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INCLUDING
Bank &
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers' Convention Section
State and
VOL. 97
Terms ol
Week ending Nov. 22.
Inc
1913.
.$10 00
For Six Months
6 00
Kttropean Subscription (including postage)
European Subscription six months (including postage)
Annual Subscription in London (including postage)
13 00
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£1 Us.
...$11 60
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Chicago
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Milwaukee
Indianapolis
Columbus
Toledo
Subscription includes following Supplements—
Railway and Industrial (3 times
yearly)
Electric Railway (3 times
yearly)
State and City
Bankers' Convention (yearly)
(semi-annually)
Terms of
Dayton
Evansville
Fort
(13 times)
(26 times)
L Twelve Months (52 times)....:
Six Months
Akron
22
29
60
87
Lexington
00
00
00
00
kjTeLHarrlson 4012,
..
Wayne
f 4 20
London Office—Edwards & Smith, 1 Drapers' Gardens, E. C.
>
Youngstown
Roekford
Canton
Quincy..
Springfield,
Ohio
South Bend.....
WILLIAM
B. DANA
COMPANY, Publishers,
>9
Front, Pine and Depeyster Sts.,
—
Uoomington
Jdoon
ifield
New
—....
fatur
Published every Saturday morning by WILLIAM B. DANA
COMP,
facob Selbert Jr., President and Treas.; George S. Dana and Arnold G.
Vice-Presidents: Arnold G. Dana, Sec.
Addresses of all, Office of the Company,
mville
...i...
Lima
Lansing ..1
Jacksonville,
111.
Ann Arbor
Adrian
:
The following table, made up by telegraph. &c.t indicates that the total
bank clearings of all the clearing houses or the United States for the week
ending to-day have been $2,871,128,806, against $3,419,700,117 last week
and $3,085,000,481 the corresponding week before.
Owensboro
Boston
1913.
1912.
$1,251,858,068
$1,414,452,418
107,293,646
111,469,532
27,482,443
213,508,340
59,406,484
17.312,097
107,439,278
108,969,214
25,734,541
212?T09,523
57,078,904
15,309,461
:
Philadelphia
Baltimore
Chicago
...
St. Louis
New
Orleans
Total all cities, five days.
All cities, one day.
Total all cities for week
full details
for
+0.1
—2.2
—6.4
—0.4
—3.9
—11.6
$
%
Philadelphia
Pittsburgh
...
Baltimore
Buffalo
1,848,111.972 2,015,377,697
173,199,785
182,119,320
58,739,383
58,499,387
40,362,689
41,987,335
14,266,312
13,041,713
7,897,649
6,411,828
8,083,553
7,329,109
4,864,517
4,713,140
3,676,249
3,191,576
3,228,289
2,676,109
1,9*41,820
1,779.125
2,272,740
1,678,941
1,768,927
1,684,420
2,294,118
2,307,569
1,933,898
2,168,666
889,145
964,477
1,162,973
1,029,215
510,000
500,000
765,397
701,146
689,800
655,000
712,707
577,088
1,437,258
1,551,635
487,593
356,353
—8.3 1,819,279,401
—4.9
148,314,952
+0.4
50,772,588
—3.9
38,584,986
+ 9.4
+ 12.9
+ 2.0
+9.2
10,806,466
6,439,848
6,956,083
4,153,584
2,486,293
2,199,435
1,728,923
1,267,795
1,454,664
1,800,508
1,726,403
912,143
871,047
495,930
491,273
+ 5.3
493,500
+ 23.5
494,266
848,529
"
Albany........
Washington
Rochester
...
.....
+ 23.2
+ 10.3
+ 3.2
"
Scranton
Syracuse
Reading.......
Wilmington
Wllkes-Barre
Wheeling
Trenton
York
Erie
Greensburg
Chester
Bingham ton
...
Altoona
Lancaster
Montclalr
.
+ 15.2
+21.0
+ 9.1
1
+ 35.4
+5.0
——0.3
—10.8
—7.8
—7.3
,547,838,251
130,869,828
44,297,340
28,696,291
8,726,215
5,296,120
6,373,144
3,123,147
'2,4,29,055
1,864,362
1,449,609
1,318,473
-
1,228,643
1,469,184
1,491,370
807,688
715,217
342,973
520,015
557,500
404,776
809,851
Total
Middle. 2,179,296,774 2,347,300,849
Providence
162 ,731,354
Denver
11,952,840
.....
7,707,415
Duluth..,.
St.
Joseph
—31.8
192,454,898
192,836,455
—0.2
190,460,437
,363,374
Springfield
2 ,577,639
Portland
2
Worcester
2 ,807,196
1 ,645,248
New
River.
Bedford...
Lowell
Holyoke..^..
Bangor...
Total New Eng.
1
,167,287
—6.3
+ 2.9
+ 19.2
—1.0
—3.5
+ 6.6
+ 20.2
+ 18.0
+ 65.4
+ 18.8
J
2,150,710
1,333,123
987,574
499,142
509,470
Note.—For Canadian clearings see "Commercial and Miscellaneous News."
638,962
406,335
521,959
+ 15.0
•618,716
501,194
—2.6
464,728
—4.3
550,000
+ 11.0
500,000
449,236
—8.5
449,908
—5.3
Louis.......
New Orleans
...
Houston
Galveston
...
Memphis
Fort Worth
Richmond
Atlanta
Savannah
Nashville
Norfolk
Birmingham
Little Rock
Charleston
Mobile
Oklahoma
Macon
'
Austin
Meridian
...
Vicksburg
;
Jackson, Miss...
Muskogee
Tulsa
...
356,607
334,881
376,205
327,433
255,015
195,401
—7.9
147,273
192,846
131,264
40,000 + 139.8
—1.6
442,170
43,346
497,761
36,274.
366,263
394,018,372
332,095,876
53,513,393
19,475,055
42,340,016
15,328,820
9,645,427
9,652,375
4,314,550
6,944,115
2,713,405
2,684,401
1,481,154
1,172,270
781,376
633,193
611,801
461,861
497,618
229,932
183,059,903
St.
330,383
381,072
179,781,373
Louisville
620,453
398,161
.
—5.8
+9.3
+5.4
280,325
410,214
9,682,449
11,439,756
—2.0
4,303,803
9,190,717
+ 33.7
—25.6
3,389,506
3,269,434
—4.0
+ 10.6
—5.6
1,864,092
2,000,000
1,262,126
+ 1.6
1,150,692
—23.2
+ 6.0
817,329
865,530
419,272
300,000
—3.6
123,123,154
99,492,314
52,585,136
25,841,885
13,590,121
45,989,356
21,636,880
13,623,576
10,367,864
9,606,267
4,324,243
5,395,162
3,132,782
2,273,732
2,969,011
1,404,177
1,275,711
-r-22.3
—23.7
+ 5.8
13,123,990
11,058,826
6,330,036
6,916,939
3,789,218
2,344,506
3,364,475
1,549,862
+ 3.3
+ 6.0
+ 17.0
1,443,423,
—2.3
1,463,543
1,075,900
—8.6
+ 35.8
—23.8
1,462,236
1,200,000
675,708
8S3.613
,
—4.7
+ 1.9
—12.6
+ 1.2
630,178
1,055,263
276,724
164,517
602,547
748,496
204,411
160,783
+ 23.8
343,076
1,013,943
1,011,251
350,000
—1.8
150,206,430
129,446,953
87,638,414
+ 0.5
87,160,318,
23,552,927
27,209,071 —13.4
14,384,088
+ 5.3
13,666,273
10,500,000 Not Included In total
—9.6
10,949,000
12,106,500
—0.5
13,161,789
13,222,880
—5.6
11,190,325
11,857,071
—1.6
8,909,107
9,051,086
20,275,005
17,085,469
+ 18.7
7,373,056
—4.7
7,735,514
8,473,875
+ 9.5
7,735,705
5,161,247
5,073,092
+ 1.5
4,069,774
+ 17.1
3,475,288
2,682,729
3,073,253 —12.7
3,450,000
3,283,401
+ 5.1
1,982,376
—5.7
2,101:588
3,300,909
3,210,582
+ 2.8
2,726,992
+ 5.2
2,591,885
2,976,060
2,315,105
+ 28.6
1,500,000
1,750,000 —14.3
2,233,363
+ 7.2
2,083,146
6,012,215
5,088\262
+ 18.2
3,239,012
2,322,083
+ 39.5
377,569
349,574
+ 8.0
416,433
467,419 —10.9
463,968
—6.4
495,644
1,507,869
1,079,967
+ 39.6
1,327,750
763,248
+ 73.9
80,805,209
24,342,277
12,633,095
68,626,967
22,085,938
11,657,933
12,434",500
8,029",660
11,167,857
8,787,846
9,851,965
7,759,854
5,934,041
12,042,897
7,061,694
3,409,137
3,217,231
2,748,925
2,576,568
2,291,898
1,600,000
2,317,549
1,804,089
Billings
Tot. oth.West.
845,893
782,428
886.811
915.812
"533,115
487,515
421,131
542,607
326,399
+ 5.1
1,469,331
683,749
—....
803,000
+ 10.3
Helena
Hastings
537,582
758,529
815,436
+23.9
1,527,213
>
Pueblo
Fremont
229,096,794
22,317,600
16,5j|4Q,066
16,304,759
10,959,778
8,407,958
5,284,200
3,658,662
3,193,353
2,234,351
1,651,481
1,972,000
452,236
507,227
3,540,105
.
1910.
255,533
Waterloo
Fargo.
Colorado Springs
Total Southern
157,409.996
+ 3.9
+ 25.3
600,000
Aberdeen
Davenport ^
Cedar Rapids...'
Chattanooga
,252,487
859,847
841,291
482,646
3
1,lid,529
1,677,894
1,764,643
1,515,770
1,680,424
534,184
738,028
1,461,177
278,818
178,066
451,013
1,478,340
1,339,042
552,364
*
....
Knoxville
4,453,882
2,822,243
2,602,301
2,245,081
2,634,215
1,369,076
1,061,372
519,968
708,377
707,875
9 ,141,900
4 ,584,629
New Haven
+ 30.1
8,720,473
5,036,194
3,200,000
3,657,113
1,777,957
2,064,459
1,480,785
1,535,691
725,110
720,405
1,393,965
283,998
155,638
456,269
...
Des Moines
Sioux City
—0.7
135,073,301
7,606,900
3,449,270
2*164,229
1,759,211
1,877,066
860,562
—3.1
33,320,529
+4.0
18,093,105
16,098,800 —17.9
+ 0.7
11,872,975
9,735,518 —20.8
7,188,592
+ 21.3
+ 3.7
4,855,247
2,900,000. + 10.3
—7.2 2,102,578,617 1,790,692,052
166,210,640
7,156,100
4,063,925
2,756,140
2,145,177
2,071,438
2,125,888
1,303,468
976,636
529,763
600,000
521,262
Hartford
Fall
163,952,065
9,760,000
+ 11.2
13,249,780
Jacksonville
Boston
1,025,605
32,283,723
18,813,966
Augusta
+36.8
869,320
—5.5
St. Paul
City
Minneapolis
Wichita....
New York.....
—26.6
Omaha
Total Paclfio..
Lincoln
1910.
—11.4
1,523,248
896*396
1,271,776
769,652
.570,087
—1.5
—8.8
1911.
2,058,000
954,101
61,805,269
—6.5
625,127,913
Dec.
+ 8.2
60,885,299
$2,459,872,568
1912.
—5.3
1,136,172
Kansas
$2,301,110,597
570,018,209
Yakima..
Topeka
1913.
—21.6
144,035,172
1,154,587
Pasadena..
North
Inc. or
875,142
1,142,273
,
.
+ 4.7
—1.5
138,773,230
Stockton
...
San Diego
Reno
Clearings at-
+ 12.2
Fresno
Oakland
Sacramento..
+2.4
Week ending Nov. 22.
2,434,434
2,357,399
3,674,277
2,712,423
2,232,300
1,511,195
—8.8
—6.9
2,730,425
686,371
1,081,245
1,229,237
1,823,000
690,733
1,439,587
996,214
1,655,000
799,848
714,411
690,300
585,463
488,140
444,629
4,729,950
11,641,693
City..
Tacoma
508,947.608
$3,085,000,481
+ 14.6
923,034
658,815
600,000
318,324
Spokane
$1,950,924,960
by the above will be given next
Saturday.
We cannot furnish them to-day, clearings being made up by the
clearing houses at noon on Saturday, and hence in the above the last day
of the week has to be in all cases estimated, as we go to press Friday night.
We present below detailed figures for the week ending with Saturday
noon, Nov. 22, for four years:
:
2,307,750
—10.7
522,014,608
covered
2,645,453
5,596,400
4,084,188
3,825,655
2,974,594
2,053,816
2,571,387
697,533
926,398
912,589
1,417,000
60,464,489
27,115,349
12,611,908
12,315,612
4,825,378
8,704,299
3,167,650
3,826,323
2,452,202
2,875,959
1,600,406
1,136,873
1,202,488
863,612
472,444
300,180
$1,779,095,989
$2,871,128,806
the week
8,886,606
1.5
+ 19.7
461,494,407
San Jose
Seven cities, five days
Other cities, 5 days....
The
Cent.
—11.5
+5.6
—1.6
53,968,932
25,630,600
13,777,336
12,982,365
Salt Lake
York
+ 13.6
8,672,319
6,754,000
5,305,314
3,957,145
3,554,321
San Francisco...
.1
274,215,111
24,894,300
18,923,531
19,614,496
13,034,691
+ 0.0
+4.0
Portland
1911.
%
+ 3.9
+ 0.8
480,058,081
Seattle..
Per
or
Tot.Mid.West.
Los Angeles
Clearings—Returns by Telegraph.
Week ending Nov. 29.
.
Dec.
15,532,590
610,586
411,056
475,000
559,291
316,955
179,920
95,923
435,000
son
Fmm:
29
CLEARING-HOUSE RETURNS.
322,273,314
26,224,700
23,329,749
24,875,483
........
Springfield, 111
Three Months
Chicago Office—Geo. M. Shepherd, 513 Monadnock Bla
Grand Rapids...
334,983,540
26,442,900
23,339,749
28,124,052
16,405,529
8,532,651
6,447,200
6,349,155
4,149,518
3,500,000
Kalamazoo
Advertising—Per Inch Space
(Transient matter per inch space (14 agate Lines)
Two Months
(8 times)....
Standing Business Cards
„_.i
Peoria
Bank and Quotation (monthly)
Railway Earnings (monthly)
New
1912.
Subscription—Payable in Advance
Wot One Tear..
P, O. Box 958.
NO. 2527
Clearings at—
PUBLISHED WEEKLY.
Canadian
City Section
SATURDAY, NOVEMBER 29 1913
'ghz (Ktomxdt.
Six Months
Railway Section
+ 3.3
+ 9.7
*
249,335,761
246,353,424
Total all
3,419,700,117 3,575,080,210
Outside N. Y.
1,571,588,145 1,559,702,513'
+1.2
*
7,863,679
18,809,617
7,367,403
4,627,685
3,957,876
2,806,003
2,981,565
3,100,000
1,730,376
2,496,374
2,399,188
2,538,447
1,524,147
2,375,594
4,996,948
395,032
899,244
946,291
153,444
2,253,642
1,464,490
2,300,000
1,200,000
1,370,296
283,775
1,905,126
342,665
391,293
439,214
843,287
479,809
.
375,000
567,273
222,234,554
182,742,698
.3,3,182,621,564 2,691,816,919
+0.8
1^647342,163T,143,978,638
[Vol, xcvxi.
CHRONICLE
THE
1534
clearly support the action
Why should a
interest, when the facts so
of
CITY SECTION.
STATE AND
special knowledge of the
subject by reason of its position and function, be
ignorant, or pretend to be ignorant, of facts that are
public body, charged with
to-day's issue of the " Chronicle" we send to
subscribers a new number of our "State and City-
With
our
Section" revised to date.
SITUATION.
THE FINANCIAL
sented arguments in support
of their petition for a
into
impregnable showing. Possibly
appeal to the Commission on this occasion will
effective, though it is not well to be too confident
that
on
the
freight
have
advance,
March 12 1914.
no
far is that
schedules, embodying the proposed
been
definitely suspended until
informed
Why should
pettifogging gentleman be called
facts in the
and that
be found except in an ad¬
operating expenses of the roads,
compensating offsets can
in
vance
East
and
first
the
In
rates.
nine months of the
the Pennsylvania RR.
calendar year
current
Commis¬
Probably by that time the
ought to be sufficiently
knowledge of affairs?
requisition to "develop" mythical
rise in the
The only sure thing thus
point.
new
to which it
as
hope that they will run counter to the real facts?
The real facts are that there has been' a tremendous
their
be
itself with regard to a
the services of this
Candor compels the statethey have made an impressive and what
to be an
appears
Why should it have to
hire Mr. Brandeis to inform
from its current
slight advance in rates.
.ment that
known to the whole world?
matter
the present week pre¬
The Eastern railroads have
advancing rates?
in
roads
the
lines,
added $19,551,931 to their gross
West,
its con¬ earnings, but nevertheless suffered a loss of $6,292,649 in net, and the New York Central Lines in like
clusions, and then the new schedules will again be
manner, though recording an improvement of $20,suspended for a longer or shorter period.
This indicates how unfair is the treatment of the 876,258 in gross earnings, show a loss of $286,941
will
sion
not
ready
yet be
to
railroads at the hands of the
It
initiated many months ago.
petition for
that the carriers filed a
a
for higher rates
railroads
May 14
re-hearing of the
them in
Moreover,
Why, then, should the Commission
E|te gftod proposed rate advances?
End just and
a
over
Commission should now decide in favor
riers, at least another six
the
new
of the
best
'
.
(
The Commission has adopted
-
;
along as
merit of the
Is that
proposition.
be defended from the
While
.
:.
the policy of
pending all proposed rate increases,
a
whatever the
policy which
cannot
be
said
to
maintain that any good, valid
with the effort to obtain
exists for interfering
rise in
operating cost?
part compensation for the
as
Why, therefore, should the
called upon to endure a year's delay?
railroads be
The members of the
Commission in their individual
capacity from tiipe to time drop remarks
,
sus¬
can
standpoint of equity and jus¬
Congress
shown in recent years any
have
special consideration for
railroad-carrying interests, it would certainly be
the
senses
reason
can
properties.
tice?
in his
anyone
the discretion lodged with it in
justice? Will
use
months will elapse before
be made effective. In slightly better rates
under the present intolerable conditions,
threaten the solvency of even the staunchest
they
which
car¬
invariably sus-
Why not be fair
with rules of equity and
rate schedules can
the meantime the carriers will have to get
testimony to the fact that the
suffering deeply and grievously.
are
half-year has alref^;
Accordance
elapsed, and the probability is that even if the
Thus,
1911.
ruary
annual report that comes
every
to hand furnishes new
was on
which had been decided against
cases
in net.
Inter-State Commerce
The present movement
Commission.
was
announce
make it appear
are
intended to
not indifferent to the
In such things, however,
of the carriers.
welfare
action
that they
speaks louder thari words.
And when the
rule not to
Commission adheres to an undeviating
allow the
carriers, of their own motion, to put into
effect measures for
dire
lifting themselves out of their
extremities, is it strange that the sincerity of
their professions should not always be accepted in
body, in
enacting the law of 1910, under which the Commis¬ good faith?
going too far to assert that the legislative
sion derives its power to
suspend rate increases, in¬
tended that proposed advances
invariably be held
should always and
On the contrary, it
up.
may
be
confidently affirmed that it was the purpose that the
Commission should use sound sense and good judg¬
ment in the matter.
If it had been urged that the
We observe that
has introduced a bill to amend the Inter-
of this city
State Commerce
the
Commission
being filed."
bitrary and mechanical fixed rule, we are sure the
and trust
proposition would have been overwhelmingly voted
down.
At all events, if Congress had intended that
do not
rate advances
should
become effective until
ever
the Commission could make a
lengthy formal inves¬
tigation, it would have so provided in the statute.
Law
in
so as
such
to hasten the action of
cases.
The amendment
provides, it is stated, that "all rate cases shall be
decided by the Commission within sixty days after
Commission should act in accordance with some ar¬
no
Representative Jefferson M. Levy
.With
an
extensive program of banking
legislation mapped out for Congress, we
imagine that this bill will receive much con¬
sideration, at the present
time, but there is certainly
imperative need of protecting the
carriers from the
reprehensible and injurious indifference and dilatoriness
of the Commission.
The carriers would have been forbidden in express
terms to make rate
had
passed
upon
increases until the Commission
But the law contains no such
matter of
rates
when
was
the
prohibition.
fact, it is certain that the
power
As
a
to suspend
intended to be used sparingly, and only
occasion
Why should
a
seemed
clearly to
demand it.
lengthy investigation be needed and
a
year's tiipe be lost to the detriment of the carrying
Speaking to the American Federation of Labor,
of Labor Wilson sitting next to him,
with Secretary
the matter.
Mr. Samuel
clothed
in
Gompers declared that "when a judge
a
little brief authority assumes powers
given to the President
protest."
should not
and Congress, it is
a
duty to
Temperance and accuracy of speech
be strictly expected from Mr. Gompers,
but it is easy
to see where he gets aid, if he did not
Nov.
THE
291913]Q
CHRONICLE
get his start, in his denunciation of processes which
those what
do not
ple,
please him; for Mr. Roosevelt, one of the most
voluble talkers and writers of the
of the most reckless
one
day, and
of the
one
sweeping in breadth of statement, as well
most
to accuracy, is still pro¬
as
disturbance.
claiming his gospel of
as
He is
now re¬
or
bellowing leader
Mr.
There he
misrepresented and denounced the courts.
Upon laws concerning
such
a
.
workmen's compensation, hours and condi¬
as
tions of labor in certain
people have
own
number of mooted topics,
industries, &c., he said the
right to decide for themselves.
a
In his
words:
one
.
.
.
.
.
.
In Buenos
Aires, Mr. Roosevelt said the people
"must not surrender to the
cision
In
as
to what laws
Santiago, he told
they
judiciary the final ^de¬
permitted to
are
audience of
an
that
"during the last half of the 19th century the leaders
alike, gradually
their most
should
We
grew
to recognize in the judiciary
powerful potential ally."
//
seems
to
stop at nothing which
sion he seeks to create.
ter to
assist the impres¬
Yet it would be
get farther from the truth.
who
man
no
Gompers defiantly said that "if
easy
the
any
(certainly in its history
country
could be
since 1850),
produced which could be stretched to affirm
notion of divine
As to the assertion
or even
a
whom he
are
dislikes, "we
We all have
may.
sions and
or may
judges, and
that is not to refuse
So he
say
opinion of deci¬
our
.
them freely; but
may express
submitting to decisions
The "Chronicle" (which
approve.
it."
going to
have
as
some
we
dis¬
of its sub¬
being opposed to all
change) has dissented from and decently criticised
decisions,
a
recent instance being that of the
very
Supreme Court
the "newspaper"
on
than last June.
ago
it„ with
when
case* no
longer
As the late Justice Brewer put
quaint simplicity which recalls Lincoln,
a
judge has rendered his decision he is subject
a
to reasonable criticism like other folks.
Mr. Roosevelt goes
and
about setting
up men
triumphantly knocking them down.
clares that certain propositions which
dreamed
of
they,
intolerable.
are
affirming,
people which could
the
could be
sun
and the
roars
no more
that
be taken
pulled from the sky,
are
de¬
ever
wrong are
some
rights of
away
than
in danger,
people must rise to protect them.
ership in
He
nobody
self-evidently
so
He
of straw
Why does
Because he aspires to lead¬
party to be formed about himself.
a new
tion, and
of
to
seems
little what direction
care
popular emotion
may
take, if he
can
a
wave
ride to
power
its crest.
on
mat¬
judge of importance, in the entire history of
any
have
we
judges, whom he named and
While the familiar stories of crime and of
We do not believe
line of utterance, from the bench or otherwise,
one
by
can
a
a
destruc¬
own
He is the most influential misleader of his genera¬
hardly call this mendacity, for it is
probably unconscious misstatement by
or
follow
can
they will, /fi
of reaction in the United States, political and finan-; he mouth away thus?
cial
shin¬
a
word to say of" several
have!**?
young men
they
the cliffs to their
over
peo¬
than
so, any more
hastily, wisely
or
are supreme;
scribers have misunderstood
of these laws has been denied to the
people, again and again, both by national and by
State judges, in various parts of the Union.
We hold emphatically that these matters are not
proper matters for final judicial decision.
Moreover, whether they [the judges] are fit or unfit,
it is not their province to decide what the people ought
or ought not to desire in matters of this kind
.We emphatically refuse to subscribe to the doctrine
of the divine right of judges, as to the divine right of
kings."
'
"Every
,
Carefully
foolishly, the people
tion if
judge could estop the
no
hold back Niagara Falls with
gle in his hand.
ihisstated,in his recent elaborate pronunciatnento of
Progressive position, in the "Century Magazine/
they want;
would dream of trying to do
he would try to
peating and continuing, in South America, what he
the
1535
special right in judges.
in
rences
usual, little attention
by the narrative of-
a
seems
as
to have been attracted
successful trial of what
may
most valuable application of modern scien¬
prove a
tific
occur¬
Society have been filling the journals
discovery, that wireless communication from
just quoted, it is utterly false,; (and, of
between) moving trains is practicable.
course,
historically speaking; the tendency has been in the
According to the story, the conductor in charge of
opposite direction, and
a
how the processes
away
not "for
ever
from
mentioned
matters
present
one
by Mr.
The
particular
Roosevelt
nor
are
is it,
nor
out that all
to
the
Nobody
as
this.
ever
affirmed
Once more,
at all.
a
this train
point
yet;
relief
so
was
of
a
law
means
Somebody must
and whether it is
When the income tax
declaration,
comes
legally
up, as
a
law
it probably
word
only
was
The
constitutions;
elect
legislatures;
declare,
But
ready
stepped off.
car
to
was
stance of trial of the
This
take
at the station plat¬
On the
same
found necessary,
was
same
the second in¬
wireless, and the
more success¬
ful.
Instead of
a
ground wire, the rails
on
are
used for
ground current, and the usual dynamos employed
the train for
road's expert
sovereign people make and unmake and alter
up
ready in Scranton, through using the
ficient for the extra
forcement.
one
sending word.
act
en¬
a
substitute
a
in the world thus equipped
additional
an
the
arbiter, for interpretation must precede
one
stepped; forward,
will, against refusal to accept the interpretation of
some point by the
collecting officers, the courts must
as
delay while
sent ahead to Scranton, and the
form, while the sick
means
own
rights called consti¬
a
charge, when the train drew
and it
people's
Scranton, and ordinarily
equipped for wireless telegraphy, and
conductor
people
the
was
as
us
near
telegram and
has it
such
the Delaware & Lackawanna road
procured would have been unavoidable.
was
trip, also,
tutions, of what they desire to do.
decide what
halt and
judges have attempted to do is to hold
written out in deliberate bills of
on
taken ill while
was
is said to be the
any
let
certain train
surely
been, for judges to decide what the people want
sublimated rubbish
up
conservatism.
final judicial decision";
ought to want.
or
(in which only
appointed prior to this century) have
was
tended
have already pointed out
of nature, in reconstructing the
Supreme Court itself
member
we
used
on
through - bridges,
the
so
operating the lights
were
found suf¬
service, much to the joy of the
in charge.
High "aerials" cannot be
train, because of the tunnels and low
the aerials
were
made high at the stations,
and while the low
ones on
transmission somewhat
the office for their district and either
difficult, this was also
more
or
intelligible
to the non-expert, of getting the instruments in the
proper "tune," seems likely to be solved also, and
well
very
over
while
operating
an
room
But
can
enjoins
train dispatcher
on which the
a
be dis¬
whom the law
bank—which "con¬
the identity of the holder would not
to the revenue officer, upon
and to the holder's own
never seriously objected to.
secrecy
This would also
greatly facilitate the collection of coupons
the banks much labor, besides
save
rightly belongs.
*
Sincerely and respectfully
yours,
■
in
is
he
man's mouth and has thrilled
every
v.
subject
The New York Cotton Exchange, by the action of
its
board of managers in approving last Friday
This is a
the
recommendations
of
the -special
committee
which only specialists can claim to
opinions; but any of us can give his appointed early in October to work out a plan of
heart with reverent admiration.
every
T."
"W.
adds, "this is all in the future."
what wireless communication has dolie on the
ocean
upon
have valuable
imagination flight and is justified in believing that
reform in the methods of the
organization that have
nothing in the mysterious realm of applied scien¬
from time to time been the
subject of considerable
tific discovery can
Lackawanna's
The
will
be pronounced impossible.
experts
continue until'the
say
experiments
the
criticism, has probably taken
warding
adjustments1 become satisfactory
and wireless will then be regular.
committee's
recommendations,
amendments
to
the
Rules
yet
to
have
long step towards
a
The
legislation by Congress.
off hostile
and
of
shape
the
in
of the
By-Laws
before the general.
ago,
the genial "Autocrat" of the
Exchange,
"Atlantic Monthly"
suggested using the whistld^of
membership of the body to be ballotted on, but
Many
a
years
the favorable way
stalled train to halt another one, approaching it
on
the
same
of
dashes
track, by screaming out the dots and
the
Since
alphabet.
Morse telegraphic
ing from trains has been experimentally tried.
wireless means become successful and regular
line, it will
disaster
of
cause
collision
can
be
soon
so on
Then not
all.
the
of the income tax on
corporation
coupon
debtor
the
institution
have the effect of
company. or
making the
to
would
disclosing the identy of the
owners
We also
tions which would not
mess,
impair
private affairs.
or
same
has
New
York
City.
of
the
"Chronicle"
regulation in
a
new
of November
15
1913
on
page
relative
working
an
addresses
of
of
have
become
The
should
remedy for
establish
this
seems
conveniently
simple.
located
The
directed
restricting
of
against
credit
for
only to members of the Exchange,
so
to be
commended,
much
criticism,
if not prevented.
are
as
in that
way
in¬
gambling in futures, against which there
could be largely
re¬
Evidently, the reforms
intended to place the New York Cotton
more
or
less
the
the
plan
another
was
special committee during its deliberations.
a
bring
In line with the action of
special committee, the board of
adopted
Government}
revenue^offices_in
warehouse-certificate
the matter to fruition.
public property—lists which, they have acquired through
years of painstaking service.
.
heretofore
The
It recommended that efforts be continued to
payment.
customers
„
subject that engaged considerable of the attention
the
Federal Income Tax Law which requires
their
been
The
1,375
to
This provision is undoubtedly
injustice against bond houses in that names and
for
distinct reform
Exchange in a position superior to attack.
certificate of ownership to be attached to coupons when
presented
move
proposed
'
Dear Sir: I have read the article and letter
a
duced,
Paterson, N. J., November 20 1913.^
a
actively engaged in the cotton trade, is
discriminate
& Financial Chronicle,
Editor Commercial
purposes
to those
also
lines.
This would be
comment
differences.
trading
The following embodies
simple suggestion along the
very
adverse
the
of their effective-
any
important recommendation made by the
method, serving to eliminate much, if not all, of
fixed
while avoiding unnecessary and objectionable
disclosure of
a
in
correspondent who
a
co-operation of the Department of
at present.
year as
for modifying the Treasury regula¬
a way
As the Govern¬
own.
prepared from Gulf and Texas
grades be made monthly instead of three times a
entitled to the
always jealously guarded.
printed the" letter of
suggested
are
committee is that revision of the differences between
the lists of banking and investment houses
and which^the latter have
the
secure
Another
of investors and purchasers now to be found
on
by
That
added to the official standards;
knowledge, and would make common property of the
only
•
Agriculture and of Congress in having upland types
or
payment,
of the bonds to those who are not
names
use
cotton, however, determined effort may be expected
.and interest
the bank
place of their
ment standards
payments and pointed out that the requirements of a
certificate of ownership in each instance, to be filed
financial
been in
century.
a
persuaded to adopt the international (or Liverpool)
Treasury regulations with regard to the collection
with
Department of Agriculture standard
Exchange for close to half
standards in
either
Undoubtedly,
step is to be taken unless the Government can be
but
be.
column two weeks ago we discussed the
In this
received by
to give all neces¬
types of grades for those that have
on
every
by rail will be eliminated
were
seem
important change proposed is the substi¬
of the
tution
If
would
of their final adoption.
sary assurance
the most
come
in which they
the board of managers
then, signal systems have developed, and telegraph¬
one
„
putting the burden
and annoyance which the Government has thrust upon the
banks, upon the Internal Revenue Department, where it
and
reach them at any place.
course,
formerly,
fidential relation he has
wireless, and if he sees any too
be shown to him by
close he
In this way
closed except
board
a
would then be apparent
obtains.
moving train on the line will
exact location of each
Of
that
sit before
can
accordingly
the revenue officer.
by
stamp
vexatious collection process that now
without going through
has been built in the end of
The expert believes
one car.
•in the terminal
to be stamped
coupons
they could be deposited in banks as cash items as
supported at each car corner,
each of four cars,
the
official
distinctive
a
As the exact status of each coupon
rectangle
The aerial is a wire
tuning perfect.
submit to the tax,
with
thinks the only requisite is to get
•the road's expert
this
the problem, dimly
overcome;
xcvii.
should present them at
claim the exemption
All holders of coupons
each town.
made
the train necessarily
[Vol.
CHRONICLE
THE
1536
managers
resolution continuing the committee
Southern warehouses and
has
on
asking it to work out
I practical method of putting into operation
a
a'
plan^of
Nov. 29
THE
1913.]
delivery of cotton in the South.
It
CHRONICLE
this
was upon
as
1537
incentive to make further
an
large shipments in
particular subject that Senator McLaurin of South
this
Carolina
pending the final enactment of the measure.
New
spoke
strongly
very
his recent visit to
on
York, urging that the adoption of
certificate plan
effective
an
under which cotton could remain in
warehouse in the States where grown until
shipped
,
direct
the
to
of
cause
co-operation
The
South Carolina,
chief
the
of
a
the
Exchange in the putting into
on
With
the lower duties
scale, reaching at New York
for the month this year,
October
in force,
immediately
were
1912—and
that
no
upon
an
A considerable
expansion in the total of merchan¬
is the feature of the foreign trade state¬
of the United
ment
States for October 1913.
former record for the
is
month
The
(that made in 1912)
broken, and this latest aggregate falls but moder¬
$1,460,188,031,
of
about
the
exceptionally heavy.
were
month,
hand,
officially announced,
as
rather
apparent
significance.
trade
As
data
order to
with
for
than
we
the other
ago,
real,
and hence
without
stated in reviewing the foreign
the
Government,
in
import statement begin
operation of the
midnight
new
on
tariff law,
which
the 3rd, transferred
September the importations of the first three
days of the month.
for
a
to
be
bill to go
that
large
quantities
of
mer¬
being held in the bonded warehouses
of the country y
awaiting the
of the tariff
passage
The
restricted.
will be
more
less
or
-
#
The increase in the exports
is also without much
,
shipments; approximately the
quantity of cotton
because
million
of
the
dollars
was
rise
in
exported
last
as
price the value
greater.
mineral oils
a
very
was
was
but
year,
18%
more¬
and in
decided increase, both in quanti¬
ty and value, is to be noted.
flow,, however,
same
year,
Provisions exports,,
well above those of last
were
over,
The breadstuffs out¬
of comparatively small magni¬
tude, only about half that of 1912, and cotton-seed
bil
exhibited
a
gold movement of the month netted
a
gain of
$5,391,085),
the export
decreasing to $22,972,366
balance for the ten months of the calendar
In the like period of 1912, however,
year.
im¬
we
ported net $6,618,741 and. in 1911 the inflow
$27,032,229.
was
;This comparatively large outflow of
gold in the face of
a
record favorable balance
on
the
merchandise movement excites much comment.
Immigration into the United States in September
continued
of
on
the year,
and
an
as
unofficial, data
like result for
gathered by
foreshadowed
us
October, with the November
move¬
approximately close to, if not exceeding, 1907.
to be noted,
furthermore, that the departures
It is
of
unprecedented scale for the period
the case, in July and August,
was
aliens
in
September 1913 was of comparatively
proportions, leaving the net gain in foreignborn population quite a little above
100,000—a figure
small
significance, being due to the high price received
cotton
of depression here—and for the ten months
imports-
into consumption, and it is but natural to
absorbed, importations
our
wide
a
$4,907,305 (exports having been but $483,780 and
a
expect that until those supplies have been measur¬
for
is by
a high-water mark, comparing
$359% millions in 1912, about 400 millions in.
ment
ably
year
That in itself would account
remembered
were
1912/
1911 and 502 millions in 1908.
large part of the decline, but, in addition, it is
chandise
in
The export balance
$544,822,853 is also
with
little
a
but the decline
year
September,
went into effect at
to
a
have the October
the
on
comparatively light, falling quite
were
below those for October
is
Imports during
$1,510,882,713
76 million dollars in 1912 and 70 millions in 1908—
at
ments
amount.
aggregated
record for the period, contrasting with
a
mark
monthly period), when cotton ship¬
against
however,
enormous
normal
a
$138,694,766 for October this
margin
the year
any
carrying
less than $20,620,009
but exceeded all earlier years.
ately below that for November 1912 (the high-water
for
3rd
against only $8,933,283 in
For the ten months of 1913 the imports
dise exports
Con¬
October
country, especially at New York,
withdrawals
Columbia,
of the bill
inuch larger volume of merchandise than ever
very
before.
the
passage
found the bonded warehouses of the various parts
New York Cotton
plan
a
sequently, the
of
Chamber of Commerce has already
assured to
effect of such
the
remove
agitation against the
Exchange.
been
would
consumer
direction, all the goods being entered in bond,
moderate
„
decline.
The
combined
never
before
closely approached at this time of
year.
The, official immigration statement for September,
from which
our
deductions
are
dr^wn, shows that
the inward movement of all classes of aliens for the
month this year was
156,688 (made up of 136,247
immigrant and. 20,441 non-immigrant, or returning,
aliens), Italians predominating in the total with
the influx of Hebrews and Polish
and those three nationalities
that
up over
The September 1912 inflow
aggregate.
and
noticeably large,
making
of
1911
reached
78,793.
was
For
half the
128,466,
the
nine
arriving aliens
588,726, against $254,633,504 in 1912 (an increase
months of the calendar year 1913 the
number 1,240,104,
of
704,792,
1911
exports of merchandise for the month
in
not
were
$271,-
quite 17 million dollars) and $210,365,516
1911; and for the ten months of the current calen¬
dar
year,
at
$2,005,010,884,
are
of much greater
magnitude than for the like period of
year,
any
preceding
The
drop in imports in October, from $177,987,986
large
as
it is, is,
we
believe, quite wholly accounted for by the explana¬
tion offered above.
importations
swelled
upon
new
by
There is
no
of earlier months
an
abnormal
inflow
question but that
were
of
considerably
many
articles
which the duties would be reduced under the
tariff bill and
delay in its
1912
with
and
former record of 1,165,150 in 1907.
of steerage passengers
the
average
in
897,347
and
and
the
The departures
were, as stated above, below
September, but in earlier months
quite large, so that for the period from Jan. 1
Sept. 30 they exceed those of any similar nine
months since
1908, aggregating 433,779, against
were
exceeding 1912 by 135 millions.
in 1912 to $132,893,960 in 1913,
contrasting
respectively, in
passage
merely acted
to
379,630
the
a
a year ago.
immigrants,
net
which
Deducting the emigrants from
have for the nine months of 1913
gain in foreign-born population of
806,325,
compares with an increase of 517,717 for
the like
stands
we
period of 1912.
as
the
record,
was
The-1907 addition, which
861,901.
THE
1538
The most
important developments in the Mexican
situation this week have been of
The
Federal
disastrous
defeats, the
repulse, with
which
Generals
by
flight-
was so
Wednesday after¬
on
that day the Federals
noon on
a
large part of their main body
had been rushed to that
forces had been
Rojas and
Carraveo,
Villa's right flank at Bauche
turn
o'clock
one
The
Juarez.
retake
to
Orozoco,
Shortly before
to
as
mines, however, has been doubled, as well
on
the tax
fiscal
By four o'clock their
point.
repulsed all along the line and their
they
Advices from Mexico
precipitate and disorderly that
abandoned twenty big guns.
The oil
where he went
who decided to abandon
Lord
when he assumed the
have been ordered
not
into
members of
even
with
communicate
dictatorship
dissolved
short time
a
ago
separate cells and no one,
their
families, is allowed to
It
them.
is
reported; that
Wednesday made the
on
following explanation: "Our application for
bian
oil
concession
has
Murray of Elibank.
that the request
saw
to stir up
I have
taken
cessions
Colom¬
by Lord
He took this action when he
for
concession
a
being used
was
just been informed of this action,which
Lord
on
the
Murray's
definite
is
from
sought
lacked
a
withdrawn
been
American opposition to the Pearson inter¬
has apparently de¬
was
through the proposed exploitation.
Cowdray in London
Huerta, however,
of Deputies which
syndicate,
all efforts to carry
withdrawal
Chamber
behalf of the Pearson interests,
on
Lord Cowdray, the head
dictatorship is surely
One hundred members
by Lord
of the Pearson
indicate that General Huerta's
the
new
have been surrendered by
ests.
of
and under the
hectare.
concessions obtained
and other
was
fight to the end.
will be 10 pesos a
Murray of Elibank in the Republic of Colombia,
City state that reports of Federal disasters in other
crumbling.
title deeds of mines,
on
measure
parts of the Republic are constantly coming in and
cided to
xcvii.
significant being the
most
The battle ended
attempted
number of
a
represented the combined forces of
Salazar,
Mancilla.
noon.
experienced
attempting
was
military character.
tax
loss to the Government army,
severe
Federal troops
and
have
arms
a
[Vol.
CHRONICLE
sanction
the
of
own
Our
initiative.
absolute."
and
The
con¬
Colombian Government
Colombian
the
Congress.
They had already been approved by the Colombian
President and his Cabinet and would have
Pearson
concern
given the
arbitrary rights to construct harbor-
works and canals in connection
deposits.■
with Colombian oil
.
several will be executed without further ceremony,
the
The
explanation of which is to be the alleged dis¬
covery
main
of
plot to seize Mexico City
a
as soon as
body of Federal troops departed
It is
expedition.
Government that
now
on
the
the Federal
admitted by the Huerta
at the
Rubio Navarette's command has been cut, to pieces;
rate is not
north of Victoria and that the road has
been
opened for the Constitutionalists' advance upon
Press
Tampico.
accounts from
Juarez state that
General Villa is securing equipment
12,000
with which he will
men
for
an army
of
against the
move
General Carranza, the
City of Chihuahua at once.
leader of the Constitutionalists, has announced that
he will advance his
the State of
the
to
Chihuahua, thus taking
a
step
may,
agree
deliveries of oil to the National Railways
it is feared at Mexico City, cripple the entire
of
His
a
Federal
troops.
The
Huerta
Rear-Admiral IJletcher,
American
warship
fleet
on
the
Gulf coast of Mexico, has been ordered by Washing¬
proceed to Tampico and Tuxpam to make
epoch in
reaffirmation of the Government's
The speech an-
introduced,0
"give Italian women their rightful place."
Imperial German Parliament, after a recess of
The
nearly five months, assembled on Tuesday.
the first
duction of women's suffrage
gram
a
oil
interests
are
located.
The
for the session includes many measures
,
pro-
one
representing all parties have protested; an¬
regulation, of petroleum monopolies,,
for. the
directed
against the operations in Germany of the
Standard Oil Company to
for the protection
of
It is in this region that great
in Germany.
dealing with military speeches, against which news¬
interest taken by
American
One of
petitions presented was one for the intro¬
threatens, it is reported, to develop a serious and
and
a new
appeal to Italian
and alluded to the intention of the Government to
thorough investigation of the situation there, which
British
an
nouncedthat many reforms were to be
other
dangerous phase.
Majesty linked
shoulders of the wealthier classes.
papers
ton to
the Sen¬
policy of placing the burden of fresh taxation on the
government is taking active measures to drive the
the
re¬
dispatches, he declared,
Parliament, but
new
a
patriotism with
rebels out of the oil country .
commanding
press
House," that "what we here this day inaugu¬
Italian life."
nearer
Threats of the rebels
-destroy the oil plants unless the producers
transportation
particularly democratic in his
headquarters from. Sonora into
capital of the republic.
to make no
was
amid thunderous cheers from every part of
ate and
on
King Victor Emmanuel in his speech
According to
lipas, has been destroyed by rebels, that General
at La Cruz
Italian Parliament convened in Rome
opening
marks.
'
Victoria, the capital of Tamau-
new
Thursday.
America; and also
The rapid increase in the
unemployed workmen.
dicated by the
measures
of strike-breakers and the relief
Germany in Latin America is in¬
provision made in the Imperial Budget
of 1914 for the raising
of the rank to full legations of
Ministers
accredited to the Re¬
Representations looking to the protection of British
the Resident
property by the United States have already been
publics of Guatemala, Venezuela and Peru, and the
establishment of a German consulate at Panama.
received by the State
Owing to
Gazette,
new
a
a
Department.
typographical
on
on
in the Official
stamp taxes decreed by General Huerta.
stamp tax on the output
been
error
mistake was made in the publication of the
of gold and silver has not
doubled, but remains the
same,
gold and silver shipped abroad
as
gold and silver reduced in Mexico.
The
namely 3J^%
ore
and 23^%
The annual
The German
to
a
Consul at Montreal, Canada, is raised
Consulate General.
about to
Germany apparently is
abandon its subsidy to the North German-
Lloyd steamship lines
Australasia,
the
now
as
six months
running to the Orient and
the estimate of $761,250 covers only
until the expiration of the present
contract on Oct." 1 next year.
A petition is, it is
,
Nov. 29
THE
1913.]
CHRONICLE
There seems,
reported,1 about to be presented to the Reichstag
an
appropriation of $500,000 for
and urging that
Francisco in 1915,
an
a
has
Paris bankers
Other¬
wise, the petitioners say, Great Britain will be al¬
successfully distributed and
enabled to release their funds by
are
converting their private loans made to the former
of the markets of North
lowed to crowd Germany out
Balkan
belligerents into formal Balkan State loans.
and South America, especially in regard to textiles
The fact that the Bank of
and machinery.
been
It is believed that the object of the
supported by
is
petitioners
a
sufficiently
body in the Reichstag to assure the voting of the
appropriation.
to
be avoided.
The London Stock
of
absence
have
period of complete inaction.
a
Northwestern
Great Western
113%.
bond
The
issue
have
to
been
at the settlement
better
on
%%
from
were
the
the
on
5%%,
or an
appear
ground
they
of
the
newer
a
issues.
and
pro¬
55
The
from
the
week
flotations at the British
for
73,
against
writers
are
again finding that they have been gradu¬
are
without
ally disposing of the securities with which
Stock
London
use
Exchange
"landed" in the recent unsuccessful issues.
A straw
'
is the fact that recent Australian
new
but
not
now
only all
gone
commanding
are
issues, fully70% of
public offerings,
into the hands of investors
slight premium.
a
The im¬
during the last month, however,
pf London, which is based
of 387 securities
shows,
was
of
or
The usual
the aggregate valuation
the London Stock Exchange list,
a
decrease of only £15,-
four-tenths of 1%.
in South African
The largest decline
stocks, which registered
6.5% from the October figures, following
duction of
in
on
on
reported by cable,
as
264,000,
season.
compilation of the "Bankers' Magazine"
monthly
British
5.7% the preceding month.
railways
was
a
loss
a re¬
The decline
only one-tenth of 1%, in
there
seems
closed
consols
ago;
at
Russian fours
i
any more
although
than partisan
push its proposals through the Deputies
It is
measure,
tention of
the
as
a pure
and, having ample support, it
the Chamber for
a
vote of confidence.
quite probable, therefore, that the original in¬
offering-the
middle
of
loans to investors about
new
December
be carried out.
may
that the opposition to the
appears
It
Government's
proposal emanates primarily from the Radical Party
under
the
leadership
of
three
former
Premiers,
namely Emile- Combes, Joseph Caillaux and Georges
Clemenceau.
of
These
leaders
1,300,000,000 francs the
demand
new
that
instead
loan shall be for only
900,000,000 francs and that it must be subject to
taxation.
They also demand that the Government
heritance duties.
The
legislation authorizing the
interference, since the Government has decided to
British
1%.
The
slight chance of
must find other
railways eight-tenths of
week
change
% point higher
awaiting developments in respect to
foreign government stock two-tenths of 1% and in
Home
British
a
without
are
issue of rentes has not yet been enacted,
will call upon
actually weak.
also
'
loan.
de due to the close
has been dull rather than
86%.
72 11-16
Ministry
approach,of the dividend
fours
change from 89 and German Imperial
provement in British and Scotch railways may also
The London market
at
Paris is still
the national
have
closed unchanged at
were
showing the direction of the investment situation
which went to underwriters at the
unified
threes remain at 75.
they,
parlance,.
Bulgarian sixes
Servian
apparently been successful and under¬
to
market
steady, evidently being
79%, while Turkish fours
has
new
London
99, Greek monopoly fours without alteration from
centre
policy of curtailing
the
on
of the approaching offerings of
supported in view
represent
Lloyd-George Government.;
securities
State
Balkan
The
reactionary movement from the socialistic
clivities
£1,120,000, £150,000
by India and £150,000 for Russia, the
have this week ruled about
increase of
to have created
that
the London market.
on
Bank, it is understood, securing the remainder.
Ameri¬
on
preceding settlement.
bye-elections also
feeling
Contangoes
will take place.
way
important .Continental competition at the
no
secured
was
active
conditions in Berlin suggest that there
At last Tuesday's offering of
the Lon¬
The
important trans-
any
gold this
weekly offerings of Cape gold
aided by
was
fortnightly settlement
general scarcity of stocks.
recent
This
to
London against shipments of
on
seems-hardly probable that
will be
turning point
continue
wheat, is complicating- the situation, but
Easier money
Exchange, which unexpectedly revealed
Stock
about
a
British }centre.
Atlantic movement of
last week, and the
last week of the Montreal City
success
seems
English financial sentiment^
cans
a
of
Ry. shares finished at 114%, against
the results of the
a
Friday
on
it
will
largely the result of sales in New York of
Canadian
com¬
York
its large balances that have
gold from New York to Canada, which
grain bills drawn
London &
Ry., for instance, closed at 130,
paring with 127
don
is very
Investment stocks, however,
activity.
New
on
the
at
movement of
complete
responded to the resumption of moderate buy¬
ing after
in
a
drawing
accumulated
Exchange this week has shown
though there has been
The only uncertainty that seems
is whether
remain
refrain from
better undertone,
England has not thus far
compelled to advance its discount rate is leading
the quite general belief that such an advance will
to
strong
now
a
any
definitely cleared and until the French
more
national loan has been
adequate dis¬
play is of vital necessity to German industry.
conserva¬
correspondents, slight prospects of
activity at that centre until the Mexican situation
German
building at the Panama-Pacific Exposition in San
asking for
though, according to usually
tive London
"Independent San Francisco Committee,"
by the
1539
means
of fresh taxation than the in¬
None of these demands
will, it is
seventeen American railroad issues contained in the
announced, be accepted by the Government, which,
compilation
however, is proposing a somewhat novel tax change,,
namely that all French bachelors and spinsters more
decline
were
virtually without net change, the
amounting to only seven-hundredths of 1%.
There
writer's
has, owing chiefly, to the release .of under¬
than
funds,
persons
London money
Street also
are
been
a
perceptible easing of
the
situation, and discounts in Lombard
showing" a
more
comfortable tendency.
thirty
years
old, unless they have at least thre§
dependent
on
them,
are
to be subject to
an
increase of 20% on the income tax imposed by th ?
bill
now
under consideration.
The Senate committe
V
in
measure
of the
The*
which has taken four years to prepare.
The
loan, which is officially styled
report is to be submitted shortly to the Senate.'
allocation of the
new
;4
'
on
and in Berlin the
a
ing
the bill makes
London
sidered that only
the
more
The
But
we
have
to hope that besides surpluses
<
three
per
cents
"perpetual" but not irredeemable.
Th
e pre¬
The
new
amble of the.bill devotes half its text to
of and arguments
a
786,270
it is the least
expensive for the State and the most
vides that
aside
of
The bill pro¬
of 75,000,000 francs shall be set
a sum
annually for the repurchase in the
open
entire
the
loan
new
within
thirty
years
and
the
Minister of Finance expects that in sixty years from
the nominal
now
capital of the Perpetual National
French Debt will have been reduced
The closing
francs.
by 3,500,000,000:
quotation for French rentes
One week
86.47)4 francs.
it
ago
was
and
funds
available
are
now
at
2
34%-
Cash is
reported to be flowing into Berlin from the provinces
is being accumulated in anticipation of large
and
State loans that
It is
of
are
promised early in the
£28,911,031
and
1911.
in
following
gold movement into and out
Imports, £470,000
(of which £79,000 from South America and £391,000
bought in the open market); exports, $55,000 (ear¬
marked Straits), and
receipts of £187,000 net from
interior of Great Britain.
V
^
weekly return the Bank of France reported
In its
an
increase of 33,000
francs in gold and of 2,670;000
Meanwhile
silver.
in
francs
new year.
note
creased 21,425,000 francs, treasury
circulation de¬
deposits increased
12,800,000 francs, general deposits
indicated
-
an
expansion of 156,325,000 francs, discounts are 145,-
francs
850,000
higher, but the
aggregate
now
with
compares-
which
3,526,096,000 francs,
3,220,324,000 francs a
stands
circulation
Note
advances1
Bank's
The Bank's gold hold¬
at
year
ago.
francs,
5,648,746,000
against 5,687,750,000 francs a year-ago and dis¬
counts
aggregate
1,598,157,000: francs, against 1,-
586,364,000 francs in 1912.
expected that under these conditions the end'
the
year
settlement will make
trast with the settlements
fact that Berlin private
to
434%
to
recent
bank
as a
favorable
a
bank discounts
which
hand
increased
discussing
a
further reduction from the
lay particular stress
their
market
letters
the accumulation of funds that is
now
Berlin
taking
place.
An indication of the general reaction is the
distinct
falling off in building operations because of
difficulty
of
borrowing
abundant, reflects the
presence
money,
of
a
which,
this money on
municipal department to lend
first mortgages.
,
'
.
items
was
culation
22,704,000
on
Tuesday..
Gold
and total
marks
expansion of 43,385,000 marks.
indicated
loans of
published
74,171,000 marks
were
higher,
registering
a
cash
Depos¬
but all
contraction in liabilities,
on
other
note cir¬
decrease of 90,893,000marks,
3,664,000 marks and discounts of 50,776,000
marks.
while
cautious attitude.
Council of Breslau (Prussia),in view
of this condition, on Tuesday
appropriated25,000,000
a
an
smaller.
The Municipal
marks to establish
showed
its
made
was
weekly statement of the Imperial German
Bank
banks
in
particularly favorable presentation
the
down
are now
now current.
upon
in
maximum is lending considerable color
reports that the managers of the Reisch-
were
A
con¬
of 1911 and 1912 and the
534% official Bank rate that is
the
ago
with £31,-
compare
special correspondent furnishes the
ings
fcerlin trade reaction is rapidly releasing money
In
The
decreased 9,875,000 francs.
87 francs.
was
£37?-
and £37,357,243 in 1911.
of the Bank for the Bank week:
;
holds
now
with
£29,591,000 and
year
but public*
The Bank
market
It is hoped thus to redeem
.
one
ago
£1,604,000.
which-compares
details by cable of the
perpetual rentes which will be returned to the
Treasury and canceled.
expansion* of
an
gold,
a year ago
760,000
Our
It declares that in the
favorable to national credit and thrift.
in
loans aggregate
present condition of the money market redemption
as
to liabilities is
Loans (other securities);
ago.
registered
£37,422,608
statement
by re-purchase of stock is the only possible method,
a year
reserve
with 54.97% a week
compares
deposits decreased £862,000.
for the method of redemption pro¬
posed by the Government.
50.81%
increase of £602,126 in gold
an
holdings and of £589,000 in the total
Ordinary deposits increased £2,476,000
complete elasticity, owing specifically to the
plementary payments."
and
however,
will
present operation, will be able to meet possible sup¬
will be
England in its weekly return on
proportion' of
54.38%, which
fiscal
which, through the stronger organization of our
The
reserve.
We have,
system,, may be expected; the Treasury, which
recover
& the official'
change from'
5%, and Amsterdam 5%.
Bahk of
i
con¬ coin and bullion
oh less immediate pay¬
required justify recourse to a loan.
every reason
without
is-
5%; Paris 4%; Berlin 534%; Vienna534%!:
Brussels
supplementary measures may eventually 'Thursday reported
require supplementary estimates.
indeed)
i
"No doubt it is conceiv¬
following explanation:
to 534%
34%
of
Brussels5
rate;
7-16%, while Amsterdam is 1-16% lower at 4%%.
falls short of the 'Official rates at the' leading foreign centres are:
The last-named figure
Minister of Finance in his; preamble to
ments
reduction of y&% has
a
!4
original rough estimates that was formed, but the
able that
J4%>to334%,
quotation is 434% > against 434%
In Vienna
ago;
reduction
a
Bank
Morocco estimates,
404,000,000 francs; military expenditures, $860,000,-
the
week
The private
4J4%, against 5%.
at
bank rate in Paris has been reduced
follows: expenses for the issue
as
interest, 36,000,000 francs;
000 francs.
quoted
week ago1 and' long bill^
a
national defense and for the Morocco 'taken place in the private bank rate to 5%%, follow¬
expedition," will be
and
closed
bills were quoted at
Short
declines.
15-16%, against 534%
'were'
perpetual rentes to provide for extraordinary military
expenditures
fractional
at
*
3%
"an issue of thirteen hundred million francs of
xcvtt.
Private bank discounts ill Lombard Street
charge of the'bill introduced such a clause on <
Wednesday when it terminated its examination
[Vol.
CHRONICLE
THE
1540
Treasury
bills
The total cash
were
19,995,000
marks
holdings now amount to
1,571,440,000 marks, which is
an
increase of
more
than
429,000,000 marks from the total of 1912, which
was
1,142,400,000 marks.
In 1911 the correspond¬
ing amount was ,1,147,500,000 marks.
loans and
discounts, we have
a
Combining,
total of 900,184,000
marks; in 1912 the amount stood at 1,365,300,000
CHRONICLE
THE
1913.1
Nov. 29
1541
*
marks. Note out loss. Instead of importing the precious metal,
circulation is the only important liability still above however, New York has been supplying it during the
week in large volume to Canada, $11,100,000 having
last year's figures.
It amounts to 1,836,726,00C
1,168,884,000
1911
in
and
marks
with 1,796,020,000 marks in
and compares
marks
"Chronicle."
last week's issue of the
1,653,700,000 marks in 1911.
1912 and
been taken in addition to the $2,500,000
noted in
Of this total,
the vaults of the
Clearing House and the remainder from the SubTreasury.
Other gold exports for the week in¬
cluded $180,000 to Mexico and $100,000 to Hayti
The movement to Canada, as we stated.a week
$3,000,000 has been taken from
circles there have been two dis¬
local money
In
First has been the steady
tinct drains.
demand for
Canada, which we refer to
gold for exportation to
specifically in our remarks on sterling exchange
another column.
The second has been the usual
more
in
accumulation of funds by the
banks and trust
com¬
panies in preparation for the customary December
dividend and interest disbursements.
As a result,
of
largely the proceeds of sales
on London against
ship¬
grain from the Dominion, and sold in this
In
addition, it represents remittances
represents
ago,
grain
ments of
market.
very
drawn
bills
proceeds of Canadian
ingwith 3^%—the highest figure current last week. municipal and other bonds that have been recently
The strength has not spread to any measurable ex¬ placed in London, the Canadian banks finding it more
call
money
advanced to 10% on Friday, compar-
tent to the market for
tations
remain
current
a
but
other lenders
referred to
ary
to
disposition
will, of
demand
the part of banks and
regard the two influences already
The conceded reaction¬
over
be
course,
some
improvement in this
but there seems nothing
the year-end,
suggest any thing like stringent money
future.
The
York
New
strong one, especially in
the
not
bank
■
in the
position
is
near
not
a
view of the active demands
Last Saturday's statement of
gold by Canada.
Clearing-House banks and trust companies in¬
dicated
a
on
activities, not unnaturally, is releasing funds.
There
for
those
The latter fact is significant,
temporary..
as
advance of
in
quo¬
tendency that is being shown in trade and indus¬
trial
to
slightly
week ago.
since it suggests a
fixed maturities, where
a
surplus of $12,338,550, which is certainly
large, although it compares with only $6,765,100
year
Loans
ago.
were
shown to have increased
through Canadian banks of the
convenient to draw
on
their New York balances for
of funds
the purpose
of making an actual transfer
rather
arranging for shipments of gold from
than
London
by
A third explanation
some of the Cana¬
of New York.
way
is the fact that the fiscal year
dian banks ends with
of
November; there is consequently
favorable
encouragement to make as
a
possible in the matter of gold holdings.
rather late in the
take out
new
season
which
circulation by depositing
was
It is getting
for the Canadian banks to
Central Reserve established
Act,
showing as
gold in the
by the Canadian Bank
inaugurated in September. The;
as we have explained in pre¬
banks under the Act,
vious
issues, are allowed to deposit current gold
Dominion notes,
or
such
and they
deposits their
free of tax up to
Central
Reserve.
own
can
coin
then issue against
notes in excess of capital,
the amount of their deposits in the
As, however, there is usually a
Canada during December and
correspond¬
ing increase of $21,444,000.
The latter, of course, January, the natural tendency of the Bank Act
increased the- reserve requirements—by $4,789,300. should be to release at least part of the gold thus de¬
note
$21,744,000 and deposits registered the
contraction
in
and trust posited. New York exchange in Montreal closed
companies was only $1,277,000, the actual surplus yesterday at 77Hc. discount per $1,000, which sug¬
above
requirements decreased
$6,066,300. The gests that the demand for New York funds is not
However, the opinion in financial cir¬
banks during the week lost $2,096,000 and the trust yet ended.
cles
at New York which are closely in touch with
companies increased $819,000.
A transfer through
Canadian affairs seems to be quite distinct that the
the sub-Treasury of $1,300,000 in gold was made
outward movement of gold to the Dominion will
yesterday to San Francisco.
culminate early in December.
With easier private
The range in call money this week has been 2%
bank discounts in London,, and an apparent easing@10%.
On Monday the lower figure named was
of the money situation as a whole at the British cen¬
the minimum and ruling rate, with 3% the highest
figure; on Tuesday, 3%% continued the lowest and tre, slight reason seems apparent to expect thai} the
Bank of England will be forced to arbitrarily adrenewal rate; but the maximum reached 4%; Wednes¬
Therefore, while the cash loss by the banks
day's highest
was
4%; Thursday
5%, lowest 3% and rulingTigure
holiday;
was a
on
Friday the highest
vance
its discount rate to
tion in
6%.
The money situa¬
Germany has shown distinct improvement,
5%, with re¬ and funds in Paris are rapidly accumulating, await¬
newals at 7%.
Time money closed at 5% for sixty ing the definite announcement of the French national
oan.
This
supply will be available necessarily for
days (against 4%@5% a week ago), 5% for ninety
days, against 4%@5%), 4%@5% for four months day-to-day loans at least for the next fortnight, as
diere is no possibility, apparently, of the French loan
(unchanged), 4%@5% for five months (unchanged)
and 4J4%@5% for six months (against
4%%). Deing offered before mid-December. Foreign ex¬
Mercantile paper remains unchanged at 534@5M% change houses are experiencing a specific demand for
remittances by importers of merchandise in payment
for sixty and ninety-day endorsed bills receivable
and
lowest, respectively, were 10% and
and for four to six months
character.
Others
t
The
less
are
..
single
names
still quoted at
of choice
6@6}^%.
Rates
are
at
or
very
close to the
point at which it is. calculated importations
from London
are
foreign merchandise imported before the
3een
______
sterling exchange situation continues more or
artificial.
'or
went
of gold
justified, and could take place with¬
into
operation,
new
tariff
and which has subsequently
released from bond under the
new
tariff sched¬
ules.
There
is
no,
doubt that
a
very
large balance on
merchandise account exists abroad in favor of this
country.
Some idea of the recent trend is contained
1543
in
the
THE
official
Government
which is referred to in detail in another
commerce,
[Vol.
SENATE COMMITTEE'S REPORT ON CURRENCY
BILL.
column.
The Continental
n
a
exchanges,
quite natural,
as was
view of the easier discounts in
London, have shown
slight reaction this week from the distinct
in
favor
of
London.
Paris closed last
The
evening,
25.29% francs, which
week
pressure
rate in
check
sterling
reported by cable, at
as
with 25.32% francs
compares
a
In Berlin, demand sterling finished at
ago.
20.49% marks, against 20.51 marks last week, and
Berlin
exchange in Paris at 123.37 francs, against
123.42% francs
Compared
exchange
week
a
with
ago.
Friday
Saturday
on
advance at the
4
last
of
sterling
week,
irregularly,
opening, when demand went
of
a
reaction later,
disappointing
a
demand finished at 4
With last Saturday's reports by
the Senate
bank
up
Currency Bill
on
outlining of the general plan
respects very crudely performed.
clauses
the
Commercial
on'
banks
closed
at
4
79%@4 80%, documents for payment finished at
4 80%©4 81% and seven-day
grain bills at 4 84@
4 84%.
Cotton for payment closed at 4 80%@
4 80%, grain for payment 4 81@81%.
^
to
House
not
of
in such
so
discount
for every
rate
bank—a really absurd proposal.
reserve
legislation
came
when the bill,
much
Banking Committee.
In the eight or nine
during which that committee held the bill,
extremely careful work was done, resulting in
important and beneficial changes whereby
of the original crudities were removed,
numerous
worst
and the
bill, in
impossible
be
was
especially true
tentatively drawn, went into the hands of the
weeks
the
conflict¬
many
expression in it.
to the National Board
gave
fix the
The second stage of
thus
many
hands
many
provisions, but hardly less
power
regional
being
which
in
was
original published shape, it
statute—this
that which
as
sole
of obtaining
means
As it stood in its
workable
Too
it; and altogether too
on
the note issue
8595@4 8605 (5 points above the previous
day's close); sixty days was unchanged at 4 81 @
4 8125.
On Monday the tone was slightly firmer,
with trading quiet and featureless; the range was
4 8550@4 8555
for demand, 4 8605@4 8610 for
cable transfers and 4 8120@4 8135 for sixty days.
Demand receded 5 points, to 4 8545, in the early
transactions on Tuesday, but subsequently rallied
and closed at 4 8550@4 8560; cable transfers were
firmer at 4 8610@4 8615 and sixty days at 4 8125@
,4 8135.
On Wednesday sterling suffered a sharp
decline,' chiefly on the rise in call money here and
easier discounts at London; cable transfers'declined
to 4 8580@4 8590, being relatively easier than de¬
mand, which receded 15 points to 4 8530@4 8540,
with sixty days at 4 8l@4 8110. /• Thursday was a
holiday.
On Friday the market ruled weak, as a
result, chiefly, of the flurry in money at NewYork.
Closing quotations were 4 8085@4 81 for sixty days,
4 8515@4 8525 for demand and 4
8570@4 8580 for
transfers.
at work
were
fers at 4
That task,
measure
subsequently been before the people,
to
8545@4 8555 and cable trans¬
before the bill
Representatives.
though it laid the foundations of the
has
be called
may
The first consisted
legislation.
went to the House of
a
the
into what
now passes
the fourth stage of
in the
an
statement;
the two wings of
Banking Committee, the Banking and
ing ideas found
fluctuated
8560, being followed by
appearance
cable
xcvii.
October
of
statement
CHRONICLE
seriously
by
respects, transformed from
into
the
which
one
discussed
The note issue
ened
many
statute
and
could
practically
provision in particular
addition
of
bound to Operate, more
under the present
than has
ever
perfected,
strength¬
was
stipulations
an
least
at
which
were
been possible
National Bank Act, to compel the
prompt redemption of outstanding notes when the
trade need for them
was over.
that
the
number
a
of
It will be remembered
important recommendations
of the Bankers' Conference at
Chicago
were
adopted
by this committee, which also added the important
provision for
Advisory Council of bankers, to
an
co-operate with the Government in the framing of
policies of the Federal Reserve Board.
The third
.
r'
3
"*
The New York Clearing-House
banks, in their
operations with interior banking institutions, have
gained $4,458,000 net in cash as % result of the cur¬
for
movements
rency
the
week
ending Nov.
28.
stage of the discussion began when the House bill
went to the Senate
The
fourth
Senate.
v
■
^
Committee, nearly ten weeks ago.
begins
now
with the debate in
•
•
•
.
'
open
Y»v
Their receipts from the interior have
The Senate Committee's deliberation on the bill
aggregated $12,-.
067,000, while the shipments have reached $7,61.2,- has aroused
much comment of a very singular
000.
Adding the Sub-Treasury operations and the
character.
There seemed to exist in many
quarters a
gold exports, which together occasioned a loss of $17,notion that the bill must at all hazards be passed in
845,000, the combined result of the flow of money into
the extra session which expires to-day.'
and out of the New York banks for the week
But it very
appears
•
to have been
loss of
a
$13,390,000,
as
soon
follows:
evident that
became
this
would be possible
M
Week ending November, 28.
Banks' Interior movement.
Sub-Treas. oper'ns and gold exports.
Total
Out of
Banks.
512,067,000
14,873,000.
Net
Change in
Bank Holdings.
$7,612,000 Gain
32,718,000 Loss
$26,940,000
i.
._
Into
Banks.
1
only if the House bill
$40,330,000
Loss
■'
•
$4,455,000
17,845,00#
$13,390,000
Committee with
provisions and
a
were
minimum
a
to be reported by the
of
examination
minimum of amendments.
of
its
When,
therefore, the Senate Committee arranged extensive
■
hearings and engaged in prolonged discussion of the
The
in the
following table indicates the
amount of bullion
principal European banks.
Nov.
27
1913.
Committee proposed blockading the currency legisla¬
tion.
Nov. 28 1912.
Banks of
Gold.
£
England.
37,422,608
141,043,880
.
-
Silver.
Total.
Gold.
£
£
£
£,550,000
37,422,608 37,786,270
25,721,240 166,765,120 128,812,560
14,100,000 76,818,450 41,799,100
5,826,000 173,184,000 157,518,000
10,561,000 61,768,000 51,725,000
29,159,000 48,130,000 17,382,000
2,950,000 48,496,000 42,673,000
683,800 13,142,800 13,872,000
4,202,667 12,608,000
7,588,000
5,695,000
5,583,000
6,875,000
7,125,000
2,550,000
2,281,000
Totalweek 560,251,271
Prev .week 558,307,292
93,203,707 653,454,978 514,144,930
92,808,180 651,115,472 513,309,494
_
France
Germany
.
Russia
Aus
Hun.
Spain
Italy
18,971,000
45,546,000
Neth lands
NatBelg..
Sweden
62,718,450
167,358,000
51,207,000
__
Switz'land
Norway.
_
12,459,000
8,405,333
6,695,000
6,875,000
i
P
*
bill's provisions, there arose an angry outcry that the
Silver.
£
29",653",040
15,321,300
6,459,000
10,868,000
29,602,000
3,550,000
591,200
3,794,000
.....
Total.
£
37,786,270
158,465,600
57,120,400
163,977,000
62,593,000
46,984,000
46,223,000
14,463,200
11,382,000
5,583,000
7,125,000
2,281,000
99,838,540 613,983,470
99,755,260 613,064,754
One
New
York
newspaper
has constantly
published cartoons representing the "Money Trust"
as maliciously shutting the door to remedial
legisla¬
tion.
When
to the
one
considers what
country as
and how
be ruined
a
this
whole and to
legislation
every
means
citizen in it,
completely the usefulness of the bill might
by mistaken
"difficult to be
or
imperfect provisions, it is
patient with such
an
attitude.
We
are
confident that
we
of the country
in saying that the Senate Committee
express
the intelligent sentiment
THE
Not. 29 1913.]
.
people
deserves the thanks of the
as
CHRONICLE
whole
a
the banks to underwrite it and to take what
for
States Constitution—as
United
the
which
indeed, helped to perform the
which the Senate was established by
functions for
of
sentatives.
We
fortunate that the Senate
as
Committee submitted two
there two such
or
the natural
J
<
,
regard it also
majority
a
criticism, amendment and perfection
hastily passed by the House of Repre¬
measures
Not only
reports.
reports, indeed,
but there
are
is
no
minority report, such as would give
right of way before the Senate to the
report signed by the larger number of committeemen.
The
of the Democratic Senator Hitch¬
concurrence
cock with the
five Republicans
divided that committee six to six.
really three
House
and the bill
are
amended by the Democrats
as
amended by the Republicans.
as
main
its
In
Thus, there
before the Senate— the
measures now
bill, the bill
the Committee
on
both reports
particulars,
the
Senate Committee accept the provisions of the House
Neither
bill.
Both agree that the
made
be
for
central bank.
nor
of
Government
proposed note issues
obligations".
substance,
In
re-discounting is the
the two reports accept
On the other
single
Federal Reserve Board should
wholly
up
Both describe the
ment
a
proposes
appointees.
"Govern¬
as
the
machinery
In all these respects,
same.
the provisions of the House bill.
hand, both of the Senate Committee's
reports agree that certain sections in the House bill
be
must
that
no
changed.
Board
except
dropping
Treasury—thus
the
the
Secretary
of the
Comptroller of
the
Currency, who would always be the agent of the
Board and not
a
member of it, and the Secretary of
Agriculture, who
such
a
the
than
board
had
never
any more
business
on
Each
Secretary of War.
The Republicans
regarding
bank of
to
for
But the two
them.
the
In
lars.
Each deems the subscription to
regional bank stock by subscribing banks in
proportion of 20
Each places
large.
to be too
cent of their capital
per
a
the
gold requirement in the reserve
provisions against the notes. Both propose more
"careful and satisfactory provisions for the two per
bonds
cent
Government
the
Aldrich-Vreeland
and
both
propose
should be extended beyond the date at
due to
expire—June 30 of next
not
concur
think
that
of these sections,
a
distinct
Act
which it is
fix its
as
to the need of
the two reports do
advantage,
We
because it
and the
cents,
per
notes against
own
proposals differ in their particu¬
of
matter
extending
forward to the end of 1914,
Aldrich-
the
while the Republicans
The Republi¬
limitation at June 30 1915.
new
report also proposes that the reserve against
can
outstanding notes at
any
of the Federal
reserve
shall be increased from 33 1-3 per cent,
House bill, to 45 per cent,
but with
below that ratio
deficiency
reached, after which
no more
cratic bill
In
35
on any
is
cent
per
The Demo¬
reserves
to notes
cent.
per
of the changes
some
banks
in the
notes shall be issued
simply raises the ratio of
from 33 1-3 per cent to
as
tax
a
until 30
until the ratio of reserves is restored.
proposed,
a very
radical
difference exists between the two Senate Committee
One of them is the proposal for the direc¬
reports.
torate of the
regional banks.
the board of such
a
six of them chosen
Federal
the
control the
tually
a
name
proposes
The Repub¬
instead that the
five of these nine
regard this proposal
The very purpose
regional bank
as
most objec¬
of the bill, which is
general system, would be upset by it.
is, therefore,
a
reassuring fact that the Democratic
report opposes any change of that nature.
other
one
regional bank to discount
for another, and in which the pending House
bill says
that five members put of the
board
be
must
seven on
the
concurring in
present and
such legislation, the Senate Committee's Demo¬
any
cratic report
the
On the
hand, in the section empowering the Federal
Reserve Board to order
paper
ac¬
compromise between Government and bank
control of the
It
stands,
Bankers would thus
Board.
committee
We
now
by subscribing banks and three by
regional bank directorates.
directors.
tionable.
As the bill
bank is to include nine members,
Reserve
Senate
Federal
in the method of achieving " them.
fact
that
year.
While, however, thus agreeing
amendments
.
Currency
Emergency
3
plan, the Democratic report would carry it
relatively
purpose.
United States
Federal Reserve Bank to issue its
institutions,
proper
given district be allowed to redeem the
against them; those bonds to be exchanged
one-year
Government
their
a
given annual proportion or amount, the 2 per
a
cents held
and would lead to the creation of some
serve
"lawful
present notes of subscribing banks by assuming, up
be too many,
to
lawful
or
circulation, both plans propose that the Federal re¬
serve
lican
weak
[money",
strike out wholly the
money," making all
the redemption and reserve provisions, in connection
with the notes, a matter of gold alone.
As to the 2
per cents now pledged against the national bank
money".
report concludes that twelve regional banks would
too
regards the notes,"
redeem them in "gold
provision
Each of the reports concludes
Government officers should be members of
National
the
Federal bank may
Vreeland
from
not
Treasury shall redeem them in gold alone, but that
contribution to conservative legislation should be its
careful review,
as
made redeemable in "gold or lawful
are
was
by the House bill, the Democrats propose that the
body whose
a
Again,
placed with the public.
refusing to defer to this demand for careless haste.
That Committee has,
1543
strikes out all this limitation, whereas*
Republican report would require that six members
thus
We
concur.
consider
this
important.
Au¬
presents the alternatives, thus helping to enlighten
discussion.
In the matter of the regional banks,
thority for that board to suspend
for
report increases the powers of the Advisory Council,
instance, the Democratic report proposes eight,
with
branches;
only four.
the
Republican
report
proposes
Both reports cut the ratio of actual sub¬
is struck out
which
we
think is regrettable.
that the
stock from 20 per cent of their capital alone, as
making advances to Federal
the House
bill, to 6
cent of their capital and sur¬
other
purpose."
done
more
might not be sub¬
of it.
scribed by banks, the Republicans would offer the
All
But
while
the
per
subscription only such balance
as
stock to the public in the first place, merely
leaving
measure as
This is
than any
a
reserve
banks and for
things considered, it
currency
of
no
bit of Bryanism, which has
other single thing to
it stands and to confuse
banking and
the declaration
notes to be issued "for the purpose
cent of the capital alone.
Democrats would offer to public
per
plus combined, or say 10
Neither
Both, unfortunately,
measures
scription by individual banks to the regional bank
in
requirements
entirely by the Republicans.
leave in the text of their
new
reserve
bill is
seems
very
mar
the
public discussion
to
us
that the
greatly improved
THE
1544
by the Senate
of railroad
and that the
Committee's labors,
workable
a
are
measure
panies is steadily increasing, as is evident from the
hope that this important task
in
out
may
be
can
vote in the
a
another question.
equally if not
we
amount of their
enormous
portions of which
curity values
policies that have been pursued.
tuate
all sides of the questions
the
general,
arising, and the absence of stubborn prejudice in
in that way,
common
WHO
giving
hearings
the Eastern railroads for
all that is
moderate advance
a
asked) in freight rates in order to partially
for
compensate
the
tremendous
rise
in
timely to
pause
for
a
it
can
say
that the
the chief sufferers from the
come
with the|impair-
earning capacity of the properties,
would
to
refer
fact
the
that
in
New
York
we
State
alone, according to the report of the Banking Depart¬
July 1 1913, there
depositors
seems
moment and consider whether
class of the population
are
a
dragging them all down.
ment of the
ment for
expenses
which has occurred within the last few years,
any
(5% is
those not distinguished
be referred only to
shrinkage in values that has
the petition of
on
as
can
exaggeration to
an
people themselves
when the Inter-State Commerce
well
which is
If it be deemed
BEARS THEM.
as
that they
cause
so
are
widespread, being
so
of the staunchest and best ad¬
case
ministered properties
accen¬
but these losses
pronounced and
so
se¬
In special instances
have served to
may
losses sustained,
manifest in the
considering drastic amendments.
Commission is
enormous
result of the harmful Governmental
as a
of the debaters to present
At the present time,
contemplate the
shrinkage that has been experienced in railroad
inaprudent management
AND
aggregate deposits, large
invested in railroad securities.
are
Then go a step further and
Christmas, is
LOSSES
Consider the
companies and the like.
huge number of depositors in savings banks and the
That will depend on the fairness,
INVESTMENT
By indirect own¬
ownership through savings banks,
thoroughness and sincerity of the debate, the ability
RAILROAD
ownership in the properties
important.
more
mean
life insurance
at least be carried
^Senate before
commerce
The indirect
ership
properly achieved through the present effort
to force
is not confined to direct in¬
highways of
vestments.
is
Whether this end
economically safe and possible.
matter of fact,
a
however, the interest of the general public in these
shape which will make the experiment
a
As
reports of these companies.
for final readjustment, there is some reasonable
go
of the population.
the leading" com¬
The number of shareholders of all
committee to which the House and Senate bills
ence
xcjyii
securities, but the great bulk of the se¬
curities is owned by large masses
substantially
increased.
It is reassuring to find from the Washing¬
ton dispatches a general impression that the Senate
in the opening debate will be inclined to be swayed
in their opinion by the argument on the bill.
When,
indeed, one takes account of the fact that all points
in the controversy are now finally before the public,
and also recalls the frequency with which, in Con¬
gressional legislation, grave defects, remaining after
the vote of both houses, are removed in the confer¬
chances of
[Vol.
CHRONICLE
posits
claim to be exempt
of
were over
three million
(3,119,205), and that the aggregate de¬
these
institutions
$1,724,607,279.
date
that
at
reached
These deposits have to be invested
from the effects of the great
shrinkage in the value
in
of
has
decline in the market value of these securities that
railroad
cause
securities
which
followed
from
the
mentioned and from the generally harsh treat¬
ment to which the rail-carriers have been
subjected.
The railroads of the
come
where, if the margin of net income above
pass
and fixed
be
United States have
able
their
charges is not increased, they will
efficiently
functions
and
satisfactorily
public carriers
as
or
to
in the fact
ment
longer
new
Of
same
age
indirectly.
mand for
and the properties themselves
a
able
averting such
a
many
railroads
improve their income standing.
fortunately, there
think
the
are
railroads,
still
a
and
every
else. It
recognized that the people
'any hardships
steadily less
at them
repre¬
seems not to
own
such
com¬
can
do
these
the railroads and that
or
to which these transportation agencies
upon
a very
large part of it has,
may
be ascribed to it
municipal securities have
as
as a
municipal bonds
consequence
be said to
obligations of
world.
any
their
secure,
single class to
The funded indebtedness
position
$10,000,000,000.
of investment obliga¬
was
being rendered
enhanced the interest return from
securities, and raised the rate of return the rail¬
securities
were
high
borrowings.
grade
or
Whether
merely
indifferent, they depreciated all the
under this
the- people
may
of the decline in* rail¬
These Jatter constitute the largest
the
because
as
they do of railroad mortgage bonds,
roads have to pay on their new
be generally
A few capitalists may hold large blocks
shrinkage has occurred in
The decline in this great mass
Un¬
tions,
'may be subjected will in the end fall
themselves.
in
the
munity itself, and that blows aimed
harm to any one
found
great many persons who
investment
the market value
than $106,397,868.
alone of the steam railroads exceeds
effort of the
sented by them, stand in a class apart from the
no
be
the
sure,.
body of investment
well-meaning people who
policy to antagonize
the invest¬
declined, and the savings banks hold twice
road securities.
ously opposed by
on
be ascribed directly to the shrink¬
To be
have followed
being seri¬
think it good
all
but the decline in
deplorr
on
was no more
in railroad investments
likewise
catastrophe.
Yet the slight concession asked for is
to
not
much of these
The de¬
slight increase in freight rates is made
with the serious purpose of
securities
investments, but
margin of profit to diminish is not airrested, the de¬
heading for inevitable bankruptcy.
of $71,501,584.
sum
purchase price, of the securities held
and what may not
cline in security values which has been the feature of
will be
or
course
railroad
Furthermore, if the tendency of the
recent times will go on
large
that, whereas, the surplus
value,
of the
capital needed for their extension and de¬
velopment.
loss to the institutions
a
was
in the very
$177,899,452, the surplus
was
command suf¬
ficient investment confidence to enable them to raise
the
cause
The proof that such a loss has been endured is seen
a,
perform
to
July 1 1913 there
on
from that
expenses
no
interest-bearing securities, and such has been the
same,
good
and
depreciation the interest return, advanced.
With the investment yield which could be obtained
,
on
railrpad: investments steadily rising from the
causes
•
«
Nov. 29
THE
1913.]
*
CHRONICLE
mentioned, municipalities, in floating their obliga¬
of
tions, had to follow the rising tendency—that is, had
matter.
interest in their bonds, until
to advance the
possible
municipal
good
buy
to
where
prominence was given to statistics bearing upon the
point under consideration .At that time a state¬
ment
grade of railroad bonds appeals to the
such
classes of investors,
companies and other financial institutions,
ance
the rate of return on the former moved
rate
municipal issues
on
would
otherwise it
bound to
was
any
of the
that
tors in these
same.
,
-
.
•
municipal bonds
interest basis of
on an
,
other
more
the market value of the
over
But
came
the
as
which
the
regarded
or
so
damaging.
the
to
properties
%nf£rtain the mistaken notion that the
a
serious
savings banks to maintain
ter
a
certain surplus
solvency beyond peradventure.
existing surplus began
as a
Therefore,'
their
fire insurance
railroad
lost
of
out
current
uted in dividends to the
otherwise
savings hanks
are
endowments
the
current
which
rates
railroad
of return
savings banks
on
accident and
the
Altogether,
companies owned out-,
It
was
also found that certain
of
such
investments
a
$47,468,327 of railroad
little
over
33% of the total
institutions.
of
Combining the
insurance
companies
and
securities held reached $1,464,388; 642;
It
allowed to employ their
are
The
banks, it Was found that the aggregate of railroad
the basis of
the investments in
on
31%
edueatiopal institutions with those of the savings
all mutual institutions, the profits
going entirely to the depositors, and
shares, and
securities, this forming
York
New
case.
and
educational institutions held
depositors, and hence these
the
over
$2,1281,253.
held $48,167,000 more as collateral, making no less
which could be distrib¬
been
have
this forming
of
companies then held $113,702,893 of
bonds
than $845,889,038.
depositors have been receiving considerably less than
wrould
already
right $797,722,038 of railway bonds and stocks and
purpose
appropriations* in
Such
earnings.
turn diminished the amount
assets
aggregate
the three classes of insurance
to restore by degrees the
necessary
portion by making appropriations for the
fire in¬
life insur¬
a
statistics
of the
guaranty, companies held. $15,756,249.
dwindle because of the
to
a
$668,262,896 invested in railroad
and railroad shares,
their
railroad
of
standard
reducing the income of
or
had
to
mat¬
the
and
compilation
of
as
insurance]companies, though it is
The life insurance Companies at the.
the
of
bonds
depreciation in the market value of the securities
held., it became
policy
referred
for the
of prudence and precaution and to insure
invest¬
holdings of the savings
be endangering the value of
may
policy.
ance
time
consequence
V It is necessary
error.
over a
railroad
interest in
public
efficiency
the
pairing
individual^ depositors in these institutions.
But that is
represented by
Other points of contact exist through life
.
surance
shrinkage in the surplus has been of little
owned, this constituting
as
only too true that the public does not realize that im¬
To these harmful policies
road securities have fallen.
Some may
indirect
banks.
indirectly, from
re¬
showed $128,677,191
depositors.
insurance and fire
due the disfavor and ill-repute into which rail¬
are
26% of the deposits
But
Governmental policies pursued and which
proved
of railroad securities
ments is not confined to the
the whole of the loss in surplus
having come,-directly
according to incomplete private
States,
million
shrinkage in municipal bonds
savings banks have sustained must be
as
the wrong
have
surplus has resulted from that
the direct consequence of the shrinkage in
as
railroad securities,
their entire funds out in
The savings bapks in thirty
ports, at the same date (1907)
only
say,
3%%, naturally depreciated, and the large loss in
cause.
In other words,
railroad investments.
better, the municipal bonds previously purchased
by the savings banks
six States at the time.
savings institutions in these|States, and these
in the
could be bought to yield
now
then invested
5,174,718 deposi¬
institutions had one-fifth
As
was
were
^There
5,000,000 persons were interested as depositors
over
Vv
thereupon developed.
showing
$2,177,859,256,
20% of the entire total
over
in railroad securities.
also;
have been found impossible to
A whole train of evils
The aggregate deposits in the six
amounted to
then
States
upward, the
go up
of railroad securities of steam railroads
the savings institutions was no less than
$442,354,086.
as
considerable additional further amounts
place
or
owned by
higher grade of municipal obligations; and when
the
prepared which showed that in the six
chiefly distinguished for their savings deposits
the aggregate
same
savings banks, life insur¬
as
was
States
prevailing income yield on good municipal securities.
The best
Following the^panic of 1907 considerable
it is
decade ago 33^@3%% was the
a
1910. dealtJJquite at length with the
24
Sept.
yielding
now
bonds
1545
would
be
interesting to bring these statistics
funds, the depositors in these institutions ought to
down
be
magnitude of the task and the difficulty in getting
getting 4per
matter of
the whole State that is
a
single
paying
cf the largest institutions
As
in dividends.
annum
fact, there is not
are
over
savings
a
authentic
bank in
years
and
later to the present time, but the
reliable
that the
aggregate amount invested in this way is
compilation from which
crder to make good the impairment of their surplus
prepared.
high
as
and
1
4%, 62
pays
dividends
than
3}^%, 6
State in the matter of shrinkage
and resultant loss to the
very
much larger than it
In
our
we
was
at the time the
have been drawing was
issue of Sept. 24 1910 we brought
figures for the savings banks in the six States
already referred to down to the date of that article.*
as
We
3%%
And the experience of this
pay no more
but 3%.
the
altogether 140 savings banks
in the State, and of these only 71 pay
much,
some
to-day
are
This
3J^%,
necessity of using part of their current earnings in
There
forbids.
can
having had to reduce to that figure, owing to the
accounts.
data
be said with entire confidence, namely
however,
4%,° and
paying only
six
pay
in security values
now
go a
step further and give the results for the
satne
States at the present time.
to be
expected, that the amounts of the railroad in¬
vestments have very
depositors has been dupli¬
at
]>Ye have discussed this subject of the ownership
$641,250,501,
as
as was
greatly increased in the interval
and that the aggregate for the
cated in other States.
We find,
six States to-day stands
against $442,354,086 six years
1
of the railroads before, and in an
article in our issue
ago.
The details for the different States
appear
in
xcvii.
miles,
Macedonia and
Albania
have
been
disproportionately expensive
provinces, and have passed out of Turkey's hands;
but they abound in undeveloped natural wealth and
Massachusetts and New Jersey the ratios run from
are
sure to
be rapidly exploited now that settled
15.96% to 19.61%. The ndinber of depositors, it is
conditions are approaching.
There is to be a new
worth noting in these six-States, now reaches over
seaport somewhere on the European. Coast that will
observed,,
nearly 50% of the deposits are invested in railroad
securities;
in Connecticut., over 38%;
in New
Hampshire, almost 33%, while in New York,
the
'
[Vol.
CHRONICLE
THE
1546
In Maine it will be
following table.
6% millions.
•
State—
Savings Banks. Securs.Owned.
1,689,453,168 269,762,569
Depositors.
New York
3,064,905
NewHamp—
215,885
99,268,065
Connecticut.
606,142
298,512,048
Maine.
233,159
93,505,528
22,933,163
154,589,906
32,537,542
115,272,553
46,154,771
Total!....6,636,343
3,136,297,538
641,250,504
New Jersey-
116,923,632
838,635,097
315,335
Massachus'ts2,200,917
% of
Depos.
15.96
19.61
18.48
32.77
38.64
49.35
20.44
Doubtless the investments of other classes of insti¬
than they
tutions at this date would also be larger
six years ago.
were
will
probably be
Making
rough estimate, it
a
exaggeration to
no
that the
say
aggregate investment of savings institutions, insur¬
companies and educational institutions all over
ance
United
the
States
must
somewhere between
range
$1,750,000,000 and $2,000,000,000. Anything, there¬
fore, that threatens the stability and integrity of this
of railroad securities;
mass
the
to
vital
with
20,000,000 of people, in Asia.
the foremost
rival
RR. (Steam)
Deposits of
No. of
*
.
Turkey, but she still retains 700,000 square
large
mass
interest
in
so
held is of direct
concern
of the public, which has such a
these
What
investments.
folly,
and
foreign
gravitate to the Balkan
capital will
Peninsular, drawn by the vast agricultural and manu¬
facturing
demand
roads
extensive
public works.
built, railways are to be constructed,
to be
are
and the
"Numberless
development
waiting
resources
for
bridges
ports to be made, ships to be found, dams,
and
irrigation works to be engineered, factories to
be run,
machinery to be set going.
work of
a
sure".
This,
European
says
writer in the "Near East" of
a
Turkey.
the
But
In fact, all the
generation to be got through at high pres¬
affected.
Ottoman
It
is
Empire
noticed
that
remain
cannot
ment and business
moratoria
States.
Empire
in the
October
1912
the
external
debt of the
The cost of the
$645,000,000.
was
The Govern¬
refuse to have resort to the
men
into effect in the other belligerent
put
In
war was
neighborhood of $200,000,000, of which
half
than
un¬
few commercial
very
failures have occurred during the year.
became
immediate
an
Turkish credit has not been
more
obligation,
but
The
seriously impaired.
therefore, it would be to deny to the rajlroads the
burden of the
slight increase, in rates which their welfare and that
try of Thrace and Anatolia, but the great provinces
of the
of
general public
imperatively demands.
so
„
,
fell most heavily upon
war
THE REHABILITATION
The Turk is
always been
a
nomad, and is'
a
general law that for
they must
Before all
of
the
him
to
long
so
undisturbed.
tan
as
Anatolia, in
exception to the
Asia Minor.
State,
a
definite
a
high degree, that other
a
religion.
common
world
The
war
while,
The produce of the provinces
mortgage,! and
land,
new
have been put
security for debts and for
of
his
territory
little
means
the seat of his religious headship is
The Sul¬
The
eyes
of the Moslem
final surveys
into
holds
munal
or
real
estate
him
a
of property, its conversion from lease¬
free-holds
and its separation from com¬
because of the prohibition of mortgaging
will
be
released.
that financial credit
and the
Crescent
Constantinople
was
the
resources
War
was
more
He has got
approachable
us
in
is already well advanced.
recent
a
broke
of
report from Consular
Constantinople.
out
happened in
It is
hard
a year.
The
immediately following the
hostilities, October 1912.
Italian
preceded by two
a
And the recuperation of
of the people
Bavendal
termination
It
over
disturbed,
The call of the muezzin five times
to realize how much has
Balkan
again
prosperous seasons,
and the
loss of
Turkey's African possessions merely marked
the end of what had always been a drain upon Turkish
financial
resources.
•
The
war
greater part of her 75,000
and it is
of
has deprived her of the
square
miles of European
a
was
business
Large
It is true
greatly strained by the
some
has beenH so slight,
and
a
commercial
"
is expected.
The direct trade of United States with
1912 amounted to
$26,047,371,
as
$16,706,453 in 1910.
invoices for 1911
and in 1912
cover
wool.
:
Turkey in
against $24,326,530
American consular
$19,929,568 worth of goods,
$22,916,475, of which $10,000,000
tobacco and two millions each of carpets,
is
war
commercial failures
but it is remarkable that the dislocation
revival of wide scope
in 1911 and
will be
areas
basis of credit.
quite possible that
may occur,
but he has not intermitted his
past,
We have before
General
thinking.
ideas, and is henceforth
day has nowhere ceased.
the
little
patient, laborious, persistent, sober, serious-
minded Turk has been set to
in
flies
Under these laws wealth
guild property.
went
gave
extension, of the
powerfully stimulated by the provision * made for
up
against the ,Turk and
the
Individual enterprise will be
right of,.inheritance.
tied
daily habits.
laws
general
a
hold real estate, for the mortgaging of property
his
than
Mean¬
revaluation of all landed property, for corporations
mobilized and become
some new
to
of Asia
inheritance
in force, which provide for
great shock, but did not break his pride, or, in fact,
and the
in
as
Constantinople is still.his.
dominion,
moved
Minor, it is thought, will be quickly restored.
undiverted in their direction toward him.
Adrianople.
farmers,
offsetting the Turkish loss in
a measure
to
of his predecessors.
are
mostly
com¬
than 200,000 refugees
more
Padishah, the "Shadow of God",
a
occupies the Yildiz Palace and worships in the
mosque
and
Macedonia,
He has
country.
an
from
peasant
Mohammedan, proud that
The. loss
earth.
a
State,
things, he is
his chieftan is the
TURKEY.
and be attached to
occupy
bond
essential
OF
a
people to constitute
a
But he has, in
territory.
on
without.
man
the
Kurdistan and Arabia suffered
Armenia,
paratively little,
.
in the Mediterranean,
elsewhere
were
opium and
Macedonia, where the best tobacco is raised,
likely to produce much less than usual for several
years
less
to come.
be
But Turkish production will doubt¬
stimulated
in
has been turned to the
other
provinces.
Attention
raising of cotton.
The total
output for 1912 is estimated at 200,000 bales, the
bulk of it
going to Europe.
fibre and coarse,'
It is still mostly,of short
but with Letter irrigation will be
,
improved and the crop greatly increased.
There are
and American
in silk culture,
urged to do as the
possibilities
large
manufacturers
tobacco
are
American
doing, who have established head¬
are
men
employing 5,000natives,
quarters in Turkey and are
officials, to
under 23 American
and bale
cure, move
1547
CHRONICLE
THE
Nov. 29 1913.]
is
But under our new legislation there
in part.
serve
further American steamships.
great occasion for
In
American ships touched
78
1856
at Constanti¬
nople; to-day the American Flag is never seen on an
American merchant vessel in the Eastern Mediter¬
ranean—to
The air is full of
abiding shame.
our
pro¬
bought for American consumption.
The, jects of public utilities. Great Britain, Germany and
f normal Brusa and Beirut silk crops of $8,500,000 France are already engaged upon them. The Bag¬
should be greatly increased with the introduction of dad railway is to be pushed through by the Germans
to Bassora at the head of the Persian Gulf, and the
:. modern methods.
\
■
tobacco
.
Under the
new
for the finer Macedonian and
of
.
.
American tariff there will be demand
Mesopotamian grades
wool, though the clip is this year much reduced,
owing
market
increase
of
owing to the rapid
men
Angora goats with
There
us.
1,-
are
500,000 of these in this country, -and only 30% of
The carpet and
foreign mohair is used here.
trade
not
with
shows
America
likely to be affected by the
lace
in
industry
The cotton-
war.
assumed significant dimensions
has
and
rug
steady increase and is
less than 6% of the superficial
covers
But it is safe to
speaking, hardly exist.
Turkish exports, which
$135,000,000
Oil is
a
ating oil has
amount to more than
now
dollars and
be
sold.
corn
As
oil above
a
market
China and
$30,000,000
year,
and
is
worth
though
a
cotton
exclusive of
of
There is
million.
the
100 kilos cannot
per
goods, Turkey
India, buying
attention
the
as
and thread,
yarn
manufacturers,
our
sure
than
more
trade hitherto has been small, not
our
than half
12J/£
for
ranks next to
a
long
so
Cotton-seed oil above 173^
kept down.
are
Illumin¬
import froip America.
to be
a
more
rapidly
growing demand for oil engines in moderate size,
as
oil
is
cheap, and they will be needed in both
spiration of the
uses
same
working,
for heating, lighting
Machinery intended for factories
scarce,
admitted
is
free.
Water
is
that well-boring, pumping and
so
specially receptive market for all
a
electric
apparatus.
There is
an
excellent
opening for American small tools and builders' hard¬
ware,
the
as
inferior in
be
European
manufacture
design and quality.
introduced
ravages
of the
gluten and
in
large
of
these
is
Flour will need to
quantities
because
of the
It must contain at least 7% of
war.
an
elasticity of 45%, to be ad¬
mitted to the country.
It should be packed in jute
possess
sacks with cotton
pounds of flour.
lining, each sack to contain 154
White
corn
ing market in the Near East,
meal also has
as
a
promis¬
have cornstarch and
All this suggests
adequate
on
It must,
quickly
are
The Crown
recently said: "We must make
that has been lost.
up
the time
naturally, be made
up
possible, and the simplest method of
as
doing this is to obtain the assistance of those who have
not
remained
the
good fortune to
have been
be
to
you
and
Mahmoud,
Sultan
religious
any
church
the
mosque,
live in' countries which have
Religious
misfortune for too
our
grandfather,
not
behindhand, because they have had
time.
lost
never
racial
long
My
said there
questions
and
questions
time.
a
the
except
ought
the
at
There
synagogue.
We must become'a modern
have the truth.
nation."
We
have the
now
mains to be
open
door to Turkey.
whether America is
seen
to her that which has made our
STATE
A
It
re¬
ready to give
country what it is.
the need of intelligent American
the ground, though the first
facilities
Levant Line is open
for
shipment.
The
American
with regular monthly sailings,
and the Austria-Americana and Cunard
need is of
companies
CONTROL
INSURANCE
OVER
meeting lately
for
held here
RATES.
discussing the
problem of rate-making in fire insurance, and,
ticularly, the
par¬
and degree of State control
manner
thereof, is of present importance because it vitally
concerns
an
institution upon
millions of property
there
is
struggle
a
.very
This
meeting
which at least 52,000
depend for protection; further,
considerable, likeness between the
this
over
and
problem
portation rates.
that,
over
trans¬
./
.\
of
was
pointed from their
own
a
committee " of nine,
ap¬
body at the last annual meet¬
ing of the national organization of commissioners of
insurance,
with
take
to
the
up
subject
representatives
company
committee has yet to prepare
sion to the national
most
itself
glucose.
salesmen
of Turkey
hopefully toward America.
and agriculture, for highways,
works, for docks and dams, for telephone
Turkey offers
of
turned most
Prince
the little light which has kindled
are
fire, and to-day the eyes
ice
irrigation machinery is likely to be much needed.
forms
people, they
for the manufacturer and the merchant.
description
generally
Though they
way
The
and /metal
wood
tramways.
any
These have been the in¬
life of Turkey.
new
kinds of machinery, for mining, flour
railroad and harbor building,
of
million dollars in our
relatively small, in view of the great needs of*
great
a
capital in-;
yet, the only American
as
Turkey is the 6
missionary and the teacher have openeed the
making,"electrical
and water
in
The
.mills,' irrigation,
and
proposed that Americans shall
railway running from Alexandria to Diabe-
is
agricultural and industrial pursuits.
true for many
in its productivity. English¬
harbors of Samsun and
new
missionary institutions.
as
strong local competition, but cotton¬
a
seed, oleo and linseed oils find sale,
-prices
that
say
will be rapidly increased.
year,
chief item of
a
comparatively
industries,
Manufacturing
area.
And it is
kir, though
vested
the
agriculture
build the
to
are
build the
Turkey's mines and forests still lie enexploited and
being
Yalley, and it is not to be forgotten that it vied
Trebizond.
are
is. already
of the Euphrates and the Tigris
with the Nile in the past
rapidly enlarged.
Syria
Jerusalem, by the Ottoman Govern¬
to
The valley
likely to be developed after the fashion of the
are
Nile
a
Line
ment.
Turkish
lessened
winter.
last
quality, but likely to have
United States,
the
in
of
severity
the
to
mohair is of fine
Haifa
definite
Minnesota
several
for
a
submitted
as
a
States.
The
its report for submis¬
this
at
was
by
model for
Its
conference
others.
organization inJDecember.
proposition
completed nothing,
pared and
in
and
a
The
meeting, which
draft of
a
Commissioner
bill
pre¬
Preus
of
possible adoption by the
substance
is
that
it
provides
permanent State board of appeal and arbitra¬
tion, if the latter term
may
be misused
once more.
Anybody with
this
to
grievance
a
After the
shall deem fair and
other
or
public hearing.
the
shall not be
within
rate
by
downward.
Any
take the
prohibition of
no
settlement,
aid
earnest desire to
an
suggested
has
who has been
this subject of late, with evident
on
moderation and
one
exact
of
mination
are
no
life insurance
as
legal solvency, but there is never an
absolute, certainty that fluctuations in
which stretches
average
is
scientific¬
does;
placed in liabilities as a deter¬
such
reserve,
items
certain
latter
the
But
figmentary, for fire insurance admits
not strain
may
of
possibility
the
calculated.
be
might
reserves
ally
rational
a
charge the public and another upon which
to
over
break
or even
rate-making, that is not by
years
As for
a company.
mere
The
a
experience of
of risks furnish
haphazard guessing,
rate
on
some
Emmet
most
justly
They
and
particular class
individual
risk
ourselves
underwriters
know
class.
such
in
paraphrased the
in
this:
exactly how
Mr.
of the
concensus
fact,
"in
do it."
we
their judgment, aided by long practice,
use
they might be said, to employ a sort of undefinable
sixth
or
would
nor
distinct indication of the proper
experienced
don't
we
general aid
one company on a
a
It sometimes fails to foresee and pro¬
sense.
for coming events, but could the
vide
judgment of
In
practice,
must
fair
companies charge
names
profit
selves
reserves
in their
and with varying
should be distinctly understood as really a confla¬
title
reserve
practicable
were
statement
and would be
as
more
and
•
intelligible if that
Take this
customary.
illuminating evidence: at the committee's
meeting the
of
manager
one
British
allow
expenses,
conflagrations,
and also
a
he said, made
company,
forty
its
small
a
here,
years
a
margin
losses
cover
for
small profit.
His
own
profit of four millions in
considering, the constant hazard, but
large,
qualifying
a
for, although only
proportion of the company's business
and
resources,
or,
find
States
or
loss
forced
or
was
small
a
in San
No
net loss of
indications
a
million in its
<<••
■
a
of
proposing
16 States.
still expected
are
as
force
faction,
The
sufficient.
prove
on
a
change either upward
as
has been dissatis¬
upward revision is hardly to be expected.
organization into which the State commissioners
have
is, however,
come
encouraging factor, since
an
it tends to
unifying and clarifying their
well
increasing their influence
to
as
at home.
tures
not
issued
rate-making in
usually permitted, in terms; but
underlying the whole
any
all
meet
to
is conferred by these to
power
change the companies' rates,
downward is
of
warrant that the rates
any
them will
upon
So far
may
have
we
solecism
the
synopsis of statutory provisions
The direction of
on
the
sketched has not been
that held the
may
The
whole.
passed
by the committee
seem
with the drift indicated by existing laws,it
of those laws
some
old and there has been time for
people
seem em
draft above
meeting, and although its terms
be noted that
years
as
the legisla¬
influence is
that
Preus
upon
views
own
upon
quite clear, but the signs concerning it
couraging
are
now
are
several
some
change
It is quite doubtful whether the
they
as
eager
as
were
for
some
statutory downward pressure upon insurance rates,
just
it is doubtful whether the Inter-State Com¬
not misjudge the present
as
Commission does
merce
thought of the country
far
As
;
gathered from the expressions
(or, at least, there is.
for State
a
general de¬
weakening demand)
rate-making, and the disposition among the
Commissioners
.trend
be
can
,
committee's meeting, there is no
at the
mand
as
to fitting freight rates to
as
existing necessities..
seems
to
is
toward
less
radical
the
action;
be'to stop with supervising rate-
making and not to undertake
dictating the rates
Mr, Emmet of,this State is outspoken
saying of strict supervision that "there should be
just
•
"fund" that
some
Commissioner Ekern of Wisconsin has just
in
a
their entire
by
of dictating rates, leaving the
demands, without
urged
formal;
writing
them
time. At present,
a
or
even
underwriters, who
five
;
to the whole people
bodies,
possibly, by
attempting
controlling
Francisco, the great diasaster there in 1906cost it
millions, producing
the entire problem and
or
pass
guaranteeing
acceptability for
themselves.
'total term..
transportation and leaves
underwriting
contracts
possible
which* he deems not
incident must be added:
said
company
that he is in favor of a rate which will
and
same
the States must ultimately erect them
degrees of severity; but the surplus which remains .in public feeling;
gration
is the
Private capital must be allowed
ultimately
or
into
to agree
others, unaided by experience, do better?
liabilities, under varying
in that of
through assumption and operation by Government;
the
the
losses and cannot
on
in this field
alternative
one as
living profit in railways,
burden
would furnish
a
based
are
middle ground.
no
or
than
crucial
immovable
although the classified experience of all companies
no more
this movement and are wisely
decline until those decline.
the law of
long term of
a
because of the Orr Law,
summer,
urging that rates
xcvii.
private capital in fire insurance must be allowed its
to the courts.
Commissioner Emmet of this State,
talking publicly
correction
a
deeming itself aggrieved
company
case
days; the correction
ten
increase, without consent of the
an
writing there, last
have since taken up
Then the company
equitable".
board, but there is
rate
finding,
a
made in the rate as it
organization engaged in rate-making shall
"correct"
may
a
hearing, the board "shall" make
"and shall order such change
complain
rates may
over
board, which shall order
(Vol
CHRONICLE
THE
1548
as
little
possibly get along with;'? he
as we can
in the
suggests that if some way could be found to explain
uninterrupted march of fire waste, the total for this
rate-making to the public and give a just comprehen¬
encouragement
appear
the business of underwriting
country and Canada in the completed ten months of
sion of the difficulties,
this year being $193,389,300, against $191,081,300
and $192,933,800 in the like time of 1912 and
would be in slight
respectively.
the function of so-called
1911,
Yet it is certain that such intoler¬
able destruction must work out its
process'of
irresistible
cure
is
as
the
gration and its constant exposure as such, the super¬
to
own
reduction
cure,
by prevention.
organizing the country
that
in
Missouri
Revelle and other State officers who
surplus, its necessity
is begun in the tardily-arrived but
movement
the
may
only possible safeguard against the blows of confla¬
significant
against
We
public could be made to understand
and the
This movement is
it
add that if the
danger of interference.
companies
when
over;
and
Commissioner
were
they
full of zeal
discontinued
ficial notion that it represents
rates would
and
gradually disappear.
proves
excessive
Inasmuch
as
the
judgment of the people, soberly reached after in¬
formation on and review of a case, is the only appeal
tribunal to be had
on
any
matter, we may assume
Nov. 29
CHRONICLE
THE
1913.]
forced to assume) that railroads are
not expected or desired to render a public service
at a private and individual loss; also that insurance
at really inadequate rates is not desired, for such
(indeed,
we are
and deceiving.
insurance would be unsafe
Publicity,
education in either
out of difficulties.
.
therefore, must lead to
the
only
way
case as
this loss
par,
1549
fairly and reasonably be recouped by col¬
may
lecting the tax on the full amount of the interest payments
made
bonds
on
purchased above
Of
par.
whole, but it will give an unfair advantage
the country as a
individual investors and put others at a correspond¬
to some
ing disadvantage.
Also, if the Act is enforced in this manner,
it will at once add a fictitious and artificial value to bonds
which
be bought below par and make a corresponding
can
reduction in the value of bonds which
ON BONDS PURCHASED
TAX
INCOME
THE
a
can
only be bought at
premium.
i
PAR.
BELOW
this might
course
practical justice as between the Government and
work out
Yours very
truly,
.
w-
>■
correspondent whose letter
The
printed last
we
This time
week, and who made the point that if in the case of
bonds
purchased at
collected
not be
the full amount of the
interest payment
-or
bonds)
the
of
as
November 15, on
this
be set aside to provide for the
at
the
the other hand
for
the
subject, for which
on
bonds
pur¬
must
coupon
us
another letter
gladly make
we
of
converse
of tax—a suggestion
purpose
combatted—has sent
we
issue of
our
the
discount the face of the
a
be increased
which
article in
an
also be true, namely that
may
chased
part
a
premium at the maturity of the
urged in
we
coupon
(owing to the fact that
of the money must
extinction
premium the income tax could
a
on
on
room,
as
issue of the "Chronicle"
to the interest
.
of
was
in regard to
par.
arti¬
your
you say
on
Has it occurred to you,
month
two before
or
ter
or
bond
such
at
would get no
in to-day's arti¬
the deferred income of
he makes
a
man
who buys
intricate calculations.
the
case
as
As
Where the bond is sold
a
on
very
could
people
considerable time before its matur¬
always be figured out by
covered
an
accountant.
inclined to confuse the deferred income
are
prac¬
difficult to get at the deferred income, although
bought below
actual
par,
on a
a
The
inasmuch
owner,
to represent the profit
money
a
bond purchased
discount is not realized until the bond is sold
therefore
and
.absolute necessity
the
of setting
interest with absolute
is
owner
aside
a
under
part
or
the
of the
regularity to provide for the
loss of principal at maturity.
BONDS
1.!
\
.
on a
value of
course
bond bought above
these people
good bond practically
a
par,
represents, not the value of
an
etock, but merely the value of
While,
as
questions, it
above stated, I
seems
to
me
se-
to be paid at maturity
interest in business, like
money
agree
a
well secured.
with
your
views
these
The rough and
practical, although not scientific, argument which will be,
advanced
on
ernment is
on
the side of the Government is, that as
the Gov¬
practically certain to be unable to collect most of
deferred income in the
case
cases
of bonds bought below.
so
as
to show which issues
provisions obliging the companies themselves,
like the newly enacted Federal Income Tax, to as¬
pay
the tax and which issues
visions of that kind.
As
we
are
devoid of
any pro¬
pointed out last week, such
pro¬
visions
have reference merely to taxes which the company
itself is called upon to pay or deduct, and they are
generally
found
on
the face of the
clause must be
bond, though in
some
instances the
sought in the mortgage deed.
We quoted
the language of the Atchison Topeka & Santa Fe General
Mortgage 4s of 1895
on
quite likely that the Government
and the courts may take the opposite view.
contain any
sume or
with
BONDS WHICH ARE NOT
bonds of United States railroads
in
do not realize that the
sure
ARE AND
We continue to-day our analysis and classification of the
»
bbnd
profit and loss caused by the rise in value of the
Of
WHICH
TAX-EXEMPT.
Most
and the apparent loss (which should be
by amortization)
-curities.
the tax
premium,
in that instance is that it
injustice to the
such deferred income.
ity, and changes in the market have occurred, it will be
it
might be
a
„
for the Government to collect the tax
tically
rule
representing the premium has been
money
paid off)
practical matter, it is going to be almost impossible
a
manifest
a
the
a course
actually paid out (the
and
paid for the bond from the
obligor.
same
resulting from the appreciation of
interest to his banker, who immediately turns around
amount he
The
of bonds purchased at
at that time counted as a loss to its full extent.
be made by sup¬
and
This
disappearance of the premium at maturity being
is clearly realizing his
par
profits, and
the full amount of the
applied in the
a
the due date of the bond the holder went
same
higher figure, all the
it with absolute certain¬
at
collects the
a
ty, removing all occasion for circumlocution or resort
he had actually held the
through the empty pretense of selling the bond for
If in
on
to
thereon.
on
such profit.
"deferred income" and gets
ultimately gets the tax
maturity and received payment from the obligor
posing that
a
at 80
profits is subject to the tax.
works
can
Where
years
protection to the Government, too, which
ensures
at 80 and sells it at 98 >6
An absolute reduetio ad absurdum
commerce, or
maturity the bond changes hands
times, each time at
interest also due at maturity.
bond until
salaries,
profit of 18}^ points, and he must
a
objection to such
when it has but three months to run,
from
profit in his return, and the Government
of these
each
income from it when paid at maturity, except
Yet, the
derived
4% bond running for twenty
a
the return of the discount and the payment of the amount of
deferred income just as much as if
•
buys
several
small discount, certainly
years
that
says
dealings in property," &c., &c.
or
the interval before
maturity, at which time it would sell
4% bond running for twenty
Paragraph
explicitly
is entitled to collect its tax upon
/
a,
well.
as
taxable person shall include
a
and income
profits
include that
however, that if this view be taken
time, at such
to be
seems
compensation for personal service of what¬
kind and in whatever form paid, or from pro¬
ever
par
a
gains and profits
fessions, vocations, businesses, trade,
flat, with perhaps a discount of one-quar¬
one-half of one per cent ?
The person who bought the
practically for
on
of Subdivision 2 of the Law
gains,
He
wages or
literally, the tax could be entirely avoided by selling the bond
u
tax
"the net income of
could be collected until such deferred
par
actually collected.
maturity."
the assumption that the Income Tax
on income per se.
It is more than that.
on
intermediate sellers must declare their
*
with everything
bought below
income
you
thought that the tax
never
article in to-day's
discussing the application of the
week
bought above
I entirely agree
bond
a
tax
a
run,
.
the application of the income tax
letter of last week to
my
cle of the previous
tax to bonds
on
.
bonds bought below par, which contains
on
be laboring
appears to
and sells it at 98J^ when it has but three months to
City: \
Dear Sir—I have read with interest your
cle, and
Law is
York, Nov. 22 1913.
Editor Commercial and Financial Chronicle,
New York
two before
or
It is
man
New
copy
month
proceeding
B
correspondent
misapprehension.
a
sales,
follows:
a
tax
a
our
We do not see how the
"could be entirely avoided by selling the bond
under
employed,
this bond
as
are
as
follows:
indicating the phraseology commonly
"Both the principal and interest o
payable without dedu ction for
which the railway company
retain therefrom by any
States
or
of any
State
any
tax or taxes
be required to pay or to
present or future law of the United
or
may
Territory thereof, the railway
pany
hereby agreeing to
come
Tax Law undertakes to collect the tax at the
pay
such tax
or
taxes."
com¬
The In¬
souroe
of
the
income, and
every
meaning the initial
(the word "normal" here
general tax of 1 %
or
the graded or progressive tax which
distinguished from
as
applies only to incomes
large amounts), the companies being obliged to make the
deduction
from coupon or
even
amounts.
This
operation
comes
being the
taxes" which it
The
mortgage
pay or
Division First Mortgage dated
Mortgage
law," &c.
1
all
1883
present in classified
can
we
the
1
tax-exempting
this company
classifying its funded obligations
exempt.
Yours very truly,
;
The
following
*
.
letter
raises
question which
a
have puzzled
may
some
New
other readers:
York, Nov. 24 1913.
William B. Dana Company,
138 Front Street, Manhattan:
Dear Sirs.—We notice upon reading the face of one of the bond certifi¬
Coal, Iron & Railroad General Mortgage 5s that the
agrees to pay any
ment, State Government
tax which may be levied by the
Municipal Government.
or
stances, should not the Company pay any personal tax that New York
City might levy?
If it is not too much trouble, we should be very glad,
Chicago & North Western.
your opinion on this subject.
■
above, the tax covenant
'
the company
in
•
itself is obliged to
pay
it, and it is not such
for
the
Union Pacific and subsidiaries.
/
;;
add to-day fourteen
more
companies,
Pittsburgh.
owner
nant in this
of
The company
tax
a
the bond.
the
'
.
'
;
We have looked
Mortgage 5s, to which
words
same
the
as
or
;
,
New York Ontario & Western.
bond
retain therefrom under or by reason of
•
taxes and
Railway.
/
quired to
Toledo St. Louis & Western.
other
1
'•
Norfolk & Western Railway Co.
'
to retain therefrom."
and
tax is not
bearing date 1879, all of which contain the
He volunteers this-information be¬
remark of last week that the
practice of including
about 20 years ago, follow¬
common
the contract
other
the tax upon
In this
tional.
It had not, of course,
escaped
notice that
our
at earlier dates than 1894 various bonds had
even
appeared
con¬
taining the tax-exempt covenant; and in view of Mr. Mac¬
dowell's letter it
seems
pertinent to recall that during and
immediately succeeding the Civil
laws
frequent.
were
War
period
income tax
Mr. Macdowell's caution about the
necessity of searching the mortgage deeds, where the.
nant is not
expressed
on
the bond,
we
cove¬
have had in mind from
the beginning.
our
This is evident from the opening paragraph
article of last-week, in which, after stating that the
Income Tax law makes all bonds subject to the
tax, we added
that, "the only question in each individual case is whether
the bonds,
the mortgage securing them, has
Mr. Macdowell's letter is as follows:
or
NORFOLK & WESTERN
a
covenant," &c.
RAILWAY COMPANY.
P. 0. Box 958, New York
City.
Dear Sir .—The interesting article
commencing on page 1467 of your issue
Nov.t22d relating to bonds which are and bonds which are
not
as a
mortgage covenant.
as
You
a
feature
can
of
tax-
the
text
hardly have
over¬
looked the fact, yet I think it desirable to note that
in
some mortgages the
appears without inclusion in the text of the bonds.
Reference to the bonds is, therefore, not
necessarily decisive of the question
tax-exempting covenant
exemption.
The article states:
"The practice of including the covenant originated about
twenty
vears
ago, or at least it began to become common about that
be deemed to have had its origin largely, if not
time, and it must
entirely, in the circumstance
that the Tariff BUI of 1894, like the Tariff Bill of
1913.
tax provision.'!
*
\
upon
principal, and
real estate, being levied
upon
It is like
the value of the
same as
the rate
upon
The rate
real estate.
city the rate is over l%%, and if added to the 5%
paid
upon
the bond would make 6%% altogether.
Moreover, the rate varies in the different boroughs, and varies
still
more
widely in different sections of the State.
In
many
parts of the State the tax rate is over 3%, and in such in¬
stances the
companies would have to
pay
5% plus 3%,
or
Not only that, but in some of the re¬
moter parts of the United States a 5% tax rate is not un¬
common, and even higher rates are met with.
As the rate
8%
upon
applies
the loan.
on
the principal, not on the interest, a company
10% for interest and taxes;
would have to pay over
But while the covenant
does not exempt
the
the
owner
so
generally found in bond issues
of the bond from the payment of
personal property tax:, there is, at least in this State, an
easy way
per
Philadelphia, Pa., Nov. 22 1913.
of bonds rather than
income, but a tax
heavier than the income tax.
generally the
any
in which exemption can be obtained.
Under a law
possible upon the payment of a small sum
of this State it is
Editor of the "Commercial and Financial Chronicle
exempt emphasizes the tax-exempting covenant
interest
of the
The personal property
property, not upon the income derived from it.
Tariff Law of
an Income Tax provision,
subsequently declared unconstitu¬
of the question.
hence is many fold
of the tax is
was
out
tax upon
a
owner
Aside from the terms of
itself, practical considerations would render
course
ing the enactment of the Tariff Law of 1894 which,- like the
1913, contained
no
contemplation in drawing covenants like this, and
responsibility for its payment rests with the
bond and not with the company.
an
It has assumed
The personal property tax of the individual
interesting letter, which
we quote herewith,
pointing out that his company is re¬
sponsible for prior lien obligations issued in the early eighties
which
present or future
'
stamp duties "which the corporation may be re¬
pay or
obligation.
is not in
We have received from Vice-President Macdowell of the*
tax-exempt covenant.
any
law, the Corporation hereby agreeing to pay all such tax or taxes or stamp
What the company has here agreed to do is to assume all
St. Louis & San Francisco RR.
one
payable without deduc¬
are
cpunty or municipality thereof, which the, corporation may be required
to pay or to
duties.
Norfolk & Western Railway.
though
reading
cases,
tion for any tax or taxes or stamp duties of the United States, ,or any State
Minneapolis & St. Louis.
the covenant became
cove¬
.Tennessee Coal, Iron & Railroad Co. General Mortgage 5s.,
Nashville Chattanooga & St. Louis.
our
pro¬
correspondent
our
stipulation in other
Both the principal and interest of this
Lehigh Valley RR.
of
the
up
to
assume
' ■W-
follows:
Delaware Lackawanna & Western.
cause
upon
instance; in other words, it is expressed in much
•
Chicago Rock Island & Pacific.
even
is not called
it has stipulated to
as
..
as
one
The personal
refers, and find that there is nothing exceptional in the
Chicago Milwaukee & St. Paul.
Wabash Railroad.
\
visions of the bond certificate of the Tennessee Coal, Iron
& Railroad General
Chicago & Alton RR.
interest.
or
.
viz.:
Texas & Pacific
Co.
property tax is a tax against the individual and is collected
'
from the individual.
Buffalo Rochester &
&
commonly found in
"or to retain therefrom"
pay
making payments of principal
St. Louis Southwestern.
we
so
railroad and other bonds has reference only to taxes which
Rutland Railroad.
foregoing
"'y-'
,
TEFFT
including St. Louis Iron Mtn. & Sou.
Northern Pacific Railway.
To the
indeed, to have
y
Yours very truly,
As stated
New York Central & Hudson River:
of
Federal Govern¬
Under these circum¬
Chicago Burlington & Quincy.
Louisville & Nashville.
of
•
is easily
Baltimore & Ohio.
Missouri Pacific,
of
use
WM. G. MACDOWELL, Vice-President.
y
;
.
Great Northern Railway.
•
Its frequent
tax-exempt or non-tax-
as
Denver & Rio Grande and subsidiaries.
v
the
.
Chicago St. Paul Minneapolis & Omaha.
;
and
covenant,
You will be interested to have the enclosed copies of a circular issued by
cates of the Tennesee
\
Bonds
Western
Improvement and Extension
1882 and its
have
predecessor, the Shenandoah Valley Railroad Company.
companies represented last week (see issue of
Topeka & Santa Fe.
before 1894.
appeared in the First Mortgage, dated 1879 of a still earlier
answered, but which
-
many years
would, therefore, appear to date back as far as 1880.
Company
Atchison
dated
covenant also
to retain there¬
Nov. 22, pages 1467 to 1470) were:
,
tax-exempting covenant appeared
XCVII.
outstanding of this company's predecessor, the Norfolk &
considerably this week the list
companies whose securities
form.
or
LtfOL.
Railroad Co., issued under its General Mortgage dated 1881, its New River
which the company
deduction for any tax
"may be required to
able to extend very
are
of bond
scope
The
now
above quoted, under
from by any present or future
We
of applying the tax, the
process
to pay the interest "without
agrees
or
interest payments of small
directly within the
covenants like that
of
is required to deduct
company
"the amount of the normal tax"
of
CHRONICLE
THE
1550
containedincome
bond ($5 per SI ,000 bond) to be completely freed of all
liability for the tax.
We have reference to what is known as
the Secured Debt Law, passed in July 1911.
Under this
law, which relates to bonds and other obligations secured by
outside the State (and also on unsecured
the principle of the recording tax
appertaining to real estate mortgages on property within the
property located
debt), there is applied
State.
the
Hence all that is necessary in any case is to present
bond to the State Comptroller, pay the equivalent of
y2 of 1% upon the par value of the bond, have a stamp for
the certificate and the bond ceases
that amount affixed to
to be
taxable thereafter as personal property.
payment of Yi of 1%
is required, not
an
Only
a
single
annual payment of
Nov. 29
and the bond enjoys freedom
that amount,
LEHIGH VALLEY RAILROAD CO.
from taxation
Int.
First mortgage extended 4s_,
Consol.
Mtg.lCoup. & reg.
the banking house floating the issue, the broker,
the owner or the purchaser, and the bond thereby be¬
the company,
or
immune from State
comes
and city taxation as personal prop¬
41/2% bond issue of the New York Connect¬
ing RR., the banking houses offering the bonds took occasion
to announce that the recording tax of ^ of 1 % would be
the mortgage tax
Debenture
Wyoming Vail. Coal cons, (now 1st)
12,600.000
26,639.000
May 1 2003
To Feb 1926
11,739.000
To Sept. 1917
2.000,000
Sept.
1 1945
api
July 1 1940
Mar. 1 1957
Oct. 1 1941
May 1 1920
Nov.
1935
Apr.
Jan.
2,000,000
15,000,000
3,000,000
10,000,000
6,000,000
51,000
8,500,000
10,114,000
1,400,000
1 1939
1 1933
Jan.
"33
62
ill
Mar.
——M-S
J-J
4s
Outstand'g.
$5,000,000
10,400.000
1 1948
1 1923
Irredeemable
J-D
Delano Land 1st M. 5s
ROCHESTER & PITTSBURGH RAILWAY.
BUFFALO
Dec.
-_ __
bond free of personal tax under
law of New York State."
June
Equipment trust 4Ms, Series J
___M-S
Lemgh & N. Y. Ry. 1st M. 4s
r-_r__M-S
Leh. Val. Ry. of N. Y. 1st M. 4Ms
-J-J
Lehigh & Lake Erie 1st mtge. 4Ms—-—M-S
Lehigh Valley Term. 1st M. 5s__
„__A-0
Easton 8c Amboy 1st M. 5s
__—M-N
Easton & Nor. 1st M. 4Mb
_-M-N
Pa. & N.Y. Canal&RR. cons. 4s. 4Ms & 5s A-O
Leh. Val. Coal Co. IstM. 5s ($12,000,000) J-J
4s (interest reduced)J-J
The privilege has been availed of to a surprisingly
small extent, though we notice that in bringing out last week
paid, "thereby making the
/Annuity 4Ms & 6s
($40,000,000)
Maturity Date.
J-D
__
4Ms & 6s_—J-D
General consol. mtge. 4s ($150,000,000)—M-N
Collateral trust 4s ($19,000,000)
F-A
erty.
the $11,000,000
with Tax-Exemption Clause.
Issued
this recording tax—
Any one can pay
forever afterward.
1551
CHRONICLE
THE
1913.]
M. 6s J-J
i.
Jan.
1
July
1 1! 17
1
7,500.000
1,082,000
200,000
32
without Reference to Taxes.
Int.
Maturity Date.
Apr. 1 1914
Issued
Outstand'g.
$750,000
1,250,000
200,000
.
Issued with
.
Tax-Exemption Clause.
Elmira Cortl. & Nor. RR.
Int.
Maturity Date. Outstand'g.
-—M-N May 1 1957 $7,312,000
($35.000.000)
Consol. Mtge. 4Hs
Equipment Bonds—
,
4^g Series A Redeem, sinking fund
M-N >.'
_M-N
do
do
4Hs Series B
M-N
do
do
4Hs Series C
M-N
do
do
44$s Series D
....M-N
do
do
4Hs Series E„
do
...fcA-O
do
4^s Series F
do
A-O
do
4s
Series G
Series H (due $125,000 annually)..J-J
Allegheny & West. Ry. 1st 4s($2,500,000).A-0
Clearfield & Mahoning Ry. 1st Mtge. 5s..J-J
Issued without Reference to
Nov. 1 1919
1.273.000
1.951.000
2,007,000
May 1 1922
Apr. 1 1927
Oct.
Jan.
Oct.
Jan.
1 1929
'15-'30
2.000,000
1 1998
2,000,000
650,000
1 1943
Taxes.
Maturity Date. Outstand'g.
$4,427,000
Sept. 1 1937
1,300,000
Feb. 1 192i
3,920,000
D,ec. 1 1922
350,000
Jan. 1 1939
Int.
Ry. 1st Gen.M.5s($10,000,000)M-S
F-A
Consolidated Mortgage 6s
;
J-D
Lincoln Pk. & Charlotte 1st Mtge. 5s—..J-J
.
.
495,000
995,000
1,000,000
961,000
May 1 1919
May 1 1920
May 1 1921
B. R. & P.
Roch. & Pitts. RR. First Mtge. 6s
__
CHICAGO & ALTON RR.
1949
Outstand'g.
$45,350,000
1 1950
June 1 1922
July 1 1932
22,000,000
1,175.000
8,161.000
Maturity Date
Chic. & Alton RR.
(old) ref. M. 3s
(old railway) 3Hs
Debenture 5s__i
1 Equally
Gen. M. 6s ($20,000,000).
J
secured
C. &
eq. assn. certfs., Series C, 4s
First lien
—
-
—
do
do
f
,
do
Oct.
A-O
J-J
fJ-D
1
July
(J-J
M-N
To Nov. 1915
392.000
J-D
To June 1916
565,000
do
Series D. 4s
Trust
do
Series E., 4Hs-.M-N
Series F.. 4Hs__F-A
820,000
137,000
To Nov. 1918
To Feb. 1919
-
506.000
To Oct. 1920
Series G., 5s_
do
do
A-O
__„_A-0
Rutland Toluca & Nor. 1st M. 4s
Oct.
MINNEAPOLIS
Issued with
-
1 1930
225,000
Nov. 1 1934
Feb.
1949
1 1962
6% Gold Notes
F-A
Equipment Trust 5s, Series A
—
A-O
do
do
5s, Series B
A-O
do
do
5s, Series C
M-N
owa Central First Ref. 4s($25,000,000)--M-S
Feb.
1
do
do
Gen'IM. 4^s, 4s& 3^s
Hocking Coal Co. 1st M. 6s
25-year deb. 4s of 1909 ($50,000,000).....J-J
Chic. Mil. & Pug. Sd. 1st 4s ($200,000,000)J-J
Milw. Northern Ry. 1st M. 4Hs
-«
J-D
Issued without Reference
2,155,000
June 1 1934
to Taxes.
'
.
July
July
Wisconsin Valley Div. 1st M. 6s——.J-J
J-J
July 1 1920
Jan. 1 1921
July .1 1921
July 1 1921
Div. 1st M. 5s——J-J
J-J
Chicago & Mo. Riv. Div. 1st M. 5s
—J-J
Fargo & Southern Ry. 1st M. 6s
J-J
Dakota & Gt. Sou. Ry. 1st M. 5s_
J-J
Milw. & Nor. Ry. Cons. M. 4^s
J-D
Ch. Mil. & St. P. Term. M. 5s
J-J
Chic. & Lake Sup.
Wisconsin & Minn. Div. 1st mtge. 5s
\
Issued with
4,587,000
25,340,000
July 1 1926
Jan. 1 1924
Jan. 1 1916
June 1 1934
1,360,000
4,755,000
3,083,000
1,250,000
2,856,000
5,092,000
1 1914
4,748,000
July
RAILROAD CO.
CHICAGO ROCK ISLAND & PACIFIC
Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
M-N
Nov. 1 2002 $71,353,500
V
trust 4s ($75,000,000)—
Collatera
1,829,000
360.000
To Apr. 1919
NASHVILLE
Mar. 1
1951
To Oct.
1920
1 1935
July 1 1932
_J-D
June 1 1927
A-O
J-D
Apr. 1 1921
June 1 1938
Reference to Taxes.
Int.
First Mtge. Fayette & McM. Branches
First Mtge. Lebanon Branch 6s,
Maturity Dale. Outstand'g.
6s_J-J
J-J
First Mtge. Jasper Branch 6s
J-J
First Mtge. Centreviile Branch 6s
J-J
FirstM.Tracy Cy. Br.(due $20,000 ann.)_J-J *
Consol. Mtge. 4s & 5s ($20,000,000)
A-O.
„
ONTARIO
&
-
Jan. 11917
Jan. 1 1917
Jan. 1 1923
Jan. 1 1923
ToJan.1917
Apr. 1 1928
WESTERN
Tax-Exemption
with
Outstand'g.
$950,000
1,382,000
7,650,095
ST. LOUIS RAILWAY.
CHATTANOOGA &
YORK
Int.
Refunding (first) Mtge. 4s
M-S
General Mtge. 4s ($12,000,000)
J-D
Gold Notes 5s (due $200,000 s,-a.)_——J-D
Equip. 4Notes (due $36,000 s.-a.)_—A-0
Equip. 4XA% Notes (due $35,000 s.-a.)___M-S
Equip. 4H% Notes (due $30,000 s.-a.)___M-S
Wharton Valley Ry. 1st Mtge. 5s.—
M-N
•
Clause.
Maturity Date. Outstand'g.
June 1 1992 $20,000,000
June I 1955
8,630,000
To Dec. 1915
800,000
Outstand'g.
$468,000
175,000
900,000
75,000
ToApr. 1920
ToMar.1916
To Mar.1928
Nov. 1
1918
Issued without Reference to Taxes.
Int,
Maturity Date.
Scioto Valley & New Eng. 1st
ST.
LOUIS &
Mtge. 4s_„M-N
SAN
FRANCISCO
$750,000
300,000
371,000
376,000
160,000
8,165,000
RAILWAY.
Issued without Reference to Taxes.
Int.
Maturity Date.
k
—
To May 1919
Jan.
($600,000)—J-J
Issued without
126,000
180,000
6,580,000
192,000
108,000
3,072,000
200,000
.
To Nov.1922
Issued without Reference to Taxes.
Int.
Maturity Date.
$2,500,000
1 1919
1 1920
Chic. & Pac. West. Div. 1st M. 5s____.._J-J
Dubuque Div. 1st mtge. 6s
Outstand'g.
Maturity Date.
Int.
.
La Crosse & Dav. Div. 1st M. 5s.„——J-J
f
12,410,000
2,982,000
3,000,000
1914
To Oct. 1920-
A-O
Mtgs. 4s—J-J
^
Maturity Date
Outstand'g.
May 1 1989 $87,791,000
June 1 1932
48,850,000
28,050,000
July 11934
Jan. 1 1949
27,175,000
($150,000,000)-J-J
Convertible debenture 4>^s ($50,000,000)-J-D
Series B
Outstand'g.
$5,282,000
Mar. 1
M-N
Equipment Trust Series A__
Des Moines & Fort Dodge 1st
Issued
Tax-Exemption Clause.
Int.
Tax-Exemption Clause.
Int.
Maturity Date.
Mtge. 5s
M-N
First & Ref. Mtge. 4s ($13,244,000)--- —-M-S
Ref. & Exten. Mtge. 5s ($75,000,000)- — Q-F
NEW
'
LOUIS RAILROAD COMPANY.
ST.
with
First Consol.
CHICAGO MILWAUKEE & ST.PAUL RAILWAY CO.
V
&
Issued
Apr. 1 1914
Nov. 1 1942
A-O
—M-N
5s—
—
RR. IstM. 5s—
Minneap. & St. Louis 1st Mtge. 7s
Pacific Extension 1st Mtge. 6s
Iowa Central 1st Mtge. 5s
Issued with Tax-Exemption Clause.
*
First mortgage
Middlesex Valley
1st pref. M. 6s—A-O
Outstand'g.
$5,000,000
Nov. 1 1989
RAILROAD.
Issued with Tax-Exemption Clause.
.
•„
Int.
Maturity Date. Outstand'g.
Refunding Mortgage 4s
J-J
July 1 1951 $68,557,000
69,524,000
General Lien 15-20-year 5s
..M-N
May 1 1927
28,582,930
N. O. Tex. & Mex. Div. 1st M. 4^s & 5s_M-S
Mar. 1 1940
2,880,000
Ozark & Cherokee Central 1st Mtge. 5s
A-O
Oct. 1 1913
So. Mo. & Ark. RR. 1st Mtge. 5s,_—
4.500
_J-J
July 1 1939
2,250,000
Two-year 5% secured notes.
—J-D
June 1 1913
2,600,000
Two-year 6% secured notes._t
,_M-S
Sept.T 1914
8,402,500
C.&E.I. Pref. Stk. Tr. Ctf. 6s (Red. 150)
Q-J
July 1 1942
13,761,000
do
Com. Stk. Tr. Ctf. 4s (Red. 100).J-J
July 1 1942
1,713,400
do
Com. Stk. Tr. Ctf. 10s (Red. 250)J-J
July 1 1942
15,000,000
K. C. Ft. Scott & M. Pf. Stk. Tr. Ctf. 4s__Q-J
Oct. 1 1921
•
•
—
—
,
CHICAGO ROCK ISLAND & PACIFIC
,
,
Issued with
RAILWAY CO.
Tax-Exemption Clause.
Maturity Date.
Int.
First and refund. 4s ($163.000,000)
i
General mortgage 4s ($100.000,000)
Gold bonds of 1902, 4s, due yearly
A-O
Apr. 1 1934
-J-J
Jan. 11988
M-N To May 1918
Twenty-year debenture 5s
,_
J-J 15 Jan. 15 1932n
Equipment notes—
4H% Series C (due $265,000 s.-ann.)—A-O
To Oct. 1919
4H% Ser. D (due $225,000 s.-ann.)
M-N To May 1925
5% Ser. E (due $5,000 s.-annj
J-J
To Jan. 1921
4H% Ser. F (due $12,000 s.-ann.)
F-A To Aug. 1926
4M% Ser. G (due $170,000 s.-ann.)—J-J
5% Ser. H (due $441,000 annually) ____ J-J
4\i% notes of 1907 (due$325,000 s.-an.) F-A
Rock Tsland Improvement Co.—•
Equipment 4Ms. Ser. A ($225,000 s.-a.)_J-J
Equipment 4Ms, Ser. B ($280,000 s.-a.)_M-N
Choc. Okla. & Gulf gen. (now 1st) M. 5s—J-J
Consolidated mortgage 5sT
M-N
Outstand'g.
$99,936,000
61,581,000
7,470.000
20.000,000
75,000
312.000
4,760,000
4,410.000
2,275.000
To July 1927
To July 1923
To Feb. 1917
^
675.000
To Jan. 1915
To Nov. 1915
Oct.. 11919
.
May 1 1952
'
1,120,000
5,500,000
5,411,000
3,525,000
155,000
Jan.
1 1949
Little Rock Bridge Co. 1st M. 6s
July
1 1919
1934
11.000,000
1 1941
10,000,000
J-J
___J-J
M.4Ms($30,000,000).M-S
Short Line 1st M. 4Ms
St.
P.
K.
&
C.
($30.000.000)
F-A
—
Issued without Reference
•
'
«.
Mar. 1
_
Feb.
to Taxes.
Int.
Outstand'g.
Maturity Date.
J-J
Chic. R. I. & Pac. 1st mtge. 6s_^
Bur. Cedar Rap. & Nor. cons. 1st M.
5s
Ced. Rap. Ia. Falls & N. W. 1st M. 5s
Minneapolis & St. Louis 1st mtge. 7s
Rock 1st. & Peoria cons. 1st M. 6s
A-O
A-O
J-D
Keokuk & Des Moines Ry. 1st M. 5s
A-O
J-J
Equip. Ctfs. Ser. O 6s (due $33,000 or $34000 M. s.-a.)
J-J15
Equipment N otes—•
Series P 5s (due $133M or $134 M.s.-a.)_A-0
Series Q 5s (due $72M or $73M s.-a.)._.F-A
Series R 5s (due $5,000 s.-a.)......
J-D
Series S 5s (due $74,000 s.-a,).
A-O
Kansas City Ft. Scott & Memphis Ry.—•
Ref. Mtge. 4s ($60,000,000)
A-O
K nsas & Missouri RR. 1st Mtge. 5s...F-A
Kan. Cy. Ft. S. & Mem. RR. Consol. 6s__M-N
Current River RR. 1st Mtge. 5s_,
A-O
K. C. & Mem. Ry. & Bridge 1st 5s
A-O
Eq. 4M% Notes Ser. A(due$65,000s-a).J-J«'
do
AVi % Notes Ser. B(due$85,000s-a.)F-A
K. C. Mem. & Birm. Gen: 4s ($4,500.000)-M-S
Income 5 non-cumulative
Sept.
do
Interest guaranteed
M-S
Birm. Belt Ry. 1st Mtge. 4s__
A-O
Ft. Worth & Rio Gr. Ry. 1st Mtge. 4s____J-J
Bonds and Notes of Other Cos. Guaranteed—
Kan. City Clinton & Spr. Ry. 1st M. 5s
A-O
Kan. City Terminal Ry. IstM. 4s (jt. obi.)J-J
New Orl. Term. Ry. 1st M. 4s (joint obi.)_J-J
Birmingham Term. Co. 1st M. 4s (jt. obl.)M-S
— —
3,180,000
5.175.000
Choc. & Mem. 1st M. 5s—
R. I. Ark.&Lou. 1st
Equipment Notes—
Series G 4Ms (due $154,000 s.-a.)
A-O
Series I 5s (due various amounts s.-a.)__J-J
Series K 5s (due $18,000 s.-a.)
M-S
Series L 5s (due various amounts s.-a.)..F-A
SeriesN 5s (due $65,000 s.-a.)_._._
J-J
July 1 1917 $12,500,000
11,000,000
Apr. 1 1934
1,905.000
Oct. 1 1921
•
June 1 1927
July
Oct.
1 1925
1 1923
„
_
150.000
Rock Island-Frisco Term. 1st M. 5s
450,000
Frisco Construe. Co. equip, tr. 5s, ser.
do
do
equip, tr. 5s, series B
2.750,000
_
J-J
To Apr. 1916
To Mar. 1917
770,000
979,000
123,000
To Aug. 1917
To July 1916
1,988,000
390,000
.
To Jan.1917
To Jan. 15'18
304,000
'
ToOct.1919
To Aug. 1920
To Dec. 1920
ToOct.1923
1,590,000
1,015,000
70,000
1,480,000
Oct. 11936
Aug. 1 1922
May 1 1928
Oct. 1 1927
Oct. 1 1929
To Jan. 1915
To Aug.1915
Mar. 1 1934
Mar. 1 1934
25,835,000
390,000
13,736,000
1,606,000
3,000,000
195,000
340,000
3,323,390
293,780
5,629,500
1,000,000
2,923,000
Mar. 1
1934
Oct.
1 1922
July
1 1928
Oct.
Jan.
July
Mar.
1 1925
11960
1 1953
I 1957
Jan.
11927
3,274,000
30,094,000
1
14,000,000
1,940,000
3,390,000
2,513.000
A__M-S To Sept. 1917
M-S15 To Sept 15 '22 2,025,000
Issued without
DELAWARE LACKAWANNA & WESTERN RR. CO.
Issued with Tax-Exemption Clause.
Int.
Morris & Essex cons. M. 7s
First ref. M. 3Ms
($25,000,000)-J-D
($35.000,000)
J-D
N. Y. Lack. & West. 1st M. 6s
Construction mortgage 5s
.
J-J
F-A
!_.M-N
Oswego & Syr. constr. M. 5s ($1,000,000)-M-N
Warren RR. first ref. 3Ms ($2,000,000)
F-A
Third mortgage terminal impt. 4s
Issued without Refeernce
to
Int.
Maturity Date. Outstand'g.
June 1 1915 $11,677,000
Dec. 1 2000
17,594,000
Jan. 1 1921
12,000,000
"
Aug. 1
May°l
May 1
Aug. 1
1923
1923
1923
2000
Taxes.
Maturity Sate.
M-N
Morris & Essex first mortgage 7s___
May 1 1914
,__M-N
J-J
Jan. 1 1930
Bangor 8c Portland Ry. 1st 6s __
L*JJ-J
J-J
Jan. 1 1932
Second mortgage 6s
______J-J
J-J
Jan. 1 1936
Third mortgage 0s
____J-J
J-D
May 1 1946
N. Y, & Hob. Ferry Co, general 5s—
J-D
M-N
Hoboken Ferry Co. 1st consol. 5s
J__M-N
May 1 1946
N. Y. & N. J. Ferry Co. consol. 5s.
J-J
___,
_
5,000,000
5,000.000
668,000
1,394,000
Outstand'g.
$5,000.000
150.000
100.000
70,000
3,300.000
4,100,000
400,000
Reference to Taxes.
Int.
Maturity Date. Outstand'g.
St. L. & S. F. RR. consol. mtge. 4s
J-J
July 1 1996
$1,558,000
Central Division first mtge. 4s
A-O
145,000
April 1 1929
Southwestern Division first mtge. 5s
A-O
Oct. 11947
829,000
Northwestern Division 1st mtge. 4s
A-O
April 1 1930
47,000
Muskogee City Bridge Co. 1st M. 5s—_J-J
July 1 1942
100,000
St. L. Mem. & S. E. 1st mtge. 4s
J-J
Jan. 1 1952
365,000
Pemiscott RR. 1st mtge. 6s__
A-O
Oct. 1 1914
54,000
Kennett & Osceola RR. 1st mtge. 6s
J-D
65,000
April 19 1917
St. L. & S. F. Ry. Mo. & W. Div.1st M. 6s F-A
Aug. 1 1919
89,000
Coll. trust mtge. 6s of 1880_.___
^__F-A
Aug. 1 1920
189,000
Coll. trust mtge. 5s of 1887
A-O
Oct. 1 1987
439,000
General mortgage 5s and 6s
9,484,000
J-J
July 1 1931
St. L. Wichita & West. 1st M. 6s___
M-S
304,000
Sept. 1 1919
Deafults.—The defaults to and Including Nov. 1 1913 were:
June 1 1913,
2-year 5% collateral notes (principal and interest) ; July 1 1913, dividends
and interest on C. & E. 111. stock trust rcetificates; Sept. 1 1913, New Orl.
Sex.
& &Mexico
Div.Central
4Hb and
andop
2-year
collateral
notes;
Oct.
11913,1<
zark
Cherokee
5s,5sdue
that 6%
date,
except ou
bonds
assenting
to
plan.
1552
THE
NORFOLK
WESTERN RAILWAY.
&
Issued with
EirstConsol. Mtge. 4s ($62,500,000)
Sept. 1 1938
4s (due $200,000 annually)
Apr. 1915
Nov.1915
Dec. 1915
Feb. 1916
May 1916
ToJunel916
To July 1916
To Aug. 1916
To Dec. 1917
To Mar.1917
To Apr. 1917
To Junel917
May 1 1931
Apr. 1 1932
Feb. 1 1934
Jan. 1 1922
Dec. 1 1941
July 1 1960
A-O
M-N
J-D
F-A
_M-N
Series H 4s (due $100,000 annually)
J-D
Series J 4s (due $100,000 annually)_---J-J
Series K 4s (due $100,000 annually)
F-A
Series L 4s (due $100,000 annually).---J-D
Series M 4s (due $100,000 annually)
M-S
Series N 4s (due $100,000 annually)..—A-0
Series O 4s (due $100,000 annually)
J-D
N. & W. RR. Gen. Mtge. 6s.
M-N
New River Div. First Mtge. 6s_^.
__A-0
Impt. & Exten. Mtge. 6s
__F-A
Colum. Connec; & Term. 1st Mtge. 5s
J-J
Pocahontas Joint Mtge. 4s ($20,000,000) _-.J-D
Winston-Salem South Bound 1st M. 4s—J-J
.
_
1910, and in the
300,000
300,000
300,000
400,000
400,000
400,000
7,283,000
2,000,000
the
kee
do
ser.
June 1 2000 $24,992,975
Dec. 1 2000 *24,663,161
AA, 5s (due $155,OOOs-a)J-D
series BB, 5s (due $30,000 s-a)_ J-D
do
Equip. Ass'n bonds 4Hs and 5s.:_.
.__Var.
F-A
Weath. M. W. & No. 1st M. 5s, guar
Denison & Pac. Suburban 1st 5s
1 1931
1,240,000
510,000
To Aug. 1920
'Aug. 1 1930
780,000
Mar. 1 1930
100,000
& Southern 4s.
U
Int.
Prior lien M.
3y2s ($10.000,000)--——-J-J
Equipment trust 4Hs
;
Issued with
M-S
—
WABASH
6.480.000
Aug. 1 1917
To Sept. 1916
5,047.000
300,000
J-J
July
J-J
Jan.
;__M-S
A-0
_M-N
Issued without
-
i
•
>
,
.
.
1 1941
1
Jan.
I 1928
were
not
paid.
"
A
to
14,000,000
2,943.000
1,600.000
100.000
1939
produce less.
well
as
moderate
a
ported in
Apples
a
given
Mid-Western
are
$1,500,
or
renting for $10
giving the
same
time
per
month,
are
not to be had.
item appeared in the "Outlook,"
an
to "bear"
his
that his wise
of plasterers
the
market.
own
Sooner
some
was
such figure.
Recently
ment as to conditions in
said,
was
unskilled
unionized.
labor
a
trades unionist made
Butte, Montana, where all labor, he
Wages
were
naively,
the circumstances, Butte will be
ten
the
satisfactory, he said,
being paid three dollars and
The cost of living, he added
settlers
states
a
as
over
was very
high.
attractive to
even
day.
per
Under
intending
Australia, where the population increased only
thousand in ten years.
With an area nearly equal to
as
United
Ireland.
States,
But
as we
itfe population
with
compares
Coming nearer home, let
Here is
cities* and
vexing.
no
us
trades union
factory
of
know, it is the perfect flower of the idea
of short hours and the minimum wage.
Iowa.
that
or
It is almost
even
domination; there
problems
not
The farm land under cultivation decreased from 1900 to
1910
from 34,574,337 acres to 33,930,688
about
The improved land in farms decreased from
29,897,522
to
29,491,199
acres, or
or over
to
$2,801,973,929,
120%, and in the meantime the population had
actu¬
ally decreased.
figures were shown by a railway or manufacturing
corporation, it would be claimed that the country was being
dividends
on
watered stock.
Lest it be thought that these values accrued
through greater
service to the community, more "intensive
let
us
farming," &c.,
take the figures of production, which are
given for the
dis-^
think
is
consumer
materials for his
bee culture.
later, too, the great problem of distribution must
^
a
reproach to
scandal to"
are a
reputation for keen,
our
com¬
Not less,so is the proposition that it pays the
sense.
workingman to limit his efforts
or his hours, with the idea
"making work" for himself and his trade, white
that he-is
his brother workmen
pay
are
poorly
cessities of life.
'
uncomfortably housed
or
extravagant prices for their clothing and the other
are
'
members
one
of another,
And the eye cannot say unto
thee;
nor
or
ne¬
the hand, I have
no
need of
again the head to the feet, I have
no
need of
you;
And
with it:
"
:
.
whether
one
or one
.
member suffer, all
the rpembers suffer
member be honored, all the members
joice with it."
re¬
1
JOSEPH D. HOLMES.
ROBERT FLEMING'S
REPLY
TO
PRESIDENT
ABOUT LATIN-AMERICAN
The London "Times" of Nov.
WILSON
INVESTMENTS.
14 contained
a
letter from
Robert
If such
pay
so
to
quantity for the sake
only re-act when the
2%.
'
compelled to
But for the farmer
acres
about 1 y2%, but the value of the farms
(land alone) increased from $1,256,751,980
the periodical "glut" that is
sources or
co¬
each individual, crop,
on
''
are
farming community.
An
analysis of the Census figures shows the following conditions:
or
can
alnalyzing and
proper
or
civilization,
mon
large
are no
at
or
"Iter.we
a
acres,
A
bearing
high-watermark in the cities—these things
our
-
;
unsalable
be taken systematically in hand.
Apples rotting on the
ground in Minnesota and Michigan, potatoes rotting in the
ground in Dakota and Maine, while retail prices remain at
take the. great central State of
corporation
strictly
'
were
daily supply
of food.
A Governmental bureau could find a better
field,
for its activities here than in
sending out tracts on soils,
fertilizers
as
as
is to produce less
course
higher price
about five dollars
average wages
day, but it
ex¬
a
multiplying of farm literature, magazines, weeklies
special publications has put this phase of the question
plainly before the farm producers.
The farmer is not going
explained that, owing to irregularity of
employment, they could only count on 150 days per year, or
per
A smaller amount of cotton
as
The
driven to seek other
At about the
of
even
of culture
expense
and
ing people.
that homes costing from $1,200 to
of the
one
the farmer better
pays
owing to "over-production," and cabbages
wholesale a year ago in New York.
of
says
really
brings in
couraging to the producer.
a
'
larger/return in money.
said to have been refused as freight in Minnesota,
town, complains of the lack of housing facilities for the work¬
He
It
one.
year
will do much to prevent
THE SPIRAL STAIRCASE
clergyman, writing to the "Survey'* from
Wiscon¬
A full crop of potatoes, of wheat, or
ordinating of the facts,
-•
has pointed out
paper
cotton, does not repay the labor and
42.000
87.000
1,854.000
133,000
200,000
or
the praise of
won
'
leading agricultural
dangers of this situation.
1,717,000
1 1939
July
Jan.
Railroad Commission that has
a
A
3,923.909
3,000.000
3,173,000
5,000,000
Defaults.—Up to and Including Dec. 1 1913: First Ref. & Exten. 4s (the
Jan. 1912 coupons were purchased); May 1913 coupons on Three-year 4)4
%
notes
enough wool
inhabitants.
own
nation.
May 1 1939 $33,900,000
Feb.
raise
not
Roosevelt.,
But their industries languish, their farm¬
ing population decreases, and they can compare poorly with
the manufacturing East in the
development of their resources
and in keeping
production abreast with the growth of the
Outstand'g.
$40,600,000
ToJulyl9l6
To Oct.1914
May 1 1942
J-J
Kan. City Excel. Spr. & No. RR. 1st 4s__J-J
•
1 1956
1 1954
Mar. 1 1921
May 1 1914
To Dec.1914
M-N
F-A
J-J
and swine from 2,014,000
does
Mr.
,
Reference to Taxes.
Int.
Maturity Date. Outstand'g.
Wabash RR. First Mtge. 5s.
Second Mortgage 5s.
Detroit & Chic. Exten. 1st Mtge. 5s
Des Moines Div.,1st Mtge. 4s
sin has
-
,
Mar. 1 1941,
Oct. 1 1941
May 1 1913
Three-year 414% Notes.
Equipment Bonds—
Sinking fund 5s.
...
M-S
Series A 5s (last installment)
M-N
Series B 4)4s (two installments)
J-D
Series C 4Hs ($309,000 semi-ann.).—..J-J
Loco. Eqxiip. Notes 5s (two installm'ts)
A-0
Colum. & St. Louis RR. 1st Mtge. 4s
M-N
■
.J"-'*
Tax-Exemption Clause.
•
Int.
Maturity Date
First Ref. & Exten. Mtge. 4s.
First Lien Terminal 4s
1
Toledo & Chicago Div. 1st Mtge. 4s_
Omaha Division 1st Mtge. 3)^s
Wisconsin
bery, monopoly and the evils of watered securities.
•
Aug. 1 1917
RAILROAD
increase, while nine¬
actual decrease in the Census
These conditions are
typical.
Iowa is the home of the
"Iowa idea," and has led in the
agitation against tariff rob¬
Maturity Date. Outstand g.
July 1 1925
$9,550,000
April 1 1950
6,500.000
First mortgage 4s
A-0
Coll. tp. 4s, Series A.
(Secured by/F-A
Coii. tr. 2-4s, Series B___..J_/C.&A. stk.\F-A
out of the 264,800
an
from 1,675,000 to 929,000
1,809,000.
pork to supply her
TOLEDO ST. LOUIS & WESTERN RR.
Issued with Tax-Exemption Clause.
,
to
Vv
^
counties show
years
§87,000
♦All except $960,000 have been exchanged for 65% in St. Louis Iron Mt.
;
\
be shown for Wisconsin, notwithstand¬
period,
varying from 4-10 of 1% to 7.8%.
The figures are not at
hand for cereals, but Wisconsin is
not a grain-raising State;
but sheep decreased in number on the farms
during the ten
4,970,000
To June 1917
To June 1922
M-S
absorbing 88,500
teen
Jan.
can
ing the benevolent activities of its University. • The growth
population of only 12.8%, against 21 % for the continental
United States, has been almost entirely in the cities; Milwau¬
5,000,000
Mar.
$69,693,000, against $43,765,000 for
as
reported in the 1900 Census.
in
.
Equip, bonds,
same
Similar figures
5,000,000
600,000
18,284,000
J-J
not included in
the table for the
same
earlier, being given
Issued with Tax-Exemption Clause'
•
v
Int.
Maturity Date. Outstand g
First consol. (now first) mortgage 5s...__J-D
are
up
period from 9,723,791 to 7,545,853,
while the value of the smaller
number exceeded that of the
TEXAS & PACIFIC RAILWAY.
Second mortgage income 5s
Louisiana Div. branch lines 1st M. 5s
Cattle
looking
table the number of swine in Iowa had
same
decreased in the
300,000
,
reports decreased
whole United States, it is found that the number of cattle
in Iowa decreased from
5,367,630 in 1900 to 4,448,006 in
400,000
200,000
200,000
To
To
To
To
To
$100,000 annually)
4s (due $100,000 annually)
Series F 4s (due $100,000 annually).
Series G 4s (due $100,000 annually)
acreage
xcvii.
Cereals decreased 11.1%, and
"other grains and seeds"
87%.
...
Series E
Crops with
7.3%.
or
this comparative
table, but on
3,575,000
690,000
14,101,000
June 1 1932
Sept. 1 1932
Equipment Trust Certificates—
Series D 4s (due
1,610,452 bushels,
Outstand'g.
Oct.
July 1 1 1996
1944 $40,400,500
23,000,000
A-0
[Vol.
1899 and 1909.
years
Tax-Exemption Clause.
Int.
Maturity Date.
iv. 1st Lien & Gen. M. 4s(J35.000,000)_-J-J
Convertible 10-25-year 4s
J-D
Convertible 10-20-year 4s
M-S
Convertible 10-25-year 4 J^s
M-S
Series C
CHRONICLE
Fleming, in which the latter deals with the charges
made by President Wilson in his recent Panama Canal
speech,
alleging that foreign investors have in the past driven very
hard bargains with Latin-American States in the matter of
loans.
Mr.
Fleming speaks with
a
full
knowledge of the
facts and undertakes to show that the President erred in his
statements.
The letter is
as
follows:
11
Nov
29
1553
CHRONICLE
THE
1913.]
Dartmouth College, etc.;
of
"Times":
amazement the report in the American papers just
received of the speech of the President of the United States delivered
before the Southern Commercial Congress dealing with Latin America,
Mexico and the Panama Canal.
He says (I quote from the New York
Professor
1913):
Canal) that is just about
to be opened, while we physically cut two continents asunder, we spiritually
unite tnem.
It is a spiritual union which we seek.
"You hear of concessions to foreign capitalists in Latin America.
You
do not hear of concessions to foreign capitalists in the United States.
They
are not granted concessions.
They are invited to make investments. The
work is ours
thornh they are welcome to invest in it.
Ye do not ask
them to supplv tie capital and do the work.
It is an invitation, not a
privilege- and'Sta es tiiat are obliged, because their territory d< e; not lie
become effective on
To the Editor of the
Sir.—I have read with
''Commercial and Financial Chronicle" of Nov. 1
route (the Panama
"I believe that by the new
.
of modern enterprise and action, to grant <on -essions
conditon.
that foreign interests are apt to domna.e their'
affairs—a, condition of affairs always dangerous ana apt to
become intole able
"What these States are going to seek is an emancipation from the sub¬
ordination uhi h h s b ;en inevitable to foreign enterprise, and an assertion
within the main fie d
in
are
this
domestic
the roads also had
three experts, who entered into
the Commission
before
a
explanation of the character of the proposed in¬
and indicated the manner in which the advance would
detailed
crease
various kinds of traffic without disturb¬
preferential conditions, these
ing existing differentials or
ex¬
C. C. McCain, Chairman of the Trunk Line
Association, who outlined the basic elements of the 5% in¬
perts being
the Central Freight Associa¬
increase for the territory
Buffalo, extending to the Mississippi, and R./H.
E. Morris, Chairman of
crease;
tion, who worked out the 5% rate
of
west
Large, General Coal Freight
Agent of the Pennsylvania RR.,
_
of the splendid character which, in spite of these difficulties, they have
again and again been able to demonstrate.
'
"The dignity
the courage, the self-possession, the respect of the LatinAmerican States* tacir achievements in the face of all these adverse circum¬
stances. deserve no hing but the admiration and applause of the world.
*
"They have had h; rder bargains driven with them in the matter of loans
than any ot he- people in the world.
Interest has been exacted of them
that was not exacted of anybody, because the risk was said to be greater, and
then securities were taken that destroyed the risks.
An admirable arrange¬
ment for those who were forcing the terms.
"I rejoice in nothing so much as in the prospect that they will now be
emancipated from these conditions, and we ought to be the first to take
part in assisting in that emancipation."
'
'
Those at all acquainted with the growth of the chief public works now
Latin-American countries lying south of the United States
enjoyed by the
is totally unjustified.
know that this, characterization
or
municipal franchise, in the United States.
Act of Congress, or
an
They know that a
Act of Parliament with ourselves?,
concession is in Its nature the same as an
The
concessions ever given by Mexico weie to the Mexican Central
both American companies, in
two greatest
Railroad and the Mexican National Railway,
much American money has been lost,
which, both in Boston and New York,
but
and
docks,
ways,
essential
one
concessions
obtained
Usually
are
after
payment
South America but have been
'
Taking these in the mass, the return on the Investment has been most
moderate, certainly not greatly more than the United States has paid
example is that of the greatest cities of North and South America.
York
New
its 4H%
recently, issued
City
Mexico itself, before the revolution, refunded
refers, where security
Dr. Wilson is
a
of high principle, but in
man
colossal strength of the United States is
hardly on this earth.
are
grappling with the present
„
out of which are built the comforts of
treated, Mr. McCain expressed the
were
by the carriers pending the outcome of the
a
For very many years
modern life.
Give free play to the Internationa1
interests, and the "spiritual union" the President seeks will in
time follow.
would
produce about $40,000,000 or $50,000,000
tional
gross revenues.
FLEMING.
Commission
the
before
on
with the increase in
freight rates of 5%:
and
immediate
"The
FREIGHT RATES.
In accordance with
Commission
on
an
Nov,
<
the railroads east of the
Mississippi River and north of the Ohio and Potomac rivers
were had before the Commission this week.
The hearings
ment
In
represented
to
until
taken
a
asked for by
Dec.
This week's proceedings
10.
virtual reopening of the arguments presented
the Commission in
1910, when
increase of 10%
an
was
At that time the Commis¬
proved their conten¬
the Eastern carriers.
sion concluded that the roads had not
tions for higher rates,
but decided that the question might
be re-argued if future developments
railroads
in
section
the
public demands, and.to which the publio is
the necessity for the increase in rates, Mr.
to prove
Willard stated that
the
duripg the past three
earned in the year
"These
or
at the rate of $200,000,000 per year.
warranted it.
affected—the
Louis D. Brandeis
sented
Ohio
Arguments
was
on
by Daniel Willard,
RR.
and
present in the interest of the
behalf of the roads
President of
Chairman of
the
were pre¬
the Baltimore &
vestment
Frederick A.
of the Wabash RR.;
for the
Railroad
Committee
of
the
of
George
Baltimore
the
New
York
Traffic Manager of
RR.;
M.
&
President;
Receiver and
George S. Patterson, General Solicitor
Pennsylvania
sylvania;
Delano,
C. M.
Bunting of
the
Penn¬
Vice-President of
Wishart,
Statistician
Shriver, Second
Ohio;
W.
C.
Central;
W.
C.
Maxwell,
General
earnings,
as return
large additional expenditure
was
made."
the Pennsylvania; New York Central
their property in¬
While their combined
$422,537,000.
over
able
were
gross
$8,573,507 less in 1913 than in 1910, notwithstanding
was
the
expenditure of $422,000,000 for betterments,additional
equipment, &c.
"In brief," said Mr.
Willard, "it appears that the new capital invested In
railroads in official classification territory during the last three year- has
had
little
less
or
no
net,
return;
after
in fact, these properties generally are actually
paying
operating
expenses
and
taxes, than
they
earning at the beginning of the period, and before the $600,000,000
been
Mr.
stant
spent."
Willard continued:
tendency
toward
"The result, as might
diminishing
net
be expected, of this con¬
returns,
has
been
to
seriously
check, if not altogether stop, the normal development of railroad facilities
in
the
territory
it
certain
to
meet
affected.
necessary
$2,000,000,000.
fhat
the
an
an
to
During
the
increase their
average
of about
ten-year
fulfil
as
railroads
it is
requirements of the future.
these
to
these
$200,000,000 per annum, and
"While the carriers fully recognize and
to
period
investment approximately
property
equal if not greater amount per annum will be necessary
the public, and are alive to the
such
the Wabash, Dr. Frank Haigh Dixon,
gross
earnings increased $109,000,000, the. net operating income
found
Presidents;
less from
Baltimore & Ohio systems increased
were
terri¬
return whatever upon the new capital
even
In this three years
earning
same
earn any
to show before this
earned
by representatives of shippers in the
ending June 30 1910.
the original property investment, than they
upon
and
these railroads
revenues,
companies," said Mr. Willard, "apparently not
only failed to
Fifty-two
official classification
operating
ending June 30 1913 less by $16,311,321
invested, but saved
territory—were represented at the hearing, which was also
Commission.
the railroads
years
territory affected had spent in property investment
$600,000,000,
attended
tory.
if they
presenting the main facts upon which the railroads will
rely
days, and with their close on Tuesday an adjourn-
was,
How
is,
necessary
properly entitled"?
than for the year
preliminary hearings on the 5%
freight rate advance asked for by
lasted two
capital
provide the needed facilities, and furnish the high-class
to
service which the
order of the Inter-State Commerce
8,
question
all-important
had increased faster than
■
■
railroads east of
Mississippi and north of the Ohio are seeking to solve
Nevertheless,* because of the fact that operating expenses
THE APPLICATION FOR HIGHER
THE HEARINGS ON
addi¬
Monday, and in the following
forth the problem which the
set
sentence
some
Crosby Square, E. O., Nov. 13.
on
Willard, President of the Baltimore <fc Ohio, made the
on behalf of the railroads in opening the case
Mr.
Yours truly,
ROBERT
8
rates.
first address
in
t.
'
decision of the
During the presentation of his testimony Mr. Butterfield
also stated that the railroads estimated that the 5% increase
are
.,
web of amity among the nations."
material
were
Mr. Butter-
inter-State
in
increase
the
regarding
Commission
referring to the "white sails of commerce fluttering on every sea and weav¬
ing
belief that they
advanced 5%, regardless of the statutes.
\
Germany and England.
displaced the sailing vessel, Mr. Gladstone
before steam had
recall
can
As to how State rates limited by State statute
5% rate.
shall these railroads obtain the new
they must be supplied mainly by the United States,
I
their local rates,
State, but that the carriers had adjusted
being directed by one whose feet
countries neither have the money nor the materials
The La.tin-American
McCain
majority of the rate increases filed were inter-*
a
adding that import and export rates were included in the
the spirit that animates him, I feel that the
words which give the key to
tariffs filed
of the
which
to
as
proposed increase in State rates, Mr.
a
stated that
knowledge, and when I read the quoted
situation ideals must be tempered by
Clements
Commissioner
carried
the
*
heavy loss to the European investor.
n
As to the bonds
Republics, to which it may be the President
given, it was in most cases disregarded, resulting
was
Tuesday's hearing, when, in response to an inquiry of
its 5% bonds at 96 %;
its debt into 4% bonds, which
issued in New York, London and Amsterdam at 94%.
of certain Central American
This information was imparted
import and export rates.
to
at
bonds at a fraction over par:
Buenos Aires about the same time issued in London
were
con¬
templated 5 % increase to intra-State rates.
It was likewise
announced that it is proposed to make the advance applicable
for sim¬
governmental securities, perhaps the fair¬
As to the prices paid for
operation of the
mission, had voluntarily suspended the
asserting that the rates have all been voluntarily suspended
The number of
period.
disastrous to the invest >r is legion.
est recent
it furthermore be¬
pending the action of the Com¬
field, counsel for the New York Central, added to this by
concessions that have provided facilities to
ilar work.
known that the roads,
came
and they
prescribed
the
for, if granted, is to become applica¬
to inter-State traffic;
as
only after much debate with
provision that the whole enterprise reverts to the G >vern-
a
without
ment
well
as
all
the local authorities, who are no mean hands at making a bargain,
usually contain
that the advance asked
ble to intra
been liberally provided almost
European capital.
by
These
tram¬
electric-light companies, and others, which
during the past three or Tour decades have
entirely
with the
so
of modern civilization—railways,
parts
companies,
gas
It is
of immense service to Mexico.
have proved
which
thousand
analyzed the effect of the proposed increases on coal,
coke and iron traffic.
Through these experts it was learned
who
obligations
acknowledge their obligations to
responsibilities
so
unless the financial
inspire the confidence
of
private
imposed, they
are
helpless
result of their bperation is
capital and encourage the
support of private enterprise, and the result of operation during the last
three years is not such as to
inspire the
one or encourage
the other.":
"*
CHRONICLE
THE
1554
[Vol.
xcvii.
"
1
1
"
be urged that
setting forth the conditions which have produced the present .railroad
In
sation Acts
at the expense pf the carriers, and in
the
various other respects."
1910 wage payments
in
^£r. Willard called attention to the fact that since
on
•4>y the railroads affected had greatly increased—-largely as a result of media¬
tion n^d arbitration prpceedlnger—and that the award just announced
Jhy tb® arbitrators would give the conductors and trainmen $6,000,000 per
additional.
mvniim
*
■
23.07%, indicating that the
nnnuxn.
The railroads affected paid $54,494,171 in the shape of taxes for 1913,
this being $11,579,187 more than for 1910.
The three larger railroad sys-
The Net
1903.
tem's margin of safety.
period of at least ten years
1910,
1913.
2.91%
1.99%
does not earn the
years, taken
1
2H%'.
way it is
8.18% in 1910, with
for the
up
years
stock which
in the past,
in 1910,
Mr. Willard concluded
answer
tlie
to the
were
capital necessary
other investment of the
grade.
principally
on
>
income (plus interest on funded debt)
was
in 1903, 8.98%;
total capital obligations.
of stock to total capital obligations of the
in 1913
Between
expenses
For the
C. M.
due
1910
and
1913—Revenues
and
Expenses.
over
1910, but
as
increased $54,492,139 and taxes $4,079,779, there
increase of $207,186,919 in the Property Investment account.
6.16 mills to 6.06 mills, and the average revenue per passenger per
mile Increased from 1.815 cents to 1.825 cents: the net result of the two
being*
the 1913 traffic, equivalent to a decreased revenue of $3,828,569.
on
admitting that the decline in freight revenue per ton mile
due to
a
Even
be partly
may
change in the character of the traffic handled, the loss in revenue
of $3,828,569
remains
an
actual fact.
The increase in expenditure is equally
actual fact, both in dollars and when worked out as cost per traffic unit.
an
The following table shows that per million traffic units (ton miles plus
passenger
He contended that the
miles) the receipts were $48 68 less and the expenses were $417 34
The
more.
result is the profits are less by more than
$500 per million
traffic units, and the Pennsylvania System handled 47,463,335,288 traffic
measure
units in 1913.
territory, and calls for
J
,
Per Million
'
'
Traffic Units.
Inc..( + )
substantial increase in rates."
very
was
Railroad Co. and
The average revenue per ton per mile decreased in this three-year period
road, spoke for the railroads west of Pittsburgh and Buffalo
a
on
decrease in the net operating income of $11,485,511, notwithstanding
from
transportation facilities."
Delano, Receiver of the Wabash Rail¬
of the reasonableness of rates in that
Comparison
an
Mr. Frederick A.
Mississippi River.
participate
Making the adjustment for this, the
to the issue of stock by the Pennsylvania
operating
was a
If rates formerly in
"whole situation" in the Middle West "is the fair
issued during the fiscal year, hut which did not
The operating revenues of 1913 increased $47,057,640
the
Commerce and industry cannot afford to wait
and east of the
years.
conversions of bonds into stock.
to obtain
effect have become insufficient, then higher rates should be
permitted.
decrease of over one-fifth in ten
Pennsylvania System from 43.89% in 1910 to 50.02%
was
same
a
Ratio of Stock to Total Capital Obligations.
to be found in these words of
the report of the Commission in 1910, which he had already
quoted: "We should allow such rates which will yield to
this capital as large a return as it could have obtained from
new
funded debt)
on
average for the ten years 1903 to 1912 of 7.44%.
1913, being
The increase in the percentage
the only
by saying that he thought that the
question of how the railroads
an
8.54%, and in 1913, 7.12%
continue to look to private capital and private enterprise for
transportation reqpirep«?its, ?r be compelled finally to accept
alternative possible."
conver¬
ended June 30, the total capital obligations include capital
was
net corporate
decided—will mark an
onr
In view, how¬
The net corporate income (plus interest
in the dividend within such years.
epoch, because it will, in effect, very largely determine whether we shall,
as
corporate income has
there have been considerable
It should be noted also, in this connection, that as these figures are made
"The problem jn a broad and true sense affects all interests, and the outr-
particular case-—whichever
capital obligations.
It has felled to 6.88% in
"Ip ylew pf alj this, those responsible for the management of these
properties would not be justified in continuing large expenditures of new
capital for additional facilities and equipment, even if such capital were
available at reasonable rates Of interest..
of this
"the net
capital stock to 9.64%.
years
funded debt) per cent, of total capital obligations was 8.74% in 1903,
on
ho return whatever, and during the whole ten-year
period under consideration has earned approximately but
•
Capital Obligations.
periods between the net corporate income (plus interest
and the total
three
.
sions of bonds into stock, thereby necessarily reducing the rate earned on
the stock, it will be of interest to see the percentage relation for these
invested in "other enterprises of similar kind or char¬
has earned
on
the fact that in recent
ever, of
acter.
come
1903.
3.71%
been reduced from 14.07% on the
resulted in such Steadily diminishing net returns that money invested
in .these railroads, because pf the low average rates prevailing in so-called
have
whoie,
6.39%
capital obligations*
total capital obligations of the Pennsylvania System June 30 1913,
$1,231,138,848, show an increase of 65.87% over the amount outstanding
Belgium, Denmark,
"Asa matter of fact money so invested during the last
'
1913.
■
10.40%
of total
Return
been recognized by rate
official clarification territory, and for other reasons,
follows:
5.67%
follows:
■
June 30 1903, and during that same period
''Tendencies which have been operating over a
were as
1913.
The
Russia* Austria, Hungary and other countries.
as a
as
1910.
12.55%
Per cent
purchasing power
for $ number of years past, has had the effect of diminishing still
COSt of operations, has been world-wide, and has
This has declined
1903.
farther the burden pf the rate to the shipper, while at the same time in¬
creasing the burden of "the carriers.
This influence, reflected in the higher
advances recently made fa England, Italy, Switzerland,
•
Per cent of total
operating revenues:
continued Mr. Willard,
"In addition to the actual reduction in rates,"
outstanding)
1910.
6.63%
The annual surplus after payment of Interest and dividends is the Sys¬
public, added Mr. Willard, demands to-day a higher standard of
ever beflfope—all of which is reflected in the cost of operation.
Further, tbp fright rates ** effect in 1910 have pot in the aggregate been
maintained, but are In fact lower now than they were then.
as money
'
5.62%
The
s&he return
Dividends.
,
prices or adjust their charges in
"the continuous decline in the value, that is to say, the
14.07% in
cent of Capital Stock wae
per
The dividends paid (pear cent of all stock
unlike all others, have
service than
pf paoiaey
Corporate Income
1903, 13.17% in 1910 and 9.04% in 1913, or a drop of nearly one-third
between 1913 and 1903 and of over one-quarter between 1913 and 1910.
paid in taxes $31,216,000 In 1913, this being $7,854,000 more than
fur 1910.
"In short, the railroads have felt the burden of the increased cost of
not beep permitted so faf to raise their
recognition of that burden.
development is intensive rather than extensive.
Net Corporate Income.
tems
living, like all other enterprises or individuals, but,
■++:. ■._rX
Mileage.
^
The miles of first main tr?ck owned have increased, 1903 to 1913, only
3.92%, while the miles of all tracks owned have increased in the same period
•
than $4,000,000 per
been to increase the expenses of these carriers more
"
11
full-crew laws alone has
The effect of the so-called
restoration to the Property Investment of all amounts expended for
income, show that
downward tendency in the percentage Return on Property exists
practically the same degree, for, calculated on this basis, the return
Property Investment in 1903 was 6.66%, as against 4.78% hi 1913.
a
Additions and Betterments and charged to surplus or
or In whole
by the elimination of grade crossings, either in
,
and
liability and compen¬
lative enactments, suchas extra-crew laws, employers'
accounting methods, the figures
of this change in
on account
are not on a
comparative basis, yet, when put upon a comparative basis
practically the same rate of decline is shown.
An examination of the records of the Pennsylvania System back to 1887,
the business
of the carriers has been, and Is being, steadily increased by increases in
capital charges; increases in wages, in taxes, by burdens imposed by legis¬
situation, Mr. Willard pointed put that "the post of conducting
19.10.
Pennsylvania Railroad System, East and West,
Total
Bunting submitted the following remarks and state¬
Operating Revenues
.1913.
-^.$8,106 46
Dec. (—)
$8,057 78
—$48 68
Operating Expenses:
Maintenance of Way and Structures....
1,029 04
1,132 48
+103 44
Maintenance of Equipment.
1,406 65
1,537 44
+130 79
interest and operated as a part of the Pennsylvania System, East and West,
Transportation and Traffic
3,028 79
+191 35
but do not include certain roads which
General
2,837 44
198 30
201 18
+2 88
223 76
212 64
—11 12
ment:
.
■
These statements cover all railroad corporations controlled, affiliated in
the
Pennsylvania
Railroad system has
are
not
some
a
part of the system, though
Outside
stock interest therein.
The capital obligations in the statement include only those owned by the
public or by other companies outside the system, and the
reason for the
•
Net Operating
exclusion of inter-corporate system ownerships, dividends on stock and in
Taxes..
tier est
Hire of
on
funded debt and other receipts and
with is a desire to deal with the
payments in connection there¬
question from the viewpoint of the rela¬
tions between the railroad and the public and avoid duplication.
investment, the entire amount for each company in the sys¬
been included, as this total represents investment in the plant de¬
voted to public use.
In this way, the comparison of net operating income
with property investment, and net corporate income with capital stock
outstanding, is a true reflection of actual facts from such viewpoint.
Return
on
Property Investment.
equipment.
The return
tendency since 1903 and
and
a
1913 there has been
$530,750,073
the book value of the investment in
on
property
an
a declining
Thus, between 1903
increase in property investment account of
and an increase in net operating income of $11,860,533,
only 2.23% on the increased property investment.
years
road
investment shows
steady decline since 1910.
1910 and 1913 there
Investment and
a
or
Indeed, between the
increase of $207,186,919 in the Property
decrease in the net operating income of $11,485,511.
In
was an
other words, the Pennsylvania system was $11,485,511 short of
ceiving one cent additional return
centage of return
on
7.41%, and the
average
on
its enlarged investment.
property investment in 1903
for the ten
years
was
1903
to
even
re¬
The per¬
+417 34
1,945 25
—466 02
321 28
22 96
1,601 01
+51 32
—4.07
—513 27
$36,000,000 during the
period 1910 to 1913, approximately $15,000,000 of which is due to increased
rates
of pay,
and this is distributed' throughout all accounts, and is re¬
sponsible for a portion of the increase in the Maintenance of Way and
Structurees; and Maintenance of Equipment expenses; In addition large
expenditures had to be made in these accounts for more substantial and
higher standard of roadbed all through, i. e., more
ties', installation of tie plates, deeper ballasting to take care of the heavier
equipment and extension of and more modern interlocking.
Of the increase of
$14,774,549 in maintenance of equipment expenses in
1913 over 1910, $11,521,179 was due to repairs to
221
was
equipment and $1,110,-
due to renewals and depreciation.
There has also been an increase in the average number of tons per loaded
car
of 1.02 tons, and an
increase in the average daily mileage of freight
(System East) from 25.80 to
27.35
cars
per car.
Transportation expenses are affected to
a
greater degree than Other
departments of expense by increases in wages, and they also
have the
added burden of the cost of hours of service law, the cost of extra-crew laws
was
and increased cost of fuel.
have been kept down by the increased lading per car, the increase in the
out of
This account, however, does not in¬
expenditures of this character made prior to 19Q7. and which in the
ot the Pennsylvania system amounted to $203,501.337.
On the other hand, transportation expenses
train load and the decrease in the number of pounds of
1913 included all expenditures for additions and betterments made
....
6,112 53
269 96
27 03
2,11428
was
In compliance with the accounting regulations of the Inter-State Com¬
case
Equipment, Rents, etc
Operating Income..
5,695 19
2,411 27
1912, inclusive,
merce Commission, the property investment account for the years 1910 to
surplus subsequent to July 1 1907.
.....
...—
.............
-r
7.49%; ihl910 it
6.81%, while in 1913 it had fallen to 5.48%.
clude
Expenses.
Revenue—
heavier equipment, the
•
The first and one of the most important features is the Property Invest¬
ment account, which represents
and
Net
------
The amount of wages paid has increased about
In property
tem has
Operations,.
Total Operating
While it may
fuejper thousand
ion miles, most: of which, except possibly the latter, has been made possible
through, the additional outlay represented
in
Property Investment account.
1903.
1910.
1913.
Tops per loaded car ndle
21-14
Train load (tont)———
...436.32
bounds of fuel consumed per 1,000 traffic ton,miles_765 ' *
34.09
25.71
523221
582.00
732
'
727
between 1910 and 1913, and there
mile of first main track, per mile of all
all tracks, as well as an increase in the ratio to
and a still greater increase in the ratio to net oper¬
increased $4,079,779 as
Taxes have
has been an
1555
CHRONICLE
THE
1913.]
Nov. 29
FINANCIAL AND LEGISLATIVE NEWS.
BANKING,
increase in taxes per
tracks, per mile of
piain
operating revenue,
total
shares, of which 41 shares were sold at the Stock Exchange
auction.
The transactions in trust company
ating revenue.
compared with 1910 of
The result
the increase in expenses, which is
and 22 shares at
increase in operating revenue, is a decline of $11,485,511 in
net operating income in 1913, notwithstanding an increase of $207,186,919
In the Property Investment account for the same period
Summing up the operations, we have, comparing 1913 with 1910, an
increase in tonnage, but a decrease in the average revenue per ton per mile,
an increase
in operating revenues of 14.03%, an increase of 23.13% in
greater than the
of 36.53% in taxes and a decrease of 13.13%
income, with an increase of 17.56% in the Property Invest¬
operating expenses, an increase
in net
operating
ment account.
\
»
.
•
stocks reach
,
Low. High. Close.
Last previous
340
340
340
Sept. 1913—
Commerce, Nat. Bank of— 170
173
173
Nov. 1913—
Manhattan Co., Bank of —315
315
315
Oct. 1913—
Metropolis, Bank of
300
300
300
Nov. 1913—•
Park Bank, National
353
353
353
Feb. 1913—
BANKS—New York.
Shares.
12 City
*35
*3
...
Comparison, 1913 with 1910.
*3
Per Cent.
Bank, National
$207,186,919
47,057,640
54,492,139
Inc. 17.56
Inc. 14.03
Inc. 23.13
Operating revenues
——Inc.
4,079,779
Inc. 36.53
.
Operating expenses
Taxes
Net
—
-
operating income
11,485,511
Dec. 13.13
———Inc. 6,090,583,461
Inc. 14.72
——Dec.
-
.
Traffic units
1903-1913 the total capital obligations have increased
56% and the property investment account has increased 62%, as against a
23% increase in the mileage of all tracks owned, showing that the Property
Investment per mile has considerably increased.
The increase in the
Property Investment account per mile is due to many things: larger and more
expensive terminals and stations for both passenger and freight; elimination
of curves, grades and crossings; heavier and improved bridges/rails, ties,
-
168
321
345
370
,
-
497
130
475)4 475)4 475)4 April 1913—
130
130
130
Aug. 1912—
Co
5 Brooklyn Trust
12 Nassau Trust Co
370
Mar. 1912— 1132
1050
Co
1050
1050
TRUST COMPANIES—Brooklyn.
8 United States Trust
i
sale.
York.
TRUST COMPANY—New
Inc.
Inc.
Inc.
investment
Property
last week's sale price,
small lots being sold at 173.
some
>
National Bank of Com¬
total of 25 shares.
a
stock advanced five points over
merce
10
Amount.
public sales of bank stocks this week aggregate 63
The
♦Sold at the Stock Exchange.
,
,,—
During the period
signals, interlocking, &c., and generally a more substantial
roadbed to carry the heavier equipment, which is shown by
in the total
tractive power of locomotives, amounting to
wen
as
by the substitution of steel for wooden cars.
1913 the tons carried one mile have
and
1910
between
As
the increase
80% as between
in total capacity of freight cars of 62%,
1903 and 1913, and the increase
as
standard of
increased
carried one mile increased
16.62%; the total freight and passenger units carried one
6,436,789,223, or 14.52%, and the passengers
653,794,238, or
6,090,583,461, or 14.72%.
mile have increased
Even if the total freight revenue^
been greater by 5%,
:
;
,
the return from operations upon the Property Invest¬
6.42%—or only about 1% greater than the percent¬
actually realized.
The return from operations even
additional—would still have been nearly $14,000,000
necessary
to give the same return upon
then—including 5%
short of the amount
the property as that earned in 1910
7.41%.
—namely
ministration currency bill, as
sentatives,
the divided Senate
The Glass bill was pre¬
sented without any recommendation by Chairman' Owen,
whose separate report embodied the views of himself and
five other Democrats of the Senate*- while the views of the
Banking and Currency Committee.
Republicans and Senator Hitchcock; Democrat, Were
five
Speaking
on
the House bill provides for twelve regional banks,.
the Democratic Senate bill eight and the Hitchcock-Republi¬
bill for
can
and
behalf of the New York Central, W. C.
since June 30
added $159,000,000 to the property which it de¬
public use. 'Mr. Wishart added:
1910 had
"The whole system had
in the year just closed $3,284,730
less net cor¬
The dividends declared in 1913 were over
$4,000,000 less than in 1910, notwithstanding the increase oP $49,000,000
in the gross operating revenues.
In other words, since June 30 1910 there
has been added to the property investment about $1,000,000 a week,
while the net corporate income in 1913 was less by about; $63,000 a week
than in 1910, indicating that expansion of business has caused a net loss to
the stockholders.
The year 1913 shows a large increase in operating
revenues,
18.76% over 1910, but operating expenses increased 23.59%
and taxes 32.28%, leaving*the operating income only 4.91% greater than it
was in 1910.
This latter increase was more than absorbed by the large
porate income
than in 1910.
deductions' from income and by higher fixed
income was 7.52% less than in 1910.
Taxes have grown at a rate greater than either revenues or operating
expenses.
In 1913 taxes required an amount equal to 64.5% of the total
dividend
In
disbursements.",
"
•
on
is aligned.
In
response
since
the 1913 income of the Baltimore & Ohio,
Shriver stated that "revenues decreased by reason
currency legislation was
At
this
conference it
Christmas recess, and,
the Senate shall
sit night and day until final action on the bill is secured. The
following is the resolution under which this agreement was
O'Gorman, that there shall be no
furthermore, that beginning next Monday
made:
.
-
.
.
that* beginning on the
first day of December 1913 the Senate should meet at 10 o'clock a. m., and
should sit until 6 p. m.;recess until 8 p. m., and sit until 11 p. m. each day
until the currency bill be voted on, and that no Christmas recess be taken
Resolved, That it is the sense of this conference
Day unless the currency bill be passed prior
except for Christmas
Wednesday until to-day
While the Senate adjourned from
(Saturday), the Democrats of the Senate have continued their
conference, as agreed under a second resolution passed on
of
and taxes,
$6,467,000; in¬
bill is sooner
after the adjourn¬
unless the con¬
terminated.
■> About one-third of the bill, as reported
by Senator Owen
Resolved, That the conference reconvene immediately
ment of the Senate
and continue during the rest of this week
sideration of the banking and currency
ence
interest charge at 5% on
increased
the road,
expense
$56,000,000, $2,800,000, or
of $9,267,000."
The surplus of
after
$1,906,000.
Mr. Shriver testified, was in 1910 $4,773,000,
paying interest and dividends, and in 1913 was
Mr. Maxwell, General Traffic Manager of the Wabash,
testified
as
to the financial
condition and results of operation
of the line in the Central Freight
between
Association Territory—those
Pittsburgh and Buffalo—his statistics relating to 38
railroads with 31,937 miles of
all the roads in the Central
line.
According to his evidence,
Freight Association territory, while
showing in 1913 a gross increase in operating revenues
of
$78,000,000 more than for 1910, nevertheless, after paying
operating expenses and taxes, suffered a loss of $12,000,000
in
This result, he said, was due to an in¬
ratio of operating expenses and taxes to gross
operating income.
crease
in the
between 1910 and 1913 from
as
ing
72% to
78.2%.j
This show¬
made despite the fact that large sums of new capital
invested in additions and betterments.
Besides the
was
were
loss in net
revenues
for the year ended June 30 1913, as com¬
pared with 1910, the figures for these same 38 roads for the
three months of July, August and September 1913 show a
decrease in net
operating earnings of $6,937,353, or approxi¬
mately 20%.
Protests
on
on
Thanksgiving Day, which
was
at the confer¬
attended by only
about one-half of the Democrats of the Senate.
chief acts of the conference
on
One of the
that day was th'e approval
of
plan for regional banks owned and controlled by the na¬
the
tional
banks,
as
provided in the House and Owen bills.
Yesterday the conference instructed the Banking and Cur¬
Committee of the Senate to write into the pending bill
rency
a
clause for the guarantee
also decided
Board
to forbid any
holding office
bank for two
on
or
in
of bank deposits. The conference
.
member of the Federal Reserve
being connected with any
any way
years after he has
retired from membership
the board.
Besides the defection of Senator Hitchcock from the Demo¬
cratic ranks,
himself to
Senator Lane of Oregon has refused to bind
caucus
action.
Mr. Lane thinks that fundament¬
ally both the Owen and Hitchcock bills
are wrong,
because
they give too great concessions to bankers, although he
proves
of
some
ap¬
of the features of the two; he has decided,
therefore, to hold himself free to vote for
any
amendment
offered in the Senate which he favors.
The present
day, when the
session of Congress will terminate next]Monnew
sion, which opened
Congress will
on
convene.
The extra^ses-
April 7, has thus continued uninter¬
ruptedly into the regular session, despite the efforts^which
against the increased rates
the 24th inst.
thereto,
December.
being from the 24th until the 26th of
the adjournment
including $4,000,000 for increase in wages,
total
call
held oh Wednesday morning.
on motion of Senator
and the five other Democrats, was gone over
a
a
decided,
was
reduction in rates, $900,000; total added expenses
crease
to
Tuesday by Senator Kern, a Democratic conference
Wednesday, as below:
.
indicating the effect which the changed conditions
1910 have had
Mr.
the subject
Senator Hitchcock spokC Otit behalf
on
expenditures classed as 'other
charges, so that the net corporate
on
on
opened by Senator Owen on Monday,
the following day
on
Debate
four regional banks.
Senate was
the
in
of those with whom he
♦ •
Wishart, statistician, stated that his system
voted to
As indicated
portrayed in the report filed by the latter.
issued
1
submitted to the Senate last Saturday,
was
together with the two drafts prepared by
last week,
of the Pennsylvania System in 1913 had
ment would have been
age
Following the previously announced procedure, the Ad¬
passed by the House of Repre¬
,,
on
were
formally filed
behalf of the Pittsburgh Coal Co. and
the New Pittsburgh Coal
Co. of Pittsburgh, Pa., and Colum¬
bus, 0., by Charles M. Johnston, E. C, Morton and Frank
Lyon, who later will argue against the increase.
were
repeatedly made to
Below
last
we
secure a recess.
give in part the report submitted toHhe'Senate
Saturday by Chairman Owen:
on
Banking and
Currency were concluded, the members of the Committee
iscussed the
"When
the hearings
before
the
Senate
Committee
bill for
over
CHRONICLE
THE
1556
two
weeks, finally agreeing to submit their separate views in
the form of the House bill, H. R. 7838, with certain amendments
With regard to the bond
thereto,
cratic
representing the respective views of the two sections of the Committee.
"Both sections of the Committee, however, agreed on the great funda¬
mentals
of the biU—that
First: The concentration of the banking reserves of the country.
such
the issuance of Federal reserve
v'
-
y
;-y'y •. :V
Eighth: That the system should be the regional Federal reserve bank
central bank.
a
C
•
'
But the two sections of the Committee disagree upon the number of the
bonds,
lowing data
banks, the method of subscribing for the stock of such
of this
would
sum
administering the regional
banks, and these differences arise, in
reserve
the main, because of two schools of thought, one part of the Committee
such bonds and issue Federal
resources
of the
be
something
over
$400,000,000.
over
$200,000.000, and the total liability
The
total
a
capital of $100,000,000, with
by 7,120 national banks, outside of reserve
and representing the several districts.
central reserve
The chief purposes of the banking and currency bill are to give stability
industry of the United States, prevent financial panics
dividuals
manufacturing,
in
engaged
in
in
commerce,
finance
and
in
put an end to the pyramiding
the use of such reserves for gambling
purposes on the Stock Exchange.
In order to accomplish these results, there are
certain great fundamentals
First:
banks,
Third:
the
elastic
of
issuance
Fifth:
Establishing
viding through the
bUls at
reserve
banks
pro¬
and unfailing market for such
•
^
•
Finally protecting the gold reserve of the United States by the
methods adopted in
same
a constant
steady rate of interest.
a
Sixth:
market for liquid commercial bills by
an open
through the Federal
Europe, to
wit:
raising the rate of
interest
banks and authorizing such banks to acquire
reserve
as
proposed to
be
obtained
by
the
a
banks, probably prove efficient.
banks must
Federal
reserve
bank with headquarters in
district
as
be found
may
expedient.
It is
proposed that each Federal
bank shall have nine directors, six elected by the banks and three
many
reserve
perfect will be the
use
of reserve funds,
frequency and
/
If $106,000,000 of stock in these four
public
banks
reserve
be sold
can
5% investment, there will be thereby added to the banking
capital of the United States that great sum of money.
as a
It has seemed wise to us, moreover, that upon
central city of each district, each bank to establish as many branches in its
reserve
so
opinion the ownership of the stock by the people is highly im¬
our
to the
with
Every addition to this number of
that asset currency will be issued with greater
in larger volume.
In
country so large as ours,
inevitably tend to dissipate the reserves and weaken the system.
means
portant.
a
While the
the adoption of four regional banks under a single control will, it is thought,
6% of the capital and surplus of the national and State banks in the several
a
$21,000,000 of capital
substituting four regional banks for twelve.
approximate this result, and in
districts.
committee, who shall organize
amount equal
single Government bank plan would produce the only perfect mobilization
of reserves, as has been demonstrated by the experience of other
countries,
mechanism of eight Federal reserve banks organized with a capital equal to
The eight districts are proposed to be laid off by an organization
an
omitting the savings
we accepted the regional bank
the only hopeful outlook for action by this Congress, but retained
which
ends are
52
estimated de¬
single Government bank with branches,
a
plan
The more reserve banks the less
important national
and
reserves
from
and
an
said:
cautionary
These
cities, would be
Republican
Committee, with whom Senator Hitchcock
foreign bills when gold shipments are anticipated, and taking other pre¬
measures.
reserve
$110,000,000,
strong preference which prevailed in the committee in favor
a
the amendment
commercial bills under proper safeguards.
central
report representing the opinions of the
Waiving
of
liquid
against
currency
or
banks,
total of $972,000,000.
members of the
coincides,
Where they may be used in the service of the national commerce.
city
These funds would not include any
optional deposits that
might be voluntarily placed with the Federal reserve banks.
Placing the larger part of the Government funds with such banks,
Fourth: Authorizing
a
supervision.
Second: A suitable banking capital as a margin of safety.
reserve
it would add $279,000,000 of
stock, making
The
The concentration of the bank reserves of the country under the
315
If the State banks and trust
companies come in,
recognized by all experts as essential and necessary, to wit:
control of the banks themselves, safeguarded by Governmental
from
city banks, $96,000,000, which, including
posit of $150,000,000 from the Government, would make
to $672,000,000.
make available effective commercial credit for in¬
of bank reserves of the country and
$50,-
over
which would be paid into the Federal reserve banks
reserves
$166,000,000;
business to the extent of their just deserts;
proposed system, the fol¬
000,000 paid in.
bank administered by a central board and the other
financial stringencies;
against
notes
reserve
Assuming that one-half of these concerns
it would give
independent district banks administered by boards of directors chosen from
to the commerce and
redemp¬
against such
furnished in the Democratic report:
part of the Committee proposing to establish a number of comparatively
or
the
resume
capital stock of 25,195 banks in the United States, including savings
banks, amounts to $2,010,000,000: surplus. $1,585,000,000Six per cent
enter the system,
central
over
were
would make
a
to
leaving the bonds with the Treasurer of the United States
banks, the method of electing the directors of such banks, the method of
believing in
banks
The
Ninth: The control of the system itself by the Government.
reserve
permitted such Federal
To indicate the
•,'/
■
further
against them, just as the national
in trust in the form of
3% bonds or 3% annual notes, in this way assuring
to the Government the
earning power upon the circulation taking the place
of the retired national bank circulation.
Seventh: That the Federal notes should be the obligations of the United
system instead of
have
notes
reserve
bonds and to take
discount market.
Sixth: The provision for elastic currency;
Federal
banks do,
Federal
tion to not to exceed $36,000,000 of national bank notes issued
reserves.
open
an
notes.
States.
bonds and
Issue
and
Third: The volume of the capital of the proposed banks.
Fifth: The promotion of
redemption plan of the Demo¬
Senators, Mr. Owen said:
market by permitting the Federal reserve banks to buy such 2%
reserves.
Fourth: The mobilization of such
xcvii.
We have preferred to absorb such of these bonds as would be offered on the
is:
Second: The volume of such
[Vol.
Government should have
therefore
proposed
a
these
banks
reserve
majority of the board of directors.
amendment giving
an
the
Government
tfye
We have
five
and
the
banking interests four of these directors.
chosen by the Federal Reserve Board.
We have
The entire system is proposed to be under the supervisory control of the
proposed that the national banks shall decide whether to join
Federal Reserve Board, consisting of the Secretary of the Treasury and six
this
other members of such Board appointed by the President and confirmed
is
by the Senate.
the Federal reserve board be increased to nine because of the vast interests
The Federal Reserve Board is given very broad powers of
supervision and is assisted by
a
Federal advisory council consisting of
representative from each of the Federal
The
reserves
reserve
one
banks.
of the banks of the United States
are now
out any system, among over 25,000 individual banks.
The present law
permits the national banks in the country to keep nine-fifteenths of their
reserves
in the banks of the
reserve
cities and permits banks of the
cities to keep one-half of their reserves in the central
mits the banks in the central reserve cities to
reserves
in cash.
The
reserve
keep only
reserve
one^afth
of these
effect of this
system—is to concentrate in the hands of [a few banks in the central
serve
cities (who have diligently
extent that the nation's
an
fashion in
and
the hands
of
a
sought the
bank
few
reserves of other
reserves
banks
in
are
the
pyramided in
three central
re¬
banks) to such
a
dangerous
reserve
cities,
reserve
city banks have been accustomed to pay 2%
on
the deposit of these bank reserves placed with them,
and, having no place
to which they themselves might go for re-discount, they have fallen
into the
us
that
a year
We have recommended that the size of
entrusted to it, the great country which must be covered and the
are
questions
complaints which
and
must
be
We have
considered.
thought also that every member of the board should give his whole time to
therefore excluded the Secretary of Agriculture and
the work and we have
the
all
Comptroller of the Currency, the ditties of whose offices already absorb
time.
"'
4
their
We have extended the limit of commercial paper
which
may
by Federal reserve banks from three months to six months
found that thousands of banks in
take six months' paper because
be discounted
because we have
the West' and in the South necessarily
of the longer time required for agricultural
than for the manufacturing and mercantile processes of the East.
processes
We have,
howbver, provided that of the discounted paper of any bank,
50% of it shall be for the long-time period, and we have sought
not more than
$200,000 of
by providing that in no case can any bank have
We have
over
discounted exceeding a maturity of ninety days.
recommended an amendment by which every member bank is
paper
given as a matter
of right the privilege of discount at its reserve bank to
habit of placing very large sums of these reserves,
amounting to hundreds
of millions, upon caU on the New York Stock Exchange; for the
thp amount of its capital stock at the lowest current rate of interest providing
son
a
it presents
eligible paper.
simple rea¬
that, under the law of the Stock Exchange, they can sell the stock: col¬
lateral immediately on any day when money is actually needed.
It may be
of the system.
ruinous to the borrower—it may wipe out his
margin—it, may
disastrous loss; it may upset the interest rates of the
greater extent than
a
"cause
him
country, excite alarm
and result in final panic; but it does
We
are
reserve
by the
establishment of"
banks strong enough to furnish money
quickly on demand
against good commercial bills, and thus enable the New York banks to
withdraw their funds from the Stock Exchange (which has become the most
gigantic gambling establishment in the world), and place such funds in
the service of legitimate industry and commerce.
This will be one of the
great benefits of the pending measure—that is, it will withdraw from
gam¬
on the Stock Exchange the bank reserves of the
country,
-
This is done to prevent discrimination against
bank; and to make every bank feel certain that it will receive the benefits
On the other hand, we have also recommended that a Fed¬
discount the paper of any njeinber bank to a
eral reserve bank shall not
and undue
advised by representative bankers in New York that the
great
banks there would be glad to improve the system
Federal
J
furnish the money when needed.
twice it§ capital stock.
This is to prevent favoritisim
We design also to place a check upon undue expan¬
expansion.
sion of bank
paper
credits by providing that when
to a greater amount than
a
bank is allowed
its capital stock it shall
pay a
discount
higher rate
'
discount.
of
We have raised the reserve against notes in Federal reserve banks from
33 1-3 to 45%
because the experience of the great countries of the world
experience with greenbacks has indicated that this
and because our own
limit is the
We have
safe
one.
provided, however, that in case of emergency the
reserve board
bling enterprises
may
authorize a reserve bank to fall below its limit of 45% when it is
and enable such reserves to be used for the commerce of the
nation.
sary
to give relief to
Chairman Owen's
reason
for
limiting the stock subscrip¬
tion to banks, instead of opening it to the
in
the
First:
report
to
as
public, is outlined
follows:
Second: to protect the United States against the extension of
credits in
the Federal reserve notes, the obligations of the United
States, loaned to
the Federal reserve banks against commercial bills.
Third: to safeguard the system itself, to protect the
large volume of
Serves
placed in such banks and give to such banks the confidence of
re-
the
neces¬
pay a tax
provided that the reserve against notes must be gold
or
gold
therefore recommended that the words "or law¬
money" in the House bill be stricken out.
Senator Owen, in
bate
on
the bill
mitted by
him
on
on
his remarks with the opening of the de¬
Monday, followed largely the report sub¬
the previous Saturday.
Reviewing the
which call for the passage of currency legislation, he
causes
referred to the panic
of 1907 to illustrate the defects in the
He likewise allucied to the Pujo "Money
investigation, saying on this point:
present system.
world.
Fourth: to justify the Government in putting
on
the banks the prime
responsibility of administering these banks and safeguarding their
serves
We have
certificates, and we have
protect the large deposits of general funds which the United
States will probably place with such banks.
member banks, but in such cases it shall
2^% of deficiency.
for each
ful
and their
own
capital stock and making them responsible
own
to the coun¬
try for safeguarding the welfare of the national banking system,
protecting
the national gold supply, under the safeguard of Governmental
supervision.
Trust"
re¬
The
of
the
men
.
Pujo money trust investigation disclosed that 100 men dominated
control of over
of
•
.
to further limit this
chiefly in certain banks in New York City,
These central
which
cities., and per¬
effect of this system—the necessary
length of time.
unnecessary
many
scattered, with¬
system or not within six months, as it has seemed to
new
an
$22,000,000,000,
entire national wealth.
had secured a
an
unthinkable
sum
equal to one-third
The Pujo report showed that
a
handful
practical supremacy over the credit of the country.
„
Nov. 29
foundations of the country, bring on strin¬
them to the point of a panic which would
close the doors of every bank in the country in a single day.
I will not pre¬
tend that the panic of 1907 was an accident.
The results of that panic in
October of that year indicate that what happened was a part of a concerted
plan by which a few men enriched themselves and administered what they
conceived to be a terrific political rebuke to the Administration then in
power.
The report of the Glass committee, which laid the groundwork
for the House bill, showed that individuals had exercised an unrestrained,
Individual and irresponsible power over the credit of the country.
that they
could at will shake the
gencies at pleasure and could carry
observed that:
to reconcile the
■
for the refund of 5% of its 2% bonds bearing the circulation privilege;
and shall receive 3% 20-year bonds without their circulation privilege.
At
culation canceled.
*
If it
less.
were
capital and surplus of member banks. Mem¬
bership of national banks is made compuisory and of State banks permis¬
sive.
If the stock is not subscribed by the banks , it shall be offered to the
public, and that not absorbed shall be taken by the Government.
No per¬
son or corporation except a member bank shall secure more than $10,000
of Stock.
The
hardly pay operat¬
instead of strength.
possible to organize them, they would
ing expenses and would be the source of danger
"Evening Post" prints the following as to the further
he advocated the four-regional-bank
said, in the establish¬
ment of a regional bank in New York, with a capital of 550,000,000 and
deposits of $350,000,000; in Chicago, capital $29,000,000, deposits $200,000,000; in St. Louis, capital $16,000,000,,deposits $100,000,000, and in
San Francisco, capital $10,000,000 and deposits $65,000,000.
To establish
plan of himself and colleagues, which would result, he
.
banks than that, the Senator
more
besides disturbing the
which have grown up in the
operating expenses in many localities
than
more
feared, might result in a failure to earn
present channels, built on habit and custom;
between his
believed vital to the proposed
new system.
Public ownership of the stock of the Federal reserve banks,
which his bill proposes, he asserted, would be intensely popular with the
people.
He also spoke in detail on the plan of stock subscriptions proposed
In the various bills, and said the graduated requirements of his measure
pointed out nine distinct differences
Senator Hitchcock also
dividend.
6%
pay
bonded indebtedness.
Regional
the
described
He
conditions.
present
on
strain" imposed by the new system
intended to relieve "the shock and
amount
present
of banking
wholly inadequate, and took the Owen measure
failing to provide an adequate method of discounting agricul¬
capital in the country
to task for
as
loans in the West and Southwest.
tural
*
Senator Newlands offered a new currency
reserve
Class B—Three chosen by the
banks.
These associations
at least
hold
banks in their
of
one-third
the
of
one-third
the
of all
reserves
respective States; in turn they would deposit
these reserves ; in a Federal association at
Washington.
comparison of the provisions of the House bill, the
Democratic Senate bill and the Hitchcock Republican bill is
A
furnished by the
"Philadelphia Ledger" as follows:
ADMINISTRATION HOUSE
twelve
trust companies may join.
Issue and
banks,
regional
capitalized
BILL.
named by the President.
fair
a
representation of
sions of the country."
per annum.
The Federal reserve banks shall be banks of
fiscal agents of the United States
be subscribed by the national banks.
One-
Stock
shall
fourth shall be paid for in
cash, one-fourth in sixty days
and the remaining
"
one-half subject to call.
members
regard to
the "financial, commercial and geographical divi¬
They shall serve for six years and receive $10,000
,
three-fourths
Federal
Earnings.
"
haif
to create a
of their average
the ratio
balances with the reserve bank.
Nine directors shall cqnduct
.
a
foreign branch.
,
each regional bank, six to be chosen by the
Board.
One-half of those named
commercial interests of the
;
,
of the Treasury,
Fopr shall be
geographical divisions of
Salaries $10,000 and term of office eight years.
Secretary of Agriculture and Comptroller of the Currency.
named by the President
the country.
.
"
-
or
Re-discounts.
commercial
may
reserve.
for
paper
three months.
Four months paper
however, when reserve bank has
one-third cash
checks and drafts
all Govern¬
working balance in the Treasury.
ment funds
above the necessary
They shall also receive
Foreign Branches.
Any national bank with $1,000,000 capital may
Federal Reserve Board.
a
surrender its 2% bonds to the Secretary of the
responsibility for the outstanding bank note
Any member bank may
Treasury, who shall assume
bonds may be
converted into 3% bonds, or as one-year Treasury notes, re¬
and bearing 3% interest.
newable for 20,years
and operate
The Federal Reserve Board
bank making the application.
bank an equal amount of Fed¬
The Treasury shall hold the bonds as security for such
eral reserve notes.
notes.
HITCHCOCK
regional
Creates four
REPUBLICAN
reserve
tional
reserve
banks
BILL.
SENATE
banks, capitalized at $106,000,000, repre¬
the banks. Four addi¬
Board after two
senting 6% of the combined capital and surplus of
be created by Federal Reserve
may
Stock shall be subscribed by the public,
but underwritten by the
gold or gold certificates, one-third in cash,
within sixty days.
one-third within thirty days and one-third
Division of
Stock
to
pay
5%.
a
V'
"
surplus fund of 20%, then 37 lA % to Create a
Bank
Officers.
operate the regional reserve
Federal
Five shall be
banks. . -
bank.
and four by the member
Board.
Reserve
"
t
.
of the Treasury.
Shall consist of nine members, including the Secretary
The President shall
They shall
eight members for eight-year terms.
name
'
receive $12,000 annually.
Re-discounts.
•
,
banks at three-
Paper for re-discounts shall be accepted from member
may
of its
discount
Each member bank,
face value.
up
to
discounts, it shall
2% additional.
an
depos¬
All above that goes to the Government.
Regional
„
Nine directors shall
Earnings.
earnings shall be divided as follows:
Additional
chosen by the Federal Reserve Board
"as
a
matter of right,"
amount equal to its capital stock.
pay an
On 50% more re¬
additional tax of 1% and on an
additional 50%
The limit is made twice the bank's capital stock.
Foreign Branches.
branch.
Any member bank with $5,000,000 capital may establish a foreign
Savings Department.
Reserves Against
its
in
thereafter
of which 5% shall be
For fourteen months 3 %, and
own
bank.
Note Issues. "
reserve
Reserve Board.
notes
shall
.
They shall be redeemable injgoldjorjlawfuljmoney .JENotes
be
own
vaults or
Issues.
issued
Reserves.
Notes shall be issued to
"
deposits—4% in
bank until
with the reserve bank.
■
.
under
authority
■
of the Federal
They shall be redeemable in gold alone.
The re¬
discretion of the Federal
Deposits.
12% reserve against
a
vaults, 1% to be deposited each six months in a reserve
Federal
banks.
The Federal reserve notes are to be issued at the
of the Treasury by the Fed¬
shall, in tuen, deliver to the regional reserve
Note
5%, of its reserves shall be maintained with the reserve
Reserve Board.
The limit of redemption
The circulating notes thus retired shall be
annually.
shall be $36,000,000
4% is so deposited, and 4% either in its
Country banks shall maintain a 12% reserve,
.
Board, these
At the option of the Federal Reserve
Deposits.
mainder may be left on deposit with reserve city
its member
.
Country banks shall maintain
savings bank department.
their own vaults in lawful money.
.
Stricken out of the bill.
of their capital stock
Reserves against
•
Redemption.
Bond
establish a branch abroad
Savings Department.
National banks may segregate 20%
!
.
reasonable charge may be made by
bank making the collection, subject to the approval of the
Reserve banks shall receive deposits of money,
collection and bills of exchange.
;
;
other reserve banks, but a
the member
fourths
restricted to member banks and limited to
maturing within
be re-discounted,
"
bank shall collect checks and drafts for
A Federal reserve
banks
Collections.
with due regard to the
Re-discount privilege shall be
*
,
banks shall maintain a 35%
reserve
,
,
Federal Reserve Board.
members, including the Secretary
*
"
Against Deposits.
reserve~in gold or lawfu
money against its deposits and note issues in circulation.
Its gold reserve
in its own vaults and with the Treasury for redemption shall be 33 1-3%
of notes outstanding.
County banks shall maintain a 12% reserve against
their demand liabilities, and 5% of their time deposits.
The disposition of
these reserves varies after 14 months, and again after 36 months.,;
Federal
:
seven
establish
Department,
.
Reserve
itors' insurance fund.
banks and three by the Federal Reserve
Shall consist of
•
Saving
bill.
Stricken out of the
One-fourth to create
«
by the banks shall represent the financial and
district.
'
Foreign Branches.
bank with $1,000,000 capital and surplus may
Any member
banks, payment to be made in
and 40% to member banks in
Regional Bank Officers.
The amount loaned shall not exceed
Discount of bills receivable
shall be subject to regulations imposed by
Board.
Reserve
.
distributed 60% to the Government
,
the value of these securities.
foreign bills and acceptances
the
/•
•
re-discount the direct obligations of member banks, se¬
"satisfactory securities."
cured by
>•'
' '•,
Re-discounts.
../■
Reserve banks may
years.
Division of
Additional earnings to be divided as follows: Oriesinking fund of 26%
Above that net earnings shall be
Stock to pay 5%.
Board of
The directors shall be chosen with due
.
•
;
eral reserve
at
re-discount and shall be the
Government.
Board.
Federal Reserve
redeemed out of funds furnished the Secretary
$100,000,000. Stock,
which is to be subscribed by individual banks, represents 20% of their
combined capital; national banks are compelled to join, but State banks and
Creates
Class C—Three members
Supervision of the whole system is lodged in a Federal Reserve
members, including the Secretary of the Treasury and six
seven
issues thus secured.
,
banks' representatives from the
agricultural, industrial and commercial world.
selected by the Federal Reserve Board.
V
administered by a board
chosed by the
classes: Class A—Three members
of nine directors, of three
on
banks would be compulsory.
national
would
plan in a resolu¬
Tuesday.
This would create
asociations in which the membership of State and
which he presented
tion
Officers.
Bank
each Federal reserve bank shall be
The affairs of
bill and the Administration measure which he
were
.
of Earnings.
The surplus earnings shall first go to
create a 20% surplus fund and after that to the United States as a fran¬
chise tax.
The Government's earnings shall be applied to reducing its
or
financial world.
;>v
Division
Stock shall
arguments of Senator Hitchcock:
In lieu of the Administration plan,
$106,000,000;
regional reserve banks to be capitalized at
Creates eight
in the House bill is the proposal to estab¬
capital and deposits as to be entirely use¬
BILL.
SENATE
DEMOCRATIC
equal to, 6% of the combined
This defect is so plain that both wings of the com¬
would inevitably be so weak in
outstanding cir¬
all 2s shall be refunded and the
the end of twenty years
compared with the House bill
Most of the reserve banks so established
Treasury in any one
bank may apply to the Secretary of the
Any national
year
.
mittee have recognized them.
for collection.
Bond Redemption.
proposals, he said:
One of the most obvious defects
a
,
.
receive at par checks and drafts upon any of Its
depositors, making no charge
represented 60% new matter, while the Hitchcock bill was
new
to the extent of 64%.
In reviewing the differences
lish 12 regional banks.
gold shall be maintained at the Treasury.
Collections.
addressing the Senate on Tuesday
between the two Senate
They shall be
of 33 1-3% in gold or lawful money.
Redemption Fund.
Reserve banks shall
differences.
declared that the Owen draft as
collateral security of an equal amount.
5% redemption fund in
A
to the business
Senator Hitchcock in
be issued on
shall
secured by a reserve
;
V
interests of the country that
this bill should be passed as soon as possible.
The banks are hesitating
to make loans and are piling up their reserves.
Business men cannot get
credit, and the whole country has been waiting with a great deal of impa¬
tience for the enactment of currency legislation.
The general purposes
of the measures before the Senate are the same.
It will not be difficult
Mr. Owen also
It is of urgent importance
1557
CHRONICLE
THE
1913.]
reserve
"
banks in amount equal to
,
the security
deposited and secured by reserves of 45% of gold or gold certificates.
duction in the gold reserve below 45% is
of
a
1 % tax for each 2M % decrease.
Re¬
permitted down to 30% on penalty
1558
THE
CHRONICLE
Redemption Fund,
redemption fund of 5% shall be maintained at the Treasury to
.
:t
,
.
A gold
.
be increased to 10% at the discretion of the
Secretary of the Treasury.
,
V
Collections.
-V...\
Reserve banks shall receive checks and drafts for collection, but member
,
.
■
banks may make
reasonable charge for collecting and
a
remitting funds,
subject to the approval of the Reserve Board.
One effect of the non-interruption between the special and
regular session is to deprive the Congressmen of the usual
mileage which they would have received under an adjourn¬
Altogether, this would have amounted to $226,000,
of which the
Representatives would have been entitled to
$175,000 while $51,000 would have
gone
to the Senators.
Stock Exchange this week
passed a resoultion calling for the
appointment by President Mabon of a committee which is
to make
and
a
study of the subject of corporation organization
financing, and is to report thereon from time to time to
Governing Committee. The following is the resolution
the
Whereas,
the
questions
involved
in
banks which will occupy
a
the attention of the next Congress
plan for the revision of the national banking laws which
will
as a
include
important
originally
questions
contemplated
In
connection
this
with
well
as
the great quantity of securities not
as
Whereas, it is the
desire of this
so
listed, and
Exchange to co-operate
far
as
in
as
possible
bringing about the adoption of uniform measures for the greater pro¬
tection of the investing
public, through more careful supervision of corpor¬
ate organization with
greater publicity and fuller and more frequent reports
of operations than has
been customary with many companies in the past,
a
committee of five
or
more
be ap¬
pointed by the President
to make the above-mentioned matters the subject
of special
study, with the object of aiding to such solution of these ques¬
tions as will tend to
increase the safety and integrity of American invest¬
ments
and
at
the
same
time
afford
legitimate
encouragement to
every
enterprise.-."
■
■
Said committee shall
report from time to time to the Governing Committee
proposed revision, it is
of rural credits, the problem of providing cheaper money for
John H. Marble, a member of the Inter-State
Commerce
Commission, died suddenly on the 21st inst., following an
the farmer who
now
attack of acute
terest to
ready funds.
stated that
Congress will take
secure
sion, after
oluding
of the
an
on a
a
law
the far-reaching question
up
mortgages his land at high rates of in¬
The Rural Credits Commis¬
exhaustive investigation of the subject, in-
examination
an
at work
sort of
farm-loan systems, abroad,
of
report to Congress which will recommend
the
on
subject.
The
many
is
some
recommendations
"Money Trust" investigating committee of the House
indigestion which he had suffered the previous
day.
♦
been
conducting the anthracite
Mr. Marble
the Commission
ings
to
were
on
the
taken ill in
the 17th.
postponed
Washington,
was
was
his
forty-five
mission in 1906, when he
The regulation of clearing¬
of age.
years
ment of the Interior.
which probably will be inserted in the
1912 Mr. Marble
law will forbid
interlocking directorates in national banks.
An effort has
been made to put this prohibition in the
pending
currency
bill, but the Administration maintains that it should
into the
new
banking law.
•
,
set out to
perform,
League for the Promotion of
a
Sound
Banking System has suspended its activities.
The
number
Reform,"
of
the
League's
journal,
"Banking
final
issued Nov. 1, announced the completion of its work and
the
closing
While its
that
on
date
of
its
office
in
Chicago.
activity is abandoned, it is stated that the
tion will continue its existence for
some
corpora¬
time yet.
In making
known the intention of the League to discontinue its cam¬
paign, the publication said:
\
•
'
An acceptable banking law has not yet been
passed.tive progress has been made that there is
tion is certain.®
a
It may
matter of more than
has
be
a
few months.
a
no
But such legisla¬
shadow of doubt that legisla-
matter of only a few weeks.
,
From
It cannot be
no source worth
considering
come any
tem.
suggestion to continue the present banking and currency sys¬
There is a unanimous opinion that there must be a
reform and that
it must be
comprehensive, effective and satisfactory.
No work the League could do would
change this situation.
not
only did not undertake
to
get
disclained any such intention.
whose final result, it was
a
hoped, would be
an
a
general senti¬
banking reform.
As the evidence that such sentiment
has been effectively created, and in manifestation
of its existence and force,
banking reform bill, admitted to be
least 80% good, has passed the
The Senate Banking and Currency Committee is
The Senate Banking and Currency Committee is
of
Congress.
proceeding carefully to increase the percentage of good.
There is further evidence of the
trend
of
opinion is
differences which mark
of Government.
There is
.
The
recognition of
the divergent views
of men as to the functions
There is present the disputed and
disputable issue of the
extent of Government's
participation in banking and control
ing System, but there is seldom
even a
hint that the
over the bank¬
objects outlined by the
League as those to be attained are not the essence of soundness-. No
scheme
of banking reform which failed to
give them recognition would be. worth considering or would receive consideration.
The question is still one of
the
operating machinery to be devised, and this problem has been
simplified that it is a matter of the number of reserve banks
so
that
greatly
be
can
practically useful and absolutely strong, the
manner of their
institution
government, the powers the executive force shall be
given and the
method of bringing banks into the
system.
and
In respect of these
things, the officers and members of the State
tions of the League have exerted
a
great influence.
appointed confidential clerk to
was
the
late
made
In February
Secretary of the Commission to
Edward A.
on
the
Moseley, and last March he
Commission.
under
directions from Attorney-General
McReynolds, the
employees of the Bureau of Investigation and the Federal
district attorneys throughout the
country have undertaken
to collect
information as to the number of eggs in storage, the
price at which they were entered, the period of storage, the
price at which they are brought from storage* &c.
The
investigation will cover every large city in the United States
which has
a
foreign source of egg supply.
It is stated that
prosecutions under both the criminal provisions of the pure-
food law and the anti-trust Act will
such
warrants
procedure.
A
develop if the evidence
Congressional
inquiry into
cold-storage methods is also being urged by Representative
McKellar of Tennessee.
saying:
Mr. McKellar
'
.
I find that there
are
now
sec¬
As individuals who
were
closely connected with the Movement they will continue
to exert a great
to the end.
Abandonment of the League's active
campaign
loss of interest in banking reform on
the part of the thousands
who have participated.
There is an army of business men in
the country
whose interest is keen and who will
continue as the promoters of the
move¬
ment imtil results are
satisfactory.
was
quoted last week
.
.
stored in cold-storage warehouses in Pennsyl¬
vania 10,000,000 dozens of
eggs, and that
90% of these have been in storage
since April 1.
This is probably relatively the case in every State in the
Union, and the cold-storage men seem to be simply manipulating the mar¬
ket by creating an artificial
scarcity.
What is true of the egg situation is
also true of fish, meat and butter.
I believe the Federal Government
can, by a" simple law, largely do away
with this unjust use of cold
storage,
The scheme is simply to prohibit
.inter-State shiments of all kinds of fresh
meats, fish, butter, eggs, and the
like, that have been kept in cold storage for
efficacy of the League's campaign.
entirely toward soundness.-
He became connected with the Com¬
An inquiry into
cold-storage conditions to ascertain par¬
ticularly their bearing on the high cost of eggs; was begun
by the Department of Justice on the 24th inst.
Acting
at
lower House of Congress.
House
Marble
being but
now Secretary of the Depart¬
Shortly after he was made chief of the
was
succeeded Mr. Lane
The League
ment in demand of
a
succeed
.
educational campaign,
the creation of
Mr.
Commission,
Division of Prosecutions of the Commission.
as
bill through Congress, it specifically
It did undertake
occurred.
go
.
Having accomplished the work which it
the National Citizens'
death
Commissioner Franklin K. Lane,
house associations and stock exchanges by Federal law will
be considered, the dispatches state.
One of the provisions
new
investigation begun by
Because of his illness the hear¬
youngest member of the
which went into the question of the concentration of money
exhaustively during the last Congress, also will
Philadelphia where he had
coal
the 20th, and Mr. Marble returned
on
where
and credits
be used in the work of revision.
.
organization,
Incorporation,
and capitalization of
corporations and the flotation of their
securities vitaUy affect the securities listed oh the
New York Stock Exchange
part of the Currency Bill but set aside until the coming
session.
the
promotion
Now, Therefore, be it Resolved, that
It is announced that foremost among the matters affecting
is
xotii
adopted:
»
ment.
[VOL.
months, with fine
or
imprisonment,
or
a
longer period than three
both, for violation.
Food gambling
cannot be excused on any ground.
9
An
inquiry by Congress into the price of meat is also sought
by Representative Britten of Illinois in a resolution intn>
duced
on
Wednesday;
tion is prompted
bought
at
a
can
by
The proposal for
an
nearly. 300,000
half-cent
packers
a
a
pounds
Australian
of
and
the lowest
fresh
beef
pound lower than the best prices of Ameri¬
120,000
of
pounds
canned
from the Australian packers at eight cents
than
meat investiga-,,
announcement that the navy had
a
price in the United States.
corned
beef
pound cheaper
Mr.
Britten
is desirous of
ascertaining why the public could not benefit
by buying from Australia if the navy could do so.
influence
marks
*
no
The League was formed in 1911 with
headquarters in Chi¬
and branches in important cities of the
country.
V. Farwell has been at the head of the
organization.
cago
;
■
-
-
♦
•
Dudley Field Malone
was sworn
in
on
of Customs of the Port of New York.
of Nov. 15, Mr. Malone in his
new
Monday
♦
issue
.
.
An
«
inquiry into the telephone service of the District of
•
view to the adoption of uniform measures for the
greater protection of the investing public, the New York
a
our
elect John Purroy Mitchel.
John
Columbia is directed under
Wjth
Collector
office succeeds Mayor-
a
resolution introduced
*
4
as
As stated in
Norris and
adopted by the Senate
resolution calls for
an
on
the
by Senator
13th inst.
The
investigation into the rates and prac-
*
THE
Not. 29 1913.]
CHRONICLE
zation of that work 411, therefore, decided to present the matter of the valu¬
Chesapeake & Potomac Telephone Co.; it reads
tices of the
ation in this city to the Inter-State Commerce Commission and endeavor to
follows:
as
secure
Utilities Commission of the District of Colum
bia be directed to supply the Senate with the following information:
First—The total number of te lephones now in use by Government or
Resolved, That Hie Public
of Columbia and paid for by
District officials within the District
might be had.
It further proposes,
appro¬
Service Commission
in such form
situation,
total amount paid annually for the
telephones by United States Government officials.
by the District of Columbia and the
of
■Fifth—Whether
of the
said
telephone exchanges are operated by employees
States Government.
.
appropriation of
upon
777.' 7-'
any
by it
the 17th inst.
on
telephones, either in regard to the rental charged for the use of telephones
or as to conditions under which the use of such telephones can be dis¬
Co.
continued.
to
7\-\
Seventh—By what law or statute has the said Chesapeake & Potomac
Telephone Co. been permitted to operate and carry
Eighth—A schedule
phone Co.
of charges for the
Chesapeake & Potomac Tele¬
Ninth—The total number of telephones now in use within
of
Columbia.
-"r'
Tenth—The total capital stock of said
the
•
In
civil
and
Kassuba
Commission
The
company
had sought
corn
the Milwaukee Board of
on
to
Cheaspeakefc Potomac Telephone
gambling operation and therefore void.
a
knowledge of the commission
gamble vitiated the entire transaction, and that, conse¬
quently,
the
cannot
company
The amount in¬
recover.
volved is $473.
.-V.7
■■
was
the suit, Blodgett argued that the
to
answer
of the unlawful intention of its principal, Blodgett,
company
District
Co. and whether said istock, or any part thereof, is owned by other corporations.
In thus deciding,
the
of
The trial court found that the
'v...
...
'7-/'7
which it claimed it had invested for Blodgett
money
transaction
Jof telephones within the
use
action
the
in the sale of wheat and
'•
.
legally void.
against Horace Blodgett.
recover
Trade.
District of Columbia enforced by the said
r.:
its business within
on
•
.
are
the Court affirms the decision of the Milwaukee
preference is given to
circuit courts in
the District of Columbia.
77'; ■ if:'
Supreme Court of Wisconsin and under an opinion rendered
are
Members of Congress find Government officials over other users of said
•
'7'7'7-
1
—-—♦
.
employees of the United
Telephone Co .
7
urge upon
it by the Public Service Commissions Act.
■;7; >',•/"
•
r
Legislature and
perform the functions imposed
Dealings in futures constitute gambling in the view of the
,
'
a
sufficient to enable the Public Ser¬
a sum
vice Commission of this State to properly
Sixth—Whether under the rules and regulations adopted and enforced
by the said Chesapeake & Potomac
be, within
can
operated
Chesapeake & Potomac Telephone Co. or whether they
by employees of the District of Columbia and
..
whether the desired valuation
Association purposes to present the facts to the
United States Government
whether the same were installed at the expense of the telephone company.
step toward equitable readjustment of the rates.
Interstate Commerce Commission, and
that that Commission cannot act with reasonable speed, the
that body the
District of Columbia and at the expense of the
or
as a necessary
in the event
United States Government officials within
Fourth—Whether such exchanges were installed at the expense of the
>
in the immediate future, to present to the Public
petition for the desired comprehensive investigation
reasonable time, undertaken by the
Columbia.
the District of
a
fully to develop all the facts bearing upon the telephone
as
It will immediately ascertain
Third—The total number of telephone exchanges in use by officials of
the District of Columbia and by
the expedition of that work in order that the comprehensive Investi¬
gation proposed, looking toward an equitable adjustment of all the rates,
priations of Congress.
Second—The total amount paid annually for the use of such telephones
use
1559
Eleventh—How much of said capital stock was actually paid-in in cash.
•
•
7
;
".
*
.v.
'
How much, if any, of said capital stock was issued at less than par, and if
issued at less than par, then at what price.
James
How much of said capital stock
the
same.
compared with the
par
'
7
'
,/
securities,
7-
Twelfth—Whether said Chesapeake & Potomac Telephone Co. owns the
city
stock, in whole or in part, of other corporations, and, if so, to what extent
and the
During the debate
■v
the resolution Senator Norris stated
on
that it seemed to him there could be
to
rule the Public Utilities Commission may
the
regulation of the telephone service
legislation that Congress
may see
a
steps for
general inquiry into
a
adopt in regard to
basis for any
or a
rates of the New York
is
with the result that
been held
hearings
these complaints
upon
the Association in the matter, its President, W. A.
says:'
tomers
case
have
scribers, who make
a
The
excess
nues
certified
a
to
$15,000
only that class of sub¬
Philadelphia to
any
a
minor portion
benefits which
which regards only the small users and appropriates to
to discover
may
be
cessive
with
their benefit
as
large
a
are
unduly low.
our
an
firm.
a
are
'
•
'
1913, had provided the machinery necessary for the valuation proposed,
Commission had already taken preliminary steps looking toward
the organi¬
■
.
,
.
on
2,000 shares of General Electric stock, of
were
being placed
on
Tuesday
600
office,
our
was
Foye's
not on
name,
but did not receive word until 4 p. m.
the transfer records.
The arrest of Foye on his
It is believed that further recoveries will be made and the
Our loss is fully protected under a $100,000 Lloyd
policy.
valid, but that the transfer and registrar's certificates are forged.
come
from Samuel Sloan, Vice-
no access to
Farmers'
the securities of the company.
Loan & Trust
Foye
was a
Co.
tempo¬
clerk, engaged upon the best of references.
We feel that it is due
those who have loaned money that no further statement shall be made
rary
until all the facts
,
law of March
and upon inquiry the Association learned that the Inter-State Commerce
.
_
extraordinary precaution, inquired of the transfer office after the
Foye had
general
Merchants' Associa¬
a
said to
President of the Farmers' Loan & Trust Co., who said:
proceedings which the ^Commissioner him¬
The United States Government, by
:
,
Still another statement has
investigation was necessary to the proper disposal of the telephone questions
self deemed essential.
•
No securities have been stolen from the
a
being made
It is stated that the General Electric Co. signatures to the stock certificates
minor class.
the suggestion of the Commissioner himself, that
in this city, and that a valuation must be made, the
'
While the loans
losses minimized.
from the people of this city, a reduction of rates may be
telephone users and nojfc simply the interests of
possible of the money which Foye had
as
arrival in New York followed, checks and cash for $150,000 being recovered
has, therefore, taken the initial steps in preparation for
tion determined to initiate the
Upon the arrival of the train at the
that Foye,; through C. T. Brown & Co. of Philadelphia,
number of shares in
made along lines that shall duly regard the interests of the entire body of
upon
Immedi¬
train leaving
which 1,400 shares were placed with four Philadelphia institutions and
that, if it be demonstrated that the company is now receiving ex¬
Acting
General Electric Co.
was .arrested,
much
negotiated loans for $200,000
$250
propor¬
comprehensive proceeding, which shall bring under review
revenue
recover as
;
The facts
the entire system of rates of the New York Telephone Company in such a
manner
The Farmers' Loan & Trust Co. advised them
have figured in the loan transactions, have given out the fol¬
and attached.
more
on the books of the
Chandler Bros, & Co. of this city, who were also
of
and grants to a
The Association
was
of the large amount of stock for which he
Foye's assets.
that the stock
much
owner
Attachments have been issued, and every effort is
secured.
It further contends that any large scheme of rate adjustment
are
as
its arrival in New York City.
part of the present revenue of the company is in its essence discriminatory
in that it disregards the rights of the most important body of consjimers
a
thmselves that Mr. Foye
Pennsylvania Station Mr. Foye
distributed
entitled to full consideration and
lesser class rates that
the last loan took
Steps are being taken by Mr. Brown and th® banking institutions in
and particularly that the large consumers, who pay from
tionate relief.
of those who had taken part in
registered
assure
lowing:
a year, are
some
there at 4 p. m., and requesting the New York police to cause his arrest
.
$20,000
which
City to
upon
of the company and suffer only in a minor degree from any
or
representing the proceeds of loans
placed for Foye, secured by further General Electric Co.
that Foye had left Philadelphia on the Pennsylvania RR.
derived from reduction in rates shall be shared pro rata for all classes of
consumers
These loans
name.
Laon & Trust Co. in NewYork
•
Association contends that
The collateral furnished
standing in Foye's
that Mr. Foye was not a stockholder of the
proposition, therefore, is that the company should be deprived of anyv
benefit derived from such reduction of reve¬
The Merchants'
.
ately dpon receipt of this information, the police in New York were notified
of profits, and that the
excessive charges.
was
Yesterday Foye secured from Mir. Brown
for $97,000,
check
had presented certificates.
by the much more important class of large
solely for the benefit of small users who contribute only
•
Among these customers
during the last two months Foye has placed loans through
General Electric Co.
relatively small use of the telephone, while no change
in the form of lesser Charges for the service shall not be
revenues
elsewhere.
the precaution of telephoning to the Farmers'
equitably among all classes of users, but shall bp accumulated and applied
the
in the
certificates of stock, and with the check in his pocket returned to New York.
portion of the area of Greater New
'■
is engaged
From time to tune Mr. Brown has been
place loans secured by Stock Exchange collateral for cus¬
Mr. Brown had
Marble
that five cents be fixed as a maximum
consumers
Building, Philadelphia, Pa,,
Brown does business,
have aggregated some $200,000.
The prayer of the complainants is that in
These proposed reductions would affect
York.
Charles T.
of stock of the General Electric Co.
of all subscribers who are charged on a message basis in excess of
is proposed in the rates paid
Burlingham,Montgomery
by Foye as security for these loans has in each instance been certificates
Co. are excessive, and that a sweeping reduc¬
for all calls within all but a very small
the matter,
city, is taken from the New York "Times":
New York City and
in
In the meantime
five cents, the rate be reduced and
in
statement
behalf of Mr. Brown by his attorney,
on
Mr. Brown with various banks in Philadelphia.
"
tion is, therefore, warranted.
the
naine
At various times
The proceeding now in progress before the Public Service Commission far
reduction of telephone rates is based upon the aassumption that the revenues
of the New York Telephone
specific
James E-Foye, a member of the New York Consolidated Stock Exchange
In outlining the attitude of
by the Commission.
The following
security investment business.
telephone rates,
over
which
accustomed to
Complaints have also been made in
which has jurisdiction
Wednesday
on
Charles T. Brown & Co., Stock Exchange
several instances to the Public Service Commission for the
Second District,
agent.
under
The Association, it
stated, has received from its members from time to time
for its service.
returning from Philadelphia.
was
.of the 27th:
complaints of certain of j the rates charged by the telephone
company
transfer
issued
& Beecher of this
revision of the telephone
Telephone Co.
he
as
Norman B. Beecher, of the firm of
fit to enact.
a
the 25th inst.
on
forged
arrested at the Pennsylvania Station in this
was
Philadelphia, using as collateral;stock of the'General Electric
Co., for which the Farmers' Loan & Trust Co. is the official
basis for any
■7'7;::y ' :7'
'' 7'" *
—
7..
The Merchants' Association of New York has instituted
and who is said to have
charge of having secured $97,000 from Charles T. Brown of
possible objection
no
eliciting the information, which lhay be
clerk by the
a
The accused has been committed to the Tombs on the
of such corporations and the value of the stock so owned,
names
as
obtained loans aggregating over $200,000 on alleged
value of the stock issued for
'
7"v,;:.
.
formerly employed
Foye,
Farmers' Loan & Trust Co. of this city,
issued for property other than money; and if so, what was the value
was
of such property as
E.
|
are
known.
Between $160,000 and $175,000 Of the amount which Foye
is said to have
hands of the
borrowed,has been located, and is either in the
police
or
attached.
Foye was indicted by the
CHRONICLE
THE
1560
Two true bills were
found, charging him with fraudulently making a written
instrument and uttering and publishing the same, and also
with obtaining money under false pretenses.
The indict¬
ments allege that on Oct. 23 he obtained a loan of $10,000
from the brokerage firm of Charles T. Brown & Co., giving
Philadelphia Grand Jury
the 26th.
on
certificate of the General Electric Co. of Sept. 25
1913 for 100 shares of stock.
The signatures of the stock
as
security
registrar appearing on the
certificate are
alleged te be forgeries.
Fallkill
N. Y.,
the 15th inst. of William W. Smith,
announced the death
on
for many years director and
The branch will
the Federal Trust Company
branch office in South Bos¬
probably open next spring.
Joseph
Boston, Mass., to establish
ton.
Poughkeepsie,
Vice-President of the bank.
Permission has been granted
of
of
Bank
National
a
V^'"
"~V\'
v'
has
The charter of the Mechanics' Trust Co. of Boston
McVey,
Judge Edward L. Logan and John Lally, President of the
The Mechanics' Trust charter
United States Column Co.
passed to the Federal Trust Co. with the consolidation of the
two institutions in October 1909; it will be made use of by
new
owners
early in 1914, but a different name
cation will accordingly be made
sioner for
of
shortly to the Bank Commis¬
permission to change the title named in the charter.
The Union Trust Co. has been
organized in Hartford and is
depositors of the
clear-cut, and
and
clean
have, in addition to all
of the assets of the
Co., the assets of the'Munsey Trust
Trust
capital affords.
"This sets at rest
money
Co. and the
$2,000,000'
'
and for all any
once
question as to the safety of the
deposited with the United States Trust Co., these deposits now
becoming automatically deposits in the Munsey Trust Co., with
of
resources
the
Lawrence
all the
Munsey Trust Co. behind them.
O.
Murray became President of the United
States Trust Co. last April, when his term of office as Comp¬
troller of the Currency expired.
As head of the institution,
he succeeded Eldridge E. Jordan, who was made Chairman
of
the
Board.
Oct. 21
of
The
had individual deposits on
company
$5,387,649;
its paid-in capital
$1,250,000.
was
The
Munsey Trust Co. has been in operation only
over
six
months; it
opened for business
of
was
on
little
a
organized by Frank A. Munsey and
May 15 last.
It has
capital paid in
a
$2,000,000, individual deposits (Oct. 21) of $1,320,511,
while its
total
resources
of
Mr. Munsey is
$3,646,757.
are
the Board of the Munsey
Trust Co. of
Baltimore, which started business last January.
1
At
♦
*
■
recent
a
National
meeting
Bank
of
•
the
of
Wellington,
of the First
stockholders
Ohio,
it
unanimously
was
decided that the bank be changed from a national to a Stateinstitution and also that the
Wellington Bank.
As
be
name
changed to the First
This change is to become effective Dec. 31•
will be
they propose to form, and appli¬
availed of for the company
States
is
now
$4,000,000 capital stock liability which the Munsey Trust Co.'s
the Federal Trust Co. to John R.
been sold by
the
United
also Chairman
H. O'Neil is the well-known executive of this company.
''.V
whole transaction
United States Trust Co.
a
transfer agent and
The
"The
[Vol. xcvii
'V
-
fitting memento of the golden anniversary of the
a
First National Bank of Detroit, the events
going to make
up
the institution's
booklet of
history have been brought together in a
attractive design, profusely illustrated with views
of its present
Organized in 1863, the
and former quarters.
The bank's existence covers more than half the period of banking
in Michigan.
new organization was chartered the present year and has a
In making this assertion the writer of the
capital of $100,000 and surplus of $25,000.
S. C. Dunham,. booklet, while reciting the bank's history, concedes that there
was organized in 1807 the First Bank of Detroit, but addsPresident of the insurance company, has been made Presi¬
that when Congress refused to approve its charter, the bank
dent of the trust company, and the other officers of the latter
are
Charles L. Spencer, Vice-President;
Martin "Welles, passed out of existence, having never received deposits or
For the next few years, it is stated, Michigan
Secretary and Treasurer, and Robert C. Dickenson, Trust made loans.
Officer.
got along without a bank, and it was not until the organiza¬
said to be controlled by the Travelers'
Insurance Co.
tion of the State in 1837 that
On Nov. 20 W. C.
Trust
Fitzgerald, Treasurer of the Rittenhouse
Company of Philadelphia, Pa., was elected
Second
Vice-President, to succeed Frank B. Off, resigned. Mr.
Fitzgerald will still continue as Treasurer, and Mr. Off will
remain a director.
The semi-annual dividend of 2% has
been declared
At
&
a
payable Dec. 10.
Savings Fund Company of Philadelphia, Pa., Edwin Wil¬
kinson Sr., formerly Vice-President, was
to succeed A. C.
Patterson, resigned.
tary and Treasmjer,
vacancy
elected President,
F. W. Price, Secre¬
elected Vice-President to fill the
was
caused by the promotion of Mr. Wilkinson.
;
in Michigan.
organized in 1837, the bank
date from the
June 26 1863;
Thomas L. Lawson, the oldest
member of the Philadelphia
Stock Exchange in point of years,
the age of 96.
Mr. Lawson
of Thomas L. Lawson &
Exchange since 1864.
Lawson,
were
was
died
on
the 21st inst. at
head of the brokerage firm
Sons, and had been
His
sons,
a
member of the
Harry C. and WilfOrd L.
associated with him in business.
Mr. Lawson
"
"
A
run
D.,C.,
on
was
the
had
arranged
with this
M'-
♦
United. StatesJ-Trust Co.
brought to
an
end
ment had been made that
ton
""
to
on
announce¬
theTVtunsey^Trust Co. of Washing¬
take overjthe
information, it
of Washington,
the 22d inst. after
was
institution.
Coupled
stated that, to guard against
the continuance of the run, $1,000,000 had been advanced
by
the Treasury Department through the Washington
Clearing-House banks for distributionjamong the six offices
of the United States Trust Co.,
operated by it.
five branches having been
To satisfy all those desiring to withdraw,
the quarters of the United States Trust Co.
were
kept
explanation of the situation
as
,
follows
on
"I arrived in
was
A statement in
given out by Mr. Munsey
this afternoon
after having
received reports from my representatives who have been at work night and
day for the past three days trying to be of service to the depositors of the
United States Trust Co. and the Washington financial and banking world.
"At ten o'clock to-night
to a final, definite understanding,
ratified both by the Boards of the Munsey Trust Co. of Washington and the
0.
we came
United States Trust Co., by which the Munsey Trust Co. takes over bodily
and entirely the United States Trust Co.
In other words, the United States
Trust Co. now becomes merely a part of the
Munsey Trust Co,
case
signed
dated Aug. 31,the
held Sept. 2, and the bank
The original capital
was
was
effected.
In 1865 the First National
In 1869 the capital was increased to
of the Government.
$200,000;
a
the bank paid dividends of 10%, and accumulated
surplus of $70,000, of which $50,000 went into the new
capital and $20,000 into the surplus fund.
The
as
success
!
attending the increase in capital "fras so marked
to induce a merger
of the old and wealthy National In¬
As a result of this
Bank with the First National.
union the
,
First National increased its capital to $500,000'
bought the banking house of the Insurance Bank.
In
1908 the Commercial National Bank was consolidated with
and
National.
First
the
several of the First
It
is
also
,
incidentally
National directors
were
noted
that
instrumental in
organizing the Security" Trust Co. and are identified with its
directorate.
Others are directors in the Michigan, Savings
Bank, and still others in the Wayne County and
Home
Savings Bank, the First National being thus broughtjnto>
intimate relationship with these other banking interests.
A
statement
depicting the growth of the First National, sub¬
mitted in the booklet, shows the deposits in 1913 (Aug.'fc9)
open
the 21st:
Washington at 4:30 o'clock
was
In the
were
joined with other Detroit banks in forcing out of circulation
the note issues of State banks, thus anticipating the action
$24,960,000, against $18,990,000 in 1910, $6,370,700 in
and $4,837,500 in 1900.
The present capital is
1905
noon.
was
was
be said to
acquired $64,000 of the stock of the First National and a
of
that day is
sense,
changing to national banks, the State Bank of Michigan
until nine o'clock last Saturday night, despite the fact the
on
a
system had become perfected, and State banks were rapidly
usual
closing hour
of
In December 1864, when the national banking
$100,000.
surance
system and the Callowhill Street line.
the national charter
opened for business Oct. 5 1913.
had formerly been identified with traction enterprises, and
with his brother had built the Lombard and South Street
sense
with the First National
thus, in
articles of association
meeting of stockholders
reorganization
■
may
beginning of Michigan banking.
of the First National, the
first
banking in the true
It is furthermore set out that,
of the three banks merged
as one
on
meeting of the "directors of the Excelsior Trust
recent
the term began
$2,000,000.
Emory W. Clark, President of the institution,
Mr. Clark's grandfather,
succeeded to that position in 1911.
Ex-Governor Myron
owners
E.
H. Clark of New York, was one of the
his father, Lorenzo-
of the State Bank of Michigan;
Clark,
was
President of the State Bank and director,
Vice-President and Cashier of the First National from its-
beginning until his retirement from business
in 1893.
The
present head of the bank was engaged'in manufacturing in
Detroit when in 1904 he accepted the position of Vice-Presi-
Nov. 29
dent of the First
CHRONICLE
THE
1913.]
National, and became actively indentified
with its business.
shows the
aggregate banking assets of that city to be $74,-
162,609
of Oct. 21—the last bank call.
Harold T. Sibley,
for five years in charge of the bond de¬
The latter
make it
are
organizing
bond department and expect to
a
prominent feature of their business.
a
as
The total capital
circulation
$10,003,049, surplus and profits $7,939,341,
is
partment of the Chicago Savings Bank & Trust Co., is now
associated with the Chicago office of Harris, Winthrop & Co.
1561
-
$3,804,902, bond account $1,915,000,
and deposits, $49,-
and investments are $57,822,862,
cash and clearing-house exchanges $3,741,981, and total
due from banks $12,016,664.
A comparison of Oct. 21
1913 with the nearest corresponding bank call of three years
while loans
002,594;
—
appointed manager of the bond
William T. Bacon has been
Savings Bank & Trust Co. of
Sibley, resigned.
department of the Chicago
Chicago, to succeed Harold T.
♦
Joplin Trust Co. of Joplin, Mo.,
The
on
The action, it is stated, was due to "the con¬
the 20th inst.
The institution
withdrawal of deposits."
tinued
closed its doors
ganized in 1909 and had a capital
The International
was
or¬
of $50,000.
Bank of St. Louis plans to increase its
capital from $200,000 to $500,000; the method by which this
will be accomplished is set out as follows by the St. Louis
"Globe-Democrat":
The bank will sell to its stockholders 1,000 shares at $200 a share.
The
received will be added to the present capital, making a .total of
,
money
$400,000.
will
borrow
To complete the proposed capital of $500,000, the directors
$100,000 from the reserve, which is about $400,000.
The
book value of $160.
5,000 shares, each share then will have a
share the holder will be given a share free
a
With
For each
$800,000.
then—$300,000—added to the capital will make
reserve
and will be expected to buy half
When his outgo for a
one-half shares will repre¬
He then rpay sell a share for $375.
share for $100.
share and a half more will be $100, his two and
$190 a share.
This probably would represent the new
The sums diverted to the reserve then would, in large part,
be directed to the pocket of the stockholders.
$475, or
market value.
sent
and directors
Louis, Alfred J. Seigel,
Manchester
the
Bank
of
St.
President of the Huttig Sash & Door Co., was
President to succeed A. M. Beckers, who
resigned both
as
John M. Schwaig, President
director and Vice-President.
also elected
Gustav Bischoff, President of the St. Louis
of the Standard Clothing &
director.
a
chosen Vice-
Tailoring Co.,
Independent Packing Co.,
was
re-elected President, and
Cashier.
was
August E. Brooker, Secretary and
Laclede Trust Co. of
The com¬
is to have offices at Jefferson Avenue and Market Street.
A. charter has been issued for the
pany
by Oct. 21 1913 to $10,003,049;
$6,349,839, increased $2,216,231 to
$8,566,069 in the same period; deposits, $39,020,756, ad¬
vanced $9,981,837, to $49,002,593, and aggregate resources,
1910, increased $3,612,799
V";
■.
$55,206,228, indicates a growth of $18,956,381 during the
three years to $74,162,609. The banks having $5,000,000 de¬
posits or over are: American National $5,536,438; National
State & City, $5,756,715; Planters' National, $7,175,256; Mer¬
chants'
National, $7,359,826, and the First National,
$13,245,031. The banks having over $300,000 deposits
included:
Bank
of
Commerce
& Trust, $1,048,102;
Richmond Savings, $1,310,295; Union, $1,309,837; Broad
Street, $1,419,752; Virginia Trust, $1,162,570; Mechanics'
& Merchants' $660,245;
Central National, $608,531; Old
Dominion Trust, $567,626; Church Hill, $393,290; Rich¬
mond Bank & Trust, $389,696; and the Richmond Trust &
Savings, $321,963.
«——
The business of the Exchange
been consolidated with that
it
and Charles F. Coffey,
of Chadron.
National.
dating the business of the Exchange
Bank of South Omaha,
Nebraska
continuing institution, of which Alfred Lippman
remain in that post.
Assistant
year
President
Secretary of the institution.: Mr.
of the American Institute
and had previously been President
deposits) Nov. 22 of $1,410,298 and total resources of $1,675,348.
The Exchange Bank, which is to be liquidated, had
Moser
of Banking last
a
was
Col. Joseph L. Hutton has been
of Banks under the
sumed all its
National Bank of Columbia, Tenn., and is a
as
General
Mr.
Whitney
He
large stockholder
was
Charles
He has
Bankers' Assoeiation-
of the Protestant Episcopal Church.
born in New York fifty-eight years ago,
was
son
a
of Charles
Pacific Co.
depositors of the defunct Commercial Bank &
Charles M. Whitney was
when it
and Vice-President of the
received
Whitney Supply Co.
*
■
■<
Copies of the California Bank Act,
ent year,
are
Association,
by Secretary Colburn as
Richmond, Va.,
of the banker who has occasion to
provisions of the Act.
"working
any
frequently refer to tho
In addition to a cross index so ar¬
particular subject sought can be readily
a
very
extensive marginal
guide, embracing about 500 references to the 123 sections of
compiled by
•
a
copy," the book being designed to meet the requirements
located, there is also furnished
in
amended the pres¬
through its Secretary, Frederick H. Colburn.
ranged that
Cashier of the First National Bank,
as
being distributed by the California Bankers'
The volume is termed
statement-of the twenty active banking insti¬
business
Whitney & Sloo Co.
Owing to ill-health, he had
recently retired from active business.
a
Jk A condensed
doing
Treasurer
was
organization for a time.
W. P. Shelton, Assistant
grandson of
Louisiana &
■
Trust
dividend of 16 2-3%
on Nov. 22.
This payment makes the third they have re¬
ceived since the bank's failure in January, the first, which
was paid in February, being 33 1-3% and the second, paid
in June, 25%, thus making an aggregate of 75%.
It is un¬
derstood that the promoters of the proposed United Bank &
Trust Co., which was projected following the close of the
Commercial Bank & Trust Co., have decided to defer its
tutions
a
taken over by the Southern
He had also been President of the Whitney Iron
of that company
Works Co.
at an early age.
Whitney and
A.
who established Morgan's
Morgan,
Texas RR. & SS. Co.
and the
The
Convention
but went to New Orleans with his parents
member of the executive council of the
Company of Louisville, Ky.,
Cityy where he journeyed to attend the
inst. in New York
American Bankers' Association.
•
Whitney, Vice-President of the Whitneydied on the 15th
Charles Morgan
Bank of Chattanooga.
President of the Tennessee
and is at present a
deposits.
Central National Bank of New Orleans,
post by Gov. Hooper last April, but he declined to serve,
Col. Hutton is President of the Phoenix
in the Hamilton National
It
formed in 1912 by interests in the
new
for business reasons.
served
$500,000.
capital of $100,000 and deposits of about
Cosmopolitan Bank
& Trust Co. (organized in 1906), the new organization hav¬
ing purchased the entire assets of the Cosmopolitan and as¬
of the St. Louis
appointed State Superin¬
Tennessee banking law
creating the office; he will assume the post on Jan. 1, on which
date the law goes into effect.
Mr. Hutton was one of three
candidates whose names were submitted to the Governor
by the Tennessee Bankers' Association for the office.
C. N.
Fisher of Morristown, Tenn., was originally chosen for the
v
is Assistant
City Bank & Trust Co. is un¬
The institution as enlarged shows
$150,000.
changed at
chapter.
tendent
The capital of the
Cashier.
Byron W. Moser, who has been in the employ of the
Louis since 1903, has been
was
of the
Presi¬
dent, has been made Chairman of the board and active VicePresident.
Julius Meyer and George M. Leahy remain as
vice-presidents of the City Bank & Trust; C. S. Bauman,
who was Cashier of the Exchange Bank, is Cashier of the
St. Louis Union Trust Co. of St.
made
Ex¬
Bank with that of the
City Bank & Trust Co., Mr. Legier becomes President
latter.
F. P. Breckenridge, who had previously been
President of the First National Bank
Henry W. Yates is President of the
divulged that John Legier Jr., President of the
in acquiring control of the City
Bank & Trust Co. after repeated purchases of its stock.
It
is stated that the details of the purchase have been arranged
with a view to giving to the minority stockholders who did
not sell during the recent rise in the value of the stock all
the benefits realized by the majority holders.
In consoli¬
by F. W. Clarke, Vice-
It is understood that he will
was
change Bank, had succeeded
in the Nebraska National
Bank of Omaha has been secured
Bank of New Orleans ha 9
of the City Bank & Trust Co., the
proceedings having been consummated following their rati¬
fication by the respective stockholders on the 22d inst. Ru¬
mors of this merger were current several months ago, when
•
President of the Stock Yards National
profits,
and
surplus
'
It is announced that an interest
Capital, which was $6,390,250 Nov. 10
recorded, viz.:
are
The capital is to be $100,000.
St. Louis, Mo.
of Nov. 10 1910—reveals the true measure of growth
banking business.
In every item large gains
of Richmond's
t'•
■
the election last month of the officers
At
of
W
——4
.
ago—as
the
adjoining text.
The compilation of these indexes, which
a,dd
.
CHRONICLE
THE
1563
materially to the value of the volume, is said to have
The Association plans to
so
bound in .cloth, along
.
another
future
near
copy
of the Bank Act,
/"
•
—
1912
—
V
FALL RIVER MILL DIVIDENDS IN 1913.
.
Thirty-two cotton-manufacturing corporations located in
of operations haye declared
dividends during the fourth quarter of the year.
The total
amount paid out is much greater than for the corresponding
period or 1912, but as will be noted this is largely due to the
"including of special distributions by three mills.
The aggre¬
gate of the amount distributed has been $1,028,675, or an
average of 3.50% on the capital.
Five mills passed their
dividends.
Jn 1912 the amount paid by twenty-nine mills
*$303,375, or an average of 1.09 %.
The distribution of
ai /..'ends for the fourth quarter of earlier years was 1.07 %
Number.
1913
36
27,756,670
27,756,670
36
1910
—..35
.35
1908
34
1907
...32
1905
—
...32
20,625,000
—__32
21,505,000
—.32
21,505,000
21,411,000
21,061,000
—
..
1904
—
1903—
1902
35
1901
...35
—
1900
1899.—
,
1898
'
1897.
.35
20,958,500
—34
20,058,500
19,408,000
—34
...37
—
1
•
1
■
Dividends
Fourth Quarter.
1913 and 1912.
;
'
:
Inc.
I Atnoynt.
Dec.
Linen
%
Co
Ancona Mills
%
Amount.
|
*13*
300,000
450,000
_
No
1,500
*1A
| dividend
dividend
No
dividend
No
dividend,
Conanlcut Mills
Cornell Mills...
Bourne Mills.
Chace Mills
Davis Mills
Davol Mills..
Flint
-
;
-+
Mills!..
Granite Mills.
Hargraves Mills
King Philip Mills
...
Mechanics' Mills
Merchants' Mfg..Co
...
Osborn Mills
Parker,Mills
Pilgrim Mills...........
-4
Richard Borden Mfg. Co
Sagamore Mfg. Co...
Seaconnet Mills
Shove
1
10,000
i*
15,000
13*
15,000
18,000
251,670
13*
3,775
1A
400,000
2
8,000
2
13*
Stafford Mills——
1
No
dividend
1A
1A
1
7,500
11,600
'
No
dividend
No
dividend
1A
9,000
1A
10,500
5,250
750,000
1A
300,000
2
Union Cotton Mfg. Co..
11,250.
22,500
m
1
'618,000
7,500
IA
Mills.........
1
—10,500
dividend
No
dividend
1„
„
1A
? 1
1
t
+6,000
e
24(000
+30I666
H,:
Amer. Linen Co—
3
1
23*
6
6
6
BorderCltyMfg.Co.
4
4
5
6
6
Chace Mills
6
4
Granite Mills
4A
6A
6A
8
8
8
8
5^23^
8
63*
8
10
7.50Q
8A
4A
6
6
6
6
6
6
6
6
6
6.00
6
8
8
13
11
11
5A
53*
7A
8.05
Mechanics' MiUs
4
4
43*
6
6
63*
7
4
1
3
4
4.60
Merchants'Mfg.Co
Narragansett Mills.
4
3
6
6
6
6K
4
2
2
4
4
4
23*
63*
8
8
8
8
5
4-6
4.17
6.90
Osborn Mills
66
666
6
11H
5^
4
23
R. Borden Mfg. Co.
6
6
7
10
8
13
20
6A
6A
7
8
8
12
30
5A
4>$
.
Stafford Mills.—.
4
IA
6
Tecumseh Mills...
6
6
6
6
6
Troy C.& W.M.Co.
8
8
9^ 12
13
Un. Cot. Mfg. Co— 56
6
6
6
29A
Wampanoag Mills,
3
1A
6
2
4
d.
—
per cents
account...
—
Ancona Mills
»
__j
Barnard Mfg. Co
.i
Barnahy Mfg. Co...
Border City Mfg. Co——
Bourne Mills.......—.
Chace Mills.
Conanlcut Mills—.
1,000,000
-
...a...!
Cornell Mills.
Davis Mills
—
Davol Mills
800,000
300,000
450,000
495,000
350,000
—<
Flint Mills..
Granite Mills.
1,000,000
1,200,000
251,670
400,000
1,250,000
500,odd
1,160,000
1,000,000
800,000
1,500,000
600,000
1,250,000
350,000
750,000
1,200,000
'
Nargraves Mills
King Philip Mills...
Laurel Lake Mills.....
Lincoln Mfg. Co.
__/*
Luther Mfg. Coi
Mechanics' Mills.
Merchants' Mfg. Co
'
Narragansett Mills
Osborn
...
Mills
Parker Mills
£
3
*6
No
No" dividend
No! dividend
.
4
6
40,000
60,000
72,000
15,100
32,000
75,000
30,000
Ia
69,600
45,000
6
6
6
8
6
Nq< dividend
6
a43*
24 A
.4
4
4
750,000
6
No
Pilgrim Mills
1,050,000
66
Pocasset Mfg. Co..
Richard Borden Mfg. Co..
1,200,000
1,000,000
1,200,000
600,000
550,000
1,000,000
700,000
750,000
300,000
1,200,000
750,000
6
Sagamore Mfg. Co
Seaconnet Mills
Shove Mills
Stafford
J
....
Mills..
...
Stevens Mfg. Co
Tecumseh Mills
<
Troy Cot. & W. Mfg. Co.—i
TJnion Cotton Mfg. Co
Wampanoag Mills
Weetamoe Mills
—
1
500,000]
90,000
36,000
48,000
6
400,000
800.000
24,000
6,000
dividend
6
4
* On
preferred
stock,
quarter the rate was 4.70%.
c
a
+ 16,000
<
6
4
,
A
40,000
8
6
3
3
No
,
86.85
86.65
723*
72?*
65
65
63*
94?*
943^
1003*
963*
96 A
83
Pacific.!
83
,1013*
.183*
293*
-273*
413*
343*
1263*
183*
293*
12
18 H
Preferred——
_i.
Erie
293^
26J£
preferred
.i 413^
Second preferred
34
Great Northern, preferred.. 126A
—
First
Illinois Central
109
...
1093*
75,000
30,000
34,800
+ 34,800
30,000
+ 15,000
63*
1
78,000
6,000
+481666
+ 18,000
16,500
+ 5,500
20,000
42,000
+ 20,000
6
6
45,000
6
8
24,000
672,000
30,000
30,000
8
3
26?*
106>*
583*
583*
83
12
12
102
.1023*
183*
.
293*
27?*
273*
42
SI*
35
128
127?*
1273*
20?*
1093*
1353*
203*
110
135
20?*
55
55
27
27
12?*
983*
133*
98?*
26?*
27
Reading Company
a First preferred
———.
...
Second preferred.
Rock Island
....
Southern Pacific.....
Railway._r
—
...
....
Pacific
—
Preferred
...
1093*
56 J*
82
433^
56?*
82
'
55
27
123*
123*
983*
27
1063*
106?*
109?*
663*
823*
1103*
llOK
563*
823*
82?*
433*
44
44
143*
143*
883*
22
893*
213*
143*
89?*
22?*
14?*
903*
C1053*
77
77
77
78
1543*
154?*
84
84
U. S. Steel Corporation^
56 A
:———1083*
—
....
84
56?*
5"73*
1083*
.1083*
4
4
10J*;
4s
1553*
10?*
.50
50
4
lI6~~
563*
823*
C44
22?*
155?*
433*
143*
143*
C883*
223*
883*
223*
773*
1537*
,cl533*
84
57?*
c56~
,
10?*
50
563*
108
4
10?*
"v.
843*
108
50
101H
183*
293*
4
103* "
503* -
Price
per
share.
& £
sterling,
c
Ex-dividend,
d Quotations here
given
are
©oraraetxial atitlSHiscellatucmts Ujcmjs
+ 36,000
2
6
98
229 3*
+ 21,000
36,000
60,000
45,000
24,000
72,000 + 600,000
22,500
+ 7,500
22,500
+ 7,500
4.07 1,129,625
+945,825
$700,000 and 3% on
Eliminating extra dividends declared
^AAAATIAn.rV>^Hl*VVt
•VVV*VVS"V*^~^r¥VVVVVVVVAAA
Banks.—The following information regarding
national banks is from the office of the Comptroller of the
National
Currency, Treasury Department:
»
CHARTER ISSUED TO NATIONAL BANKS NOV. 18.
10.460—The first National Bank of Wayne City, 111. Capital, $25,000.
Amos
W.
Tyler, Pres.; O. W. Talbert,
Cashier.
(Succeeds
Bank of Wayne City.)
10.461—The Sonora National Bank, Sonora, Cal.
Capital,
$50,000.
T. F. Symons, Pres.; R. F. Wentworth, Cashier.
SI 2^0 nnn
In'the'last
The foregoing indicates that, of the thirty-seven mills
five have made no distribution, fourteen have made no
Pennsylvania
a
a
3
4 V
12?*
953*
"
flat prices.
22,000
!
263*
12?*
983*
263*
1063*
963*
c230
583*
+
-
943*
.101
16,000
45,000
dividend
6
26
n
+ 64,750
dividend
f
55
1093*
1343*
203*
71?*
;
+12I666
42,000
on
a
Extended
3
1343*.
203*
20A
55
—109M
Wabash—,—
40,000
13*%
Norfolk & Western
Preferred
90,000
4
6
N. Y. Ont. & Western—...
Preferred.'
6
l.
Nat. RR. of Mex., 2d pref—
N. Y. Central & Hud. Riv__
Union
4
4
Missouri Pacific
Preferred.
6
56
Preferred......———-
343*
127?*
86.473*
943*
232?*
?!*
27?*
263*
73 5-16
83
2323*
413*
723*
-953*
83
Fri.
.i„
101
95
1013*
+ 6,000
No
3,05
'"7"
943*
101
Denver & Rio Grande.
42,000
21,000
30,000
36,000
No
3
86.673*
7
63*
94?*
230?*
573*
6
i
,
229A
Chesapeake & Ohio
57 A
Chicago Great Western...... 11%
Chicago Milw. & St. Paul... 101
+ 6,000
1
6
2
73
86.90
,—..100}^,
Preferred
Canadian
30,000
3
4^
—
73 3-16
6A
Baltimore & Ohio
5
4'..
3.60
7.15
48.50
12.40
Thurs.
27
73 A
72 15-16 7273
73 3-16
64
Southern
dividend
'
73 1-16
7OA
a
+24,000
+ 3,775
32,CtoO
6
6
48,000
11,325
27
27 1-16
1-16
63^5
Northern Pacific
60,000
4.
8.75
10.45
5A
4
Preferred..—,.——,—.rf 87
dividend;
4
4
29,356.670 C7.07 2,075,450
$100,000
b On $350,000 preferred stock,
$
No dividend
No! dividend
16,000
45,000
b*
Total
..
9
6
—
Wed.
Tues.
26H
257A
72 13-16 72H
Am. Smelt. & Refining Co..
6,000
No
6
21,000
72,000
60,000
126,000
24,000
'
Dec..{—).
8,000
*6
85,750
30,000
48,000
dividend
10 A
.
1
2
4.85
4
—
S5A ISA
4
'
'
Mon.
Amalgamated Copper Co
(+)
or
$
American Linen Co
Arkwright Mills
Inc.
Amount.
4
6
20
6
86.873*
70?*
Preferred...'..
•
%
5A
67
-
6
4A
1
4
6 '
5A
6
8^10
16
20
9^14^
4
■...
Sat.
•
Missouri Kansas & Texas...
Amount.
6
21
5
Louisville & Nashville—— 134
t
6
.
"
8
6
English Financial Markets—Per Cable.
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Atch. Topeka «fc Santa Fe...
4.07%,
•
%
5.42
7.25
6.05
7.05
7A
6
6
5
........
Capital.
3^
3
3
6
6 Anaconda Mining Co..
303,375 +725,300
1912.Dividends
53*
3^
4A
6
d French Rentes (in Paris), fr.
7,500
1918.Dividends
3
9H
6
6
d For
Combining the foregoing results with those for the first
nine mouths, ;we have the following exhibit for the
year.
It
wih be obsorved .that on a capitalization of $29,356,570 the
mills have paid out in dividends $2,075,450 in the
present
Years 1913 and 1912.
6
King Philip Mills—
Silver, per oz
d Consols, 2 A
18,000 +600,000
or
11
Laurel Lake Mills..
.
6,000
against $1/129,625,
Ac..10
.
"■
year, .or an average of 7.0.7%,
in the like period of 1912.
seventeen of the
which embraces
/• //■/:•• : '
•»
-
London,
Week ending Nov. 28. "
c
'
the following,
'
■
case
series of years, we have
a
Years,
19131912 1911 1910 1909 1908 1907 1906 1905 1904 1903 '03-'12
as
a 1
% regular and 18 A % extra.
5 On $350,2% tregular and 2 A% extradXA% regular and 50%
Excluding extra dividends the amount paid out was $333,925 and the
vl.14%.
rate
"
The
11,250
1.09
17,608,000
showing the relation this year's dividends in the
'
"if5",250
12,000
15,000
10,500
1
1,420,870
1,850,700
1,696,040
18,658,000
18,558,000
:•
uuct<tru[=C!!;mutucrcihlguolisTt|lms
10,000
HA
.33
Jeading corporations.
55,000
u
....33
—
33
As
6,000
1
—
—
8.02
7.52
4.93
7.62
9.97
9.63
1,706,310
1,492,260
914,850
+ 64,750
* On $100,000 preferred stock.'
000 .preferred .stock,
extra,
—
1888
4,000
11,250
•1A
No,
7,500
29,356,670 C3.50 1,028,675
—,
1890
1889
7,500
12,000
X
2^
6,000
1,200,000 d51A
750,000
500,000
Wampanoag Mills
18,558,000
Sagamore Mfg. Cd. 10J^
+ 5,800
+ 10,000
No dividend !
1,250,000
550,000 o20
70,000
1
750,000
7,500
1
1,200,000
12,000
1
400,000
4,000
750,000
IA
11,250
No dividend
800.000
1,050,000 hi A
5,250
1,200,000
13*
18,000
1,000,000
13*
15,000
1,200,000
c4A
54,000
1
.600,000
6,000
1
*
550,000
5,500
1
1,000,000
.10,000
13*
700,000
10,500
Tecumseh Mills—.
+ 6,000
8,000
18,750
IA
13*
13*
Troy .Cot. & W. Mfg. Co
Total
12,000
3,775
.
Stevens Mfg. Co
.
7,500
17,400
10,000
13*
.
Mills...—
Weetamoe
18,750
13*
600,000
Luther Mfg. Co.:
;Pocasset Mfg. ,Go.
10,000
22,500
9,000
Laurel Lake Mills..—...
Lincoln Mfg. Co
Narragansett Mills
1
£1,000,000
800,000
1,500,000
—.
..—'J
19,858,000
33
prepared
(—).
dividend
13*
500,000
1,160,000
*.
-
No
,,,,
1,250,000
^......
(+)
1,500
495,000
350,000
1,000,000
1,000,000
1,200,000
Barnaby Mfg. Co
Border City Mfg. Co
21,278,000
34
—
$
No
...V
..35
1893—
1891—,
+ 8,000
dividend
No
Co
1,772,925
1,128,000
■'
$
8,000
dividend
Mills
Barnard Mfg.
%
1
800,000
No
Arkwright
21,478,000
or
Capital.
$
American
1,385.675
21,828,000
35
— —
of individual mills bear to those for
1912
1913. Dividends
22,628,000
36
1892.
1.63% in 1910, 1.82% in 1909, 1.48% in 1908,
3.71% in 1907, 1.77% in 1906, 1.09% in 1905, 0.50% in
.1904, 1.39% in 1903, 1.49% in 1902 and 1.24% in 1901.
The details for the fourth quarter are as follows:
.
•
...37
1895
1894.
in 1911,
1,855,450
1,201,327
467,700
772,700
1896
'•
6.74
7.40
6.90
11.09
6.83
3.34
3.56,
5.66
6.47
5.63
8.85
5.99
2.41
3.39
6.12
8.12
' 5.25
,
22,793,000
.
P. C,
7.07
4.07
5.01
$2,075,450
1,129,625
1,392,184
1,827,050
1,976,000
1,733,067
2,691,625
1,491,100,
'
688,550
' 764,950
1,217,275
1,368,400
1,164,095
27,105,000
26,725,000
25,125,000
24,275,000
21,825,000
-33
1906
Fall River which furnish reports
$29,356,670
1909
com¬
Amount.
..37
1911
more
Dividends
Companies
Capital.
Years—
with the annual report o/the organi¬
zation.
XCVII.
change in the amounts, and eighteen have paid out
than a year ago.
To furnish a more comprehensive
parison, we append the dividend record back to 1888.
been vthe -work of Mr. -Colburn.
issue in the
{Vox,.
Canadian
Bank Clearings.—The clearings for the week
ending Nov. 22 at Canadian cities, in comparison with the
same week of 1912, shows a decrease
in the airerregate of
THE
Not. 29 1913.]
15G3
CHRONICLE
Week ending Nov. 22.
Name of Company.
Clearings at—
:—.
Winnipeg
—
Vancouver
11,567,311
.
Ottawa
—
—
Quebec
"
Halifax.
Calgary
•—
Hamilton
St.
„
—
John——
Victoria———...
London
...
Edmonton
—
—
Regina
„
Brandon
—
Lethbridge
—
Saskatoon
.—
Moose Jaw
\±
Brantford
Fort
William.
New
Westminster-
Medicine Hat
4,595,480
3,792,814
2,239,043
5.546.692
3,400,000
1,546,990
3.125.693
1,842,784
5,402,084
3.143.694
831,025
762,118
2,280,972
1,564,792
704,879
1,147,383
Total Canada...—--
+ 9.8
—18.9
+ 13.3
+ 9.8
—15.6
"
~r-10.6
—13.0
2,018,689
—23.4
4,266,835
1,849,546
5,625,635
3,421,750
1,034,696
T—27.2
938,035
—18.8
3,065,982
1,786.483
725,499
—25.6
—0.4
—4.0
—8.1
—19.6
—12.4
Columbus Gas A Fuel,
total,
total.
Deere &
835,295
Dec.
Holders of
rec.
Dec.
6b
Feb.
Holders of
rec.
Jan.
31a
Dec.
Holders of rec. Oct.
31a
3
Dec.
Nov. 30
to
Dec.
sx
Jan.
Dec.
20
to
Jan.
V4
Dec.
Holders of rec. Nov. 29a
Jan.
Nov. 27
(No. 70).
2*
Jan.
Holders of rec. Dec.
la
Chesapeake A Ohio (quar.).—.......i..
Chestnut Hill(quar.)
Chicago & North Western, com. (quar.).
Dec.
Holders of rec. Dec.'
5a
IX
Dec.
Nov. 21
IX
Jan.
Holders of
rec.
Dec.
2
Jan.
Holders of
rec.
Dec.
Boston A Albany (quar.)..
Boston
&
Lowell
...
_
Canadian Pacific, com. (quar.)
...
Preferred
(quar.)——.———.———.,.
Cin. N. O. A Tex. Pac., common..
Common
(extra)—-ii—u
Preferred (quar.)....
.......
Regular guaranteed (quar.)....
Cripple Creek Cent., com. (qu.) (No. 16)
Preferred (quar.) (No. 32)....
Delaware A Hudson Co. (quar.)
Delaware Lackawanna ds
Erie A Pittsburgh
(quar,).I
Hocking Valley (quar.).5....—
preferred..
N. Y. Philadelphia & Norfolk
(No. 13)
Western/common (quar.),
(quar.)
Phila. Germantown & Norristown (qu.)
Norfolk Southern (quar.)
IX
Dec.
Holders of
rec.
Nov. 22a
Dec.
Holders of
rec.
Nov. 10a
IX
Dec.
Holders of
rec.
Nov. 10a
1
Dec.
Holders of
rec.
Nov. 20d
1
Dec.
Holders of rec. Nov. 20a
2X
Dec.
Holders of rec. Nov. 26a
Dec.
Holders of
Dec.
Holders of rec. Dec.
Dec.
Holders of
2
Dec.
Holders of rec. Dec.
2
Jan.
Dec.
$3
Nov.
Holders Of
Pittsb. Bessemer A Lake
Pitts. Youngst. A Ash., com.&pfd.
Holders of rec. Nov.
Holders of
Dec.
Nov. 21
3
Dec.
Holders of rec. Nov. 15
IX
Dec.
Holders of rCc. Nov. 20a
1
Dec.
Holders of
(qu.)
Reading Co., 1st pref. (quar.)
...
Southern Pacific Co. (quar.)
5).
-
rec.
Dec.
23a
Holders of
rec.
Dec.
2a
Holders of
rec. Dec.
la
Dec.
Holders of
rec.
Nov.29a
3
Dec.
Holders of
rec.
Nov. 20a
W
Jan.
Holders of
rec.
Dec.
Detroit United Ry.
(qu.).4
Federal Light A Trac., pf. (qu.) (No. 14).
Jan.
Holders of
Dec.
Nov.16
,
rce.
Holders of
Nov. 30a
Dec,
Dec.
Holders of
rec.
Nov. 29a
IX
Dec.
Holders of
rec.
Nov. 19a
Pensacola Elec. Co., pref. (No. 14).
3
Dec.
Holders of
rec.
Nov. 15a
Portland Ry., L.&Pow.(qu.) (No. 12)
Rochester Ry. & Light, preferred (quar.).
Second & Third St. Pass., Phila. (quar.)..
1
Dec.
Holders of
rec.
Nov. 18
'
Tennessee Ry., L, & P., pf.
(qu.). (No. 6)
Washington (D.C.) Ry. A El., com.'(qu.)
Common
Preferred
.
rec.
Holders of
Nov. 24a
IX
$3
Dec.
IX
IX.
Dec.
Holders of rec. Nov. 15a
Dec.
Nov. 16
1
(extra)
(quar.)
West Penn Tr.&Wqt.P., pf. (qu.) (No. 7)
Dec.
Dec.
IX
Dec.
IX
Dec.
IX
Dec.
rec.
Holders of
Nov. 16
10
Dec.
la
Nov. 17
-to
Nov.17
Nov. 16
15 Dec.
rec.
to
Nov: 17
to
Dec.
,,to
15
Trust Companies.
Citizens', Brooklyn (quar.)
1 Holders of rec. Nov. 20
Miscellaneous.
3
Dec.
Nov. 20
to
Nov. 30
1
Dec.
Dec.
16
to
Dec.- 20
^Preferred (quar.)..
IX
27
3
Jan,
Dec.
Dec.
American Cotton Oil, preferred
Nov. 14
American Gas
IX
Adams Express (quar.)
American Chicle, common
(monthly;
(quar.
American Steel Foundries (quar.)
Amer. Sugar Refg., com. A pref. (quar.)
American Telegraph & Cable (quar.)...
American Tobacco, common (quar.)...
Associated Merchants, common (quar.).
Common (extra)
Atlas
...
Preferred
Electric, preferred
Blackstone Val. Cos & El.,com.(qu.)(No. 5)
Preferred (No. 3)..
Baltimore
Booth Fisher Ties, pref.
Jan.
1
Dec.
4
Holders of rec. NOV. 19
Holders of
Dec.
Dec. 23
1.
Dec.
IX
Dec.
'■
2
to
Nov. 25a
Jan..
1
Nov. 27
to
Dec.
Nbv. 15
to
Nov. 23
rec.
Holders Of
rec.
Dec.
13a
IX
Jan.
Holders of
rec.
Dec.
la
IX
Dec.
Holders of
rec.
Nov. 29a
5
Dec.
Holders of
roc.
Nov. 10a
IX
Nov.
Holders of
rec.
Nov.
X
Nov.
Holders of rec. Nov.
20a,
20a'
Deo
Nov. 30
10
to
Dec.
1
Jan.
Holders of
rec.
Dec.
13
3X
2X
Jan.
Holders of
rec.
Dec.
13
Jan.
Holders of
rec.
Dec. 20
!'
Dec.
Holders of rec. Nov. 24a
Dec.
Holders of
rec.
Nov. 24a
IX
IX
Jan.
Dee.
21
to
Jan.
Borden's Cond. Milk, pref. (qu.)(No. 48)
Dec.
Dec.
6
to
Dec.
Brooklyn Union Gas (quar.)
IX
Jan.
Dec.
18
to
Jan.
1
Jan.
Dec.
$5
Dec.
Holders of
(quar.)
(No. 51)..
Extra
Buckeye Pipe Line
Butterick Company (quar.)
—
...
X
Calumet & Hecla Mining (quar.)
$6
Canadian Car A Foundry, common
Central Leather,
pref. (quar.)
'
Chesebrough Mfg. Cons'd (quar.)
2
.
lH
18
to
reo.
Jan.
1
15
1
Dec.
Holders of
Dec.
Holders of rec. Nov. 26a
Dec.
Holders of
Jan.
Holders of
rec.
rec.
rec.
Nov. 17a
Oct.
Dec.
31a
10a
Dec.
Dec.
7
to
Dec.
22
4
Dec.
Dec.
7
to
Dec.
22
Chicago Telephone (quar.)
2
Deci
Holders of
Dec.
30a
Childs Company, com. (quar.).j....
2X
IX
Dec.
Dec.
4
to
Dec.
10
Dec.
Dec.
4
to
Dec.
10
Dec.
6
to
Dec.
9
Extra
Preferred (quar.).
Chino Copper Co. (quar.).
Cities Service, common (monthly)...
Preferred (monthly)..
rec.
75c.
Dec.
5-12
Deo,
Holders of
reo.
Nov. 15
Dec.
Holders of
rec.
Nov. 15
X
Deo.
1
15 Holders of
rec.
Dec.
6
2 Holders of
IX
Dec. 15 Holders of rec. Nov. 21a
3
Dec. 31 Holders of rec. Nov. 29
2
Dec.
31 Holders of rec. Nov. 29
1 Nov. 16
Nov. 30
to
IX
Dec.
IX
Dec.
1 Holders of rec. Nov. 19a
5
Feb.
2 Holders of rec. Dec.
IX
Jan.
2
Jan.
IX
Jan.
IX
Dec.
1
Dec.
;
Dec.
Dec.
2
2 Holders of rec. Dec, 17a
15 Holders of rec. Nov. 29a
2 Holders-of rec. Dec.
15 Holders of
rec.
20
Nov. 29a
1 Holders of rec. Nov. 14a
1 Holders of rec. Nov. 20
Nov, 28
Dec. 20 Dec.
1
Deo.
to
21
to
Feb.
II
to
Dee. 21
1 Holders of rec.
IX
Dec.
IX
Dec. f5 Dee.
2X
Dec.
2
Dec.
Dec.
to
1 Holders of rec. Nov. 20a
31 Jan.
2
2
1
Nov. 29
Dee. 16
to
2
to
Dec. 15
15 Dec.
1 Holders of rec. Nov. 22a
1 Holders of rec. Nov. 22a
NOV. 29 Holders of
rec.
Oct.
17 ^Holders of
rec.
Nov. 17
1 Holders of
rec.
Noy. 15a
Jan.
3
Dec.
IX
31o
Jan.
2 Holders of
rec.
Deo.
15
IX
Dec.
15 Holders of
rec.
Dec.
1
IM
Jan.
2 Holders of rec. Dec. 13a
Jan.
Holders of rec. Dec. 13a
Dec.
Nov. 15
IX
Dec.
Holders of rec. Nov. 15a
IX
Dec.
Holders of rec. Nov. 15a
2
-
1
f
31a
Middle West Utilities, pref. (quar.).
Nov. 30
to
Holders of rec. Dec.
Dec.
5
IX
Dec.
15 Holders of rec. Dec.
IX
Jan.
15 Holders of
m
Nov. 29 Holders of rec. Nov. 15a
X
IX
Dec. 31 Dec. 13
to
Dec. 16 •'
National Lead,
15 Nov. 22
*o
Nov. 25
National Sugar
IX
Jan.
(quar.)
Preferred (quar.)
(No. 63)
..
(quar.)
75q.
...
(quar.)..
50e.
IX
(qu.)
North American Go, (quar.)—_______
_
Preferred
Rican-Amer.
2 Holders of
rec.
Dec.
2 Holders of
rec.
Dec, 15a
Dec.
1
—
IX
Dec,
6
to
1
IZII
com. (quar.)
urn
(Kansas) (quar.)
;
Standard Oil of Nebraska———
Extra
'
...
Standard Oil of N. J. (q'uar.j"""
Standard Oil of Ohio (quar.)
Extra
Stern Bros., pref. (quar.) (No."
12)11
Studebaker Corporation, pf. (qu.) (No. 4)
Swift & Co. (quar.) (No. 109)...
Underwood Typewriter, com.
(quar.)
Preferred
(quar.)
Union Slock Yards of Omaha
United Cigar Mfrs., pref.
(quar.)"""
(quar.)
Cigar Stores ofAm.,pf.(qu.)(No.5)
United Dry Goods Cos., pref.
(quar.)
U. S. Gypsum, pref. (quar.)..
U. S. Stoci Corporation, com.
(quar J. 11"
United
.
Preferred
(quar.)
Utah Copper Co.
utilities
Improvement,
Preferred
in¬
(quar.)...
com.
(monthly)
~
White (J. G.)
White
Engineering CorpIIpflfqu.)
(J.G.)Management Corp.,pf.(ou.)
Woolworth (F.W.). Co., com.
(qu.)(No.6)
Wool worth (F. W.), pref.
(quar.)
a
Nov. 30
"
Dec.
2
Dec.'
to
2
1 Holders of rec. Nov. 12a
Dec.
4 Holders of rec. Nov. 15
4
Dec.
2X
Jan.
1 Nov. 16
to
Dec.
1 Nov. 16
to
Dec.
Nov. 29 Holders of rec.
IX
Feb.
IX
Dee. 20 Dec.
2
Jan.
Nov.
28 Holders of rec. Feb.
7
to
2 Holders of rec. Dec.
IX
Jan.
5
Dec. 20 Nov. 25
to
Dec. 20 Nov. 25
to
Dec;
la
2a
Dec. 21
15 Holders of rec. Jan.
30
.
\
I
15 Holders of rec. Dec. 31a
IX
'
1 Holders of ree.
9
5
5
15a
Dec. 20
Dec. 20
Nov. 15a
3
Doc.
31 Dec.
13d
to
Jan.
2
Dec.
31 Dec.
13d
to
Jan.
I
1
Jan.
2 Holders of
Dec.
13a
2
Jan.
2 Holders of rec. Dec.
13a
Dec.
rec.
1
1 Holders-of rec. Nov. 20
2 X
3
Nov, 29 Nov. 11
to
Nov. 30
9
Nov. 29 NoV. 11
to
Nov. 30
3
Nov. 29 Nov. 13
to
NOV. 29
Dec.
15 Holders of
rec.
Nov. 20a
10
Nov. 29 Nov. 13
to
Nov. 29
10
Dec. 20 Nov. 21
to
Dec.
19
to
Dec.
19
5
Dec.
20 Nov. 21
5
Dec.
15 Holders of
3
Dec. 22
2
IX
rec.
Nov. 21a
Nov. 23
to
Dec.
22 Nov. 23
Dec.
1 Nov. IS
IX
Dec.
1 Holders of rec. Nov. 20a
IX
Jan.
2 Dec.
1
Jan.
IX
Jan.
1 Holders of rec. Dec. 20a
IX
Dec.
1 Nov. 21
IX
Dec.
Dec.
IX
10
Dec.
14
to
Dec.
14
to
Dec.
1
to
1 Holders of rec.
IX
to
Jan.
2 J
Dec. 20a
Dec.
8
1 Holders of rec. Nov. 24a
15 Dec.
Dec.
2.
to
Dec.
16
1 Holders of rec. Nov. 20a
IX
Dec.
20 Holders of
IX
Dec.
30 Dec.
2
to
Dec.
IX
Nov.29 Nov.
4
to
Nov. 16
Dec.
6
to
Dec.
75o.
31 Dec.
rec.
Dec.
15
9"
9
Dec.
1 Holders of
Dec.
1 Holders of rec. Nov. 15
3
Dec.
$4
Dec.
Dec.
1 Holders of rec. Nov. 21
1 Holders of rec Oct. 31
1-6
X
15)11"
9
15
Dec.
(monthly)
Waltham Watch, preferred (No.
Washington Oil
Dec.
Dec.
X
"
.
Extra
9
Nov. 22
3
Southwestern Utilities Corporation
Standard Oil
15 Dec.
Dec.
Dec<
rec.
,5 i
8
(quar.)
Extra....
to
liHolders of
37 X c. Dec. -31 Dec.
6
to
Dec.
J an.
3
15 Holders of rec. Jan.
South Penn Oil (quar.)....:...
(California) (quar.)..
Standard Oil of Indiana (quar.)
to
Dec. 20 Nov. 26
Dec.
IX
(No~.45)
Standard Oil
Dec. 20 Nov. 26
IX
Nov. 30
I
."Extra
South Porto Rico Sugar,
Preferred (quar.)
15a
Holders of rec. Nov. 20
to
Refining
Extra.—.—
Southern Pipe Line
1 Holders of rec. NoiL 21a
Dec.
Nov. 29 Nov. 20
(quar.)
Republic Iron & Steel, pref. (qu.)
9
2c?
IX
Realty Associates (No, 22)
Extra (No. 6).,
Solar
^
Dec.
Dec.
Nov. 30
Preferred (quar.)
Preferred
rec.
to
^
Railway Steel-Spring, pref. (quar.)_—_'
Ray Consolidated Copper Co. (quar.).
to
Nov. 29 Nov. 20
(quar.)
(quar.)
6
1
"
common
Dec.
to
•
Extra
Quaker Oats,
31
to
(quar.)
Tobacco
Dec.
Dec. 22 Holders of
NOv. 30 Nov. 15
Pittsburgh Steel, pref. (quar.)
Porto
8
Dec
1 Nov. 21
$1.50/ Dec.
30X c. Dec. 15 Nov. 21
(quar.).-.,
Pure Oil (quar.)
^
Jan.
$6.75
;
Dec.
(Dec. 15LHolders of rec, Nov,2?£
Jan.
$1.25
„•
ree.
5
27a
IX
IX
common
2 Holders of
Dec.
1
Ogllvie Flour Mills, Ltd., pref. (quar.)..
Ohio Oil (quar.)
Extra
rec.
5
Northern Pipe Line......
Ontario Power (quar.) (No. 5)
Pabst Brewing, preferred (quar.)
Dec.
37 He. Dec.
^g
3i
Extra
New York Air Brake (quar.)—,
N. Y. & Queens El. L. A P., pf.
1
Nov. 17
Nov. 29a
rec.
Dec.
May Department Stores, common (quar.)
4
Dec.
X
IX
Baldwin Locomotive Works, common
-
Dec.
.....
Powder
to
to
Dec.
Amer; Power & Lt., common
(qUar.)....
American Radiator,.common (quar.).-—
Am. Smelt. & Refg., com. (qu.) (No. 41).
Preferred (quar.) (No. 58)
'.
(qu.)(No.l>..
Pittsburgh Brewing,
IX
rec.
Dec. 10 Holders of
2
Nov. 15a
6
Jan.
ix
25
rec.
10
IX
3
ix
—....—.
Holders of
3
—
(quar.)—
Dec.
Northern Ohio Trac. & Lt., com. (qu.)
North. Texas El. Co., com. (qu.) (No. 17)
Norfolk Ry. & Light...
1
:
IX
Dec.
1
Jan.
IX
rec.
1 Holders of rec. Nov. 15a
X
Philadelphia Electric (quar.)
Holders of rec, Dec.
Dec.
2 Holders of reo. Dec. 20a
Pennsylvania Lighting, common
Philadelphia Elec. (payable in stock).,.
Holders of
5
Jan.
Nov. 29a
Jan.
Nov. 29a
2 Holders of rec. Nov. 29a'
X
Nov. 15a
Jan.
rec.
16 Holders of rec. Dec.
1 Holders of rec. Nov. 10a
rec.
$2
15 Holders of
Dec.
Jan.
1 Holders of rec. Nov. 21a
Holders of
1
Dec.
2X
1 Nov. 15
Holders of
Dec.
Dec. 31a'
Dec.
Holders of rec
to
Dec. 15a
rec.
15 Holders of
Dec.
Dec.
Nov. 16
rec.
15 Holders of
Dec.
Deo.
Nov.
VADec.
Nov. 29a
2 Holders of
Jan.
2
Nevada Consolidated Copper Co.
Nov. 21'
rec.
Jan.
ix
IX
IX
IX
2X
Dec.
rec.
Nov. 15a
1 Holders of reo. Nov. 10a
preferred (quar.)...
(quar.)_—
—
National Transit (quar.)
1
Holders of rec.
Dec.
National Lead, cqmmon
Dec. 20a
Dec.
to
1
IX
Preferred
9
I5a;
15 Holders of rec. Nov. 29a
Co., pf. (qu.) (No. 27)..
Internat. Harv. Corp., pf. (qu.) (No. 3)
International Nickel, common (quar.)...
Internat. Smelt. A Refg. (qu.) (No. 18).
Int. Smokeless Powd. & CTtern., com. (qu.).
Kings Co. El. L. A Po#. (qu.) (No. 55)La Belle Iron WorkS, com. (quar.)■...
Preferred (quar.)*
Lackawanna Steel, preferred (quar.)___.
Laclede Gas Light, common (quar.)
IX
'
Louisville Traction, common (quar.)
Electric Cos., pref.
Massachusetts
Holders of
Nov. 29a
1 Holders of rec. Not. 10a
Montreal Cottons, Ltd., common (quar.)
Nov. 25a
Jan,
IX
$1.50
—
3
Jan.
IX
Chicago El. Rys.', pf. partlc. ctfs. (qu.)
,Chippewa Val. Ry., L. & P.,-pref. (quar.).
Columbus (O ) Ry., com. (qu.) (No. 42).
rec.
Dec.
Jan.
....
California Ry. & Power, prior pref. (quar.)
Cent. Arkansas Ry. & L., pf.(qu.) (No. 3)
to
la
Dec. 16
rec.
2 Holders of rec. Dec.
IX
X
National Biscuit, common (quar.)...
15
15 Holders of
Nov. 29 Nov. 16
Louisville Gas A El., pref.
29a
Nov.
IX
75c.
American Railways, com. (quar.)—
Baton Rouge El. Co., pref. (No.
rec.
1
(No. 29)...
Brooklyn Rapid Transit (quar.).-
rec.
2X
Reading Company, 2d pref. (quar.)—__
Union Pacific, common (quar.)....
Street and Electric Railways.
Dec.
Holders of
Dec. 20a
Dec.
1
Nov.
rec.
to
IX
Mackay Companies, com. (quar.) (No. 34)
Preferred (quar.) (No. 40)
Massachusetts Gas Cos., preferred.
5a
2 Holders of
IX
Liggett A Myers Tobacco, com. (quar.).
Liggett & MyerS Tobacco, pref. (quar.)
Nov. 15a
15 Holders of rec. Nov. 13a
Independent Brew'g of Pittsb., pref. (qu.)
Preferred
Nov. 29a
Jan.
rec.
_;—i _;—
Lehigh Valley Coal Sales
5
Dec.
3
Eri§, pref.
rec.
to
„..
pref. (quar.).
Lehigh Coal A Navigation (quar.)
5a
Jan.
75c.
—
2
(quar.)_._.
15a
Nov. 24
Inland Steel (quar.)
•
X
IX
— — .
Pennsylvania
Dec.
rec.
IX
rec.
Dec.
16 Holders of rec. Nov. 26
Jan.
Dec.
■
pref(quar.)
Lake of the Woods Milling, com. (quar.).
Holders of rec. Nov; 29a
Norfolk A
■
:
Preferred.
Holders of rec. Nov. 29a
2X
IX
Mobile & Birmingham,
Dec.
to
Dec.
10
Western {extra).
East Mahanoy
3
Dec.
—
(quar.)—;
Internat. Harv,
11
Dec.
to
2X
1.1
Cleveland A Pittsburgh, spec. gu. (qu.)..
(extra)
Preferred
Preferred
9
3
...
Common
General Electric (quar.)——
•
Atlantic Coast Line RR., common
(qu.)(No.3)
(quar.)—
Dec.
Dec.
ih
pref. (quar.)
rec.
Dec. 15 Nov. 21
6
r-
(quar.)
...
General Gas & Electric,
Days Inclusive.
IX
& Santa Fe, com.(qu.)(No.34)
Atlantic Coast Line Co. (quar.)
Dec.
-—...
Equitable III. Gas Lt., Phila., pref........
Federal Mining A Smelting, pf. (quar.).
Galena-Signal Oil, common (quar.).,..
Preferred (quar.)
General Asphalt, pref. (quar.) (No. 26)..
General Chemical, common (quar.).
General Chemical, common (quar.)
Books Closed.
When
Payable
3
Preferred
Jan.
IX
Granby Cons; Min., Sm. A P., Ltd.(qu.)
Greene Cananea Copper Co. (No. 5)
Harbison-Walker Refract., com. (quar.).
2X
Alabama Great Southern, common...
Atch. Top.
Dec.
$1.50
3
\
(quar.)—
Electric Properties Corp.,
Railroads (Steam).
-
Line..
Eastman Kodak, common
following shows all the dividends announced for the
by large or important corporations.
Dividends announced this week are printed in italics.
•
IX
IX
3
.
pref. (quar.)—
Eastern Power & Lt. Corp., pf.
future
Per
1 'Holders of rec. Nov. 24a
(quar.)
Eastern Steel, 1st
2 Holders of
1 Holders of
Dominion Textile, common
Preferred
Jan.
Dec.
Co., preferred (quar.).....,..
Diamond Match
1 Holders of rec. Nov. 15
Dec.
_
Cumberland Pipe
Nov. 30
Dec.
3
pATTWif
Cuban-Amer. Sugar,
The
Cent.
Nov. 29a
rec.
pref. (quar.)..—
(quar.) (No. 3)..
preferred
Consolidated Gas (quar.)
Cons'd Gas.El.L.&Pow., Balt.,<?orn. (qu.)
Continental Oil (quar.) ———— —
Crescent Pipe Line (quar.)—
DIVIDENDS.
Name of Company.
Dec.1 1
rec.
15 Holders of
IX
IX
Connecticut River Power,
—0.6 180,720,423 141,534,346
209,757,450 211,109,014
rec.
15 Holders of
Dec.
Connecticut Power, pref.
574,905
+ 18.5
968,158
Not incl. in
4 Holders of
Dec.
X
•'
'
Dec.
1
(quar.).
Columbus Gas & Fuel, common
1,158,041
—2.9
482,707 Not incl. in
640,194
j
—1.3
41,746,105
35,932,920
36,272,723 28,193,311
10,075,370
11,845,637
4,971,116; 4,120,004
2,925,381! 2,580,410
1,828,520
1,923,559
5,253,616
3,722,447
2,898,0471
2,254,197
1,461,278'
1,649,480
3,085,584
2,340,043
1,505,813
1,213,019
1,689,289
3,265,350
1,661,870
1,325,768
846,501
746,703
742,297
560,663
2,118,293
1,466,097
2
i; (e)
Colorado Power, preferred
55,289,286
41,985,831
-]-2.4
59,362,145
44,846,227
46,652,937
14,264,689
4,057,846
3,455,861
2,654,988
6,203,067
3,909,946
60,767,596
44,277,847
51,219,253
—-
Toronto
Books Closed;
Days Inclusive.
City & Suburban Homes..
i.
Cleve. & Sandusky Brewing, pref. (qu.).
%
Canada—
_
When
Payable.
Miscellaneous (Concluded)
1910.
1911.
Dec.
1912.
1913.
Montreal
Per
Cent.
Inc. or
IX
IX
IX
Nov. 15
1 Holders of rec. Nov. 20
Dec.
1 Holders of rec. Nov, 20
Pec.
l Holders of rec.
iX' Jan.
Transfer books not closed for this dividend,
rec.
Nov.
8a
1
b Less income tax.
e
At rate of 7% per annum for period
Apr. 15 to Nov.
30 1913.
f
Payable In scrip.
*
d Correction,
/ Payabla In
stook,
[Vol.
CHRONICLE
THE
1564
Sales.—Among other securities, the following,
usually dealt in at the Stock Exchange, were recently sold at
auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
COMPANIES.
OF TRUST
DETAILED RETURNS
Auction
xcvii,
not
Stores.
Per cent.
Co., pref... 10
Light Co..146
10 Bank of Metropolis
300
60 Somerset Invest.
5 N. Y. Mutual Gas
Northern
Great
&
Corp. and $20 scrip
5
__
...
12 National City
*
8 Standard Cordage Co
Co., Pa., $50 each
97 Donoho Oil Co., $10 each
21 Holland Building Asa'n
$85
•
lot
58 Holland Tr.
Co., 40% paid__
Holland Tr. Co. surplus
$5,800
340
1050
25%
100 N. Y. & East Riv. Ferry Co.. 12%
12 Nassau Trust Co
-130
5 Brooklyn Trust Co
475%
10 Nat. Bank of Far Rockaway_160
10 First Nat. Bank, Jamaica
90
10 Flushing Stor. Warehouse Co. 95%
Co
200 Union Ferry Co
ance
■
Bank
8 United States Trust
4 980-8734 Guardian Fire Insur-
fund receipts
50
£0 N. Y. Heal Estate Asa'n
11 Merchants'
% per sh.
5 American Manufacturing Co...135%
18 Hood Rubber Co., preferred... 109%
6 Norwich & Worcester RR., pref_172
Shares.
tp.ersh.
New¬
38
Nat.
Bank,
bury port, $20 each
10 Ocean
Nat.
Bank, Newburyport, $50 each
70%
Legals.
Specie.
Net
Dep.
toilhC.H.
Deposits.
Banks.
Average.
Reserve.
Average.
Brooklyn.....
3,699,7 24,369,0 2,195,0
14.860.0 118,656,0 13,991,0
4.376.5 35,671,0 3,698,0
1.266.6 20,045,0 2,083,0
11.437.1 35,437,0 2,213,0
23.672.2 158,037,0 15,347,0
1.330.5
702,0
7,523,0
5,614,0
16,765,0 1,382,0
7,125,9
46,887,0 5,381,0
1.543.6
16,116,0 1,835,0
11,993,2 43,933,0 4,225,0
1,197,3
940,0
8,881,0
528,4
10,027,0 1,083,0
6,156,6 21,274,0 1,827,0
824,4
12,035,0
1,208,0
$
%
$
$
19,305,0 15.1+ 9.8
731,0 2,116,0
469,0 10,772,0 96,243,0 15.0+10.0
3,796,0 27,380,0 15.0 + 12.0
'413,0
21,0
1,519,0 14,101,0 15.0+ 9.6
1,061,0 2,229,0 21,643,0 15.1+ 9.2
942,0 12,654,0 103,714,0 15.7 + 10.8
5,955,0 15.8 + 10.1
243,0
719,0
327,0
1,303,0 11,030,0 15.4 + 10.5
710,0
4,658,0 40,532,0 15.0 + 10.3
15,078,0 15.0+10.0
438,0
1,710,0
328,0
3,344,0 30,158,0 15.0+10.0
914,0
7,067,0 15.2 + 11.4
144,0
8,591,0 15.0+10.8
214,0
1,046,0
15.0+12.5
12,242,0
9,0
1,760,0
11,568,0 15.3 + 10.1
564,0
1,301,0
95,626,0 575,656,0 58,110,0
6,614,0 49,741,0 424,607,0 15.2 + 10.4
Nov. 22 577,295,0 57,649,0
6,756,0 49,228,0 423,958,0 15.1 + 10.4
$
Bankers
U.S.Mtg .&Tr.
Astor
Title Gu. & Tr.
Guaranty
Fidelity
Lawy. T.I.&T.
Col.-Knicker..
Peoples
New York.
Franklin
Lincoln
By Messrs. Francis Henshaw & Co., Boston:
Stores.
Loans.
Surplus.
00s omitted.
Shares.
Percent.
50 Winchester Tr. Co., Yonkers.140
35 Internat.
On
Trust Cos
Metropolitan.
Broadway
Totals,
_
average
Actual figures
Average. Average.
$
$
By Messrs. R. L. Day & Co., Boston:
'"•*
■Stores.
Shares.
$ per sh.
10 Contoocook Mills, common...
$ per sh.
v
2 State Street Exchange.
5
110%
5 Mass. Cotton Mills....
12 Fall River Elec. Lt. Co. rights.
Bonds.
1 Winnlsimmet RR.,
$50 par
66%
137 New Bedford Gas & Ed. Lt.
Co. rights.....
19%-19%
15 Hood Rubber Co., pref.109%-109%
2 P. O. Square Bldg. Trust..81 & int.
Percent.
.
Lt. Co.
$1,000 Manchester Elec.
1st 5s, 1917
99
Y.
$1,000 lot
-
—
6s,
1918.
Shares.
ipersh.
66
;11 People's Nat. Fire Ins, Co.,
,,
10 Land Title & Trust Co
20 Octavia Hills Association
5
200-200%
10 Corn Exch. Nat. Bk..281%-282
7 Farm. & Mech. Nat. Bk. 136-136%
9 Mechan.
Pass.
7 Amer.
3 Phila.
380
^
Bank,
Nat.
4 Phila.
Tren¬
$50eaeh____
87
Co.,
'}-■
Int.
—
1
$
Averages.
with C.H.
Net
Banks.
Deposits.
$
$
%
$
■
Banks
133,650,0211,715,6 1,338,637,0 277,793,0
1
*
1,333,267,0
424,607,0
58,110,0
71,059,0
6,614,0
49,741,0
Total... 179,900,0 307,341,6 1,914,293,0 335,903,0
77,673,0
49,741,01,757,874,0
Trust cos.
46,250,0
575,656,0
95,626,0
Actual.
Banks....
1,349,943*0276,803,0
577,295,0 57,649,0
Trust cos.
1,927,238,0
The
State
6,756,0
334,452,0;
Department
Banking
Il,344,099,0
70,749,0
423,958,0
49,228,0.
77,505,0 49,228,0^,768,057,0
furnishes weekly
also
of the State banks and trust
returns
These returns
charge.
97%
1921...^....^..
>
Bonds.
Percent.
$1,000 Consol. Trac. N. J. 1st 5s.l00%
$1,000 Sham. Sunb.& Lewis. 2d 6s. 116%
.126
Co
Legal
Tenders.
Specie.
companies under its
97
^
1st 5s,
$persh.
1 Logan Trust
Loans.
Surplus.
Total...
$500 West. Va. Pulp & Paper Co.
By Messrs. Samuel T. Freeman & Co., Philadelphia:
Stores.
On Dep.
Capital.
guar.
J923
85
130
Mtgea__170
....
100 Phila. Warehouse Co
10 Phila. Co. for Guar.
2%
45%-47
$500 City of Philadelphia 4s, 1943. 99%
$3,300 City of Philadelphia 3s, 1930 85%
$1,100 City of Phila. 3 % s, 1931. .91-91%
$300 City of Philadelphia 3s, 1917. 94%
$4,000 City of Allegheny sewer 4s,
1929.
—
1 Real Est. Trust Co., pref...
COMPANIES.
TRUST
BANKS AND
22.
Percent.
$35,000 Norwalk Steel Co. 1st 4%s,
-.141
45 Excelsior Trust & S. F. Co.,
$50 each..
50
10 Franklin Trust Co., $50 each 54
7 Hamilton Trust Co.,. $50 ea. 48
50 Pa. Warehousing & S. D.
151%
Pipe & Construe. Co.. 49%
Bourse, pref., $25 ea. 13
Bourse, com., $50 ea.
3%
Bonds.
$50 each
BOTH
Week
ending
Ry
10 Keen-E-PhoneCo., $10 each.
ton, $50 each.
—..232
Bank of Germantown,
6 Nat.
SUMMARY COVERING
Nov.
16%
20 2d & 3d Streets Pass. Ry
242%
5 Frank. & So'wark Pass. Ry__358
5 Chestnut
&
Walnut
Sts.
1 West End Trust Co
22 Girard Nat. Bank
& Trust,
$5,000,000; Guaranty, $10,000,000; Fidelity, $1,000,000;
Lawyers' Title Insurance & Trust, $4,000,000; Columbia-Knickerbocker, $2,000,000;
People's, $1,000,000; New York, $3,000,000; Franklin, $1,000,000; Lincoln, $1,000,000; Metropolitan, $2,000,000; Broadway, $1,500,000; total, $46,250,000.
$25 each.....:
2c.
605%
$1 each
Guarantee
Ipersh.
'
6 Fire Assn. of Phila., $50 ea..325
10 Rittenhouse Tr. Co., $50 ea.
5,000 German G. & Uranium Co.,
The capital of the trust companies is as follows: Brooklyn, $1,500,000; Bankers,
$10,000,000; United States Mortgage & Trust, $2,000,000; Astor, $1,250,000; Title
Suburban Press of N.
$5,000
By Messrs. Barnes & Lofland, Philadelphia:
Stores.
76
6%
the whole
in
cover
all the institutions of this class
State, but the figures
compiled
are
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:City Clearing-House Banks
Companies.—The detailed statement below
shows the condition of the New York City Clearing-House
members for the week ending Nov. 22.
The figures for the
Statement of New York
and
Trust
separate banks are the averages of tHe daily results.
In
the case of the totals, actual figures at the end of the week
made up, see "Chronicle", V, 86, p. 316.
•
STATE
"Chronicle,'' V. 85,
p.
836, in the
case
of the
BANKS AND TRUST COMPANIES.
State Banks,
Trust Cos.
State Banks,
Trust Cos.
in
in
outside of
outside of
Week ended November 22.
also given:
For definitions and rules under which the various items are
are
made up, see
Greater N.
DETAILED RETURNS OF BANKS.
We omit two ciphers
OOs omitted.
Loans.
Specie.
Legals.
Net Depos¬
Re¬
Average.
Average.
Average.
its, Aver.
serve.
Manhattan Co
Merchants'...
,
Mech. & Met.
America
—
25,000,0
Exch.
3,000,0
600,0
City
Chemical
Merch.
300,0
500,0
Butch. & Drov
Greenwich
American
Ex.
Commerce
...
5,000,0
25,000,0
*9,478,000
*10,150,000
38,804,500
163,181,300
*12,463,100
*11,405,100
300,937,900 1,048,201,60p
—1,259,400
+858,400
123,610,300
—648,800
178,780,200
345,579,000 1,106,323,300
—573,900.
+4,773,500
131,497,300
+ 161,200
183,626,900
—812,300
126,971,300
+ 2,244,600
25,069,300
+ 444,400
—1,192,600
16.4%
20.4%
16.2%
20.1%
53,851,800
110,422,900
Citizens' Cent.
Nassau..
Market & Fult
Metropolitan.
Corn Exchange
Imp. & Trad..
Park
...
East River...
Fourth
Second
....
First
Irviug
Bowery
4,993,4
2,234,0
28,750,0
18,062,0
7,029,0
3,560,0
1,536,0
9,006,8
6,300,9
32,723,1
52,495,0
22,830,0
182,204,0
29,336,0
6,799,0
1,984,0
8,964,0
7,802,4
.
544,2
121,9
1,080,9
4,889,0
16,533,9
736,0
10,251,0
3,735,0
41,802,0
4,821,0
1,527,0
504,0
41,835,0
2,338,0
8,698,0
129,709,0
18,331,0
$
week.
—233,900
+ 1,988,800
Legal-tender & bk. notes.
Change from last week.
22,317,900
+ 356,500
10,091.700
+ 125,800
■
2,670,0
1,558,0
5,510,0
1,771,0
254,0
77,0
180,0
25.6
17,050,0
48,625,0
25.1
21,107,0
173,294,0
25.0
25,742,0
6,830,0
2,124,0
10,014,0
25.6
26.8
26.5
Deposits..
Change from last week.
27.3
26.0
Reserve on
91,976,300
deposits
Change from last week.
+ 1,065,300
22,063,500
27.3
25.1
P. C. reserve to deposits.
25.6
Percentage last week..
27.4%
-
12.9%
13.6%
983,3
4,865,0
524,0
19,652,0
464,0
3,508,0
484,0
1,647,0
149,0
3,000,0
2,550,0
1,000,0
1;000,Q
2,000,0
3,000,0
1,500,0
5,000,0
250,0
5,000,0
1,000,0
10,000,0
4,000,0
250,0
14,640,9
2,383,8
485,2
1,929,4
2,11S„0
72,489,0
22,574,0
10,476,0
8,889,0
15,386,0
52,222,0
19,669,0
4,925,0
1,665,0
610,0
4,671,0
20,215,0
2,180,0
80,148,0
21,402,0
25.8
N0te—"Surplus" includes all undivided profits.
"Reserve on deposits" includes
for both trus A companies and State banks not only cash items but amounts due
2,201,0
984,0
11,752,0
27.1
from reserve-agents.
1,430,0
3,785,0
8,404,0
3,578,0
19,637,0
842,0
271,0
26.0
keep
6,919,0
2,580,0
2,222,0
8,722,0
16,463,0
61,616,0
23,603,0
25.2
397,0
118,0
5,009,0
3,038,0
2,100,0
86,480,0
1,700,0
27,657,0
12,588,0
1,470,0
2,286,0
3,200,0
794,0
62,0
1,347,0
720,0
22,494,0
673,0
225,0
6,509,0
2,282,0
1,411,0
560,0
379,0
1,169,0
3,025,0
2,327,0
256,0
2,525,5
2,850,1
8,729,0
4,000,0
95,385,0
12,796,0
3,569,0
5,093,0
15,575,0
8,935,0
3,960,0
12,828,0
3,940,0
24,320,0
22,631,0
98,043,0
36,297,0
3,323,0
8,655,0
3,760,0
27.0
36,194,0
25,088,0
7,052,0
925,7
9,136,0
491,6
364,0
564,8
997,3
1,139,9
18,940,0
11,717,0
6,237,0
9,150,0
7,916,0
German-Amer.
750,0
Chase
5,000,0
100,0
200,0
200,0
1,000,0
1,000,0
250,0
1,000,0
200,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
Fifth AvenueGerman Exch.
Germania
Lincoln
Gar Held..
Fifth
...
West Side
Seaboard
Liberty.
N. Y. Prod.Ex
State
Security
Coal & Iron..
Exch..
1,000,0
1,000,0
Nassau, Bklyn
'
1,833,9
6,048,7
7,945,0
26,359,0
14,353,9
65,3
,
5,88^,3
2,764,9
22,229,3
3,382,1
784,6
2,086,5
678,3
10,214,4
2,172,0
825,6
1,038,6
1,773,7
1,298,7
494,4
2,305,8
888,0
.
85,713,0
1,363,0
28,451,-0
13,546,0
107,157,0
.
293,0
1,988,0
847,0
5,749,0
4,148,0
2,185,0
5,952,0
2,422,0
1,052,0
1,977,0
1,526,0
159,0
750,0
343,0
678,0
1,263,0
346,0
1,591,0
2,006,0
476,0
425,0
1,371,0
525,0
350,0
187,0
40,172,0
106,311,0
i
.
109,094,0
14,278,0
3,697,0
5,791,0
15,715,0
9,457,0
3,895,0
12,722,0
4,698,0
28,108,0
24,373,0
10,589,0
24,639,0
14,337,0
6,161,0
9,087,0
6,693,0
Totals, average 133,650,0 211,715,6 1338,637,0 277,793,0 71,059,0 1333,267,0
Actual figures
fast
%
17,489,0
31,900,0
1,333,5
500,0
Union
8&6.0
500,0
N. Y. County.
Metropolis
3,611,0
200,0
.....
...
$
$
20,15&;0
2,250,0
Chat. & Phen.
Hanover
.
4,338,1
+ 511,200
1,604,0
9,685,0
764,0
Pacific
People's.
$
S
•
$
$
68,400,000
9....J
Loans and investments..
Change "from
$
2,000,0
2,050,0
2,000,0
6,000,0
1,500,0
New York....
Y. Greater N. Y.
,
(00) in all cases.
Change from last week.
Surplus.
Capital.
Banks.
Y. Greater N.
$
$
Surplus as of Sept.
,
Y. Greater N.
22,950,000
Capital as of Sept. 9—...
banks, and V. 92, p. 1607, in the case of the trust companies.
-
the various items
For definitions and rules under which
are
Nov. 22.
1349,943,0 276,803,0 70,749,0 1344,099,0
27.0%
27.5
25.5
29.0
26.4
24.6
24.8
26.0
30.2
25.7
25.3
25.7
25.7
23.3
25.1
26.5
25.8
25.4
+ Increase over last week.
—Decrease from last week.
24.0
reserve
as
shown below.
Trust Cos.
Reserve
Required for Trust Companies
and
28.2
25.0
* As of June 4.
Trust companies in New York State are required by law to
proportionate to their deposits, the ratio varying according to lo¬
The percentage of reserve required Is computed on the
aggregate of deposits, exclusive ,of moneys held in trust and not payable within
thirty days, and also exclusive of time deposits not payable within thirty days
represented by certificates, and also exclusive of deposits secured by bonds or
obligations of the State or City of New York; and exclusive of an amount equal to
the market value (not exceeding par) of bonds or obligations of the State or City
of New York owned by the bank or held in trust .for it by any public department.
The State banks are likewise required to keep, a reserve, varying according to locar
tion, the reserve being computed on the whole amount of deposits exclusive of time
deposits not payable within thirty days,t represented by certificates (according
to the amendment of 1910), and exclusive of deposits secured (according to amend¬
ment of 1911) by bonds or obligations of the City or State of New York, and ex¬
clusive of an- amount equal to the market value (not exceeding par) of bonds or
obligations of the State or City of New York owned by the company or held in trust
for it by any public department—
a
cation
24.6
Slate
Total
Of
which
Required, in Cash.
15%
15%
Reserve
Banks.
Location—
Borough
25.5
Manhattan
25.3
Brooklyn Borough (without branches in Manhat.) 15%
Other Boroughs (without branches in Manhattan) 15%
10%
Brooklyn Borough, with branches in Manhattan. 15%
Other Boroughs, with branches In Manhattan... 15%
15%
26.1
25.2
25.2
25.8
and second class
third claSs and villages
Cities of the first
26.4
Cities of the
25.5
Elsewhere in State
10%
10%
10%
15%
5%
3%
—State Banks—
Total
Of
which
Required, in Cash.
25%
15%
Reserve
20%
15%
20%
20%
10%
15%
15%
15%
6%
7%%
25.6
25.5
The
26.1
rate
25.8
trust
House amounted to $44,771,000 and according to actual figures was $44,883,000.
Banking Department also undertakes to present sepa¬
figures indicating the totals-for the State Banks and
companies in Greater New York, not, in the Clearing
House.
Circulation.—On the basis of averages, circulation of national banks in the Clearing
.
26,3
These figures are shown in the table below, as are
also th. results (both
actual and average) for the Clearing-
Nov. 29
companies. In addition, we have
combined each corresponding item in the two statements,
thus affording an aggregate for the whole of the banks and
House banks and trust
Week
CITY BANKS AND
YORK
NEW
Total of all
Stale Banks and
f embers.
Trust
Average.
in C.-H. Aver. Cos.
Cos. Not Banks
Oct.
Average.
Oct.
9
Sept.
Nov.
8.
Nov.
15.
60,735,0
Nov.
22.
60,735,0
11.
18.
Oct.
25.
209,550,000
•29,650,000
179,900,000
1.
307,341,600
(
381,522,100
74,180,500
307,341,600
234,676,0
235,512,0
238,306,0
235,917,0
236,545,0
233,383,0
233,218,0
231,127,0
1,768,057,000 1,757,874,000
week +21,444,000 + 16,980,000
Deposits
Change from last
Specie...
week
Change from last
334,452,000
—372,000
335,903,000
+ 6,276,000
60,956,200
—349,900
77,505,000
—905,000
77,673,000
—1,264,000
68,179,700
—90,000
347,552,000
348,852,000
13,339,500
25.85%
26.16%
14.33%
tenders..
Legal
week
Change from last
Banks: cash In
a556,090,000 2,313,964,000
—2,297,300 + 14,682,700
,
279,481,0
276,743,0
285,069,0
273,719,0
271,796,0
271,123,0
9,932,0
9,943,0
9,911,0
9,877,0
9,870,0
9,876,0
4,324,0
3,993,0
274,553,0
9,820,0
173,585,9
158,748,8
174.631.2
166.016.3
149,903,8
188.588.8
164.440.3
266,170,0
9,815,0
162.731.4
♦434,192,0
•430,735,0
♦439,558,0
198.727.7
169.540.3
26,786,0
26,913,0
11.
Oct.
18.
Oct.
25.
396,859,200
Nov.
15.
+5,926,100
Nov.
22.
103,684,3
Nov.
1.
Nov.
8.
85,852,700
—1,354,000
vault
362,191,500
a
on
384,506,0
386,361,0
383,633,0
382,676,0
382,580,0
*431,733*0
11,305,0
11,296,0
11,312,0
11,306,0
11,290,0
11,287,0
382,598.0
91,600,0
♦431,208,0
.11,299,0
167,346,0
380,474,0
92,702,0
♦430,504,0
11,288,0
173.199.8
*
64,724,000
55,796,400
.120,520,400
411,957,000
—1,277,000
69,135,900
—439,900
482,711,900
+4,572,100
49,228,000
+ 211,000
49,741,000
15,706,100
+ 1,768,000
+445,400
65,447,100
+2,213,400
Change from last week
461,185,000
—1,066,000
463,317,000
+ 6,780,000
84,842,000
+ 5,500
548,159,000
+ 6,785,500
Surplus CASH reserve—
Banks (above 25%)...
11,527,250
15,535,250
1,032,950
in vault.
Aggr'te money holdings..
Change from last week
Change from last week
deposits and the item "due to ether banks."
amounted to $1,670,000 on Nov. 22, against
deposits
Trust cos. (above
15%)
811,300
„
12,338,550
—6,066,300
Total
Change from last week
$14,678,000.
1.
General Merchandise—;
15.73%
10.40%
1.09%
Cash on dep.
Total
25.59%
25.72%
16.82%
with bks.
..
$17,863,224
$23,925,515
$886,072,116
EXPORTS
Clearing-House banks
State banks
and trust companies in Greater New York City outside of the
Clearing House, compare as follows for a series of weeks past:
omit
two
ciphers
in
1910.
1911.
1912.
$17,954,986
735,995,737
$19,778,172
687,310,8&1
shows the exports and imports
of
specie at the port of New York for the week ending Nov.
and since Jan. 1 1913 and for the corresponding periods
22
following table
The
Loans and
Deposits.
Investments
$
$
Sept.
Sept.
20...
27...
Oct.
4...
Oct.
11...
Oct.
18...
25....
1...
Oct.
Nov.
8....
Nov.
Nov.
15
Nov.
22...
TotMoney
Entireties
onDeposit
Specie.
Legals.
Holdings.
S
$
S
2.507.269.5 2,350,165,6 396,334,3
2.508.386.2 2.351.598.8 402,231,3
2,516,894,8 2,359,827,3 397,720,3
2,499,481.0 2.337.821.3 393,660,2
2.471.431.0 2.310.190.4 390,123,5
2.455.756.6 2,292,589,6 388,526,9
2.475.040.3 2,306,105,0 386,720,9
2,466,185,3 2.296.312.9 384,247,7
2.460,101,3 2.299.281,3 390.933.1
2.468.186.1 2,313,964,0 396.859.2
AND IMPORTS
OF SPECIE AT
NEW YORK.
Imports.
Gold.
Week.
$2,426,650
Britain........
Great
...
$43,575,270,
86.750,5
483,084,8
550,864,6
France
85.516.0
487.747.3
553,981,9
Germany
84.470,9
482,191,2
477.978.7
475.842.4
548,839,5
West Indies.
542,910,1
541,911,1
Mexico
85,718,9
86,000,5
474,527,4
541,171,0
All other countries
83.841.6
535.262.8
84.323.1
470,562,4
468.570.8
478.139.8
533,422,3
541.373,5
Total 1913
87.206.7
85,852,7
482.711.9
548,159,0
Total 1911...
84.318.5
a.
'
.-
Week.
Since Jan. 1
$32,500
.....i.....
376
8,658
239,536
60,426
124,457
714,000,
401,551
5,171
22,483,639!
South America.
1,716,515:
$32,500 $68,896,146
25,470 33,235,951
....
Total 1912
1,833,100
....
•
Since Jan. 1
$2,491,291
991,504
13,081
2,631,823
11,070,276
4,507,479
2,028,771
$2,860,103 $23,734,225
9,615,945
811,494 27,244,862
153,113 '14,141,534
*
Silver.
Reports of Clearing
ing is the statement of
banks for the week
results:
\
Non-Member Banks.—The follow¬
condition of the clearing non-member
ending Nov. 22, based on average
•
We omit two ciphers
•
•
.
.
,
'
■
,
:
daily
»
■
France
Germany n
West
Legal
On
Deposit
and
with
Invest¬
Bank
C.-H.
ments.
Notes.
Banks.
Disc'ts
and
tal.
plus.
Specie.
148
:
•
■
Total
1911-...."
344
5,750
$817,567 $44,330,057
$596,483
51,654,890
241,957
105,551
979,645
Total 1912
42,863
~7~, 909
556,622
33,922
5,044
America
Total 1913....
Tender
Loans,
Sur¬
.
Indies
All other countries
(00) in all these figures.
Capi¬
$551
Mexico
South
$22,354
72,745
23,592
107,707
5,697,338
2,401,101
1,505,931
$758,419 $37,806,631
59,000
6,466,904
Britain
Great
-
Banks.
in
.
Exports.
Week Ended—
$10,320,437
611,750,536
$786,319,456 $753,950,723 $707,089,033 $622,070,973
....
EXPORTS
all these figure
.
NEW YORK.
773,100,407
Total 47 weeks
GREATER NEW YORK.
We
(exclusive of
ports for the
1912 and 1911:
COMPANIES IN
BANKS AND TRUST
FROM
1913.
of the New York City
COMBINED RESULTS OF
$922,832,754^$794,240,495^$824,343,987
$13,219,049
For the week
companies, combined with those for the
and trust
$16,344,056^ $17,534,499
...
—
Previously reported
The averages
$3,187,801
14,346,698
$2,666,195
13,677,861
$141,128,682 $137,335,337 $127,249,676 $142,554,120
681,789,861
744,943,434 785,497.417 666,990,819
.....
—
1910.
1911.
1912.
$3,230,100
20,695,415
The following is a statement of the exports
specie) from the port of New York to foreign
week ending Nov. 22 and from Jan. 1 to date:
Decrease from last week.
a These are the deposits after eliminating the item "Due from reserve depositories
and other banks and trust companies in New York City": with this item included,
deposits amounted to $608,066,000, a decrease of $593,000 from last week.
In
the case of the Clearlng-House members, the deposits are "legal net deposits" both
for the average and the actual figures.
6 Includes bank notes.
+ Increase over last week.
"
1913.
Dry Goods..........
10.48%
NEW YORK.
$3,052,844
14,810,380
Dry Goods
General Merchandise
also
L
K
Since January
15.24%
for the Week.—The following are
FOREIGN IMPORTS AT
Total
15.19%
Clearing House," which were
~
imports at New York for the week ending Nov. 22;
totals since the beginning of the first week in January: 4
Total 47 weeks
Cash in vault.....
At Boston
$1,669,000
the
16,568,200
+ 1,425,500
% of cash reserves of trus t cos—
161,477,9
•
Item "Exchanges for
"Deposits" now include the
For Week.
Total reserve
+427,801,0
164.668.9
160,737,0
177.492.2
Includes Government
Imports and Exports
deposit with
other bks. & trust cos
♦431,351,0
Nov. 15.
reported on Nov. 22 as
413,576,000
+ 5,012,000
on
Oct.
95,916,0
94,225,0
94,672,0
93,704,0
91,378,0
92,141,0
382,061,0
103,684,3
103.684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
64,405,000
Money
4.
Government
Ratio to deposits
Trust cos.: cash
Oct.
$
$
25,528,0 3,806,0
26,000,0 3,861,0
25,387,0 4,198,0
26,602,0 4,179,0
26,223,0 4,143,0
26,146,0 4,198,0
Phlla.
553,893,100 2,468,186,100
+8,084,800
—1,577,200
1,914,293,000
Loans and Investments.. 1,927,238,000
+ 9,662,000
Change from last week +21,744,000
Clearings
lation.
$
$
$
Oct.
Circu¬
Deposits.
a
.60,735,0
60,735,0
60,735,0
60,735,0
60,735,0
60,735,0
4
Nov.
179,900,000
Legals
Specie.
Loans.
and
Boston.
& Trust
banks
State
Surplus
Capital
Surplus.
Clear.-House
National banks
Oct.
21 and
Capital
ciphers (00) in all these figures.*
We omit two
Banks.
Members.
ActualFigures
and
TRUST COMPANIES.
Clear .-House
22—
ended Nov.
Philadelphia Banks.—Below is a summary
totals of the Clearing-House banks of Boston
Philadelphia:
>r.
,
, .
Boston and
of the weekly
York.
companies in Greater New
trust
1565
CHRONICLE
THE
1913.]
l,801,858j 45,236,566
$9,830,768
8.877,542
6,447,141
Net
Deposits.
imports for the week in 1913, $49,003 were,
gold coin and $242 American silver coin.
Of the above
American
"
New York City.
Manhattan and Bronx.
Battery
Century.
.
Colonial
Columbia
357,3
1,757,0
151,0
183,0
1,500,0
200,0
123,1
65,0
60,0
500,3
1,674,0
6,303,0
319,0
500,0
578,0
475,0
400,0
300,0
681,8
6,637,0 1,198,0
671,0
6,564,0
198,0
796,0
925,0
1,664,0
6,263,0
6,927,0
549,0
770,0
100,0
Heights.
Park Nat...
Washington
728,3
108,0
200,0
178.3
127,0
121,0
464.4
1,115,0
5,006,0
58,0
200,0
539,0
New Netherland.
200,0
3,208,0
425,0
337,0
135,0
606,0
320,6
Twenty-third Ward..
200,0
104.4
104,0
273,0
Yorkville
498.5
1,929,0
4,441,0
241,0
100,0
591,0
271,0
649,0
Fidelity
Mutual
199,0
7,568,0
1,061,0
5,085,0
3,345,0
2,098.0
4,915,0
Municipal Bonds
Ask
and
Brooklyn.
National City
1,000,0
300,0
114,0
1,648,0
646,0
Side..
200,0
181.6
2,813,0
208,0
166,0
319,0
3,447,0
5,401,0
13,242,0
4,625,0
2,911,0
First National
400,0
4,098,0
283,0
282,0
3,075,0
2,907,0
Hudson County Nat.
250,0
198,0
100,0
491,0
200,0
3,097,0
2,372,0
57,0
Third National
1,398,0
826,9
441,2
147,0
477,0
1,610,0
1,613,0
First National
220,0
676,5
229,0
1,596,0
125,0
298,2
62,0
53,0
613,0
Second National.
4,469,0
3,532,0
418,0
1,537,0
5,847,0 10,531,6 84,815,0 8,910,0 4,162,0 13,592,0
5,847,0 10,531,6 84,752,0 8,950,0 4,199,0 12,526,0
8,659,0 4,015,0 13,084,0
5,847.0
79,315,0
79,052,0
300,0
First National
Manufacturers' Nat..
Mechanics'
North
ianliiug and ffiuhucial.
252,0
4,092,0
434,0
703.1
932.2
5,963,0| 594,0
527,4 11,058,0 1,366,0
522,0
589.5
4,687,0
50,0
587,0
179,0
736,0
683.0
Jersey City.
us
to send
American
you
Circular No. 615
Municipal
describing Canadian
Bonds.
Spencer Trask & Go.
43
EXCHANGE PLACE—NEW
YORK
Chicago
Boston
Albany
Hoboken.
i
Totals Nov. 22
|
Totals Nov. 15
1
Totals Nov.
8
10.531,6,83.975,0
205,0
77,910,0
White, Weld & Co.
Bonds and
14 WALL STREET
NEW YORK
Investment Securities.
THE ROOKERY
CHICAGO
111 DEVONSHIRE
BOSTON
STREET
1566
THE
antes'
Money
Nov. 28 1913.
past, and
Financial
and
Wednesday and to-day have been little larger.
into an explanation of the causes
of this dulness.
They have been mentioned over and over
again in nearly all reviews of market conditions during recent
months and there is nothing new to add.
These conditions
and the causes which led up to them are, therefore, well
known, but it is now largely the prospect and outlook for
future industrial and financial development which, is para¬
lyzing business not only at the Stock Exchange—that is a
matter of relatively small moment—but in practically every
department of industry throughout the country.
In the general gloom that prevails there are, however, two
important phases of the general situation, also frequently
mentioned of late, which it is well not to lose sight of.; We
It
seems
on
unnecessary to go
To-day's (Friday's) actual rates for sterling exchange were 4 8085 @
for sixty days, 4 8515@4 8525 for
cheques and 4 8570@ 4 8580 for
Commercial on banks 4 79%@4 80% and documents for
payment
4 8034 @4 8134
Cotton for payment 4 8034 @4 8034 and
grain for pay¬
ment 4 81 @4
8134.
The posted rates for
sterling as quoted by a representative house were
not changed
during the week from 4 82 for 60 days and 4 86 for sight.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 24%
ess 3-32@5
24% less 1-16 for long and 5 2134,plus l-32@5 2134 plus 1-16
for short.
Germany bankers' marks were 94@94 1-16 for long and 94 11-16
@9434 less 1-32 for short.
Amsterdam bankers' guilders were 40 plus 1-32
@40 plus 1-16 for short.
Exchange at Paris on London, 25f. 2934c.; week's range, 25f. 3134c.
.ugh and 25f. 2834c. low.
Exchange at Berlin on London, 20 m. 49%pf.; week's range, 20 m.
51pf.
cables.
high and
20m.
49%pf. low.
for foreign exchange for the week follows:
The range
Sterling, Actual—
Sixty-Days.
Cheques.
Cables.
High for the \veek___4 8135
4 8560
4 8615
Low for the week ___4 8085
Paris Hankers' Francs—
4 8515
4 8570
Hgh for the week___5 24% less 1-32"
Low for the week ___5
2334 less 1-16
Germany Bankers' Marks—
High for the week
94 1-16
5 20% less 1-32
5 21%
5
20% plus 1-19
5 20%
94:%
94 11-16
Low for the week
93 15-16
Amsterdam Bankers' Guilders—
less 1-16
94 13-16
94 H plus 1-64
High for the week
39 11-16 less 1-16
refer to national and international financial conditions and
Low for the week
39%
to the Government report
out, for October and for ten months of the calendar year
Domestic Exchange.—Chicago, 5c.
;.
pei $1,000 premium.
per
Boston, par.
St. Louis, 20c. per $1,000 discount bid and 15c. discount
asked.'
asked.
San
Francisco, par.
Montreal,
7734c. per $1,000 discount.
Which
50c. per $1,000 premium.
October
of
completes.
our
foreign trade, recently given
This
for
balance
month
the
40 plus 1-16
40
•
40 1-16
plus 1-32
40 1-16 less 1-16
Minneapolis,
Cincinnati, 5c.
per
$1,000 premium.
amounted to, in round numbers, $138,600,000 and for ten
months to $544,000,000, in both cases the largest in the his¬
United States Bonds.—Sales of Government bonds at the
Board are limited to $1,000 4s, coup, at 111.
For
tory of such trade.
prices of all the different issues and for yearly range
Comment
on
these figures
seems
un¬
necessary.
Imperial Bank of* Germany made an exceptionally
favorable weekly report and open, market rates at Berlin are
lower, j The Bank of England obtained $4,000,000 of the
South African gold which reached London early in the week
and British Consols have advanced.
The New York banks
reported a reduced surplus reserve last Saturday and nearly'
$14,000,000 of gold .has been shipped from here to Canada
since the movement began, a little more than a week ago.
As a consequence of this, and also because of shipments of
currency to San Francisco and preparations for the monthly
settlements, local interest rates have advanced, to-day reach¬
ing 10%.
This advance is, however, thought to be tempo¬
rary.
•
'
...
■
Reports from the steel industry show a further reduction
in both output and orders.
The mills are said to be running
at two-thirds capacity and orders booking to be
equal to only
one-third the capacity of the mills and a similar or modified,
condition of affairs exists in other departments.
A big strike
is on at the Schenectady works of the General Electric
Co.,
partly as a result of the laying off of hands because of a lack
of orders. '
*
•
during the week
from 2%@10%.
on,
on the Stock Exchange
stock and bond collaterals have ranged
Friday's rates on call were 5@10%.
Commercial paper on Friday quoted 5 34 @5 %% for 60 to
90-day endorsements and prime 4 to 6 months' single names
and
of
an
reserve
The rate
Oct.. 2.
The Bank of France shows
increase
an
of
33,000
1913.
Loans and discounts
Circulation
weekending
25% of deposits
reserve....-
$
1,338,637,000 Inc. "
71,059,000 Dec.
held
Surplus
$
348,852,000 Inc.
333,316,750 Inc.
15,535,250 Dec,
Nov.
Y,320*666
29,000
10,395,000
4,012,000
1,465,000
2,547,000
2,598,750
1911.
-
Averages for
week
23.
ending
Nov.
25.
.
■
S
>
133,650,000
211;715,600
1,333,267^000 Inc.
277,793,000 Inc.
Specie
Legal tenders.
Reserve
22.
44,771,000 Inc.
Net deposits
'
Averages for
from
previous week.
•
;•
1912.
Differences
Nov.
8
133,650,000
135,150,000
199,887,600
196,020,300
1,306,412,000 1,354,012,000
46,766,000
50,668,000
1,200,760,000 1,360,313,000
253,763,000
272,751,000
75,147,000
74,977,000
;
328,910,000
322,690,000
51,750
347,728,000
340,078,250
6,220,000
7,649,750
Note.—The Clearing House now Issues a statement weekly,
showing the actual
on Saturday morning,,as well as the above
averages.
The
figures, together with the returns of the separate banks and
condition of the banks
the
summary
issued by the State Banking Department,
State banks and trust companies not reporting to the
the second page preceding.
•
STOCKS.
Sales
trust'companies,
giving
Allis-Chal Mfg v t c
the
also
condition
Clearing House,
of
appear on
State and Railroad Bonds.—Sales of State bonds
at the
Board include $14,000 New York Canal 4s,
1961, at 99%
to
99%, $5,000 Palisades Park 4s at 99% and $72,000 Vir¬
ginia 6s, deferred trust receipts, at 56% to 57%.
The railway and industrial bond market has
again been
exceptionally dull.
Only a trifle more than $1,000,000 per
day, par value, has changed ownership at the Exchange, a
much smaller average than last week's record
showed.
Price changes have been altogether unimportant and are
al¬
most evenly divided between higher and lower.
Only a few issues have been relatively active.
Of these,
New Havens take the lead, but Burlington &
Quincy, St.
■Range for Week.
Lowest.
pref
American Express
Batopiias
300
Mining.,
...
•
______
pref
$1
Nov 25 110
Nov 26
$1% Nov 26
$1
Nov
Nov
8%
42
136%
Nov 175
Jan
Nov
NoV
Jan
July
Jan
Nov 25
Nov 22
6% June
7% June
18
Nov 25
23% June
33
8
7% Nov 25
934 Nov 22 10
100 27% Nov 25 27%
27 108% Nov 22 109
2
12% Nov 22 12%
Nov 24 104
May 109%
Jan
Nov 26
June
Jan
400 112
Nov 26 100
Nov 24 121
Nov 22
11
8%
17%
Mar 121
Mar
Jan
Jan
Nov
Mackay Cos, pref
100
Mexican Petrol, pref
Southern
450
69
Nov 24
78
Nov 28
69
Nov
99%
Norfolk
200
40
Nov 26
40
Nov 26
40
Mar
47% April
Peoria & Eastern
600
6
Nov 25
6
Nov 25
6
Nov
12
64%
100
Sears, Roebuck & Co, pf
100 122
Virginia Iron, Coal &. C_
Westinghouse Air-Brake
64% Nov 22
1% Nov 24
Quicksilver Mining.
So Pac subs. 1st paid
U S Express
*_
1% Nov 24
April
Jan
Jan
Aug
66
Jan
Nov 28
37
July
54
Jan
Nov 280
Jan
91
Nov 26
5
45
Nov 22
45
100
40
Nov 28
'40
•
69
Nov 22
Nov 26
Nov 25 265
Nov
Nov
Nov 26
91
100265
63%
1%
97%
99%
40%
Nov 26 122
54
-
Nov 25 265
4% May
Feb
125%
Jan
Oct
99%
Sept
Outside Market.—The general undertone in outside se¬
curities this week was good apd prices as a whole improved.
There
increase in activity, but the total transac¬
large.
Oil shares were the leaders in activity
and sharp advances were recorded in a number of instances.
Standard Oil of. N. J. was one of these, selling up from 375
to 389, the close to-day being at 385.
Anglo-Amer. Oil rose
from 22 H2 to 23% and ends the week at 23.
British-Amer.
Tobacco old stock improved from 23 Hz to 24 34 and the new
stock from 23% to 24HL
A gain of 334 points to 90Hz was
registered by United Cigar Stores com. and the stock closed
to-day at 90.
Intercontinental Rubber com. was off from
7 to 6 % but recovered to 734.
Maxwell Motors stocks were
lightly traded in, the com. at 234, the first pref. up from 1834
to 19, and the second pref. from 6 to 634Riker-Hegeman
new shares sold between 6% and 7.
But a single transaction
was
recorded in the bond
department.
Mining shares
generally were dull.
Braden Copper improved from 6% to
6%.
British Columbia fluctuated between 234 and 2 % and
rested finally at 234First National moved up from 234 to
234 and back to 234.
A transaction in Greene Cananea new
stock was recorded to-day at 30.
Kerr Lake sold up from
4 9-16 to 454 and down to 434, with the close
to-day back to
tions
was
were
some
not
and back to 134Nipissing
closed to-day at 7J4-
Highest
500
4 9-16,
result of the
Nov 25 110-
,
Nov
500
Foreign- Exchange.—Sterling exchange has ruled quiet
during the week.
In the early days some firmness was dis¬
as a
Lowest.
'
20 110
Brunswick Terminal.
not
Range since Jan. 1.
Highest.
7% Nov 25
8% Nov 25
7%
200
Nov 28
40
40% Nov 25 41
150 127% Nov 26 127% Nov 26 127%
1,400
Paul and Rock Island issues are included.
The latter have
been exceptionally weak and Union Pacifies
relatively strong.
played, but this disappeared at the close
;
for
Preferred vtc..
Am Brake Shoe &F,
Gen Chemical,
week ending
On Mon¬
daily volume of business see page 1576.
The following sales have occurred this week of shares
represented in our detailed list on the pages which follow;
Green Bay & W, deb B.
Homestake Mining.,
Averages for
a
For
Colorado & Southern
NEW YORK CLEARING-HOUSE BANKS.
(Not Including Trust Companies.)
records for
day less than 58,000 shares were traded in, but on Tuesday
about 200,000 shares changed
ownership, so that the average
for the week was somewhat more than
100,000, by far the
smallest, as noted, for any week in recent years.
This was
due in part to the Thanksgiving holiday, in
part, perhaps, to
a sharp advance in call loan rates as the month
draws to a
close, but more than all else, as noted above, to political and
legislative conditions now existing or impending.
The Mexi¬
can situation, if not in status
quo, has been less discussed in
the financial district than of late, and more attention
given to
reports of waning activity in several important industries.
A prominent characteristic of the
market, however, has
been its strength, almost every active issue
having moved to
a somewhat
higher level. ' Union Pacific, again a leader of
the market, closes 2% higher than last
week, Canadian Pa¬
cific nearly 2 points, Southern Pacific
1%,, Reading 1%,
New Haven and Steel 1 point higher, while no
important issue
Chicago & Alton.
■
third
in the matter of limited volume of business
Thursday
on
francs gold and 2,670,000 francs silver.
Surplus
years
in the stock market have this week been broken.
Week.
increase in bullion of £602,126 and the
percentage
to liabilities was 54.38, against 54.97 last week.
of discount remains unchanged at 5%, as fixed
Capital
'./ Railroad and Miscellaneous Stocks.—All
long term of
Week ending Nov. 28.
6@634% for good single names.
The, Bank of England weekly statement
see
following.
has declined.
The open market rates for call loans
showed
to-day's
page
The
.
xcvii.
4 81
Situation.—Ex¬
treme dulness has again prevailed in the security markets
this week.
On Monday the transactions at the Stock Ex¬
change were on a more limited scale than for many years
Market
[Vol.
flurry in New York money rates.
Canada continued to
take gold, the total movement to the Dominion to date
being
$13,600,000.
(ifeetie*
Wall Street, Friday Night,
The
CHRONICLE
Goldfield
Outside
Consolidated went
from 134 to 1 7-16
advanced from 724 to 8 and
quotations will he found
on page
1576,.
-
'
t
f-
,
"
fl
•
1567
New York Stock Exchange—Stock
Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
•
>
,
■
Fop record of tales during the week of stocks usually inactive* see
the
STOCKS
NEW YORK STOCK
EXCHANGE
Sales or
STOCKS—HIGHEST AND LOWEST SALS PRICES.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Week
Nov. 22
Nov. 24
Nov. 25.
Nov. 26
Nov. 27
Novf 28
Shares.
92
91S4
98%
117
♦1151a 117
923g
923B
8684
865g
320
29
♦9814
99
867®
224
320
♦280
55%
55%
11%
28%
98%
1212
*131t2 133
♦124U 126
81
224
5534
5534
*11%
♦27i2
92%
*280
223% 224
♦280
92%
€2%
98
98
*117
119
*97%
117%
917®
*7934
86%
81
•7934
92% 92%
92%
*97
98%
98%
117
117% *117% 119
92*4 92*4
921® 93
80% 80%
*7934 81
87
87
87% 87%
224% 226% 224% 225%
92%
92%
98%
11%
57%
11%
28
98% 98%
§131% 131%
11%
*28
29
*58%
11%
56%
11%
11%
*28
92%
80%
87
224% 225%
*280
320
320
56%
57
56%
11%
28%
98%
*280
320
99
993s!
98% 99%
132
*131t2 132%
*131% 132% 132
126
125% 125%
*124% 125% §120
*165
173
173
*165
175
§173
115
20
*32
36
*30
75
*61
75
*61
75
15312 *151
399
*390
154
*151
157
§149% 1497«
*149
151%
390
*390
399
*....
399
♦61
*151
*390
*17%
19
*27i2
30
18%
*17
19
*17
19
§27
27
*27%
29
*27
30
*27
30
*4
26U
40
40
*40
*32
35
*32%
5%
934
26%
26%
24%
f»%
*7%
♦14%
56%
•9
24%
♦56
145% 14534
13112
130
13018 *130
*13*4
*30
35
*30
♦125
1281; *125
131
14
128
•130
140
20
20
*131
♦19%
*31
2568
40
130
35
128
128
♦127
128
*131
140
*131
140
20
20
20
14
3434
12%
12
12
96%
95%
78
26%
77
77*4
*25
26%
12%
90%
78%
77
26
90
♦25
26
103% 104
*82
*82
90
86%
87
*84
*13%
♦21%
*4%
14
-
85%
22%
5%
♦13
»a
♦20%
*56
16
*16
44%
4414
86
86%
90%
21%
86%
90%
21%
•74%
75%
♦747®
*13
15
•38%
39%
8
21
137®
221®
*4%
8
8
22%
*56
17%
*16
39
39
7%
17
87
87%
♦91%
21%
92%
21%
75%
13%
39%
9
*4384
87%
91%
§75
44%
87%
91«4
21%
75
*13
14
75
39%
.
9
*7%
*15
22
4
*3
12
♦10
11
*10
36%
*35%.
39%
5%
*34
*3.%
4
12
10%
10%
36%
36%
*4%
36%
6,
*10
35%
*4%
18
*15
18
9
*7
9
47
•43%
44%
44%
187s
687r
»-<
19
70
19%
70%
43%
43
43
*42
45.
*42
45%
*42
45
•90
93
♦90
93
23
23
to
00
.
19
687®
*43%
19%
70%
69%
*.„..
93
*90
93
*90
93
*22
23
23
23
23%
*69%
28%
23%
*69%
75
*69%
75
28
28
28
*90
28%
91
43%
-
*42*4
114% *112
•63
37%
66%
•37
39
*93%
94%
*4
♦36
64
*37%
*93l2
4%
■
*4-
*38
H
*63
39
♦4
*20
22
*20
22
♦21
•20
21
♦20
22
21
*9%
•28%
29*4
11
11
31
*9%
♦28%
29*4
*29
29%
3Q
§97
97
98
'
112%
*36
37%
§04%
*37%
*93%
64%
38%
28
37%
*93%
*4
4%
*21
2S
*21
21%
*21% 22
0%f
9%
.23
29%
28%
29%
*29%
*97
21%
*9%
.
28
28%
30
*29%
*97
100
37%
95
100
*6
10
*0
8
♦6
10
*6
10
*42
48
♦42
48
•42
60
*42
50
*81
83
♦81
82
*81
83
♦81
82
*81%
62%
§6234
*98%
62%
99%
63%
99%
*62%
99%
62%
99%
*01%
*98%
82%
62%
99%
*98%
•156
99%
165
*156
165
99
*156
168
♦160
100
"""780
54,400
100
700
Wabash
"""166 _Do
Do
110
*156
preferred......
American Malt Corp..
-P^wred......—
«
108
preferred—.....
American Ice Securities.
1001 American Linseed.....
Do
400
preferred........
200 American Locomotive.^.
Amer Smelters Sec
pref
Bid
Ask
Smelting So Refin'
Do
preferred.......
579
American
168
650
560
New York
America If
—
175
Chat 4b Fheh.
170
177
FIdelityY—-
Chelsea ExY-
140
150
Fifth Ave Yw. 4500
Fifth ....... 300
208
211
Chemtcal
...
380
135
145
Clttsens* Cen
175
BoireryU-.—
425
Bronx
260
Coal A Iron.
160
Bronx
190
Colonial t...
450
City
400
BoroY
Nat..
175"
Bryant ParkY
150
Butch 4b Dr.
120
135
Columbia Y— 275
Commerce
tl70
Century Y—
100
200
Corn Exch Y-
300
Chase
600
Cesmopol'n T]
85
East-River-
50
..
Banks
First
f340
225
630
165
Ask
Exch.J
—
Ask
Bid
Battery Park
Amer
Bid
Banks,
...
Fourth
ft5"
Snuff...——
Garfield
172
Lincoln
.....
330
220
260
350
4
Jan
Jan
6
Jan
40% J'ne 11
58% Apr 23
48
Feb
Nov 5
J'ne 11
J'neio
33%
00%
33%
92%
3%
15%
J'ly
2
J'ne 28
J'ne 12
Sep 2
J'ly 9
J'neio
J'ne 10
17
6% J'neio
20
Oct 17
2
80% Sep 16
Feb
""9234'6c"t"
57
Jan
3
54% Dec
99
Jan
2
93
635® Mch
104% Mch
50% Jan
2
46% Deo
90
Nov
117
Feb
20.
13
9
Feb
Jan
Mch
Feb
30
3134 Feb
94
Oct 10
10034 Jan
Jan
3
61% Jan
86
Jan
103
9
97
J'ne
6
107
Feb
150
J'ly
9
193
Jan 22
7
Jan
434 Jan
3
74% Jan 30
42
Jan
84
Deo
66% Deo
102% Jan
123
Sep
Meh
473® Oct
126% Sep
035® Sep
120
May
60% Deo
8334 Deo
60% Nov
99% Feb
7% Sep
34
Sep
3034 May
177® Apr
43
Apr
47% NOV
110% Aug
19% Aug
69% Aug
89% J'ne
91
Sep
109% Sep
203% Deo
QUOTATIONS.
Bid
Banks
—
.....
New NethY—
New York Co
400
180
200
Security Y
Sherman.—
850
875
390
395
StateY..—
23d WardY—
255
265
Union
140
150
230
307
Gotham
170
Merchants'_
170
175
105
Greenwich Y-
260
People's Y—Prod Exch Y-
Metropolis Y- f300
Hanover
620
PubllcY
Ac*
375
115
188
Meroh Exch-
Bid
430
Second
225
450
Reserve.....
Banks
Seaboard....
180
Germania Y
.......
Ask
■
210
Park
190
Feb
30% Oct
75% Aug
45% Jan
9.5
Jan
3
Feb
6
2
New York...
Pacific Y
180
49
115
44% Jan
13
71
101% j'ne
11% Feb
90% Feb
33% Nov 7
222
Metropol'n Y
6
J'ly
J'neio
245
630
6
5v® Jan
8
28% Feb 10
2784 Apr 4
12% Nov 7
213
70
6
78% Jan
2
57% Jan
2
98
May 6
Meoh A Met.
.
Mch
48% Jan
Manhattan Y T315
Mark A Fult.
237
....
Mch
86
467® Jan 31
129% Jan 30
56% Jan
2
60
27
5% Oct 17
417, Oct 24
79% J'ne 12
68% J'ne 10
,
824% Oct
140
475
Deo
Deo
Deo
11
425
tfrlT"
96%
397®
69%
934
28% Jan 13
14
Jan 3
130
.
Deo
J'ne 11
Oct 3
375
...
J'ne
150% Dec
3% Oct 24
German Ex Y
■
28
103
867® Oct
26% NOV
4934 Jah
16?® Mch
30
Apr
111% Sep
17634 Sep
Dec
Deo
May
227® Apr
64% Mch
1134 Oct
36% Oct
17% Oct
62% Aug
270
167
Feb
Jan
Dec
290
183
~~3~2~"Sep~
68%
20%
33%
10%
45
Mutual Y
Nassau
630
"201®" Jan
334 J'ne
12% J'ne
Mt Morris T-
178
44% Deo
103% Dee
0
Aug 12
17% Aug 13
Jan
2
8
Jan
3
605
615
Feb*
40
800
.....
Dec
18
Feb'
179%, Apr"
93% Apr
101% Apr
30% Apr •
59% Apr
29% Mch
69% Jan
4334 Apr
403® Oct
805® Oct
27% Apr*
56% J'ne
115% Apr
Deo
Deo
Dec
Deo
Deo
29% Jan
68% Jan
J'no 11
285
Irving
117:
22%
42%
17%
58%
26%
2
495
Liberty
9
92
131% Aufc
126% May
111% Sep
Dec
92
Apt
Jan*
307® Jah
121% Apr
142%. Apr
413® Apr
119% Aug"
Jan
Jan
J'ne
J'ly
...
950
Jan 30
Jan
71!
Jah
J'ly
Imp A Trad-
900
Sep 18
Sep 23
88% Oct
Ask
Harriman
Jan 11
93% Jan
Bid
Banks
Jan
Dec
29s4 Jan
Sep
I6234 Jan
Germ-Amer Y
"
•
.....
B
2,150 Amer
115%
1197®
98%
108%
148%
87%
57
80% J'neio
36% J'ne 10
400
J'ne
6
7
28
108
......
'88
Jan
Jan
63% Jan
21
American Hide & Leather
Do
13
1934 J'neio
65
Oct 31
800 American Cotton Oil:
Do
preferred
1 '2
35% Jan
90
American
WaK
20%Apr 1
49% Sep 23
110
06
4734 Mch
297® j'ne
1107% Feb
Feb 13
Aug?
138%'Mcir
27% Jan
§57
Jah
154%;AUg
158
Aug
31% Meh
Dec
126
May
I8534 Jan*
26% Oct
106% Dec
Jan 11
29
109
Nov22
61% J'neio
41% Sep 5
Do
lV.eOO
Feb
Dec
4
6
318
...
05%Mch
18
Apr
25% pec
57% May
35
J'ly
62% Oct
J'ne 11
7
.
31% Sep
11% Jan
J'ne 11
13
5,000 dAlaska Gold Min Par $10
42,200 Amalgamated Copper...
100 American Agricui Chem.
Do
preferred.
"""550 American Beet Sugar....
22% May
66
May
146
3
Apr
22
J'iy
073®. Oct
129
Mch
-
141% Jan
53% Jan
16
Wheeling & Lake Erie...
Do
1st preferred....
...
120% May
16% Dec
AX^'4 uau
142%
Jan *J
Jan 22
Jan
Apr 11
Jan 9
9
6% J'ly 8
J'neio
Do
2d preferred
100 Wisconsin Central
Industrial
&
MisoeiL
,
30 "
32
....
.
48
143% Aug
53
Sep
1287® Dec
is% J'ly
§40
Feb
28%Jan 2
81% Mch 26
22% Jan 8
43% Sep 23
preferred..
Maryland.....
1,700 Western
Dec
3 an
Jan
30
132% Feb 7
23% Jhn
2
47
Jan 29
99% Sep 13
137% J'ne 11
7934 J'neio
38
126
May
39% Apr
57rw Apr.
.
40
19% J'ne 12
7% J'ly
15% J'ne
Dec
1/0
2
88% NovlO
101% J 'ne
23
_JQ.ec
30.
Deo
Mch
40% Jan
11%. May
1'55'g Feb
133
Dec
168% Jan
35% Jan 13
75
Jan 9
10% J'ne 4
27% J'neio
02% Apr
101% Apr
47% Dec
30
J'ne 28
J'neio
Apr
Mob
142%Jan 10
6
5% J'ne 17
Oct 20
57
NoviO
72
United Rys Inv't of S F..
Do
preferred-
BANKS AND TRUST COMPANIES—BROKERS*
Banks
,
14
145
198
Jan
Jan
ut
14% J'ne 10
J'ne 12
Nov 10
.1
preferred.
a
83
Toledo St L Sc Western..
Do
preferred.—
Twin City Rapid Transit
Union Pacific
Do
i
38
Do
808
11 rr
20%
preferred.
Seaboard: Air Line..
Do
preferred
Southern Pacific Co.—
Certificates (wh. iss.)
Southern, v tr ctfs stmpdl
.
24
Jan 10
Apr 10
95
Apr 10
247® Feb 4
4484 Jan 2
19% Jan 11
59
Feb 11
13
,
preferred
do
300 Texas & Pacific........
Third Avenue (N Y)
1,100
425
A
J'ne 10
11% Oct 17
17% Oct 17
234 J'nd I?
Do
2d preferred
St Louis Southwestern..
23
22%
10
28%
31
7
63
2,258
5,100
.
84
Do
200
597
„
„—
2d
preferred..
..
Rock Island
Company..
Do
preferred
St
Louis & Sap Francisco
200
Do
1st preferred.....
200
4%
45
61%
u
on 1
100
200
176% Feb
Aug
87 "
80%. Aug 10
10134 J'neio 122%
12384
106% J'ne
104
85
Nov
100
J'ne 26 £109
171
151% J'neio
92%
82% Oct 14
""7I0
23,387
Dec
18% J'ly
34% J'ne
8
Sep
Jan
140
Nov
45% Dec
95
Dec
9
Jan 2
Jan 80
Jan 10
uou
Jan AA
11
113%Jan 3
J'neio
98
...
Pittsb Cin Chic & St L._
Do
preferred.
75
29%
♦42
*5%
18% J'neio
52
J'neio
r_
56,900 Reading
1st preferred.
200
900
162
Nov 12 §150
29%
64%
43%
24% Nov 15
59
34% N OV 26
9
j'ly 17
27%
93% Oct 17 10934
75
NOV 15
1297$
uuia
33%
UO'5
25% J'ne
li
131
...
95
.
18«4
69%
A A
preferred.......
Can..
Do
90% 92
preferred....
2,950
400 American Chr & Foundry
*43% 40
Do
100
preferred........
*m
112%
American Cities.—.
*36
37%
Do
preferred..
*03% 68% '""Il6
*6934
43%
*110
*4"
100
69%
93
43%
11
*9%
•28%
29%
*97
*92
37%
66%
38%
94%
4%
*93%
4%
29%
112
38
94%
♦69%
03%
43%
43%
18%
23%
75
29%
23%
75
112
87%
1834
29%
92
92
40
116
48
Jn6l2
115%
tl44 U
J'ne
MV AA
11
l",385 Northern Pacifie.
6.148 Pennsylvania
48
46
12
32
.
_
J'ne 9
Jneii
127
& Western
Do adjustment pref..
35%
6%
*7
_
■20% Oct
39% Apr
117% Nov
530
35
141%' J'ne 1(1
126%-J'neii
•.
1,320] Norfolk
Nov 10
16
*mm
_
Nashville..
Manhattan Elevated
Minneapolis & St Louis..
Do
pref
Minn St P & S S Marie..
Do preferred..
Missouri Kail So Texas. 4
Do
preferred..
Missouri Pacific.
Nat Rys of Mex 1st pref.
"
4
11
prfef—_ —
Lehigh Valley.
Do"
2d preferred
2*100
N Y Central & H R
2,060
N Y N H& Hartford....
8,300
200 N Y Ontario & Western-.
37
*16
♦43%
98
151% 152
81% 8134
*16,
21%
9
*7
.200
9
6
9
300
1,700
22
105
Do
—
„
39%
18
18
♦7
500
200
60
*41®
♦16
9
*36
*104;
prbf—
City Southern...
,
8
♦10.;
18
*7
90%
*734
*15
22
*3
4
36
♦15
*42%
39
104% ♦103% 104%
151%
1501® 151% 151
81%
81%
81%
81%
*16
21% "*16%
21%
*34
34
34
35%
♦10
*112
13%
39%
*734
21%
104
♦35%
68%
♦16
44%
15
*15
35
•42
10%
*44
21%
75%
20
18
60
*16
92
39%
21
*56
17
21%
*13
1534
22%
44%
877®
75%
15
60
86%
91%
300
4%
;7
*21%
*50
44%
35
•44%
17
♦14
*20%
15
*4%
14%
23
9
♦16
6
86
*13%
*21%
4%
17
17%
35
4
*4%
*84
14%
23
5%
22%
•13
*3%
87
114%
*21%
*4%
*7%
*20%
104% 104% *103% 105%
149% 150% 149% 150%
*81
81% ♦81
81%
17%
34%
*334
♦85
14%
22%
*12
907®
21%
75%
7%
87
17
44%
86%
*15
85
8%
22%
00
89
Do
Aug
Apr
85% Oct-
395
Jan 13
33% J'neio
41
Jan 30
28% J'neio
132% Jan
9
115% J'neio
3
25% J'neio: 41% Jah
128% Feb 6
104% Apr 1
19% J an 30
12% J'ne 4
45
J'no 4
65% Jan 30
28% J'iy 28
21% J'no 6
56
J'ne li
61% Jan
7
11% Feb 6
7
May 4
1.
100 Louisville &
34
*83
5%
8000
26%
100% 107%
108% 109%
*82% 85
*.— 117%
159% 100%
*82
85%
107%
109%
*82%
85
11712
159% 16034
109
85
♦84
*82
preferred
Interboro-Metrop ft ctf.
.
*102% 104
89.
107
107%
109%
13%
22%
5%
60
77%
1037® 104
88:
*43«4
34%
,
1st
9
94% J'ly
68% Feb
rs%Dec
30% Dec
99% J'iy
139% Dec
134% Dec
Jan
Jan
91
283
Jan
305
8% Jan
2
,16% Jan
2
32% Jan 6
49% Jah 30
4% Nov 15
J'ly 11
20% J! no 10
900 Kansa
Do
pref.—
300
150 Lake Erie & Western..
55
0&%
35
12%
95%
77%
13%
*21%
*4%
*7
*53
12
35
12%
95%
700
2,500
20%
•96
40
*84
*15
128
14Q
20
86
21
128
Do
9
104% Feb
148% Aug
1117® Apr
188
41
10
.....
•
35
*130
,*1934
Shore"& Atlan
Jan
U134 Oct
101%Jan
cl01% Feb
86% Aug
7634Jan
220% Mch
May 20
Jan 9
Jan 13
Jan
2
Jan
103% Feb
*130% Dee
Jan 10
23% Jan
J'ne 11
23
„
Jan 6
Jan 29
Jan 9
Jan 22
Highest
9
Jan 30
Jan 11
Jah 6
Jan 21
9434 Jan 10
167
Jan
8
445
J'ne 12
jl3% J'ne 11
_
pref
Oct 16
00
147% J'ne 11
Do
2d preferred
.4.
MOO Great Northern ptef—._
Iron Ore properties
1,100
300 Illinois Central
'
1334
*30
*31
♦84
9
131
*
13%
55
*82
17
*130
146
28%
*3L
22%
*130
20
146%
132%
Denver & Rio Grande.
Do pref
900
8
*53
117%
160%
x84% 84%
90%
56%
*7%
♦1434
390
Do
1334
57%
2434
56%
♦26
.
16
*24
Do pref..
j
Delaware & Hudson
Delaware Lack & West..
__
—.
Duiuth So
107
53%
106% 106% 106% 106% 107%
108% 108*4 108*4 109
1087®
*82% 85
*82%
•82% 85
•
117% *— 117% *__.
169%
158% 159% 159
159%
*56
1334
57%
27
•25
26
*25% 20
104
•103% 103% §104
*8
107
53%
12.
*13
35
Cleve Cln Chic & St L
& Ohio..
Chicago Gt West tr ctfs__
Do
pref trust ctfs_:
Chicago Milw & St Paul
Do
pref
Chicago & North Western
Do
pref
4,300 Ene
12334 12334
31% 31%
26%
95%
76%
•20%
*33
53
12*8
90
' 41
26
9534
"60
26%
41
53
12%
7684
130
*30
131
*30"
50
---
5%
934
20
95%
75%
*82
26%
26%
41%
34
124% 124%
31% 31%
*106% 110
13%
14
58% 68%
24% 24%
*56% 53
*7%
8
*14*4 20
35
♦130
35
'
25%
14%
58%
24%
66%
7%
8
*9
7%
20
*14% 20
146%, 147%
146% 147%
I4534 146
131% 131% *131
132% *131%' 132%
•130T
140
107
58%
*4
5%
934
26*4
4078
*32%
267®
14
58%
*24r
*4
934
107
106% 106%
14
*1334
53
5%
*9
26%
32
32
*4
40% 407®
*33% 35
123% 124%
32%
32%
41%
35
123% 123%
20
75
*18
*9
♦14%
*61
75
*390
Si2
*1065# 108
♦1334 14t4
533s 583s
*2334 24%
*56
6684
♦71*
8%
*61
18
»34
20U
32l2
36
399
*4
•31
*32
36
*17%
*9
•1?2% 12312
*32
492
173
36
36
2,670
*165
*30
___
"I® Chesapeake
126
175
.
Pacific 1
Central of New Jersey
*125
*160
pref
14,550 Canadian
780
106%
102%
133%
106%
90% J'ne 10
88
77% J'ne 18
9214
48334 J'neio
208% J'ly 9 26634
275
J'ne 11
302
80
51% J'ly 11
1774
10% J'ne 4
35
23
J'neio
90% Nov 10
116%
145
131% Nov 10
138
123% J'neio
171% NOV 19 §189
54
347® Aug 26
...
Do
225
800
J'noil
Year 1912.
,
Lowest
Highest
90% Nov 10
90
J'ly 9
112
1,800 Brooklyn Rapid Transit.
"27%
29
n
535 Atlantic Coast Line RR1,320 Baltimore &: Onio
86%
Range for Precious
Range Since Jan. 1
Oasis of 100-share lots
On
2,700 Atchison Topeka & S F__
Do
210
pref
§92%
§80%
page
Lowest
Railroads,
9218
98%
*97%
preceding
125
135
150
160
Exch.
148
153
States?.
.500
250
Wash H'ts Y-
275.
160
166
Westch
Avll-
160
175
200
230
West
SldeY-
450
475
Unit
T353
84
88"
YorkvUle Y—
..""""
...«
---*
600
j
—
*
Bid and asked prloes; no sales
this day.
1 Ex-rlghta.
| Lea® than 100 shares.
| State banks, a Bx-dlv. 4 rights. V New stock.
fSale at Stock Exchange or at auction this week*. 4First Installment nahL • Sold at nrlYate sale at this priee. » Bn^Ur. i Full paid.
on
.* Ex 24%
aeeum*
<UTl
J
1568
New York Stock
[Vol.
Record—Concluded—Page 2
For record of sales during the week of stocks usually inactive,
second
see
xovii.
preceding
page
'
STOCKS—HIGHEST
LOWEST
AND
PRICES.
SALE
Saturday
Monday
Tuesday
Wednesday
Nov. 22
Nov. 24
Nov. 25
Nov. 29
Nov.
Salts of
STOCKS
the
NEW YORK STOCK
Week
EXCHANGE
Friday
Nov. 28
Thursday
27
Range
basis
On
Shares.
Year 1912
100-share tots
Lowest
Lowest
Highest
X
Previous
for
Range
1
Since Jan.
0/
Highest
Industrial & Misc (Con)
100
100
*100
105
*100
105
*100
25
25
*25
27
*25
27
*25
27
*107
110
108
108
108
108
~
"*113
108% 108%
115
114
1183s 11834
*222
99%
114
*113
1187s 119
232
*225
9934
*225
105
*25
27
*231
235
*228
235
102
*99% 102
100
*100
21
*16
99%
2012
100
*16
*16
20%
*16
18
*16
18
•75
76
*75
77
*75
77
♦75
77
576
76
•1234
333s
i5l2
3334
•14
*14
15
*14
16.
14
14
41
4978
*38
40
*38
40
*42%
*38%
34%
49%
40
33%
141
83%
♦41%
15%
33%
*42%
*38%
3378
43%
40
•104
•
996s
*104
...
•281*
*68%
29l2
69%
•121
*2514
*1634
18
•25u
16«4
•47
49
*48
95
95
*90
23%
•94
48
48
*47
51%
500
95
♦90
95
*92%
100
2434
95
2478
94
94
24%
25%
94
94
94
37%
*2534
3734
27%
126%
126.
38%
3734
38«s
27% 27%
126% 127
*9%
9%
28%
I2684 12684
16
16
16
16
*94%
163s
9534
17
*94%
16%
•11
17
*11
16
*11
16
*11
16
*9%
67
*94%
96%
♦35l2
66
*94l2
40
139
9%
66
67
9534
*31% 40
137% 139
*31%
3934
138% 138%
•35
37%
*35
36%
*35
37
*36
37
•72
75%
18%
*74
75%
75
75
*74
75%
18
18
80%
44%
*17
19
1812
•81
83
*43%
14i8
4434
14is
18
81
81%
17%
80%
*4384
4434
44
14
14
•101% 103
*101% 103
•
113
*
♦101
102
*101
14%
14%
102
102
►
113
102
80
44%
14%
113
*33
*33
78%
44
44
14%
14
14
1007s 101%
114
100% 102
113% 113%
1013s 101%
36
80%
44%
17%
80
*3%
*13
i 15
*7
8
*33
36
1007g 101
3%
*13
36
3334
Do
210
..I
ctfsl.l
...
preferred
Paper
....
preferred
...
5
18
18
17
17
♦16%
24
210
86
*78
86
82
82
*78
86
*100
109
*100
'109
*100
109
*100
109
100 Kayser & Co (Julius)....
Do
1st preferred....
*75
85
*75
85
80
80
*75
*30
37
*95
99
*95
98
212
*100
109
*80
85
98
98
*30
37
*30
37
*30
37
977a
*96
99
*95
100
9778
*205
212
*204
*202
212
*203
215
*203
215
*109
115
§110% 110% *109
115
110
110
♦109
112
♦27
30
•95
100
*27
28
*95
100
*27
283s
28%
100
*96
*85
92
*85
92
590
90
*85
*155
163
*155
163
*155
163
-f 155
*95
283s
♦2734
100
*96
163
•108% 11512 *108% 115% *108% 111% *108% 111%
*64
66
*64
66
65%
6514
65% 65%
*98
102
42
44
102
*98
*98
45
43%
♦78
•43%
*102
146s
82
117
117
*11684 1177s
*116% 11778
10%
*10
11
81
8p
♦80,
45
*43
45
*43
44
1103
103
*103
106
1478
*60
65
1478
*57%
*68%
75
*68%
*23
24
23
*20% 24
116% 11612
*1814 19s4
♦87
88
•24u
25
♦94
98
580
15
65
75
23%
87
*80
67
70%
70%
*70
75
24
24%
*23%
24%
25
*22
25
1434
15
♦22
87
87%
*24
25
*24%
88%
25
95
95
♦94.
98
1478
88
25
25%
94
94
88
8734
*25
38
175
175
*95s
28'
28
*113
112
*80
91
82
82
107
*106
107
20
10%
28%
28%
115% *112
*80
85
*9%
62
*17
19%
•66
68
283s
*40
49
*40
49
*40
49
*53
58
*53
58
*5334
57
*53
55
*53
55
99%
*99%
99%
105
47
5484
5514
10514
47%
55%
10484 IO434
,
54%
99?4
105%
"477s 48%
105
105
47%
*26%
47%
27?8
28
*26%
28
95
*92
95
♦92
95
•112
64
*62%
63%
65
63
63
63
63%
65
65
105
48%
26%
*93
104% 105
48%
26%
100
•62%
6484
64
*88
Brooklyn
first
mm*--
280
Flatbush
mmrnrn
Greenpoint-.
HillsitleU
Manuiact're
-
...
-
...j
\
.
Mechanic?'!!.
80
.....
National City
Ask
Truat Go'a
273
285
Central Trust
175
200
145
155
155
125
As tor
140
Bankers'
205
220
650
NY City
350
360
Tr.
425
435
b'way Trust.
150
155
1st
2d preferred...
preferred..
200 Western
...
Union
Teleg
1,022 W jsth:g-.ouse El A Mfg.
Do 1st preferred
8,770 Woolworth (F W)._.._«
100
Do
preferred—.....
Bid
Ask
985
1000
9534 Oct
106% Oct 10
58
J'ne 9
110
Jaw
2
107
J'ne 10
297a J 'ne 7
102
_J
Dec
109
Oot
71
Sep
4
100
Oct
49% Feb
4
29
Mch
8
102%
156%
105%
36%
Dec
Jan
Jan
Dec
89%
105%
55%
108-%
Oct
Jan
225
Oct
83
Sep 15
J'ne
4
104% Jan
J'ne
6
235
21
J'ne 11
89
Mch
6
116% Jan 23
397# J..n
6
Oct
Sep
Jan
118
Aug
47% J'ly
Aug 4
J'ly 18
105
Jan
84
95
Jan
rl50
J'ne 13
200
103
J'ne 10
116% Jan 22
65
Oct 14
76% Jan
2
69
Apr
88
Oot
97% J'ne 10
105% Jan
78% Feb
2
105
Dec
112
Jan
4
26% Jan
4
62% Apr
$23% Feb
„
20% J'ne 10
J'ne11
116
J'ne 4
9
J ne 5
74% Oct 21
43
Oct 20
Ja,
130
12478
19%
92%
56%
9
90
167
108
Oct
6
no 10
20
Jan
2
13
J
56
J'ly 16
60
J'ne
9
82% Jan
8
81% Jan 14
16
J'ne 10
31% Jan 22
22
Nov 18
104
J'ne 10
..
14% J'ne 11
73
J'ne11
18'
J'ne 10
88% J 'ne 10
108
149
Oct 22
Sep
5
J
J'ly
Mch
161
Apr
122
Deo
131
J'ne
12% Feb
26
Feb
88
51% Jan
105% Feb
$18% Jan
Feb
50
74% Jan
28% Dec
45
Dec
103
Jan
95
Jan
9
36
Jan
7
77
7
Jan 21
165
Jau
2
Jan
9
15434 J'ne 12
23
J'ly
8
7
62% May 1
16
Nov 22
35
__
2S34 Feb
Feb
106% Feb
158% Feb
36
Jan
Feb
*26% J'ne 10
39% Jan • 4
126
Aug 29
J'ne 10
J'ne 10
J'ly lu
Npv 14
4
_
18% Nov20
9% J'nelu
Nov 14
«
734 Jan
3
3
Deo
Oot
53
Jan
66
J'ly
49%
98%
$47%
130%
115%
Jan
95
Dec
"110
J'ne
13
Feb
50
Jan
67
Jan
Nov 10
3
497, J'ne 11
102% J'ne 10
39% J'ne 10
22
J'ly
1
69% Apr t
109'% Apr 9
81% J an
9
69% Jan
2
11034 Jan 30
60% Jan
2
43% Jan
3
Jan
3
68% J'ne 10
75% Jen
9
63% J'ne lo
79% Jan
2
93
J'ne 30
1077$ J'ne 13
81% J'ne20
109
J'ne 14
114
-
45% Feb
J an
75
May
Sep
J'ne
114% Sep
177a May
6734 May
22% May,
64% Oct
86% J'ly
.6778 May
85% May
80% Sep
Sep
$67% Sep
6R% Feb
117
107% Dec
$52% .lan
40*4 Deo
57% Jan
122
114?g Dec
71*4 Dec
8
Aug
Aug
116 .'May
105% J'ly
11934 Jan 17
112
Jan
2
115% Jan
,
4% Jan
35% Dec
1634 Jan 30
Nov
6934 Sep
30
56«4 Jan 31
J'ne 10
NOV
103% Oot
36
77
61'
Oct
9338 Oct
39% Jan
16% Jan
81
■
<
Aug
221
4934 Nov28
98
35
101
90% J'ne
$34% Feb
9
Nov
Jan
43
Jan
85
$2418 Sep "
•
99% Dec
140
99% Jan
3
113
Jan 21
41-% Jau
Jan
89% Dec
6
93% Jan 13
78
Slu
Jan
Oct
Nov
Sep
105
98% Dec
2
64% Nov 10
89
271 o Feb
Jan 13
95%
68%
110%
$24%
87% Aug
Sep
653s Apr
122% Oct'
27% Aug
100% Aug
40-8 Sep
IO334 Aug
12078 Aug
175
Aug
40% Sep
Feb
96
Oct
38
1634 Mch
101% Jan
118
90% Oct
$30% Sep
Deo
4
an
Aug
114
12934 Sep 23
2438 Jan
2
46
118
10734 Jan
Sep 18
Jan
8
Jan 30
Jan 30
Jan 2
6
J'ne
106% Nov
92«4 Oct
215% Oct
10-% Oct
8
28
Mch
$6% Jan
89% Aug
66% Jan
114% Jan
120
112% J'ly
93%J'ly
ll77s Oot
116*4 J'ly
Aug
435
450
.
•
•••
85
Empire
800
310
Equitable Tr
450
460
Farm l a Tr 1075
1125
Fidelity...
Fulton......
210
220
270
285
525
535
Ask
Trust Go's
BUI
Atk ]
Ask
Trust Co'?
138
n YLlfe ATr
990
1005
Law t i a Tr
145
153
n y Trust...
590
605
Citizens'
Linooln Trust
120
130
Title Gu A Tr
397
405
Franklin
Metropolitan
840
370
Transatlan tic
200
220
HLa.mil ton
270
280
Union Trust.
362
367
Home
110
11*
135
145
u s Mtg a Tr
412
420
Kings County
530
140
United States tl050
340
Washington
N Y City
N Y City
Knickerbo<
Bid
Bid
130
Trust Co'e
Hudson
....
Mutual Alli¬
ance
Mut'i
(West¬
chester)...
135
A
paragraph
rights,
d)
are
Brooklyn
.
Westchester
•Bid and asked prices; no sales on this day,
f Less than 100 shares.
$ Ex-rights.
aEx-dlv.
•took Exchange or at auction this week.
« Ex-stock dividend.
V Banks marked with a
Chem.
preferred
Jan
84% Apr
Dec
76% J an
Par $10
Virginia-Carolina
Do
ColumblaCommercial
Trust Co%
100
.
Do
Do
108,668 United States Steel
NY City
People's
115
877g
preferred
34
Deo
90
TRUST COMPANIES—BANKERS' QUOTATIONS.
Bid
North Side?.
425
115
85%
145
125
64%
64%
*111% 115
300
400
Montauk
Nassau
150
95
*112
Brooklyn
Coney isl'd ii
Homestead
Banks
28
63%
BANKS AND
Ask
Bid
48
•93
•62%
64%
*111% 113
Bank
47%
•26%
Dec
63
31% Nov
...
Mch
1934 May
6278 May
3
104
2,950
Do preferred
4,850 dUtah Copper
12
26
9
Nov 21
1,100 United States Rubber
934
48% . an 30
18% Jan
34
Ir
Sep
7%"Mcb
Mch
4
15% J'ly
9% Jan
x45'8 Jan
64 % Feb
U S Realty & improv't
637g
99%
2
19% Jan
7
12% Jan 30
92% Sep 13
92% Jan
7
9934 Jan
4
213% Jan
2
45% J .n 28
40% Jan 31
667| Feb 4
300
53%
99%
4% Jan
„
NoV 24
.
81
109% Sep
r$62% J'ne
$21% Oot
110% Sep 17
U434 Sep 19
14
preferred
Do
$16% Dec
Aug
7
72
Union Bag & Paper..
Do
preferred
U 8 Cast Iron Pipe A Fdy
10%
3
Oct
116
....
200
53%
20% Jan
Aug
Oct
Oct
Deo
111% Sep 15
.....
""266
,49
Dec
J'ne 11
6
49%
Deo
$47
1534 Feb
Par $25
1,025 dTennessee Cop
1,400 Texas Company (The)..
200 U iderwood ' .vpewnter..
Do
105
9
28% Jan 31
Corp (The)..
erred.
7
53% Jan
J'ne 10
22
"55% ~5~6%
56%
*112
115
115
116% *112
90
91%
88%
87*4
88%
113
113
*111% 113%
11612 *112
90
*88%
*11134 113
99%
56
*93
-
54%
99%
prei
-05% Jan
17
*4
•9%
-
Do
Feb
60% Dec
22
Milling
preferred
Do
200
Jan
70% May
100
Do
preferred
Rumely Co (M).
Do
preferred
Sears, Roebuck & Co..
400 Studebaker
30
J'ne 10
Standard
.
155
15
200 Sloss-Shefi'ield Steel A
-
Jan * 2
Aug 18
8134 Sep 30
68
Jan
2
Oct
Nov
Sep
Sep
Sep
J'ly
4278 Sep
8234 Sep
37% Jan
22% J 'ne 11
90% J'ne10
Spri.ig
*19
•40
,53%
6684
65%
•2612
*62l2
*6378
1117s 112%
81,.
81
•1053s 107
85
67
5434
28%
116
49
54%
9934
725
•58
•40
•53
995s
800
15%
17%
*105
107
*10538 107
4%
*4%
5
4%
4%
20
*19%
21
20%
20%
*9%
10%
*9%
10%
10%
*4
412
20
28«s
117%
80
68'
17%
•66
Railway Steel
Do
pr fit erred
4,250 dRay Cons CopperPar$10
825 Republic Iron & Steel
62
*58
16%
69
...
...
33
62.
16%
*66
Telep & Teleg
People's G L & C (Chic).
Coal..
Do
preferred
1,300
300 Pressed S.teei Car.......
Do
240
preferred
Pub Serv Corp of N J
""885 Pullman Company..
26
*58
18
67
York Air Brake
11% Feb
Deo
Sep
Feb
100
100 Pacific
26
61
Lead
preferred
500
*307S
33.
Do
1,000 Pittsburgh
600
30
.
North American Co (new)
800 Pacific Mail....
800
*30%
^preferred
Enamel'g & Stamp'g
Do
preferred.
Dec
20
2
Oct
Oct
Jan
104
Do
New
36
*26
Par 55
99% Dec
21*4 Jan
2
18
Jan 22
Jan
149%
22%
89%
100%
36%
2134
52%
188%
Sep
Aug
Apr
70
4134 Nov 13
Petroleum
Biscuia
8,725 dNevada Cons Cop Par $5
173
30
preferred..
""loo
20
35%
33
67
50
107
172
*26
*16
*4
97%
17%
*30%
*59
*18
♦91
97%
174% 174%
26%
26%
*30%
33
16
*82
36
*35
66%
•10538
36
35
62
28
•13
176
16
120
16
35
66%
28
♦13
*173
35i8
•115
80
16
15
14
*58
81
15
16
34l8
♦79
79
79i2
♦173i8 175
•2678 30
•3038 33
80
79
*15
98
*19
17%
20
79
,
20
17%
19%
♦79
25%
*94
♦107% 108
*19
17%
19%
19
19%
88%
18%
97%
17%
519%
*91
2278
120
*18%
Mexican
400 National
23%
152% 152%
*22%' 24%
*91%
97
518
18
*91
97%
17i2
75
*116
,
17%
*18%
65
♦70
2d preferred..
200 Nat
15%
*67%
23%
227S
♦10712 108
*107% 108 • *107% 108
*107% 108
153
152i2 15212
152% 152% §152% 152% *152
♦23% 24i2
*23% .24%
*22%
24%
*22% 24%
*91
45
104
1st
Do
_
Oct
Aug
J'ne
Oct
94
106% J'ly 22
Do
300 National
84
♦43
Nov 26
Nov 26
195
preferred
1,410 dMiami Copper
300
17
82
Liggett & Myers Tobacco
May Department Stores.
Do
preferred
"600
1078
*103
,
119%
117% 117% *118
♦18%
19%
19%
19%
45
21%
120
*10%
43%
43%
10334-10334
145s
1434
*57%
65
*60
*21% 25
116% 116%
*18%
1934
4434
21%
Steel
Lorillard Co (P)
Do. preferred
300
J'ne 4
Oct 9
Oct 15
Nov 19
Jan
Dec
27g J'ne 10
12%
6%
32%
478
Feb
23% Feb
13534 Dec
100% Jan 16
Mayi2
95% J'ne 11
May 12
91
,
"""50
ill,
Dec
Jan
40
78% Nov 28
4034 J'ly 11
14
Nov 10
96
J'ne 10
49% Dec
997s Dec
10
187
97
...
100 Loose-Wiles Bis tr co ctfs
102
*119
10%
82
*98
45
46%
21%
21%
*11834 120
21%
104
*80
....
...
preferred
Do
40%
72%
95%
101%
33%
100%
$50%
4334
75
MayiS
May 8
Nov 28
25
Laclede Gas (St L) com..
'""850
163
121
4634
""166
♦108% 111%
*6334
66
102
Do
Lackawanna
30
120
45%
21%
21
21% 21%
21%
•11834 120
*1i834 120
*116% 119
*116% 119
•10%
11
10%
10%
*98
102
■
•155
Pump...
preferred
""260 Kresge Co (S S)
100
*85
....
200 Internat Steam
100
149
17% Jan 31
12934 J'ne 10
111
...
400 lnt Mer Marine stk tr cts
Do
pref stk tr ctfg
200
>25
85
84
80
Mch
Nov
79% Jan 31
44
17
5
♦97% 100
28
142% Jan
Mch 19
70
.
preferred
dGuggenh Explor Par $25
700 a Insp'n Con Cop Par$20
400 Internat Harvester of N J
Do
preferred
'""266 Internat Harvester CorpI
500 International
24% J'ne 10
125% J'ne 10
7% J'ne 10
61% J'ne 10
94% J'ly 8
934 J'ne 10
13
J'ne 10
33
*78
*97% 100
Feb
$25
*17
*97% 100
31
47% Jan
41% Feb
Iron
6
*9712 100
*30% 37
16
Aug
13778 Jan
127%
6034
108%
51%
Feb
Feb
Feb
102.34
2734
56%
137%
May
94% Mch
413g Mer
$48
Oct
Feb
30% J'ne 10
Fuel &
Do
Do
74
31
" Dec
16% Feb
900
6
Mch 27
49
Aut
44% Oct
133% May
124
Sep
149% Mob
324% J *1^
10638 Jan
lOSto Feb
80
86
*5
Oct 17
25
$34
53% Jan
105% J'ne
41% Jan
J'ne 10
120
41% Jan
Jan
120
97% Mch
25
584
Nov 14
30% Feb
*5
*47s
Nov 17
39
Dec
J'ne 10
*78
6%
40
Nov
J'ne 10
♦16
*5
3078 J'ne 10
18
79
17
do
200
25% Jan
188
pre! v t ct's__
2,400 Goodrich Co (B F)
33%
Sep
Sep
32% Jan
8*
.11""
Copper—Par"$5
Smelt'g
Do
1(4*% Jan
56% Feb
86
Jan
200 Gen Motors vot tr
8
J'ly 11
115% Jan
137% Jan
s Fob
101% Jan
103% Feb
preferred..
Do
241'
Nov 17
preferred
2,725 General Electric
200
1TB% Jan
1^ Jan
2&w4 Jan
Aug 7
J'ly 23
Do
1,700
(>
J'ne
105
m
95
4,200 Distiiiers' Securities Corp
Federal Mining &
■
J
45
200 Deere & Co pref.
115
Feb
26
cfs
2,250 Consolidated Gas (N Y)
200 Corn Products Refining.
3%
14%
7%
v"t"ct"fsl
99
il«% Dec
1178 Nov 14
25
preferred
Case(JI)ThreshMpftr
700 Colorado
114
3%
Du
*\)% Feb
Jan
:-?8
62% J'ne 10
California Petrol
5,000 dChino
136
17
HH
Steel
preferred
Jan
165
6
9
100% J'ne 26
5,100 Central Heather
Do
400
preferred
39%
36%
75
I
Butterick Co
400
94%
16%
36%
575
113
•
36
1136
.
prei erred
Do
210
'""166
27%
17%
16
*31%
*101% 102
*
•110% 115
*110% 114
♦110% 115
33s
33s
3%
3%
*3%
3%
•13
15
*13%
13%
13% 1334
*7l2
8
*7
8
7%
7%
♦33
94%
16%
Cop
J'ne
J'ne
16% J'ne 10
May 7
pref
Par $25
Brooklyn Union Gas
67
•65
•11
38
137% 139%
»31l2
139
9%
*65
67
,
37%
38%
♦26% 27%
126% 126%
*9%
9%
*27
9%
67%
9534
16%
♦65
68%
126
*25%
*16%
24»4
94%
38%
24«4
*93
Writing Paper
800 Bethlehem
30
49
24
74
190 Assets Realization...
Baldwin Locomotive
17
94
96
Preferred,
3,890 aAnaconda
48%
24
new....I.I
American
Woolen......
Do
preferred
II
100 Amer
•29
95
200
...
6734
Tel eg
American Tobacco......
"760
*121
237fi
3712 37%
27% 27%
12634 127
*9%
9%
Ho
5,312 Am* Telephone &
30
69«4
25
Sugar Ref'ning
preferred..
Do
♦104
...
29%
♦68%
69%
*90
9534
43%
*38%
126
26%
'49
'
100
104% J'ne 12
110% J'ne 12
11778 Nov 10
*121% 126
27%
26% *25%
17
16%
16%
♦121
27u
1634
343,
49%
40
♦104
30
|69%
125
34
...
29
29
6934
*121
27%
*104
...
*28%
♦685s
126
33%
100 Ant'ar Snuff pref (new)
100 Aftflsr Steel Found (new).
300 American
100
*113% 115
119% 120%
1193s 120
233
*100
*107% 108%
115
*113
115
118% 119%
232
105
145
.
s
140
855
People's
155
Queens Co
!
....
tl30
285
..
dollars per share,
Ex-dividend.
..*•
150
250
....
Nassau
4 Quoted
b New stock.
State banks,
Brooklyn Tr. t475%
90
295 i
100
fflalo
Exchange method o>
BONDS
Y.
N.
STOCK
EXCHANGE
28.
Week Ending Nov.
U S 2s consol coupon
U S 3s registered
dl930
U 8 3s coupon
*1918
1923
U 8 Panama
i-F
Foreign Government.
Argentine—Internal 5s of 1909.
Chinese (Hukuang) By 5s £
new
88
Nov'13
85
92
t 857s
M-S
on
6
84
00
1
90
751.2
1
IOOI4
23
104%
64
953g 1003.1
905s 105ig
96I4
9612
20
90*4
965s
965s
5
9614
96i4
2
104i8
Oct '13
29
104
Sale
104
101U 101% 101
Sale 104
104
101% 101% I0II2
85% 85's
104.1s
"is
100
10512
24
100
101%
85%
7
99
Oct '13
56% Sale
74
71
92% Sale
91%
"83%
88U
Mch'13
86
80
8378
83
88
02U
9234
9912 100
92i4 10534
92%
93
92
1035s
98
105%
98i2
102% 109
103
101%
101U Nov'13
1944 J-D
8H2
86*4
85*8 Feb
Div 4s..
Registered:
1919
1927
1927
Southwestern Div 4s
..1921
Joint bonds.
See Great North
"
104
95
J-J
F-A
95
102lj 106*4
Aug'12
*88
86lg
*9112
8914 J'ly '13
88
W%!j
9012
89 lg
Oct '13
97\ {
01l2
88l2
92
'
90 "a
Sale
liz
0H2
8412 Nov'13
841*2
8434
8212
85
8712
8714
100
Apr
13
100
103
Nov'13
103
102U J 'ne 12
102
Nov'13
99%
101%
95
91
104*4
A-O
*87*"
J-J
1U2
F-A
108
10734 Oct '13
1093s
110
J-D
A-O
104*
104%
105
F-A
103*12
1021a Sale 102i2
lot
Oct
J-D
Mac A Nor Div 1st g 5s__1946 J-J
Mid Ga A Atl Div 5s
1947 J-J
Mobile Div 1st g 5s
:—.1946 J-J
Ceri RR A B of Ga col g 5s_1937 M-N
Cent of N J gen'l gold 5s__. 1987 J-J
-J
fc
J
1921
58.1920 J-J
N Y A Long Br gen g 4s__1941 M-S
Cent Vermont 1st gu g 4s_.el920 Q-F
102
11
851s Oct
11
107% Jan 12
102i2 Sep '13
1011#
10934 May 11
,
114
Io5%
100%
'98* 10*2*12
103
Nov'13
99*4 1013s
11212 119*8
11213 118l2
101*4 l05l2
100
J'ne'13
100
11284
84
8OI4
100
1001| 100l2
Nov'13
83
00
102
"
102
J'ly"
105*2
71
Sale
1U212 Oct '13
....
91'8
95&s Apr
80*2
86
104
Dec
100" 10*0*12
100
9012
92
90
86
J'ne'll
J-J
J-J
lOlU Sale 101U
8934 Oct '13
10lis Sale 1,01
...
10358
110
101l2
J'ne 13
101
lODs
11
100
Nov' 13
98*4 Feb 13
82U Oct '13
,111 "82*2
J-J
J-J
J-J
J-J
J-J
J-J
11
J'ly 12
you Aug 12
0O18
....
13
71*2
Nov'13
117
*28
101*2
102*8 Sep '13
103*8 Nov '13
10212 Nov '13
Nov'13
90i2 91
lOOU.... 100*4 Nov '13
1065s
106
J'ne'13
11012
110
J'ne
13
lODg 10212 101*2 Oct '13
102*4 Nov'13
102i2
107U
99*4
—.
107*8 Sep '13
100
Nov '13
100*8 Aug '12
10234
10234 Sale 102*4
92*2 Oct '13
92ia
9934
F
92*2 Oct '13
106
I05*x
10o58 Aug'13
10414
....
1025s
1921 A-O
100
1921 A-O
1933 M-N
1933 M-N
93
104*2 Nov'13
102
Oct '13
Nov'13
..
101
....
101
:::i
116*8
12
lUU's Aug'13
117
J'ne'13
90*2 Sep *09
J-J
M-S
109*8
108*4
109*2
Sep '13
103*4 107*2 104
11418 i«eb '13
110&8
F-A
M-S
J-J
11012
M-S
89 7a
111
6
..
..
1
90
107*8 10734 115
J'ly
10712 1
104
l
114l8 1
111
Nov'13
90
91
1
88*2
il
1063$ Nov'13
IOSI4
104*2
10418 105*2 104i2
10-1*8 106
104
Oct '13
85
Sale
85
85U
83
84*4
yl
Dec '12
74
Sale
75i2 Sale
7378
75
7512
75i2
07
"92i2
5134 Sale
M-N
M-N
M- S
A-O
A-O
10i
...
...
05
...
Keok & Des Moines 1st 5s. 1923 A-O
00
J-L
KCShLlst4j^s'41 F-A
D
52*8
5214 Nov'13
115
J'ly '13
103U Sep '13
105*4 Sep
11
*99'8 May" *13
106
04
75
jan
.
'13
Oct '13
Nov'13
116*t 118
117*8 Nov'13
*99*2 100*
90*2
IO.OI4
11578 Nov'13
89'4 Dec '12
116
St P A S
loeif 108
?1932 O-M
1952 J-J
51*4
79
Ch St P A Minn 1st g 6S..1918 M-N
North Wisconsin 1st 6s
1930 J-J
City 1st g 6S....1919 A-O
Superior Short L 1st 5sgpl930M-S
94*4 J'ne'll
05
1930 J-D
.i_1930 M-S
Sep '11
85
95
Chic A W est lnd gen g 6s
Consol 50-year 4s
Dec
102*2 Nov '13
...
J-J
M-N
Debenture 5s
Sep '13
10312 101
J-J
6s—.1930 J
95
106i2 112
...
con
94*4
Sale
98
Ghic St P M A O
8II4
81*4
84*4 Jan '13
8H4 Sale
1914 M-N
1918 M-N
Cons 6s reduced to
100i2 Jan '13
87U
90
99l2 106i2 Jan '13
97*4 Feb 13
96
1111 *8812
Chic R 1 A Pac RR 4s
2002
Registered
2002
R 1 Ark A Louis 1st 4^8-1934
Bur C R A N—1st g 5s___1934
O R I F A N W Istgu5s_i921
M A St L 1st gu g 7s
1927
Choc Okla A G gen g 5s..01919
Consol gold 5s
1952
St Paul A
11234 Nov'13
11234
11234
10234
.
9934 Nov'13
9934
.
109
90
108*2
Oct '13
100
98
71
1U17IM-S
7s_1916i J-D
Coli trust Series L 4s
10614 106U
Feb '13
"95"
90
Nov '1^
69
J-J
J.-D
W lst3)us
Northw Union 1st 7s g
Winona & St P 1st ext
11
10118
101%
113
116" lTo'f-s
13
Dec
90
83
B A N
P 4s
Nov '11
90
107
48
38
103
Dec
11*0*1*2
98i2
Apr 13
8978
116
Chicago Rock lsl & Pac 8s_191 /J-J
Registered
1917 J-J
General gold 4s
1988 J-J
Registered...
l
19.88 J-J
Refunuing gold 4s
1934 A-O
20-year debenture5s
1932 J-J
10412 106U
IO6I4 Mch'13
103
Dec'11
103
Oct
'
1,1
an
1105s Mch
Oct
05*4
108*4 11178
105
100% J
A-O
M-N
M-N
107 u
Oct '13
45i2 Apr '13
56
J-J
95*4
.---
J-J
1941
1941
1921
Ext A imp. s f gold 5s_.l929
Ashlanu Div 1st g 6s_i_1925
Mien Div 1st gold 6s
1924
Mil Spar AN W lstgu4s_1947
Man G
97
110U
95
98*2
1U812
95
M-S
J-J
J-J
J-J
J-J
J-J
J-D
J-J
J-J
Q-J
J-J
J-J
Milw A S L 1st gu 8^s
Mil L S A West lstg 6s
106i2
103
95
69
....
taMk&MoV 1st 6S..1933 A-O
you
103
...
bLxiung fund deb 5s
Registered
101
Nov'13
95*2
Sale
68i2
M-N
F-A
U
13
96*2
....
90
1879-1929 A-O
187W-19I9 A-O
58
vS...........
6014
10314 Apr -13
95»4 Mch '13
103
J'ly 08
J'ne
96*2
108i8
1987 M-N
.1879-1929 A-O
1879-1929 A-O
."line
'ml\]
06lg
M-N
M-8
95
!
07ii»
085s
115% Feb 12
97
May'13
01
J'ne 12
105
93
97
100
92
Cr«k>erai,4i
bLikiX.# ftmd 6s
Unentered
102* 10*312
0858 Oct '13
'983s
81*2
86*4 Aug 12
0412
9412
1015s Nov'13
97*4
..1886-1926 b -A
07
86,12
95
102
9812
81*8
Registered
..1886-1926 F-A
Gvcisrai gold i^s
1987 M-N
llegistered
-._pl987 y-F
registered
8434 Sale
87% Sale
98U
81*2 Sale
.
Jan '12
8412
98*4
mr ■
1934! J-D
J-D
4j^s
....
106
IVI-N
cons ex
10
56
965sSep 'i2
M-S
1st extended 4)$s
..1934|
Giuc dc Nor West cons 7s_.19i5
9*% 5
1061s
M-S
Mil A No
921i
90U
Sale
105
J-D
95%
88
91
A-O
87
05
Oct
63*2 Oct '13
55
9434
1919 J-J
1921 J - J
1920 J-J
Wis A Minn Div g 5s
Wis Vail Div 1st 6s
95
91
M-N
4s_1949
1916
f 6s_—1920
6s
1924
s
Far A Sou assum g
La Crosse & D 1st 5s
Mch'13
*9*3*12 *9*4*12
A-O
Dak A Grt Sou gold 5s
Dubuque Div 1st
Nov'131
87
55
101*4
9638
M-N
1921
Chic A P W 1st g 5s
CM A PugetSd lstgu
107
llO&s May 11
Oct 12
97% 97
001s
90i2 8934
89%
General gold 5s
1937
Pitts Clev A Tol 1st g 6s__1922 A-O
Pitts A West 1st g 4s__
1917 J-J
lnd A Louisv 1st gu 4s
Chic lnd A Sou 50-year 4s
123% J'ne 12
*9012
Monon River 1st gu g 5s__1919 F-A
Ohio River RR 1st g 5s
1936 J-D
1947
1917
1956
1956
Chic LS& East lst4^s...1969
Chic Mil A StPtermig5s__19l4
Gen'l gold 4s Series A
el989
Registered
el989
Gen'l gold
Ser B
el989
Registerea
el989
25-year deben 4s
1934
Convertible 4)^s
__1932
Convertible4Ms (whissued)
Gen 4^s Ser C__
e 1989
Chic A L Sup Div g 5s
1921
Chic A Mo Riv Div 5s
19,26
Refunding gold 5s
Refunding 4s Series C
8GI4
86
*6*3 "
,
54
1955 J-J
1934 A-O
Registered
1937
Pur money 1st coal 5s
1942
Registered
Chic A lnd C Ry 1st 5s
1936
Chic Great West 1st 4s
1959
Chic lnd A Louisv—Ref6s_1947
9*312
60
13
01
*82*4
1937 M-N
General consol 1st 5s
intension 4s
90
PLEA W VaSysref4s__1941 M-N
Southw Div 1st gold 3}^s_1925 J-J
Cent Ohio R 1st c g 4 ^s_.1930 M-S
CI Lor A W con 1st g 5s
1933 A-O
00
...1913
..1958
5s
General4s
Chic A E 111 ref A imp 4s g_
1st consol gold 6s
IOII4 10318
00%
Oct
8778
88
87
P June A M'Div lstg 3)isl925 M-N
103
10334 Sep '13
87
Debenture
84*4 Jan
86*4
M-N
A-O
Sinking fund 4s_.
- i2
01*4.Mch *13
98*2 100*4
1919 A-O
Nebraska Extension 4s
78*4
13
88*2 Oct
J-D
J-J
J-J
J-J
J-J
1949 J-J
1949 J - J
.1949 J-J
-.1949 J-J
Div 3^s
iowa Div sink fund 5s
85l2 92
96% 10012
Oct "13
90
98
'91"
9812
91
99*2 Mch'13
Big Sandy 1st 4s
Illinois
98
Sale
94ia
hl987
83
Sep '13
8334 NOV'13
Safe
J-J
Am Dock A Imp gu 5s
Leh A Hud R gen gu g
98%
92*4
10312
4>is_.1943
1937
1957
All A West lstg 4s gu
1998
CI A Mah 1st gu g 5s-...1943
Roch A Pitts 1st gold 63
1921
Consol 1st g 6s
il922
BuffA'Susq lstregg4s
dl951
panada Sou cons^ru A 5s_l962
^
Registered
....1962
Central of Ga 1st gold 5s_.pl945
Consol gold 5s
;_1945
Registered
.—.1945
1st pref income g 5s.
pl945
2d pref incomq g 5s
pi945
2d pref income g 5s stamped—
3d pre! income g 5s
pl945
3d pref income g 5s stamped. _
Chatt Div pur mon g.4s_.1951
79%
93
A-O
Stat lsl Ry lstgu g
70
92*4
9212
835s
114
Buffalo R A P gen g 5s
Consol 4 J*s —
715s
92%
95
90% Sale
l-i
69
86
A-O
hi948 A-O
81*2
84
121%
hl948 Q-J
1933
1922 j"j"
81%
42
85%
J-J
M-N
_hl925
"99"
7034
86
987#
J-J
10134
92U
100% 101% 100i2 NOV'13
99U J'ly '11
01
~9l"
Sep '13
8712 Nov'13
87U
M-N
99
'55"
83%
M-S
Registered.
20-yr conv 4
s
Pitts June 1st gold 6s
69
0yi2 May'13
1915';M-8
hl952;M-S
Gold 4s...
Apr '13
8H2 Sep '13
5614
57I2
*82
101*2
91
91i4
....
M-S
78*4
Registered
10
10312 J 'ly
99
86
977s 10134
9738 101%
99% Nov'13
9912
1925
97
*14
9978
99%
99%
1942IM-S
8034
10514
1U938 Nov 12
78*2
Illinois
102
101i2
99ia NOV'13
99%
99% Sale
& Fe Pres & Ph 1st g 5s_.
100
105
106
M-N
No.
High
Nov'13
98
98*2
1*0*5*
78
97*8
9012 9734
91*4 97*4
997s 10512
.
,
J-J
M-N
bale
1930 F-A
1945
"Craig Valley 1st g 5s
^.1940
Potts Creek Br 1st 4s
1946
R A A Div 1st con g 4s
1989
2d consol gold 4s
1089
Greenbrier Ry 1st gu g 4S.1940
Cbic A Alton RR ref g 3s
1949
Railway 1st lien 3^s__
1950
Chic B A Q Denver Div 4s_1922
75l2 8712
Of $5 to £
the b asis
Last
Ask Low
Bta
Coal River Ry lstgu4s
95%
Week's
Rangt or
Convertible
8012
100% Sale 100%
103% Sale 10334
06% Sale
96% 966a
96>4 96%
1928 Wl-S
1958 J - J
1962 M-S
Registered
are p rices
855s
Pntk
Fridav
Nov. 28
Registered
East Okla Div 1st g 4s
Registered
75l2
75% Sale
Short Line 1st 4s gold
Oal-Ariz lst& ref4^s
D
90
90
These
1913 F-A
|>alt A Ohio prior 3Hs
85
86%
i
Debentures 4s Series K
Registered .....
/»1952
Ala lyiid 1st gu gold 5s_._1928
BrunsA W 1st gu gold 4s_ 1938
Charles & Sav 1st gold 7s_ 1936
LAN coll gold 4s
ol952
SavFA W 1st gold 6s._
1934
1st gold 5s___
—.1934
Sil Sp Oca A G gu g 4s
.1918
835s 903g
82% 89%
75i2 83
99i2 10212
9412 9714
9612 9712
...
Railroad.
A nn Arbor 1st g 4s
M095
txtch Top & S Fe gen g 4S.1995 - _
Registered
1995 A-O
Adjustment gold 4s__.
/il905 Nov
Registered
hi995 Nov
■>'. Stamped
hl995 M-N
Conv 4s Issue of 1909
..1955 J-D
Conv gold 4s
..1955 J-D
Conv 4s (issue of 1910)—1960 J*D
10-year conv gold 5s.
1917 J-D
Chic A St Louis 1st 6s
11412
89%
89
8885 89U 88I4
87
8778
1 87
Sale
78i2
80
1 78%...
100i8.
100i8
DOOI4
94l2 Oct *13
J
94
96% J'ly 13
i
BONDS
STOCK EXCHANGE
Nov. 28.,
Chesapeake A Ohio—
Gen funding A impt 5s___1929
1st consol gold 5s
1939
Registered
1939
General gold
Registered .....
1902
95i2 100%
1
Virginia funded debt 2-3s__1991
6s deferred Brown Bros ctfs—
Atl Coast L 1st gold 4s
13
99%
1913
settlement 3s
95i2 J'ly
05
.1961
1962
Canal Improvement 4s...1960
South Carolina 4 Hs 20-40..1933
Tenn
109
111
Nov'13
1961
Y State—4s—
Canal Improvement 4s
Canal Improvement 4s
111
95
1958
1957
.1957
New 4mb
—1917
4H% Corporate stock...1957
4J^% assessment bonds..1917
Corporate stock
1954
N
10134 10312
101*4 10334
10912 1141s
97
.1959
4% Corporate stock
4% Corporate stock
4% Corporate stock
New 4^8
110% Oct '13
I 95
} 88
1954
1960
.1963
*95% IOU4
aep
10234 Nov'13
103%
1949
5s_1919
temp recta (w i)
'13
10214 Nov'13
...
99
Tokyo City loan of 1912 5s
U 8 of Mexico s f g 5s of—.1899
State and City Securities.
98
High
S9 4i2 101%
Oct *13
1925
.1931
Republic of Cuba 5s exten debt-
4
Low
Y.
all—"and interest"—excevt tor income ana aeiauttea bonds.
Week Ending
99
2d Series 4^8
Sterling loan 4s
Gold 4s of 1904
No.
High
#94% Oct '13
98
N.
100
Imperial Japanese Government
Sterling loan Atfs
1925
N Y City—4 34 s
Ask Low
Range
99
Canal 3s g—1961
External loan 4^s—
Jan. 1
96%
>-F
2s *1936
San Paulo (Brazil) trust
Since
Last Salt
102i4 103
IO2I4 103
110% 111%
110% 111%
)-F
--J9£5
U 8 4s coupon ....
U 8 Pan Canal 10-30-yr
Week's
Range or
97
i-J
£1918
U 8 4s registered
Price
Friday
Nov. 28
97
)-J
registered. _dl 930
——
quoting bonds was changed,, and nrices are now
Bid
U. S. Government.
D S 28 consol
Friday, Weekly and Yearly
Stock Exchange—Bond Record,
New York
Jan. 1 1909 the
11534
103
.....
..
Sale
83
I2y5s May 09
106
Nov'13
10712 J'ne'13
827s
83*s
MISCELLANEOUS BONDS—Continued on Next Page.
Street Railway
Street Railway
Brooklyn Rapid Tran
g
5s_1945 A-O
1st refund conv gold 4s
.2002
1918
6-year secured notes 5s
Bk City 1st con 5s__19l8-1941
Bk Q Co A S con gu g 5s_.1941
Bklyn OC0A8 1st 5s_..1941
Bklyn Un El 1st g 4-5s
1950
Stamped guar 4-5s
Kings County EJ 1st
Stamped guar 4s
1950
g
J-J
85
J-J
96*8 Sale
J-J
99
00
B9»4
12
85*2
66
40
98
96&s
99*4
Apr '13
101
May'13
99«s
85
96ij
99*4
1
■
J-J
F-A
09*4Sale
F-A
99% Sale
82
83
F-A
Ft Smith Lt A Tr 1st g 5s..1936 M-S
Grand Rapids Ry lstg 5s..1916 J-D
Havana Elec consol g 5s
1952 F-A
•No price Friday; latest this weak.
Sale
76
J-J
Conn Ry A L IstAref 5g 4)^s'51 J-J
Stamped guar 4Hs
1951 J-J
Pet United 1st cons g 4)^8.1932 J-J
Sale
101
M-N
4s_l949 F-A
1949 F-A
Sassau
Elec guar
g >ld 4s_1951
cago Rwys
1st 5s
1927
99*8 Sale
96*4
97*4
....
94%
••mm
mm
69
„
96
99*|
99*4
99*4
99*4
82*4 NOV'13
98
101
98% 101%
98% 101*4
81% 82%
81 %
86
-
75
~
96
97
Nc
78
98%
(N Y)
*95% ~99~78
685»
93
98
25
Apr '12
J'r
""
93*2
....
....
e Due
May.
68
*98"
93%
75%
"o~8*"
cons g
Stamped tax-exempt..
4s_1990 A-O
1990 A-O
73*4 Sale
73*i
105
*98*8
Sale
85
88
87*a
89*4
96
74
98*2
89i2 NOV'13
89i| NOV'13
64
2003 A-O
Refunding gold 4s
Loan A Tr ctf
Farmers
Stamped
101
c g 5S.1943 J-D
Col A 9th Av 1st gu g 5s
1993 M-S
Lex Av A P F 1st gu g 5S.1903 M-S
97
1937 J-J
106
Sale
lOa"
102*2 102
Bway A 7th Av 1st
Met W S El
Ry 1st
g 5s
(Chic) 1st g 4s_1938 F-A
Ry A Li cons g 6sl926 F-A
Refunding A exten 4 3*a
1931 J-J
Mlnneap St 1st cons g 5s
1919 J-J
Milw Elec
100
May'12
62*t Jan '13
50*4 Mch 12
101
Nov'13
98*2 Nov
13
98i>s Nov'13
94
106
93*8 J'ly
106*8
91
102
Oct '13
Apr
13
71
"84
08
98%
80**
87*4
95
62*8
621|
h Das July.
* Due Aug.
• Daf Oct.
y Due
99
97it10l
981a
j
1
1024 107%
160*4
.1
Nov'13|
Nof, » L>na Dw.
.
9«l|
100" f(S%
93
I Due Juas.
811«
102*4 105
Oct '13
9838
Metropolitan Street Ry—
Third Ave
mm
4 Due April,
Manhat Ry
98
7514 Aug'13
Sale
....
99*4 102%
101
1
m m-m -
mm
rnterboro-Metrop coll 4^8-1956 A-O
Lnterboro Rap Tr 5s Ser A. 1952 M-N
1st A refunding 5s
1966 J-J
94
10
83
83
99% 10314
84% 92%
90% 96%
• Optton
103* i
nf
New York Bond
Record—Continued—Page 2
[vol.
xovii.
•4-
g
y. sto(5k "etxchange1
Week Ending Nov. 28
£
U
Price
-id.
Week's
Range
Friday
Range or
Since
Nov. 28
Last Sale
Jan. 1
Bid
Cin H & D 2d gold 4
J^s___.1937 J-J
1st & refunding 4s
—,1959 J-J
Low
Ask]
9012
No.
High
Loto
n.
StPM4 m
High
100»4 Oct '12
1st guaranteed 4s
,1959 J - J
Oin D & 1 1st
gu g 6s
1941 M-N
I CFindfc Ft W
1st gu4sg.l923 M-N
Gin 1& W 1st gu
g 4s
1953 J -J
*86%
j'ne'12
97
Oct '13
88
Mch'll
'
1939 J-J
Registered
i
'
YV
W Vai Div 1st
g 4s
C I St L & C consol 6s
-1st gold 4s
1940 J
-
J
Cuba RR 1st 50-yr
..
1u0%
82
4^8-—-J9^
g
26
1
conv 4s A
t
i
Aug '01
97
m
....
70
82*4
81
99*8
83
8884
81
93
Nov'13
80*2
89*2
90
9034 Oct '13
957g
85
99
6934
67
84*4
70
Dec *12)
109
....
79*2|
79*2
68
1
78
Apr '13
'orl
Sep '04
84
j'ne'13)
82% Oct '13
97
78
*85*4
78
81'
84
..
83
....
96
99i2
....
100
103
99
....
99*8 Nov'13
Aug'12
99*8 1038s
110*8 11118 1101*
110*4
l0ha j'ne'lil
~98 "
102
115'
109*4
100
Oct t3
100
A-O
10178 10214 102
Oct '13
J-D
•90
....
100
Jan '12
M-S
109
....
109
95
82% Sale
J-J
i-3
a-o
*
84
7034 Sale
89
90
Aug *13
82*4
82%
84
Aug' 13)
7034
71
77
Apr '12
89
89
71*2 72*2 72
72
69*2 70
69*2
69
103*2 10934 104
nov'131
1027g 106*2 10678
nov'13|
101
109*2 109
May'12
121
122
j'he'131
99
107*2 106
Dec *12
100% loll2 10078
101*2
.
*
74
98*2
90
....
10078 100
104
95
j'ne'12)
94
Oct '13
92
Aug'10
j-d
92*4
j-j
"54" *66
94
9334
9334
94*8
9384
98%l
r
"98"
jf-j
95*2
118*2....
119
115
117*2 Aug '13
100
98*4
96
...
1st consol gold 6s...---1933 j
Registered
1933 j
Reduced to gold 4^8-1933 j-j
1933) j-j
.--.101
99
...
»
al942 a-o
Portland Ry 1st & ref 5s
1930 m-n
Portland Ry Lt «!k Pow 1st
& ref conv
s
f 5s
City Cab
cons g
..i960 j-j
—___al960 a-o
Adj inc 5s
Tri-Cily Ry & Lt 1st s f 5s_1923 a-o
Underground of London—
,< 4hs
1933 j-j
Income 6s
_._1948
Union Elev (Ohic) 1st g 5s. 1945 a-o
UnitedRy8 Inv 1st lien coll
•
Sale
98
101
fssue...
94
96%
5s. 1937 j-j
Third Ave 1st ref 4s
trust 5s Pitts
73%
54
1942 f-a
Portland Gen Eiec 1st 58.1935 j-j
81 JosRy.l,h& p lstg 5s 1937m-n
bt Paul
80
73
105
80*2 80%
74% Sale
96%
93
94
84%
,1926 m-ni
No price Friday; latest bid and asked this
-hi
.1951 j -d
..1951 j-d
83*4
mi
92*2
Aug" 12
"
"95*2]
98* j'ly" 08]
87
89*2!
105
102
Sale
89
89
52
Sale
51*1
62
90i2
68"
69
94*4
95
100
93
110
85
1934 j-d
1949 M-s
92
6684
•
r6"3"*a "76*2
162
1
14
93
96*4
927a
96
90
96
93*2 98*4
118
124i2
117*2 119*4
9984 10412
Oot '13
nov'13
108*4 j'ne'09
92
102%
105"%
105
105
-
....
88
94
92
85
89
m-n
j-d
Oct '13
95
95
Nov'13
89*2
96
95
Jan '11
89
Nov' 13]
104
Mch'13
13
93%
110*2 114%
110% 111
91% 99%
92% 93
103
Sale 108
108*8
104% May'12
105
114
122*21 120*4 Mch'13
108
114*8 Feb *13
91
j'ne'13!
120*4 130*4
114% 114*2
108
98*2
i05*4 III"
107
109
60
1980 M-s
104
111
...
105
95
98*8 103*2
86
Feb
87
92%
103%,
90.
'05|
j-j
f-a
97*2
108&« 110
f-a
m-s
104
97*2 Oct '13
108% nov* 13
107
Nov'131
83*4
105
81
103*4
...
111
105
99%
Sep *13
"9&j
110
83
i0S" " III
---
87%
'131
105
87% Nov'13]
99*2 Oct '13
95
o- j
Jan
91
105*2 105%
108*4109
69% Sep 12)
87*2 Oct *13|
—
106%
108%
91
105*2 Mch'13
108*4 Nov'13
87*4
-
87
l & n & m&m
1stg4Hs 1945m-s
l & n-South m joint 4S-.1952 j-j
.
70
....
103*4
f-a
103
104
86
Nov'13
92%
nov'13
103
nov'13
m-n
6s_.1921 M-s
89%
90
,
j-j
84
95
111*8 114*4 111*2
111
105*4
92*8 92*2 92*4
92*2
wih 104*2 104
j-j
108
nov'13
110*4 Nov'06
103
Jan '13
104- Apr'13
.
98*2
1937 m-n
107
87*2
85
"92
100
Atl Knox & Cin Div 4s
1955 m-n
Atl Knox& Nor
lstg 5s__1946 j-d
Hender Bdge 1st s f g 6s..1931 m-s
on
100*4 100*4
91
•
97%
110% 111*4
99"% 10(5%
Mch'13
87*2
"88*2
100
.1930 j-d
Registered
hi952
n Fla & s 1st gu g 5s
1937
n & c Bdge gen gu
g4h» 1945
Pens& Atl lstgug 6s
.1921
san Ala con gu g 5s...,1936
l& Jeff Bdge co gug 4s...1945
11
99*4 Oct '06
89
Kentucky Cent gold 4?_.-.1987 j-j
96*4 loorg
j'ne'13|
St Louis Div lBt
gold
2d gold 6s
102%
96*4 Mch'12
1949 m-s
Paducah& Mem div4s..".1946 f-a
Pensacola Div gold 6s....1920 M-s
92
107
89
n o & m 1st gold
6s.....1930 j-j
vn o & m 2d gold 6s
.1930 j-j
9878 101*2
97
loo" 104%
Feb '10!
997s Nov '13|
997a
102
...1949 M-s
Unified gold4s_.r
19^0
Registered
1940
Collateral trust gold 5s...1931
e b & Nash 1st g Gs_.
1919
l.Cin & .Lex gold 4hs.«
1931
ml 'tr
Ioo*i iiii 10f*2
a-o
-j
q-,
q-.
Nor Sh b 1st con
g gu 5s_ol932 q-j
Louisiana & Ark 1st
g 5s
1927 m-s
Louisville & Nashyiile—
" "99"
"
m-s
a-o
n yb<fcm b
lstcong5s.l935 a-o
ny&r b 1st g 55——1927m-s
" "87
94
72
*r 1111 "93* j'nV'12
83
81
+ mm
90
96%
101*2 106%
111*2 Dec'11
104*8 iiii 104
Nov'13
Oct '13
102*8 105*8 105
1:?|
91
10738 108
nov'13
May'13
1932 j-d
General gold 6s
Gold 5s
94*4
nov'13
Nov'13
1922 M-s
98" 101*2
92
102
91
Ferry gold 4hs--.
Gold 4s...
102
68
106*8 10778 ill
90
5s_
90%
nov'13
Oct '00)
104
100
Aug'13
95
100*8 104*4 j'ne'12
99*4 101*8 100*2 Oct '13
100*4 Sep '13
858s
Registered
"m
92- 93%
102% 107
88*2 99%
60
64*4
68
94*4
91
101*8
"l
Guar ref gold 4s
.*
907s Sep '13
63
89
__1945
1914
1914
Long Isla 1st cons gold 5a.7il981
1st consol gold 4s_.
,_/il931
;
k)2*4 105**
92
May'13
102*2 nov'13
89
87
124
94
Oct *09
1938 j-d
io"o"%
87*2
Feb '11
General gold 4s
123*
NoV'13
90
76
Registered
Unified gold 4srl
78
87*a
114
667#
Street Railway
30-year adj inc 59
4s
el c & n 1st
pref 6s
Gold guar 5s
MISCELLANEOUS BONDS—Continued
New Qri Ry& Ltgen 4hs*1935 j-j
n y Ryg 1st r e & ref 4s 1942 j-j
g
Leh & n y 1st
guar g 4s... 1945 m-s
Debenture gold
78
j-d
Registered .w_t_.1933 j-j
1st int reduced to 4s
..1933 j-j
82*4
77*8
10334 104
105*4 111
Nov'13|
— .
74*2
"29
94i2 Oct '13
101
100
...
14*41
66
78
117*2 May'io!
94*2 j'ly *12
102*4 Aug *13
....
105*8
84
63*2 nov'13
95
87
1932 m-S
11951 j-d
1951 j-d
..1951 j-d
Leh Vai Coal Co 1st
gu g 5s_1933
nov '11
Sale
g 4s
...
65
Sep '13
101*8 Oct '99
—95
106
1923 j-d
6s
90
85*4
84
Sep '13!
108
~ mi
75
87
1
75*2 Mch'12
74*1111 ,"77*2
82
17
104
a-o
77
109
104
a-o
70
101
IOOI4 Dec '06
-70
78*2 81
Aug'13!
102*8 108
10788 Feb '13
99
111*2 May'12
94
9784 94*8 Nov'13
101
107*2 106
May'12
105
70*8
109
103*2 Aug"'12
96*2 Oct ' 13]
104
771*
May'13
Aug *12
May'99
j'ly'13
83
100*4
103*8
...
98
77%
81
123
Registered
1940
Lokigh Vail (Pa) oonsg 4s.2003
Leh v Ter Ry 1st
gu g 5s...1941 a-o
Registered
1941
Feb 'li
104
110
70
80
f-a
North Ohio 1st gu
g fts
1945! a-d
Leh vfdln y 1st
gug4h#-^9^9 j-j
106%Mch'08]
70
9478 j'ly '12
f-a
..1951 f-a
gold 58
95%
104*4 104%
100
1O0
Nov'131
100
"o~8% iii:
103
96
Sep '13
104% Meh t3|
81
94*4 Jan '11
75*8 nov 12
.1959 j-d
tzah City Sou 1st
gold 38-.1950 a-o
Registered.
;.1950 a-o
Ref '& impt
Apr 1950 j-j
Kansas City Term 1st
4s_..i960 j-j
t akeErie& w
1st g 5s
1937
-l< 2d
82*8
81
86
ja.
mm'm.
+
83
97
...
Jamestown
Ciearfield Franklin
1st 4s___
84
82
77
87
...
...1950 j - J
Int & Great Nor
1st g 68.^.1919 m^n
Iowa Central 1st
gold 5s._-1938 j-d
Refunding gold 4s..._.^_195l m-s
Jan
110
nov'13
85
74
96
78
87*2 Nov'13
67
f-a
88%
80*2|
j-j
j-j
j-j
74*«
1400% 104*4
nov'13]
87*4
91% Mch'12
72*2
69
97%101%
108*4 108%
107
107
N«xt Pago.
Street Railway
85% Feb'13
73
Nor'13
53%
54
101
95
24
85
85%
73%
51%
79
60%
Jan '13
101
101
Mok'lSj
95
96
103i2 Feb *1»
80*2
80%
73%
74*2
95
Not' 18
95
87
84
Oct '08
71
J'ne'13)-.—j
week,. 6 Due Jan.
,
71
0 Due
90%
*
92%
Atlanta G L Co. 1st g 5s—1947 J-D
Bkiyn U Gas 1st con g 5s,.1945| M-JN
Buffalo Gas 1st g 5b
194T A-O
Columbus Gas 1st g 5s....1982 J-J
Detroit City Gas g 5s——.1923 J-J
Det Gas Co. con 1st
g 5s-..l#18 F-A
(SDet Edison 1st coll tr 5s...1933
EqGLNY 1st con g 5s...l932
93*2 Gas & Elec Berg Co c g 5s—1949
Gr Bap G L Co 1st
g 5s—.1915
Hudson Co Gas 1st g 5s_.*.1949
83
Can City (Mo) Gas 1st g 5s 1922
•6
Feb,
„
s
•
•
m m
69
69
69
Sep '13
50%
51%
94%N0V'12
•••
52%
52%
90
94%
73%
69
72
50%
03%
67
95
Qas and Electric Light
103% 103%
16
77% 82%
26t 63% 79
94% Oct *13
87% Sep '131
United Rys St L 1st g 4s,..1984 J-J
fit Louis Transit gu 5s—.1924 A-O
United RRs San Fr • f 4S..1927 A-O
Va Ry & Pow 1st A; ref5s.,19S4 J-J
98" NoV'08
i D^e April.
-
m m/
89
j -d
St l Sou
lstgu g4s_rf_...1931 m-s
Mch'08i
85
80
Registered
m m
.
1951
1st
88%
"90" ~96%
95*4 Sep '12
88*2
8S78
Safe
88*2
76*2
lnd 111 & la 1st
g 4s
77%] 61*2 Apr '11
79
"1950
Registered
>
"j'ly" 09
' Nov'13;
84
4s.i_.195l
g
Registered
Gold 3Hs.__._
Memph Div
90
6t Paul M &
Registered
93*2
80
90
66*2
1951 j-j
,^..1951 j-j
..1951 j-j
1951 j-j
3hs
1951 j-j
1951 j-j
Chic St l& n o
g 5s
9534 "98 "
96% 101%
1
Registered h...
,--1921
1st & refunding 4 Josser A 1961
Registered
1961
1933
11058
Registered
Bellev & Car 1st
Carb & Shaw 1st
90i2|
Sale
101
M-S
j-j
1928 j
Map 4s.
107*2
26|
85
StUDColstg4Hs-1941
GrOB&Q
eat N orthern—
coll trust 4s—1921
Nov'13)
149
g
Western lines 1st
103
F-A
Ft W & Rio Gr 1st
g 4s
108
IIII
nil "94"
1953 m-n
Registered
Spring Div 1st
Registered
"8"d%
m
1952 a-o
1955 m-n
gold 4s_
97
94
103
1940 F-A
1943 M-N
Mid of N J 1st ext 5s—-1940
A-O
Wilk & Ea 1st gu g 5s—J1942
..
*13!
Feb '13
.
Ev & lnd 1st con gu g 6s—il926
Evans & T II 1st cops 6s—-1921
1st general gold 5s—
19<U
'Mt Vernon 1st gold 6s—1923
r
Bull Co Branch 1st
g"5s—1930
"LMorida E Coast 1st 4 ^s-,1959
X2 ort
84
1113s
102*2 106*8
103
1953 A-O
gold4Hs-General gold 5s
Terminal 1st gold 5s
Aug
""
st Louis Div &
term g 3s
84
92%
84%
88*2
13
93*2 May'ot*
ii11
81*2
1952 a-o
Registered
108
94*2 Nov'13
84
Nov'13|
114%—, 121*2 May'12
1919 M-S
4th ext gold 5s.
--1920
5th ext gold 4s
1928
N Y L E & W 1st g fd 7s—1920
Erie 1st con g 4s prior--1996
Oct '13
92%
loo" 102%
1951 m- s
Litchfield Div 1st
g 3s...1951
Louisv div &
Term g 3 hs 1953
Registered
1953
Middle Div
reg 5s
1921
Omaha Div 1st
g 3s
1951
Registered
'13
'12
Mar'13
100
95%
"92"" "92"
'13
Sep '11
84*s Oct '13
Cairo
Gold 3hs_,
"99""
94*2
85
"96* 101%
14
'08|
88*2 Feb
26*2
947S
103*8
105"% 109""
104"% iio"
100
94*2
105*2
100*2 Sep
92
Apr
92*8 Apr
100*4 Dec
j-j
89
103
96*4
....
"13|
j-j
90*4
103
....
80
83*2
..1951 a-o
1951 ;y(-s.
Purchased
103'
High
92
120" 124*1
"99*2
j-j
1st ref 4s...
101
103l«l
98%
94%
—
192n
w
96
Oct
99*
1951
lines 3hsiiiiil852 j - J
l n o & Tex
gold 4s._^u.1953 m-n
108
90
94
Sale
1951
89
Bridge
88*2
99
1951
49%
36*4
102
Nov'13
84
Sale
94%
83l2
M-N
J-D
•
8934
9112
Oct '13,
Nov'is!
101
94
1936 J-J
2d
'
8934
91*2
103l4
——
i
IjOW
16412 j'n"e"'13l
104*8
j-j
j-j
j-J
j-J
a-o
35
25
2
j-J
j-d
79
21
No.
4sl 1951 j-j
sterling..
Registered
Asl Low
High
3hsii"""l951 a-o
g
Since
Jan. 1
1937 j-J
.
Range
Range or
Last Sale
93*2Sale
93*2
93*2]
j'ne'll
81*2 94i2 98
8734
925s Mch'll
97
90*a95
Sep '12
108*8
114*4 Sep '12
118*2
120*8 j'ly '13
136*4 May'06
105*4
105*2 Mayi3
1955 f-a
1
Coll trust gokl
4s._
102l« Feb '03
97
M-N
A-O
Series B.
1953 A-O
Buff N Y & Erie 1st 7s—1916
J-Dj
Chic & Erie 1st gold 5s—1982
M-N
Clev & Million Vat g 5.S--1938 J-J
Long Dock consol g 6s—1®35 A-O
Coai & RR 1st cur gu 0s_-1922 M-N
Dock & Imp 1st ext 5s—1943
J-J
N Y & Green L gu g 5s—1946
M-N
NYSus&W 1st ref 5s_—1937 J-J
«'
120" 120"
1st gold 3s
j'ly 13
Nov'13j
j'ly '13
105
108
-V<T
Registered--—
—1996 J-J
Penn coil tr g
4s—_...-_195l F-A
•'
100*4 101*2
81
81
30
....
98
Registered
J-J
1st consol gen lien
g 4s—1996 J-J
•
Registered
Registered
Extended 1st
Registered
Registered
35
105
Mch'13
1st gold
1st gold 3 ha
94" j'ly "'08
27
107%—-
4s,_1936 J-J
4J^s_-
2d ext gold 5s
3d ext gold
do
.90
103
30
71
.*—1937 A-O
2d 6s
——*.
—19i6 J-J
pu So Shore & At g5s
1937 J-J
TTUgin Jol & East 1st g 5s-.1941 M-N
A->rie 1st consol gold 7s
1920 M-S
\ N Y& Erie lstext g4s—1947 M-N
i
90
8934 Sale
913s 9H2
103
10478 10514
94*4 94b
102
"
4s...Il948
Coi & Tol 1st
ext 4s
ous Belt &
Term 1st 5s
Illinois Central
h
Oct '13
25
94
-
50-year
91
82
1937
g
s3
Mch'13
"8l" " "fi2%
"84 * "88 "
Guaranteed
—1940 j-j
Rio Gr West 1st g 4s—
j
1939)
Mtge & col trust 4s A—1949 A-O
;
Utah Cent 1st gu g 4s_al917 A-O
Des Moi Un Ry 1st
g 5s—1917 M-N
Det& Mack 1st lien
g 4s—.1995 J-D
Gold 4s
-1995
D
Det Riv Tun-Ter Tun 4
^s_196l M-N
Dul Missabe & Nor
gen 5s_1941 J-J
Dui & Iron Range 1st 5s-—1937
A-O
'
83*2
81
Oct '07
10838
io8i4 nov '13|
10312 i05l8 1(12*2 j'ly '13
Rio Gr June 1st gu
g 5s—1939 j-d
Rio Gr So 1st gold 4s__.,1940
j-j
;
89*4
103
Improvement gold 5s
192o j-u
lst& refunding 5s——1955 f-a
1
90
89u
90
....
101
5s
1st & ref 4s—
—1943
Alb & Sus conv
3HS1946
Rens & Saratoga 1st 7s—-1921
Denv & R Gr 1st con
,
90
120
10318
;P«~£
Term & Improve 4s
1923 M-N
Warren 1st ref gu g 3
HS--2000 F-A
Del <St Hud 1st Pa Div
7s—1917 M-S
Registered
-1917 M-S
■\
10-yr conv deb 4s
-.-1916 J-D
Registered
Mch'13
101% Oct '13
•
Consol gold
90
102
9414
101
1915 J-D
1stref gu g 3HS--—-2000 J -D
N Y Lack & W 1st
6s—.1921 J-J
g
92%
iu"j" May 'io;
1915 J-D
Registered
equip
8712
82
4s—1943 A-O
5s g —1952 J-J
1st Consol guar 7s
1st lien
Sep t31
g
Uel
Lack &&Western—
el Morris
Essex lst7s_1914 M-N
Construction
89
j-J
Will & s Fist
gold 5s—1938
Gulf& s 1 1st ref &
tg5s_.&1952
Registered
^1952
Ilock Vai 1st
cons g4iis" 1999
Registered
_1999
Col& h v 1st ext
...
----
Colorado & Sou 1st g 4s—-1929 F-A
Refund & ext4Hs
1935 M-N
Ft W & Den C 1st
g 6s—1921 J-D
928S
89*4 Feb '18
83% Nov'131
85
1947 J -J
Trust Co. certfs. of
deposit.--
Conn & Pas Rivs 1st
*
1914 J-D
g 4s
Registered
85
Sep '13
91
Apr '121
102 >8 10518 10478 Oct '13
95
9414 nov'13
1920
Consol sinking fund 7s._1914 J-D
!
General consol gold 6s—1934 J -J
Registered
1934 J-J
lnd B & W 1st
pref 4s—1940 A-O
0 lnd & W 1st
pref 5s—dl938 Q-J
i Peo & East 1st
con 4s_,,.1»40 A-0
Income 4 s
1990 Apr
Col Mid and 1st
1st guar gold
5s.
nov'13
91
82%
82
M-N
Jtl936 Q-*
11936 Q-F
5s—1923 J -J
Registered
,,
84
,—1990 M-N
Spr & Col Div lstg4s_,..1940 M-S
Cin S & Ci con 1st
g
O C C & 1 consol 7s
•r
79
Registered
87
1940
1922 j-J
1937 j-J
1937 j-J
1937 j-J
g 6s
p6s
103" Dec'12
87% >89
88%
£
j-d
1st g 4s 1948 a-o
Minn Union 1st
MontC lstgu
8634
107l2 Dec '02
iiii' "86%
lstg 4s..1091 J-J
St L Divlst coll tr
g 4s_.-1990 M-N
100*8
86*84
8634 Feb '13
i— loo"
.
Cairo Div 1st gold 4s
Cin W& M Div
90
....
Day & Mich 1st cons4^s.l9«il J-J
lnd Dec& W 1st
g 5s
1935 J-J
1st guar gold 5s
1935 J-J
Cleve Cin C & St L gen 4s__1993 J-D
20-yr deb 4Hs
1931 J-J
97
Pacific ext guar 4s
e Minn Nor
Div
1937
WeeV^
Friday
Nov. 28
Bid
,
1937 j-d
Registered
1
1
(Continued)—
Mont e*fc 1st
gold 4s
\
Price
stixpk^xohangei
y.
Week Ending Not. 28.
h Due July,;
J-J
ftl-S
102
102
98"%
102
J'nc'13
43
101%
54
64
"98%
Sep '0S|
~98% 100*
100
Feb
100
100
Oct W
98% 100
96%
100% Sale 100%
10034
106% Oct 12
_
-
99
M-N
100
* Due Aug.
15£%
64
J-D
F-A
A-O
Sale
90
•
*m
m*
.
-
101
-
*13]
102% Oot '13
94
# Due Oot,
94
1
Aug'13
Option s&l^
"99" £^£%
101
94
£(5o'
$
'
New York Bond
BONDS
N.
STOCK EXCHANGE
Week Ending Nov. 28.
Y.
Weeks
Price
Record—Continued—Page 3
Range or
Since
Last Sale
Jan. 1
Low
108
90
60
54
Y.
STOCK
EXCHANGE
Week Ending Nov.
28-
i
Friday
Nov. 28
77'
Mch'lO
79
Nov 'H)
50
High
Oct'13
77
Nov'13
69
1083.J
10258
1031/j
99% Nov'12
99*2 J'ne'12
61 '
80% Oct '13
110
97% J'rie '12
96
Nov'13
91
Since
Jan. 1
79
685g
79% Dee '12
Nov13
:::i"©6
Range
or
Last Sate
1085s
93
92%
Week's
Range
Low
High
88% Nov'13
,
79*2
91
N.
124i2 Oct '12
110% Aug *11
100% 108
88%
Price
BONDS
Range
Friday
Nov. 28
1571
93% Mch '11
Feb '13
80
Nov'13
107
Aug'09
•
88% Sale
88*2
71% Sale
96
.
68
82%
70
96
88%
71%
71%
95% Nov'13
69
Nov'13
99*2
82% Nov'13
89% Feb '12
78*4 Apr'13
100
100
96
Nov'13
100
82% Nov'13
l02"% 106""
99% 101*4
985s
....
11634
102% Nov'13
99% Oct 13
99
96
123
97
93%
May'13
98
887s
95*4
May'12
"(35 ~
89
Mch'05
75
79
j
75
93%....
96
Jan '13
*13% 119%
114
NOV'13
107%111
112% Jan '13
80
82
107% J'ne'13
103%
96
*
86%
81% Oct '13
76
82%
94
"77% "83%
96
9«
111
863S
76
Oct '13
77% May'13
98
Apr '11
99
May'11
80
69
96
NOV'13.
110
Mch'12.
98%
95
98*2
Nov'13
"83% "83%
110% 111%
80%
Nov'13
.
98
91%
101*2
96
106%
"99""
100%
95%
97*2
96% 97
98% 102%
96
99%
99
" fdd"
100
Sep *12
99% J'ly '13
102
Jan '03
101%
100%
101
Oct *13
NOV'13
May'12
100% 102%
Oct '13
96*1 J'ne '13
101% Oct '13
79% May'13
81
81%
78*1
NOV'13
.
j'ne '12
9934 Aug '13
97%
f7%
105% Jan *13
J'ly '04
102%.... 118
60
78
65% Nov'13
77
Feb *13
62% 76
96% Fep *13
66
Aug* 13
42%
'44
79
NOV'13
Jan '12
;
112% 117%
112% 1123,4
80
85%
107*2 109
102%
78*|
.
833a Nov'13.
104*4 106% 104% Nov'13
111
Jan '13
93
Apr 'j3
100% Oct '13
108%
90
Aug '13
107
*89" J'ly "'13
82
66's
65
115% AUg *11
....
90
Nov'13
90
110
101%
Gel '12
80% Oct '12
78
Nov'13
103,
100*2 Sep '13
101% J'ne'13
104
'88%
Apr '13
103
65 %
88% Nov'13
101%
Jan '11
93*4
94*2 Oct '13
89
Seu '13
13
93*4
92%
77% Nov'13
70
01634
104
90
96% May 11
110
Mcll '13
Jan
103
103*4
88*4
88*4
105% Jan '13
92% Nov'13
"64%
Oct '13
115*2 J'ne'13
Oct '13
101% Mch'13
103
NjOV'13
95*4
MeVr12
83*4 Feb '13
8534
8534
92*2 J'ne '12
100%
Nov'13
84*2 Sep '13
83% Oct *13
97% Nov'13
98
82
May'12
84%
84% Sale
90% 02%
84% J'ly '13
84*2
85
92% Nov'13
92% Fab '13
101%
101
Sale'
110
Jail '05
101
101%
109% J'ly '09
91% Feb '12
90% Oct '12
90
May'OS
86% Sep '13
90% J'ly 'IS
101% Fob '13
109
May'10
102% J'ne'12
102% Nov'12
96% Sep '13
100% Oct '13
100% Nov'13
106
86%
86%
101% 101%
95
95%
100*2 103%
99% 103
.
J'ne*11
94% Opt
90
Apr
95% Jan
97% Jan
'13
'13
'13
J3
"92% "94"%
90
90
95%
95%
97%
97%
106
J'ne'13
106
108
106,
Feb'13
106
106
93% Jan '11
64
Jan '13
45
Sep '12
98
Oct '12
101% Nov'13
"54" TUm
45
64%
Ioo%Idf%
96
Feb '13
95
96
92
9ep '13
90%
9&%
~05 " AuV'13
"65 " "83%
108
106
Apr'13
113% Nov'll
93%
93%
92
J'ly'13
92%'
92%
108
~91% "97%
92
96%
91%
96%
*80~ Aug" 13
112
98%
99
98
116%
101*1
99
103%
89% 102
K
*
m
mm
1
'
jmmmm
99
99
95
97*i
t
92% 98
!
92% 100%
'
•
I
,
1573
V.
New York Bond
BONUS
STOCK
EXCHANGE
T.
Ranee or
Since
Last. Sals
Jan. 1
No.
Ozark & Ch C 1st gu 5s g_1012 A-O
•t L 8 W 1st g 4s bd ctfs._.1989 M-N
75
1932 J-D
.Gray's PtTer 1st gu g 5s. 1047 J-D
S A & A Pass 1st gu g 4s—1943 J-J
S F & N P 1st sink * g 5s
1919 J-J
Seaboard Air Line g 4s._._1950 A-O
Gold 4s stamped
...1950 A-O
Refunding 4s
7534
"II
100
104
7414
74%
7
72ia
79
84
82U
74U
82U
6
82R
88
73%
82%
IOII2 Oct '13
90
941a J'ly '12
82
1927
A-O
10484
Aug'13
73%
Sale
8I84
80% Nov'13
104i2 Oct -13
i05-3; Dec"
9912....
11
....
73
70
100
Sep 12
100i8
112
Oct
10334 Nov'12
101%
10434 Jan *13
Series F 5s__
General 5s
1936 M-N
102
West N C 1st con g 6s
1914 J-J
Spokane Internal 1st g 5s__1955 J-J
••Tier A of St L 1st g 4Ms«1939 A-O
\A 1st con gold 5s...1894-1044 F-A
91
Nov'13
90
92
J'ne'13
100
100
A-O
J-D
20
J-J
F-A
92
J-J
A-O
98
" "79"
98%
101"
104
98
105
101% 108%
102% 1085s
90
9578
92
92
99% 101
..
4
98
" 104" "
'ii
104% 104%
88
89»4
'29
99" 107%
Registered
20-year
conv
1st & ref 4s,
4s
Ore Ry & Nav '.on g
Ore Short Line 1st g
1st consol
5s
Guar refund 4s
.1947
1927
;—02008
4s
1946
6s..1922
Utah Sr. Nor gold 5s
1st extended 4s
\7andalia
V
90%
J-D
1946 J-J
1929 J-D
lOOia
1926 J-J
1933 J-J
gu
1962 M-N
73
73
95*4 Nov'13
Feb
13
.
87
Oct '13
86
85
88
87% Nov'13
85
Registered
"I~~1951
guar A
102% 103
1942
Cent Leather 20-year
g 5s_1925
Consol Tobacco g 4s
1951
Corn Prod Ref
s f g 5s
1st 25-year s f 5s
"93"
87
4^s._1936
Baking 1st 25-yr 6S.1956
91
Gen Electric deb
g 3>$s...l942
75% 77
101% 102
Debenture 5s
...1952
Gen'l Motors 1st Hen 6s_..1915
111 Steel deb 4>$s
1940
Indiana Steel 1st 5a
1952
6s__19l8
1935
■
5-year convertible 5s
.1915
Liggett & Myers Tobac 7s_1944
1944
55i2
54ia Nov'13
68
"47"% "60 "
Dto'12
8414 Nov'13
10D8 Nov'13
85ia J 'ue' 12
"84*% "89"
100
104%
Sale
9112
04%
9484
96i2 Oct '13
90% '
9038
9O84
9034
9 Hi
91U
108
....
64
94%
99sf
96%
86%
887f
98%
124
1
97
95%
29
91
9334
108% 112%
'""I 103%109
15
86%
93%
May'll
67
92% Sale
74%
96
95
95%
....
87
Dec
95%
6
Oct '13
67
57
92%
02%
74% NOV'13
94%
97%
91
91
87% NOV'13
88% Feb '13
96%
95% Nov'13
$8
"16
95%
89%
89%
85% Nov'13
98%
86
90
90
9:
91% Jan '13
89%
9
80%
80*4 Nov'13
80
80
25
25
2
100
10;
99%
99%
99% Sale
93% 94% 93%
100% 100% 100%
98%
.
Feb '13
Get '13
101
99%
99%
8
94%
100%
89%
21
98% 10:
90% 91
99% 10:
87% 096% 9l
84
84%
92*s
92*s
94
95
95
84%
..
Sale
"77"::::
77
85
C'umb'dT& T lst& gen 5S.1937
Keystone Telephone 1st 5s_1935
94*8
96
93
MetropolTel&Tellstsf 5»-1918 I
99?! 102
89%
84*4
5
57
2
189
'32% Deo" 12
83% NOV 11
96% Nov'13
91% Sep '13
100
J'ly '13
99% Oct *13
103% May'll
~05% Sale 95%
95%
96%
96%
96% Sale
96% 96%
97
96
95 ■
'
95
1937
9
95% Oct '13
99
Telep 1st 5s
;_1924
N Y&NJ Telephone 5s g_1920 I
N Y Telep lst& gensf4Hs 1939 J
81
96% 10:
89
93
33
121
8971 Sale
96%
....
Mich State
88% 9:
83% 81
97% 10
98%
99% Sale
...
8'
10:
85
100*4 Sale 100*4
.
9
89
102
....
1936 I
Pac Tel & Tel 1st 5s
82
3
14
"08%
20-yr convertible 4^s
.1933 1
Chicago Telephone 1st 5s
1923
Commercial Cable 1st g 4s_2397
•Registered
2397
Convertible 4s
42
95%
95%
97% Nov'13
89*4 Sale
1922
W.estinghouse E & M sf 5s_1931
10-year coll tr notes 5s
1917
Telegraph & Telephone
Am Telep & Tel coll tr 4s__1929
76
89
Nov'13
88% 90
102% 103*4 102% Nov'13
Repub I & S 1st & col tr 5s_1934
5s
40
97%
9578
Railway Steel Spring—
f 5s_.1921
62
87%
116%
96*4
National Tube 1st 5s______1952 I
N Y Air Brake 1st conv 6S.1928 I
f 5s. .1931
60*4
86%
91%
94%
117%
88
s
93%
93%
94*4 Feb '13
117% 116%
6s A.'21
s
19
95% J'ly '13
95% NOV'13
97% Sale 97%
116%
116% 117
96*4
96% 97
Nat Enam & Stpg 1st 5a_.1929
Nat Starch 20~yr deb 5s._.l930
P 1st
13
1
117
..1951
75%
"4
04%
1
1951
75
103% Oct
101%
102
977s 9814 97%
97%
83% 84% 83%
83%
98*4 9878 98*4
98%
102
102% 102% Nov'13
81
1950
Inter-ocean
Nov'13
91%
NOV'13
66
1929
.1923
91%
69
957s
61%
Sale
Latrobe Plant 1st
116%
Oct '13
96
14
96
env
J'ly'13
116
19
61
Mexican Petrol Ltd
93
2
16
94*4
91
5s
103%
99% Jan '13
80%
Distil Sec Cor conv 1st g 5S.1927
E I du Pont Powder
f g 5s
10
77
79%
94%
Cuban-Amer Sugar coll tr 6s 1918
s
2
09%
77
79% Sale
95
Int St Pump 1st s f 5s
Lackaw Steel 1st g 5s
1st con 5s Series A
91%
99%
94%
94*4 Sale
1931
con g
91%
93
01
Paper Co 1st
97
,
96% NOV'13
93% Sale
1934
Int
Sep '13
Nov'13
96% J'ne'12
~76% Sale
Am Writg Paper 1st s f
5s. 1919
Baldw Loco Works 1st
5s..l940
Beth Steel 1st ext s f
5s_.„.1926
^lst & ref 5s
93
::::~98~
1051
.....
62
45
96
Sale 103
88
Dec "12
84
95
..
..
..
91%
1C
«
100
1(
97
ic
'12 "95% "s
23
96
K
'
99
97
99
116% Sale 116%
1944
Il944
84
South Bell Tel & Tlstsf5i 1941
A.1955 F-A
1957 M-N
4Hs_1934 J-J
Virginian 1st 5s Series A
g Gs
83
cons g 4s Ser
Consol 4s Series B
Vera Cruz & P 1st
07
Nov'13
73
03
West Electric 1st
....
86
Registered
Gold 4s
103
91%
10914 109i2 109l2 Nov'13
10334 1063a 10534
10584
90
Sale
895s
90
F-A
Am Smelt Securities s f
6s. 1926
Am Spirits
Mfg g 6s......1915
Am Thread 1st col tr
4s
1919
Am Tobacco
99
9114 Sale
•
6s:""l919
.."1925
g 6
80
103
90
Am Hide& L 1st s f
g
Amer Ice Secur deb
S3%
J-J
J-J
M-S
1931
94
94% Sale
4s_1947 J-J
pl915
Aug *13
Union Pacific—
1st RR & land grant g
4J^s
Debenture 5s..
Nov'13
103%
84
75
Feb
101
99
96% 98
96% 98
90% 91%
99% 100
76
787fi
Nov'13
100.
Aug'13
103ia Sep '13
100
101
76
75
& Industrial
5s
1936
Trust Co ctfs
deposit...
Am Ag Ohem 1st c 5s
*1928
84
101
J-D
Nov'13
Sep '12
75%
89%
94
101
A-O
Nov'13
103% Sep '13
...
86
84
106%
..
70
95%
85
102
8234
1
95% Nov'13
90
9678
nov 12
101
94
Nov, 13
1
78%
95
85
51
10384:::
....
17
81% Nov 13
vile
Allis-Ohalmers 1st
Lorillard Co (P) 7s
104% 10434
102 u
J-J
16
Nov'13
34
Wis Cent 50-yr 1st
gen 4s_.1949
SupADul dlv & term 1st 4s '36
10
May'13
17
100
99?S 101
1949
5s
99ia Apr '11
10e%Nov 04
103i2 Oot '13
A-O
2
~""dl943
10-30-year 5s 3 f
1940
Standard Milling 1st 5s
1930 j
The Texas Ce> conv deb 6s.l931
Union Bag & Paper 1st 58.1930
Stamped
1930
U S Realty fc I conv deb g 5s_'24
U S Red & Refg 1st g 6s___1931
IJ S Rubber 10-yr coll tr 68.1918
U S Steel Corp—(coup ._dl963 i
S f 10-60-yr 5s(reg
dl963J
Va-Car Chem 1st 15-yr 5s_1923
40
J-D
Oct '13
77
1%
81%
75%
s f 5s_":i922
8 B lst4s_.1960
Winston-Salem
65
75
1
75*4
lst'g 5i"_1026
4s
12
44
65%
101%104
1943
2°:year equip
Consol conv
79
100% 102%
100% 103%
104is NOV'13
105
no
107% 112
Aug'13
I02ia Apr *11
88I4 Nov'13
101%
1061s Sep '12
99
99
Sale
99U
55
g
94
88U
Mch
106
Mch *13
10134 Nov'13
102i2 J'nel3
...1950 A-O
1917 F-A
4s
h 1946 J-D
Ulster
Del 1st4scon g 5S.1928
1st &
refund
,1952
104
102
"9784 "98%
J-J
Tol St L & Wpr lien g 3^8.1925 J-J
Tor Ham & Buff 1st g
....
" "64%
06
1021a
90U
104
J-J
63
100U Sep '13
100i2 Nov'13
100% 101
100% 102
1001!
50-year gold 4s_
Ooii tr 4s g Ser a
104% 109%
64% May'13
IO6I4 Nov'13
10834
10934 10834
1051a Nov 12
79
Mch '13
79
64%
100
106"
103
,
108
WOeeUngA L E
Nov
Aug 12
87
1945
4s___1052
5s
1937
g
13
64
Nov'13
%
80%
1954 J-D
.—
Y & pa igt
g
gold 4s..
Income 5s
General
_
103
1026 M-S
1931 M-S
*
86"% '87%
J'ne'13.
105
105% 105 Nov'13.
1051s J'ly '12
9912
1021110312
1921 M-S
f g 4s__
1953
StLMBgeTergu ?5s_.1930
Tex & Pac 1st gold 5s_L
2000
t
2d gold inc 5s
..02000
;
La Div B L 1st g 5s
.1931
1
WMinW&N W 1st gu 5s_l930
Tol & O C 1st g 5s
1935
\ Western Div 1st g 5s
..1935
General gold 5s
1935
Kan & M 1st gu g 4s
1990
2d 20-year 5s
1927
Tol P & W 1st gold 4s
1917
7812
"fe"::::
Series E 5s
j
721a
78% 86%
10214 107
79% 88%
835s NOV'13
Series D 4-5s
i Gen refund
Tl
73io
105U Sep '12
R714 Jan '13
8214 Feb *12
85
Va & So'w'n 1st gu 5s..2003 J-J
1st cons 50-year 5s.__.1958 A-O
W O & W 1st cy gu 4s
1924 F-A
>
100
100
....
•
;
107iS
101
i
,
~ "94'%
101
.
"90"
87
107
Maryland 1st
Aug
16
3H»Ii:i945
*uar 4a
40-yr
86%
101
100
4s
1011* 10U2
6
1916 M-S
g
lOfi; 102"
38
1948 M-N
1919 M-N
ser
110
8978
0 6s
Virginia Mid
108
105R 107
103U
So Car & Ga lstg 5s
Rich & Meek 1st
106%
8934
89*4 Sale
Ga Pac Ry 1st g 6s
Knox & Ohio 1st g 6s
Mob & Blr prior lien g 5s_1945 J-J
g 6s
106*
103i« Sale 103i#
J-J
u
94
Feb '07
1015s May'11
10234
836a
W7lst
4»^year
West
Am Cot Oil ext
Oct '13
J-J
1946 A-O
.1922 J-J
.1925 J-J
stamped
112
106
1948 J-J
Atl & Yad 1st g guar 4s_.1949 A-O
Col & Greenv 1st 6s—1916 J-J
E T Va & Ga Div g 5s.._ 1930 J-J
Con 1st gold 5s
...1956 M-N
E Ten reor lien g 5s__—.1938 M-S
5s
108
102it...
~
Trust Co certfs:
25
49*4
48
80
"16% "l7~%
21
12
106
...
No
60% Aug'13
44
47
18
2d gold 4s
ITT
" 102""
9212
10612 105% J'ly '13
J-J
A-O
1945
1915
100
115
J-J
Nov'13
49%
Columbia Tr Co ctfs
RR 1st consol
Nov'13
100U IOOI2 101% May'13
102
lOHa Nov'13
91% Sep '12
:::: "so" 87 Ogt '13
J-J
76
Sale
70
K1 mCh Dlv l8t « 4s
1041
Wab Pitts Term 1st
g 4s._1954
Cent and Old Col Tr
Co certs.
96l2
93
95%|
J-J
May'13
106
ur
9334
103
80
99
44
69
102%
93%
100
...
Do
Stamped
Det & Ch Ext 1st
g 5s—lW41
Des Moin Div
1st g 4s.._1939
Om Div 1st g 3Ks
1941
84
108
M-S
Equit Trujt Co ctfs
High
J'ne
Stamped
90
102
"73%
Do
Wheel Div 1st
gold 5s_..1928
Exten Sc Impt gold 5s
1930
9U2
49%
§"3
90
60%
P5i2
108
107i!
2d 4s
Deb
12
Sep *13
1954
1956
861a
~ "91
Aal Low
101% Sale 1U1%
92% 94% 93%
Cent Trust Co ctfs
98
88
Last Sale
1921
88la
1011s 10434
Range or
1939
1st lien equip s fd
g 5s
1st lien 50-yr g term 4s
1st rel and ext
g 4s
Gen
NOV'13
A-O
.1939
West N
Nov'13
J-J
Debenture Series B
1017S 1031*
83
Aug'13
11914 Mch'10
Jan '13
IOH2 10412 106
J-J
1994 J-J
con
102
103
104
1939
102
105
Week's
Friday
Nov. 28
B%a
Wabash 1st gold 5g
2d gold 5s
lODa 101l2
103
10134 103
10712 108i« 108
108
STOCK
EXCHANGE
Week Ending Nov. 28.
xovii.
102i8 J'ly
...
93
.1941 J-J
Morgan's La & T 1st 7S..1918 A-O
1st gold 6s
...1920 J-J
No or CaJ guar g 5s
1938 A-O
Ore & Cal 1st guar g 5s__1927 J-J
So Pac of Cal—Gu g 5s__1937 M-N
Mortgage gold 4s
88
1011a Nov'13
...
101
5S..1933 M-N
1933 M-N
A & N W 1st gu g 5s
Rich & Dan
8534
100i2
IOOI4
90
90
92
90
J-D
g
1st 3s
...
lODa 101%
851s
90U
84% Sale
9014 Sale
8912
5s int gu_.1937 J-J
Gen gold 4s int guar
1921 A-O
Waco& N W div 1st g 6s 1930 M-N
Ga Midland
847a
F-A
T.
N.
Wash Term) 1st
gu
9OI4
Nov'13
F-A
M-S
A-O
gu 4s_1954
OH&8AM4P 1st 5S.1931 M-N
Gila V G & N 1st gu g 5s_1924 M-N
Registered
Develop & gen 4s Ser A—1956
Mob & Ohio coll tr g 4s..1938
Mem Div 1st g 4H-5s
1996
,8t Louis div 1st g 4s
1951
Ala Cen R 1st g 6s......1918
Atl & Danv 1st g 4s
1948
90
90
J-D
86
68$ "7714
Nov '12
104
Sale
79la
90
9178
10314 103U
10314 Jan '13
101«4
Through St L 1st
'
J'ne'13
90
83
90
" "85is
83
"ii
1008s
10034
IOI84
Gold 4s (Cent Pac coll)_kl 949 J-D
:
8)
"36
102
So Pac Coast 1st gu 4s g_1937
San Fran Terml 1st 4s..1950
Tex & N O con gold 5S..1943
So Pac RR 1st ref 4s—..1955
Southern—
1st consol g 5s
..—..1994
75
82U
102U
g
80
"7238
73
Ga& Ala Ry 1st con 5s_.ol945 J-J
Hous E & W T 1st
1st guar 5s red
90
82%
82l2
72U
Ga Car & No 1st gu g 5s
1929 J-J
Seab & Roa 1st 5s
...1926 J-J
H&TC 1st
83la
78
"7l"ia
811a
•outhern Pacific Co—
\
78
""2 "75" "853;
Oct '13
lODa Oct '13
102
J'ly '13
lOHa Nov '13
A1949
20-year conv 4s
.01929
Cent Pac 1st ref gu g 4s_.1949
Registered
1949
Mort guar gold 3^8.-1:1929
113i4
65
'09
Oct
83
85
1930 J-J
1943 J-J
Registered
High
105
'
Atl-Birm 30-yr 1st g 4s__el933 M-S
Car Cent 1st con g 4s
1949 J-J
Fla Cent & Pen 1st g 5s
1918 J-J
1st land gr ext g 5s
Consol gold 5s
75
lOlls Apr 07
76%
7514
1950 A-O
ol949 F-A
1059 A-O
Registered
Adjustment 5s
7534
~75U Safe"
Low
991s 10018
9914 May'13
833a
84
78
Oct '13
"25
78
~84 " Sale
pl989 J-J
2d g 4sinc bond ctfs
Consol gold 4s
•
"li
Price
|r
sn
BONDS
Range
Friday
Nov. 28
High
Bid
Ask Low
St L St San Fran (Con)
1073a Nov'13
K O Ft S & M con <? tis
1077J HO
1928 •4-N
70
Sale
69i4
70
KG Ft 8 & M Ryrefg48-1936 A-O
77i2 J'ly 12
Registered
1036 A-O
"90":::: 103i2 J'ly '12
KC & M K & B 1st gu 5s_1929 A-O
[Vol.
Record—Concluded—Page 4
Week's
Pries
Week Ending Nov. 28.
'
97i2
93
Apr *13
93
94
93
Mch'13
93
93
Fd and real est g
94
Oct '12
98*4
Mut Un Tel gu ext 5s
19411
Northwest Tel gu 4^s g.1934
9634
97
46
96
West Union col tr
cur 5s
1938
87%
4Ms....19501
89
"90% ::::
89% NOV'13
104
J'ne'11
93
Jan '13
75
Nov'13
7
06% 1C
2
91
...
88%
1C
{
MISCELLANEOUS BONDS—Concluded.
Coal & Iron
Miscellaneous
Buff A Susq Iron ^ l 5s....1932 J-D
►
Debenture 5s
Ool F & I Co gen
'
s
f g 5s
90
Sep '13
90
90
al926 M-S
75
81
75
J'ne'13
75
75
1943 F-A
1919 M-N
90
93
90
90
99%
Col Fuel gen Cs
Ool Indus 1st & coll 5sgu__1934
Oons Ind Coal Me 1st 5s
1935
Cons Coal of Md lst&ref 5s 1950
Gr RivOoal& C lstg 6s_./il919
Kan & HC&C lstsfg 5S.1951
Poc&h Con Collier 1st s f 5s_1057
St L Rock Mt& P 1st 5s...1955
Tenn Coal gen 5s...
1951
Birm Div 1st consol 6s
1917
Tenn Div 1st g 6s
al9l7
90%
104
106% 107% J'ne'12
77% Sale
77%
78
76
79
76
Aug'13
F-A
J-D
J-D
A-O
■
m
<m
91
••
-
«.
76
97
J-J
101
101
Cab C M Co 1st gu g 6S..1922 J-D
Utah Fuel 1st g 5s
1931 M-S
*
No
77"% "85""
76
76
Oct *12
91
Oct
'13
91
98
86
Oct '13
85
77*4
78
Oct '13
73
87%
80%
-
--
92%
97*4 97
97%
NQV '13
101% 100% Oct *13
103
J'ly'13
84
80
May'13
92% Nov'13
^Due April,
qf;
~84"
♦
86%
160
Pub Serv Corp N J gen
88% Sale
Wash
Water
row
1st 5s
1939
Nov'13
85
94
Sep '13
122
190
69%
62%
76%
88
98
85
165
59
Ontario Transmission 5s.__1945
92
89%
Aug'13
91% Oct '13
88
94%
103
5s—1950
KayConsCopper 1st conv 6sl921
89%
94% Sale
103
"79"*; *80 "
• Due
90
102
103
100% 103"
...
75
89% Sale
99
97
1017g 101
93
1960
6s—1921
74
Int Navigation 1st s f 5s—1929
Mge Bond (N Y) 4s ser 2..1966
10-20 yr 5s series 3
1932
Morris & Co 1st s f 4Hs—1939
N Y Dock 50-yr 1st g 4s_..1951
Niag Falls Pow 1st 5s
...1932
J
«.
Bldgs 5s guar tax ex
Chino Copper 1st conv
Inspir Cons Cop 1st 6s (rects)..
Int Mercan Marine 4 3^8—1922
87%
price Friday; latest bid and asked, a Due Jan.
93
102% Apr '00
■
A-O
Victor Fuel 1st s f 5s
1953 J-J
Va Iron Coal&Cokelstg 5s 1949 M-S
87
m
J-J
J-J
J-J
J-J
90
Adams Ex coll tr g 4s
1948
Armour & Co 1st real est4Ms *39
Bush Terminal 1st 4s
1952
Consol 5s
1955
85
88%
81
100
104
76
60%
Nov'13
87
88%
Sale 104
103% 102
75
79%
100
Oct *13
89
105
Dec
12
May, g Due June, b Due July, k Due Aug. 0 Due Oot. v Due Nor. f Due Dee.
i
94% 108%
66% 66%
99% May'13
86% J'ne'13
82
May'13
Sale 100
89
95
Opt&a mJ*
1573
CHICAGO STOCK EXCHANGE—Stock Record.
p
\
SALE PRICES
AND LOWEST
STOCK &—H1 OB EST
Saturday
Batu
Monday
Tuesday
Nov. 22
Nov. 24
Nov. 25
Nov. 27
Nov. 26
Rang« for Previous
Sales
STOCKS
of the
OHICAGO STOCK
EXCHANGE
Friday
Week
Nov. 28
Shares
Thursday
Wednesday
_
Range for Tear 1913
Year (1912)
Highest
Lowest
Lowest
Highest
Railroads
*25
80
*25
30
•25
30
*25
30
Last Sale 25
Nov'13
•75
85%
•75
85%
•75
85%
*75
85%
Last Sale 75
Nov .13
20%
•
6%
"*1%
2%
♦1%
26*4
26%
26%
*
0%
*89
90
*89
89%
26%
b y«4
89%
.
(>*::*
*
*134
2%
90
89»4
26%
26%
•0
6%
2%
♦1*4
2%
•20
22
*20
22
•20
22
*20
•30
35
•30
35
•30
35
*30
35
Nov'13
Last Sale 22
Nov'13
Last Sale 35%
Nov'13
Nov'13
Nov'13
Last Sale 31
35
20l2
Last Sale 0%
Last Sale 2
Last Sale 4%
•
5
•25
35
*25
35
♦25
35
♦25
263g
22
■
*4%
5
*4%
4%
•4%
fi%
*4%
8934
26%
6%
Chicago Elev Rys comlOO
Do
pref
100
24*1 J'ne
"1"—
"2"...
"3"—
Chic Rys part ctf "4"
Kansas City Ry St Lt_100
Do
prof
100
88
Do
THANKS¬
•
*90%
405
*
130
*"II
405
♦—
130
*
29
29
•28%
30
•83
84
84
84
63
60
75
75
*70
♦47
63
*47
51%
•50
•215
220
;
84
128% 128%
2%
284
♦9
60
*9
•19
19%
♦19
•98%
•61%
99%
*98%
99%
•61%
62
62
78
•47
50
*50%
•17%
19%
99
*
♦61%
26
1
1
•
99
♦99
18
99%
62
♦61%
62
123
♦120
123
Last Sale 92'4
Nov'13
Last Sale 20
Nov'13
"62"
123
♦120
•120
•118
122
*118
122
•116
118
•116
118
133
133
133
133
133
132
132
133
120
•112
♦112
—
•75
78
.•90
93
•
•
120
•35%
•35%
116% 117
1
1%
116
75
92
92
40
•IIII
•
♦....
40
*
♦10
•
75
•
93
17
Last Sale 20
40
*
40
Sep'13
170l2 173i2
Last Sale 12H2Nov'13
Last Sale 16U Nov'13
•104% 104%
10434 104%
•240
240
245
102
•102
102
•
240
245
•240
102
103
♦102
•199
203
201
103%
206% *199
203
"54%
"64% *55%
*55%
65%
•-—
9%
»
9%
♦
9%
•
Mch
70
Doe
77
Mch
95
J'ne
49
Feb
655s May
55*2 Oct
16*2 Jan 31
Feb 13
63
Deo
3
97
Dec
70*2 Jan 31
56
Jan
8
63
6
115
Jan 23
105*2 Deo
130
Sep 15
114
117
Oct
2
123
Jan 14
122*4 Oct
113
J'ne
2
130
NovlO
103
Mch
135
111*2 J'ly 14
118
115
Feb
120
Jan
07
Apr
"960
152
6
280
1
Jan 17
50
J'ne11
:
9
Nov
218
9884 Jan
4
1*2 Feb 10
6884 Jan
111
J'ly 22
1223g Oot '
94l2 Apt)
Apr'
Jan
221*2 Noy
125*4 J'ne
49
Aug 1
97*2 Aug
109*4 Apr j
Noy
397
105*2 Jan
110
*13534 May
% May
234
588g Feb
2
Jan
»
Noy,
1% Jan I
80*2 Sep|
Sep 17
14*2 Jan
2
Jan
3
112
87*4 Mch24
Deo
215
Feb 15
108*2 Feb 15
105*2 Feb 19
100
100
121*2 Jan
92
1077s Mob
com
Jan
140
5
J'ne 12
Wool worth,
May'13
*107*2
Nov
99«4 J'ne 24
148*2 J'ne 10
100
*
Deo
70
J'ne 11
com
Dec
8
195
Stone
80
98
307a J'ly
101
Western
*
Feb 13
..100
Ward, Montg'y St Co pref
61
J'ly
103*2 Jan
34
Nov
13034 May
Sep
987s Nor,
9912 Apr *103*2 Oct!
6
2
124% Feb 17
J'ne 11
161*2 AM
94*2 Deo
978s Feb
214»4 Jan
Quaker Oats Co.100
pref
100
U 8 Steel
May
Deo
16*4 Nov 17
66
100
*
Feb 21
69
117 ' Mayl9
Unit Box Bd St P Co.100
Aug'13
Nov
155
Studebaker Corp com.100
Do
pref...
...100
Do
Sep
Mch
Sep ;
1267g Sep
76*s Aug
J'ne 12
85
Aug 14
1015s Jan 13
100
Feb,
J'ne 12
07
.100
111»4
80*2
102is
73*2
105
J'ly 10
90*2 J'ly 23
19
Aug 29
4012 Aug 4
Co
Oct
J'ly
65
Carbide
Oct
87
Oct
100
Do
pref
...100
Rumely common....100
Do
pref
100
80 Union
"21 "2
87
26 Pub Serr of No 111 com 100
'
Feb
103
l7sNov 29
Co
Mch
"id"
Feb 11
77
Nov22
St
J'ne
150
1105s Sep 12
1
647 Swift
222
3*2 Nov 11
Sep 23
com
Mch
Jan
135*4 Jan
184
Sep 29
155
63
pref
44
5512 Sep 16
Sep 11
221
130
109% 109%
Last Sale 91%
39
55
3
July'13
55%
56%
Last Salt 10
3
6
Jan 29
71
J'ne 10
5 The
56%
Jan
89% Jan
33
17
109% 109%
9%
Deo
104
103%
"60"
66%
109% 109%
•109% 109% *109% 109%
Feb
138
Pacific Gas St El Co..100
Do
Oot I-
1003s Oot
19S78 vTch
I00
3
Nov
—i.100
61
Aug
2
58
1,410 Seare-Roebuck
45
Jan 13
55
10312 Jan
13984 Jan
People's Gas L&Ooke.lOO
Do
rights
100
4,798
Last Sale li8
.
135
1
Jan 25
Jan 27
1047a 104%
200
Jan
99*2 Oct
Nov'13
199
131
f.Ich22
245
203
May
135
94
Last Sale 45l2
104% 104%
10434 105%
•240
,405
Nov
Nov'13
Last Sale 66
126
Feb
18
65
68
•66
68
•66
70
•68
70
•08
1«8
Sep
J'ly
Apt
Feb
Goodrich (B.F.) com.100
50 HartShaff St Man pflOO
pref
Oct
91
325
Feb 11
Do
J'ne
47
Oct
6
Feb 11
Oct 24
1
52
11*2 Jan
35
500
5
J'ne
Mch
Jan
40
77
pref
681
♦
174% 174%
173% 174% 174% 1751a
125
122% ♦122
122% •121
122% *121
♦10
17
•16
17
*10
17
17
Nov 10
Knickerbocker Ice pf.100
National Biscuit.....100
Do
pref
-.100
53 National Carbon....100
118
17
173% 173%
•121
Nov 13
Jan
57s Jan
25
Sep
60*2 Jan
il7« Apr
Oct 31
90
Nov'13
1%
1%
Nov
78
Jan
11
Oct
46*2 Jan 31
129U Jan 30
6
28
118
38
J'ne
3
14*4 Aug
45
100
Nov'13
118
J'ne11
40
A*
9384 Jan
104*i Jan
0
912 Jan
3
Mchl8
38
Nov
19>4 No*
5
2
Sep
4% Apr 5
37
Sep 26
100
Oct'13
Last Sale 355s
130
100
Internat Harvester Col 00
Nov'13
113"
Co comlOO
137 llinois Brick
91
75
91
17
1%
62"
July* 13
Aug'12
118%
118
1%
1%
rights
Do
Last Sale 120
Last Sale
36%
♦35
Do
3314 Sep
73*2 J'nelO
40
J'ly 8
47*2 J'ne 12
200
Apr 26
125*2 J'no 10
2% Nov 18
8
J'nelO
Chicago Title St Trust 100
Diamond Match
Last Sale 7638
Last Sale 117
•113% 120
35%
11634 118
1%
75
♦
*36
1163<
1%
17
*112% 120
-
«
16.229
2%
Oct 16
50
100
Chic Pneumatic Tool. 100
2%
400
.
598 Commonw'th-Edison.100
"
"77"
21ia J'nelO
81
J'nelO
100
com
pref
Deo
7
Sep 22
100
128" 128"
Last Sale 77 ""Feb" 13
♦17%
123
1st
100 Corn Prod Ref
18
•120
Do
May
83
4*i Oct
Cai St Chic Canal St D 100
50
"95"
*77*" •IIII. "77" •IIII
11t»
t
Fisheries
35 Booth
25
90
J'ne 28
9
25
Sept'13
Last Sale 51% NOV'13
Last Sale 107
7*7*"
•"—
175 Amer
Last Sale 52
9
,
•93"
"95"
•93"
9
Do
3
Jan 20
J'ne
100
pref
100
Shipbuilding...100
pref
:
100
Telep St Teleg
100
75 Amer
29
Jan
91
16*4 J'ly 24
35*2 Nov 10
pref
..100
Radiator—100
Do
Do
11934 12012
61%
-
30
102
5*2 J'ne
2
American
70
128% 130
2%
234
.
450
215
215
2%
9%
2%
*9
9~5~"
*93~
93%
220
29
pref
.
Miscellaneous
1,140 American Can
60
50
*70'
128% 129
9%
130
II984 11934
51%
•50
*215
128% 128%
2%
2%
9%
*92"
52
92
Nov'13
84
.78
90%
Last Sale 130
30
•70
DAY.
Nov'13
*83
•47
29%
Last Sale 400
*28%
♦50
28iS
405
30
50""
220
•
119
119
2934
93
•
84
50
51%
*50
♦215
405
130
*28%
•118% 118% •118% 11834
*—
9234
92
91%
29%
*92%
29%
283j
82%
28
28
90%
27%
90%
♦
GIVING
18
Stroots W Stable C L.100
Oct'13
J'ly 16
Jan 14
J'nelO
70
35 Chic Rys part ctf
231 Chic Rys part ctf
Chic Rys part ctf
"9"
Hoy
15
Sep
: ~ t s.
♦
Chicago Banks and Trust Companies
Dividend Record
•
Capital Surp. &
Stock, t Profits f
NAME.
(00#
Dividend Record
Capital Surp. A
Stock, t Profits t
(00a om itted.)
XAMB.
American
100,0
Calumet National
200,0
Central Mfg Diet.
260,0
In
Per-
1912.
iod.
,
Last Paid.
6
62,6
20,9 Org. J
*33,9 Beg. b
None
An
27
*18.
an.
Oot 7'12
us.
150
'18,
6
V.95, p.1585 106
Jan
10
10
Q-J
16
16
'13,-4
118,9
-6
Q-J
Q-J
Oct.
6
Oct.
'13, -IX 215
A407.5
57,8
10
10
Q-J
Oct.
'13, 2H 250
8
Q-J
Oct.
'13. 2
Nat..
Drovers' National
300.0
750,0
Englewood State.
200,0
Drexel State.....
National
First
FlrstNatEnglew'd
Foreman
10,000,0 A12140 6
5243,0
150.0
*568,8
1,000,0
2.000,0
Bros
614
12
17
12
12 H
Halsted St State.
6ct"l3",
Irving Park Nat-.
200,0
100,0
Kaspar
400,0
Lake
State
View State.
Lawndale
National City....
National Produce
North Ave State.
200,0
North Side St Sav
200,0
North
West 8tate
300,0
Ogden Ave State.
People's Stk Yds St
200,0
500,0
Second Security..
200,0
Security
South Chicago Sav
400,0
Stock
Yards Sav.
Union Bk of Chlo.
Washlngt'nPkNat
Central Tr Co of 111
Chicago City BAT
•Chicago Sav B AT
Drovers Tr A Sav
First Trust A Sav
Ft Dearborn Tr AS
Franklin Tr A Sav
Sons
Guarantee Tr A 8
Harris Tr A Sav..
Home Bank A Tr.
Illinois Tr A Sav.
Kenwood Tr A Sav
LakeVlewTrASav
La8alleStTrASav
Liberty Tr A Sav.
Market Tr A Sav.
Mere'ntlleTrASav
I Merchants' L A Tr
!
'•
:
Michigan Ave Tr.
Mid-City Tr A Sav
Northern Tr Co..
Nor-West Tr A 8.
6
6
6
5.600.0 12,263,2
*501,6
1,000,0
8,000,0 *1,072,8
250.0
*187,5
Chic City A Con Rys
Chicago Elev Ry 5a
212
215
Chic Pneu Tool
166
169
Chicago Rys
107
171
Chlo Rys 5s
136
142
130
135
Chic Rys 4s
Chic Rys 4s
200,0
People's Tr A Sav
Pullman Tr A Sav
Sheridan Tr A Sav
500.0
200,0
280,4
200.0
*49,8
'12
Q-J
None
6
Beg. b
us.
Org. D
ec.
Org. S ept. 5
us
'12.
Dla Match Con deb 6s
182
lnt Har
Inland.Steel 1st M g 0a_.1928
Kan City Ry A Light Co
315
16
3-yr 5%
175
Extension g 4s
..1938 J-J t —
Mil El Ry A Lt 1st g 68—1926 F-A 1103
do
-
ref A ext
162
-
1928
155
N W O L A Coke Co 6s—1928 Q -M
Peop Gas L A C 1st 6s...1943 A-O
100
102
175
119
1947 M- S
Refunding gold 5s
Chio Gas L A C 1st 6S.1937 J-J
1936 J
Consum Gas 1st 5s
*
163
Pub Serv Co 1st rel g 6s. 1960
135
8outh Side Elev 44s
Swift A Co 1st g 5s
-D
Trl-City
1924
j
1914 J
trust lien s f 6s.......1923 A-O
116
Union Eleo (Loop) 6S....1946 A-O
U 8 Gypsum 1st t 6s....1922 M- 8
295
Western Elee Co 6s
180
'13, 2
Sept 30*13,1% 147
tlOl
X 99
222
Ry
A
Lt
Range
for
High !
91
I
Low
89%
91%,
Nov'13
90%
16
78
78
Sep '13
93
Jan
*12
74
Sep*13
4934
993S
Nov'13
99%
965s Deo
10034
100%
'12
101
100%
99
99
103%
103%
99<4 April'12
99
July'13
Oot
'12
75
Sep' 13
75
' 87
7934
Nov'13
78
82
77%
77
Nov'13
70%
81
104%
94i2
....
101
104% April'12
95
AprU*12
85% Nov'13
100% May *12
%
m
89
mrnrnrnt
99
103% April* 12
96
Aug '13
96* TM
100
95% Sept'12
100% July *11
100
Sep *13
90% 100%
Sale
Sale
93
X 99%
99
93
93
Sale
90U
99%
99%
97
1
"98% ToT*
Nov'13
100
99
Nov'13
99
100
Sep '13
101
100
99»4
J J—
-
305
Q-J
991*1
t*88%
-
318
Q-J
_—
215
115% Sept '12
Mutual Fuel Gas 1st 6s 1947 M-N
440
8
199
...1945 M-N x93
130
8
300
79i2
Nor Sh Gas of 111 1st 6e„1937 F-A
1911 M- S
218
"V
99
North West El 1st 4s
Ogden Gas 6s
July *13,
*99%
1952 M-N
152
Sep.30*13,2
X 79
Nor Shore El 1st g 5s
1922 A-O i.—
do
1st A ref g 5s...1940 A-O t-—
160
J-J
Sale
J
4HS..1931 J-J X 94
...1939 J-J t 85ig
435
QQ
mmm
m
Oot '13
90
Metr W Side El 1st is...1938 F-A
215
8
99
98
Lake St El—1st 6s
312
8
49%
93
16034
143
298
4
11 V 92. p. 1537 110
us J'ne 1
8
Q-J Oct. '13. 2K 290
US.
167
150
—
105% April'12
190
593
Yd"
Sale
220
*13,
Oct.
48
1913 M-N
6s
1 '12 V. 94. p.
Q-J
tllll
note*.1915 F-A
g
490
484
4
1H
Q-J Oot.'13,
Ap 10'1 1.V.92.P.1004
.J'ly
94i2
11031* 104
1920
222
450
117
Sale
100
J
.1943 M- S
Gen Mot 6% 1st L notes.1915 A-O
176
V. 95, p.
J
-
194 180
IK 170
Ma y'10
12.
6
92
1913 F-A
6a
Morris A Co 4Hs
Nat Tube 1st g 5s...
.Apr 10'1 1.V.92.P.1004 148
480
Oct. '13, 4
f
'13,
Oct. *13,
t—-
.
78
Cudahy Pack 1st M 5s...1924 M-N
(II)
(U)
Oct.
F-A
series "C
89
Sale
Cpmmonw Eleo 5s._.&1943 M- S 11003s
135
300
16A4*
Q-J
Q-J
Nov'13
9OI4
907a
-
-
'13, 2 K 257
'13, 3
90
90
A
series *A" A-O
series "B" J -D
1927 F
Commonw-Edison 5a
Q-M Dec30'll, 4
Oct.
Oct *13
Cicero Gas Co ref Q m__1932
.Apr 8*12 V.94, p.1030 159
10
Q-J Oct. *13, 2K
150
6
J-J July '13, 3
Q-J
Nov'13
783s
94%
90%
96%
-D
.Apr 3*11 V.92, p.929
12
99%
80
95's
Mayl
178
3
2 K 225
Oct.'13,
2K 220
300
J-J
July- '13, 6
Q-J Oct. '13. IK 140
2K 210
Q-J Oct '13,
Q-J Oct.'13. 1 Hi 171
note
99%
Chicago Telephone 6«...1923
Oct' 13.
Oot.
9Q38
94
Chio Ry AdJ Inc 4s—_cl927
145
82i4 April'12
96% May '12
781*
-
Chic Ry Pr m M g 4a_cl927
391
e
125
154
145
91
'13
8934
A
1927 F
Chic Rys coil
258
7312
97
Feb
5«-<1927 A-O
1914 J-J
109
250
8934
91
No.
High
Ask Low
72
190
95, p.623 141
QJ
Eld. Ask
120
Year 1911
90
t—
260
215
Sold
till!
1st 5s—al921 J-J
5s
B'ds
Bid
.1928
100
185
1K 130
386
Oct. '13, 3
2 V.
4K«——1939 J -D
253
Oct'13,
Q-M Sep.30'13,4
Q-J
6
2
M-N Nov 13,
Q-J
6
8
151,4
V52.8 Beg. b
5243.2
Q-J
Q-J
Q-J
'13,
Oct.
Wset's
Range or
Last Sals
28.
1929 J-J
Chicago City Ry 5s
8
10A2c
(ID
p
Pries
Friday
Nov.
period
Nov. 28.
133
694
7A2#
112,5 Com.b
- 500.0
8
1,500,0 *2,960,6
250,0
6
Week ending
255
Q-J
15
est
225
Q-J
Q-J
Not pu blished
10
8H
Be*, b
130
Inter¬
EXCHANCE
128
Q-J
8A2#
7
125
CHICAQO STOCK
250
19'1
us
255
265
Sep.30*13,3
2 V 95, p 593
Sept30'13.2
Sept30'13 1H
Oct. '13, IK
Oct. *13,
1>4
'Oct. '13, IK
Oct IS.
194
V.95, p.1944
Oct'13,
2W
V.93, p.1235
Oct. '13, 2
Oct.'13,
2
10
18.
Q-M Oct. '13, 1H
J-J
July 13,
3
QM Sep.30'13,2
Q-M Oct. '13, 3
Q-J Oct '13,
2H
p.
BONDS
215
8
8
16A4*
178
427
273.
8A2#
%
V. 95,
Chicago Bond Record
265
175
Cal Gas A El unif A ref 5s 1937 M-N
V. 95, p.
V. 94:
8
9H
Auto Eleo 1st M 6s
6
10
us
107,8
116
12
us
#137,6
200.0
242
US. Aug
'8
8A?«
400,0
Am Tel A Tel 00U 4s
Nov I'll
us
6
16
6,000,0 *3.441,7
*27,4 Beg. b
250,0
118.7 Beg. b
300,0
*185,8
2K
1,500,0
152,0
200,0
1,600,0 *2,456,3 "li"
82,2 Beg. b
300,0
5,000,0 #10607 2
#113,3
200,0
94.6
*200,0
*300,6
1,000,0
n27,9
250,0
*30,9
200,0
250,0
*53,4
3,000,0 J 7,287,7
*72,8
200,0
10
6
25.4
Old Colony Tr A S
*
6
109.6
*21,7 Beg. b
6
*171,5
8
138.5
200,0
ContAComTrAS
*
7
12
1,500,0 *2,709,2
.554,4 Beg. b
200,0
8
260,0
*259,0
6
*180,3
600,0
6
23,2
100,0
8
4,500,0 *2,211,0
10
379,5
600 0
6
*262,9
.1,000,0
Chicago Title A Tr
Colonial Tr A 8av
Oreenehaum
7
*11,0 Org. N ov.27
200,0
South Side State.
State Bank ol Italy
*104,8
14,4
63.3
*A2«
West Side Tr A 8av
Armour A Co
Q-J
159.4
10A2* Q-M
10
5627,3
55,7 Beg. b us .Aug 26'1
8
8
Q-J
2,000,0 51,515,3
6
6
Q-J
5243.0
2,000.0
6
6
Q-J
5117.1
250,0
Nat Bk of Repub.
State Bank of Chic
10
8A2#
130
12.5
217.5
7,9
1,200.0 #1,657,2
Woodlawn Tr A 8
6
6
120
Feb '12;
1,250,0
200.0
Mcch A Trad State
49,1
130
Au*
200,0
200.0
,
State..
Live Stk Exch Nat
#424,5
200.0
465. 116
237
J-J
July '13, 6
1)4 110
Q-J Oct'13,
us
n.
10
1,000,0
413,
424
(if)
note
e
12.
*45,6 Beg. b
Orga
Standard Tr A Sav
Stockmen's Tr A S
'12.
Last Paid.
279
409
2
iod.
144
Q-M Sep30TS, 41*
y-M Sep 30'13, 2% 330
—
HibernianBkAsan
Hyde Park State.
$200,0
Ba nk
Prlv at*
8
8
Q-J
5964,8
1912
27,8 Org. N or 25
200,0
86
2,000.0 *1,197,4 Not pu bllsbed
Ft Dearborn Nat.
110
V. 95, P. 944 130
277
Oct. 'I*.
3
S.uOo.O ft6,568,7
Exch
Per¬
1912.
U25.7 Org. J uly 5
Southwest Tr A 8
Union Trust Co„
220
Cont A Com Nat. 21,500,0 M07518
Corn
In
1911.
'
Ask.
% Bid.
Sep30T8,l%u>
*5151,8
State., to $200,0
Capital State
In
1911.
itted.)
om
In
89%
90%
Nov'13
88%
90%
99%
Nov'13
99
89%
103
100ft
99% 100%
97%
93%
100%
ooh
1922 J-J
X 70
98% April'12
85
April* 12
May'12
99% July'13
100
101
"99% Voir
Oct.
Bid and asked prices; no sales were made on this day.
150
»
Note—Accrued interest
mus t
be
added to all
Chicago price s.
t Aug. 9 (close of business) for national banks and Aug. 11 (opening of bustneas) lor State
institutions.
t<
DueFriday;
June,
Due price
Feb. this
d Due
Jan. f 1.
e Extra
dir. 11 Dividends
i Capital increased
from $600,000
in September
the October
1913 dlv. National
of 1H% Bank,
being first
dir.Dee.
on ac*i
rries
latest
week.,
Sept.
1 1911.
not published;
stock all aoqulred
by the1913,
Continental
A Commercial
o Due
III.
e
f
:
epltal.
Y. 97, p, 155
.
k New stock.
I June 5.
»
With.
V. 97, p. 1000, 574.
y
Aug. 22 1913.
s Sales reported beginning April 18.
q Dividends are paid Q.-J., with extra payment*
capital to $400,000 authorlaedSept. 24, a cash dir. of 75% to be declared la ooaaeetioa
inoreued to $300,000; Y. 97, p. 705. h Oot. 21 1913. # Oot. 22 1913.
n August 28 1913.
w increase in
Jimo 4. t Deo. 31 1912. v Ex 24% accumulated dividend,
■
s Capital
Q.-FJ
1574
BOSTON STOCK EXCHANGE—Stock Record.
SHARE
'
f
PRICES—NOT
Sales
STOCKS
of the
BOSTON STOCK
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Week
Nov. 22
Nov. 24
Nov. 25
Nov. 26
Nov. 27
Nov 28
Shares
EXCHANGE
PER
CENTUM
PRICES
02%
9214 *91%
*97
9734 *9734
200% 20012 *200l2
*84
•
49%
"*7_
84
84
84
180
176
176
*176
50
66
*38"
40"
•162
92%
164
♦92%
*97%
*200%
85%
178
*92
92%
98%
198
*84
85
*172
178
"85%
THANKS¬
*172
GIVING
50
50
50
260
260
*250
260
15
*7
15
*7
15
Last Sale
*60
66
♦60
66
*60
66
Last Sale 60
Nov'13
Nov'13
~40~
Last Sale 6%
Last Sale 39
*39
40
164
104
104
Yo"
♦39"
*162
*39"
164
*162
*250
164
>
103% 103%
Oct'13
Nov'13
*—
95
"91%
01%
87
*85
87
♦85%
86
98
*98
Tl
*10%
87
•119
*119
*85
98
Y
85%
*____
*98
Yl"
*11
12
11
65
65
6334
64
64
64%
76
76%
.90
76%
77
77
78%
-85
.83
.87
I
*167"
.85
167"
*26
~3~1
•149% 14934
150
150
*81
26
6"7~%
69"
*67%
*90
103
*167
26
*25
127% *123
68
69
♦123
"67i2
108
167
69
*90
90
90
*90
42
42%
9034
91
43%
90%
*2%
*16%
—
m* mm m.
«*• «•
199
mmmmmmmrn
£
176
100
Suburban
3
179
64 %
Central
Electric Cos
VAt Pref stamped
..
20 Old
6
3012
Last Sale 130
«D 0
106
68%
1
1
1
47
1
112
Dec
Jan 17
202
N ov
218
Sep 29
J'ne20
162
98
11
Jan
94
Jan
290
Dec
10
Dec
1-
65
70
Deo
80
.7
50
Dec
12% Jan
Aug
May
57
Jan
170
Jan
24
Feb 14
166
Mch
107 % Oct
112
260
J'ly
272
Jan
122
119
Dec
128.
Jan
126
Feb 10
124
J'ne
J'ly 11
88
Dec
110
Sep 20
Mcb 13
83
Nov 19
Nor 24
125
Dec
16
Dec
6
19% Feb
4
79
Feb
5
130
Jan
9
Nov 26
130
J'ne21
176% Feb 11
Aug 28
139% J'ne 12
80% J'ne 10
127
Sep
6
50
67% Nov 22
85
J'ly 15
50
2179
Apr
91% Jan
147% May
23% Jan
•83
72% Dec
126
J'nt
Dec
Feb
142% Apr
2% Aug 12
25
100
165
J'no
Jan 13
Feb
8
103
West End St
Do
pref
May
7
6
153
100
100% Jan
Apr
300
Men
100
pref
Apr
Mch
Jan
7% Mch
45
Jan
Yoo
loo
Dec
97
16% Oct 31
Oct
Feb
107
Nov 15
.60
2
260
J'ly 9
Nov 28
Aug 8
63% Nov 24
75% Nov 15
.100
103% Feb
101% Nov
211% Sep
2
4
290
Oct 29
39
_
100
Pacific
Do
114% Jan 30
67% J'ne (i
5
Feb 25
is.
.100
Vermont & Mass
Oct'13
68%
Colony
Rutland, pref
100 Onion
*149% 149%
Last Sale 80% Nov'13
Highest
111%
104%
222%
134%
205 *
48% Nov 10
May 11
7
Sep
2
1,291 N Y N H & Hartford. 100
23,614 .rD°
Eights,.
20 Northern N H
...100
108
*25
5
Nov24
250
El Cos.
pref
Maine
106% Jan
101% Feb
215
Jan
Apr 30
Nov
Do
pref
101%
Connecticut River
100
200
Fitctaburg pref..
85
100
Ga Ry &Elec
stmpd.100 *115
Do
pref
IOO
82%
75 Mass
11
*167
*
..100
Chic June Ry & USY.l'OO
10
m m m m
78
*-.—
127%
08%
~
98
77
31
82
Boston & Wore Elec C
Do
pref
mmmmmmmm
1.03% 1.06%
...
190
100
Boston & Providence. 100
Boston
»
'
85
*10%
64%
103
—
Do
Nov'13
*
11
64%
78%
1.06%
-
'
Last Sale 119% Nov'13
*85
86%
98
*151% 151*4 *151
151%
82
81%
*81%
*81%
82
*81
81*2
.90
.95
108
*167"
30%
*26
*10%
64%
77%
85%
100
..
85
87%
122
M. m -
Last Sale 162 Nov'13
*101
Last Sale 200
95
2
...
16%
91% Oct 16
95% J'ly 9
..100
675 Boston & Maine
52
50
4934
DAY
Do
pref
Boston & Albany
Elevated
Boston & Lowell.
178
Lowest
Highest
.
.
178 Boston
85%
*7
49%
110
92%
Nov'13
Last Sale 98%
4912
*162
*104%
92%
98%
*98
*200%
—
85
Yfi"
*60
9178
98%
-
of im-share lots
Lowest
Railroads
Atch Top & Santa Fe.100
.
Range for Previous
Year 1912
Rant7- Since Jan. 1
On basts
36
Feb 21
162% Jan
90% Jan
150
6
J'ne
Feb 27
Jan
70
Jan
Jan
152
Dec
176% Sep
Step
93% Deo
164
Jan
80! s
9
187
41
150
Dec
81% Feb
8
80
Oct
Jan
3
96
Nov
100
TiY" Jan"
128% Oct
cl74
Mcb26
.
,
88% Feb
103% Mch
Miscellaneous
♦42%
43
42
9034
90
90
*2%
' 3
•16%
17
108% 108%
114
42%
*2%
3
2%
*16%
17
16%
16%
108
108%
114
114%
1,18% 119%
108% 108%
113% 114
118% 119
114
11838 1187s
2%
43%
90%
*2%
43%
90%
234
17
Amer Agricul Chern—100
Do
pref
100
100 Amer Pneu Service.. 50
10
Do
pref
50
189 Amer Sugar Refin...:100
43%
229
91
188
'
3
'
108% 108%
*16%
17
1196% 107%
114
114%
*113
113
119
120
120
121
60
♦97
*8
/
"75%
*60
*97
*1034 11
.*26018 "
139
139
*99
100
9H2
16
91l2
*91
*
3
*25
*68
8%
*8
1034
*10%
261
137% 138%
♦99
100 l-
100
92
21534 21534
1
•25
♦68
J no 12
154
'48
28
26
152
162
152%
68 Pullman Co
16
10434 105
105
55
65
•105
1053s
250
250
18
187s
1%
*1
32
31*4
685s
16i2
414
6878
16%
4%
.60
.60
*4l2
434
27%
26%
61%
61%
400
•12%
3714
34ij
2*4
"
1
1
*3
61
♦11
•1
*%
4
12
38%
2%
*2%
29%
83
1?
17%
*4%
•25s
4%
14
13%
*30
*%
%
3
47%
83
17
17
46%
*81
9%
*3
*2
2%
5
5%
21%
1%
38%
14%
1%
7%
23%
*3%
*3%
2%
14%
734
23
*1
41
14%
1%
*7%
2234
1%
*1%
7%
23
1%
.
.80
*»4
*4
1%
*%
39
4%
1%
23-
♦%
4
49
48
*72
74
69
14%
1%
77g
77S
*1
*48
38
<
23%
*6%
6%
26
26
"
*.20
21%
212
*26
»378
*34
.25
21%
2%
26%
4%
.90
36%
36%
4678
•184
467s
2
31
♦1%
4
*4
48
48
70
71
6
69
70
17%
17%
*17%
IS
54%
66
*64
17%
32
1%
6%
6%
1%
6%
25%
25%
25%
.25
*.20
.25
•2%
26
3%
*%
36%
46%
»17g
8
8
8
4738
♦47%
21
2%
26
2%
26%
3%
*.40
%
*.40
.60
1%
*1%
Us
*1%
39%
_* Bid and asked Drioea.
*.40
e
1%
1%
41
2%
*26
*3%
♦%
*37
♦1%
*1%
40
%
Aas.t paid,
Dec
60
Feb
62
J neiO
16
Nov 26
2% J'ne
J'ne
10
25
6
5
7
1% J'ly 14
18% J'ne 10
56% J'ne 11
390
Nov 24
6
655
Jan
2
J'ne 10
18
Jan
6
05
5
10
25
45
*21%
21%
27g
2612
2*4
*25%
26
*.40
4
S«4
*34
.85
3
25
2% Nov 26
J'ne 10
4
Coal
1
2
Jan
2
9
6
87% Jan
33% Jan
10
8% J 'ne 4
3% Nov 24
1% NOV 19
5
Nov25
•
35
25
.
NevadaConsoiidated.
25
38
Nov 25
65
6
13
J'ne 10
19% Jan
% J'ne 10
7% Nov 6
*
15
25
Ojibway Mining.
Colony..
21% J'ne 10
May 17
.99
25
100 Old Dominion Co....
287 Osceola
25
25
3
% J 'ne 6
Apr 30
375 Pond Creek Coal
252 Qulncy
10
41% J nelO
69
Nov 24
16
J 'ne 10
25
53
10
25
2
*7%
4634
134
7%
48
48
Last Sale 1%
Nov'13
Last Sale 1%
Nov'13
u
Last Sale %
41
a
......
.....
Ufcau Copper Co
victoria
...
...
Winona
125
Nov'13
h ExTflfihta.
Tamarack
1,000 Utah-Apex Mining...
700 Utah Consolidated—50
1%
b Ex-atock div«
175 Superior
2,160 S u peri or & B oston Cop
185 Trinity..
46%
41
South Utah M & S
50 Tuolumne Copper
356 U S Smelt Ref & Min.
289
Do
pref
1%
40
Kay Consol Copper
25
10
44
Jan
Jan
IOO
Dec
15
Mch
Jan
.55
Oct 16
50
34
J'ne 10
50
5
45% J'ly
1% May
7
6
5
7% May
6
Unstamped.
May 15
10
40
J'ne 10
25
.90
25
a
2
J'ne 10
25
1
vVvandott
Ex-dlv. and rights*
Nov 24
Mi Jan
3
25
25
...
1
»
Jan
\{t Aug 15
13% Jan 2
Sep 23
1
Jan
9
Jan
17
Feb
% Dec
2
24
Feb
c4% Feb
Jan
4
1
Dec
3
26
Jan
38
6
Jan
9
3% Jan 28
4
Dec
2%Deo
43% Jan
2
34
Jan
60
6
47
Jan
Jan
2% Sep 24
11% Jan 2
J'ne 10
2
Jan
76
tc
Dec
40% Jan
% Sep 12
39% Nov25
2d paid,
43
Jan 18
Jan
J'ne 12
72% Dec
16% Jan
_
J
60
.40
Jan
Feb
Dec
Dec
Jan
Jan
Jan
21
6%
22%
2%
1%
2%
66
80
__
Dec
28% Jan
46
21
2
107
22
J'ne 12
2% J an
23% Jan
1% Dec
_
Nov 22
1
Dec
50% Jan
18% Jan
2%Jan
9% Mch29
34% Jan
2
234 Jan
3% Jan
8% Jan
15% J'ne 10
Nov 28
30
25
Wolverine.....
Apr
4% Jan
Jan
1% Jan
Half paid*
Apr
J'ne
Aug
Nov
65%
91%
37%
3%
3
5
Jan
May
23
49
4io Feb
Vf
2
Jan
10% Dec
15% Jan
26% Jan
Sep
27% Apr
60% NOV
06% Apr
7% Mch
16% Sep
16% Apr
77% Nov
11% Oct
22% Dec
.80
6% Jan
25
Copper 25
Nipissing Mines
5
Jan
20% Jan
2
Apr
6% Jan
88% Aug
615
Nov
10% Jan
20% J 'ne 10
% Nov26
5
85
2
6% Apr 1
9% J'ne
634 Apr
6W4 J'ne
J'ne
11% Sep
40% Jun 1
4% Nov 24
3% Feb 4
26% Jan
,
*
30
Dec
4
50%^'no
92% Oct V
Oct
35
37
May
.70
Jan
1
Nov
9% J'ly
52% Jan
1% Deo
3% DeC
65
1
Mr'
8% May
Oct
16
59
J'ne In
Feb
'/% Feb
3
44% J'ne 12
79
J'ly 1
2% Jan 14
1
Aug 14
6
Nov 20
33
22
Apr 28
2
"
Feb
15% Dec
2514 Feb
48% Dec
3% Oct
12% Jan
6% Sep
%Jan
Jan
25
26
25
6
8
11%
370
Jan
19% Feb
67% Feb
405
Jan 27
17
16
25
.85
37
Jan
16% Jan
Oct 17
3
1
3«4
37
2
2
25
61
2
4% Dec
21&i« J'ly
Oct 28
Jan
29
925 Old
45
Jan
Apr
3% Apr
208% J'ne
57% Aug
29% Sep
80% Sep
116% Oct
24% Feb
3
Mining
1,465 abattuck-Adzona
21%
Feb
72% Jan
.35
48%
40%
35
May20
29% J'ne 11
.15
24% Oct
2% Jan
42% Jan
80% Sep 16
32% Feb 10
5% Sep 17
Copper
100 North Lake
Oct'13
*48%
*18Y«
Dec
J'ne 10
Aug 12
Last Sale .23
134
*1%
39%
2
#>S%
.16
.25
1%
1%
Apr
10
5
*.20
7%
13s
Dec
300
31
*1%
7%
40%
6
Jan
Nogv24
1%
*134
Jan
Feb 19
48
7%
6
330
6
48
8
May 12
Nov 24
21
1%
6%
25
_
Jan 30
Sep
Jan
Dec
Feb
Feb
1
10
*6
46%
27%
68%
107%
230
10
*1%
25
Jan
2S
415 •shannon
1%
31
25
25
10
37%
46%
1%
111
130 3t Mary's Min Land.
110 Santa Fe Gold
Cop.
6%
Jan
Jan
M74
495
25%
32
28
Jan
65% Feb
28% Feb
35
1,980 Nopth Butte
......
May
182
Jan
17% Apr
109% Sep
2/
.85
102% J'ne 10
285 New Arcadian
580
13% Jan
98% Jan
6
Jan
69
Feb
158
2
18
25
Mch
148% Ogi
28% Jan 15
28% Jan 20
30
46%
48
108
18
47
%
Aug
3*0
%
36%
46%
1%
7%
36%
184
18
.90
36%
Mch
32
3%
47
'
Mch
104
17%
*1%
6%
*21
21
65
107
*30%
37g
40%
21
.
25g
26
4%
47%
.
56
25%
21
Oet'13
*4
47%
17%
*.20
4J%
*114
*30
1%
Last Sak
4%
105
Dec
% May
50 Michigan
1%
1%
Dec
27% uan 10
Mayflower
Miami Copper
1%
70
17%
17%
31%
5
2% Mch
90
10
Valley Mines.
&
47%
69%
17%
690
98% Feb
Aug
4% J'ne
229
90
J'ne 11
50
Dec
2
Apr
Jan 11
27% °ct 24
13
Nov 26
Consol
109
4
53
90 Mass
258 MohaWk
*1
165% Jan
2
18
Sep 27
J'ne12
93
214% Dec
91% Jan 11
25
Keweenaw Copper
190 Mason
6%
21%
s4
7% 7%
2334 24%
149% Sep 6
14% Apr 15
Apr
78% Sep 16
35% Aug 29
25
Jan
2(
1,289 Lake Copper Go
100 La Salle Copper
15%
47%
17%
575
fiigj
38%
23%
•50
160
Granbjr Consolidated.100
Greene-Cananea..
100
14%
1%
64
*•_
9
63% Apr 7
133
Nov21
2
"38%
.80
72
4%
2%
93% Jan 22
95% Mch24
Sep
4
3% Feb
8
63
14%
*%
4%,
*17%
%
Oct
Jan
Apr
*85% J'ly
220
9% J'ne 10
.1
Do
pref
300 Isle Royale Copper
1,4%5 Kerr Lake....
16%;
*6%
*21%
30
*1
17%
F%
%
*38%
14%
1%
7%
23%
1
54
1758
6
95
Apr 28
32% Nov 25
2
Sep 10
163 Island Creek
.
22
.80
I684
32%
*5%
*21%
Jan
10
45 Hedley Gold
Helvetia
*45% 46
Last Sa?«!f82
Nov* 13
2^
107
13
20
1CK? Hancock Consolidated
2
103
Jan
3,050 OopperRange Con Co 100
397
"*3^"3%
104
2
13
6%
Mch
Dec
May26
47% Jan
28
4%
*2%
189
96
30% J'iieift
13
16
306
155
Sep 15
Sep 26
% J'ne 6
147
J'ne 24
41% J'ne 10
26% J'i«*24
Cop lb
10
28
30
Jan
17% May
272% Sep
5
185 Indiana
'
*%
55
1%
3%
3%
1
1634
17%
6%
2%
1%
53
♦31%
4%
.80
48
'
83
2
4
•2
4
46%
Bos&CorbCop&SllMg
...
Nov'13
8
288% Jan 10
186% Jan
2
25
336
Last £a?ej%
Feb
J'ne
26
25
20 Daly-West
3%
15
20
"
....
1,522 East Butte Cop Min.
125 Franklin
3
3%
*3%
3%
2%
15
*81%
16%
16%
3%
39%
46
83
37S
*34
3
3%
46%
%
Mining
Adventure Con
Ahmeek
...
2%
J'ne
26
100
68%
30
*%
%
312
*2078
*%
*234
13
*3ia
39%
*1434
3
13
5%
578
9*12
*30
5
21%
9%
13%
234
5%
37%
33%
9
9
Aug
10% Aug
10% J an
J'ne 10
100
1,280 BtPte-Balaklava
12%J
Mch
Feb
101
36
,
7,565 Butte & Sup Cop (Ltd)
784 Calumet & Arizona
65 Calumet & llecla
50L Centennial.
240 Chino Copper
61%
37%
33%
*2%
10
125
400
*11%
29
5
*20%
12%
38%
33%
2%
.....
2%
6
400
*68
5
21%
27%
28
2%
6
27%
61%
70
5%
21%
27%
61%
28
278
•
3
.60
105
6
257
3,749 Amalgamated Copper 100,
510 Am Zinc Lead & 3m. 25
975 Arizona Commercial.
5
4%
4
Do
.........
09%
4
395
10
100
—
9,605 Alaska Gold
100 Algomah Mining,
315 Allouez
18%
1*4
.60
69%
5
3%
*4%
%
69
4
2
4%,
*.95
4%
16%
4%
2%
6%
3%
3%
16%
4% 4%
33
2%
1834
70
*%
3%
♦81
*11%
45g
2%
*2
61%
38%
32%
....
J9%
1%
......
245
16
12
2%
Nor'13
*235
30
37%
32%
70
Sah 1%
Button-Hole
pref
4,431 U S Steel Corp
22
Do
pref
64%
16
12%
37%
34 1
'
.1%
Swift & Co
275
105
J9%
69%
*394
10
106
Keece
181
...100
....
27%
16%
26%
61%
400
*54%
215
100
Torrington
25
90
Do
pref.
25
1,250 Union Copper L & M 25
514 United Fruit..
3100
612 Un Shoe Mach Corp. 25
154
"27%
May
*9J% J'ne
17
11
1%
153.
•
240
*%
4%
61
27
16
4
28
26%
*26
70
4%
t
27
*.99
154%
1834
105
*26%
30it
70%
16%
4%
%
*28
46%
*.90
70%
390
3
•3
1%
16%
4%
68*8
•47%
18%
69%
3
3%
6834 "68
%
3%
19%
30%
9%
28%
235
30%
*2%"
♦13%
♦1%
1%
230
31
2%'
*30
•8H2
1%
31%
687g
16%
4%
10%
14
*3
19
10
*30
*%
19%
460
37%
32%
♦2%
153
154
*1%
230
27%
61%
.
1& 1%
.99
-
25%
15?4
27
27
47%
47%
47%
48
2784 27%
*27% 28
56
553s
56%
56%
*104% 105
104% 105
%
4%
4
13
37%
35%
29%
*1312
68%
*16%
4%
*%
♦26%
*26%
27
26%
153
245
18%
1%
*30%
♦15%
1S34
105
.99
1%
230
390
2%
68%
2912
'
*26
401
10
97«
«
26%
1«4
*114
,
1534
*26%
152
N E Telephone
Mch
Jan 23
12% Aug 22
19% Aug 25
Jan
Jan 16
133
30
100
,
100
Nov
Aug
Mch
130
100
pref
Apr 30
May
149
94% Mch
3
Do
22
84
J'ne 16
6
113% Dec
114% Dec
137% Jan
J'n*
Nov
N ov
J'ne 14
5 N E Cotton Yarn
21
Mch
5%
24%
133%
123%
75
87
......
SO
Mch
79% Nov
86
133
36%
153%
47% 47%
27% 28
54«4
65%
104% 105
Nov'li
Last Sale 3
14
63% Mcb
105
■"
Jan 14
209
8
Aug
75
Do
pref
100
MorgenthaJer Lino
100
Mexican Telephone.. 10
75
Dec
3
83% Sep 23
126 MassachusettsGasCoslOO
133%
26%
26%
153
92
91%
*68
105
"
91
Dec
98
74
11)
McKlwain(WH)lst pf 100
♦25
152
1534
91%
5
68
152
152
I
100
26
152
48
*99
68
151
2712
99
3
10%
264
*135% 136
54
2
59
92% J'ly 23
5
Jan 10
__
Do
Jan 11
4%Jan
3
23% Jan 11
118% Jan
3
117% Feb 1
140% Jan
3
16% Feb 28
May 8
Mav27
•
pref..
;__100
60 East Boston Land
10
2 Edison Elec Ilium
100
687 General Electric
100
141
26
151
105
10%
*261
100
100
1 Do
pref
100
Amoskeag Manufacturing
Do
pref
Atl Gulf & W I 8 8 Llloo
68
133%
,153
;
i
—
159
......
Woolen
30
133
1
11
13884 1"3834
Nov
J'ne_
NovlO
68
133% 134
1534
*10%
*260% 264
16
110
pref.
30
134
105
16
99
•133
»1512
16
10434 105
26i2
27
*26l2 27
*1
lis
9
16
3
30
.
*8
100
3
30
—
8
16
99% Jan
105
62
7534
57
118
Do
American
60
Nor'13
*91
♦91
91%
91%
91%
91%
91%
9134
21534 2I634 *216% 21634
9134
♦91
Last Sale 98
8
11.
261
13934
7634
*59%
60
100
16
8%
16
16
....
*59%
*98
138
91%
92
>*21534 21612
60
100
16
1034
♦260%
<
60
♦97
60
*8
8%
16%
<
*16
"75% "75%
"75% 77534
7534
100 ■:
Sep
Novll
2% J'ne 11
100
Last Sale 17% June'13
"7533 ~7~5~7s
41
90
2,958 Amer Telep & Teleg.100
165
'
....
Dec
8
Feb
May
Apr
Apr;
14%
9%
18%
30%
6%
Jan
Apr
Sep
Apr
73
J'ne
24% Sep
6% Apr
9% Deo
39% Oct
8% Apr
eG% Jan
13%. May
64
Oct
130%J'ne
29
Nov
95
J'ne
24% Sep
Apr
47s May
177s Aug
34% Not
1% Apr
4878 Jfy
478 Jan
51
Apr
9% Apr
4i%8 Mch
*50% Sep
52% Sep
3"io Feb
20% Apr
673g Sep
6% Jan
7% Mch
1334 Aprl
17
Mch
67
..j
•
JSrov. 29
(£>
Pries
Week's
Rants
BONDS
Pries
Week's
Friday
Range or
Since
Ranot or
Urn Malt
Jan. 1.
BOSTON STOCK EXCHANGE
Week Ending Nov. 28.
Friday
Not. 28
Not. 28
Last Salt
BONDS
iOSTOW STOCK EXCHANGE
I|;
Week Ending Nov. 28
Ask Low
Bid
A-O
Agrlcul Chem 1st 5s
1028
Tel coll tr 4s._1029
Convertible 4s
1036
20-year conv 4 Hs
J0?® "j'-"j"
Am Writ Paper 1st s f 5e g—1919
Am Zinc L A 8 deb 6s
...IOIj M-N
A-O
Atch Top A 8 Fe gen g S..1995
Am
Sale
84
ki
Am TeLep A
~ Sale"
95
Lowell
'
B A S W
s
Concord A Mont
cons
8414
85%
97
97
827g
J'ly '13
82%
92*g
98
8384
833-i
"59" "67
Feb
95
F-A
ici'ii:
12
101
J'ne'13
101
104%
3Tne "'13
ioi%104**4
84
Nov'13
A-O
1103
Oct '07
A-O
98
May' 13
J-J
102
J-D
M-N
85
83
Q-F
F-A
98U
•
mmmm
•
99%
99
J-J
83
Pond Creek Coal
99%
"~85%
98l4 1008}
82%
861?
110%
79i2
J'ne'13
107
77
80
90
91%
"92" "95
M-N
90
Oct
96
1933 A-O
122
A-O
122
98
90
95* "95
IOOI4 AUf'12
92
J'ly '13
80% Sep '12
99% Oct '13
80
75
Det Gr Rap A W 1st 4s
1946 A-O
Dominion Coal 1st s f 5s—1940 WI-N
Fitchburg 4s
-.1927 M-S
'77 "77
Nov'13
77
90
97% Sep '11
95
Mch'13
92
" "92
97
" ~99%
"m
Mch '12
4
80
3
103
j-j
Gold debenture 4s_...._1916
11
70t4 Dec
lo
Nov'13
90
Nov'13
96
SHARE
PRICES—NOT
PER
CENTUM
j-j
90
Wednesday
Thursday
Friday
Week
Not. 22
Nov. 24
Not. 25
Nov. 20
Nov 27
Nov 28
Shares
•106*2
1001* 10612 •106*2
108*4 108% •108*2
•18
-
•107
....
112
"
110
110*8 HI
Do
Oct '13
97
963s
1
20
963s
94% Sale
94%
"25*4 "25*4
•25
26*4
*38*2
*46%
39
47*2
"2514
25*4
•38"
39""
•38*4
39
*38*4
•46*2
47*2
47
47
47
39
47*4
"iB"
"4584
"45"
"46"
46""
"47"
37*2
37*2
75
75
37*2
*74%
1034
IO84
*10*2.
11
*10*2
23
•22
23
•22
23
84%
733g
•84*2
85
2538
25*8
25U
*4831
96%
95%
97
97
99%
99%
97
97%
96% 96%
94% 100%
II Fiat prices-.
Yearly
Year
(1912)
Lowest
Highest
Highest
101
J'nelO
120
Jan 10
96
Jan
117
...100
101
J'ne 12
Jan
116
13
Nov 21
120*4 Jan 31
25*2 N OV14
101
100
pref tr ctfs.100
Northern Central
Do
90
98% 101%
-
*
95%
»3*g Feb :i2
963s Sale
lower*
50
5612 J'ly 28
108*2 NOV 20
100
Seaboard Air Line
I684
*44
•IIII
pref
Do
"30
111
*16
5
97
J'ly '13
99*8 Oct *13
f-a
M-S
90
92
93
Range for Previous
below)
Houston Oil tr ctfs
14
67
•109
110
set
2
Inactive
Baltimore
Con Gas El L A Pow.100
57
...
*12lf
•
•116"
75
107*2 107%
•108%
....
109
109
109
109
....
Stocks
.91
100%
95% 95%
-
m
9234
Range since Jan. 1
Bonds and
CFor
"163%
ioosl
93% Oct '13
9912
99%
92
91
* No price Friday; latest bid and asked.
of the
Tuesday
88
90
J'ly'13
9234
92% Sale
ACTIVE STOCKS
Salts
PRICES
Monday
100
.....
Apr 07
10034 Mch'13
95*4 Nov'13
Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly,
Saturday
"lff%
88
97
j-j
j-j
n
80
73
103
Aug* 13
Jan
100*8 100
90
M-S
j-j
M-N
"""2
103
88
j-j
1930 F-A
M-N
16
103%
12
67
73
106% 1251,
10234 107
11138 Oct
1932 F-A
1919 j-j
1919
.,..1929
Torrington 1st g 5s
..1918
Union Pac RR A Id gr g 4s_1947
20-year conv 4s
1927
United Fruit gen s f Atfs
1923
Debenture 4^s
1925
U S Steel Co 10-60-yr 5s Aprl963
West End Street Ry 4s
1915
Gold 4^s
1914
80
93
101
98*2 102
Oct '13
103% Sale 10234
99%
89%
101
Apr 13
9812
98%
73
96
97
7
106*4 Nov '13
Savannah Elec 1st cons 5s._1952
purohase price for all Boston bonds.
NOTE.—-Buyer pays aocrued interest In addition to the
j-j
Gold 4s
1917
Western Teieph A Tel 5s
1932 j-j
Wisconsin Cent 1st gen 4s__1949 j-j
12
122
98% Sale
80
101%
93%
Aug '13
8978
90
103
—
Feb'13
A-O
78
95
"94 " "97 "
Nov'13
101
99
Shannon-Ariz 1st 6s g
—
J'ne '08
95
"89% "901®
A-O
Terre Haute Elec g 5s
107%113
76% 76%
901, 90%
•••-
13
99%
96%
957,
"92" "9*2""
97
1st 6s ...1923 j-d
Seattle Elec 1st g 5s
r—
13
95% Nov'13
j-j
.1933 A-O
1922 F-A
6s
g
Oct
97
115
j-j
1948 j-j
Puget Sd Elec Rir 1st 5s
Repub Valley 1st s f 6s
J'ly'13
77
99
94%
Conv deb 6s
Feb
'i
High
09%
93*8
93%
Nov'13
7038 Jan '13
001? Feb '13
78
Nov'13
*9*5% III.
Low
20
Apr '08
92
108
107%
j-j
F-A
No
High
117
90
Sines
Jan. 1
937g Nov'13
91
..1929 j-j
..Dec 1931
20-year conv 6s
83
82%
...
1917
1929
New Eng Teieph 5s
1915
5S
.1932
New River (The) conv 6s._1934
N Y N H A H con deb 3 ^s.1956
Oreg Sh Line 1st
113% Feb '11
A-O
1926 A-O
89»4
9814 100
107
J-J
J-J
82
"96~ "98
98i4
98%
98% Mch 12
98% Dec *12
99
82%
A-O
Assented income 5s
1934 M-S
Kan O A M Rv & Br 1st Ss.1929 A-O
Marq Hough A Ont.lst 6s_.1925 a-o
Mich Telephone 1st 5s
New Eng Cotton Yarn Ss
104l2Oot '08
J-J
Kan O Ft Scott A Mem 6s
1928 M-N
K C Ft S A M Ry ref 4s gu_1936 A-O
Kan O M A B gen 4s
1934 M-S
Mass Gas 4J^s_.
Deben 4 Hs
85
50
-a
Houston Elec 1st s f gen 5s_1925
la Falis A Sioux C 1st 7s...1917 A-O
A-C
Kan O Clin A
Range
Is
Is
093s Apr '13
9334
94
97*g 98%
9384 94%
93%—.
-j
1921
4s
Spr 1st 5s.._1925
104
95% Feb '12
100I4 Meh'OB
II.
97
J-J
Current River 1st 5s
1933
93*4 104l4
104
General Motors 1st 5-yr 6s_1915 A-O
Gt Nor C B A Q ooli tr 4s.. 1921 j-j
Registered
8414 Aug '13
1949
1924
Unstapaped 1st 6s
80*<
97
Copper Range 1st 6s
Cudahy Pack (The) lstg 5
Fremt Elk A Mo V 1st 6s
"28
95
1105g kick'11
02%
62%
60
May'13
1931 M-N
.1921 J-D
192C J-D
4s
102
84
M-N
Illinois Dlv 5Ks
Ohio Jet Ry A Stk Yds 5s__1915
Coll trust refunding g 4s.l940
Oh Milw A St P Dub D 6s_.1920
Oh M A St P Wis V dlv 6s_.1920
Ch A No Mich 1st gu 5s
Cbdc A W Mich gen 5s
99
1021j106
Ash Lots
Bid
High
Nov
~93~
92%
1927 *1-N
1921 M-S
1949 J-J
f 4s
"22
L010
82% Oct '13
Sep *131
92*8 Nov'13
83*4 Nov'13
4s
Nebraska Exten 4s
•
99*4 Apr '13
84
84%
93%
M-N
1910
Boston A Maine 4
——1944
Plain 4s
1942
Bur A Mo Blv cons 6s
1910
Butte El A Pow 1st 5s
.1851
Cedar Rap A Mo Riv 1st 7s 1916
Cent Vermt 1st g 4s
May 192o
G B A Q Iowa Dlv 1st 5s—1919
Iowa Dlv 1st 4s..
1919
Denver Ex ten 4s
1922
Boston A
Nt.
104
J-D
-yrg4s—..1935
High
103*8 Mch'13
50-year conv 4s
1995
10-year conv 5s
—191V J-D
Atl Gmf A W 1 88 Lines 5s. 1959 J-J
Bos A Corb 1st conv sf 6s..1923 M-N
Boston Kiev®
1575
Boston Bond Record
1913.)
1412 J'nell
4U2 J'ly 19
pref..—rf..100
50
23
United Ry A Electric.
Jan
6
Feb
6
68
123
Jan.
9
Apr
2
Jan 30
21
3
Feb
6
121
Dec
18
Dec
45*2 Mch
I8I4 Jan
49*2 Sep 23
27*8 Apr
May
Apr
25% NOV
72% J'lf >
130
Apr
27% May
5934 J'no
26% Sep
8I4 Jan
5334 Jan
Philadelphia
22l2
♦21*2
38
75
11
22*2
86
•84,
85
•72«4
* 17*2
30*2
54U
73
17*2
30*2
64*2
*72'4
•17*4
•39
39*2
*37%
38
•741*
•I012
75%
11
•21%
84j4
n
-
22*4
22*4
18*8
18*4
♦79*2 79%,
5%.
45
83%
5%
45
837g
•37*4
♦74*2
"4*5*4
•10*4
30*2
•
5438
*39
22*4
73
18
30*2
54*2
39*2
22*4
*22
84*8
73*8
*1778
•30*4
54%
*39*4
223s
19
ip
187s
79*8
79*4
80
5*2
45
837s
45*8
5%,
4484
83*8
8478
73%
18*2
30*2
54*8
3934
2212
19
~47
.
37*2
75
8434
♦73*4
*1734
22%
30*2
5434
39*4
22*2
19
19
54*2
39*8
83*2
Milling
Amer Rys pref
Cambria Iron
10
100
Preferred
.
:
1
...
Insurance Co of N A—
Inter Sm Pow A Chem
ioo%
ifclt Brothers..
I Little Schuylkill
60
22%
Del Co
Elec A
48
49
"16%
1
60
4
J'ly 22
4134 Nov 18
51% Jan
0
United Gas Impt
50
8034 J'ne 10
91*2 Feb
3
BUI
"60
"64"
39*2
Consol 4%s 1923
Annuity 6s
J-D
J-D
44%
Gen
4s 2003
M-N
Leh V Tran
50
"80%
884
7%
Warwick Iron A S.eel.
Washington-Va Ry
"7%
Preferred
jYork Railway
| Preferred
•
105'
82
"82%
*97%
100
10
10%
"90%
69%
91%
104
70
Con A coll tr 5s '51 M-N
"9*84 id%
34
35
Phil Elec gold tr ctfs.A-0
Trust ctfs 4s 1949
J-J
P A E gen M 5s g '20. A-O
Gen M 4s g 1920
A-O
s
Ex-divldend.
Atlan Coast L (Conn).100
Canton Co....
100
105" Georgia Sou A Fla
preferred
2d preferred
G-B-S Brewing
iff
140
^
| $16 paid.
are
all
ioT"
98
100
*29 J-J
71% Georgia P 1st 6s 1922
J-J
Ga So A Fla 1st 6s '45.J-J
71% G-B-S Brew 3-4s '51.M-S
Houston 041 div ctfs
F-A
103
"
232% Mt Ver Cot Duck 1st 5s,_
"84"
99*2
85
86
103% 103*2
80
80%
40
80*
100%
97
96*t
94
6i
NorAPort Tr 1st 5s*36 J-D
86
92
Norf
97%
100
100
80
North Cent
"i%
3
No Bait Div Ssl942J-D
5s '32.M-N
Series A 5s 1926....J-J
105
Series B 5s 1926
J-J
105
Pitt Un Trac 5s 1997
J-J
95
Seab Air L 4s 1950
Income
88
92
93
103
has Ry G A El 8s '99MS
90*2
4th
ser
ser
6s '16.M-S
3-4-^s 1921
M-S
5th series 5s 1926..M-S
93
87
1
100%
I6l%
102%
89*2
91
82*8
83
63
63%
8434
100
100
100
102%
"83
102%
100
WU A Weld 5s 1035._uJ-J
194
92
98%;
103%
Va (State) 3s new '32.J-J
Fund debt 2-3s 1991 J-J
West If c con Gs 1914.J-J
100
"98
1949...J-D
Funding 5s 1936..J-D
Conv notes 5s 1914 J-J
Va Mid 3d
103%
10234
102»4
4s
"64*j
A-O
J-J
101% 102% Seab A Roan 5s 1926
South Bound 1st 5s„+A-0
97
90*2 "92% U El LAP 1st 4 Hs'29M-N
100
Un Ry A El 1st 4s 'C9 M-S
Imp 5s 1932 M-S
has City Ry 1st 5s'24 J-J
City A Sub 1st 5s 1922 J-D
CityASub (Wqs) 1st 5s '48
100
J-J
Sav Fla & West 5s '34 A-O
94
"91%
1925 A-O
Poto Val 1st 5s 1941
98
■rnmml
30
Ext A
I $17H Paid.
98% 99~"
103%
102% 103 •
109*2
102*2
100
100
L(Ct)ctfs 5s J-D
cons
86%
N A A Terml 5s *29..m-s
"and
93%
87*2
NptN A O P 1st 5s'38M-N
5s 1916.
M-N
Anacostia & Potom 5s A-O
Atl C'st conv deb 4s_M-N
Cent Ry
93
96
Ry A L 5s '49..m-n
93%
103%
161
5-20-yr 4s 1925_T___J-J
BSPAC 1st 4K» 53 F-A
Bait Trac 1st 5s *29.M-N
....
Knoxv Trac 1st 5s '28 A-O
Ask
100
100
Bait City 3*^s 1930...J-J
4s 1954-1955
Various
Ati Coast
.s g
93% MaconllyALt 1st 5s'53J-J
Md Elec Ry 1st 5s *31 A-O
Memphis St 1st 5s '45.J-J
Monon V Trac 5s '42 J-D
226
Sep
89*4 Apr
8*4 Apr
53
Sep
92% Aug
11334 Col A Grnv 1st 6s 1916 J-J
Consol Gas 5s 1939
J-D
A-O
1
29
92
Ga Car AN 1st
70%
24% Sep.
Bid
Ga A Ala 1st con 5s '45 J-J
"70%
%. Apr
66% Feb
BALTIMORE
interest"
W "of"
Dec
49% Feb
86% Jan
63
.
Coal A O Ry 1st 5s '19A-O
Coal & I Ry 1st 5s'20 F-A
Bonds
.
Prices
91%
6
6*2 Jan 13
m-m
Inactive Stocks
1st
91
m
BALTIMORE
,
Dec
li 10% Jan
2213 May
7414 Jan
Gen 4*^8 1954
York Rys 1st 5s 1937.J-D
Consolidation Coal
P Co IstAcoll tr 5s'49M-S
56%
United Rys Invlst coll tr
s f 5s 1926...
M-N
Wels bach s f 5s 1930
J-D
Wll-B GAE con 5s *55.J-J
68
Pa A N Y Can 5s '39.A-0
Penn Steel 1st 5s '17.M-N
People's Tr tr ctfs 4s. 1943
55
U Trac Ind gen 5s '19. J-J
Un Rys tr ctfs 4s *49 .J-J
Jan
100*2 Cons G E & P 4 Ms '35 J-J
J-D
100*4 100*2 Consol Coal 5s 1950
Fair A CI Tr 1st 5s *38 A-O
**
100%
Income 4s 1939...M-N
Bid and aoked; no sales on th% day,
100%
New Con Gas 5s 1948.J-D
N Y Ph A No 1st 4s'39 J-J
100
50
50
"98%
4s '35 J-D
MarketStEl 1st 4s '55M-N
'21.IJ-J
can
100% Stan'd Gas A El 6s'26 J-D
Stand Stl Wka lst5s'28 J-J
NatLHAP serB 5s *19 J-J
224
100
Welsbach Co
100
West Jersey A Sea Sh. 5p
Westmoreland Coal
50
Wilkes Gas A Elec.
100
lie"
1st series B 5s 1935 M-S
100
10
con
Ry A L
23
.60
4J84 Deo
3
28*2 Jan
Apr
Feb
Ask
Read Trac'lst 6a *33..J-J
5s *54 J-J
Spanish-Am Ir 6s '27..J-J
1st series A 4s 1935.M-S
8084
Virginia Ry A Power..100
Preferred
J-D
38*2
Railways General
10
Tonopah Belmont Dev
1
84
Roch
J-J
43*2
50
P W A B col tr 4s
83
4s
cons
Bid
Ex Imp M 4s 1947.A-O
Terminal 5s g 1941 Q-F
1998.Q-F
1923
philadelphia
Ask
Ph A Read 2d 5s 1933 A-O
Leli V ext 4s 1st 1948. J-D
United Cos of N J
100
United Trac Pitts pref 50
1,418
Nov 19
6
24% Feb 14
651
Asphalt 5s 1916.M-S
6s
8
764
Peoples Tr tr ctfs.
Consol
9
J an
50
4578
8334
1047s 105%
80
20*2 J'nelO
61% Jan
85*2 Sep 23
Harw Elec 1st Cs 1942 M-S
30
4
J'nelO
18
"34%
60
50
37
55% Oct
12% J'ly
58% Aug
39% Deo
73% Deo i
13
Sep
35% Sep
100
Sep
9278 Jan
I67g Sep <
32% Deo
87% Mch
78% Feb
8i2 Jan
3
23% Mch 28
37*2 Mch 28
75% J'nelO
Pennsy receipts $30 paid.
Pennsylvania Salt.—. 50
Pennsylvania Steel...100
100
53*2 J'ne
50
25
4
50
"55
Preferred
50
975
1534 Jan
50
Minohill A Schuyl H._ 50
Nat Gas Elec Lt & P..100
Preferred
100
North Pennsylvania
50
Phiia Co (Pitts) 6% prf
6 % cumulative pref
Phila German & Norris
Phila Traction
29*2 J'ne 12
Jan
"Sep
27
9
3
Reading
'
Tonopah Mining
Union Traction..*.—
1943.—F-A
Keystone Tel 5s 1935._J-J
Lake Sup Corp inc 5s'2 4 O
Lehigh Nav 4^8 '14.Q-J
GenM 4%sg 1924.Q-F
Leh V O 1st 5s g 1933.J-J
50
70% J'nelO
50
50
Rys tr ctfs 4s'49J-J
Interstate
84%. Jan
50
125
Fr Tac A H 1st 5s '40.J-J
Gen
J'nelO
7
47
11*2 J'ly
5234 Jan
18
Apr
59*4 Apr
May 13
81
J'ne
40i2 Oct
41% Mch
1
,
13% May 10
31*2 Jan
93% Jan
4
78
200
78
J 'ne
Phila R T vot tr ctfs—
Edison Elec 5s 1946..A-O
50
934 J'ne 10
50
f 5s '60 J-J
6s
70% J'nelO
22
Leh C & Nav tr ctrs—
—A-O
BergAEBrew lst0s'21
J'nelO
1,095
101% Alt A L V Elec 4 Hs'SSF-A
Am Gas A Elec 5s '07.F-A
S'tl
33
Feb 24
Jan
9
Jan
0
Jan
9
4278 Feb 4
2,463
philadelphia
Beth leh
11*4 J'ly 29
4212 J'ne10
Battery.100
Asphalt
100
Do
pref
100
Keystone Telephone. 50
Lake Superior Coup
100
2
r49*2
53%
12%
54*4
80%.
6%,
Ch Ok A G gen 5s 1919 J-J
Con Trac of N J 1st 5s *33
10 '22
10
83%
s
Elec Storage
Gen
986
83*2
Atl C Gas 1st
JnelO
2212
19
*1834
Rys 5s 1917
J'nell
41
2212
45*2
Am
37
50
Electric Oo of America 10
'""l94
»
50
Kentucky Securities..100
Keystone Telep, pref. 50
Keystone Watch Case 100
6
Bonds
Prices are all "and
interest"
50
Central Coal & Coke.. 100
Preferred
.100
Consol Trac of N J—.100
Harwood Electric....100
Huntington A B T.
85
11
2
50
*
135
46
ill
Inactive Stocks
Amer Gas warrants—....
American
75
50
Railways
Cambria Steel
39*2
5
83*2
83«4
310
Cement*—
American
*39*8
5
46
'"233
38
American
Lehigh Valley.
Lehigh Valley Transit
Do
pref...
Pennsylvania RR
Philadel Co (Pittsb)
Philadelphia Elect J—
80
5*4
45*4
Bid
11»4
4684
""l60
72% 72%
*1734
18*4
♦30*2 3034
54i2
54%
18*4
*30*4
*11*2
•4584
•37*4
75
80 %6
5*8
philadelphia
38«4
4734
38*4
47*4
100
CHRONICLE
THE
1576
[Vol.
xctii.
1
TRANSACTIONS
AT
NEW
THE
DAILY,
YEARLY,
AND
WEEKLY
Slocks.
Railroad,
1913.
Value.
Par
Shares.
Ac.,
State
U. S.
Bonds.
Bonds.
iim
Saturday..
Monday.....
Tuesday
Wednesday
Thursday
Vlooo
Amal
Total
$4,605,000'
$44,040,050
600,994
York
Par value
Bank shares, par
Bonds.
$4,100!
-
Government bonds.—
State
br. and misc. bondsTotal
bonds
TRANSACTIONS
DAILY
112
60
70
89*4
Bliss (e w) Co Com
80
95
Preferred).
50
Bond a Mtge Guar—...100
Cppper 5s 1915—
1014—.j-j
$1,000
Col j 5s Oct 1 1914
1912.
118,390,570
$1,125,000
24,508,000
604,355,500
$629,988,500
Philadelphia.
Listed
Nov. 28 1913.
Shares.
Saturday
Monday
.......
...—
Wednesday.........
Thursday
Listed
Unlisted
Bond
Sates.
Shares.
Shares.
Sales.
:
4,656
54,400
24,100
v
$20,400
43,300
41,600
29,400
863
7,257
8,082
...——
4,917
3,519
86,600
2,869
1,850
19,800
85,610
$165,200
11,686
13,815
$154,500
All
bond
prices
are
now
Street Railways
New
York
Street Railways—(Con )
Bid
78
Bid
Jit
United Lt A Rys com
100
1st preferred.........100
16
65
18
United Rys of St L—
Common
......100
2d
Citv
Bleeck St & ful Fy stk—100
1st mtge 4a 1950
j-j
b> a 7th Ave stk
100
2d mtge 6s 1914.
j-j
Broadway Surface rr—
1st 6s 1924...
...j-j
...
Cent Crosstown
"and interest" except where marked 'f
70
150
98t%
160
$
100
991
1914—f-a
Harvester 6s *15. f-a
Minn a 8t l g 6s 1914..f-a
Mo Kan a Tex 5s 1915.m-n
m-s
St l a 8 f 6s 1913 opt.j-d
6s Sept 1 1914 opt—.m-s
Seaboard Air l Ry5e'16 m-t
South Pac Co 5s j'nel51914
Southern Ry 6s 1916.. f-a
West Maryland 6s 1915.j-j
Westlngh'se el a m 6s 1916
e
i
Preferred
...100
Colo a South com...—100
•
Christopher a 10th St stklOO 115
Dry Dock e b & Batt—
1st gold 6a 1932——j-d
9912
Scrip 5s 1914
f-a / 28
Eighth Avenue stock... 100 280
Scrip 6s 1914
—f-a / 99
42d & Gr St Fy stock—.100 220
35
240
Consol 5s 1945..
•Sixth Avenue stock.... 100
Sou Boulev 5s 1945
j-j
Bo Fer 1st 6s 1919
170
1
3
25
33
103
112
..j-J
99
102
a-o
94
97
Brooklyn City rr
5s '31 a-o
con
,
..20
Co
100
95
—100
170
80
47
Solar
337
Southern
104
107
South
100
65
66
....100
77
280
290
237
243
100
248
252
Sou West Pa Pipe Lines. 100
Standard Oil (California) 100
157
162
77l2
228
232
h
Oil
Stand Oil of Indiana.... 1q0
395
400
8
5
Standard Oil (Kansas) —100
420
430
79
82
610
620
100
67
70
Stand Oil of Kentucky.. 100
Stand Oil of Nebraska..100
320
330
lllg
7214
Stand Oil of n j
Stand Oil of n j
*h
*7l'
101
Con Gas of N J 6s 1936..J-J
90
100
Consumers' L H A Pow—
..J-D
95
77
82
98
100
Consumers Power (Minn)—
1st A ref 5s *29 opt T4M-N
87
89
Union Tank Line Co
Nassau Elec 1st 5s 1944 a-o
100
102
Denver G A El 5s 1949.M-N
90
95
Vacuum oil,
85
1st 4hs July 1941—.f-a
Btelnway 1st 6s 1922.
j-j
Other Cities.
j-J
6s 1938
96
100
Swan a Finch
Lt Co—100
325
95
Essex A Hudson Gas....100
127
130'
Waters-Pierce
Gas A El Bergen Co
100
Gr't West Pow 5s 1946.. *j
85
88
Pierce Oil
79U
807g
Hudson County Gas
l'o
10312 Indiana Lighting Co....100
128
129
102
63
56
.100
73
76
4s 1958 opt
Indianapolis
Gas
5s 1952
38
42
.F-A
66
69
60
90
100
—
63
67
...A-O
87
90
—.100
65
76
100
69
72
Jackson Gas 6s g 1937—A-O
•Laclede Gas preferred. .100
94
Detroit United Ry
100
Federal Light a Trac—.100
23l2
26
Madison
i—100
72
Conn Ry a Ltg com... 100
i
-
e Preferred
•
Preferred
e Havana
e
Elec Ry l a p 100
100
Preferred
• Loulsv St 5s 1930..—j-j
New Orl Rys a Lt com. 100
9
Preferred
...——100
«n y State Rys com
.100
•
1st g
98
1926..A-O
102"
108
75
Narragah (Prov.) El Co.: 60
79
Newark Gas 6a Apr '44.Q-J
9012 Newark Consol Gas.....100
IOU4 101*4 No Hud L HAP 6s 1938A-0
*89*4
92
Gas 6s
77
88
_
mmm
35
61
65
75
80
115
90
96
100
75
76
120
126
gu g 63 1953
m-s
No Hud Co Ry 6s 1914 j^j
<
Con m 5s 1928
j
98l
mi
100'
m-n
95
Pat Ry con 6s 1931..j-d
2d 6s 1914 opt
a-o
108
Republic ry a light—.100
j
Preferred ...........100
15
17
70
12lg
69i2
15
20
60
70
Ext 5s 1924.
,
.
i
Tennessee Ry lap ohm. 100
Preferred
.......j—100
Toledo Tract Lt a p——100
'
Preferred—..........100
Trent p a h 5s 1943
to
Per share,
0
a
j-d
100
roducers Oil
—100
130
ealty Assoc (Bklyn)...100
emington TypeWt'r comlOO
110
92
..100
187
189
—10
*38
40
38
99
101
100
99
101
;oyal Bak Powd com...100
185
195
preferred..
2400
100 2100
37
*33
Preferred
ears.RoebuckACo—SeeN y Stk e x List
ex lis t.
e Preferred—See Chio Stk
.
100
138
148
100
85
90
293
295
Amer Machine a
Fdy„100
60
70
25
33
British-American
Tobac.£l
105
111
Amer
Cigar
com
Preferred
New stock
...
-
....
t
Helme
*24
Preferred
tern
——100
Bros pref
290
92
94
148
180
92
100
.—100
109
160
Mac Andrews a
180
Preferred.
Forbes.. 100
Stk
100
83
«
8
United Cigar Mfrs com 100
e Preferred
100
28
United Cigar Stores
79"
«
com.100
96
.
9018
115
300
Preferred
110
120
140
160
..
Western States Gas A El—
1st A ref g 6s 1941 op.J-D
87
92
8
Preferred
100
u s Envelope com...... 100
—
Preferred
u s Express..
u s Finishing—
105
95
102
114
72*4
Con g
•
100
»4612
48
♦51
53
155
160
83
113
u s Tit Gu a Indem
c
100
e
71
100
109
115
13
N Y A N J 5s 1946
j-J
95
22
40
61
10th A 23d Sts Ferry....100
1st mtge 5s 1919.—..J-D
20
25
43
48;
Union Ferry stock......100
25
325%
99
1st 6s 1920.....„—M-N
100
101
35
70
IOOI4
AEx-300% stock dividend.
100
mm
mm
100
40
80
~7f
49
a Mtge Guar
mm
100 165
138
Westlngh'se Air Brake.50 *133
6Q1« 68
Willys-Overland com...100
e
......-.100
84
00.
Worthlngton(hr) Co pf.100
68
n
Preferred
Stock Exchange but usually Inactive.
/ Flat price, n Nominal. • Sale price. :
t Includes all new stock dividends and subscriptions.
• Listed on Stock Exohange but Infrequently dealt
on
80
J
Wells Fargo a Co.....100
Westchester a Bronx Title
Virginia Iron c a c
j
"28*,
113
f Apr 5s 1951 not opt
135
....
m m m§m
100
s
1
70
...j-j
Preferred
208
120
90
j-j
5s 1929
u s Steel Corporation—
Col s f Apr 5s 1951 op 1911
Col
40
1$
97
k Listed
45
40
95
130
b Basis.
—.100
12
205
American Brass.
1031$
37
98
62
1461$
100
us Indus Alcohol....100
e
!
140
—100
"42"
#12U
200
—100
M-N
1st 5s 1922
190
...100
1st g 5s 1919
Industrial AMIscellaneou a
Ferry Companies
100
....
Preferred
/*—
8-1
«3
901$
e
u s Casualty
161B
76ia
161B
471*
Ferry stock—100
90l2
225
•
7
.......100
«
list
6
44
..100 '110
75
..100
..100
Directory...
Preferred
103
Weyman-Brut
Preferred
x
45
..100
Preferred new..
84l2
42*4
e
3i2
85
Preferred
100
92
115
180
200
,
;
73
71
100
270
Johnson Tin FoilAMetal 100
•
24U
24*4
*2414
.....100
(Geo w) com.. 100
Conley Foil.
•
102i2 104 '<
108i2 109 if
......100
..
afety Car Heat a Lt. —100
(Set also Stock Exchange List)
120
33
100
1st preferred..
2d
n Y A Hob 5s May '46-j-D
Hob Fy 1st 5s 1946..M-N
gidiartea. s Ex-dlv. v Ex-rights,
will be found on a preceding page.
320
>
17
105
95
295
Pat A Pas Gas A Elec...100
16
"12"
100
rdted Copper
40
4
...100
com
Whitney pref—100
row
N Y A E R
10012
90
_
Mfg Co
Preferred
ratt &
120
B ANY 1st6s 1911.....J-J
And accrued dividend,
i an y,
ope
-
162
90
....
11
32
250
100
95
94
230
100
29
85
89
100
com
21
♦31
235
Preferred
94
50
215
38
72
9212
Pittsburgh Steel pref.. 100
...
.
'
31
67
*10*8
Tob.100
15is
74i2
78
*%
60
Preferred
Tobacco .Stocks
Porto-Riean-Amer
95"
100
preferred.
Reynolds (r j) Tobacco. 100
6% notes Sep 15'22MAS15
99
1st
Tobacco Products com.. 100
Western Power
101
e
lttsburgh Brewing
81
Utah Securities Corp... 100
100
Bo j Gas el a Trac
Pettibone-Mulllken Co 100
35i2
-
1st 5s 1921
a-o
j c Hob a Pat 4s '49 m-n
»
,100
—...
80
—...
230
Preferred
35
com
....
62
65
com. 100
St Joseph Gas 5s 1937...J-j
90
Stk e x list Standard Gas A El
Pub Serv Corp of n j—See
*7
(Del) 50
Tr otfs 6% perpetual
Preferred
1021s 103*4
60 **27
77
No Jer St 1st 4s 1948 m-n
7812 United Electric of N J—.100
80
72
73
Cons Tract of n j
100
1st g 4s 1949
j-D
78l2
100
1st 5s 1933
j-d
101
United Gas A Elec Corp. 100
37
>
102
103
New'k Pass Ry 5s '30.j-j
Preferred.—.
.100
73i2
100
*
83
2i2
100
Preferred
sNor Ohio Tr a Lt
Rapid Tran St Ry
«
'•160
167
73
»4i2
73 4
285
Oil
1
30*
100
v
..100
Pacific Gas A E
175,
312
Corp (w 1)
1
IH
100
"20 "
100
.......
100
Washington Oil
102
Preferred
...100
;
103
•Us
-20
388
384
*800
Standard Oil of n y—100
Standard Oil of Ohio...100
98
<
100
Standard Oil subsidiaries
92
Buff St Ry 1st con 5s '31 f-a
_—
1927—
Elizabeth Gas
Com'w'lth Pow Ry a l.100
Preferred
6s
y
e
(old)—100 1225
99
"98"
—100
..
,
55
116
100
Penn
164
80
315
Pipe Line Co..100
Refining
197
190
42
National Transit Co
10
n Wmsburgh a Flatbush—
.
lsit
142
192
**180
t——.100
Preferred
•*
.
84
178
Buffalo City Gas stock.. 100
Cities Service Co com... 100
1st
112
81
345
Bklyn Hgts 1st 5s 1941. a-o
Coney lsl <fc Bklyn
..100
1st cons g 4s 1948——j-j
Cob g 4s 1955
—j-j
BrkCANSs 1939—.. j-j
167
110
108
176
333
Preferred
109
138
100
Columbia Gas A Elec... 100
iternatlonal Silver pref. 100
1st 6b 1948
J-D
335"
.—'—100
50
51
120
100
Preferred
*4
•
115
Galena-Signal Oil com—100
136
Bay State Gas
104
3
Eureka Pipe Line Co.—100
65
333
90
102
—A-O / 49
101
329
Yonkers St rr 6s 1946. a-o
100
Salt.—.100
........
1st g 5s 1951
#146
Prairie Oil a Gas
com..
119
78
.100
Preferred
7
110
70
114
Northern Pipe Line Co.. 100
Ohio Oil Co——.
26 *134
Amer Power A Lt
6
117
1031*
77
102
Preferred
iternatlonal
41f
48
105
58
102
89
104
190
99
100
—..100
187
*75
*45l2
preferred
*55
320
Preferred
43
120
.100
oh.
129
Westchester 1st 5s '43.j-j
b b & w e 6s 1933
130
Indiana Pipe Line Co——60 *126
26 ♦ 40
Am Lt A Trac com
Atlan ave rr
115
New York Transit Co...100
15
95
100
36
80
3
J-J
100
com...
Crescent Pipe Line Co...50
Cumberland Pipe Line.. 100
Other CUtee.
Brooklyn
share
Per
15
100
M-N
locking Val Products—100
•
101
255
1930,
7612
70
7
97i2 100
m-s
6
1st 5s Nov
_.£1
Oil
15
70
Milling
1st 6s 1922
.
Oil
9
64
....100
1st g 5s June 1 1922—j-d /
ecker-Jones-Jewell
4
2
1
78
98
220
v
99
90
90
Preferred
Railroad Securities co—
Standard Oil Stocks
35,
80
80
1st g 5s 1961.
99U IOOI4
u"
30
100
Ingersoll-Rand
"■75h
86
100
preferred
32
Atlantic Refining
ul
83
1st preferred
65
25
Standard G L 1st 5s '30 M-N
•
105
100
Twenty-third St stock..100
Union Ry 1st 5s 1942 __f-a
18 & 29th Sts 5s '96 ctis a-o /
88
Anglo-American
100
Am, Gas A Elec com,... 50
Preferred
60
Tarry wp & m 6s '28—m-s / 75
65
Continental
Preferred
98
90
140
n Y A Richmond Gas.-100
North'n Un 1st 5s 1927.M-N
89*2 100
a-o
130
...100
65
110
2d
Havana Tobacco Co
Colonial
N Y A Q El L A Pow Co.100
1948 ctfs—f-a r
125
121
iNY Mutual Gas L
5s
117
100
80i2
101
100
Ref g 4s *52 op 1912.—j-j
lale a Kllburn com
100
,
10212
1st 6s ext at 6% to '40.m-s /
Ninth Avenue stock
100
150
Consol
15
40
95
20
106
13
*VA
101
42d St m & St n Ave
Second Avenue stock...100
9*8
17tf
100
10
200
'
list
X
51
111 c stk tr ctfs Ser a.
West Pac 1st 6s 1933-m-s
175
27
com .100
Preferred
103
•
83
IOOI4
119
10012 n Y A E r Gas 1st 5s *44 j-J
•
"26",
100
com
......100
General Chemical
99*4
130
77
,...100
Preferred
"Tri
1*8
22
Emerson-Bran tingham—100
♦57
11*4
3714
*
87*4
100
*27
York City
1st consol 5s 1948..... j-J
Preferred
Northern Securities Stubs..
New Amsterdam Gas—
310
89
98
95
100
70
..50
37
821|
141*
14U
125
99*4 100
64
i
34
80
100
"97lf ~mz
99
100
Preferred
Preferred
74
.100
com
—
Empire Steel a Iron
J-j
New
66
Pitts Bess a Lake Erie—60
'
e
62l2
t
a-o
avis-Daly Copper Co
10
duPont(ei) de Nem Pow 1.00
•
997| 1001s
Kings Co El L A P Co.100
Cent Un Gas 5s 1927
95
77
Electric, Gas A Power Cos
101l2
85
Preferred
e
23i2
*22lz
720
100 710
295
Borne-Scrymser Co..
100 285
162
Buckeye Pipe Line Co...50 ♦160
670
Chesebrougb Mfg Cons. 100 660
125
34
—100
Crucible Steel com.—.100
99*4 100
60
797|
100
98
31
72
88
—.
60
70
Continental Can
«
4.90
48
2d preferred
58
96
Heating
100
Rubber Tire—100
Debenture 4s 1951
9934 100
98*4 99*4
80
Car
97
94
100
100
95
4.90
80
com
Preferred
4.90
__100
....100
99
50
preferred
preferred
97
100
preferred
«
*86
Preferred
3
Consol
100
1st
80
100
...J-D
997S
ny Chic a St l 00m..100
2d preferred....
2d preferred
Consol
28
•
•
s
27i2
•
1st
Gluett,PeabodyA Co
Railroad
Chic a Alton com.....100
e Preferred
,.100
Chic St p m a Om——100
e
Preferred
99
Missouri Pacific 6s 1914. j-d
92
n y c Lines eq 6s 1913-22 b 5.20
m-n
e
89
e
1st
88
Weat Penn TrAWatPow 100
101
90
1
.
Preferred
971*
99*4
Ry a Lt 6s 1912—m-s f 85
Lake Sh a Mich So
99*4
4i2s.t4
Michigan Central 412s. 1914
995S
Atk
*86
4s .1951.
10
....
80
Inter
Preferred
10i2
367j
70
Int a Gt Nor 5a
k c
•
Preferred,.........100
.100
Wash Ry A El Co.
Preferred
100i2 10212
stock—100
1st mtge 6s 1922
m-n
Cen PkN AERRstock.100
76
.....100
preferred
85
Claflin (h b) Co com.. 100
99U
96i2
j-j
•
Inactive and Unlisted Securities
28
80
111
6% notes Oct'17—See n y Stk E
31,371
133
23
99*4
99*4
e
Total
128
—100
993s
HOLI DAY
..........
Friday
763
2,035
1,768
2,895
2,119
$28,000
22,100
4,784
7,562
9,391
10,354
4,309
7,507
9,982
......
Tuesday
Bond
Shares.
100
—100
Hocking Valley 4MsT4M-n
5a Apr 21 1914 —a-021
n y n h a Hartf 5s '13.j-d
Unlisted
90
Celluloid Co.......
1914
61
49
120
list.
•
11412 HSU
105
1061B
*2*8
2u
87
City Investing Co
4ha
125
285
110
99i2
Cent
81
115
280
100
98
4k« Jan 1914-1925...j-j b 5.20
4j*s Jan 1914-1927
j^j b 5.20
Week ending
'
99
a-o
uj
15
"78"
.100
Preferred
;
60
Casualty Co of America. 100
95
IOOI4
1
8
50
Preferred
99
93
100
41!
100
—
Coll 5a April 1 1915..a-o
97l2
Gen'l Motor8 6s '15—See NY StkEx
412s 1915
:
Preferred
list.
98U
April 8 1914..a-08
n y Cent 4hs 1914
Boston.
68 1939
$352,000
AND PHILADELPHIA
THE BOSTON
EXCHANGES.
AT
69l2
g
British Col Copper Co——5
Brown Shoe com..
100
$455,601,520
$6,605,500
$4,958,000
Deb
Borden's Cond Milk com.100
$1,693,720
26,862,700
427,045,100
$5,000
228,500
6,372,000
$1,000
852,000
4,605,000
bonds
Preferred
99*8 99*4
99*4 100
$6,323,287,690 $10,682,328,325
$148,800
$724,400
$6,800
Amer
Ex
76,242,835
600,994!
1,183,766
$44,040,850 $106,217,500
Stocks—No. shares--.
98
50
118
Chea a Ohio 4)4s 1914.. j-d
ChicElevRys 5s 1914... j-j
1913.
1912.
93
40
112
Bklyn Rap Tr—See ny Stk
Slock
1913.
m-n
Amer Writing Paper
100
Barney a Smith Car com 100
Thread
Balto a Ohio 5s
Jan. 1 to Nov. 28.
Week ending Nov. 23.
Sales at
Exchange.
90
American
105
Erie 6a
New
43
93
72
87,000
1,022,000
9,212,850
103,097
.....—
41
100
60
Short-Term Notes
55,500
Typefounders com.100
Surety
Deb 4s 1923...,.——f-a
x;eie
• Pac
Telep A Telegu^
Southern A1 Atlantic,
128,000
HOLI DAY
——
Friday
$16,500
65,000
$467,000
738,000
1,267,000
1,111,000
$4,507,700
5,039,800
17,772,275
7,508,225
62,322
57,603
199,169
88,803
...
....
167
*4
American
4 latlantlpji
>,jnw uoM;rxi
Pacific
71
162
110
64
-
69
60
pref—.6
104
100
80
9912 1001|
Fdy 6s 1935.a-o
100
76i2
Bonds.
Week ending
Nov. 28
Steel
Am
Alt
Bid
Indust and Miscell—(c'on)
62
50ia
EXCHANGE
STOCK
YORK
As*
Bid
Volume of business at Stock Exchanges
New itock. «
In; record o!
»
'
Ex*]
NOT. 29
CHRONICLE
THE
1913.]
Hailtaad Intelligence.
Investment and
%
1577
RAILROAD
EARNINGS.
GROSS
which regular weekly or monthly returns
the gross earnings for the latest week or month, and the last two
including the latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period.
The returns of the electric railways are brought together separately on a subsequent^page.
The
following table shows the gross earnings of every STEAM railroad from
be obtained.
1 he first two columns of figures give
columns the earnings for the period from July 1 to and
Oan
,'
■
\
Latest Gross
Week
ROADS,
or
Month.
VicksShrev&Pac
Atch Topeka & 8 Fe
Atlanta Birm & Atl
Chariest & W Car September
Lou Hend & St L September
Baltimore <fc Ohio_ October...
B & O Ch Ter RR Septe nber
Bangor & Aroostook September
Bessemer & Lake E September
Birmingham South. September
•
October.
Bo6ton & Ma, no
Buff Roch & Pittsb 3d wk Nov
(
,
September
Canadian Northern. 3d 'wk Nov
Buffalo <fc Suso
3d wk Nov
Canadian Pacific
Central of Georgia.
Central of New Jer.
Cent New Eng....
Central Vermont...
Chas & Ohio Lines.
•
September
September
September
September
3d wk Nov
3d wk Nov
Chicago & Alton
Chic Burl & Quincy September
p Chic Great West* 2d wk Nov
Chic Ind & Louisv. 3d wk Nov
Chic Milw & St P. 1
Chic Mil &
•Chic & Nortl
September
j Cornwall & Lebanon
Cuba
Railroad
Delaware & Hudson
Del Lack & West-
i
v
Denv & Rio Grande
Western Pacific..
!
'
Denver & Salt Lake
Detroit Tol & Iront
LDetroit & Mackinac
September
September
September
September
September
September
1 Paso & Sou West
rie
onda Johns & Glov
lorida East Coast.
:
Georgia Railroad:..
1
Grand Trunk Pac__ 1st wk Nov
; Grand Trunk Syst. 3d wk Nov
Grand Trk West. 2d wk Nov
Det Gr Hav & M 2d wk Nov
:f
Canada Atlantic. 2d wk Nov
>
Great North System October
i
Gulf & Ship Island- September
Hocking Valley.... September
October...
Illinois Central
Internat & Grt Nor 3d wk Nov
a Interoceanic Mex. 3d wk Nov
Kanawha & Mich.. September
Kansas City South. October
October...
Lehigh Valley
Louisiana & Arkan. September
(8 Louisv & Nashv.- 3d wk Nov
Macon & Birm'ham October...
September
,Maine Central
Maryland &" Penna. September
Mexican Railways 2d wk Nov
3d wk Nov
'Mineral Range
;Minn & St Louis.. 1 3d wk Nov
a
f'
61,940
57,138
1,161,538 1,006,677
676,368
671,659
5,462,035 5,443,706
87,186
85,346
255,129
279,786
255,474
292,795
254,367
1,080,010 1,053", 798
137,395
129,292
58,398
56,130
51,146
43,146
8,975,631 8,737,612
156,409
183,894
698,783
801,990
6,032,705 5,932,490
279,000
235,000
172,074
164,884
285,831
301,487
953,987
924,972
3,875,426 3,947,468
134.780
117,549
1,278,480 1,218,120
17,898
17,294
1,069,774 1,035,848
49,237
56.841
172,000
188.600
15,068
5,524
229,007
203.147
Iowa Central.../
Minn StP& S SMj
Chicago Division j
Mississippi Central.
ii Mo Kan & Texas.
t Missouri Pacific.
Nashv Chatt & St L
a Nat Rys of Mex.f
Nevada-Cal-Oregon
New Orl Great Nor.
N O Mobile & Chic
iNYC & Hud Riv.
Lake Shore & M S
n Lake Erie & W_
Chic Ind & South
Michigan Central
Clev C C & St L.
.
s
2,642,406 2,455,841
164,313
142,957
110,346
124,026
9,337,971 9,408,363
152,386
152,830
322.658
256,306
869,901
1,010,088
94,267
106,232
4,351,379 4,516,480
240,911
233,738
195,972
203,348
608.000
561,500
3,119,000 2,704,000
1,239,962 1,163,021
2,681,060 2.666,579
340,246
348,683
380,673
380,795
725,813
733,120
312,421
306,730
8,972,118 8,608,310
320.430
308,111
138,947
135,167
8,675,621 8,604,271
7.431,274
466,010
7,361,393
352,772
306.474
35,105,890
472,319
725,138
2,941,538
273,037
17,740,2'/
4,706,971
36,817,789
462,178
765,572
3,138,698
336,856
17,552,472
5,114,546
617,650
10,307,500
59,388,604
3,248,044
8,382,572
929,890
1,142,327
14,495,673
6,497,725
25,786,645
5,752,060
2,932,435
24,286,751
400.161
604,452
9,359,500
57,401,848
3,379,964
8,554.873
975.938
1,132,497
14,020,987
6,579,560
24,392,218
5,493,805
2,900,260
24,109,095
8,523,493 8,431,908 32,410,738 31,134.964
6,242,121
1,856,241 1,807,987 6,551,421
475,864
522,500
196.741
175,825
2,785,745
930.970
937,867 2,782.995
564,129
500,326
201.599
246,611
6,133,935
3d wk Nov
6,000,054
286.800
362,981
61,752
50,985
16.290
19.638
September
90,357
109,116
30,545
25,780
September
967,762
1,025,312
324,060
340,252
September
6,363,525
September 2,106,778 2,030,133 6,473,895
September 3,602,292 3,453.987 10,788,120 10,281,192
3d wk Nov
526,000 10,629,629 10,744,339
501,200
2,669,259
3d wk Nov
135,000
132,000 2,930,401
502,934
533,610
1st wk Nov
18,569
20,030
438.080
408,279
126,086
158,329
September
513,621
502,172
3d wk Nov
21,131
24,005
3,097,650
968,255 3,378,560
September 1,003,378
ul & Iron Range.,
ul Sou Shore & Atl 3d wk Nov
lgin Joliet & East
Peorla & Eastern
Cincinnati North
Pitts & Lake Erie
N Y Chic & St L.
Tol & Ohio Cent.
Tot all lines above
NYNH& Hartf—
3d wk Nov
September
3d wk Nov
3d wk Nov
September
3d wk Nov
2d wk Nov
September
September
September
September
September
September
September
September
September
September
September
September
September
September
September
1.409,910
1,502,053
3,248,318
3,402,056
1,982,248
2,047,293
16,651,290 16,566,954
287,542
287,019
780,907
846,628
772,862
765,607
2,989,443
23,335,690 22,449,618
2,710,879
2,796,519
967,692
1,003,001
953,230
954,491
32,054,327 29,640,545
492,116
550,671
2,153.274
2,316,678
22,942,779 22,172,703
5,095,875
4,428,948
3,372,879
3,460,452
903.162
917,541
3,533,050 3,634,434
14,581,420 15,337,040
401,600
423,717
24,828,470 23,317,004
58,622
51,747
3,071,847
3,126,636
134,548
150,032
3,117,600
3,728,500
332,295
131,099
4,107,747
4,029,154
Norfolk Southern.
September
Norfolk & Western. September
_
Northern Pacific.
Northwestern
276,968
254,561
82,940
752,745 13,709,851 13,581,641
1,290,000 1,342,000 25,392,548 25,843,082
3,221.591
1,055,938 1,079,099 3,133,881
607,806 1,283,666 13.286,030 25,088.056
196,054
180,140
8,587
9,648
429,218
478,669
128,748
156,772
561,204
544.394
185,315
180,008
10825 397110071299 31,560,165 29,471,234
5,072,714 4,806,207 15.168.264 14,322.853
1,587,764
1,599,050
566,201
556,516
1,011,838
1,032,861
356,661
350,566
8,520,106
9,193,734
3,169,868 2,901,688
8,797,049
9,348,331
3,086,916 3,019,534
932,9541
897,276
328,613
310,526
375,328
394,814
130,889
143,437
5.055.693
5,213,646
1,705,509 1,613,761
2.982.694
1,033,518 1,067,527 3.012,981
1,483,571
1,764,365
493,236
601,889
26856856 25355616 79,185,487 74,541,084
6,078.438 5,985,231 17,956,727 18,149,190
_
September
_
Pac. September
September
Pennsylvania RR._ September
Bait Ches & Atl__ September
Cumberland Vail
September
Pacific Coast Co
.
September
Long Island
Mary I'd Del& Va September
N Y Phila & Norf September
Northern Central September
Phila Bait & Wash September
W Jersey & Seasb September
September
Pennsylvania Co
Grand Rap & Ind September
Pitts C C & St L. September
Vandalia
September
Total Lines—
September
East Pitts & E
West Pitts & E__ September
All East & West September
Pere
September
Marquette.
Reading Co—
Phila & Reading. September
Coal & Iron Co
September
Total both cos
September
Rich Fred & Potom September
Rio Grande June.
August
__
Rio Grande South..
Rock Island Lines.
_
Rutland
St Jos & Grand Isl_
St L Iron Mt & So__
St L
Rocky Mt & P
St Louis & San Fran
f Chic & East 111.
Total all lines...
id
week Sept
week Sept
San Ped L A & S L.
Seaboard Air Line
Southern Pacific
Southern Railway..
Mobile & Ohio.*
cm N O & Tex P.
Ala Great South-
Georgia Sou & Fla
Spok Portl & Seattle
Tenn Ala & Georgia
jth week Sept
fst week Oct
id
id
week Oct
week Oct
40 roads)
39 roads)
Current
Precious
Year.
Year.
41 roads'*
41
roads)
39 roads)
[«t week Nov
42 roads)
36 roads)
week Nov
week Nov
(33 roads)
Ith week Oct
id
Jd
a
41
roads)
Tennessee
Central-
$
—554,950
—204,611
+1.045,126
+160.304
—264,281
—412.759
—1,166,510
—81,204
—676,159
—224,730
301,557
958.4S9
2,824,551
900,055
864,856
11,133,546
18,562,670
1,170,813
2,207,438
45,742.374
880,842
279,037
4,060,679 3,677,874 11,839,884
7,156,454 6.776,765 19,242,713
362,795 I
362,509
1,203,239
660,943 '
712,808
2,130,181
16390 336 15278578 48,824,487
143,862
126,206
37,992 I
30,009
900,171
862,400
315,674 I
307,558
1,152,335 1,065,819 4,055,122 3,647,598
57,773
58,432
16,510 I
16,905
1,081,842
995,996
312,557
298,160
1,227,281! 1,156,913 3,510,509 3,337,620
1,846,669 1,814,215 5,516,684 5,517,087
616,531
611,437 2,510,983 2,481,069
6,125,017 5,798,867 18,632,176 18,021,524
1,602,078
1,542,219
545,013
522,104
4,060,778 3,892,685 11,865,831 11,418,679
2,882,777
1,072,113 1,021,957 3,085,129
23230 990 22142120 70,789,668 67,563,609
12029 210 11447 99S 35,844,757 34,468,595
35260 202 33590120 106634427 102032 206
1,486,184 1,530,846
4,508,749
4,324,976
•
7,422,377
28,541'
563,195,
.
__
1,640,718
35,006,002
440,940
1,883,150'
2,384,308
705,626
519,502
2,866,807 3,014,985 11,247,245 11,464,839
1,926,863
2,221,791
739,469
681,634
Western Maryland. September
3,046,8311
3,236,351
857,288
808,631
Wheel & Lake Erie. October
125,038'
121,728
36,407
48,354
Wrightsv & Tennille October
3,882,600 3,376,991
' 1,176,562 1,043,481
Yazoo & Miss Vail. October
Virginian.
October
Wabash..
October
-
„
Period.
Various Fiscal Years.
Jan
Delaware & Hudson*
N Y Central & Hudson River.e. Jan
Lake Shore & Michigan South Jan
to
to
to
Jan
to
Chicago Indiana & Southern- Jan
Jan
Michigan Central,
Jan
Cleve Cin Chic & St Louis
to
Jan
to
Jan
Jan
Pittsburgh & Lake Erie
New York Chicago & St Louis Jan
Jan
Toledo & Ohio Central.
Jan
Total all lines.......
—
to
Jan
Pennsylvania Railroad
Baltimore Chesap & Atlantic- Jan
Jan
Cumberland Valley.
'
to
Jan
to
Jan
Jan
to
Jan
Philadelphia Bah< & Wash... Jan
Jan
West Jersey & Seashore
Jan
Pennsylvania Company
to
Lake Erie & Western.n
•
Peoria & Eastern
Cincinnati Northern
Long Island..
Maryland DelawareA Virginia
/
N Y Philadelphia &
Norfolk.
Northern Central--
Jan
Indiana
Pitts Cincfn Chic & St Louis. Jan
Grand Rapids &
.
Jan
Vandalia
Total lines—East Pitts & Erie Jan
*
.
Rio
—West Pitts & Erie Jan
—All lines E & W_ Jan
Dec
Grande Junction
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
Sept
Aug
Sept
Current
Previous
Year.
Year.
y
18,165,367 16,472,538
87,422,402 79,943,107
30'41,202,619 39,368,773
301 4,475,306
4,241,324
30! 3,230,289
3,037,630
30,26,898,871 23,757,499
30 25,312,203 23,491,865
30
2,542,355 2,439,401
30
992,083
1,009,846
30 15,162,472 13,126,129
30
9,137,158 8,709,965
30
4,493,135 3,902,627
30 223886661 203010403
30
30
30
30
30
30
30
138077908
272,686
2,664,562
9,428,419
118,091
2,993,296
10,011,337
30 15,842,962
30
5,157,700
30 49,754.825
30
4,181,600
30 33,031,031
30
8,360,533
30
127772490
238,879
2,396,704
8,565,665
107,320
2,'092,141
9,348.222
15,019,684
5,171,906
45,521,246
4,037,937
31,677,059
7,702,486
182480615
195467011
30 97,174.559 90,609,025
30 292641570 273089639
31
30
703,483
2,784,339
688.651
2,647,380
and Monthly.
Monthly Summaries.
%
to
Jan
Rutland
Current
Year.
Previous
Year.
Cur. Yr. Prev. Yr.
-..235,607
232,179 246,663,737 208,535,060
February..-240,986
237,756 232,726,241 218,336,929
March
240,510
237,295 249,230,551 238,634,712
April
240,740 236,515 245,170,143 220,981.373
May
239,445
236,619 263,496,033 232.879,970
June
230,074
227,242 259.703,994 242,830,546
July
208,084
203,773 235,849,764 223.813.526
August
219,492
216,709 259,835,029 255,493,023
September
242,097
239,050 285,050,042 275,244,811
October
91,229
89,094 89,855,833 88,489,123
Increase
or
Decrease.
%
I
3
Mileage.
3.52
1.29
5.08
1.01
1.50
2.41
4.58
0.53
4.12
1.44
January
+38,128,677
14,389,312
10,595,839
+24,188.770
+30,616,063
+
+
+
16,873,448
+ 12,036,238
+4,342.006
+9,805,231
+ 1,366,710
Cripple Creek District Railway from Nov. 1 1911. • Includes the Boe-'
the Ottawa & New York Railway, the latter of which, being a Canadian
Includes Evansville & Terre Haute and Evansville & Indiana RR. g In¬
Ohio RR. p Includes earnings of Mason City & Ft. Dodge and
& Cincinnati, t Includes the Mexican International.*' u Included
Wichita Falls Lines in 1912, beginning Nov. 1. t Includes not only operating revenues, but also all othif,
foad, does not make returns to the Inter-State Commerce Commission,
f
cludes the Cleveland Lorain & Wheeling Ry. in both years,
n Includes the Northern
Wisconsin Minnesota & Pacific,
s Includes, Louisville & Atlantic and the Frankfort
the Texas Central in both years and the
receipts,
g Includes St. Louis Iron_Mountaia
2.792.987
3d wk Nov
474,346
452,970 7,526,996
21,620
8,718
West- September
7,646
559,325
24,628
25,040
Toledo Peor & West 3d wk Nov
1,928,203
102,315
99,624
Toledo St L & West 3d wk Nov
10354,504 9,687,569 35,970,103
Union Pacific Syst. October*
501,288
172.243
139,715
Virginia & So West September
b Does not include earnings of Colorado Springs &
the New York & Ottawa, the St. Lawrence & Adirondack and
Mexican currency,
ton & Albany,
*.
24,282,094
15,335,437.
/16,313,257
15,385,727
15,656,692
15.809,546
20,520,726
15,875,520
16,875,143
17,075,961
25,448,604
15,416,641
16,989,416
15,610,457
Increase or
Decrease.
$
822,887
4,222.694
328,314 12,478.486 12,730,669
2,335,159 3,354,600 6,537,624 9,807,840
6,557,85717,682,913 19,016,108 22,538,507
659,087
663,283
211,855! 203,243
182,620
177,986
94,470
98,344
249,580
2d wk Nov
280,162
15,129
13,570
September 6,166.896 6,338,015 18,286,270 18,670,284
1,030,094
361,350
1,072,594
344,613
September
451,743
437,679
125,786
144,203
September
September 2,769,905 2,713,691 8,293,733 8 <494,321
470.439
547,212
193,955
165,170
September
September 3,993,067 4,045,848 12,125,770 11,463,940
September 1,466,305 1,386,943 41288,063 4,132,373
September 5,459,372 ,5432,791 16,413,833 15,596,313
3d wk Nov
300,000
292,000 5,340,254 5,426,288
845,422
826,285 2,581.765 2,490,338
September
2d wk Nov
511,195
483,440 -8,756,129 8,407,652
13512,897 13915,714 50,276,307 50,845,185
October.
3d wk Nov 1,430,037 1,401,490 27,984,400 27,208.799
254,390
5,103,605 4,788,092
3d wk,Nov
243,074
196,035 4,182,957 3,903,765
3d wk Nov
218,663
1,982,451
3d wk Nov
108,567
98,594 2,138,393
906.558
937,390
2d wk Nov
52,568
51,792
1,398,428
1,421,550
457,145
480,562
September
51,395
38,602
2d wk Nov
2,340
2,753
413,904
443,019
147,467
138,434
September
Tidewater &
'
21,565.852
16,035,827
16,610,832
16,663,202
Year.
Texas & Pacific
-
15,101,742
15,604,935
41 roads)
Previous
Year.
•
St Louis Southwest.
95,089
737.762
$
2d
Current
5
830.533
331,003 |
275,628 !
NYOntfc West... September
Y Susq & West.. September
AGGREGATES OF GROSS EARNINGS—Weekly
Weekly Summaries.
Year."
Year.
N
673,176 13,527,639 13,232,867
727,602
Previous
Current
%
September
September
September
Cornwall
;
July J. to Latest Date
Qross Earnings.
or
Month.
Year.
October
Southern.
Week
ROADS.
Previous
\Year.
FugSJ
West October
pChicStPauL
&0.
Chic Terre H'&SE
Cin Ham & Dayton
Colorado Midland,
b Colo &
Year.
354,122
175.740
161,233
42,096
Atlantic Coast Line September
•
Previous
Year.
336.837
1,268,189
1,399,373
October
175,509
632,842
622,499
October
566.782
607,306
153,818
2d wk Nov
43,042
923,235
884,498
10368555 11363806 33.984.263 39,979,231
October...
803,911
766,927
287,091
262,275
September
Ala & Vicksburg.
a
Current
Current
$
Ala N O Sc Tex PacN O & Nor East_ October
Ann Arbor
Latest
Juiy 1 to Latest Date.
Earnings.
& Southern^
,
,
«■
-
Latest Gross Earnings by Weeks.—In the table
follows
CHRONICLE
THE
1578,
which
separately the earnings for the third week
of November.
The table covers 33 roads and shows 1.44%
decrease in the aggregate under the same week last year.
we sum
up
[VdL.
k For October 1913 additional income showed a debit of
$10,978, against
of $1,402 in 1912, and for the
period fron July 1 to Oct. 31 was
debit of $18,114 in 1912, against a debit of $20,369 last year.
debit
a
a
Interest Charges and Surplus.
-Bal. of Net Earns.Current
Previous
-Int., Rentals, &c.—
Current
Third week of November.
1913.
1912.
Increase.
$
$
Decrease.
Roads.
v
Alabama Great Southern—
Buffalo Rochester & Pittsburgh
—
Canadian Northern
Canadian Pacific
Chesapeake & Ohio.
Chicago & Alton
Chicago Ind & Louisville
!__
—_
Cine New Orl & Texas Pac
Colorado & Southern
Denver <fc Rio Grande
Western Pacific
Detroit & Mackinac
24,005
Dul South Shore & Atlantic—
Grand Trunk of Canada
Grand Trunk Western
61.940
1,080,010
1,053,798
—
Minneapolis & St Louis
Iowa
•.
135.000
Detroit Gr Hav & Milw
Canada Atlantic
Internat & Great Northern—__
Interoceanic of Mexico—
Louisville & Nashville.
Mineral Range
5,524
203,147
870,424
1,824,102
6,262,517
Southern
,
rs-
2221,353
2788,809
1,970,3
6,683,3
Oct
228,480
849,495
205,761
767,182
347,880
855,362
426.881
1,014,974
Oct
294,406
1,157,817
282,688
1,131,170
286,330
2518,554
2323,394
2783,917
July 1 to Oct 31
Colorado &
5
-
3,403,837
Chic St P Minn & O.
July 1 to Oct 31..
INDUSTRIAL COMPANIES.
Keystone Telephone
Jan
1
44,000
7,190
2
After
to
Oct
145,100
1,306,742
Oct <:
31
>
•132,380
1,183,222
24,833
1,214,043
def28,390
532,465
25,868
254,834
25,256
251,555
25,358
261,504
247,144
29,187
28,105
Oct
25,894
24,468
9,040
;
allowing for other income received.
60,360
9,544
25,860
$
Chicago & North West..Oct
953,319
July 1 to Oct 31——— 3,515,281
*
Atlantic Gulf & West Indies
SS Lines (sub cos)
Sept
Jan 1 to Sept 30
2,874
4,802
673,176
752,745
1,342,000
243,074
1,283,666
292,000
1,401,490
452,970
25,040
99,624
~2",69l
15,385,727 15,610,457
722,878
727,602
737.762
1,290,000
254,390
607,806
_
300,000
1,430,037
474,346
24,628
102,315
....
Toledo Peoria Ac Western......
Toledo St Louis & Western.
Total (33 roads)
Net decrease (1.44%
For the second week of November
41 roads and shows
ELECTRIC RAILWAY AND TRACTION COMPANIES
our
54,426
675",860
Current
or
Month.
Previous
Year.
Year.
28,547
$
21.376
412
947,608
224,730
final statement
cov¬
.
.
Increase. Decrease.
1912.
$
$
390,422 1,081,547
.
_
946
26,346
j.
12,319
"3", 040
776
16,600
,12,152
27,755
16,313,257 16,989,416
American Rys Co
Atlantic Shore Ry
October
Current
Previous
Year.
447,872 1,124,031'
676.169
BeltLRy Corp (NYC)
Berkshire Street Ry.
Brazilian Trac, L & P
Brock & Plym St Ry.
Bklyn Rap Tran Syst
Cape Breton Elec Ry
Chattanooga Ry & Lt
$
450,659
25,420
October
Aur Elgin & Ch Ry. September
Bangor Ry & Elec Co October
Baton Rouge Elec Co September
C
Arbor
Total (41 roads).
Net decrease (4.12%)
Week
Year.
"8", 666
$
$
14,844.695 15,535,820
.42,096
43,042
Chicago & Alton
291,595
317,941
Chicago Great Western
320,430
308,111
Duluth South Shore & Atlantic57,701
60,741
Georgia Southern & Florida
52,568
51,792
Mexican Railway
188,600
172,000
Mineral Range
16,529
4,377
Seaboard Air Line
511,195
483,440
Previously reported (33 roads).
Jan. 1 to latest date.
Name of
Road.
4.12% decrease in the aggregate under
1913.
Latest Gross Earnings.
14,983
52.000
11,316
week last year.
Second week of November.
Ann
Oct
Year.
Year.
.
2248,886
2918.683
24,800
3,000
$
W",
/
Mobile & Ohio..
National Railways of Mexico.
St Louis Southwestern
Southern Railway
Texas & Pacific
same
•
183,848
716.446
"76,181
279,000
172,074
1,218.120
15,068
229,007
235,000
164,884
1,278,480
Missouri Kansas & Texas
Missouri Pacific....
the
26,212
■
181,236
730,126
■
Minneapolis St Paul & S S M._
ers
22,628
.■■■,.
Northern Cal Power
\
Central
7,307
5,691
3,780
138,947
196,035
362,981
526.000
132,000
21,131
57,138
,
Previous
Year.
Year.
Buffalo Roch & Pitts
July 1 to Oct 31
7,973
7,173
46,500
415,000
98,594
233,738
561,500
2,704.000
733,120
312,421
106,567
240,911
608,000
3,119,000
725,813
306,730
135,167
218,663
286,800
501,200
.
xcvii.
182,597
68.454
14.257
August
September
$
.
$
417,286
4,324,888
4,035.438
29,274
182,851
62,964
323,510
314,388
1,436,290
588,014
107,186
431,577
1.507.509
633,070
116,233
11.432
65,012
57,094
501,624
91.591
88.256
1988,398 1770,187 19,578',162 16.954,854
September
12.091
11.711
99,729
94,515
August
2285,878 2251,548 16,644,210 16,223,584
September
32,516
34,364
273,138
260,093
October
99,358
99.580
1,007,520
877,927
Cleve Painesv & East September
43.185
40,240
326.711
305.602
Cleve Southw & Col- September
114,659
109,713
'939,426
877,712
Columbus (Ga) El Co September
50.685
438.496
45,477
395,484
Coney Isl'd & Bklyn. August
191,584
183,008
1,178,819 1,103,253
Connecticut Co
September
694.281
680,273
Dallas Electric Corp. September
180.066
147,473
1,564,357
1,280,842
Detroit United Ry_. 4th wk Oct
303.702
303,352 10.694,292
9,615,808
DDEB& Batt (rec) August
49.816
51,545
402,436
415,089
Duluth-Superior Trac October
110,047
73,835 1,056,565
883,426
East St Louis & Sub- September
238.547
217.962
1,967,928
1,773,136
El Paso'Electric Cos. September
73.685
70.434
643,838
566,052
42d St M & St N Ave August
157,748
154,371
1,249,254
1,172,400
Galv-Houst Elec Co. September
200.183
184.899
1,764.481
1,487,741
Grand Rapids Ry Co September
107,960
109,592
967,498
924,265
Harrisburg Railways. October
82,211
74,249
825,741
763,006
Havana El Ry, L & P
Wk Nov 23
(Railway Dept)
53,090
49,083 2,531,880 2,296,934
-
October
...
,
—
Net
Earnings Monthly to Latest Dates.—The table
following shows the gross and net earnings i of STEAM rail¬
roads and industrial companies reported this week:
-Gross
Roads.
-Net Earnings——
Previous
Earnings
Current
Previous
Current
Year.
Year.
Year.
Year.
Atch Top & S Fe.b.—OctlO.368,555
July 1 to Oct 31
38,984,263
11,363,806 ;3.757,430 ;4,041 ,741
39,979,231 jl3,394,454 jl3,793 ,737
Boston & Maine. b_—Oct 4,351,379
July 1 to Oct 31.. —-.17,552,472
4,516,480
17,740,297
985,155
4,397,194
1,190 ,977
5,290 ,056
Brazil Ry..
£206,030
Sept £256,000
Jan 1 to Sept 30—.£2,072,334 £1,906,535
£101,000
£749,000
£824 ,282
Buffalo Roch & Pitts..b.Oct
—
1,140,411
4,344,443
1,053,603
3,920,424
354,801
1,388,538
.319 ,866
1,242 ,193
Oct 2,687,100
to Oct 31..'
July 1
Canadian Northern
£79 ,071
8,435,600
2,351,200
7,598,200
1,004,100
2,451,900
705 ,300
1,994 ,200
Central of Georgia.b__..Oct 1,605,613
July 1 to Oct 31—4,853,658
1,443,301
4,823,265
c615,815
cl,286,446
c538 *787
cl,432 ,625
Chic & North West.a—-Oct 8,523,493
July 1 to Oct 31
32,410,738
8,431,908
31,134,964
2,759,421
9,777,798
2,840 ,788
10,087 ,231
1,856,241
6,551,421
1,807,987
6,242,121
576,360
1,704,857
632 ,642
1,782 ,156
Southern.b.Oct 1,273,179
to Oct 31
5,184,023
1,528,349
5,960,437
339,431
1,474,738
570 ,731
July %
to Oct 31
—
Chic St P M & O.a
July 1
to Oct
Colorado &
July 1
Oct
31-
Detroit & Mackinac.a—Oct
July 1 to Oct 31—
114,708
445,076
Fairchild & Northeast b Oct
2,626
9,992
—
July 1 to Oct 31
..
......
Minneap & St Louis.a—Oct
939,984
July 1 to Oct 31.
3,406,963
Southern
Pacific.a
July 1 to Oct 31
Union Pacific.a
July 1
to Oct 31
—
—
—Oct
705,626
—
—
Wrightsv & Tennille.b—Octto Oct 31
220 ,252
291,618
873,608.
"283 ,118
48,354
121,728
36,407.
105,038.
25,247
44,816
sidiary companies)
May 1 to Oct 31
Sept
Oct
a
Earnings
201,596
1,125,422
1,533,310
1,316,863
14,762,880 13,263,306
Northern Cal Power.a—Oct
fe
Net
240,288
1,308,663
31
Net earnings here given
...
.«
,
...
*
,
...
_T
—
Year.
Previous
Year.
169,933
2,520,785
103,990
1,715,687
1,050,752
103,798
1,005,616
51,226
516,338
51,150
498,699
79,223
71,517
53,655
37,145
106,335
are
_
,
__
Earnings-
450,674
2,531,489
Keystone Telephone.a.-Oct
to
11 ,848
21 ,075
COMPANIES.
510,237
2,796,241
...
30
1,060 ,483
•'
Current
(sub¬
Oct
Atlantic Gulf & West Indies
SS Lines (sub cos)
Sept
761 ,128
51,227
49.372
460,508
414,473
22,596
28,410
228,103
*232,122
273,911
268,177 2,452,128 2,374,237
654,338
5.725.952
644,742
5,416.142
Interboro Rap Tran. October
2854,893 2919,937 26,902,926 26,358,288
Jacksonville Trac Co September
55,357
49,956
499,240
449,080
Lake Shore Elec Ry
September
133,404
125.742
1,075,872
998,520
Lehigh Valley Transit October
145.647
126.735
1,396,444
1,209,684
Lewis Aug & Waterv. September
64,139
62.006
523,706
471.229
Long Island Electric. August
30.817
28,473
172,517
152,912
Milw El Ry & Lt Co. September
495,763
475,412
4,448,742 4,181,920
Milw Lt Ht & Tr Co. September
125.043
138,878
1,086,338
941.527
Monongahela Val Tr. October
87,393
77,837
788,832
705,450
Nashville Ry & Light August
178.431
166,000
1,428,262
1,335.088
N Y City Interboro— August
;
53,268
37,677
401,019
288,901
N Y & Long Isl Trac. August
44,162
41,041
278,070
260,626
NY & North Shore- August
17,225
1'5,645
108,762
101,612
NY & Queens Co.— August
133,075
130,458
938,938
890,721
New York Railways. September
1214,05.1 1169,395 10,571,601 10*281,135
N Y Westches & Bos. September
34,480
22,098
N Y & Stamford Ry. September
32.686
33,446
Northam Easton & W September
142 ,527
17.047
16,601
136,181
North Ohio Trac & Lt September
289,022
268,073
2,444 ,698
2,247,866
North Texas Elec Co September
172.014
160.275
1,548 ,124
1,249.111
Northw Pennsylv Ry September
282 ,285
31,844
31,529
258.719
Ocean Electric (L I). August
122 ,065
36,644
34,100
112,914
Paducah Tr & Lt Co. September
213 ,949
23,499
24,843
208,465
Pensacola Electric Co September
211 ,371
23,307
23,815
212,272
Phila Rap, Trans Co. October
2113,530 2093,814 20,080 ,572119,208,775
Port (Ore) Ry L& PCo October
574,524
565,839 5,540 .021 ( 5,484,589
798 ,715
90,286
Portland (Me) RR__ September
87,997
748,873
Puget Sd Tr, L & P.. September
717.282
684,221
6,325 ,792 6,162,522
Rhode Island Co..
September
454,747
458,383
Richmond Lt & RR- June
38.720
41,578
174,625
167,368
St Joseph (Mo) Ry ,Lt,
Heat & Power Co. October
103,814
103,953
1,023,979
968,178
Santiago Elec lit & Tr October
38,451
35,036
378,986
334,799
Savannah Elect Co.. September
67,291
62,783
611,986
551,283
Second Avenue (Rec) August
97,215
92,272
700,405
648,382
Southern Boulevard. August
20.048
15,199
137,201
95,553
Staten Isl'd Midland- June
31.424
34,312
131,929
123,340
73.362
612.092
Tampa Electric Co.. September
62,989
559,252
Third Avenue ...—■ August
344,293 324,046 2,700,731 2,539,722
Twin City Rap Tran. 3d wk Nov
175,742
7,856,038 .7,271,349
165.743
Underground Elec Ry of London
London Elec Ry_. Wk Nov 15 ~£15,170
£624, 925
£14,860
£623,785
£596, 222
£578,488
Metropolitan Dist. Wk Nov 15 £14,230 £13,919
Wk Nov 15
£55,366 £2,853 580 £2,353,898
London Gen Bus.
£57,366
Union Ry Co of N Y C August
261,574
240,654
1,843 834
1,694,521
330,434
362,267
2,667 026
UmonRyG&ECodll) July
2,081,754
United Rys of St L__ September
1049,487 1031.600 9,413 311
9,075,065
Wash Balto & Annap October
67,026
65,905
695 398
650,372
Westchester Electric. August
406 703
65,223
61,045
398,339
Westchester St RR— September
23,800
22,366
Western Rys & Light October
221,206
201,982 2,093,418
1,861",763
Yonkers RailroadAugust
67,369
63,910
461,784
484,615
October
York Railways
69,278
65,183
631,341
589,092
23,878
23.759
Youngstown & Ohio. September
187,090
176,154
15.861
15,140
Youngstown & South September
129,418
124,696
Houghton Co Tr Co. September
Hudson & Manhattan August
Illinois Traction.... September
,
Year.
American Power & Lt
519,502
1,883,150
Previous
Year.
Companies.
1
*301 ,558
*1,029 ,105
366,628
1,107,146
-Gross
Jan
*257,498
*964,646
808,631'
3,046,831
Current
to
811
defl ,622
def9 ,923
857,288
3,236,351
INDUSTRIAL
1
27 ,131
105 ,448
747
9,687,569
4,648,310
4,369 ,611
.35,970,103 35,006,002 14,493,818 15,789 ,965
to Oct 31_._—. 2,384,308
July 1 to Oct 31-
Jan
961,650
3,449,587
31,538
118,892
••
Octl3,512,897 13,915,714
4,935,813
5,270 ,799
—50,276,307 50,845,185 16,590,175 19,183 ,413
Wheeling & LakeErle.b.Oct
July 1
2,394
8,862
Oct 10,354,504
...
Virginian, a..
July 1
111,895
438,128
,
1,717 ,781
Honolulu Rapid Tran
& Land Co
September
after deducting taxes.
c
These figures are for
consolidated
Railway Net Earnings.—The following table
gives the returns of ELECTRIC railway gross and net earn-ings reported this week:
b Net earnings here given are before deducting taxes.
Gross Earnings
r c After
allowing for outside operations and taxes, operating income for
was $572,916, against $493,516; and from July 1 to Oct.
31 was
1,113,853 in 1913, against $1,253,161 last year.
Oct. 1913
i
■'
For September taxes amounted to $461,071, against
$389,120 in 1912;
deduct fa; which, net for Oct. 1913 was $3,296,359, against
$3,652,621
t yearP
From July 1 to Oct. 31 taxes were $1,784,054 in 1913, against
er
'16, V
hi 1912.
company.
Electric
Roads.
»
,
.
American Lt &'Tract—.Oct
Jan
Brazilian
Jan
1
to
Oct
31
Tract Lt &
1
to
Oct
31
P.Oct
■
Ne Earnings——
Current
Previous
Current
Previous
Year.
Year.
Year.
$.
$
$
.
Year.
$
416,830,
398,101
3,529,658
3,370:748
407,223
3,426,985
388,728
3,272,579
1,988,398
1,770,187
19,578,162 16,954,854
1,104,723
10,572,078
1,004,329
9,186,875
Not. 29
■Net EarningsCurrent
Previous
——Gr ossEarnings—
Previous
Year.,
Current
Year.
Roads.
Year.
Year.
$
8
8
Citizens'
Traction Co, _-Oct
v
Juljr 1 to Oct ^1
-
39,516
8,862
42,689
73,835
888,426
44,199
436,861
23,546
370,310
184,087
1,745,741
73,765
783,303
79,963
730,642
133,751
PuluthrSuperior Tract.b.Ocfr
Jail 1 to Oct 31,---— l,p5p,5o5
Federal Lt& Traction—Oct
194,206
Jan 1 to Oct 31------ 1,909,848
'■*
2,919,937
9,962,817
fnterbor Rap Trans.a—Oct 2,854,893
July 1 to Oct 31
10,142,226
788,832
Gas & Electric—Oct 1,315,227
1,597,167
5,304,363
1,186,351
Co(Pitts) -Oct 2,048,508 1,778,695
1 to Oct 31——13.909,760 12,137,498
Philadelphia
ouoiL/iuo
Xpr
—
toapoSr3ai;b:°.c-'
6,785:137
7,333:922
Net earnings here given are
b Net earnings here given are
a
1,609,014
5,001,899
53,506
508,680
48,248
425,111
527,560
416,497
77,837
705,450
*
87,393
Monongahela Val Tr.b.Oct
Jan 1 to Opt 31
7,656
26,034
121,714
28,214
'
Pacific
CHRONICLE
THE
1913.]
605,501
690,117
5,003,873
4,350,088
390,004
3,622,548
357,203
3,336,365
92,575
770,323
83,535
682,909
1579
Industrials—
Railroads—
Page.
Page.
1205
Quebec Central Ry
1505 American Window Glass Co...
Seaboard Air Llne'Ry—
.1218 Brooklyn (N. Y.) Union Gas Co.
(Accountants' report 6 cal. years). 1501
St. Louis & San Francisco RR—... 1419
..1355
St. Louis Rocky Mt. 4 Pacific Co.. 1283 City Investing Co., N. Y.__
Toledo Peoria 4 Western Ry
1358 Consumers' Gas, Co. of Toronto....1428
1423
Toledo St; Louis & Western RR....I282 Crucible Steel Co. of America
Vlcksburg Shreveport & Pacific Ry_1499 Edison Electric Mumlnating Co.
....
of Boston..
-.1353
1495 Federal Mining 4 Smelting Co
1419 Gottlleb-Bauernschmidt-Straus
Virginia 4 Southwestern Ry.
Virginian Ry_—______—
Wabash RR:_____—
Electrig Railways—
.
Milwau¬
1356
Mergenth&Ier Linotype Co., N. Y..1202
New England Cotton Yarn Co..... 1502
Owens Bottle Machine Co., Toledo. 1429
Packard Motor Car Co., Detroit,
Mich.—
—1284, 128|5
Pittsburgh Brewing Co.
.1502
South Porto Rico Sugar Co....
1219
..1423, 1432
Standard Milling Co..
—
.
—1501
kee, Wis..
current
Previous
Year.
Year.
$
Citizens* Traction Co—Oct
July 1 to Oct 31——
Daluth-Superior Tract--Oct
Jan
1
Oct 31
to
Year.
Year.
"
—
Trans.
July 1 to Oct 31
,
«*,
$
5,152
20,676
25,163
249,847
23,238
229,204
1,636
16,135 7 '
j *.
3,710
-
■
-Jan
1
Oct 31
to
...
24,738
25,799
246,092
143,079
Twin City Rap Tran.—Oct
148,593
Jan 1 to Oct 31
1,471,439
Western Rys & Light—Oct
J
*
1
an
Oct 31
to
—
After allowing for
.
27,707
262,588
213,555
241,411
2,151,109
214,124
1,908,574
*42,738
*41,660
*257,067
211,556
1.427,791
44,211
447,378
52,166
512,762
*281,616
York Street
New
Railways.
——Gross
Earnings—
Current
Previous
Year.
Year.
Roads.
'
$
$
;
-Net Earnings
Previous
Current
Year.
Yegr:
$
*
)
268,177
2,374,237
nterboro R T (Sub).a.-Aug 1,124,441
Jan 1 to Aug 31—11,108,564
InterboroRT (Elev).a-Aug 1,224,347
1,222,451
Jan 1 to Aug 31
.10,342,750 10,310.679
531,331
—
C135.737
1,314,895
C149.112
1,361,846
1,110,700
633,498
10,685,354
6,478,231
574,048
6,050,797
4,802,802
536,039
4,840.586
a Aug 2,348,788
2,333,151
1,164,829
Aug 31——21,451,314 20,996,030 11,281,031
10,891 *383
855,312
5,962,295
904,305
5,809,643
371,633
2,986,115
407,098
2,869.445
18,864
■
Total Interboro R T
1
to
-Aug 2,285,878
Brooklyn R T_aV "Jan 1 to Aug 31
—16,644,210 16;223,584
1.185,275
1,165,081
New York Railways.a--Aug
Jan 1 to Aug 31-—,Belt
'
Line.a
Aug
'
Jan
Second
1
Aug 31
—
Ave. a
Jan
Third
to
1
to
Aug
Aug 31
.—
Ave.a-—
Jan
1
to
2,251,548
Aug
9,111,739
65,012
501,624
57,094
43-1,577
118,098
3,616
18,847
97,215
700,405
92,272
648,382
36,964
175,010
21,190
100,727
344,293
324,046
2,539,722
140,938
1,079,503
128,921
1,154,166
'
49,816
402,436
51,545
415,089
Aug
157,748
1,249,254
154,371
1,172,400
70,184
537,863
351,382
N Y City Interboro.a—Aug
Jan 1 to Aug 31—
53,268
401,019
37,677
288,901
13,610
61,552
10,183
62,894
Southern Boulevard.a—Aug
Jan 1 to Aug 31.
20,048
137,201
15,199
95,553
8,572
17,152
2,832
16,082
261,574
1,843,834
240,654
1,694,521
.72,886
406,486
69,871
421,089
Westchester Electric.a.-Aug
Jan 1 to Aug 31.
65,223
406,703
61,045
398,339
28,362
94,159
19,898
57,926
Yonkers_a
.--.Aug
1 to Aug 31
67,369
461,784
63,910
484,615
22,535
126,008
12,877
53.931
Long Island Elect-a-—Aug
Jan 1 to Aug 31—
172,517
28.473
152,912
9,856
23,417
9,450
22,507
41,041
260,626
10,635
13,918
11,369
41,261
Dry Dock E.B'y & Bat
Jan 1 to Aug 31
a
42d St Man & St N Av
a
Aug
——
Jan
1
to
Aug 31-
Union .a
Jan
'
,
Jan
....
1
Aug
to Aug 31-
—;
N Y & Longlsl Trac.a—Aug
'
Jan 1 to Aug 31
•
—
30,817
44,162
278,070
,
9,758
98,356
14,493°
79,107
On
subsequent
1912-13.
Gross earnings per mile.
^
a
1,103,253
Grogs oper. revenues. 32,346,258
28,186,719.
4,129,256
3,745,233
738,928
11,647,573
944,859
29,065,293
3,900,643
3,550,393
742,628
11,409,361
1,003,490
26,559,346
4,095,793
3,310,795
664,419
10,223,674
891,368
21,205.849
(75.23)
6,980,870
20,606,516
(70*90)
8,458,778
1,005,649
19,186,049
Net earnings here given9are after deducting taxes.
————
Maintenance of way &c.
4,637,748
Maintenance of equip't.
4,100,819
Traffic expenses—755,120
,
Total—
Per cent of exp. to earns.
Net operating revenues.
Operating income
Hire of equipment—
Int.
Gross income—
Interest
on
bonds..
Other interest
Hire of equipment
Railroads—
Page.
Railroads—
Page.
Alabama Great Southern RR
..1282
Alabama & Vlcksburg Ry.__1499
Grand Trunk Ry. of Canada (semi¬
annual meeting).......
.....1351
Atchison Topeka & S. Fe Ry_1199, 1212
Atlantic Coast Line RR.....1494, 1512
Guantanamo & Western RR...
Baltimore & Ohio RR__
Bangor & Aroostook RR
Boston & Albany RR
Canadian Northern Ry
Central Vermont
Ryl.
1494, 1509
.....1283
..1356
....1420
.1286
Chicago Burlington 4 Q. RR.1280, 1291
Chicago & Eastern Illinois RR
1496
Chicago Great Western RR..1199, 1216
Cleveland Valley & Terminal RR...1357
Colorado & southern Ry;—1419, 1430
Cripple Creek Central Ry...J—*.1497
Detroit 4 Mackinac Ry.
Gtilf &
Ship Island RR.
Hocking Valley Ry
1500
..1498
...
1280
International & Great Northern RR. 1495
Kanawha & Michigan Ry...r_
1201
1353
Louisville Henderson & St. Louis Ry.1500
Midland Valley RR., Arkansas
1495
Louisiana 4 Arkansas Ry
Mobile & Ohio RR
1421
Nashville Chatt. & St. Louis Ry
1281
1206
Nevada-Californla-Oregon
Ry
New Orleans & Northeastern RR
1500
New Orleans Great Northern RR... 1352
.....1499 New Orleans Mobile & Chicago RR.1352
Detroit Toledo 4 Ironton Ry....__1496 N. Y. New Haven & Hartford RR— J207
Florida East Coast Ry_—.
J28I N. Y. SusQuehanna 4 Western BR-J498
Georgia SputoetA ^ Florid*
J497, Norfolk Southern RR——.—1200
1,060,181
.
7.453,129
127,911
303,782
6,360,379
8,916,554.
5,965,362
12,832
6,277,085
7,884,822
5,570,0781
5,300,780
75,4651
5).
6,670,020
4,812,387
69.437
159,1701
127,789/
579,048
309,641
55,625
35,326
6,599,569
2*316,985
Pref. divs. 4% (see note)
520,000
Tex. Cent. pref. divs. (5%)
t/875
Tex. Cent. com. div. (5%)
1/135
W.F.&N .W.com.div. (5 %)
y42
6,259,918
17,168
520,000
V 1,000
6,111,116
1,773,706
520,000
y 1,020
O ther
deductions
(72.24)
7,373,297
1,012,918
5,920,689
662,184
141,548
6,604
565,748
...
Total deductions
Net income...
99,080
705,320
~l"l"77i
5,628,557
1,041,463
520,000
2/635
DU
VThis is 5% on the stock in the hands of the public.
N(ote.—Dividends in 1912-13 and 1911-12 were charged against profit and
loss; in previous years they were deducted from the income account# pf the
fvi years
respective
CONDENSED GENERAL
1913..
J
rec.
....
52,913
Matur.,int.,4c.
1,252,615
Misc. accounts.
Unmat. int.,
Sinking funds..
Provident funds
1,460,001
111,284
430,089
171,851
of
Acct.
cl,516,386
938,608
3,931,183
640,399
335,508
1,122,723
390,767
211,473
129,718
2,158,497
„
;
490,286
*
152,611
1,083,764
304,573
provi¬
111,284
108,375
Add'qs to prop.
Sinking funds..
82,162
1,563,430
221,167
Profit and loss..
&5,223,147
68,761
1,563,430
205,627
4,729,386
dent funds^
Other
Other def. debit
4c.
Taxes accrued..
224,506
2,955,421
722,115
110,000
969,380
106,226
Total
Vouch. 4 wages
1,314,212
15,202
....
$
bills
payable
Traffic,4c.,bals.
_—
1,062,558
1,502,733
883,512
817,810
1,840,093
26Q.855
3,137,207.
796,548
Unmatured int.,
divs., &c
Items
and
Loans
Special
Loans & bills
1912.
63,300,300
13,000,000
Stock of sub. cos.
25,400
35,200
Funded debt... 167,788,991 153,763,500
2,464,444
21,937.000
144,801
185,712
30.
$
63,300,300
M.K.&T,pf.8tk. 13,000,000
-
Prop., &c., cos.
698,46,1
Issued or ass'd 25,420,000
deposits
acct.equip, trust
JUNE
1913.
M.K.&T.com.stk
equip_a221,569,389a208,870,017
invesfts.
SHEET
Liabilities—
Secur..pledged—
Misc.
BALANCE
1912.
^
Agents, &c
<
1
8.923,259
8,249,943
411,307
128,490
126,815
Rentals road, jt. trks.,&c
Discount on securities__
Mater. & suppl
Secure. In treaa.
reports of steam railroads, street railways and miscellaneous
companies which have been published since Oct. 25.
This index, which is given monthly, does not include re¬
ports in to-day's "Chronicle."
...
investments, &c.
Sundry receipts...„...
on
Miscellaneous
Annual Reports.—The following is an index to all annual
(70.51)
9,537,846
1,287,903
Taxes accrued..———.
Traffic, &c., bal.
ANNUAL REPORTS.
1,058,880
22,808,413
.
Cash
.Other income amounted to $93,311 in Aug. 1913 , agst. $88,336 in 1912
12,255,845
Transportation expenses
General expenses.:
58,442
71,697
312,052
1909-10.
$
7,681,745
17,093*567
1,784,034
Road &
23,381
$
$
1,957,370
def20,229
,
1911-12.
$
-
express,
aIUUC^U
84,436
419,042
1912-13.
18,184,664
Mail,
58,246
24,690„
50,194
$8,646
$8,607
1 1912.)
1910-11.
8,220,409
18,100,906
1,865,404
4,033
21,128
183,008
2.13 cts.
7,486,840
9,402,967
20,912,978
&C—_
2,030,313
21,073
34,100
112,914
5,580,570
361,492,474
&c.
'
'
6,710
16,116
191,584
1,178,819
$8,295
$8,796
\
Passenger
Freight
21,371
130,104
36,644
122,065
19P9-10.
3,072
1675,674860 1605999,502 1622081,439
1.05 cts.
1.08 cts.
1.13 cts.
EARNINGS, EXPENSES,
15,645
101,612
,
3,398
(Including ^Wichita Falls Lines from Nov.
130,458
—
1910-11.
3,377
1911-12.
3,677
Tons freight carr. lm.. 183051^,759
Rate per ton per mile.—
1.14Cts.
17,225
108,762
Coney Island & Bklyn a Aug
Jan 1 to Aug 31———
will be found the report of Chairman
Passengers carried
6,238,049
5,692,238
6,044,154
Pass, carried 1 mUe....401,082,344 349,180,896 391,065,334
Rate per pass, per mile.
2.34 cts.
2-35 cts.
2.28 cts.
Tons freight carried
8,874,462
8,722,847
8,165,406
133,076
938,938
Ocean Elec (L I)_a
Aug
Jan 1 to Aug 31—
pages
OPERATIONS. AND FISCAL RESULTS.
,
N Y & Queens Co.a
Jan 1 to Aug 31
890,721
Ry.
other tables.
Below we give comparative income account
and statistics for several years and comparative balance sheet.
N Y & North Shore.a—Aug
Jan 1 to Aug 31——
Aug
1423
Westinghouse Machine Co. (6 mos.
ending June 30)..—.-.
—1290
Willys-Overland Co., Toledo
.1423
Wells, Fargo & Co., N. Y.
Frank Trumbull and President C. E. Schaff, also, the detailed
income account, balance sheet, profit and loss account and
1,110,087
9,357,550
2,700,731
Aug 31
ending Sept. 3Q)._—-..-1284
Detinnlng Co., N. Y. (6 '
1201
months ending June 30)....
Missouri Kansas & Texas
.
Hudson & Manhattan a Aug
- 273,911
Jan 1 to Aug 31-—.- 2,452,128
(9 months
Vulcan
...1502
Miles operated, average
other income received.
'
Jan
23,510
S. Steel Corporation
(Report for Fiscal Year ending June 30 1913.)
308
141,106
19,036
187,014
"
Monongahela Vail Tr—Oct
U.
American Malt Corp., N. Y..___._l284
American Malting Co
1284
American Shipbldg. Co., Cleveland. 1285
American Typefounders Co., N. Y..1355
22,015
918,545
*726,395
Z648.464
3,677,211 zl,686,084 *1,450,385
Oct 1,049,785
3,847,114
Interbor Rap
'
•
6,020
23.383
,..1354
U. 9, Light 4 Heating Co., N. Y-1355
American Locomotive Co., N. Y—1202
-Bal. of Net Earns.—
Current
' Previous
"Int., Rentals, Re¬
Massachusetts Gas CO., Boston
Industrial—
Co.,
1289
Co.,
Wilming¬
Del...
.1289
Independent Brew. Co., Pittsburgh-1502
Iron Steamboat Co. of N. J———1502
Southern
(Electric)
RR.,
Hudson, N. Y—
1500
American Railways, Philadelphia...1353
Boston Elevated Ry
.1354
Virginia Ry 4 Power Co.—--——-1422,
Adams Express Co
Allis-Chalmers Mfg.
1424
Co...
Powder
ton,
Albany
American Linseed Co., N. Y
Roads.
Hercules
..1200
Wheeling & Lake Erie RR...
American Cotton Oil Co...—1422,1433
American Express, Co
___1501
American Hide & Leather Co
1205
after deducting taxes,
before deducting taxes,
Charges and Surplus.
Interest
Brewing
Wabash-PRtsburgh Terminal
Ry.
& West Side Belt.....—-1421
..1284
def credit
items
260,191,454 241,295,50;
Total
,
—.
260,191,454 241,295,501
a After deducting accrued
depreciation on existing equipment,
i, $1,048,907.
After adding $232,401 for adjustment of value of Te<. Cent, RR. equipmenfc as of Nov. 30 1913 and $$,492 miscellaneousYfcems and deducting
$908,724 for discount and expenses of security issues and'$450,188 Texas
Central RR. profit and loss balance June 30 1910 taken up in annual report
profit and loss statement fiscal year 1911 now deducted and sundry items
b
.
aggregating $184,153.
St.
c
$800,000 pai<l to Noy. I 1913.
^
Rquis & San Francisco RR.
(Report for Fiscal Year ending June 3Q ^913.)
The; text of the report is given Pn a subsequent page; also
comparative tables of earnings and operations and balance
sheet for two years past, &c;
The usual cpmparatiye op-
eratfkig statistics and income account for four year$ were
given in the ''Chronicle" of Npv. 15 pn page 1419.—V. 97,
1580
THE
CHRONICLE
standard,
Western Maryland Railway.
steel
city
\ {Report for Fiscal Year ending June 30 1913.)
^
subsequent
pages;
Fitzgerald are given at length
also the comparative income account
and balance sheet for two years.
Below
we
in
traffic statistics and income account for several years:
CLASSIFICATION OF TONNAGE FOR YEARS ENDING JUNE 30.
—
improvements
1912-13.
Miles operated..
Av. rets. p. pass. p. m__
Tons rev. freight carried
Of which coal & coke.
Tonscarried
one
mile_„. 1083106832
A v. rets. p. ton p. mile.
Oper.
mile.
revenue per
0.579 cts.
$14,056
_
Earnings—
Freight-...
P.
1911-12.
$6,001,113
942,553
299,392
1910-11.
$5,938,426
963,628
298,880
al909-10.
$5,912,642
.873,588
295,627
$7,243,058
$7,200,934
$7,081,857
1912-13.
$6,274,403
Passenger
996,691
Mail, express, &c---—
361,585
...
oper. expenses.
oper. exp. to earns.
c.
$7,632,679
Total
expenses
Net operating revenue..
Outside oper. (net)
Total net
revenue....
$994,543
925,479
125,568
2,662,848
174,842
•
$857,880
856,038
109.702
2,457,000
159.607
$759,774
874,203
106.232
2,205,959
156,353
$6,019,147
$1,613,532
"
2.341
$4,883,280$2,359,777
3,432
$4,440,228
$2,760,706
576
$4,102,521
$2,979,336
925
$1,615,873
$2,363,209
252,000
$2,761,282
240,000
$2,980,261
216.000
$2,111,209
$2,521,282
$2,764,261
240.000
Taxes accrued
*
$737,137
$423,373
186.000
93,000
$705,660
$373,824
186,000
93,000
deductions-$674,223
$665,127
$702,373
$34,764
$652,824
$52,836
stock
(3%)
Interest on loans and accounts
Miscellaneous
income..
\
$145,450
4,175
A
$2,389,366
sur.$24,368
$622,902
$2,266,886
sr.$760,336
42,867
40,923
...
Dividends on stocks
Miscellaneous
—
....
.....
def.$414,973
(1)$100,000
Preferred dividends
a
69,811
2,057,944
68,864
2,095,198
68,937
15,784
sr.$604,404
(4)$400,000
sr.$719,4l3
(4>$400,000
Includes operations of old company for 6 months ending Dec. 31 1909.
Operating
Revenue.
191 -13 ———$115,660
1911-12
99,933
*-V. 97. p. 1288.
—
Aurora
Net (after
Taxes).
def .$104,572
def.
67,992
Other
Income.
$75,143
93.398
Balance
-
Sur.orDef.
def.$29,429
sur. 25,406
map on p.
Results.—While the gross.earnings increased $120,642, operating expenses
net operating revenues of
only $19,172.
The abnormal increase in operating expenses is largely due
to the fact that the expenditures for maintenance of its track, roadway and
equipment were $61,426 in excess of the expenditures made for like
E.
der leases
Investments
year.
Extensions.—These included: (a) On Chicago Division,
at 53d Ave., Chicago, two industrial tracks to facilitate the handling of
stone and gravel, and at Spring, Road a cross-over connecting the East
and West tracks,
(b) Aurora City lines. 600 ft. extension along La Grande
Boulevard, Downer Place line, and 1,200 ft. extension of Claim St. line,
to a connection with the (Ml. & Q. RR., to enable us to haul freight to
Automatic Machinery Co.
(c)
450,000
346,443
Outstanding
16,011,951
15,095.142
Accrued
accounts
View St. line, betw een West Park and Plum streets, 800 ft., where the
paved,
(b) Elgin city lines: On 8outh State St.
for 4,300 ft,
(c) Fox River Interurban lines:
Two miles of track in
Geneva aind 6t. Charles.
Ballast.—Four acres of land were purchased near Yorkville, containing
about 63,000 cubic yards of sand arid gravel.
Ties.—38,700 new ties were placed in track. *
Bridges, &c.—A steel highway bridge, recently vacated, has been used
to replace a temporary wooden bridge carrying a highway over the tracks
at Batavia.
A number of wooden bridges on the Fox River Division have
been replaced with concrete structures.
Overhead Line.—To insure continuity of lighting service in Elgin, a second
29,630
11,935
♦32,586
557,394
31,164
458,186
.....16,011,951
15,095,142
________
loas.I..
Total
ac¬
Nevada-California-Oregon Railway.
Vice-President and General Manager
Reno, Aug. 11, wrote in substance:.
T.
Dun away,
F.
Bonds to par value of $14,000 were
purchased for sinking fund and can¬
Extraordinary expense incurred for the year, vU.: $4,865 engineer¬
ing expenses
cpenses com
compiling, data for California RR. Commission and $7,28$
ballasting Likely Hill.
celed.
1912-13.
Tons carried
■
one
mile—
184
184
47,054
43.905
4,957.161
42.024
54,707
5,674,992
5,316,027
Rev; p. ton p. mile (cts.)
Passengers carried.,
Passengers carried 1 mile
Rev. p.,pass. p. m. (cts.)
Earnings—
Freight
Passenger
«—
Mail, express and misc.
4.243
4.252
29,373
2,471,407
29,305
2,459.897
5.810
34,818
Total
expenses
Net earnings....
—
Outside operations (net)
Other
income.
.
,
5.618
6.428
$
'
194,344
112,047
32,576
268,721
147,156
31,986
386,590
98,265
45,708
7,630
86,705
23.437
338;967
100,975
283,632
120.347
261,745
124,845
242.992
95.975
def .359
1,139
4,377
88,905
45,828
9,206
113,685
26,008
[
■
3,442
4.735
25,044
2,289.228
1,994.505
210,761
142,912
32,917
403,979
expenses._____
4,624,431
4.203
22,921
5.809
$
$"
225,575
143,586
Transportation expenses
1909-10.
1910-11.
238
operated
Operations—
Tons carried.
1911-12,
238
Miles
Total
Interest
net
on
123,430
48,047
Income.—
bonds
Rents paid..
Taxes...
Sinking fund—_______
447,857
64,322
43.969
7,337
41,183.
7,454
66.804
26.576
'
81.109
21,868
218,605
229,252
"
"9.491
13,114
•105,466
31,702
242,366
29,044
102
205
205
18,841
21.859
9,710
9,810
16,652
7,896
I
Balance, surplus
—
."
87,426
89.904
'__
36,004
40,457
BALANCE
V
Due from agents....
Material A
Traffic
supplies-
balances
Miscellaneous accts.
86.692
18,774
18,110
8,889
52,353
1,765
39,664
105,791
136,575
SHEET JUNE 30.
$
Road A equipment_a3 ,920,889 3,850,155
401,000
519,000
Bonds in treasury...
91,059
72,465
Stocks owiied._
Cash-....,
\
1913.
1912.
'
(1%)14,506
......
...
—
$
(3%)22",606 (5%)37,506
(2%)15,000
1913.
Assets—
246
279
■
dividends-
616
4,191
5,965
Exfing. of disc, on bonds
Total
41,814
214
14,080
Other interest-_1
Common
130,361
18,841
Preferred. dividends
Liabilities—
Bonds
1,401,000 1,415,000
Loans A bills
3,985
59,651
Accrued interest....
25,579
$.
Stock, common.
Stock, preferred..-.
1,450,000 1,450,000
35,028
4,618
1912,
$
106.796
8,333
payable
Vouchers A wages
Traffic
750,000
24,685
19,886
13,754
__
balances
Profit and loss
750,006
179.328
8,180
30,023
4,312
481,577
9,467
459,511
5259,104
6273,255
Miscellaneous
Appropriated surplus
type is being constructed on steel towers
sub-station to Elgin sub-station.
This line will be in service
4,515,135 4,579,076
Total
business.
Signals.—An additional block of trolley contact block signals was in¬
stalled on the Fox River Division.
Two crossing alarm bells were replaced
■with our rftew standard hells and 13 additional new standard crossing alarm
bells were installed; 58 crossings are now protected.
Power House.—The 8,300 k.w. turbo-generator set ordered last year has
been installed, thus practically doubling the capacity of the plant.
The
continued increase of the station load has made it necessary to construct
an addition to the boiler room to house four 500 h.p. boilers.
Two boilers,
a
for
iur
by the middle of the coming fiscal year.
The dam constructed in Fox River at the plant last
year,
b After deducting
$218,278
After deducting $129,021 for depreciation.
—„
adjustment of improvement and renewal .—id;
fund, $24,900 for reduction of
Mohawk Ry. stock and $10,254 miscellaneous, and also
($15,000) paid Sept. 20 out of the earnings fo*
1911-12; no dividend paid in 1913.—V. 97, p. 1206.
dividend on pref. stock
the fiscal year
Central Vermont Railway.
{Report for Fiscal Year ending June 30 1913.)
Chairman E. J. Chamberlin, Sept. 15, wrote in
The percentage
a
4,515.135 4,579,076
aujufsumciiu
2%
though slightly
result of high water last spring, was productive of materially
Improved operating conditions during the summer and is now being re¬
paired and reinforced.
,
Cars and Equipment.—(a) For the Chicago Division there were purchased
six standard passenger electric cars and one motor express* car.
The pas¬
senger cars, originally provided for this division, are now being reconstructed
ana reinforced by steel plates and angles to bring them up to our present
Total
value of Sierra &
together with stokers, bunkers and coal-handling apparatus, have alreadv
been installed therein, and two additional boilers will probably be installed
as
Profit and
line of the latest
from Ingalton
Injured
Reserves
14,644
«
69,750
30,366
161,040
25,000
58,701
69,750
tick¬
Ac
ets,
95,102
,
{Report for Fiscal Year ending June 30 1913.)
entire street was newly
the fall
20,719
dividends
2,000,000
$24,064 for
way.
for
120,000
2,000,000
31,643
350,337
345,037
59,574
replacements and renewals and $8,522 for
receivable and for damages.—V. 95, p. 1201.
counts
Fox; River Interurban,
400 ft. siding near Dundee and "Y" at Yorkville.
Reconstructed uith New Material.r~r(a) Aurora city lines:
New special
work at intersections of Park and Lincoln avenues and Fox St. and Broad¬
transmission
Salaries and wages
Vouchers A accts.
159,553
receivable.
Includes
1st M. bds.
cons.
8,860
305,809
hand, Ac.
on
Trac.
.163,086
72,432
121,442
6,576
A prepaid accts.
Cash
S.
A
Notes payable
Acer. Int. A taxes.
Sinking funds....
Material, supplies
Deferred
12,383
M
----
and
plant of Aurora
15,145
15.2S0
_____
"First A refund'g"
bonds In treas..
A.
3,100,000
3,100,000
3,149,000
2,900,000
purposes
during the preceding fiscal year, an increase of 25%.
The property and
its equipment have been splendidly maintained, and despite the liberal
increase in the appropriation for maintenance, the addition to surplus com¬
Additions
3,486,000
2,850,000;
First mtge. bonds.
General
33 of ''Electric Railway Section"):
favorably with that of the preceding fiscal
"1st A ref." bonds
im-
Traffic expenses^
substance
also increased $101,469, leaving an increase in
pares
3,100,000
un¬
Maint. of equipment—
{Report for Fiscal Year ending June 30 1913.)
(see
Comnion stock...
Aur.
Total earnings
.....
Maintenance of way, &c.
Elgin & Chicago RR.
Pres. L. F. Wolf, Cleveland, Oct. 21, wrote in
3,100,000
OPERATIONS, EARNINGS, <kC., FOR YEARS END. JUNE 30.
GEORGE'S CREEK & CUMB. RR. INCOME ACCT..YEAR END. J'NE 30.
Fiscal
Year—
1,763,465
$
$
Preferred stock...
proveinents
$3,027,222
$17,806
69,161
171,837
2,222,666
1912.
1913.
Liabilities—
$
12,594,607
Im¬
provements, Ac.
Elgin
♦
Total deductions.
$2,874,896
Balance, surplus or deficit..... ....def. $1,349,398
Int. advanced to sub. cos
$819,640
114,785
Improvements in progress
Additions and betterments
Accrued interest on bonds
.
$98,329
1912.
$
Construction,
$228,515
277,425
$2,413,734
$20,910
....
...
93,000.
$101,979
Assets—
,
1910-11.
$1,525,498
$103,106
80,287
2,583,258
68,598
39,646
Gross corporate income.
Hire of equipment
Rent joint facilities—
$386,127
186,000
BALANCE SHEET JUNE 30.
Total
1911T12.
$233,311
69,214
$1,592,794
$853,140
49,638
$763,456
Balance, surplus
OTHER INCOME AND DEDUCTIONS
1912-13.
50.658
$776,202
$395,223
186,000
93,000
on com.
Accts.
Operating income—.. $1,375,873
$1,774,992
$1,002,690
$902,778
(58,74)
$690,016
15,644
,
Expenses—
$1,155.972
1,240,025
Traffic expenses—189.602
Transportation expenses
3,271,908
General expenses..:.
161,640
1909-10.
$1,500,212
92,582
$1,053,348
(59.35)
$721,644
15,493
Total net income
Deductions from income
Div. on pref. stock (6%)
Total
1910-11.
$1,672,278
102,714
$1,137,172
(60.09)
$755,216
8,240
Prop., plant, Ac..12 ,598,881
Maint. of way & struc..
Maint. of equipment
111,750
$1,238,642
(61.53)
$774,388
1,814
1913.
Total oper. revenue..
1911-12.
f $1,780,637
\
Net earnings, all
depts.
Other income
YEARS ENDING JUNE 30.
>
1912-13.
$2,013,030
Total
,
51,414,048
Div.
INCOME ACCOUNT
JUNE 30;
Total gross earnings..
$2,013,030
$1,892,388
Expenses & taxes, RR.l $1,238,642 ($1,084,015
Exp. & taxes, light dept./
\
53,157
1.699 cts.
9,147,565
6,105,108
1006731817 949,828,091 966,576,728
0.596 cts.
0.625 cts.
0.612 cts.
$13,339
$13,261
$13,042
1.806 cts.
10,821,039
6,636,144
-
.
YEARS ENDING
dept./
543
2,118,060
543
2,302,785
54,665,061
1.763 cts.
9,463,460
6,195,013
543
2,271,985
53,235,842
1.771 cts.
10,647,841
6,904,538
543
Passengers carried.____
2,194,998
Passengers carried 1 mile 55,201,443
betterments.
Gross RR. earnings._M
Gross earns, light
6,286,641
1909-10.
1910-11.
1911-12.
and
RESULTS FOR
TRAFFIC STATISTICS YEARS ENDING JUNE 30.
,
of
Forests.
Manufac.
Mdse.
1,447,757 1,263,476 495,369
1,349,592
996,055 529,928.
Includes 5,806,677 tons of bituminous coal in 1912-13, against
tons in 1911-12.
V
sale, and since June30 the
treasury bonds has been increased to $823,000 by the certifica¬
$373,000 bonds against last year's expenditures for construction,
amount of
tion
*
purchased 4 double-truck, semiAll
we
cars and 4 45-ft double-truck interurban passenger cars.
have been equipped with wheel guards and fenders.
rent expenditures for new construction and new
equipment.
From the
annexed balance sheet it will be noted that on June 30 last the company had
its treasury $450,000 of its bonds available for
give the usual comparative tables, showing the
Products of—
Agricul. Animals. *Mines.
1912-13
tons.260,512 103.962 7,249,963
191M2——
--240,760 121,100 7,410,406
(b) For Fox River Division
xcvii.
Stations.—The handsome new passenger station at Wheaton was com¬
pleted and is a conspicuous addition to the property.
Financ ial.—Rather than sell its bonds under existing market conditions,
the company has
preferred to carry as accounts and notes payable its cur¬
The remarks of President
on
city
cars
[Vol.
of improvements included in
operating
substance:
expenses to
the
earnings was 0.11 %, as compared with 0.51 % in 1911-12.
The percentage
of ordinary expenses to the earnings was 79.81 %. as compared with 76.57%.
5U
-
miles'new 80-lb. steel rail have been laid.
of tons.carried one mile was 318,758,408, an increase of
389: the earnings per freight train mile were $2 01, an increase of
The number
9 253
76
onH
t.hf>
PArnines ner ton ner mile 0.93 cent, the same as the
ore
1581
ceding year.
Number of passengers carried one mile 54,534,402, an in- I
Agricultural Development.—There have been notable increases along the
crease of 3,979,574; earnings per passenger mile, 2.32 cts., a decrease of 0.06. I line in the cultivation of strawberries and also in the planting of apple
orchards.
To aid in the successful marketing of agricultural and horti¬
Improvements to the extent of $46,444 have been made, of which $41,488
has been charged to "capital" and $4,957 to "operating
cultural products, our associated companies on Jan. 1 1913 appointed four
expenses."
market agents to co-operate with producers and buyers
in bringing mar¬
Rolling Stock——
i'
ket opportunities to the attention of producers and to advise them as to the
Loco/mo- Pass.
Freight
—Rails {Miles)—^
J'ne30.tives.
1913- 101
1912- 101
Cars.
Cars.
80-lb.
75-lb.
72-lb.
114
3,509
3,661
196.8
192.6
117.1
121.3
53.0
53.0
115
Iptl
:u:
'0rr/T;7?:i^
OPERATING
The 32 markets in the Burley tobacco belt, including Cincinnati and
Louisville, sold over 211,000,000 lbs. of tobacco during the 1912-1913 sea¬
son, of which amount the markets in Central Kentucky adjacent to this
7
.IT5'7
STATISTICS.
1912-13.
•2,003,452
50,554,828
Your company has appointed a land and industrial
of farm settlers and the development of industries.
49,316,196
2.32 cts.
2.38 cts.
2.40 cts:
2.34 cts.
4,323,512
4,033,639
3,949,973 ' 3,678,366
Tons carried one mile.-318,758,408 309,505,019 300,692,115 291',575^ 128.
0.93 cts.
0.93.cts.
0.94
Earns, per ton per mile_
—
—
$2.01
$1.11
mile
train mile
c^.
0.91 cts.
$1.96$1.94
$1.88
$1.11
1912-13.
' $
2,958,182
1,262,863
356,545
$
2,870,311
1,203,394
362,127
Total operating rev..■
4.577.590
Operating expenses—
Marat, of way & struc's.
Maint. of equipment
Traffic expenses..__—
Transportation expenses
Total—
—
—_
—
.
Operating income--
—
—
1,185,077
4,337,644
4,088,411
553,449
737,452
105,069
2,150,638
106,682
455,843
663,911
99,546
2,062,028
115,715
177,110
150,000
497,823
631,138
94,680
1,896,710
112,704
146,763
494,843
725,628
110,854
1,656,782
94,824
133,125
3,830,400
747,190
3,379,818
3,216.056
872,355
902
3,547,043
888,789
53,720
5,373
810,979
947,882
1,008,157
562,275
216,553
28,480
8,511
4,956
512,731
216,553
177,495
5,881
22,269
503,951
$216,552
169,478
4,719
23,206
523,186
216,553
85,085
2,915
62,631
934,929
sur.12,953
917,906
sur.90,251
sur.24,774
62,887
on
bonds, <&c—
Hire of equipment—
Miscellaneous rents, Ac.
Improvements, Ac
...
■
>
deductions—.
sur.
or
820,775
def.9,795
def——
BALANCE
}913.
Assets—
Road A
.
$
Marketabie
957,826
43,720
6,611
»
-
35,000
Ac.,
cos.,
un¬
117,915
pledged
Adv. to other
Misc.
sees,
cos.
pledged
Cash-
2,764,128
40,000
.174,593
Materials A supp.
420,120
Agts. A conductors
181,176
192,611
Insur. accrued
accounts...
75,096
399,546
Appropriated surp.
Def. debit items..
461,226
70,754
278,201
467,065
$1,057,059
2,429,958
3,030,545
Transportation, expenses
Traffic expenses
281,571
Total oper.
expenses.
operating revenue. .
Outside oper.—net def..
Total
net
revenue...
a
After deducting
b Equipment and
road and
19,933,139
Total
1913.
1912.
$
$
43,351
455,661
77,996
Operating inc&me
_
2,835.008
246,443
245,383
218,517
$7,036,482
$3,408,687
$6,483,909
$3,272,357
6.493
$6,116,191
$3,089,214
16,443
$5,530.87$
$3,548,59$
7,877
$3,400,810
345,600
$3,265,864
271,600
$3,072,771
254,483
$3,545,584
249,554
$3,055,210
436,207
118.228
$2,994,264
$2,818,288
361,514
78,587
$3,296,030
218,170
95,821
$3,604,504
$1,231,450
175,530
1,475,959
122,670
(5)150,000
$3,609,645
$3,308,255
$3,258,389
$1,227,742
$1,228,775
$1,229,990
129,350
132,315
1,024.649
122,670
(11)328.900
579.342
122,670
123,029
606,671
122.670
(11)328,900
(5)150.000
income
'
Permanent
3,014
Divs.
on
impts
pref.stock (5%)
Divs.
on
com.
stock*
254,999
53,474
$2,392,002
$2,232,360
deductions.... $2,833,311
$3,155,609
$916,253
$1,026,029
$448,895
Balance, surplus
$776,334
*
Deducted by the company from profit and loss, but here shown for
Total
...
the sake of
simplicity.
BALANCE SHEET JUNE 30.
2,573
36,479
1912.
1913.
Assets—
104,544
9,494,409
a9,553,438
Misc. securities... 1,033,790
4,515
Physical property.
597.543
Supplies A mat'ls.
..21,980,368 19,933,139
Securs. in treasury
r
Marketable
also guarantees principal and interest on $200,000
Montreal A
securs.
Vouchers A wages.
903,394
692,070
660,629 Misc. accounts...
104,629
280,955
2,281,385 Accrued taxes....
10,000 Equip, obligations 1,380,000
210,004
1,035
178,537
Rent A int. accr'd
Traffic
Traffic, Ac., bals.
.369,651
441,638
241,670
Otb .def .cred. items
395,008
Approp, surplus..
Total
...
198,120
218,026
^.15,178,926
14,550,416
247.706
loss...
Total
677,476
459,045
63,524
56,512
Oper. reserves
Profit and
24,503
deposits..
94.885
1,674,000
319,585
236,694
317,476
balances..
6,909
Oth. def. deb. items
[Lessee of the Cincinnati Southern Railway.]
3,000,000
2,453.409
3,000,000
Preferred stock... 2,453,400
909
Special
(Report for Fiscal Year ending June 30 1913.)
$
Common stock...
Bills receivable...
Misc. accounts...
Cincinnati New Orleans & Texas Pacific Ry.
4,515
10,000
1,035
239,004
Agts. A conductors
Province Line Ry. 1st M. 4% bonds and $1,100,000 Central
Vermont Transportation Co. 5% bonds.—V, 97, p. 1286.
1,033,790
2,729,283
Cash
1912.
1913.
Liabilities—
S
$
"
'
for accrued depreciation, $349,927.
personal property of leased companies is included in
Late Pres. W. W.
$9,079,471
$987,74$
1.592,079
2,499,332
235,339
216,383
1,916.375
2,729.481
Rental to Cincinnati—
Total gross
reserve
company
$9,205,405
$1,006,435
Miscell. int. & rentals..
455,661
equipment, per contra.
Note.—The
416,334
43,339
46.975
230:394
Road A equipment
...21,980,368
1909-10.
$7,082,859
1,536.939
890 .'370
'
Total
2.09 cts.
237,349
expenses
Net
$7,013,373
1,663,145446,912
$9,756,266
$1,006,493
2,165.571
Total oper. revenue..$10,445,169
General
1910-11.
...
451,864
54,142
Maint. of equipment
915,144
,
1911-12.
$7,503,581
1,746,678
$8,078,157
1,848,423
459,188
Maint. of way & struc„
33,720
9,069
...
credit items.
Profit and loss
$335
1,394,439
73,569,696
.
59,401
Income from invest.,&c.
Liabilities—
Def.
0.75 cts.
419
$1.36
$3.16
$31,137
Other rev. from oper
Hire of equip. balance.
Traffic, Ac., bals.
Misc.
1,403,384
5,062,538
5,241,311
4,905.920
996,917,794 931,626,139 964,134,967
0.73 cts.
0.75 cts.
■
0.76 cts.
439
403
400
$1.49
$1.36
$1.41
$3.22
$3.03
$3.02
$27,066
$29,083
$27,441
1912-13.
_ —
Capital stock
3,000,000
3,000,000
1st M. 4% bonds. 11,750,000 11,500,000
142,000 Equip, trust certs. 1,179,000
1,386,000
35,000 Equipment,
Ac.,
of leased cos...
&224,323
224,323
Loans A bills pay:. 3,468,000
2,000,000
117,915 Vouchers A wages 1,276,264
865,590
1,112,953 Traffic, Ac., bals.
195,673
92,828
40,000 Miscell. accounts.
50,144
68,315
207,680 Accrued Int., Ac..
167,993.
135,895
285,206 Accrued taxes....
,91,963
60,931
Stocks of affiliated
2.13 cts.
5,631,134
mile.-
Freight revenues
Passenger revenues.
Mail, exp. and miscell—
JUNE 30.
.
$
167.000
securs.
30.
1909-10.
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
16,357,754
626,000
851,000
79,492,273
2.10 cts.
Gross earnings per mile.
1912.
equip't..016,293,568
Bds. iss'd, pledged
Securities in treas.
SHEET
82:784,199
2.11 cts.
Earns, per pass. tr. mile
Earns, per fr't tr. mile—
Taxes accrued...
Total
Balance,
86,619,647
A v. train-load (rev.) tons
Deduct—
Leased line rentals
1910-11.
' - 335
per mile
freight moved
rev.
Rev. per ton per
2,818,472,' 2,642,118
4.435,832
...—...
Interest
JUNE
1911-12.
335
lv451,010
Tonsfr'tmoved 1 mile—1072034160
334,090
Income from securities.
Outside operations
Total
ENDING
1912-13.
335
1,495,728
Rev. pass,
Tons
X90MO.
1,154,914
V
291,379
Taxes.—..
.
No. passengers carried—
Pass, carried 1 mile
si.ie
1911-12.
Operating Revenue—r
Freight-Passenger
Mail, express, &c—-—
expenses.._
YEAR
STATISTICS FOR
TRAFFIC
Operations—
Miles operated.
INCOME ACCOUNT.
General
in Central
crop
agent for the location
—
Earns, per ft.-train
Earns, p. pass,
While the wheat
Kentucky was normal, the corn crop was larger than for several years.
tiVl,874,707
1,875,805
49,323,091
mile
Earns. per pass, per
Tons carried—
approximately 42,000,000 lbs.
line sold
1910-11;11 ' 1909-10.
1911-12.
2,115,889
54,534,402
Passengers carried
Pass, carried one mile-
i'7c
packing and shipping, and also to advise buyers.
best methods of
5tMbVii,u56-lb.
355.0"
143.7
103,180
93,073
4,996,050
5,912,285
.15,178,926
14,550,416
After deducting $2,533,764 reserved for accrued depreciation of equip¬
ment.—V. 97, p. 1503.
a
Fintey, Nov. 18, wrote in substance:
Results.—Gross operating revenue's increased $688,903, but operating
also increased $552,573 ($314,952 being in maintenance of prop¬
erty), and there was an increase in the net deficit from outside operations
of $1,384 and in taxes of $74,000, so that operating income increased only
$60,946.
Other income, however, increased $240,444 (due principally
to greater receipts fr >m per diem rental of freight-train cars), and deduc¬
tions for rents, Ac., decreased $3,998.
The total available income, there¬
fore, was $2,252,553\ an increase of $305,388.
Permanent improvements,
additions and betterments, which revert to lessor under lease, aggregated
$1,024,649, an increase of $445,307.
After deducting pref. dividends (5%,
or $122,670), there Was a surplus of $1,105,234 carried to profit
and loss.
Dividends aggregating ,6%. declared out of accumulated surplus and
charged to profit and loss, were paid on the common stick, also extra divi¬
expenses
dends
Cudahy Packing Co.,
Pres. E. A.
General
Assembly
cinnati, this company
No.
on same-
'•
TOTAL
SALES
1912
90,443,970
1911
87,803.85611908
INCOME
an
ACCOUNT
445.835
Net profits for year..
Preferred div. (6%) —
$1,329,178
$120,000
dividends—(7%)700,000
$1,129,465
$379,307
$120,000
$1,019:117
$509,178
$609,465
$259,307
$199,117
Assets—
houses...
principallyto
Branch
Car line....
flood conditions
in
first part of April 1913 resulted in
Stocks A
$
Total
1
1913.
Liabilities—
Common
2,128,849 zl0,669,266
883,895/
621,896
[
\
393,885
.32,115,537 30,470,788
$1,464,952
$
2,000,000
stock... 10,000,000
First mtge. bonds. 4,020.000
Bills and accounts
payable, Ac
Surplus
—
Profit for
Total
$120,000
(7)700,000
1913.
Preferred stock._.
bonds—\
Other assets
10,501,663
1912.
$
2,000.000
10,000,000
4,272,500
9,281,500
125,593,8731 3,787,323
\ 21,129,465
year—./
—.32.115.537 30,470,788
Includes in 1912 packing plants, real estate, buildings and machinery at
South Omaha, Kansas City, Sioux City, Wichita and Los Angeles, $6,982,x
substantial loss in traffic.
The Hood
of April completely shul off communication with the
North, and the damage,
to roads north of the Ohio River, was so
great that for a few days the only
line of communication between Cincinnati and the East was over this com¬
pany s lines between Cincinnati and Harriman Junction, in
the Southern Ry. and connecting lines.
With the
1912.
$
1,354,252
BillsAaccts.rec.,Ac 5,953,755
5,668,549
Inventory
11,995,019 11,762,940
a
connection with
exception of the flood
conditions, the general traffic situation has been gen generally satisfactory.
1913.
1,491,777
1,809,873
Cash.....
$120,000
(4)400,000
SHEET NOV.
Plants,
property,
equipment, Ac. 7,852,369
property,
January and during the latter part of March and the
1909-10.
451.027
[ BALANCE
General Traffic Conditions.—While not materially damaging the
1913.
$830,334
Balance, surplus.
track between Erlanger and Williamstown,
Ky., 29.60 miles, will be put
in service about Jan. 1 1914.
With the completion of this work, the total
double track will amount to 120.29 miles, or 35.86% of the total main track.
1
1910-11,
1911-12.
522.221
The entire
a higher valuation placed upon the franchise in
Kentucky.
higher valuation was considered excessive, relief has been sought.
Facilities.—Second main track between Citico and Boyce,
Tenn., and between Greenwood and Cumberland Falls, Ky., was completed,
the total double track at June 30 1913
being 90.69 miles.
Second main
......
YEAR ENDED NOV.
$1,651,686
As this
^
—
Profitsbeforerepairs.&c. $1,850,682
Repairs, &c
521,504
Common
Additional
YEARS.
—
...
increase of $74,000, or 27.25%, due
$7:187,484
.$93,315,69611907 .—,$79,886,470
84,420,76611906
.-69,319.158
71,988,21311905
62,722,755
1912-13.
Ohio, and Chattanooga, Tenn., is fully protected
by automatic block and staff signals.
The charge to maintenance of
equipment account shows an increase of
$264,387, due in part to the higher wages paid to shop men.
Taxes .-—Taxes for the year show
PAST NINE
FOR
1909
966;
laid in the track.
74,409
.
$104,408,78911910
1913
.Property.—The investment in equipment increased during the year $230,in real estate and other property increased $27,128.
There were re¬
ceived during the year 10 Mikado and 7 Pacific
type locomotives, purchased
at a cost of $394,135 and paid for in cash.
5 steel dining cars and 350 steel
freight cars contracted for on cash basis are now being delivered.
Payments made during, the year on account of equipment trust obliga¬
tions amounted to $294,000.
Of the equipment on hand June 30 there, were
subject to equipment trust liens 10 passenger locomotives, 35 freight loco¬
motives, 26 passenger train cars and 3,141 freight-train cars.
Maintenance, &c.—New ballast placed in the track aggregated 156,584
cu. yds.
287,210 cross-ties and 135 sets of switch-ties were used in renewals
508,897
1,852.245
1,069.373
.
—
—
approved
and must maintain a 1% sinking fund to
These improvements will revert to the City at
were
follows:
shipped, abt—
cars
Freight
assumes
and 4,624 tons of new 85-1 b. steel rail
road between Cincinnati,
as
:
$104,408,789 ♦Cattle
40,162 ♦Hogs
$4,558,106 ♦Sheep
Paid for liv£ stock—
$75,962,875 ♦Calves
Wages to plant and other employees, excl. of executive officers.,
Total gross sale?..
the trustees of the Cincinnati
Southern Ry. to issue $500,000 bonds for the improvement of terminal fa¬
cilities in Cincinnati, to be expended at not exceeding $100,000 per annum.
Accordingly, on dune 18 1913 the trustees issued and sold a manuscript 4%
bond for $100,000, which, under the terms of the lease from the City of Cin¬
pay the same at maturity.
the expiration of the lease.
Cudahy reports in substance
STATISTICS FOR YEAR END. NOV. 1 1913 (*No. bought and slaughtered).
aggregating % [making the total distribution on this st ock $328 ,900).
City Bonds.—Under an Act of the Ohio
May 18 191-1. authority was given to
Chicago.
(Report for Fiscal Year ending Nov. 1 1913.)
'
873; Calumet property, $290,348; sales branches, real estate and buildings,
$1,769,507: sales branches, equipment, $266,340; car and refrigerator line,
$1,360,199.
■
■
i
z The
profits and surplus in 1913 and ''profit for year" in 1912 are
stated ln the balance sheet before deducting any dividends.—V. 96, p. 356#
(Report for Fiscal Year ending June 30 1913.)
(Balance Sheet of July 31 1913.)
1913.
1912.
Real est. A mach'y.
Stable equipment...
Material A supplies.
10.124
Cash A accts, recelv.
Insurance fund.
215,240
Pat. rts. A good-will
451,769
......
1,855,522 2,165,129
1044, 1539.
'
...
-V. 95, p.
$
.....
....
Total
1912.
$
863,336 Capital stock
1,500,000 1,651,000
4,312 Accounts payable...
60,000
115,000
345,243 Reserve for insurance
116,840
9,603 Surplus
295,522
282,289
159,348
116,840
661,447
801,886
6,894
369,609
Furniture A fixtures.
1913.
Liabilities—1
$
Total
1,855,522 2,165,129
Consumers' Gas Co. of Toronto.
(65th Annual Report—Fiscal Year ending Sept. 30.)
Pres. A. W. Austin says in substance:
The output of
gas for
increase of 372,339,000
the year has amounted to 3,492.087,000 cu. ft., an
cu.
ft.;
7.903 new services have been put
in and
F The extensions to the works referred to in the last annual report are
Hearing completion.
These consist of a generator house, exhauster and
blower house, purifier house, boiler house, generators, superheaters, car¬
burettors, exhausters, tar extractors, two 300 h. p. dry back marine type
multitubular boilers with accessories, purifiers, steel oil storage tank,
concrete tar tanks, gas holder, coal and coke conveyors, coal storage hop¬
pers, station meter, etc.
The new plant will have a manufacturing capacity
Of 4,000,000. cu. ft. of gas per day.
The demand for gas is increasing so
rapidly, however, that we already find it necessary to consider plans for
the further enlargement of the works, and for increasing the capacity of the
distributidn1 system'.
- .'rv
"The continued advance in the cost of materials used in the manufacture
of gas, and the higher labor costs, have given your directors much concern,
ana but for the very favorable contracts for coal and gas oil, made by
the
corhpany prior to the rise in the market prices of these commodities, con¬
sumers could not have been supplied with gas at the extremely low rates
which at present prevail in Toronto.
•
" Xafge increases nave also been made in the assessment of the property
for municipal taxes.'
T ;v
" r:-r"',
Supplementary letters patent were granted April 15 1913 authorizing
extension of the works ana pipes and the exercising of powers within the
Townships adjoining Toronto and the limits of the Township of York, and
empowering the sale from time to time of authorized capital stock either by
publ
auction or by tender.. To provide the additional capital necessary,
we offered at auction on June 26 1913, $500,000 capital stock;
$340,500
was sold at a premium of $227,600.
[A further $750,000 will be offered
Pec. 11.
V. 96, b- 1705; V. 97, p. 53, 1507.]
' /
PERATIONS AND FISCAL RESULTS FOR YEARS ENDING SEPT. 30.
The net income, after deducting maintenance of cars and all other
operating and general expenses, ana also interest on bonds, was $73,911.
This amount had to be used to meet the bonds maturing on June 1 1913,
and was. therefore, not available for distribution as dividends. It is, how¬
ever, $19,660 in excess of the 7% requirement on the pref. stock.
The
gross earnings decreased for the first half of the year about 11%, but for
the second half of Hie year increased 19%, resulting in an increase of 3%
for the entire year.
Met
„
No
91.284
©cents from gas rents. .$2,294,308
nc. from cokeT tar, Ac909,002
1909-10.
65,349
.1910-11.
1911-12.
82,022
$2,058,141
72,544
$1,857,071
406,228
357.802
$2,464,369
1,746.233
$2,214,873
1,517,867
$2,070,961
; 1,316,201
$841,981
$718,136
18,144
$697,006
"V 13,234
$754,760
3,712
$841,981
$736,280
$710,240
$758,472
$8,781
445,160
401.458
438,310
382,786
$416,180
342,768
$4,834
373,166
324,992
Balance,sur. ordef.._def.$13,418
def.$84,818
def.$48,708
sur .$55,481
rs,
—
.
expenses
——$3,203,310
& taxes— 2,361.329
Net earningsInt. from debentures, Ac.
Total net income.
the year 1907 from both the United States and Canada have now
1
1
•
r*.
'
practically
,
view
In
of these conditions, it is
gratifying to be able to make a report
that the present earning power of the equipment is on a better basis than at
the beginning of the last fiscal year.
INCOME ACCOUNT.
•Years end. Dec. 31-
-Years end. June 30-
1909.
1911.
1912.
1913.
Net
earnings (after main¬
tenance, tax®, &c.)—..$159,234
Interest on bonds.
85,323
Int.
on car
"
exp.
25,362
9,735
——_
Net income.
i
$73,911
Divs. on preferred (7%)._.
Dividends on common
$72,250
$30,444
.
Balance,
$250,996
52.564
$163,600
91,350
$120,226
89,782
lease warrants.
Propor. bond disc't A
sur. or
def____sur.$73,911
—
sur.$30,444
$163,334
$54,250
(3M) 133,000
sur.$72,250
def.$23,916
BALANCE SHEET JUNE 30.
1913.
1912.
$
$
Assets—
Liabilities—
Cars, franchises, pat¬
ents, real estate,
buildings, Ac
7,610,946 7,653,272
Construc'n A mat'ls.
101,389
64,752
Bond redemp. fund,.
7,250
Accounts receivable87,795
143,327
Cash
15,500
6,194
Prepaid expenses
2,546
954
Bond discount
158,292
158,292
....
Total
—
1912.
$
$
.
_
.
Surplus—available
for deprec'n, Ao'.al,446,459
1,306,895
Total——8,021,102
7,989,407
.8,021,102 7,989,407
—
1913;
31,800,000 3,800,000
Preferred stock
775,000
775,000
5% equip, gold bds.l ,690,000 1,770,000
Car renewal funds.
108,333
154,900
Accounts payable.
68,608
112,243
Bills payable.
42,500
15,000
Res. for renewals, Ac
55,571
Qommon stock
271,715
After deducting $24,347 charges on account of prior period .-V .97,p .891.
INVESTMENT
GENERAL
NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
Deduct—
Interest
Dividends (10%)
Renewal fund (5%)
and all bills for
original issue of
$2,000,000 5% equipment bonds, $310,0Q0 have now been retired and
canceled, and in addition to this the company has liquidated its bills
payable account of $150,000 since June 1 1909.
There has been a surplus of idle cars on the railroads for the year, although
not to the same extent as for several years in the past.
The shipments and
receipts of live cattle have been constantly declining, as revealed by the
reports of the Various stock yard companies at the principal markets of the
country, and the exports of live cattle which were at their maximum in
a
Total income
Oper.
.
A
payable account, $42,500, has been entirely discharged,
materials purchased have been promptly paid.
Of the
$1,799,246
;
„
The increase in current liabilities, $71,000, is more than offset by. the
increase in convertible assets of $74,000.
Since June 30s 1913 the bills
-
1912-13.
Sept. 23, wrote in subst.:
Pres. F. J. Reichmann, Chicago,
CORSGCl
36 miles of street mains have been laid.
,
XCTII
Street's Western Stable^Car Line, Chicago.
United States Bobbin & Shuttle Co.
F Assets—
[Vox.,
CHRONICLE
THE
1583
Alabama
holders
sol. mtge.
Great
Southern RR.—Ratified.—1The stock¬
Nov. 26 approved the issue of the new first con-
on
for $25,000,000.
(V. 97,
p.
1285, 1282.)
Bonds
:
BALANCE SHEET SEPTEMBER 30.
1913.
ASSCiS
"
1912.
.8,854,518 8,070,327
Other investments..
207,233
Materials, Ac—„
Cash.——...—
419,896
Debentures...
Total
...
—
Stock
1912.
$
$
—4,725,000 4,384,500
930,469
943,886
—
Reserve fund
299,550 Renewal fund—1,027,013
334 Sundry accounts....
197,816
216,233 Res. for divs. (254).
116,589
167,698
m.m
Unpaid capital stock
subscriptions
Accounts receivable-
1913.
Liabilities—
°
.
Plant, Ac-—
29,272
—
210,536
.
978,760
98,641
Sold.—Potter, Choate & Prentice have purchased,
and will publicly offer on a 5.10% basis in the near future,
an issue of $2,500,000 1st cons. M. 5% gold bonds * series
dated Dec. 1 1913, due Dee. 1 1943.
The bonds are not subject to call and are in $500 and $1,000 denomina¬
tions.
Interest-semi-annually
the years 1914,
388,000
74,298
(1904).2,504,265 2,276,664
1915 and 1916.-T-V. 97, p. 1285, 1282.
Atlantic Coast Line RR.-^Death
Total
.—9,889,153 8,756,750
T. M. Emerson died at
V. 97, p.
ment
Report for Fiscal Year ending Aug. 31 1913.)
Rochester
Pres. C. R. Hosmer, Montreal, Oct. 9, wrote in substance:
strategic position cannot be over-estimated.
A recent appraisal of the company's properties, made by competent
authority, established their real value at over $2,000,000 in excess of the
figures at .which they were being carried on the books of the company, and
the directors therefore felt justified in adding $830,304 of this excess to
& Pittsburgh Ry.—Sale of Equip¬
Bonds.—Procter & Borden,
Lowber Stokes of
The company's flour mill and elevator at Medicine Hat were completed
and placed in successful operation the latter part of July.
With flour mills
at Medicine Hat, Winnipeg, Fort William and two mills centrally located
of President.—President
Wilmington, N. C., on Nov. 25.—
1512, 1494.
Buffalo
Ggilvie Flour Mills Co., Ltd., Montreal.
our
Y., is trustee.
Stock prem.
—V. 97. p. 1507, 1428.
jej,t Montreal,
N.
Spec. ,bk. advances.
170,305
.9,889,153 8,756,750
I
Guaranty Trust Co.,
June and Dec. 1.
Thp proceeds will be used partly to reimburse company
for money already expended for improvements and betterments, and tbe
remainder to provide for additions, betterments and improvements during
Philadelphia,
N. Y., together with E.
the successful bidders
were
for the $1,008,000 equipment 5%
Nov. 24 and approved by the P. S.
bonds, Series "H", sold
Commission Nov. 25.
These bonds are part of an authorized issue of $2,200,000, maturing at
the rate of $125,000 on Jan. 1 of each year, commencing Jan. 1 1915. and
ending Jan. 1 1930.
They are dated July 1 1913.
Of the amount we
purchased, $63,000 are due annually on Jan. 1 1915 to Jan. 1930 inclusive.
The Guaranty Trust Co. of N. Y. is the trustee.
Of the cost of the equip¬
ment 10% has been paid in cash, the remainder being represented by the
equipment bonds.—-v. 97 p. 364 374, 360.
{iroperty
accounts.
This,company
with $169,695
from
profit and
account,
enables the
to write transferred
down the item
of the
$1,000,000
for
Buffalo & Susquehanna RR —Offer to Pref. Shareholders.
good-will, trade-marks and patent rights to the nominal figure of $1.
[The shareholders voted Oct. 9 to authorize the issue of $600,000 1st M.
6% bonds, series "O," on account of the cost of the Medicine Hat.flour mill
and elevators recently erected and acquired. V. 97, p. 732.]
the reorganization plan going into effect,
p. 15Q2, the Krech Committee, in accord¬
ance with said plan, offers to sell to the holders of the $4,000,000 pref. stock on or before Dec. 3 10%, or $400,000, of
oss
INCOME ACCOUNT.
1912-13.
Trading profits-
-——- ,
1911-12.»
1910-11.
1909-10.
$576,735
$521,431
$481,310
$105,000
140,000
200,000
$105,000
.140,000
200,000
$105,000
140,000
200,000
Total
deductions
Balance, surplus
$445,000
$131,735
$445,000
$76,431
$445,000
$36,310
'
1912.
•
$
Assets—
Plant, real est., Ac_5,891,408
Good-will, tr.mks., Ac
*1
Cash on hand
3,950
Bills receivable..--68,227
Accts. rec.
$
4,258,476
1,000,000
51,249
21,683
(less res.
.1,406,315 1,328,918
for contingencies)
Materials A supplies 1,280,847 1,086,147
45,678
Furniture, Ac
Investments
Total
184,3U
—
Liabilities—
for
32,900 Pension fund
175,588
8,880,737 7,954,960
Profit and loss.
Total.....
$445,000
$96,924
1913.
1912.
$
$
bond
64,101
a472,523
111,250
61,849
510,483
8,880,737 7,954,960
169,695 written
off good-will
and and
trade-marks,
Ac.
J169,695
transferred
from profit
loss account,
a After deducting
pape?
There was also Aug. 31 1913, a liability for $431,091 customers'
under discount.—Y. 97. p. 1119, 732.
*
Canadian Northern Ry.—Guaranty by Government.—The
following,
as
stated to be
In the
authoritatively revised for the "Chronicle," is
approximately correct:
Legislature at Edmonton quite recently Premier Sifton announced
bond guaranty from $13,000 to $15,000
that the Government had raised the
111,250
♦After deducting $830,304 transferred from capital surplus account and
It*
bonds with stock allotment as below started.
pref. stock and $30 in the new common'stock.
See plan, V. 97, p. 1502.
In order to avail of this offer the pref. shareholder must, on or before
Dec. 3 1913, deposit with the Equitable Trust Co.. 37 Wall St., duly en¬
dorsed in blank, certificates representing his present holdings of said pref.
stock and pay to said trust company, for account of the committee, 25%
of the total purchase price, the remainder to be payable within 10 days
after notice by mail that the new bonds and stocks are ready for delivery.
Interest will be allowed on partial payments at 4% per annum from the
dates thereof until delivery of new bonds and stocks.—V. 97. p. 1502,1424.
2,000,000 2,000,000
Common stock..—2,500,000 2,500,000
First mtge. bonds—1,750,000 1,750,000
Bank of Montreal—1,447,850
754,083
Accounts payable-—
535,013
267,295
Int. and dividends
new
Jtoch
stockholders
will
pay $10
per share
(thusbonds,
producing,
al
eat, $400,000)
and
receive
therefor
$10 in
in cash
new 4%
$20 in ifnew
Preferred stock
Reserved
the
$105,000
140,000
200,000
BALANCE SHEET AUG. 31.
1913.
:
,
upon
outlined in V. 97,
as
$541,924
Deduct—
Interest on bonds——..
Pref. divs. (7%)—.
Common divs. (8%)--.
Coutingent
mile on approximately 600 miles of railway of the Canadian Northern
(of which 470 miles was almost complete), located in Southern Alberta.
The average cost of the line is said to be from $24,000 to $30,000 per mile.
Bills were also passed guaranteeing the bonds of the Canadian Northern
Western Line from Blackfalds to the Brazeau coal fields, at $25,000 per
mile for 114 mil® (now built, except about 24 mil®).
The Premier stated
that the Canadian Northern Western Ry.Oo. (V. 93?p. 1724; Y. 94. P.697)
asked for the guaranty of the Brazeau line, which has not hitherto been
guaranteed, in order that their capital might be liberated, so that they
could proceed with the building of other lin®, especially those Ih the
southern portions pf the, Pn>vlnc^.—Y. 97, 5. 1424, 142Q.,
per
The Fort Dodge Street Ry. Co. will take over the 4-mile system at Fort
Dodge and operate it independently of the interurban system.—V. 97,
1426, 1357.
Canadian Northern Western Ry.—Bond Guaranty.—
See Canadian Northern Ry.
Central Canada
above.—V. 94, p. 697.
p.
Ry.—New Enterprise—Notice is given
its next session will be asked
that the Parliament of Canada at
under this name, with power to
construct and operate a line of railway from Winnipeg north¬
westerly via Yorkton, Saskatoon and Battleford to Edmon¬
ton, and to issue part of the capital stock as pref. stock.
to
incorporate
a company
recently agreed to give to the Central Canada
The Government of Alberta
Ry. Co., which is to build 100 miles of railway in the Peace
anty at the rate of $20,000 per mile.
Pringle & Guthrie,
Ottawa, are solicitors for, the company.
Central Illinois Public
This
p.
'
•
'
.
"
Chicago Milwaukee & St. Paul Ry .—New Bond Issue
—
dispatch from Jefferson City, Mo., on Nov. 25
stated that the P. S. Commission of Missouri.had given its
sanction to a new authorized issue of $470,000,000 of 99-year
A
press
ref. mtge. bonds, to bear
gen.
tofmature in 2014.
not in excess of 6% int. and
The press dispatch says:
[which contains 153 printed pages] takes in all the holdings
and embraces the feeders it owns as well as the main, line.
It is issued to take up all old indebtedness of every character.
The com¬
pany at the present time has $316,428,200 of outstanding bonds and bonds
to the amount of $154,489,500 in its treasury.—V. 97, p. 950, 886.
Cumberland Railway &
Delaware
Coal Co .—Bonds Pledged.—
under "Indus"below.—-V. 92,
Lackawanna
&
192-
p.
1435.
Western
RR.-—Payment
Called— The company has called for payment on Jan..5
1914 the remaining $6,000,000 (50%) of the subscription
to tbe $12,000,000 stock authorized at the annual meeting
of stockholders in February last.
The first payment of
50% was made on Feb. 15.
Compare V. 95, p. 1745,
V. 94, p. 350.—V. 97, p. 1357, 236.
—The
"Railway & Engineering Review" of Chicago has
an
illustrated article regarding this new line across the Wasatch
mountains in Utah.
The article begins with this synopsis:
The Denver &|Rio Grande has effected a change in its line over the Wasatch
mountains in Utah, being prompted therein by conditions which are prac¬
tically
the reverse of those usually accounting for revision of main line
The bulk of the freight traffic at this point is in a westerly direc¬
tion, which, under the old conditions, had to be taken dbwn a 4% grade
between Soldiqr Summit and Tucker, Utah, a distance of 7 miles.
While
traffic eastward was handled with great difficulty, the most serious limita¬
tion came about through the limit to the capacity of air pumps in handling
track.
descending trains with safety.
By increasing, the line
distance of AlA
a
miles, the maximum grades have been reduced to .2%, which condition is
expected to be conducive to much greater economy in,operation.
(Compare
V. 97, p. 811.)
[The "Railway Age-Gazette" of N. Y. for Nov. 28 also
has a long article about the new line.]—V. 97, p. 1426, 886.
Ephrata & Lebanon Street Ry.—Bonds.—H. P. Taylor
Co., Pittsburgh, have purchased $200,000 1st M. 5%
bonds due in 1942, covering, at $10,000 per mile, the line
connecting the cities of Ehprata and Lebanon, Pa., and 14
&
intermediate towns.
*
.
Erie
•
See Piedmont & Northern Ry.
Kansas City
.
/
,
(Pa.) Southern Ry.—Bonds.—This company, suc¬
cessor of the bankrupt Erie Cambridge Union & Corry Trac¬
tion Co. (V. 81, p. 507), has filed notice of the authorization
of a funded debt of $2,000,000.
'
Federal Light & Traction Co., N.Y.—New Note Issue—
$725,000 Thereof, Bearing 7% Interest, to Be Offered at par to
Stockholders, along with Stock Option Warrants—Underwriting.
—The shareholders will vote Dec.
1.
12
(see adv.),
on—
The execution of a trust .agreement with Col umbia-Ivnickerboker
Trust Co., as trustee, to be dated as of Dec. 1 1913, under which may be
issued 10-year gold notes of not exceeding the aggregate of $10,000,000,
dated Dec. 1 1913, payable Dec. 1 1923, to bear such rate of interest not
exceeding 7 % per annum, and to be redeemable on 30 days' notice at such
amount not exceeding 105,as may respectively be fixed by the board from
,
time to time, and designated in such notes when issued.
2. To approve the offering to the stockholders for subscription
at par and
int., of $725,000 of such notes, bearing int. at 7% per annum, and redeem¬
able at 105 and int. up to and ihcluding June 1 1921, and thereafter at par
and interest.
:;.vU:
3." To approve the execution of an agreement with a syndicate for the sale
to the syndicate at par and acctued int., ofallof such|$725,000 notes as shall
not be subscribed and paid for by the stockholders, and to pay to said
syndicate a compensation for making said agreement.
•
4. To approve the issuance,with such $725,000 of notes to be presently
issued and sold, of option warrants for common stock of equal par amount,
entitling the holders to obtain such stock at par at any time prior to Dec. 1
1923; payment for such stock to be made in cash or in lieu of such payment
by surrender of notes issued under said trust agreement dated Dec. 1 1913,
that have been outstanding not less than two
years, and have not been
called for previous redemption.—V. 97, p. 1772.*
,
.
■
Florida East
company
Coast Ry.—Boat for Havana Ferry.—*The
awarded to the William Cramp & Sons Ship &
Engine Building Co.
14 months of
a
contract for.the construction within
16-knot steel steamer and
ferryboat combined,
designed to carry 30 passenger or freight cars at one time
between Key West and Havana. Contract
price, $500,000.
a
W The ferryboat will complete the last link of the Florida East Coast Ry.
service
to
Cuba.
Solid trains of 30 cars will be put on the ferryboat at
Key West without the discomfort of changing from railroad cars to steamers,
and passengers will be landed without
deiay and almost as quickly as if the
run was an all-rail route.
See V. 97. p. 1115, 1281.
Fort
Dodge Des Moines & Southern RR.—Successor
Companies.—Three new companies, then being organized in
Maine, on Nov. 27 applied to the Executive Council of Iowa
for permission to issue stock as successors of the railroad
company, foreclosed, as follows:
Central Iowa Light & Power Co., $300,000; Fort
Dodge Des Moines &
$2,000,000, and Fort Dodge Street Ry., $100,000.
The Light & Power Co. will
acquire the Fraser power plant formerly
owned by the Fort Dodge Des Moines & Southern and add a 10,000 h. p.
Southern RR
turbine, and will also take over the transmission lines between Des Moines,
Aides, Boone, Fort Dodge and Rockwell City; it will assume the business
of distributing electricity for light to the cities of
Ogden, Lehigh, Huxley
and Ankeny, and will apply for contracts for the lighting of Fort Dodge,
Cambridge, Pilot Mound and Farnhamville.
The Light & Power Co. will
be controlled by Fort Dodge Des Moines & Southern.
line from Tofield to Calgary
1426, 175.
& Anderson (Electric) Ry.—
below.—V. 97, p. 803.
Ft. Scott & Memphis Ry.—Earnings.—
Net
Other
Fixed
Pref. Divs. Balance,
Earnings.
Income.
Charges.
(4%).
Surplus.
1912-13-_$14,113,655 $3,973,927 $584,674 $2,962,179 $600,000 $996,422
1911-12— 13,094,365
3,515,035
437,995
2,900,640 540,000 512,390
1910-11- 13,546,903
3,708,920
617,574
2,915,659
540,000 870,835
—V. 96, p. 1556.
-"OK;,. V'■ ;:;:V
-V
Gross
Earnings.
Year—
(la.) Electric Co.—Stock.—The company has
capital stock from $650,000 to $900,000.
See
"Electric Railway Section" and V. 93, p. 1725.
Keokuk
increased its
Ry.—Earnings^
Lehigh & Hudson River
-—$1,849,435
1,621,891
—V. 95, p. 1396. 1684.
1913—
Interest~
Net (after
Other
Taxes). Income.
Gross
Earnings.
June 30.
—
$558,760
514,426
-
$4,933
13,627
Dividend.
Rents, &c.
$294,519
291,282
y-4
(4%)..
$53,600
Balance,
Surplus.
$238,574
236,771
'vf;..
-
Lehigh & New England RR.—Lease.—The company has
leased the Panther Creek RR., extending from Tamaqua to
Nesquemahoning, Pa, and will operate it after Dec. 1.
Compare Lehigh Coal & Navigation Co. item, V. 97, p. 668."
—V. 96, p. 63.
;
Louisville & Nashville RR.—Bonds Called.—Ninety-seven
($97,000) Pensacola & Atlantic RR. 6% mortgage bonds
due Aug. 1 1921 have been drawn for payment at 110 and
interest on Feb. 11914 at the company's office, 71 Broadway,
See numbers of bonds drawn in advertisement
New York.
another page.
Listed.—The New
York Stock Exchange has listed $2,additional Unified 50-year 4% bonds, due 1940,
making the total listed $64,805,000.
026,000
Of the
bonds, all except $400 were issued to retire prior lien bonds.
Earnings.—For 2 months ending Aug. 31:
Gross
Two
Months—
1913
_
1912
Earnings.
$10,017,441
9,394,128
1426, 1286.
—
—V. 97, p.
Net (after
\
Taxes).
$2,014,790
2,202,809
Other
Income.
$516,061
Total
Deduc'ns.
$1,318,195
Balance,'
Surplus.
$1,212,656
.
.
Manchester
(N. H.) Traction, Light & Power Co.—
Purchase.—The -shareholders have voted to purchase the
$600,000 stock of Nashua Lt., Ht. & Power Co. per plan in
V. 97, p. 117, 176.
'
Manila Electric RR. & Lighting Corp.—Listed.—The
New York Stock Exchange has listed $215,000 additional
5% 50-year first lien and collateral trust bonds, making the
total listed to date $5,000,000, the limit of the mortgage.
Earnings—For 6 months ending June 30 1913:
Int.
Erie
Ry.—Bond Guaranty.—
recently announced that the Government had
Greenville Spartanburg
Gross earnings
Net earnings
Cambridge Union & Corry (Electric) Ry.—
See Erie Southern Ry. below.—V. 81, p. 507.
Pacific
Premier Sifton of Alberta
agreed to increase the bond guaranty of the
from $13,000 to $15,000 per mile.—V. 97, p.
on
Denver & Rio Grande RR.—Soldier Summit Detour Line.
Des Moines & Southern RR. above.
Trunk
Grand
Year—
The mortgage
of the company
See Dominion Steel Corporation
Dodge (la.) Street Ry.—New Company.—
Fort
See Fort Dodge
Fiscal v
Service CO., Chicago.—New Stk.
Utilities has filed a certificate of
capital stock from $6,000,000 to $10,000,000.—V. 95,
V. 96, p. 1020.
1744;
River, a guar¬
Citizen Bldg.,
of the Middle West
subsidiary
increase of authorized
1583
CHRONICLE
THE
Not. 29 1913.]
Replacement & renewals.
Dividends, 3 A %----120,000 Balance, surplus
.—$731,705
352,137
_s
bonds, &c
—V. 96. p. 1489.'
■;
on
—
.$36,800
175,000
20,337
....—
Minneapolis & St. Louis RR.—Payment of Notes.—Pres.
Newman Erh confirms the statement that the management
intends to pay the $3,000,000 6% notes due Feb. 1.
It is thought likely that part of the issue will be paid off in cash and a
new note issue for a reduced amount made
somewhat after the method
adopted when $4,000,000'notes matured Feb. 1 1913.
At that time those
note-holders who accepted the extension received a cash payment of $15
for each $1,000 note so exchanged (V. 96, p. 136, 360) .
Minneapolis Terminal Co.-^-Incorporation.—This
com¬
has been incorporated with $500,000 stock by officials
of the Minneapolis & St. Louis RR.
W. G. Bierd is Pres.,
L.G. Scott, Sec., and W. W. Cole, Treas.—V. 96, p. 1702.
pany
New Orleans
Texas & Mexico Ry.—Receiver's Certfs.—
See St. Louis & San Francisco RR. above—V. 97, p.
1427, 1287.
New York New Haven & Hartford RR.—No Action Yet
on
Dividend.—Following the meeting of the directors on
Nov., 21, Chairman Elliott stated that the matter of the divi¬
dend rate for the • next quarter had not been discussed and
that the dividend would be acted upon in December.
General discussion of reorganization to meet the wishes of the Government
by committees of the board which has been investigaating the New Haven trolley interests in western Massachusetts, its steam¬
ship holdings and relations with the Boston & Albany, occupied the meeting.
and reports of progress
Time
for Subscription.—At the meeting of the board on
was stated that "the time witlun which subscrip¬
tions under, outstanding warrants for convertible debentures
of 1913 will be received by the company is hereby extended
so ns to expire at the close
of business on Jan. 20 1914 on
condition that payment in full be made at the time of sub¬
scription of the face amount of debentures subscribed for,
together with interest at the rate of 6% per annum from Oct.l
to date of subscription.—V. 97, p. 1504, 1427.
Nov. 21 it
North
&
South
Carolina
Ry.—Option.—
See Seaboard Air Line Ry. below.—V. 96, p.
Northern
Farran at
drew
Illinois
Dixon, 111.,
Aschenbrenner
1157.
Electric
on or
Ry.—Receivership.—Judge
about Nov. 23, appointed An¬
receiver of
the
property.
Under construction orprejected from Amboy to DeKalb ,111., 50 miles track,
of which at last accounts 12 miles, Amboy to Middlebury, was in opera¬
tion.
E. L. King, Isabella
Bldg., Chicago, President.
Bonded debt
said to be $160,000;
Pacific
Gas
floating debt (?).
&
Electric Co., San Francisco.—First of
Company's South Yuba Hydro-Electric Plants in Successful
Operation.—A telegram has been received "by the N. Y.
bankers of the company to the effect that the first
plant
(Drum No. 1) of the comprehensive South Yuba system of
hydro-electrio plants, has just been placed in successful op¬
eration.
The South Yuba system contemplates an ultimate
development of nearly 200,000 h.p., of which the so-called
the
1584
THE
Drum No. 1 plant has a peak capacity of 33,000 h.p.
CHRONICLE
at the Hotel
The power available from this plant will relieve the company from the
.shortage of power from which it has recently suffered owing to the con¬
stantly increasing demands for power, and, looking toward the future,
will place it in a very strong position in this respect through having the addi¬
tional powers that are available to be developed at a comparatively low
•cost per h.p.
The series of proposed power developments is made possible
by the regulation of the flow of the South Yuba River by the construction
of a reinforced concrete gravity-type dam located in the Narrow Gorge
formed of solid granite affording an absolutely stable foundation.
This
•dam is designed for an ultimate height of 305 ft., but at present has been
.carried to a height of only 225 ft., which will impound 43,630 acre ft. of
water that will regulate the flow of the river for the present purposes.
Earnings.—For Oct. in 1913 and 1912, show:
Oct.—
1913.
1912. Inc.{%)\ Oct.—
1913.
.Gross...$1,315,227 $1,186,352 10.861Misc.inc. $42,185
Net...
527,560
416,498 26.66ITot.net.
569,745
"Net revenue" above is after deducting taxes.—V. 97,
Panther
See Lehigh & New England RR. above.
p.
'
,
Piedmont & Northern
(Electric) Ry.—Merger Plan.—
The shareholders, it is stated, will vote Dec. 20 on increasing
the capital stock from $5,000,000 to $15,000,000 as part of
the plan, it is understood, for merging under this title the
Piedmont Traction Co. and the Greenville Spartanburg &
Anderson Ry. (allies of the Southern Power Co.), as said
in V. 92, p. 1499.
W. S. Lee is President; Z. V. Taylor,
Vice-President, and N. A. Cooke, See. and Treas.
See pages
32 and 63, "Elec. Ry." Section.—V. 95, p. 619.
Piedmont Traction
St.
p.
1500.
Rocky Mountain & Pacific Co.—Listed.—
The New York Stock Exchange has listed $4,235,000 Bankers
Trust Co. certificates of deposit for 1st M. 5%,50-year bonds
(under agreement dated Aug. 1 1913 for the sale of the same
to the Atchison Topeka & Santa Fe Ry. (V. 97, p. 366, 445,
803), with authority to add $7,606,000 on notice of exchange
for outstanding bonds.—V. 97, p. 1283, 803.
u
as
to
Evidence
Submitted
in
spent some
are
made
:
,
,
Reasons for
said hearings
to the
as
company's condition and its reorganization plans
public. '
•
.
;
';
'
Receivership .-—Chairman Yoakum
at the afore¬
his explanation of the receivership:
gave
the road t0 seU Arizona and New Mexico
lands, for
company hoped to get enough
pressing obligations.
(2) The loss suffered by the 'Frisco on an investment in Texas and Louisi¬
ana lumber
properties.
(3) The loss of more than $150,000 each year for eleven years on the own¬
ership of the Chicago & Eastern Illinois, and the company's failure to sell
$6,000,000 to $7,000,000, by which deal the
money to meet
half interest in the road.
a
[Mr. Yoakum also told of his plan for
Colon, on the Panama Canal.]
to
a
water-grade line from St. Louis
Loan of North American Co.—Treasurer Frank S. Hamil¬
ton testified in brief:
;
.
.
The $400,000 loan made by the North American Co. to the railroad
com¬
on which the
receivership proceedings were based—was
Hearing
of the Arizona & New Mexico Land Co.
to $400,000, James
Last
was
$8,000,000 of the bonds
After the loan had been reduced
Campbell of St. Louis, President of the North American
Co., asked for additional security.
The road then put up $5,000,000 of
the capital stock and $250,000 of the bonds of the New
Orleans, Texas &
Mexico Ry.
W. K. Bixby Resigns from Board
of Directors.—
W. Iv. Bixby has resigned from the board.
'
V
Receiver's
Certificates on Texas Lines.—The certificates
issued by Frank Andrews as receiver of the Texas lines are
be delivered to
Receiver John
D. O'Keefe of the New
RR. in return for the portion of
Orleans Texas & Mexico
Week.—The following statements have been given out:
the proceeds of the certificates issued by the latter which
turned over to his use.
(Compare V. 97, p. 1505 and
are
Made by Speyer & Co., Nov. 21 1913.
dispatches reporting the examination by the Inter-State Com¬
Digest of Statement
The press
Henri De Peyster, Inspector of Finance, who
.
time in the United States, advised the formation of these
separate committees, and recommended that the French
bondholders stand aloof until engineers'
to
Report.—
See extracts from report on subsequent pages
Explanations
modify the rights
bondholders.
originally for $625,000, and the original security
"
Louis
St. Louis & San Francisco RR.—Annual
of French
pany—the loan
Co.—Proposed Merger.—
above.—V. 92,
1. That a committee for the
protection of French holders of the 5% generallien bonds be appointed, and that a
separate committee for the holders
4J-£ % New Orleans Texas & Mexico bonds be appointed.
2. That these committees
go to the United States and participate in the
discussion of reorganization schemes,
submitting to a further meeting of
French bondholders any measure which would tend to
of the
reports
1912. Inc.(%)
$28,956 45.60
445,454 27.90
951, 887.
■,
Creek RR.—Lease.—
See Piedmont & Northern Ry.
xcvii.
French Committees.—The French bondholders at a meeting
Continental in Paris on Nov. 17 voted:
c <
An
authoritative statement says:
[Vol.
New Orleans Texas & Mexico item, V. 97, p. 1204).
merce
Under the laws of Texas separate certificates must be issued by the re¬
ceivers of the several roads for whose benefit the proceeds are to be
applied.
.create
The certificates on the Texas lines (St. Louis Brownsville &
Mexico, &c.)
will, however, not be sold, but be delivered to the receiver of the New Or¬
Commission at St. Louis of certain officials of the St. Louis & San
Francisco RR. Co., and of others, in regard to past financial transactions,
the impression that our firm improperly had a part or assisted in
promoting certain syndicates that built branch lines which were after¬
wards purchased by the company.
The facts in this connection, so far as
we are concerned, are as follows:
We never promoted any such syndicates nor were we subscribers to any
-such syndicates.
When requested early in 1909, we did purchase a $100,000 participation certificate of the St. Louis Brownsville & Mexico RR.
syndicate, which had been formed in 19Q3, six years previous.
This trans¬
action we consider a perfectly proper one for us to make.
At that time
no partner of our firm was a director in the St. Louis & San Francisco RR.,
nor was our firm represented in any way in the management of this cor¬
poration.
Nor was any member of our firm a director of the said company
In 1910 when the St. Louis Brownsville & Mexico RR. Co. was purchased.
In fact, we only learned of this purchase after it had been approved by the
then board.
Nevertheless, with other bankers, we agreed later on to
assist
the company in meeting its financial requirements resulting partly
from this acquisition.
According to newspaper dispatches the examiner also produced a letter,
written by C. W. Hillard to President Winchell in 1910, in which he stated
that we had asked him for a "rearrangement of statistics."
From this let¬
ter the examiner is reported to have inferred that these suggestions from us
were changes in statistics "to help the appearance of the report."
We re¬
sent and protest against such inferences.
Everybody knows that it is cus¬
tomary for bankers to carefully examine and go over financial statements
furnished for publication.
In fact, we consider it our duty to do .so; and, if
necessary, to make suggestions, both as to form arid substance, so that these
■s tatements may meet the requirements of clients and give a fair and intelligible presentation of the actual state of affairs.
leans
p.
Texas &
1505,
Mexico
collateral
as
security for advances made.—V. 97,
1427.
Seaboard
Air
Line
Ry.—Option.—President Harahan
has informed the South Carolina RR. Commission that the
company
has
an
option
the stock of the North & South
on
Carolina Ry., but has not exercised it.
The company, it is stated, has a traffic agrement with the North & South
Carolina and has aided it in placing securities
The Charleston & Northern
Ry. recently applied for
?
certificate of incorporation in South Carolina to
a
build from Andrews to Charleston, S. C., 57 miles
The construction of
this road, it is pointed out, would afford the Seaboard company a direct
entrance to Charleston.—V.
Southern
Pacific
97,
p.
1199, 1205, 1218, 514.
Co.—Settlement.—The
1
..
strike
Sunset lines which began on Nov. 13 was ended
the
on
Nov. 17.
on
Both sides accepted a proposal of the Federal Board of Mediation and
Conciliation that the railroad meet a joint committee from the engineers
firemen, conductors and trainmen for the discussion of the 67 alleged griev¬
ances presented
The terms of settlement included the company's agree¬
ment to meet the joint committee for the settlement of grievances, the union
agreement to return to service immediately, restoration of all strikers to
service without prejudice, and reference to the Federal Board[of all matters
,
on
which the conference committees cannot agree.
,
Digest of Subsequent Statement Made by Speyer & Co. Nov. 25 1913
We have now obtained a copy of the letter which Mr. Hillard wrote in
1910 to Mr. Winchell, stating that we asked the company "to make a re¬
arrangement of some of the statistics," &c.
We find that only part of this
letter was read by the examiner at the hearing, and that the facts are sub¬
stantially as follows:
'
The company had furnished us at that time with a draft of a prospectus
which was to be submitted to the Berlin Stock Exchange and German Gov•ernment authorities, and on examination we found that this draft did not
give a correct and intelligible statement of the company's financial affairs.
The rates announced are said to be the lowest ever made and apply to all
points In the United States.
They place San Francisco in an advantageous
position to command shipments through its port to and from the Orient
and to compete more successfully with Puget Sound ports.—V. 97, p. 1358,
We found:
1287.
...
Rate Reduction.—The company has announced a
of its proportional rates on Asiatic freight.
reduction
<
This is taken as an indication of the great effort the transcontinental
railroads are making to take or to hold a full share of the export and import
business of the country through the opening of the Panama Canal.
•
1.
on
.
The company had in this draft overstated its liabilities by mentioning
side $8,000,000 notes which thay had outstanding and also
the liability
$10,000,000 of its New Orleans Division bonds which were deposited as
security for these same, notes.
2. The company had included in its liabilities "notes payable" of $3,063,687 due to "Brownsville Syndicate account balance purchase price of
Brownsville Road."
We had repeatedly been informed
that there was
nothing due by the company in this connection, because its debt for the pur¬
chase of the Brownsville line had been discharged by payment in bonds
We insisted that this transaction should be carried out as promised, and the
note or floating debt was liquidated by amactual sale of bonds.
3. The cash on hand as of June 30 1909 was stated as $5,106,354, while
in the annual report for 1908-09 the amount was shown to be $4,520,982.
We asked for an explanation of the apparent discrepancy, and insisted that'
the explanation ?<h<vcud also be given in the company's regular
report or
parallel columns be printed to enable proper comparisons.
4. We also claimed that in reporting earnings monthly to the public, the
company should include the mileage and earnings of the New Orleans Texas
& Mexico Division, which at that time were unfavorable, and that
excluding
them would be misleading.
The company admitted the justice of our criticisms, and of our demands,
and made the changes accordingly.
These changes were in effect a good
deal more than a mere "rearrangement of statistics" "to make a better
Southern
Rj.—Death of President.—-President William
Wilson Finley died at Washington on Nov. 25.,
stroke of apoplexy.—V. 97, p. 1205, 1132.1
Southwestern Utilities
The
on
or
a
Corporation.—Tenders of Notes.
Trust Co. is advertising for proposals to be submitted at
Bankers
its office
following
before Dec. 2 for the sale of 5-year 6% notes issued under
.
appearance."
The propriety of our position in this matter and
pose in asking for these changes surely cannot be questioned by
our
pur¬
any fair-
minded person.
Statement by Receiver Thomas H. West as to Brownsville Road.
much has been said about the profits on the sale of the St. Louis
Co. to the St. Louis & San Francisco that I
feel called upon to make a statement of facts.
The sale of the road was
made for $11,827,200.
The road was built by a syndicate at a total cost,
as shown by statement furnished the I. C. Commission, of
$9,708,758.
Of this amount, $3,981,000 was paid in by the syndicate subscribers.
The
balance of $5,727,758 necessary to complete the enterprise was obtained
by the syndicate through sales of bonds and notes to the syndicate sub¬
scribers and the public.
Add to this interest at the rate of 6% per annum
So
Brownsville & Mexico RR.
paid semi-annually for the average time on the $3,981,000 cash paid in by
subscribers, $1,381,000, showing the net cost, with interest,
$11,089,758.
Deducting this from the sale price would leave $737,441.
Before constructing the road, land and cash donations were secured as
an inducement to the syndicate to built the road, out of which was taken
sufficient to furnish the right-of-way, depot grounds and terminals.
From
the syndicate
trust
agreement of June 15 1912, to exhaust a further sum of
Final Call
of their
subscription for the present issue of $10,000,000 5-yr.
6% gold notes.
The following is pronounced correct:-
Total authorized issue, $15,000,000, all of which has been subscribed
for, but with the understanding that no call would be made on the remaining
$5,000,000 until the first $10,000,000 had been fully paid.
On Oct. 31 1913
there had been issued $9,842,000 notes, a large number of subscribers having
paid their full subscription.
Of this amount $5,522,500 was retired by
money accruing from the sale of securities of underlying companies.
This
leaves $4,319,500 of the notes outstanding, a majority of which is owned
by the American Power & Light Co.
Compare V. 97, p. 121; V. 95, p. 1126.
V. 97, p. 1360, 1428.
Tonopah & Tidewater RR.—Application.—The com¬
has applied to the Cal. RR. Commission for authority
to issue $294,000 bonds to construct a line of narrow-gauge
railroad 17 miles in length in Inyo County, from the Biddy
pany
McCarty borax mine owned by the Pacific Coast Borax Co.
to the Ryan branch of the railroad company.—V. 91, p. 1712.
Union
Street Ry.,
New Bedford, Mass.—Bonds.—The
shareholders recently authorized an issue of $2,000,000 20-
4^% mtge. bonds to provide for extensions, improve¬
ments, funding floating debt and refunding existing bonds.
year
The Mass.
P.
S.
Commission has been asked to sanction the
the balance of land and cash donations was realized the
$250,000 of the new bonds to take up part of the $500,000 5%
showing
Jan. 2 1914.—V. 91, p. 1096.
sum of
$892,487,
profit to the syndicate of $1,639,929, but showing also that the
cost to the 'Frisco was only $737,442 over and above the actual cost of the
property with right-of-way, depot grounds and terminals free.
The above
are the results after the Syndicate had carried for about six years.
a
$100,010.,
Underwriters ljO%, Due Dec. 8.—The under¬
writers" have been called upon to pay on Dec. 8 the final 10%
on
Union
Traction
Discredited:—"Phila.
k
issuev^pf
bonds due
»
Co.,
Philadelphia.—Assessment
News
Bureau"
on
Nov. 21
#
Talk
said
:
Nov. 29
Dividends at the rate
much yesterday that| it may
At the best price yesterday,
from the low.
The alarm among the stockholders was allayed when several persons in
authority declared, without Qualification, that an assessment
would not
and could not be called.
In making the lease to the Phila. Rapid Transit
Co., every precaution was taken to make the Union Traction stock un¬
assessable.
The most celebrated lawyer in Philadelphia has given it as his
Feeling about Union Traction improved so
that the assessment scare is over.
45K. the stock showed a recovery of 4 points
point.
every
have to assent to such
share of stock would
correct.
^
.
terms
that the Uhion
one, and
rr.
is held by estates,
such plan. As to
provide $500,000 of working capital and to acquire the following securities
[practically all, it is stated, taken over, remainder under option]: Notes and
1st M. bonds, $1,550,000; pref. stocks, $1,350,000; com. stocks, $3,450,000.
"Annual resources" of the co.,
(c)
1911.
West
f
,
allowing for interest and pref. dividends. $34,181
Property.—The company has acquired control, through stock ownership,
of the following properties: Eastern Pennsylvania Power Co. (V. 94, p. 210,
354), controlling the Easton Gas Works; Chemung Land Co.; The Jersey
Corporation; Sayre Electric Co. (V. 94, p. 566, 1321); Nazareth Ilium. Gas
Co. and Pennsylvania Utilities Co. of Nazareth. The Binghamton Lt., Ht.
& Pow. Co. is an allied if not a controlled property.]
The electric generating stations (see below) are 12 in number, comprising
8 steam plants and 4 hydro-electric plants. These plants have installed
sufficient electrical generators and auxiliaries to develop 20,500 h.p., of
which the capacity of the steam plants is about 16,300 h.p. and of the
water power plants about 4,250
h.p.
In addition there are riparian
rights and real estate in connection therewith, capable of developing
economically about 5,100
electrical h.p. additional.
The generating
capacity of the gas plants [at Nazareth and Easton] is 690,000 cu. ft. daily.
There are two steam-heating systems, using exhaust steam, a total of 14,675
ft. of pipe.
Principal franchises are perpetual.
Only 5 out of 56 fran¬
chises are limited as to time and these run beyond 1922. The majority of
the properties are located within 70 miles, and all are within five hours*
Sept., m
1361, 945.
End St.
voted Nov. 25 to
floating debt
Ry., Boston.—Stock.—The shareholders
issue $350,000 new common stock to fund
incurred for additions and improvements.
the outstanding common stock to $12,730,150.
Total
$18,871,000 June 30 1913, against $18,276,000.June 30 1912.
1505.
This will increase
bonded debt,
—V.
97,
p
West Penn
Traction & Water Power Co.—6% Secured
Notes
of Hydro-Electric Co. of West
pany
under "Industrials" below.
Virginia.—See that com¬
On or About Nov. 17 1913.
amount of new business, the West Penn
is now installing a new generator at its central
^steam plant near Connellsville of 25,000 h.p.
There is no doubt in the
minds of the officers of the company but that the power from the new
hydro-electric: installation in the Cheat River will find a ready market
when the plant is completed.
About 100 men are now working on this
plant, which is being constructed by the Hydro-Electric Co. of West Vir¬
ginia.
With the reorganization of American Water Works & Guarantee
Co. and the financing of its utility properties, arrangement will be made to
Statement
In
Published
order to care for its large
Traction & Water Power Co.
Philadelphia.
1
,
(1) steam electric stations (a) at Binghamton, N. Y.,
and Lestershire; (b) at Sayre, Pa., serving also
N. Y.; (c) one at Bangor, Pa., and two at Eas¬
ton, Pa., these three being connected with one another and with (2)
hydro-electric plants at Columbia, N. J., Stroudsburg, Pa., and Phillipsburg, N. J., and prospectively with a projected hydro-electric 'plant at
Bushkill, Pa., on the Delaware River and also prospectively with (3)
steam electric stations, now controlled, at Dover and Bernardsville, these
two stations being interconnected and serving also Rockaway, Wharton,
Mendham, Bedminster, Gladstone and Chester (4) steam electric station
at Morristown, N. J., this station being owned by Morris & Somerset
Electric Co., in which the Atlantic Gas <fc Elec. Co. owns a minority
interest, a majority of the $116,500 stock being held in an independent
voting trust; generating capacity (included in
foregoing total), 1,650
k.w.
See separate statement for that company above.
Two new electric turbines, it is reported, are being installed, one at
Easton of 5,000 k.w., one at Binghamton of 2,500 k.w.
[A handsomely
illustrated prospectus issued by the Atlantic Gas <fc El. Co. in Oct. 1913
gave the total capacity of electric generators and auxiliaries as 27,500 h.p.J
Directors (and officers): Arthur D. Lord, N. Y., Pres.; Carl M. Pihl,
Easton, V.-Pres.; Francis V. Shannon, Treas., and Albert B. Cheadle, Sec.
Charles S. Carscallen and Edgerton Parsons of N. Y. City, Thomas C.
Perkins, Hartford, Conn., William B. Dinsmore and T. M. R. Meikleham,
of Meikleham & Dinsmore; John Miller, Nazareth, Pa.—N. Y. office,
ride of N. Y. City or
[A map shows
serving also Port Dickinson
Athens, Pa., and Waverly,
complete this plant as rapidly as possible.
The reports of the engineers
on tne West Penn and subsidiaries have been completed and are in the
reorganization committee, and it is understood that they are
very satisfactory both as to the operating properties and on the Cheat River
hydro-electric proposition.
For the week ended Nov. 1 the gain in power business of the West Penn
and its subsidiaries was 798 h.p.in motors, in addition to the gain in lightng and traction business.
Early in 1912 a contract was entered into
with Pittsburgh Coal Co. for the electrification of all mines, some 52 in
number, which could be reached by the power company's lines.
As yet
only a few of these mines have been connected, but the coal company is
-hands of the
electrical
making arrangements to install a large additional amount of
equip¬
'Midland No. 1 mine has been connected with 450 h.p. in motors.
Pittsburgh Coal Co. is now opening two new mines on the extension of
the Montour RR. and both these will be operated by current from the
West Penn.
Logansport Coal CO. has contracted for 150 h.p. and Paulton
Coal Co. for 60 h.p.
Latrobe Electric Steel Co., which has just completed
ment.
Its plant,
furnace with West Penn current,
is operating its electric
the aver¬
25 Broad St.. New York.
about 1,000 k.w. per ton of manufactured steel.,
at West Newton tne Pittsburgh Coal Co. is erecting
a power house which will be operated by current from the West Penn plants.
Tne Meadowlands Coal Co., since the installation of electric power, has
broken all records in production, and this company is to add 450 h.p. for
hoists and fans, which will completely electrify its mines.—V. 97, p. 1288.
age consumption being
At the Waverly mine
INDUSTRIAL, GAS AND
Approx. Outstanding Capitalization of Underlying Operating
Cos.
Pennsylvania Utilities Co. stock ($2,000,000 authorized)-(?)
(1) Eastern Pennsylvania Power Co.—
First & .Ref. M. bonds (V. 94,j>. 210), $1,880,000; underlying
*
bonds, 2 issues, $245,000 [Easton Power Co. 5s due Oct.
1940, $120,000; Bernard Elec. 1st M. 60-year 5s, due July
1971, guaranteed by Eastern Penn. Power Co., $125,000]-.$2,125,000
Five year 6% notes due 1917, auth., $1,500,000; out (Jan. 1912) 1,000,000
(2) Penn. Utilities Co. proposed new M. (see below), $25,000,000
« None
MISCELLANEOUS.
Sayre (Pa.) Electric Co. stock ($100,000
IstM. 5s of 1907 (V. 94, p. 566), auth.,
American Gas & Electric Co., N. Y
The directors on Nov. 24 authorized the issue and sale, at par, of $500,000
vcommon stock.
Holders of record Nov. 28 of common stock and voting
trust certificates for common stock are. entitled, to subscribe for one share
of such new common stock for each six shares owned by them, respectively.
Formal notice stating terras, &c., will be issued later.—V. 97, p. 1117, 667.
Co.—Two
Anglo-American Oil
Stock
Dividend Authorized Aug.
5-year 6% convertible notes (V. 92, p.
El. Lt. & P. Co. bonds, $40,000—
1st M. 30-year 5%
1.—
stockholders
to the proper owners.
On Oct. 30 1913 there was
Holders of share warrants to deposit them at said Trust Co. on or
statement requesting the allotment in shares in pay¬
ment of the dividend.
If this method is used it will mean a delay of four
or five weeks, as the form of statement in this case can be dealt with only
in the London office.—V. 97, p. 1205, 598.
•
.
(2)
plated
Gap & Electric Co.—Bonds Offered.—MeiklePhila. and Boston, are .offering
at 93 and int., "Series A 1st (collat.) lien" s. f. 5% gold
bonds, dated Dec. 1 1912 and due Dee. 1 1922, but redeem¬
able for (3%) sink. fd. at 103 and int.; for any other purpose
Atlantic
a
ham & Dinsmore of N: Y.,
Baltic Mining
Par $100.
Years ending
Mar. 31 *13.
July 31'13.
properties. $1,021,869
$1,080,500 $1,117,539
quarterly dividends on the pref. stock.
Oct. 31 *12.
•
Total gross income resources...
Expense deductions.....
...
below)
$2,000,000 of 5% Ser."A" bds.
Net income "resources" (see
£lnt.
on
201,774
63,027
208,643
$267,627
28,446
$264,801
$274,140
28,415
$239,181
$237,016
100,000
100,000
.J
a
Bal. (incl. undiv. surp.
198,462
69,165
of sub. cos.)
$139,181
65,497
27,785
■
i
»
■
'
$137,016
-
$245,725
100,000
■1 '
■
■
■
turbo-units and eventually
Co.—U. S. Supreme Court Upholds Tax.—*
Court on Nov. 3, by a divided vote, sustained the
of one-fiftieth of one per cent per
the par vajue of stocks of foreign corporations which have a
place of business in the State.
The cases were those of .the Baltic Mining
Co., a Michigan corporation/and S. S. White Dental Co., incorporated un¬
der the laws of Pennsylvania.
Justice Day announced the minority opin¬
ion, Chief Justice White and Justices Van Devanter and Pitney dissenting.
The companies opposed the tax on the ground that it is an unlawful burden
on inter-State commerce, and takes property without due process of law.
Railroad, telegraph, telephone and similar corporations are exempted from
the operation of the law.—V. 96, p. 1426.
annum
Earnings (see Following Letter)—
►Other income
fpther 1,000 k.w. capacity in steam
The U. S. Supreme
The firm reports:
"
a
2,400 k.w. hydro-electric plant.-
Massachusetts law which imposes a tax
Bonds.—Secured by mortgage to Amer. Trust Co. of Boston, as trustee,
pledging the securities below mentioned [being chiefly in Oct. 1913 the
stocks and notes subject to the outstanding underlying bonds mentioned
below, of the controlled cos.—Ed.].
Outstanding bonds to be limited to
75% of appraised value of collateral.
Annual sink, fund 3% from Dec. 1
1914.
Par: c, $500 and $1,000; r, $1,000 and multiples.
Preferred Stock.—Entitled to cumulative dividends at rate of 6% per an¬
num, payable Q.*F. 15, pref. p. & d.
Convertible into an equal amount
,at par of common stock on any dividend date.
Pref. stock has no voting
powers, except for increases or decreases of capital stock and on other
istatutory questions, unless the company shall fail to pay any two consecu¬
Consolid. income of sub.
Net surplus from subsidiaries and
income resources available for co"
(?)
approved a merger of the Pennsylvania UtiU-
(auth. cap. stock $40,000) with the Eastern Pennsylvania Power
Co. (cap. stock issued $570,000 pref. and $2,900,000 common, largely
owned by Atl. Gas & EL Co.), forming Pennsylvania Utilities Co., with an
authorized capital stock of $2,000,000
($1,000,000 pref.).
A meeting of
the shareholders of the last-named company has been called for Dec. 30
to
vote on increasing the indebtedness from nothing to
$25,000,000.
Officers: Carl M. Pihl, Pres., Easton, Pa.; Arthur D. Lord, V.-Pres., Sum¬
mit, N. J.; F. V. Shannon, Treas., 450 W. 149th St., N. Y,; A. B. Cheadle,
Sec., 622 W. 141st St., N. Y.
The New Jersey Corp. of Boonton, N. J., in Oct. 1913 owned a steam
elec. plant of 300 lc.w., which was being increased by 500 k.w., and contem¬
after Nov. 26, with a
tive
116,500
250,000
ties Co.
_
m
80,000
650,000
500,000
gold sinking fund bonds of 1910 (callable at
105; authorized $1,000,000)
Jersey Corporation, Boontdn, N. J
receive the 100% stock dividend authorized on Aug. 1, bringing the
tptal capital to £2,000,000^
m
(1) Stockholders to deposit their share warrants with the Guaranty Trust
Co. and authorize the latter on a form (to be furnished on request) to apply
for the new shares in its own name.
The oil company will then issue the new
share warrants to the Guaranty Trust Co. direct, which will distribute them
250,000
210.000
^
..
may
at 105 and int.
is pref.)__$750,000; out (Feb.'12)
193), $40,000; Waverly
Binghamton Light, Heat & Power Co. stock ($150,000 is pref.)_
1st ref. (now first) M. of 1902 (V. 75, p. 187; V. 88, p. 946)-Morris & Somerset Elec. Co. capital stock (minority int. owned)
Methods for Obtaining
methods by which American
The company announces two
205,000
750,000 6% pref. stock.
Surplus, balance, after
Record (Per Cent).
1912.
1913.
4
Mar., 1; June,
2
engineering services which would have
total, $267,627, less expenses
$28,446; net-.
---$239,181
$2,000,000 5% ser. "A" bonds and dividends on $1,-
from managerial and
Interest on
Common Dividend
2
the annual resources
been performed by our company;
of engineering and management,
comparing with llA% in June and Sept. last,
1 % quarterly from March 1912 to March 1913 and 1 % semi¬
annually from Dee. 1909 to Dec. 1911, inclusive.
1910.
based upon
net earnings of the cos. which have issued the last
named securities.; (b) from interest on loans to said corporations;
from (a)
record Nov. 15,
1
Basis of Year ending Oct. 31 1912.
Results to Company on
In¬
the
$6,500,000 common stock in addition to the regular quarterly
distribution of VA%, both payable Dec. 1 to holders of
1909.
$1,750,000
3,500,000
z2,000,000
$500,000 reserved for acquisition of securities not included in plan, but
under contract and in part under option.
Note.—$234,830 additional of prf. stk. and $500,000 additional of com¬
mon stock has been agreed to be issued in connection with the above pur¬
chase when the company is earning 6% per annum on all pref. stock out¬
standing and 2% on all common stock outstanding, including same.
The initial issue of bonds and stocks as above is made to enable us to
probability or improbability of a default that would break the lease, an
opinion may best be reached by a study of the progress made by the Rapid
Transit Co. since it came under the present management.—V. 96, p. 555.
—V. 96, p.
$5,000,000
7,500,000
Ser. A..
2,500,000
z
the
.
....
Authorized. Now Issuable.
in part
stockholders would welcome the opportunity. It
favorable to financial opera¬
Washington (D. C.) Ry. & Electric Co.—Dividend
creased.—An extra dividend of 1% has been declared on
2 1912] to control and develop estab¬
Convertible 6% cumulative pref. stock
Common stock (see below)-.
First lien sk. fd. 5% gold bds. in series.
suggested repeatedly that in order to enable Rapid Transit
to participate in the Taylor subway and elevated plans, a proposition might
be made to Union Traction to furnish the necessary funds on such favorable
might be pointed out that the times are not
tions of this kind and that a large portion of the stock
executors, trustees, &c., who could not legally go into
Pres. D. L. Babcock, N. Y„ Jan. 25 1913.
Digest of Statement by
Incorporated in Connecticut [April
and electric properties.
Capitalization—
The only
,
viz.: Feb. 15 1913, 1H%; May,
lished gas
plan or it would fail,
if this view is
It has beon
of 6% per an. have been paid on the $1,750,000
pref. stock, calling for $105,000 yearly,
1^%; Aug., 1H%; Nov., iy2%.
fee said
opinion that the lease is absolutely impregnable on this
kind of an assessment that could be levied would be a voluntary
1585
CHRONICLE
THE
1913.]
■
$145,725
upon
Big Lost River Irrigation Co.—Decision.—
Appeals at San Francisco on Nov. 17 handed
a decision in the litigation which has involved the project since 1910,
upholding Judge Dietrich of the Idaho District of the U. S. District Court,
who ruled in favor of the mechanic's lien of the Corey Bros. Construction
The U.S. Circuit Court of
down
Co., and entered a judgment
concern,
of approximately $650,000 in favor of that
There is said to be
and ordered a receiver's sale to satisfy it.
little chance of an
appeal being taken from the decision just rendered, and
will
528.
it is believed the project
loss of time.—V.
92,
p.
now
be reorganized and completed without
Bond County (III.) Coal Co.—Guar. Bonds.—Peabody,
Houghteling & Co., Chicago, recently offered at par and int.
$120,000 1st M. serial 6% sinking fund gold bonds.
,
Dated July 1 1913-
Due $12,000 each July 1 1915 to 1924, but redeem¬
accrued
able ih reverse of numerical order on any Interest date at 101 and
int. during the
first year, atlOl^ and int. during
during third year, and 102 H and Int. thereafter.
second year, 102 and in.)
Par $500 and $l,000(ct»
1586
THE
CHRONICLE
P. & i. payable at Central Trust
Co., Chicago, trustee, and at First Nat.
Bank in N. Y.
Total auth.,
the
$500,000;
acquisition of additional coal at a
now
rate
The income for the ten months ended Oct.
31 1913 has been more than
to meet the dividend
requirements, but owing to the depreciation
in the market value of the securities and the
consequent shrinkage in sur¬
sufficient
J380,000.
if issued,
will mature
$23,000* each year from
uly 1 1915 These
to Julylast,
1 1924
and $50,000
yearly from July 1 1925 to July 1
1927, incl.
plus, the directors have deemed it wise
Sinking fund 3 cts. per ton mined.
12,000 acres of thick vein standard Illinois coal,
simple, located in Bond County, and containing not less than
84,000,000 tons of recoverable coal which we value at $25 per acre, or a
total of $300,000.
These bonds are guaranteed, p. & i.p by endorsement
each bond by the Peabody Coal Co. of New
Jersey, which has a net
worth in paid-in capital,
surplus and reserves of $4,028,361. [Incorporated
in N. J. Mar. 10 1903 with
$1,500,000 stock (in $100 shares), possibly
since increased.
For Ohio Co., see V. 84, p. 935.1
Incorp. in Illinois with an issued capital stock of $200,000.
The company
does not at present intend to operate the Bond
County properties, but
merely to hold them as reserve for future operations.
The property has
been thoroughly prospected with diamond core drills, which show it to be
underlaid with No. 6 Illinois vein of a very clean character, with a strong rock
and slate rocf and the hard
fire-clay bottom which are so essential to eco¬
nomical mining.
The thickness of the vein in Montgomery, Fayette and
Bond counties ranges from
ft. to 9 ft.
The C. B. & Q. RR. runs di¬
rectly through the property;
on
Caney River Gas Co.—Merger Plans.—
See Oklahoma Natural Gas Co. below.—V.
•
97, p. 598.
Central District Telephone Co.—New Stock, &c.—The
on Nov. 25
adopted the motions:
shareholders
1.
Increasing the capital stock from $15,000,000 to $25,000,000.
Increasing the indebtedness "from nothing to $25,000,000."
Purchasing Central Allegheny Valley Telep. Co.
See V. 97, p. 952.
2.
3.
Central Iowa Light & Power Co.—New
Company.—
Connecticut
River Power Transmission
for
each
on
three
shares
now
Nov. 24
1913
from
has, under
creating it, the power to require all public service corporations to
comply with the conditions and agreements of franchises
granted by cities
of the
State, making it unnecessary to bring forfeiture suits in the courts
to compel
compliance.
An appeal from the decision, it is said, will be
taken to the courts.—V.
95, d. 820.
the law
General
—-This
the
15 1913,
at 10 a. m.
The common stockholders are
accordingly "entitled to sub¬
scribe on or before Dec. 15 1913 for two new shares for each
three shares
of present holdings, the same to be issued Dec.
30 1913, on payment of $100
in addition to the dividend
payable at that date on each three shares of
their present holdings."
In other words, if the common shareholder de¬
sires to subscribe for his proportion of the new
stock, the dividend of $33 1-3
England.
The securities of the
new
company
consist of ordin¬
cum.
finance the Union Co.
The transaction, it is pointed
out, is more in the nature of a reorganiza¬
tion than anything else.
The General Petroleum Co. was in need of funds
and the new interests behind the
company will be well able to supply the
sh,are may be applied in part payment..
President Walter H. Langshaw says that this increase of stock is made
per
many regarding the net return on money required to conduct the business in conse¬
quence of a capitalization much below cost or value."
[There are $800,000
bonds outstanding.
At last accounts there was a floating debt of about
$415,000, which presumably the $400,000 new cash would be used to
pay.
—V. 89, p. 531.
•
:
in
7%
So far as known, no authorized
amount of preference stock has been
set;
for the present about
£3,000,000 will be issued to be exchanged for the
$15,000,000 of General Petroleum 6% bonds.
Actually, there will be £205
of fully-paid
preference stock exchanged for each $1,000 bond, or
practically
par for par.
[Another account states the limit of pref. at £10,000,000.]
The General
Petroleum, Ltd., intends to exercise the option on the Union
Oil Co. and it is
proposed to make a further issue of preference shares to
surplus,
common stockholders of record Dec.
"because of the unsettled condition of industrial and financial
affairs and
because of the false impression which
prevails in the minds of
Petroleurp, Ltd.—English Holding Co. Organized.
company, it is announced, has been registered by
the Andrew Weir
syndicate under the English Companies'
Act to take over the control of the
General Petroleum Co.
of California. The ''Wall Street
Journal" yesterday said:
4*)® ^rement provides that the ordinary share capital shall not exceed
£5,000,000.
It is proposed to now issue
£2,000,000 of ordinary shares to be
exchanged for the common stock of the General Petroleum
Co., of which
there is outstanding
something like $35,000,000, in the proportion of three
new shares for each share in
the old company.
This is equivalent to about
$15 of new stock for each $100 share of the old.
held, subscriptions payable Dec. 30.
33 1-3% was declared
Dec. 30 1913, to
Light, Heat & Water Co.—Decision.
non-voting preference shares, each of a par value of £1.
company will have no bonded debt for the
present, although the
agreement drawn up
by the syndicate states that the new company shall
have power for
bonding itself to an amount not exceeding the pref. capital.
Surplus, $400,000 for New Capital—Plan.
A dividend of
Ft. Scott & Nevada
The
of
shares
of the
The Missouri P. S.
Commission on Nov. 17 held that it has the right to
asid.e the rates fixed in a
city franchise (in this instance the city of
Nevada) and to fix other rates.
Cities cannot, it is stated, contract away
from the State the
right to regulate rates so that the public may not have a
fair and reasonable
rate, all rates named in a franchise being under the
police power of the State and
subject to regulation.
The Commission
claims that the
city can by ordinance at any time change the rates, but that
their reasonableness is
subject to the determination of the Commission upon
complaint of either party.
It is also held that the Commission
ary and
The stockholders having voted on Nov. 24 to increase the
capital stock
from $1,800,000 (consisting of $600,000 pref. and
$1,200,000 common) to
$2,600,000 (par $100), by the addition of $800,000 common stock, the commoii stockholders of record Nov, -25 are offered the
right to subscribe for
the new stock at par, on or before Dec. 15, in the
proportion of two new
payable
resources
set
registered
^
Dartmouth Mfg. Corporation, New
Bedford,—$800,000 New Common Stock—$400,000 to
Represent a Portion
Accumulated
the
Details of the
Co.—
v
conserve
plan for the absorption of the General Petroleum Co.
by an
English syndicate, including Andrew
Weir, A. M. Grenfell and R. Tilden
Smith, have been made public.
A holding
company, known as the General Petroleum, Ltd., has been
See Fort Dodge Des Moines & Southern RR. under "Railroads" above.
See Massachusetts Company below.
to
company and defer action for the present respecting the payment of the
quarterly dividend of 1)3%, payable Dec. 1, on the 6% cum. pref. stock.
A detailed balance sheet will
be furnished at the end of the year as here¬
tofore.
See V. 92, p. 1639; V. 93, p. 348.
A first mortgage upon
owned in fee
xcvii.
Statement by President DeForest Candee.
,
issued, $120,000; reserved for
not to exceed $10 per acre,
[Vol.
.
company's financial requirements.
It is understood that the syndicate
has already advanced $3,000,000 in cash for
immediate use.
Among the
members of the
now board of directors there
are, it is said, several of the
biggest shipping interests in Great Britain [which it is asserted, have arranged
to build 12 tank ships, each of
10,000 tons burden, to carry the company's
oil to Europe via the
Panama,Canal.]—V. 97, p. 1288, 447.
.
■
Dominion Steel
Corp.—6% Notes Offered in London.-—
There were offered publicly in London at 97, subscription books closing
j
Nov. 21, £700,000
($3,500,000) 5-year 6% secured notes due Dec. 1 1918,
but red. in whole or in part
(when drawn) on any int. date at par on 60
days' notice.
Total auth. issue, £1,000,000.
The "Toronto Globe" on
Nov. 27 quoted cable dispatches as
saying that the public had taken 28%
of the £700,000 and the underwriters
further
48%.
Denominations £200 and
of all Canadian
The notes
of
are
taxes.
20%, making total subscription
(c*).
Int. payable J. & D., free
£100
;
secured by a trust deed in favor of the National Trust
Co.
Canada, and
are
a
specific charge
on
Steel Co. consols
£734,000 5%
Dominion Iron &
and £200,000 5% Cumberland Ry. & Coal Co.
The nominal value of the
security bonds is
bonds.
133% of the
The
1st M.
new
issue.
remaining notes (£300,000) may be issued against a further
deposit
of £220,600 of Dominion Iron & Steel 5
per cents and £179,400 Cumberland
Ry. & Coal Co. 1st M. bonds, or after the
redemption of £308,000 of the
present issue, without additional security.
Data from Official Prospectus.
.
The
subscription of this issue has been
.
„
ending Mar. 31) 1912, $1,835,169: 1913, $2,372,667.
Interest on notes
offered, £42,000.
*
The interim statement, not yet audited, shows that for the
6 mos. ended
Sept. 30 1913 these earnings amounted to $1,548,902, or at the rate of
over
£600,000 a year.
*
*
now
The dividend upon our $7,000,000
pref. shares is 6% per annum, and for
of the last two years the dividend
each
%,
The
sum
upon the $36,897,700 ordinary
distributed as dividends in the last
SI,714,601. The interest upon the notes ranks in
priority to any dividend payment.
>
The Corporation has no mortgage or general
charge,upon its assets, but
there are outstanding $1,500,000
5% notes or short-term debentures, due
in Nov. 1915.
issue
can
present
Until these unsecured notes have been
paid off, no further
be made of the notes now offered for
subscription beyond the
£700,000.
The consols of the Dominion Iron & Steel
Co., Ltd., which form part of
'deposited security, rank pari passu with £1,615,500 similar bonds
already quoted on the London Stock Exchange.
The 1st M. bonds of the
the
Cumberland Ry. & Coal Co., which form part of the
deposited security *
are part of an issue limited to
$3,000,000, and the interest on them will be
payable as rental by the Dominion Coal Co., Ltd.,.to whom the
property
of the company,is leased; in case of default the
Dominion Coal Co. has un¬
dertaken, |f called upon, to redeem these bonds at a price sufficient
to pay
off thp proportionate amount of the notes
issued.
The output of theDominion Coal
Co., Ltd., in 1910 was 3,526,754 tons
in 1911 4,251,063 tons and in 1912
5,053,160 tons, of which 412,200 tons
came from the newly acquired
Cumberland Collieries. The
output in 1913
is expected to be about
5,200,000 tons.
The Dominion Iron & Steel Co
Ltd., has a capacity in its works on Sydney Harbor of
400,000 tons per
annum in
rails, wirelrods, bars, wire, wire nails
and,other products.—
V.' 97, p. 1429. ^
Electric investment
Corporation,"New York.—
v
«
4
The regular quarterly dividend of 1
% % on the pref. stock, due at this
time, will not be paid.
This, it is stated, is due to the
passing last summer
of the 5% dividend on the stock of the Pacific
Gas & Elec. Co.
The initia1
dividend on the stock was paid Feb. 21
1913 and two quarterly Daymen' i
have been made since.—V. 96,
p. 949.
•
'
-
Electric Properties
Corporation, N. Y
—First Dividend.
An initial quarterlydividend of
1H % has been declared on the $4,000,000
pref. stock, payable Dec. 10 to holders of record Dec. 1.
The corporation
succeeded the company of the same name
per plan V. 96, p. 1426, on Sept 1
last, up to which time the dividends on the old
stock, which then ceased to
accrue, were adjusted.—V. 97, p. 889.
Federal Utilities, Inc.,
clared— The
6%
cum.
New York^Dividend Not De¬
quarterly dividend of 1]4%
pf. stock usually paid Dec. 1 has
on
Boston.—$1,000,000 New Preferred.
The shareholders have authorized the directors to issue from time to
time
not less than par ($100 a
share) $1,000,000 additional
pref. stock, in¬
creasing the total stock from $2,500,000 ($1,500,000 pref.) to
$3,500,000*
of which $2,500,000 to be
preferred.
A Boston paper says: For the first
half-year sales increased 15% and for
the nine months the gain was at a rate to promise an addition of
$800,000
$1,000,000 to the year's overturn.
This continued growth follows ex¬
pansion of the three previous years, during which time the company has
no increase,in capitalization.
Last financing was $500,000 pref. in
1909.
Naturally, some bulk of bank loans has accumulated and it is to
put these in permanent form that new stock will issue.
While the exact
time for issuance is still undecided, it will
probably be before Dec. 31.
See
to
made
V.
90, p. 240.
Hydro-Electric
.
Co.
,the $1,000,000
not been declared.
of
West Virginia.—6% Secured
Notes—Holders of the company's 6% collateral gold notes
dated May 1 1913 received promptly on Nov. 1 their semi¬
annual interest then due
guaranteed by the International
Financial Society, Ltd.
<
'
'
The Corporation owns the whole
(except a purely nominal amount) of
the issued ordinary shares of the
Dominion Coal Co., Ltd., and the Do¬
minion Iron & Steel Co., Ltd.,
amounting together to $35,800,000, and
$3,500,000 6% income bonds of each of these companies;
also
invest¬
ments in minor subsidiaries.
The earnings for the last two years available
for int. on these notes, after full allowance for
depreciation, were: Years
shares has been at rate of 4
fiscal year was thus
Hood Rubber Co.,
at
on
presentation of the company's
certificates at the Colonial Trust Co. of Pittsburgh, trustee.
The total issue authorized and.outstanding is $10,500,000,
of which $2,450,000 is due Nov. 1 1914 and the remainder on
May 1, 1923, but callable at 102. As collateral for the afore¬
said issue there have been pledged with the trustee $15,000,000 of the company's 1st M. 5% sinking fund gold bonds.
Formerly known as the Cheat River Hydro-Electric Co., of whose $2,000,000 capital stock $1,500,000 was taken over in 1911 by the West Penn
Traction Co. and $500,000 by the West Penn Traction & Water Power Co.,
which is'controlled by the American Water-Works & Guarantee Co. of
Pittsburgh.
In Sept. last the Hydro-Electric Co. of W. Va., W. S. Kuhn,
Pres., had preliminary plans to construct additional dam and power-house
Big Sandy Creek; concrete dam 1,600 ft. long, 200 ft. high; power¬
house 100x60 ft.;
concrete lined tunnel 9 ft. in diameter;
machinery to
include three water turbines, etc.; generate 65,000 electrical h. p.; esti¬
mated cost, $5,000,000:
As to construction of 48,000 h. p. hydro-electric
plant on Cheat River, in progress in 1912-13, see West Penn Traction &
Water Power & Light Co. under "Railroads" above and also in V. 97, p.
295; V. 94, p. 984, 1318; V. 95, p. 237. 1333.
;•
on
International
Industrial
Corporation, Ltd., Mon¬
treal.—6% Notes—Remarkable Canadian Coal and Iron Project.
A company entitled the "British Empire Securities Co., Ltd.," Montreal
(G.F. Johnston, President), is offering,at97Yx and int. $10,000,000 5-year 6% collateral trust goldnotes (par, $1,000, redeemableat
par and int. on any interest day) of this ambitious Canadian project, in¬
corporated last February under laws of Dominion of Canada, with capital
stock then stated as $100,000.
J. W. Allison is V.Pres. and Arthur
Flynn, Sec-Treas., of either the Securities Co. or the Industrial Corp.
and London
Digest of Letter from Pres. Charles W. McLean, Montreal, July 30 '13.
Auth. capital of $12,500,000, of which $12,090,000 is
'fully paid,
owns and has pledged with the mortgage trustee (Montreal Trust Co.)
and
to secure
the notes above mentioned:
Canadian
Ores, Ltd., 5-year 6% 1st M. gold bonds (closed
mortgage); no other liabilities.
Entire capital stock except
directors' shares owned by Int. Indus. Corp.)
$20,000,000
Meriden Coal & Coke Co. capital stock, entire issue, less direc¬
tors' shares.
"Fully paid."
(Has outstanding no bonds or
other fixed charges
except $450,000 purchase lien due 3
years from March 31 1913)
3,499,500
^
-
Iron Ore Properties of Canadian Ores, Ltd., Mortgaged to Secure Its Bond Issue.
[Company covenants to develop and equip same at a cost of about
$1,000,000 to a capacity of about 1,500,000 tons per ann. by July 19154
(1) 200 acres of land in Belmont Township, Peterboro County, Ont.;
(a) 100 acres being north half of lot No. 30 in Sixth concession and (b) 100
acres the east half of lot 29 in 5th concession, known as Belmont mine.
(2) The mining rights in three tracts of land aggregating 220 acres, in
Bagot Township, Renfrew Co., Ont.; (a) west half of lot No. 23 in 9th con¬
cession, 37 acres; (b) east.half of lot 23 in lpth concession, 83 acres; (c)
east half of lot 24 in 10th concession,. 100 acres, known as La Rondemine.
(3). 138 acres of land, being lot No. 2,0 in the 1st concession of Snowden
Township, Haliburton Co., Ont., known as the Victoria mine.
(4) Six mining claims, each containing 40 acres more or less, desig¬
nated as water lots Nos. 3364a, 3365a, 3366a, 3367a, 3368a and 3369a, in
the Nipissing
coke and by-products under the Solvay prooess.
the demand of local cokecontracted for over 70% of Its capacity for 5 and 10year periods.
Cost of the plant Is placed at $785,000, over 2 ¥x times this
proposed 1st M. bond Issue.
Net earnings are estimated at $237,000 per
a Tin.
The management is in the hands of
the Semet-Solvay Co., whloli
conoern also markets the by-products—tar, ammonia, sulphate, light
oil,
gas, &o.—V. 86, p. 1046, 484.
Formed to manufacture
District, Ont., and bordering on Iron Island in Lake Nipissing
Little Iron Island, containing 10 acres more or less.
Plant under
and including therein
users,
properties contain over 300,000,000 tons of
red hematite ore, practically free from phosphorus, titanium and sulphur,
being entirely within the requirements of "Bessemer grade," and 20,000,000
tons of black magnetic ore, both very uniform in quality.
Estimated out¬
put:
First year, 400,000 tons; 2d year, 750,000; 3d year, 1,500,000;
Engineers report that these
4th year,
1,500,000; 5th year,
1,500,000.
Land Properties of Meriden Coal &
Properties comprise 21,000 acres of coal
Coal
See Lehigh & New
1429,668.
Internat. Light &
v1 ■
■
last the Bank of Scotland, London, offered for the Municipal
Securities Co. .Ltd., and others, $1,000,0006% cum.pref.(p.&d.)
stock cum. from July 1 1913, in shares of $100, equal to £20 10s. Sd.
(with a bonus of $60 in common stock) at £18 per share.
In April
Digest of Prospectus of April 1913—Capitalization.
stock ($10,000,000 authorized)____
--..$2,500,000
Prof, stock 6%
Debentures, 5%
cum.
1,000,000
115,000
(part of $10,000,000 authorized)
(part of £400,000 authorized)
issue (a) debentures in addition to the £400,000 now
authorized, for the purchase of securities of other cos., or for the use of
subsidiary cos. whose shares it holds, but only if the company's proportion
of the annual net profits of those subsidiary cos. whose shares the company
owns or intends to purchase are twice the in erest on the debentures issued
and proposed to be issued,
(ft) Further pref. stock for the same purposes,
but only if the earnings as above stated are equal to the interest on deben¬
tures issued and proposed to be issued, and 1times the dividend on the
pref. stock issued and proposed to be issued.
Incorporated [Feb. 25 1913], under Can.Cos.* Act, to buy and hold the
securities of companies owning gas, electric light, power, water supply,
drainage, tramways and similar undertakings in South America or else¬
where.
Has acquired in consideration of the issue of the above-mentioned
stock and debentures (1) all of the issued capital of $900,000 ordinary shares
and also all of the $900,000 5% 1st M. debenture stock of the Venezuela
Electric Ugh* Co. (of Canada), which operates in Caracas (capital of
Venezuela), population 80,000, purchasing power from a hydraulic com¬
pany and therefore at present needs only the station it now possesses.
Has
exclusive contract for municipal lighting for 25 years from 1912.
(2) All
of the Issued share capital of $500,0OO (Argentine currency) and all of the
$295,000 debentures of the Compania Luz y Fuerza de Parana, which owns
the lighting properties in Parana, the capital of the Province of Entre Rios,
Argentina, a growing city of 42,000 inhabitants.
The properties include
a generating station of 640 k.w. capacity, operated principally by producer
gas; a gas plant supplying the city and a contract for public lighting until
1920.
(3) £30,000 working capital.
Results Reported by Public Accountants.
{Exchange throughout this prospectus, $1 Argentine equals Is. 9d. and
The company may
25.25 Bolivares equals £1.|
Last
i
Fiscal
Caracas. Parana.
Year-
Total.
—rEst. for Year
Caracas. Parana.
1914—
Total.
£51,082 £22,650- £73,732 £58,000 £25,600 £83,600
Net (after op. exp.)-. 22,926
9,448
32,374 28.000 11,000 39.000
Debenture interest, pref. dividend and estimated annual expenses of the
company require £19,500.
Except for the debentures, which the Inter¬
national owns, the two properties above referred to are free from debt and
have a working capital of £30,000 in addition to over, £30.000 of Internation¬
al Co.
J. G. White & Co., Ltd., will act as managers.
.«
■
Is negotiating for further properties of a similar nature, the authorized
capital having been made sufficiently large to provide for immediate future
development.
Has a conditional contract to purchase the shares and de¬
bentures of another eloctric-lighting undertaking which last year had gross
receipts of £45.610 and net. after op. exp., of £17.462.
By the expenditure
of an additional £37,000 on this undertaking, J. G. White & Co.", Ltd., esti¬
mate" that the earnings will for the year, after the improvements are com¬
pleted, be: Gross, £48,500: net, £26,500.
This purchase and the above
expenditure would require the issuing of $500,000 common stock and
Gross
receipts—J
£285,000 debentures.
Directors.—Follett Holt (Pres.), Chairman
M. Booth, director Booth SS.
Para Electric Rys. & Lighting
Entre Rios Rys. Co.; George
Co., Ltd., &c.; Francis M. Voules,director
Co., Ltd., &C., &c.; William C. Burton and
Albert N. Connett, directors J. G. White & Co.,
Bank of Commerce Bldg., Toronto, and 9 Cloak
Ltd.
Officer, Canadian
Lane, London* E.C.
International Lumber & Development Co.—Ruling —
Aug. 5 denied the application
or the appointment of a receiver made in June last, on the ground that
efforts are now being made to improve and protect, the company.
The
rule was issued on application of ex-Chancellor John R. Nicholson, who
In April 1912 brought suit on behalf of several of the stockholders. In
May of the same year the bill was withdrawn pending the result of the
criminal prosecution against the officials of the Federal Court, as it was
then considered advisable to wait until after the settlement of the case in
that Court in order that use might be made of the evidence brought put
Chancellor Curtis at Wilmington, Del., on
by the Government.
The 5 men who were recently convicted of using the mails to defraud
Investors were on April 29 sentenced by Judge Witmer in the U. S. Dist.
Court at Philadelphia as follows: William H. Armstrong Jr., President
and General Manager, and Charles M. McMahon, both of Philadelphia, the
latter Sec. and Treas., to spend 2 years in the penitentiary and pay a fine
of $2,000 each; John R. Markley and Isaiah B. Miller, the two promoters,
G.
both of Chicago, 1 year and 3 months and a fine of $10,000 each; Col. A.
Stewart of Mason City, Iowa, a director, one year and a fine of $1,000.—
V. 96, p. 1232.
.
International Motor Co., N. Y.—Further
Temporary «Injunction
Particulars—
Unconditionally Removed,—Plan.—
Since the publication of the article in our issue of Nov. 22, Ave have
learned that Justice Garrettson of the Supreme Court of Kings County, in
the suit brought by George E. Blakeslee against International
entered an order (1) denying the application of the
has
Motor Co.,
plaintiff for the
appointment of a receiver;
(2) unconditionally removing the temporary
injunction which prevented the company from borrowing money.
The officers of the company have authorized us to state that a neAV
financial plan has been completed.
This plan assures unusual security for
all merchandise indebtedness which the company may incur, since bank
loans and notes payable aggregating more than $2,500,000 have been ex¬
tended, principal and interest, for three years from Nov. 1 1913, and have
been
subordinated to the merchandise creditors, who will have a prior
claim on the company's assets, except for mortgages aggregating $54,500
on property at time of purchase, namely $48,000 on Plainfield plant and
$6,500 on Newark real estate.
An officer of the company says that as
the assets, exclusive of licenses, patent rights, goodwill, &c., amount to
more than $5,000,000, and the merchandise creditors amount to approxi¬
mately only $300,000, it is apparent that the company is a safe concern
with which to do business.—v. 97, p. 1507.
PIKentucky Solvay Coke Co., Ashland, Ky.—Bonds.—The
Tillotson & Wolcott Co., Cleveland, some months ago offered
at par $300,000 1st M. gold 6s, due $50,000 yearly July 11915
to 1920, of this Kentucky corporation, the control of which
is owned by\the Semet-Solvay Co.., Syracuse, N; Y.
will be backed not only by strong American interests, but
Swedish capitalists, who now control the successful Swedish Diesel
(Aktiebolagot Diesel Motorer), a concern devoted entirely
to the manufacture of Diesel engines on the "Hesselman" system.
The
new corporation will take over the plaint of the Mcintosh & Seymour Co.
of Auburn, N. Y., well known as builders of high-grade steam engines.
The Swedish company started building these Diesel engines in 1898, while
the Mcintosh & Seymour Co. have run their plant most successfully night
and day for many years, having built engines for many of the larger steam
plants in the country, bseides doing a large export business.
Most of the important European manufacturers of large steam and gas
engines are practically concentrating their energies on building Diesel
engines, and have such a large number of orders that it takes them from
one to two years to make deliveries.
Not only do these engines offer many
advantages for control station units, factory and other isolated power
plants, and railway service, but they are particularly desirable for marine
work, where the saving of weight >and space is of prime importance.
By their use boilers and other accesoriess are eliminated and the liquid
fuel, requiring less than one-third of the room required for coal, can be
stored in the ship's double bottom.
Oil suitable for Diesel engines being a by-product, Avill always be available
in ample quantities as long as the present large consumption of gasoline
The company
& General
Common
■
also by
Motor
Oct. 2 1913 listed futly-paid scrip cer"
stock and for $1,000,000 6% cum. pref.
% pref. div. was paid
3 Lombard St., Lon-
stock, all in shares of $100 each.
The quarterly m
Oct. 1 at Municipal & General Securities Co., Ltd.,
jjj. 0
,.l
*'
•'
. ,
X;.,
Steam Engines.—This company has
incorporated in N.Y. State with $2,200,000 of authorized
capital stock ($1,100,000 to be 6% cum. and participating
pref.) to manufacture on an extensive scale a full line of
Diesel engines, both stationary and marine, as well as the
highest grade of steam engines.
Authoritative data:
Pow. Co., Ltd., Toronto.—Status-
common
-
been
Stock Exchange on
for $931,900
v
-
Co., Auburn, N. Y.—To Manu¬
facture Diesel as well as
provide for the equipment and development of the properties and give an
ample working capital. (Mr. McLean, it is said, is Mayor of Brockville, Ont.)
The London
Navigation Co.—Lease.—
England RR. under "Railroads" above.—V. 97, p.
Mcintosh & Seymour
a
tificates
construction at Ashland, Ky., to meet
who alone have
Lehigh Coal &
Coke Co. (Location Not Stated).
lands, containing, the engineers
440,000,000 tons of high grades of coking coal; at present operated
by four plants having a daily capacity of 4,000 tons of coal.
This output
is partly sold as coal and partly converted into coke at the company's
modern coking plant.
Additional development and equipment is now
being provided to increase the output of coal from 4,000 tons (as how) for
first year to 9,000 tons for second year and 15,000 tons thereafter.
This company has covenented to dedicate for the payment of the ma¬
turity of its notes during the third year $3,000,000, fourth year $3,500,000
and fifth year $3,500,000.
The sum of $1,500,000 should be more than sufficient to develop and equip
these properties.
The proceeds of this note issue will enable the company
to discharge in full all of its obligations, including the lien on the Meriden
Goal & Coke Co. of $450,000, leaving the proceeds of $3,500,000 notes to
report,
;
1587
THE fCHRONICLE
.Nov. 29 1913.]
Co.
9#xid kerosene 6xists
•
Wallenberg,
Prest.
Stockholm Enskilda Bank,
Sweden; Frank A. Vanderlip, Prest. Nat. City Bank, N. Y.:
Thatcher N. Brown, Brown Brothers & Co., N. Y.; Edvdn S. Church and
J. A. Seymour, Auburn,; Philip W. Henry and Franklin B. Kirkbride,
N. Y. City; Oscar Lamm, Stockholm, Sweden.
Edwin S. Church, formerly
Sunt; Akron plant International Harvester Co., will be the executive head,
and J. A. Seymour, Prest. of Mcintosh & Seymour Co., will be Vice-Pres.,
in charge of engineering.
Directors.—Marcus
Stockholm,
(The) Massachusetts Co., Boston.—Additional
This
whose entire capital stock
company,
Bds.,&c.
($10,000) is owned by the
New England Pqwer Co. of Maine and whose holdings in the Connecticut
River Power Transmission Co. and the French King Rapids Power Co. (pf
Old Colony Trust Co. of Boston, as
5% collateral trust bonds, of
& i. by the Connecticut River
Power Co. (V. 93, p. 410; V. 94, p. 627; V. 95, p. 178, 1042), has requested .
the trustee to certify the remaining $1,200,000 bonds, and said trustee has
obtained from the Court an order notifying the bondholders of their right
within one month from Nov. 3 to take part in the construction of the pro¬
visions of the trust deed concerning the ne\v issue and to decide whether the
same have been complied with.
In Dec. 1912 sold the $5,000 stock of the
French King Rapids Co. to the Turner Falls Co. (V. 97, p. 670).
Bonds
due Jan. 1 1937, but callable as a whole at 105 after June 1 1912 for annual
sinking fund of 1% from 1914 to 1926.
Int. J. & D. at Merchants' Nat.
Bank, Boston, and Wast End Trust Co., Phila.
Present collateral for issue:
Mass.) were pledged in 1909 to the
trustee, to secure an issue of $2,500,000
which $1,200,000 are outstanding, guar. p.
Notes and stock of Connecticut River Transmission Co.; the additional
collateral will be additional stock or obligations of said company on exten¬
sions of lines (see
V. 93,
410) and New England Power Go, in
p.
V. 97, p. 54;
V. 96, p. 719.
Gas Companies, Boston.—Earnings of
Companies.—Net earnings of the subsidiary com¬
panies for October and the four months ending Oct. 31:
Massachusetts
Controlled
4 Mos. end. Oct. 31.
October
$102,775"
$115^,918
$297,817
$329,356
57,945
32,870
74,818
20,635
234,646
263,359
98,614
New England Gas & Coke
New England Coal & Coke
NeAvton & Watertown Gas
Gas.,.
East Boston
of Quincy__
Federal Coal & Coke—,
Boston
ToAvboat
Total-
—
6,121
11,020
Light-
-
Citizens' Co.
—
.
1,231
—
'
Increase in Gas Output.
Boston Consolidated Gas Co____
Gas__.
Co. of Quincy
Newton & Watertown
Citizens'
—V. 97, p. 241,
—
-
'
3.68%
5.33%
9.10%
20.05%
34.74%
15.58%
.
.
23,358
31,246
21,128
12,538
11,076
17,953
14,247
2,373
21,193
$773,806
$780,575
'
18.01%
10.99%
162,502
12,976
8,703
9,343
2,121
3,313
4,965
$239,817
$220,781
.
East Boston
,
1,700
7,119
-
—
1912.
1913.
1912.
1913.
Boston Consolidated Gas
■
3.79%
10.00%
9.05%
17.93%
18.39%
29.19%
15.95%
11.25%
1118, 1356.
Massey-Harris Co., Ltd.; Toronto, Ont .^—Acquisition.—
early in 1913 purchased Deyo-Macey Engine" Co. of Bing-
The company
hamton, which manufactures a complete line of gasoline agricultural power
engines, both stationery and portable, ranging from 1% to 20 horsepower,
and, in addition, a well-known orchard-spraying outfit.
These, it is 8£id,
will in future be produced and sold under the name of the Massey-HarriB
Co., which is planning to introduce them into every grain-growing country
In the world, and will also establish in Canada during the present year a
factory specially equipped for the manufacture of gasoline engines.—V. 92,
p. 192.
Co.—Favorable Decision•
Michigan Power
held that the city cannot compel the company
poles, wires and equipmeut from the streets or Lansing.
The
company's franchise expired on Jan. 1 last.
The Court upholds the con¬
tention that the company had the right to do business under a law passed by
the Legislature in 1905, saying that "the city had no authority to grant the
privilege of the setting of poles and the stringing of wires except as it derived
the authority by grant of power from the Legislature, and a grant of such
authority in no way lessens the sovereign power of the Legislature to also
grant right to individuals and corporations Avithin the city, and to do so
regardless of any other authority."
The city operates a municipal lighting
plant and sought to prevent competition.
An appeal Avill probably be
taken to the State Supreme Court.—V. 88, p. 886.
»
The Circuit Court recently
to remove its
Moline (la.) Plow Co.—Listed.—The New York Stock
Exchange has listed $7,500,000 7% cumulative 1st pref. stk.
Earnings.—For the 13 months ending July 31 1913:
$14,450,840; operating expenses, including $168,000
expended for maintenance, repairs and renewals and $101,787
charged off for depreciation, $12,822,975; balance, net income_$l
Interest on bills payable.
Gross sales,
-
Balance available for dividends
Compare V. 97, p.
,627,865
172,963
$1,454,902
1111.
Morris & Somerset Electric
Co., Morristown, N. J.—
Status.—This independently operated property referred to
above has been described in circular of N. W. Halsey & Co.:
Incorp. in N. J. in;June 1907, and now owns or controls the entire electric
light and power business of MorristOAvn, N. J., Morris Plains, N. J.y and
vicinity, having taken over and added to its system under a 900-year lease
gdl the property of Public Service Corp. of N. J. located in Morristown.
Franchises perpet. & free from burdensome restrictions. Capitalization:
1588
THE
CHRONICLE
Common stock, auth., $500,000, in $100 shares; outstanding
$116,500
1st M. 5% sinking fund gold bonds, dated Oct. 1 1910, due
Oct. 1 1940, but redeemable at 105 and int. on any int. date;
Columbia Trust Co. of N. Y. and Willard V. King, trustees;
interest A. & O. in N. Y.
Par $1,000c*.
Tax-exempt in Ni J.
Total authorized, $1,000,000; outstanding
250,000
Reserved
for
additions, extensions and impts
to
80% of
provided annual gross earnings are five times and net
earnings double the interest on outstanding bonds, including
those then proposed to be issued—
750,000
These bonus cover (a) As an absolute first mortgage all the properties
owned by the company in fee, including its new fireproof generating station,
over 4}4 miles of the total 12H miles of underground conduit system, and
over 40y2 miles of the total 70 miles of overhead distributing system, the
properties so owned representing an actual cash cost on Dec. 31 1912 of
$307,556.
(b) The 900-year lease from the Public Service Corporation
covering the remainder of the property.
They also precede $116,500 out¬
standing common stock, which represents a further cash investment of
$116,500 and on which dividends of 6% per annum are being paid.
The
bonds also have a strong sinking fund beginning 1913, which is calculated
to retire two-thirds of the authorized issue before maturity.
Morristown is situated about 31 miles west of N. Y. City, and is one of
the oldest and most substantial cities in New Jersey.
The U. S.. Census
In 1910 showed the population of Morristown proper as 12,507, and it is
estimated the adjacent territory served contains 7,600; total, 20,107Earnings for Calendar Years ( Net") is shown after taxes, rentals, &c.)
1912
1911.
f
'
1912.
1911
Gross
$107,025
$97,694 Bond interest paid. $9,684
$6,900"
cost,
----
--
,
Net
33.744
Balance Sheet
15,8731 Balance
31 1912 and May 31
24.069
Dec.
Dec.31 !12. MaySVll
8,973
1911.
Dec.31 '\2.Mam '11
Property acct
$301,218 $213,798 Stock outstand'g_$l 16,500
1,500
1,700 1st M. 5s outst'g. 200,000
135,000
4,000
7,000 Accts. payable
8,802
9,978
Disc, on bonds,Ac
21,668
16,028 Note payable.___
2,000
Accts.
receivable
19,491
11,449 Accrued liabilities
10,982
12,500
Mat'ls & supplies
12,575
1,865 Reserves, renewals
10,000
22,021
Cash
do
casualties.
4,597
600
13,430
do bond int.A rent *12,500
Total
accumulat¬
Miscellaneous.
ed surplus
'_
1,275
15,725
7,572
586
♦Includes lease rental accrued, $10,000, and bond int. acct., $2,500.
Pres., Samuel H. Gillespie, Morristown, member of the firm of L. C.
Gillespie A Sons, 6 Fletcher St., N. Y. City.
While a minority interest
in the stock is held by Atlantic Gas & Electric Co. [which see above], the
property is independently controlled and operated, a majority of the stock
being held in and voted by an independent voting trust so that the enter¬
prise in Boonton, N. J., and elsewhere competes for business.
Franchise
_______
Exp. dur. constr_
_
National Bridge Co. of Canada.—Control.—Status.—
(4) Gas Properties of United Fuel Supply Co. (Stock $500,000; No Bonds.)
Properties: Leaseholds and gas rights, 15,655 acres; 50 gas wells (50
cu.
ft. reserve), 50; pipe lines, 21.46 miles; pump station near
Tulsa, Okla., brick bldg. with 350 h. p. steam engine compressor,
capacity
8,000,000 cu. ft. per day.
(The company has some oil production and oil
leases which are not
being considered in this purchase.)
Gross
Earnings to Be Obtained by Purchase, Based
Nevada Consolidated
Copper Co.—10% Extra Dividend.
New England Power Co., Boston.—
;8ee Massachusetts Company above.
The co.'s three power houses thus far completed
head of approximately 60 ft. each, with
_$250,513
Osage A Oklahoma Co.
212,393
Oklahoma Fuel Supply Co.,
proportion of receipts.
United Fuel Supply Co
Total gross.
_.
These four properties will be inventoried at
cover the purchase of all of them.
_
each operated under
a total
capacity of about 60,000,000 k.w. hours.'
The Head at plant No. 2, located
about two miles east of Shelburne Falls, is obtained
by a direct drop through
a penstock.
Plant No. 3 is located within the town, and includes the re¬
development of an old dam, the head of which has been increased and the
capacity of the plant further augmented by building a canal
approximately
2,000-ft. long, supplying a small reservoir feeding into three immense pen¬
stocks through which water is carried to the wheels.
Plant No. 4 is located
approximately two miles west of Shelburne Falls, and includes a high di¬
verting dam which throws the water into a tunnel about 13 ft. in diameter
built through solid rock a distance of 1,500 ft.,
through which it is carried
reservoir
a
and
conveyed through penstocks
to
the
water
wheels.
See also V. 96, p. 719; V. 97, p. 54.
New York Real Estate Securities
Co.—Receivership.—
An involuntary petition in bankruptcy was
filed against this company
yesterday in the U. S. District Court, and Judge Hough appointed James
M. Rosenberg as receiver.
The company was organized in October 1908
with a capital stock of $2,50,000.
The share capital is now common stock,
$2,500,000; preferred stock, $1,000,000, and 6% 2d pref. stock, $450,000.
According to Counsel J. C. Weschler,'the company's
libilities amount
to about $20,000,000, the chief item being
mortgages of approximately
$15,000,000.
The bonded debt is around $3,000,000 [including, it is un¬
derstood, collateral trust 6s due 1926 and 1927, Empire Trust Co., trustee].
Receipts from rentals of the buildings owned, it is asserted, are more than
sufficient to meet all expenses and pay the interest on the
bonds, but the
general
financial tightness resulted in the calling of loans
by investors,
this forcing
a
receivership.
Balance
Sheet
Dec.
31
1912
(Total Each
Real estate owned (cost.) .$12,828,914
♦Loans A investments._
919,492
Mtges.
incl.
on
$911,831
_
n_
fair value and $2,700,000
a
should
„
Present Position of Oklahoma Natural Gas
Co.—Capitalization.
stock
_______;___,___$4,000,000
1st M. 6% bonds, $2,000,000;
retired, $1,000,000: outstanding
(due $200,000 each Mar. 1, 1914 to 1918
Capital
.
inclusive)
1.000,000
Properties: (a) Lands in fee: Warehouse site, Tulsa,
Okla., with neces¬
sary buildings; brick pump station, site,
Kellyville, Okla.; reducing-station
sites, Chandler, Edmond, Luther, Stroud, Wellston.
Davenport, Guthrie,
Shawnee, Oklahoma City, Depew, Meeker, Arcadia, Okla. (b) Leaseholds
and gas rights:
Operated, 6,657 acres; unoperated, 44,206 acres; 34 produc¬
ing gas wells, (200 million cu. ft. reserve),
(c) One oil well, producing 15
bbls. daily,
(d) Contracts from outside producers
involving approxi¬
mately 100,000,000 cu. ft. reserve,
(e) Pipe lines, 267.72 miles (8-inch,.
46-62 miles; 12-inch, 136.32 miles; warehouse
pipes, 183.075 feet.)
(/)
Pump station at Kellyville, Okla,, brick bldgs. with four 650 h.
p. gas en¬
gine compressors, capacity 40,000,000 cu. ft.
daily,
(g) Average No. con¬
sumers, 16,442, all on the basis to the
company of 66 2-3% of the 25c.
domestic rate, viz.: Through Oklahoma Gas A El.
Co., Oklahoma City,.
10,500; Shawnee Gas A El. Co., Shawnee, 2,370; Guthrie Gas Lt. Fuel A
Impt. Co., Guthrie, 1,900; and Oklahoma Fuel
Supply Co., 1,672, at
Chandler,
Stroud, Wellston,
Davenport,
Luther, Edmond, Meeker,
Arcadia, Kellyville, Midlothian and Depew.
(h) Gross receipts this fiscal
year will run about $850,000.
New
Mortgage.—As this
.
.
company
has
floating debt of about $300,000.
a
have thought it advisable to take care of this
indebtedness at this time,
and therefore propose to
place a bonded debt of $3,000,000 on the proper¬
ties of this company, and a
mortgage to secure the same, which would also
be a mortgage on all
properties to be purchased, to secure 6% consolidated
gold bonds to be redeemed 10% annually,
we
See V. 97, p. 1429.
beginning about Jan. 1
1919.
•
.
Pacific Telephone & Teleg.
The California RR. Comm.
Co.—Washington Rates ,&c
—
on Nov. 15, after an
investigation lasting, it
about two years, ordered a reduction of
nearly all the long¬
distance charges within the State, the new schedule to
go into effect on
Feb. 16 1914.
The reductions average about
21% and it is estimated will
amount to $526,000 a year.
stated,
F. S.
Burroughs, chief engineer of the Washington P. S. Commission, in
18 recommends the dismissal of the
complaint
Spokane in the contest which has been carried on for over 3
years, so far as it relates to rates.
Mr. Burroughs says that the
company is
earning only about 4]^% on the present rates charged.
In his opinion,
the rates in Spokane should be allowed to provide an
8% return upon the
value of the property necessary to render service in addition to
operating
his report rendered Nov.
of the city of
expenses and depreciation before a reduction is ordered.
are
suitable generators having
into
___
■
.
•
a
Last 12 Months' Business.
Wholesale,Ac.
Total.
$93,756
$344,269
4,676
217,069
49,029
301,464
on
Consumers.
Caney River Gas Co
is
An extra dividend of 50 cents per share (par $5) has been declared on the
$9,996,970 stock (the greater part of which is owned by the Utah Copper
Co. (payable Dec. 31 to
holders of record Dec. 5), along with the usual
quarterly disbursement of 37% cents (7}A%), which has been paid since
Dec. 1909.
The extra dividend is to be paid from surplus and accumulated
undivided profits and is the same amount as was disbursed a
year ago.
Compare V. 95, p. 1477.—V. 97, p. 1359.
xcvii.
million
.
See Dominion Bridge Co. in V. 97, p. 885.
[Vol.
Side
$14,018,514).
real est. owned
int., Ac____ $8,281,208
6,452 15-yr. 6% gold M. bonds,
Sk. fd., accrued rents, Ac.
77,678
including accr'd int.
1,563,896
Cash
Other
v 185,978
liabilities.
21,374
>■
Reserve for deprec., &c_
100,000
Capital stock and surplus
4,052,036
*
Including prepaid charges, Ac., and first pref. stock in treasury.
accr.
Furniture and fixtures..
_
_
'
_
The California RR. Commission on Jan. 31 ordered the
establishment of a
physical connection between telephone exchanges of the Tehama County
Telephone Co. and the Glenn County Telephone Co., the former at Red
Bluff and the latter at Willows, in order to enable the
patrons of the two
smaller companies to use the Pacific Company's long-distance service-.
The Pacific Company refused to make connection.
The decision de¬
clares that public convenience requires that the physical
connection be
made and that the expense be borne by the smaller
companies.
The
telephone companies are ordered to arrange for a just division of the
rates,
tolls and charges.
The Commission says:■ "While we agree that as a
general proposition the
interest of the public and of the consumers of a
public utility which is a
natural monopoly may be better served by one agency than
two, there are
important reservations which must be made.
The lower rates and more
adequate service which follow competition among natural monopolies are
rates and service which demonstrably could have been afforded
by the
monopoly without competition,
A reduction of rates of a natural monopoly
and improvement of service under competition is an indication of one of two
things. - Either the rates were too hich and the service not good enough
before the competition arose, or the rates are made too low .and the
service
too good for the price under stress of competition.
We consider it border¬
ing very much on effrontery for a public utility to urge that it is an economic
fallacy to duplicate facilities unless such utility has accorded to the public
the advantage to which the elimination or duplication is
supposed to entitle
it.
No public utility, or other monopoly, can ever
justify its existence as
a monopoly on the theory of an
advantage to its patrons which it does not,
accord.
■'
*
.-V,
,The electors of San Francisco' at the referendum election held on April 22,
by a vote of 30,672 in favor to 27,797 against the proposition, ratified the
initiative ordinance to become effective July 1,
reducing telephone rates
according to the schedule arranged by the "Telephone Users' Association."
The company will resist in the courts the enforcement of the ordinance
on
two grounds:
(1) That the rates would be confiscatory and (2) that as
the Supervisors, which are the legal rate-making body under the
charter,
had already fixed the rates, it. is beyond the power of an initiative ordinance
to supersede the rates already fixed.—V. 97,
p. 241.
•
.
,
-
,
Oklahoma
shareholders
on
Natural
Gas
Co.—Plan
Nov. 26 approved the
plan for the purchase
of the properties named below and the
authorization of a
$3,000,000 bond issue to take up a floating: debt of $300,000
and provide for said acquisitions,
thereby uniting all the socalled Braden interests in the Tulsa,
Okla., field.
Digest of Official Circular Dated at Pittsburgh, Nov. 12
1913.
(1) Caney River Gas Co. (Org. May 24 1906)—Outstanding
Capitalization, Ac.
Capital stock (V. 95, p. 363; V. 97, p. 598)
1,000,000
1st M. 6% gold bonds, maturing $50,000 each Oct.
11914 to 1917
200 000
Wagoner Gas Co. 6% bonds, maturing $2,500 each Jan. and
July 1914 to Jan. 1918,-incl
22 500
Coweta Gas Co. 6% bonds, maturiug $750 each Jan.
1 and
'July 1 1914 to 1917
____:
6,000
Properties, Ac.: (1) Lands in fee, 6-71 acres in
Claremore, Olda.;
Coweta regulator station site, 3 lots in
Haskell, Okla., and* 1 iot in Musko¬
gee, Okla.
(2) Leaseholds and gas rights, 20,328 acres.
(3) 37 gas wells
150 million ,cu. ft. reserve.
(4) Two oil wells, daily production 20 bbls.
(5) Plants at Coweta and Haskell.
(6) Pipe lines, 146.98 miles; miles of
pipe at Coweta and Haskell plant and at warehouses, 41.40
miles
(7)
Pump stations: (a) near Collinsville, Okla.; steel-frame bldgs., two
450 h p
gas engine compressors, daily capacity
20,000,000 cu. ft.; (b) near Bixby,
Okla.; wood-frame bldgs., 450 h. p. gas engine
compressor, dailv capacity
10,000,000 cu. ft.
(8) Average of 7,555 consumers, viz.: (a) Caney
River
Gas Co. at Coweta and Haskell, aver.
485, at full 25c. rate;
(fr) Musko¬
gee Gas A Electric Co. at Muskogee, about
5,200, at 66 2-3% of the 25c
rate; (c) Oklahoma Fuel Supply Co., at
Ramona, 170 at 66 2-3% of 20c
rate; at Claremore, Inola, Porter and
Wagoner, 1,700 at 66 2-3% of25c.
(2)1 Osage A Oklahoma Co. (Org. Mar. 16
1905)—Capitalization. Ac.
____
stock
Funded debt—1st M. 6% gold
bonds, $25,000 maturing
1914, 1915 and 1916..
Properties, Ac.: Leasehoids and gas rights,
«i
Feb."!
.
(See Ohio Co., V. 84, p. 935.)
.
.
.
This company was formed by merger
proceedings,
of Penna. on Jan. 21 1913, between the
approved by the Gov¬
Paupack Power Co. and the
Wallenpaupack Power Co., with an authorized capital stock of $405,000
and officers as follows:
L. A. Watres, Pres., Scranton (Pres.
County Sav¬
ings Bank); A. Markle, WPres., Hazleton, Pa.; L. W. Healy, Sec., and
F. W, Stillwell, Treas., both of Scranton, Pa.
On Oct. 13 1913 was filed election return
showing authority to increase
the capital stock from $405,000 to $5,000,000, and on the same
day similar
return authorizing an increase in the debt from
nothing to $25,000,000.
ernor
cnn
Quaker Oats Co.,
The Federal Grand
Chicago.;—Investigation.—
Jury on Nov. 13 began an investigation at the instance
Government into the affairs of the company to determine whether
"the officers are guilty of violation of the Sherman Anti-Trust Act.
The
of the
proceedings
p. 1776.
R-C-H
are,
it is stated, expected to continue for several weeks.—V. 96.
(Automobile)
Corp.,
Detroit,
Mich.—Bids.—
Bids for $295,000 were accepted for the property of the
company before
Referee in Bankruptcy Lee E. Joslyn on Nov. 26.
The Lincoln Realty Co.
offered $105,000 for the real estate and C. J. O'Hara and W. J. Beaird bid
$190,000 for the
and it is believed
bid
on
personal property.
These are the highest bids offered,
that the U. S. District Court will confirm the offers.
The
the real estate is subject to a lien of
$18,879, while there is a claim
against the personal property of $9,518.
The bidders will enter into a con¬
dispose of the property for the creditors for a commission of 15%.
—V. 97, p. 1289.
tract to
nnn
Realty Associates of Brooklyn.—Two Per Cent Extra.
'
75 000
118,791 acres; gas wells
(fully equipped), 13 (75,000,000 cu. ft. reserve); pipe at
plant, 94.47 milesfield lines, 42.04 miles; average consumers
served bv Tulsa plant in towns
of Tulsa, Dawson, Turley and
Kendall, 5,415, at full 16c. rate.
(3) Oklahoma Fuel Supply Co. (Capital Stock
$250,000; No Funded Debt)
Property: Owns and operates distributing plants in towns of
Chandler
Stroud, Wellston, Davenport, Lqther, Edmond, Meeker, Arcadia
Kellyville, Midlothian, Depew; Ramona, Claremore, Inola,
Wagoner and Porter
and distributes to its 3,542 consumers therein
gas furnished by Oklahoma
Gas Co. and Cane^r River Gas Co. on the
following basis- Gross
domestic sales, 2-3 to pipe line co.; gross mfg
sales, 3-4 to pipelineco.
County Coal Co. above.
Pennsylvania New York & New Jersey Power Co.,
Scranton, Pa.—Merger—Bonds.—'
•'
4
_
Capital
Natural
Peabody Coal Co. of N. J.—Guaranteed Bonds.—
See Bond
Approved.—The
An extra dividend of 2%, in addition to the regular semi-annual
payment
3%, has been declared on the $4,000,000 common stock, both payable
Jan. 15 to holders of record Jan. 5.
An extra disbursement of 1
of
in Jan. 1910,2% in Oct. 1906,
Compare V. 88, p. 1442.
Total
1907 and
Real Est.
&Gen.Exp.
$363,326
376,005
% was made
1908, and ^ of 1% in Oct. 1905.
Int. on Profit-share
Divs.
Balance,
Bonds,Ac.
Reserve. (6%).
Surplus.
$224,282
$60,560
$239,994
$441,017
224,403
" 10,403
239,994
80.936
From the balance in 1912-13, as above, $441,017, $200,000 was deducted
for depreciation, leaving the balance surplus for the year, $241,017.
Total
surplus Oct. 31 1913, $1,051,?30.—V. 96, p. 1160.
Oct. 31.
Year—
Income.
1912-13--$1,329,180
1911-12-931,741
JSov. 29
The company
(Drug) Co., N. Y—Plan.—George J.
Riker & Hegeman
Tuesday said in substance:
associates and I have arranged to buy a majority of the [$5,764,000]
Wlielan
My
on
stock of the Riker & Hegeman
common
Co., with no other purpose than to
develop to the fullest extent an enterprise believed already to be profitable.
The present annual gross sales in the 93 stores are, according to our best
Information, about $15,000,000.
Until the audit is completed we shall be
definite statement.
'f:V'}f
In embarking in the drug business, I am carrying out a plan long in
contemplation by myself and by those who, in association with me, have
developed the United Cigar Stores Co.
The systemization of that business,
especially from the auditing standpoint, was the feature that cost us most
money in the early days of its career.
The Riker & Hegeman Co. we believe
to be economically and progressively managed, well abreast of modern
methods, and in the ablest hands.
In those hands the drug business will
undoubtedly be left, so far as its practical operation is concerned.
The
drug company will, as our first step, come under an auditing system similar
to that of the United Cigar Stores Co.
The changes contemplated will be accomplished through the formation
of a new company that will hold the majority of the common stock of the
Riker & Hegeman Co.
I have arranged to pay par without regard to its
past earnings for a majority of the common stock of the Riker & Hegeman
Co. to be acquired by my associates and myself, all of which is to be turned
over to the new company on the precise terms on which I am to acquire
the stock plus actual legal and accounting expenses.
There will be no inter¬
mediate "rake-offs," profits or commissions.
Under this plan this new company will issue shares of a'par value of $5
each, or at the rate of 20 shares of the stock of the new company, having
a par value of $5, for each share of the Riker & Hegeman Co., having a par
value of $100 each, acquired by the new company.
It is proposed that in the Riker & Hegeman directorate there shall be
no one who is not actively engaged in the promotion of its business.
There
will be no control of the supply, for all supplies will be drawn from all
reliable sources in common with every competitor in the field.
The aim
will be to operate the drug business so as to make a legitimate profit on
every article, and the only monopoly we shall strive to establish is a monop¬
oly of good service such as for years the United Cigar Stores have sought to
establish.—W. 97. p. 1508.
v^unable to make
a more
(Wm. A.) Rogers, Ltd., Toronto.—Earnings.—
Net
Profits.
Calendar
"Year—
Pref. Div.
Common
Balance.
Total
(7%).
Dividend.
Surplus.
Surplus.
$63,000
(12%)$170,006
$57,677
$151,840
1911
63.000
(10%) 117,025
125,781'
134,237
A bonus dividend of 10% on common stock was paid Feb. 15 1912,
amounting to $121,550. comparing with one of 20% ($187,500) on Feb. 1
1912.
See V. 94, p. 566.
The total profit and loss surplus Dec. 31 1912,
after deducting said 10% bonus dividend and adding the $81,475 (50%)
premium received on the sale of $162,950 common stock was $151,840.
—V. 94, p. 566.
--$290,683
305,806
1912
------
'(M.) Rumely Co.—Removal of Office—Extension.—
-
The executive offices of the M Rumely Co. and of the Rumely Products
Co., Inc., will be removed from La Porte, Ind., to Chicago, where they will
open for business on Dec.
The company has sent a
them will consent to
an
1.
.
letter to the noteholders to inquire how many of
extension of its $10,000,000 2-year gold notes, dated
This is being done in order
the company as to render it
Mar. 1 1915, for 3 years from date of maturity.
to so
strengthen
the financial position
of
month
to month.
The
fiossible
to secure
bank loans
to carryOwes,
on itsit ordinary
operations
is stated, business
about $14,500,000,
rom
company
including the $10,000,000 note issue .referred to.
Since the ne\y manage¬
ment took charge of the affairs of the company it is stated bills payable
have been reduced to a considerable extent and within a short time there
will have been paid off about $2,000,000 of the aggregate owed to banks.—
V. 97, p. 669, 302.
'
-
Sealshipt Oyster System, Boston.—New Committee.—
A
committee consisting of Robert
F. Ilerrick, Henry Hornblower and
Philip Stockton, with Charles E. Bockus as Secy., 17 Court St., Boston,
requests that the lienholders, bondholders and pref. stockholders deposit
their holdings at once with Old Colony Trust Co.", depositary, 17 Court St.,
Boston, but in any event pricfr to Dec. 20 1913.
Depositors will be allowed 15 days in which to withdraw without expense
in case any plan of reorganization or liquidation proposed by the committee
is unsatisfactory to them.
Compare V. 97, p. 1290, 1050.
Sherwin-Williams
Year—•
1912-13.
1911-12.
—
.
of
Co.
Canada. -Earnings.-
Net
Bond
Preferred
Special
Balance»
Earnings.
$698,748
576,941
Interest.
Dividend.
Reserve.
$140,185
140.168
$210,000
210,000
$100,000
Surplus.
$248,562
Aug. 31.
226,773
earnings as above in 1912-13 are given after deducting $64,600
for depreciation reserve.
The sum pf $93,527 was applied to depreciation
reserve out of earnings for the 2Vi 'months immediately preceding Sept. 1
1911.—V. 94, p. 491, 634.
The net
■
Southwestern Sugar &
See Western
Sugar &
Land Co .—Purchase Plans.-r—
Land Co. below.—V. 92, p. 122.
California RR. Commis¬
5% collateral trust gold
notes.
The company asks also for authority to pledge as collateral for these
notes $1,334,000 4% bonds.
The company expects to realize from the
sale $980,000 and proposes to use the proceeds to pay off existing floating
debt, represented by $975,000 notes held by San Francisco banks and $5,000 for work upon the Caleveras dam in Alameda County.—V: 97, p. 1514.'
Standard Oil Co. of Kentucky.—Plan to Increase
Capital
Stock from $1,000,000 to
Dividend Applicable, if
>
The shareholders will vote
tion by which the authorized
$3,000,000 and to Declare 200 % Cash
Desired, to Payment for New Stock.—
Dec. 18 on amending the articles of incorpora¬
,
capital stock may be increased from $1,000,000
$3,000,000 and the number of directors increased from 5 to 7.
to
Extract from Official Circular
Dated at Louisville,
Nov. 20.
Based upon the surplus of the company, the directors believe ^hat in the
future they will
be justified in declaring a cash dividend of 200%,
near
it is proposed to accord the stockhloders, pro rata according to their
holdings at a time to be hereafter specified, the privilege of purchasing
the new stock at par, the plan being to allow stockholders, if desired, to
use their cash dividend in pavirig for the new stock.
Consent representing,
two-thirds of the capital stock is required to amend the articles of incorp'n.
and
Balance Sheets of June 30
1913 and Dec. 31 1912 (Totals $4,827,847 and
$5,105,355, respectively).
J'ne30'13. Dec.31'12.
Assets—
Liabilities—J'ne30 '13. Dec.31 '12.-
Plant
_.__—$ 1,797,495 $1,735,664 Cap. stock...$1,000,000 $1,000,000
46,041
54,840 Accts.,&c.,pay.
494,444
1,306,102
Merchandise. 1,675,323
19,837
2,115,940 Insur. fund
Cash&accts.rec. 1,308,988
1,198,911 Surplus
3,313,566
2,799,253
Total surplus June 30 1913, $3,313,566, includes "profit for first half
Other invest-
_
__
1913, $514,314."
An initial dividend of 5% was paid July 1
same amount on Oct
1.
Compare V.
second dividend of the
V.
97,
p.
manufactures malleable iron equipment for the use of rail¬
roads, specializing in draft gears and journal boxes
amply protected by patents, and owns a fireproof
plant covering 5 acres at Rochester, N. Y., one
1913 and a
96, p. 1633;
732.
of widely approved type,
steel, brick and concrete
of the largest and best-
equipped malleable iron foundries in the United States.
Audited Balance Sheets Aug. 31 1911 and June 30 1913.
Liabilities—
J'ne 30 '13. Aug.31 '11.
J'ne 30 *13. Aug.31 '11.
works..$1,948,634 $1,873,956 Preferred stock___$l,500,000 $1,500,000
1,000,000
189,959 Common stock..- 1,000,000
198,191
900,000
900,000
98,337 1st M. bonds
Cash
133,640
2-year
notes
*
350,000
289,387
Bills &acc'tsrec__
642,908
132,400
263,800
427,181 Bills payable
Materials & suppl.
337,445
346,880
280,105
88,146 Accounts payable.
Miscellaneous.
108,316
•
5,749
;
9,853
10,000 Accr'd Int. & taxes
Sink. fd. 1st mtge.
133,131
232,922122,342
1,050,000 Deprec, reserves.
Pat'ts & pat.rights 1,050,000
Surplus
498,918
144,900
Farlow Draft Gear
193,534
Co. purchase.__
414,604
Assets—
Rochester
Other property
-
—
These notes due Dec. 1913 are refunded by the notes herein offered.
Net earnings for the year ending June 30 1913, as certified by audit,
$492,304; interest and sinking fund on 1st ,M. bonds, $114,000; balance,
$378,304, or over
times both the maximum serial principal payment
of these notes and their maximum interest charge combined.
Unfilled
orders on hand Nov. 1 1913 were in billing volume equivalent to over three
*
months' operation based on the period of the audit for the year ending
June 30 1913, and considerable further business has since been closed.
Controlled and operated by the Symington Brothers, who, with other
organization, own over 70% of the common stock
full at par.—V. 97, p. 1515.
members of the working
and
one-third the pref. stock, paid for in
over
October 1913—
Tampa (Fla.) Gas Co.—Earnings for
$15,035; oper. exp., $6,305; net earnings, $8,729, being
110% over Oct., 1912, on an increase of 56.56% in gas sales.
Reported by Robt. Glendinning & Co., Philadelphia.—V. 96, p. 1845.
Gross
an
revenue,
increase of
Texas Company,
Houston—See page 1597.
Corporation.—Suit Dismissed.
United Shoe Machinery
Judge Dodge in the U. S. District Court at Boston, Mass., on Sept. 16
brought by Charles A. Strout of Portland, Me., as trus¬
tee for the Goddu Sons Metal Fastening Co., against the Shoe Machinery
Co. to recover $3,000,000 (triple) damages under the Sherman Anti-Trust
law on the ground that it is barred by the statute of limitations.
It was alleged that the Shoe Machinery Co. by purchase of the ma¬
jority of the stock of the Goddu Co. unlawfully restrained the trade and
business of the latter by disuse of its patents, and so managed It as to pre¬
vent or destroy competition with the Shoe Machinery Co. instead of de¬
veloping the business.
The Court says:
"The declaration alleges that the acts were done by
virtue of the same alleged control; without which allegation, indeed, it
dismissed the suit
as unlawful under the statute.
have been done after title and pos¬
kind had passed from it
to a trustee, in dissolution proceedings of the kind alleged and admitted; and
that the defendant's alleged control of the company was of necessity ended
by such appointment, as well as its capacity to do business capable of injury
to them, I must regard as obvious.
If so, no injury for which the company
or its trustee can recover can have been done to it witbin 6 years prior to
the date of the writ.—V. 97, p. 1360, 891.
"
would
not
have
made
the
acts
appear
That none of the acts referred to could
session of all the Goddu Co.'s property, of every
.
.
Utah
On
Power
&
Light
about June 1 1913 an initial payment was
or
of the Bear Lake Power Co. of
one
at
Co .—Properties Acquired.—
reported on the peopeit
Montpelier, Idaho, consisting of t\ o plants
furnishing light and power in
Georgetown and another at Paris, and
Montpelier, Bloomington, Georgetown, Bennington, St. Charles and Ovid
Idaho.
Compare V. 96, p. 1845, and "Net Earnings Department"
V. 97, p. 112.
•: ."-y
:
:yyVy
„■
y.7.
Properties Acquired Previously by the Company or its
From Telluride Power Co.—All its property, rights
Subsidiaries.
and franchises (com¬
dissolved.)
.
From Knight Consolidated Power Co.—Its physical property.
From Davis & Weber Counties Canal Co.—:Hydro-electric plant at Ogden^
placed in operation in December 1912, installed capacity about 5,000 h.p.
From Utah-Idaho Sugar Co.—Hydro-electric plant.
From Salt Lake & Ogden Ry. Co.—Steam power plant, cap. 1,000 h.p.
Properties of the lighting companies operating at Telluride in Colo.; Mercuri
Bingham, Provo and Eureka in Utah and Preston in Idaho.
From Utah Copper Co.—Steam power plant, installed capacity 11,000 h.p,,
acquired under long-term lease
From Home Telephone & Electric Co.—Entire electric distributing system,
n San Juan Water & Power Co.
(which controls Durango Gas & Electri«
Co.).
All its bonds and practically all the stock.'
n Idaho Power & Transmission Co.-^All its capital stock.
In Merchants' Light & Power Co. of Ogden,
Utah.—AH its stock and
securities of every kind.
Company has the street lighting contract and
has just commenced doing a retail, light and power business under a
50-year franchise; also has a 50-year franchise for lighting and power
pany
business in
Salt Lake.
[The Western Colorado Power Co., Durango, Col., was incorporated in
on March 13 1913 with $5,000,000 auth. capital stock, as a sub¬
Colorado
sidiary corporation, and took over, it was said,
Spring Valley Water Works Co., San Francisco.—
The company has filed an application with the
sion for authority to issue $1,000,000 of 2-year
1589
CHRONICLE
THE
1913.]
Utah Power& Light Co. and
the Colorado holdings of the
also the San Juan Water & Power
Pres., Gen. Bulkley Wells.
Co. and the
Durango Gas & Electric Co.
Officers, &c., of Utah Securities Corporation (See V. 97, p. 242).
Management.—Controlled by interests closely allied with the Electric
Bond & Share Co. of N. Y. and the General Electric Co.
Permanent Board.—A. C. Bedford, V.-Pres. and Treas. of Standard Oil
Co.; Irving Bon bright, V.-Pres. Wm. P. Bonbright & Co., Inc.; R. E.
Breed, Pres., Am. Gas & El. Co.; James Campbell, Pres. North Amer. Co.;
G. E. Claflin, V.-Pres. Electric Bond & Share Co.; G. M. Dahl, Asst. to
Pres. Electric Bond & Share Co.; Charles Hayden, Hayden,
Stone & Co.;
Alexander Hemphill, Pres. Guar. Tr. Co. of N. Y.; D. C. Jackling, Pres.
Utah Copper Co.; James Mitchell, Pres. Ala. Traction L5V& Pow. Co. , Ltd.;
S. Z. Mitchell, Pres. Electric Bond & Share Co.; J. D. Mortimer, V.-Pres.
North Amer. Co.; J. R. Nutt, V.-Pres. Citizens'Savings & Trust Co.,
Cleveland; Frederick Strauss, J. & W. Seligman & Co.; Benjamin Strong
Ji., V.-Pres. Bankers Trust Co.
Officers.—S. Z. Mitchell, Pres.; D. C. Jackling, W. S. McCornick, G.E
Claflin and G. M, Dahl, V.-Presidents; A. E. Smith, Sec. and Treasurer
Executive Committee—Jamas Campbell, Charles Hayden, J.
R. Nutt,
S. Z. Mitchel.l R. E. Breed and D. C. Jackling.—V. 96, p. 1845.
Vulcan
Detinning
Co.,
Y.—Status—Earnings
N.
—
Pres. W. J. Butterfield in circular of Nov. 24 said:
The results of the statement presented herewith are directly attributable
to causes outlined in the report of June 30 last.(see V. 97, p. 1201, 1220).
As previously advised, a settlement has been made with the American Can
CO. pf our claim, resulting in a payment of $617,000 on Oct. 22 last.
Eliminating from consideration the claim of Mr. Adolph Kern for a per¬
centage of the $617,000—which this company denies—the net amount
received by this company from the settlement, after deducting lawyers'
fees, accruing since 1907, and accountants' fees and all other expenses, was
$533,991, from which amount there has been paid to the preferred stock¬
holders 21% on account of accumulated back dividends.
The directors
intend not only to contest the claim of Mr. Adolph Kern above referred to,
but to use every means to hold him and those now associated with him
responsible^for the damages which this company has sustained by reason
„
of their
(T. H.) Symington Co., Rochester, N. Y., &c—Re¬
funding Notes Offered.—C. E. Mitchell & Co., New York,
are offering $300,000 serial
mortgage 6% gold notes dated
Dec. 1 1913. Interest J.&D. Par $1,000. A circular shows:
Date of maturity and offering price; Dec. 1 1914. $75,000 at 99H and
int.; Dec. 1 1915, $100,000 at 99 and int.; Dec. 1 1916, $125,000 at 98^
and int.
Callable on any interest date as a whole at 102 and int.
Tax-
a
acts.
Robert L. Worsing, one of the
director.
largest stockholders, has just been elected
Sewaren,
Farmers' Loan & Trust
and hereafter all stock
Within the next few weeks the N. Y. office staff will remove to
N. J.
Arrangements have therefore been made with
Co. of N. Y. City to act as our stock transfer agents
will be transferable at the office of that company.
Statement of Profit and Loss for Three Months ending Sept. 30 1913.
Sales, $212,843; increase in inventories of finished products, $6,372;
total
$219,215
_
Interest payable without deduction for Federal
income tax.
Safe Dep. & Tr. Co. of Baltimore, trustee.
Total autho¬
rised issue $300,000.
•
A gen. mtge. on all fixed assets except Rochester tenant property, subject
only to 1st M. bonds, which have been reduced as of Nov. 11913 from $900,000 to $747,000 by sink. fd.
Quick assets (free from lien of any mortgage
debt) must at all times be equivalent to 150% of these notes, and on Nov. 1
exempt in N. Y. State.
„
jl913
n
were
about 200% thereof.
The proceeds of these notes are to be used
part payment of $350,000 2-year notes dated 1911 and due
Dec. 1913.£|
Deduct (a) cost of tin scrap used,
materials and supplies, operating
expenses, repairs and renewals, &c.. (exclusive of depreciation),
and adjustment of inventories, $241,113; (b) general expenses
for New York office, directors' fees, interest, &c;, $8,634
249,747
J.
Net loss
Total
on operations for period
surplus Sept. 3Q 1913, $259,248.
For Other
$30,532
Compare V. 97, p. 1201, 1220.
Investment News, see page
1597.
1590
THE
CHRONICLE
[Vol.
xcvii.
gkpxrrts and
PUBLISHED
AS
ADVERTISEMENTS.
MISSOURI KANSAS & TEXAS
RAILWAY COMPANY
ANNUAL REPORT—YEAR ENDED JUNE 30TH 1913.
v;'"."'-V-i.:
To the
St. Louis, Mo., October 29 1913.
Other changes in funded
debt, as shown by the condensed
balance sheet of June 30
Stockholders, of
1913, published
Missouri Kansas & Texas
Railway Company:
The directors and officers of your
Company submit
were:
-
with their report for the fiscal year ended June 30 1913. r
The operations of the Lines named
,
5%
Missouri Kansas & Texas
x>
._
were
3,816.77
...
follows:
as
RESULTS FOR THE
YEAR.
.
(Includes eight months' operation of Wichita Falls Lines, from November 1
1912.
Inter-corporate income items are excluded.)
Operating Revenues were
832,346,258 39
(Increase, $4,159,539 28, or 15%)
Operating Expenses were..
22,808,412 39
(Increase, $1,602,563 69, or 8%)
Net Operating Revenue was
$9,537,846 00
(Increase, $2,556,975 59, or 37%)
Taxes were
1,287,903 29
(Increase, $227,721 82, or 21%)
Operating Income, Taxes deducted, was..
$8,249,942 71
(Increase, $2,329,253 77, or 28%)
Miscellaneous Income was
666,611 06
(Increase, $310,215 39, or 87%)
—
$8,916,553 77
Rentals and other Payments were
621,373 55
(Increase, $6,999 86, or 1%)
'
Income for the year available for Interest was.......
$8,295,180 22
(Increase, $2,63^,469 30, or 46%)
•
Interest (72% of amount available) amounted to....
5,978,194 75
(Increase, $332,652 04, or 6%)
*■••• •
Net Income for the year amounted to
$2,316,985 47
(Increase, $2,299,817 26)
Dividends declared during the year:
M. K. & T. Ry. Co. Preferred Stock (4%). ^.$520,000 00
Texas Cent. RR. Co. Stock
outstanding^%).
1,010 00
Wichita Falls & Northwestern Ry. Co. Stock
outstanding (6%)
1
42 00— 521,052 00
.
—
.
__
__
...
"
......
Remainder, devoted to improvement of physical and other
•
assets (equivalent to 2.84% on M. K. & T.
Ry. Co. Com¬
mon
Stock)
$1,795,933 47
•
,
total
mileage operated on June 30 1913 increased
417.91 miles as compared with the mileage operated June 30
1912,
as
follows:
Wichita Falls, Texas, to Red River.
Red River to Forgan, Oklahoma
18.02 miles
_____
____
Altus, Oklahoma, to Wellington, Texas
Wichita Falls to Newcastle, Texas.
__
...
Total...
286.78
"
56.90
"
56.21
"
OPERATIONS.
.
FINANCIAL.
•
'
'.•/T7'::-
The
changes in outstanding capital stock during the year,
shown by the balance sheet, were as follows:
\
.
_
...
..
.
Boonville Railroad Bridge Co
Missouri Kansas & Texas Terminal Co. of St. L__
Texas Central RR. Co., Preferred
Texas Central RR. Co., Common._j
Wichita Falls & Northwestern Ry. Co
Wichita Falls & Southern Ry. Co.
900 00
'
-
10*000
'
900 00
*
700 00
70000
700 00
$5,200 00
.
.
00
'
$15,000 00
$9,800 00
The
changes in funded debt in the hands of the public
during the year were as follows:
M. K. & T. Ry. Co. Two-Year 5% Secured Gold
Notes.
M. K. & T. Ry. Co. 5% Equipment Notes
M. K. & T. Ry. Co. One-Year 5% Secured Gold
.Notes (Issued July 1 1912, redeemed May 1
W?F13lfN."W.'Ry"
Co:
5% Bonds
Office Building
1st
gage
Katy
Bonds
and*ReTun~ding*Mor"t-
Increase'
A,yuu,uuu
1,5°°,0°°
1st
200.000
16 poo 000
5^0
Notes...
Co.Second
1st Mortgage
5%Bonds
Boonville RR. Bridge
..
,
_
*
Net Increase
$1,500'000
Mortgage 5%%
.
M.K. & T, Ry. Co.
'•
$23,100,000
--$4,488,000
1,100,000
12,000
$18,612,000
(from which $508,000 General Mortgage 4^% Gold Bonds purchased
the Sinking Fund .and held by the Trustee may be
deducted.)
...$9,537,490 97
were
sold
during the year, the proceeds of which were used
$16,000,000 two-year notes falling due May 1,
$1,500,000 one-year notes due July 1 but called for
payment May 1, and for additions to property.
The present
issue of $19,000,000 of these notes is secured
by $24,516,000
to
refund
and
face amount of Missouri Kansas & Texas
Railway Company
consolidated mortgage 5% Gold Bonds.
It was also found advisable to create an
equipment trust
$1,900,000, dated June 2 1913, covering new equipment
costing $2,376,940 65.
The equipment trust notes bear 5%
for
interest
and
mature
$95,000 semi-annually
on
December 1 until 1923.
June 1 and
$3,146,000 Missouri Kansas & Texas Railway Company
Consolidated Mortgage 5 % Gold Bonds were authenticated
undef the mortgage and delivered to
your Company during
the year as follows:
In reimbursement of expenditures made for additions and better¬
ments
i
$1,356,000
In reimbursement of
expenditures made for new equipment
802,000
Against M. K. & T. Ry. Co. General Mortgage Bonds retired
by Sinking Fund
Against Boonville Railroad Bridge Company First Mortgage
Bonds retired by Sinking Fund
Against the pledge of First and Refunding Mortgage Bonds of
Wichita Falls & Northwestern Railway Company acquired
during the year
Against the pledge of Beaumcnt& Great Northern Railroad
Stock acquired during the year
...
Against the pledge of First Mortgage Bonds of Missouri Kansas
& Texas Terminal Company of St. Louis
acquired during the
508,000
9,000
374,000
*
...
'
—
1
.
54,000
Total......—
43,000
.$3,146,000
....
Of the v above-mentioned Consolidated Mortgage bonds,
$184,000 were on June 30 1913 in your Company's treasury,
$2,058,000 were pledged under the two-year notes maturing
May 1 1915 and $904,000 were pledged to secure bills
payable.'
: - ■-r-'v*
FALLS
.
■
LINES.
acquisition of the capital stock of these companies
The
then
under construction, was completed in October last, and since
discussed*at length in last year's annual report.
extension of 83.67 miles from Woodward to Forgan,
was
November 1 1912 the income of these lines has been included
with all other lines reported.
These lines have proved to be
valuable feeders of traffic.
BEAUMONT
&
GREAT
BRAZOS
'-x*',
NORTHERN
VALLEY
:
RAILROAD—HOUSTON
RAILWAY
&
COMPANY
In accordance with
a
policy of conservative expansion to
development of a constant traffic moving north¬
ward, your Company purchased during the year the entire
capital stock of the Beaumont & Great Northern Railroad,
which owns a line extending through the lumber district of
East Texas from Livingston to Weldon, a distance of 48.3
miles, and which connects at Trinity with what is known as
the Trinity Division of the Missouri Kansas & Texas Railway
of Texas; and one-half of the capital stock of the Houston &
Brazos Valley Railway Company, which operates about 24
miles of road extending from Anchor to Velasco and Freeport,
Texas, on the Gulf of Mexico at the mouth of the Brazos
aid in the
;
Great Northern Railroad has $50,000
capital stock and $883,000 of First Mortgage 5% bonds, and
your Company has guaranteed the .payment of principal and
The Beaumont &
interest of the bonds.
There is
a
considerable movement of
tonnage from the Beaumont & Great Northern Railroad, but
the full benefit of its acquisition will not be derived until a
connection with the main line has been built, when the mile¬
and the operation of the line will be included in reports.
Houston & Brazos Valley Railway Company has
$24,000 capital stock and $420,000 First Mortgage 5 % bonds.
Your Company has guaranteed principal and interest of
$210,000 face amount of these bonds and has purchased an
age
The
additional $92,000 face amount of them.
500,000
M. K. & T. Ry. Co. Two-Year 5% Secured Gold
Notes
decrease.
$19,000 000
1,900,000
_
Co.
Increase
$19,000,000 two-year 5% gold notes, part of an authorized
issue of
$25,000,000, dated May 1 1913, due May 1 1915,
.
River.
,
700 00
.
...
Wichita Falls & Wellington Ry. Co. of Texas.
Wichita Falls & Northwestern Ry. Co. of Texas.
Wichita Falls Railway Co.
_T
Decrease.
$5 000 00
,..
Net decrease
.
Increase.
$600 00
_
.
....
2,500,000 00
'
749,000 00
56,490 97
The
earnings were the largest in your Com¬
pany's history.
The surplus, after payment of all charges,
was larger than any previous
year except 1907.
Improved
business conditions generally in the Southwest and increased
passenger travel contributed to swell the revenue, while fa¬
vorable operating conditions during the
year enabled the
traffic to be handled with a
relatively small increase in oper¬
ating expenses.
Operating expenses were increased largely because of
heavier traffic, higher standards of maintenance and addi¬
tional mileage operated.
The ratio of expenses to earnings
was 70.51% as compared with
75.23% in the previous year.
While operating revenues increased $4,159,539
28, or 15%,
transportation expenses increased only $608,272 51, or 5%.
as
Co- lsfc Mortgage 5% Bonds
5%
,
The gross and net
'
873,000 00
WICHITA
417.91 miles
>/:'
5% Bonds..$3,146,000 00
1st Mortgage 5% Bonds.
2,213,000 00
1st Lien Collateral Trust Mortgage
W. F. & N. W.
Ry. Co. Equipment Trust Notes.
Net
page,
.
The average mileage operated during the year was 3,077.47
an increase over the previous
year of 279.28 miles.
The
f5
w
later
a
W* Ry' Co* 1st and Refunding Mortgage
'
j
on
'
•
•
year.
MILEAGE.
~
Bonds.....
Bonds
The Missouri Kansas & Texas
Total miles operated June 30 1913
:
S7- Co- Consolidated Mortgage
S* E' £ S-* S- Ry- CocS*
Ry* Co.
.
Railway Company._
1,744.41
Railway Company of Texas
1,293.78
Texas Central Railroad Company
308.72
The Denison Bonham & New Orleans Railroad Company
24.15
The Dallas Cleburne & Southwestern Railway Company.9.82
Missouri Kansas & Texas Terminal Company of St. Louis
Wichita Falls & Northwestern Railway Company
;
328.68
Wichita Falls & Northwestern Railway Company of Texas
18.02
Wichita Falls & Wellington Railway Company of Texas
15.00
Wichita Falls & Southern Railway Company
56.21
Wichita Falls Railway Company
17.98
:•
■
here¬
for
Freeport is
port in
of development by a syn¬
heavy investments there,
particularly in the installation of a plant to mine sulphur
(of which large deposits have been discovered in the vicinity)
by the hot-water process, and who own the remaining onehalf of the capital stock of Houston & Brazos Valley Railway
Company.
The syndicate has also planned important indus¬
trial developments at Freeport, and, in addition to the traffic
incident thereto and the sulphur tonnage, a substantial inter¬
change of traffic with steamship lines is expected eventually
a new
process
dicate of bankers who have made
tfor. 29
The Seaboard & Gulf Steamship Company is
operating semi-monthly service between New York and
Freeport.
This transaction has also resulted in the acquisi¬
tion by the Brazos Warehouse Company, the capital stock
of which is owned by your Company, of 634 acres of land on
to
develop.
now
The
STOCK.
—
Passenger-Train Cars_. .
——:
—Freight-Train and Miscellaneous Cars owned and
leased.
682
Increase
54
493
Increase
15
26,872
.
The average
service were:
•
,
Increase.
Locomotives
Passenger-Train Cars..
reight-Train Cars
locomotives,
42
$2,422 08
-----
777 67
53 71
$218 41
9 99
....
or
13.17
39.05
22.85
,
"
6% of the number owned, and 750
tractive power of locomotives in service in¬
pounds, or 6.66%.
The average capacity of
freight cars in service increased 290 pounds, or .5%.
There was expended during the year for the purchase of
equipment, less the value of equipment retired, a net amount
The average
creased 1,752
of $1,506,667 35.
ROADWAY AND
STRUCTURES.
Considerable headway has been made in general improve¬
work, from the standpoint of securing additional
and of effecting economies
The policy of renewing with
in operation.
reve¬
;
heavier steel the light rail on
a total
the various portions
of the line has been continued,
of 155 miles of
85-lb. rail having been laid during the
new
: v •; '+ >■"'<
^■". • +
/'
of the general plan of renewing wooden
year.
In
.
pursuance
trestles
and
character
culverts
have
been
in
so
concrete,
renewed,
a
450 structures of this
total of 20,220 cubic
yards of concrete having been used;
crete
abutment work in
and considerable
con¬
connection with steel bridges has
been done.
Steel
bridge work has been installed at several places
on
the Fort Worth, Houston and San Antonio divisions and
on the Texas .Central Railroad,
replacing pile trestles and
of lighter construction.
Other bridges on the
lines between Sedalia and Red River and Kansas City and
steel
work
Parsons, including the Missouri River bridge at Boonville,
have been strengthened to permit the use of heavier engines
which have recently been acquired, which will result in the
handling of increased tonnage per train over that section of
the line.
The work of strengthening bridges in a similar
manner between Denison and Houston is in progress, which
will
of these heavier engines over the main
lines in Texas.
Trestles have also been strengthened on the
Texas Central Railroad and on the Wichita Falls Lines be¬
permit the
use
tween Frederick and Newcastle.
194 miles of embankment
done
50
on
156 miles of
were
widened and ditching was
roadway.
nfriles of hew ballasting
re-ballasted.
was
■.
done and 242 miles of track
■'
v„;
1,966,657 cross-ties and 945 sets of switch ties were used
during the
year.
32 miles of
•
new
fence
were
constructed and 362 miles of
fence re-built.
■
51 miles of
yard and industrial tracks were
New division terminals at Waco have been
put in operation.
should be ready for
:
growth of your Company's business during the past
few years has been such that the terminal facilities at several
of the more important points have been outgrown, and it
will soon be necessary to provide increased facilities.,
GENERAL REMARKS.
law requiring the Inter
ascertain the value of the
railroads of the United States.
This is the most stupendous
work of its kind ever undertaken by any Government and
it is of vital importance to the companies.
It involves the
solution of many complex problems, and agreement upon
enacted
The Federal Congress
a
principals and elements, of value about which there exists a
remarkable diversity of opinion and confusion of thought.
Your Company has appointed a Valuation Committee to
prepare the necessary data and to co-operate with the InterState Commerce Commission in arriving at the value of
your Company's property.
The cost of this work, both to
will necessarily be a
will probably be in progress
the railroads and to the Government,
:
.
been fully maintained. The expenditure
for permanent additions and betterments, exclusive of equip¬
ment, aggregated $2,454,801 74, a statement of which ap¬
pears on page 22 [of pamphlet report].
nue
terminal, and plans
being prepared for the building and track layout.
Work on the Kansas City Union Station has been delayed
are now
considerable sum, and the work
for several years.
The roadway has
ment
tion of land and franchises for a passenger
State Commerce Commission to
PerCent.
$367 34
;.
'
"
,
Decrease.
freight cars, or 2.9% of the number owned, were undergoing
or awaiting heavy repairs at the close of the year.
,
was or¬
has made very good progress in the acquisi¬
Increase 858
amounts expended for repairs to equipment in
>
year,
The
equipment inventory as of June 30 1913 was as follows:
Locomotives
Company of Dallas, which
The Union Terminal
ganized last
by strikes and other causes, but it.
service during the coming year.
' ;
the river front at Freeport.
ROLLING
1591
CHRONICLE
THE
1913.]
made effective July 4 1913.
necessary for your Company and other
companies operating in Oklahoma to enter into stipulations
with the Attorney-General of Oklahoma providing for disso¬
lution of the temporary injunctions which had been secured
against the enforcement of the two-cent passenger rate fixed
by the constitution of that State, and the two-cent rate was
made effective on July 3 1913, pending final determination
(including the matter of prior liability, if any) of the litiga¬
ingly,
were
also
It
tion
on
became
its merits.
/
'
;
of educating employees in the use of greater care in
purpose
avoiding accidents.
v
;
'
.
•
Mr. Adrian H. Joline died on October 15 1912.
time of his death he
was
At the
Counsel for the Company at New
York, and prior thereto had been Chairman of the Board and
President of the Company..
At the annual meeting of the stockholders on April 10 1913
Messrs Frank H. Davis and Horace E. Andrews of New York
.
were
by the
A. Allen and Alfred Waldron
Directors to fill the vacancies caused
elected
A.
of. Messrs.
reignations
A ++'+/
Smithers.
Whitehead, formerly Secretary and Treasurer,
having been appointed by the President to act as his Assist¬
ant, the Directors at their annual meeting in April appointed
Mr. Carl Remington as Secretary and Mr. Frank Johnson
as Treasurer of the Company.
•
Statements and tables of accounts and operations are ap¬
Mr. C. N.
.
pended to this report.
•
/
,
■
,v
.
Appreciative acknowledgment is hereby made of efficient
services during the year of officers and employees.
By order of the Board of Directors.
C. E. SCHAFF, President.
FRANK TRUMBULL, Chairman.
MISSOURI
& TEXAS LINES.
KANSAS
GENERAL INCOME ACCOUNT,
FISCAL YEAR ENDED JUNE 30
1913, COMPARED WITH YEAR ENDED
«
A reduction of
V
Safety committees have been organized during the year
under the direction of a Commissioner of Safety, for the
constructed.
completed and
•
Court decided adversely the
suit of the Missouri railroads against that State seeking to
restrain the operation of laws which established a maximum
passenger rate of two cents a mile and fixed maximum freight
rates on certain commodities.
The reduced rates, accord¬
The United States Supreme
JUNE 30 1912.
grade from one per cent to five-tenths of
one per cent was made near West and Hillsboro, Texas, which
permits an increase in the maximum tonnage handled by
large engines southbound from 2,500 to 3,500 tons.
The double-track work between Waco and Hewitt, Texas,
7.6 miles, which will facilitate train movement, has been
completed since the close of the year.,
A passenger station and office building at Parsons, Kansas,
to replace the one destroyed by fire, is being constructed.
A new passenger station is under construction at Houston,
(Includes Operations of Wichita Falls Lines from November 1 1912.)
1913.
1912.
Increase (+) or
•
Decrease 0—).
Average Mileage Operated '
3,677.47
3,398.19
"
+279.28
Texas.
For
That
viaduct between the
sides of the town, passing over your Com¬
a point near the site of the new station.
city has recently built
north and south
pany's tracks at
New stations
have
also
a
been constructed at Evansville,
Franklin Junction, Humbolt, Crowder,
Canadian, Sherman
City, Cleveland, Nelagony, Winnsboro, Newsome, Burrows,
Temple, Taylor, Hico and Albany, and many other better¬
ments made.
Substantial improvements have been made in
\
.
the water
supply at different points, which are producing satisfactory
operating results.
Further improvements of this nature will
be made as rapidly as the problems can be worked out.
Extensive changes are being made in the freight station
at Saint Louis, which should result in a considerable saving
n the cost of handling freight at that
terminal.
,
At Dallas a new general office building has been acquired,
the purchase involving the assumption by The Missouri
Kansas & Texas Railway Company of Texas of the payment
of principal and interest of, $200,000 First Mortgage 53^%
bonds issued by the Katy Office Building Company.
'
.
,
OnpTntvnri
TiPT)P¥iiiP*\-——
Traffic.$20,912,978 29 $18,100,905
9,402,966 60
8,220,408
632,610 75
*
626,127
Transp'n of Express.
882,604 26
752,012
Other Transportat'n
273,151 24
289,086
Non-Transportation.
241,947 25
198,177
From Freight
From Passenger Traffic...
From Transp n of Mails
_
_
From
From
From
Total Operat'g Revenues
Operating Expenses—
Maintenance of Way
'
65
42
77
97
76
—RL935 24
+$2,812,072
+1,182,557
+6,482
+130,591
„
+43^9 60
+$4,159,539^8
.
$4,129,255 96
3,745,233 17
738,927 98
11,647,572 96
944,858 63
755,120 22
12,255,845 47
Transportation
78
50
48
,
■
$4,637,747 68
Maintenance of Equip.
4,100,819 25
For Traffic
For
83
$32,346,258 39 $28,186,719 11
and Structures.........
For
87
1,058,879 77
For General
$+508,491
+355,586
+16,192
+608,272
+114,021
75
08
24
51
14
TotalOperatingExpenses$22,808,412 39 $21,205,848 70 +$1,602,563 69
Operating Ratio.
(70.51%)
(75.23%)
(—4.72%)
Net Operating Revenue. $9,537,846 00
$6,980,870 41 +$2,556,975 59
Income from Other Sources—*
Hire of Equipment
$411,306 64
$69,436 78
+$341,869 86
Interest from Investments.
52,183 32
123,225 69
—71,042 37
Interest, General Account.
76,306 30
35,944 18
+40,362 12
Sundry Items.
126,814 80
127,789 02
—974.22
.
$666,611 06
$10,204,457 06
Total..
Gross Income
$356,395 67
$7,337,266 08
Deductions from Income—•
Interest on Funded Debt.. $5,965,362 42
Other Interest—
Int. on
2,287 45
Taxes.
Rentals,
Leased
Tracks, etc
Other Deductions..!
Total
■
17
58
45
82
1,287,903 29
1,060,181 47
565,748 40
55,625 15
579,047 71
35,325 98
—13,299 31
+20,299 17
$7,320,097 87
$17,168 21
+$567,373 72
+$2,299,817 26
Deductions.....: $7,887,471 59
Income.....
+$395,284
—'64,919
+2,287
+227,721
Roads,
Joint
Net
$5,570,078 25
75,464 46
10,544 88
—
Equipment Trust._
+$310,215 39
+$2,867,190 98
_...
$2,316,985 47
.
THE
1592
PROFIT
AND
CHRONICLE
ACCOUNT.
LOSS
Brought forward
Balance to Credit of Profit and Loss June 30 1912
Matured
$4,729,386 16
2,316,985 47
-—
Total_
_
_
_
_
Other
$640,399 19
17,000 00
45,297 76
Unmatured Interest, Dividends and Rents
Taxes Accrue
v
Liability
$108,324
32,663
908,724
27,625
Depreciation prior to July 1 1907 on equipment destroyed—
Side tracks and other property abandoned
Discount and expenses of security issues__
Uncollectible accounts charged off.
—
85
24
18
29
$1,122,722 92
390,766 54
account
on
of
Provident Funds.
111,283 83
82,162 72
OtherDeferredCredi11tems
1,706,935 01
■
,
preferred stock, 4%~
$520,000 00
Co. preferred stock out¬
M. K. & T. Ry. Co.
Texas Central RR.
standing,
Texas
RR.
Central
Additions to
Co.
common
stock
out-
taken up in Annual
1911,
:
*
now
.„
'
$1,563,429 84,
42 00
Profit and Loss Balance
_
221,16695
Total_
Report Profit and Loss Statement fiscal
_
_,
$2,064,117 85
—
_
—
_
—
■■.....■....$260,191,454 00
____
$5,223,147 39
...a..
SHEET JUNE
BALANCE
GENERAL
CONDENSED
7
7,007,744 18
Company *8 a*so guarantor of Kansas City Terminal
Railway Company First Mortgage Bonds, due 1960
(Jointly with eleven other Railway Companies)
$30,094,000
«l°Piin Union Depot Company First Mortgage Bonds, due
'
1940 (jointly with three other
Railway Companies).
650,000
Of Houston & Brazos
Valley Railway First Mortgage Bonds,
due 1937
210,000
Of Beaumont & Great Northern
Railroad First Mortgage
Bonds, due 1939.
883.000
450,188 49
-
,
! v';--vi
-
—
15,539 80
—
Balance to credit of Profit and Loss June 30 1913
""
,
5,223,147 39
Sinking Fund trans-
deducted
"
$1,784,596 79
*
—
,
"
K
ing & Redemption Funds
n
Texas Central RR. Co. Profit and Loss balance June 30 1910,
year
since
Reserves Invested in Sink-
135 00
^ ^
Southwestern Coal & Improvement Co.
ferred to "Appropriated Surplus"..
•
30 1907, through
Income_______
.....
*
,
standing, 5%-^.^
—"Wichita Falls & Northwestern Ry . Co. common ■
stock outstanding, 6%
Property
June
—875 00
5%_.
'
Appropriated Surplus—
•
,
$9,069,018 85
<
.
Dividends:
•
Deferred Liabilities—
$7,287,265 24
_
■
Unpaid
Working Liabilities.
$7,362,083 84
232,401 20
8,492 41
-
Divi-
Matured Mortgage and Secured Debt Unpaid
Additions—
Balance for Year Brought Forward from Income Account—
Adjustment of Value of TexaaCentral RR. Co. Equipment as
of November 30 1912
Miscellaneous
30
xcvii.
$244,114,690 97
«
Interest,.
dents and Rents
.
Deductions—
[Vol.
1913.
____
.
_
_
Of Galveston
*
1
Property Investment—•
Cost
Road
of
and
ment
♦
Equip-
Houston & Henderson RR. Co. Note
(jointly
International & Great Northern RR.
with
ASSETS.
Co.)...
._
$800,000 paid to November 1 1913.
TRAFFIC AND OPERATING
,
.
-
STATISTICS FISCAL YEAR ENDED
JUNE 30 1913, COMPARED WITH YEAR
ENDED JUNE 30 1912.
1,048,906 84
_
$221,569,389 02
.
Securities
of
Proprietary.
Companies—Pledged
$698,461 00
185,711 55
Miscellaneous Investments
•
"
V:,.
.
"
train mile.
Freight
train
25,420,000 00
revenue car
Freight
Special Funds—
r
.
/•".
train
1,062,558 45
per
revenue
$248,936,120 02
..
Cash
Loans and Bil h Receivable
Traffic
and
Car
,
':
.
Companies
2.36
—
from
due
\
"
,
3,137,206 51
34,892 71
...
,
$8,442,210 07
Securities
of
Issued
As-
.
796,547 69
Receivable
15,202 30
Deferred Assets—
$60,566 53
and
advance
45,119 96
•
Cash and Securities in Sink.
and
Cash
Redemption Funds.
Securities
and
Provident
1,460,000 88
in
Funds......
Other Deferred Debit Items
111,283 83
324,402 72
Total.
-$260,191,454 00
-
Freight
car
Loaded
car
„
17.28
16.93
...
228.92
226.00
270.81
256.34
206.27
192.10
,
*
;
panies
"
6.963,635
+570,410
7,129,996
180,053,246
112,228,722
67,824,524
+553,127
+14,514,340
+13,114,775
+1,399,565
37.67
25.86
17,043 00
25,400 00
——
$76,325,700 00
—.03
+.52
9.74
—.55
14.33
"
17.93
•
140,769,990 97
$217,095,690 97
—.27
3,398.19
$8,220,408.83
+279.28
+$1,182,557.77
29.16
•.
+137.85
1.12
+.09
1.41
1.32
+'09
1.44
+.07
senger per mile (cents)._
2.34
2.35
Passengers carriea
6,238,049
5,692,238
Passengers carried one mile 401,082,344
349,180,896
Passengers carried one mile
p'er mile of road..
109,085
102,755
Average distance carried..
64.30
61.34
Passengers per train mile._
51.48
47.62
Passenger train mileage (ineluding mixed)——
7,791,362
7,331,978
Passenger car mileage.
40,864.092
39,056,223
Passenger locomotive mile-
-—,01
+545,811
+51,901,448
age
(see contra)
$25,420,000 00
Consolidated Mtge. Bonds
Total
184,000 00
.
'
revenue
per
pas-
,
■
1.51
"
—
+$1,322,053 06
•
—
-
-
+6,310
+2.96
+3.86
+459,384
+1,807,869
$244,114,690 97
and
Car
$1,516,385 55
Service
due to other
Companies..:.
Audited Vouchers Unpaid.
Audited Wages Unpaid.._■
Miscellaneous
Accounts
—
Payable..
-..
Operating expenses per mile
or road operated-.
Net operating revenue
Net operating revenue per
mile of road operated-._
Taxes accrued..
fe Balances
mile of road owned
Operating income, taxes deducted, per mile of road
operated
Ratio of operating expenses
to operating revenue
Taxes per
938,608 04
2,717,335 40
1,213,847 77
273,210 13
+508,269
+$4,159,529.28
.
+501.17
+1,602,563.69
per
27,019,000 00
Working Liabilities—
7,122,728
operating revenue..$32,346,258.39 $28,186,719.11
operating
revenue
.:
mile of road operated
8,795 79
8,294 62
Operating expenses.22,808,412 39
21.205,848.70
Gross
1,415,000 00
♦Loans and Bills Payable.
7,630,997
Traffic-
Gross
Bonds
Sinking Fund
Traffic
—.09
-
'
1.21
Consolidated Mtge. Bonds
in
+.28
*
8.07
-
Notes
in Treasury
General
Mortgage
—.82
_
Funded Debt—
Bonds and
+.76
'
11.38
2,419.06
Average
13,000,000 00
—2.09
16.12
$9,702,544.24
passenger.
,
+14.47
+14.17
-;V;:
3,677.47
$9,402,966.60
29.07
— .
63,283,257 00
+2.92
'
'•
,
Passenger service train revenue per train mile-.
Average revenue from each
.
•
.
.
'
mile
-
+.35
'
_..$11,024,597.30
per mile
•
«
2,556.91
per train
'
Passenger revenue
T.
—.33
'
f
.
Passenger service train rev-
of road
V-
Capital Stock—
Stock, M. K. &
Ry. Co., held by the
public
-iPreferred Stock, M. K.-&
T, Ry. Co., held by the
public
•
Common Stock, M. K. &
T. Ry. Co., held by the
Company.
Stock, Subsidiary Com¬
14.93
_ _
Revenue from passengers. _
Per cent of gross revenue..
Passenger revenue
LIABILITIES.'
Common
'
v
run
enue.
•
+14.50
run
Passenger—
11,255,333 98
+2^4
»
272.93
-
14.60
•
Average mileage operated.
2,001,373 92
+4,658
240.63
-
Unmatured Interest, Dividends and Rents
Funds-Advanced
Insurance paid
493,108
.
mileage.
^.194,567,586
mileage.
125,343,497
Empty car mileage
69,224,089
Percentage of empty car
mileage
35.58
Total cars per freight train.
:
25.83
Loaded cars per freight train
16.64
Empty cars per freight train
\ "
9.19
Average number loaded cars
per train, north and east °
15.09
Average number empty cars
per train, north and east
10.56
Average number loaded cars
per train, south and west
18.21
Average number empty cars
per train, south and west
7.80
\' 178,084 39
Accrued Income Not Due—
Working
car, revenue
•
201,043 00
Securities....
Marketable
,
\
by freight and
•
°
7,534,045
by revenue freight:
locomotives.7,683,123
Miles
$417,420 30
or
sumed
loaded
+151,615
mixed trains...........
Companies....
Securities
Tons per
Miles
Proprietary,
-Affiliated and Controlled
+.06
+154,844,899
497,766
242.97
ton carried..
Unpledged—
+.28
1.08
8,722,847
.
287.43 '
_
1,805,200 61
_
Material and
2.08
>
loaded car, including Company freight.
Tons per locomotive, revenue freight—
Tons per locomotive,
in¬
cluding Company freight
Average miles each revenue
1,.
+.0070
1,675,674,860
mile per
Tons per
260,855 41
Miscellaneous Accounts Re-
Securities in Treasury,
one
freight.......
Agents, Train Auditors
and Conductors.....
Supplies
Other Working Assets*
„
Company freight
817,809 4
______
,
.1005
,
train revenue per
mile (cents)
1.14
Tons carried, revenue fr't.
8,874,462
Tons carried one mile, rev-'
enue freight-...--....1,830,519.759
Tons per train, revenue fr't
Tons per train, including
.
+.18
.
.1075
mile of road, revenue fr't
f
.
43
Freight
Tons carried
Service
.
ceivable..
•'
$1,502,733 02
883,512 31
Balances due from other
Balance
■ •.
.
+
+$360.15
,
per
ton per
Working Assets—
+$2,812,072.42
2.60
•
mile (cents).
ton
of Equipment Trust..—
Special Deposit Accoun
or
(—).*
+279.28
$5,326.63
2.78
—
revenue
'
contra)..
Dec.
64.22
Freight train revenue per
mile of road._—$5,686.78 "
Freight train revenue per
'
.
Consolidated Mortgage Bonds (see
64.65
_
( +)
nc.
,
.
$222,453,561 57
Pledged—
.,
Per cent of gross revenue.
884,172 55
Securities Issued or Assumed,
.
Freight—
1913.
1912.
Average mileage operated.
3,677.47
3,398.19
Freight tram revenue
-$20,912,978.29 $18,100,905.87
Affiliated and Controlled
in
00
133,000 00
...
1
-
Depreciation
Equipment
existing
(Credit).
on
Rents
00
00
_.r-____,.__$222,618,295 86
Less Accrued
Net
00
...
6,202.20
9,537,846.00
2,593.59
1,287,903.29
362.16
6,240.33
—38.13
+2,556,975.59
.
6,980,870.41
+539.30
2.054.29
1,060,181.47
339.25
+ 227,721.82
+22.91
,
,
^
2,228.25
1,731.91
+496.34
^
/0.51
75.23
—4.7
Nov. 29
CHRONICLE
THE
1913.]
RAILROAD COMPANY
ST. LOUIS & SAN FRANCISCO
YEAR ENDED. JUNE 30
REPORT—FOE THE FISCAL
ANNUAL
SEVENTEENTH
EQUIPMENT.
States Court for the Eastern
appointed for the St.
San Francisco Railroad, May 27 1913, and took
Under order of the United
District of Missouri, Receivers were
Louis
&
List of
1.
200 Steel Underframe Ballast Cars,
Freight ____—a.
Passenger
Express......
Total
FOR
30
FISCAL
THE
.
_
and
V
•
the
or
of
P
Net
operating
Taxes....-
revenue.....
37.2
15.5
Operating income.
-
Add-—Miscellaneous income..*:■.
income—•
'
177,440 09
1,556,463 44
282,555 04
1,841,873 31
1,379,023 35
1*559,318 27
-180,294 92
11.6
14,660,778 97 12,992,510 11
+1,668,268 861
12.3
+221,628 07
2.3
miscellaneous
income.
7,999,733 86
Rentals.
-4.
_
.....
_
.
.
.
...
Balahce
transferred
to
debit
RIO
Louis &
of St.
Railroad Income Account
San
"'■<!)
Mexico
Operating
on
Income Account
1,038,075 00
'
+ 1,214,482
1,214,48245
4,810 76
'
+
.—
.
First preferred
t....
Second preferred
as
—
19.6
"
in Profit and Loss Account in previous
;
,
follows:
.
—844.746 54 476.2
177,39 8 77
667,347 77
■
.
PROFIT AND LOSS ACCOUNT AtfD ADJUSTMENTS
THEREIN, JUNE 30TH 1912 TO JUNE 30TH 1913.
Credit
Balance at credit, as per
1912
annual report June 30
a
_
$3,154,370 16
...
Profit from sale of real estate heretofore
held as
250,403 80
current asset
Miscellaneous adjustments not affecting current
year's income
—
Total credit.
.
,
1,368 32
...$3,406,142 28
r
...
,
Debit—
'
Balance of Income Account for the year
•
,
ended
$667,347 77
88,291 97
41,061 82
1913—
Oklahoma taxes, 1908, litigated
"
"
....
Issued.
Authorized.
'
$5,000,000 00
$5,000,000 00
17,364,100 00
29,000,000 00
31,000,000 00
164,000,000 00
,
Common
—
+2,513,015 40
—.15,328,126 74 12,815,111 34
...
Miscellaneous surveys charged'off..
•
943.222 38
GENERAL
CAPITAL STOCK.
The amount authorized and issued is
45
4,810 76,
+
—
943,222 38
■
June 30
...
*
-
Lines,
RR.
funded dept*
years.
$4,810 /.6
*
......
1,120,766 00
Full face figures denotes debit.
* This
charge has been included
249 97
..
Balance transferred to debit of St. Louis & San Francisco Railroad
8.0
540,400 00
Balance, transferred to
profit and loss......
$5,060 73
•_
+82,691 00
,
540,400 00
prop¬
'
Texas A
Total charges.
1,374 30
deficit.—,
income.
6.3
Rio Grande Ry., deficit
Amortization of discount
$3,686 43
,
--
...
.—
Miscellaneous
.4
+ 57,105 47
■.
deficit
,
.......$12,218 23
...
15,904 66
— —
-
—10.924 73
894,571 22
Ft.
Illinois RR
New Orleans
—$1,214,482 45
—. — — ....
'
2,563,959 33
951.676 69
erties—Loss—
i9i3...
.■
K.. C.
Memphis Rij—
Dividends cn trust certifi¬
cates, Chicago & East¬
ern
operation of the Rio Grande Railway Com¬
pany (22.50 miles, narrow gaugo) for the fiscal year ended
Juno 30 1913, were as follows:
Taxes
2,553,034 60
Separately operated
The results of
Operating revenue.,..i.
Operating expenses ....
trust certifi¬
Scott &
RAILWAY COMPANY.
GRANDE
.........
•
,,,
Francisco
L
-i
on
The
cates,
—$2,116,035 81
Total interest and all other charges.i..
V,
ing funds-....-r
Dividends
.
330,899 83
299,076 67
... _,
...
_
Hire of equipment..
7,778,105 79
guaranteed
on
securities
$1,486,05931
.
a...-
income
Other rentals and sink-
60,188 34
Interest......!
..
Rentals and sinking funds—
J901,553J)6
..
—
Interest
$841,365 02
- - - -.. _ _.
-
—
Total incomes
5.1
equipment..;.
Other income...
$955,478 07
114,113 05
— .....
5.3
4.7
+60,098 91.
-105,114 S3
-285,409 87
Hire of
1913.
----i
8.3
+ 826,074 49
16.2
Miscellaneous
$977 67
82.16
...__$5,354,376 29
4,398,898 22
.....
—91,119 69
16,505,019 07 15,678,944 58
1,352,202 26
1,292,103 35
ex¬
+1,848,563 78
.,
.
10.3
income.-13,281,755 62 11,433,191 84
Total
v
1 2.4
+ 569,898 02
7.0
operation of the New Orleans Texas &
follows:
- —
+ 636,553 24
5,521,171 47
1,098,445 92
14.6
Mexico Railroad Lines for the fiscal year 1913 were as
V ,
Average mileage operated.......
Operating ratio
.'
Operating revenue... 1.
.:
Operating expenses..
5,118,923 81
6,091,069 49
1,007,326 23
+2,001,504 97
Interest
results
5,755,477 05
+1,948,421 33
+99,857 55
Operating
NEW ORLEANS TEXAS & MEXICO RAILROAD LINES
The
way
..
Total
same as
9.4'
'
■
expenses.30,711,094 ID 28,709,589 13
5,254.98
was
•
.
7.1
operating revenue:-15,339,195 93 13,390,774 60
razes..--.-.-.---..- 2,057,440 31.
1,957,582 76
^
June 30 1913
at June 30 1912.
of
:
.
structures....
Total oper.
.3 per cent.
miles,
+3,949,926 30
359,317 57
Net
$667,347 77
track mileage at
.
revenue46,050,290 03 42,100,363 73
General expenses
mileage operated during the year was 5,254 98
miles, being an increase over preceding year of 13.59 miles,
main
.-.v
.
+23,756 68
penses
The average
The
9.4
+3,926,169 62
41,764,802 84
.
335,560 89
Transportation
$2,162,515 59
transferred to profit and loss..
.3
,
Traffic expenses.....
31
Separately operated properties—Loss
....
$1,219,293 21
Annual proportion of amortization of discount on funded debt
943,222 38
'
—1,631 57
than
ment
93
$1,495,167 82
...
T
5.9
624,188 49
Maintenance of equip¬
$14,660,778 97
13,165,611 15
nterest, rentals and sinking funds
Balance
Total oper.
$13,281,755 62
1,379,023 35
...
6.3
+65,409 08
622,556 92
opera-
other
Maintenance
Total income (increase $1,668,268 86, or 12.8%)
—65,365 94
1,113,882 24
Operating expenses—
$46,050,290 03
30,711,094 10
Miscellaneous income (decrease $180,294 92, or 11.6%).
1,030,424 95
tion revenue..-.45,690,972 46
1913.
+160,749 07
965,059 01
transporta-
Revenue from
YEAR ENDED
_
__
1,179,291 32
Miscellaneous
>Receivers.
Net operating revenue (increase $1,948,421 33, or 14.6%) .$15,339,195
Taxes (increase $99,857 55, or 5.1%)
2,057,440
or
13.7
1.4
.
.
transportation....
JUNE
Net deficit,
.3
+3,767,008 98
5,241.39
5,254.98
Mail...
j
Operating revenue (increase $3,949,926 30, or 9.4%).:.
Operating expenses (increase $2,001,504 97, or 7.0%)
*
+ 13.59
.31,272,806 96 27,505,797 98
11,651,258 25 11,490,509 18
mileage operated.
Operating revenue—
tion
OPERATION
'
.
Aver,
■'ST/LOUIS & SAN FRANCISCO RAILROAD COMPANY.
OF
FOR
.
•
September 1 1913.
RESULTS
FISCAL YEAR ENDED JUNE 30 1913
COMPARED WITH PREVIOUS YEAR.
*
Inc. ( + ) or Dec. (—).
1912-13.
1911-12.
Amount.
% <
ACCOUNT
submitted include the operations
properties for the entire fiscal year and are for the
purpose of preserving the continuity of the annual records
for comparative purposes.
The Chicago & Eastern Illinois Railroad having been placed
in hands of Receivers on May 28 1913, no figures or data
pertaining to that road are submitted.
V THOMAS H. WEST,] ;,
of the
;
RAILROAD COMPANY.
ST. LOUIS & SAN FRANCISCO
INCOME
W.
Shops.)
Cars/
10 Steel Baggage Cars,
2 One-hundred-Ton Derrick Cars.
preceding
'
2 Scale Test
Locomotives,
40 Consolidation
.
Lines, together with the usual statistical data giving the
operations of the properties for the fiscal year
ended June 30 1913, as well as a comparison with figures of
C. NIXON,
B. BIDDLE,
2 American Ditchers,
9 Ice Cars,
1 Official Car,
V14 Furniture Cars.l (Built at Company
1,000 Steel Underframe Box Cars;
ary
W.
2. Purchased for Cash,
Under Lease and Purchase Agreements
1,800 Steel Underframe Gondola Cars,
results of the
.
equipment added during the year:
(Frisco Construction Co.):
possession thereof on May 28 1913.
For the information of all concerned, the undersigned here¬
with submit statements showing the financial condition of the
St. Louis & San Francisco Railroad Company and its Auxili¬
year.
The statements and tables
1913.
'
21,445 88
15,065 59
149,790 00
Property destroyed and not replaced—
1. — ..—,-^-i—
Tracks taken up.r —
Dividends paid—3% on
Total debit.
;
first preferred stock..
..
$983,003 03
2,423,139 25
—
Balance
4
-
$3,406,142 28
Totals.
.$200,000,000 00
$51,364,100 00
Of the Capital Stock issued, there remains
in the treasury
$6,535 10 of First preferred, $1,364,153 of Second preferred
CONDENSED
GENERAL
COMPARISON
BALANCE
WITH
Property Investment—
DEBT
AND
EQUIPMENT
BONDS
AND
Road and Equipment:
Investment to June 30th 1907:
NOTES.
The funded debt at June 30 1913
The
was
equipment trust bonds and notes
were.
Total.
The funded debt at June 30 1912
The
—
.-
—
-,
.1
were.
*
guaranteed by the St. L. & S. F. RR. Co.
.
-.208,885,657 26
.
„
208,885,657 26,
34,247,705 12
13,890,035 57
Equipment
12,687,960 27
26,577,995 84
$296,530,123 70
$5,622,505 02
Does not include $4,776,000 of Frisco Construction Company
ment notes
Increase (+) or
Decrease (—).
1912.
$
1913.
$
Road
-
34,247,705 12
equip¬
11,486,318 91- +2.403,716 66
—253,607 86
12,941,568 13-
'
24,427,887 04
269,711,358 22 267.561,249 42
Reserve for Accrued
The net increase for the year was
1913 AND
PREVIOUS YEAR.
Investment since June 30th 1907:
13,469,461 39
—
30
243,133,362 38 243,133,362 38
$302,152,628 72
$283,060,662 31
was.
equipment trust bonds and notes
Total-
Road
Equipment....
$291,316,691 04
*10,835,937 68
...
SHEET JUNE
ASSETS.
and $7,649 60 of Common stock.
FUNDED
$2,423,139 25
1913
By Balance at credit June 30
preciation—Cr
Total..
+2,150,108 "§0'
+2,150.108
80"
De¬
....
581,426 83
_
470,552 36
269,129.931 39 267,090.697 06
+110,874 47
-+2,039,234
35
ri
1594
THE
CHRONICLE
Securities—
Reserves from income
Stocks—i
Funded Debt
Miscellaneous
75,994,773 56
3,561,500 00
28,410,607 50
75,535,023 56
3,561,500 00
+459,750 00
27,208,911 41
+1,201,696 09
107.966,881 06
106,305,434 97
+1,661,446 09
5,919,000 00
4,040,000 00
+1,879,000 00
236,494 01
+32,437 50
Total
__2,423,139 25
3,154.370 16
—731,230 91
428,936,978 37 416,435,159 50 + 12,501,818 87
Assumed
—Pledged—Funded Debt
of
proprietary,
EXPLANATION
Securities
OF
FISCAL
controlled
ana
268.931 51
Profit and Loss—
Balance
-
Grand
V
affiliated
or sur¬
plus—Invested in sinking
or
redemption funds
companies—Pledged:
or
CHANGES
YEAR
314,446 25
Total..—
114.200,327
31*
314,446 25
110,659,881 22
—-
IN
ENDED
Total funded debt at June
30
StSni!lT^--!!d-^!d-7_
1912
to
+3,540,446 09
affiliated
and
controlled
companies for construc¬
tion, equipment and bet¬
1,216,974 81
290,190 81
+926,784 00
1,109,408 39
1,877,240 89
478,762 42
1,166,001 86
1,877,215 89
478,762 42
—56,593 47
Total..
.
+25 00
4.682,386 51
3.812,170 98
+870,215 53
Total Property Investment-388,012,645 21
381,562,749 26
+6,449,895 95
Held in treasury:
Stocks.
Additions,
and
6,737 70
1,137,514
30,393
13,000
3,464,411
46,993 03
1,643,071 55
4,866,352 71
...
Miscellaneous
+1,371,600 00
—449.880 27
company,
53
03
00
49
+1,193.994
+16,600
+1,630,071
+1,401,941
00
00
55
and
and
►
other
—
ceivable
new
the N.
2,175,020 14
_
conductors
accounts
ad¬
account
Texas, 7.89 miles
Additions,
betterments
22.
1,710,513 35
+464,506 79
529,495 94
502,341 00
+27,154 94
4,008,239 20
3,368,256 27
2,651,156 98
3,114,281 12
+1,357,082 22
25,058,015 75
19,410,499 93
+5,647,515 82
r,,
Material and supplies—...
•
^
O.
T.
&
M."
•
1,151,642 09
o
St. Louis and
re¬
—
r
$50,054 00
equipment of
Lines
»
Net balance due from agents
Miscellaneous
4,000,082 64
For purchase of line, San
Juan
to
Edinburgh,
service bal¬
companies
1,465,082 64
vances, as follows—•
Loans and bills receivable..
from
equip¬
O.
T. & M. RR. Co. to this
■
.730,151 31
2,331,508 53
ances—due
>
$2,535,000 00
of
Indebtedness of the N
'
Stocks.
car
•
Orleans Texas & Mexico
Div. first
mortgage bonds—
Issued for—■
Marketable securities—
Traffic and
$5,000 00
New
1,378 337 70
280,271 04
debt
^
San Francisco
^
1,201,696;09
,
Railroad Com-
pany two-year 6% secured gold notes
O. & E. I. RR. pref. stock trust
certificates—>•
Issued in exchange for C. & E. I. RR.
Co.
preferred stock (3,065 shares)
+253,975 15
2,600,000 00
459,750 00
.
Total....
Total
Deductions—
,
St.
dends and rents receivable
...
51,299 20
...
Louis
sion), redeemed
1,466,132 89
72,245 36
412,121 31
109,856 04
119,892 09
.
140,996 98
—21,104 89
12,912,537 63
'
69,803 20
12,929 614 53
113,008. 23
—17,076 90
—43,205 03
9
'5,000 00
...
5,000 00
Total
$10,500 60
on
__w.
Special deposits
Cash and securities in sinking
and redemption funds
505,359 94
468,730 49
Cash and securities in insur¬
ance and other reserve funds
Other deferred debit items..
104,000 00
616,346 30
104,000 00
1.132,283 53
—515,937" 23
15,866,317 41
15,410,611 11
+455,706 30
Total.............
Grand
$500 00
1880, redeemed..
,
■
funded debt
mort¬
Trust mortgage 6% bonds of
+1,054,011 58
—37,610 68
paid
—
Unextinguished discount
.
South¬
St. Louis & San FranciscoIiy.Co.—
First
mortgage
6%
bonds
(Missouri & Western Divi¬
controlled
in advance
&
first
4% bond scrip, canceled
gage
and
:
Memphis
RR. Co.
eastern
-51,299 20
Deferred Debit Items—•
Advances—Temporary
ad¬
vances to proprietary, af¬
companies
Working funds
Rents and insurance
.........$8,266,528 73
,
Accrued Income Not Due—•
Unmatured
interest,
divi¬
filiated
:■
after
ment bonds and notes
6,049,999 42 —1,619,529 78
Vv.+
;
betterments
equipment
new
expenditures
July 1 1912
Retirement
Working Assets—
Cash...
4,430,469 64
Securities issued or assumed—
debt
;
V
General hen
mortgage 5% bonds—
Issued for—
..... —......
:
Western Division 1st mort-
gage 6% bonds)...
^
Securities—Unpledged
;•
,
souri &
Physical property.
Securities—Pledged
Funded
;
Redemption of underlying bonds (Mis-
Miscellaneous investments—
■
Company-
Refunding mortgage 4% bonds—
;
Issued for—
terments
Funded
v;.■+'
_
St. Louis & San Francisco
Railroad
+•'+.-.
DURING
1913.
St. Louis and San Francisco Railroad
Company.
'•>•
proprietary,
DEBT
30TH
(including owned and
.$300,091.623 70
pledged)
-
FUNDED
JUNE
Additions—•
Other Investments—
Advances
xcvii.
Appropriated Surplus—
Securities of proprietary, af¬
filiated and controlled
Securities Issued
[Vol.
:
.
„
.
+36,629 45
Net increase.. J.
$8,256,028 73
'
.
$308,347,652 43
Equip, obligations paid during
year
(incl. $55,914 in text)
2,633,523 71
Total funded debt at June 30th 1913, as per balance sheet
$305,714,128 72
ST. LOUIS & SAN FRANCISCO RAILROAD COMPANY.
Total..428,936,978 37 416,435,159 50 + 12,501,818 87
(Including N. O. T. & M. RR. Lines.)
CONDENSED GENERAL BALANCE SHEET JUNE 30 1913.
Assets—
LIABILITIES. '
Stock—
1913.
Capital stock—
1912.
■
30,143,449 60
28,999,850 40
59,143,300 00
59.143:300 00
16,370,688 10
20,993 411 90
.20,993,411 90
Preferred stock—
Held by company
....$247,924,875 78
Equipment........^.
52,164,434 42
General expenditures.
1,835,340 63
37.364,100 00
Total.......
"96,507,400
00
preciation—Cr.
901,540 15
15,006,588 10
+1,364,100 00
Securities
+1,364,100 00
Funded debt:
+ 1,441,119 73
237,429,161 04 232,227,882 31
+5,201,278 73
.
_
_
_.
_
(b) Unpledged—Stocks
Advances to proprietary,
Affiliated and controlled
+3,760,159 00
companies for construc¬
tion, "equipment
and
betterments
trust bonds-
3,990,000 00
44,081,500 00
+20,000 00
+3,034,750 00
51,126,250 00
48,071,500 00
+3,054,760 00
399,500 00
5,923,280 00
Not held by company._
6,322.780 00.
78,840,328 14
Physical property
,
Securities—Pledged1—
able
by company
company
......
1,216,974 81
1,988,188 62
1,877,240 89
478,763 42
Total
......T_
1.305,714,128
72 300,091,623 70
Loans and bills payable
car service
companies
Working Liabilities—
fc, ances
due to
other
5,784,180 80
ties—Stocks
2,790,000 00
+2,994,180 80
panies
unpaid
payable
1,599,302 98
5,054,781 88
+ 1,770,490 57
164,986 14
253,328 88
—88,342 74
3,570,465 70
3.494,644 13
+75,821 57
Miscellaneous accounts pay¬
able.
Matured interest, dividends
and rents unpaid
Matured mortgage,
bonded
and secured debt unpaid.
Other working liabilities
+299,330 98
balances
payable.
Taxes accrued
Total.......
and
2,302,726 66
—.
...
other companies
Deferred
credit items
from
sinking
income
invested
or
10,225 00
657.304 41
75,960 96
984,319 76
or
in
redemption
funds
268,931*51
Profit and Loss—Balance
2,449,294 11
653,456 46
Miscellaneous accounts
10,225 00
26,342 30
867,025 00
27,035 05
—856,800 00
—692 75
Material and supplies.
18,280,106 35
14,086,117 92
+4,193,988 43
Other working assets._
receivable..
Grand Total...
1,537,821 48
700,895 39
1,440,740 65
650 298 <69
+97,080 83
+50,596 70
2,238,716 87
.2,091,039 34
+ 147.677 53
.
1,632,214 37
+1,872,341 30 !
5,116,706
3,938,595
47,484
16,147,041
64
74
32
00
$477,966,899 53
Grand Total
...$477,966,899 53
"Deferred Debit Items" include:
and
Temporary advances to proprietary, affiliated
controlled companies—Working funds, $1,483,829 89: other
advances, $191,030;
rents
and insurance paid in advance, $134,476 56; unextinguished discount on se¬
(funded debt), $12,912,537 63; special deposits; $69,80320; cash apd se¬
and redemption funds, $505,359 94; cash and securities in insur¬
and other reserve funds, $104,000; other deferred ddbit
items, $746,003 79.j
curities
3,504,555 67
debt unpaid
Working advances due
surplus
conduc¬
tors
3,571,865 70
Other working liabilities
Net balances due from
agents
paid—
mortgage,
bonded and secured
Reserve
from
other companies
Deferred Credit Items—
Other deferred credit items.
46,993 03
service
due
184,885 15
un¬
Matured
.
640,929 56
car
Deferred Debit items
dends and tents
280,271 04
1,643,071 55
able
Traffic and
Accrued Liabilities—Not Due—
Unmatured
interest,
divi>
1,378,337 70
Loans and bills receivr
1,898,633 96
6,825,272 45
8,388,216 28
Miscellaneous accounts
dends and rents
2,331,508 53
Funded debt.....
com¬
Total
.
2,116,816 52
and
Matured interest; divi¬
securi¬
Miscellaneous
Audited vouchers and wages
b
_
......
vouchers
unpaid
wages
in
Funded debt—_.
$5,808,580 80
balances due to other
Audited
as¬
Treasury—Stocks
+ 5,622,505 02
Marketable
Loans and bills payable
Traffic and car service bal-
or
sumed—Held
71
.
Traffic and
•
22,553 54
Securities issued
13^469,461 39 —2,633,523
2,069,096 52
740,505 15
Working Liabilities ($20,813,854 82)—
__
Equipment trust obligations—
Not held by company.. 10,835,937 68
399,500 00
5,923,280 00
12,755,499 38
idends & rents paayble
Taxes accrued
Working Assets ($22,913,435):
Cash
4,533,353 91
6,322^780 00
4,010,000 00
47,116,250 00
Unmatured interest, div¬
Unmatured Interest, divi¬
dends and rents receiv¬
399,500 00
5,923,280 00
21,077,148 27
260,206,820 01
bonds—Held
Not held by company
Equipment trust obli¬
gations—N ot held by
314,447 25
Miscellaneous investments:
Securities—Unpled ged
Income bonds—
Held by company
by company..
Not held by company
18,815,208 53
28,410,607 50
.
company
Held
Income
Miscellaneous.
4,010,000 00
47,116,250 00
Not held by
Collateral trust bonds—
proprietary,,
Funded debt..
Mortgage bonds—•
Held by company
5,805,271 04
4.364,151 31
Not held by company..231,623,890 00
227,863,731 00
5,919,000 00
affiliated and controlled
companies—
(a) Pledged—Stocks
-
Mortgage bonds—Held
by company.......
f
...
16,370,688 10
20,993,411 90
Bonded and
Secured Debt—
as-
Funded Debt..
Securities of
30,992,350 40
stock—Held
Mortgage,
sumed—Pledged—
36,000,000 00 -+1.364.100 00
95,143,300 00
or
$30,795,949 60
by company
Not held by,company
.$301,023,110 68
issued
Held
Nqt held by company.
Preferred
.
.
stock
by company.
Reserve for accrued de¬
Mortgage, Bonded and Secured Debt-
Held by company
Not held by company..
Common
$301,924,650 83
+7,500 00
—7,500 00
Total..
Not held by company._
Collateral
Capital Stock—
Road
r
Common stock—
Held by company..... 30,150,949 60
Not held by company.
28,992,350 40
_
Liabilities—
Property Investment:
Increase (+) or
Decrease (—).
curities in sinking
ance
,
Nov. 29
THE
1913.]
THE WESTERN
1595
CHRONICLE
MARYLAND
RAILWAY COMPANY
FOURTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDED JUNE 30 1913.
:.v
Baltimore, Md., October 15 1913.
.
The Western Maryland Railway Co.:
The Fourth Annual Report of the operations of your Com¬
To the Stockholders of
pany,
embracing the fiscal year ended June 30 1913, is here¬
respectfully submitted.
■
Comparative Income Account follows:
with
*
The
Operating Income—
(Western
1913. S
Maryland Ry. only):
$
Operating Revenues--——7.632.679 11
Operating Expenses..
6,019,147 18
Net Operating
Revenue^,........
business via the Cumberland-Connellsville Line.
—746,245 46
ini
3,431 47
—1,090 22
1,615,873 18
240,000 00
2.363,208 86
252,000 00
—747.335 68
—12,000 00
..1,375,873 18
2,111,208 86
—'735,335 68
2.818 13
8,709 84
5,064 20
3,810 37
—2,246 07
+4,899 47
29,630 96
25,406 01
—55,036 97
—
Operating Income
$
2,359,777 39
„
-
Nefllevenue
Total
Taxes Accrued..
or
Decrease (—).
7.243.057 75' +389.621 36
4,883,280 36 +1,135,866 82
v
2,341 25
,
$
Revenue...1.613,531 93
Operations—Net
Outside
Increase (+)
.
1912.
Kail Operations
v
•
.
Other Income—
Rent of Joint Facilities
Miscellaneous Rents..;
Net
Income
George's Creek &
Cumberland Railroad
Income from Coal Com¬
panies and Miscellaneous
Properties
Interest Accrued on Securities
Net
2.232 73
14.933 83
t —12,701 10
20.045 00
145.450 00
20,000 00
233,310 49
—87,860 49
149,624 74
302,524 90
—152.900 16
92
2,413,733 76
—888,235 84
103,105 97
80,286 90
20,909 89
+82,196 08
69,810 94
+10,475 96
2.583,258 01
Interest on Cost of Equipment
of
New
Lines temporarily
used by W. M. Railway
12.032 27
Dividends on Stocks of Companies Leased
.
-68,598 50
2.057.944 35
+525.313 66
115,894 24
—103,861 97
68,863 50
—265 00
10,100 00
10.100 00
Owned
Interest on Loans and
Accounts
freight cars were destroyed, being unworthy of the general
repairs required under the Safety Appliance Regulations pre¬
scribed by the Inter-State, Commerce Commission, necessi¬
tating a charge of $193,991 68 to Maintenance of Equipment
The past year felt the full effect of advanced
Expenses.
wages granted craftsmen in the Mechanical Department in
the spring of 1912, this item aggregating $56,000.
Traffic Expenses were $189,602 41, an increase of $64,034 46 over the previous year, attributable to the installa¬
tion of traffic representation necessary for development of
+45 00
Transportation Expenses were $3,271,907 92, an increase
the previous year.
Increased rates of
wage, covering practically all classes of labor chargeable to
this account, were reflected in the operations of the year
under
review.
With
the
opening of the CumberlandConnellsville Line, your Company was obligated to the adoption of the Eastern standard wage basis, as applying to train¬
men, and enginemen.
The new line being available for par¬
tial service August 1912, this advance became effective
September 1 1912, while a further increase for firemen,
awarded by arbitration, became effective October 1 1912.
Increased transportation cost, due to higher wage rates,
was approximately $150,000.
■
Improvement and Betterment work on the lines and ter¬
minals east of Cumberland, which continued throughout
the entire year, created conditions under which the handling
of traffic was possible only at high cost, due to increased
train operation, carrying excessive overtime charges.
General Expenses were $161,640 45, a decrease of $13,202 12 when compared with the previous year.
of $609,059 80 over
.
.
Total Other Income..
Gross Corporate Income....1,525,497
Deductions from Oross Cor-
•
porate Income—
Hire of Equipment
Rent of Joint Facilities
,
Accrued
Interest
Debt.—
*
;
Funded
on
—-
Sinking Fund Payments
Amortization
of
Funded Debt
Discount
r
NET OPERATING
of
---.
REVENUES.
Net
Operating Revenues were $1,613,531 93,
$746,245 46 when compared with the previous
a
decrease
year.
1
on
,15.020 74
2,493 23
Miscellaneous Deductions
12.51520
33,327 48
■
+2,505 54
—30,834 25
OTHER
INCOME.
Decreased net income from the
2.874.895 62
Total Deductions.....
24,368 16 —1,373,765 86
1,349,397 70
;
Add—Interest
on
Capital
+485,530 02
2.389,365 60
Ad-
vanced:
.
t
To Subsidiary Companies for
Construction of New Lines
819,640 46
622,902 42
+196,738 04
622,902 42
+311,522 68
For Improvements in Progress
i
(Western Maryland Ry.).
+114,784 64
114,784 64
934.425 10
original line of the George's
absorbing in
aggregating
$47,446 71, being the value of 719 antiquated freight cars of
light capacity destroyed during the fore part of the year;
being unworthy of the general repairs required under the
Safety Appliance Regulations prescribed by the Inter-State
Creek & Cumberland Railroad is due largely to
Maintenance of Equipment Expenses charges
Commerce Commission.
:
The
Net
Corporate Income.—.
Deduct—Dividend
on
647,270 58 —-1.062,243 18
414,972 60
Preferred
^
—400,000 00
400,000 00
Stock
'
Appropriations for Additions
and Betterments
-
•
••
•
Surplus for the Year.
414,972 60
42,867 09
—42,867 09
442,867 09
'.,—442,867 09
204,403 49
—619,376 09
policy of making liberal charges for the depreciation
of coal reserve and plant equipment has been continued
without change during the year, although recent reports on
your coal properties show actual value greatly exceeding the
figure at which these properties are now being carried on the
books.
A
DIVIDENDS.
In accordance with notice
Figures in full-face denote deficit.
given in the circular letter ad¬
under date of January 7 1913,
suspended after October 1 1912.
dressed to the stockholders,,
OPE RATING, RE VENUES.
payment of dividends was
Operating Revenues amounted to $7,632,679 11.» an
increase of $389,621 36 when compared with the previous
year.
Of this increase $273,290 09 is derived from freight
traffic, $54,137 60 from passenger traffic and $25,533 81
from express revenue, the balance being contributed by
miscellaneous items.
Partial and restricted operation of the new CumberlandConnellsville-Pittsburgh Line is reflected in the increased
revenues accruing to
the lines east of Cumberland for the
year, your management having availed of every opportunity
in this direction consistent with the prosecution of a con¬
Total
.
#
•
.
struction
program involving the completion of the Cumberland-Connellsville Extension and the rehabilitation of the
lines and terminals between Cumberland and Baltimore.
#
During July 1912 the operation of your West Virginia
Lines was interrupted by high water resulting from unusual
rainfall.
Traffic was entirely suspended for forty-eight
hours on the Main Line between Cumberland and Elkins
and for periods extending from five to
thirty days
on
Branch
Lines, with total loss of revenue approximating $100,000.
Freight revenue also suffered by loss of through business,
due to the disastrous floods which occurred throughout the
Middle West during March 1913.
OPERATING EXPENSES.
Total
Operating Expenses were $6,019,147,18, an increase
of $1,135,866 82 when compared with the previous year.
Maintenance of Way Expenses were $1,155,971 89, an
increase of $161,429 17 over the previous year.
Mainte¬
nance charges include an item of $131,252 76, representing
the value of property abandoned in connection with Addition
and Betterment work, this charge being in accordance with
the accounting requirements of the Inter-State Commerce
Commission.
"
Maintenance of Equipment Expenses were $1,240,024 51,
an increase of $314,545 51 over the previous year.
During
the fore part of the year 1,190 antiquated, light-capacity
CUMBERLAND-CONNELLSVILLE
EXTENSION.
August 1 1912 marked the formal opening for partial
operation of the line extending from Cumberland, Maryland,
to a connection with the Pittsburgh & Lake Erie Railroad at
Connellsville, Pennsylvania.
During the eleven months'
period
traffic
your
as
management has endeavored to secure only such
be successfully handled, with satisfactory
could
service to patrons, over a railway still in construction.
The
operations of this line
Account
June
were
carried in Construction
which date your Company
operation of the Cumberland-Connellsville Line,
although it is not expected that the line will be fully com-r
pleted until late in the present calendar year.
to
30
1913,
on
assumed the
ADDITIONS AND
BETTERMENTS.
January 1 1912 your directors provided, upon the notes
of the Company maturing July 1 1915, and bearing interest
at 5 per cent per annum, the sum of $10,000,000 for the pur¬
pose of completing the new Cumberland-Connellsville Ex¬
tension; improving the Port Covington Terminal in the har¬
bor of Baltimore, Maryland; purchase of equipment and the
provision of other facilities required, especially upon the old
line, to handle economically traffic through the connection
established at Connellsville, Pennsylvania, with the Pitts¬
burgh & Lake Erie Railroad.
Realizing that this amount would be inadequate for the
purposes indicated, your directors on January 1 1913 pro¬
vided upon the notes of the Company maturing January 1
1914, and bearing interest at 6 per cent per annum, an addi¬
tional sum of $3,000,000.
The retirement of these notes
has already been provided for by the sale of the same amount
of similar notes maturing July 1 1915.
Work authorized under appropriations from these funds,
amounting to $13,000,000, has progressed during the year
to the greatest possible extent consistent with ability to
secure
labor and materials.
1596
The
THE
following
the year and
l$$fen delivered during
equipment has
new
CHRONICLE
commissioned to service:
1,000—50-ton steel hoppers.
;XX "\ X
'
500—40-ton steel underframe box cars.
500—50-ton steel underframe gondolas.
500—40-ton steel underframe gondolas.
>
'
15—Heavy Consolidation freight engines.
9—Heavy Pacific type passenger engines.
30—Caboose cars.
18—Steel underframe vestibuled coaches.
5—Steel underframe baggage cars.
6—All steel mail and express
°
1—Wrecking
cars.J iXX^;V-sX.:<
X'vX'X
XX:'
v
■XX
qrane.
2—10-car barges.
1—Locomotive crane.
XXXX XXX
XXX
.
;
-
•
The following work, constituting additions,
and permanent betterments to the property,
pleted during the
Construction work has suffered the usual delays incident to
shortage of labor, which has been general throughout the
territory served by your lines.
It is expected that practi¬
cally all of the work now in progress will be completed and
commissioned to service before the year 1914.
During January 1913 your Company acquired ninety (90)
acres of additional
water-front property at Port Covington,
Baltimore, your holdings at that point now aggregating more
than one hundred and
fifty (150) acres of fine water-front
property available for the construction of additional piers,
opportunity for the most modern
facilities for prompt
dispatch and economic handling of the
ocean carriers.
largest
year:
FINANCES AND ACCOUNTS.
Roslyn—New passenger and freight station and commercial siding.
•
Thurmont—Revision of yard tracks and new water station.'
Highfield—New water station.
Edgemont—New water station.
Hagerstown—New passenger station;
new
engine terminal, including
roundhouse, boiler washer plant, coaling station, water station, turntable
and ash pits.
"
XXXX XX'XX'XX.
Charlton—Construction of branch line to Potomac River.
Hampstead—New passenger station and freight facilities.
Brodbeck—New passenger station and freight facilities.
Porters—Change of line and re-location of passenger station.
to freight warehouse and team tracks.
Gettysburg-—New coach yard; extension of passing tracks; car repair and
New Oxford—Addition
transfer tracks
.
.
•
.
Commercial and industrial tracks
Security
Hagerstown
Hancock
*Xx
Bayard
Orrtanna
Beechwood
Ackerman
Davis
Shaw
Parsons
Denman
South Cumberland
Chaffee
passing tracks
Dodson
Shippensburg
Gettysburg
Spring Gap
New
constructed at the
points:
Falls
points:
were
were
at, the
constructed
New Windsor
North Branch
Big Pool
Maryland Junction
following
Spring Grove
passing tracks were^constructed at the fol-
Lawndale
Charlton
Jerome
Westminster
Big Pool
Doe
Wakefield
Parkhead
Round Top
Gully
Fowblesburg
Jack's Mountain
Guilford
Pearre
BRIDGES.
In order to
permit of the unrestricted use of heavy power
on the lines between Hagerstown and Baltimore,
twentytwo (22) light bridges on the Main Line and thirty-one (31)
light bridges on the Gettysburg Line were renewed with
adequate steel and concrete structures.
Wooden trestles west of Rocky Ridge, on the Main Line,
and at Tom's Creek, on the Gettysburg Line, were replaced
with concrete arches.
/
'
;
Eleven (11). bridges located between West Virginia Cen¬
tral Junction and Thomas, on the Cumberland-Elkins Line,
were
strengthened, permitting the use of heavy power.
Bridge No. 4, near Ackerman, was renweed with" a steel
.
"
:
'XX''
#
Important work
Baltimore:
Hillen
now
in
Commission.
progress
J.
.:/v.-
.
xxxx-
-
M.
President. X:
.
COMPARATIVE
^
SYSTEM
BALANCE
WITH JUNE 30
x'X.''
Automobile, milk and transfer platforms.
'
Team
tracks.
Roundhouse and turntable.'
SHEET
AT
1912.
.
.
Port Covington—New four-track open pier.
-
Float bridge and additional yard tracks.
.
•
York Street—New storage shed and re-construction of bulkhead.
Westminster—Re-modeling passenger station.
'«
New train platform.
XX"Extension of freight house.
'
Pen Mar—New passenger and freight station. '
Hagerstown—New westbound yard of 350 cars capacity.
New erecting shops—machinery and equipment.
Millstone—New commercial siding.
Lurgan—New wye track. •
York—Additional track and freight facilities.
tf"
Hanover—New roundhouse, turntable, water station, coaling station And
shops.
Revision, of yard bracks.
*
New freight house and team tracks.
construction of double track from
June 30 1913.
$ "
Property Investment—
Cost of Properties
Owned
V
and Operated, Including
Coal and Other Propertiesl07,856,471 07
Securities of Other Compan.
•
.
X
engine terminal, including power plant, roundhouse,
boiler washer plant, shops, water station, coaling
station,
turntable and ash pits.
*
West
Coal
three
Main Line, about one mile west of Henry,
Virginia, to new mining operation of The Davis
& Coke Company at
Kempton, a distance of
miles.
Fairfax—New coaling station.
Thomas—Additional freight transfer facilities.
The construction of new passing tracks at Parkhead, |Hancock,
+7,501,682 45
108,256,471 07
100.754,788 62
+7,501,682 45
3,491,883 31
2,369,190 89
+1,122,692 42
2,13160
1,000 00
300 00
20,758 70
500 00
—
and in Transit
Held in Treasury
Marketable
Securities
=
Loans and Bills Receivable.
Due
from
Balances
444,634 74
+229,399 37
208,257 60
+21,525 01
735,222 90
1,124,740 56
45,727 13
684,348 43
996,164 18
+ 50,874 47
+ 128,576 38
+45,727 13
$6,324,580 92
1,704,266 14
4,808 37
+ 1,620,314 78
+2,237 28
'
,
Other
_
_
674,034 11
Companies.
due
from
Agents and Conductors..
ceivable
Material and Supplies.
Other Working Assets
Accrued Income Not Due—
Deferred Debit Items—
Working Funds
Rents and Insurance Paid in
Advance
Advance.___.
Unextinguished Discount on
Taxes Paid in
—200 00
+20,588 40
Traffic and Car Service Balances
+1,131 60
.
170 30
,
.
-
229,782 61
_
■
^
7,045 65
3,220 25
6,120 25
—2,900 00
25,470 46
41,728 92
10,251 47
28,644 94
+ 15,218 99
+ 13,083 98
Securities:
Unextinguished Discount
on Capital Stock
12,734,835 00
Unextinguished Discount
on Funded Debt
589,564 06
AnmnA
Herbert
and Jerome.
The extension of passing tracks at Williamsport, Clear Spring, Millstone,
Hancock, Fairplay, Town Creek, Oldtown and Sloan.
Renewals of bridges Nos. 27 and 49 at Shaw and Douglas with steel struc¬
tures.
Installation of automatic block signals for the protection of the five tunnels
on the line between Hagerstown and Cumberland;
as well as the Cran¬
berry coaling station, one mile east of Westminster.
Installation of telephone system for train dispatching on the Middle and
Western Divisions, which will cover all territory between Hagerstown and
Connellsville, and Cumberland and Elkins, including branch lines.
100,354,788 62
400,000 00
forms and team tracks.
New
$
Securities Issued or Assumed,
Miscellaneous Accounts Re-
station and facilities.
'
Elimination of two grade crossings at Ridgely.
Revision of Ridgely Yards.
New inbound and outbound freight houses, transfer plat¬
or
Dec. (—).
$
Working Assets
on Hand, on Deposit
and Wills Creek.
passenger
(-f)
June 30 1912.
Cash
Net
Kempton Branch—Leaving
Inc.
1913
v v"Xv
400,000 00
ies—pledged
■
30
xX, X
assrts.
,•
,
George's Creek Junctfon to Maryland Junction, including
new steel double-track bridges over
the Potomac River
New
JUNE
,
Re-construction of passenger station, train-sheds, plat¬
forms and express facilities.
v
•
'
Cumberland—Revision of Main Line and
\
FITZGERALD,
■ -NX.
includes:
-
.
resulting in the transformation of your system from a local
railway to a seaport terminal link in one of the largest rail¬
way systems in the country, demanded an extensive program
of adjustment, improvement and betterment work, which
involved practically a rehabilitation of your lines and ter¬
minals between Cumberland and Baltimore, in order to meet
obligations assumed by your Company under its traffic agree¬
ment with the Pittsburgh & Lake Erie Railroad.
Heavy construction and improvement work, particularly
that involved at the Baltimore, Hagerstown and Cumber¬
land division terminals, all of which was carried on during the
year, unavoidably and seriously restricted the efficiency of
the transportation service and resulted in abnormally high
operating costs.
:
The completion of improvement and rehabilitation work
will enable the management to offer competitive service to
patrons, affording opportunity for free solicitation of all
classes of traffic available to your lines, and justifies your
directors in an expression of confidence for the future of your
property.
xx-' ■'
-X XXX '
V
Your management acknowledges its appreciation of the
faithful and efficient services of officers and employees.
By order of the Board of Directors.
■
Station—New six-story freight and storage warehouse.
a
'
"■
CONCLUSIONS.
owing points:
structure.
open can be attributed almost
entirely to the unusual maintenance and adjustment charges
already referred to in this report.
The exhaustive examina¬
tion of the books and records of all
your companies justifies
the confidence, on the part of
your management, that all of
these charges have been provided for in accordance with
the accounting requirements of the Inter-State Commerce
The construction of your Cumberland-Connellsville Line,-
,
Keymar
Loy'sj
hand.
on
Elkins
.
/
Extensions to
By reference to the accompanying balance sheet, it will be
seen that
provision having been made for the funding of the
notes due
January 1 1914 by the sale of a like amount of
notes maturing
July 1 1915, your Company has no floating
or current indebtedness
other than its working, or current
liabilities, amounting, on June 30 1913, to $2,2£3,065 22, to
provide for which it had on that date working or current
assets of $6,324,580
92, of which $3,491,883 31 was cash
The unfavorable comparison to which the final results of
the operations of the year are
McKnightstown—New freight station and team tracks.
Westernport—New freight station and team tracks.
Luke—New freight and passenger station and team tracks.
West Virginia Central Junction—New coaling station.
Leahigh
The
location of this property, with its
deep water and natural
harbor
advantages, affords
Walbrook—New water station.
olio wing
xcvii.
pain-handling facilities and terminal improvements.
•
improvements
has been com¬
:
[Vol.
Special Deposit
—
Cash and Securities in Sink¬
ing Funds
Other'Deferred Debit Items
;
'
42,502 35
392,540 50
69,553 66
12,734,835 00
604,584 80
36,200 00
—15,020 74
+6,302 35
366,181 98
42,194 05
+26,358 52
+27,359 61
$13,899,415 20 $13',829,012 49
.
.
Total
;
—128,487.512 84 119.292,875 62
+70,40271
'
■■
P.
■——
+9,194,637 22
Nov. 29
1597
CHRONICLE
THE
1913.]
LIABILITIES.
Inc.
June
1913.
30
30
June
Capital
ttpltuvw N/WV'V
Stock (of The Western
Maryland Railway Co.):
V--I
a
--
__
COMMERCIAL
49,429,230 00
10,000,000 00
49,429,230 00
10,000,000 00
59,429,230 00
59,429,230 00
569,150 00
569,150 00
isa
#
Dividends
Guaranteed
Other Stocks..
Are
200 00
5,500 00
574:650 00
51,492,300 00
Collateral Trust Notes.-- 10,000,000 00
Equipment Trust Bonds297,000 00
50,992,300 00
4,000,000 00
378,000 00
+500,000 00
+6,000,000 00
—81,000 00
61,789,30000
55,370,300 00
+6,419,000 00
-5,300 00
—5,300 00
;
Se-
and
Bonded
forking Liabilities:
Traffic and Car Service
Balances Due to Other
Companies
Audited
Vouchers
and
Wages Unpaid
— Miscellaneous Accounts
'
122,444 25
105,812 47
1,545,236 61
1,527,800 83
116,713 36
M
aUired1 &f2terest" " Divi¬
Unpaid
Payable-
dends and Rents
Loans and Bills
_
Matured Debt
-
-
-
-
Liabilities
Other Working
Accrued Liabilities
V
+16.631 78
.
+ 17,435 78
2,637 12
153,598 00
+ 114,076 24
415,671 00
3,015,000 00
27,000 00
11,00000
-?28,46193'
+262,073
+3,015,000
+27,000
—17,461
5,253,065 22
1,818,310 35
+3,434,754 87
502,944 23
263,283 17
610,390 72
215,818 66
-107,446 49
766,227 40
57,888 90
826,209 38
86,156 31
—59,981 98
—28,267 41
183,991 67
189,229 58
183,789 67
162,871 06
+202 00
+26,358 52
373,221 25i
249,230 07
346,660 73
841,358 85
—592,128 78
119,292,875 62
+9,194,637 22
00
00
00
93
Not Due:
Deferred Credit Items___—
Appropriated Surplus:
+47,464 51
-
& Betterments
Property
Through
Additions
to
Income
_•
Invested in Sinking Funds
Profit and Loss
Tota"
-
———128,487,512 84
present production.
Increasing caution is noticed in various
Railroad companies are buying equipment
material on a smaller scale than expected.
Mild weather
has hurt retail trade.
Woolens and lumber are noticeably
quiet.
Collections as a rule are less prompt. The possibility
of disturbing currency legislation and of an agitation over
trust legislation are not conducive to cheerfulness in business
circles.
Canada is drawing large amounts of gold. The sus¬
pension of a large real estate security company is announced
here. On the other hand, exports of wheat are large, holiday
trade on the whole is good and cotton goods sell well.
LARD has been easier, but latterly has shown more steadi¬
ness.
Prime Western $11 15; refined for the Continent
$11 75; South America $12 30; Brazil in kegs $13 30.
Cash
trade has been rather dull.
Lard futures have been irregular,
declining for
a
time and then rallying.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon.
Tues.
Wed.
Thurs.
Fr .
November delivery .cts_ 10.70
Unmatured Interest, Divi¬
dends and Rents Un¬
paid-.^---Taxes Accrued-
Friday Night, Nov. 28 1913.
branches of trade.
569,350 00
Funded Debt
.
The big industries of the country a8 a rule are slowing
The new sales of iron and steel are far below the
down.
Operated and Leased Cos.:
Stocks on which
EPITOME.
a t
Stock of
Outstanding Capital
Mortgage,
^hc ©mtxwvmal Jimrs.
(+) or
(—).
—
Common
Preferred
Dec.
1912.
$
$
+26.560 52
January delivery
10.87)4
May delivery.________ 11.10
10-72 34
10.90
10.90
11.12)4111.15
10-67)4
10.87)4
11.12)4
Holiday.
10.65
10.87)4
11-12)4
PORK steady; mess $23 25@$23 75; clear $20 25 @$22;
family $25@$27.
Beef steady; mess $18@$19; packet $19@
$20; family $20@$23..
Extra India $28@$30.
Cut meats
firm; pickled hams, 10 to 20 lbs., 13@13%c.; bellies clear,
f.o.b. New York,
14@14%e. Butter, creamery extras,
33@35c.
Cheese, State whole milk held colored specials,
16^@16^c.
Eggs, fresh gathered extras, 46@48c.
OILS.—Linseed firm; City, raw American seed 50@51c.;boiled
51@52c.;
Calcutta
70c.
Cottonseed ■ oil - easier;
winter 7.25@7.90c.; summer white 7.25@7.75c.
Cochin,
13h2@13%c.; Ceylon 10%@10%e.; Chinawood 7^@7%c.;
corn
6.60@6.65c.; cod, domestic 39@40c.; Newfoundland
42@43c.
COFFEE has been
Texas
At the annual meeting on Nov. 25
the Eastern proxy committee, con¬
sisting of J. J. Mitchell, A. B. Hepburn, J. N. Hill, Arnold Schlaet and
L. H. Lapham, voted two-thirds of the stock and elected three new directors
who in turn elected E. C. Lufkin President in place of J. S. Cullinan; Arnold
Schlaet, T. J. Donaghue, R.
Jr.
son
were
C. Holmes, G. L, Noble and W.A.Thomp¬
C. P. Dodge, Secretary to succeed
elected Vice-Presidents:
J. L. Autry.
■
>
New directors : J.
Watertown
Bonds Nos. 7,
and int.
on
A. L.'
W. A. Thompson Jr. and
Autry and W. C. Hogg.—
N. Hill, to succeed the late Charles G. Gates;
(now the company's general attorney),
J. H. Lapham, succeeding J. 8. Cullinan, J. L.
V. 97, p. 1120,732.
Beaty
(S. D.) Water Co.—1st M. Bonds.—Called.
21, 35, 44, 93, 120, 249, 321 and 332, for payment at par
Empire Trust Co., N. Y. City.—V. 95, p. 1549.
Jan. 2 1914 at
Western Sugar
& Land Co., Colo. Springs.—Purchase.
The shareholders were to vote Oct.
28 (1) on purchasing the Southwestern
Sugar & Land Co. of Arizona (V. 92, p. 122); (2) on increasing the capital
stock from $2,000,000 to $6,000,000, half to be pref. stock.
Improvements
to cost a considerable sum and a new refinery at Delta, Col., are said to
proposed.—V. 86, p. 1228.
be
Westinghouse Electric & Mfg. Co., Pittsburgh,
See British West. El. &
Pa.—
Mfg. Co., V. 97, p. 1506.^-V. 97, p. 959, 449.
Whipple Car Co.—Sold to .Grand Trunk.—
See Grand Trunk Ry.
quiet, with No. 7 Rio 9Mc. and fair
good Cucuta 12%@1334c. Coffee futures have been
irregular, but in the main, steadier despite heavy Brazilian
receipts and large stocks at Havre, where it is supposed that
the stringency in the French money markets has more or
less effect.' The monetary tension in Brazil, together with
a heavy movement of the crop, are regarded
as unfvorable
factors by not a few. Yet, Brazil has latterly bought coffee
here to some extent and this fact, together with a demand
from shorts, has caused something of a rally in prices. To-day,
prices declined on lower quotations in Europe, some weak¬
ness at Santos, and a decline in Havre and Hamburg.
Closing prices were as follows:
to
Company, Houston.—New Officers.—
•
»
.
under "Railroads" above.—V. 97, p. 528.
9.50 February. 9.76@ 9.78|M!ay _____10.17@10.18
10.27@10.28
9.50 March____ 9.91@ 9.92 June
_10.04@10.05t
V •
•
9.62@ 9-64 April
November
9.48@
December.
9.48@
January
_i
_____
SUGAR.—Raw lower; centrifugal, 96-degrees test, 3.61c.;
muscovado, 89-degrees test, 3.11c.; molasses, 89-degrees test,
2.86c.
European beet cables recently were steady.
The
weather has been favorable for grinding in Louisiana and
is being made in marketing the crop.. Granu¬
quiet and steady, at 4.30c.
PETROLEUM firm; barrels 8.75@9.75ct, bulk 5.25@
6.25c., cases 11.25@12.25e.
Pennsjdvania dark, $2 50;
second sand, $2 50; Tiona, $2 50; Cabell, $2 07; Mercer
black, $2; New Castle, $2; Corning, $2; Wooster, $1 91;
North Lima, $1 49; South Lima, $1 44; Somerset, .32 degrees
and above* $1 35; Illinois, $1 40;
Naphtha steady; 73 to 76
degrees, in 100-gallon dhims, 2434c.; drums $8 50 extra.
Gasoline, 86-degrees test, 2934c.; 74 to 76 degrees, 2534c.;
60 to 70 degrees, 2234c.; stove, 21c.
Spirits of turpentine
4634@47c.
Common to good strained rosin $4 10.
TOBACCO has been quiet but steady as regards most
grades.
Wisconsin has been neglected for Ohio tobacco.
good
progress
lated
Comply with the Income Tax Law" is the title
comprehensive analysis in pamphlet form prepared by
Mr. Stuart H. Patterson, who was retained as expert for
the Trust Companies Committee of New York City on in¬
come tax matters.
This pamphlet relates particularly to
tax on interest, and is intended as a practical guide to bond¬
holders, banking institutions, trust companies and all issu¬
ing corporations.
It contains a number of valuable charts,
forms, description of methods and shows how ownership
certificates of bondholders should be filled out under varying
conditions.
The pamphlet is published by Trust Companies
Magazine, 1 Liberty St.", New York City.
—In an advertisement elsewhere in the "Chronicle" to¬
day, F. J. Lisman & Co. of 30 Broad St., New York, Phila¬
delphia, Chicago and Hartford, and members of the New
York 'Stock Exchange, announce that they "have on file
extracts relating to the income tax of every bond listed on
the New York Stock Exchange as well as of most other bond
issues in the United States."
The firm will be pleased to
furnish copies of these extracts to any investor and solicits
"How to
of
a
the
correspondence of parties interested.
—P. B.
Thomas, until recently connected with Plympton,
of this city, will represent Hornblower &
Gardiner & Co.
Weeks of New York City and Boston in Eastern
vania after Dec. 1.
Hornblower & Weeks, bankers
Pennsyl¬
and deal¬
securities, are members of the New York,
Boston and Chicago Stock Exchanges, with direct private
wires to all the principal markets, and besides the New York
and Boston offices, the firm has branches in Chicago, De¬
ers
in investment
troit, Providence, Hartford and Newport.
—O'Connor &
Kahler, dealers in municipal bonds at 49
Wall St., this city, have discontinued business owing to the
death of J. C. OjConnor and will be succeeded by the firm of
H.
A.
H. A.
who
Kahler <Sb Co.
The
new
co-partnership will include
Kahler, Percy G. Merrifield and Thomas F. Sherwood,
were
Kahler in
associated with the corporation of
official capacity during its entire
an
O'Connor &
existence.
The fact that manufacturers to all appearance are carrying
but small supplies of binder and filler encourages the belief
not a few that prices are likely to be maintained.
It
pointed out that quite a little business has recently been
done at 10 cents for Gebhardt of the 1913 crop and 1234 cents
for Zimmer Spanish.
In Sumatra tobacco there is nothing
more than the ordinary business from day to day.
Cuban
among
is
leaf is firm without much business.
COPPER has
*
slipwn further weakness as trade has been
dull and stocks are increasing.
London broke and then ral¬
lied; Lake here on the spot, 15c.; electrolytic 1424c.
Tin
dropped here to 3934c. on the spot, and then became steadier
with a better demand for future delivery; spot sales light.
Lead here 434c'.; spelter 534c•> both being quiet.
Pig iron
has been easier with perhaps a little better business at the
decline; sales, however, are mostly in small lots; No. 2 East¬
ern
$14 25@$14 50. No. 2 Southern Birmingham $10 50.
Sales of finished iron and steel have still been comparatively
small and prices are weak.
There is still evidently a dis¬
position to await the effects of the new tariff.
Mills
are running at about two-thirds of their capacity, while their
new sales, it is said, are at the rate of not more than one-third
of their productive power.
Competition on the Pacific Coast
from Germany and Belgium has caused special steel bar prices
at Pittsburgh for that territory to drop to about 1.05c.
At
Pittsburgh structural shapes 1.25c.; plates 1.20 to 1.25o.
-
THE
1598
CHRONICLE
[Vol.
On
COTTON.
THE MOVEMENT OF THE CROP, as indicated
telegrams from the,South to-night, is given below.
the
ending this Ivetdag
week
423,795 bales, against
bales
the
For the
total receipts have reached
434,152 bales last week and 485,269
making the total receipts since
previous week,
period of 1912, showing
of 131,699
bales.
Fr
Thurs.
Wed.
Total.
Tues.
21,568
6,933
39,866
8,536
29,713
3,159
21,177
4,991
17,161 146,538
5,372 28,991
8,299
2,350
13,213
1,362
14,811
3,009
14,895
2,870
15,034
20,396
9,300
2.144
10.150
1,821
4,831
5.500
City__
.
Pt. Arthur,
6",896
Mobile
Pensacola
210
Jacksonville, &c.
Savannah
Brunswick
Wilmington
Norfolk.
1,821
46,987
5,500
6,828
19,760
3,000
Charleston-
Other ports
Total 1913-.
Total 1912-_
.
—
l~o65
2,000
4,600
2,773
2,673
4,357
5", 123
3,630
4,872
3,511
1,938
2,480
4,820
£580
3.145
1..505
4,810
1,200
2,162
3.516
"52
"50
102
goods.
66
109
627
and also in Brazil and
N'port News, &c
237
165
50
Boston
19,070
14,252
26,371
3,516
4,682
Baltimore,
4,682
"399
Philadelphia—_
399
Foreign
wise.
/
Leaving
Total.
Stock.
56,299
5" 222 142,487
■800
10,000
172,012
167,987
3,000
13,000
36,082
27,714
6,800
51,000
52,513
13,352
21,534
38,022
58,318
84,054
48,662
72,732
23,560 343,382
23,636 328,749
29,109 309,155
683,730
983,367
946,955
1,000
650
15,888
3",500
159,992
active, the market being what is known as a professional one.
Transactions have been moderate, at irregular prices.
For
a time the drift was
very plainly towards a lower level.
In
fact, quotations got into new low ground below 13 cents,
January, for instance, touching 12.78c. and March 12.79c.
This was the effect of the
big ginning in the last period and
the tendency to increase
crop estimates.
Also, Liverpool
prices steadily sagged.
Spot sales there decreased.
Man¬
chester's trade reports have been
pessimist!^ Things are
not looking well in the textile trades of
Germany, Belgium
7",825
5,350
many.
29,691
11,632
2,764
Coast¬
55,785 94,502
56,432 119,264
74,747
23,197
85,431
80,755
102,876
Other
16,615
60,939
8",006
7,780
3,000
1,200
20,000
Ger¬
23,410
20,511
6,200
4,000
4,455
8,826
1,100
26,000
10,673
New York_.>
Totals this
11.945
25,184
9,396
36,055
7,426
__
Charleston
6", 896
80,914
France.
Mobile
Norfolk
New York
Total 1911
Mon.
Britain.
Galveston
Savannah
decrease since Sept. 1 1913
a
17,053
Aran. Pass, &c__
New Orleans
Nov. 28]at—
New Orleans._
'
Sat.
Galveston.—
Texas
our
1913 5,241,918 bales, against 5,373,617 bales for the
Sept. 1
same
by
Shipboard, Not Cleared for—
Great
Friday Night, Nov. 28, 1913
/
/
xcvii.
and Austria.
East India is said to be well
supplied with
The financial stringency on the Continent of Europe,
Canada, are among the factors sup¬
posed to be militating against any marked advance in prices
time. Meanwhile, the speculation, as already
intimated, is inactive.
This means that the hedge selling
against actual cotton, either by the South or by spot dealers
here, has not been so well absorbed as it would be if
at the present
week.1
44,981
89,716
67,539
83,251
60,428
77,880 423,795
^
The following
shows the week's total receipts, the total
since Sept. 1 1913,
and the stocks to-night, compared with
last year:
1912.
1913.
,
Stock.
Receipts to
-
This
November 28.
:
Week.
Since
This
Since Sep
Week.
1 1912.
Sep
1 1913.
1913.
146,538 1,707,469 184,164 2,229,588
213,580
Texas City—
28,991
24,567
389,076
Port Arthur
11,918 10,788
53,996
80,630
6,896
Aransas Pass, &c_
2,948
48,758
New Orleans
80,914
625,482 94,420
663,059
216.188
Mobile
11,945
9,472
125,748
Pensacola
25,184
90,250
4,500
57,037
953
1,821
18.145
Jacksonville, &c_
10,583
Savannah
46,987 L153.060 48,088
802,690
Brunswick
■193,900
5,500
12,800
173,900
326:566
Charleston-.
19,070
11,814
220,728
14,252
273,609
17,389
240,091
Wilmington
Norfolk
26,371
252,136
24,950
290,564
22.227
3,516
2,461
24,196
Newp'tNews.&c.
102
850
New York
628
1,287
Boston
5,259
1,316
9,420
627 ;
Baltimore
4,682
50,175
2,984
32,300
474
399
100
596
Philadelphia
Galveston
1912.
310,474
29,511
466,314
36,719
3,718
228,311
49,434
4,562
255,415
47,268
'
•
:mm
.
—
-
-
—
—
1,782
_
1,345
186,948
31,836
49,638
28,137
169.992
'
19,990
65.513
37,478
49,248
——
63,860
■'
-
44,822
4,002
8,304
s
"
112,668
5.243
12,149
10,014
4,533
-
—
423,795 5,241,918 454,342 5,373,617 1,027,112 1,321,116
Totals
In order that
comparison
may
quiet.
As the price has continued to sag and predictions
of 15 cent cotton have died out,
skepticism as to any perma¬
nent or material rise at this time has increased.
Of late
Liverpool's spot sales have at times dropped to almost nomi¬
figures.
The offerings from the South there have in¬
nal
creased.
—
be made with other
give below the totals at leading ports for six
we
the much-decried speculation in cotton futures were as
large
it often is at this time of the
year.
Also, the movement of
the crop has been free.
Spot markets at the South have been
as
years,
seasons:
New York and the Continent have been
selling
the premiums on near months here have
shrunk, as the stock here has gradually increased.
The
supply in warehouse at New York has increased about 20,000
there.
Also,
bales -thus
this
far
among some
month.
The
impression
members of the trade that the
under-estimated,
and
the
consumption
1913.
1912.
146,538
35,887
80,914
11,945
46,987
5,500
119,070
14,252
26,371
3.516
32,815
184,164
38,303
94,420
9,472
48,088
12,800
11,814
17,389
24,950
2,461
10,481
423,795
454,342
Receipts at—•
Galveston
Texas City
,&c
New OrleansMobile
Savannah
—
Brunswick--
Charleston,&c
Wilmington-_
Norfolk
N'port N.,&c.
All others
Total this wk.
i
1911.
■
'
1910.
130,580
57,103
73,631
13,585
71,510
10,950
'
,
1909.
108,565
15,461
85,404
26,353
458,293
432,629
159,853
9,565
108,600
18,121
63,782
22,748
7,490
14,334
31,711
\ 9,382
101,132
.18,261
71,843
16,250
19,495
20,494
32,379
2,014
.26,552
1908.
35,292
7,068
27,024
1,240
3,704
4,219
13,767
763
28,526
'
18,630
20,216
35,431
487
-
.
21,340
216,389
457.544
Since Sept. 1_ 5,241,918 5,373,617 5,304,548 4,516,041 4,294,749
4,826,029
The exports
for the week ending this evening reach a total
of which 137,847 were to Great Britain,
53,181 to France and 194,777 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1913.
•
of 385,805 bales,
Week
ending
Nov.
28
1913.
From
Sept. 1
Exported to-
1913
to Nov.
28
1913.
Exported to—
Exports
Conti¬
Great
from—
Britain. France.
Galveston.
Texas
_
City.
nent:
Great
Total.
Britain.
68,424 120,285
16,676 29,353
51,861
11,677
Conti-
France.
493,333
171,911
121,354
i.4,270
Pt. Arthur.
22",162
Ar.Pass,&c.
New Orleans
Mobile
....
31,504
7,256
Pensacola..
Savannah._
Brunswick
Charleston
_
ll", 709
York-
Boston
Philadel'la
10",l50
15,034
14,829
31,305
7,450
22",536
13,800
3,899
Norfolk...
Baltimore.
14,418
3,962
.
Wilmington
New
14,200
.
_
"202
1,881
1,694
3,381
10,914
508
5,876
5,5351
60,122
11,218
25,184
57,893
7,450
22,536
13,800
3,899
12,997
2,202
9,257
5,535
Fran..
"675
675
Pt. Towns'd
3,399
3,399
San
Total..— 137,847
Total
1912. 188,938
Note.—N.
Brazilian to
236,240
48,002
25,086
128,315
70,667
28,499
34,144
177,190
48,029
81,939
30,071
18,252
22,954
86,062
36,028
"T, 748
20,427
"4",655
5,030
74,043
17,417
'
nent.
608,888
47,833
8,193
4,977
99,861
59,629
31,020
358,358
91,765
130,399
132,685
20,910
94,791
2,984
40,831
2,117
75,551
34,527
Total.
,274,132
183,457
8,193
27,139
406,768
136,130
90,250
663,863
162,748
217,368
227,799
39,162
185,601
39,012
65,913
19,534
75,551
34,527
53,181 194,777 385,805 1,412,717
608,111 1.836,319 3,857,147
43,148 158,525 390,611 1,781,583
552,903 1,553,162 3,887,648
Y. exports since Sept.
,
'
•
,
In addition- to above exports, our
telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
We add similar figures for
New York.
over-estimated.
large.The next ginning report is to appear on Dec. 8.
One
crop estimate by a Southern member of the trade was 14,890,000 bales minimum.
A Shreveport estimate was 14,310,000, as against 13,850,000 a.couploof weeks ago fromthe
same source.
Still another was 15,200,000 bales.
On
the other hand, however, some crop estimates have been only
This
linters
season
are
reckoned at about 500,000 to 600,000 bales.
A New Orleans
estimate was 14,100,000 bales.
Various Southern exchanges
have
estimated above 14,000,000.
After declining, prices
suddenly rallied at the expense of the short interest which had
become large and unwieldy.
Everybody had got the idea
that cotton was going at once to 123^ cents, if not to. 12 cents.
The technical position thus favored a rally and it came.
Trade buying was noticeable on the decline and helped to
rally prices.
Still sentiment on the whole has been bearish,
and rallies are looked upon as temporary incidents in an es¬
sentially weak market.
Whether this diagnosis is correct
or not time alone can determine.
Large spot interests, Wall
Street, the Waldorf-Astoria contingent, New Orleans, Mem¬
phis and the South have, on the whole, been sellers rather
than buyers.
Sales of print cloths at Fall River have con¬
tinued to show a large decrease compared with those in cor¬
responding weeks of last year.
Thursday was a holiday, be¬
ing Thanksgiving Day.
To-day prices advanced 12 to 18
points, the latter on December.
That month was especially
strong, as the "notices" due to-day unexpectedly proved to
be less
than 20,000 bales.
Shorts covered.
Liverpool,
Memphis and spot interests sold. .Spot cotton closed at
,13.40c. for middling uplands, showing a decline for the week
of 20 points. '
"
r:
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Nov. 22 to Nov. 28—
Middling uplands.
NEW
1913.C
1912
1911
1910.
1909
1908
1907—
1906.
YORK
Mon.
Tues.
13.50
13.40
QUOTATION
13.40 1905.C
-13.10 1904
9.30 1903
15.00 1902
14.55 1901
9.45 1900
11.45 1899
11.40 1898
—
—
—-
-
MARKET AND
11.80
9.70
11.50
8.55
8.00
10.12
7.81
5.62
FOR
1897-C
1896
18951894
1893
1892
Wed.
13.30
32
Thurs.
H.
Fri.
13.40
YEARS.
5.81 1889.C
10.25
7.69 1888
9.88
8.62 1887
10.44
6.00 1886—— 9.19
8.06 1885
9.44
-10.00 1884
10.44
—
—
1891
1890
8.06
9.44
1883
10.56
1882
10.50
SAL ES AT NEW YORK.
Closed.
Futures
Market
Closed.
Quiet, lOpts. dec
Quiet..
Quiet, lOpts.dec
Quiet, lOpts.dec—
Barely steady._
Steady
Steady
Steady.-
Spot Marke
1
Sat.
13.50
.
SALES.
Spot.
Contract
Total.
1 include 8,783 bales Peruvian and 75 bales
Liverpool.
'
•
growing
has been
The weather at the South, moreover, has been in the main
favorable.
This fact has encouraged the idea that the
gin¬
ning during the last half of November will turn out to be
13,900,000 bales, including linters.
,
is
crop
'
.
.
Saturday
Monday
Tuesday
WednesdayThursday
Friday—
__
Total
—
HOLIDAY
Quiet, lOpts, adv— Easy.
11'
1
1
1
1
1
1
1
1
S
I
fil
I
1
OO
100
100
100
-Nov. 29
FUTURES—The highest, lowest and
New York for the past week have been as
closing prices at
follows: y,
Friday,
Tuesday, Wed'day, Thursd'y,
Nov. 28.
25. Nov. 26. Nov. 27.
Monday,
TOWNS the movement—that is,
THE INTERIOR
AT
receipts for the week since Sept. 1, the shipments for
week and the stocks to-night, and the same items for the
the
the
previous year—is set out in
corresponding period of the
Week.
24. Nov.
Nov.
1599
CHRONICLE
THE
1913.]
detail below.
November—
Range
ir-,
12.87-.92
13.09-.13 13.04-.06 12.93-.97
Closing
December—
Range
Closing
January—
Range
Closing
.
„
12.90-.03
13.15-.25 13.04-.15 12.97-.05
12.94-.95
13.16-.17 13.11-.12 13.00-.02
12.80-.91
12.90-.02 12.78-.94 12.80-.95
12.84-.85
12.90-.91 12.92r.93 12.91-.92
12.83-.98 12.78-.02
13.02-.03
—
12.88-.89
Range
March—
Closing
12.85-.88
12.99
Closing
May—
Range
Closing
_
6,53.8
3,717
1,000
Ga., Albany
12.97-.98
3,308
Athens
5,700
11,924
2,420
2,163
Atlanta
12.99
Augusta
—
—
12.91-.93
12.84-.93
12.85-.01 12.77-.95 12.81-.99
12.87-.88
12.87-.88 12.93-.94 12.94r.95
12.87-.98 12.77-.01
Columbus.,..
Macon
12.89-.90
Mlss,.,Columb's
12.75-.94
DAY.
—
Range
Greenville
...
Greenwood
12.85-.87
—
Meridian
12.79-.89 12.68-.92
Natchez
12.74-.81
Vicksburg....
12.53-.54
12.59 — 12.49 — 12.48-.50
12.55-.58 12.50-.52
Closing.... 12.53-.55 12.59-.61
12.48-.59
Range
Closing
Yazoo
Range
....
Closing.
12.00
11.91
—
as
11.97-.00 11.91-. 00
11.93-.96
--
11.98-.00
by cable and telegraph, is as follows. Foreign stocks,
well as the afloat, are this week's returns, and conse¬
quently all foreign figures are brought down to Thursday
evening.
But to make the total the complete figures for
to-night (Friday), we add the item of exports from the
United States, including in it the exports of Friday only.
November 28—
1913.
1912.
1911.
1910.
Stock at Liverpool
746.000
927.000
609,000
639,000
Stock at London
5,000
3,000
4,000
3,000
Stock at Manchester.
73,000
49,000
48,000
50,000
_
,824,000
13,000
Bremen.......315,000
Havre...
325,000
Marseilles....
2,000
Barcelona
12,000
Genoa
18,000
Trieste
9,000
979,000
12,000
361,000
288,000
2,000
1 5,000
11,000
7,000
661,000
9,000
241,000.
157,000
2,000
1 2,000
26,000
4,000
692,000
3,000
694,000
696,000
451,000
364,000
Total Great Britain stock.
Stock at Hamburg.
Stock at
Stock at
Stock at
Stock at
Stock at
Stock at
....
Total Continental stocks
Total European stocks.... —1,518,000
India cotton afloat for Europe—.
111,000
afloat for Europe.
Amer. cotton
Stock in Alexandria, Egypt.
India
Stock in U. S. ports
Stock in U. S. interior towns
U. 8. exports to-day
Stock in Bombay,
5,379,906 5,650,310 4,706,034
and other descriptions are as
541,000
..bales.
Manchester stock....
Continental stock
46,000
658,000
...
^
U. 8.
port stocks
U. S. interior stocks
U. 8. exports
to-day
Total American
East Indian,
London
4,145,906 4,744,310
.
Brazil, &c.-
Liverpool stock
205,000
5,000
27,000
36,000
111,000
76,000
341,000
433,000
:
*
stock-
Manchester stock
-Continental stock
India afloat for Europe.
Egypt. Brazil, &c., afloat.__
Stock in Alexandria, EgyptStock in Bombay, India
supply..
•
*
1,234,000
906,000
.4,145,906 4,744,310
.
— —
rerpool
Middling Upland, Liverpool
Middling Upland, New York
Egypt, Good Brown, Liverpool._
Peruvian .Rough Good, Liverpool
9.25d.
Broach, Fine, Liverpool
6%d.
Tinnevelly, Good, Liverpool6 15-16d.
6%d.
6 9-16d.
38,000
3,000
7,000
25,000
80,000
89,000
257,000
205,000
85,000
4,000
11,000
33,000
13,000
84,000
185,000
226,000
FOR
QUOTATIONS
MIDDLING
9.50d.
5%d.
10.75d.
7 9-16d.
middling cotton at
are
COTTON
Monday,
Tuesday, Wed'day, Thursd'y,
Saturday,
Galveston
13%
New Orleans
13 1-16
Wi-K
Mobile
13
13
13
13
13
13
13
Charleston
IP
Wilmington
13
Norfolk
13 3-16
Baltimore
13%
Philadelphia... 13.75
13%
Augusta
13%
Memphis.
n
St. Louis
Houston
______
Little Rock
13 %
13 3-16
12 %
13 1-16
\l%
12%
13%
13%
13.75
13.65
13 5-16-%
13%
13%
12%
■.
13%
13%
13%
13%
13 3-16
13 3-16
12%
12%
Friday,
13%
12 15-16
13%
13
13
13
13
12%
13%
31%
13.55
HOLI¬
12—
DAY
13%
13%
13%
13%
13%
13%
12%
8,534
3,600
8,410
13,431
15,740
300
1,075
1,707
1,374
27,043
17,180
600
313
675
15,053
1,692
5,940
700
617
16,055
1,901
1,200
54,619
52,099
24,319
13,400
388.546
580
4,018
14,292
860
2,081
600
26,797
5,452
17,641
26,288
15,510
758
5,101
6,880
1,371
943
8,759
27,499 12,750
67,204
31,819
14,039
7,763
41,789 187,374
398
1,524
97,638
21,336
6,737
9,713
2,087
2,500
7,026
1,778
33,558
16,506
156,052
6,036
20
24,024
7,139
1,925
3,026
6,547
31,628
101,690
17,559
722
19,080
361
600
10,997
3,174
1,354
5,000
1,000
38,471 125,371
105
1,648
965
1,771
15,557
;
from telegraphic reports Friday night.
The results for the
in the last two years are as follows: .
week and since Sept. 1
-1912
■1913Week.
Via St. Louis
489,407
75,785
463,904
56,758
22,571
27,297
5,028
3,984
4,187
43,603
18,818
22,889
-
347
4,812
7,582
...
points
...
....
5,208
7,901
6,723
8,749
Sept. 1.
147,245
85,963
3,346
29,744
34,552
58,354
104,700
64,493
;
Via otlier routes; &c
-•
7,214
...11,063
-24,024
9,451
Island.
Via Virginia
Week.
Sept. 1.
151,285
72,831
2,103
36,578
29,612
68,627
128,371
Via Cairo........
Via Rock
Since
Since
November 28—
Shipped—
Total gross overland
27,499
18,910
795
"
Deduct Shipments—
5,810
2,416.
Overland to N. Y., Boston, &c_.
Between interior towns.
Inland, &c., from South
3,493
...
Total to be deducted
overland*
Leaving total net
.11,719
106,626
52,774
382,781
"
13,199
85,310
62,586
378,594
Including movement by rail
tolCanada.
foregoing shows the week's net overland movement has
been 52,774 bales, against. 62,586 bales for the week last year,
and that for the season to date the aggregate net overland
exhibits an increase over a year ago of 4,187 bales.
The
-1912-
Week.
Tak ngs.
423,795
Receipts at ports to Nov. 28
Net overland to Nov. 28
Southern consumption to Nov.
Total marketed.
Since
Since
Spinners'
In Sight and
52,774
28 60,000
.536,569
88,442
i
Interior stocks in excess
.
Week.
North, spinn's
454,342
62,586
56,000
5,373,617
6,394,699
717,335
572,928
48,889
6,472,211
637,687
28109,714.
378,594
720,000
621,817
7",112',024
28
takings to Nov.
Movement into
Sept. 1.
Sept. 1.
5,241,918
382,781
770,000
.625,011
7,109,898
107,038
969,156
853.236
sight in previous years.
Bales.
Since Sept. 1Bales.
.602,940 1911—Dec. 1_.
.610,552 1910—Dec. 2..
.602,712 1909—Dec. 3-.
Week—
1911—Dec. 1
1910—Dec. 2—;
1909—Dec. 3
.
—.7,035,791
^..6,203,729
5,992,894
—
CONTRACT MARKET.—The highest,
quotations for leading contracts in the New
Orleans cotton iparket for the past week have been as follows:
NEW ORLEANS
lowest and closing
Saturday, Monday, Tuesday,
November—
Range
Closing
December—
Range
Closing
January—
Range
Closing
•
Middling Cotton on—
Week ending
November 28.
Savannah
AT
the closing
of the week.
Closing Quotations for
32,032
619
23,215
5,024
7%d
5 5-16d.
quotations
Southern and other principal cotton
MARKETS.—Below
markets for each day
up
4,324,139
8.06d.
9.25c.
15.00c.
lOd. 11 ll-16d,
week have been 301,000 bales.
The above figures for 1913 show an increase over last week
of 207,278 bales, a loss of 270,404 bales from 1912, an excess
of 673,872 bales over 1911 and a gain Of 1,055,767 bales over
1910. '
OTHER
33,449
7,909
20,987
2,000
4,156
778
-1913-
Continental imports for past
of
1,520
2,697
9,185
2,313
3,500
8,835
3,629
3,856
8,217
15,000
43,192
800
MOVEMENT FOR THE WEEK AND
below a statement showing the
overland movement for the week and since Sept. 1, as made
*
551,000
43,000
339,000
785,236
1,023,668
777,378
50,857
641,000
754,000
4,065,034 3,570,139
13.10c.
10.60d.
10.25d.
13.40c.
I3.60d.
4,872
7,139
16,328
4,430
6,203
2,756
11,287
119,832
19,092
70,962
103,609
213,979
41,301
22,673
follows-
:..5,379,906 5,650.310 4,706,034
5.08d.
7.69d.
7.22d.
-
1,150
1,757
2,500
7,779
2.0Q0
2,890
5,000
800
4,373
30,360
•OVERLAND
4,065,034 3,570,139
143,000
3,000
19,000
37,000
25,000
101,000
279,000
299,000
25,264
61,472
8,793
•"
45,412
32,942
9,418
SINCE SEPT. 1.—We give
Total in sight Nov.
Total East India, &c
Total American
Total visible
4,324,139
989,860 1,161,689
1,027,112 1,312,116 1,256,110
831,839
734,723
866,581
52,095
.62,782
35,770
American afloat for Europe-..---
730
Via Cincinnati
37,000
418,000
927,573
30,000
659,000
3,384
19,617
Via Louisville
524,000
784,000
900
15,387
110,148
84,844
8,290
7,014
3,000
11,148
40
364,301 4,061,365 315,412 734,723
Total, 33 towns 368,384 3,732,046 279,942 831,839
1,675,000 1,112,000 1,056,000
Of the above, totals of American
American—
700
828
29.
Week.
Season.
6,751
2,599
38,336
2,296
9,365
2,639
36,063
3,854
8,500
6,000
85,700
6,000
10,371
3,802
49,296
7,077
Dallas
3,947
2,236
35,532
2,323
5,960
2,649
27;105
3,070
Honey Grove.
139,395 150,542
Houston
142,175 1,543,713 134,058 185,718 143,912 1,980,704
7,253
7,207
98,961
7,506
11,418
6,270
67,686
Paris...
5,829
52,095
Total visible supply..
737
Nashville
7,242
47,203
'
,
80,000
13,000
25,000
785,236
927,573
98,000
84,000
101,000
76,000
257,000
185,000
279,000
341,000
205,000
226,000
299,000
433,000
1,256,110 1,023,668
1,027,112 1,312,116
777,378
866,581
734,723
831,839
50,857
35,770
62,782
Egypt,Brazil,&c.,aflt.for Europe.
Liverpool stock
155,000
161,000
2,000
8,000
35,000
989,860 1,161,689
_
800
69,611
Tex., Brenham
Clarksville
SUPPLY OF COTTON to-night, as made
THE VISIBLE
up
11.93
—
■
11.96-.99 11.94-.95 11.93-.94
..i
559
11,002
3,347
O., Cincinnati.
Okla., Hugo
S.C., Greenw'd
Tenn. .Memphis
Closing....
Range
2,137
2,282
27,248
19,093
4,491
4,960
Nov.
Ship-
3,724
32,173
19,217
500
3,716
Stocks
Ship-
Receipts.
Week.
28.
2,966
2,363
33,092
41,797
107,372
24,713
43,375
72.S73
16,157
10,778
14,405
22,044
160,827
8,409
49,388
29,779
8,263
489,057
6,842
15,770
11,925
2,833
5,341
8,000
1,488
N.C., Raleigh..
Range
October—
City..
Mo., St. Louis.
12.54-.56
September—
■
Nov.
33,507
900
12.70-.82
12.78-.92 12.68-.87 12.72-.86
12.76-.77
12.79-.80 12.85-.86 12.81-.82
August—
ments.
16,549
114,131
95,785
35,637
91,280
23,048
70,798
146,122
226,385
3,121
Rome
I,a., Shreveport
HOLI¬
June—
12.75-.91 12.94 — 12.94
12.91-.93 12.84
Closing.... 12.82-.84 12.91-.92
10,401
Rock__
Little
12.94-.07 12.79-.07
12.89-.91
12.85-.87 12.91-.93 12.96-.97
July—
6,477
Ark., Helena.
April—
Range
_
Selma
12.90-.99
12.90-.03 12.79-.97 12.S3-.03
12.93- .94
12.90-.92 12.95-.96 12.99-.00
Range
700 ■'<
Ala., Eufaula__
Montgomery
12.88-.90 12.87-.89 12,82-.84
Closing.— 12.85-.87
Stock
"
«—
'
Ship¬
Week.
Season.
Week.
February—
—
Receipts.
Toums.
Movement to November 29 1912.
28 1913.
Movement to November
.
12.93-.12 12.90-.25
12 15-16
13
13.65
13%"
13%
13%
13% V
12%
Wed'day,' Thursd'y,
Nov: 22.
Nov. 24.
Nov. 25.
Nov.2Q.
12.87
12.85
12.73
12.75
—
—
—
Nov. 27.
Friday,
Nov. 28.
12.80
—
—
12.91-.06 12.80-.94 12.72-.88 12.70-.86
12.92-.94 12.93-.94 12.78-.80 12.80-.81
12.78.96
13.02-.13 12.93-.10 12.92-.09 12.93-.06
13.03-.04 13.07-.08 13.00-.01 12.97-.98
13.00-.11
12.85-.87
13.01-.02
February—
Range
Closing
13.05-.07 13.09-.11 13.04-.08 12.99-.01
HOLI¬
13.03-.05
DAY
March—
Range
Closing
13.10-.22 13.03-.20 13.07-.22 13.08-.20
13.11-.12 13.18-.19 13.13-.14 13.10-.11
13.15-.16
13.17-.28 13.10-.26 13.14-.28 13.17-.25
13.17-.18 13.25-.26 13.19-.20 13.16-.17
13.22-.31
13.21-.22
13.17-.24 13.12-.27 13.15-.31 13.18-.30
13.18-.20 13.27 — 13.23-.24 13.18-.19
13.27-.32
13.14-.25
May—
Range
Closing
July—
Range
Closing
.
13.24-.25
Tone—
Spot
Options
Steady.
Steady.
Quiet.
Steady.
Quiet.
Steady.
Steady.
Steady.
Steady.
Steady.
1600
THE
WEATHER
REPORTS
BY
CHRONICLE
TELEGRAPH.—Our
re¬
NEW
ports from the South this evening by telegraph indicate that
Galveston, Tex.—Heavy rainfall is reported in portions of
ton
COTTON
EXCHANGE.—Recommenda¬
Managers of the
Exchange approved on Friday last the
recommendations made by the special committee appointed
on October 2 to
consider and report a plan of action that
quite generally dry weather has prevailed and the tempera¬
Texas during the week, which has served to deter what farm
work that remains.
Owners are holding all high-grade cot¬
YORK
xcvii.
tions of the
Special Committee.—The Board of
New York Cotton
while there has been rain in Texas
during the week, elsewhere
ture has been moderate for the time of
year.
With favoring
conditions, picking and marketing have progressed satisfac¬
torily.
[Vol.
would
to
serve
meet
the vatious criticisms that have been
directed against the organization. In addition to recommend¬
ing the adoption of the Government standard types of grades,
adding thereto one lower grade, unless it is possible to per¬
suade
the
standards
Government
for
to
substitute
the
international
those
promulgated by the Department of
Agriculture.
Several changes in the rules and by-laws
were
proposed and they will be voted upon on December 2.
receipts of anything above strict* middling." Rain has
on two days of the week, the rainfall
being fifty hun¬
an inch.
What is proposed to be done was
Average thermometer 69, highest 73,
clearly set forth in a
lowest 64,
statement made by Edward K.
Cone, President of the
Abilene, Tea;.—There has been rain on three days during the Exchange after the board
meeting as follows:
In accordance with
week, the precipitation reaching one inch and seventy-seven
the recommendations of the special
committee, ap¬
pointed by the board of
managers October 2 1913 to consider the ques¬
hundredths.
The thermometer has averaged 55, the high¬
tion of
changing the existing type standards, the question of making such
est being 68 and the lowest 42.
change in the contract as the committee
might deem advisable, and to
inquire into the conditions of
Dallas
trading in this market, the board of managers
Tex.—We have had showers on three days during nas adopted
various rules, a
copy of which is inclosed, and also several
the week, the precipitation being twelve
to the by-laws which
you are asked to consider at a special
hundredths^ of an amendments
g
ko held on Tuesday, December 2.
inch.
Thermometer has ranged from 52 to 73, averaging 63.
The proposed
amendment to Section 20
Palestine, Tex.—Rain has fallen lightly on one day of the gers the power to change standards of grade,(a) vesting in the board of mana¬
may, perhaps, be best explained
by quoting the report of the committee:
week, the rainfall being twelve hundredths of an inch.
T*16 New York Cotton Exchange should adopt the standard types
of the grades
Average thermometer 62, highest 70, lowest 54.
(and half- grades) of white cotton
promulgated by the Depart¬
ment of Agriculture in
San Antonio, Tex.—There has been heavy rain on four
1909 as the types to be used by the Exchange for
days
P1fication of Gulf and Texas cotton, adding thereto one lower grade.
during the week, the precipitation reaching three inches and
~.a!i
upland white cotton equivalent in grade should be pre¬
pared by the Exchange—with the
three hundredths.
The thermometer has averaged 63, the
approval of the Government, if possible
—to be used for the
classification of uplands cottons; and that a strong and
highest being 70 and the lowest 56.
determined effort should be made to
secure the co-operation of the
Depart¬
ment
of
Agriculture and of Congress in
Taylor, Tex.—We have had rain on four days during the
having such upland types added
to and made the
Government
standard
types for upland cotton and adding
week, the rainfall being one inch and thirty-five hundredths.
thereto one lower grade.
The thermometer has ranged from 56 to 72,
That
averaging 64.
corresponding types of tinged cotton—upland, Texas and Gulf—
New Orleans, La.—Rain has fallen on three
*om.!iQe grade of strict low middling up to strict good middling and a type
days of the
°£
saddling,
stained cotton should be prepared for use in the classification
week, the rainfall being thirty-four hundredths of an inch. of these grades
of cotton—if possible, with the
approval and co-operation
of the Department of
Average - thermometer 67.
Agriculture, as in the case of types of upland white
cotton.'
Shreveport, La.—We have had rain on one day during the
That the Government standard
types be adopted, with additions herein
week, the precipitation being one hundredth of an inch. stated, to take effect from and after April 1 1915.
That the existing
intermediary or quarter grades be recognized in the
Thermometer has ranged from 48 to 80.
classification of cotton and that a value
approximately half way between
Vicksburg, Miss.—Dry all the week. Average thermom¬ the adjacent half-grades be given them.
The committee,
while advocating the adoption of the Government
eter 66, highest 81, lowest 43.
standard types, is nevertheless of the
opinion that it would be better for
Memphis, Tenn — Good progress being made with pick¬ the New York Cotton Exchange and for the cotton trade generally if the
standard
known as the international standard
types could be substi¬
ing and marketing.
It has rained on one day during the tuted for types
the present Government standard
types; and the committee
week, the rainfall being six hundredths of an inch.
Average further recommends that the interim be employed by the New York Cotton
Exchange for the purpose of making all possible representations to the
thermometer 61, highest 78, lowest 40.
authorities in Washington with a view of
having these international types
Charlotte, N. C.—We have had no rain during the "week. adopted as the Government standard
types for use in inter-State and
The thermometer has averaged 58, the
highest being 77 foreign commerce. In the event such efforts and representations shall be
fallen
dredths of
.
t
„,
,
.
-
t
and the lowest 38.
Selma, Ala.—Dry all the week.
The thermometer has
averaged 58.5, ranging from 37 to 78.
Mobile, Ala.—We have had no rain during the week.
The thermometer has ranged from 46 to 77,
averaging 65.
Madison, Fla.—We have had no rain during the week.
The thermometer has ranged from 55 to 77,
averaging 66.
Savannah, Ga.—We have had no rain during the week.
The thermometer has ranged from 51 to 78,
averaging 64.
Charleston, S. C.—We have had no rain during the week.
The thermometer has ranged from 47 to
78, averaging 63.
.
effective, thq Exchange should then rescind its action in
adopting the present
Government standard types and
adopt those which may be approved by
the Government authorities on or before
April 1 1915.
But in the event
the Government shall not have taken such action
before April 1 1914, then
the present Government standard
types promulgated in 1909, with the
additions herein set forth, shall be the standard
types for all trading on
the New York Cotton
Exchange.
On the recommendation of the committee
amendment providing for
the board
has proposed
elimination
of
good
have actuated the board of
managers in proposing the
ordinary,
low middling
tinged,
strict
plantations.
The figures do not include overland, receipts
Southern consumption;
nor
they are simply a statement of
the weekly movement from the plantations of that
part of the
crop which finally reaches the market through the outports.
Receipts at Ports.
Stock at Interior Towns.
Week
,
The reduction In tare from 28 to 25
pounds per bale is in line with the
modern practice of
covering the bale, and is in accordance with the
resolution adopted at the international
more
1913
1912
1911
1913
1912
1911
1913
1912
"
"
Nov.
"
24 488,622 512,935 487,092 522,301
485,258 583,506 570,451 553,075 567,441
31 560,392 529,516 487,955 564,003 554,786
664,364 602,094 599,044 568,813
7 524,4 69 502,894 449,418 605,442 595,397
740,866 565,908 543,505 525,920
14 485,2 69 549,698 438,861 669,860 628,370
782,156 549,687 582.671 480,151
"
21 434,152 508,800 483,606 743,397
685.834 827.931 507.689 566,264 529,381
28 423,796 454,342 458,293 831,839 734,723 866,581
512,237 503,231 496,943
'
"
The above statement shows: 1.—That the total
receipts
from the plantations since Sept. 1 1913 are
in
1912u
5,959,253 bales;
6,011,304 bales; in 1911 were 6,070,692.
2.—That although the receipts at the
putports the past
week were 423,759 bales, the actual movement from
planta¬
tions was 512,237 bales, the balance
going to increase stocks
were
at interior
Last year
towns.
for the week
were
receipts from the plantations
503,231 bales and for 1911 they were
496,943 bales.
'
that
v
•
Alexandria, Egypt,
1913.
•
November 26.
390,000
4,207,859
1
380,000
3,876,640
This
Since
Week.
Sept. 1.
To
k
Liverpool
To Manchester
5,000 81,714
9,000 75,753
To Continent and India. 19,250 114.526
To America
1,250
7,636
Total
'
•
"jr
'
week
Sept.
'
.
Exports (bales)—
[
the cotton trade in all its ramifications.
In addition to the rules
adopted and amendments to the
posed, the board of managers has adopted a resolution
by-laws pro¬
continuing the
committee on Southern warehouses and has asked that committee to
deavor to work out and to propose a
practical method of
operation
en¬
putting into
a
plan of
delivery of cotton In the South.
a
committee to
con¬
sider the subjects of spinning yalties of cotton, in conjunction with the
now being, done by the
Department of Agriculture in that matter.
EGYPTIAN
COTTON
CROP.—Messrs.
L,
H.
A.
Schwartz & Co. of Boston have the
following crop report from
Alexandria under date of Nov. 1 1913:
Zagazig.—Weather is cool.
Bolls attacked with worms have not yet
opened and will not even yield Scarto.
We estimate the shortage in yield
feddan at 10% in our province.
Mansourah.—Temperature rather
cool beginning of the week.
Oct. 28 the heavy rains damaged cotton in
per
the neighborhood of Aga, Simbellaouein
and Dekerness;
In our district,
the second and third
picking will be finished in a couple of days.
Results
obtained so far show a decrease of 5 to 10% per feddan
compared with last
Kafr-El-Zayat.—Weather last week was cool.
In Menoufieh and
the south of Garbieh, the picking is completed.
The yield per feddan var¬
ies considerably but we believe is
slightly superior to last year in the above
provinces.
Results in the north, however, will be less favorable.
Magaga.
year.
—Upper Egypt, Province Minieh.—Second picking is considered finished
nearly everywhere, and has shown poor results as to quantity and quality.
We estimate that Upper Egypt will yield 12 to
15% less than last year.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season.
76,050
79,301
82,161
25,618
This
Since
Week. Sept. 1.
11,750
15,500
10,000
1,000
58,394
66,055
77,413
6,711
.
biiuvvs
nit?
receipts ior
ine
weeK
we
390,000 cantars and the foreign shipments 34,500 bales.
j
1912.
Season.
2,055,351
7,112,024
422.000
to Nov. 27-
Alexandria receipts to Nov. 26Other supply to Nov. 26*
52,000
5,000
561,000
80,000
Other India
ship'ts
Total supply
Deduct—
i
Total takings to Nov. 28a
Of which American
Of which other
*
53,000
5,947,639^ 10,283,375
5,379,906
567,733
478,733
89,000
Week'
Season.
5,405,379
88,000
5,000
Visible supply Nov. 28
exports
BittLtJiiiuLLL
Visible supply Nov. 21
5,172,628
Visible supply Sept. 1
American in sight to Nov. 28—
625", 011
Bombay receipts to Nov. 27—
420,000
2,723,074
This
Since
Week. Sept. 1.
9,000
11,500
11,250
•2,500
\l911.
•>
&
1913.
Week,
'
34,500 279,629 34,250 263,130 38,250
208,573
Note.—A cantar is 99 lbs
Egy ptian ba les weig ;h about 750 lbs3.
iiie
purposes
'
1912.
Receipts (cantars)—
i
exchanges held
*
the recommendation of the committee
.
on
of credit for speculative
;
fr
Since
the giving
27 has been
should be prohibited.
In framing the rule the board has had in mind
facilitating the business of
ALEXANDRIA RECEIPTS AND SHIPMENTS.
This
adoption of rule
1911
10 408,848 421,208 431,129 360,911 350,349 429,139
479,003 499,854 500,565
17 485,092 500,942 473,532 440,472 445,118 503,157
564,653 595,711 547,550
"
Liverpool last spring.
The
work
ending.
Oct.
at
The board has also authorized the
appointment of
Receipts from Plantations.
middling fair
and fair cotton are that but few of these
grades are delivered on contract
and this elimination will
bring us more in harmony with the Government
standards.
'
'
meeting of cotton
RECEIPTS FROM THE PLANTATIONS.—The follow¬
ing table indicates the actual movement each week from the
an
monthly revision.
The reasons that
621",817
2,135,485
7,109,898
39,000
2,000
51,000
6,000
148,000
58,000
517,000
80,000
6,125,396 10,048,383
5,379,906 5,650,310
5,650,310
4,903,469
4,008,469
895,000
4,398,073
3,731,073
474,886
392,886
82.000
667.000
Embraces receipts in Europe from
Brazil*
This total embraces the total estimated
Smyrna, West Indies, &c.
consumption by Southern mills,
770,000 bales in 1913 and 720,000 bales in 1912—takings not being available
—and aggregate amounts taken by Northern and
foreign spinners, 4",133,469
bales in 1913 and 3,678,073 bales In
1912, of which 3,238,469 bales and
a
3,011,073 bales American.
,
of India cotton at Bombay and the shipments
all India ports for the week and for the season from
The receipts
19
from
Sept. 1 for three years
have been as
follows:
1913.
November 27.
Receipts at—
422,000
88,000
Bombay
39,00()
Texas City
New Orleans
Mobile
Since
148,000
Brunswick
11,709 14,829
7,450 / -—
Charleston
-—
For the
Week.
Great
Conti¬
Japan
Britain.
nent.
from—
dcChina
Philadelphia
Total.
China.
<k
nent.
Britain.
Total.
Baltimore
Japan
Conti¬
Great
Bombay-—
L000
....
4,000
11,000
22,000
3,000
1,000
22,000
2,000
1,000
....
1912
Calcutta—
1913
56,000
18,000
24,000
47,000
6,000
5,000
6,000
7,000
7,000
7,000
6,000
4,000
5,000
6,000
8,000
2,000
3.000
4,000
6,000
4,000
34,000
36,000
38,000
2,000
1,000
1,000
40,000
43,000
43,000
27,000
9,000
237,000
101,000
73,000
119,000
365,000
19,000
143,000
128,000
1,000
.....
2,000
1,000
1912
1911
312,000
85,000
71,000
117,000
191,000
■
1913
—
....
—
—
—
—
------
-----
—
~4~,606
1912
1911
1913
....
1912
....
1911
5,000
2,000
5,000
"2", 606
"3",660
....
*
-
;>
■
.
27,000
2,000
4,000
1913
1912
....
1911
....
3~66o
•
53,181133,120
137,847
Mon.
Tues.
Wed.
30
30
30
45
25
31
Ghent, via Antwerp
Reval
Barcelona
30
-
Japan
Bombay..
25
31
40
30
40
—
30
35
30
35
60
60
following statement
Mid.
32s Cop
Twist.
Tioist.
Of
Of which exporters
Cot'n'
Cot'n
8X lbs. Shirt¬
Upl's
finest.
to
took
Total stock
d.
,
d.
d,
s.
s.
!
10
10H
17
10 9t-16@
@11
ux 6 4
11X 6 3X @11
24
1011-16@
lix 6 4
iox
ux 6
31
@
7X
3H@11
,
'
,
d.
s.
s.
Of which
@
iox 6
1
@11
IX
6.30
@
iox 6
0
6.09
6.63
7.74 9 7-16 @
10 x 6
0
@11 2
@11 IX
@
iox 6
1
@11 2X
@
iox 6
iox 6
1X@U
1^@11
2
@11
3
@11
7.63 9X
d.
d.
"
@
ux 6 4
14
10^
@
ux 6 4
21
109-16©
105-16©
ux 6 4
8
@11
8
@11
8
@ 11 6
7.51 9X
@11
ux 6 3
.
@
@
©
7.47 9X
7.36 10J^
7.22 10X
11X
6
lix 6
afloat
Of which American.
Amount
SHIPPING NEWS.—As
shown
on a
6.78
6.91
NEW YORK—To Liverpool—Nov.
633 Peruvian and 75 Brazilian
previous page, the
the past week
have
as
made
in detail,
1.629.
To Antwerp-r-Nov. 22—Etonian,
1,800
land, 597To Barcelona—Nov.
25—River Orontes,
Colomba, 2,357
To Genoa—Nov.25—River Orontes, 1,150
.
1,723
158
2,397
-_
Nov. 26—•
475
——
100
600
11,997—
36,635
15,226
14,109--Nov. 24—Justin, 10,529—.:—
25—Gloria de Larrinaga, 15,226—
Bremen—Nov.
22—Inveric, 10,199
Nov. 25—Sande-
Nov. 22—Ikbal,
To Manchester—Nov.
To
40,723
fjord, 19,153—Nov. 26—St. Oswald, 11,371
Antwerp—Nov. 2,2—Greystoke Castle, 713
.
.
To Ghent—Nov.
To Genoa—Nov.
•
22—Greystoke Castle, 5,525
— ...
24—Dinnamare, 3,449; Principessa
titia, 8,714
Lae-
-
To
90
3,423
——
MOBILE—To Liverpool—Nov
21—Alexandrian,
> To Bremen—Nov 25—Ethyl. 3,962—
900
9,183
:-
7,256-
PENSACOLA—To Havre—'Nov. 27—Leucadia, 10,150
To Bremen—Nov
26—Normanby, 15,034—
r
—
Liverpool—Nov 22—Norwegian, 11,381To Manchester—Nov. 28—Nessian, 12,500
To Manchester—Nov
22—Cundall. 300; Norwegian, . 28
,
To Havre—Nov.
22—Roselands,
5,500--tNov. 26—Cape
_Antibes, 9,329
—
To Bremen—Nov
21—Dalecreast, 13,269
Nov. 26—Ny-
SAVANNAH—To
m
gaard, 7,236
To
7,256
3,962
10,150
15,034
11,381
12,500
328
14,829
20,505
-
To Trieste—Nov. 21—Belvedere,
3,650
3,650
7,200
7,450
Japan—Nov. 26—Kasama, 7,200
BRUNSWICK—To Liverpool—Nov. 25—Atlantian, 7,450
CHARLESTON—-To
Bremen—'Nov. 26—Toftwood,
10,486
N°v. 27—Dalrazan, 12,050WILMINGTON—To
Havre—Nov.
25—Nora,
NORFOLK—To Liverpool—Nov. 28—Lowther
To London—Nov. 25—Austriana, 100
13,800
Range, 3,799
21—Canadian, 17
21—Iberian, 1,677
21—Moltke, 200
—
22,536
13,800
3,799
100
17
BOSTON—To Liverpool—Nov.
1,677
To Manchester—Nov.
To Hamburg—Nov.
To Yarmouth—Nov. 20—Prince Arthur,
.
^
308
BALTIMORE—To Liverpool—Nov. 24—Rowanmore,
To Bremen—Nov. 26—Rhein
4 776
200
-
-
308
3.381
4.776
3,381.:
1,100
3,335
_To Hamburg—Nov. 25—Bosnia, 1,100
PHILADELPHIA—To Liverpool—Nov.
21—Merlon. 3,335
To Manchester—Nov. 18—Manchester Spinner, 2,200
SAN FRANCISCO—To Japan—Nov. 22—China, 675PORT TOWNSEND—To Japan—Nov. 25—Mexico Maru,
_
.
2,200
_
—Nov. 26— Ixion, 550
Total.
Quiet.
>
7.22
!
4
:
'
675
2.849;
,
3,399
.805
0,000
500
500
-
,
.
,
Quiet,
500
Steady,
i
Steady
Quiet
3 points
2@3 pts.
1@2 points
advance.
advance.
advance.
Quiet,
) Steady,
Yery st'dy
Quiet X
Steady
Barely st'y
at2X@3X 3@4X Pts. 3X®6 Pts.
X@2 PtsJ 3M@6 pts. pt. dec. to
advance,.
decline. decline.
2X pts.adv pts. adv.
decline.
•
P.M.
prices of futures at Liverpool for each day are given
Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
•
V .
The prices are given in pence and lQQihs.
Thus: 7 08 means 7 08-1004.
The
below.
Monday.
Saturday.
Nov. 22.
Tuesday.
to
Nov. 28.
Apr .-May
M:ay-June
June-July
July-Aug_
Aug .-Sep.
Sep-.Oct
To Leixoes—Nov.
■
3X@4X
pts. dec.
14,200
822
Hamburg—Nov. 27—Wiiheliriina,.3,423
22—Maria, 900
22—Soperga, 9,183
10,000
2,500
Barely st'y
Nov .-Dec
26—Andijk, 822
Antwerp—Nov.25—Escant, 90—,
To Genoa—Nov.
7.20
7,000
Steady
17,676
12.000
12,500
7,004
To Rotterdam—Nov.
To
7.25
10,000
advance.
Nov..
-
, —
business.
7.28
2@3 pts.
9,300
22—Anglo-Bolivian, 17,676.126— Director, 12,000—
12,500—
Belfast—-Nov.26—Howth Head, 7,004
Havre—Nov. 22—Hudson, 12,500
Nov. 28—Agenoria,
3,700
Moderate
doing.
7,000
1,000
f
12,163
To Bremen—Nov.
To
Friday.
,
business
7.28
\
11,677
NEW ORLEANS—To Liverpool—Nov.
To Manchester Nov. 28—Nessian,
To
,
-
"
--
6,000
1,000
—
———
-Nov. 25—Middleham Castle, 9,300
Japan—N
-Nov. 22—Antillian, 11,677
TEXAS CITY—To LiverpoolTo
713
5,525
±-
To
7.34
Market,
•
3,007
1,150
...
21—Harperley,
Liverpool—Nov.
GALVESTON—^To
doing.
Futures.
Market
To Trieste—Nov.
To
Quieter.
business
Quiet.
<
Spec.&exp.
202
Nov. 25—Kroon-
Naples—Nov. 21—Pannonia, 475
21—Pannonia, 100---.
Venice—Nov. 26—'Belvedere, 600.
To
Fiar
Fair
12:15
P. M.
opened
-
47i,000 453,000
378,000 394,000
Thursday.
Wed'day.
Tuesday.
Monday.
Saturday.
Market,
——-
650
168,000
144,000
491,000
,—409,000
.,
the Liverpool market for spots and futures
of the past week and the daily closing prices of
spot cotton have been as follows:
Sales
26—Geoi^ic, 1,015 upland,
sa,
57,000 45,000
6,000
5,000
1,000
4,000
44,000 36,000
4,000
3,000
94,000 119,000
689,000 746,000
502,000 541,000
137,000 1 79,000
127,000 125,000
each day
Mld.Upl'ds
21—Gibraltar, 100 upland, 58 Sea Isl'd
Havre—Nov.22—Caroline, 202
,
Bremen—Nov.21—Kurfurst, 1556---Nov. 25—Barbaros-
To
Nov. 21. Nov. 28.
bales.
To Manchester—Nov.
To
'
7.09
telegraphic returns, are as follows:
Total
from mail and
up
:
The tone of
6.79
3
3
4
6
Spot.
exports of cotton from the United States
reached 385,805 bales.
The shipments
25
31>
40
§£
30
35
60
60
61,000
5,000
1,000
45,000
8,000
105,000
651,000
452,000
182,000
143,000
470,000
402,000
398,000
American
Total imports of the week—
Of which American—.
-
6.16
1
10^
28
:
7.64 9X
Nov
7
-i
7.52 9^
9
8
9
@11
44.
d.
d.
d.
Oct.
.
HOLIDAY.
-
Nov. 14.
66,000
5,000
1,000
.... 54,000
2,000
.131,000
582,000
Sales, American.-Actual export
Forwarded
-
Mid.
ings, common
30
30
22
45
60
60
Nov. 7.
week
which speculators took
Sales of the
Upl's
30
30
30
22
45
25
31
40
30
30
35
cable from Liverpool we have the
of the week's sales, stocks, &o., at that
port:
*
1912.
ings, common
to finest.
Fri.
Thurs.
LIVERPOOL.—By
,
8M lbs. Shirt¬
,
60
60
60
60
-
30
30
22
45
25
31
40
30
30
35
30
30
22
'45
30
30
22
Bremen
Manchester states that the market is
easy for both yarns and shirtings.
The demand for India
is poor.
We give the prices for to-day below and leave
those for previous weeks of this and last year for comparison.
32s Cop
9,547 31,228
30
Havre
cable to-night from
.
675
675
3,399 3,399
308 20574 385,805
Sat.
Liverpool
Manchester
report received by
•Vv|;
5,635
---
—
—
—
—,■
Sept. 1 have been 109,810 bales
from
bales from Galveston, 7,200
bales from Savannah and 2,700 bales from New York.
Cotton freights at New York the past week have been as
follows, quotations being in cents per 100 lbs.:
Trieste
1913.
.
to Japan since
Pacific ports,
9,300
Genoa...
MANCHESTER MARKET.—Our
—-
--—
—-
7,000
48,000
200
5,876
—
Townsend.
Hamburg
23,000
7,000
5,000
4,000
v
—-
Antwerp
Total all—
—-
The exports
....
All others—
3,650
----
22,536
29,353
60,122
11,218
—
—
25,184
— 7,200
57,893
—
—
7,450
—
—
22,536
—
—
13,800
—
.3,899
308 —
2,202
—
9,257
—
—
—
5,535
—
Total
....
Madras—
912 10,083
20,505
12,997
9,300 120,285
—■_
-
Francisco,.
San
Port
1913
3,899
1,694
3,381
Boston
Exports
—
_—
13,800
Wilmington
Norfolk
1.
Since September
2,397 5,332
6,238 12,163
3,185
40,723
17,676
3,423
3,962
10,150 15,034
Savannah
212,000
54,000
Oth.Europe—Mez.,
North. South.
&c. Japan. Total.
Ger
many.
1,881
202
51,861
11,677
31,504 14,200
7,256
Pensacola
Sept. 1.
Week.
Sept. 1,
Week.
Sept. 1.
Week.
— -
Galveston
1911.
Since
Since
French
Ports,
Great
Britain.
New York.-
1912.
for the week,
The particulars of the foregoing shipments
arranged in our usual form, are as follows:
MOVEMENT FROM ALL PORTS.—
INDIA COTTON
1601
CHRONICLE
THE
Nov. 29 1913.J
Dec .-Jan.
Jan.-iFebFeb .-Mar.
Mar .-Apr.
_
Oct .-Nov.
4
12 H
12 X
12 X
p.m
p.m.
p.m. p.m
4
12 H
Thursday,
Wed'day
p.m
p.m. p.m, p.m. p.m
d.
d.
d.
d.
03X 05X
7 08 H 04
91
6 95
89X 89
89
88
6 93
88X
6 92 X 87 X 87
6 93
88X 87 X 89
05
90
R&#
87 X 88X 90
89X
88
87
87X 88X 90
91
89
X
88
89
88^ 90
91X
90X 88 X 90
89 X 89
92
90X
89
91
90
89^
89X
86^ 88
88
87 X 87
85 X 87
85
84X 85X 84
72X 74
71
72
71
71
89
6
94
6
91X
6 89
6
74X
6
51
6 41
47 X 47
37 X 37
48 X 49 X 51
38 X 39X 41
p.m
d.
d.
06 X
11*
6 93 X
6 93 M
p.m
d.
d;
d.
04
Friday.
12X
4
12 X
4
12 X
02 X 04
87X 89
4
p.m.
d.
93
91
85 X 87
86 X 91
&
86
87
87
88
91X
92 X
88 X 93
53
93X
89
85X 86 X 91
88X
84
83
76X
70X 72
53X
50
50
43
40
88
41
44
BREADSTUFFS.
;
Friday Night, Nbv.
v
28 1913.
limited scale. It
that it is a wise thing
to load up at current quotations.
At St. Louis there has
been only a fair business as a rule.
At Kansas City buyers
are only purchasing to supply immediate needs.
The Northwrestern output has decreased, though still larger than at this
period last year.
Complaints of unsatisfactory business
come from Minneapolis.
At Chicago the sales are also dis¬
appointing.
Here, as already intimated, much the same
state of things exist.
Prices have reached almost the low
point of the season, yet significantly enough, they fail to
evoke any encouraging response from buyers.
The produc¬
tion last week at Minneapolis, Duluth and Milwaukee was
460,550 barrels, against 463,175 in the previous week and
Flour has continued to
seems
sell
on a very
impossible to convince dealers
473,180 in the same
week last year.
-
• ~
-
1602
THE
Wheat took
CHRONICLE
upward turn early in the week.
Bullish
Argentina and, needless to say, Argentina is
sharply watched.
Also, last Monday, the large export sales
were made,
something like 850,000 bushels, mostly from
Chicago and Duluth.
One exporter at Duluth sold 5 dif¬
ferent kinds of wheat for export.
Cash houses at Chicago
bought December freely.
That made December one of the
strongest months at the time.
A single concern bought last
Tuesday 1,000,000 bushels of December at Chicago, but
at the same time
selling May at 3 7A to 4c. over December.
Bulls have been
encouraged by the small increase in the
world's available supply.
It was only 2,253,000 bushels,
against an increase in the same week last year of 12,146,000
bushels.
Germany reports the offerings of native wheat as
small and the demand for
foreign wheat in Germany continues
on a liberal scale.
Russian prices have been reported firm,
despite the admission that reserve stocks in the interior are
large, and that the outlook is favorable for the crop.
In
Roumania the
I
er
ing wheat
an
from
news came
offerings
new
light.
are
One estimate of the
Argentine surplus is 92,000,000 bushels.
Buenos Aires
prices have been rising.
Liverpool has been influenced by
the
firmness
of
Buenos
Aires
and
the
smallness
of
River
Plate offerings. English merchants have also had the
impres¬
sion that the crop outlook in
Argentina is not favorable. On
the other hand, world's shipments have been
last week was 15,440,000 bushels,
against
larger. The total
15,056,000 in the
previous week and only 14,400,000 last year.
But this has
not weighed much against the
Argentine news, the increased
export demand and the demand to cover.
Moreover, No. 2
red wheat is selling at less than a
year ago—that is, something
like 7J^c. a bushel less than then.
Still, the advance after,
all, has not been very marked.
Favorable .crop reports have
been received from various parts of the
country and also from
the United Kingdom, France,
Russia, Roumania and Italy.
To-day prices declined on larger receipts, despite unfavorable
Argentine crop reports.
One estimate puts its exportable
surplus at 90,000,000 bushels and the crop at 170,000,000
bushels, or 10,000,000 less than recent figures.
DAILY CLOSING PRICES OF
WHEAT FUTURES IN NEW
YORKSat.
Mon.
Tues.
Wed. Thurs. Fr
97%
99
99
100
Holi100
"
„■
cts_
December
delivery in elevator
May delivery in elevator.
DAILY
CLOSING
.
PRICES
OF
95 %
98%
96 %
98%
96%
96%
day.
96%
99%
99
98 %
FUTURES IN CHICAGO.
Mon.
Tues.
Wed. Thurs. Fr
86%
87%
87%
Holi86%
90%
91%
91% day.
90%
87%
88%
88%
88%
WHEAT
_
,
December delivery in elevator.cts.
May delivery in elevator
July delivery in elevator...
Indian
corn
declining.
At
one
rumors
.
86%
90%
87%
has been irregular,
alternately advancing and
After all, too, there has been no great
activity*
time
that
an
effort
was
made
to
stir up the market
somewhat.
ment
Later on, however,
denied, whereupon prices receded
a
quarantine eighteen months
applied only to Argentine bran, hay and straw.
ago
and
Still some
this factor of the hoof and mouth
disease in
Argentine is destined, sooner or later, to play an
important
role in making corn prices in the
markets of the world.
Whether this idea is correct or not, one man's
believe that
good
guess
another's.
is
as
What is clear is that prices at times have
advanced on good buying led
by the shorts.
The stock of
American corn decreased last
week,
<
as
moreover, 960,000
bushels, as against a decrease in the same week last
year of
269,000 bushels.
Cash prices, however, on the other
hand,
have been irregular.- Last Tuesday, for
instance, Chicago and
some of the outside cash markets
dropped 1 to \y2 cents,
coincident with predictions of an increased
crop movement.
Thursday was a holiday—Thanksgiving Day.
To-day
prices were irregular, ending steady.
The weather was
rainy and country offerings small.
DAILY CLOSING PRICES OF NO. 2 MIXED
CORN IN NEW YORK_
_
Cash
corn
—
DAILY CLOSING
Sat.
Mon.
nom.
nom.
Tues.
Wed. Thurs.
Hoi.
nom.
nom.
Fr
.'
nom.
PRICES OF, CORN FUTURES
IN CHICAGO
Sat.
Mon.
Tues.
Wed. Thurs
Fr
70%
69%
70%
70%
Holi7n If
December delivery in elevator, ctsi
May delivery in elevator
July delivery in elevator
Oats have
shown
....70%
69%
69%
69
.
70%
69%
•
70%
69%
day
70%
69%
no
great changes in prices,
though at
times they have sympathized more or less
with the firmness
in corn and wheat.
The Argentine
surplus is now estimated
at 65,000,000 bushels, as
against 78,000,000 bushels esti¬
mated on Nov. 13.
There has been no
great enthusiasm
however, as the record of prices in the appended tables will
show.
Yet it is a fact that the increase
in the visible
sup¬
ply last week
only 283,000 bushels, as against an in¬
crease in the same week last
year of 1,103,000 bushels.
Cash
prices at times have shown noticeable firmness.
Still, the
supply is admittedly liberal, i. e., 46,655,000
bushels, against
21,422,000 a year ago, so that the present stock is more than
was
double that of the corresponding date last
year.
It is also
some 16,500,000 bushels
larger than at this time in 1911.
At the same time No. 2 white oats here are
nearly 10c. a bush¬
el higher than at this time last year.
,
To-day prices advanced
then reacted; 900,000 bushels of Canadian oats
are, it is said,
to be shipped to Chicago soon.
new
Wed.
46-47
47-47%
47-47%
47-47%
Mon.
Sat.
The
following
Tues.
37%
41%
41%
york.
Thurs.
Fr
Holi-
.
46-47
47-47%
day.
Wed. Thurs.
38
41%
Fr
Holiday.
37%
41%
41%
42
closing quotations:t§
are
.
37%
41%
41%
/
FLOUR.
Winter, low grades.
.$3 10@$3 40
4 80@ 5 00
Winter patents
Winter straights.^...
Winter clears
Spring patents
Spring straights
.
4 20 ~
.
3 80
.
4 40
4 10
.
...
-
Spring clears
$4
Kansas straights, sacks. 4
Kansas clears, sacks... 3
City patents
1- 5
Rye flour
3
Graham flour
3
...
—
Standards
100
98%
cts.
47@47%
"46
45% @4
,
~
85@
40 @
80@
6 30
3 65
4 50
Corn, per bushel—
$0 96%
94%
46 @47
...
No. 2, white
No. 3
~
10@$4 25
15@ 4 30
75@ 4 00
-'-v-•'<
GRAIN.
Wheat, per bushel—f. o. b.
N. Spring, No. 1
N. Spring, No. 2
Red winter, No. 2
Hard winter, No. 2, new.
Oats, per bushel, new—
~
No. 2
elevator Nominal
elevator Nominal
-
Steamer
No. 2 yellow
Rye, per bushel—
NoT 2
-
84
-
71
-
State and Pennsylvania..Nominal
Barley—Malting
72 @80
WHEAT, BARLEY AND OATS CROPS INCREASED.
cablegram from the International Institute of Agricul¬
ture, Rome, Italy, has been received by the United States
Department of Agriculture, containing the following infor¬
—A
mation:
.
The total
production this year in the countries named below (the prin¬
cipal producing countries of the Northern
Hemisphere) of wheat is 9.2%
more, of barley 7.5% more and ot oats
0.8% more than produced in the
same
countries last year;
Prussia, Belgium, Denmark, Spain, France,
Great Britain and
Ireland, Hungary, Italy, Luxemburg, Netherlands,
Roumania, Russia in Europe (63 governments), Switzerland, Canada,
United States, India,
Japan, Russia in Asia (10 governments), Algeria
and Tunis.
For European Russia the
preliminary figures of production
this year are: all wheat
838,000,000 bushels, barley 550,000,000, oats
1,101,000,000.
The statements of the movement of breadstuffs to market
indicated below
prepared by
are
from figures collected by
The receipts at Western
ending last Saturday and
since August 1 for each of the last three
years have been:
us
the New York Produce Exchange.
lake and river ports for the week
Receipts at—
Flour.
Wheat.
Corn.
Oats.
Barley r
Rye.,
bbls.\96lbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushASlbs. 6m.56 lbs.
Chicago
163,000
Milwaukee..
105,000
Duluth
Minneapolis.
Toledo
...
Cleveland...
St.
668,000
80,000
3,150,000
243,000
"173^666
8,000
Louis...
Peoria
1,125,000
82,000
3,695,000
"7",000
Detroit
.
59,000
40,000
.....
Kansas City.
Omaha.
382,000
Same wk. '12
429,941
9,555,000
11,255,545
Same wk. '11
294,928
4,908,771
Since Aug.
1,624,000
292,000
42,000
513,000
11,000
47,000
502,000
442,000
124,000
178,000
290,000
103,000
35,000
490,000
254,000
269,000
487,000
1,028,000
28,000
7,000
542,000
35,000
413,000
235,000
Tot. wk. '13
3,587,000
3,180,978
3,980,454
.
'
57,000
57,000
12,000
939,000
1,000
148,000
"i!666
4,065,000
4,888,808
2,299,477
■
595,000
544,000
613,000
79,000
87,000
"7",000
2,859,000
3,266,316
1,978,604
306,000
652,039
201,889
25,000
1
1913.....
6,740,000 154,117,000
6,249,555 178,001,066
5,429,932 108,911,388
1912
1911.
60,007,000
96,481,000 44,557,000 7,299,000
51,102,300 102,372,372 40,539,689 8,939,593
53,252,262 59,404,479 37,715,509 4,475,386
Total receipts of flour and grain at the seaboard ports for
the week ended Nov. 22 1913 follow:
It turned out that the United States
Govern¬
had declared
IN
46-47
xcvii.
DAILY CLOSING PRICES OF OATS FUTURES IN chicaoo.
an
hoof and mouth disease in that
country.
this rumor was officially
OATS
Tues.
46-47
December delivery in elevator.cts. 38
May delivery in elevator
41%
July delivery in elevator.
41%
on
embargo had been placed on importations of
Argentine feedstuffs, owing to the reported prevalence of
.
47-47%
.
No. 2 red
OF
Mon.
cts_46-47
No. 2 white
Italy is still import¬
weather has been cold and unsettled.
PRICES
Sat.
liberal scale.
The weather in Australia has
been unfavorable for
harvesting, being rainy or unsettled.
gloomy outlook is reported for the crop in East India.
Offerings there are small, even at strong prices. In Argen¬
tina the indicated yield is said to be
disappointing.
The
CLOSING
Standards
on a
A
v
DAILY
[Vol.
<
Flour,
Wheat,
Corn,
bush.
"
bbls.
bush.
165,000
1,246,000
1,134,000
638,000
613,000
55,000
261,000
2,000
44,000
29,000
"3",000
Receipts at—
New
York
-
Boston..
45,000
46,000
36,000
62,000
1,000
Philadelphia
Baltimore
New Orleans *
Norfolk
...
.
Galveston
Mobile
"3",000
Montreal..
89,000
Halifax.....
Total week
Oats,
41,000
113,000
Barley,
Rye,
bush.
bush.
bush.
290,000
92,000
86,000
174,000
38,000
1,000
32,000
4,000
54,000
•
1,2~2C>!666
15,000
38,000
657,000
52,000
....
1913.
464,000
131,000
36,000
Since Jan. 1 1913.11,203,000 182723,000 47,750,000 49,197,000 18040000
1912.
3,060,359
469,825
5,758,092
431,257
685,329
2844,000
30,308*017 68,965,512 6229,808
874,602
447,000
4,987,000
Total week
Since Jan, 1 1912.16,368,497 134710,652
*
on
77,413
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
'
*
^
.
The exports
from the several seaboard ports for the week
ending Nov. 22 are shown in the annexed statement:
Corn,
Flour,"
Oats,
Rye,
bush.
bbls.
bush.
bush.
5,214 153,683
14,881
14,000
8,920
38,031
11,000
7,000
9,000
32,495
29,430
Wheat,
bush.
Exports from—
New
York......
Boston
Philadelphia
1,497,904
837,155
568,000
648,260
•.
Baltimore
New
43,000
Orleans
Galveston
:.
.
Mobile
1,397
68,087
1,000
92,000
184,925
25,134 285,595
54,256 258,816 1,402,829
269,886
17,138 604,892
52,000
Norfolk
-
—
IIIIIZ
-«
4,598,319
5,070,225
Total week
Week
bush.
122,000
45,000
952,000
Montreal....
Peas,
bush.
3,000
------
Halifax
Barley,
113,799
1912
V.666
The destination of these exports
1,397
.....
416
for the week and since
July 1 1913 is as below:
-Wheat—
Flour-
Since
Week
July 1
1913.
Exports for week arid Nov.22.
JullI X tO—~
bl)ls
Since
Week
July 1
Nov. 22.
1913.
Nov. 22.
bush.
bush.
bush.
106,387 2,287,993 2,485,402 43,497,011
93,857 1,274,924 1,836,076 48,340,524
187,391
700,537
Amer. 45,097
451,952
July 1
1913,
bush.
151,270
Kingdom
Unite
Continent, f
Sou. & Cent.
West Indies
Brit. Nor. Am. Cols.
46,250
80,267
2,375
21,139
43,200
63,200
1,620
285,595 4,834,171 4,598,319 92,681,539
25,134
39'??o
412
198
Other Countries
two,
-Total
m
-CornSince
Week
191211"!--.258,
?r'}<!q
56,199
75,958
16 3,983,033 5,070,225 65,266,210
The world's shipments
ending Nov. 22 1913 and
in the following:
of wheat and
corn
54,256
.
681,910
3,221
17,379
1,616,501
1,281,110
for the week
since July 11913 and 1912
•
458,044
304,677
are
shown
1913.
Exports.
1.
July
Nov. 22.
Russia
The
Bushels.
goods from this port for the week ending Nov. 22 were 3,047
packages, valued at $232,063, their destination being to the
points specified
in the table below: 1913
*
^
1912
for Europe on dates
follows:
was as
vV'/';
Corn.
Arabia"
Bushels.
Total.
Kingdom.
Bushels.
Bushels.
Bushels.
Nov. 221913- 12,592,000 20,440,000 33,032,000
Bushels.
Bushels.
6,426,000
7,650,000 14,076,000
22,200,000 10,296,000 32,496,000
2,712,000
5,797,000
3,085,000
supply of grain, comprising the stocks in
granary at principal points of, accumulation at lake and
seaboard ports Nov. 22 1913 was as follows:
visible
The
;:5:
UNITED
Amer.
Wheat. Wheat.
In Thousands—
New York.-.
„
bush.
bush.
Corn.
bush.
1,592
975
16
7
Boston
Philadelphia
Baltimore
125
Galveston
455
Buffalo.-"
m
"
8,654
—
afloat..
:
mmmm
mmm
■
...
Duluth
...
Minneapolis
—
St. Louis
—
City
.
1,659
705
173
101
751
14,200
44
125
Indianapolis
1,377
2,792
On Canal and River.
mm
■
286
11
1,718
116
242
m'm
130
mm-
mmmm'
■.".mm
■
mm
-"mmmm '
-'mm
m
157
m
■
6,471
6,332
1,442
1913.-59,732
1913—60,962
1912-55,369
Total Nov. 25 1911-69,367
Total Nov. 23
'■
1
'mmmm'
Canadian Bonded
■mmmm
"~65
mmmm
mmmm
229
1,143
•'
10
y
-
m
mmmm'
mmmm
209
386
m m
mmmm''
m'mmm'
'
.
l",708
330
412
394
1,937
■■
mm
•:,l"
m
mm''.
^
m
739
1,213
45
40
mmmm
m'rnmm
368
mmmm'
■
mmmm
mmmm
9
•'
m mm
m
'
m
■
:
'
mmmm
-
-
m
m
mm
'mmmm
m
mm'-'"
mmmm
.20
67
2,035
1,759
72
2,335 30,626
3,519 31,136
1,535 12,001
1,591 20,681
Canadian
Corn.
Oats.
bush.
bush.
52
1,042
4,437
—
■'mmmm'
-
'
.
514
mmmm
bush.
bush.
4
:'mmrnm
"mmmm"
42
.
2,372
-
Wheat. Wheat.
Thousands—
■■
'
mmmm
mmmm
2,307
2,235
1,649
1,381
5,644
5,763
4,174
4,411
4
...
CANADIAN GRAIN STOCKS.
'-"
Montreal
mmmm-
130
Total Nov. 15
In
305
mmmm
•
'mmmm-y
■
mm
396
..
bush.
'mmmm
"=•
■mmmm
Total Nov. 22
,
I'm''-'
mmmm
m
['"mm mm.''
383
1,114
3,428
1,584
1,300
-
'
On Lakes
2
210
my
142
'■'mm-mm
17
265
Omaha
23
2
'
7
8,627
..
—
mm
mm
mmrnm-
"m
72
m
"397
12,746
15,703
2,285
Peoria
:N'm
.
329
275
Milwaukee
■
8
'
37
Chicago.-...
'
129
46
107
m
1,659
2,442
1,296
—
-----Ji.
Detroit
Kansas
mm
428
48
mmmm
21
74
25
.
V:
164
.
bush.
bush.
bush.
bush.
1,173
*
••
Amer. Amer .Bonded
Rye. Barley. Barley.
Amer. Bonded
Oats.
Oats.
16
845
255
—
New Orleans
Toledo
1,640
1,055
278
.
STOCKS.
GRAIN
STATES
Amer. Bonded
1,186
Ft.Willlam & Pt.Arthur.il,746
Other Canadian
7,437
—
—
Total Nov. 22 1913. .20,369
....
Total Nov. 15 1913. .21,156
....
Total Nov. 23 1912. .18,936
....
Total Nov. 25 1911. .11,131
....
"
52
7
16
40
Bonded
4,362
Oats,
bush.
902
1,054
138
Bonded
Canadian
Rye. Barley. Barley,
bush.
bush.
bush.
18
546
18
546
18
323
—
9,841
9,084
5,228
4,551
„
....
165
—
74
....
SUMMARY.
•
Oats,
bush.
bush.
2,335 30,626
2,035
2,307
bush.
.59,732
—
6,471
52
9,841
2,387
3,526
1,551
1,631
40,467
40,220
17,229
25,232
.20,369
Canadian-.
Total Nov. 22 1913. .80,101
Total Nov. 15 1913. .82,118
Total Nov. 23 1912. .74,305
Total Nov. 25 1911. .80,498
6,471
6,322
1,442
Rye.
Oats.
bush.
Corn.
bush.
bush.
Bonded
Bonded
.
Wheat. Wheat.
In Thousands—
American
Bonded
2,035
1,758
v
72
Barley. Barley,
bush.
bush.
•
5,644
902
18
,546
2,345
2,253
6,190
902
6,086
4,339
4,485
1,054
1,649
1,381
138
THE DRY GOODS TRADE.
The week
—
—
—-
254
Indies
-
889
-------
--
-I——.
715
961
193
—
America
countries
—
—
-
r —-
■
.
.
..
.12
1.327
545
694
140
198
499
-.1.772
1,765
" 56,151
25.632
46,415
26.138
40.999
3,141
18,451
64,922
67,617
-3,047 298,803
5 304 354,930
York exports since'Jan. 1 has been
$22,956,445 in 1913, against $23,387,724 in 1912.
#..:
Helped by the holiday, less activity has been witnessed in
domestic cotton markets during the past week* although
The value of these New
8,364,000 6,919,000 15,283,000
Nov. 15 1913.. 12,424,000 18,528,000 30,952,000
12,640,000 21,233,000 33,873,000
Nov.23 1912.1 21,120,000 18,856,000 39,976,000
Nov. 25 1911..
—
—
••
Jan. 1.
3,699
Total-
Total.
Continent.
Continent.
-
-
Africa-I I-------.—
Other
United
United
Kingdom.
,
South America-- -
2,089
1.184
70,012
15,214
33,342
23,261
33.593
2,254
15,111
45.347
57,396
•
29
—
China...—
India
West
^
—
Other European
Since
.
Week.
56
61
Jan. I.
Week.
•
Great Britain
Central
,
Nov. 22—
Since
'
.:y.
New York to
Mexico
Wheat.
In
movement to
GOODS.—The exports of cotton
DOMESTIC COTTON
1.
July
1.
265,700,000 2,288,000 119,685,000 140,944,000
15440000 268,296,000
quantity of wheat and corn afloat
mentioned
July
Bushels.
| Bushels.
415,000
639,000
99,522,000
5,588,000
6,660,000
59,331,000
162,000
8,658,000
6,711,000
29,823,000
298,000
29,186,000 1,828,000 105,675,000 126,283,000
9.704,000,
34,648,000
3,486,000;
6,288,000 130,114,000
6,176,000 70,214,000
16,340,000
Danube
1,520,000
11,066,000
336,000
Argentina12,960,000
304,000
Australia
616,000 23,712,000
India
3,890,000
Oth. countr's i 200,000
North Amer
Total
Week
Nov. 22.
Bushels.
Bushels,
Bushels.
Since
Since
Since
July 1.
Since
Week
1912.
1913.
1912.
Norfolk.
prices more attractive than New York to
China, the unsettled state of credit and a slow
the interior restrict futher buying:
Corn.
Wheat.
1603
:/
CHRONICLE
THE
1913.]
Nov. 29
New York, Friday Nightf November 28 1913.
.
passed off without any new feature in. the dry
prices have maintained a firm undertone.
Buyers appear to
be more concerned over getting delivery of goods already
contracted for than they are about placong new orders,and
complaints are being made because mills are
Many lines of goods are in very small supply
merchants are experiencing great difficulty in obtaining
sufficient goods to meet their requirements.
Drills and
she tings are firm largely because they are in such small
supply for prompt and nearby shipment. Blankets are also
scarce and mills that have not satisfied old orders and are seek¬
ing new business for 1914 delivery are, in some quarters, being
unfavorably criticised. Bleached cottons are wanted stead¬
ily in small lots, fancy cottons are in moderate demand,
duck rules firm and denims are quiet with buyers display¬
ing little readiness to place orders freely for delivery next
year., As regards ticking, while prices are steady, new busi¬
ness is coming forward slowly.
Jobbers are placing orders
for staple lines for quick delivery and there is quite a good
trade in wash fabrics with purchases confined largely to
wide dress cottons and fancy printed goods.
Print cloths
have developed a slightly easier undertone, with the trading
inactive.
Weakness in the staple market and indifference
of buyers are factors to which the easiness is attributed.
It is generally believed, however, that prices would readily
recover should any large buying movement develop.
Gray
goods, 38^-inch standard, are quoted 3^c. lower at 5J^o.
to 5^c.
- '
WOOLEN GOODS. Conditions in woolens and worsteds
are less satisfactory than in any other department of the dry
goods trade. Although the vloume of business in men's
wear and dress goods has been fair, values have been
forced
to such low levels by the fear of foreign competition,
that
the margin of profit has been greatly reduced.
As mills,
however, are only manufacturing goods in sufficient quanti¬
ties to supply orders, notwithstanding increased
importat¬
ions, there is likely to be a shortage of supplies after the
first of the year, and for this reason selling ageiits are warning
buyers not to delay too long in providing for their future
requirements. '
'
■
FOREIGN DRY GOODS.—Linens are active with a
good demand for fancy linens for the holiday trade.
Linen
for household use are being purchased in a liberal way for
both prompt and future delivery and foreign mills are re¬
ported as being very busy.
Spot supplies are much smaller
than usual at this time of the year, and as a result of this
condition of affairs many orders are being placed on the other
side.
Burlaps are quiet, with the undertone easier, particu¬
larly as regards heavy-weights.
Light-weights are quoted
at 6c. and heavyweights nominally at 7,40c. to 7.60c.
many
so
severe
backward.
Scarcity of stocks in all hands and an urgent
the year are the
business for the
first quarter of 1914, all branches of the trade are conservative. The high prices and a determination to enter the new
Importations & Warehouse Withdrawals of Dry Goods.
Imports Entered for C nsumption for the Week and Since Jan. 1.
year with small stocks are resulting in purchases being
Week Ending
confined to immediate and nearby deliveries.
Manufactur¬
Nov, 22 1913.
Since Jan. 1 1913.
ers continue to keep operations within the limit of the actual
Pkgs.
Value.
Pkgs.
Value.
Manufactures of—
$
$
business which they have in sight and are not putting forth
Wool___
258
45,710
28,394
6,908,532
extra
efforts to secure advance business.
Uncertainties
Cotton
2,285
809,605
124,840 35,502,155
Silk
1,229
516,295
71,310 31,167,752
as to the effect of the tariff after the first of the year,together
Flax—2,240
.457,211
76,363 17,525,26,1
with the, prospect of a strong raw material situation for some
Miscellaneous
1,879
236,557' 109,831 11,489,762
time to come, are making them cautious.
The fact that
Total 1913— I.-1
7,891 -2,065,378
410,743 102,593,462
there is no accumulation of stocks anywhere leaves them
Total 1912
—11,655
2,517,156
474,734 109,620,817
in control of the situation, and in view of the many un¬
Warehouse Withdrawals Thrown Upon the Market.
certainties, they are working to maintain this condition Manufactures of—
Wool
297
63,476
* 18,013
4,288,861
With jobbers, business for spot and nearby delivery is good
Cotton
947
273,504
39,858 11,370,437
Silk
" 287
97.811
12,768
4,945,071
and, owing to the scarcity of their supplies, they are having
Flax
626
140,902
34,693
7,400,252
difficulty m meeting their engagements. Jobbers complain
Miscellaneous
1,298
131,743
93,498
5,977,169
■ I
that shipments from mills due them on old contracts are
Tota 1 withdrawals
3,455
7,074,436
198,830 33,981,790
slow in arriving and are urging prompter shipments J although
Entered for consumption
7,891
2,065,378
410,743 102,593,462
not inclined to place new orders.
They are in receipt of a
Total marketed 1913
11,346
2,772,814
609,573 136,575,252
good demand from retailers for all staple lines in' preparation
Total marketed 1912—
15,907
3,246,733
684,304 136,249,805
for the coming holiday and year-end clearance sales.
Re¬
Imports Entered for Warehouse During Same Period.
tailers report an active business over their counters from day
Manufactures of—
Wool
772
171,164
26,761
6,155,636
to day, but are only carrying sufficient stock to put them
Cotton
970
278,644
45,460 12,616,260
through the year.
Export business is dull.
Stocks at
Silk
407
182,335
13,147
5,450,507
Flax
422
105,900
35,961
8,018,569
leading ports, together with shipments still due to arrive,
Miscellaneous
1,622
249,423
103,366
6,594,248
are sufficient
to meet requirements for some time.
It is
Total __.l
4,193
987,466
224.695 38,535,220
reported that a few of the purchases for Red Sea account have
Entered for consumption
7,891
2,065,378 410,743 102,593,462
been resold in this market at a sacrifice in price, which has
goods trade.
demand for supplies for the remainder of
chief factors in the situation.
Regarding
.
i
—i
•
_
-
—
_
_
n
,
.
.
■
■
■
■
■
_
——
further unsettled conditions.
ports are still
able to
secure
Red Sea and Mediterranean
Austrian and Italian goods at
Total iipports 1913Total imports 1912
—12,084
15,944
—
3,052,844
3,230,100
635,438 141,128,682
681,867 137,335,337
1004
THE
CHRONICLE
A
revised to
are
$6,630,165 66.
and City Section/^
subscribers should receive
News
a copy
of it.
items.
Larned, Pawnee County, K&iis—Commission Govern¬
Defeated.—According to reports, the proposition to es¬
tablish a commission form of government was defeated at
the election held Nov. 18 by a vote of 214 "for" to 337
"against."
'
ment
Louisiana.—Constitutional
Convention
Adjourns.—The
Louisiana Constitutional Convention which assembled Nov.
10
completed its labors last Saturday night (Nov. 22).
The
Convention having been empowered to draft a new consti¬
tution without submitting the same to the people, the instru¬
ment prepared under this authority became effective im¬
mediately, all of the delegates having attached their signa¬
tures.
As already stated in these columns, the main pur¬
pose in holding the convention was to secure amendments
which would enable the State to refund its debt due Jan. 1
1914.
A previous amendment to the constitution provided
that this debt should be met with the proceeds from the sale
not less than par, of new 4% straight 50-year bonds.
at
Efforts to float such securities
v
however, it became
an
having proved unsuccessful,
provide for new bonds with
necessary to
investors.
The new
issuance of bonds bearing 4^%
maturing serially in from one to fifty years
interest and
(see bond offering
the
subsequent page).
No limit is placed
It is provided
new bonds, the
Board of Liquidation may sell, at a discount if
necessary, 5%
temporary funding bonds, the same to run for one year only
and to be redeemable on call at a slight
premium.
As to
the provision to meet this debt and the interest thereon, we
quote below a statement by Mr. C. B. Masslich of Caldwell,
on a
on the price at which such bonds
may be sold.
also that in the event of failure to sell these
Masshch & Reed of New York:
The full text of the State bond article of the
new
Louisiana
constitution
shows unusual precautions against any possible default, and seems to mark
a new
era
in providing for retirement of State debt.
serially in from 1 to 50
matter of the
the
years,
constitution
The bonds mature
and leave the Legislature
levy of taxes for their payment*
a
no
discretion in the
fixed rate being levied
by
itself^ with an additional clause requiring the County
Auditor to supplement the levy by an additional rate to be
computed
and
extended by him whenever made necessary by reduction of assessed valu¬
ation
and
„
or
otherwise.
The County Auditor's duty is simply
mathematical,
notwithstanding the inability of
a
bondholder to
sue
the State directly,
he can, by mandamus, compel a State officer to
perform a ministerial duty
by the constitution or statute.
There is no limitation
plainly required
upon the price at which the bonds may be sold, and if not taken at
factory price the Board of Liquidation
constitutional
enactment
^authorizing
Seven
new
of
short-time bonds
'
ordinances in all
satis¬
will take advantage of another
the issuance
bearing 5 %r-interest:
a
.
.
adopted by the Conven¬
tion and written into the constitution.
Omitting the State
debt provision, the changes, according to New Orleans news¬
papers, were as follows:
were
To amend the Sewerage and Water Board Act
(city of New Orleans),
authorizing the transfer of surplus funds from the water department to
that of the sewerage, and by a two-thirds vote of the board to
give a salarv
to the President of said board.
To authorize $3,000,000 Dock Board warehouse bonds
(city of New
Orleans), against which shall be pledged the receipts-of such warehouses
appeal
an
was
taken.
Justice Brewer delivered
an
November, sustaining the Board's authority
to float, the
bonds, but remanded the case to the District
Court for additional
hearing.
The issues were again sus¬
tained by the District Court and the case
appealed, the bond
issue now being approved for the second time.
Chief Jus¬
tice Hayes and Justices Kane and Williams
disqualified them¬
selves to
sit at the trial on the
appeal and Governor Cruce
appointed R. A. Campbell, an attorney of Oklahoma City#
who wrote the
opinion, and Judge J. B. A. Robertson and
Judge Phil. D. Brewer of the Supreme Court Commission
sit with Justice Robert Loofbourrow at the trial
of the
to
Judge Robertson dissented from the opinion.
An effort to sell the bonds referred to above was made
on
Sept. 15.
The bids received on that day were rejected,
case.
however, and the State Funding Board decided to offer the
in exchange for the
6% warrants which they are
issued to refund (V. 97, p. 832).
The exchange has been
held up pending a settlement of the
litigation.
bonds
Saginaw,
Mich.—-Vote.—We
are
advised
that
the
vote
cast at the election held Nov.
15, which resulted in favor of
the question of establishing the commission form of
govern¬
ment (V. 97, p. 1524), was 4,295 to
3,303.
San
Sale
Antonio,. Tex.—City's Right to Pay Commission for
of Bonds Sustained.—Chief, Justice W. S. Fly of the San
Antonio Court of Civil Appeals has delivered
an opinion de¬
nying the right of Frank C. Davis to enjoin the city from pay¬
ing fees to attorneys and commissions to agents in the sale of
$3,450,000 5% bonds.
As previously stated, (V. "97, p.
1370), an agency contract for the sale of these bonds was en¬
tered into between the city and the Continental & Commer¬
cial Trust & Savings Bank, Kountze Bros, and C. W. McNear & Co..
Under this contract, these;bonds are to be
delivered by the city as follows: $500,000 as soon as
legality
is established, $500,000 3 months from that
date, $500,000
6 months from that
date and the remainder within 6 months
The contract also gives the agents the option
thereafter.of
having all
or any
part of the bonds delivered at any time
earlier by giving the city notice in writing 30 days before¬
hand.
The agents agreed to find purchasers at par and ac¬
..
crued interest and
stipulated that for
doing they should
paid simul¬
taneously with the taking up of the bonds.
In ratifying tliis
proposition, the city appropriated opt of the revenue for the
current year the sum of $3,000 for lawyers' fees.
In approve
ing of this action, the Court holds that, while the law of
Texas and the ordinance of San Antonio are both
explicit
as to the declaration that
nothing may be taken from the pro¬
receive
a
ceeds of
so
commission of 1.99%, the same to be
a
bond sale if such action shall
mean a
less than par.
value, yet attorney's fees and agents' commissions, when no
extravagance is charged, are not only legitimate, but neces¬
sary, and as such may be paid out of the city's general fund.
The opinion also says:
It may be contended that the burden at last falls
upon the taxpayer, no
matter from which fund the expenses may be
paid; but the expenses being
Sowers
in the city
of New Orleans and collect the two-fifths of 1 % tax against
insurance
companies.
absolutely necessary, the taxpayer should not be heard to complain at their
payment, nor should he complain that the expenses, are taken from a fund
that raised for public improvement, and that
every dollar of
that fund is devoted to the purpose for which it was voted.
There was no attempt to use the special fund voted
by the people of
San Antonio for the improvement of its streets for
any other purpose, and
it is not so charged in the bill, nor contended for in this
Court, and it is the
opinion of this Court that the
re
To control and prohibit
trade-restraining combinations in Louisiana and
the Attorney-General to bring ouster proceedings and drive them
empower
from the State, known as the Parkerson Ariti-Trust ordinances.
To authorize the Sewerage and Water Board to continue
construction
work costing less than $25,000 with its own forces until
Sept. 1 1914, after
the Legislature of that year meets: all contracts of $25,000 or over to be
let
by bids/
.
■/-v.
.
To reserve to the State
granting
same
the right to repeal, alter
charters.
>
demurrer
opinion last
and net proceeds of thb entire port, but not to impair
previous issues.
To give constitutional authority to the fire marshal to
exercise
police
.
Issuance
of Funding Bonds.—The order for the issuance of $2,907,122 19
41^%
funding bonds to take up outstanding
warrants
granted
by the
Oklahoma County
District
Court was sustained in an
opinion handed down No¬
vember 22
by the special judges appointed by Gover¬
nor
Cruce to try the case.
The bond issue was
first
brought into question in the Oklahoma County District
Court through a protest filed
by R. J. Edwards, a citizen
taxpayer, and from the Court's action sustaining the State's
interest return sufficient to attract
constitution authorizes
;
Oklahoma.—Supreme Court Sustains Order For
date, is issued to-day, and all readers of the
who
$520,015,06.
Fourth—The amounts estimated to be required to pay the charges and
expenses of the Counties of New York, Bronx, Kings, Queens and Richmond
for the year 1914 :
SECTION.
number qf our "State
new
paper
CITY
xcyii.
Third—The amounts estimated to be required to pay the assessments
levied against the
Boroughs of Manhattan and Brooklyn for the year 1914J:
OlTY pEfAflTMSNT.
STATE AND
[Vol.
or
amend
'.'■■■
New York City —Bonds Listed..—The
;
u,
Exchange.
Owing to the
death of
Mayor Gaynor (Sept. 10 1913), it became necessary
corporate stock engraved with the name of
Hon. A. L. Kline, present Mayor.
Although the bonds
were
intended to be dated as of May 20
1913, with the
engraved signature of Mayor Gaynor, in view of the fact that
Mayor Kline was not in office on that date, it became neces¬
sary to use a date subsequent to his becoming Mayor so that
to have the said
the date
on
the face
of the certificates for said
corporate
stock, payable to bearer, has been changed from May 20
1913
to
Oct.
City Council, having been clothed with au¬
thority to sell bonds, had the implied authority to incur any legitimate rea¬
necessary to execute its powers, and that it is empowered
to pay such expenses out of the general fund of the
city.
*
sonable expense
$45,000,000 A%,%
corporate stock sold in May was admitted Nov. 26 to the
stock list of the New York Stock
other than
20 1913.
Bond Proposals and Negotiations this week
have been
as
ABERDEEN,
We
are
made
follows:
"
Chehalis County,
"
Wash.—NO BOND ELECTION.—
advised by the City Clerk under date of Oct. 27 that the city has
provision regarding an election to vote on the issuance of water
no
bonds,
as
reported in V. 97,
p.
902.
NO REFUNDING BONDS TO BE ISSUED.—1The City Clerk
us that it has been decided not to issue the
$117,000
advises
further
6% 20-yr.
refunding bonds (V. 97,
p.
1059) at this time.
*
ALABAMA CITY, Etowah County, Ala.—BOND SALE.—The J. B.
McCrary Co. of Atlanta was awarded this month $26,500 water-works,
$18,500 sewer and $5,000 city-hall 5% 30-year bonds. Denom. $500 and
$1,000.
Date Nov. 1 1913.
Int. M. & N.
ALLENHURST, Monmouth County, N. J.—NO BOND ELECTION.—
The Borough Clerk advises us that the reports stating that an election would
Budget for 1914.—The budget for 1914, amounting to
$192,995,551 62, as submitted by the Board of Estimate and
Apportionment, was finally adopted by the Board of Alder¬
men on November 25 (V. 97,
p. 1367).
The total amount
appropriated is divided as follows:
First—The amounts estimated to be' required
ItoTpay the expenses of
conducting the public business, to meet debt charges and to meet a direct
State tax levied upon the city for the year 1914 : $183,345,370 90.
Second—The amount estimated to be the deficiency on
January 1 1913
in the product of taxes theretofore levied, deemed to be
uncollectible and
not otherwise
provided for, as required by Chapter 209 of the Laws of 1906,
being Section 248 of the Greater New York Charter : $2,500,000.
be held Nov. 4 to vote
bonds
were
on
the proposition to issue $800,000
grade-crossing
erroneous.
ALLEN TOWNSHIP (P. O. Van Buren), Hancock
County, Ohio.—
BONDS DEFEATED.—'The proposition to issue the $15,000 school
bldg.
bonds (V. 97, p. 902) was defeated at the election held Nov. 4.
ARMA, Crawford County, Kan.—BOND OFFERING
Proposals will
be received until 7 p. m. Dec. 1 by H. C. Mahon, City
Clerk, for $26,000
5% 25-yr. water-works and lighting bonds.
Denom. $1,000.
Date Nov. 1
1913.
Cert, check for $500, payable to the City Treas.,
required.
Bonded
—
debt $20,000.
Assess, val. 1913 $250,000.
•
ASHLAND, Ashland County, Ohio.—'BOND SALE.—On Nov. 24 the
$6,500 5^% V\ to 6%-year (ser.) coup. So. Highland relief-storm-sewerext. bonds (V. 97, p. 1305) were awarded to the Farmers' Bank of Ashland
for $6,621 50 (101.869) and int.
Other bidders were:
First Nat. Bk.. Ashland...$6,604
Prov. S. B. & Tr. Co., Cm. 6,573
8,500 5% storm water No. 3 refunding bonds.
Denom. (8) $1,000.
(1) $500.
Date Oct. 1 1913.
Due Oct. 1 1923.
All bonds except last issue ($8,500) are tax-free.
Int. payable at office
of City Treas.
Cert, check on a national bank for 2% of bonds bid for,
payable to "Sinking Fund Trustees," required.
Bonds to be
on
Dec. 10.
Official circular states that the city has never defaulted in the
00 Spitzer, Rorick & Co., Tol_$6,537 70
45 Sidney. Spitzer& Co., Tol. 6,514 00
Hoehler & Cummings, Tol.
Seasongood & Mayer, Cin. 6,571 00
Ashland Bank &
Breed, Elliott & Harr. Cin. 6 568 25
Co., Ashland
■tacy & Braun, Toledo
6,565 00
-
6,511 00
Savings
delivered
6,505 00
SCHOOL DISTRICT, Alameda County, Cal.—BOND
ELECTION.—A vote will be taken on Dec. 6, it is stated, on the question
•f issuing $10,000 building bonds.
principal or interest of any of its bonds.
The above are not new issues but securities which
Sinking Fund as an investment.
ASHLAND
payment of
SALE.—On Nov. 25 the $250,000 4)4% 30year coup, flood-protection bonds (V. 97, p. 1444) were awarded to the
Robinson, Humphrey, Wardlaw Co., Atlanta, Ga.; Baker, Watts & Co.,
Baltimore, Md.; Kissel, Kinnicut Co., New York City, and the Fifth-Third
Nat. Bank, Cincinnati, Ohio, at their joint bid of $243,781, equal to 97.51.
AUGUSTA, Q&.—BOND
Other bids follow:
.
Harris, Forbes & Co., New.York City
R. N. Berrien Jr., Atlanta, Ga———
Augusta, Ga
Estabrook & Co., Boston, Mass
—...
John D. Howard & Co., Baltimore, Md.
J. H. Hilsman & Co., Atlanta, Ga
Breed, Elliott & Harrison, Cincinnati, Ohio
J. H. Fisher & Sons, Baltimore, Md
Amt. of Bid.
—$241,455 00
2,35,500 00
Rate.
96.58
241,878 63
96.75
*242,002 00
96.08
John W. Dickey,
Delivery $100,000 within 60
*
•00 60
days
5% 30-year
—
CLARK COUNTY
days, $100,000 30 days
thereafter.
An election
interest to date of
December
and electric plant and a new sewer
question of issuing the $54,751
the
delivery.
COLLIN COUNTY (P. O.
An election will be held in the
to vote on the
County,
Int. semi-ann.
*$236 00
—_
------
Weil, Roth & Co., Cincinnati
Hoehler & Cummings, Toledo
367 00
154 00
150 75
158 GO
119 25
$635
Provident
DISTRICT, Mahoning County,
,
1060)
was
Prineville), Ore.—BONDS DEFEATED.—
question of issuing the $200,000 road bonds (V. 97,
defeated at the election
held Nov. 4.
FALLS, Iron County, Mich.—BOND OFFERING.—Pro¬
posals will be received until 8 p. m. Dec. 1 by W. J. Gribble, City Clerk,
for $40,000 5% citv-hall bonds.
Denom. $1,000. Date Dec. 1 1913.
Int. semi-ann. at office of City Treas.
Due $2,000 yearly on Sept. 1 from
1915 to 1934 incl:
Cert, check for $500, payable to "City of Crystal
Falls," required.
"
OFFERING.—Proposals
.
CULBERSON COUNTY (P. O. Van Horn), Tex.—WARRANT OF¬
FERING.—The County Judge has been instructed by the Commissioners'
Court to sell an issue of $20,000 6% 20-year coup, tax-free funding warrants
5%
(V. 97, p. 1445) at par and accrued interest and allow a commission of
the face of the warrants for selling same.
Denom. $1,000. Date
Int. annually in April in Austin or Van Horn.
No deposit
on
Nov. 11 1912.
J. Y. Canon is County Judge.
These are the same warrants
reported sold to the Commonwealth Trust Co. of Houston in September.
We are advised that this company proposed to handle these warrants on a
small commission basis, but failed to do so.
required.
BREMERTON, Kitsap County, Wash.—BOND ELECTION.—Re¬
ports state that an election will be held Dec. 2 to vote on the question of
issuing $18,000 dock and street-impt. bonds.
CULPEPER, Culpeper County, Va.—BONDS
question of issuing $35,000 Catalpha District building
it is stated, at the election held Nov. 1.
(P. O. Bridgeport), Harrison
18,
and
CUSTER COUNTY (P.
O. Miles City),
offered on
$100,000 20-year refunding bonds
BRONXVILLE, Westchester County, N. Y.—BONDS DEFEATED.
—The proposition to issue $10,000 fire'-department bonds was defeated
at the election held Nov. 4.
•
.
v
BURLINGTON, Des Moines County, Iowa .—BOND SALE.—An is¬
of $30,000 5% sewer-constr. bonds was awarded on Oct. 30 to local par¬
ties at par.
Denom. $500.
Date Nov. 1 1913.
Int. M. & N. Due
$5,000 yearly from 1918 to 1923 incl.
sue
BUTTE COUNTY (P. O. Oroville), Calif.—BOND ELECTION PRO¬
POSED.—Reports state that petitions are being circulated calling for an
election in the Second Supervisorial District to vote on the question of
Issuing $200,000 road-construction bonds.
Ohio.—BOND SALE.—On Nov. 22 the
10 1-3-yr. (aver.) coup, refunding bonds (V. 97, p. 1445) were
awarded to the People's Banking Co. of Coshocton at 100.25 and int.
There were no other bidders.
;
■"
..
$2,000 5%
CAIRO, Alexander County, 111.—BONDS PROPOSED.—Reports state
is contemplating the issuance of $63,500 20-yr. (ser.) refunding
that this city
' •
$4,675,000 4% 39-74year
(opt.) San Francisco harbor-improvement bonds (V. 97, p. 1368)
were awarded to a syndicate headed by
E. H. Rollins & Sons and N. W.
Halsey & So., of San Francisco for $4,746,000—equal to 101.518.
The
Statei also pays to the purchaser a commission of 10% on the par value of
bonds,
CALIFORNIA.— BOND SALE.—On Nov. 21 the
making the net price realized 91.518.
CHAGRIN FALLS, Cuyahoga County,
\
County, Ohio.—
bridge bonds failed
W CRYSTAL
BRADENTOWN, Manatee County, Fla.—BOND ELECTION.—Ac¬
cording to reports, the question of issuing $95,000 public-impt. bonds will
be submitted to a vote on Dec. 2.
the bonds,
'
——
CROOK COUNTY (P. O.
by Nancy E. Robertson, City Clerk,
(opt.) coup, funding bonds authorized Nov. 11
(V: 97. p. 1525).
Denom. (36) $1,000, (1) $476 20.
Date Jan. 1 1914.
Int. (not to exceed 6%) J. & J. at office of City Treas. or at Chase Nat.
Bank. N. Y. C.
An unconditional cert, check on a Boise bank for $1,000,,
payable to "Boise City," required.
Bonds to be delivered and paid for
within 5 days after notice that bonds are ready for delivery.
»
207 20
*
Reports state that the
p.
for the $36,476 20 10-20-year
Harrison County,
331 00
TOWNSHIP (P. O. Akron), Summit
DEFEATED.—The question of issuing $23,000
carry at the election held Nov. 4.
to
will be received until 12 m. Dec. 18
CADIZ,
339 75
Toledo- — -.Sav.Bk.&Tr. Co., Cin.
♦Successful bids.
228 60
,
COPLEY
will be received until 7.30 p.- m.
Clerk, Bd. of Ed. (P. O. Poland, R. F. D.)
and construction bonds.
Denom. $500.
Date Dec. 26 1913.
Int. M. & S. at Mahoning Nat. Bank, Youngstown.
Due $500 each six months from March 15 1920 to Sejbt. 15 1939 incl.,
Cert,
check on a Mahoning Co.-bank for $500, payable to above Clerk, required.
Bonds to be delivered and paid for by Dec. 26.
BRIDGEPORT SCHOOL DISTRICT
451 60
BONDS
Dec. 19 by Geo. H. Davidson,
for $20,000 5% site-purchase
County, W. Va.—BOND ELECTION.—An election will be held Dec.
reports state, to vote on the question of issuing $60,000 school-constr.
improvement bonds.
''
Cincinnati. _ *$446 00
Co., Cleveland--
Sidney Spitzer & Co.,
Ohio.—BOND OFFERING.—Proposals
CITY, Ada County, Idaho.-r-BOND
Premium.
------
C. E. Denison &
failed to carry at
Total
$15,500
Premium
ratus Bonds.
Curtis & Sanger, Boston
Seasongood & Mayer,
Cert,
BILLERICA, Middlesex County, Mass .—PURCHASER OF BONDS.—
The purchaser of the $22,000 4)4% water-ext. bonds recently sold at par
(V. 97. p. 311) was C. D. Parker & Co; of Boston.
Denom. $500. Date
June 1912.
Int. M. & N.
BOARDMAN TOWNSHIP SCHOOL
r
Premium.
required.
Ohio.—BONDS DEFEATED.—'The
le
bids were received
(V^9/Vp. 1305)
Fire A Police
Telegraph Appa-
Eng.HouseNo. 16
Repair Shop
Bonds.
election
held Nov.
4.
auestion
of issuing
$23,000
municipal water-works bonds
BOISE
1525)
v
paving and $30,000 refunding 5% 30-yr. bonds.
check for 5% of bid, payable to "City of Bartow",
Huron
p.
BE OF¬
Nov. 22
bonds at not exceeding 6% int. voted Oct. 31
will not be sold until probably early in March 1914.
COLUMBUS, Ohio.—BOND SALE.—The following
for the two issues of 5% bonds offered mi Nov. 25
BARTOW, Polk County, Fla. —BOND OFFERING.—Proposals will
be received until Dec. 29 by B. J. Oelan, City Clerk, for $50,000 street-
BELLEVUE,
$450,000 road-constr. bonds. £j
20-year water
that the $30,000
(V. 97,
to
is stated,
McKinney District on Dec. 16, it
proposition to issue
pipe-line construction bonds carried at
.
bonds faile
McKinney), Tex.—BOND ELECTION.—
COLUMBUS, Stillwater County, Mont.—BONDS NOT TO
FERED THIS YEAR.—The Town Clerk advises us under date of
VOTED.—Reports state that
election recently held by a vote of 324 to 65,
the
Neb.—BONDS DEFEATED
O. Schuyler),
question of issuing the court-house-construction
carry, it is stated, at the election held Nov. 11.
The
system.
BAKE$, Baker County, Ore.—BONDS
Date Dec. 11913. Due Apr. 1 14.
Denom. $10,000.
pay-roll.
COLFAX COUNTY (P.
thereafter and $50,-
AVALON, Los Angeles County, Cal.—BOND ELECTION PROPOSED.
—Reports state this place purposes to call an election in the near future to
vote on the issuance of $125,000 bonds for the purchase of a new wharf, a
gas
street-paving bonds.
CLEVELAND, Ohio .—CERTIFICATES AUTHORIZED.—A resolu¬
tion was adopted on Nov. 24 providing for the issuance of $400,000 5)4%
certificates of indebtedness to meet unpaid bills and care for the city s
AUSTIN, Travis County, Tex.—BOND ELECTION PROPOSED.—
Reports state that an election will be held some time this month to vote on
the questions of issuing the $50,000 market-house, $50,000 abattoir and
$25,000 fire-alarm-system bonds (V. 97, p. 1305 .
"
•
by J. R. Scott, County
highway-impt. bonds.
ELECTION.—
the question of
Red River County, Tex.—BOND
will be held Dec. 16, it is stated, to vote on
issuing $20,000
,
All bids included accrued
Jeffersonville), Ind.—BOND OFFERING.-
(P.O.
CLARKSVILLE,
— —
:..
water-works-plant bonds.
Proposals will be received until 10 a. m. Dec. 4
Treasurer, reports state, for $15,000 4)4% 10-yr.
94.20
have been held by the
ELECTION PROPOSED.—
on the issuance of $25,000
CLANTON, Chilton County, Ala.—BOND
will be held, reports state, to vote
An election
■
Name of Bidder—
1605
CHRONICLE
THE
Not. 29 1913.]
been awarded to the
DEFEATED.—The
bonds was defeated,
Mont.—BOND SALE.—The
Nov. 3 (V. 97, p. 968) have
Commercial State Bank of Miles City at
101.70 for 5s.
Miami), Fla.—BOND OFFERING.—Proposals
by the Board of Co. Commrs. for $125,000
$100, $500 and $1,000.
.
DADE COUNTY (P. O.
will be received until Jan. 5 1914
bonds.
Denom.
.
(P. O. Sidney),
$9,000 6% 5-10Denom. $3,000. Date Nov.
COUNTY SCHOOL DISTRICT NO. 5
Mont.—BONDS NOT SOLD.—No sale was made of the
DAWSON
(opt.) bldg. bonds offered on Nov. 15.
20 1913.
Int. annually in November.
-
year
•
,
DECATUR COUNTY (P. O. Greensburg), Ind .—BOND SALE.—The
$7,000 4)4% 10-year highway-impt. bonds offered without success on
Sept. 8 (V. 97, p. 755) have been sold to J. F. Wild & Co. of
at par.
- ■
•
.
'•
Indianapolis
.
Ohio.—BOND OFFERING.
—Proposals will be received until 1 p. m. Dec. 9 by W. V. Aldrich, County
Auditor, for $12,920 5% ditch bonds.
Denom. (20) $500, (10) $292. Date
Aug. 31 1913.
Int. M. & S. at office of County Treasurer.
Due $1,292
each six months from Sept. 1 1914 to March 1 1919 incl.
A deposit of $500
or a certified check on a Delaware County bank, payable to County Auditor,
required., Bonds to be delivered and paid for within 5 days from day of sale.
DE SOTO COUNTY (P. O. Arcadia), Fla.—BOND ELECTION PRO¬
POSED.—Local newspaper reports state that an election will be held in the
near future to submit to a vote the question of issuing $60,000 road and
DELAWARE COUNTY (P. O. Delaware),
in Charlotte Harbor District.
bridge bonds
DETROIT, Mich.—BOND SALE.—The $100,000 public-library and
$18,000 park and boulevard 4% 30-year coup, (with privilege of registra¬
tion) tax-free bonds offered without success on Aug. 19 (V. 97, p. 755)
have been sold over the counter at par.
Denom. $1,000.
Date Sept. 2
1913.
Int. M. & S.
1
„•
Ohio.—BONDS DEFEATED.
failed to carry at an
"against."
—The question of issuing $10,000 5%. cemetery bonds
election held Nov. 4.
The vote was 176 "for" to 261
.
CHARLOTTE, Nor. Caro.—DESCRIPTION OF BONDS.—The street(assess.) bonds (about $60,000) awarded on Nov. 3 to the Inde¬
pendence Trust Co. of Charlotte for $1,030 on each $1,000 bond (V. 97,
impt.
the
rateyears.
of 6%. Denom. $1,000. Int. semi-ann.
for 10
'
6 1525)
one-tenth
bear int.
at
yearly
ue
CHAUNCEY SCHOOL DISTRICT (P. O. Chauncey). Dodge
Ga.—BONDS VOTED.—Local newspaper reports state, that the
•f issuing $10,000
school-constr. bonds carried at the election held
CHILLICOTHE,
Ross
County,
Ohio.—BOND
County
question
Nov. 18.
OFFERING.—Pro¬
posals will be received until 12 m. Dec. 1 by F. A. Stacey, Pres. Bd. of
Sinking Fund Trustees, for the following bonds
$2,250 4% Bridge St. storm-sewer bonds.
Denom. $225. Date June 15
1911.
Due June 15 1931.'u*
780 4)4% Mulberry St. sidewalk bonds.
Denom. $78.
Date April 5
1911.
Due April 5 1921, subject to call one bond yearly.
1,000 4% Church St. storm-water-sewer bonds.
Denom. $100. Date
June 15
1911.
Due June 15 1931.
Date June 1 1911.
Due
1,500 4% city-park bonds.
Denom. $150.
Date Sept. 15 1911.
Sept. 15 1921.
1,650 4% canal-crossing bonds.
Denom. $165.
Date Aug. 20
Due Aug. 20 1931.
5,000 4% general st.-impt. bonds.
Denom. $500.
Date Mar. 9
Due
1,100 4% Fifth St. storm-water-sewer bonds.
June 1
Due in
1931.
20
1911.
1912.
DULUTH, Minn.—BONDS AUTHORIZED.—According to reports the
City Council has approved the issuance of $400,000 4>4 % 30-year refund¬
ing bonds.
"
EAST BATON ROUGE
SCRIPTION
2,140 4)4% High St. paving No. 2 bonds.
Denom. $214.
Date Sepjb. 1
1911.
Due Sept 1 1921, subject to call one bond yearly.
2,250 4% Eighth and Ninth streets storm-water-sewer bonds.
Denom.
$25.
Date Sept. 10, 1912.
Due Sept. 10, 1922.
1,500 4% canal-crossing No. 2 bonds.
Denom. $500.
Date Sept. 30
1912.
Due Sept. 30 1932.
520 4)4% Adams Ave. sidewalk bonds.
Denom. $52.
Date June 1
jg$1911.
DUe June 1 1921, subject to call one bond yearly,
a
County,
Ore.—BONDS
BE
TO
reports state that this district will
$150,000 (not $175,000 as first reported) East
purchase bonds voted May 27 (V. 96, p. 1645).
newspaper
'
Ohio.—BONDS
on Nov. 10
EAST VIEW (P. O. Cleveland), Cuyahoga .County,
IN PART.—Of the 5% coupon bonds offered
AWARDED
(V. 97, p. 1153
six issues, aggregating $11,901, were
to Hayden, Miller & Co. of Cleveland at par and'int.
,
awarded on Nov. 17
*
EATONVTLLE,
Pierce
sold at par to
local parties.
SALE.—We
power-plant-constr.
Wash.—WARRANT
County,
advised that the $12,000 6% reg.
warrants offered without success on
are
EL
1
O. Hood River), Hood
OFFERED SHORTLY.—Local
shortly offer for sale the
Fork Irrigating Co. plant-
IRRIGATION DISTRICT (P.
EAST FOR
River
years.
620 4)4% Jefferson Ave. sidewalk bonds.
Denom. $62.
Date Sept.
1911.
Due Sept. 1 1921, subject to call one bond yearly.
Rouge), La.—DE¬
$15,000 5% Baton
PARISH (P. O. Baton
are advised that the
OF BONDS.—We
Rouge Hope Villa model road bonds awarded on Nov. 11 to W. P. Connell
and others at par are in the denom. of $500 each.
Date Sept. 15 1913.
Int. F. &A.
Due Feb. 1 1914 to 1933 incl.
electric-light and
1060) have been
Sept. 26 (V. 97, p.
,
CAJON, San Diego County, Calif.—BONDS
question of issuing the $35,000 6% gold
DEFEATED .—The
1153)
water-works bonds (V. 97, p.
failed to carry at the election held Nov. 17.
will
David
^ESSEX COUNTY'(P. O. Salem), Mass.—OFFERING.—Proposals
be received until 9:30 a. m. (to-day) (Nov. 29) by the Co. Commrs.,
Robinson, Co. Treas., for the following bonds and notes:
$131,000 4%
coupon bridge and highway loans of 1913 bonds.
$1,000.
Due yearly on Dec. 1 as follows: $14,000
1918?incl., $9,000 1919!to 1923 incl., $4,000 from
I.
'
1927sincl.
'
'
•
"
•
_
.
Denom.
1914 to
1924 to
1606
50,000
THE
4%
CHRONICLE
coupon county of Essex Groveland bridge loan Act of 1913
bonds.
Denora.
$1,000.
Due $5,000 yearly
on
Dec.
the $150,000
60,000 4H% highway-loan
1913
notes.
Denom.
to suit purchaser.
Due $36,000 Dec. 1 1914 without coupons, 1 note with
coupon due $8,000 Dec. 1 1914, 1 note! with coupons due
$8,000 Dec. 11915 and 1 note with coupons due Dec. 1 1916.
Issued under date of Dec. 1 1913.
Int. semi-ann. at First Nat. Bank,
Boston.
These bonds and notes will be certified as to genuineness
by the
First Nat. Bank and their
legality approved by Storey, Thorndike, Palmer
8c Dodge of
Boston, whose opinion will be furnished purchaser.
Bonds and
tes will be delivered to
purchaser at above bank on Dec. 1
HUNTINGTON
BEACH, Orange County, Calif.—BOND ELEC¬
state that the election to vote on the question of issuing
$35,000 sewer-system-extension bonds (V. 97,
p. 1306) will be held
Dec. 30.
TION.—Reports
the
INDIANAPOLIS SCHOOL DISTRICT (P. O. Indianapolis), Ind.—
OFFERING.—Proposals will be received until 8 p. m. Dec. 9 by
Commissioners, John E. Cleland, Business Director, for
$75,000 4% coupon school real estate and impt. bonds.
Denom. $1,000.
Date Dec. 1 1913.
Int. J. 8c D. at Indiana Trust Co.,
BOND
"
the Board of School
"
EUGENE SCHOOL DISTRICT (P. O.
Eugene). Lane County, Ore.
—BOND ELECTION PROPOSED.—An election will be held in the near fu¬
ture, it is stated, to submit to a vote the proposition to issue $100,000
<
EVANSTON TOWNSHIP HIGH SCHOOL DISTRICT (P. O. Evanston), Cook County, 111.—BONDS DEFEATED.—According to reports,
the proposition
to issue the $250,000 4H% 1-20-yr. (ser.) site-purchase
bldg. bonds (V. 97, p. 1446) failed to carry at the election held Nov. 15.
FERGUS COUNTY SCHOOL DISTRICT NO. 84 (P. O.
Stanford),
Mont.—BOND SALE.—The $8,000 6% 10-15-yr. (opt.) coup, site-pur¬
chase and bldg. bonds offered without success on
Sept. 4 were awarded to
and
the Minnesota Loan & Trust Co. of
Minneapolis on Sept. 30.
000.
Date Sept. 1 1913.
Int. M. & S. -
Denom. $1,-
Hancock County. Ohio.—BONDS DEFEATED.
The
question of issuing the $57,000 light bonds (V. 97,
p. 1153) was defeated
the
election held Nov.
4.
FLEMINGSBURG, Fleming County, Ky.—BONDS
DEFEATED.—
The question of issuing the water-works bonds
(Y. 97, p. 1306) was defeated
at the election held Nov. 4.
FOLSOM SCHOOL DISTRICT (P. O. Folsom), Sacramento
County,
Cal.—BOND ELECTION PROPOSED.—Reports state that an election
will be held In
the near future to vote on the question of
issuing bldg. bonds.
FRANKLIN COUNTY (P. O. Columbus) Ohio.—BOND OFFERING.
—Proposals will be received until 10 a. m. Dec. 17 by John Scott, Clerk of
Board of County Commissioners, for $1,500
5% Glenn Ave. road-improve¬
ment bonds.
Denom. $500.
Date Dec. 1 1913.
Int. J. & D. at County
Treasury.
Due Dec. 1 1918.
Certified check or cash on a Franklin
County national bank or trust company for 1 % of bonds bid for, payable
to ''Board of County
Commissioners," required.
■
BOND SALE.—On Nov. 27 the $10,000
5% 5H~year (aver.) coup, watermain constr. bonds (V. 97, p. 1368) were awarded to the
Ohio Nat. Bank
of Columbus at 101.50 and int.
Other bids were:
Prov. S. B. & Tr. Co., Cinc__$10,l01
IWeil, Roth & Co.,. Cine.___$10,065
10,0711 New First Nat. Bk., Col
10,025
FRESNO SCHOOL DISTRICT (P. O.
Fresno), Fresno County,
Calif.—BOND ELECTION .—According to local
Seasongood & Mayer, Cin__
newspaper reports
a
proposition to Issue $450,000 5% school bonds will be voted
upon on Dec. 12.
GARY, Lake County,
Ind.—BOND OFFERING.—Proposals will be
received until 3 p. m. Dec. 1
by E. N. White; City Comptroller, for $20,000
4M% coup, tax-free park bonds.
Denom. $1,000.
Date Dec. 15 1913.
Int. payable at office of City Treas.
No deposit
required.
GEDDES
UNION
FREE
SCHOOL
DISTRICT
NO.
2,
County, N. Y.—BOND SALE.—On
building bonds (V. 97, p. 1446)
Y* City at 100.465.
There
N.
Onondaga
NoY. 24 the $60,000 4\i % additionalwere awarded to Farson," Son & Co. of
were
three other
at par and interest.
Conditional bids made
GEORGETOWN',
By
Williamson
County, Tex.—BONDS VOTED.—
vote of 124 to 64, the proposition to issue the $13,000 artesian-well
and
a
water-main-ext. bonds (Y. 97, p. 1229) carried at the election
held Nov. 15.
GIRARD VILLAGE SCHOOL DISTRICT (P. O. Girard), Trumbull
County, Ohio.—BOND SALE.—On Nov. 25 the $5,000 6% 5 1-3-year
^
(average) site-purchase and building bonds (V. 97, p. 1446) were
awarded,
Seasongood 8c Mayer of Cincinnati at 103.1.
GOODING COUNTY (P. O.
Gooding), Idaho.—BOND SALE.—
On Nov. 18 an issue of
$160,000 5% 10-20-yr. (opt.) road and bridge bonds
was awarded to John Nuveen & Co. of
Chicago at 98.87 and int.—a basis
of about 5.145%.
E. H. Rollins & Sons of Denver bid 98.65 for 5s and
it is stated, to
102.19 for 5J^s.
,
of
There were<8 bids in all received for the bonds.
issuing $20,000 water-works bonds carried Nov. 22 by a vote of 217 to
37.
GRASS VALLEY HIGH SCHOOL DISTRICT
(P. O. Grass Valley),
Nevada County,. Cal.—BOND
ELECTION.—Reports state that the
election to vote
on
the question of
1229) will be held Dec. 18.
yearly thereafter.
■GREENFIELD,
Franklin
issuing the $60,000 building bonds (V. 97,
Due $1,000 yearly for 20 years
and $2,000
County,
ass .—NOTE
OFFERING.—
Proposals will be received until 3 p. m. Dec. 1 by Blake Allen, Town
Treas.,
for $13,965 4% note or notes.
Preference will be given to offers for notes
of largest denomination.
Date Dec. 1 1913.
Int. J. & D. or discounted
at
option of purchaser.
Due Nov. 1 1914.
$114,965.
Assess, val. $11,492,552.
GREENVILLE, Darke County,
Total debt including this issue,,
Ohio.—BOND SALE.—On Nov/TO
was awarded, reports
state, the fol¬
the Gteenville Nat. Bank of Greenville
lowing bonds:
'
$4,290 35 4H % 1-10-year (ser.) street bonds for
$4,305, equal to 100.341.
4.000 00
5%
1-8-year (ser.) sewer bonds for $4,060 equal to 101.50.
Interest annual.
GRIDLEY GRAMMAR SCHOOL
DISTRICT, Butte County, Cal.—
BONDS VOTED.—The question of
issuing the $25,000 5% building bonds
carried, reports state, at the election held Nov. 8
(V. 97, p. 1306.
,
HARRIS BAYOU DRAINAGE
homa
DISTRICT (P. O. Clarksdale), Coa¬
County, Miss —DESCRIPTION OF BONDS.—The $126,000
6%
drainage bonds awarded at par on Nov. 6, $63,000 to the
Bank of Clarksdale
and $63,000 to the Planters' Bank of
Clarksdale (V. 97, p. 1526), are in the
denom. of $1,000.
Date Nov. 1 1913.
Int. M. & N.
Due serially for
20 years,
beginning May 1916.
HARRISON COUNTY (P. O.
Marshall), Tex.—NO1 BOND ELEC¬
TION AT PRESENT.—In
reply to our request for the result of the election
which it was stated would be held Nov. 22 to
vote on the question of
issuing
$500,000 road bonds, we are advised that the election has not
been held
and will not be in the
near
future.
r!dg
„
HERKIMER, Herkimer County, N. Y.—BOND SALts.—The
Herkimer
Nat. Bank of Herkimer has been awarded an issue
of $5,601 62 5% paving
bonds.
Denom. (3) $1,400, (1) $1,401 62.
Date Sept. 20 1913.
Int.
M. & S.
Due $1,400 yearly Sept. 20 from 1914 to
1916 incl. and $1,401 62
Sept. 20 1917.
HIGH SPRINGS, Alachua
County, Fla.-r-BOiVD SALE.— xhe J. B.
McCrary Co. of Atlanta purchased during October an issue of
$35,000 6%
light bonds at par and int.
Denom. $1,000.
Date
July 1 1913.
Due in 10, 20 and 30 years.
HILLCOUNTY (P. O.' Havre), Mont.—BOND
OFFERING.—Pro¬
posals will be received until 10 a. m. Jan. 14 1914
by John H. Devine, Clerk
an? JHC0
voted
9F'/£or
Aug. 2 (V. 97,
Co. Treas.
val.
550,000 5% 18-20-yr. (opt.) coupon funding bonds
1154).
benom. $1,000.
Int. J. & J. at office of
p.
Cert, check for
$2,500, payable to R. H. Fuller, Co.
Treas.,
bonded debt.
Floating debt (est.) $130,000.
Assessed
$7,661,302.
required
No
,^j
HIJ*L COUNTY (P. O. Hillsboro),
Tex.—BONDS
VOTED.—The
UuesHon of issmng the $250 ,000
5% road bonds in Justice Precinct No. 1
1446) camed at thejelection held Nov. 22
by a votej.of £908 - to
335.
s
or
and
$50,600 Dec.
Indianapolis.
1
1944.
Certified
check
Due
on
an
trust company
for 3% of bonds bid for, payable to
Board of School
Commissioners," required.
Bids must be made on blank
forms furnished by the district.
Using an official advertisement from an
Indianapolis newspaper, which later proved to be incorrect, we
reported
in last week's "Chronicle" that the
time for receiving bids was 5 p. m.
Doc. 23.
-
.
INGLEWOOD UNION HIGH SCHOOL
DISTRICT, Los Angeles
County, Calif.—BOND OFFERING.—Proposals will be received until
2 p. m. Dec. 1, it is
stated, by the County Supervisors (P. O. Los Angeles),
for the $150,000
5>i% bldg. bonds voted Oct. 11 (V. 97, p. 1154)
Denom.
$1,000.
7
7,
:777IRONDEQUOIT, Monroe County, N. Y.—BOND ELECTION.—An
election will be held Dec. 8 to subfnit to a
vote the question of Issuing
$19,732 12 East Side Boulevard (town's share)
improvement bonds at not
exceeding 5% int.
Denom. (19) $1,000. (1) $732 12.
Due $1,000 yearly
begmning April 1 1915.
JASPER COUNTY (P. O.
Carthage), Mo.—BOND ELECTION PRO¬
POSED.—An election will be held in the near
future, it is stated, to submit
to a vote the proposition to issue
$75,000 almshouse constr. bonds.
JAY COUNTY (P. O.
Portland), Ind.—BOND OFFERING.—Pro¬
posals will be received until 12 m. Dec. 1, it is
stated, by John R. Rapp,
County Treasurer, for $11,750 and $10,160 4H % 10-year
road-impt.bonds.
JEFFERSON
COUNTY
FREE
BRIDGE
DISTRICT
(P.
O. I Pine
Bluff), Ark.—BOND SALE.—Reports state that an issue of $700,000 5%
bridge-construction bonds has been awarded to Wm. R. Compton Co. of
St.
Louis at par.
;7>7
77."'--;7v.
k;,77 7^77
JENNINGS COUNTY (P. O.
Vernon), Ind.—BIDS.—The other bids
on Nov.
18 for the $8 000 4H%,gravel-road bonds awarded on
that day to the First National Bank of Vernon
at 100.253 (V. 97, p. 1526)
were as follows:
7
received
J.
F. Wild 8c Co.,
IndianapolisBreed, Elliott & Harrison, Cincinnati
Fletcher-American National Bank. Indianapolis--Denom. $400.
Date Nov. 15 1913.
Int. M. & N,
months from May 15 1914 to Nov. 15 1923 incl.
$8,018 00
8,008 50
8,000 00
Due $400 each six
JOHNSON COUNTY (P. O. Franklin). Ind.—BOND SALE.—The
$5,800 4>£% HP-year road bonds offered on Oct. 27 (V. 97,
p. 1154) have
been purchased, it is stated,
by the Fletcher-American National Bank of
Indianapolis.
COUNTY
(P.
O.
the
near
and
future to vote
7>
:
.
JOHNSON
Cleburne),
Tex.—BOND ELECTION
to newspaper reports an election will be held in
on the question of issuing $50,000
hospital-building
PROPOSED .—According
equipment bonds.
-
.
JOHNSTOWN, Fulton County, N. Y.—BOND OFFERING.—Pro¬
posals will be received until 11 a. m. Dec. 13 by W. J. Eldridge, City
Chamberlain, for $20,000 5% coupon refunding sewer bonds voted Nov. 4.
Denom. $1,000.
Date Dec. 1 1913.
Int. J. & D. at Johnstown Bank, in
York exchange.
Due $1,000 yearly on Dec. 1.
Official circular
states that the city has never defaulted in the
payment of prin. or interest.,
New
JOPLIN SCHOOL DISTRICT
(P. O. Joplin), Jasper County, Mo
—
BOND ELECTION.—An election will be held Dec. 2, it is stated, to vote on
the question of issuing $280,000 high-school-construction bonds.
KALISPELL, Flathead County, Mont.—BOND SALE.—On Nov. 1,
the $175,000 5% gold water bonds (V. 97, p. 1154) were awarded to the
Northern Idaho & Montana Power Co. at par and int.
Causev, Foster &
Co. of Denver bid par and interest, city to pay for
furnishing of material..
;
>
'
-7-'
7,■
-■
i;-.
or
bonds and
■
KENMORE SCHOOL DISTRICT (P. O.
Kenmore), Summit County.
Ohio.—-BOND OFFERING.—Proposals will be received until 12 m. Dec. 18
by H. G. Lautenschlager, Clerk Board of Education, for $15,000 5% coupon
bonds.
Denom. $1,000.
Date "day of sale."
Int. A. 8c O. at
office of Board of Education.
Due $5,000 on Oct. 1 1925, 1926 and 1927.
Certified check for 10% of bonds bid for required.
school
KENNEDY HEIGHTS
(P.
O.
Cincinnati), Hamilton County,
Ohio.—BOND OFFERING.—Proposals will be received until 12 m. Dec. 20
Henry Appleton, Village Clerk, for $4,715 98 *5% 1-5-year (serial)
coupon sidewalk (assessment) bonds,
Denom. $943 20 or purchaser may
have option to have bonds in the denom. of $100 or $1,000 and one for such
by
less
amount
as
may remain over from each of said ten bonds.
Date
Int. M. & S. at Norwood Nat. Bank, Norwood.
Certified
of bonds bid for., payable to Village Treasurer, required.
Bonds to be delivered and paid for within 10 days from time of award.
Purchaser to pay accrued interest.
Sept. 2 1913.
for 5%
check
KIMBALL, Brule County, No. Dak.—BID REJECTED.—The only
bidder for the $15,000 5% 5-20-year (opt.) coupon water-works bonds of¬
on Nov. 17 (V. 97. p. 1230) was C. O. Kalman & Co. of St. Paul, who
offered par less $750 for attorney's fees, &c.
This bid was rejected.
fered
KINGS RIVER
SCHOOL DISTRICT (P.
O.
Hanford), Kings
County, Cal.—BOND ELECTION PROPOSED.—According to reports,
question of issuing $15,000 bonds will be submitted to a vote in the
the
near
future.
•
.
KINNEY COUNTY (P. O.
the election held Nov. 14
At
$100,000,
as
'
'
Brackettville), Tex.—BONDS VOTED.—
the question of issuing the $80,000 (not
first reported) road bonds (V. 97, p. 1306) carried, it is stated.
KIOWA
COUNTY (P.
BONDS.—The price paid
bonds awarded
O. Greensburg), Kans.—PRICE PAID'FOR
for the $55,000 5%. court-house-construction
Nov. 3 to S. D. Robinett of Greensburg (V. 97, p. 1446)
was par.
Denom. $500 or $1,000, at option of purchaser.
Date Jan. 1
1914.
Int. J. & J.
Due on Jan. 1 as follows;
$5,000 yearly from 1929
to
on
1933 inclusive and $30,000 in 1934.
KIRKWOOB (P. O. Atlanta), Fulton County, Ga.—BOND OFFER¬
ING.—Prpposals will be received until 8:30 p. m. Dec. 16 by O. Ray,
City Clerk, for the $25,000 street-impt.. $5,000 sewer-extension and $5,000
5% 30-year gold coupon bonds voted Oct. 15 (V. 97, p. 1230).
to 6, 245 to 1 and 242 to 4, respectively. Denom.
$1,000.
Date Jan. 1 1914.
Int. J. & J. in N. Y. City.
Cert, check for
$350, payable to the City Treasurer, required.
schools
Authority, votes of 242
water and
Int. J. & J
1943
printing
GOODLAND, Newton County Ind.—BONDS VOTED—The question
p.
1
Indianapolis bank
.
FINDLAY,
at
$25,000 Dec.
high-
-
xcvii.
HUNTINGTON, Cabell County, W. Va.—BONDS NOT TO BE REOFFERED THIS YEAR.—The Commr. of Public Utilities advises us that
bonds, the unsold portion of the $200,000 5% 30-yr. sewer
impt. issue (V. 97, p. 969), will not be put on the market again this year.
1
from 1914 t0 1923 incl.
school-constr. bonds.
[Vol.
3
.
KLAMATH COUNTY (P. O. Klamath Falls), Ore.—BOND ELEC¬
TION PROPOSED.—The question of issuing $300,000 good-road bonds will
be submitted to a vote in December, it is stated.
KNOX COUNTY (P. O. Vincennes), Ind.—BOND SALE.—Reports
$12,000 drainage bonds have been purchased by the Fletcher-
state that
National Bank of Indianapolis.
On Nov. 24 the three issues of 4H % highway improvement bonds,
aggre¬
gating $14,140 (V. 97, p. 1526), were awarded to J. F. Wild& Co. of Indian¬
apolis for $14,177 70 (100.266) and interest.
Other bids were:
Breed, Elliott & Harrison, Cincinnati
$14,175 00
Fletcher-American National Bank, Indianapolis
14,166 75
C. "W. Padgett bid $4,810 for the $4,800 C. G. Shake et al road bonds.
American
LAKE COUNTY (P. O. Tavares), Fla.—BONDS VOTED.—The
propo¬
issue the $500,000 6% coupon highway-impt. bonds (V. 97,
p.
1154) carried at the election held Nov. 18 by a vote of 552 to 361.
Date
Jan. 1 1914.
Int. J. & J.
Due $100,000 in 15, 20 and 25
years and
$200,000 in 30 years.
These bonds, we are informed, will probably be of¬
fered for sale in January.
sition to
HILLSBOROUGH COUNTY (P. O.
Tampa), Fla.—BONDJSALE
On Nov. 20 the $500,000 5%
30-yr. gold road bonds (V. 97, p. 1230) were
awarded to C. W. McNear & Co. of
Chicago and R. M. Grant & Co. of
N7Y., at 98.13.
Delivery $100,000 Dec. 1 ; $200,000 Jan. 1 and $200,000
Feb. 1
Farson, Son & Co. of N. Y. bid 100.65, less commission.
I
HOUSTON, Tex.—BOND SALE.—The
aggregating $1,200,000 offered without
success on
have been awarded to local banks at par and int.
fg
HOWARD
to
SCHOOL
5% goialoonds
Oct. 6 (V. 97,
p. 1154)
TOWNSHIP, Ind.—BOND
SALE.—AcTw~ing
reports $6,000 school bonds have been purchased by E. M.
Campbell
& Sons Co. of
Indianapolis.
LAKE CITY, Columbia County, Fla.—BONDS NOT YET isffitflj".
are advised by the City Attorney under date of Nov.
24 that the four
—We
two issues of
-
issues of bonds, aggregating $79,000,-voted Aug. 26 (V.
97, p. 680), have
not yet been issued.
He further states that it is expected that the bonds
will be ready for sale about Jan. 1 1914.
LAKE COUNTY (P. O. Crown Point), Ind.—BOND
SALE.—Reports
bonds has been purchased by
an issue of $23,000 gravel-road
Breed. Elliott & Harrison of Indianapolis.
state that
'
Hot. 29
Marque),
of issuing
Nov. 15 by
LA MARQUE COMMON SCHOOL'tDISTRICT (P. O. La
Galveston County, Tex.—BONDS VOTED.—The question
$8,000 building bonds carried, it is stated, at the election held
vote
a
of 21
12.
to
LANCASTER COUNTY
PROPOSED
—
Neb .—B02VD ELECTION
(P. O. * Lin coin).
future
the $599,000 6 % 5-20-yr. (opt.) telephoneelection will be held in the near
Reports state that an
to vote on the question of issuing
■ystem-installation bonds (V. 97.-p.-756).
V
LARNED SCHOOL DISTRICT (P. O.
Kan.—BONDS VOTED.—The question of
construction bonds carried, reports state, at
a vote of 457 to 100.
COUNTY (P. O. Susanville), Calif.—BOND ELECTION
PROPOSED.—Local newspaper reports state that an election will shortly
be held to vote on the question of whether or not this county will issue
$349,172 road, court-house and hospital constr. bonds.
LATTA, Dillon County, So. Caro.—BOND
held in the near future, it is
Int. semi-annually in Memphis or New York.
Certi¬
on a Memphis bank for 1% of bonds bid for, payable to "City
Memphis," required.
The legality of these bonds will be approved by
Dillon, Thompson & Clay of N. Y.City, whose opinion will be furnished
Denom. $1,000.
fied check
of
ELECTION PROPOSED.—
stated, to submit to a vote
$50,000 light, water and sewerage-plant bonds.
LEBERG
COUNTY
(P. O. Kingsville), Tex.—BONDS VOTED.—
The election held Nov. 18 (not Dec. 18, as first reported) resulted, reports
state, in favor of the proposition to issue the $125,000 court-house and jail
and $35,000 county hospital bonds (V
97, p. 1306)
LEE COUNTY (P. O. Sanford),
No. Caro.—BOND SALE.—The
Wachovia Bank & Trust Co. of Winston was awarded on Oct. 17 the $25 000
5% 30-vear county-home and funding bonds offered without success on
Aug. 4 (V. 97, p. 609).
Denom. $1,000.
Date Aug. 1 1913. Int. F.&A.
LEON
COUNTY
(P.
O. Tallahassee),
Fla.^-BOiVD ELECTION
RESCINDED.—We are advised that the election which was to have been
held Oct. 14 to vote on the proposition to issue $150,000 good-road bonds
An election will be
question of issuing
(V. 97, p. 545) was called off.
LESTERSHIRE, Broome County, N. Y.—BOND OFFERING.—Pro"
posals will be received until 8 p. ha. Dec. 8 by W. C. Lewis, Village Clerk,
for $15,000 coupon tax-free water-works-extension bonds at not exceeding
5% interest.
Denom. $500.
Date "when sold."
Int. J. & D. at First
Nat. Bank, Lestershire.
Due $1,000 in 5 years and $500 each six months
thereafter.
Certified check, N. Y. draft or cash for $300, payable to
Village of Lestershire," required.
••
LEXINGTON, Fayette County, Ky.—BOND OFFERING.—Proposals
by J- E. Gassidy, Mayor, for the $25,000
4% park bonds upheld by the Circuit Court on Oct. 18 (V. 97, p. 1227).
Denoni. $1,000.
Date Jan. 1 1913.
Int. J. & J.
Cert, check for $5 on
each $1,000 bond bid for, required.
will be received until 12 m. Dec. 5
LINCOLN, Neb.—BOND OFFERING.—Proposals will be
received until
District.
2 p. m. Dec. 20 by Theo. H. Berg, City Clerk, for $6,870 paving
No. 253; $14,700 Paving District No. 188; $3,840 Paving District
MENOMINEE, Dunn County. Wis.—BOND ELECTION PROPOSEt).
—Local papers state that an election will be held some time next month to
vote on the question of issuing water-works system-purchase and hospitalbonds.
MERCED COUNTY (P. O. Merced), Cal.—BOND ELECTION PRO¬
POSED.—The election to vote on the proposition to issue the $1,000,000
969) will be held about Jan. 1914.
road bonds (Y. 97, p.
*
MERIDIAN, Lauderdale County, Miss.—DESCRIPTION OF BONDS.
—We learn that the $50,000 Meridian & Memphis RR. aid bonds recently
awarded to the Merchants' & Farmers' Bank of Meridian at 100.6 and int.
(V. 97, p. 1527) carry 5% int.
Denom. $1,000. Date Oct. 1 1913. Int.
A. & O.
Due $2,000 yearly.
MIAKKA SCHOOL DISTRICT (P. O. Miakka), Manatee County,
Fl&.—ELECTION PROPOSED.—Reports state that an election will be
held in the near future to vote on
bonds..-.'
the proposition to issue school-building
-v/.-'.:---
4
•:i.-riV-'
O. Peru), Ind.—BGND OFFERING.—Proposals
will be received until 10 a. m. Jan. 12 1914 by Frank K. McElheny, County
Auditor, for $48,796 4M% Wabash River bridges constr. bonds.
Denom.
(19) $2,500, (1) $1,296.
Int. semi-ann.
Due $2,500 yearly on Dec. 1
from 1915 to 1933 incl. and $1,296 on Dec. 1 1934.
Cert, check on a local
bank for 3% of bonds bid for, required.
Bids must be made on forms fur¬
MIAMI COUNTY (P.
nished by above.
MIAMI COUNTY (P. O.
Troy), Ohio.—BOND OFFERING.—Proposals
Dec. 6 by M. T. Staley, County Auditor, for
will be received until 10 a. m.
flood-emergency bonds:
$20,000 road bonds of an issue of $43,000.
Dated Sept. 1 1913 and due
$10,000 Sept. 1 1915 and $10,000 Sept. 1 1928.
80,000 bridges bonds of an issue of $451,000.
Date Sept. 1 1913. Due
$22,000 Sept. 1 1916, $35,000 Sept. 1 1923 and $23,000 Sept. 11924.
Denom. $500.
Int. semi-annually at office of County Auditor.
Certi¬
fied check for 3% of bonds bid for, payable to County Auditor, required.
Bonds to be delivered and paid for within 10 days from time of award.
the following 5%
_
unconditional. $50,000
Nov. 18 (V. 97. p. 1307).
Purchaser to pay accrued interest.
Bids must be
of the above bonds were offered without success on
DISTRICT (P. O. Midland) Beaver County,
Pa.—BOND SALE.—An issue of $28,000 5% bonds has been purchased,
it is stated, by the Mellon National Bank of Pittsburgh.
MIDLAND SCHOOL
County, Pa .—BONDS DEFEATED.—Ac¬
to issue $7,000 reservoir bonds was
Union
MIFFLINBURG,
cording to reports, the proposition
at a recent election.
defeated
No. 254;
$12,420 Paving District No. 257; $2,150 Paving District No. 249; $770
Alley Paving District No. 54 and $1,480 Repaving District No. 39 paving
(assess.) bonds at not exceeding 5% int.
Denom. to suit purchaser.
Date
Jan. 1
1914.
Int. ann at office of city or State Treas.
Due one-tenth
bidder.
successful
erection
Larned), Pawnee County,
issuing $40,000 high-schoolthe election held Nov. 18 by
LASSEN
the
1607
CHRONICLE
THE
1913.]
Nov. 26 the three issues of
tax-free bonds, aggregating $290,000 (V. 97,
MILWAUKEE, Wis.—BOND SALE.—On
4Yi% 20-year (serial) coupon
p.
Rollins & Sons of Chicago at 101.23 and
1527), were awarded to E. H.
interest.
•..
v:...
of each issue yearly beginning Jan. 1
1915, subject to call any interestpaying date.
Cert, check for $100 required.
Official circular states that
there is no litigation or controversy pending or threatened affecting these
issues of bonds and that the city has always promptly paid the principal
and interest on all bonds previously issued.
y
/
MINNEAPOLIS, Minn.—BOND SALE.—On Nov. 26 the ten issues of
4% coupon tax-free bonds, aggregating $1,315,000 (V. 97, p. 1527) were
awarded to Wells & Dickey Co. of Minneapolis at 95 and int.
The bonds
will be received unti
or any part of an issue of
of such issue to be sufficient
to pay $10,567,470 State bonds maturing Jan. 1 1914.
Issue is made pur¬
suant to constitution of 1913 which,by self-executing enactment, levies
sufficient taxes to pay maturing principal and interest (see news item on
a
preceding page).
Dated Jan. 1 1914.
Principal and semi-annual inter¬
est (Feb. 1 and Aug. 1) payable in Baton Rouge, New Orleans or New York,
at holders' option.
Denomination to suit purchaser.
Maturing serially
Aug. 1 1915 to 1964.
Average maturity of $10,567,470 bonds approxi¬
mately 35 years; any excess over said amount shall mature Aug. 1 1964.
Redeemable at 104 and interest in reverse order of maturities.
If issue be
less than said amount, the reduction shall cancel the latest maturities in
reverse order.
Bonds registerable as to principal alone, or principal and
posals will be received until 12 m. Dec. 29
bonds.
Geo. E. Stone is County Treasurer.
.
LOUISIANA.—BOND
12
m.
OFFERING.—Proposals
Dec. 8 by L. E. Hall, Governor, for
all
4H % gold coupon, serial bonds; the amount
Denomination of fully registered bonds $1,000,
nterest.
000.
Bonds
are
of
the
several
its
and
State
taxation in Louisiana, arejlegal invest¬
exempt from direct
ments for guardians and trustees
$5,000 and $10,-
and can be used as security for deposits
municipalities and sub-divisions.
to
mature
The
Bonds
or
interim
certificates will
delivered in New Orleans or New
bb
1914.
■
official notice of this bond offering will be found among the advertise¬
York, at purchaser's option, on Jan. 2
The
ments elsewhere in this
°
Department.
~
LOWNDES COUNTY (P. O. Havneville), Ala.—BOND ELECTION
PROPOSED.—Reports state that an election will be held in the near future
to vote on the question of issuing $150,000 good roads bonds.
Anderson). Ind.—BOND SALE.—Breed,
Elliott & Harrison of Indianapolis have purchased $6,000 gravel-road bonds]
MADISON COUNTY (P. O.
COUNTY
MARION
BONDS.—We
are
(P.
advised
Ala—DESCRIPTION
Hamilton),
O.
that
the
OF
$100,000 30-year (road-construction
Nov. 1 (V. 97, p. 1527), are in the
Int. semi-annual.
No bonded or
bonds at not exceeding 5% int., voted
denom. of $1,000, and are tax-free.
floating debt.
Assessed valuation, $3,702,000.
Probate.
"
/ *
.
to
Mack Pearce is Judge of
"
MARSHALL, Harrison County, Tex.—BONDS VOTED.—According
reports, the question of issuing the $7,000 Craven Park Improvement
(V. 97, p. 1230) carried at the election held Nov. 20.'
bonds
MARSHALLVILLE,
Further details
are
Macon
County,
at hand relative to the
Qa.—BOND
OFFERING.—
offering on Dec. 15 of the $20,000
6% 30-year coupon water and light bonds (V. 97, p. 1527).
Proposals for
these bonds will be received until 7 p. m,.on that day by E. L, Sammons,
Secy,
1914.
of Water and Light Commission.
DenOm. $1,000;
Date Jan. 1
Int. J. & J. at Marshallville.
No deposit required.
Bonded debt,
No floating debt.
Assessed valuation 1913, $470,000.
$10,000.
MARYLAND.—CERTIFICATE
OFFERING.—Proposals
will
be
re¬
ceived until 12 m. Dec. 22 by Murray Vandiver, State Treasurer (P. O.
Annapolis), for $682,000 4% registered tax-free State loan of 1914 certifi¬
cates.
Date Jan. 1 1914.
Int. J. & J.
Due Jan. 1 1929, subject to call
after Jan. 1 1924.
Certified check on some responsible banking institution
for 5% of bid required.
Cerro Gordo County, Iowa—BOND OFFERING.—
10-year coupon tax-free refunding bonds (V. 97, p. 1447),
MASON CITY,
The $20,006 5%
being offered at popular subscription by S. A. Schneider, City Treasurer,
are in the denom. of $100, $500 and $1,000, and are dated Dec.
1 1913.
Ing. J. & D. at office of City Treasurer.
Tex.—BOND ELECTION
state, to
the question of issuing $75,000 road bonds in Matagorda district.
MATAGORDA COUNTY (P. O. Bay City),
PROPOSED.—An election will be held in the near future, reports
vote on
(P. O. Hondo), Tex.—BOND ELECTION.—An
election will be held Jan
6 1914, reports state, to submit to a vote the
MEDINA
COUNTY
proposition to issue road bonds
MEMPHIS, Tenn.—BOND OFFERING— Proposals will be received
until 2:30 p. m. Dec. 9 by Ennis M. Douglas, City Clerk, for the following
bonds voted May 28 (V. 97, p. 1230).:
$315,000 6% street-impt. bonds, Series 7.
Date Oct. 1 1913.
Due
$63,000 yearly on Oct. 1 from 1914 to 1918, inclusive.
500,000 5% special levee bonds.
Date Dec. 1 1913.Due Dec. 1 1953.
official notice of this bond
elsewhere
ments
in this
Ala.—BOND OFFERING—Pro¬
O. Mobile),
for $200,000 5% 20-year road
offering will be found among the advertise¬
Department.
MONROE COUNTY (P. O.
■ •
Bloomington), Ind.—BOND OFFERING.
—Proposals will be received until 10 a. m. Dec. 1, it is stated, by W. W.
Weaver, County Treas., for $4,700 43^% 10-year highway-impt. bonds.
MONTCLAIR
Essex County
N. J .—BOND SALE.—The following
were received for the two issues of 4H% 30-year gold coupon bonds
on Nov. 24 (V. 97, p.
1447):
$75,000
$64,000
bids
offered
'
'
1
;avv:y;f. -v;
Grade-Abol't
;
Bonds.
Bidder—
Hallgarten & Co., New York.....
Montclair Trust Co., Montclair—,
100.6789
...
____
100.328
....
.......
:■
School
Bonds.
*101.6667
100.41
_*100.75
Blodget & Co., New York.
_
Remick, Hodges & Co., New York..
John D. Everitt & Co., New York....
A. B: Leach & Co., New York
J. S. Rippel, Newark..
*
security for Postal Savings Funds.
as
■
COUNTY (P.
100.328
100.273
100.273
100.16
100.05
100.16
100.05
'100,022
100.022
parishes,
Legal for investment by
New York savings banks.
Bonds will be certified as to genuineness by a
responsible trust company in New Orleans or New York.
Supervision of
legal matters by Caldwell, Masslich & Reed of New York, whose approving
opinion will be furnished to purchasers without charge.
Bids to be made
on blank forms which will be furnished by the Governor; Caldwell, Masslich
& Reed, or the Continental & Commercial Nat. Bank, Chicago.
Certified
check on a bank or trust company of New Orleans, New York or. Chicago,
payable to the State Treasurer, for 2% of the bonds bid for, required.
Acceptable
in 26 years.
MOBILE
Successful
bids.
MONTGOMERY COUNTY (P. O. Rockville)
Md.—BOND OFFER¬
ING—The County Commissioners, B. E. Clark, Clerk, are offering for
sale an issue of $25,000 4V£% road bonds.
Denom. $1,000.
Int. semi¬
annually (from Aug. 1 1913) ,at Farmers' Banking & Trust Co., Rockville.
Due $1,000 yearly on Aug. 1 from 1914 to 1938, inclusive.
These bonds
are exempt from county taxaton.
•
•
COUNTY
(P.
O.
Clarksville), Tenn.—BONDS
a vote of 1042 to 1010, the question of issuing the $100,000
highway bonds (V. 97, p. 1155) carried, at the election held Nov. 8.
MONTGOMERY
VOTED.—By
coup:
MOOREFIELD SCHOOL DISTRICT (P.
O. Moorefield), Hardy
County, W. Va.—BOND OFFERING.—Proposals will be received until
12 m. Dec. 20 by M. W. Gamble, Secretary, for $17,000 5% gold coupon
high-school-building bonds.
Auth. Chap. 27, Acts of 1908, extra sessionl
Denom. $500.
Date Jan. 1 1914.
Int. annually on Jan. 1 at office of
Sheriff of Hardy County.
Due Jan. 1 1940, subject to call beginning Jan. 1
1924.
Bonded debt at present, $15,000.
No floating debt.
Assessed
valuation
1913, $2,100,000.
MT. VERNON, Knox County,
Ohio.—BOND OFFERING.—Proposals
(Nov. 29) by Stephen J. Dorgan, City
5% sewage-treatment-plant' bonds.
Denom. $500.
Date Dec. 1 1913.
Int. J. & D.
Due $1,000 each six months from Dec. 1
1914 to June 1 1922 incl.
Cert, check for 2% of bonds bid for, payable to
City Treas., required.
Bonds to be delivered and paid for within 10 days
from tine of award.
Purchaser to pay accrued interest.
will be received until 12 m. to-day
$16,000
for
Aud.,
MUSKINGUM COUNTY (P, O. Zanesville), Ohio.—BOND OFFER¬
ING.—Proposals will be received until It) a. m. Dec. 1 by Fred.C. Werner,
Clerk of Board of County Commrs., for $200,000 5% coupon flood-emer¬
gency bonds. • Denom. $500.
Date May 1 1913.
Int. M. & N. at office
of County Treasurer.
Due $20,000 yearly on May 1 from 1915 to 1924,
inclusive.
Certified check or cash for 1% of bonds bid for required.
Davidson
NASHVILLE,
County,
Tenn.—BOND
SALE.—Lbcal
Eapers
onds (V.
state
the $150,000
4%awarded
% 30-year
street-opening
andofextension
96,that
p. 1041)
have been
to A.
B.. Leach & Co.
Chicago
at par
and interest.
NEW
;
two
$55,000, awarded on
issues of 4%
int. (V^ 97, p. 1527), were:
Perry, Coffin & Burr, Bos
R. L. Day & Co., Boston
Curtis & Sanger. Boston
Adams & Co., Boston
N. W. Ilarris&Co.,Inc.,Bos.
NEW HARMONY
American
National
.
County
N. Y.—BIDS.—The other bids
registered tax-free bonds, aggregating
Nov. 19 to Estabrook & Co. of Boston at 100.51 ana
Bristol
BEDFORD
received for the
Blake Bros. & Co., Boston..100.22
10^.37
166.178
100.349 E. H. Rollins & Sons, Bos
Blodget
& Co., Boston
1O0.159
100.31
Merrill, Oldham & Co., Bos. 100.089
100.31
100.27
Posey County Ind.—BOND SALE.—The Fletcherof Indianapolis has been awarded an issue of
Bank
$6,000 school bonds, according to reports.
NEWPORT, R. I —BOND SALE.— On Nov. 26 $35,000 4H% coupon
improvement and refunding notes were awarded to Blodget & Co.
at 100.69.
Other bids were
E. H. Rollins & Sons, Bos... 100.598 R. L. Day & Co., Boston
Estabrook & Co., Boston
Blake Bros. & Co., Boston..100.56
of Boston
100.349
100.26
*
Curtis & Sanger, Boston
Denom. $1,000.
Date
from
192
1914 to
NEWPORT
,
100.38
Dec. 1 1913.
Int. J. & D.
Due $5,000 yearly
inclusive.
BEACH? Orange
County) Cal.—BOND OFFERING.—
the offering on Dec. 1 of the $25,000
Further details are at hand relative to
tax-exempt water-main bonds (V. 97, p. 1447).
Proposals for
these bonds will be received until 2 p. m. on that day by L. S.. Wilkinson,
6%
gold
City Clerk.
Denom. $1,000.
Date Dec. 1 1913.
Int. J. & D, at New-
1608
THE
CHRONICLE
[VOL.
xcvii.
port Beach.
Due 11,000 yearly Dec. 1 from 1914 to 1938, Inclusive.
Certified check for 2% of bid, payable to the "City of Newport Beach,"
required.
Bonded debt, including this issue, $62,000.
No floating debt.
Assessed valuation 1913. $2,035,078.
these bonds will be received until 7 p. m. on that day
by W. H. Griffith,
City Clerk.
Denom. $500.
Date Jan. 1 1914.
Int. J. & J. in Topeka.
Due in 20 years, subject to call one or more bonds after 10
years.
Cert,
check for 2% of bonds, payable to the City Clerk, required.
Bonded
NEW ROCHELLE, Westchester County, N. Y.—BOND SALE.—On
Nov. 25 the five issues of 4><j% registered bonds, aggregating $58,077 50
(V. 97, p. 1527), were awarded to Farson, Son & Co. of N. Y. for $58,100
this issue; floating debt,
—equal to 100.038.
Other bids were:
Adams & Co.. New York_$58,077 501 Lee, Higginson & Co., N. Y.*$34,040
$34,020 Third Ward Culvert construction bonds.
NORMAL,.McLean County, 111.—BOND OFFERING.—Proposals will
be receiveduntil 6:45 p. m. Dec. 8 for the $10,500
ment bonds voted
May 17 (V. 96, p. 1788).
5% coupon local improve¬
Denom. $500.
Date Oct. 1
1913.
Interest annually on Mar. 31 at office of Town Treasurer.
Due
March 311918.
Lester H. Martin is Town Attorney (P. O. Bloomington).
NUTLEY,
Essex County,
N.
J .—BOND
U. S. Nat.Bank.
Trust & Sav¬
ings
OAK GROVE SCHOOL DISTRICT (P. O. Oak Grove), Jackson
County, Mo.*—NO BOND ELECTION.—We are advised that the question
of issuing the $2,500 bldg. bonds (V. 97, p. 1447) was not submitted to a
vote on Nov. 15.
ONTARIO, San Bernardino County, Calif.—BOND ELECTION
PROPOSED.—According to reports, the proposition to issue $12,000 fireapparatus-purchase bonds will be submitted to a vote during January 1914.
ORANGE, Orange County, Calif.—BOND ELECTION PROPOSED.—
According to reports, an election will shortly be held to submit to a vote the
question of issuing $25,000 city-hall bonds.
ORANGE
COUNTY
Orlando), Fla.—BONDS VOTED.—Re¬
(P. O.
ports state that the question of issuing the $50,000 schools bonds in Orlando
District (V. 97, p. 1231) carried at the election held Nov. 12 by a vote
of 166 to 10.
'
year.
-
ORRVILLE
will be received
Wayne County
Ohio.—BOND OFFERING.—Proposals
until
24
12
Dec.
by A. Jenny, Village Clerk, for the
$41,000 5% municipal-light-plant bonds voted Aug. 26 (V. 97, p. 682).
Denom. $500.
Date Jan. 1 1914.
Int. J. & J.
Due yearly on July 1 as
m.
follows:
$1,000 1915 to 1919, incl., $3,000 1920 to 1924 incl., $4,000 1925
in 1919.
Certified check for 2% of bonds bid for,
payable to Village Treasurer, required.
Bonds to be delivered and paid for
within 10 days from time of award.
yfl
to 1928 incl. and $5,000
PALATKA
SUB-SCHOOL
DISTRICT
(P.
O.
Palatka),
County, Fla.—BOND ELECTION PROPOSED—We
Putnam
advised that
are
1,000 00
25,000 00
35,000 00
50,000 00
50,000 00
50,000 00
50,000 00
50,000 00
50,000 00
All bidders offered
awarded
Name—
were
Wm.
as
103.11
G. H.
Gadke.
$11,000
10,000
800
2,000
1,500
102.76
Patrick Kellett
300
102.75
Henry Teal
102.60 Kelly Rees
102.51 Margaret Sutphen__
Bid.
102.50
102.76
103.25
103.00
103.02
102.00
102.61
102.27
102.05
101.77
The bonds
follows:
Amount.
Adams
Amount.
W. F. White
100
accrued interest in addition to their bids.
Price. I
$78,948 43
Louise M. Butler
1,000 00
Citizens' Bank__ 25,000 00
U.S.Nat. Bank- 35,000 00
Name—
Amount.
100
I Margaret Sutphen.- $2,000
102.751G. H. Gadke
1,500
102.60 Henry TeaL10,000
Price.
103.00
103.02
102.76
102.51 Lumbermens' Trust
f50,000
103.11
800 00
103.25
& Savings Bank. J50,000
102.76
11,000 00
102.50
50,000
102.61
On the same day (Nov. 11) the $1,169 50 6%
10-year Brazee St. extension
bonds (V. 97, p. 1370) were awarded to Wm. Adams at
par and interest.
Kelly Rees
'
W. F. White-
PUTNAM COUNTY (P. O.
Greencastle), Ind.—BOND OFFERING.—
Proposals will be received until 12 m. Dec. 11 by Arthur L. Reat, County
Treasurer, for the following 4H % coupon road-improvement bonds;
$7,440 Geo. Browning et al road bonds.
Denom. $372.
10,700 F. P. Farmer et al road bonds.
Denom. $535.
5,880 L. A. Dicks et al road bonds.
Denom. $294.
Date Dec.
1
1913.
Int. M. & N.
Due beginning May
RALEIGH, No. Car.—BOND SALE.—On
■
ORLANDO, Orange County, Fla.—BONDS TO BE OFFERED NEXT
YEAR.—The City Clerk advises us that the $100,000 5% 30-yr. coup, st.paving bonds (V. 97, p. 1062) will probably be offered for sale early next
Bank
Bidder—
Bid.
$315,248 43
Lumbermen's
$132,000 5% 20-year funding bonds (V. 97, p. 1447) were awarded to R. M.
Other bids were:
08
52
Amount.
Adams
Louise M. Butler
Citizens' Bank-
$556,042.
11
the following bids
10-year improvement bonds offered
received for the $315,248 43 6%
that day (V. 97, p. 1370):
Bidder—
Grant & Co., New York, at 102.823.
J. S. Bippel, Newark.. .$135,694 681 E.H.Rollins & Sons,N.Y.$134,269
A. B. Leach & Co.,N.Y. 135,515 20]Harris,Forbes&Co.,N.Y_ 132,938
Assessed valuation,
were
on
the
SALE.—On Nov. 24
debt,
$1,500.
PORTLAND, Ore.—BOND SALES.—On Nov.
Wm.
* For
.
5% 30-yr. bonds, aggregating $125,000 (V. 97,
15 1915.
Nov. 25 the three issues of
p.
1370),
were
awarded, it is
stated, to R. M. Grant & Co. of N. Y. at 101.768.
RARITAN TOWNSHIP SCHOOL DISTRICT (P. O,
Metuchen),
Middlesex County, N. J.—BOND SALE.—The $19,500
5% schoolbuilding and equipment bonds offered on Oct. 16 were awarded as follows
on Oct. 23:
$1£,000 to R. M. Grant & Co. of N. Y. at 100.42, and $7,500 to
the Metuchen National Bank of Metuchen at 102.
Denom. (1) $500, (19)
$1,000.
Date July 1 1913.
Int. J. & J.
Due $500 July 1 1921 and $1,000
yearly July 1 from 1922 to 1940, inclusive.
RAY
COUNTY
(P. O. Richmond), Mo .—BOND ELECTION,—An
election will be held Dec. 6, it is stated, to vote
$100,000 court-house constr. bonds.
an
REEDLEY,
Fresno
County,
Cal.—BOND
on
the question of issuing
v
OFFERINd. —Proposals
election will be held in December or Januarv to submit to a vote the ques¬
tion of issuing $75,000 high-school rfDonas.
Tnese Dondsftake the place of
will be received until 8 p. m. Dec. 16 by F. S. Knauer,
City Clerk, for the
the $75,000 bonds declared illegal.
bonds
PALM
BEACH
COUNTY
See V. 97, p. 906.
SPECIAL
TAX
SCHOOL
DISTRICT
NO. 1, Fla.—BOND OFFERING.—Proposals will be received until 12 m.
11 by H. W. Lewis, Supt. Public Instruction (P. O. West Palm
Beach), for $35,000 6% coupon building and improvement bonds.
Denom.
$500.
Date Oct. 1 1913.
Int. A. & O. at National City Bank, N. Y.
Due Oct. 1 1923.
Deposit of 1% of bid required.
Debt of district (in¬
Dec.
this issue), $68,000.
(est.), $8,560,620.
cluding
Assessed
valuation
PALM
BEACH
valuation,
$2,853,540.
Actual
"
COUNTY
SPECIAL
TAX
SCHOOL
DISTRICT
NO. 5, Fla.—BOND OFFERING.—Proposals will be received until 12 m.
Dec. 11 by H. W. Lewis, Supt. Public Instruction (P. O. West Palm
Beach). for $13,500 6% coupon building and improvement bonds.
Denom.
$500.
Date Oct. 1 1913.
Int. A. & O. at Hanover National Bank, N. Y.
Due Oct. 1 1943.
Deposit of 1% of bid required.
District has no other
debt.
Assessed valuation,
$454,510.
Actual value .(est.), $1,363,530.
PALO PINTO COUNTY (P. O. Palo Pinto), Tex.—BONDS DE¬
FEATED.—Reports state that the proposition to issue $200,000 good-roads
bonds
was
defeated at
a
recent election.
$40,000
1-40-year (ser.) sewer and $35,000 5-14-year (ser.) water 53-3%
Oct. 20 (V. 97, p. 1307)..
Int. .semi-ann.
Cert, check for
voted
10% required.
RIPLEY
-
•
•
,
TOWNSHIP
(P.
O.
Yountsville), Montgomery County,
Ind.—BOND OFFERING.—Proposals will be received until 2 p. m. Dec. 15
by John Bj Hopping, Twp. Trustee, for $4,500 4H% 1-15-year (ser.)
bonds.
Denom. $300.
Date Dee. 20 1913.•
ROCHESTER, N. Y—NOTE OFFERING.—Proposals will be received,
2 p. m. Dec. 3 by E. S. Osborne, City Comptroller, for $150,000
until
local improvement notes, payable 8 months from Dec. 5 1913.
They will be
drawn with interest and made payable at the Union Trust Co. of N.. Y.
Bidder to designate rate of interest and denomination of notes desired.
ROCK FALLS, Whiteside County, 111.—BONDS DEFEATED.—Ac¬
cording to reports, the proposition to issue the $10,000 park bonds (V. 97,
held Nov, 10 by a vote of 160 "for"
p. 1307) was defeated at the election
to 391 "against."
ROCKINGHAM COUNTY (P. O. Wentworth), No. Caro.—BONDS
PROPOSED.—According to reports, this county is contemplating the issu¬
ance of $10,000 Dan River bridge-construction bonds.
'
ROUNDUP,
Musselshell
County,
Mont.—BONDS
VOTED.—The
PARKE COUNTY (P. O. Rockville) Ind—BOND SALE— An issue
of $16,000 gravel-road bonds has been purchased by the Fletcher-American
National Bank of Indianapolis, reports state.
election held Nov. 17 resulted in favor of the question of issuing the $60,000
PARKE COUNTY SCHOOL DISTRICT NO. 4, Wyo.—BOND OF¬
FERING.—Proposals will be received until 12 m. Dec. 3 by Mrs. Edith
N. Simpson, Clerk (P. O. Chance), for $2,500 coup, bonds at not
exceeding
6% int.
Denom. $125.
Int. ann.
Due $125 yearly on Dec. 3 from 1914
to 1933 inch.
Cert, check for $100 required, except with bid from State of
Wyoming.
.
"
and the
r
: PASADENA SCHOOL DISTRICT (P. O. Pasadena), Los Angeles
County, Calif.—BONDS DEFEATED.—According to newspaper reports,
the question of issuing the $156,000 grammar-schools-construction bonds
(V. 97, p. 1231) was defeated at the election held Nov.. 12 by a vote of
1814 "for" to 1094 "against," a two-thirds majority
being necessary to
authorize.
•
.
PENNSGROVE
SCHOOL
„
DISTRICT
(P. O. Pennsgrove), Salem
County, N. J.—BOND ISSUE RESCINDED.—Local newspaper reports
state that action previously taken to issue $39,500
high-school-constr.
bonds
was
PENN
•
'
rescinded
on
Nov. 24.
YAN, Yates County, N. Y.—BONDS VOTED.—The question
of issuing pumping-station bonds at not exceeding $6,000
carried, reports
state, at the election held Nov. 25, by a vote of 39 to 20.
NOTES VOTED.—At the same election the proposition to issue
$2,500
short-term notes also carried by a vote of 36 to 22.
Denom.
$500.
PERRIS, Riverside County, Cal.—BOND SALE.—The Capitol City
National
Sacramento has purchased,
$20,000 water bonds at par and interest.
Bank
of
reports state,
■
issue
an
an
election to vote
on
the question of issuing $35,000
water-works-plant-re¬
V
•
PETERSBURG, Dinwiddie County, Va.—BONDS TO BE OFFERED
SHORTLY.—Reports state that the .finance committee of the City Council
shortly offer for sale about $25,000 of an issue of $300,000 water-mains
will
'bonds.
i
PHILMONT,
Columbia County,11 N. Y.—BOND OFFERING.—Pro¬
posals will be received until 3
James Hayes, Pres.,
1913.
from
Vil.
p.
m.
Dec. 12 by the Board of Trustees,
Denom. $1,000.
Date Oct. 15
for $8,000 bonds.
,
Int. (rate to be named in bid) A. & O,:
1918 to 1925 incl.
Cert,
Due $1,000 yrly.
on
Oct. 15
check for 2% of bonds bid for. payable
Treas., required.!
V:;/
to
■
The official notice of this bond offering will be
round among ihe advertise¬
elsewhere in this Department.
ments
PLANT
County,
(P. O. Plant City), Hillsboro
Fla.—BOND ELECTION.—Reports state that an election Will
on the proposition to issue
$40,000 buildingand im¬
provement bonds.
POMONA,
Los Angeles
County,
Calif.—BID REJECTED.—A bid
of par, less a commission, received from Farson, Son &
Co
$75,000
offered
on
their joint bid of 95 and int.—a basis of about 4.86%.
Denom. $1,000.
Date May 1 1913.
Int. J. & J. at the City Treas. office or at some bank
in Chicago, as may be desired by the purchaser.
from 1932 to 1941 incl.
ST.
LANDRY
Due $5,000 yearly Jan. 2
PARISH
(P. O. Opelousas), La .—CERTIFICATE
SALE.—Reports state that a Toledo, Ohio, firm has agreed to purchase
the $100,000 certificates of indebtedness recently authorized (V. 97, p.1448).
ST. LOUIS COUNTY (P. O. Duluth) Minn.—BOND OFFERING.—
Additional information is at hand relative to the offering on Dec. 6 of the
$35,000, of an issue of $100,000,
Judicial Ditch No. 3 construction
bonds (V. 97, p. 1448).
Proposals for these bonds will bo received until
9:30 a. m. on that day by O. Haledon, Co. Aud.,
Denom. $100, $500 and
$1,000.
Date Jan. 1 1914.
Int. J. Sc J.
Due $9,000 Jan. 1 1919 and
$6,500 yearly on Jan. 1 from 1920 to 1923 incl.
Cert, check, certificate of
deposit, or cash for 1% of bid, required.
Official circular states that there
is no controversy or litigation pending or threatened regarding the validity
of the proceedings or affecting the boundaries of said county or the title
of its present officers to their respective offices.
It also stated that there
has never been any default in the payment of bonds or interest.
ST.
MARYS,
Auglaize
County,
Ohio.—BONDS NOT SOLD.—No
bids were received for the four issues of 5% street-impt. bonds, aggregating
$14,534, offered on Nov. 22 (V. 97, p. 1308).
ST. PAUL, Minn.—BOND SALE.—On Nov. 24 the $525,000 4
30-year coupon library bonds (V. 97, p. 1448) were awarded to a syndicate
composed of Estabrook & Co., R. L. Day & Co. of Boston, and Stevens,
Chapman & Co. of Minneapolis at 101.69 and int. • Other bids were:
Equitable Trust Co., N. Y
101.67|R. W. Pressprich & Co.,N.Y_100.42
Blodget & Co., Boston1.
IGeo. S. Ring, St. Paul, 100
on
Emery,Peck&Rockwood,Chic/100.631 $100,000 May 1 1914 delivery.
SALEM, Ore.—BOND OFFERING:—Proposals will be received until
5 prm. Dec. 8 by R. A. Grossan, City Treas., for $60,000 5% 20-yr. gold
refunding bonds.
Denom. $1,000.
Int. semi-ann. at the fiscalagency
of State of Oregon in N. Y. City.
Cert, check for 2% of bonds, payable to
Mayor, required.
Bids must be unconditional.
The legality of these
bonds will be approved by Storey, Thorndike, Palmer & Dodge of Boston,
whose unconditional opinion as to legality will be furnished purchaser.
SALE.—We are informed that on Nov. 17 the $480,000 5% 10(aver.) gold sewer bonds (V. 97, p. 1308) were awarded to Henry Teal
100.689 and int., a basis of about 4.91%. E. H. Rollins &
Sons of Chicago bid in joint account with the Continental & Commercial
Trust & Sav. Bank .Chicago, offering 100.33 and int.
There were nine
bids in all received for the issue.
BOND
yr.
of Portland at
CITY SCHOOL DISTRICT
be held Dec. 9 to vote
the
ST. JOSEPH, Berrien County, Mich.—BOND SALE.—On Nov. 19
the $50,000 43^ % public park bonds were awarded to E. H. Rollins & Sons
Continental & Commercial Trust &
Savings Bank of Chicago at
of
-
PERRY, Dallas County, Iowa.—BOND ELECTION PROPOSED.—
Reports state that a petition will be circulated in the near future asking for
construction bonds.
6% 20-yr. bonds to purchase the plant of the Roundup Water Co. (V. 97,
p. 1528).
The vote was 102 to 23.
street-impt. and $15,000 fire-apparatus 5%
was rejected, reports state.
Nov. 24
of N
Y
20-vear
for
bonds
SALIN5VILLE,
Columbiana County,
Ohio.—BOND SALE.—On
1-5-yr. (ser.) Main St. impt. (assess.) bonds
(V. 97. p. 1232) were awarded to the Citizens' Banking Co. of Salineville
for $12,575 (100.046) and int.
Sidney Spitzer & Co. and Spitzer, Rorick
6 Co. of Toledo each bid par.
Nov. 24 the $12,569 18 5%
,
PORT CLINTON
Ottawa County Ohio.—BOND
OFFERING —The
$30,000 municipal electric-light bonds voted Nov. 4 (V. 97. p 14481 'will be
offered for sale, reports state, oir Feb. 15 1914.
3
SAN
,
"
J
PORTER COUNTY (P. O. Valparaiso) Ind.—BOND
OFFERING —
Proposals will be received until 10 a. m. Dec. 3, it is reported bv B H
Urbahns, County Treasurer, for $7,400 4^% 10-year
highway-inapt, bonds'.
PRESCOTT SCHOOL DISTRICT (P. O. Prescott)
Yavapai Countv
Ariz.—BONDS VOTED.—The question of issuing
$95,000 building and
improvement„bonds carried, reports state, at the election held Nov °li.
PROTECTION,
Comanche
County,?f ans.—BOND: OFFERING
—
Further details ate at hand relative to the offering on Dec.
10 of the $30
000 5 %£, electric-light and water* bonds
(V.197,ip.fcl528).
Proposals for
-
the
MATEO, San Mateo County
Calif.—BOND SALE.—On Nov. 17
issues of 53€ % gold bonds, aggregating $89,000 (V. 97, p. 1370),
awarded, it is stated, to E. H. Rollins & Sons of San Francisco for
seven
were
$90,512, equal to 101.698.
SANTA ANA, Orange County, Calif.—BOND OFFERING.—Accord¬
ing to newspaper dispatchas, proposals will be received until 5 p. m. Jan. 5
1914 by J. C. Burke, City Clerk, for the $63,000 1-40-yr. (ser.) water-work*
and $12,000 1-24-yr. (ser.) fire 5% bonds voted Sept. 11 (V. 97, p. 907).
Int. semi-ann.
Cert, check for 5% required.
SAVANNAH SCHOOL DISTRICT (P. 0. Savannah), Andrew Coun¬
Mo.—NO BOND ELECTION.—We are advised that no election was
issuing $2,000 Beeler school-recomstruction bonds (V. 97, p. 1448.)
ty
held Nov. 19 to vote on the question of
,
SCHENECTADY COUNTY (P. O.
Schenectady), N. Y.—BOND OF¬
FERING .—Proposals will be received until 12 m. Dec. 8 by M. J. Rosa,
Co. Treas., for $100,000 4H% registered court-house and jail bonds.
Denom. $1,000.
Date Jan. 1 1913.
Int. semi-annual.
Due $2,000 yrly.
1 from 1914 to 1963 incl.
Principal and int. on bonds Nos. 1 to 50
incl. payable at the Schenectady Trust Co., and the principal and int. on
bonds Nos. 51 to 100 incl. at the Citizens' Trust Co. at Schenectady.
Jan.
national bank or trust company for 2% of
Co. Treas., required.
The legality of the
jssue will be examined into by Caldwell, Masslich & Reed, N. ;Y.t whose
favorable opinion will be furnished to purchaser. Bonds to be delivered on
Certified check (or cash) on
a
bonds bid for, payable to the
Dec. 8 at the office of the Co. Treas., or as soon
thereafter as completed.
accrued int. Bids to be made on blank forms furnished
by County Treas.
SOUTH ORANGE TOWNSHIP SCHOOL DISTRICT (P. O. South
Purchaser to pay
Orange), Essex County, N. J.—BOND SALE.—On Nov. 24 the $113,000
5% 26H-yr. (av.) school bonds (V. 97, p. 1528) were awarded, it is stated,
to John D. Everitt & Co. and A. B. Leach & Co. of N. Y. at their joint bid
Of 105.50.
■
v;
v
SOUTH PASADENA,
Los Angeles County,
Cal.—BONDS DE¬
FEATED.—Reports state that the proposition to issue the $300,000 water
bonds (V. 97, p. 1448) was defeated at the election held Nov. 20 by a vote
of 1,357 "for
to 772 "against."
A two-thirds majority was necessary
to authorize.
'
STAMFORD, Fairfield County, Conn.—BOND SALE.—the following
bids were received for the $30,000 5% 25-yr. public-impt. bonds offered
on Nov. 24.(V. 97, p. 1448);
R. L. Day & Co., Boston
*109.56 Spitzer, Rorick & Co., N. Y.108.291
Blodget & Co., Boston
109.40 Harris, Forbes & Co., N. Y.107.682
E. H. Rollins & Sons, Boston. 108.82 Hincks Bros.& Co., N. Hav.107.11
Estabrook & Co., Boston
108.55 Merrill, Oldham & Co., Bost.106.169
Curtis & Sanger, Boston
♦Successful bid.
.
108.32
•
„
STEGE SANTTARY DISTRICT (P. O. Stege), Contra Costa County,
Calif.—BONDS TO BE OFFERED SHORTLY.—Reports state that this
district will offer for sale in January 1914 the $75,000 sewer bonds (V. 97,
p.
1063.)
■
SULLIVAN COUNTY (P. O. Sullivan), Ind.—BOND OFFERING.—
According to reports, proposals will be received until 12 m. Dec. 12 by W. S.
Bicknell. Co. Aud.. for $6,798 5 % drainage bonds.
SUMMIT COUNTY (P.
O. Akron), Ohio,—BOND OFFERING.—
Proposals will be received until 11 a. m. Dec. 15 by C. L. Bower, Clerk.
Board of Commissioners, for $23,000 5% coupon bridge and "highwayconstruction bonds.
Auth. election held Nov. 4.
Date, "day of sale."
Int. A. & O. at office of County Treasurer.
Due $2,000 yearly on Oct. 1
from 1915 to 1924, inclusive, and $3,000 on Oct. 1 1925.
Certified check
for 5% of bid required.
SUNBURY, Delaware County, Ohio.—BOND OFFERING.—Proposals
Dec. 20 by Milton Utley, Vil. Clerk, for the
following 5H % bonds:
$1,800 Granville St.-paving and curbing bonds.
Denom. $180.
Due $180
yearly on Sept, 1 from 1914 to 1923 incl.
i-r
3,000 Harrison St.-impt. bonds.
Denom. $300.
Due $300 yearly on
Sept. 1 from 1914 to 1923 incl,
2,500 Letts Ave.-impt. bonds.
Denom. $250.
Due $250 yearly on
Sept. 1 from 1914 to 1923 incl.
Date Sept. 1 1913.
Int. M. & S. at office of Vil. Treas.
Cert, check
for 5% of bonds bid for, payable to Vil. Clerk, required.
Bonds to be
will be received until 1 p. m.
.
NEW
LOANS.
NEW
or
delivered and paid for within 10 days
each issue.
SERIAL
GOLD
Third: Issuance of $150,000 bonds to
will be received until 10 a. m. Dec. 19 by
of Commrs. (P. O. New Albany), for $93,000 6%
Denom. $500.
Int. ann.
Cert, check for 10% required.
C. S. Cullens, Clerk Bd.
1-20-yr. bonds.
TANGIPAHOA PARISH (P.
Reports state that an election will
SEPARATE SCHOOL DISTRICT, Lafayette County.
OFFERING.—This district is offering for sale $2,500 6%
C. E. Slouhg is attorney (P. O. Oxford).
TAYLOR
Int. semi-ann.
bonds.
O. Tiffin), Senaca County.
Education, John C. Royer.
auction at 2 p. m. Nov. 29 an issue or
$12,000 5% school-constr. and ground-impt. bonds.
Denom. $500. Date
Nov. 29 1913.
Int. M. & S.
Due $2,000 yearly on March 1 from 1915
TIFFIN CITY SCHOOL DISTRICT (P.
OFFERING.—The Board of
Ohio.—BOND
Clerk, will offer for sale at public
to 1920 incl.
,
Erie County, N. Y-—BOND OFFERING.—Further
3 of the $65,000 coup, or
reg. tax-free water refunding bonds (V. 97, p. 1529).
Proposals for these
bonds will be received until 8 p. m. on that day by the Common Council,
Chas. F. Wolf, City Treas.
Denom. $1,000.
Date Jan. 1 1914.
Int.
not to exceed 5% .payable J. & J. at office of City Treas. or at Chase Nat.
Bank, N. Y. C.
Due $3,000 yearly on Jan. 1 from 1915 to 1919 incl. and
$2,000 yearly on Jan. 1 from 1920 to 1944 incl.
Cert, check or draft for
$1,000, payable to City Treas., required.
Bonds to be delivered and paid
for on Jan. 2 1914.
The legality of these bonds wHl be approved by Dillon,
Thompson & Clay of N. Y. C., whose favorable opinion will be furnished
successful bidder.
'
TONAWANDA,
details
are at
hand relative to the offering on Dec.
TROPICO, Los Angeles County,
ports state that the question
the amount of such issue to
be sufficient to pay
ary
less
cancel
reverse
than
the
order of maturi¬
said
latest
amount
the
maturities
in
the
County,
New
until 7:30 p. m.
Board of Trustees, for $4,000 6% 10-20-year
(opt.) school-constr. and equipment bonds authorized at the election held
Oct. 11.
Denom. $500.
Date Dec. 1 1913.
Int. J. & D.
Cert, check
for $200, payable to J. D. Brown, Treas., required.
Bonded debt (incl.
this issue), $17,500.
Assess, val., $618,000.
A similar issue of,bonds was
reported sold to Causey, Foster & Co. of Denver on Aug. 18.
See V. 97,
p.
683.
,
LOANS.
NEW
LOANS.
$33,000
them
5% & 63^% Refunding Electric Light
exempt
from direct. taxation in
Louisiana, and are legal investments for guardians
and trustees and can be used as security for
deposits of the State,, and its several parishes,
municipalities and sub-divisions.
Acceptable as
security for Postal Savings Funds.
Legal for
investment by New York savings banks.
Bonds will be steel engraved and certified to as
to genuineness by a responsible trust company in
New Orleans or New York.
Supervision of legal
matters by Caldwell, Maslslich & Reed, attorneys,
New York, whose approving opinion will be fur¬
nished to purchasers without charge.
All bids must be on blank forms which, together
with additional information, will be furnished by
the undersigned, or said attorneys, or Continental
& Commercial National Bank, Chicago. All bids
must be accompanied by a certified check
upon
a solvent bank or trust
company of New Orleans,
New?York, or Chicago, payable to the State
Treasurer, for 2% of the par value of bonds bid
three
the lowest rate
or
interest.
Bids
Proposals should be sealed and marked
"Proposals, for Bonds," and mailed to the Treas¬
he will be
are
at
York,< until
of the Village
of Philmont,
N.
Y.
time of the delivery of the bonds to the
At the
purchaser,
obliged to pay the accrued interest in
addition to amount of the bid.
A certified check
centum of the amount of the bonds bid
for, payable to the Treasurer of the Village pf
Philmont, mhst accompany each bid.
JAMES HAYES, President.
for two per
and
Chairman
of
the
Board of Liquidation of the State
Bonds.
& Street Improvement
undersigned
Sealed bids will be received by the
of the City
M. FRIDAY,
at the office of the Board of Aldermen
of Statesville until 7 O'CLOCK P.
DECEMBER 5TH, 1913, for $8,000 5% twentyfive-year Refunding Electric Light Bonds, dated
October 1, 1913, due October 1, 1938, interest
payable semi-annually, both interest and prin¬
cipal payable in Statesville, N.C.; also $15,000
five per cent
thirty-year and
$10,000 5H%serial one to ten-year Street Improvement Bonds,
dated November 1, 1913, interest payable semi¬
annually, both principal and interest payable in
Statesville, N. C. •
The $8,000 Electric
Light Refunding Bonds
were voted twenty-five years ago, and are being
refunded by Special Act of the General Assembly
of North Carolina, session 1913.
The Street Improvement Bonds are issued to
pay off indebtedness already incurred by said
City for necessary expenses, and by authority con¬
ferred upon said City by its amended Charter
■
The assessed value for taxes
E. L.
.
1913, $3,200,000 00.
issues, $278,-
Total indebtedness, including thase
000 00.
Population, Census 1910,
4,600.
Pres¬
population, 6,500.
The City has never de¬
faulted in the payment of principal or interest
of any 'of its obligations.
No liquidation pending
or threatened regarding these issues.
CITY OF STATESVILLE.
ent
'
C.
D.
MOORE,
Treasurer.
HARDER,
GEO. J. SCUTT,
ABRAM PALEN,
EDWIN A. CARTER,
Trustees.
Bolger.MoSser&Willamah
MUNICIPAL BONDS
KENNIETH G. NEAL, Clerk.
Legal for Savings Banks.
$200,000.
Postal Savings and
Trust "Funds.
SEND FOR LIST.
MOBILE COUNTY, ALA.
ROAD
29 South La Salle
MUNICIPAL
of Revenue and Road Commis¬
Mobile County respectfully call for
bids for $200,000 00 in 5 per cent
twenty-year
Road Bonds.
Bids to be opened at noon of
The
sioners
Board
December 29th,
lars address
G.
E.
1913.
AND
RAILROAD
BONDS
of
Monday,
CHICAGO
St.,
BONDS
Bonds or interim certificates will be delivered
in New Orleans or Now York, at purchaser's
option, on January 2, 1914.
The right to reject any and all bids is reserved.
Baton Rouge, November 26. 1913.
L.
E.
HALL,
N. C.,
City of Statesville,
bonds.1
000.
Governor
O. Filer),
TWIN FALLS COUNTY SCHOOL DISTRICT NO. 5 (P.
Idaho.—BOND OFFERING .—Proposals will be received
Nov. 29 by S. G. Diehl, Clerk
will be received for the whole or any portion of said
urer
for.
of 123 "for" to 395
(P. O. Turlock), Stanislaus
County, Cal.—BOND OFFERING.—The District Directors will open bids
at 2 p. m. Dec. 15, it is stated, for $350,000 reservoir-construction and
canal-enlargement bonds.
TURLOCK IRRIGATION DISTRICT
proposals will be received by the Board
Trustees of the Village of Philmont, Columbia
order.
Bonds registrable as to pirincipal
alone, or principal and interest.
Denominations
of fully registered bonds $1,000, $5,000 and $10,-
reverse
Bonds
Cal.—BONDS DEFEATED.—Re¬
of issuing $80,000 bonds to purchase the plant
Tropico Water Co. was defeated by a vote
"against" at a recent election.
of
take
any part of an issue of 4 H % serial Gold Bonds
(with interest coupons) of the State of Louisiana,
be
.
Miss.—BOND
able at 104 and interest in
the
Capitol,
Baton Rouge,
until
Noon,
DECEMBER 8, 1913, for the purchase of all or
shall
bonds.
TAUNTON, Bristol County, Mass.—LOAN OFFERING.—Reports
proposals will be received until 4 p.m. Dec. 1 by the City Treas.
for a loan, at discount of $100,000 maturing Nov. 10 1914.
;
state that
$10,567,470 bonds of said State maturing Janu¬
1, 1914.
Issued pursuant to Constitution of 1913, which,
by self-executing
enactment;
levies
sufficient
taxes to pay maturing pprincipal
and interest.
Dated January
1, 1914.
Principal and semi¬
annual interest (February 1 and August 1) payable
in gold in Baton Rouge, New Orleans or New
York, at holder's option.
Denomination to suit
purchaser.
Maturing
Serially August 1, 1915
to 1964.
Average maturity of $10,567,470 bonds
approximately. 35 years; any excess over said
amount shall mature August 1, 1964.
Redeema-
at
issue
O. Amite), La .—BOND ELECTION.—
be held Dec. 16 to submit to a vote the
question of issuing $700,000 good-roads
o'clock in the
afternoon on the 12TH DAY OF DECEMBER,
1913, for the purchase of Eight Thousand Dollars
($8,000) of bonds of said Village, being bonds
authorized - pursuant to a proposition adopted
at a Special Election of said Village of Philmont,
held on the 21st day of October, 1913; bonds to
be of the denomination of. One thousand Dollars
($1,000) each, and to be dated October 15th,
1913, and the first bond to be due and payable
October 15th, 1918, and annually thereafter one
Of said bonds to become due and payable on the
fifteenth day of October in each and every year
to and including the fifteenth day of October,
1925, with interest thereon, payable semi-annually
on
the fifteenth days of ApcR-s^amd October in
each year.
The first paymottt ofinterest to be
due and payable on April 15th, 1914.
The bonds
are to be sold to the person or persons who will
If
Union County, Miss.—
TALLAHATCHIE DRAINAGE DISTRICT,
BOND OFFERING.—Proposals
Sealed
of
reduction
build both the tide-flats line and the
line to Titlows Beach.
BONDS.
'
BONDS
Sealed bids will be received by the undersigned
ties.
"
Less.)
Louisiana
of
Separate bids
ELECTION.—An election will be held
Dec. 30, it is stated, to vote on the following questions: First:
Issuance of
$87,000 bonds to build tide-flats car line.
Second: Construction of munici¬
pally-owned car line from the tide-flats, out Sixth Ave., to Titlows Beach.
Wash.—BOND
TACOMA,
Village of Philmont, Columbia County,N.Y.,
State
from time of award.
must be made for
$8,000
SIO,567,470
(More
1609
CHRONICLE
THE
NOT. 29 1913.]
LIST
ON
APPLICATION
For particu¬
STONE, County Treasurer.
Debt of Louisiana.
SEAS0NG0OD & MAYER
Building
Ingalls
CINCINNATI
F.
WM.
BLODGET & CO.
KRAFT
LAWYER.
Manidpal and Corporation
Bonds
EDWARDS
Tribune Building,
60 STATE STREET.
30 PINE STREET.
NE T YORK
NEW YORK, N. Y.
FOR SALE.—Timber, Coal, Iron, Ranch and
other properties.
BOSTON
.
BANK BLDG..
CHICAGO, ILL.
B.
BRO KER
Specializing in Examination of
1037-9 FIRST NATIONAL
GEO.
BONDS
Confidential
Negotiations, ' Investigations.
Purchases of Property
Settlements
STATE, CITY & RAILROAD BONDS
United States
West Indies.
Canada. Meaico.
1610
THE
CHRONICLE
VALDOSTA, Lowndes County, Ga.—BOND SALE.—On Nov. 18 the
w
two issues of 6% bonds aggregating $50,000 were awarded, it is stated, to
J. H. Hilsman & Co. of Atlanta at 100.022.
These bonds were offered for
sale Nov. 5 but the bids received on that day were rejected (V. 97, p. 1232).
COUNTY (P. O. Raleigh), No. Caro.—BOND ELECTION
PROPOSED.—The County Commissioners have been requested to call an
election to vote on the issuance of $50,000 bonds to build a school at Glen-
.;yY,-
■:
the issuance of $250,000 Precinct No.
WASHINGTON COUNTY (P. O. Salem), Ind.—BOND SALE.—On
Nov. 22 the two issues of 4}4 % 5 K-year (aver.) gravel-road bonds aggre¬
gating $23,400 (V. 97, p. 1449) were awarded to J. P. Wild & Co. or In¬
dianapolis for $23,527 60 (100.545) and int.
Other bids were:
Farmers' State Bank, Salem
$80 70 premium
Bank of Salem,
Salem.
__i_
/_
70 20 premium
E. M. Campbell & Sons Co., Indianapolis---..$48 10 prem. and interest
Evansville Securities Co., Evansville..
—$25 00 premium
.
C.
H.,
Fayette
Ohio.—BOND
County,
,
Tyler, Philadelphia
$76,972
Blodget & Co., New York 76,965
KountzeBros., N. Y
76.807
Peck, Rasmus & Tfuesdale, New York
76,616
SALE.—
On Nov. 21 the two issues of 5% bonds (V. 97, p. 1232) were awarded, it is
as follows:
Y; ""••••• •.; ;
'"•'■Y''-'Y''Y;'---'.'' V'YYY"r
50 Remick,Hodges&Co.,N.Y. 76,005 75
00 Kissel, Kinnicutt & Co.,
New York..—_______ 75,847 50
C. C. Harrison Jr. & Co.,
New York
47
No.
yv
Caro.—-BOND SALE.—The $10,000 6% road bonds (V. 97,
awarded
on
WINBER,
1371)
,v
p.
Nov. 22'to Stacy & Braun of Toledo at 100.257 and int
Somerset
County,
Pa.—BOND
OFFERING.—Proposals
will be received until 8
p.m. Dec. 2, it is stated, by O. M. Young, Boro.
Sec., for $10,000 5% 20-yr. municipal-impt. bonds.
WOBURN,
learn
that
Middlesex
a
1-yr.
ticipation oi
taxes
Boston at
46,000 Edgar M. Haas et al highway bonds.
Denom. (20) $300, (80)
$500.
Due$2,300 each six months from May 15 1915 to Nov. 15
-
75,362 25
WILLIAMSTON TOWNSHIP (P. O. Williamston), Martin County,
were
'
1924 inclusive.
Date Dec. 6 1913.
Int. M. & N.
SALE.—On Nov. 21
Harris. Forbes & Co..N.Y. 75,315 75
__
Proposals will be received until 12 m. Dec. 6 by Albert N.
Channess,
Co. Treas., for the following 4H% highway-impt. bonds.
$49,000 Wm. B. Barton et al highway bonds.
Denom. (20)
$450, (80)
$500.
Due $2,450 each six months from May 151915 to Nov.15
-
,
00
...
$2,250 2)^-year (aver.) North St. (assess.) bonds to the Commercial Bank
of Washington C. H.
10,000 12K-year (aver.) motor-driven fire-apparatus bonds to N. W. Halsey & Co. of Chicago at 101.57.
WAYNE COUNTY (P. O. Richmond), Ind.—BOND OFFERING.—
inclusive.
1 bonds.
WILKES-BARRE, Luzerne County, Pa.—BOND
stated,
1934
SALE.—The
the $75,000 4^ % 4-29-year
(ser.) impt. bonds (V. 97, p. 1371) were awarded
to E. H. Rollins & Sons of Boston at 102.778.
Other bids were:
Montgomery, Clothier &
N. W. Halsey & Co., N.Y.$76,327 50
,
WASHINGTON
Ind.—BOND
WHARTON COUNTY (P. O. Wharton), Tex.—BONDS VOTED.—
According to local newspaper reports, this county recently voted in favor of
It is reported that this election will doubtless take place early in
;
Bluffton),
O.
WEST ALEXANDRIA,LPreble County, Ohio.—BOND OFFERING.—
Proposals will be received until 12 m. Dec. 15 by G. Davis,
Village Clerk,
for $4,300 5H% coupon taxable
street-impt. bonds.
Denom. (1) $800,
(7) $500.
Date Sept. 22 1913.
Int. A. & O. at office of Village Clerk.
Due one bond yearly
beginning Oct. 1 1915.
Certified check for 5% of
bonds bid for, payable to
Village Treasurer, required.
Bonds to be deliv¬
ered and paid for within 10
days from time of award.
Purchaser to pay
accrued interest.
Bonded debt Nov. 26, $13,000.
Assessed value 1912.
$1,218,020.
These bonds were offered Sept. 22 but were not sold on that
day because of a discrepancy between the ordinance and notice of sale.
V. 97, p. 908.
bonds.
January.
(P.
Fletcher-American Nat. Bank of Indianapolis has purchased $28,000 gravelbonds, according to reports.
WAKE
wood.
COUNTY
xcvii.
road
VAN WERT COUNTY (P. O. Van Wert), Ohio—BOND
OFFERING
—Proposals will be received until 1p.m. Dec. 10 by the County Commis¬
sioners, Chas. Showalter, Clerk, for $16,500 5% ditch-improvement bonds.
Denom.$500.
Date Jan. 1 1914.
Int. semi-annually at County Treasury.
Due $5,500 on Jan. 1 in 1915,1916 and 1917.
Certified check for $100 on a
Van Wert bank required.
Bids to be unconditional.
Purchaser to furnish
blank
WELLS
[Vol.
loan
County,
Mass.—TEMPORARY LOAN.—We
of $20,000 dated Nov. 24
1913,
Nov. 21 negotiated with Blake
issued
was on
4-07% discount.
in
an¬
Bros. & Co. of
:Y.
WOONSOCKET, Providence County, R. I .—TEMPORARY LOAN .—
According to reports, a loan of $350,000, maturing May 5 1914 has been
negotiated with Bond & Goodwin of Boston.
.
WYANDOTTE SCHOOL DISTRICT (P. O.
Wyandotte), Wayne
County, Mich.—BONDS VOTED.—The question of issuing the $12,500
McKinley school impt. bonds (V. 97, p. 1159) carried, reports state, at the
election held Nov. 24 by a vote of 262 to 104.
WAYNE TOWNSHIP (P. O. West Point), Tippecanoe County, Ind.
OFFERING.—Additional information is at hand relative to the
—BOND
offering on Dec. 1 of the $8,400 4K% high-school-impt. bonds (V. 97, p.
1530).
Proposals for these bonds will be received until 10 a. m. on that
day by Chas Turner, Twp. Trustee.
Denom. $525.
Date Dec. 1 1913.
Int. J. & J.
Due $525 each six months from July 15 1915 to Jan. 15 1923
■
YOUNGSTOWN, Ohio.—BOND SALE.—Of the fifteen issues of 5%
90up. or reg. bonds, aggregating $248,260, offered on Nov. 17 (V. 97, p.
inclusive.
1233), the following have been awarded
MISCELLANEOUS
to
Sidney Spitzer & Co. of Toledo:
MISCELLANEOUS.
OFFICE OF THE
H.
ATLANTIC MUTUAL INSURANCE COMPANY.
New
York,
January
22d.
M.
Incorporated
1913.
The Trustees, in conformity with the Charter of the Company, submit the following statement of its affairs on tht
Slst of December, 1912.
"
,
■
The Company's business has been confined to marine and inland transportation insurance.
,
Premiums
on
Premiums
on
such risks from the 1st January, 1912, to the 31st December, 1912
Policies not marked oft 1st January, 1912--.-
Total Premiums
a.
.
...
Premiums marked oft from January
.
|.
1st, 1912, to December 31st, 1912.....
'
"
-
;
Returns
*
Re-insurances
,
Discount
of
Purchase, Finance, Construct and
Operate Electric Light, Gas, Street
Railway and Water Power Prop¬
............$4,055,834 06
475,863 41
$197,204 74
544,016 02
a
195.79
......
.
$2,104,257 48
*
Y.;.;Y YYYY; YYY':
••'Y\
Trinity Bldg.
erties.',, "
Losses paid during the year..
Less Salvages
.
New York
Insurance Ex. Bldg.
.$4,822,884 99
-
Interest on the Investments of the Company received during the year--w.$302,088 79
Interest on Deposits in Banks and Trust Companies, etc
42,787 34
Rent received less Taxes and Expenses....
130,987 28
Chicago
.
r$4,069,457 60
753,427 33
...
Byllesby & Co.,
"
Y
Examinations and Reports
741,416 55
$U62,840^93
■
Premiums..
Utility Securities Bought and Sold
$91,649 80
Expenses, including officers' salaries and clerks' compensation, stationery, advertise¬
ments, etc
a.
563,285 21
....
A dividend of interest of Six per cent on the
Hand-Book of Securities
outstanding certificates of profits will be paid to the holder-
thereof,
or their legal representatives, on and after Tuesday the fourth of February next.
The outstanding certificates of the issue of 1907 will be redeemed and paid to the holders thereof, or theL
legal representatives, on and after Tuesday the fourth 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 ef Forty per cent Is declared on the earned premiums of the
July 1913 Edition.
Company for the year ending 31st
December, 1912, which are entitled to participate In dividend, for which, upon application, certificates will bt
on and after Tuesday the sixth of May next.
By order of the Board,
Q. STANTON FLOYD-JONES, Secretary.
DESCRIPTION
PRICES
INCOME
DIVIDENDI
Issued
Y'' For
y
series of
a
TRUSTEES.
JOHN N. BEACH,
HERBERT L. GRIGGS,
ERNEST C. BLISS,
VERNON H. BROWN,
WALDRON P. BROWN;
JOHN CLAFLIN
ANSON W. HARD,
THOMAS H. HUBBARD;
LEWIS CASS LED YARD,
CHARLES D. LEVERICBC;
GEORGE H. MACY,
NICHOLAS F. PALMER.
GEORGE C. CLARK,
CLEVELAND H. DODGE;
CORNELIUS ELDERT,
"
RICHARD H. EWART,
PHILIP A. S. FRANKLIN!
HENRY
ADOLF
PARISH,
PAVENSTEDT;
JAMES H. POST,
CHARLES M. PRATT,
DALLAS B. PRATT,
Price
To
GEORGE W. QUINTARD;
ANTON A. RAVEN,
JOHN J. RIKER,
DOUGLAS ROBINSON,
WILLIAM J. SCHIEFFELINs
WILLIAM SLOANE,
LOUIS STERN.
WILLIAM A. STREET:
GEORGE E. TURNURE.
A. A. RAVEN, President..
CORNELIUS ELDERT, Vice-President.
WALTER WOOD PARSONS, 2d Vice-President.
CHARLES E. FAY, 3d Vice-President.
'
JOHN H. JONES STEWART, 4th Vice-President.
<1
of
Single
Copies
Subscribers of
The
the
Hand-Book
Brokers
with
their
years.
...
Chronicle
Is
Issued
cards
•
.
$109
,
7$
Bankers
to
in gilt
lettered
and
on
tb#
outside oover (In quantity) at special rates
Y
/
"
;Y 'Y*
.
•-
Y
'•/.
.
Commercial
}Y-
..1
& Financial
-
•
Y
Chronicle
Front, Pine and Depeyster Sts.
NEW
YORK
BALANCE sheet,
Y
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
LIABILITIES.
Estimated Losses and Losses Unsettled
$670,000 00
—
1,777,900 00
2,716,537 00
282,520 00
.
in Banks and Trust
Deposits
Companies
.......
900.000 00
Real Estate cor. Wall and William Streets
and Exchange Place, containing offices
Real Estate en Staten Island (held under
provisions of Chapter 481,Laws of 1887)
—
European Bankers to
pay losses under policies payable In
foreign countries
—
Cash In Bank
ary
1913).
75,000 00
592.766 69
Premium Notes
Bills Receivable
r ash in hands of
.......
Temporary Investments
4,299.426 04
in process of Adjustment$2,174,058 00
Premiums on Unterminated Risks
767,050 94
Certificates of Profits and Interest Un¬
262,924 05
paid
:.
Return Premiums Unpaid
104,322 76
..........
FOR 30 TEARS,
...
Reserve for Taxes.
................
Re-Insurance Premiums
Claims not Settled, including Compen.....
*
satlon
etc
110,025 19
1883—1913
203,735 55
82,698 09
Certificates of Profits Ordered Redeemed,
Withheld for Unpaid Premiums
...
Certificates of Profits Outstanding......
OUR
22,556 09
7,293,220 00
Gives
a
1888
$13,623,851 38
$11,020,590 67
Thu^ leaving a balance of
—$2,603,260 71
Accrued Interest on Bonds on the 31st day of December, 1912, amounted to...................
Rents due and accrued on the 31st day of December, 1912, amounted to
Re-Insurance due or accrued, In companies authorized in New York, on the 31st day of December,
1912, amounted to
Unexpired re-insurance premiums on the 31st day of December, 1912, amounted to
Note: The Insurance Department has estimated the value of the Real Estate comer Wall and
William Streets and Exchange Place in excess of the Book Value given above, at...—
And tlye property at Staten Island In excess of the Book Value", at
The Market Value of Stocks, Bonds and other Securities on the 31st day of December, 1912,
ceeded the Company's valuation by..
...........
monthly range of Stock and Bond
Prices for five years.
400,875 00
>79 tbe basis of these Increased valuations the balance would be
ANNUAL
The Financial Review
615,303 16
298,641 20
994,882 29
(payable Janu¬
.........
RANGE OF PRICES
......
$40,804 9&
26,696 99
257,330 00
47,650 3'J
issue ii
gives
1883-1887
"
"
1888-1892
1898
M
-
M
1893-1897
1903
"
M
-
1898-1902
1908
-
"
"
1903-1907
1913
M
1908-1912
$2.21 PER COPY
Commercial &
138
.......$5,185,044 28
*•'"
»
supply
"
PRICE
1,695,027 24
can
1893
450,573 96
63,700 00
ex¬
which
We
Financial
Front
NEW
Street
YORK
Chronicle
Nor. 29
$11,040 Emma St. paving for $11,072
$4,220 Walter St. paving for $4,228
5,990 Fairmont Ave. pav.for
4,260 Lawrence St. pav.for
4,268
7.045 Lansing Ave. pav. for
4,062
O. E. Denison & Co. of Cleve. bid $11,045 60 for Emma
pav.
The $200,000 15-yr. water-works-ext. bonds were
—i—ji
ir\A oo
Other bids for this issue were:
6,001
St.
bonds.
awarded to Hayden,
o.
Miller & Co. of Cleveland at
1611
CHRONICLE
THE
1913.]
and $7,500 town-hall
in the near future.
LOWER BEAVER LODGE SCHOOL DISTRICT NO. 2812, Alta.—
DEBENTURE SALE.—An issue of $450 8% debentures, dated Aug. 25
1913, was sold recently to the Alberta School Supply Oo. of Edmonton at
$103,547 water-works, $57,700 sewerage system
completion debentures will be submitted to a vote
104.82
Breed,Elliott&H arris'n.Cin 1 $206,060
N.Y.$209.162
Clev. 208 626 Mayer Deppe&Walter,Cin.J
Sidney Spitzer & Co., Tol__ 205,453
R. L. Day & Co.. Boston.. 208,378
Stacy & Braun, Toledo
205.151
Estabrook & Co., Boston.. 207,620
A. E. Aub & Co., Cin
205,040
Weil, Roth & Co.. Cin
206,666 Field, Longstreth & Rich¬
Otis & Co., Cleve., and Cur-1206,100
ards. Cincinnati
203,380
tis ra
& oangtsr.
lis
Sanger. nusiuu
Boston
jJ
iir
21 r
Hayden, Miller & Co. agreed, it is stated, that in the event of their being
awarded the $200,000 water bonds, they would accept the following at par:
«o nnn
xr n,nccwal1r hrvndH
$3,610 Salt Spring
Snriner St. grading
crraninar bonds
hnnrts
$2,000 sidewalk & crosswalk bonds
2.995 Hezlep et al. st. sewer bonds
900 Sewer-repair bonds
3,630 Madison Av. dist. sewer bds.
465 Palm St. grading bonds
1,085 State St. sewer bonds
685 Flemming St. paving bonds
335 Coral St. grading bonds
Harris, Forbes & Co.,
O. E. Denison & Co.,
Due yearly Dec. 25
90.
inclusive.
1914 to 1918,
PETERBOROUGH COUNTY (P. O. Peterborough), Ont.—DE¬
BENTURE SALE.—An issue of $10,000 5%
debentures was recently
awarded to Wood, Gundy & Co. of Toronto, it is stated.
Due in 20 in¬
stallments.
PETROLEA,
Ont.—DEBENTURE SALE.—The $7,000 5%
it is reported, to A. E. Ames
(V. 97, p. 1234) were awarded,
Due in 20 installments.
debentures
& Co. of To¬
.
ronto.
(P. O. Yuma), Ariz.—BOND OFFERING.—Proposals
until 10 a. m. Dec. 12 by the Bd. of Sups., Roy Hansberger,
5% highway-impt. bonds.
Denom. $1,000. Date
J. & D. in gold or N. Y. exchange at office of Co.
Treas.
Due $25,000 yearly on Dec. 31 from 1943 to 1952 incl.
Cert,
check on some national bank for 5% of bid, payable to County Treas.,
required.
These bonds are part of an issue of $500,000 authorized by vote
of536 to 99 at an election held Sept. 27 (V. 97, p. 1450).:^ Official circular
states that there has never been any default in the payment of any of the
county's obligations, nor has there been any controversy or litigation pend¬
ing or threatened concerning the validity of these bonds, the corporate
existence or boundaries of the municipality or the title of the present officers
to their respective offices.
YUMA COUNTY
will be received
Clerk, for $250,000
Dec. 31 1913.
Int.
$209,731
Ont.—DEBENTURE SALE.—An issue of
PORT ARTHUR,
awarded to the Dominion Securities
29-year debentures was recently
Corp. of Toronto, reports state.
4H %
PORT STANLEY,
Ont.—DEBENTURES NOT SOLD.—No award has
5-installment improvement debentures offered
1309).
RENFREW, Ont.—DEBENTURE ELECTION PROPOSED.—The ques¬
tion of issuing $10,000 town-hall and municipal office debentures will be
voted upon in the near future, it is stated.
."
'
ST. MARY'S, Ont .—LOAN DEFEATED.—The by-law to loan $50,000
been made of
the $3,450 6%
on
Nov. 10 (V. 97, p.
to
the Carter
Milling Co. was defeated on Nov.
20 (V. 97, p. 1309).
STE. MARIE, Ont.—LOAN VOTED.—Reports state that a
by-law providing for a loan of $20,000 a year for 20 years, as a bonus to
the Lake Superior Drydock & Shipbuilding Co.. carried at a recent election.
SAULT
STRATFORD,
Ont.—DEBENTURES DEFEATED.—The by-law pro¬
viding for the issuance of the $20,000 fire-apparatus debentures
1065) failed to carry, it is stated, at a recent election.
(V. 97, p.
TACHE RURAL MUNICIPALITY, Man.—DEBENTURE ELECTION.
—An election will be held Dec. 16 to submit to a vote the question of issuing
Canada, its Provinces
and Municipalities.
EASTWAY SCHOOL DISTRICT NO. 2904 (P. O. Eastway), Alta.—
DEBENTURE SALE.—An issue of $1,500 8% site-purchase and building
debentures was purchased on Aug. 26 by the Western School Supply Co.
of Regina at 95.
Date Aug. 26 1913.
Int. ann. on Feb. 26. Due part
1915 to 1924 incl.
♦
ELORA, Ont.—DEBENTURE OFFERING.—Proposals will be received
until 12 m. Dec. 1 by Henry Clarke. Vil. Clerk, for the $10,000 5% coup,
^electric-power debentures voted Nov. 3 (V. 97, p. 1160).
Denom. n>t
less than $100.
Date Dec. 1 1913.
Int. ann. on Dec. 1 at office of Vil.
Treas.
Due in 25 annual installments beginning in 1914. •
HUMBOLDT, Sask.—DEBENTURE ELECTION PROPOSED.—It 1*
reported that the questions of issuing $20,500 electric-light system ext.|
yearly Feb. 26 from
$45,000 5% road-impt.
Due in ann. installments of prin. &
debentures.
int.
of
C.—DEBENTURE SALE.—According to reports, an issue
$100,000 5% 20-year debentures was recently awarded to Spitzer, Rorick
&
Co. of Toledo.
VERNON, B.
ELECTION
Sask.—DEBENTURE
WATROUS,
PROPOSED.—Ac¬
electric-
cording to reports, a by-law providing for the issuance of $8,500
light-plant debentures will be submitted to a vote in the near future.
WILKIE, Sask .—DEBENTURE
McKinnon & Co. of Toronto were
53^% 15-year debentures.
WINGHAM,
#
SALE.—According to reports, W. L
recentiy awarded an issue of $13,200
-
Ont.—DEBENTURE SALE.—The Dominion Securities
has purchased $4,700 5% debentures, it is stated.
Due
Corp. of Toronto
in 5
installments.
TRUST COMPANIES
ENGINEERS
CHARTERED 185S.
THE J. G. WHITE COMPANIES
CNGINEERS
-
45-47
MANAGERS
Capital,
FINANCIERS
-
-
-
WALL STREET
$2,000,000 00
-
■
$.14,025,643 12
Surplus and Undivided Profits
43
Exchanga Placs,
-
NEW YOfU
This Company acts as Executor, Administrator^
Depositary and in other recognized trust capacities.
It allows interest at current rates on
London
San Francisco.
Chicago,
Manila, Para, Buenos Aires, Santiago,
Chili-
Tt holds, manages
Charles D. Roblsot
FORSTALL
AND
Electric
'
Institutions.
«4 William
and
NEW YORK CITY
and other property, real or
President.
WILFRED J. WORCESTER. Secretary
CHARLES A. EDWARDS, 2d Asst. Secy.
TRUSTEES
ALEXANDER E. ORR
WILLIAM D. SLOANE
*
FRANK LYMAN
of
JOHNCLAFLIN
JOHN J. PHELPS
the Board
KINGSLEY
STEWART TOD
WILLIAM M.
LEWIS CASS LEDYARD
LYMAN J. GAGE
PAYNE WHITNEY
EDWARD W. SHELDON
WILLIAM
OGDEN MILLS
EDGERTON L. WINTHROP
CHAUNCEY KEEP
GEORGE L. RIVES
ARTHUR CURTISS JAMES
JAMES STILLMAN
St.,
SHELDON,
JOHN A. STEWART, Chairman
WILLIAM ROCKEFELLER
Appraisals of Gas and
Properties for Owners or Financial
Investigations
.
individuals.
WILLIAM M. KINGSLEY, Vice-President
WILLIAMSON PELL, Asst. Secretary
ROBISON
ENGINEERS
W.
Guardian, Trustee, Court
deposits.
and invests money, securities
personal, for estates, corporations and
EDWARD
Alfred E. Forstali
of New York
United States Trust Company
CORNELIUS N. BLISS JR.
HENRY W. de
FOREST
ROBERT I. GAMMELL
..
C. G. YOUNG
CHARTERED
Engineering and Construction
Plans, Methods, Examinations
Public Utilities and Industrials
UNION TRUST COMPANY OF NEW YORK
REPORTS FOR FINANCING
Bankers Trust Bldg., New
MAIN
Alten S.
Modern Safe Deposit Vaults at
Miller
Capital $3,000,000
'
Power-—Light—Gas
NEW
1«5 BROADWAY
ALLOWS INTEREST
Executor, Guardian, Trustee,
Capacities
H.
Engineers and
Administrator and in all Fiduciary
behalf of Individuals, Institutions or
Corporations.
A CO.
Geologists
COAL AND MINERAL PROPERTIES
Examined, Managed,
Drexel Bldg.
ON DEPOSITS
ENGINEERS
M. CHANCE
Mining
on
60th St.
both Branches.
Surplus (earned) $5,300,000
YOR*
Acts as
MINING
Plaza Branch,
786 Fifth Avenue, corner
88th St.
HUMPHREYS & MILLER,Inc
ENGINEERS
OFFICE, 80 BROADWAY
Fifth Avenue Branch,
York
425 Fifth Avenue, corner
Alex* O. Humphreys
1864
Appraised
PHILADELPHIA, PA.
Acta as
Girard
Executor,
Trustee,
Administrator,
Guardian,
Trust Company
PHILADELPHIA
Chartered 1836
Receiver,
CHRONICLE VOLUMES
FOR SALE
Registrar
and
Transfer
Agent.
Interest
allowed
CAPITAL and SURPLUS, $10,000,000
Second-hand volumes in good condition for
years
prior to 1908.
on
COMMERCIAL & FINANCIAL CHRONICLE
138 Froat St., New York
deposits.
E. B, Morris,
President*
1612
THE
CHRONICLE
Hsmluxs and Qxotizx*
PITTSBURGH
[Vol.
gnu
LOS ANGELES
(AN
Donner, Chllds A Woods
TORRANCE, MARSHALL ft CO.
INVESTMENTS
INVESTMENT SECURITIES
Union Bank Building.
LOS
PITTSBURGH, PA.
ANGELES
ALASKA COMMERCIAL
SAN FRANClSGO
:
C. M. Barr & Company
TAX-FREE IN
To
Net 4.20%
188?
WILLIAM R. STAAib
to 4.30%.
TO YIELD
TO YIELD 4)4% TO 8%
SAN FRANCISCO
*
A5AIJJBN A
.
SAN FRANCISCO
PASADENA
Quotations and
Paolflo
Perrin
Taylors CD.
SUTRO
(INCORPORATED
Information
Furnished
investment
on
PITTSBURGH SECURITIES.
BALLARD A
los
LOS ANGELES
Information
Coast
Established
Drake & Riley
BUFFALO
4
•
Offerings Solicited
Quotation* and
■
california
^
PITTSBURGH
,i'
Municipal and Corporation Bonds
4J4% TO 8%
LOS ANOELES
Pennsylvania Municipal Bonds
HP
r.
WILLIAM R. STAAiS CO,
CO.,
Municipal and Corporation Bonds
WE WILL BUY
NEW YOBS
BUILDENGI
SAN FRANCISCO.
CALIFORNIA
commonwealth bldg., pittsburgh
i
.
v;;: -V■ Established 1887
Established
BONDS
PENNSYLVANIA.
FRANCISCO
LOUIS SLOSS & CO.
if embers New York Stock Exchange.
Pittabnreb
Block Exchange. Chicago Board of Trade.
MUNICIPAL
xoni.
securities
1858
CO.
A
INVESTMENT BROKERS
San Francisco
Members
410 Montgomery St.
angeles
Furnished
Seourltleo
San Francisco Stoek MM
Bond Exchange
McCONNEL
Members Pittsburgh Stock Exchange
3tamaionwealth BIdg.,
Southern
PHILADELPHIA
W.
ARONSON-GALh CO.
PITTSBURGH. PA.
California
Herman W. Hellman
G. HOPPER.
H. s. HOPPER.
Members of Philadelphia Stock Exchange.
GOODWIN, GARBY & HOLTON, INC
SAN
Securities
FRANCISCO. CAL.
Municipal and Corporation
BIdg.
,
LOS ANGELES,
CAL.
BONDS
Wm. G. Hopper & Co.
CALIFORNIA SECURITIES
SEATTLE,
STOCK AND BOND BROKERS
18 South Third Street,
PHILADELPHIA
WASH.
Bonds originating in the
Investments receive our special attention.
In¬
formation cheerfully furnished regarding present
PACIFIC
holdings or proposed Investments.
Jacob Forth
j.
w.
SPARKS
A
CO.
Thf Bourse, Fourth Street.
Philadelphia.
G.
BLYMYER
John Davis
V. D. Miller
A
CO,
CALIFORNIA
MUNICIPAL BONDS
,J. B. Partlek
F. K. Strove
454 California St..
SAN
FRANOIOOG
DAVIS &STRUVE BOND CO.
(PHILADELPHIA STOCK EXCHANGE
(NEW YORK STOCK EXCHANGE
(CHICAGO
G.
NORTHWEST
SEATTLB
PORTLAND,
ORE.
BOARD OF TRADE
LOUISVILLE
BALTIMORE
j. J. B. HILLIARD & SON
MORRIS BROTHERS
PORTLAND
PHILADELPHIA
LOUISVILLE. KY.
COLSTON, BOYCE & CO.,
BANKERS AND BROKERS
INVESTMENT BONDS
Members Baltimore Stock Exchange
NEW
Municipal and Corporation
BONDS
STREET RAILWAY SECURITIES
A Specialty
baltimore, washington
YOR
PACIFIC
COAST
SECURITIES
A
SPECIALTY
Correspondents: WALKBB BROS., 71 B'way, IT. T.
and
southern securities
HENNING, CHAMBERS & CO.
ATLANTA
Tennessee Railway, Light & Power
HALL
&
LEWIS
Commonwealth Power, Railway & Light
SOUTHERN
MUNICIPALS
Investment Bonds
ortland Railway, Light & Power
'
'
LOCAL
yielding
404 W.
4% to 6%
Main
Local
SECURITIES
St.,
Louisville, Ky.
Lewis
Securities
.Building,
PORTLAND, ORE.
MEMBERS:
Robinson - Humphrey • Wardlaw
ATLANTA,
Co,
Neyr York Stock Exchange
Louipvllle Stock Exchange
-
AUSTIN, TEXAS.
GEORGIA
John W. & D. S. Green
THE ATLANTA TRUST COMPANY
Atlanta, Ga.
flapital, Surplus and Profits, $625,000
BONDS
Rochester Railway 1st & Sd Mtge. Is
Buffalo Railway 1st Consol Is
Buffalo Crosstown 5s
Louisville Henderson & St. Louis 1st Is
International Ry. 5s
Henderson Bridge 6s
Texas
Bonds
and
Investments
Splendid propositions In farming,
mineral and large ranch lands.
SMITH
&
FULMORE
AUSTIN
TEXAS.
Paul H. Smith
S. R. Fulmore
Former State
LOUISVILLE. KY.
Former Chf. Clk. and
certf. Clk. Atty' Gen'ls
Bank Examiner.
Georgia Municipal
Southern Public
High-Grade
bond
Dept.
NASHVILLE
Service
PORTLAND, OREGON
HENRY
PORTLAND, MAINE
S.
FRAZER
NASHVILLK
H.
M.
PAYSON
&
CO.
Investment Bankers
93
ladd &
Cumber. Tel.& Tel. Co. 1st Cons. 5% Bonds
Nashville Ry. & Lt. Co. Bonds
Tennessee Power Co. Securities
BOUGHT
AND SOLD
NORFOLK, VA.
MAINE
-
bank
OREGON
Established 1859
Capital Fully Paid
•
$1,000,004
Surplus 6 Undiv'd Profits $1,200,004
EXCHANGE ST.
PORTLAND
tilton
PORTLAND,
OFFICERS
MOTTU &
MOBILE
CO.
Established 1892.
macartney
& schley
STOCKS AND BONDS.
MOBILE.
-
-
ALABAMA
NORFOLK. VA.
>
PARIS. 134
NEW YORK
60 Broadway
rue
de Rivoll
W. M. Ladd, President.
E. Cookingham, V.-Pres.
Interest paid on Time Deposits and Savings Aeeooau
Accounts
of
Individuals
furnish
INVESTMENTS
R. S. Howard. Asst. Gash
J. W. Ladd. Asat. Cash
W. H. DunckJuy, Cashier. W. M.
Cook, Asat. Cash.
Banks,
Firms,
solicited.
We
depositors every
ent
with
Corporations
are
prepared
as-
te
facility consist¬
good banking.
@FedFRASER