,200
preferred and common; Santa Barbara G. & E. $736,500
preferred and common).
Statistics.
No. of ConsumersTotal.
Electric.
Gas.
December 31,
December 31,
December 31,
December 31,
June 30, 1914
1910
1911
1912
1913
55,338
66,398
80,995
96,851
102,642
12,065
9,318
11,623
13,532
13,846
67,403
75,716
92,618
110,383
116,488
Earnings.
Gross
Revenue.
Year$3,384,933
1910
3,738,165
1911
1912
4,337,411
1913
4,779,280
Year ending
June 30, '14 '4,840,105
Interest and
Net
Earnings. Amortization. Balance.
$1,015,584
$651,492
$1,667,076
1,277,451
624,829
1,902,280
1,299,559
708,796
2,008,355
1,535,020
813,969
2,348,989
2,354,859
862,860
1,491,999
*After deducting operating expenses and taxes.
Dividends.
Preferred %...
Common %....
1910.
5
5
1911.
5
5
1912.
5
5
1913.
1914.
5
5
6
6
Officers.
John B. Miller, Pres,
Albert W. Harris, V. P.
W. A. Brackenridge, V. P., Gen1R. H. Ballard, Sec. and Asst. Gen.
Man.
Man.
J. C. Drake, V. P.
W. L. Percey, Treas.
W. R. Staats, V. P.
Southern California Gas Co.,
Los Angeles, Cal.
The Southern California Gas Company furnishes gas to
the city of Los Angeles and vicinity, which is now supplied
with approximately a fifty per cent mixture of natural and
manufactured gas, and in some localities with all natural
gas.
In addition to the manufactured gas supplied on the
above basis, the estimated output of natural gas for
domestic and industrial purposes is over six billion cubic
feet.
All of the natural gas is supplied by the Southern California Gas Company, either at retail to its own consumers
in Los Angeles city and eighteen nearby cities and
towns,
or at wholesale to other distributing companies, including
the Los Angeles Gas & Electric Company.
The Southern California Gas Company supplies all the
manufactured gas in addition to the Natural gas
distributed by the Economic Gas Company in Los
Angeles City; the Long Beach Consolidated Gas
Company in Long Beach and vicinity;
the Southern
California Edison Company in Santa Monica and vicinity;
the Western Fuel & Power Company in Redondo and
vicinity, and the Rodeo Land & Water Company in Beverly.
The company also supplies and distributes manufactured
gas to the city of Riverside and surrounding towns in Riverside County, and in the city of San Bernardino and surrounding towns in San Bernardino County.
Capitalization.
StocksAuthorized Outstanding
Preferred (6% cum.)
$ 4,000,000
$ 875,000
Common
6,000,000
6,000,000
Bonds
10,000,000
4,030,000
•$3,118,000 face value bonds deposited as collateral securing
Issue of $2,338,000 Pacific Light & Power Company collateral
bonds; $882,000 face value with public.
CORPORATIONS
Physical Property.
The company owns and operates a generating plant in
Los Angeles with a generating capacity of 8,000,000 cubic
feet daily, and one at Colton in San Bernardino County
with a generating capacity of 2,000,000 cubic feet daily;
gas containers with an aggregate capacity of 1,420,000 cubic
feet, and 600 miles of mains; leases and operates approximately 111 miles natural gas transmission line to Los
Angeles city; operates Affiliated Developing Company owning 9 gas wells in Buena Vista Hills territory.
Statistics.
Consumers served.
5,796
7,579
10,646
19,801
24,838
*30,195
1908
1909
1910
1911
1912
1913
*Includes 4 wholesale consumers.
Earnings.
Gross
Net
Revenue
Earnings
Interest
Year
Balance
$ 256,127
$ 121,585
1910
$ 94,579
$ 27.0u6
454,999
198,728
1911
135,239
63,489
635,200
1912
279,010
168,609
110410
1,038,024
322,170
1913
209,677
112:493
Net earnings are shown after deducting operating expenses
and taxes.
Sources of Gross Revenue.
1910
1911
1912
1913
Gas Sales,
Consumers
$ 256,127
454,999
559,279
617,495
Gas,
Wholesale
Miscellaneous
Total
$ 266,127
454,999
$
36,913
403,182
$
39,008
17,347
635,200
1,038,024
Officers.
haspare Cohen, Vice-Pres.
W.G. Kerekhok, Pres.
A. C. Balch, Vice-Pres.
L. M. Farnham, Sec.
A. E. Peat, Treas. & Comp.
San Francisco, Cal.
Established, 1852; Incorporated, 1892.
The company maiufactures and sells flour, cereals and
feeds, operating several mills in California, and one in
Tacoma, Wash.; and maintains offices in 17 cities in California, in Tacoma, Wash., in Portland and Marshfield,
Oregon, and in Honolulu. The company does a large export
business which is handled by W. R. Grace & Co.
Capitalization.
Sperry Flour Co.,
Stocks
Preferred (7%)
Common
Authorized. Outstanding.
$ 600,000
$ 600,000
3,600,000
3,378,300
145
Funded Debt
Bonds
500,000
S. B. McNear, V.
-P
Wm. Thompson, Treas.
Spokane & Inland Empire Railroad Co.,
Spokane, Wash.
The company operates electric railway lines in Spokane
and thence east to Coeur d'Alene. and Hayden Lake; Colfax and Palouse, Wash., and Moscow, Idaho, on the south,
with an extension from Greenacres (on the eastern division) to Spokane. Outside of Spokane the road is in accordance with standard steam railroad specifications and
the company transports all kinds of freight, light and
heavy, exchanging with steam roads.
Capitalization.
StocksAuthorized Outstanding
Preferred rights (5% cum.)
$10,000,000
$ 6,409,100
Common
10,000,000
10,000,000
Funded Debt
Bonds
15,000,000
3,913,000
*Control owned by the Great Northern R. R. Co., and Northern Pacific Ry. Co.
Physical Property.
The company owns and operates 290.94 miles of track
(single, sidings and spurs); 124 passenger and 36 other
motor cars, 493 miscellaneous cars; 10 electric and 4 steam
locomotives; valuable passenger terminal and office building in the heart of Spokane and freight terminal between
the terminals of the Great Northern and Northern Pacific
railroads, and has physical connection vi ith all railroads
entering Spokane. Also owns a hydro-electric plant 9 miles
below Spokane, capable of developing 20,000 horsepower.
The company owns a franchise to sell electric light and
power in Spokane.
1888
1914
American Real Estate Company
Company has been one of the leading factors in the development of New York real estate.
Its operations during the twenty-six years of its existence have been in sections now marked
by prosperity, activity and permanence.. It has operated extensively along rapid transit lines
in the northern part of New York.City and in the city of Yonkers, immediately adjoining
New York City on the north. It has acquired and holds for investment many high grade business
and apartment buildings in the best sections of Manhattan, New York City.
HIS
T
The Company's business has been conducted for more than a quarter of a century by experts in
the New York real estate field. From a foundation capital of $100,000 it has grown steadily and consistently until now it has net assets exceeding $17,000,000, with a capital and surplus of
$3,247,789.13.
the further extension of its business of real estate operation (to which it is limited by charter)
In
along these well established and conservative lines, the Company offers its 6% Bonds to investors.
These 6% Bonds are issued in Coupon form in denominations of $100, $500, $1000 and upward, and mature in ten years. The 6% interest is payable by coupons semi-annually. They provide
an attractive investment for small or large .amounts, and offer a most satisfactory combination of the
three essentials of an investment-safety, yield and cash convertibility.
Descriptive booklets and Twenty-sixth Annual Statement will be sent on request.
American lealEA&Compaq
527 Fifth Avenue
Attention is called to the
announcement on page II
500,000
Physical Property.
The company owns mills at Stockton (2), Vallejo, Fresno, Chico, Los Angeles, Marysville, Paso Robles and
Salinas, Cal., and at Tacoma, Wash. On June 30, 1914, its
real estate holdings, machinery, equipment, etc. (including
new construction), were valued at $1,935,793 after deductions for depreciation. Grains and manufactured goods on
hand inventoried $1,300,110. The surplus on that date
was $422,566.
Officers.
John H. Rossiter, Pres.
B. H. Ames, See*y.
NEW YORK
CORPORATIONS
146
Earnings.
Deficit reduced from $131,701 in 1911 to $78,529 in 1913.
Operating ratio reduced in the same period from 68.22 per
cent to 68.06 per cent.
Officers.
W. F. Turner, Comptroller.
L. C. Gilman, Pres.
W. D. Scott, Gen. Mgr.
Waldo G. Paine, V. P.
W. G. Davidson, Sec. & Treas.
San Francisco, Cal.
The company furnishes water to the city of San Francisco.
Spring Valley Water Co.,
Capitalization.
Authorized
Stocks
Common
$28,000,000
Funded Debt
Bonds
28,000,000
Notes, 2 yr. 5%%, due Dec., 1915.... 2,000,000
Outstanding
$28,000,000
21,277,000
1,000,000
Physical Property.
The company owns 14 pumping plants in San Francisco,
San Mateo and Alameda counties, of a capacity of 75,000,000
gallons; eight city distributing reservoirs and 3 tanks.
City system consists of 460 miles of pipe and 63,000 service
connections. Properties in San Francisco, San Mateo,
Alameda, Santa Clara and San Benito counties, 102,082
acres, and riparian rights on 51,558 acres. Reservoirs have
a capacity of 32,100,000,000 gallons. The system, as at
present developed, delivers approximately 40,000,000 gallons
daily. Real estate water rights were appraised January
1, 1914, $65,840,485. On December 31, 1913, a condemnation suit was commenced by the city of San Francisco to
acquire the greater portion of the property owned by the
company.
Earnings.
Gross
*Net
Earnings
Interest
Balance
Revenue
Year
$714,360
$1,084,668
$2,898,963
$1,798,898
1910
1,221,789
1,936,149714,360
2,993,336
1911
2,149,856
756.304
3,195,3771,197,547
1912
1,434,885
714,971
2,149,856
1913
3,400,680
Net earnings are shown after deducting operating expenses
and tas?s.
J. S. Behan, Sec.
T. M. Edmunds, Asst. Sec.
Benj. Bangs Treas.
Delaware
Standard Gas & Electric Company
The Standard Gas & Electric Company owns stocks,
bonds and other securities of public utility corporations
serving over 200 cities and towns, with a total population of approximately 1,656,000, situated in the states of
Minnesota, Kentucky, Washington, Oklahoma, Alabama,
Colorado, California, Arkansas, Iowa, North Dakota,
Oregon, Illinois, Montana, Idaho and Wisconsin.
Subsidiary Companies.
Ark. V. Ry.Lt.8z Pr.Co. Muskogee Gas & El. Co. *San Diego Consol. Gas
Enid Elec. & Gas Co. No.Ida.& Mont. Pr.Co.
& Elec. Co.
Everett Gas Company. Nurth. States Pr. Co. Southwestern Gen'l Gas
Ft. Smith Lt. & Tr. Co. Okla. Gas & El. Co.
Co.
Louisville Gas & El. Co. Consumers Power Co. Tacoma Gas Company.
Miss. V. Gas & El. Co. Ottumwa Ry. & Lt. Co. *Western States Gas &
Mobile Electric Co.
Olympia Gas Co.
Electric Co.
*See information below.
Capitalization.
Stocks-Authorized
$11,784,950 preferred (8%)
$30,000,000
Par $50.
Common
16,000,000
Funded Debt
Cony. S. F. 1926 bonds (6 per cent).. 30,000,000
Coll. Trust Gold Notes (6 per cent).. 3,000,000
Outstanding
$11,784,950
9,343,150
9,969,500
2,446,000
Physical Property.
All of the public utilities in which Sandard Gas & Electric Company owns stocks, bonds and other securities have
been thoroughly maintained in first-class physical condition. They operate under satisfactory franchises, serving
communities which in the past have shown favorable increases in population, business importance and financial
stability and offer every expectation of prosperous growth
In the future. These companies operate in widely separated parts of the country and variously serve cities and
towns of greatly diversified commercial and manufacturing interest.
Earnings.
Gross Revenue
Net Earnings
Year
$11,939,999
$5,727,794
1911
13,194,804
6,029,583
1912
6,316,448
14,060,442
1913
*Net earnings are shown after deducting operating expenses
and taxes.
Dividends.
. .
Preferred (per cent)
1910
3½'
1911
7%2
1912
1913
83
191.1
61
Initial dividend, 1% per cent, Sept. 15, 1910.
3 Initial dividend, 2 per cent. Sept. 15, 1911.
3 Dividend last 6 months 1913 and 1914, payable in scrip,
due Sept, 1922, interest 6 per cent.
*Nine months.
1912
130,946
129,158
3,145
826
2,473
1911
110,166
120,897
2,702
835
2,138
1910
88,582
106,534
1,626
755
2,385
Totals
.287,532
266,548
236,738
199,882
1911
1913
1912
1910
Kwt. Hour
Output
339,977,796 291,366,636 .251,728,523 210,841,243
Motors ....
15,890
13,069
9,758
18,784
H. P. Pr. in
Motors..
84,264
160,856
108,793
133,328
16 c. p. Eq.
2,082,932
1,658,576
2,727,970
2,441,758
City Arcs..
8,816
9,529
10,854
10,146
City Inc's.
12,761
6,996
5,478
9,390
Gas Output
(Cu. ft.) 9,122,718,102 9,824,253,465 9,316,453,927 8,108,788,459
St. Railway
Receipts.. $828,168.26 $801,963.25 $757,204,60 $704,639.01
Officers.
H. M. ByResby, Pres.
J. J. O'Brien, Vice-Pres.
F. C. Gordon, Vice-Pres.
M.A. Morrison, Sec.& Asst. Treas.
Herbert List, Asst. Seretary.
R. J. Graf, Treas. 8z Asst. Sec.
Herbert List, Asst. Treasurer.
WESTERN STATES GAS & ELECTRIC COMPANY
(Delaware)
(The Company owns entire capital stock of Western
States Gas & Electric Co. of California.)
This Company operates gas works and steam electric
power house with distributing systems in Eureka, hydroelectric power plant on Trinity River, near Junction City,
and electric distributing systems in Arcata, Blue Lake,
Fields Landing and Fortuna; electric distributing systems in Richmond; gas works and steam electric power
house with distributing systems in Stockton, and electric
distributing systems in Elk Grove, Florin, Galt, Lockeford,
etc.; also hydro-electric power plant on American River
near Placerville and electric distributing system in
Placerville, and appurtenant transmission lines and
other properties. Population served app. 78,750.
Capitalization.
Authorized Outstanding
Stocks
$10,000,000
$2,126,000
Cony, cumulative, pref. (7%)
5,000,000
3,503,000
10,000,000
Common
Funded Debt
Bonds
Officers.
W. H. Bourn, Pres.
A. 11. Payson, Vice-Pres.
S. P. Eastman, V.
-P. & GI. Mgr.
Statistics.
1913
Electric Consumers.. 149,225
Gas Consumers
132,474
Water Consumers
2,290
Steam Consumers
883
Telephone Subscribers 2,660
4,737,500
Physical Property.
Hydro-electric developments include 4,500 K. W.; steam
electric stations 5,250 K. W. 1,118,000 Cu. ft. holders gas.
Company at Stockton owns 16 gas wells and supplies
mixture of artificial and natural gas. Richmond division
purchases electric energy at wholesale from Pacific Gas
& Electric Company and distributes through Richmond
and vicinity.
Miles of Pole line
Electric customers
Motor load h. p.
Miles gas mains
Gas customers
Statistics.
1910
563
6,573
10,737
65
5,239
1911
1912
635
10,622
12,382
102
5,940
811
12,893
15,070
123
6,862
1913
923
15,019
21,581
123
7,463
Earnings.
•
Gross
*Net
Balance
Revenue
Earnings
Year
Interest
$274,383
1910
$750,696
$417,815
$143,429
288,085
1911
866,399
498,067209,982
319,307
1912
978,862
615,786
196,479
229,615
1913
1,086,647
488,764
259,149
*Net earnings are shown after deducting operating expenses
and taxes.
R. M. Byllesby, President.
F. C. Gordon, Vice-Pres.
Otto E. Osthoff, Vice-Pres.
Officers.
R. J. Graf, Sec. & Treas.
M. A. Morrison, Asst. S. & T.
Herbert List, Asst. S. & T.
SAN DIEGO CONSOLIDATED GAS & ELECTRIC CO.
This Company operates a gas and electric plant
In city of San Diego and serves both gas and
electric energy to the following: San Diego, La Jolla,
Pacific Beach, Old Town, Ocean Beach and Point
Loma, Chula Vista, East San Diego, Encanto, La Mesa,
Lemon Grove, Normal Heights and National City; electricity only to Bostonia, El Cajon, Foster, Imperial Beach
and South San Diego, Lakeside and Lakeview, Nestor,
Palm Station, Otay, Santee, San Ysidro and Helix, Del
Mar; gas only to Coronado.
Capitalization.
StocksAuthorized Outstanding
Preferred
$ 500,000
None
Common
$2,715,000
3,000,000
All common owned by Standard Gas & Electric Co.
Funded Debt
Bonds
$4,199,000
$9,000,000
Physical Property.
Gas-Holder capacity, 2,650,000 cu. ft.; annual output,
733,293,000 Cu. ft. Miles of mains, 420; combined daily
capacity water and oil gas plants, 4,375,000.
CORPORATIONS
Electric-8,470 K. W. power station; 12,350 H. P. in
engines and turbines; 5,494 H. P. in Babcock & Wilcox
boilers; miles of pole line, 401; annual output, 18,931,466
K. W. H. Oil is used as fuel, and boilers are equipped
with grates for burning lamp black, being a by-product
of gas plant. During present year company will install
additional 4,000 K. W. General Electric turbo-generating
unit.
The charter of the Company for both gas and electric
lighting is for a period of 50 years from March 29, 1897.
Statistics.
1910
1911
1912
1913
7,139
Electric consumers
9,885
14,321
17,199
consumers
10,155
Gas
13,061
17,864
20,348
City arcs
369
425
621
707
Motors
648
904
1,284
1,633
H. P. motors
2,835
5,024
8,117
13,678
Earnings.
Gross
*Net
Year
Revenue
Earnings
Interest
Balance
1910
$ 548,061
$277,314
$ 91,028
$186,286
1911
753,820
387,714
111,573
276,141
1912
1,019,471
511,767
165,140
346,627
1913
1,326,970
625,768
402,639
*Net earnings are shown after deducting operating expenses
and taxes.
Dividends.
1905 1906 1907 1908 1909 1910 1911 1912 1913 1914
Preferred ..154, 5
5
5 61 7
/
2
7 None outstanding
Common..
.. 5
6% 7
7 8%
10
Officers.
H. H. Jones, Pres.
A. H. Sweet, Vice-Pres.
H. M. 13yllesby, Vice-Pres.
M. B. Fowler, Sec. & Treas.
F. C. Gordon, Vice-Pres.
R. J. Graf, Asst. T. & S.
Herbert List, Asst. T. & S.
TACOMA GAS COMPANY.
Capitalization.
StocksAuthorized. Outstanding.
Preferred 7% cumulative
$5,000,000
$ 750,000
Common
2,500,000
1,550,000
Funded Debt
Bonds
3,000,000
2,096,000
EVERETT GAS COMPANY.
Capitalization.
StocksAuthorized. Outstanding.
Preferred 7% cumulative
$1,000,000
$ 310,000
Common
1,000,000
1,000,000
Funded Debt
Bonds
2,000,000
762,000
EATTLES rapid and sustained growth in
population and in commercial and industrial progress is accurately reflected in the development of the artificial gas business. Since
1904, gas has been supplied to this city by the
Seattle Lighting Company, and during that
time the gross revenues of the company have
increased more than fourfold. Today the annual revenues are approximately the million
dollars, and showing steady increase, notwithstanding the low price at which gas is sold, the
rate schedule beginning at $1.00 for the first
5,000 cubic feet monthly consumption and
going as low as 60 cents on larger quantities
for industrial purposes.
These rates, put in force a little over a year
ago, have had the effect of stimulating the sales
of gas very materially and contributing to the
general industrial development of the city.
It is fair to say that no city in America, or
elsewhere, possesses a more complete, more modern or more efficient gas-making establishment
than the Lake Union Station of the Seattle
Lighting Company. It is generally believed
that almost no other city has so large a mileage
of mains for the population served. In both
respects, therefore, the gas company is admirAttention is called to the
announcement on Page II
147
Standard Oil Co. of California,
San Francisco, Cal.
The company operates extensive oil producing properties
in Southern California, pipe lines, three refineries, can
plant, a fleet of steamers and barges, and other equipment.
It distributes and sells petroleum and its products; operating 135 stations in California, 27 in Oregon, 42 in Washington, 14 in Arizona, 7 in Nevada, 6 in Alaska and 1 in
the Hawaiian Islands, 9 additional stations in course of
construction.
Capitalization.
Authorized
Outstanding
$100,000,000
$49,814,000
Physical Property.
The company owns extensive oil producing properties
with an average daily production of 26,575 barrels, in the
Kern River district and had recently acquired the holdings
of the Murphy Oil Co. in the Fullerton field. It owns
refineries at Richmond, El Secundo and Bakersfield, with
daily capacity of 65,000, 20,000 and 25,000 barrels respectively, and a can manufacturing plant with daily capacity of 30,000 one and five-gallon cans. The company owns
386 miles of pipe lines, storage tanks and other equipment; a fleet of steamers as follows: coastwise and foreign, 9 steamers (American flag), aggregate capacity 275,000 barrels; 3 barges, aggregate capacity, 95,000 barrels,
and 13 river and harbor boats with aggregate capacity of
35,350 barrels. On December 31, 1913, the total plant investment of the company was $50,268,456. Its inventories
amounted to $21,724,390, which included 24,310,310 barrels
of crude oil in storage; the balance being stocks of all
products on hand in its various sales stations.
Dividends,
'08
'09 '10 '11 '12 '13
'14
Percent
10
2
46
0
10
10
10
Officers.
D. G. Scofield, Pres.
F. H. Hillman, Vice-Pres.
K. R. Kingsburg, Vice-Pres.
W. S. Miller, Vice-Pres.
W. S. Rheens, Vice-Pres.
R. J. Hanna, Treas.
H. M. Storey, Sec.
Union Oil Co. of California,
Los Angeles, Cal.
The company is engaged in producing, transporting,
manufacturing and marketing crude petroleum and its
StocksCommon
ably situated to meet and take care of the continued growth which all authorities unite in
asserting is assured.
The accompanying photograph gives an excellent idea of the extent and capacity of the
Lake Union works, though the large retort
house, the principal building of the group, is
not shown. This plant contains complete coal
gas and water gas equipment, and within the
past year there has been added to it, necessitated by the growing demand for gas and the
expected large increase in population during
the next few years, a chamber-oven coking
plant of the most modern and most efficient
type known, built on the lines of the Klonne
ovens, a German system. The builders are
the National Chamber Oven Co., of Cincinnati, Ohio.
Besides giving the gas company full capacity to
meet any emergency, this addition to its works will
give to Seattle a supply of home-manufactured metallurgical coke adapted to the most exacting demands
of domestic and industrial use. It is the intention
of the company to give such close attention to the
selection of coals for use in this plant that the coke
by-product will be superior, for the various purposes
for which it will be used along the coast, to any coke
that can be imported and sold here.
Adv
148
CORPORATIONS
products throughout a large part of the Pacific Coast territory of the United States, Canada and South America.
Subsidiary Companies.
Prod.Trans. Co.
Mis. Tr. & Ref. Co. Union S. S. Co.
Union Tool Co.
United S. S. Co.
Union Trans. Co.
Oil Co.
So. Cal. I. & S. Co.
Claremont
Newlove Oil Co.
Outer Harbor Dock and Wharf Co.
S'ta Maria 0. & G. Co.
Capitalization.
Authorized
$50,000,000
20,000,000
4,000,000
Stocks—
Common
Bonds
Notes, Collateral trust 6s
Outstanding
$31,312,900
8,348,000
3,095,000
Physical Property.
Figures are as of June 30, 1914.
The company owns oil lands aggregating slightly more
than 240,000 acres, but a small fraction of which is being
utilized; 319 wells being in active production. These lands
with leases and mineral rights owned by the company are
valued at $22,831,758; the wells, development and equipment at $22,278,822. The company owns or controls more
than 718 miles of pipe line extending from three tidewater
ports to the four great oil-producing sections of California.
Its storage system has a capacity of 13,043,450 barrels.
The pipe lines and storage systems owned are valued at
$4,338,721. The company owns a large fleet of vessels with
a total carrying capacity of over 500,000 barrels, and others
are in course of construction. The fleet, together with the
tank cars owned by the company, are valued at $3,159,730.
The company owns and operates four modern refineries
and a compressor plant valued at $2,639,355, and its market
stations are valued at $3,617,381.90. The company owns
or controls 24 subsidiary companies, these holdings aggregate $13,213,179. The inventory of crude oil and refined
stocks on hand totals $5,666,932.
Sources of Gross Revenue.
Crude oil
Sales
$ 7,376,840
10,109,563
11,600,261
13,494,240
Year
1910
1911
1912
1913
W. L. Stewart, Pres.
Alex. Sclater, V. Pt
Refined oil
Sales
$3,218,049
5,746,310
6,563,293
6,449,201
Total
510,594,889
15,855,873
18,163,554
19,943,441
Officers.
E. W. Clark, V. P.
Giles Kellogg, Sec.
John Garrignes, Treas.
Merchants Exchange Bldg.,
San Francisco, Cal.
60 Broadway.
New York, N. Y.
Byrne & McDonnell
Members
New York Stock Exchange
San Francisco Stock
and Bond Exchange
*UNION OIL CO.—Continued.
Earnings.
Net
Gross
Balance
Interest
Earnings
Year
Profit
$3,307,146
$317,987
$3,625,133
$5,162,092
1910
2,072,490
365,911
2,438,401
1911
4,227,093
2,839,738
671,599
3,511,338
5,329,131
1912
3,597,512
4,246,254648,742
1913
4,803,537
operating expenses.
Net earnings are shown after deducting
and taxes.
United Railroads of San Francisco,
San Francisco, Cal.
The company operates the entire street railway system
of San Francisco, with the exception of the California
Street Cable Railway Company and the Municipal Railway,
the latter being owned by the city. The company also
operates a suburban line to San Mateo, San Mateo County.
Capitalization.
Outstanding
Authorized
$ 5,000,000
$ 5,000,000
1st Preferred (7% cum.)
20,000,000
20,000,000
Preferred (4% cum.)
17,948,600
18,800,000
Common
Funded Debt—
§36,474,000
t60,725,000
Bonds
440,000
:700,000
Equip. trust cert.
1,000,000
1,000,000
5% gold notes
2,000,000
2,000,000
notes to Cal. Ry. & P. Co
7%
*All stock controlled by California Railway & Power Co.
tRetired and cancelled, $4,055,000.
:Retired and cancelled, $260,000.
§Includes $151,000 held as sinking fund investments.
*Stock—
Physical Property.
The company controls and operates 260.02 miles of electric street and suburban railway in San Francisco and San
Mateo counties, all of which is overhead trolley. It also
owns and operates 14.70 miles of cable line on Castro,
Powell, Sacramento, Clay, Washington and Jackson streets,
San Francisco. Total 274.72 miles of single track. Cars
—electric passenger 703, cable passenger 57, and work 76;
total 836.
Earnings.
Net
Gross
Balance
Interest
Earnings
Revenue
Year
$1,091,115
$2,042,410
$3,133,525
$7,862,796
1910
1,348,579
2,095,213
3,443,792
8,150,763
1911
1,807,317
2,071,099
3,878,416
19128,756,998
1,523,250
2,036,518
3,559,768
8,723,464
1913
expenses
are shown after deducting operating
*Net earnings
and taxes.
Officers.
A. M. Dallier, Treas.
Geo. B. Willcutt, Sec. & Comp.
Chas. N. Black, V.P. & GI. Mgr.
MuBaly, Asst. to Pres.
Thornwell
J. W. Lilienthal, Pres.
C. H. Lewis
Sherman R. Hall
Hall & Lewis
Investment Bonds
Local Securities
Gov't Municipal Railroad and
Public Utility Bonds.
Pacific Coast Securities a specialty.
Correspondence invited.
Private wire Coast to Coast.
PORTLAND, OREGON
Lewis Building
Attention is called to the
announcement on page II
149
CORPORATIONS
Jersey City.
The company is a holding company and does not operate
any properties.
United Railways Investment Co.,
Subsidiary Companies.
United R. R.'s of San Francisco.
Philadelphia Co.
San Francisco Electric Railways.
California Ry. & Power Co.
The Railroads & Power Develop.
Co.
Sierra & San Francisco Power
ment Co.
Coast Valleys Gas & Electric Co.
Capitalization.
Authorized
Outstanding
Stocks—
$25,000,000
$16,000,000
Preferred (5% cum.)
1,462,500
Dividend certificates
31,000,000
20,400,000
Common
Funded Debt—
26,250,000
*18,960,000
Bonds
3,500,000
1,100,000
Notes, 6 per cent Sr., '08
'1752,000 Coll. Trust 5s held by trustee in sinking fund.
Physical Property.
The company owns $24,200,000 of the $39,043,000 common stock of the Philadelphia Co., located at Pittsburgh.
It owns, directly or indirectly, all the preferred and common stocks of its California subsidiaries. For the purposes
of this issue the operating California companies will be
separately considered.
Earnings.
Gross
Net
Revenue
Earnings
Interest
Balance
Year
$2,136,536
$2,065,999
$1,226,172
$840,827
1911
2,260,250
2,181,182
1,191,537
989,645
1912
2,134,224
2,070,497
1,164,169
906,338
1913
Net earnings are shown after deducting operating expenses
and taxes.
Officers,
W. J. Duane, Sec'y & Asst. Treas.
Mason B. Starring, Pres.
M. V. R. Weyant, Asst. Sec'y and
Geo. W. Bacon, Vice-Pres.
Asst. Treas.
Benj. S. Guinness, Treas.
P. M. Hoskins, Auditor.
U. S.
Smelting, Refining and Mining Co.,
Boston.
This company and its subsidiaries are engaged in mining copper, lead, gold and silver ores on their various
properties in Utah, Nevada, California and Mexico. They
operate smelters, refineries and reduction plants; a large
lime quarry and coal mines in Utah; and are building a
railroad to provide outlet for their product to the lines
of the Denver & Rio Grande and the San Pedro route.
Subsidiary Companies.
United States Metals Refining Co.
United States Smelting Co.
Mammoth Copper Mining Co.
Gold Road Mines Co.
Needles Mining and Smelting Co.
Richmond Eureka Mining Co.
United States Mining Co.
Real del Monte y Pachuca Mines
Capitalization.
Authorized
$37,000,000
37,500,000
6,000,000
10,000,000
Stocks—
Preferred (7% cum.)
Common
Notes, 4-year gold, due 1918
Utah Co. 6% coll. Tr. due 1917
Outstanding
$24,313,725
17,553,787
4,000,000
10,000,000
Physical Property.
The company and subdiaries own a large group of mines,
a lime quarry and smelter at Bingham, the Centennial
Eureka Mine at East Tintic, the Mammoth Mine and
Smelter at Kennet, Cal., a lead refinery at Chicago, and
a controlling interest in the U. S. Metals refinery at
Chrome, N. J. The company owns large coal properties
in Utah aggregating 11,226 acres of which 7,526 acres are
coal lands, which in 1913, produced 869,522 tons of coal.
The company is now constructing 80 miles of railroad connecting these fields with the D. & R. G. and U. P. systems.
The company owns the entire capital stock of its subsidiary companies with the exception of $1,031,324 par value.
Dividend Record,
April, 1906, to October, 1914—
Preferred
Common
$14,667,444.75
6,362,189.18
Officers.
w. G. Sharp, Pres. & Ch'mn of Bd.
S. J. Jennings, Vice-Pres.
C. G. Rice, Vice-Pres.
Frederick Lyon, Vice-Pres.
F. Winthrop Batchelder, Sec'y &
Treas.
Washington Water Power Co.,
Spokane, Wash.
The company operates a street railway system in Spokane, Wash., with connecting suburban and interurban
lines. It owns and operates the electric light and power
systems in 30 towns in Washington, including Spokane,
and in 4 towns in Idaho. In addition it furnishes the
power to systems not owned by it in 4 towns in Washington, and in 11 towns in Idaho.
Capitalization.
Stocks—
Common
Funded Debt—
Bonds
Notes
Authorized.
$20,000,000
Outstanding.
$15,490,000
15,000,000
5,073,000
2,274,000
Physical Property.
The company's railway system consists of 112.30 miles
of track. Its city lines occupy 49.51 miles of streets. The
John Perrin
Daniel K. Drake
James Sheldon Riley
Perrin, Drake & Riley
(Incorporated)
210 West Seventh Street
(I. N. Van Nuys Building)
Los Angeles
We are In the market at all
times for entire issues of
Municipal, Railroad, Public
Service Corporation and
Timber Bonds and invite correspondence from those interested in the purchase or
sale of such securities.
California Municipal and
Corporation Bonds have
Higher Income Yield
than Eastern bonds of equal grade
DEVITT, TREMBLE &
COMPANY
Specisd prices on entire issues of Municipals
(in amounts from $10,000 upwards)
Ask for our offerings
•
Attention is called to the
announcement on page II
Investment Bonds
Ford Bldg.
DETROIT
First National Bank Bldg.
CHICAGO
Morris Bldg.
PHILADELPHIA
150
CORPORATIONS
company owns and operates 627 miles of transmission
lines and the following hydro-electric plants: Spokane,
12,000 H. P.; Post Falls, Idaho, 15,000 H. P.; Little Falls,
Wash., 27,000 H. P. All of its water power is on the Spokane River. It owns a 19,000 H. P. steam turbine plant
at Spokane and Is constructing an additional hydro-electric plant of 66,000 H. P. at Long Lake, Wash. The company's franchises for light and power business run to 1944
and the street railway franchises run for an average of
20 years.
Statistics.
Electric Light & Power System.
Comparative Statement.
Inc.
over
1907 1908 1909 1910 1911 1912 1913 1912
Max. Station Load, II. P....22,400 26,800 30.200 34,873 37,155 38,312 40.521
R. P. of motors in Spokane.. 6,863 8,506 9,880 15,692 16,224 17,970 18.609 4%
II. P. of mot. on trans. lines.10,569 14,176 16,652 17,824 18,735 20.992 25,244 20%
10,350 12.684 15,584 18,080 19.105 20,222 22.640 13%
'Number of accounts
'Number of meters in use...10,503 12,843 15,502 17.852 18,850 19,965 22,244 11%
Not Including meters and accounts in towns recently acquired.
Earnings.
*Net
Gross
Revenue.
Earnings.
Year.
Interest.
Balance.
$1,476,683
$3,155,223
$241,144
1910
$1,235,539
3,264,158
1,611,177
312,494
1911
1,298,683
3,170,246
1,567,892
1912
276,648
1,291,244
1,623 277
1913
2,914,950t
259.219
1.363.950
tThe apparent loss in gross due to change in methods of accounting.
*Net earnings are shown after deducting operating expenses
and taxes.
Dividends.
1911 to 1913 inc. 8%
1905 to 1910 inc. 7%
Officers.
Y. M. White, Treas.
D. L. Huntington, Pres.
H. L. Bleecker, V.-P.
W. J. C. Wakefield, Ch. of Ex.
C. S. MacCalla, V.P. & G. Mgr.
Committee & V.
-P.
A. F. S. Steele, Seey.
Weed Lumber Company,
an Francisco, Cal.
The company is engaged in logging pine timber in
Siskiyou County, Cal., and in the manufacture and sale
of lumber, sashes and doors, boxes, etc.
Stocks
Common
Funded Debt
Bonds
Capitalization.
Authorized. Outstanding.
$2,000,000
$1,950,000
1,200,000
850,000
The Union Bank of
Australia, Limited
ESTABLISHED 1837
£6,000,000
£3,960,000
£4,000,000
£7,960,000
DIRECTORS:
HENRY P. STURGIS,Esq., Chairman
CHARLES A. /DALTON ESC!.
ARTHUR P. BLAKE, Esq.
WILLIAM 0. GILCHRIST,
CHARLES E. BRIGHT. Esq.,C. M. G.
WILLIAM R. MEWBURN,Esq,
The Rt. /Ion. THE EARL OF
The Hon. C. T. MILLS. M. P.
CHICHESTER.
CHAR1.ES PARBURY. Esq.
JOHN DENNISTOUN, Esq.
Sir WESTBY B.PERCE VAL.5.0.31.13.
HUtHi I). FLOWER, Esq.
Head Office: 71 CORNHILL,LONDON, E. C.
Assistant Manager-W.J. ESSAME
Branches throughout Australia and New Zealand, viz.:
Melbourne and 39 Branches.
In VICTORIA
"
Adelaide and 13
" SOUTH AUSTRALIA
"
Sydney and 36
" NEW SOUTH WALES
Is
Perth and 22
WESTERN AUSTRALIA
"
6t
and 20
Brisbane
" QUEENSLAND
Is
Port Moresby " PAPUA
44
Hobart and 2
" TASMANIA
64
Wellington and 41
" NEW ZEALAND
----
173
Office, and
Drafts upon the Branches are issued by the Head throughout
may also be obtained from the Bank's Agents
England, Scotland and Ireland.
-available
Commercial and Circular Traveling Credits issued
throughout the World.
Telegraphic Remittances are also made.
Zealand
Bills on the Australian States and Dominion of New
are purchased or sent for collection.
Head Office at rates of interest
Deposits are received at the
and for periods which may be ascertained on application.
Earnings.
1911.
1912.
1913.
oper....$501,506.43 $380,540.48 8322,863.04
Gross earnings, all
Less int., taxes, misc. losses. 208,134.53 115,881.83 122,414.12
$134,553.
Net earn., exclus. of deprec..$293,371.90 $264,658.65 $200,438.92
83,857.64
91,755.07
Less res. for plant deprec... 76,594.46
Net Earnings
G. X. Wendling, Pres.
S. 0. Johnson, V.
-P.
Yukon Gold Co.,
$216,777.44 $172,903.58 $116,581.28
Officers.
H. Fleishhacker, V.-P.
H. Nathan, Sec'y & Treas.
New York, N. Y.
The company is engaged in the mining of gold by dredging, hydraulic, and other methods of operation on land
owned or leased in Alaska and California.
Capitalization.
Outstanding.
Authorized.
Stocks$17,500,000*
$25,000,000
Common
Guggenheim Exploration Co.
*Controlled by
Physical Property.
The company owns and operates hydraulic properties
in the Klondike region in Alaska, and dredging properties
at Dawson and Iditarod, Alaska, and at Oroville and on
the American River in California.
Earnings.
*Net
Gross
Balance.
Dividend.
Earnings.
Revenue.
Year,
$ 4,233
$1,312,500
$1,316,733
$1,462,042
1911
22,592
1,050,000
1,072,592
2,721,419
1912
60,300
1,050,000
1,130,300
2,583,837
1913
*Net earnings are shown after deducting operating expenses
and taxes.
Sources of Gross Production.
Miscel.
Hydraulics.
Dredges.
$434,382
$2,671,845
1911
629,043
3,346.026
1912
$185,800
256,491
4.347,111
1913
Officers.
C. K. Lipman, Seey.
S. R. Guggenheim, Pres.
Morris Guggenheim, Treas.
-P.
Dan'l Guggenheim, V.
0. B. Perry, Gen'l Mgr.
WALKER'S
Manual of California Securities
and
INCORPORATED 1880
AUTHORIZED AND ISSUED CAPITAL
Paid-up Capital, £2,000,000
Reserve Fund, L1,960,000 Together
Reserve Liability of Proprietors
Total Issued Capital and Reserves
Manager-A C. WILLIS
Physical Property.
The company owns 50,000 acres of timber land in Siskiyou county with 670,245,884 ft. of standing timber which
they value at $1,675,615; railroad and logging equipment,
and 3 mills at Weed, California. They also own logged
off and ranch land and townsite properties aggregating
Directory of Directors
Price, $4.00
1914 Edition Issued July 27
Walker's Manual of California Securities is invaluable to bankers, bond dealers, brokers and
all those interested in California securities. It
gives particulars of the bonded debt of the State
of California, San Francisco, Oakland and Los
Angeles, with full particulars of interest to investors of the leading public service and industrial corporations operating in California, San
Francisco Stpck and Bond Exchange sales each
month from January 1, 1905, to April 30, 1914.
The Directory of Directors gives an alphabetical
list of all the directors of the corporations contained in the Manual with the other corporations
of which they are directors. It is the only manual published entirely devoted to California corporations and is complete, accurate and up to
date.
Copies will be sent on approval
to responsible parties
H. D. WALKER, Editor and Publisher
454 Montgomery St.
SAN FRANCISCO, CAL.
Attention is called to the
announcement on page II
PUBLIC SERVICE
COMPANIES
PACIFIC GAS AND ELECTRIC COMPANY
445 SUTTER STREET
SAN FRANCISCO, CALIFORNIA
A Letter from the Treasurer to One of Our Stockholders
Dear Sir:
In your letter of August 28th, you express yourself as being very much interested in our offering of First Preferred Cumulative 6% Stock, and have asked me to give you an analysis of this security from an investor's standpoint.
As a purchaser of corporate securities, with many years of experience, you have undoubtedly trained yourself
to look for certain fundamental requirements in deciding whether a security is worthy of your confidence. I believe, therefore, you will agree with me that every cautious investor should satisfy himself as to the following points
which, to use your expression, "constitute the essential features of a sound and conservative investment."
1st. WELL DEMONSTRATED AND INCREASING EARNINGS WHICH SHOULD BE
NOT ONLY SUFFICIENT TO PAY THE ANNUAL DIVIDENDS ON THE SECURITY, BUT
SHOULD HAVE A MARGIN OF SAFETY, OVER AND ABOVE THE DIVIDEND REQUIREMENTS, TO INSURE THE REGULAR PAYMENT OF THE DIVIDENDS UNDER
ALL CIRCUMSTANCES.
The annual reports of the Pacific Gas and Electric Company, particularly the report for the year 1913, have
made the earnings of the Company since its organization in 1906 available to the public in detail, and, for the past
three years, over the certificate of independent auditors, namely Messrs. Price, Waterhouse & Company, certified
public accountants.
The following statement, which is a compilation for each of the past five years ended Sept. 30, 1914, will indicate to you very clearly that the earnings of the Company have not only grown steadily from year to year,.but that
in each one of these years the revenue available for dividends on the new preferred stock has been largely in excess
of the required amount. Generally speaking, a bond is regarded as a safe investment if the issuing corporation can
show that it is earning at least twice its bond interest. In fact, a great many bond issues which are regarded as
You can readily see
high-class investments have a smaller margin of safety, with respect to earnings, than this.
from an examination of this earnings statement how much stronger even than this is the protection which our first
preferred stock has with respect to earnings.
Year
Ended
September 30th
Gross
Revenue
Net
Revenue
Net Revenue
After Bond
Interest and
Discount
Annual
Dividends on
New Preferred
Stock
Balance Available for
Dividends on Junior
Stock Issues and for
Depreciation or other
Reserves
1910
1911
1912
1913
1914
14,122,173.46
14,519,411.09
14,718,797.16
15,725,537.27
17,066,906.77
6,110,917.48
6,375,093.78
6,361,581.78
6,453,422.60
8,093,271.59
3,128,876.84
3,191,806.45
2,813,574.31
2,551.069.43
4,083,570.04
750,000.00
750,000.00
750,000.00
750,000.00
750,000.00
2,378,876.84
2,441,806.45
2,063.574.31
1,801,069.43
3,333,570.04
2nd. INTRINSIC PROPERTY VALUE WELL IN EXCESS OF THE TOTAL OF
THE SECURITY ISSUE.
Before authorizing security issues, the Railroad Commission of the State of California requires proof to be
submitted to it of the intrinsic value of the property back of the security for the issuance of which authority is
sought by the utility.
The Commission, as you may know, not only has authorized the issuance of this stock, but took occasion to
commend our plan of junior financing as being worthy of emulation by other utilities. For your information I may
add that the appraised value of our property is substantially in excess of the full liquidation value of $100 per share
of this new stock.
3rd. FRANCHISES EXTENDING WELL BEYOND THE MATURITY OF THE
SECURITY ISSUE.
The following paragraph from our 1913 annual report will show you that for all practical purposes the franchise
question may be regarded as non-existent with respect to this Company:
"By its unanimous decision of April 6, 1914, inthe case of Russell v. Sebastian, in the argument
.
of which counsel for this Company participated, the Supreme Court of the United States established
the fact, beyond any further question, that the franchises secured under the authority of the State
Constitution prior to its amendment on Ocober 10, 1911, under which this Company is supplying gas
.
and electric light and water in the large number of municipalities served by it, are vested property
rights of perpetual duration and include the right of making all necessary extensions within such
municipalities upon the terms of the original grant. By a general law of the State, no franchise
of any description may now be granted except upon condition that the purchaser pay at least two
per cent of the gross annual receipts derived from its exercise. In the case of cities governed by
freeholders' charters, the conditions upon which franchises are granted, are in general more onerous
than those prescribed by this general law of the State. The importance of this decision will, therefore, be more fully appreciated when it is considered that the above mentioned franchises of this
Company are not only without time limit, but are also not subject to any specific rental, charge or
burden of any kind.
4dv.
152
4th. EARNINGS DERIVED FROM A GROWING AND DIVERSIFIED BUSINESS
AND WHICH WILL CONSEQUENTLY NOT BE MATERIALLY AFFECTED BY DEPRESSION IN ANY ONE INDUSTRY.
The following statement will show you the diversified character of the Company's business:
DEPRIVATION OF GROSS REVENUES PAST SEVEN FISCAL YEARS.
PERCENTAGE OF TOTAL
GROSS REVENUE FROM
SOURCES OF GROSS REVENUE
Electricity
Total
Year
Electricity
Gas
Railway
All Other
1907
1908
1909
1910
1911
1912
1913
$6,316,629
7,059,088
7,678,665
7,899,224
7,823,903
7,672,570
8,230,782
$4,086,372
4,494,945
4,860,034
5,202,284
5,735,219
5,805,865
6,547,595
$431,800
414,326
452,396
509,152
533,520
547,187
572,913
$507,339
688,946
500,193
433,936
511,967
719,029
851,047
$11,342,140
12,657,305
13,491,288
14,044,596
14,604,609
14,744,651
16,202,237
Gain
6 years
$1,914,153
$2,461,223
$141,113
$343,708
Gas
Railway
.36
.36
.36
.37
.39
.39
.40
.04
.03
.03
.04
.04
.04
.04
All
Other
Total
.04
.05
.04
.03
.03
.05
.05
100
100
100
100
100
100
100
$4,860,197
_
.56
.56
.57
.56
.54
.52
.51
There has been a very satisfactory growth in each line of activity, and at no time has it been a case of having
to rely for the payment of charges and dividends upon one department to offset deficiency in another, although
from the standpoint of the security purchaser the ability to maintain the stability of revenues in this way is a factor of much importance. During the nine months ended Sept. 30, 1914, our electric business increased $400,919 and
our gas business increased $423,991. I merely mention this to lend point to the statement that while the possibilities
of the future development of the electrical industry are universally recognized, no such general recognition has obtained with respect to the gas industry. In my opinion, which is supported not only by the foregoing figures, but by
daily observation, the possibilities of the growth of the gas business are fully as great as in the electrical department.
This is largely due to the increasing use of gas for cooking and industrial purposes, but more particularly to its
use for heating of homes, apartment houses and other buildings in their entirety. Two things are responsible for
this. One is our moderate California climate, which brings this method of heating within economical limits, and
the other is the development of convenient and economical gas heating systems and devices. It may be of interest
to you to learn that a large number of the buildings on the Exposition grounds are being heated, or will be heated,
entirely by means of gas. As already stated, our climate is largely responsible for this, and where such a system in
colder localities would be a luxury which very few could afford, it is within the reach of people with moderate means
in California.
5th. A GROWING TERRITORY FOR THE COMPANY'S BUSINESS FIELD
AND ONE WHICH IS SUFFICIENTLY EXTENDED AND DIVERSIFIED SO THAT
EARNINGS WILL NOT BE MATERIALLY AFFECTED BY DEPRESSION OR BY
SOME CATASTROPHE IN ANY PARTICULAR CITY OR OTHER LOCALITY.
The Pacific Gas and Electric Company operates in a territory approximately 37,000 square miles, and in this
territory serves a very large number of cities and towns, as shown in the following table:
SERVICE FURNISHED
NUMBER OF CITIES AND TOWNS
SERVED BY THE COMPANY
Directly
Indirectly
Total
152
49
14
1
62
2
14
TOTAL
POPULATION
214
51
28
1
Electricity
Gas .
Water (Domestic)
Railway
1,221,123
1,124,893
58,905
75,602
That the business field of this Company is one which has in the past grown steadily in population and in the
development of new industries is known to you not only from personal observation of central and northern California, but is also attested by the growth in our gross revenues from year to year and by the large numbers of
consumers added to our system.
In the seven years from 1906 to 1913, our business increased $7,255,175, or at the annual rate of $1,036,453.
In the last fiscal year the increase was $1,457,686, and in the nine months ended Sept. 30, 1914, it was $876,297.
In the last seven years (ended Sept. 30th) the number of our consumers has grown from 172,938 to 368,498, an
increase of 195,560, or an average annual increase of 27,937 customers. During the last of these years the growth was
close to 30,000.
6th. SAFEGUARDS TO INSURE ADDITIONAL ISSUANCE OF SECURITIES
ONLY FOR PURPOSES THAT WILL ADD TO THE VALUE AND EARNING CAPACITY OF THE PROPERTY.
One of the things that has given investors confidence in bonds as an investment has been the vigilance of banking houses handling bond issues in properly safeguarding future issues. What the bankers have done in the past
for bonds in this respect is now being done by the Railroad Commission. Under the Public Utilities Act of California, issues of this First Preferred Stock can be made only with the authority of the Railroad Commission for
acquisitions, extensions, betterments and the refunding of existing obligations. The Commission also fixes the price
at which this stock may be sold, and not only requires information to be presented to it as to the purposes for
which the money realized from the sale of this stock will be used, but also requires monthly reports to be rendered
to it showing in detail for what purposes the money has been expended. This insures to the investor the continuance of a safe and conservative relation of property values to any additional issues of preferred stock which may
be put out.
Trusting that the foreging will satisfactorily answer your inquiry, I am,
Very sincerely yours,
A. F. HOCKENBEAMER,
Adv.
Second Vice-President and Treasurer.
Attention is called to the
announcement on page II
153
Pacific Light and Power Corporation
Los Angeles, California
An H. E. Huntington Property
Supplies Electricity for Power,Light and Heatin Southern California
SECURITIES
$23,591,500
20,508,000
Stocks
Bonds
SUPPLIES CURRENT FOR
OPERATES
8 Hydro-Electric Plants of 99,631 H. P.
3 Steam Plants of 55,919 H. P.
25 Substations.
1450 Miles of Transmission Line.
1971 Miles of Distributing System.
58 Miles of Railroad.
36 Cities and Towns.
750,000 Population.
945 Miles of Electric Railway.
35,000 H. P. in Motors.
500,000 Lamps, 16 c. p. Equivalent.
3750 000 00
0
3.500,00000
3250,000 00
3p00,000.00
750 00000
2,500,000.00
0,250,000.00
ap00,000.00
1,750,000.00
1.504 000.00
1650000
k°co000.00
750 000.00
,opopo
.
• soo
*4O,000P0
1098 1895
1500
190
1502
1903
1904
1905
1906
1907
900
509
1$ 0
1011
1510.
ISIS
"
Installed Capacity . . . . 155,000 H.P.
Undeveloped Water Power . 325,000 H.P.
154
Attention is called to the
announcement on page II
Los Angeles Railway Corporation
Los Angeles, California
An H. E. Huntington Property
Street Railway System operating in and about Los Angeles, Cal.
SECURITIES
Stocks
Bonds
-
$20,000,000
20,000,000
Operates
383 Miles of Track
874 Modern Street Cars
10 Sub Stations
Power furnished by the Pacific Light & Power Corporation
Serves
The City of Los Angeles and five other
Towns with a population of 516,000.
Average increase of population now 15%.
1900
Gross Income,
Miles Road Operated,
Cars Operated, - Passenger Carried,
Attention is called to the
announcement on page II
1913
$835,627.35
$7,005,433.26
-
74.85
383
-
110
874
17,874,308
145,105,239
suthernetdiforniat
JOHN B. MILLER, PRESIDENT.
Upon Southern California it may be truly said the eyes of America
are focused. The heart of this great domain is extensively served with
electric energy for light, heat and power. Among the many reasons why
this region is attracting world-wide attention are the wonderfully salubrious climate, the great agricultural and mineral wealth of the territory and the possibilities for the development of an empire where a
few years ago there existed only what seemed to be arid deserts and
waste plains. Added to this, Southern California has attracted a class of
men who by their ability, perseverance and foresight have been able to
understandingly grasp the conditions and spread the news to the world
beyond the confines of the state of what has been done and what may
yet be done in the way of development.
The census figures demonstrate that California is the second State
in the Union in kilowatt rating of stations and in kilowatt hour output.
It is the third state in the Union in aggregate income and twelfth State
in the Union as regards population. The Southern California Edison
Company is the second largest electric company on the Pacific Coast,
and the seventh largest electric company in the United States in relation to gross earnings. The company's lines cover seven counties embracing an area of approximately 45,000 square miles, which contains a
population of 1,030,000. The company has in operation hydraulic and steam
generating plants with a total capacity of 119,THE FOLLOWING TABULATION
GIVES A GRAPHIC IDEA OF THE
800 horse-power, and has hydraulic plants unEXTRAORDINARY GROWTH OF
THE COMPANY'S BUSINESS.
der construction of a total capacity of 116,000 horse-power, making a grand total of 235,800 horse-power. Southern California Edison
electric service is supplied in THE CITY OF
LOS ANGELES and about one hundred cities
and towns and the intervening rural communities. 4J1 The Company's General Offices
are located in the Ldison Building, Los
GROSS EARNINO3
1903
5855.865 27
7008
82285098.re
$4 750.000 00
913
TOTAL CONSUMERS
I8302
1903
1908
59949
e9f3
130000
CONNECTED LOAD
MOM
1903 2,353H0
f908 '00037 N P
230000 H P
/97.3
LOAD FACTOR
7903
28.5%
1908
419.
7973
59.81
PERCENTAGE OF INCOME LIGHT AND POWER
LIGHT 80:
POWER 20%
LIGHT 66%
POWER 34%
LIGHT 49:
POWER NI;
Angeles, California.
156
Attention is called to the
announcement on page II
Puget Sound Traction,
Light & Power Company
,
4E Serves over 425,000 population in the Puget Sound
District with Electric Power,
Light and Transportation.
74,000
develliLL oped at horsepower lectric
our hydro-e
plants, ultimate development 175,000 horsepower.
Steam power developed,
34,900 horsepower.
SNOQUALMIE FALLS
,Seattle, Tacoma, Everett,
Bellingham and surrounding
territory offer strong inducements to manufacturers to locate factories.
e
This company will supply
complete information as to
low power rates, raw materials,factory sites,transportation facilities and market
for product.
MAP SHOWINO
TERRITORY •ERVIO
PUCE? SOUND TRACTION,
LIGHT & POWER COMPANY
AND SUBSIDIARY COMPANIES.
e
eRemey
Puget Sound Traction,
Light & Power Company
SEATTLE, WASHINGTON
Attention is called to the
announcement on page II
157
7,
The Portland Railway, Light & Power Company—Portland, Oregon
Served More Customers, on the Basis of Population, on January 1st, 1914, Than Any
Public Utility in the Country Operating in a Large City
Its light and power customers totaled 42,063, an at least an equal amount of water rights in reserve.
increase of more than 242 per cent compared with Approximately 83% of all the electric energy required
•
in 1913 was generated by water power. In addition
the number served on January 1st, 1908.
to these power plants and 22 sub-stations, the PORTWith 306 miles of track electrically operated and
90,000 developed horsepower, the PORTLAND RAIL- LAND RAILWAY, LIGHT & POWER COMPANY
WAY, LIGHT & POWER COMPANY serves very owns 633 passenger cars, 522 cars and 12 locomotives
completely the transportation and electric light and for freight service; a commodious building for use of
power requirements of the city of Portland and its the light and power development; car shops, four
prosperous surrounding sections. With the excep- carhouses, a nine-story building in the center of the
business district, occupied by its offices; the only
tion of three interurban lines, controlled by the
amusement park near the city of Portland; large
Southern Pacific and the Northern Pacific Railroad
Companies, the PORTLAND RAILWAY, LIGHT & tracts of land fronting for about four miles on the
east side of the Willamette river, near the business
POWER COMPANY operates all the street railways
In Portland and vicinity, including interurban lines center and valuable for terminal purposes, and conto Oregon City, Troutdale, Cazadero and Bull Run, siderable real estate in various parts of the city.
The company's properties and equipment are in exOregon, and in conjunction with the company's ferry
on the Columbia river, to Vancouver, Washington. cellent physical condition, of the most modern conIt does most of the electric light and power business struction and as well maintained as any similar sysin Portland; all of the electric light and power busi- tem in the United States. Through application of
the principles of scientific effiness in Oregon City, Salem
ciency, expenses of operation
and many other communities
have, without impairing the
in the state of Oregon and in
service, been kept at a low
It
Vancouver, Washington.
higher
despite
percentage
operates the gas plant in
wages and the increased cost
Salem. Altogether, the comof materials.
pany serves with light and
Portland is one of the
power 26 cities and towns,
wealthiest cities of its size in
which, including others supthe United States and the
plied with interurban railway
greatest manufacturing city in
service, have a total populathe Pacific Northwest. Its
tion estimated at 305,000.
banks have deposits aggregatPower is sold to the three
ing $71,000,000; it has an asinterurban lines above mensessed valuation of $300,000,tioned and also to the com000; 48,000 telephones and
panies operating the street
43,329 dwelling houses. Its
railways of Salem and Vanbank clearances for 1913 exAt Willamette Falls,
couver.
ceeded $600,000,000; its postal
City, where the water
Oregon
receipts, $1,200,000; value of
power is owned by the combuilding permits for the year,
power is
pany, direct water
$13,400,000. These figures have
large
furnished to several
few equals in the United
pulp and paper mills.
States, when population is
In 1913 the PORTLAND
taken as the basis for comRAILWAY, LIGHT & POWER
parison.
COMPANY bought the YamPortland is the greatest
hill Electric Company, serving
lumber shipping port in the
a population of 5,000 at Newworld, many of the largest
berg, Carlton, Lafayette, St.
mills in the country being loPaul and other communities
cated there. The available
in the Willamette Valley, and
forest wealth is practically inselling wholesale power to the
LIGHT & POWER
exhaustible. Its harbor is one
Tualatin Electric Company.
COMPANY
of the largest fresh water
The Yamhill Electric Company
PORTLAND, OREGON
basins in the world and
v. A L& P.Co.Tet.L
.
,
L.g• SPOPT PA
has long-term franchises and
MU.
can accommodate steamships
municipal contracts in all the
1444.1. 1.14
2
/
drawing 251 feet of water.
communities served. The comSteamers leave its wharves
pany also obtained control of
China, Japan, the
for
the Willamette Valley Southern Railway Company, which is constructing a stand- Philippines, Hawaii, Alaska and various Pacific coast
ard gauge electric line on private right-of-way (except ports. It has a large export business and is an important railroad center, being served by four transfor a few blocks in Oregon City) from Oregon City
to Molalla and Mt. Angel, a distance of 32 miles. continental railways—the Union Pacific, Southern
The new line connects at Oregon City with the com- Pacific, Northern Pacific and Great Northern. Through
pany's interurban service to Portland. The region the Columbia River valley it affords the only water
tapped is one of the richest farming sections in Ore- grade railroad outlet to the Pacific coast for what
gon, and besides passenger traffic, a large freight is known as the Great Inland Empire of 250,000 square
business will be developed, consisting mainly of haul- miles, comprising Eastern Oregon, Eastern Washington, Idaho and Western Montana.
ing lumber.
.The company's street railway franchises in PortCompletion of the Panama Canal means the openland, expiring in 1932, contain valuable preferential ing of a new gateway for commerce, one result of
rights covering subsequent franchises. No time limit
which will undoubtedly be a stimulus to business—
is specified in the principal light and power franchises
foreign and domestic—that will manifest itself in
and under a recent decision of the United States Su- improved general conditions throughout the Pacific
preme Court, a similar franchise was held to be per- coast. Development of Alaska and the inauguration
petual. The power plants, carhouses, shops and other
of a new steamship line from Portland to that counreal estate, high tension transmission lines and a
try will have its beneficial effects and the combinalarge part of the interurban lines are owned in fee and
tion generally is being looked upon as among the
are, therefore, not subject to franchise expiration.
factors in the future development of
There are ten generating plants, with 90,000 horse- most important
Portland and its surrounding territory, as well as
power developed. Five of these are hydro-electric
other large cities on the Pacific coast.
plants and five are steam stations. The company has
1
The Portland Railway, Light & Power Company
is Controlled and Managed by E. W.CLARK & COMPANY,Philadelphia, Pa.
158
Attention is called to the
announcement on page II
V
MORRIS BROTHERS, Inc.
Carefully Selected
Municipal and Corporation Bonds
of the Pacific Northwest
RAILWAY EXCHANGE BUILDING
PORTLAND, OREGON
New York
Philadelphia
Oldest Established Bond House in the Pacific Northwest
THE INVESTOR'S
MONTHLY MANUAL
Established 1801.
An indispensable Work of Reference to
everyone interested in the movements of
Stocks and Shares.
Absolutely free from any connection
with any financial house or speculative
agency.
THE INVESTOR'S MONTHLY MANUAL is published at the beginning
of each month [generally on the 2nd], and is by far the most
complete periodical record in existence of the dealings
throughout the United Kingdom during, and up to the last day of
each month, in every description of Stocks and Shares, etc. The
MANUAL gives particulars of three thousand securities, with their
variations in price during the month and during the year, the
dividends recently paid, and the yield to an investor at present
quotations. A ''Summary of Profit and Loss Accounts" presents a
comparison of Industrial Companies not to be found elsewhere.
The MANUAL also contains a Financial Record of the Month,
together with articles and notes upon current topics of interest.
H.T. CORY
C. L. CORY
Consulting Engineers
Wells Fargo Nevada National
Bank Building
Price ii-: by post, 1111.
Annual Subscription (including Two Double Numbers),
1419, post free.
San Francisco, Cal., U. S. A.
Offices: 3 Arundel Street, Strand
London, W.C.
Attention is called to the
announcement on page II
Pacific Power & Light Company
The Columbia, Walla Walla and Yakima
Valleys, in which the Pacific Power & Light
Company operates, are among the richest
on the Pacific Coast.
The territory affords excellent opportunities
for all industries depending for success upon
raw materials, transportation facilities and
low-cost power.
Pacific Power & Light Company has large
electric power developments and furnishes
power for industrial, irrigation and miscellaneous purposes at low cost.
This Company will supply complete information regarding natural resources, developed
industries, transportation facilities and power
ates.
Head Office, Portland, Oregon
160
Attention is called to the
announcement on Page
LOS ANGELES GAS AND ELECTRIC CORPORATION
April 1, 1914
CAPITALIZATION
CAPITAL STOCK:
First Preferred 6% Cumulative .
Second Preferred 6% Cumulative
•
•
•
.
.
Common
•
in Sinking Funds):
BONDED DEBT (Less Bonds
First and Refunding Mortgage 5% Bonds
(Authorized $15,000,000)
.
Underlying Bonds (Closed mortgages)
.
Total Bonds Outstanding
•
Bond Trustees:
Union Trust Company of San Francisco,
Harris Trust and Savings Bank, Chicago, El.
.
.
Outstanding
None
None
$10,000,000
.
.
.
$4,659,000
3,236,000
$7,895,000
•
•
•
•
EARNINGS AND EXPENSES
.
Gross earnings
.
Operating Expenses and Taxes
Net Earnings .
.
Annual Bond Interest Charge
Surplus .
.
Year Ending
Dec. 31, 1912
. $4,178,176
. 2,335,212
. $1,842,964
396,405
.
. $1,446,559
•
Year Ending
Dec. 31,1913
$4,527,164
2,589,594
$1,937,570
400,943
$1,536,627
DEPRECIATION—SINKING FUND
The allowance for depreciation has amounted to $4,676,074 since May 1, 1904.
The Corporation is required to make annual sinking fund payments, which began July 1, 1910,
equal to 2% of the total amount of bonds outstanding. Up to the present time $755,000 Underlying and
Corporation Refunding Mortgage 5% Bonds have been cancelled or are held alive by their respective sinking
funds.
PROPERTY AND BUSINESS FIELD
The Corporation has a thoroughly modern equipment for the manufacture and distribution of gas in Los
Angeles, Pasadena, South Pasadena, Alhambra, San Gabriel, San Marino, Watts, Eagle Rock, Huntington
Park, Inglewood and other suburban districts, aggregating a population of about 570,000, in which territory it controls about 85% of the gas business. It carries on an electric light and power business in the
City of Los Angeles, a field served also by the Southern California Edison Company and the Pacific Light
and Power Corporation. The physical property of the Corporation, without any allowance for franchise or
good will, is conservatively valued at over $20,400,000, or over two and one-half times the $7,895,000 of outstanding bonds.
The following details as of Apr. 1, 1914, may be of interest:
Rated capacity of gas generating plant
per 24 hours
31,140,000 Cu. ft.
Holder capacity .
15,000,000 " "
Miles of gas mains
1,239
Number of gas meters .
123,621
Builders' rated capacity of electric plant
25,650 H. P.
Miles of electric overhead main wire .
2,388
Miles of electric underground conduits
21
Number of electric meters .
.
36,794
Total electric connected load
65,717 H. P.
MANAGEMENT
The principal officers of the Corporation are as follows:
President & General Manager, W. B. Cline.
Vice-President, Wm. Baurhyte.
Second Vice-President, C. P. Houghton.
Attention is called to the
announcement on page sr
Third Vice-President, C. S. Vance.
Secretary & Treasurer, R. M. Adams.
General Counsel, Wm. A. Cheney.
161
SERVICE
Associated Savings Banks of San Francisco
A Community Asset
!i GREAT banking centre is
.the product of two elements: a productive land and
a thrifty people. Where money
is made and saved, there will
be found the strongest banks
to direct its proper use.
* * *
.e
Consolidated Statement Showing Condition of Eleven
Institutions Composing the Associated Savings
Banks of San Francisco on June 30, 1914.
RESOURCES
Loans
Bonds and other securities
Bank premises
Other real estate
Due from reserve banks
Cash on hand
Other Assets
Total
LIABILITIES
Capital
Surplus
Undivided Profits
Other Profits
Due to other banks
Individual deposits subject to check
Savings deposits
Deposits of public moneys
Other Liabilities
Total
$133,896,748
53,131002
6,014,412
2,296,890
6,027,934
10,134,588
1,135,878
$212,698,052
SAFETY
Individual deposits, as
shown by the last reports,
have reached close to $200,000,000, a growth of nearly 25,
per cent.
*
*
*
URTHER evidence that
the savings banks of San
AN FRANCISCO as the
Francisco possess the quality
banking centre of the
of safety requisite to obtain
$ 7,180,000
West had, its beginning in
8,475,819
the confidence of the commun661,799
the days following the discovity is found in the California
984,959
478,025
ery of gold in California, when
Banking Laws, which afford
11,863,866
the city was only an isolated
180,436,687
full and complete protection to
1,660,506
collection of shacks on the
every interest involved in
956,391
edge of a wilderness. At that
$212,698,052
bank management. The State
time a transcontinental railSuperintendent of Banks, in
way was scarcely dreamed of, and the only inhabitants his published report dated October 31, 1913, discusses the
were the pioneers, who had traveled across the plains or character of these Laws as follows:
"Under authority of the amended laws, state supervised
by ship "around the Horn."
banks, which necessarily are the support of private credit
Even with the golden stream from the mines, capital and the basis of industrial progress, are given as wide a
was urgently needed and progress at first was slow. But range of activity as is consistent with absolute safety of
the settlers worked and saved, until soon they were able deposits. The amended laws are designed with the primary
to establish through sound banks a credit that is inde- objective that the safety of bank deposits must not be imperiled. Stability of investments and the possession of
pendent of the rest of the world.
cash resources sufficient for the emergencies of business
With their own credit, secured by their own savings, have been the guiding posts, in the amended act, where
they have built their city, not once, but twice, in the face regulation ends and freedom of honest action for the
banker begins."
of adversity.
* * *
* * *
IN point of size and strength, the institutions composing
HE test of the savings banks of San Francisco as' . the Associated Savings Banks of San Francisco rival
an unfailing community asset came when the great those of any community in America. The per capita decountry, for the people believe
fire of 1906 wiped out property values amounting to $400,- posits are the highest in theto assume with them reciprocal
in these banks and are glad
000,000—the accumulated wealth of two generations. relations that make towards the improvement and deHow the banks passed though that crisis without loss to velopment of the city and state.
It is worthy of mention that the savings Banks, as heavy
a single depositor must be convincing proof of sound and
investors in the bonds of California enterprises, are an
able management.
important factor in the commercial growth of the state.
The greater part of the loss caused by the fire fell upon
* * *
real estate; that is, upon the buildings that stood in the
NOWLEDGE of these facts is important to the settler,
the investor and the prospective visitor to San Franheart of the most valuable retail, commercial and resicisco.
dence districts. At the time of the fire, the banks had
Sound banks mean that worthy enterprises will not lack
fifty per cent of their total assets loaned on the property for financial support. When they are of highest service to
that was destroyed. All that remained were blackened the community, as in San Francisco, they establish a beneficial union between capital and credit that opens the way
ruins and tottering walls.
to increased prosperity and wealth.
* * *
* * *
EPOSITORS had to be protected. So, too, the borHE eleven banks composing the Associated Savings
rowers, who needed additional money to rebuild at
Banks of San Francisco exhibit a spirit of progress
once. The banks came forward with their strong reserves that constantly makes for the improvement of their service
and convertible securities, and with the aid of the insur- and facilities. The extraordinary growth of the past few
years has been shared by all, and under their present able
ance, turned these elements of capital into a credit that management all will continue to increase in size and
has been used to build a finer and costlier city than be- strength.
Those operating strictly as savings banks are the Columfore.
By reason of their demonstration of strength in this bus Savings and Loan Society, founded in 1893; the Hibernia Savings and Loan Society, founded in 1864; the
emergency, the banks have grown larger rind more secure
Mission Savings Bank, founded in 1906; the Mutual Savin the years that have passed, and better able to meet the ings Bank, founded in 1889; and the Security Savings
needs of the growing community which they serve.
Bank, which was organized in 1871.
The banks transacting a departmental business are the
A more convincing record has never been made by the
Bank of Italy, organized in 1904, commercial and savings;
banks of any city in the world.
French American Bank of Savings, organized in 1860,
* * *
commercial and savings; German Savings and Loan SoT the close of 1905, the year before the fire, the total ciety, founded in 1868, commercial and savings; Humboldt
resources of the savings banks of San Francisco Savings Bank, founded in 1869, commercial and savings;
Italian-American Bank, founded in 1899, commercial and
amounted to $177,000,000.
savings; and the Savings
Union Bank and Trust ComSince then they have increased
nearly one-fifth, in spite of the Table Showing Strength of Associated Savings Banks pany, founded in 1862, which
transacts a full departmental
of San Francisco with Deposits, Capital
losses sustained through the
business, including commerand Surplus, June 30, 1914.
destruction of bank property—
cial, savings and trust departCapital
Bank
Deposits
and Surplus
ments.
losses which were borne by German Savings 8e Loan Society
$55.798.917
$2,775,000
Modern fireproof safe de55.122,574
3,694,819
the banks and not by their de- Hibernia Savings & Loan Society
Savings Union Bank & Trust Company 33,139,800
posit vaults for the use of the
3,620,000
positors.
Bank of Italy
15,341,205
1,397,000
public are maintained by the
8,729,286
925,000
Loans on real estate, mean- Mutual Savings Bank
Savings Union Bank and Trust
Humboldt Savings Bank
6.870,497
1,000,000
Company, the Bank of Italy,
6,155,936
914,000
ing the money loaned for the French American Bank of Savings
Italian American Bank
4,949,519
940,000
the Columbus Savings and
improvement of property, have Security Savings Bank
635.000
3,690,985
Loan Society, the French
Columbus Savings & Loan Society
240.000
2,351,838
grown from $97,000,000 to Mission Savings Bank
American Bank of Savings and
205,000
1,882,372
the Humboldt Savings Bank.
$125,000,000.
F
T
K
D
T
A
162
Adv.
BANK & TRUST CO.
SECTION
The Bank of California
National Association
San Francisco, California
Founded in 1864
Having Branches at
Seattle, Washington
Virginia City, Nevada
Portland, Oregon
Tacoma, Washington
$8,500,000.00
Capital paid in Gold Coin
6,500,000.00
Surplus
Undivided Profits, September 12, 1914 . 1,795,664.29
The Bank issues Merchandise and Travelers'
Letters of Credit, available throughout the world
and transacts legitimate banking of every nature.
Correspondence and accounts invited
164
,.
Attention is called to the
announcement on page II
STATEMENTS
of
Banks & Trust Companies of the Pacific Coast
These figures are compiled from the latest reports to the publishers.
Hundreds Omitted Throughout
Gross I Gross
Strfe.
c
De- I Reand
I Capital' Profits posits I sources
CALIFORNIA
San Francisco
$1,000 $ 450 $ 5,050 $ 8,000
American National Bank
Anglo & London-Paris Na4,000 1,809 30,995 41,467
tional Bank
1,500
400 8,862 10,862
Anglo California Trust Co
8,500 8,295 38,930 63,933
Bank of California, N. A.
340 15,379 17,171
1,250
Bank of Italy
902
33
694
123
Canton Bank
2,000 3,263 20,615 29,120
Crocker National Bank
200 1,706 2,670
650
Donohue-Kelly Banking Co
3,000 1,932 14,725 20,935
First National Bank
1,500
316 4,062 6,379
First Federal Trust Co
93 4,893 5,484
400
Fugazi Banca Populari
3,250 4,066 20,532 41,359
International Banking Corp
217 5,052 6,119
750
Italian-American Bank
850 1,050
125
95
Marine Trust & Savings Bank.
Mercantile Nat'l Bank of S. F. 2,000 1,148 10,419 15,936
1,358
1,000
348
Mercantile Trust Co
279 4,700 7,730
1,500
Merchants National Bank
91 1,320 1,757
200
Mission Bank
58 1,342 1,760
325
Portuguese-American Bank
1,500 2,469 33,373 37,451
Union Bank & Trust Co
Say.
213 1,585 2,798
500
Seaboard National Bank
1,200 1,718 20,058 23,217
F.
Union Trust Co. of S.
Wells Fargo Nevada National 6,000 5,148 29,070 48,941
157 2,328 2,650
130
Columbus Sayings & Loan
350 6,500 7,600
750
French-American Bank
German Savings & Loan Soc.. 1,200 1,857 55,799 58,857
Hibernian Savings & Loan Soc
3,889 53,466 57,536
Humboldt Savings Bank
400 6,641 7,881
600
Mission Savings Bank
200
15 1,875 2,111
Mutual Savings Bank
500
475 8,400 9,575
Security Savings Bank.
500
423 3,580
4,564
Western Metropolis Say. Bank
75
100
1
176
Alameda
Alameda National Bank
45
100
506
760
Alameda Salvings Bank
236
146 2,5371 2,918
Citizens National Bank.
100
17
421 1
537
Citizens Savings Bank
50
28
656
734
Bakersfield
First Bank of Kern
100
33
616
750
First National Bank
150
175 1,276 1,814
National Bank of Bakersfield
100
5
275J
455
Producers Savings Bank
100
86
982 1,168
Security Trust Co
400
136 1,9801 2,557
Berkeley
Berkeley National Bank
250
65
723! 1,238
300
128 2,510 3,122
First National Bank
90
14
368
Homestead Sayings Bank
472
400
288 4,053 4,955
Berkeley Bank of Savings
50
35
633
491
South Berkeley Bank
100
48
University Savings Bank
531
690
55
7
316
West Berkeley Bank
379
Chico
100
30
500
Bank of Chico
630
250
250 1,000 1,695
Butte County National Bank
19
100
682
802
Butte County Savings Bank
65
94
*Peoples Savings & Com'l Bk
168
50
30
825
950
First National Bank
*Opened July, 1914.
Colusa
350 1,110 2,250
500
Colusa County Bank
75
5
148
283
First National Bank
35
3
148
186
First Savings Bank
Eureka
100
875 1,187
200
Bank of Eureka
200
162 1,268 1,830
First National Bank
CALIFORNIA- Oned)
(C
Hundreds Omitted Throughout.
e SU
ntS. GLoss GrLs:s
Capital Profits
a
Eureka(Cont'd)
Home Savings Bank
Humboldt National Bank
Savings Bank of Humboldt Co.
Fresno
Bank of Central California
Farmers National Bank
First National Bank
Fresno National Bank
Fresno Savings Bank
Industrial Bank
Peoples Savings Bank
Union National Bank
Grass Valley
Nevada County Bank
Hanford
Farmers & Merchants Nat'l Bk.
First National Bank
Hanford National Bank
Peoples Savings Bank
The Old Bank
Hanford Savings Bank
Hollister
Bank of Hollister
First National Bank
Hollister Savings Bank
Savings 8,c Loan Bank
Long Beach
City National Bank
Exchange National Bank
Farmers & Merchants Bank
First National Bank
National Bank of Long Beach.
Long Beach Say. & Trust Co
Los Angeles
Citizens National Bank
Commercial National Bank....
Eagle Rock Bank
1
Farmers & Merchants Nat'l Bk
First National Bank
Highland Park Bank
Merchants National Bank
National Bank of California
Security National Bank
Traders Bank
United States National Bank. 1
California Savings Bank
Citizens Trust & Savings Bank
German-American Trust &
Savings Bank
Hellman Commercial Trust &
Savings Bank
Hibernian Savings Bank
Home Savings Bank
International Savings & Exchange Bank
Los Angeles Title & 'Trust Co.
Los Angeles Trust & Say. Bk.
Security Trust & Savings Bk.
Title Guarantee & Trust Co
Martinez
Bank of Martinez
First National Bank
Marysville
Decker, Jewett & Co. Bank
Northern California Bank of
Sayings
1
posits
sources
100
200
1001
65
80
140
1,200
600
1,610
1,350
900
1,855
200
300
500
200
67
30 .
100
150
125
350
445
361
5
151
124
581
2,000.
2,744
1,051
535
34
1,906
950
906
3,000
4,039
1,863
600
64
2,19E
1,389
150
14
1,197
1,361
100
100
100
25
50
50
66
225
34
44
55
30
745
1,001
129
75
545
242
961
1,443
289
149
72(
321
250
100
25
50
327
50
35
136
727
328
387
634
1,361
46E
43'
82E
100
100
120
200
150
250
28
65
38
100
138
114
790
1,001
1,087
1,150
1,489
1,761
1,001
1,26'
1,241
1,501
1,92,
2,141
1,500
754 9,700 13,701
300
180 3,000 3,78:
91
2
56
25
1,500 2,136 13,294 19,00
1,500 2,5431 18,9621 25,40
301
16
260
25
646 6,937 9,29:
1,000
216 4,786 6,67
500
236 2,863 3,511
300
250
20 1,136 1,42
200
106 1,243 1,78:
87 2,659 3,04'
300
500
157 3,013 3,6T
1,000 1,377 18,676 21,05:
750
325
1,000
295
45
117
5,175
3,010
6,295
6,331
3,37'
7,46
300
69 2,746 3,164
600
40
198
83:
1,500 1,539 17,113 20,234
1,800 1,868 42,263 45,931
500
370
200 1,070
100
50
121
12
852
303
1,08
415
150
65
513
72
130
64
1,876
2,07
0
166
BANKS AND TRUST COMPANIES
Surp.
CALIFORNIA-(Cont'd)
and
M a rysvi I le- Coned)
(
Capital Profits
250
339
Rideout Bank
Merced
43
100
Commercial Savings Bank
Farmers & Merchants National
10
100
Bank
41
100
First National Bank
119
300
Merced Security Savings Bank
Modesto
49
37
Farmers & Merchants Bank..
200
85
First National Bank
82
250
Modesto Bank
20
100
Modesto Sayings Bank
25
24
Security Savings Bank
100
56
Union Savings Bank
Napa
175
150
Bank of Napa
50
50
First National Bank
25
15
Napa Sayings Bank.
40
100
Jas. H. Goodman & Co. Bank..
Nevada City
26
144
Citizens Bank
Oakland
4
105
Bank of Commerce
1,000
665
Central National Bank
162
500
First National Bank.
110
8
Harbor Bank
420
84
Security Bank
25
5
Twenty-third Avenue Bank
26
10
West Oakland Bank.
Central Savings Bank of Oak500
land
253
Farmers & Merchants Savings
Bank
189
13
First Sayings Bank
500
82
Oakland Bank of Savings
1,150 1,258
State Sayings Bank
100
189
Union Savings Bank
300
652
OrovilleBank of Oroville Savings
251
7
Bank of Rideout, Smith & Co.
30
14
61
First National Bank
50
300
49
Rideout-Smith National Bank..
Oxnard
250
210
Bank of A. Levy, Inc.
65
250
First National Bank.
46
25
Oxnard Savings Bank.
Pasadena
6
250
Citizens Savings Bank
30
200
Crown City Say. & Trust Co...
137
200
First National Bank.
30
300
National Bank of Pasadena...
136
Pasadena Savings & Trust Co. 200
100
5
Security National Bank
25
15
State Bank of Pasadena
100
90
Union National Bank
425
82
Union Trust & Savings Bank
Petaluma
California Savings Bank
100
30
Petaluma National Bank
200
38
Petaluma Savings Bank
100
55
Petaluma Swiss-American Bk. 250
49
400
177
Sonoma County National Bank
Pomona
100
13
American National Bank.
150
195
First National Bank.
50
22
Sayings Bank of Pomona
75
19
State Bank of Pomona
Porterville100
112
First National Bank
105
45
Pioneer Bank
Red Bluff
232
300
Bank of Tehama County
100
1
Red Bluff National Bank
Red lands
200
125
Citizens National Bank
135
150
First National Bank
227
150
Redlands National Bank
50
501
Union Savings Bank
Gross
DePosits
Gross
Resources
1,716
2,396
807
953
204
585
1,840
419
827
2,259
190
778
562
544
160
640
305
1,302
996
690
197
796
939
1,042
341
500
1,400
1,155
383
650
1,140
1,315
268
377
6,050 9,260
3,100 3,262
225
360
1,451 2,112
260'
295
158
199
6,500
7,400
1,8571 2,101
3,690 4,280
21,619 24,551
1,047 1,362
5,185 6,137
103
370
534
647
135
421
65?
1,046
1,050
903
304
1,500
1,551
377
430
680
1,799
2,342
2,122
450
171
2,044
2,513
630
910
2,353
3,160
2,466
705
215
2,369
4,184
1,187
1,127
847
1,194
1,050
1,317
1,565
1,002
1,514
1,845
390
1,076
300
550
675
1,572
372
650
890
450
1,238
630
1,600
368
2,310
578
600
900
781
675
1,125
1,500
1,409
775
Sul).
oss
GLie
Re.
Gross
CALIFORNIA-(Coned)
!Capita Pofits
rii
a
Richmond-50
10
Bank of Richmond.
• 100
24
First National Bank
50
9
Mechanics Banks
50
7
Richmond Savings Bank
Riverside
174
150
Citizens National Bank
90
300
First National Bank
25
100
National Bank of Riverside
100
3
Peoples Loan & Trust Co
Riverside Savings Bank &
35
Trust Co.
100
50
8
Security Sayings Bank
Sacramento
1,000
349
California National Bank
35
100
California Savings Bank
12
100
Capital Banking & Trust Co...
200
60
Capital National Bank
Farmers & Mechanics Savings
Bank
350
40
Fort Sutter National Bank....
200
79
Nat'l Bank of D. 0. Mills Co...
500
940
Nippon Bank
39
5
Peoples Sayings Bank
500
104
Sacramento Bank
500
761
Sacramento Valley Bank
600
42
Salinas
First National Bank
100
100
120
127
Monterey County Bank
93
Salinas City Bank
300
25
Salinas Valley Sayings Bank..
50
San Bernardino
17
100
California State Bank.
62
100
Farmers Exchange Nat'l Bank
300
100
San Bernardino National Bank
72
150
San Bernardino Co. Say. Bank
12
50
of San Bernardino..
Say. Bank
San Diego
178
200
American National Bank
310
Bank of Commerce & Trust Co. 500
100.
35
Citizens Savings Bank
1
25
East San Diego State Bank
323
First National Bank.
150
40
100
Marine National Bank
535
100
Merchants National Bank
232
200
San Diego Savings Bank
Security Commercial & Sav18
111
ings Bank
100
Southern Trust & Sayings Bk. 350
26
100
United States National Bank
50
14
University Avenue Bank
San Jose
203
300
Bank of San Jose
300
275
First National Bank
297
Garden City Bank & Trust Co. 300
300
716
San Jose Safe Deposit Bank..
100
82
Security Sayings Bank
79
100
Security State Bank
San Leandro
43
Bank of San Leandro
100
50
35
First National Bank.
8
50
San Leandro State Bank
San Luis Obispo
300
130
Commercial Bank
100
5
Union National Bank
Santa Ana
California National Bank
100
25
Farmers & Merchants National
Bank
200
115
300
First National Bank
298.
50
Home Savings Bank
22
Orange County Savings &
255
Trust Co.
72
40
Santa Ana Savings Bank.
21
Santa Barbara
59
19
Central Bank
225
30
Commercial Bank
100
104
First National Bank
posits
sources
351
400
342
390
415
625
401
455
1,364
1,430
925
1,835
2,290
1,150
200
1,232
600
1,384
700
6,851
1,052
586
1,370
9,958
1,188
707
1,828
1,853
2,422
4,802
65
3,858
7,592
1,729
2,243
2,891
6,732
109
4,541
8,854
2,472
623
946
936
670
863
1,350
1,424
760
480
550
1,182
1,526
401
604
900
1,884
1,748
464
1,693
2,960
800
92
2,828
876
1,982
3,480
2,271
3,769
900
119
3,459
1,140
2,717
4,112
573
2,250
410
338
702
2,700
650
402
2,857
3,600
2,323
4,818
1,335
525
3,360
4,400
2,920
5,834
1,517
704
1,154
353
232
1,297
498
301
2,788
475
3,234
685
500
. 700
1,357
1,860
258
2,010
2,758
329
889
365
1,217
426
672
1,200
1,062
749
1,455
1,439
167
BANKS AND TRUST COMPANIES
CALIFORNIA-(Coned)
Santa Barbara-(Cont'd)
Banta Barbara County National
Bank
Santa Barbara Sayings & Loan
Bank
Santa Cruz
City Sayings Bank
First National Bank
Farmers & Merchants National
Bank
Peoples Sayings Bank
Santa Cruz Bk. of Say. & Loan
Santa Cruz Co. National Bank
Santa Maria
Bank of Santa Maria
First National Bank
Valley Savings Bank
Santa Monica
Bank of Santa Monica
Merchants National Bank
Santa Rosa- •
Exchange Bank
Santa Rosa Bank
Santa Rosa National Bank....
Sayings Bank of Santa Rosa..
Union Sayings Bank
Sonora
First National Bank
Sonora National Bank
Tuolumne County Bank
Stockton
Commercial & Sayings Bank
Farmers & Merchants Bank...
First National Bank
San Joaquin Valley Bank
Stockton Sayings Bank
Surp.
and
Capital' Profits
Gross I Gross
De- I Reposits I sources
100
113
730
1,161
225
28
2,400
2,653
100
100
82
85
1,528
462
1,726
755
100
32
100
150
30
38
43
107
184
437
1,331
437
318
512
1,487
795
200
50
25
200
42
36
1,750
368
261
2,300
510
321
110
50
29
7
1,115
350
1,272
450
150
200
200
283
50
117
27
40
125
32
932
965
1,050
1,687
655
1,199
1,210
1,615
2,095
738
100
75
50
70
8
20
780
287
450
1,100
424
550
300
500
200
264
400
204
290
342
458
93
2,275
1,525
950
3,911
1,458
2,779
2,329
1,572
4,758
1,951
Su
nrs.
CALIFORNIA-(Cont'd)
Stockton-(Cont'd)
1Capital Profits
373
Stockton Sayings & Loan Soc. 500
152
9
Union Safe Deposit Bank
SuisanBank of Suisan.
100
581
First National Bank
100
17
Solano County Sayings Bank.
25
7
Turlock
Commercial Bank
75
91
Peoples State Bank
50
18
Vallejo
First National Bank
100
25
First Sayings Bank
40
7
Vallejo Commercial Bank
12
150
sp
Gross
Deposits
Gross
Resources
4,218
524
5,091
696
956
190
151
1,645
380
183 •
897
320
1,078
393
750
430
1,019
980
498
1,196
Gross
Gross
ReDeS
a
ARIZONACapital Profits Posits sources
Capital
Bisbee
Bank of Bisbee
$ 50 $ 170 $ 1,541 $ 1,771
Citizens Bank & Trust Co....
229
50
4
175
Miners & Merchants Bank....
50
95 1,544 1,698
Douglas
Bank of Douglas
50
116 1,186
1,366
First National Bank
100
40
977 1,166
Flagstaff
Arizona Central Bank
100
67 1,315 1,532
Citizens Bank
50
3
382
455
Globe
First National Bank
100
57
599
909
Old Dominion Com. Co
22
122
299
455
MorenciGila Valley Bank & Trust Co..
100
127 2,324 2,558
State Bank of Morenci
30
6
132
168
Nogales
First National Bank
50
134 2,162 2,398
Santa Cruz Valley Bk. & Tr. Co
31
5
173
209
Sonora Bank & Trust Co
100
6
709
815
American National Bank
San Diego, Cal.
Capital, Surplus and
Total Resources
Profits
$2,500,000.00
$385,000.00
A Strong Commercial Bank Conducted Along
Conservative and Modern Lines
Ladies' Department
Safe Deposit Department
Steamship and Tourist Department
Agents for all Atlantic and Pacific Steamer Lines
Special Department for Banking by Mail
Interest Paid on Time Accounts
We Invite Correspondence
Attention
an
is called to the
on page 11
BANKS AND TRUST COMPANIES
168.
Su sr .
n
V
ass
Gross
Capital Pa
rofits
ARIZONA-(Cont'd)
Phoenix
National Bank of Arizona
Phoenix National Bank
Phoenix Say. Bk. & Trust Co
posits
sources
200
150
100
Prescott
Bank of Arizona
Commercial Trust & Say. Bk
Prescott National Bank
Yavapi County Savings Bank
Tucson
Arizona National Bank
Consolidated National Bank
Merchants Bank & Trust Co
Southern Ariz. Bk. & Trust Co.
200
222
64
1,220
1,677
627
1,911
2,245
795
50
80
100
50
194
20
205
31
1,124
555
976
603
1,368
655
1,385
684
100
100
50
75
35
148
30
59
819
1,522
466
830
1,092
1,874
546
968
surs.
IDAHOBoise
Boise City National Bank
Boise Title & Trust Co.
First National Bank
Idaho National Bank
Idaho Trust & Savings Bank
Pacific National Bank
Lewiston
Empire National Bank
First National Bank
Idaho Trust Co..
Lewiston National Bank
Wallace
First National Bank
Wallace National Bank
ElkoFirst National Bank
Henderson Banking Co.
Gross Grps
i
Capital Prafits poslis
ao
sources
$ 250 $ 249 $2,280 $3,025
100
10
77
203
300
380 1,826 2,706
100
25
266
517
200
11
509
720
300
144
973 1,717
100
100
50
100
15
250
475
73 1,511 1,784
10
101
164
55 800 1,000
100
100
85 1,317 1,590
43 2,062 2,255
Surp. Gross Gross
and
DeReCapital Profits posits sources
$ 100$ 20$ 489$ 709
100
147 2,000 2,300
Su S GLo-s Gross
a nr
. es
Re-
NEVADA-(Coned)
Capital Profitsl posits sources
Goldfield
John S. Cook & Co
250
15 1,063 1,336
Reno
Bank of Nevada Savings & Trust
Co.
100
10 1,426 1,537
Farmers 8c Merchants National
Bank
200
30 1,120 1,550
Nixon National Bank
7 1,976 3,426
700
Scheeline Banking & Trust Co
830
120
595
30
Washoe County Bank
500
208 1,699 2,451
Win nemuccaFirst National Bank.
100
235 1,500 1,900
Winnemucca State Bank
233
3
100
130
Slop. Gross Gross
and
DeReOREGONCapital Profits posits sources
Albany
Albany State Bank
$ 60 $
6 $ 167 $ 172
First National Bank.
100
114
700 1,075
First Savings Bank
50
445
503
3
J. W. Cusick Co
75
352
445
18
Astoria
Astoria National Bank
50
59 1,112 1,262
Astoria Savings Bank
130
155 1,400 1,700
First gational Bank.
100
35
840 1,020
Scandinavian-American Say. Bk.
75
656
31
550
Baker
Baker Loan & Trust Co
50
634
740
56
Citizens National Bank.
100
595
370
19
First National Bank
200
200 1,160 1,760
Corvallis
609
Benton County National Bank
19
60
475
235
3
125
100
Corvallis State Bank
767
55
605
50
First National Bank
Eugene
363
301
12
50
Bank of Commerce
716
965
115
Eugene Loan & Savings Bank
100
225 1,400 1,950
First National Bank
100
U. S. National Bank
617
500
16
100
The
Northwestern National Bank
OF PORTLAND, OREGON
Total Resources over $3,600,000
We will answer gladly any inquiries regarding the Resources, Investments and Industrial Prospects of the Pacific Northwest.
H. L. PITTOCK
JOHN TWOHY . . . . Vice President
F. W. LEADBETTER . Vice President
EMERY OLMSTEAD . . Vice President
President
EDGAR H. SENSENICH . . . Cashier
ROY H. B. NELSON . . . Asst. Cashier
0. L. PRICE . . . Asst. to the President
Attention is called to the
announcement on page .n
BANKS AND TRUST COMPANIES
OR EGON-(Cont'd)
La Grande
La Grande National Bank
U. S. National Bank.
M arshfieldFirst National Bank of Coos Bay
Flanagan & Bennett Bank
Medford
Farmers & Fruitgrowers Bank
First National Bank
Jackson County Bank
Medford National Bank
Oregon City
Bank of Oregon City
First National Bank.
Pendleton
American National Bank
First National Bank
Portland
Ashley & Rumelin
Bank of Kenton
Bank of Sellwood
Geo. W. Bates & Co.
Citizens Bank
East Side Bank
First National Bank
Hartman & Thompson
Hibernia Savings Bank
Ladd & Tilton Bank
Lumbermen's National Bank
Lumbermen's Trust Co..
Merchants National Bank
Montavilla Savings Bank
Multnomah State Bank.
The Northwestern National Bank
Portland Trust & Savings Bank.
Scandinavian American Bank
Security Savings & Trust Co
United States National Bank
I
169
Sti . Gross Gross
a ng,
iaRe
.
Capitol
Profits posits sources
200
100
60
14
750 1,075
400
600
100
50
20
70
679
617
911
818
50
100
100
100
3
57
90
40
145
651
560
600
202
950
750
900
50
50
6
85
368
424
841 1,059
300
250
130 1,700 2,500
300 2,500 3,200
50
•5
170
226
50
5
175
230
50
6
197
253
792
100
8
682
19
100
670
790
582
50
32
500
1,500 1,150 17,498 22,697
100
18
389
507
200
93 2,701 3,040
1,000 1,300 13,200 15,500
1,000
233 5,212 6,696
500
134
648
500
110 4,310 4,920
50
3
49
103
3
15
49
100
112 3,457 4,155
500
52 1,275 1,627
300
25 1,717 1,842
100
220
250
637 1,186
1,000 1,292 9,195 12,778
s!
Su r . GLc. Gro.
nS
ass Re
.
OREGON-(Coned)
Salem
Capital National Bank
Salem Bank of Commerce
U. S. National Bank.
Ladd & Bush
The DallesFirst National Bank.
French & Co
WASH I N GTO NAberdeen
Chehalis County Bank
United States Trust Co
Hayes & Hayes
Bellingham
Bellingham National Bank
First National Bank
Northwestern National Bank
Northwestern State Bank
Centralia
Farmers & Merchants Bank
Field & Lease
Union Loan & Trust Co
Chehalis
Chehalis National Bank
Coffman, Dobson & Co.
Security State Bank
Colfax
Colfax National Bank
Colfax State Bank .
Farmers National Bank
First Savings & Trust Bank
Dayton
Broughton National Bank
Columbia National Bank
Everett
Bank of Commerce
Capital Profits posits sources
125
50
100
500
37
787 1,049
226
281
5
110 1,125 1,500
121 2,275 2,950
100
200
133
135
691 1,027
882 1,221
Surp. Gross Gross
and
DeRe.
Capital Profits posits sources
$
25 $
50
250
200
200
100
100
75
25
50
1 $ 200$ 226
17
280
351
56 2,079 2,372
280 1,500 2,146
136 1,845 2,230
11
590
700
29 1,112 1,241
6
21
15
255
120
280
50
50
25
8
242
320
165 1,0501 1,220
24
232
282
200
60
100
50
40 1,040 1,560
7
133
206
50
628
854
22
486
563
50
100
12
146
100
25
240
325
838 1,211
750
UNION SAVINGS
& TRUST COMPANY
OF SEATTLE, U. S. A.
Capital and Surplus, $800,000.00
Total Assets over, $4,500,000.00
PUGET SOUND and ALASKA
business handled with promptness and efficiency.
I. I.
• ••
I. .1
31
... is •• •• •
"a
1,
•
I
.
,, .
"
••,
ti
,. • . . . . . . .
- Ak•
•
HOGE BUILDING
Our BOND DEPARTMENT, under
an experienced manager,specializes in the
MUNICIPAL, RAILROAD, PUBLIC SERVICE AND TIMBER
BONDS of the Pacific Northwest.
Owned and occupied by the
Union Savings & Trust Company
JAMES D. HOGE,
President.
Attention is called to the
a nnouncement on page II
336
166
350
N. B. SOLNER,
Cashier.
850
170
BANKS AND TRUST COMPANIES
Surp. Gross Gross
WASH I N GTO N-(Cont'd)
an d
DeReEverett-(Coned)
Capital Profits posits sources
100
29
Citizens Bank & Trust Co
271
400
25
36
425
Everett Trust & Savings Bank
492
250
101 3,046 3,615
First National Bank
Hoquiam100
126 1,192 1,469
First National Bank
100
Lumberman's Bank
27
431
558
North Yakima100
First National Bank
225 2,000 2,500
50
Central Bank & Trust Co
3
179
255
Yakima National Bank.
50
227 1,381 1,658
Yakima Trust Co
100
21
421
550
Yakima Valley Bank
100
89
598
712
OlympiaCapital National Bank
100
179 1,564 1,936
Olympia National Bank
50
89
542
705
SeattleAmer. Savings Bank & Trust Co.
600
85 2,150 2,835
Bank for Savings in Seattle
400
21
660 1,075
Broadway State Bank
25
6
150
188
Citizens Bank
25
1
159
197
Dexter Horton National Bank
1,200
280 9,761111,289
Dexter Horton Trust & Say. Bk. 400
150 6,600 7,300
First National Bank
300
146 4,643 5,226
Fremont State Bank
50
3
145
213
German-American Bank
200
5
760 1,030
Green Lake State Bank
25
12
142
179
Japanese Commercial Bank
50
36
462
549
King County State Bank
20
1
70
91
Metropolitan Bank
100
136 2,163 2,413
100
7 1,373 1,480
Mortgage Trust & Savings Bank
National Bank of Commerce.... 1,000 1,250 10,876 13,511
National City Bank
500
150 2,000 2,700
100
45 1,250 1,435
Northern Bank & Trust Co
Northwest Trust & Safe Deposit
100
24 1,101 1,225
Co.
40
2
197
239
Oriental-American Bank
100
238 2,327 2,665
Peoples Savings Bank
Babcock,Rushton & Co.
WASH INGTON-(Cont'd)
Seattle-(Coned)
Rainier Valley State Bank.
Scandinavian-American Bank ...
Seattle National Bank
Seattle Trust Co.
State Bank of Seattle
Union Savings & Trust Co.
University State Bank
West Seattle State Bank
Spokane
Exchange National Bank
Farmers & Mechanics Bank
Fidelity National Bank
National Bank of Commerce...
Old National Bank
Scandinavian-American Bank ...
Spokane & Eastern Trust Co....
Spokane State Bank
Union Park Bank
Union Trust & Savings Bank....1
Washington Safe Dep. & Tr. Co.
Tacoma
Fidelity Trust Company Bank...
Bankers Trust Co.
National Bank of Tacoma
North Pacific Bank
Puget Sound State Bank
Tacoma Say. Bank & Trust Co..
Vancouver
United States National Bank....
Vancouver National Bank
Washington Exchange Bank.....
Walla Walla
Baker-Boyer National Bank
Farmers Savings Bank
First National Bank
Peoples State Bank
Third National Bank
Surp. Gross Gross
and
DeReCapital Profits Posits sources
25
3
144
172
500
559 11,018 12,078
1,000
405 12,324 14,729
250
82 .
345
100
30 1,306 1,437
600
230 3,850 4,660
50
5
510
565
60
75
10
1
1,000
50
200
200
1,000
100
300
50
25
500
100
317 4,812 7,129
345
285
9
66 2,145 2,638
600 1,000
20
547 10,185 12,733
890
40
750
702 12,547 13,548
15
200
265
132
105
2
120 6,020 6,640
331
142 ......
500
300
1,000
25
100
200
5061 3,808 4,839
35
765 1,100
185 8,000 9,700
26
175
228
872
742
38
31
904 1,135
100
100
50
100
200
200
50
100
30
25
4
450
615
224
615
922
286
224 1,472 1,796
114
716 1,000
312 1,410 2,100
25
475
566
22
579
726
THE CALIFORNIA
NATIONAL BANK
Of Sacramento, California
Stocks, Bonds
Investment Securities
MEMBERS
NEW YORK STOCK EXCHANGE
CHICAGO STOCK
EXCHANGE
CHICAGO BOARD
OF TRADE
"The Rookery"
Chicago
7 Wall Street
New York
Was born in 1882 and
has total resources of
MORE THAN TEN MILLIONS
Directors:
W. E. GERBER
FRED W. KIESEL
GEORGE W. PELTIER G. A. WHITE
W. A. CURTIS
EDWARD H. GERBER
F. J. RUHSTALLER
H. A. HEILBRON
PETER BOHI,
Officers:
W E. GERBER
President
GEORGE W. PELTIER
Vice-President
W.A. CURTIS
Vice-President
FRED W. KIESEL
Cashier
EGBERT A. BROWN
Assistant Cashier
FRED L. MARTIN
Assistant Cashier
J. I. BRUNSCHWILER
Assistant Cashier
Attention is called to the
announcement on page II
DESCRIPTIVE
SECTION
172
TRACTORS AND HARVESTING MACHINERY
Descriptive
Advertising
Section
Geo. Drumheller' of Walla Walla, Wash., aims yearly to secure the largest
ever given to an
All told, he has
purchased nine of these Holt Combined Harvesters since 1899. His 1913 wheat wheat checkfor 173,431 bushels,individual. to $137,632.24.
check was
amounting
A UNIQUE CALIFORNIA INDUSTRY.
THE GAS HARVESTER.
The Holt Manufacturing Company, at Stockton, Has World
Market for Farm Machinery Specialties—Caterpillar
Tractors and Combined Harvesters.
Gasoline came to replace steam. Horses and feed rose
In price, and hot weather annually took its toll. The
Holt answer was a separate gas engine mounted on the
harvester frame. The engine drove the cutter bar and
threshing mechanism—half the horses then pulled the
machine. It cost less, and saved the down and tangled
grain besides, for stopping the horses no longer stopped
the cutting and threshing. Sales of the horse harvester
fell rapidly before the gas harvester's advance, and owners of old models overtaxed the Holt manufacturing facilities in their eagerness to add this improvement and
be profitably up-to-date.
So firmly established has the Holt Combined Harvester become that it is safe to say 90 per cent of the
grain harvested in California, and three-quarters of all
grown on the Pacific Coast, passes through its capacious
maw. California alone kept 3,500 of these monsters at
work for months, gathering this season's crop.
The history of this aggressive concern dates back to
the sixties, when Charles H. Holt and Harrison Holt pooled
their savings and started a hardwood lumber and wagon
material business in San Francisco. Charles stayed in
the West, the other brother going back to the home
town of Concord, N. H., as buyer for the firm. Two other
brothers, Frank and Benjamin, later joined The Holt
Brothers Company as partners, Benjamin coming to California in 1883, when the trade in the Golden State
seemed to justify a factory on the ground. Strangely
enough, the dry climate that set the spokes a-rattling on
prairie schooners in the Valley, is to blame for Stockton's taking away from the foggy Golden Gate the wheel
works that has grown into a concern of such splendid
proportions.
By L. E. Webster.
We expect the daring—the unconventional—from California, the unusual State. We look for surprises. We take
for granted a change of climate from tropical to arctic as
we ascend a main-traveled highway, and are not astonished at the "57 varieties" of agriculture we note alongthe road. Therefore, we should probably have been disappointed to find California's largest farm-machinery concern—in fact, the largest on the Pacific Coast—following the conventional lines of eastern manufacturers of
similar products. But Benjamin Holt, the dominating
mechanical mind of The Holt Manufacturing Company,
is essentially a pioneer, and while sales and financial
policies have necessarily been more or less tempered by
external conditions, the products of the factories are
typically Californian in their distinctiveness.
Many years ago "Ben" Holt saw a header cutting barley, while a big stationary threshing outfit in the same
field separated the grain from the straw. "Those two
machines ought to be in one," he said, and set about to
combine them. His neighbors and associates objected
vigorously, but Holt had a factor of obstinacy of the
kind possessed by McCormick and Edison. He built
the combined harvester, perfected it, and left it for others to market.
Steam became a necessity for plowing and freighting.
The HoIts made steam-plowing outfits as a matter of
everyday routine, years before the opening prairies of
Kansas, the Dakotas and Canada stimulated eastern
thresher manufacturers to build plowing engines. Holt
They furnished
engines pulled the Holt harvesters.
steam for auxiliary motors on the harvesters long before
the gasoline motor came into its own. Other motors on
heavy wagons—all fed from the tractor boiler—helped
move big ore and lumber trains over steep mountain
grades. Holt built wagons—there were no others equal
to the severe demands.
Stockton, the principal seat of the business, lay at the
gateway to the great valleys of the Sacramento and the
San Joaquin, in early days the greatest wheat country
no machine
in the world. It was a new country, with
cross-roads, and few mechanics outside of
shops at the
the cities—a great rough country, its great branches run
fortune with
by masterful men, who drove their way to
smashing hand. And Holt built big, rugged machines
a
that withstood all manner of use and abuse.
The hills of California, Oregon and Washington grew
adapt their
splendid grain, but it was left to the HoIts to
for safe use on steep hillsides, and thus add
harvester
hundreds of thousands of acres to the available crop
area.
SMALL BEGINNINGS.
Yankee-bred, with New England notions of thrift, the
HoIts grew under the influence of the large ideas that California breeds in men, and their progress was steady and
sure. Charles, the business man, and Benjamin, the
inventor and mechanic, built well. One by one competitors sprang up, flourished awhile and fell. The HoIts'
only notice was to make arrangements to supply extras for
the machines left in the field without a parent—a consistent policy which has won countless friends and customers
among the users of twenty-odd makes of harvesters and
engines, and a comfortable profit besides.
Close by Stockton lay the fertile delta islands, seemingly more fit for the production of frogs and tule thickets than of wheat. But wide wheels on engines and harvesters brought these lands into profitable subjection.
Six—twelve—even eighteen feet of wheels on either side of
barge
a tractor—veritable monsters of the ranch—sent
load of grain up the Stockton Channel
load upon barge
Descriptive
Advertising
Section
TRACTORS ANT) HARVESTING MACHINERY
to the railroad and down the river to the bay and waiting ships. But the Holts dreamed of a narrower wheel
—not so high, not so wide—and finally threw away wheels
altogether. Thus the Caterpillar track was born.
Holt Self-Propelled Harvester operating on Arthur D. Jones
ranch near Spokane, Wash. The last word in combinations--a combined harvester embodying a tractor. Made only by Holt.
The "Caterpillar," as the HoIts and their followers
know it, is not the larva of a dainty bat-wing butterfly,
but the vital principle of a neat, compact tractor of
strikingly unique design. The Caterpillar track is an
endless belt of steel segments, which the tractor lays
down, rolls forward upon, and picks up again. With it,
The Holt Manufacturing Company again created a new
industry, and opened up to cultivation by cheap mechanical power vast tracts that could not be farmed at all,
or at least with great difficulty, by the use of animals.
THE CATERPILLAR TRACTOR.
Briefly, the Caterpillar is a tractor for pulling plows,
harrows, seeders, harvesters, wagons or other machinery; for building roads; for threshing, and filling silos;
crushing rock; uprooting stumps; building levees; hauling cannon or mixing concrete; shunting cars or baling
hay; clearing sage brush and pumping water to make
the desert bloom. With the proper tools, it has a variety of uses so great as to defy an attempt to catalog
them. It does all the work of•an ordinary tractor or
stationary engine. It does infinitely more, because, owing to the length and breadth of its supporting track, it
can work over land on which a horse cannot safely walk,
and through conservation of power it can surmount
grades impassable to any old-style tractor of feasible
motor power.
There is no separate field for the Caterpillar. Its advantages appeal to every user of tractive power, and its
owners include farmers; contractors; highway commissions; counties, townships and municipalities; armies
and railways; lumbermen; drainage and reclamation organizations; agricultural colleges; great sugar companies; and others having similar power needs.
The site of the world's largest reservoir, that of Greater New York, was cleared by yanking out acres of trees
with the Caterpillar. The famous Los Angeles Aqueduct
was completed well within estimates, largely because
twenty-eight Caterpillars cut the cost of hauling materials across the Mojave Desert to one-third the horse-haul
Arthur Brisbane, the great Hearst editorial
figure.
writer, first by a challenge to all manufacturers, and
then by a sweeping editorial statement, has drawn widespread attention to the success of the tractor on his New
Jersey farm.
The American Beet Sugar Company bought seven Caterpillars, and stopped importing 30,000-dollar English
cable-plowing outfits. The U. S. and Russian governments,
the Southern Pacific Railway, and a list of millionaire
farmers that resembles the Social Register, have testified by purchases to the outstanding quality of the tractor.
WORLD-WIDE EXPORTS.
The Caterpillar is now used on every continent, from
Nome to Cape Horn, and from Manila to St. Petersburg.
173
It is working in Australia, the Philippines, Mexico, Chile,
Hawaii, Argentina, Cuba, India, South Africa, Algeria, Russia, Austria, Hungary, Germany, Spain, Belgium—in fact,
in every great agricultural district in the world. Fourteen
foreign agents are financing its successful introduction,
with the help of the company's experts or service men,
and semi-occasional visits of sales representatives, who invariably have technical training, and thus combine engineering investigations with their other duties.
It is freely predicted that inside of 25 years the Caterpillar principle will prevail in the tractor field, owing to
its advantage of being useful in soft ground where wheel
tractors fail to get a footing, and to the additional percentage of motor power which it transforms into tractive
effort, or pull. The early difficulties of complicated design and excessive wear have been successfully overcome. The cost of manufacture, and consequent selling
price, has reached a competitive basis, and the enthusiastic loyalty of the two thousand-odd owners of Caterpillar tractors has given the machine a wide appeal.
A Caterpillar, however, is useful only when furnishing
power to an operative tool or machine. The Holt Company has long been aware of the advantages of selling in
every case a complete outfit of dependable quality, and
its disc plows, moldboard plows (the universal "Stockton Gang"), harrows, scrapers, freight wagons, etc., are
important factors in the success of the Stockton plant.
Latest, but by no means last nor least, the company has
now reached the apparent climax in combinations, that
of a Caterpillar Tractor with a combined harvester. The
self-propelled harvester reverses the original order, the
mounted motor running the tractor parts as well as the
knife and separator. Here is independence of animal
power—and of human labor—carried to the extreme, and
again Holt has a clear field. The idea is too daring as
yet for imitation.
The Caterpillar name and trademark are, undoubtedly,
two of the company's most valuable assets. They have
been protected in all civilized countries and the translations in the different languages are included in the protection. For instance, in France the Caterpillar is known as
"La Chenille"; in Latin countries, as "Oruga"; in Germany, as "der Raupe"; etc. The aggressive use of this
name, and its fitness in suggesting the action of the propelling track has resulted in its general adoption as descriptive of all machines of this or similar type—in one
way unfortunate, yet in another productive of intensely
more rapid popularization of the Caterpillar idea.
CAREFUL EXPANSION.
The Company has always followed a conservative quality of expansion, first starting out toward the North, and,
four years ago, to the East, then to foreign countries. It
Two 45-h. p. Caterpillars in the Mojave Desert, freighting ma
terial for the Los Angeles Aqueduct, one of the engineering wonders
of the world.
is rather remarkable that, of all substantial farm machinery companies in America, The Holt Manufacturing Company is the first one to develop west of the Rocky Mountains and invade the East from that stronghold.
174
TRACTORS AND HARVESTING MACHINERY
The eastern plant, at Peoria, Ill., is devoted entirely to
the production of Caterpillars for the tributary trade and
Atlantic exports. This auxiliary plant is of further distinct advantage in securing the Company's output against
unfavorable local conditions in the labor or material markets. At the present time this plant makes only the 30
and 60-horsepower models, while at Stockton the sizes
Include also a 15 and a 75-horsepower size.
The Peoria plant was purchased from the Colean Manufacturing Company, which had equipped it for the building
of steam traction engines and threshers. It is splendidly
situated as to railroad facilities, and the buildings and
equipment are unusually well arranged for economical production.
Descriptive
eltiVertising
Section
The sales organization is well-balanced, and is managed
from three central points, Stockton, Calif., Spokane,
Wash., and Peoria, Ill. Other branches, and district agencies covering one or more states, are maintained at San
Francisco, Los Angeles, Portland, Walla Walla, and Calgary in the West, and Fargo, Denver, Omaha, Wichita,
New Orleans and New York, in the East.
A consistent advertising campaign is being conducted
from the home office, making use of farm, thresher, implement dealer, engineering, highway, lumber, sugar, mining,
and export journals, in addition to a monthly magazine to
prospects, and a well-directed follow-up of catalogs, folders and dictated correspondence. Perhaps the most unique
and successful form of advertising employed is that of
moving pictures. By the use of portable Edison Kinetoscopes, any office of the Company can show Holt machinery in operation, as well as details of construction that
can scarcely be visualized otherwise.
Consistent with its position of leadership, the Company
is installing a splendid exhibit at the Panama-Pacific
Exposition. The entire area of Section 7, Agricultural
Palace, will be devoted to a display of Holt products and
the entertainment of visitors. The Company will exhibit
also at the San Diego Exposition.
FACTORY ORGANIZATION.
The factory at Stockton, with yards and storage houses,
covers an area of seven city blocks. The buildings are
of as substantial nature as the mild climate demands. The
shop equipment is modern in every respect, although installed with due regard for the basic idea of thrift and the
practical needs of manufacture. In short, there are no
frills, but all of the necessities.
The factory staff has been well selected. Besides an
ADMINISTRATION.
experienced photographer and a chemist, the Company has
The Company still maintains its headquarters at Stockan engineering corps which, though largely made up of
'
native Californians, has been educated in the best uni- ton, where are located Benjamin Holt, President; P. E.
versities of the United States, and has had the advantage Holt, Vice-President and General Manager; P. Ehrenfeldt,
of study and field experience in Europe and South Amer- Secretary; C. L. Neumiller, General Counsel; and necessary home office employees. The Board of Directors comica, as well as in Canada and the United States.
The number of employees
prises Benjamin Holt, P. E.
varies with the season,
Holt, C. L. Neumiller, C.
ranging from 600 to 750 at
Parker Holt, Treasurer, San
Francisco, Calif.; T. F. BaxStockton during the peak
ter, Boston, Mass.; Ben C.
of the late spring months,
Holt, Spokane; M. M.
and from 125 to 200 at
Peoria. Counting the field
Baker, Vice-President and
sales force, the total is
Manager Eastern Division,
about 1,000 at the highest
Peoria, Ill.; R. S. Springer,
point of the year. There
Vice-President and Manager
Is a very small percentage
Northern Division, Spokane,
of transient laborers, the
Wash.; and D. N. Gilmore,
great bulk being permanent
Stockton, Calif. With few
residents, and a large numexceptions, the executive
ber own their own homes.
positions in the Western
At Stockton, particularly,
Division are cared for by
sufficient time has elapsed
the general officers.
to allow of long individual
A tremendous amount of
experience, and the Comdetail has been accompany is fortunate in its
plished during the last year
large corps of workers who
In the matter of reorganizahave been on the payroll
tion. On July 1, 1913, all of
ten, twenty and even forty 45-h. p. Caterpillar with a load of logs in woods at Newport, Wash.
the allied Holt companies
years.
were brought into the parent company. The jobbing feaThe wage scale is satisfactory to both employed and
employer, and labor troubles have been few and unimporture of the business was eliminated as soon as possible
tant. The men respond promptly to safety measures and
thereafter, and the entire effort devoted to building up the
are unusually faithful in utilizing the numerous safety
manufacture and sale of its own products. The Stockton
devices installed, as well as in co-operating with the Complant has been rearranged on a more efficient basis and
pany in the settlement of accident claims. The Stockton
several departments added, to cut down the expenditures
employees' picnic, last June, was attended by over three
for outside work. Organization charts, a system of written
thousand people, including families of the workmen, and
standard-practice instructions, a practical cost system and
a monster parade, organized by men in the shops, publicly
other common-sense efficiency features have been installed.
a splendid esprit de corps.
demonstrated .
The Company has enjoyed a steady growth, with no
SENSIBLE SALES POLICY.
critical periods of depression or shrinkage in volume. The
Rhe Holt sales policy is as unique in the agricultural
field as the machines it covers. Contrary to the long-term, surplus has risen steadily until it nearly doubles the capital stock. Sales have shown a gain each year, and sales
partial-payment policy of its large eastern competitors, the
Holt practice produces short term or cash sales. Cus- to the present date promise that the volume in 1914 will
tomers' notes maturing a year or more from date of sale
much more than equal that for last year, in spite of the
are rare—so rare that their absence, with a rigid credit elimination of a half-million-dollar jobbing business in
policy, renders a formal collection department unneces- hardware and kindred lines. The annual statement as of
sary, and losses are practically nothing. As a result of
December 31, 1913, shows an extremely favorable situation,
this policy a large volume of sales is possible, practically
with nothing credited to good-will. The foundations of the
equaling each year the capital and surplus invested, as
business were well laid, and practically continuous mansales to two of
compared with a ratio of one dollar of
agement during its entire history has made this out-of-thecapital and surplus in the farm machinery industry as a
way concern one of the world's leaders.
whole.
DEUTSCHE BANK
Registered in Berlin as a Limited Company under Prussian Law, recognized in England by the Declaration
exchanged between the British and German governments, March 27, 1874, and registered in London under the
Companies (Consolidation) Act, 1908.
Capital Fully Paid
Reserves about
-
250,000,000 Marks
170,000,000 "
Head Office, BERLIN
London Bankers:
BANK OF ENGLAND. NATIONAL PROVINCIAL BANK OF ENGLAND, LTD.
UNION OF LONDON AND SMITHS BANK, LTL).
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The London Agency collects Bills and grants Drafts payable on the Continent and elsewhere, acts as
London Representative of the Banco Aleman Transatlantico (Deutsche Ueberseeische Bank), Berlin;
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description on terms to be ascertained on application at its office.
BANCA COMMERCIALE ITALIANA
Head Office, MILAN
1, OLD BROAD STREET, LONDON, E.C.
Manager-S. J.BIEBER.
Deputy Manager-L. LICHTENSTADTER
Paid up Capital
-
Reserve Funds
-
£6,240,000
-
£2,328,000
BROWN BROTHERS & CO.
59 Wall Street, New York.
4th & Chestnut Sts., Philadelphia. : 60 State St., Boston.
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