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financial
TO.
lirtnurie
animal
VOL. 99 OCTOBER 10 1914
NO. 2572 I
Published every Saturday morning by WILLIAM B. DANA COMPANY,
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G.
Dana.
Vice-Presidents; Arnold G. Dana,Sec Addresses of
all. Office of the Company.
CLEARINGS-FOR SEPTEMBER, SINCE JANUARY 1, AND FOR WEEK ENDING OCTOBER 3
September.
Clearings at-
Nine Months..
Inc. or
Dec.
Week ending October 3.
Inc.or
Dec. I
Inc. or
1913.
I Dec.
1912.
1911.
8
3
$
%
$4
5
4,628,123,443 7,455117,151 -1.6 65,480,026,225 70,353,963,238
New York
-6.9
1,493,114,518
2,180,822,633
Philadelphia
560,888,646
1,941,065,541
654,164,578 -14.3 5,999,151,195 6,291,142,464 -4.6
154,615,917 198,727,714 --22.2 186,156:556 162,514,282
209,349,568
226,387,896 -7.5 2,001,662,845 2,208,693,060 -9.4
Pittsburgh
34,141,686
81,886,458 --12.5
Baltimore
146,631,689
148,654,930 -1.4 1,405,537,539 1,473,290,309
61,093,871
51,867,119
-4.6
38,765,113
42,227,191 --8.5
46,417,095
Buffalo
52,373,836 -11.4
44,306,371
38,695,046
447.082,681
458,925,150 -2.6
11,531,724
14,960,168 --22.9
Albany
24,576,002
14,290,930
26,984,688 -8.9
12,648,388
236,814,631
249,741,941 -4.9
8,271,904
7,996,464 --21.8
Washington
29,063,027
30,210,382 -3.8
6,082,548
7,382,540
290,612,452
300,658,430 -3.3
7,833,602
8,353,467 --6.2
Rochester
8,177,714
8,168,383
-9.7
190,554.552
191,408,508 -93.4
5.470,822
6,646,535
Scranton
12,413,540
--17.7
5,433,671
6,316,854
14:084:591 -11.8
128,852,899
119,219,974 +8.1
3,323,579
3,450,000
Syracuse
12,755,397,
3,375,000
--3.7
12,980,797 -1.6
3,111,412
118,829,844
115,473,118 +2.9
3,688,911
3,739,801 -1.4
Reading
7,456,831f
7.748,596 -3.8
3,205,675
3,456,705
72,334,159
71,887,425 +0.6
2,024,169
2,165,993 --8.5
Wilmington
6,417.815
2,226,114
8,021,180 -20.0
2,092.126
72,760,101
69,175,773 +5.2
1,711,941
Wilkes-Barre
2,466,843
6,614,793
6.487,797 +2.0
2,140,587
1,718,013
60,620,567
60,090,601
+0.9
1,545,872
1.830.015
7,680,036
--15.6
Wheeling
9,496,514 -19.1
1,790,389
1,664,530
84,205,072
85,975,892 -2.1
1,902,410
7,210,513
2,391,250 --20.5
Trenton
8,319.770 -13.3
2.430,034
2,128,825
68,455,456
72,930,227 -6.1
1,638,853
7,444,397
1,867,565 --12.3
Harrisburg
7,279,962 +2.3
1,997,345
1,748,758
61,133,030
-1.0
3,728,717,
York
3,376,893 +10.4
35,473,407
4,388,972
1,040,683 -9.2
Erie
4,605,592 -4.7
1,110,373
1,125,347
41,343,999
40,739,512
+1.5
1,
Greensburg
1,259,422 -0.8
3,244,248
2,904,693 +11.7
1,201,921
27,900,142
988,595
25,814,009 +8.1
710,000
675,000 +5.2
Binghamton
,
2,980,500 -9.5
660,000
650,000
26,293,200
26,989,200 -2.6
700,000
782,700 -10.6
Chester
2,856:102
2,791,048 +2.3
624,200
706,300
26,535,446
27,135,583 -2.2
722,775
2,530,595
735,918
Altoona
-1.8
2,611,657 -3.1
687,091
22,299,244
602,875
22,172,345 +0.6
600,000
958,883
Franklin
622,289 -3.6
1,024,531 -6.4 . 11,663,623
588,331
417,144
11,237,946
+3.8
1,434,829
Frederick
1,420,732 +1.0
12,232,953
12,253,721 -0.2
6,909,732
Lancaster
6,847,064 +0.9
65,192,084
-0.8
2,031,383
2,436,108
County,
Pa
2,175,919 -6.6
2,579,904 -5.5
Beaver
1.383,871
1,835,392
21,567,671
21:2a151 --0.1
2,045,327
Norristown
2,068.149 -1.1
18,466,057
18,579,900 -0.6
1,470,668
Montclair
1,630,645 -9.8
15,879,576
16,072,082 -1.2
325,867
3,080,829 Not included in total
387,782
Oranges
-16.0
346.049
14,805,738 Not included in total
5,765,422,858 8,723,537,821 -33.9 -777043,480,740 82,507,983,917 ---8:6 1Total Middle
,36-574T1 2,547,261,810 -29.5 3,013,430,997 27249.479,3Th
,794461,113,464
575,138,449 -19.8 5,758,537,480 6,006,087,027 -4.2
Boston
130,921,832 173,585,913 -24.6 200,853,697 164,897,965
30,598,800 -8.2
28,098,900
Providence
298,518,509
308,104,800 --2.5
8,548.500
18,554,145
9,395,200 -9.0
20,120,74
9,221,200
Hartford
-7.8
8,544,200
203,909,484
189,007,173 +7.9
5,031,195
6,671,251 -24.6
13,496,585
12,619,92
5,399,352
+6.9
New Haven
5,393,800
129,412,802
119,297,223 +8.5
3,653,275
3,669,310 -0.4
8,467,311
9,502,82 -10.9
Portland
3,624,700
3,191,097
77,063,905
79,869,863 -3.5
2,770,000
3,478,255 -20.3
9,989,410
10,398,356 -3.9
Springfield
3,687,684
2,805,667
108.065,745
104,271,015 +3.6
2,762,960
3,051,023 -9.5
9,828,942
10.451,95
Worcester
---7.9
3,224,181
100,272,031
2,537,315
101,510,843 --1.2
2,444,819
4,189,461
3,259,336
-25.0
4,754,82 -11.9
Fall River
3,008,400
2,802,614
47,874,997
43,244.356 +10.7
1,026,303
3,895,681
1,296,308 -20.8
4,400,932 -11.5
New Bedford
1,069,367
1,271.543
42,147,888
39,828.331
+5.8
851,549
1,167,884 -27.1
2,903,492
Lowell
1,882,820 +54.2
891,851
997,708
29,459.970
19,480,870 +51.2
715,072
488,352 +46.5
3,107,109
Holyoke
2,953,031
580,786
+5.2
587,645
28,087,174
26,032.552
+7.9
961,523
889,284
1,772,945
+8.1
Bangor
1,845,955 -4.0
962,080
7511,317
17,002,642
18,650,740 -8.8
438,627
526,426
-16.7
Waterbury
3,566,600
3,923,100 -9.1
663,243
655,905
37,812,600
37,060,300
+2.0
Total New England 568,784,025
688,59-1T5'22 -17A 6-;876,165,218 -7,
--090,315.893 -703. , 160,123,655 -207,478.542 --078
233,186,521
194,444,278
1,150,253,110 1,308,471,747 -12.1 11,954,533,158 11,887,731,639
Chicago
+0.6
278,218,168 349,814,508 --20.5 341,831,665 289,239,694
Cincinnati
93,976,750
103,128,850 -8.9
997,634,900
983,258,200 +1.5
23,158,750
25,298,600 --8.5
Cleveland
95,641,926
26,767,350
26.041,600
104,431,773 -8.4
951,363,827
956,798,177
23,433,394
29,757,958 --21.3
27,769,119
Detroit
103,990,127
24,922,536
106.314,822 -2.2 1,041,144,218
986,623,395 +5.5
24,641,007
26,138,422 --5.7
22,155,724
Milwaukee
67,437,097
19.356,254
65,501,141
+3.0
575,385,048 +10.0
632,949,078
16,237,251
15,654,793 9-3.7
14,919,600
Indianapolis
33,395,300
16,936,382
34,895,220 -4.4
311,877,943
325,184,134
7,833,918
8,899,112 --12.0
8,143,373
Columbus
8,598,729
26,224,100
28,173,600 -6.9
261,916,200
252.285,400 +3.8
-7.9
6,403,700
Toledo
5,435,100
24,317,799
22.889,063 +6.2
232,076,015
2134,436,294 +13.5
--6.4
5,024,397
Peoria
4,221,322
11,470,887
10,693,085 --31.3
132,307,901
133,682,265 --1.0
2,636,479
3,778,772 --30.2
4,081,822
Grand Rapids
2,759,081
13,077,198
13,704,050 -4.6
128,578,061
126,839,511
+1.41
2,942,582
3,447,511 --14.1
3,910,614
Dayton
2,956,101
7.991,117
11,455,468 -30.291,870,149
91,117,937
+0.812,066,198
2,741,961 --24.8
2,481,615
Evansville
2,260,059
4,873,385
5,224,418 -6.7
49,233,274
47,062,921
+4.61
1,061,961
1,297,845
-18.2
1,159,475
1,364,472
Kalamazoo
2,309,447
2,935,893 -21.3
22,896,239
,590,382
29
-22.6
505,952
694,840 --27.2
712,276
798,374
Springfield, Ill
4,607,476
5,007,309 -8.0
44,703,050
43,206,525 +3.5
1,131,275
1,047,378 +8.0
1,237,413
991,239
Youngstown
5,926,080
7,424,647 -20.259,124,193
63,078,285 -6.3
.
1,217,618
1,875,334
-35.1
1,724,705
1,723.715
Fort Wayne
5,352,541
5,444,711 -1.7
48,221,980 +2.5
49,445,478
1,326,078
1,377,314 -3.7
1,329,597
1,050,605
Akron
6,557,000
7,529,000 -12.9
67,290,000
74,235,000 -9.4
1,350,000
2,000,000 --32.5
2,065,000
1,255,000
Rockford
3,620,297
3,816,947 -5.1
35,2,136
83
38,091,741 -5.7
814,158
8
7,2
78
4,007
877
809,017
695,923
Lexington
2,311,462
2,659,11 -13.1
28,359,427
35,480,211 -20.1
568,313
-22.1
853,786
850,900
Quincy
3,409,177
3,404,36
+0.1
32,979,383
31,682,927
+4.1
853,510
861,218 -0.9
758,753
701,900
Bloomington
2,793,013
3,164,78 -11.7
27,841,619
28,691,290 -3.0
624,510
673,628 -7.3
850,874
Canton
648,603
6,718,240
6,145,28
+9.3
60,598,198
57,559,236
+5.3
1,543,579
1,525,000
+1.2
1,515,117
Springfield,0
1,157,239
3,731,62
3,128,465 +19.3
30,990,501
27,681,401
+12.0
834,782
803,61
+3.9
South Bend
690,943
607,577
2,757,15
2,654,19
+3.9
24,180,629
24,032,452 +0.6
732,219
Decatur
628,33 +16.6
744,936
625,221
1,823,375
2,136,27 -14.6
18,688,548
20,519,983 -4.9
432,417
Mansfield
483,35 -10.6
522,911
419,067
2,518,59
2,565,09
-1.8
20,385,222
18,612,409 +9.5
Danville
499,256
540,53
450,367
443,824
1,981,72
2,071,66
-4.3
19385,940
18,632,680
Jackson
+4.0
515,000 -2.9
498,026
469,937
2,002, 9
2,057,185
-2.7
9
19,623.199
21,233,17
Jacksonville, Ill
-7.6
466040:000099
449,964 -2.2
591,456
1,152,69
465,772
1,313,027 -12.3
11,451,217
Lima
12,250,429 -13.61
285,829
382,82 -25.4
336,805
301,138
1,932,74
2,208,686 -10.2
19,063,924
Ann Arbor
19,007,890 +0
448,261
644,462 -30.4
833,09
431,595
447.192
814,773 +2.2
8,838,079
Adrian
7,983,14
+10.7
24701:018742 -43.9
'191,26
28.5,929
'
320,820
237,098
-15.2
2,349,061
Lansing
2,109,521 +11.4
16102:40537
-74.0
62,545
35,000
2,156,749
1,982,829 +8.8
19,156.976
Owensboro
18,492.573 +3.6
600,363
506,793 +18.5
1,488,884
457,847
337,683
1,587,771 -5.0
15,878,063
Gary
17,274,287 -8.1
309,52
1,214,601
374,102 -17.2
369,521
371,078
1,802,072 -,-32.6
12.690,490
Flint
14.343,373
-11.5
2,148,15,5
1,558,719 +37.9
18,172,627
Lorain
16,017,245 +13.5
658,732
542,076 +21.4
4,995,470
New Albany
4,836,939 +3.3
595,005
739,193 -19.5
5,539,780
Paducah
5,943,930
-6.8
3.551,111
_
3,268,884
+8.7
31.353,661
32,566,691 -3.7
Total Middle West. 1,707,042,029 1,899,063,295
-10.1 i7,397,297,834 -1r,101.780,614
+1.1 408,653,075 496,256,888 =17:7 -481,949,875 418.878,935
Details of Pacific and other Western on page 1038.
Total Pacific
504.240,015
538.157,798 -6.3 4,621,591,279 4,828,273,098
-4.3
120,408,882 131,792,604
135.291,344 124,244,742
Total other West
745,695,051
712,638.039 +4.6 5,905,332,067
5,864,288,087 +0.7
183,533,239 175,996,374 +4.3 164,626,739 157,543,769
St. Louis
279,034,958
331,711,060 -15.9 2,951,622,615 3,036,792,978
New Orleans
-2.8
61,876,530
65,409,571
82.423.453 -20.6
77,276.307 -19.9
79,929,890
93,131.402
683.937,048
690,183,725
Louiwille
48,986,631
14,732,860
18.338,945 -19.7
53.124,605 -7.8
20,928,205
18,182,278
521,088,951
529,980,879
Houston
32,087,017
10,921,118
12.638,558 -13.6
48,935,743 -34.4
14,255,298
12,224.194
318,438,785
350,039,723
Galveston
14,327,387
7,235,057
11,303,565
*18,501,500 -22.6
-85.9
*131,297,477
*142,715,500
-8.0
RIchmond
32,660,120
3,590,502
4,892,000 -26.6
33,575,099
2.7
4,202,500
4,068,000
306,313,147
301,193,343 +1.7
Savannah
14,589,802
7,960,505
7,982,265
31,277.060 -53.0
8,003,699
7,422,412
156,240,850
174,818,030 -10.6
Fort Worth
27,146,180
4.087,028
9,726.703 -58.0
33,983,770 -20.1
7,520,219
9,382,139
276,692,822
294.598.263
0.1
44,227,106
Atlanta
9,622,837
-20.9
52.996,237 -16.5
10,536,192
7,107,535
524,167,467
469,748,534
+11.6
1I
1
20,410,798
Memphis
Va
173311,419
-36.9
lE)
26,287,522 -22.4
14,187,555
16,704,522
265,343,004
271,649,592 -2.3
5,507,324
24,944,733
Nashville
8,206,918 -32.9
27,080,145 -7.9
6,778,818
7.981,238
252,500,450
259,296,213 -2.6
6,041,915
14,534,666
Norfolk
7,604.827 -20.6
15,169,832 -4.2
6,657,274
5,380,080
151,928,550
151.805,747 +0.1
3,425,846
Birmingham
10,167,368
3,914,443
12.5
12,524.747 -18.9
3,916,305
3,563,977
119,238,272
123,885,549
-3.6
2,528,932
5,632,461
3,232,418
21.9
Augusta
9,191,524 -38.7
3,098,392
2,848.198
68,645,595
71,391,939 -6.6
1,726,824
7,744,661
2,658,252 -35.0
Knoxville
2,440,405
7.718,60
6,828,253
+0.3
71,042,142
63.430,510 +12.0
1,790,519
Jacksonville
1,939,232
10,562,137
1,921,069
12,352,606 -14.5
2,253,836
122,309,294
131,233,246
6.8
2,250,000
Chattanooga
8,320,89
2,650,000
-15.1
3,000,000
9,697,56 -14.2
2,850,000
91,595,896
94,783,122 -3.4
1,672,820
2,398,702 -30.3
Mobile
4,178,583
2,267,631
5,071,72 -17.6
2,003,972
49,385,809
53,405,098 -7.5
950,000
1,400,000 -32.1
Little Rock
8.150.178
1,570,000
8,615,81
1,505,562
-5.4
87,115,678
80,006,483
+8.9
1,904,734
2,632,70
-27.4
Charleston
5,527,44
2,336,838
8.762,40 -36.9
2,009,856
70,080,598
64,908,103 +8.0
1,373,423
2,688,473
48.9
Oklahoma
9,165,653
2.381,4M
7,028,500 +30.5
2,338,158
79,445,942
64,200,778
+23.7
2,045,147
1,886.69
+21.3
Macon
14,897,461
1,933,273
15,187,000 -1.9
1,746,297
133,801,316
116,381,568 +15.0
3,013,268
4,599,70 -34.5
Columbia
3,111,664
4,130,223
4,293,706 -27.5
4,800,000
35,011,354
38,554,138 -9.2
7017,897
Austin
8,243,297 -11.2
106,959,658
96,835.08 +10.5
1,396,130
1,615,327
-13.5
Beaumont
2,696,091
1,881,392
2.357,961 +14.4
1,623,586
27,701,365
24,615,124 +12.5
Columbus, Ga
1,593,225
2,036,373 -21.8
16,599,367
17,080.77
-2.8
Wilmington, N. C___
2,062,722
2,086,974 -1.1
18,980,103
25,104,20 -24.4
Vicksburg
799,258
1,042,000 -23.3
10,517,805
10.196,911
+3.1
218,056
247,018 -11.7
El Paso
7,679,272
300,576
6,492,100 +18.3
66,580,556
272,489
57,756,571 +15.3
Jackson
1,351,012
1,548,927 -12.7
15,505,849
15,350,574
+1.0
264,372
-32.1
kleridlan
1,063,306
1,325,900 -19.8
350,995
13,054,317
420,000
13,692,056 -4.7
. 1,3
148
3
4
8
9
7
:
6
8
3
3
3
1
-8.0
Tulsa
5,668,047
5,119,900 +10.
428,449
61,776,387
300,000
41,065,063 +50.4
200
:3
(
r,
1,271,524 -98.7
Muskogee
3,362,215
4,347,901 -22.7
729,938
33 683,700
60'3,917
30,152,087 +11.7
832,188
1,227,993 -32.2
858,496
Total Southern
--725,658,175
884,901,416 -1- 1-E8 7,836,602,097 7,906,651,513 -0.9 -r7b7
966,050
712,413
224,668,43
-24.0
212,292,8 218,768,14g
Total all
10,02L042,153 13,446,947,89 -25.4 119,780,489,23 125,499,422,322
-4.8 2,838296,705 3,783 454 650 -25.0
Outside New York. 5,398,018,710 5,991,030,747 -9.9 54,300,443,01
55,145,459,084 -1.5 1.345.g-2.187 1.862.632,01 -16.1 4,240,778,244 3,363,359,242
1.578.030,458 1,422,293.7111
Table Clearings by Telegraph ad Canadian Clearings On page 1038.
-10r
* Approximate.
1914.
1913.
1914.
1913.
SA:74B:32 --ow
1914.
TA431
1:MAIN
2140?
1004
THE CHRONICLE
THE FINANCIAL SITUATION.
Financial affairs appear to be improving both in
the United States and in Great Britain. In this
country the most encouraging development is the
great betterment of the condition of the New York
banks and trust companies, as indicated by last
Saturday's Clearing-House return. We regard that
as the crucial point in the situation. Things cannot
be regarded as on the mend so long as the reserves
of these institutions remain seriously impaired. This
was our main reason for questioning two weeks ago
the wisdom of permitting further exports of gold
through the $100,000,000 Gold Pool. Since then,
however, the deficiency in the reserve of the ClearingHouse institutions has been cut down from $38,384,100 to $17,986,650 and the specie holdings have been
increased from $320,549,000 to $329,254,000 in face
of considerable transfers of gold to Canada both in
connection with the $100,000,000 New York City
lo.-2n and the $100,000,000 Gold Pool.
Thus in belated fashion we are finally retrieving
our position. We are doing at length what Great
Britain began to do immediately upon the outbreak
of war and what even the Bank of France and the
Bank of Germany claim to have done in the interval
since the war began, namely strengthen the reserves
of the banks, with this difference, that our improvement has come about quite without planning, while
.the wonderful addition to the gold holdings of the
Bank of England are the result of deliberate effort
to that end. In Europe they know when they are
sick and feel anxious about it. They resort at once
to heroic remedies to restore financial health, while
our financial doctors here, in similar circumstances,
treat the matter with indifference, and excuse the
indifference by saying we have a superabundance of
concealed strength,which can be drawn upon indefinitely without danger of a general break-down.
The particularly encouraging fact about the increase in the gold holdings of the Clearing House
institutions is that there is no indication that the
gold came out of the United States Treasury; accordingly,it must have been released from other sources—
must have been released either by interior institutions or have come out of hoarding. It is quite
possible that as the Clearing House now gives out
only the averages for the week, the gold shipped to
Canada last week was not reflected to the full extent
in Saturday's return and that the position of the
banks, as regards their gold holdings at the end of
the week, was not as good as indicated by the average figures. It is possible, also, that with further
considerable exports to Canada, the improvement
now recorded will not be fully maintained. But it
cannot be too strongly urged that only by removing
the deficiency in the reserves of our banking institutions can a restoration to the normal be brought
about. Everything else is of subordinate importance.
We notice that the "Wall Street Journal," in taking exception to some of our arguments in opposition to further exports of gold, is moved to say that
we have "evidently forgotten that the banks of the
country are on the threshold of a substantial lowering of their reserve requirements on account of
the Federal Reserve Act. In the case of the New
York Clearing-House, where before a 25% reserve was required, 18% will be the new rate, and
what would be a deficit under a 25% requirement,
[VOL. xon
will become a substantial cash surplus under an 18%
reserve." The coming change was not overlooked
by us. On the contrary, we mentioned the prospective inauguration of the Federal Reserve system
as an additional reason for guarding against further
depletion of our gold holdings, inasmuch as with the
inauguration of the new system large amounts of
cash will have to be transferred from the vaults of the
banks to the Federal Reserve regional institutions.
We are not prepared to say that, after the Federal
Reserve system has been firmly and definitely established, it will not be safe to lower the reserve requirements of the New York City institutions. The
Clearing House will decide the matter for itself at
the proper time, and if the lower figure of 18%
which will then be the legal requirement, is considered
adequate will not hesitate to drop the limit to the
lower figure. On the other hand, if such a step is
deemed unwise, we may depend upon it the Clearing
House will continue to enforce the higher standard
just as the State banks have always been compelled
to conform to the 25% reserve requirement, even
though the State law allowed a very much lower limit.
The fact is, however, that the change to the Federal Reserve system has not yet been effected, and
it should not be forgotten that the situation which
will then exist is wholly distinct from that which
prevails at the present time. Now the New York
Clearing-House banks constitute the ultimate reservoir of gold for the whole country; all demands fall
upon them and they must be correspondingly strong.
With the inauguration of the new Federal Reserve
banks, on the other hand, these latter will be the
chief gold reservoirs, and upon them and not the
New York banks (if the scheme works as it is expected
to work) will fall the demand. They must meet the
ultimate final drain upon the gold resources rather
than the New York institutions. It is for that reason, doubtless, namely that the banks in the central
reserve cities will be relieved of some of their burdens,
that the framers of the law thought the percentage
of reserve could and should be reduced. Until that
time arrives, however, the only standard to apply
will be that which has prevailed in the past, and is
founded on long experience—that is, the 25% reserve requirement.
Our contemporary is astray, too, in its other contentions, and particularly in what it says as to the
effects of the moratoria in Europe upon the settlement of our foreign indebtedness. It contends that
"a moratorium relieves the strain on the exchange
market by lifting the demand for remittance on account of the postponement of payments." To the
extent that finance bills were negotiated here prior
to the outbreak of the war and have not been settled
for yet, that is true. Our bankers having created a
debt abroad in that way get the benefit of the postponement of payment the same as those residing in
Europe. Our review of the foreign exchange market last week gave the cue to this. But in no other
way could the European moratoria operate to our
advantage. The simple truth is that on account of the
moratoria people are not paying their debts abroad.
They are not paying what they owe at home and
they are not paying what they owe us.
The foreign exchange market has many ramifications. In the last analysis it is a clearing house for
offsetting credits or debits in one country against
credits or debits in another country. • Our contention simply is that since Europe is not paying its
Oar.101914.1
THE CHRONICLE
debts, we could not offset what was owing to us
from abroad against what was owing by us to the
European countries, and therefore the market became one-sided. This is incontrovertibly true. We
happen to have personal knowledge, too, of moneys
and accounts due to Americans from the other side
for which it has been found impossible to obtain remittance in favor of this country, in part because of
the existence of these moratoria and in part because
the foreign exchange markets in Europe have been
as badly demoralized as our own.
The urgent necessity for Governmental action in
the removal of Coenties Reef in the East River, on
behalf of which Mayor Mitchell went to Washington
on Monday, accompanied by the head of the Chamber of Commerce and a number of prominent business men, is not a new subject, for on Jan. 13 the
Mayor and a similar delegation of representative
men of this city attended a hearing, concerning a
more comprehensive plan of harbor improvement,
before the House Committee on Rivers and Harbors.
On Dec. 22 a bill introduced by Representative
Goulden of this city proposed appropriations up to
$13,400,000 for that plan. It did not get through,
and in the recent paring down of the River and Harbor
Bill to 20 millions, the half-million for the Coenties
Reef particularly was struck out by the Senate. It
was explained in January, and has been carefully reexplained now, that one of the new subway tubes is
to pass directly under this reef; that the roof of this
tube will be so near the reef that holes for any subsequent blasting of the obstruction might reach to
within ten or possibly eight feet of the tube and the
explosion of dynamite would involve an imminent
danger of shattering the tube; therefore the reef
should be cut out before work begins on the tube.
The pressing occasion for these tubes is a matter
about which there is a full understanding here at
least, and the expediency of attacking the reef now
instead of at some future time is so plain that even
persons who never saw a paved street should be able
to perceive it. The object of the renewed journey
to Washington this week was to procure a modification of the bill just signed so as to permit this
work to be undertaken, since it falls under the defination of "new" work, while the bill covers only
continuance of work already begun. Senator O'Gorman and Representative Fitzgerald have introduced
a joint resolution authorizing any of the East River
allotment to be used for the special work of carrying
this reef down to 35 feet below mean low water, the
Mayor stipulating that the city will pay the excess
of cost above the allotment,for the sake of expedition.
The ceremonial breaking of ground for these tunnels is set for next Tuesday, and as the resolution
Went:through the Senate without difficulty on Thursday,it is now probable that no further postponement
of this needed work will occur. There is, however,
too much ignorance and indifference in Washington
about the national value of this city. Last winter
Mayor Mitchell told the House Committee that while
46% of the foreign commerce of the nation in 1913
passed through the port of New York, the State gets
only 6 2-3% and the city alone gets only 2% of the
total appropriations to that date for river and harbor
improvement. A niggardliness of disposition at
Washington towards this city has long been noted,
showing itself in the matter of housing for postal
work here, there being an evident narrow, though
1005
unspoken notion, that this city was seeking something for its own local benefit. New York belongs
to the nation and should be regarded accordingly.
The commercial failures statement for the United
States for September 1914, as was the case in August,
is very much less favorable as regards number of insolvents than for the corresponding month of previous
years—a situation not unrelated to developments
the European war has brought about in this country.
But while the number of failures increased very
largely in September, the aggregate of liabilities was
only nominally greater than in the month of 1913,
and, moreover, a few mercantile casualties contributed the larger part of the total. The Lozier Motor
Co., an automobile concern of Detroit, was placed in
the hands of receivers, confessing liabilities of some
23/i million dollars; the Atlantic Gas & Electric Co.,
a holding company for corporations supplying light
and power in New York, New Jersey and Pennsylvania, showed debts of an approximately similar
amount; Irish Brothers, coal dealers of Philadelphia,
three-quarters of a million; H. S. Meinhard & Bro.,
clothiers of Savannah, half a million, and several import and export commission houses were forced to the
wall, owing directly to conditions brought about by
the war.
According to Messrs. R. G. Dun & Co.'s compilations, the number of defaults in September was 1,654
for $22,973,027, against 1,235 for $22,662,694 last
year, 1,167 with liabilities of $13,280,511 in 1912,
and 827 for $11,900,568 in 1911. The least favorable
exhibit was in the trading division, debts of $11,273,469 contrasting with only $6,067,106 a year ago.
On the other hand, there was an appreciable drop in
the indebtedness among manufacturers, $8,975,273
comparing with $13,320,101 last year, and the liabilities of brokers, agents, &c., at $2,724,285, were
also below 1913.
The exhibit for the third quarter of the current
year (July-September, inclusive) is the poorest for
the period on record. In the panic year of 1893
some 4,000 firms succumbed, their aggregate indebtedness reaching $82,469,821, but in the latest three
months the toll of disasters is 4,497 and the liabilities
$87,118,290. In all the various divisions into which
the failures are segregated, a greater pile of debts is
to be noted than in 1913, but the showing is particularly poor among brokers, &c., with the S. H. P.
Pell & Co. failure, for upwards of 10 million dollars,
the chief contributing cause. Banks also were quite
adversely affected in the third quarter, the list of
suspensions totaling 68 and representing obligations
of $20,864,916.
The failures for the nine months of 1914 exceeded
all previous similar periods, both as regards number
and volume of indebtedness, with a comparatively
few disasters for large amounts the leading feature
of the situation. Defaults for the period this year
were 12,641, against 11,712 in 1913 and 11,816 in
1912, and the indebtedness involved was $271,918,021, against $196,746,376 and $153,544,360, respectively. Manufacturing liabilities for the nine months
totaled $94,195,478, against $88,058,194 in 1912.
Trading debts, at $130,283,368, record a very large
increase-47 million dollars—most of which is to
be found in dry goods and carpets, with the H. B.
Claflin failure the conspicuous contributor. The
failed indebtedness of brokers, agents, &c., was abnormally large, $47,439,175 comparing with $24,-
1.00o
THE CHRONICLE
881,494. The unusual number of exceptionally
heavy defaults accounts for the pronounced increase
in the amount involved this year, and much the
greater part of augmentation is in New York. In
fact, of the aggregate increase of 75 million dollars,
no less than 45 millions is to be found in New York,
and a further 21 millions in Pennsylvania. Bank
suspensions for the nine months were much greater in
number than last year (161 contrasting with 85), and
represented a much heavier total of liabilities—$49,486,228, against $8,899,613—of which nearly onehalf occurred in the latest quarter.
Bank clearings in the United States for September
1914 reflect in a quite decided manner the effect of
the present dislocation of trade. The continued
closing of the Stock and other exchanges, with consequent cessation of speculation, and the dearth of
other financial transactions,operate,along with business depression, to reduce very materially the totals
of clearings. Hence it is not surprising to find that
only 45 out of the 160 cities included in our compilation show any gains, and those usually small, whereas
the losses in many instances are notably heavy. In
the country as a whole the loss in clearings as contrasted with 1913 is 25.4%, and compared with 1912
it is 23.3%. For the nine months since Jan. 1,
however, the current year's total falls only 4.6%
behind that of a year ago, and is 4.9% less than in
1912. At New York, for the reason set forth above,
the September clearings record a loss of 40.6% from
last year, but notwithstanding the much smaller
speculative transactions (two months' dealings being
lost entirely) the nine months' aggregate is only
6.9% below that of a year ago. Outside of New York
this year's total for the month falls behind last year's
high record and the same is true of the longer period,
the decreases being 9.9% and 1.5%, respectively.
As already noted, there were no dealings on the
New York Stock Exchange during September (as
was the case also in August) and the same is true of
the other leading centres of speculative activity.
For the elapsed portion of 1914 the dealings in stocks
at New York total only 45,990,575 shares, against
65,149,991 shares in the nine months of 1913 and
95,604,426 shares in 1912. Bond operations for the
pine months this year aggregate 425 million dollars,
par value, against 383 millions last year. and 5463'
millions two years ago.
Canadian clearing-house returns in the aggregate
for the month this year, in common with the showing
for the United States, and for the same reason—the
upsetting of the normal condition of affairs by the
war in Europe—make a much less satisfactory
exhibit than in 1913. For the 21 cities from which
we have comparative figures the month's total shows
a decrease of 14.5%, with gains only at Winnipeg,
Ottawa and Quebec. For the nine months' period
the falling off is 9.0%.
The battle of the Aisne, which to-day enters upon
its twenty-ninth day, seems to be resulting very
largely in a "draw." Frontal attacks, which appear
to have been so completely unsuccessful and to have
resulted in such a complete and unproductive waste
of human life, have apparently been discontinued,
and the efforts of the opposing generals are directed
towards obtaining advantages by flanking movements. In this phase of the situation the week has
witnessed temporary gains by each side. The French
[Vox,. xcxx.
War Office on Monday conceded that the Allied
forces on the left wing were forced to yield ground at
a number of points after terrific fighting. But later
in the week there had apparently been complete
recoveries of lost ground. The battle-front in the
Western theatre of war now extends all the way from
the Swiss border to the North Sea coast. Artillery
was yesterday reported to be in operation at Bethune,
seventeen miles north of Arras, and the roar of battle
could be distinctly heard in Dunkirk. Arras has
been re-occupied by the Allies and the fighting is
now raging about Lille, Roubaix and Turcoing.
Meanwhile Antwerp is being bombarded by five
German army corps and the temporary capital of
Belgium, which was first moved from Brussels to
Antwerp, has now been transferred to Ostend. The
outer forts of Antwerp, like those of other fortresses
which have .fallen since the war began, have not
been able to withstand the fire of the big German
guns, but the Belgians are still hopeful that the inner
forts, a flooded area, and a mobile field army,will be
able to delay the surrender of the city until assistance
may come by the defeat of the Germans in France.
From the north of Aisne, where two forward movements by the Anglo-French troops have been mentioned during the week, the Germans seem to have
withdrawn some of their men for the purpose, it is
believed, of strengthening their extreme right,
around which the Allies have been trying to work
ever since the battle began. On the centre, between
Rheims and the Meuse, the opposing armies are
resting on their arms. But on the heights of the
Meuse, between the fortress of Verdun and St.
Mihiel, where the Germans crossed the Meuse a fortnight ago, the contest is still in active progress. The
Germans have withdrawn to the north of Hattonchatel. They still hold St. Mihiel and some positions
to the north of that town on the right bank of the
river.
• In the Eastern war theatre the battle line between
the combined Austro-German armies and the Russian
troops extends from the Galician frontier near
Tarnow northerly to the East Prussian border. Another Russian force is besieging Przemysl in Galicia
and still another is invading Hungary. On the East
Prussian frontier the Russian invasion seems to have
been che'cked for the present. The Russians having
driven the Germans back after their advance to the
Niemen' Eiver, found, on reaching the German
border, that reinforcements had been brought from
Koenigsberg. The Germans, in fact, claimed to
have defeated the Russians near Suwalki and to have
taken 2,700 prisoners and 9 machine guns. In
Southwestern Poland the Austro-German armies
have advanced along both banks of the Vistula River
with the object of compelling the Russians to evacuate part of Galicia and, according to their reports,
claim to have defeated the Russians, capturing 4,800
prisoners. The advance of the Russians into Hungary has aroused intense feeling in Roumania with
respect to Transylvania,and a section of that country
is advocating that Roumania join the Allies so that,
with the end of the war, should victory rest with the
Allies, Roumania may fall heir to that part of the
Austro-Hungarian Empire.
A report was current early in the week that the
Kaiser had removed Lieutenant-General Helmuth
von Moltke, chief of the German General Staff, and
had appointed General von Voigts-Rhetz to that
r ositioli. This news was discredited though not
OCT. 10 1914.j
THE CHRONICLE
officially denied in later dispatches. The French
Minister of Marine announces that the French fleet
has been obliged to lay mines in the Adriatic to offset
similar action by Austria. Germany and Austria
have suffered on the seas this week. The British
Admiralty announced on Wednesday that submarine
E-9 engaged and sank a German torpedo boat destroyer off the estuary of the River Ems. The
Japanese War Office "believes" that the Japanese
have sunk a German cruiser and two gunboats in
Kiao-Chou Bay. A news dispatch from Rome
states that four Austrian torpedo boats and two
Austrian torpedo boat destroyers were sunk in the
Adriatic as a result of contact with mines. The
Germans announce that their losses in killed, wounded and missing up to September 1 were 117,000
men, and admit that total losses to date are 300,000.
The Japanese have occupied the island of Yap, a
German possession in the Pacific. It is believed that
the German base there was destroyed and that the
fortification arms and ammunition were seized.
M. Sazonoff, the Russian Foreign Minister, has anannounced that the Powers comprising the Triple
Entente—Russia, Great Britain and France—are
taking steps to bring about the re-opening of the
Dardanelles.
London advices speak of a renewal of hints from
Washington that the subject of peace on the basis
of a "drawn war" is again under discussion. These
have been met with an apparently inspired statement by the "Westminster Gazette", that while
there is no desire to humiliate the German people
there must be no mistake as to the fact that Great
Britain intends to crush German militarism.
Conditions in Mexico, while bad, are not considered by the Administration at Washington as beyond repair. Hopes in this direction were increased
by receipt of a telegram at the State Department
from Mexico City early in the week declaring that
the "authorities at Mexico City are hopeful an agreement will be reached between the Carranza-Villa
factions at Aguascalientes which will assure the reestablishment of friendly relations between the two
leaders." The Constitutionalist agency at Washington has been notified from Mexico City that
General Carranza submitted his resignation to the
Convention at Mexico City on Saturday night and
that the Convention refused to accept it at that time.
The Constitutionalist agency also ,received a telegram from San Antonio which said: "Iglesias Calderon has telegraphed Villa that he would be unable
to accept the provisional presidency in the manner
in which division of the North offered it to him,
because it would be the dictation of merely one division. But if the National Convention representing
all elements offered it to him he would feel obliged
to accept it to prevent a new recourse to arms in the
Republic." No immediate action in the form •of
the withdrawal of American troops from Vera Cruz
is expected. The Carranza officials are so concerned
with the Villa revolt that they have not had time
to press for the withdrawal of General Funston.
Meanwhile the question of formally recognizing any
government in Mexico will not be considered at
Washington. The American Government has made
it plain that it will not turn over the money collected
since the occupation at Vera Cruz until acts of the
Provisional Government are legalized and assurances
given that the taxes and duties will not be collected
1O7
again. Should the Mexicans refuse to legalize these
collections, they will be returned to the consignees
who paid them. The situation at Naco , Arizona,
across the line from which the Mexicans under Generals Maytorena and Hill have been fighting for
several days is causing some uneasiness among
officials at Washington, as it is feared that a clash
might take place between the American troops
guarding the border and Mexicans, and it is recognized that such an occurrence would further complicate matters.
The failure of the Allied armies to make more definite progress has placed somewhat of a check on the
enthusiasm that seemed so plainly to be developing
in the London market last week. Outside dealings
in securities have been light. The London Stock
Exchange Committee has announced a formal ruling
that American securities must not.be traded in below the quotations that were current when the Stock
Exchange closed on July 30. One modification
that has been made, however, affects American
stocks (but not bonds), the Committee having
fixed the rate of exchange for reckoning the minimum
price of equivalents for shares at $5 to the sovereign, and permitting allowance to ,be made also for
recent dividends.
We referred last week to a tentative plan for the
protection of Stock Exchange loans that had been
agreed to as a broad proposition, but not as to details,
between the Chancellor of the Exchequer, David
L oyd George, and the Stock Exchange Committee. It
is now reported that the Treasury proposes to guarantee 25% of the total Stock Exchange loans outstanding, thus providing the banks with a substantial guaranty against depreciation, on condition that on the
expiration of the moratorium, the banks, in turn, shall
agree not to call Stock Exchange loans. Another
ruling by the Stock Exchange Committee is that interest is now chargeable on contango money originally due on Aug. 6 and Aug. 13, and that dividends
on contango stocks are to be credited to operators'
accounts instead of being deducted from the moratorium interest due. A Central News cable quotes
a prediction by Moreton Frewen that there will be a
panic and,a 10% Bank of England rate before Christmas unless the Government suspended the Bank Act
before the end of the moratorium. The prediction,
according to the authority in question, was not taken
seriously.
A rather good index of real conditions on the London market is the fact that the directors of the London & Southwestern Railway felt impelled to name
993 as the issue price of £1,000,000 5% bonds.
These bonds are regarded as among the most attractive issues of English railways, and the low
price at which they were offered has been the source
of protests from dealers in gilt-edged securities, who
believed it was .not warranted and who argue that
one result of the offering has,been to correspondingly
depreciate the market for other high-grade securities.
However, it should be noted that a new issue of
six-months' British Treasury bills amounting to
£15,000,000 was on Wednesday distributed on
slightly less favorable terms than current bill rates.
The total of the Treasury bills thus far issued as a
result of the war now amounts to £60,000,000. Tenders on Wednesday to the £15,000,000 new
issue
totaled £30,493,000 and allotments were
made at
an average discount of £3 9s. 3.24d.,
or about
THE CHRONICLE
3 15-32%, against 3%%,which was the average rate
of the issue of Sept. 16. The bills will be dated
Oct. 10. A bankers' syndicate tendered 08 3s.
13id. for the Treasury bills, and it is understood
that they will get but 2% of the allotment. The
emergency note circulation in the United Kingdom
Oct. 1 aggregated 08,410,745, of which 01,277,338
were a notes, the remainder being 10s. notes. The
London Stock Exchange has announced the further
postponement of settlement dates. Bargains open
for all ordinary accounts up to and including Oct. 14
shall be settled Nov. 18 and those for Oct. 29 on
Nov. 12 and Nov. 26 on Dec. 1. Bargains open for
special settlement for Aug. 7 and 13 and Oct. 14 shall
be settled Nov. 18. Interest on unsettled bargains
from the date on which they originally were due up
to Oct. 14 must be paid within three days of that
date.
[VoL. xc
tioneer announding in the middle of the sale that the
Government had decided to prohibit the export of
raw wool from England to all countries. But on
Wednesday a modification was posted, the Government having decided to consider favorably granting
licenses for the exportation of merino grades for bona
fide destinations providing shippers give satisfactory
evidence to the customs officers. So far as the
result of the auction sales is concerned, press dispatches state that the attendance was very large,
and the demand was animated for wools suitable for
khaki and other Government cloths such as scoured
crossbreds and slipes, which advanced 20 to 30%
over the July rates, while greasy crossbreds ruled
10 to 15% dearer. The buying was practically all
for the British home trade except a few bales taken
for America. Merino wools were not wanted and
declined 10 to 15%.
How severely the Lancashire cotton industry is
suffering as a result of the war is suggested in an address by Sir Charles Macara, President of the Federation of Master Cotton Spinners' and Manufacturers' Associations, delivered at a luncheon of the
proposed Institute of Industry and Commerce in
London on Thursday. The speaker urged a joint
and
valorization effort on the part of the British
raw
surplus
American governments to take over the
a cotton
cotton in the United States. By creating
ments
govern
two
reserve, Sir Charles declared, the
people
of
s
million
vitally concerned could protect
cturengaged in the growing, handling and manufa
the
with
and
r
disaste
ing of cotton from appalling
rer
speake
The
loss.
e
possibility of no ultimat
said,
he
cotton,
of
y
scarcit
the
ferred to 1904, when
created a crisis in the trade which might have been
averted had the governments held a reserve supply.
A worse crisis had now come through an over-supply as a result of the Continental countries engaged in
the manufacture of cotton being at war. Such crises,
Sir Charles said, could only be averted by Govern
cotton,
s'
mental action in taking over the planter
and
thus enabling the planters to meet their debts
the
of
part
operate
to
mills
permitting the English
be
would
steady.
prices
that
ce
assuran
time, with the
Sir Charles argued that the excess of cotton now on
the market, because of the cutting off of the Continental market, has created such uncertainty in
prices that buying is at a standstill, and that the
Lancashire mills must certainly close down shortly.
The result of this, he said, would be the virtual deon of the cotton industry in England and the
structi
direct
of
ment
Govern
A ruling by the British
announced ruin of thousands of American cotton planters, who
interest on this side was tlfe prohibition
wool from the would turn their land to other crops, thus upsetting
on Tuesday of exportations of raw
made the world's supply of cotton in future years. If
United Kingdom. The announcement was
the auction the governments concerned would co-operate to
by posting the following proclamation in
provide funds by which the surplus of cotton in years
sales room:
of plenty could be purchased and stored and held
ex- over until years when the crop did not meet the de"The Government desires it known that the the
portation of raw sheep and lambs' wool from m, mand of the trade, according to Sir Charles, this
Belgiu
ng
a
United Kingdom to other than Russia, The
Gov- policy would at once have steadyi effect on the
ted.
prohibi
is
France, Spain and Portugal
of
be
great advantage to
buyers of price of raw cotton and
ernment also desires to make it known to that it is
a
Such
, according to
trade.
project
the
in
one
every
tions
destina
wool for exportation to other
it necessary
r, might involve $300,000,000 to $350,at their risk, as circumstances may make at any mo- the speake
tion
000,000, but there would be little or no risk at the
to extend the scope of this prohibi
price at which the cotton could be purchased, and
ment."
y, it might save disaster to one of the world's greatest
Prior to the auction, which began on Tuesda
industries, and in addition prove a great factor to
large amounts of wool were reported to have been
world's future prosperity.
bought for Germany by the neutral countries. The the
official notice was supplemented later by the auc-
Aside from the Stock Exchange problems, the
British Government is considering relief for exporters who are handicapped in doing fresh business
by their inability to collect old debts from abroad.
The plan for this relief which seems to be most generally favored is the formation of a pool of the
interests in question for the purpose of pledging the
evidence of debts owed to them as security for advances which the Treasury might enable lenders
to make. Both this and the Stock Exchange loan
scheme are expected to include arrangements for
payment for a short period after peace is signed.
It is estimated by London authorities that Stock
Exchange prices there are in reality about 10% lower
than the closing quotations on July 30. A feature
of encouragement on the London market has been
the re-establishment of Brazilian exchange after a
protracted period of demoralization. The improved
condition results from the announcement that a plan
to fund Brazil's defaulted and maturing coupons,
based on a new funding loan, has virtually been completed by the Rothschilds and soon will be announced. The loan, it is understood, will be secured by a second charge on customs and a further
charge on State railways. The Rio Tinto Co. has
passed its dividend on its ordinary shares but on
Wednesday declared the usual half-yearly dividend
of 30d. per share on the preferred. The Liverpool
Corporation's six months' bills to the amount of L1,000,000 were placed in London this week at an average of 3.58%.
OCT. 10 1914.
THE CHRONICLE
The effect of the war on British trade as a whole
is indicated by the Board of Trade September returns published on Wednesday. It is necessary to
recall in connection with the heavy decrease of
£15,750,864 reported in exports that it is in part
due to the prohibition of certain classes of exports
as a matter of military precaution. The loss in imports comparing with September of last year is
£16,304,725. The principal declines in imports
were: Food, £2,000,000; wool, £2,250,000; cotton,
£1,500,000, and manufactured articles, £8,500,000.
In exports, coal shipments were £1,750,000 lower,
and the remaining deficit was in manufactured
articles in which cotton textiles figure to the amount
of £3,500,000. Textile shipments to the United
States were an exception, one influence being our
new tariff which only became effective as to certain
articles on Jan. 1. Hence, the exports in September of last year were at higher rates. Exports
of worsted yarns to the United States in September
were £258,000, against only £2,000 in September
1913; woolens totaled 782,000 yards, against 137,000
yards, and worsteds, 2,700,000 yards, against
810,000 yards. The exports of cottons to the United
States were 5,895,000 yards, against 3,310,000 yards
in September last year, though the total of exports
of cottons to all destinations was only 374,359,000
yards, against 548,973,000 yards. Aggregate values
of imports and exports for September and since
Jan. 1 follow:
September—
Imports
Exports
Excess of imports
1914.
£45,051,000
26,674,000
1913.
£61,355,725
42,424,864
£18,377,000
£18,930,861
Jan. 1 to Sept. 30—
Imports
Exports
£522,630,628 £557,804,138
350,748,262 390,756,609
Excess of imports
£171,882,366 £167,047,529
French rentes, according to cable advices from
Bordeaux, are quoted at 77.45 francs, the highest
point since the war assumed its serious aspect. The
chief cause of this strength is undoubtedly the
statement of the French Minister of Finance, M.
Ribot, to which we referred last week, that recourse
to public loans would not be necessary. Additional
details of M. Ribot's statement have been received
by cable. The Minister showed that the gold reserve of the Bank of France as of Oct. 2 was 4,092,000,000 francs, which is almost identical with the
amount on the eve of the war. The silver reserve
was 319,000,000 francs; bills amounted to 4,476,000,000 francs,showing that the Bank still makes certain
discounts. The advances made by the Bank to the
State after two months of war amounted to 2,100,000,000 francs. The Treasury's balance on the current account is 296,000,000 francs in paper money.
Paper money in circulation aggregates 9,299,000,000
francs, which is only 412,000,000 francs more than
the total reserve and bills. M. Ribot favored the
early opening of the Paris Bourse, but said that the
fact that the London and New York Stock Exchanges
were closed must,be taken into consideration and
that there should be no question of reopening the
Bourse merely for appearance and on condition that
official prices be maintained. The latter, he argued,
would practically make business impossible. Too
great facilities for negotiating international securities
1009
cannot be given, he said, for fear money will go
abroad.
The French Cabinet has rendered a decision on the
question of the payment of rents. Oct. 15 is the
day for the quarterly payment of rents in France,
and the Government had been asked for a ruling in
view of the number of men at the front and the inability of others to pay. The decision of the Cabinet
was that payment of annual rents under 1,000 francs
($200) in Paris and under 600, 300 and 100 francs
($120, $60 and $20, respectively) in smaller localities, according to the population, can be postponed
for three months without declarations of inability
to pay or other formality. Citizens under the colors are entitled to the same postponement. Business
houses and shops in departments where the war is
being waged will have the same privilege. Those
in other departments must make a declaration, which
the landlord may dispute before a magistrate.
Official bank rates abroad remain without change.
In London private bank rates are about
338@33%
for ninety-day bills. A range of 33'Q332% was
quoted on Friday of last week. Private discount
rates at Continental centres have not been reported
by cable at this centre. The official bank rates at
the leading foreign centres are: London, 5%; Paris,
5%; Berlin, 6%; Vienna, 8%; Brussels, 7%, and
Amsterdam, 5%.
The Bank of England once more has this week reported its gold and bullion holdings at a new high
level. The official statement indicates an increase
of no less than £3,840,308 in gold, bringing the stock
in Threadneedle Street up to £56,756,912, which
compares with £35,712,331 a year ago and £37,913,485 in 1912. Shipments of gold from New York to
the representative of the Bank at Ottawa are counted
in the stock of the precious metal. The total reserve increased £3,986,000, raising the proportion
of reserve to liabilities to 24.53%, against 22.81%
last week and 52.79% at this date a year ago. The
reserve now aggregates £40,378,000, which compares
with £24,930,706 at this date in 1913 and £27,192,560 in 1912. Notes reserved increased £4,008,000, to
£39,800,000. One year ago the total was £23,395,995 and two years ago £25,697,095. Public deposits
for the week decreased £4,391,000; other deposits
increased £9,360,000, and loans (other securities)
decreased £2,925,000. The loans now aggregate
£113,894,000,which gives an idea of the re-discounting operations of the Bank. A year ago the aggregate was only £25,523,489 and two years ago £32,855,496. The Bank's note circulation decreased
£146,000. It now totals £34,828,000 and compares
with £29,231,625 in 1913 at this date and £29,170,925 in 1912. Our special correspondent furnishes
the following details by cable of the gold movement
into and out of the Bank for the Bank week: Imports, £4,786,000 (consisting of £1,027,000 bar gold,
£3,200,000 American gold and £59,000 French coin
bought in the open market and £500,000 released by
Indian currency account); exports, £500,000 set
aside and "ear-marked" currency note redemption
account, and shipments of £446,000 net to the interior of Great Britain. We add a tabular
statement
comparing for the last five years the different
items
in the Bank of England return.
1010
THE CHRONICLE
BANK OF ENGLAND COMPARATIVE STATEMENT.
1910.
1911.
1912.
1913.
1914.
Oct. 12
Oct. 11
00.9.
0c18.
Oce. 7.
.£
£
£
£
34,828,000 29,231,625 29,170,925 29,180375 27.875,400
Circulation
6,343,633
6,430.990
10,357,468
5,993,166
17,852,000
Public deposits
146,646,000 41,214,915 45.298,171 45,987,621 45,499,293
Other deposits
27,971,000 14,4E8305 13,338,084 14,596,084 14,980,568
Gov't securities.28,296,644 30,226,449
Other securities_ .._113,894.000 25,523,489 32,855,496 27,227,928 24.353,350
Reserve,notes,licoln. 40,378,000 24,930.706 27,192,560
37,958,103 33,778,750
37,913.485
35,712,331
56,756,912
_
_
bullion_
and
Coin
Proportion reserve
47%
5131%
4831%
523£%
24.53%
to liabilities
4%
4%
4%
5%
5%
Bank rate
[VOL. ICIX
surplus of $4,780,800 two years ago. The banks'
cash in vaults increased $7,988,000. Trust companies' cash in vaults increased $1,089,000 and trust
companies' cash in banks decreased $400,000.
Call money rates remained pegged at 6@8%,these
figures having been the range each day this week
with the lower figure the ruling basis. Time money
is quoted nominally at 6@8% for all maturities
The latter is quoted 6Q
up to five months.
7% and six months' funds are 6@7%.
As
we have already noted, however, the market's tone
is easier and loans are largely a matter of individual
negotiation. Mercantile paper of the highest grade
has sold at 63/2%. The closing quotations may be
repeated from last week at 63/2@I% for sixty and
ninety-day endorsed bills receivable and for four to
six months' single names of choice character; names
less favorably known require 732@8%.
The Imperial Bank of Germany, in a statement
received by cable on Monday, reported an increase
of 40,239,000 marks in gold and of 24,359,000 marks
in the total of bullion, bank notes and treasury notes.
Notes in circulation increased 98,087,000 marks,
Lombards decreased 94,896,000 marks and deposits
decreased 358,257,000 marks. The gold holdings
are reported at 1,700,171,000 marks, which compares
with 1,159,200,000 marks in 1913 and 833,740,000
marks in 1912. The Bank's outstanding note circulation aggregates 4,090,888,000 marks, against
The market for sterling exchange has ruled firm
2,242,580,000 marks in 1913 and 2,005,240,000
and higher this week. The managers of the Gold
marks in 1912.
Pool have not attempted, apparently, to depress
A much more comfortable condition has developed rates. Aside from a single announcement, they have
this week in local money circles. This has shown kept their entire operations secret, and it is underitself more especially in the improved demand for stood that the committee by agreement has decided
commercial paper by banks and trust companies, to withhold either in official or unofficial form details
including both city and out-of-town institutions. of operations for the present. The pool has not been
There has also been an improvement in the demand formally completed, subscriptions thus far having
for short-term notes. Attractive paper has sold amounted to only $98,000,000, but the remainder can
quite freely at 63'%, which may be compared to a of course be very readily obtained when required.
corresponding rate of about 7% last week. In the The single announcement referred to was that the
matter of loans for fixed maturities, it is still neces- committee delivered demand bills on Tuesday
sary to maintain a range of 6@8%, but instead of morning as a result of Monday's applications for
7% being the average rate it will probably be found exchange at 4 95w. This compares with 4 963,
4% if the real terms of some private the rate at which Friday's applications were filled
much nearer 63
have been made were openly on Saturday. Meanwhile in the general market
which
transactions
1 on Saturday and
announced. At any rate, there is no question of a demand bills were quoted at 4 94Y
strength in the
The
sentimental improvement in the market, with in- 4 943'IQ4 95 on Monday.
of short
the
covering
to
ascribed
creased offerings, especially for the distant maturities. market may be
had opwho
e
interests
speculativ
by
ts
commitmen
There seems some disposition in Washington to bebills
by the
of
offering
the
that
theory
the
on
erated
bemay
lieve that the Federal Reserve District banks
rates.
in
reductions
substantial
force
would
pool
would
turn
in
This
gin operation soon after Nov. 1.
if
shall,
there
that
is determined
mean an early conversion of emergency circulation The committee
by
Pool
Gold
the
of
taken
advantage
into new FederalBank notes and would undoubtedly possible, be no
that it is not the
ease the situation very materially. Hence, there is speculators. It is understood
to reduce rates,
committee
the
of
object
present
side
a corresponding tendency to look on the brighter
of bills by perthe
supply
stimulate
to
rather
but
the
regard
of things. Local bankers, however,
is making
pool
The
figures.
attractive
mitting
as
improb1
opening of the Federal banks by Nov.
that
be
deferred
s
cannot
for
remittance
provision
the
increased
is
able. A feature of the situation
under
payments
a
which
condition
preserving
is
in
but
to
clients
belonging
banks
balances in New York
Europe. One explanation is the fact that a large that can be held over may be postponed for the
part of the grain export business is being conducted present. In time the committee believes the supply
.on what may be termed a cash basis, payment being of bills will increase, and then the price of exchange
made for the grain before shipment rather than using -will decline gradually and naturally. Meanwhile the
the customary sterling exchange machinery. Some pool will act as a balance wheel to prevent violent
of the funds that are on deposit here represent pay- advances or violent declines. If possible, the comments made to the banks for account of foreign manu- mittee will hold a steady market, on which calcufacturers who have requested that remittances be lations can be based. London cable advices confirm
delayed, evidently with a view of creating credit the idea of the speculative feature being responsible
for the strength that has been shown during the
balances in a neutral market.
of
averages
regisstatement
bank
week. One usually conservative London correspondLast Saturday's
of
and
loans
$16,in
0
on Thursday wired as follows: "Your bankers
of
ent
$24,575,00
tered a decrease
89,of
n of lower rates to result from your
an
increase
was
anticipatio
There
in
deposits.
963,000 in
demand
4)77,000 in cash and,with a cut of 83,645,750 in re- Gold Pool operations neglected to remit by
through
serve "requirements due to the reduction in deposits, bills hoping to secure better terms later
misjudged
they
a further decrease of 812,722,750 was shown in the cable transfers. They now find
-deficit of the banks and trust companies below re- the situation and are covering."
The October dividend and interest remittances
serve requirements, bringing the total deficit down
and have called for correspondto $17,986,650. This compares with a surplus of are always large
s. In addition there
remittance
a
and
important
ingly
$5,595,000 above requirements one year ago
OCT. 10 1914.1
THE CHRONICLE
1011
has been the special demand for meeting New York 4 97%@4 98 and sixty days at 4 9231(4)4 923/
2; the
City maturities in London through the Morgan principal market influence continued to be the insyndicate. A total of $4,420,500 gold was shipped quiries for settlement of maturing obligations. On
to Canada on Thursday, including $3,970,500 in Friday the market ruled firm. Closing quotations
coin withdrawn from the Sub-Treasury and $450,000 were 4 93@4 9332 for sixty days, 4 96%@4 973's
in bars engaged at the Assay Office. In response for demand and 4 97%@4 983, for cable transfers.
to the third call in connection with the $100,000,000 Commercial on banks nominal, documents for payCity of New York loan, the local banks paid in on ment nominal. Seven-day grain bills at 4 9532
Thursday at the office of J. P. Morgan & Co. $3,- @,4 953
4. Cotton for payment nominal; grain for
715,000 in gold and also furnished $1,068,000 in payment nominal.
sterling exchange. The first call was $8,257,000,
the second for $4,000,000, making with Thursday's
The New York Clearing-House banks, in their
payment $17,040,000 so far contributed by the operations with interior banking institutions, have
banks for the settlement of maturing City of New gained $12,819,000 net in cash as a result of the
York maturing obligations abroad. The shipments currency movements for the week ending Oct. 9.
of gold to Canada this week have amounted to $6,- Their receipts from the interior have aggregated
058,146, including $5,178,910 coin and
79,236 $17,353,000, while the shipments have reached
bars. The easing in the local money situation has $4,534,000. Adding the
Sub-Treasury operations
been another influence of strength in foreign ex- and the gold exports, which
together occasioned
change, although day-to-day money in London and a loss of $3,357,000,
the combined result of the
also private bank discounts there suggest a com- flow of money into and
out of the New York banks
plete absence of monetary strain. Day-to-day funds for the week appears to
have been a gain of $9,462,in London closed at 1@13%.
000, as follows:
A feature of the week has been the weakness in
Week ending Oct. 9.
.tnto
Out of
Net Change in
Berlin exchange, bankers' marks sight having been
Banks.
Banks.
Bank Holdings.
quoted as low as 91% and cable transfers at 92. Banks' interior movement
$17,353,000
$4,534,000 Gain $12,819.000
Sub-Treasury open and gold exports_
18,206,000
21.563.000 Loss 3.357,000
This has resulted to some extent from a disposition
Total
335,559,000 326,097.000 Gain $9,462,000
to keep German balances in New York as a neutral
The
following
table indicates the amount of bullion
market. Furthermore, the argument is heard quite
freely that there is a disposition to sell mark exchange in the principal European banks.
short on the belief that a decisive victory by the
Oct. 8 1914.
Oct. 9 1913.
Allies would mean depreciation in German paper Banks Of Gold.
Silver.
Gold.
Total.
Silver.
.
Total.
money. The parity of mark exchange is usually
England__ 56,756,912
56.756,912 35,712,331
35,712,331
considered 95.2 and the import point for German gold France a_ _ 165,653,680 25.013,280 190,666,960138,482,440 25,325,68 163,808,120
Germany _ 86,379,950 2,000,00 88,379.950 57.960,4
12,675,4
70,630.850'
here is figured at about 94%. There is, at any rate, Russia
c__ 178,949,000 5,506,000 184,455,000164.298,00O 6.305,000170.603,000
Aus,Huns 51,578,000 12,140,000
„ 61,582,000•
a disposition to turn Berlin credit into American Spain
21,971,000 27,409,000 49,380,000 18,707,000 29,480,000 48,187,000
Italy
46,637,000 3,000,000 49,637,000 45,851,000 3,175,000 49,026,000,
dollars, even if sacrifices, have to be made. Grain NethTds_ 13.030.000 173,700 13,203,700 12.360.000 630,300 12.990,300
Nat.-Bel. 15,380,
8,279,333 4,139.667 12,4191000
bills have been in comparative light supply, owing Sweden h_ 5,736,000 600,000 15,980.000
5,736,000 5,701.000
5,701,000
Switz'land 8,972,3
8,972.300 6,810,000
6.810.000.
to the prevalent practice of requiring payment on Norway d 2,749,
2,749,000 2,500,000
2,500,000'
Tot. week 653,792,842 75,841.98 29,634,822547,489,554 92.485,047639,974;601this side before the shipments go forward. It is Prey
.week 637,280,317 80,562.847 717,843,184 547,556,483 94,379,550,641,936,033'
believed, however, that to-day's steamer is taking
Data for 1914 for July 30. b For Sept. 17 c Sept. 14 d Sept. 15. h Sept.2
out a greater volume of sterling exchange than any
vessel since the war broke out, which is a highly
WHAT THE WAR IS COSTING.
encouraging sign. Stock transactions are entering
It is natural that financial Europe, now that it is
very slightly into sterling exchange calculations at
the present time, as the volume of international busi- settling down to belief that the war will be proness in this direction is particularly light.
tracted, should be beginning to figure out the
Compared with Friday of last week, sterling ex- probable money cost of this extraordinary conflict.
change on Saturday was weak, large offerings of It can hardly be said as yet that Europe has begun
commercial bills bringing about a sharp decline to to calculate definitely the means of footing the whole
4 943
4 for demand, 4 953 for cable transfers and bill in the end, or the effect of that process on the
4 913/i for sixty days. On Monday the opening was capital reserves and money markets of the world.
weak, with a decline in the early transactions, al- Estimates of the probable cost of such a war have for
though later buying by importers caused a rally; many years engaged the attention of European finandemand bills ranged at 4 943i@4 95, cable transfers ciers and statisticians. One well-known estimate
at 4 95%@4 96 and sixty-day bills at 4 91. There by a statistician of the University of Paris, compiled
was a firmer undertone on Tuesday and demand ad- during last year's Balkan war, and assuming Gervanced to 4 95%@4 953/ and cable transfers to many, England, France, Russia, Italy, Austria and
4 96/@4 963/2; sixty days was unchanged at 4 91; Roumania to be engaged in war, gave for the average
trading was light. On Wednesday further advances daily outlay the somewhat startling figure of $54,were recorded, cables went as high as 4 973.' and de- 000,000; this being based on the supposition of
mand bills to 4 963/
8, chiefly on buying of exchange 20,000,000 men in all under arms, of which one-half
incidental to the payment of the second installment were to be at the front.
on the city loan; subsequently the market eased off
It will be seen that this estimate includes two naunder increased offerings of bills, with the final tions (Italy and Roumania) which are not now at
range 4 95%@4 963/i for demand,4 96%@4 973è for war, but that it did not include either Belgium or
cable transfers and 4 91@4 913i for sixty days; the Japan, or allow for the protective mobilization exvolume of business transacted was small. Sterling penditures of neutral States like Switzerland and
quotations showed increased firmness on Thursday, Holland. The more familiar and also more
conservawith demand up to 4 963/2@4 97, cable transfers at tive estimate of the French statistician, Jules
Roche,
1012
THE CHRONICLE
[VoL. xc
partly based on other European calculations and of war indemnities. The French economist, Leroy
published at the time of the Japanese war in 1904, Beaulieu, has lately given the opinion that, if Gerassumed the daily average expenditure of France at many is defeated, a war indemnity between four
$5,100,000; of Germany at $5,000,000; of Russia at and five billion dollars would be imposed upon her,
$5,600,000, and of Austria at $2,600,000. It did and certainly the nature of the German campaign
not include England, and was in other respects in France and Belgium would, in such case, be the
largely conjectural. Still it lays a basis for com- basis for an extremely large exaction.
What will be the effect of all this on the markets
parison of actual results up to the present date, so
Saturday,
the world? It is quite impossible yet to say. In
of
determined.
Last
been
have
they
far as
Finance Minister Ribot of France calculated the England the money thus far raised, though large
average war outlay of that country to date at in amount, has been mostly procured through tem$7,000,000 per day. This, it will be observed, is porary short loans in the nature of Government
far above the figure assigned to France by the Roche floating debt, which are placed at a rate not far
above 3%. But that gives no clear indication of
estimate.
of
Gerwhat the cost will be when systematic funding opBerlin
estimate
unofficial
A recent
erations
begin. As to the much-discussed German
$5,000,000
as
the
average
gave
cost
war
many's
daily expenditure for that country; but if the French public loan, particulars are not accessible. The
statement is correct, this German estimate is cer- amount is said to have been one billion dollars, with
tainly too low, because, with campaigns in progress a net interest rate somewhat above 5%. But the
both on its east and west borders, and with prac- manner of payment and the nature of subscriptions
tically all its reserves under arms, Germany's ex- are not known, nor is it clear from what class of
penditure can hardly fail to exceed that of the de- the community the reported full subscription was
fensive campaign in France. One may also say of obtained.
Naturally, the extent of the burden to be imposed
Russia that the present magnitude of its active
armies surpasses any idea which could have pre- by these expenditures will depend on the length of
vailed in 1904. As for England, the British Ex- the present war. The Napoleonic wars were folchequer's weekly statement latest to hand shows a lowed by prolonged economic exhaustion throughout
daily average war outlay $3,800,000 in excess of the Europe; but that conflict had, with scarcely an infigures of a year ago. If one were to assume Minister terruption, lasted for ten consecutive years, and at
Ribot's figure for Germany and Russia as well as a time when the accumulation of capital in the world
France, and were to allow for England and Aus- was vastly smaller than now. That question of
tria, the cost per day for all these five belligerents capital supplies is, in fact, one which must not be
would closely approximate $28,000,000.
overlooked. Precisely as armies of a magnitude
Considering that Japan and Belgium also are at never before equaled are now conducting the camwar, and allowing for the outlay of neutral States paigns, so the capital facilities available to foot the
and for the actual destruction of capital in the war bill are of proportions never imagined in any earlier
to date, this is unquestionably an underestimate war. In the German Empire subscriptions to new
of total cost. Continued for six months, even that securities in a single year have run as high as $800,daily average would mean an outlay of $5,100,000,- 000,000; in England, they have reached $1,335,000. This week's estimate by the French economist, 000,000. It is also a well-known fact that inYves Guyot, calculated that six months of war would vestment capital in all European countries has
involve an outlay of $16,000,000,000 to the seven been held back from the open markets during the
belligerents. This, however, must apparently take past three years with a view to exactly the present
into account other expenses than the actual outlay situation.
on the armies.
Placed as it then was, mostly in short loans, it
What all this means may be best shown by com- will be available now for the enormous war issues.
parison with the facts in other wars whose cost is But experience also teaches that resources of capital
known. The Boer war cost England, by the Gov- may be touched, under stress of war, such as had
ernment's final official summary, $1,000,000 per never previously been recognized in the calculations
day; our Spanish war cost the United States about of the market. It was at a time when our Governthe same. During most of our Civil War a similar ment was almost in despair as to the ability of the
daily average prevailed, but by 1865 it was costing United States to finance its own Civil War expendithe United States $3,000,000 per day. The cost of ture that Jay Cooke, taking a Government 6% loan
the Russo-Japanese war to both combatants averaged on a commission basis, peddled out through agents
$3,000,000 daily. The per diem cost of the Franco- the newly invented coupon bonds in every town and
Prussian war to France, as stated in an official report village of the country, placing in this way, if we rewhen the war was over, was $3,200,000, or say member rightly, between $500,000,000 and $750,$6,000,000 for the two belligerents.
000,000. Who would have thought that in 1904
These have always been looked on as portentous and 1905 the Japanese people would have been able
figures, yet it will readily be seen how vastly the to subscribe to two or three hundred million dollars
cost of the present contest exceeds them. Nor is in domestic loans?
this the only consideration. In all of the previous
All these reservoirs of capital will in due course
wars referred to there were never more than two undoubtedly be touched in the present contest.
nations involved; the others continued peacefully The world-wide strain may turn out to be less than
to accumulate capital. In the case of this war, the had been apprehended. But it is not safe to forget
United States and Holland are the only strong finan- that the world's accumulation of capital for peaceful
cial nations of which that can be said. Therefore industry has been mostly arrested, and that the
the problem of drawing on the world's capital re- burden, not only of debt but of rapidly mounting
serves is unprecedented in character. We must taxation, must rest on the belligerent States for years
even, in the longer outlook, allow for the raising to come.
00T. 10
1914.1
THE CHRONICLE
1013
long-haul traffic, and the number of tons of revenue
AN
freight carried one mile in 1914 was only 7,316,271,ATCHISON RESULTS IN
YEAR.
630, against 7,802,544,667 in 1913. The adverse
UNFAVORABLE
property
railroad
influences in the year under review were the general
Probably there is no other large
years
recent
trade depression and the crop shortage of 1913.
in
able
in the United States that has been
in
results,
This latter was particularly pronounced in the
satisfactory
to present such uniformly
territory traversed by the lines of
Topeka
Atchison
Southwest—the
the
as
alike,
good and poor periods
served as an additional
unfavorsystem—and
of
the
presence
Atchison
The
Co.
& Santa Fe Railway
able traffic and trade conditionsis,of course,infallibly influence depressing trade locally. The company
reflected in the revenue returns of the company; and moved only 537,112 tons of wheat in 1914, against
as in the year covered by the report just submitted 834,223 tons in 1913, but, strange as it may seem,
for the twelve months ending June 30 1914 the con- handled 610,849 tons of corn, against 578,358 tons
ditions were clearly of an unfavorable nature, the in 1913. The increase in the corn traffic is surprising in
income account necessarily fails to come up to that of view ofthefactIthat in Kansas,in which a considerable
the previous year. Nevertheless it is surprising part of the mileage of the system lies,the corn crop of
within what a relatively small compass the changes 1913 was an almost complete failure, the Agricultural
have been kept, considering the many adverse cir- Department at Washington having estimated the
cumstances and factors against which the road had yield at only 23,424,000 bushels, against 174,225,000
bushels in 1912. The yield in Oklahoma was liketo contend.
largest
very
the
wise deficient, being estimated at only 52,250,000
was
The previous year's revenue
inan
recorded
and
company
the
bushels,
against 101,878,000 bushels in 1912. That
of
in the history
crease over the twelve months immediately pre- the Atchison should nevertheless have carried more
ceding in the large sum of $9,143,892, bringing the corn is evidence that it draws its traffic from a
total of the gross operating revenues up to $116,- territory much wider than the confines of these two
896,251. From this there has been a fall in 1914, States. As a matter of fact, the system extends
but only to $111,109,769. This loss of $5,786,482 into or through thirteen States and about onethe managers succeeded in offsetting to the extent quarter of the entire mileage lies in Texas, where corn
of $4,173,201 by reduced expenses, leaving the loss matures much earlier in the season and where the
in net but $1,613,281. Naturally a considerable 1913 product was given as 163,200,000 bushels,
portion of the saving in expenses is found in the against 153,300,000 in 1912 and only 69,350,000
maintenance outlays, such a reduction being easy bushels in 1911.
In what has been said we have reference to conin the case of the Atchison by reason of the liberal
expenditures in that way in the past. Out of the ditions having their origin in trade and agriculture.
whole $4,173,201 reduction in the expenses, $3,060,- In addition, there is another class of conditions
133 is in the maintenance accounts. That the prop- peculiar to the railway world, and these have been
erty was not "skimped," however, is evident from most unfavorable of all. We allude to the rising
the fact that the expenditures upon maintenance of cost of operations and the inability to obtain comway and structures,even after the reduction,averaged pensation for this higher cost by advances in rates
$1,403 per mile of road and that the sums spent for even of a very moderate nature. That is really the
maintenance of equipment averaged $120 per freight serious feature in railroad affairs, and the Atchison
car, $1,175 per passenger car and $4,464 per loco- is menaced by it in the same way as other railroad
properties, only that it is a little more strongly fortimotive.
In the year's curtailment of the maintenance out- fied against the pressure than systems not so favorlays is seen illustrated the policy pursued in this splen- ably situated or so favorably circumstanced. As
didly managed property. The maintenance ex- illustrating graphically how the Atchison has been
penditures are always adequate, but are extra liberal affected in that way, we would direct attention to
when revenues permit such a course. Moreover, a little statement in the report giving comparative
there is adherence to the practice of paying only figures of revenues, expenses and fixed charges for
moderate dividends and to devote any excess of a series of years. For 1914 the surplus above fixed
income remaining above the dividend requirements charges was $20,183,964. Seven years before, in
to appropriations for additions and betterments. In 1907,the corresponding surplus on the twelve months'
this state of things the chief result of any shrinkage operation was $21,168,723. Yet for 1914 aggregate
in income is to diminish the amount available out of gross revenues (including income from other sources)
income for betterment purposes. The dividends paid were $113,284,123, while in 1907 they were only
are 6% on the common shares and 5% on the pre- $94,436,574. In other words, with $19,000,000
ferred shares, and after the call for these dividends more gross revenues, the company is actually $1,there remained out of the late year's income $2,719,- 000,000 poorer in final net income. We have already
317 surplus, and the whole of this was applied to noted that this surplus of $20,183,964 for 1914 was
additions and betterments. In the previous year sufficient to pay dividends and allow $2,719,317 to be
the surplus above dividend requirements was $5,- appropriated for additions and betterments. But it
574,433 and the whole of this was likewise applied should not escape attention that a surplus of less
than 2y
1 million dollars is, after all, a very small marto additions and betterments.
We have already stated that conditions during gin on which to work in the case of a great railroad
the late year were unfavorable and the falling off system with yearly gross revenues of 1133 million
in gross revenues is of course evidence of the fact. dollars. Unfortunately, too, the causes responsible
Yet it is noteworthy that the number of tons of reve- for this deplorable situation continue actively at
nue freight carried in 1914 was almost precisely the work. New demands for wage increases are consame as in the year preceding, the comparison being stantly being made and other items of operating
25,034,240 tons, against 25,061,711 tons. The haul, cost also keep rising. As one instance of the latter,
however, was shorter, indicating a diminution in we notice that the Atchison in the late fiscal year was
1014
THE CHRONICLE
obliged to pay an average of $1 89 per ton for the
coal used, against $1 76 per ton in 1913 and only
$1 64 in 1912, and that its fuel oil cost in 1914 $3 77
per ton, against $3 74 in 1913 and $3 73 in
1912.
It is the duty of railroad managers to speak out
plainly in opposition to a hostile public sentiment
which denies proper relief to the railroads in such a
state of things, and President Ripley of the Atchison
is a railroad executive who does not lack courage
in that respect. He points out that the development of the company's business and of its efficiency
have been due principally to the very large expenditures (over $298,000,000) which have been made
in the extension and improvement of the property
since San. 1 1896. In order to make such expenditures the company has had to raise since 1896 over
$217,000,000 of new money by the sale of bonds
or the issue of additional stock. Mr. Ripley repeats
and brings down to date a tabular statement introduced in his previous report showing the aggregate
property investment from year to year and the yearly
income "applicable to bond interest, dividends, improvement of property and strengthening of credit."
This statement shows that total net income now is
barely in excess of 5% per annum upon the investment, the exact figure for the late year having been
5.08%, which compares with 5.63% in 1913 and
6.31% in 1907.
The ability of the company to pay 6% on the
common stock while earnings are only slightly in
excess of 5% on the aggregate investment in the
property is exp'ained by the fact that the company
pays an average of very little more than 4% on its
bonded debt, much of which was created when money
could be borrowed at or near 4%. In recent years
however, it has been impracticable to borrow large
amounts of money at as low as 4% or even as low
as 43/2%. It must also be remembered that not all
of a year's income is available for distribution in
the shape of interest and dividends. Mr. Ripley
says the directors feel that heavy responsibility
devolves on them in the present state of Governmental activities directed at the railroad industry. Constant whittling of rates plus constant legislation
which adds to expenses without adding to revenue
have had their inevitable effect. He sees evidences
of a disposition on the part of those in authority
to realize that great injustice has been done in the
guik of regulation, and that it is time to call a halt;
but the relief which the railroads need, he takes
pains to declare, cannot come until this disposition
shall be transmuted from mere expressions of friendliness into positive remedial measures. "General
words of sympathy will accomplish nothing if Governmental agencies continue in each specific instance
to impose additional burdens or to find excuses for
not granting specific relief."
He also adverts to the threatening attitude of
labor organizations, which he regards as
vigorous
second in the menace of the times." If railroad employees were left to themselves there would be little
cause for complaint, but he finds that the organizations as a body have been aggressively demanding
increased wages for their members with no regard
for the ability of their employers to pay and have
been steadily demanding, and frequently with success, many varieties of legislation, such as full-crew
bills, designed to increase operating expenses.
Between the repressive forces of Government and the
[VOL. xc
demands of organized labor, the sum remaining as
the share of invested capital is, in his view (as in
that of all.competent observers), in serious danger.
In this state of things he declares it to be the purpose
of the management "to make no additions or betterments, however desirable, which cannot be paid for
out of current earnings, and to continue the policy of
incurring no floating debt." The public should
accordingly take notice.
He also comments upon the great increase—the
"menacing increase" he calls it—in the taxesimposed
upon railroad property. The Atchison taxes for
1914 were $5,525,585, equal to no less than 1431%
of the total net income which the company had available for the payment of taxes, interest, dividends,
Sze. In the last ten years the company's taxes have
increased 188%, although the investment in the
property has increased less than 40% and the net
income available for taxes, interest and dividends
has increased less than 45%. Accordingly, he is
moved to say: "Governmental agencies generally
counsel the railroads to increase their economies
and to improve their efficiency, and stern necessity,
even if there were no other motive, has forced the
railroad companies to do this; but there is nothing
to indicate that the Governmental agencies themselves have practiced what they have preached in
this respect. The evidences of extravagance in all
grades of Governmental activity are very numerous
•and the evidences of Governmental economies are
exceedingly rare. The result is proving dangerously
burdensome to the railroad properties of the country."
THE GRAIN CROP SITUATION.
The grain crop situation in the United States on
the first of October, according to the report of the
Department of Agriculture, issued on Wednesday,
was a little more promising on the whole than a
month earlier. That is to say, the various crops—
wheat, corn, oats, barley, rye, buckwheat and rice—
now promise an aggregate yield of 4,986 million
bushels, or close to 100 million bushels more than
seemed likely on Sept. 1.
In corn an improvement of 1.2 points during September is reported by the Department, making the
average condition for the whole country 72.9 on
Oct. 1, against 65.3 a year ago,at the time of the crop
shortage, and a ten-year average of 79.1. The average yield per acre is estimated as 25.5 bushels, or
but four-tenths of a bushel under the average for
the preceding five-year period, and the aggregate
crop is computed as 2,676,500,000 bushels, against
2,447 millions in 1913 and 3,125 mil ions in 1912—
this latter the high-water mark in production.
The indicated yield of spring wheat as now stated
is one-tenth of a bushel under the Sept. 1 report,
and is placed at 12.1 bushels per acre, promising a
crop of 216,835,000 bushels, against 239,819,000
bushels in 1913 and 330 millions in 1912. The
quality of the crop s not up to the average, dry
weather at the time of maturing having had a deteriorating influence. Last year quality was high
—92; this year it is only 78.6. In August the winter
wheat yield was estimated as 675 million bushels—by
far the highest figure on record for that cereal—and
152 million bushels greater than in 1913. Combining
the two varieties, we ,have a total product of 891,835,000 bushels, which exceeds by 129 million bushels
THE CHRONICLE
Ocq. 101814.]
the previous largest yield (that of 1913) and compares with 730% million bushels in 1912.
Oats benefited to a very moderate extent from the
better weather of September, the Department's
estimate of yield per acre being raised from 29.1
bushels to 29.6 bushels. The aggregate production
is now figured out to be 1,136,755,000 bushels,
against 1,122 millions last year and 1,418,337,000
bushels two years ago—the record. The barley
crop is now estimated at 197 million bushels, against
200 millions, but comparison is with 178 million
bushels in 1913. The following furnishes a summary
for the last four years of the different crops:
Estimated
Production.
(000.0003 omitted) 1914.
675
Winter wheat
217
Spring wheat
2,676
Corn
1.137
Oats
197
Barley
43
Rye
Total
4.945
Final
1913.
523
240
2.447
1.122
178
41
Final
1912.
400
330
3.125
1.418
224
36
Final
1911.
431
191
2.531
922
160
33
Previous
Records.
523(1913)
330(1912)
3.125(1912)
1.418(1912)
224(1912)
41(1913)
4.651
5.533
4.268
5.661
Some other important crops are reported upon
more favorably Oct. 1 than a month earlier, and
particularly that universal food, the white potato.
The latest investigations have served to raise the
estimated yield per acre to 103.3 bushels, from 98
bushels, adding 11 million bushels to the aggregate
product, which is now stated as 382 million bushels,
or 50 million bushels more than in 1913. Tobacco,
too, is now expected to turn out much better than
seemed probable on Sept. 1. In fact, the average
product per acre has been advanced from 729 lbs.
to 82.1.3 lbs., and the aggregate estimated crop from
862 million lbs. to 954 million lbs., or virtually the
same as the yield in 1913.
In connection with the foregoing, a fact of interest
is that, according to private reports, efforts are
making to largely increase the planting of winter
wheat this fall. The reports are to the effect that,
with favorable weather, plowing has been general
and that wheat will be materially increased, and it is
stated that in many sections of Texas cotton is being
plowed up and the land given over to wheat. This is
an outcome of the war situation in Europe which,
while it has seriously curtailed the consumption of
cotton, will largely increase the demand for wheat
and other food crops.
THE CHESAPEAKE dc OHIO REPORT.
The report of this company opens with a significant
and striking statement illustrative at once of what its
management and the managements of other railroad
properties have had to contend with in recent years.
The statement is as follows: "Unexpected increases
in wages and taxes since 1910 now aggregate about
432% per annum on the company's stock, and to that
extent the sum available for dividends or for improvements of the physical or other assets of the company
has been diminished." Obviously such a state of
things would be a serious obstacle to the prosperity
of any railroad property, but is particularly important in the case of a company like the Chesapeake &
Ohio, which is obliged, by reason of its location and
the character of its traffic, to move traffic at exceedingly low rates. Obviously, too, steadily developing operating deficiency, no matter how noteworthy its progress, cannot readily keep pace with
demands that make such serious inroads into profits
as is indicated by the remarks quoted.
Another circumstance that must be taken into
account in any consideration of the affairs of this
1015
property is that the company is obliged to make
large additions to new capital account from year to
year in the effort to advance operating efficiency and
develop the traffic of the system. During the year
under review there was a net increase in the outstanding obligations of the company of $13,560,795,
while during the last five years the net addition to
the capital obligations of the company has been
$54,887,978. The proceeds, along with means derived from other sources, went to provide for expenditures aggregating $64,646,205 for equipment,
branch line construction, second track, the acquisition of the stocks and bonds of other companies,
&c., &c. Under these circumstances it is encouraging to find that for 1914 the company is able to show
the 4% dividends paid fully earned, with a remainder
left over on the operations of the twelve months in
amount of $460,551.
We doubt that many persons realize how extremely
low the rates obtained by this road are or appreciate
what it means to be obliged to move traffic at such
figures. It is remarkable, too, that, notwithstanding
the low level of rates, th? averages still keep tending
downward year after year. On the company's
coal tonnage the average has now got down to only
3.12 mills per ton per mile, this comparing with 3.15
mills in 1913 and 3.17 mills in 1912. On the general
tonnage the average is much better, having been for
the late year 6.62 mills, and yet the coal tonnage
forms such a preponderating proportion of the whole
that the average for the entire freight traffic of 1914
was only 4.09 mills per ton mile. It follows that the
company was obliged on its entire tonnage to move
an average of about 23/2 tons of freight one mile to
earn a single cent gross.
Only superior operating achievements render
profits possible under such conditions. And operating efficiency is certainly being promoted with skill
and determination. The company's large train-load
has long been a distinguishing feature of its affairs,
and the average is still being added to year by year.
The tonnage movement one mile in 1914 wasincreased
51/2%, but the addition to freight-train mileage was
only 2.3%, and the addition to locomotive mileage
no more than 1A of 1%. It follows that the trainload was again raised to a new high record. The
average for the revenue train-load was 27 tons better
than in the previous year and fully 114 tons better
than two years ago, and has now been brought up to
the figure of 870 tons. Including company freight,
the lading of the trains averaged in 1914 927 tons,
against 901 tons in 1913 and only 788 tons in 1912.
Because of the higher train-load, the freight trains
are now enabled to earn $3 55 per mile run, whereas
in 1913 they earned only $3 47 per mile run, and in
1912 no more than $3 08 per mile run. An addition
of 47 cents to the earnings of the freight trains per
mile run in two years is, obviously, an achievement
of no mean order. Not only is operating efficiency
being practiced and promoted in every way and in
every direction, but new devices and facilities are
being provided with the special purpose of reducing
cost to the lowest basis possible per unit of work. As
a striking instance in point, we may refer to the
steel dumping pier that has been constructed at Newport News, the Atlantic tidewater terminus, and
which was put partially into operation on June 1
1914. This pier is electrically operated and equipped
with every modern appliance for the expeditious loading of coal into cargo vessels and bunkers. It has a
1016
THE CHRONICLE
rated capacity of 5,000 tons per hour when both sides
are in operation (as yet only one side has been completed), the road's cars being dumped into conveyor
cars which are lifted to the top of the pier by electric
elevators, and, as the report well says, the service
which the company can give at this pier promises a
record for fast transferring of coal from the railway
car to vessels.
RAILROAD GROSS EARNINGS FOR SEPTEMBER.
Gross earnings of United States railroads are now
falling off in all directions, a fact whicht'clearly
appears from our early statement for the month of
September presented to-day. The situation was
bad enough before by reason of the steady reaction
in trade, but the outbreak of war in Europe has
made the situation an unparalleled one. Even a
larger grain movement has failed to prevent a loss
in the case of the Western roads, which are always
largely represented in our early statement, while a
large shrinkage in the cotton traffic has served to
intensify the loss in the case of Southern roads.
Canadian roads have fared no better than those in
the United States except in one instance, and as we
include in our statement the three important Canadian systems, namely the Canadian Pacific, the
Canadian Northern and the Grand TrunklRy., this
has served to swell the amount of the loss.
Our table covers 91,124 miles of road for September 1914 and on this mileage there is a loss in gross
earnings of $5,747,837, or 7.05%. Out of the whole
43 roads included in the table, there are only nine
that are able to record an increase. The Chesapeake
& Ohio, which is steadily forging ahead, is one of
these. The Mineral Range, though a very small
road, has a substantial amount of increase, because
comparison is with the strike period in the coppermining regions of Lake Superior last year. The
"Soo" road and the Minneapolis & St. Louis also
have increases and are doubtless benefited by the
large movement of spring wheat induced by the high
price prevailing for wheat. The Canadian Northern
is the one large Canadian system able to record an
increase. In the following we show all changes for
the separate roads for an amount in excess of $30,000,
whether increases or decreases. The list of decreases,
it is observed, is a long one.
gate receipts for the five cereals for the five weeks
the present year were 155,478,000 bushels, against
only 127,527,000 bushels in the five weeks of last
year. In the following we show the details of the
Western grain movement in our usual form:
WESTERN FLOCR AND GRAIN RECEIPTS.
Corn.
Wheat.
Oats.
Five 'leeks Flour.
Barley.
Rye.
(bush.)
(bush.)
(bush.)
end. Oct. 3. (bbls.)
(bush.)
(bush.)
Chicago1914____ 1,071,000 15,055,000 9,273,000 19,284,000 3,605,000 401,000
1913--_- 1,096,000 4.719,000 16,651,000 14.209.000 2.657,000 430,000
Milwaukee1914---- 407,000 2.097,000 1,776.000 4,427,000 2,779,000 912,000
1913_-__ 378,000 1,244,000 1,225,000 2.319.000 2,100.000 401,000
St. Louis-311,000
1914____ 440.000 3,855.000 1,106,000 2,851,000
96.000
1913-- 378,000 2,033,000 1.479,000 2,767,000
248,000
87,000
Toledo-1,090,000
185,000
427,000
2,000
191416.000
806,000
297,000
429,000
18,000
1913Detroit43,000
414,000
177,000
1914---552,000
49,000
240,000
1913-238,000
386,000
Cleveland268,000
I914-_-- 107,000
160,000
476,000
2.000
6,000
60,000
87,000
1913-_-303,000
325,000
1.000
5,000
Peoria244,000 1,363,000 1,328,000
1914___- 297,000
316,000 133.000
101,000 1,710,000 1,117,000
1913-__- 138,000
290,000
78,000
Duluth17.334,000
1,538,000 3,022,000 1,102,000
I914____
18,737,000
41,000 2,702,000 4.652,000 524,000
1913Minneapolib-24,028,000
549,000 4,403,000 7.004,000 1.335,000
191418,952,000
456,000 4,590,000 7,581,000 1,255,000
1913Kansas City12,896,000
645,000
1914 _
998,000
2,292,000 1,859,000 1,185,000
1913 Omaha1914._..2,256,000 1,067,000 2,510,000
1913..-.1,730,000 2,091.000 1.880.000
Total of All
1914 -- 2,365,000 79,341,000 16,301,000 38.794.000 17,041.000 4,001,000
1913....... 2.087,000 50,941,000 26,350,000 29,909,000 17,529,000 2,798,000
In the case of the cotton movement in the South
the experience was the exact reverse of that of the
grain movement in the West. High prices for grain
were an inducement for the farmer to send every
bushel to market with the utmost rapidity. Contrariwise, in the South the extremely low prices
ruling for cotton and the agitation in favor of holding
back supplies had the effect of reducing shipments
to market to small proportions. At the Southern
outports the receipts of cotton for the month of September 1914 reached only 346,171 bales, against
1,240,734 bales in September 1913 and 1,074,277
in 1912. The shipments overland were 29,232 bales,
against 38,133 bales.
RECEIPTS OF COTTON AT SOUTHERN PORTS IN SEPTEMBER AND
FROM JANUARY 1 TO SEPTEMBER 30 1914, 1913 AND 1912.
September.
Since January 1.
Ports.
1914.
bales_
Galveston
Port Arthur, dm
New Orleans
PRINCIPAL CHANGES IN GROSS EARNINGS IN SEPTEMBER. Mobile
Increases.
Decreases. Pensacola, Arc
$242.615 Buffalo Roch & Plash$191,448 Savannah
Chesapeake & Ohio
115,000 Missouri Pacific
190,000 Brunswick
Canadian Northern
65,197 Yazoo & Miss Valley
178,714 Charleston
Atiinneap & St Louis
36,408 Colorado & Southern
MinnStP&SSM
154,521 Georgetown
35.452 Wabash
139,786 Wilmington
Mineral Range
Mobile & Ohio
133,976 Norfolk
Chicago & Alton
Representing 5 roads in
132.333 Newport News, &c
8494,672 Cin New Orl & Tex Pac-129,060
our compilation
Total
Decreases. Denver & Rio Grande
128,400
81,408,000 Texas & Pacific
Canadian Pacific
108,941
Louisville & Nashville_-- 683,141 Chicago Great Western
49,926
669,594 Western Pacific
Great Northern
40,200
460,362 Duluth So Sh & Atlantic.Southern Railway
38,662
364,369 Chicago Ind & Loulsv
Seaboard Air Line
37,742
321,631 Alabama Great SouthernIllinois Central
36,268
St Louis Southwestern__ - 239,000
Representing 24 roads
Missouri Kan & Texas- 209,598
In our compilation-86,203,752
199.080
Grand Trunk
The Western grain movement reached very large
proportions, but this did not avail, as already indicated, to prevent losses in earnings on Western roads.
For the five weeks ending Oct. 3 the receipts of corn
the present year at the Western primary markets
reached only 16,301,000 bushels, against 26,350,000
bushels in the corresponding five weeks of last year,
but the receipts of wheat were no less than 79,341,000
bushels, against 50,941,000 bushels, and the receipts
of oats were 38,794,000 bushels, against 29,909,000
bushels. Higher prices are responsible for the size
of the movement. Adding barley and rye the aggre-
[VoL. xcix.
1913.
189,947 550,839
5,373
58,338
23,525
65,090
11,170
43,698
2,839
10,268
72,671 300,003
1,548
52,100
16,735
86,753
9,224
8,619
4,520
54,383
17,986
1,276
1912.
1914.
1913.
1912.
617,582 1,481,584 1,728,659 2,089,443
65,857 223,980 351,953 395,101
44,890 876,293 554,158 851,866
21,541 142,230 118,179 174,784
3,408
60,635
52,186 182,988
152,063 508,875 625,716 972,571
43,250
69,448 106,984 205,339
45,365
59,356 141,143 161,980
339
110
46,249
79,882 102,648 236,178
32,081 227,782 248,232 323,793
30,233
1,391 114,705
64,524
346,171 1.240,734 1.074,277 3,844,770 4,094,492 5,624,685
Comparison is with moderate gains in earnings in
September of previous years, speaking of the roads
collectively. In September 1913 our early statement registered 83,617,644 increase, or 4.64%, in
September 1912 the increase was $4,988,471, or
7.09%; in 1911 $2,302,158, or 3.63%, and in 1910
$2,487,898, or 3.81%. In September 1909 the improvement was of larger proportions, the increase
amounting tol$6,613,195, or 11.91%. But that, of
course,followed a loss in 1908,the falling off then by
our early statement having been $3,986,202, or
5.78%. Prior to 1908 the September record of
earnings was one of continuous improvement, as
will appear from the statement we now annex giving
September comparisons for all the years back to
1896.
THE CHRONICLE
Oar. 10 1914.]
GROSS EARNINGS AND MILEAGE IN SEPTEMBER.
Gross Earnings.
Mileage.
September.
Year
Given.
Year Yr.Pre- InGiven. ceding. cr'se.
Increase (-Ior Decrease (- •
Year
Preceding.
Roads
117
128
123
111
101
96
72
73
66
55
68
55
53
49
50
49
46
44
43
Miles.
90,456
95,865
91,517
95,700
96,165
101,165
89,680
90,183
83,592
80.859
92,839
73.482
83,157
77,460
84,994
83,889
85,901
90,097
91,124
Miles.
89,696
94,422
90,818
94,503
92,902
99,240
88,083
88,703
81,623
79,023
90,527
72,668
81,908
76,330
82,163
82,099
84,356
88,450
89,503
0.85
1.52
0.77
1.26
3.51
1.98
1.82
1.67
2.41
2.32
2.55
1.12
1.52
1.48
3.43
2.06
1.83
1.87
1.81
Jan. 1 to Sep
1896 -- 111
1897._._ 124
1898.... 122
1899 ____ 108
1900_.... 101
1901
93
72
1902 __
73
1903__
66
1904__
1909._. 55
68
19O6.._
55
1907
51
1908 _
47
1909 ____
1910....... 49
49
1911 __
46
1912 ____
44
1913 ___
1914._ -- 43
. 3088,223
95,250
91,475
95.181
96,165
100,492
89,680
90,183
83,592
80,859
92,839
73,482
82,500
77,147
84,254
83,889
85,901
90,097
91,124
87.464
93,807
90,776
94,026
92,902
98,531
88,083
88,703
81,623
79,023
90,527
72,668
81,251
76,069
81,503
82,099
84.356
88.450
89,503
0.86 26.903,450 312,929,980 +13,973,470 4.46
1.54 56,545,809 343,560,268 +12,985,541 3.78
0.77 56,283,597 319,888,352 +36,395,245 11.37
1.23 35,131.215 399,525.997 +35,605,218 8.91
3.51 70,582,605 423,590,726 +46.991,879 11.09
1.99 525,841,522 475,815,865 +50,025,657 10.51
1.82 489,256,535 451,747,198 +37,509,337 8.33
50(1,075,914 +61,778,474 12.33
1.67 561,854,
483,274,172 -1,623,930 0.33
2.32 484,597,911 452,258,707 +32,339,204 7.15
2.55 657,972,747 574,286,788 +83,685,959 14.57
1.12 474,839,846 429,640,386 +45,199,460 10.52
1.53 486,667,961 575,319,572 -88,651,611 15.41
1.42 466,976,509 417,976,108 +49,000,401 11.72
3.37 555.870,669 487,758,708 +88,111,961 13.96
2.06 532,990,363 524,245,530 +8,744,833 1.74
1.83 609,914,375 566,204,203 +43,710.172 7.73
1.87 668,840,523 819,410,858 +49,429,665 8.00
1.81 623,763,606 664,407,415 -40,643,809 6.12
Year.
1896
1897 _
1898 _
1899
19001901__
1902 _
1903
1904 _
1905 _
1900._
1907 - 1908 _- -1909 _
1910-1911
1912 ____
1913
1914_
41,561,327
49,720,753
47,105,094
58,682,534
58.270,588
66,491,460
61,654,626
68.192,919
61,589.566
61,549.676
79,890,683
56,317,229
64,925,965
62,138,040
67,702.377
67,190.814
75,580.043
81,504,881
75,704,844
42,056,682
43,333,198
44,379,196
53,004,336
57,173,545
59,962,628
56,278,213
63,748.368
59,124,478
58,045,752
73,290,417
52,172,480
68.912,167
55,524.845
65,214,479
64,888,856
70,591.572
77,887,237
81,452,681
-495.355 1.18
+6,387,555 14.74
+2.725,898 6.14
+5,678,198 10.71
+1,097,043 1.92
+6,528,832 10.88
+5,376,413 9.55
+4,444,551 6.97
+2,465,088 4.16
+3,503,924 6.03
+6,600,266 9.01
+4,144,749 7.95
-3,986,202 5.78
+6,613,195 11.91
+2,487,898 3.81
+2,302,158 3.63
+4,988,471 7.09
+3,617,644 4.64
-5,747,837 7.05
Note.-Neither the earnings o the Mexican roads nor the mining operations of
the anthracite coal roads are included In this table.
To complete our analysis we subjoin the following
six-year comparisons of the earnings of leading roads,
arranged in groups.
EARNINGS OF SOUTHERN GROUP.
September.
1914.
$
Alabama Gt Sou_
404,270
Ala N 0& T PNew on & N E_ a327,776
Ala & Vicksburg a155,334
Vicks Shrev & P al45,669
Ches & Ohioc___ 3,431,934
794,217
Chic NO & T P.
Louisv & Nash.b 4,638,165
920,363
Mobile & Ohio__
Seaboard AirLine 1,538,435
Southern Ry____ 5,550,167
829,114
Yazoo & Miss Val
Toted
1912.
1911.
1910.
1909.
$
440,538
$
412,440
8
398,461
S
377,791
i
329,074
327,776
155,334
145,669
3,189,319
923,277
5,321,306
1,054,339
1,902,804
6,010,529
1,007,828
293,346
145.680
134,438
2.932,430
837,968
4,932,818
974,456
1,744,656
5,548,087
848,514
288,664
139.703
116,973
2,950,357
849,055
4,750,658
910,330
1.837,566
5,424,254
781,778
285,935
151,873
126.558
2,981,332
806,652
4,610,171
878,481
1,611,729
5,036,012
791,358
286,110
137,961
125,364
2,732,275
764,429
4,267,792
838,814
1.543,921
4,839,095
763,143
15 228 444 20.478.719 18.804.833 18.447.799 17.637.891 16.827.978
1914.
8
Colorado& South 1,180,332
Denver & Rio Gd 2,251,000
Internet&Gt Nor 81,063,573
MoKans&Tex_a 2,664,937
Missouri Pacinc_ 5,119,000
St Louis So West
880,000
Texas& Pacific__ 1,424,254
Total
1913.
1912.
1911.
1910.
$
1,334,853
2,379,400
1,063,573
2,874,535
5,309,000
1,127,000
1,533,195
s
$
s
14.652 noalz A91
1,295,944
2,441,241
1,217,756
2,943,529
5,333,445
1,118,963
1,505,088
AkAlc
1,288,599
2,306,546
1,005,231
2,694,294
4,752,983
1,006,447
1,419,655
1,537,102
2,257,611
950,085
2,654,054
4,739,757
1,033,480
1,390,561
1909.
s
1,403,600
2,131,739
833,799
2,475,819
4,663,838
972,927
1.318,744
AAA 04014 470 7AA14 AA9 sznin son 4AA
a Includes Texas Central in 1914. 1913, 1912, 1911 and 1910 and Wichita Falls
line from Nov. 1 1912.
S Month this year not yet reported; taken same as last year.
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
September.
1914.
1913.
1912.
1911.
1910.
1909.
$
$
8
8
$
$
Canadian Pacific 10,479,000 11.887,000 11,579,734 10.049,085 9,315,214 8,323.178
ChicagoGtWest• 1,326,364 1,376,291 1,260,591 1.207,118 1.147,610
980,127
Dui So Sh & Ati_
285,205
323,867
289.360
311,280
299.155
310,502
Great Northern_ 8,144,947 8,814.541 7,557.936 6,549.356 6,294,922 6.818,339
M1nneap & St Ll
971,182
905,985
926,409
518,095
721,400f 554.482
Iowa Central_ )
309,262
318,938
MinnStP&SSM 2,953,066 2,916,658 2,778,060 2.497,743 2,053,514 2.504.705
mow ------24.159.76426.224.341 24.392.08o 21 225 009 10 074 100 10 100
124d
•Includes Mason City & Fort Dodge and the Wisconsin Minnesota & Pacific.
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
September.
1914.
1913.
1912.
$
$
$
917,731 1,109,179
926,167
I3uff Roch & Pitts
chicago & Alton_ 1,268,496 1,400,829 1.353,148
597,602
635,344
634,868
Chic Ind & Lou__
Grand Trunk_ _
Grand Trk W. 4,671,561 4,870,641 4,759.282
!Da GH& Mil
Canada Atl__ _)
Illinois Central_c 5,533,413 5,855,044 5,556,880
108,898
126,238
123,401
Tol Peo & West_
377,813
378,251
345.094
Tol St L & West_
2,626,076 2,765.862 2,962,655
Wabash
Gross Earnings.
Name of Road.
1913.
1914.
s
404,270
s
440,538
Mileage.
Inc.(+)or
Dec. (-).
1914. 1913.
s
-36,268
309
309
Alabama Great Sou__
576
586
-191.448
1,109,179
917,731
Buffalo Roch & Pitts_
+115,000 4,670 4.316
1,994,900
2,109,900
Canadian Northern__
Canadian Pacific____ 10,479,000 11,887,000 -1.408.000 12.319 11,641
+242.615 2,367 2.340
3,189,319
3,431,934
Chesapeake & Ohio__
-132.333 1,033 1,026
1.400,829
1,268,496
Chicago & Alton
-49,926 1,496 1,496
1,376,290
1,326,364
Chicago Great West_.
616
616
-37,742
635,344
597,602
Chicago Ind & Louisv
336
336
-129,060
923,277
794,217
Cinc New On & Tex P
-154,521 1,867 1,871
1,334,853
1,180,332
Colorado & Southern_
2,560
2.585
-128,400
2,379,400
2,251.000
Denver & Rio Grande
933
942
-40.200
636.800
596.600
Western PaCific
214
255
+28,338
131,616
159,954
Denv<T & Salt Lake
411
411
-7,782
105,635
97,853
Detroit & Mackinac
626
627
-38,662
323.867
285,205
Duluth So Sh & Ad
395
395
-23.545
216.447
192,902
Georgia South & Fla_
Grand Trunk of Can
-199,080 4.549 4,548
4,870,641
4,671,561
Grand Trunk West
Det Gr II & Milw_
Canada Atlantic_ _
+28.655 1.104 1,104
t/466,736
1/495,391
Grand Trunk Pacific_
-669,594 7,806 7,782
8,814,541
8,144,947
Great Northern
-321,631 4.763 4,763
5,533,413 5,855,044
Illinois Central
-683.141 5,034 4.923
4.638,165 5,321,306
Louisville & Nashv
105
105
+1,201
12.322
Macon & Birmingham
13,523
122
121
+35.452
23,700
59.152
Mineral Range
+65,197 1.585 1,585
Minneap & St Louis. l
905.985
971,182
Iowa Central
I
+36,408 4.101 3,976
Minn St P & 8 SM___
2,916,658
2.953,066
-209,598 3.865 3,817
Mo Kan & Texas a_
2,874,535
2,664,937
-190,000 7,284 7,283
Missouri Pacific
5,119,000 5,309,000
-133,976 1,122 1.122
Mobile & Ohio
1,054,339
920.363
237
237
+1,979
925,020
Nevada-Cal-Oregon_ _
06,999
180
ISO
-7,312
Rio Grande Southern_
57,792
50,480
St Louis Southwestern
-239,000 1,753 1,608
1,127,000
888,000
-364.369 3.098 3,082
1,902,801
Seaboard Air Line....
1,538.435
-460,362 7,037 7,037
Southern
5.550.167 6,010.529
94
97
Tenn Ala & Georgia
-1.513
8,061
6,548
Texas & Pacific
-108,941 1,885 1,885
1,533,195
1.424,254
247
247
-17,340
Toledo Pear & West
126.238
108,898
451
451
-438
Toledo St Louis & W_
378.251
377,813
13,786 2,514 2.514
Wabash
2,765,862
2,626,076
Yazoo & Miss Valley_
-178,714 1,372 1,372
1,007,828
829,114
Total (43 roads)
75.704,844 81,452,681 -5,747,837 91.124 89,503
Net decrease (7.05%)
Mexican roads (not in eluded in to tapNAAR onn
-11 8011
395
361
',AAA Inn
MeXinan 15Atlxv0v
a Includes Texas Central in both y am.
V These figures are for three weeks only.
1913.
a Month not yet reported; taken same as last year.
S Includes the Louisville & Atlantic and the Frankfort & Cincinnati.
c Includes Chesapeake & Ohio of Indiana beginning July 1 1910.
EARNINGS OF SOUTHWESTERN GROUP.
September.
1017
1911.
1910.
s
a
1909.
8
847.253
832,575
819,520
1,338,728 1,314,818 1,236,580
576,803
538,704
599.149
RELIEVING THE COTTON PLANTER.
A plan for the relief of the cotton situation was proposed
this week at a conference of St. Louis bankers by which a
cotton loan fund of $150,000,000 is to be raised by subscriptions from the national and State banks and trust companies
and mercantile and manufacturing concerns throughout the
country. Festus J. Wade, Chairman of the St. Louis
Clearing-House Committee, and originator of the plan,
in explanation said: "It must be distinctly understood that
this is not a movement for the purchase of cotton. It is
simply a movement to make available a fund of $150,000,000
to loan on cotton at not to exceed six cents per pound
middling basis. The establishment of this fund will make
the cotton crop a liquid asset, stabilize its price and bring
about normal business conditions in all lines of trade."
Details of the plan are to be worked out later, provided
the same meets with the approval of the Secretary of the
Treasury and the Federal Reserve Board.
The plan was formally ratified by the delegation of bankers
from the cotton-growing States who had been asked by
Secretary McAdoo to confer with the St. Louis bankers over
the matter. A telegram was sent to the Secretary announcing the fact as follows:
St. Louis, Mo., Oct. 5 1914.
The plan as laid before you and the Federal Reserve Board on Friday
last to endeavor to raise a cotton loan fund of 8150,000,000 was to-day
submitted to the undersigned, and after careful consideration of subject
the following resolution was unanimously passed: It was moved by E. W.
Robertson of Columbia, S. C., and seconded by D. N. Fink of Muskogee.
Okla., that the plan outlined by Mr. Festus J. Wade, in general essence,
be adopted and the details worked out later. It is believed the South
will subscribe its proportion as suggested and outlined.
II. M. HARDING, Vicksburg, Miss.
D. N. FINK, Muskogee, Okla.
J. H. FULTON, New Orleans, La.
R. 11. STEWART, Dallas, Tex.
B. D. HARRIS. Houston, Tex.
T. 0. VINTON, Memphis, Tenn.
E. W. ROBERTSON, Columbia, S. C.
J. M. MILLER, Richmond, Va.
C. G. PRICE, Little Rock, Ark.
4,409,559 4.107,955 3,949,004
Secretary McAdoo presented the telegram to the Federal
Reserve Board, and the board appointed a committee,
consisting of Governor Hamlin, Mr. Warburg and Mr.
Harding, to confer with Festus J. Wade and his associates
Th.,.1
lA 101 50017.141.fIRR IA Art1 90610 420 R97 16 02542014.502.174
upon the details of the proposed plan. The conference was
S No longer includes receipts for hire of equipment, rentals and other items. e
held yesterday, but decision in the matter, we understand,
earnings
of
Indianapolis
with
July
1910.
9
•
.
"
1
Southern beginning
c Includes
was reserved by the Board.
our
add
month,
now
detailed
the
statementIfor
We
The "Journal of Commerce"
comprising all the roads-that havelthus far furnished as made public by the businessreports the details of the plan
associates of Mr. Wade as
compararivelfigures for the month of September.
follows:
5,222,386 85,318,924 4,791,579
122,521
105,187
111,025
317,131
326,008
325,651
2,582,576 2.738,835 2,545,469
1018
THE CHRONICLE
The loan fund is to be formed by subscriptions from national and State
banks and trust companies, merchants and manufacturers throughout the
country. The pool is to be managed by some large firm experienced in
such business, assisted by an advisory committee of prominent bankers
and cotton handlers.
Each institution making a loan will receive the notes of the borrowers,
together with the warehouse receipts and insurance on the cotton in favor
of the loaning bank. The reliability of the warehouse is to be guaranteed
by the banks at that place through the Clearing-House Association.
The loaning bank would obtain its money for forwarding the notes and
warehouse receipts to the nearest agency of the syndicate. The agency
would re-discount the note and reimburse itself by drawing upon the
syndicate managers.
All loans, according to the statement, shall be made payable one year
after date or earlier, at the borrower's option, with the right on the part
of the agency bank to extend the loan six months and for a second term
of six months with the approval of the syndicate managers.
The statement proposes an interest rate of 7% per annum instead of the
customary 6%. In addition there would be a charge of 1-10 of 1% per
month to meet such expensss as compensation for the syndicate managers,
advertising and other essntials to the organization.
President Wilson is reported as saying that no adequate
solution of the cotton problem had been offered by the
various plans for legislation through Congress, and that he
considers the Wade plan as one of the few practicable suggestions made. The proposition to restrict acreage arbitrarily does not strike him favorably.
[VOL. xcix.
The Secretary concluded with the declaration that the American people
must turn from beef to poultry and hog products as a chief means of filling
out the menu of the average American family.
The suggestion that British and American governments
co-operate in a joint valorization effort to take over the
surplus raw cotton in the United States, and regulate the
raw cotton prices now and in the future, was made by Sir
Charles W. Macara, President of the Federation of Master
Cotton Spinners and Manufacturers' Association in an
address in London on the 8th inst. before the proposed
Institute of Industry and Commerce. We refer to the
address more at length in our article on "The Financial
Situation."
In line with the efforts being made to promote the use of
cotton with the view to helping the acute cotton situation,
Postmaster-General Burleson announced this week that
hereafter, if possible, cotton cord will be substituted for jute
twine in the postal service. In the fiscal year ended June 30
the Department used more than 1,700,000 pounds of jute
twine and expended $200,000, almost all confined to jute
twine. The Postmaster-General proposes to have this play
its part in reducing the cotton surplus. Inquiries in the
past have established the fact that cotton cord is just as
serviceable as jute twine, but the latter has been cheaper.
The Department believes that competitive price conditions
can now be reached if the manufacturers of cotton cord
take sufficient interest in the matter and will submit bids
with a view to meeting the present price of jute twine.
The above has provoked opposition from the Congressmen of the Northwestern States, where hemp is a big product.
A resolution of inquiry has been introduced. The resolution attacks the "buy-a-bale-of-cotton" movement in so far
as Government officials are concerned, and asks by what
authority any Cabinet officer has the right to direct the purchase of supplies in a manner prejudicial to the interests
of the Northern hemp-growing States.
In further encouraging the use of cotton, the American
Sugar Refining Co. has sent a letter to its agents stating that
it would supply its product hereafter in cotton bags unless
the usual burlap bag was desired.
President Wilson declined this week to give his support
to a proposal urged by Southern Congressmen for the valorizatio of cotton by the Federal Government. The plea
invol ed a direct loan of $500,000,000 from the Government
to the cotton planters of the South, secured by warehouse
receipts at 3% running for a period of nine months at least.
On the day of the President's declination to sanction the
proposal (the 8th) the House Banking and Currency Committee, by a vote of 10 to 3,tabled the Henry bill calling for
the issuance of Federal notes to the extent of $500,000,000,
to be distributed among the Southern banks and through
them loaned to cotton planters.
Yesterday a substitute bill agreed upon by a number of
Southern members for a Government loan of $250,000,000 on
the cotton and tobacco crops of 1914 was introduced. The
bill would provide $250,000,000 by the issuance of currency
or Panama Canal bonds, for loans upon cotton at 4% until
Jan. 1 1916. The money is to be deposited in State and
national banks and loaned on terms prescribed by the Secretary of the Treasury, who shall also fix the compensation of
The proposed syndicate to be formed under the auspices
the banks for acting as loan agents.
of the Dallas Chamber of Commerce to finance the cotton
crop of Texas and Oklahoma has taken shape under the name
Secretary of the Treasury McAdoo also voiced his opposi- of the Dallas Cotton Syndicate. Twenty-five million.doltion to valorization proposals this week, saying, according lars is stated to be necessary for the project, and details of
to the "Financial America":
the organization were perfected on Oct. 3. C. W. Hobson,
"If you attempt to valorize—and, in the first place, it cannot be done. President of the Chamber of Commerce, is head of the board
because nobody can pass such a law—what have you then?" he asks.
managers, which is composed of members of the biggest
"I received a telegram this morning from a man representing the canning of
business firms of Dallas. The proindustry, asking me to do something of the same sort, and saying that if and most substantial
any valorization is going around, his industry wants to share in it. If posal is to loan money to cotton farmers of Texas and Oklawe were tcr go into valorization we would have to valorize everything—
on a 7-cent middling basis, taking warehouse receipts
canned salmon, wheat, corn—but it is a perfectly wild and ridiculous ex- homa
as security and charging 6% on the money loaned.
pedient, and should not be resorted to in any circumstance."
Provisions have already been made for the acceptance of cotton wareThe board of managers, in seeking the assistance of the
house receipts under certain conditions, and on this point the Secretary said:
interest of the North and East,have sent out a
"Is not this the simplification of the situation? The Government has no commercial
agencies, and it ought not to attempt to do this business. It is not the letter in which they state that as security for any who may
business of the Government to do this sort of thing, to make loans, to trace subscribe to the syndicate they offer cotton warehoused and
out the location and security of every bale of cotton behind one of these
which costs 9 cents to produce and which sold in
notes that is made the basis for this currency. The banks are the proper insured,
agencies. They are highly organized, they are in every part of the coun- 1912 at an average of 12.2 cents and in 1914 at 13.49 cents.
try, and so long as they are put in possession of the means of finacing these The plan is as follows:
things it is their business to finance them. And I know they will be glad
You subscribe an amount equal to 10% of your annual business in Texas.
to finance them if they can get the resources, and all that these banks have send your check indicating the length of time your money is available
got to do is to make application for currency under the Act and comply for loan to the order of the Dallas Cotton Syndicate: for this amount we
with the provisions. I believe that if they will do that, acting always will as soon as practicable loan this money in Texas and Oklahoma communiwith prudence and common, ordinary business judgment—all the money ties, allowing you to suggest locations if you desire. We will take for your
that this country needs or ought to have for the financing and carrying money so loaned regular form of collateral notes secured with an amount
on of this cotton crop until it can be marketed and sold,is largely in hand." of 1914 cotton at a price of 7 cents per pound, basis middling, which will
equal or exceed the face of such note. Cotton so taken as security to be
evidenced by proper State or bonded warehouse receipt insured from fire.
The President's edict was followed by the issuance by We will hold such notes and warehouse receipts for you as your agent and
collect when due or forward them to you to hold until maturity. We will
Secretary of Agriculture Houston of a circular taking excep- loan
no money to any farmer unless he will agree to materially reduce his
methods
of
the
Southern cotton acreage in 1915.
tion to the present agricultural
The syndicate not only plans to loan money on cotton,
farmers and advising them to diversify their crops. In
but intends to act as sales agent and upon authority from the
this circular Secretary Houston says:
The constructive plan which appeals to this department as wise and farmer will sell any and all of the cotton upon which the
practicable is simply this: To bring home to the farmers the fact that in syndicate holds a mortgage. All moneys above
the cost of
the next year or In the next few years the prices of all foodstuffs are likely
handling and enough to take care of the loan will be returned
to be high, and that it is the part of wisdom for the farmers of the country
to make every effort to take advantage of' the situation and to increase to the farmers, and no charges will be made for any of the
their products of foodstuffs so far as possible.
transactions. The syndicate proposes to get every cent
Many of the Southern States import many millions of' dollars worth
of grain each year. With the increasing prices of these products it is possible for the farmers, and will not sell the cotton unless
economically unsound for the South to rely so largely on other sections for all debts held against it can be paid from the proceeds of
them. It seems clear to this Department that Southern farmers should
the sale. Two blanks have been drafted by the board of
at least produce grains for home consumption as a means of cutting down
the family expenses, and that they might increase their production of managers to care for the loaning and selling of the cotton.
chickens, guineas, turkeys, and hogs to the point at least of supplying their
own needs and the needs of their neighbors. With adequate attention
to marketing, they can also profitably 'produce these things for interState shipments."
Local wholesale dealers of Paducah, Ky., are reported to
have made the announcement that they will take from their
00T. 10 1914.)
THE CHRONICLE
Southern trade in payment of accounts notes secured by
cotton. The valuation is to be $37 50 per bale and the cotton may be kept by the owner wherever he sees fit. He is
given the privilege of selling it at any time he sees an advantageous opportunity. Another proposition along this line
has been made to Eastern and Northern jobbers and wholesalers by Huntsville,
merchants, the proposal in the
latter case being that 50% in cash and 50% in bonded warehouse receipts for middling cotton at 10 cents a pound be
given in payment of bills.
THE DIRECTOR OF THE MINT ON THE INVESTMENT
FUND.
Before the Farm Mortgage Bankers'Association of America
at Chicago on Oct.8 the Director of the Mint, Geo. E. Roberts, discoursed in an interesting way on the subject of "The
Investment Fund," by which is meant accumulations of
capital available for investment. We quote as follows:
We talk of capital and income in terms of money, and people are apt to
think of them as money. We would comprehend them better if we thought
of them as they actually exist, I. e., in the form of useful things. The
gains of a people in an economic sense are in the things that minister directly
to their comfort and culture, such as houses, furnishings, food, clothing,
means of transportation, libraries, education, recreation, itc., or in equipment that enables them to produce these things more easily in the future.
Obviously a large part of the gains of society in the past hundred years have
been in the latter class, and as a result the effectiveness of the average
worker is enormously greater now than it was a hundred years ago. the total
amount of goods produced and distributed is correspondingly greater, and
the average man lives among comforts and conveniences and beneficial
nfluences undreamed of at that time.
It seems almost superfluous to recite the facts showing the development
of industry and the enormous accumulation of capital that has resulted
during the last hundred years, and that is now going on at a constantly
increasing rate. But a great many people are unable to find any satisfaction in this record of accumulation because, as they say, the people do
no share in it with any fair degree of equality. Some very distinguished
leaders of our public life have gone so far as to declare that society is no
longer interested in increasing production, the important problem now
being that of distribution.
These criticis, however, leave one of the most important factors in the
situation entirely out of the account. They make no allowance for the
community gain from the accumulation of private capital. It is as though
they should claim that nobody had ever benefited by the steam engine but
the owners of the engine; that nobody had ever benefited by the railways
but the owners of railway shares; that the progress in the textile industries
concerned only the manufacturers, and so on all around the circle of industries.
But, the critics will say, granted that the millions of wage-earners derive
some benefits as consumers from these vast accumulations of capital in
the form of industrial equipment,their share of the total benefits is manifestly too small; they have a living, and little more, to show for their labors,
while the comparatively few capitalists are owners of all this property.
If it is admitted that all of the members of the community as consumers
derive benefits from the increasing production of goods, let us now turn
and see how much benefit the capitalist derives from owning the equipment.
Can he absorb any benefits except in the same capacity, 1. e., as a consumer?
Evidently not. He will probably consume on a larger scale than his employees, live in a larger house, keep an automobile, travel abroad and spend
more on his table, but these expenditures, representing consumption, include the only part of his income that is devoted to himself. He subtracts
nothing more from it, and all the rest of it Is added to the investment fund,
in which it is now agreed the entire community is interested.
If this reasoning is correct, whenever a person reaches the position where
his income is permanently above his personal and family expenditures, all
additions to it go to benefit the public. This, of course, is provided the
surplus is invested for productive use and its proceeds re-invested continually
in the same manner. There is no escape from
this conclusion after the
admission is made that the public does share in the
benefits of the investment fund,for if the owner continually returns
his share of the fund nobody
but the public draws from it.
It appears, then, that if we wish to
measure the actual division of gains
accruing in the last hundred years,
as between capitalists and the rest
of the community, a wholly different basis
must be adopted from the one
commonly used. The entire industrial
plant that has been built up in this
time must be left out of the calculation. This
plant is permanent, except
as it is from time to time replaced, and is of no use
to anybody except as
it produces a flow of benefits. All of the values of
the
this flow, hence it is the division of the flow that should plant come out in
be measured. The
idea that all of the capital invested in the modern industrial
plant has been
taken away from the public and appropriated by the owners
to their own
exclusive use is a chimera. The truth is that the plant is
devoted to public
use, in supplying public wants, as truly as if owned by the State,although
the private owners have a first claim on the net product for what they want
to consume themselves. The rest of the product goes to the public, either
directly in articles of consumption or in additions to the equipment for
production.
When this is seen the division which troubles so many good people takes
on a very different aspect. They have been thinking about an equalized
division of all income, including what now goes into the investment fund.
But if all profits were distributed for current consumption.the enlargement
and improvement of the industrial plant would stop and progress come to
an end. If society is to go on perfecting its control over the forces of nature, and constantly increasing the flow of desirable things, as it has been
doing in the last hundred years, it must continue its expenditures for experiment and construction. Even if the State owned all of the industries,
it would have to do the same.
It appears, then, that there is nothing to be equalized but personal expenditures. The problem is reduced to the question whether the captains
of industry and their dependents consume an undue share of the products,
and whether the net product would be greater if private ownership was
abolished and the management of all industry placed in the hands of a
steering committee, nominated in the primaries and elected at the polls.
I do not intend to enter upon that subject further than to refer in passing
to the recent statement, attributed to the Postmaster-General, that $20,000,000 a year could be saved in putting the rural delivery of mail under
the contract system.
1019
THE GOLD FUND.
In a letter addressed on the 2d inst. to the ClearingHouse associations participating in the $100,000,000 gold
fund, Albert H. Wiggin, Chairman of the Gold Fund Committee, asked that a call be made upon the contributing
banks for the payment of the initial 25% of their respective
contributions. Mr. Wiggin states that, while the first call
is for 25%, the committee will distribute from time to time
the proceeds of the sales of exchange so that prior to subsequent calls the greater portion of former calls will have
been repaid to contributors in New York exchange through
their New York City correspondents, and such repayments
will be evidenced by endorsements upon the certificates of
contribution on presentation thereof by such correspondents.
The circular also states that calls subsequent to the first
call will be so limited in amount that no contributor will at
any one time have invested in the fund an amount in excess
of 25% of its full subscription. We give the letter in full
below:
New York, Oct. 2 1914.
To the Chairman Clearing-House Committee:
Dear Sir—Referring to the letter addressed to your Association by Hon.
C. S. Hamlin, Governor Federal Reserve
Board, and approved by Hon.
W. G. McAdoo, Secretary of the
Treasury, dated Washington, D. C.,
September 21 1914, relating to the creation of a gold fund of $100,000,000
to be contributed by banks and trust
companies located in central reserve
and reserve cities,the undersigned,on behaif
of the Gold Fund Committee.
appointed pursuant to the report and plan referred to in said letter, requests
you to advise such committee of the
contribution subscriptions secured
by your association. In transmitting
such advice please use the form
enclosed. You will note that your advice provides that
the certificate
issued by the Gold Fund Committee
evidencing subscriptions (specimen
enclosed) should be held In New York City by the New York City correspondents of the respective contributors for convenience in endorsement
of payments.
Upon the receipt of this letter will you kindly call upon your contributors
to make immediate payment in gold
or gold certificates of 25% of their respective contributions, which payments should be made to the committee
in your city with whom subscriptions
were made, that committee giving
such temporary receipts as may be
appropriate, indicating, however, that
for the same there will be substituted
the certificates of contribution (in
form of the enclosed specimen hereby
lodged by us with you) to be issued
by the Gold Fund Committee, and
so to be held by the New York City
correspondents of such contributors. Payments so
accumulated by your
committee should be transmitted to the Gold Fund
Committee at New
York Clearing-House Association Building,
New York City, upon the receipt by yourself of telegraphic advice from
the undersigned.
Transfers should be made through the nearest Sub
-Treasury or by express shipment, insured, whichever may be the less
expensive. All expenses,including insurance, should be prepaid and a statement
of the total
of such expense forwarded to the Gold Fund Committee in New
York City,
on receipt of which remittance to cover will be made. All shipments
made
direct to the Gold Fund Committee (and not through Sub-Treasury transfers) should preferably be in gold certificates of the largest available denominations, rather than in coin or bats.
We enclose copies of the report and plan and the approval
thereof and
of the form of the certificate to be issued by the committee which
copies
you will kindly bring to the attention of each of your contributors as stating
the terms and conditions upon which the gold fund, and the contributions
thereto, are received, and are to be administered and disposed of.
We are sending you under separate cover a set of authorized forms to be
used by applicants for checks and cable transfers. Applicants filling out
such forms may forward the same direct to the Gold Fund Committee
at the above New York City address, or through applicants' New York
City correspondents.
While the first call upon the contributors is for 23% of their
subscriptions,the committee will distributefrom time to timethe proceedsof thesales
of exchange so that prior to subsequent calls the greater portion of former
calls will have been repaid to contributors in New York exchange through
their New York City correspondents, and such repayments will be evidenced by endorsements upon the certificates of contribution on presentation thereof for such purpose by such correspondents. Calls subsequent
to the first call, as provided in the plan. will be so limited in amount that
no contributor will at any one time have invested in the fund an amount
in excess of 25% of its full subscription, the difference having already
been repaid.
For your information there are enclosed copies of announcement made
by the committee.
If you desire further information or additional copies of the report and
plan sent you by the Federal Reserve Board, kindly communicate with the
Secretary of the committee and he will give the matter prompt attention.
James S. Alexander, Chairman of one of the sub-committees of the Gold Fund Committee, announced on the 5th
inst. that the committee would be prepared the following
day to sell cable transfers on London. Previously it had
been able to sell only checks on London sent abroad by
steamer; the announcement in the matter said:
The Gold Fund Committee is now prepared to receive applications for
cables on London, on forms which may be obtained at the office of the committee in the New York Clearing-House Building, or from any member
of the committee.
In answer to a query made by two Western banks contributing to the gold fund, the Federal Reserve Board has
ruled, according to the "Journal of Commerce and Commercial Bulletin" that such contributions cannot be considered as part of the reserve of the participating
banks.
The "Bulletin" says:
In the case of the banks in central reserve cities,
the law requires that they
shall hold a 25% reserve in their own vaults. In the
case of banks in reserve cities, a small proportion of this reserve
may be held with banks in
central reserve cities. So long as the gold fund
was contributed by banks
1020
THE CHRONICLE
[VOL. xcix.
the great victories which established
shipped to Canada,there was no question that after the declaration of the war,when
n central reserve cities and
as a part of a bank's reserves. the Empire and its mighty credit, had yet to be won. It did not take long
counted
be
not
could
contributed
thus
the gold
extended by the Federal Reserve Board so as before this war loan of 1870 was quoted 10% above its subscription price,
Since the plan has now been
the
cities, the question has arisen whether or not and the subscription proved to be a happy speculation. Although
to include banks in reserve
counted as a part of a bank's reserves. present loan in itself is a favorable proposition, its brilliant success is,
such a contribution could not be
the
for
joy
reason
German
the
in
expressed
gives
that
fact
for the relief of foreign nevertheless, a
These institutions held that the gold fund established
bankers. Contributing press. In the first place, it is an evidence of the staunch confidence which
exchange is managed by a committee of New York
a part of their gold the German population has in the result of the war, while it meanwhile
shipping
than
more
no
to it, they argue, is technically
demonstrates the great financial capacity of the German people. One was
reserve to the New York banks.
the Currency, how- already proud that no moratorium had been needed, and this success of
of
Comptroller
the
and
Board
Reserve
Federal
The
this money Is shipped out of the coun- the loan will undoubtedly enlarge financial confidence, and should it happen
ever, hold otherwise. Inasmuch as
promoting foreign ex- that real financial sacrifices have to be asked,a people that so easily contry, and since it is to be tied up for the purpose of
be held to be part of tributed 4,200,000,000 marks should be able to contribute many billions
change, by no possible construction could such money
actually be on deposit in New more.
not
would
money
The
reserves.
bank's
a
All classes of people subscribed for the loan; a few great enterprises and
medium for domestic
York, and therefore could not be used as a clearing
institutions took particularly large amounts, The firm ICrupp took
business drawn against the contributing bank. This, they say, takes it out
it merely the form of an asset 30,000,000 marks, the Province of Westphalia 25,000,000, the Province of
of the classification of real reserve and gives
Silezia 15,000,000. the Victoria Insurance Co. 20,000,000, the Savings
bank.
of,he
Banks of Berlin and Munich each 10,000,000, and the Wilhelma Insurance
Co., at Magdeburg, 6,000,000 marks. Afew large subscribers,hence,alone
THE TENNESSEE LOAN—SECRETARY OF—TREA-SURY took 131,000,000 marks, but the co-operation of great and small was
N.
TRANSACTIO
IN
PART
HIS
necessary to multiply this amount more than thirty-two times. In the
EXPLAINS
crowd of people in front of the offices where subscription lists could be
In these columns last week we reprinted from the signed,
one saw persons of every rank of society: great merchants, laboring
made
by
statement
Senator
formal
a
"Appeal"
Memphis
men, men and women from the plain people, servants. They were the
with
placing
the
upon
bearing
same people who in the last days of July had made a run on the savings
Luke Lea of Tennessee
banks to take out their money, or on the Reichsbank to exchange their
the National Park Bank of New York of $1,400,000 one- paper
money for gold. Really, this shows how confidence has increased.
at
par.
In
Tennessee
this
of
State
the
of
notes
Or is it only the thought that the Fatherland needs money which is the
year 6%
that
a
deposit
assertion
of determining factor? It seems this latter thought is supreme with many.
statement Senator Lea made the
For speculation in Government securities is not a particular hobby of the
had
Department
been
Treasury
the
by
bank
the
with
gold
plaid people in this country.
excited
has
matter
much
the
As
arrangement.
Quite interesting has been the development of the demand for gold.
part of the
of small denominations never took a popular fancy here. Shortly
newspaper controversy, Secretary of the Treasury McAdoo Paper
the outbreak of the war there was a run on the Reichsbank for
before
the
In
case.
the
following
of
facts
the
public
has made
gold: finally this was refused. Great was the fear for paper in these days,
the
"Banner",
Secretary especially outside of Berlin. But when the war commenced,the newspapers
letter to the Editor of the Nashville
told the public that everyone who withdrew gold from the Reichsbank
explains his part in the transaction:
weakened the power of resistance of the Empire. Who wanted to do a
Washington, D. C., October 4 1914.
good work should exchange his gold again for paper. The public did this
To Major B. B. Stahlman, Editor the "Banner", Nashville. Tenn.
willingly, So that for a few days in succession it was harder for people to
It is not customary for the Treasury Department to publish details of turn in their gold at the Reichsbank than it had been to get it out. One
transactions with individual banks, but in order to set at rest various mis- notices very little gold at the present time, therefore, in circulation. (This
statements that have been made about the State of Tennessee loan, I might explain the large increases in the gold stock of the German Reichsgladly reply to your letter. The National Park Bank agreed to take bank, which have puzzled some of the financial writers in this country.)
81,400,000 1-year 6% notes of the State of Tennessee at par, without any The financial power of the German Reichsbank has been of great importance
the bank, which is a regular United States
commission, and I agreed to give
in the success of the loan. The Bank enabled the Government, through
depository, a special deposit of $400,000, which is subject to call at any advances,to defer the subscription for the loan till the time when a favorable
time. I was glad to do this in order to save the State from a possible de- beginning of the war had established confidence with the public. The
fault upon its obligations, which,! was told, would have happened if the French and English have put forth serious efforts to shock this confidence.
State had been unable to effect the loan.
Very little was heard of these efforts, but something became known of them
Previous deposits made with the National Park Bank several weeks before recently. This was in the shape of much promising news of victories. It
were for crop-moving purposes and had no relation whatever to the State of wasfrom this news that the German public noticed the important changes in
Tennessee loan, which at that time I had not even heard of.
the German front and the attitude in Berlin became more quiet, but courage
W. G. McADOO.
did not diminish.
The "Vossische Zeitung" tries to explain to its readers what a subscription
On Oct. 5 Representative Campbell of Kansas introduced
When Germany in 1871 asked for an inin the House a resolution requiring Secretary McAdoo to of 4,200,000,000 marks means.
demnity of 5,000,000,000—the paper says—financiers with much experience
furnish certain information as to deposits made within the shook their heads and thought this sum could not be gathered. These
30.000.000
last three months in the National Park Bank. This resolu- 5,000,000,000, however, were francs and not marks. There was
to it as interest. With the 260,000,000 for local war tributes and
tion, the full text of which follows, was referred to the added
was
marks,
the 200,000,000 from Paris, the total sum received, expressed in
Ways and Means Committee:
4,459,000.000 marks. From this amount 260.000,000 marks were deducted
Whereas it has been widely published in the press of the country that the as a compensation for the railroads of Alsace-Lorraine. The amount,
Secretary of the Treasury has recently deposited Government funds to a therefore, now subscribed is exactly as large as the indemnity, together
large amount out of the Treasury of the United States in the National with the war tributes, which France, in 1871, had to pay to Germany.
marks—thus concludes the writer in
Park Bank of New York at the rate of 2% interest and on condition that
Let us hope that these 4.200.000.000
in other
the said National Park Bank would make a loan to the State of Tennessee the "Nieuwe Rotterdamsche Courant"—will prove sufficient;
than the ten weeks for which this
at the rate of 6% interest.:
words that this war will not last longer
present
the
at
this
believe
to
dares
Therefore be it resolved that the Secretary of the Treasury be and he is money will suffice. Who, however,
hereby required to inform the House of Representatives:
time"?
1. Whether moneys of the United States, and to what amount, have
HOARDING AND
within the past three months been deposited in the National Park Bank SECRETARY McADOO'S CHARGES OF
out of the Treasury of the United States by the Secretary of the Treasury.
HIGH INTEREST RATES.
2. The facts in connection with said deposit with respect to the rate of
Secretary McAdoo's utternaces of the past two weeks
interest.
3. Whether, as published in the press, such deposit, if any, was made in with regard to hoarding by banks were followed by the issuthe 6th inst. in which he said
the National Park Bank of New York upon condition that the said National
ance by him of a statement on
Park Bank would make a loan to the State of Tennessee.
that the unwisdom and
evidence
gratifying
is
"there
the
all
facts touching on the amount of interest to be that
4. To state fully
received by the Treasurer of the United States for the said deposit, and short-sightedness of this policy is being recognized and that
whether the amount of interest the said National Park Bank was to receive
sensible and liberal disposition is being manifested."
from the State of Tennessee was by agreement with the Secretary of the a more
in his latest edict charges that there are eviMcAdoo
Treasury.
Mr.
THE GERMAN WAR LOAN.
The "Nieuwe Rotterdamsche Courant" of Sept. 24 contains the following interesting letter on the war loan from its
Berlin editor, dated Sept. 20, which, of course, has passed
the German censor:
"The result of the subscription to the war loan has been received with
utterances of great Joy in the press. Many papers called it a bloodless
victory. If It is really true that the war will be won by the possessor of the
last billion, this financial success gives reason, indeed, to the Germans to
be optimistic. The Reichstag had approved a loan of five billion marks.
It was the intention of the Government to issue this loan gradually, beginning with about two billion marks. She let it be known, however, that
not one subscriber would be refused. This warning in advance proved
effective,for every one was given knowledge that he would get only what
he subscribed for. This makes the total of the subscription of four billion
two hundred million marks so far collected the more remarkable, because
the entire sum represents a seriously intended subscription. These subscriptions can hardly be called a sacrifice In the real sense of the word. As
long as the citizens have confidence in the future of the Fatherland, the loan
should appeal to them. A 5% Government loan at a price of 97%% is
an advantageous thing, as long as the security is sound. This has been
pointed out to the public continuously, and Germany now proves to have
much more credit in money than when it opened the subscription for Its
war loan in 1870. Also at that time an interest of 5% per annum was
promised, while the subscription price was not more than 88%. Of the
amount of 360,000.000 marks asked, only 195,000,000 was subscribed.
How insignificant those figures appear at this time. But it must not
be forgotten that the subscription of that loan was opened only ten days
that individuals and corporations
dences in some quarters
and he declares it "just as repremoney,
hoarding
are
hensible for them to do so as the banks." He finds from the
rereports received from the national banks in the central
Chicago and St. Louis that banks
York,
New
of
cities
serve
in exceptional cases, charged their
in these cities have,
interest as high as 8% per annum; in
correspondents
bank
he finds, nearly all loans to bank corNew York, however,
at the uniform rate of 6%. The
made
respondents were
in full:
t
e
e
r
t
r
ta
fa
S
s
hus
hi
t
foTllhoewinrepgortsis
li national banks in the central
m the
vnedt
York, Chicago and St. Louis show that banks in each
reserve cities of New exceptional cases, charged their bank correspondents
have, in
of these cities
per annum.
interest as high as 8%
nearly all loans to bank correspondents were made at the
In New York
the prevailing rate charged to bank corrate of 6%. In Chicago
f
uniform
on many loans a lower rate was charged.
respondents was 7%. although
while the maximum rate to bank correspondents was 8%.
In St. Louis,
the prevailing rates were 6 and 7%. In a few cases the loans were being
In Boston 7.3% was charged in a few cases although
made at lower rates.
rate was 6%. In Philadelphia the national banks, as far
the prevailing report no loans to bank correspondents in excess of 6%.
as heard from,
not to issue for the present any further lists of banks
I have determined
excessive reserves and thereby hoarding money and rewhich are carrying
is gratifying evidence that the unwisdom
straining credit because there
of this policy is being recognized, and that a more
or short-sightedness
I have a long list of
sensible and liberal disposition is being manifested.
OCT. 10 1914.1
THE CHRONICLE
1021
to publish
banks which are holding excessive reserves and I shall not hesitate
public interest.
it if it becomes necessary or desirable in the
Banks that are hoarding money and restricting credits are a menace to
business. It is only fair to those banks which are granting legitimate
credits that the banks which are not should be exposed to public view.
comMany banks have met and are meeting the situation in a fine and
mendable spirit, but their service is neutralized in a considerable measure
by those banks which refuse to do their part.
There is evidence in some quarters that individuals and corporations are
hoarding money. It is just as reprehensible for them to do so as it is for
the banks. There is no reason why people should not deposit money in the
banks in the usual way and with absolute confidence, and there is no reason
why business should not be conducted in a normal way. There are, of
course, some portions of the country where peculiar and difficult conditions
prevail—for instance, in the cotton States—but even there the conditions
can be greatly improved if the banks will employ their resources in a
reasonable and helpful way.
Banks that are charging exorbitant rates of interest are simply taking
advantage of the necessities of others. In a number of places which have
been brought to my notice, the interest rate has been put up arbitrarily
by the concerted action of the banks. There is no justification for high
interest rates. There is no real reason for tight money in this country.
There is an ample supply of money and credit if the resources of the banks
are properly used.
Since my first statement about the banks hoarding money, I have reveived letters from business men in all parts of the country showing that
commercial credits have been restricted to a very great degree. Some large
manufacturing concerns, whose credit is high, have told me of the difficulty
they are having in selling their commercial paper in the accustomed way.
I believe that business will be beneficially stimulated and prosperityjgreatly
promoted if the banks throughout the country will proceed to use some
of their available resources in the purchase of good commercial paper.
I am glad to say that there is evidence of a very considerable; revival in
the commercial paper market within the last few days. The general business situation throughout the country is undoubtedly improving.
THE NEW LAND BANK OF NEW YORK.
Plans have been about completed for the organization of
the Land Bank of the State of New York, and, if the project
is properly supported throughout the State, it is thought
the bank will be able to commence business at an early
date. Thirty-six of the savings and loan Associations already organized, having total resources of over $17,000,000,
have agreed to execute the organization certificate at once,
while forty-eight associations, having total resources of over
$25,000,000, have notified the Banking Department of their
intention to become members at a comparatively early date.
.With the operation of the Land Bank the farmers of New
York State will at once be able to change their present
mortgages into a Land Bank loan and thereby, it is said,
make a saving of at least $240 on every $1,000 mortgage.
The State Banking Department, through Eugene Lamb
Richards, the Superintendent, in co-operation with the
Agricultural Department and representatives of various
agricultural interests and of savings and loan associations,
has been working with Governor Glynn in bringing the advantages of the perfected system to the attention of the
people of the State.
The difference between the ordinary mortgage and the
Land Bank loan is in the method of paying off the principal.
In the ordinary mortgage the borrower pays 6% interest
each year, and his principal at the end of his loan. Under
State Treasurer Mansfield of Massachusetts,in indicating the Land Bank system the borrower pays part of his principal
it as his purpose to co-operate with the Treasury Department each year, in addition to his interest. By paying this small
in seeking to prevent the hoarding of funds, addressed a additional sum the borrower gets compound interest each
year on part of his principal instead of permitting the entire
letter to Secretary McAdoo last week saying:
I have read with great interest your statement about certain banks which principal to draw interest for the creditor. At the present
are hoarding funds under existing financial conditions, and I note that time there are $100,000,000 mortgages on farms in New York
it is your intention to withdraw any Government funds which may be deposited in those banks. I think that your attitude is absolutely right and I State. If these mortgages were converted into ten-year
want to do all that I can to assist you in compelling these institutions to be Land Bank loans it is estimated that the farmers of New
more liberal and lenient with the business men of the country than they are, York would be saved $24,132,000. If they were
converted
for now, if ever, is the time when banks should freely use their reserves
instead of hoarding them, thus making a critical situation worse. Eleven into fifty-year Land Bank notes the saving to the farmer is
of these institutions are situated in Massachusetts, some of which have de- estimated at
2,200,000.
deposits of Commonwealth funds, and I wish you would inform me which
The
sub-committee
of the provisional organization comholding
back
policy
of
their
of these Massachusetts banks still persist in
funds to the injury of public credit. If your answer discloses the fact mittee of the Land Bank has been at work upon the by-laws
that those institutions which have deposits of money of the Commonwealth for some time in order that they may be ready for adoption
of Massachusetts are still persisting in this policy, I shall follow your
as soon as the organization can be perfected. The Chairman
example and immediately withdraw from them all such deposits.
of the sub-committee is George I. Skinner, First Deputy
In reply to Mr. McAdoo's request for co-operation in Superintendent of Banks of the State of New York, who has
remedying what the Secretary termed "unsatisfactory con- for over seventeen years had immediate charge of the coditions" in monetary matters, Harry M.Smith, State Bank operative associations of the State. Another member of
Commissioner of Maine, advised the Treasury Department the sub-committee is John J. Dillon, of the "Rural New
on Sept. 29 that a study of the returns of the trust com- Yorker," who has made an especial study of the various
panies and mutual savings banks shows no excessive reserves European systems of co-operative finance, having visited
or disposition to hoard. There are no State banks in Maine. Europe for this purpose. Edwin F. Howell, a third member,
He also stated that he had no complaints of higher rates than is the Chairman of the Legislative Committee of the State
usual on renewals or new loans, nor calling of loans. Mr. League of Local Savings and Loan Associations and did
Smith, in enlarging upon these advices, is quoted in the efficient work on the recent revisions of the article of the
Banking Law relating to such associations. Thomas J.
Bangor "Daily News" of the 5th as saying:
Before receiving this inquiry, I had already been keeping in closest J. Skuse of Brooklyn, another member, is Secretary of the
touch with the situation and had been receiving weekly statements from
in that borough and is a former
the banks since Aug. 15. These statements show me that while with- largest local association
drawals have been very small, the added deposits during the period have President of the State League of Savings and Loan Associanot been as large as formerly. The increase in savings deposits in all tions. Barnard G. Parker, also a member of the sub-comclasses of institutions is lacking.
mittee, is President of the Gouverneur Savings and Loan
The trust companies have not been calling their loans as far as
known.
have not materially increased their rates for money, and have been as Association. This sub-committee is assisted in its work by
liberal as possible with local concerns who formerly relied on out-of-State
banks to carry them for large amounts, which loans in many cases have Robert B. Van Cortlandt, who has made a study of the vanot been available under present conditions although Boston and New rious European systems, and Charles A. Webber of the AtYork banks have been very liberal .in their treatment of Maine banks lantic Savings & Loan Association of Grooklyn.
and institutions.
In order that the advantages of the Land Bank may be
One factor that may have made the money situation in the smaller
towns and cities of our State is caused by the fact that the national banks more generally recogni,zed by the residents of different localiof the State have not as yet formed a National Currency Association. ties, Walter L. Durack ,a former President of the State and
as has been done in over forty of the States. This currency association
makes it possible for the national banks to receive emergency currency Metropolitan Leagues of Savings and Loan Associations,
from Washington upon the payment of a tax of 3% for the first three is making a tour of the State, delivering addresses on this
months and an additional one-half of 1% for each month additional until subject.
tax of 6% per annum is reached.
a
A part of the banks claim they do not need this money and are against
a policy of inflation, while others nearer the agricultural sections feel
the pressure and urge the formation of such an association.
Another factor that would help the situation is the deposit in the Maine
banks of Government funds to move our crops as has been done throughout the West and South. While this need is felt throughout the State. It is
especially necessary that Aroostook County have this assistance from the
national Government in order to move the tremendous potato crop. The
banks of this section, both national and State, are straining every nerve to
meet the demands for loans, and to criticize them, even by implication,
at this time seems very unjust.
I shall, the first of the week, call the bankers of Aroostook County together to see if they care to take concerted action in a request for Government deposits for moving their crops. I have this day telegraphed Secretary McAdoo as follows:
Treasury. Washington. D. C.
What action and evidence would be necessary on the part of the banks of
our agricultural sections to obtain deposits of Government funds to move
crops?
HARRY M. SMITH, Bank Commissioner, Maine.
TEXAS ENACTS PERMANENT WAREHOUSE LAW
FOR AGRICULTURAL PRODUCTS.
In addition to the emergency warehouse bill which became
a law during the recent session of the Texas Legislature
which adjourned on September 22, a permanent warehouse and marketing bill was passed by it and received
the signature of Governor Colquitt on September 26.
The emergency warehouse bill was signed by the Governor
on September 14 and its text was printed in these columns
last week on page 944. The permanent warehouse bill is
entirely independent of the emergency bill; the permanent
bill applies to all agricultural products while the emergency
bill relates to cotton and grain. The permanent bill creates a Board of Supervisors of Warehouses, consisting
of three ex-officio members, namely, the Governor, Corn-
1022
THE CHRONICLE
missioner of Agriculture and Commissioner of Insurance
and Banking, and provides that the law shall be administered through the latter department. The bill places
all public gins under the jurisdiction of this Commission, from whom ginners are required to obtain licenses;
the ginners are called upon to take three fair samples from
each bale ginned and seal them, and to give bond that such
samples were fairly taken, and that no foreign substance,
or water, or anything was placed in the cotton during the
process of ginning. The Act also requires that each and
every bale shall be wrapped in bagging so as to be completely
covered. It also provides for the gathering of information
as to the condition of the markets of the country for agricultural products to be conveyed to producers and for the
creation of marketing corporations with authority to operate
canneries, cold-storage plants and such other plants as may
be required to facilitate the disposition and preservation of
crops.
At the recently adjourned session the Legislature also
enacted a measure amending the emergency warehouse law
so as to extend over thirty days the landlord's lien on cotton
stored in State bonded warehouses. Another bill enacted
at the same session amends the State banking Act so as to
enable State banks with a capital of $25,000 to join the
Federal Reserve system.
ADMISSION TO AMERICAN REGISTRY OF FOREIGN
BUILT SHIPS.
Up to the 7th inst. sixty-two foreign-built vessels had
been admitted to American registry under the bill which
became a law on August 18. Of these, fifty-four had previously sailed under the British flag, five had been German
vessels and three Belgian. An offical statement emanating
from the Department of Commerce on the 2nd inst., when
54 vessels had been enrolled under the American flag, said:
"Since Sept. 8, under the amendment to the Panama Canal Act on
Aug. 18 1914. the total number of foreign-built vessels which have taken
out United States registry and are now sailing under the American flag is
54, with a gross tonnage of 217,201. The total present value of these
steamships is not known but is probably between 812,000,000 and 815,000,000.
"The question or principle of prize has not, in the opinion of Assistant
Secretary Sweet of the Department of Commerce, been involved in any
of these new registers.
"The vessels were previously under British. Belgian and German registry
and flags because until the Act of August 1914 the fact that they were
foreign-built prevented them from carrying on trade under the American
flag between foreign ports and those of the United States.
"Although their ownership was in reality American, they were obliged to
have foreign ownership of record, take out foreign registry and sail under
foreign flags.
"The change in our domestic policy begun by the Panama Canal Act of
1912 and extended by the recent Act of Aug. 18, has brought these 54 vessels
Into the American merchant marine. Others are following daily, but just
how many it is impossible at this tima to say."
On September 26 the New York "Commercial" stated
that the British Embassy had announced that instructions
had been sent to all British Consuls to register no objection
to the transfer of American-owned vessels from the British
to the American flag. This action was taken in view of the
various reports as to the Embassy's attitude on transference
of registry. These instructions were received by the British
Consul at Rio de Janeiro, it was stated, just after the sailing
of the American-owned, but British registered, steamer, the
"Robert Dollar," over the transfer of which to the American
flag there were some differences, resulting finally in the vessel leaving Rio de Janeiro under the British flag. Other cases
involving transfer from a belligerent flag to that of the United
States will be decided on the merits of the sales.
"The Robert Dollar", of the Robert Dollar Steamship Co.,
an American corporation which had operated under the
British flag until the new registry law was enacted, when it
was transferred to American registry, was refused clearance
papers at Rio de Janeiro, Brazil, on September 17, the
British Consul, it was stated, having refused to recognize
the ship as an American vessel. The steamer was detained
at the Brazilian port until September 23, when it sailed under
British colors. In offering an explanation of the status of
the case on the 1st inst., it was said at the State Department
that the vessel has sailed under the British flag but with
provisional American registry. It was also said that in
case the "Dollar" was captured, this unusual condition might
make it hard for a prize court to decide as to which nation
the vessel owed allegiance. The matter is the subject of a
resolution introduced in the House of Representatives on
September 23 by Representative Kahu, the resolution
"directing the Secretary of State to transmit to the House
all documentary information transmitted or received by the
State Department in connection with the transfer of the
steamship "Robert Dollar" from Canadian or British
registry." The resolution was referred to the Committee
on Foreign Affairs.
[VOL. me Ix.
INTERFERENCE WITH COPPER SHIPMENTS.
A resolution adopted by the Senate on September 30
requests the Secretary of State to inform the Senate whether
the British Government is interfering with export shipments
of copper from American points to Rotterdam. It reads as
follows:
Resolved, That the Secretary of State is her coy requested, if not Incompatible with the best interests of the Government,to inform the Senate whether
the British Government is interfering with carport shipments of copper
from American points to Rotterdam, carried in neutral bottoms, and if so,
what reasons or Justification are assigned by the British Government fcr
so doing.
The resolution was offered by Senator Smoot, who on the
29th ult, read into the "Congressional Record" the following
telegram received by him from the International Metals
Selling Co. of New York:
New York, September 291h 1914.
Hon. Reed Smoot, Washinoton, D. C.:
British Government interference copper shipments, neutral bottoms,
Rotterdam. seriously endangers copper Industry this country. Appeal to
you, as Senator representing large copper industry, make representations
State Department stop unreasonable interference our neutral trade.
British Royal proclamation, Second Hague Conference stipulations,
American War Risk Bureau do not mention copper as even conditional
contraband. Unless shipment copper to neutrals can be kept open, afraid
further reduction production inevitaole.
INTERNATIONAL METALS SELLING CO.,
42 Broadway.
Senator Smoot, in submitting the resolution, expressed
the hope "that everything will be done by the State Department to prevent interference with copper shipments in
neutral bottoms, and thus allow the copper industry in this
country to maintain the present number of men employed,
which is only about one-half of the usual number. "H",
he stated, "interference is allowed with the shipments into
neutral countries and in neutral bottoms it will mean the
total suspension of the copper industry of this country."
The reported seizure of copper by the British Government
has occupied the attention of Washington for more than a
week. On September 30 it was reported that Sir Cecil
Spring-Rice, the British Ambassador, had called at the State
Department to 'explain dispatches stating that two cargoes of copper shipped from the United States and alleged
to be destined for the Krupp gun works in Germany,
via Holland, had been seized and diverted to England. He
said it was believed that the copper was to be used in the
construction of torpedoes, and came distinctly under the
classification of conditional contraband. Payment for the
full value of the cargoes,it was said, had been remitted to the
American shippers, and it was likewise said to be understood
that a similar course would be pursued in such cases in future.
The Ambassador further stated that the British Government
would buy the copper and use it for making munitions of war.
Reports of the 30th also had it that the Ambassador had
announced it as the intention of Great Britain to seize
goods which might be classed as conditional contraband of
war specifically destined for Germany or Austria,even when
such shipments are carried in American ships and consigned
to neutral ports. On the 1st inst. a statement denying this
report was issued by the State Department as follows:
A statement appeared in certain morning papers that the British Ambassador had advised officials of the State Department that Great Britain
intended to seize goods listed as conditional contraband, which were destined for Germany or Austria, even if they were carried in neutral ships,
and consigned to neutral ports.
When the attention of Counselor Lansing of the State Department was
called to this statement he said that it was without foundation: that the
British Ambassador had given no such notice; that the question of the inclusion of certain articles in the British list of conditional contrabend had
been discussed informally with the British Ambassador, but that he had
not informed the British Government or the British Ambassador that this
Government did not accept the British position as to seizure of neutral
vessels and cargoes, of which our Ambassador at London has not advised
the Department.
He further denied that he had handed tbe British Ambassador a copy cf
the regulations issued by the Bureau of War Risk Insurance. He stated
that neither these regulations nor the lists of articles classified as conditional contraband appearing in the regulations had over been discussed
In any way with the British Ambassador.
He further stated that this matter had not been caned to the attention
of the Netherlands Government, either here or at The Hague.
Another pronouncement in the matter issued by the State
Department on the 1st. inst, said:
It is understood that the British Government Intones to revise its procclamaticn with regard to contraband and, meanwhile, in neutral ships,
goods such as foodstuffs consigned to Holland, in respect of which the
Netherlands Government has placed an embargo on exportations, will not
be treated as contraband.
On the 1st inst. Ambassador Page at London cabled the
State Department that the British Government intended
to treat as conditional contraband of war,in addition to commodities already announced,thefollowing:copper,unwrought;
lead, pig sheet or pipe; glycerine, ferrochrome, hematite
iron ore; magnetic iron ore; rubber; hides and skins, raw
or rough tanned (not dressed) leather.
Our. 10 19141
THE CHRONICLE
An arrangement satisfactory to all the interests concerned
was approved at Washington on the 5th inst. at a conference
held at the State Department between Secretary Byran,
Sir Cecil Spring-Rice and Senator Smoot, who introduced
the Senate resolution proposing an inquiry into the matter.
It is stated that at this conference it was decided that the
solution of the problem rested in obtaining from neutral
countries, especially Holland, an agreement to import copper
only in such quantities as are needed for domestic supply
and to prevent the exportation of copper to the countries
opposing Great Britain, notably Germany. Secretary
Bryan at once set to work to obtain from Holland, Italy,
Spain, Norway, Sweden and Switzerland guaranties that
copper imported from the United States would not be reexported. These guaranties, it is stated, will be accepted
by Great Britain.
THE WAR TAX BILL.
The war revenue bill, as completed in caucus by the
Democratic members of the Senate on the 7th inst., was
reported to the Senate on the 8th inst. The bill passed the
House on September 25; it was sent to the Senate on the
26th ult., and referred by it to the Finance Committee; it
was then taken in hand by sub-committees, whose recommendations were submitted to the Democrats of the Finance
Committee; the latter completed their work on it on the 5th,
and to expedite consideration of the bill a party caucus,
called on the 5th, was held on the 6th and 7th inst. The
need for the caucus, it is stated, became apparent at the
meeting of the Democrats of the Finance Committee on the
5th inst. when members whose amendments to the war
revenue bill were rejected declared they would carry the
fight to the floor of the Senate. As accepted by the Democrats of the Committee on the 5th, the principal changes
from the House bill constituted the elimination of proposed
taxes on life and casualty insurance, the reduction of the
gasoline tax from two cents to one cent a gallon, the imposition of a fifty cents per horse-power tax on automobile
sales, and slight increases in the special tax on tobacco
manufacturers and dealers.
Amendments upon which the Committee disagreed included the proposal to eliminate the tax on gasoline altogether, substituting a tax on automobile owners as well as
automobile sales, and another eliminating the proposed tax
of $2 a thousand on bank capital and surplus, substituting
a stamp tax on checks, drafts and other negotiable paper.
Still another suggested amendment called for an increase in
the proposed tax on beer from $1 50 to $1 75 a barrel and
the revision of the proposed taxes on domestic wines and
special taxes on retail liquor dealers.
On the 6th inst. the caucus,by a vote of 20 to 17,decided
to strike from the bill the proposed tax on gasoline; it also
struck out the proposed tax of 50 cents per horse power
on manufacturers' sales of automobiles. The caucus also
revised the tax on banking capital by reducing it from $2
per thousand dollars of banking capital and surplus
to $1
per thousand. A proposition to raise the tax on
beer from
$1 50 to $1 75 a barrel, with a drawback of 5%
for purchase
of revenue stamps in advance was urged by
Senator Williams
of Mississippi and was carried by a vote of 20
to 16. The
additional war tax of 25 cents a barrel will
yield about
$.14,000,000, making a total of $43,000,000 to
$46,000,000
from beer. The proposal to tax rectified spirits five
cents
a gallon was also accepted by the caucus; this tax, it is
estimated, would yield about $5,000,000. Stamp
taxes
on proprietary medicines, cosmetics, perfumes and chewing
gum, such as were included in the Spanish War taxes, were
voted into the bill on the 6th inst. by the Democrats of the
Senate Finance Committee just before the measure was
turned over to the caucus. These taxes call for a graduated stamp tax of Y of a cent on articles costing not more
than five cents to
of a cent for more than 15 or less than
25-cent articles and
of a cent for each 25 cents of value
additional. Articles included in this list are pills, powders
troches, cordials, bitters, tonics, plasters, liniments,
salves, ointments, waters, except natural mineral or
carbonated natural mineral waters, essences and all
similar articles for which a private formula is claimed,
perfumery, cosmetics, hair oils, pomades, hair dyes,
dentifrices, &c.
The proposed tax on chewing gum is
four cents for each box worth $1 or less and four cents
additional for each added dollar of value.
On the 7th
inst. the caucus decided to eliminate the tax of $50 on
1023
brokers, cutting out $300,000 of estimated revenue. It was
also voted to reduce the tax on Pullman tickets from two cents
to one cent each. The caucus authorizedlthe Finance Committee to revise the tax on cigarettes, formerly fixed by the
committee at $24 for each manufacturer. The tax on cigarettes, as finally fixed by the Senate Finance Committee,
is to be $24 on the production of up to 15,000,000 cigarettes,
$48 on the production of from 15,000,000 to 25,000,000
and $96 on a production above 25,000,000. Contests over
duties on domestic wines, which occupied the attention of
the caucus during the two days, were avoided, when the
caucus left the entire matter to the Finance Committee.
Suggestion was made on the 7th that California growers
would accept a tax of 55 cents a gallon on grape brandy,
with which sweet wines are fortified, if the tax of 20 cents a
gallon on sweet wines and 8 cents a gallon on dry wines was
reduced one-half. Senator Simmons stated that the Committee undoubtedly would compromise the dispute. The
insurance tax agreed upon is the House provision for a levy
on all property insurance, but with life insurance eliminated.
This was done by the Senate Finance Committee before the
caucus was called, and was left unchanged by the conference. As it stands in the bill, a tax of one-half of 1% per
$1 of premium is levied on all property insurance, ashore or
afloat, co-operative and mutual policies being exempt, as are
re-issued policies. Fidelity and guaranty insurance would
pay a similar rate.
Senator Simmons estimates that the bill as completed in
caucus would yield $108,000,000 annually, or $3,000,000
more than the revenue expected under the House bill.
The increased tax on beer is expected to yield from $43,000,000 to $46,000,000 and the rectified spirits' tax of five
cents a gallon is calculated to raise $5,000,000; stamp taxes
on negotiable instruments,stock and bonds,deeds and transfers, bills of lading, Pullman car and steamship tickets and
insurance policies are expected to yield $30,000,000; a stamp
tax on patent medicines, cosmetics and perfumeries is expected to yield $7,000,000. The remainder will come from
special taxes on theatres and places of amusement, on tobacco, cigar and cigarette manufacturers and on domestic
wines. Efforts to impose a stamp tax on bank checks of one
or two cents,each were voted down. The bill as reported
to the Senate would not go into effect until thirty days after
it has been signed by the President; the House bill would go
into effect immediately upon its enactment; the Act expires
Dec. 31 1915.
A resolution protesting against the tax on banking capital
was adopted as follows at the annual convention last week of
the Indiana Bankers' Association:
Resolved, That this association, in convention assembled, who have never
been opposed to equitable taxation, register its protest against the levy o'
$2 a thousand on capital, surplus and undivided profits of banking associtions, to the exclusion of all other corporations, as per the war revenue bill
now pending before the Congress of the United States, and that the Secretary be and is hereby instructed to wire our Senators such protest in the
name of the association.
The Cincinnati Clearing-House Association also recently
protested against the tax, basing its opposition on the following grounds:
1. A protest against being singled out as the only corporations to be
taxed on their capital shares.
2. That if additional revenue is necessary to be raised by the Government to cover a Treasury deficit, the banks should only be called upon to
bear a fair share.
3. It is well known that the banks now pay their full share of taxes in
their respective communities.
4. Banking ought to be free from all excessive burdens in order to encourage capital to go into it to develop industries and assist and conserve
business.
FEDERAL RESERVE MATTERS.
The directorates of the twelve Federal Reserve banks have
been completed, the Federal Reserve Board having during
the past week announced the Class C directors for seven of
the banks; the Class C directors for the other five were made
known last week, as indicated in these columns on the 3d.
A conference of the Class C directors has been called at
Washington Oct. 20 by the Federal Reserve Board.
An announcement from Washington on the 5th inst. stated
that the regional reserve banks in the central reserve cities
will be ready for business on Nov. 1 if the efforts of the Federal Reserve Board avail, and if the remaining regional reserve banks are in condition to open shortly thereafter,
it
is not improbable that the three largest banks—New
York,
Chicago and St. Louis—will be opened on that date.
1024
THE CHRONICLE
Following the appointment of the Class C directors of the
Federal Reserve Bank of New York, the board held its first
meeting on Monday last and elected as Governor of the Bank
Benjamin Strong Jr., President of the Bankers Trust Co.
Except for William Woodward, President of the Hanover
National Bank, who was out of town, all of the members of
the board (of which there are nine) were in attendance at
Monday's meeting. At its conclusion Pierre Jay, Reserve
Agent and Chairman of the Board of the New York bank,
issued an announcement as follows:
At the first regular meeting of the board of directors of the Federal Reserve Bank of New York, Mr. Benjamin Strong Jr., President of the BankGovernor will be
ers Trust Co.. was elected Governor of the bank. The
they have been
the executive officer of the bank, and the directors feel that
extremely fortunate in securing for this position a man of Mr. Strong's
in
is
the
public
who
,
willing,
interest, at
character, ability and experience
a considerable personal sacrifice, to undertake the work.
The salary of the Governor was fixed by the directors,
but the amount was not made public; it is subject to the
approval of the Federal Reserve Board at Washington.
With his acceptance of the new office, Mr. Strong will relinquish his various other interests. This includes his withdrawal as trustee of the Seamen's Bank for Savings, of which
his great grandfather, Benjamin Strong, was an officer, and
his resignation as President of the Bankers Trust Co. and
as a director of the Astor Trust Co. of New York, the Commercial Trust Co. of Philadelphia, the Rock Island Co.,
the Seaboard Air Line Ry., the Seaboard Railways Unincorporated, the American Light & Traction Co., the Commonwealth Power, Railway & Light Co., the Electric Bond &
Share Co., the International Agricultural Corporation, the
International Nickel Co., the International Paper Co., the
MacIntyre Iron Co., the National Supply Co. and the
Foundation Company.
Mr. Strong was born in December 1872 at Fishkill-on-theHudson. In 1891 he entered the office of Jesup, Paton &
Co. as a clerk. This firm later became John Paton & Co.
and then Cuyler, Morgan & Co. Morris K. Jesup was the
chief figure in the firm. Nine years later, at the age of 28,
Mr. Strong was elected Assistant Secretary and later Secretary of the Atlantic Trust Co. When this was merged with
the Metropolitan Trust Co. in 1903 he was made Secretary
of the latter. In 1904 he went to the Bankers Trust Co.
as Secretary. He was elected Vice-President of the company
six years later. On the retirement of E. C. Converse from
the presidency last Jsanuary, Mr. Strong was elected President. He has taken an active part in the formation of the
$100,000,000 gold pool. As Governor of the bank Mr.Strong
will sit with the Board and participate in its functions, but
he will have no vote. The nine directors of the New York
Federal Reserve Bank are:
Class A—William Woodward, President of the Hanover National Bank
of New York City; Robert H. Treman, President of the Tompkins County
National Bank of Ithaca, and F. D. Locke, Vice-President of the Manufacturers' & Traders' National Bank of Buffalo.
Class B—Henry R. Towne, President of the Yale & Towne Manufacturng Co. of New York City; William Boyce Thompson, manufacturer,
Yonkers, and Leslie R. Palmer, of Croton-on-Hudson.
Class C—Pierre Jay, Vice-President of the Bank of Manhattan Co.,
New York. Reserve Agent and Chairman of the Board; Charles Starek,
National Bank Examiner, New York City, Deputy Agent and Vice-Chairman; George Foster Peabody of Lake George.
[VOL. xcix.
foreign exchange department of the Guaranty Trust Co.,
and Stephen H. Farnham, of the Remington Typewriter
Co. In drafting its report, this preliminary committee received advice and suggestions from Max May, Vice-President of the Guaranty Trust Co., from Harry E. Ward and
C. C. Robinson of the Irving National Bank, and Ralph
Van Vechten of the Continental & Commercial National
Bank of Chicago. The report advocates the adoption of a
uniform system of organization by the twelve regional
Act
banks as far as conditions will permit. The Reserve
tions,
organiza
bank
separate
the
of
does not prescribe details
ns of
this being left to each bank within the general provisio
uniformof
idea
the
ng
furtheri
in
ee,
committ
the law. The
typical central
ity,presents a tentative set of by-laws for a recommends
stated,
is
it
ee,
committ
The
bank.
reserve
separated
that the general business of each bank shall be
Coin;
and
y
Currenc
under divisions as follows: Bureau of
Domesand
s
Clearing
of
Bureau
e;
Exchang
Bureau of Foreign
of
tic Exchange; Bureau of Examination and Audit; Bureau
Discounts.
Reports and Statistics, and Bureau of Credit and
that
On the subject of foreign exchange, it is recommended
services
Federal Reserve banks should act as a unit. The under
,
of a foreign exchange expert should be obtained
should be
whose direction foreign operations of the banks
should
conducted. It is deemed inadvisable that the banks
s.
operator
ve
aggressi
as
fields
e
exchang
enter the foreign
Clearing
The committee suggests that the Federal Reservethat each
House be established at Washington. It suggests
Reserve ClearFederal reserve bank deposit with the Federal
be sufficient
ing House all its gold beyond that which will not be made
need
nt
Settleme
needs.
local
of
to take care
because daily
between reserve banks oftener than weekly, the natural
of
n
operatio
the
prevent
might
nts
settleme
ordinary business
clearing effected by the interchange of of business each
close
the
transactions. Therefore, at
wire the Clearing
Thursday, each reserve bank shouldshould state whether
and
balance
the
House the amount of
it and other reserve
debit or credit relations exist between adjustment of any
for
Friday,
day,
one
banks. Allowing
clearing would be
differences in the advices received, the
of the ownership
evidence
tangible
As
y.
Saturda
effected on
it is proposed
House,
Clearing
the
with
d
of the gold deposite
tions in a similar mandenomina
large
in
tes
certifica
to issue
house currency certificates are
ner to that in which clearinge business of the Federal reexchang
now issued. Domestic
d, it is pointed out, as to
arrange
so
be
must
serve system
bers to enter the sysnon-mem
to
ents
inducem
offer constant
not handle items of
will
banks
tem. As Federal reserve
appear to be any necesnot
does
there
banks,
non-member
bank joining the clearing house in
sity for a Federal reserve
It is recommended that all
located.
is
it
which
the city in
eously opened and not
simultan
be
banks
Federal Reserve
and as fully decomplete
nearly
until their functions are as
possible.
veloped as
the Federal Reserve Bank of
The Class C directors for
announced by the Federal
were
3)
No.
t
(Distric
Philadelphia
are:
They
inst.
Reserve Board on the 2nd
The directors of Class A are representative of the stockof the Girard National Bank of PhilaRichard L. Austin, President
of the Board of Directors;
holding banks; the law requires that the directors of Class B delphia,
Federal Reserve Agent and Chairman
Banking and Insurance of New
shall, at the time of their election, be actively engaged in George M. La Monte, Commissioner of and
rman; George W.
Vice-Chai
Reserve Agent
their district in commerce, agriculture or some other indus- Jersey, Deputy Federal
Philadelphia.
Norris,
trial pursuit; no director of Class B shall be an officer,
is furnished
An outline of the careers of the above directors
director or employee of any bank, and no director of Class C
follows:
as
the Reserve Board
28 1859, banker; enshall be an officer, director, employee or stockholder of any byRichard
L. Austin, born in Philadelphia. Mardi
nce National
bank. Mr.Jay, Reserve Agent and Chairman of the Board, tered Central National Bank 1876; became cashier Independe
ed in negotiations leading to
participat
1889;
President
and
as
Vice
1885,
last
nt
-Preside of the Bank of the Bank,
resigned on Monday
and the Girard National
merger of the Independence National Bank
Manhattan Co. Mr. Starek, it is understood, will not re- the
-President Girard National Bank
Bank, consummated in May 1901; Vice
President.
sign as National Bank Examiner.
until March, 1914, when he was elected
educated Wes-
June 4 1863;
George M.Lamonte. born in Danville. Va.,
1884; President of George
leyan University. Middletown, Conn.; graduated
New York; President First
Lamonte & Son, manufacturers of paper,
Commissioner of Banking and
National Bank of Bound Brook, N. J., and
Insurance of New Jersey.
director of DeGeorge W. Norris, born in San Francisco July 5 1864;
banker; educated private
partment of Wharves. Docks and Ferries; retired
reporter; studied law;
schools and University of Pennsylvania; newspaper
B. Smith & Co., bankers, and later
admitted to Bar 1886; counsel for E.
Fund; director in several corporations;
partner; manager Beneficial Savings
n; member Zoological Society.
President Philadelphia Housing Commissio the American Academy of
Philadelphia Library. the Athenaeum and
Political and Social Science.
Temporary offices for the New York Federal Reserve
Bank have been secured at 27 Pine Street. The directors
of the bank are now occupied with a study of a report prepared by a preliminary committee on organization setting
out recommendations for the working of the proposed banks.
The preliminary committee was appointed by the Reserve
Bank Organization Committee, and it consisted of H.Parker
Willis, who drew the original draft of the new Banking and
directors of the
Currency Law and is now Secretary of the Board; Edmund
The following are the Class A and Class B
D. Fisher, Deputy Comptroller of the City of New York; Philadelphia Reserve Bank:
-President and Treasurer of the Girard
Class A—Charles J. Rhoads, Vice
Andrew A. Benton of the firm of Marwick, Mitchell, Peat
W. H. Peck, President Third National Bank,
ia;
Philadelph
Co..
Trust
the
Howard
0.
y
of
Wolfe,
Secretar
& Co., accountants;
Traders' National Bank,
Scranton, Pa.; M. J. Murphy. Cashier of the
Clearing-House Section of the American Bankers' Asso- Scranton.. Pa.
ba B. Johnson, Philadelphia; Edwin S. Stuart, Philadelphia;
Ciass
ciation; Joseph A. Broderick, of the New York State BankGaunt, Mullica Hill, N. J.
ing Department; Ralph Dawson, Assistant Manager of the George W. F.
00T. 10 1914.J
THE CHRONICLE
Mr. Rhoads, one of the Class A directors, was elected
Governor of the Bank on Thursday. Mr. Rhoads entered
the employ of the Girard Trust Co. shortly after leaving
college. In 1898 he was appointed Assistant Treasurer, and
two years later was made Treasurer. In 1904 he was elected
Vice-President. He is Treasurer of the American Academy
of Political and Social Science, the Indian Rights' Association
and the Philadelphia Housing Commission.
1025
a banker and bank examiner; prior to
1909 he was receiver
of a bank at Elkhart, Ind.; from Februa
ry 1909 until 1910
he served as a national bank examiner, resignin
g to take
his present position. Mr. McLa,llen is Preside
nt of the First
National Bank of Columbia City. Mr. Meredit
h of Des
Moines is:editor:and publisher of:the "Successful Farmer
"
and a director of the Iowa Trust & Savings Bank.
The Class A and B directors of the Federal Reserve
Bank of Chicago are:
The Class C directors of the Cleveland Reserve Bank
(District No. 4) were announced on the 8th, as follow:
D. C. Wills, Bellevue, Pa., Federal Reserve Agent and Chairma
n of
the Board; Lyman H. Treadway, Cleveland, Deputy Federal
Reserve
Agent and Vice-Chairman; H. P. Wolfe, Columbus, Ohio. director.
Mr. Wills has since 1904 been Cashier of the Diamond
National Bank of Pittsburgh. He is Past President of the
Bankers' & Bank Clerks' Mutual Benefit Association of
Pittsburgh, a member of the executive council of the American Bankers' Association, director of the Diamond Savings
and Diamond National banks and President of the
Citizens'
National Bank of Bellevue, Pa. Mr. Treadway
is General
Manager of Peck, Stow & Wilcox, hardware.
He was formerly President of the Cleveland Chambe
r of Commerce
and was connected with the Superior Trust
& Savings Co.
Mr. Wolfe is associated with his brother
, Robert Wolfe,
in the ownership of the "Ohio State
Journal" and the
Columbus "Dispatch." With his brother
he also operates a large shoe manufactory, and he is
identified with
other business interests in Ohio.
The following are the Class A and Class
B directors of
the Cleveland bank:
Class A—George M.Reynolds, Presiden
t of the Continental & Commercial National Bank, Chicago; J. B.
Forgan, President of the First National
Bank, Chicago; E. L. Johnson. VicePresident of the Waterloo Savings
Bank, Waterloo, Iowa.
Class B—Henry B. Joy, Detroit,
Mich.;
M. B. Hutchison, Ottumwa,
Iowa; A. H. Vogel, Milwaukee,
Wis.
For the Kansas City Federal Reserve Bank (District
No.
10) the Class C directors named this week
are:
J. Z. miller, Kansas City, Mo.,
Federal Reserve Agent and Chairman of
Board of Directors; A. E. Ramsey,
Muskogee. Okla., Deputy Federal
Reserve Agent and Vice-Chairman of
Board of Directors; R. H. Malone,
Denver, Colo., director.
Mr. Miller is Vice-President of the Commerce Trust Co.
of Kansas City. Mr. Ramsey is Vice-President of the First
National Bank of Muskogee. Mr. Malone is a business
man and has had experience in banking as receiver for a
Denver bank. The others making up the Board of the
Kansas City Reserve Bank are:
Class A—Gordon Jones, President of the United States National Bank,
Denver. Colo; W. J. Batley, Vice-President
of the Exchange National
Bank, Atchison, Kan.; C. E. Burnham President
,
of the Norfolk National
Bank, Norfolk, Neb.
Class
B—M.
L.
McClure, Kansas City, Mo.; T. C. Byrne, Omaha.
Class A—Robert Wardrop, President
of the People's National Bank, Neb.; L. A. Wilson, El Reno, Okla.
Pittsburgh; W.S. Rowe, President of the
First National Bank, Cincinnati,
O.; S. B. Rankin, President of
the Bank of South Charleston, South
Charleston, 0.
For the Dallas Reserve Bank (District No. 11) the Class C
Class B—Thomas A. Combs, Lexingto
n, Ky.; C. H.Bagley. Corry, Pa.;
A. B. Patrick, Saylerville,
directors, announced on the 5th inst., are as follows:
KY.
Dallas—E. 0. Tennison, Dallas, Federal Reserve Agent and Chairman
of Board of Directors: W. F. McCaleb, San Antonio, Deputy Reserve
Agent and ViceThe organization of the Richmond Federal Reserve
Bank Paso, director. Chairman of the Board of Directors; Felix Martinez, El
(Distric
t No.5) was completed on Monday with the
The following are the other directors of the Dallas Reserve
of George J. Seay as Governor, James A. Moncur election
e as
tary, and the following executive committee:: William Secre- Bank:
Ingle,
Class A—Oscar Wells, Vice-President of the
George J. Seay and John F. Bruton. The Class C director
First National Bank,
s Houston, Tex.; E. K. Smith, Vice-President
of the Commercial National
of the Richmond Bank were named last week; the
Bank.
Shrevepo
rt.
La.;
B.
A. McKinney. Cashier of the Durant National
full Bank,
Durant, Okla.
board /is as follows:
Class A—Waldo Newcomer. President of the National
Exchange Bank,
Baltimore, Md.; John F. Bruton. President of the
First National Bank,
Wilson, N. C.; Edwin Mann,President of the First National
Bank, Bluefield. W.Va.
Class B—George J. Seay, Richmond,Va.; D.R.Coker,
Hartsville, S. C.;
J. F. Oyster, Washington, D. C.
Class C—William Ingle, Vice-President of the Merchant
s-Mechanics
National Bank, Baltimore, Reserve Agent and Chairman
of the Board;
James A. Moncure of Richmond, Deputy Agent and Vice-Chairma
n;
M. F. H. Gouverneur of the banking firm of Hugh Mac Rae & Co., Wilmington.
The former quarters of the Richmond Trust & Savings
Co. have been secured as the location for the Richmond
Reserve Bank.
The names of the Class C directors for the Atlanta Reserve
Bank (District No. 6) were made known by the Reserve
Board at Washington on the 2nd inst., they are:
Class B—Marion Sansom, Fort Worth, Tex.; Frank
Kell, Wichita
Falls, Tex.; J. J. Culbertson, Paris, Tex.
E.0. Tenison was born in Ohio in October
1864,and came to Dallas with
his parents in 1866. He entered the service of
the City Bank thirty-six
years ago. He retired from the active presidency of the
institution Jan. 14
1913.
Mr. McCaleb is President of the West Texas Bank &
Trust Co. of San
Antonio; a member of the Executive Council of the American
Bankers'
Association. Vice-President of the San Antonio Life Insuranc
e Co.. Treasurer of the Crystal City & Uvalde Ry., Globe Fire Insuranc
e Co.. &c.
Mr. Martinez was for many years engaged in the mercantil
e, cattle
and lumber manufacturing business in New Mexico. In
recent years he
has been engaged in real estate development and has given
special attention
to the development of the farming interests or the upper
Rio Grande
Valley. He was elected by the Democrats of San Miguel
County, New
Mexico, as County Assessor in 1884. He was a member of
the House of
Representatives of New Mexico in 1888 and was a
member of the State
Senate in 1892.
The Class C directors for the Federal
Reserve Bank of San
M. B. Wellborn of Anniston, Ala.. Chairma
n of the Board of Directors Francisco (District No. 12) were likewise
and Federal Reserve Agent; Edward T.
made known on
Brown of Atlanta, Ga., Vice-Chair- the
5th as follows:
man and Deputy Agent; W. H. Rettig
of Birmingham.
Mr. Wellborn is a native of Alabama;
San Francisco—John Perrin of Pasadena, Cal.. Federal
he is fifty-three years of age and
Reserve Agent
has been President of the First National Bank
of Anniston for more than and Chairman of Board of Directors; Claude Gatch of San Francisco.
ten years. Mr. Brown is a member of the law firm
Deputy
Federal Reserve Agent and Vice-Chairman of the Board of
of
Brown
Randolph
&
Direcof Atlanta and has been a member of the Georgia
bar about thirty years. tors and Charles E. Peabody of Seattle, director.
Mr. Kettig was formerly head of the Milner & Kettig
Mr.
Perrin
was
born
at
Rossville
Co..
Ind..
1857,
,
hardware
in
and
was educated at
and
mine supplies, wnich several years ago soldits business
to the Crane Co. Yale. He became Vice-President of the Perrin National Bank, La Fayof Chicago, since which time Mr. Kettig has_been the
charge ette, Ind., and in 1901 was one of the organizers and President of the
manager
in
of that company's busine33in Alabama and Ge3rria. For abyit
fifteea year American National Bank of Indianapolis, which formed an amalgamation
he was a director and member of the finance committee of
the Birming- with the Fletcher National Bank in 1910, Mr.Perrin becoming Chairman
ham Trust & Savings Co., Birmingham, and since 1906 has
had a simila of the Board of the resultant Fletcher-American National Bank. He is
connection with the American Trust & Savings Bank of
a member of the investment securities firm of Perrin, Drake & Riley,
Birmingham.
Inc.,
The other directors of the Atlanta Federal Reserve Bank of Los Angeles,Cal.,formed in 1913,a member of the Currency Commission
of the American Bankers' Association and a member of the Yale
alumni
are :
advosory board.
Class A—L.P. Hlllyer. Vice-President of the American National Bank,
Mr. Gatch was born at Olympia. Wash., in 1859. He was appointe
d
Macon, Ga.; F. W. Foote, Vice-President of the National Bank of Com- National
Bank Examiner in 1906. Prior to his appointment he had twentymerce, Hattiesburg, Miss.; W. H. Toole, Winder, Ga.
six Years' of banking experience.
Class B—P. H. Saunders, New Orleans, La.; J. A. McCrary, Decatur;
Mr. Peabody is interested in the Alaskan Steamship Co. and is also conGa.; W. H. Hartford, Nashville, Tenn.
nected with the Inland Navigation Co.
The following are the Class C directors of the Chicago
Federal Reserve Bank (District No. 7) announced on the
7th inst.:
C. H. Bosworth, Chicago, Ill., Federal Reserve Agent and Chairman of
the Board of Directors; W. F. McLallen. Columbia City, Ind., Deputy
Federal Reserve Agent and Vice-Chairman of Board; Edwin T. Meredith.
Des.Moines, Iowa, director.
The six other directors of the San Francisco Bank, are:
Class A—C. K. McIntosh, Vice-President of the Bank of Californi
a
N.A.,San Francisco; James K.Lynch, Vice-President of the First National
Bank, San Francisco; Alden Anderson, President of the Capital
Nations I
Bank, Sacramento.
Class B—A.B. C. Dohrman, San Francisco; J. A. McGregor,
San Francisco; Elmer H.Cox, Madera, Cal.
Mr. Bosworth is President of the People's Trust & SavIn the case of the other three Federal Reserve banks—
ings Bank of Chicago. He has had extensive experience as Boston, St. Louis and Minneapolis—the Class C
directors
1026
THE CHRONICLE
[VOL.
xcix.
in the series of trust legislation—the
were announced last week; we give the complete member- 946. The third bill
Federal regulation of railroad security
the
for
bill
providing
below:
banks
these
ship of the directorate of
issues—passed the House in June, but in view of the disBoston Federal Reserve Bank (District No. 1).
Class A—Thomas P. Beal, President of Second National Bank, Boston, turbed conditions resulting from the European war, President
Mass.; C. G. Sanford, President of the First Bridgeport National Bank, Wilson some weeks ago consented to a suspension of further
Bridgeport, Conn.; A. M. Heard, President of the Amoskeag National
action on the bill during the present session. We give
Bank. Manchester, N. H.
Class B—Charles A. Morse, Boston, Mass.; E. A. Morse, Proctor, Vt.; herewith the text of the Clayton anti-trust bill in the form
Charles G. Washburn, Worcester, Mass.
by Congress:
Class C—Frederick H. Curtiss of Boston, Federal Reserve Agent and finally approved
Chairman of the Board; Walter S. Hackney, Providence, R. I., Deputy
Agent and Vice-Chairman; Allen Hollis, Concord, N. H.
St. Louis Federal Reserve Bank (District No. 8)•
Class A—Walker Hill, President of the Mechanics-American National
Bank. St. Louis, Mo.; F. 0. Watts, President of the Third National Bank,
St. Louis, Mo.: Oscar Fenley, President of the National Bank of Kentucky, Louisville, Ky.
Class B—Murray Carleton. St. Louis, Mo.; W. B. Plunkett, Little
Rock, Ark.; LeRoy Percy, Greenville, Miss.
Class C—William McC. Martin. St. Louis Reserve Agent and Chairman
of the Board; Walter W.Smith,St.Louis,Deputy Agent and Vice-Chairman,
John Boehme, Evansville, Ind.
Minneapolis Federal Reserve Bank (District No. 9).
Class A—E. W. Decker, President of the Northwestern National Bank,
Minneapolis, Minn.; L. B. Hanna, Fargo, N. D.; J. C. Bassett, President
of the Aberdeen National Bank, Aberdeen. S. D.
Class B—F. R. Bigelow, St. Paul, Minn.; F. P. Bison, La Crosse, Wis.;
Norman B. Hotter, Helena, Mont.
Class C—John F. Rich, Red Wing, Minn., Federal Agent and Chairman
of the Board; T. M. Kerst, St. Paul, Deputy Agent and Vice-Chairman;
John W.Black, Houghton, Mich.
AN ACT
To supplement existing laws against unlawful restraints and monopolies
and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled, That "anti-trust laws," as used herein,
includes the Act entitled "An Act to protect trade and commerce against
unlawful restraints and monopolies," approved July second, eighteen hundred and ninety; sections seventy-three to seventy-seven, inclusive, of an
Act entitled "An Act to reduce taxation, to provide revenue for the Government, and for other purposes," of August twenty-seventh, eighteen hundred and ninety-four; an Act entitled "An Act to amend sections seventythree and seventy-six of the Act of August twenty-seventh, eighteen hundred and ninety-four, entitled 'An Act to reduce taxation, to provide revenue for the Government, and for other purposes,'" approved February
twelfth, nineteen hundred and thirteeen; and also thi.; Act.
"Commerce," as used herein, means trade or commerce among the several States, and with foreign nations, or between the District of Columbia
or any Territory of the United States,and any State, Territory, or foreign
nation, or between any insular possessions or other places under the jurisdiction of the United States, or between any such possession or place and
any State or Territory of the United States or the District of Columbia or
any foreign nation, or within the District of Columbia or any Territory or
THE TRADE AND TRUST BILLS.
any insular possession or other place under the jurisdiction of the United
That nothing in this Act contained shall apply to the
The so-called Clayton omnibus anti-trust bill, as agreed to States: Provided,
Philippine Islands.
in conference on Sept. 23, was adopted by the Senate on the
The word "person" or "persons" wherever used in this Act shall be deemed
5th inst. and by the House on the 8th inst. The bill had orig- to include corporations and associations existing under or authorized by the
United States, the laws of any of the Territories, the laws
inally passed the House on June 5 and the Senate on Sept. 2. laws of either thethe
laws of any foreign country.
of any State or
Just before the adoption of the conference report by the SenSec. 2. That it shall be unlawful for any person engaged in commerce.
discriminate
Reed
of
Senator
Monday,
of
ate on
Missouri moved that the bill In the course such commerce, either directly or indirectly, to commodities
between different purchasers of commodities, which
be recommitted and that the conferees be instructed to insist in price for
use, consumption, or resale within the United States or any Terare sold
upon the insertion into the measure of the criminal penalties ritory thereof or the District of Columbia or any insular possession or other
effect of such
substantially as they were contained in the bill as passed by place under the jurisdiction of the United States, where the
to create
be to substantially lessen competition or tend
the House last June,and,further,that the word "heretofore," discriminationInmay
herein connothing
any line of commerce: Prorided. That
a monopoly
which was stricken out of the section relating to the use of tained shall prevent discrimination in price between purchasers of commodior quantity of the comdecrees in evidence in other cases, be re-inserted. The ties on account of differences in the grade, quality,difference
in the cost of
only due allowance for
motion to re-commit was rejected by a vote of 35 to 25; six modity sold, or that makes
same or different
selling or transportation, or discrimination in price in the
Democrats voted in favor of re-committal—Senators Reed, communities made in good faith to meet competition: And provided further.
engaged in selling
Lane of Oregon, Martine of New Jersey, Thomas of Colorado, That nothing herein contained shall prevent persons
cusor merchandise in commerce from selecting their own
Vardaman of Mississippi and Williams of Mississippi; Sena- goods, wares,
trade.
tomers in bona fide transactions and not in restraint of
commerce,
in
tor Root was the only Republican who voted against the moSec. 3. That it shall be unlawful for any person engaged
to lease or make a sale or contract for sale
tion. Senator Poindexter, Progressive, also voted in oppo- In the course of such commerce,machinery,
commodities.
other
or
supplies
goods, wares, merchandise,
sition to the motion. The conference report was accepted of
or resale within the
whether patented or unpatented, for use, consumption
or any
by the Senate by a vote of 35 to 24. The vote was taken at United States or any Territory thereof or the District of Columbia
place under the jurisdiction of the United States.
other
or
possession
insular
the close of a long day of bitter debate on the bill, in the
from, or rebate upon,such price,
fix a price charged therefor, or discount
course of which Senator Walsh replied at length to Senator or
or understanding that the lessee or puron the condition, agreement,
or deal in the goods, wares, merchandise, maReed's attack on the measure, and the latter rejoined with chaser thereof shall not usecommodities
of a competitor or competitors of
supplies or other
chinery,
even more vigorous criticism. Senator Walsh declared the
effect of such lease. sale, or contract for sale
the lessor or seller, where the
may be to substantially
Administration Trade Commission had committed Congress or such condition, agreement or understanding
create a monopoly in any line of commerce.
to a policy of prevention of minor restraints of trade by the lessen competition or tend towho
shall be injured in his business or property
Sec. 4. That any person
therefor in
'Commission instead of criminal prosecution for such offenses.
forbidden In the anti-trust laws may sue
by reason of anything
in the district in which the defendant
Senator Reed insisted that the law would be utterly ineffec- any district court of the United States
agent, without respect to the amount in contive without the "teeth" which criminal penalties would resides or is found or has an
threefold the damages by him sustained, and the
troversy,d shall recover
supply. Three Democrats voted against the report, namely
a reasonable attorney's fee,
soc.5
hansuit, including
cost
o the
decree hereafter rendered in any crimiSenatore Lane, Martine and Reed. Senator Poindexter cos
That a final judgment or
suit or proceeding in equity brought by or on beany
in
or
prosecution
Voted in favor of the acceptance of the report, while Senator nal
under the anti-trust laws to the effect that a dehalf af the United States laws shall be prima facie evidence against such
Root voted against it. After the adoption of the report by fendant
has violated said
proceeding brought by any other party against
the Senate, Senator Reed, who had offered the motion to defendant in any suit or laws
as to all matters respecting which said judgsaid
under
defendant
re-commit, stated that "in view of the fact that by the inter- such
an estoppel as between the parties thereto: Proment or decree would beshall not apply to consent judgments or decrees
jection of a point of order, the Senate was deprived of the vided, That this section
teetimony has been taken: Provided further, That this
opportunity to express its opinion as to whether it desires entered before any
to consent judgments or decrees rendered in crimiapply
not
shit.'
criminal penalties in the anti-trust legislation or not, I section
in equity, now pending, in which tho taking of
nal proceedings or suits
has not been concluded, provided such
simply wish to say that I propose immediately to introduce testimony has been commenced butbefore
any further testimony is taken.
rendered
a bill to add criminal penalties to these sections as soon as judgments or decrees are
proceeding in equity or criminal prosecution is inor
suit
any
Whenever
the bill becomes a law."
to prevent, restrain, or punish violations of
stituted by the United States
of the statute of limitations in reThe report was adopted by the House on the 8th inst. any of the anti-trust laws, the running
and
private right of action arising under said laws
by a vote of 244 to 54. Twenty-two Republicans and spect of each and every
matter complained of In said suit or proany
on
part
In
or
in whole
during the pendency thereof.
six Progressives voted with the Democrats in favor of based
ceeding shall be suspended
article
a human being is not a commodity or
it. As finally agreed to, the bill forbids price discrimiSec. 6. That the labor of
anti-trust laws shall be construed
Nothing contained in the
horticultural
or
agricultural,
nation, limits interlocking directorates and prohibits of commerce.existence
labor,
and operation of
forbid the
purposes of mutual help, and not having
holding companies where the effect is to "destroy or sub- to
organizations, instituted for the
or to forbid or restrain individual memor conducted for profit,
stantially lessen competition." It also declares that "the capital stockorganizations
from lawfully carrying out the legitimate objects
such
of
bers
a
is
not
being
or
commodity
labor of a human
article thereof; nor shall such organizations, or the members thereof, be held or
of commerce," and provides that the Sherman law shall not construed to be illegal combinations or consp.racies in restraint of trade,
laws.
be so construed as to forbid labor and farmers' unions. It under the anti-trust
in commerce shall acquire, directly
7. That no corporation engaged
of
revises the law regulating contempt of court and the use orSec.
or any part of the stock or other share capital
whole
the
indirectly,
effect of such acof injunctions in labor disputes. The bill is the second of the another corporation engaged also in commerce where the
lessen competition between the corporaAdministration anti-trust measures to be enacted into law. quisition may be to substantially
acquisition.
is so acquired and the corporation making the
stock
whose
tion
The Federal Trade Commission Bill, as agreed to in confer- or to restrain such commerce in any section or community, or tend to
ence Sept. 3, was adopted by the Senate and House on create a monopoly of any line of commerce.
indirectly, the vrhoie or any part
No corporation shall acquire, directly or
Sept. 8 and 10, respectively, and signed by President Wilson
corporations engaged in
stock or other share capital of two or more the use of such stock by
the
of
on Sept. 26. We gave the text of the Trade Commission commerce where the effect of such acquisition, or to substantially lessen
be
may
Bill as it became a law in our issue of last Saturday, page he voting or granting of proxies or otherwise.
OCT. 10 1914.1
THE CHRONICLE
competition between such corporations, or any of them,whose stock or other
share capital is so acquired, or to restrain such commerce in any section or
community, or tend to create a monopoly of any line of commerce.
This section shall not apply to corporations purchasing such stock solely
for investment and not using the same by voting or otherwise to bring
about, or in attempting to bring about, the substantial lessening of competition. Nor shall anything contained in this section prevent a corporation engaged in commerce from causing the formation of subsidiary corporations for the actual carrying on of their immediate lawful business, or the
natural and legitimate branches or extensions thereof, or from owning and
holding all or a part of the stock of such subsidiary corporations when the
effect of such formation is not to substantially lessen competition.
Nor shall anything herein contained be construed to prohibit any common carrier subject to the laws to regulate commerce from aiding in the
construction of branches or short lines so located as to become feeders to
the main line of the company so aiding in such construction, or from acQuiring or owning all or any part of the stock of such branch lines, nor to
prevent any such common carrier from acquiring and owning all or any part
of the stock of a branch or short line constructed by an independent company where there is no substantial competition between the company
owning the branch line so constructed and the company owning the main
line acquiring the property or an interest therein, nor to prevent such common carrier from extending any of its lines through the medium of the acquisition of stock or otherwise of any other such common carrier where
there is no substantial competition between the company extending its
lines and the company whose stock, property, or an interest therein is so
acquired.
Nothing contained in this section shall be held to affect or impair any
right heretofore legally acquired: Provided, That nothing in this section
shall no held or construed to authorize or make lawful anything heretofore
prohibited or made illegal by the anti-trust laws, nor to exempt any person from the penal provisions thereof, or the civil remedies therein provided.
Sec. 8. That from and after two years from the date of the approval of
this Act no person shall at the same time be a director or other officer or
employee of more than one bank, banking association or trust company,
organized or operating under the laws of the United States, either of which
has deposits, capital, surplus and undivided profits aggregating more than
$5,000,000; and no private banker or person who is a director in any bank
or trust company, organized and operating under the laws of a State, having deposits, capital, surplus and undivided profits aggregating more than
$5,000,000, shall be eligible to be a director in any bank or banking association organized or operating under the laws of the United States. The
eligibility of a director, officer, or employee under the foregoing provisions
shall be determined by the average amount of deposits, capital, surplus, and
undivided profits as shown in the official statements of such bank, banking
association, or trust company filed as provided by law during the fiscal year
next preceding the date set for the annual election of directors, and when a
director, officer, or employee has been elected or selected in accordance
with the provisions of this Act, it shall be lawful for him to continue as
such for one year thereafter under said election or employment.
No bank, banking association or trust company, organized or operating
under the laws of the United States, in any city or incorporated town or
village of more than two hundred thousand inhabitants,asshown by the last
preceding decennial census of the United States, shall have as a director
or other officer or employee any private banker or any director or other
officer or employee of any other bank, banking association or trust company
located in the same place: Provided, That nothing in this section shall apply
to mutual savings banks not having a capital stock represented by shares:
Provided further, That a director or other officer or employee of such bank,
banking association, or trust company may be a director or other officer
or employee of not more than one other bank or trust company organized
under the laws of the United States or any State where the entire capital
stock of one is owned by stockholders in the other: And provided further,
That nothing contained in this section shall forbid a director of Class A
of a Federal reserve bank,as defined in the Federal,Reserve Act.from being
an officer or director or both an officer and director in one member bank.
That from and after two years from the date of the approval of this Act
no person at the same time shall be a director in any two or more corporations, any one of which has capital, surplus, and undivided profits aggregating more than $1.000,000 engaged in whole or in part in commerce,
other than banks, banking associations, trust companies, and common
carriers subject to the Act to regulate commerce,approved February fourth,
eighteen hundred and eighty-seven, if such corporations are or shall have
been theretofore, by virtue of their business and location of operation,
competitors, so that the elimination of competition by agreement between
them would constitute a violation of any of the provisions of any of the
antitrust laws. The eligibility of a director under the foregoing provisions
shall be determined by the aggregate amount of the capital, surplus
and
undivided profits, exclusive of dividends declared but not paid to stockholders, at the end of the fiscal year of said corporation next preceding the
election of directors, and when a director has been elected in accordance
with the provisions of this Act It shall be lawful for him to continue
as such
for one year thereafter.
When any person elected or chosen as a director or officer or selected as
an employee of any bank or other corporation subject to the provisions of
this Act is eligible at the time of his election or selection to act for such bank
or other corporation in such capacity,his eligibility to act in such capacity
shall not be affected and he shall not become or be deemed amenable to
any of the provisions hereof by reason of any change in the affairs of such
bank or other corporation from whatsoever Cal180, whether specifically
excepted by any of the provisions hereof or not, until the expiration of
one year from the date of his election or employment.
Sec. 9. Every president, director, officer or manager of any firm. association or corporation engaged in commerce as a common carrier, who
embezzles, steals, abstracts or willfully misapplies, or willfully permits to
be misapplied, any of the moneys, funds, credits, securities, property or
assets of such firm, association or corporation, arising or accruing from, or
used in, such commerce. In whole or in part, or willfully or knowingly converts the same to his own use or to the use of another, shall be deemed
guilty of a felony, and upon conviction shall be fined not less than $500 or
confined in the penitentiary not less than one year nor more than ten
years, or both, in the discretion of the court.
Prosecutions hereunder may be in the district court of the United States
for the district wherein the offense may have been committed.
That nothing in this section shall be held to take away or impair the jurisdiction of the courts of the several States under the laws thereof; and
a judgment of conviction or acquittal on the merits under the laws of any
State shall be a bar to any prosecution hereunder for the same act or acts.
Sec. 10. That after two years from the approval of this Act no common
carrier engaged in commerce shall have any dealings in securities, supplies
or other articles of commerce, or shall make or have any contracts for
construction or maintenance of any kind, to the amount of more than
$50,000, in the aggregate, in any one year, with another corporation, firm,
partnership or association when the said common carrier shall have upon its
1027
board of directors or as its president, manager or as its purchasing or
selling officer, or agent in the particular transaction, any person who is at
the same time a director, manager, or purchasing or selling officer of, or
who has any substantial interest in, such other corporation, firm, partner
ship or association, unless and except such purchases shall be made from,or
such dealings shall be with, the bidder whose bid is the most favorable to
such common carrier, to be ascertained by competitive bidding under
regulations to be prescribed by rule or otherwise by the Inter-State Commerce Commission. No bid shall be received unless the name and address
of the bidder or the names and addresses of the officers, directors and
general managers thereof, if the bidder be a corporation, or of the members,
If it be a partnership or firm, be given with the bid.
Any person who shall, directly or indirectly, do or attempt to do anything to prevent anyone from bidding or shall do any act to prevent free
and fair competition among the bidders or those desiring to bid shall be
punished as prescribed in this section in the case of an officer or director.
Every such common carrier having any such transactions or making any
such purchases shall within thirty days after making the same file with the
Inter-State Commerce Commission a full and detailed statement of the
transaction showing the manner of the competitive bidding, who were the
bidders, and the names and addressee of the directors and officers of the
corporations and the members of the firm or partnership bidding; and
whenever the said commission shall, after investigation or hearing, have
reason to believe that the law has been violated in and about the said
purchases or transactions it shall transmit all papers and documents and its
own views or findings regarding the transaction to the Attorney-General.
If any common carrier shall violate this section it shall be fined not
exceeding $25.000; and every such director, agent, manager or officer
thereof who shall have knowingly voted for or directed the act constituting
such violation or who shall have aided or abetted in such violation shall be
deemed guilty of a misdemeanor and shall be fined not exceeding $5,000, or
confined in Jail not exceeding one year, or both, in the discretion of the
court.
Sec. 11. That authority to enforce compliance with sections two, three.
seven and eight of this Act by the persons respectively subject thereto is
hereby vested: in the Inter-State Commerce Commission where applicable
to common carriers, in the Federal Reserve Board where applicable to
banks, banking associations and trust companies, and in the Federal Trade
Commission where applicable to all other character of commerce, to be
exercised as follows:
Whenever the commission or board vested with jurisdiction thereof shall
have reason to believe that any person is violating or has violated an,
of the provisions of sections two, three, seven and eight of this Act, it
shall issue and serve upon such person a complaint stating its charges in
that respect, and containing a notice of a hearing upon a day and at a
place therein fixed at least thirty days after the service of said complaint.
The person so complained of shall have the right to appear at the place
and time so fixed and show cause why an order should not be entered by
the commission or board requiring such person to cease and desist from the
violation of the law so charged in said complaint. Any person may make
application, and upon good cause shown may be allowed by the commission
or board, to intervene and appear In said proceeding by counsel or in
person. The testimony in any such proceeding shall be reduced to writing
and filed in the office of the commission or board. If upon such
hearing
the commission or board, as the case may be. shall be of the opinion that
any of the provisions of said sections have been or are being violated, it
shall make a report In writing in which it shall state its findings ELS to the
facts, and shall issue and cause to be served on such person an order requiring such person to cease and desist from such violations, and divest itself of the stock held or rid itself of the directors chosen contrary to the
provisions of sections seven and eight of this Act, if any there be, in the
manner and within the time fixed by said order. Until a transcript of the
record in such hearing shall have been filed in a circuit court of appeals
of the United States, as hereinafter provided, the commission or board
may at any time, upon such notice and in such manner as it shall deem
proper, modify or set aside, in whole or in part, any report or any order
made or issued by it under this section.
If such person fails or neglects to obey such order of the commission or
board while the same is in effect, the commission or board may apply to the
Circuit Court of Appeals of the United States, within any circuit where the
violation complained of was or is being committed or where such person
resides or carries on business, for the enforcement of its order, and shall
certify and file with its application a transcript of the entire record in the
proceeding, including all the testimony taken and the report and order
of the commission or board. Upon such filing of the application and transscript the court shall cause notice thereof to be served upon such person
and thereupon shall have jurisdiction of the proceeding and of the question
determined therein, and shall have power to make and enter upon the
pleadings, testimony, and proceedings set forth in such transcript a decree
affirming, modifying, or setting aside the order of the commission or board.
The findings of the commission or board as to the facts, if supported by
testimony, shall be conclusive. If either party shall apply to the court
for leave to adduce additional evidence, and shall show to the satisfaction
of the court that such additional evidence is material and that there were
reasonable grounds for the failure to adduce such evidence inthe proceeding
before the commission or board, the court may order such additional evidence to be taken before the commission or board and to be adduced upon
the hearing in such manner and upon such terms and conditions as to the
court may seem proper. The commission or board may modify its findings
as to the facts, or make new findings, by reason of the additional evidence
so taken, and it shall file such modified or new findings, which, if supported
by testimony, shall be conclusive, and its recommendation, if any, for the
modification or setting aside of its original order, with the return of such
additional evidence. The judgment and decree of the court shall be final.
except that the same shall be subject to review by the Supreme Court upon
certiorari as provided in section two hundred and forty of the Judicial
Code.
Any party required by such order of the Commission or board to cease
and desist from a violation charged may obtain a review of such order in
said circuit court of appeals by filing in the court a written petition praying
that the order of the Commission or board be set aside. A copy of such
petition shall be forthwith served upon the Commission or board, and
thereupon the Commission or board forthwith shall certify and file in the
court a transcript of the record as hereinbefore provided. Upon the filing
of the transcript the court shall have the same Jurisdiction to affirm, set
aside or modify the order of the Commission or board as in the case of an
application by the Commission or board for the enforcement of its order,
and the findings of the Commission or board as to the facts, if supported
by testimony, shall in like manner be conclusive.
The jurisdiction of the Circuit Court of Appeals of the United States to
enforce, set aside or modify orders of the Commission or board
shall be
exclusive.
Such proceedings in the Circuit Court of Appeals shall be
given precedence over other cases pending therein, and shall in every way
No order of the Commission or board or the judgment of the expedited.
Court to en..
1028
THE CHRONICLE
force the same shall in any wise relieve or absolve any person from any
liability under the anti-trust acts.
Complaints, orders and other processes of the Commission or board
der this section maybe served by any one duly authorized by the Commission or board, either (a) by delivering a copy thereof to the person to be
served, or to a member of the partnership to be served, or to the President,
Secretary or other executive officer or a director of the corporation to be
served; or (b) by leaving a copy thereof at the principal office or place of
business of such person; or (c) by registering and mailing a copy thereof
addressed to such person at his principal office or place of business. The
verified return by the person so serving said complaint, order or other
process setting forth the manner of said service shall be proof of the same,
and the return post office receipt for said complaint, order or other process
registered and mailed as aforesaid shall be proof of the service of the same.
Sec. 12. That any suit, action or proceeding under the anti-trust laws
against a corporation may be brought not only in the judicial district
whereof it is an inhabitant, but also in any district wherein it may be
found or transacts business; and all process in such cases may be served
in the district of which it is an inhabitant, or wherever it may be found.
Sec. 13. That in any suit, action or proceeding brought by or on behalf
of the United States subpooenas for witnesses who are required to attend
a court of the United Sttates in any judicial district in any case, civil or
criminal, arising under the anti-trust laws may run into any other district;
Provided, That in civil cases no writ of subpoena shall issue for witnesses
living out of the district in which the court is held at a greater distance
than one hundred miles from the place of holding the same without the permission of the trial court being first had upon proper application and
cause shown.
Sec. 14. That whenever a corporation shall violate any of the penal
provisions of the anti-trust laws, such violation shall be deemed to be also
that of the individual directors, officers or agents of such corporation who
shall have authorized, ordered or done any of the acts constituting in whole
or in part such violation, and such violation shall be deemed a misdemeanor,
and upon conviction therefor of any such director, officer or agent he shall
be punished by a fine of not exceeding $5,000 or by imprisonment for no
exceeding one year. or by both, in the discretion of the court.
Sec. 15. That the several district courts of the United States
are
hereby invested with jurisdiction to prevent and restrain violations of
this
Act, and it shall be the duty of the several district attorneys of the
United
States, in their respective districts, under the direction of the
AttorneyGeneral, to institute proceedings in equity to prevent and restrain such
violations. Such proceedings may be by way of petition setting forth
the
case and praying that such violation shall be enjoined or otherwise
prohibited. When the parties complained of shall have been duly
notified
of such petition, the court shall proceed, as soon as may be, to the
hearing
and determination of the case; and pending such petition, and
before
final decree, the court may at any time make such temporary
restraining
order or prohibition as shall be deemed Just in the premises.
Whenever it
shall appear to the court before which any such proceeding
may be pending
that the ends of justice require that other parties should be
brought before
the court, the court may cause them to be summoned,
whether they
reside in the district in which the court is held or not, and
subpoenas to
that end may be served in any district by the marshal
thereof.
Sec. 16. That any person, firm, corporation, or
association shall be
entitled to sue for and have injunctive relief, in any
court of the United
States having Jurisdiction over the parties,
against threatened loss or
damage by a violation of the anti-trust laws including
sections two, three,
seven and eight of this Act, when and under the
same conditions and
principles as injunctive relief against threatened
conduct that will cause
loss or damage is granted by courts of equity,
under the rules governing
such proceedings, and upon the execution of proper
bond against damages for an injunction improvidently granted and a
showing that the
danger of irreparable loss or damage is immediate, a
preliminary injunction
may issue: Provided, That nothing herein contained
shall be construed to
entitle any person, firm, corporation or
association except the United
States, to bring suit in equity for injunctive
relief against any common
carrier subject to the provisions of the Act to
regulate commerce, approved
February fourth eighteen hundred and eighty-seven, in
respect of any
matter subject to the rgeulation, supervision or other
jurisdiction of the
Inter-State Commerce Commission.
Sec. 17. That no preliminary injunction shall be issued
without notice
to the opposite party.
No temporary restraining order shall be granted
without
notice to the
Opposite party unless it shall clearly appear from
specific facts shown by
affidavit or by the verified bill that immediate and
irreparable injury, loss
or damage will result to the applicant before
notice can be served and a
hearing had thereon. Every such temporary
restraining order shall be
indorsed with the date and hour of issuance, shall be
forthwith filed in the
clerk's office and entered of record, shall define the
injury and state why it
Is irreparable and why the order was granted
without notice, and shall by
its terms expire within such time after entry, not to
exceed ten days, as
the court or judge may fix unless within the time so
fixed the order is extended for a like period for good cause shown, and the
reasons for such
extension shall be entered of record. In case a temporary
restraining
shall be granted without notice in the contingency specified, the order
of the issuance of a preliminary injunction shall be set down for a matter
at the earliest possible time and shall take precedence of all mattershearing
older matters of the same character; and when the same comes up forexcept
ing the party obtaining the temporary restraining order shall proceed hearthe application for a preliminary injunction, and if he does not do sowith
the
court shall dissolve the temporary restraining order. Upon two
days'
notice to the party obtaining such temporary restraining order the
opposite
party may appear and move the dissolution or modification of the order,
and in that event the court or judge shall proceed to hear and determine
the motion as expeditiously as the ends of justice may require.
Section two hundred and sixty-three of an Act entitled "An Act to codify
revise, and amend the laws relating to the judiciary," approved March
third, nineteen hundred and eleven, is hereby repealed.
Nothing In this section contained shall be deemed to alter, repeal, or
amend section two hundred and sixty-six of an Act entitled "An Act to
codify, revise, and amend the laws relating to the judiciary," approved
March third, nineteen hundred and eleven.
Sec. 18. That, except as otherwise provided in section sixteen of this
Act, no restraining order or interlocutory order of injunction shall issue,
except upon the giving of security by the applicant in such MUM as the court
or judge may deem proper, conditioned upon the payment of such costs and
damages as may be incurred or suffered by any party who may be found
to have been wrongfully enjoined or restrained thereby.
Sec. 19. That every order of injunction or restraining order shall set
forth the reasons for the issuance of the same, shall be specific in terms,
and shall describe in reasonable detail, and not by reference to the bill
of complaint or other document, the act or acts sought to be
trained, and shall be binding only upon the parties to the suit, their
, servants, employees and attorneys, or those in active
[VOL. xciar.
concert or participating with them, and who shall, by personal service
or otherwise, have received actual notice of the same.
Sec. 20. That no restraining order or injunction shall be granted by
any court of the United States, or a judge or the judges thereof, in any
case between an employer and employees, or between employers and employees, or between employees, or between persons employed and persons
seeking employment, involving, or growing out of, a dispute concerning
terms or conditions of employment, unless necessary to prevent irreparable
injury to property, or to a property right, of the Party making the application, for which injury there is no adequate remedy at law, and such propery or property right must be described with particularity in the application,
which must be in writing and sworn to by the applicant or by his agent or
attorney.
And no such restraining order or injunction shall prohibit any person or
persons whether singly or in concert from terminating any relation of
employment,or from ceasing to perform any work or labor, or from recommending, advising, or persuading others by peaceful means so to do;
or from attending at any place where any such person or persons may lawfully be, for the purpose of peacefully obtaining or communicating information ,or from peacefully persuading any person to work or to abstain
from working; or from ceasing to patronize or to employ any party to such
dispute, or from recommending, advising or persuading others by peaceful
and lawful means so to do; or from paying or giving to, or withholding from,
any person engaged in such dispute, any strike benefits or other moneys
or things of value; or from peaceably assembling In a lawful manner, and
for lawful purposes; or from doing any act or thing which might lawfully
be done in the absence of such dispute by any party thereto; nor shall any
of the acts specified in this pargaraph be considered or held to be violations
of any law of the United States,
Sec. 21. That any person who shall willfully disobey any lawful writ
process, order, rule, decree, or command of any district court of the United
States or any court of the District of Columbia by doing any act or thing
therein, or thereby forbidden to be done by him,if the act or thing so done
by him be of such a character as to constitute also a criminal offense under
any statute of the United States, or under the laws of any State in which
the act was committed, shall be proceeded against for his said contempt
as hereinafter provided.
Sec. 22. That whenever it shall be made to appear to any district
court or Judge thereof, or to any judge therein sitting, by the return of a
proper officer on lawful process, or upon the affidavit of some credible
person, or by information filed by any district attorney, that there is
reasonable ground to believe that any person has been guilty of such contempt, the court or judge thereof, or any judge therein sitting, may issue
a rule requiring the said person so charged to show cause upon a day certain why he should not be punished therefor, which rule, together with a
copy of the affidavit or information, shall be served upon the person
charged with sufficient promptness to enable him to prepare for and make
return to the order at the time fixed therein. If upon or by such return,
In the judgment of the court, the alleged contempt be not sufficiently
Purged, a trial shall be directed at a time and place fixed by the court;
Provided, however, That if the accused, being a natural person, fail or refuse
to make return to the rule to show cause, an attachment may issue against
his person to compel an answer, and in case of his continued failure or refusal, or if for any reason it be impracticable to dispose of the matter on the
return day, he may be required to give reasonable bail for his attendance
at the trial and his submission to the final judgment of the court: Where
the accused is a body corporate, an attachment for the sequestration of
its property may be issued upon like refusal or failure to answer.
In all cases within the purview of this Act such trial may be by the court,
or, upon demand of the accused, by a jury; in which latter event the court
may impanel a jury from the jurors then in attendance, or the court or
judge thereof in chambers may cause a sufficient number of jurors to
be selected and summoned, as provided by law, to attend at the time and
place of trial, at which time a jury shall be selected and impaneled as upon
near as may be,
a trial for misdemeanor; and such trial shall conform, as
or upon informato the practice in criminal cases prosecuted by indictment
tion.
shall be entered accordingly
If the accused be found guilty, judgment imprisonment, or both,in
prescribing the punishment, either by fine or
paid to the United States
shall
be
fine
the discretion of the court. Such
party injured by the act constituting the
or to the complainant or other
so damaged, be divided or apcontempt, or may, where more than one is
direct, but in no case shall the fine
portioned among them as the court may
case the accused is a natural
in
exceed,
to be paid to the United States
imprisonment exceed the term of
person, the sum of $1,000, nor shall such
case the court or a judge thereof may,
six months: Pievided. That in any
taken in open court or before such
for good cause shown,by affidavit or proof
show
judge and filed with the papers in the case, dispense with the rule to
for
the arrest of the person charged
attachment
cause, and may issue an
brought
person,
when
arrested,
shall
be
such
event
which
with contempt; in
before such court or a judge thereof without unnecessary delay and shall be
admitted to bail in a reasonable penalty for his appearance to answer to
the charge or for trial for the contempt; and thereafter the proceedings shall
be the same as provided herein in case the rule had issued in the first
instance.
Sec. 23. That the evidence taken upon the trial of any persons so
accused may be preserved by bill of exceptions, and any judgment
of conviction may be reviewed upon writ of error in all respects as now provided by law in criminal cases, and may be affirmed, reversed, or modified
as Justice may require. Upon the granting of such writ of error, execution
of judgment shall be stayed, and the accused, if thereby sentenced to imprisonment, shall be admitted to bail in such reasonable sum as may be
required by the court, or by any justice, or any judge .of any district court
of the United States or any court of the District of Columbia.
Sec. 24. That nothing herein contained shall be construed to relate
to contempts committed in the presence of the court, or so near thereto
as to obstruct the administration of justice. nor to contempts committed
In disobedience of any lawful writ, process, order, rule, decree, or command
entered in any suit or action brought or prosecuted in the name of, or on
behalf of, the United States, but the same, and all other cases of contempt
not specifically embraced within section twenty-one of this Act. may be
Punished in conformity to the usages at law and in equity now prevailing.
Sec. 25. That no proceeding for contempt shall be instituted against
any Person unless begun within one year from the date of the act complained
of; nor shall any such proceeding be a bar to any criminal prosecution for
the same act or acts; but nothing herein contained shall affect any proceedings in contempt pending at the time of the Passage of this Act
See. 26. That if any clause, sentence, paragraph or part of this Act
shall, for any reason, be adjudged by any court of competent jurisdiction
to be invalid, such judgment shall not affect, impair or invalidate the remainder thereof, but shall be confined in its operation to the clause, sentence, paragraph or part thereof directly involved in the controversy in
which such judgment shall have been rendered.
OCT. 10 1914.1
.THE CHRONICLE
1029
orders, as NN ell as commission orders. Invneitherjcase need the name of
the customer, whether a firm or an individual, be disclosed to the com-
mittee. It is the desire of the committee that the broker's position should
INCIDENTS OF THE SITUATION.
prejudiced.
The magnitude of the exports of wheat from Galveston not11.be Rule
No. 7 is hereby amended to read as follows:
to Europe the last few months has attracted more than
The committee rules that it will not require orders in stocks which were
5,076,894
were
clearances
selling
at
$3
per share and under at the close on July 30 to be filed with
passing attention. In July the
Trading will be permitted provided no transactions or quotations
bushels, in August 5,313,435 bushels and in September them.
are made public.
6,505,715 bushels, this latter contrasting with only 1,295,360
12. Rule No.8 is hereby supplemented as follows:
theremonths,
three
Confirmations or rejections of transactions in whole or in part must be
the
bushels in September 1913. For
made to the committee immediately in writing, and in no case must more
fore, the outflow from Galveston has been no less than than an hour's time elapse. This is imperative.
that
of
one-quarter
than
less
against
The Committee on Clearing House of the New York Stock Exchange
16,896,044 bushels,
the clerical work of the committee.
total in the same period a year ago. Of the September 1914 has supplied the men necessary to do H.
B. SMITHERS, Chairman;
Great
to
were
Britain,
PA
bushels
million
23,4
shipments,
A. C. GWYNNE,
Mediterranean
ports,
to
amount
FREDERICK
H. HATCH,
millions to France, a similar
A. H. LOCKETT,
and the remainder—about M a million bushels—to Belgium
E. R. McCORMICK.
and Scandinavian points.
Brokers and dealers in unlisted securities, who have proA dispatch from San Juan,Porto Rico, under date of Oct.4 tested against the action of the present committee on unlisted
says:
to the New York "Journal of Commerce"
The coffee growers here are facing a serious situation, owing to the fact securities, which committee has been officially recognized
that their principal markets are practically shut off by the European war. by the Stock Exchange, held a meeting on the 7th and
At a meeting a few days previously in the office of Governor Yager it was adopted resolutions registering their dissatisfaction, but dedecided to ask the United States for a loanof91,000,000tofinance the crop.
Porto Rican coffee has its best markets in France, Spain, Germany, cided nevertheless to co-operate with the present committee
Austria and Italy. Cuba also has been a large purchaser. Should no in order to have all interests working in harmony. The
loans be forthcoming, say the growers, much of the coffee crop may not be
harvested, the smaller growers not being able to pay the cost of gathering. committee of the protesting brokers will, however, be kept
Others predict that the entire crop may have to be sold on the same basis alive with the intention of presenting any complaints.
as Brazilian coffee, which generally sells at 9 cents, as compared with 12 Following are the above-mentioned resolutions:
for the Porto Rican bean.
and 18 cents
Last year Porto Rico exported 50.000,000 pounds of coffee, mostly to
countries other than the United States. This year a heavier crop, of excellent quality, is expected.
Pursuant to a call sent out by J. P.' Morgan & Co. and
Kuhn, Loeb & Co., as syndicate managers, the banks subscribing for the recene$100,000,000 New York City loan paid
on Thursday (Oct.8) ,783,000, this being the third installment. Of the sum paid $3,715,000 was in gold and $1,068,000 in exchange, the banks having the option, as on the two
previous calls, of paying in either form. The first installment, as already reported in these columns, amounted to
$8,257,000 and the second to $4,000,000, making $17,040,000
so far contributed by the banks for the settlement of the
city's maturing obligations abroad. Gold shipped to Canada
on Oct. 8 in connection with the third payment amounted
to $4,420,500, of which $3,970,500 was in coin withdrawn
from the Sub-Treasury and $450,000 in bars engaged at the
Assay Office.
A gratifying event of the week has been the action of the
London Stock Exchange authorities in promulgating the
same rule as that prevailing here and limiting sales in listed
American stocks to the closing prices of July 30 and allowing sales for cash only. A cablegram announcing this
action received by the Stock Exchange here was as follows:
London, Oct. 3 1914.
Ely, Secretary Stock Exchange, New York:
The Committee for General Purposes has this day confirmed the following resolution:
"Resolved, That, owing to the exceptional circumstances now prevailing,
no member shall do a bargain or negotiate a purchase or sale, whether
between members or non-members, in securities dealt in in the American
market at a less price than the English equivalent of the New York closing
prices of Thursday, the 30th July; that all bargains in such securities shall
be for cash, and no time bargains or options shall be allowed.
EDWARD SATTERTHWAITE,
Secretary London Stock Exchange.
The reply made to the message read:
New York, Oct. 3 1914.
Edward Satterthwaite, Secretary Stock Exchange, London, England:
Your cablegram is received. The action of your committee will be
great help and is much appreciated by this Exchange.
GEORGE W. ELY, Secretary.
a
The course taken by the London authorities is stated to
have been entirely voluntary.
The Special Committee of Five of the Stock Exchange
has made the following ruling:
25.
October 5 1914.
The Special Committee of Five rules that borrowed and loaned stocks
must be marked down by the amount of dividend deduction allowed in
the Clearing House.
Whereas, The New York Stock Exchange Committee of Five has officially
recognized the formation of a Committee on Unlisted Securities, such
committee being composed of five members, the majority of whom are
dealers; and
Whereas, It is deemed improper that members of the committee should
deal in the securities which they pass upon; and
Whereas, The CommitteeofFive, for reasons of its own, has refused to
change the personnel of the Committee on Unlisted Stocks. and
Whereas, The present financial situation is such that the dealers here
present, in spite of the above facts, without waiving their rights in the
premises, are willing to subordinate their interests to that of the committee;
therefore.
Be it Resolved, That in order not to complicate the situation the cooperation of the brokers and dealers at this meeting be accorded to the
Committee on Unlisted Securities until further action, but that our Special
Committee heretofore appointed be continued with power to investigate
complaints and work for a betterment of the situation.
What appears to be a return to practically normal trading
conditions, as far as outside securities are concerned, was
made by the committee on unlisted stocks in Boston in their
latest set of rules adopted Oct. 6. The committee has lifted
the embargo entirely and will now allow transactions in
unlisted stocks and bonds without submission to them.
Business must, however, be done for cash only, and the caution is given of"bearing in mind the spirit that has prevailed
in the weeks passed." On Oct. 3 the committee issued rulings which gave more latitude to trading by allowing transactions in all cotton and woolen mills securities and all
unlisted bonds and stocks the closing prices of which on July
30 were $10 or under, but these have now been superseded.
Following is the letter sent to all the brokerage houses in
Boston:
Boston, Oct. 6 1914.
Gentlemen—After careful consideration of the local financial situation,
your committee is pleased to report and rules:
1. That trading in unlisted stocks and bonds will be permitted without
presenting transactions to this committee, bearing in mind the spirit that
has prevailed in the weeks passed.
2. All trades made are to be for cash only.
3. No circulars quoting prices shall be issued without first receiving
the approval of this committee.
4. All transactions in securities listed on the New York and Boston
Stock Exchanges should be presented to the committees of the respective
exchanges.
The committee calls to your particular attention their previous ruling,
''that no quotations be made public."
1WILLIAM V. ELLIS,
WALTER S. PLACE._
Committee of Five WILLIAM C. HOTCHBIN,
ALONZO G. WALSH,
L. SHERMAN ADAMS, Chairman.
The rulings of Oct. 3 were as follows:
Unlisted stocks or bonds, closing prices of which on July 30 were $10
or under, may be dealt in without submitting trades to committee.
All cotton and woolen mills securities may be dealt in without submitting
trades to committee.
Publication of quotations resulting from trades under above ruling
should be withheld.
The Committee of Five on unlisted stocks has announced
The Governing Committee of the Boston Curb Exchange
amendments to its rules for trading as follows:
voted Oct. 8 to resume business next Wednesday, Oct. 14.
New York, Oct. 3 1914.
The sessions will be held as formerly from 10 a. m. until
The Committee on Unlisted Stocks rules as follows:
3 p. m., and the record of daily transactions will be made
9. Rule No. 1 Is hereby amended to read as follows:
Bids or offerings must be made in writing, on separate slips, at specified public.
prices and addressed to the Committee on Unlisted Stocks, New York
Stock Exchange Building, No. 18 Broad Street, New York City, where
representatives of the committee will be present daily, except Saturday,
between the hours of 10 a. m.and 3 o'clock p.m.and on Saturday between
10 a. m. and 12 o'clock noon.
10. Rule No. 6 is hereby amended to read as follows:
Orders may be placed with brokers in good standing provided they are
Instructed to file them with the committee. This includes so-called net
- According to the Chicago "Herald," a number of the
Chicago Stock Exchange members are urging the trading
committee to issue an official list of bid and asked prices
each day. They contend that such action would be a benefit
to the situation and keep the holders of securities in touch
1030
THE CHRONICLE
with market conditions. It is understood that cash dealings
have held their recent improvement both in prices and the
volume of dealings.
Working along more radical lines than adopted here for
trading in listed bonds, the three committees representing
the Chicago Stock Exchange, the bond houses and the banks
have agreed upon a rule which provides that with respect to
five of the leading bonds listed on the Chicago Exchange,
transactions may be made at minimum prices of 3 points
under the closing quotations of July 30. Before the new rule
becomes effective, it must have the sanction of the Clearing-House Committee. The five issues to which the new
rule will apply are Commonwealth-Edison 5s, Chicago Railways 1st 5s, Chicago City Railway 1st 5s, People's Gas refunding 5s and Chicago Telephone 5s. For other local issues, it is understood the July 30 prices will still be maintained.
Regarding the re-opening of the Toronto Exchange, the
Toronto "Globe" has this to say:
It is probable that holders of Canadian Pacific, Mackay, Twin City and
other inter-listed stocks will see local quotations upon their securities within
a short time. The members of the Toronto Stock Exchange yesterday
again discussed the advisability of providing facilities for trading in these
stocks upon somewhat the same basis as has obtained in New York since
limited business there was resumed.
A fair amount of transactions for local account has been put through in
New York. and those in favor of similar trading here are of the opinion
that no harm could result if a minimum price was established. The
committee of the Exchange will formulate rules which will govern trading In
this regard.
The measures taken by the British Government to prevent
the cornering of sugar, of which vast quantities are consumed in the United Kingdom, are indicated by the London
"Daily Chronicle" of the 2nd inst. as follows:
xc
Ever since the war broke-out,it has been recognized that the chief obstacle to the reopening of the stock exchanges Iles in the fact that the bankers
have made considerable advances on the security of stocks, the margins
of which have run off and left unsecured indebtedness. The loans do not
necessarily always relate to speculative tx ansactions, but in every instance
the bank making the advance has possession of the stock pledged as security.
It has been estimated that the total of these loans is round about £100.000,000 sterling, but we have reason for thinking that the actual figure is
considerably larger than this. The importance of the matter lies in the
possibility that on a resumption of business on the Stock Exchange the
banks would call in the loans, and in default of repayment sell the securities.
The new Courts (Emergency Powers) Act, however, will make this less
easy than it would otherwise have been. The Act is described as one "to
give, in connection with the present war, further powers to courts in relation to the remedies for the recovery of money and in relation to other
similar matters." It provides that no person shall . . . realize any
security (except by way of sale to a mortgagee in possession). &c., for the
purpose of enforcing the payment or recovery of any sum of money, &c.,
except with the consent of the High Court or the County Court.
Owing to the wording of the Act a question arose whether bankers holding
securities against advances were not in the position of mortgagees in possession, which would enable them to realize the securities. This point has
been taken up by Mr. Henry Glibbery of Upper Tooting, London, who
had an interview with the Treasury officials, and as a result was promised
a statement in writing, of which the following is a copy:
Treasury Chambers, September 18 1914.
Dear Sir.—A banker with whom securities are deposited by way of
security for a loan is not a mortgagee but a pledgee in possession, and the
words "except by way of sale by a mortgagee in possession" do not therefore apply to the case of a person depositing securities with his banker in
order to obtain a loan.
Yours faithfully,
H. P. HAMILTON.
This ruling is of considerable importance, as if the court is "of opinion
that time should be given to the person liable to make the payment, on
the ground that he is unable immediately to make the payment by reason
of circumstances attributable, directly or indirectly, to the present war,
the court may. in its absolute and final discretion, by order stay execution
or defer the operation of any such remedies as aforesaid, for such time and
subject to such conditions as the court thinks fit."
The Stock Exchange view is that the bankers should be required to
wait, but the bankers, naturally, take the opposite view, and suggest
that the borrowers should get Government assistance. It is said that the
Chancellor of the Exchequer Is considering a plan by which the sums
might
advanced will have to be reduced periodically by installments; but it
be better that the courts should exercise their powers of making conditions.
cases.
which would naturally vary according to the circumstances of
The British Government has met the commercial and industrial situation
created by the war with a courage and resourcefulness that have commanded universal admiration.
Nowhere have their efforts been more successful than in the matter of
Details of the moratorium proclamation signed by King
the sugar supply of the United Kingdom. Vast quantities of sugar are
conconsumed in this country, and most of it comes from the Continent.
of England on September 30 granting further
George
Anticipating a serious dislocation of the trade, owing to the war, the
the
in
contained
are
exchange
of
bills
Government at once appointed a Royal Commission to inquire into the cessions to holders of
as follows :
facts and endowed with full power to act.
Manchester "Guardian" of the 1st inst.,the
effect of the Proclam
The commission, ably presided over by Sir Henry Primrose, has
The Treasury last night issued a statement that
acted
with extraordinary promptitude and efficiency. It checked
speculation ation is as follows:
(not being checks or bills
for a large rise in the price of sugar, it cornered the whole available
I. Payments other than bills of exchange
and become due
supply,
fall within the general proclamations
and it sold to refiners at a fixed price with the proviso that they in
which
demand)
on
turn
November 4th will receive one
should sell to retailers at moderate prices definitely determined.
and payable after October 3rd and before extension, as the case may be.
This bold piece of State Socialism has been signally successful and we month's extension, or one month's further
not receive any extension.
owe It to the Commission and the Government that there has been no Payments falling due after November 3rd will
checks or bills on demand) accepted
than
(other
exchange
of
shortage in sugar supplies and only a comparatively small increase in price.
Bills
2.
due date was after October 3rd,
Last evening the Royal Commission issued a very modest memorandum before August 4th, of which the original
extension under the Bills (Reacceptgiving an account of its work.
will continue to receive one month's
The report, it is stated, gives all the necessary details ance) Proclamation.
portions of the proclamation:
The following are the effective
previous proclamations in respect of the
of the record of fixing prices, &c., but says nothing concernThe proclamation varies the
that, whereas it is desirable, in
ing the sources of supply or the quantity secured. It is postponement of payments. It provides
juncture that all persons
interests of the realm at the present
understood, however, that most of the sugar was obtained the best
should do so without delay, but whereas
liabilities
their
discharge
who can
from Java, Mauretius, Cuba and Demerara, and that it
for the benefit of persons who cannot so
is at the same time expedient,
of the
a further limited and final extension
owing to the depression of the trade in America the Com- discharge their liabilities, thatauthorized
by the previous proclamations
payments
paragraph
mission was able to obtain all they wanted at not more than postponement ofthe
by
extended
first general proclamation, as
should be made,
proclamation, shall, subject to the limitations
double the ante-bellum prices. About 900,000 tons were (b)
of the second general
which become due on Octopurchased at an average of $100 a ton, involving an outlay of this proclamation, apply to payments
to
before November 4th 1914, in like manner as it applies
of $90,000,000. It is not expected that the transaction ber 4th and
date of the first general proclamation
Payments which became due after the
4th.
will involve any loss to the Government, as the prices fixed and before the beginning of September
payment is one the date whereof has been
assure a considerable reserve of profit. From the "Wall
A proviso states that if the
which carries interest,
by any of the proclamations, and is one
Street Journal" of the 2nd inst. we take the following fur- Postponedvirtue
of the terms of the contract or instrument under which it
either by
the person from whom the
ther information on the subject:
is due or by virtue of the proclamations, then
In a further attempt to thwart the food-hog, the Government has
shall not be entitled to claim the benefit of this article
due
is
payment
put
days after the date to which the payment has been
through the Unreasonable Withholding of Foods Bill, which has given
the unless within three
article is not
Board of Trade the power to send inspectors to any district to seize
postponed all interest thereon up to that date is paid. This
stocks
that are being hoarded up. on payment of a fixed price. The
new bill to apply to
gives the Board of Trade the power to make final decisions in all
(a) Any payment In respect of rent.
cases
in respect of
where the owners of stores deny charges of hoarding foodstuffs with
(b) Any payment due and payable to or by a retail trader
the
Idea of selling them later at greatly increased prices. Since the
his business as such trader.
passage
apply to bills
of the bill a great quantity of foodstuffs and other commodities have
The Bills (Reacceptance) Proclamation is to continue to
made
their appearance on the market. It is believed this supply is part of
bills on demand) accepted before the
and
checks
than
(other
of
exchange
the
hoarded stock and that many of the food-hogs,fearing Government
of the original maturity whereof is after
com- beginning of August 4th. the date
reaccepted under the procplications. decided to release their stocks from storage.
October 3rd. If the bill is not paid and is not reacceptance thereof, the
Some merchants here are holding up manufactured goods on the
acceptor has refused
plea lamation then, unless the
calendar month after the
one
deemed to be due
that the partial paralysis of the railroads has made it impossiblefor them
to bill is for all purposes to be
bill for the original amount
make shipments. It is likely, however, that the Board of Trade will
date of its original maturity, and to be a
take
from the date of the original
over their stocks and store them until such time as they can be
thereof Increased by the interest calculated
thus blocking the possibility of the merchants boosting prices shipped, maturity to the date of payment at the Bank of England rate current on
when the
of the second general
time for resuming shipments arrives. It is known that many householders the date of its original maturity. Paragraph (a)
have great stores of foodstuffs in their homes,while others are suffering for Proclamation is not to apply to any such bill.
a bill of exchange the date of
the lack of some of the stored goods. Bacon is one example. Most of the
If on the presentation for payment of become postponed, eitheraby
stores have only a small supply of bacon, while many householders have maturity of which has before October 4th
Proclamation or paragraph (a) of the
dozens of sides of this meat. The Board of Trade may decide to take from virtue of the Bills (Reacceptance)
not paid then,the date of maturity
the householders who have an over-supply and turn the over-supply over second general proclamation, the bill is
from the date of such presentais to be further postponed for fourteen days
to the dealers, after paying the householders a reasonable price.
amount of the bill Is to be further intion for payment, and the original
of the bill for fourteen days.
by the interest on the original amount
The Manchester "Guardian" of September 21 prints the creased
states that it was originally intended
A note attached to the proclamation
inst., but in view of
following concerning the new Courts Emergency Powers not to prolong the bill moratorium beyond the 4thsetting
up the machinwhich this would allow for
Act, vesting the courts with powers to grant a stay of pro- the shortness of the time
fourteen days.,,exfurther
a
bills,
with the pre-moratorium
dealing
for
ery
ceedings against debtors when the latter can prove that the tension is given.
inability to meet the calls is due entirely to the war:
OCT. 10 1914.]
THE CHRONICLE
1031
Some depositors in banks here fear that under the moratorium they can
withdraw only 20% of the sum on deposit upon condition that the amount
withdrawn be applied to subscription for a new issue of national defence
bonds or to pay up and liberate scrip subscribed in issue of3A % redeemable
Rentes.
No obligation exists to do so. Banks exact no such conditions. The
The London Stock Exchange issued some important directions yesterday. State
is gratified if money withdrawn be invested for some patriotic object,
and we hear that its leaders have effected an agrreement with the joint- but no
pressure is contemplated.
stock banks in regard to the large amount lent by the latter against securiThe
Minister of Finance, M. Ribot, has addressed a circular to official
ties. Some of the chief obstacles to the reopening of the House are thus treasurers of revenue
concerning the recovery of taxes under war condireopening
this
removed, although it would hardly be justifiable to expect a
tions. These high officials are required to use their influence to urge
month. Notice is now given that settlements in both Consols and ordinary taxpayers
to pay up whatever balance is due of their liabilities to the State
accounts have been further postponed to November 18 and settlements for the current
year, or at least to pay an installment quickly. Those enprovisionally fixed for all later dates than October 14 to December 1. It titled to receive payment on
current accounts or bank deposits are allowed
means
money
is ordered, too, that interest on unsettled bargains, which
by a new Ministerial order to withdraw sums amounting to two-thirds of
borrowed on contango, shall be paid within three days of October 14. their bank deposit. It is
stipulated that money thus paid out by banks be
We understand that in many cases stockbrokers, in anticipation of this. exclusively employed for paying taxes,
contributions and imposts due to
have sent out notices to their clients. Payment for securities undelivered the State, to departments of France and
rates to communal municipalities.
but
interest
is
charged
4,
at the end of July is postponed until November
Taxpayers meet requirements of the tax receiver by making an order to
at 6% up to October 4. In view of these facts some of the members were his account. An appeal is being made to the public to help the Treasury
suggesting yesterday that by about November 15 the Committee may see by subscribing to a new issue of bonds.
their way to authorize business as usual.
A new rule (suspending tWo of the present rules) is now promulgated.
The Colombian Foreign Office cables to the legation at
Its effect is that a member cannot be declared a defaulter and cannot
"hammer" himself before the matter is placed before the Committee for Washington on September 30
that no moratorium had been
their consideration, this applying during the continuance of the war and
for six months after. An appendix to the new rule, which affects the necessary in Colombia on account of the European war to
public more directly, is in the following terms:
meet the commercial situation either for internal or foreign
If the client is in default,all bargains open for him shouldtbe closed by
sale or purchase in the market, in accordance with the official assignees, obligations.
under the direction of the creditors' committee. If the client is not in
default the member should immediately communicate with him. A client
It was announced from Havana on the 5th inst. that the
not in ddfault is bound to complete his transactions at the price of the bar- Cuban Cabinet, owing to the
failure of Congress to take
gain, or in the case of securities carried over at the last making-up price
and rate. The client may complete his transactions direct, or appoint action in regard to the severe economic crisis, had instructed
a broker or other agent to complete on his behalf. If the client gives in- the Secretary of the Treasury in future to make only monthly
structions to close,the member is at liberty to do so,the difference between
payments. Subsequently, on the 7th, it was stated that,
the bargain price and the closing price being payable by the client to the
member or by the member to the client, as the case may be.
owing to the fact that the treasury is exhausted, the GovernThis applies if the liquidating member is a broker.
ment has ordered all contractors to stop work on all GovernIt is perhaps only natural,in view of the various proclamations regarding
the moratorium, and particularly the legal phraesology necessarily em- ment contracts. It is reported that salaries of Government
ployed therein, that confusion occassionally arises, even in Lombard Strreet. officials will be paid only pro rata as far as the revenues
We gave in this column yesterday a quotation from the Treasury's explana- permit.
tion, but a banking authority reads the proclamation differently. Put
briefly, he writes, the position of bills under the various proclamations
Is now as follows:
No necessity for the declaration of a moratorium exists in
1. Bills accepted before August 4th and not due originally yet are and British Columbia,
according to the view of Sir Richard Mcwill be entitled to one month unless the first proclamation is revoked
Bride. The "Financial Post" of Canada, in reporting this,
meanwhile.
2. Bills already reaccepted and due before 4th inst. can take one month. says:
3. Bills already reaccepted and due before 4th inst. and November 4th
Considerable pressure has been brought to bear on Mr. H. H. Stevens.
get fourteen days.
M. P. for Vancouver, regarding the declaration of a moratorium to cover
4. Bills reaccepted and due after November 4th are to be paid.
payments due on mortgages and agreements of sale. Accordingly a telegram was dispatched to Mr. Borden in which a moratorium for a period
The New York "Sun" of the 4th inst. printed the following of six months was asked for. It was pointed out that foreclosure proceedcable from Paris, as reported by the Brussels correspondent ings are being taken regularly on behalf of German clients in several local
companies. In his reply, Premier Borden stated that the matter was one
of the "Temps", concerning the measures taken by the over which the local
provincial authorities had full jurisdiction. Sir
Richard McBride. after carefully considering the question with his Cabinet,
German Government for dealing with the Belgian banks:
decided
that
it
would
be
inadvisable at this time to comply with Mr.
"Belgian banks have been forbidden by the German Government to
deal with houses established in territory occupied by the Allies and have Stevens' request. He felt that the credit of the Province would be imbeen summoned to make known their current accounts. The German paired, and that such an action would undoubtedly lead to more panicky
authorities convoked all bank directors and informed them that the banks' conditions. He did not feel it necessary to proclaim a moratorium in adtax would be 2%% of their capital and that payment of this must be made vance of the Dominion Government, which already had the power to do so,
within a week. Foreign banks were ordered to liquidate current accounts but had refrained. Sir Richard said that in his opinion business could be
with abroad. The German authority has installed a Finanzrath in Brussels best maintained by continuing in the usual course, thereby relieving any
and all financial establishments have been placed under German control. alarmist cries.
Checks must be delivered to the order of the German Government, the
banks being private institutions.
In reporting the adjournment of the Saskatchewan Legis"These measures violate the rights of nations and seriously injure the inlature on Sept. 24th the Manitoba "Free Press" says:
terests of neutrals engaged in Belgian banks."
During the eight working days of the session the Government has put
The following concerning German banks in London is through some twenty bills, all of them in some way or another intended to
furnish a measure of relief from the burden of the stringency created by
taken from the Manchester "Guardian" of September 22:
provide for the amelioration of present conIn response to an Inquiry as to when the German banks in London the present war. These bills
ditions for the farmers, the railroad corporations, the cities, towns, villages
are likely to make some distribution in liquidation of their
liabilities in this
debtors and
country, Sir William Plender informs the Manchester Chamber of Com- and rural municipalities, the school districts, creditors and
the Government itself. All the bills received the Royal assent and become
merce that immediately the moment arrives when it is possible
to make operative immediately, and some of them are partially retroactive. In ada distribution to creditors, an announcement will appear in
the press, but dition to these measures, the regular estimates were brought down and aphe fears at the moment that it is hardly possible for him
to say what the proved, giving the Government power to provide for a total expenditure of
amount of the distribution will be and when it will take place. He
points
out that there has been delay in collecting money through the following over $10,000,000 for all purposes, including $750,000 for patriotic purposes.
causes:
1. Loans made to members of the Stock Exchange are not repaid, as the
borrowers in many cases plead the moratorium.
A statement explanatory of the extent to which American
2. Securities belonging to the banks cannot be sold now except at passports are
recognized abroad was issued at Washington
extremely low prices.
3. Debts due to the banks from persons and institutions in neutral by Robert Lansing, Acting Secretary of State, on Sept. 25
countries on the Continent and in North and South America are not capable as follows:
of quick collection because of the moratorium which exists in many of these
On September 15 the newspapers in this country contained a statement,
-countries, and also on account of the breakdown of the foreign exchanges.
under a London date line, of September 14, to the effect that no American
passports issued to naturalized citizens of the United States of German
The temporary retirement of Sir Edgar Speyer, Bart., origin would be good hereafter in Great Britain, France, Russia, Set-via
Belgium,and that no American passport issued to a naturalized American
head of the English banking house of Speyer Bros., from or
citizen would be good in his native land.
the New York house of Speyer & Co. was announced this
The statement mentioned was not authorized by the Department of
week. Sir Edgar is a younger brother of James Speyer, State. and the Department has received no information that the authorities
of Great Britain or other allied countries have refused to recognize the
the head of Speyer & Co. in New York.
validity of American passports issued to naturalized citizens of this country
His withdrawal from the firm is occasioned by the King's of German origin.
The extent to which an American passport held by a naturalized citizen
Proclamation of September 9, which forbids English business
of this country is recognized in his native land depends principally upon
men and bankers pending the present war from having whether that country has concluded a treaty
of naturalization with the
any commercial relations of any kind with persons residing United States, although under the law of this country no distinction is made
native and naturalized American citizens so far as their rights to
in Germany. Sir Edgar Speyer is a British subject and a between
protection is concerned. The United States has treaties of naturalization
member of the Privy Council. The New York house carries with the following European countries: Austria-Hungary, Belgium,
Denon business with the Frankfort house and others in Germany. mark, the German States, Great Britain, Norway and Sweden.
The same paper publishes on the 3rd inst. the following
facts concerning the action taken by the London Stock Exchange Committee with regard to the re-postponement of
the next general and Consols settlements:
1
The effect of the French moratorium upon depositors is
The State Department at Washington announced on the
dealt with in the following Paris cable to the New York 3rd inst. that all plans for holding the International
Peace
"Tribune" under date of the 3rd_:
Conference at The Hague have been abandoned on
account
1032
THE CHRONICLE
[VoL. xcix.
George C. Greer, attorney for the Magnolia Pipe Line
Co., in a statement explaining the situation and attitude
of the company,says that the order is unjust to the company.
He claims that, under present conditions, to handle Healdton
oil at the Commission's price would be practically without
profit to the company. He further states that the crude
oil from the Cushing field, which is a far more valuable
product, is obtained in unlimited quantities and comes into
direct and fierce competition with the Healdton product.
Before the Commission's general order, the price of the
Beginning September 28 the Seattle banks, through the Cushing product was 75 cents a barrel and that of the HealdSeattle Clearing House, announced the placing of a 10% ton 50 cents, a difference of 25 cents a barrel. He points
discount on Canadian currency. The "Pacific Banker," in out that:
If the reduction made by the Magnolia Pipe Line Co. to 40 cents goes into
reporting the action, says:
of the European War. Not only does the European war,
it is stated, make it out of the question to discuss the next
conference at present, but as a year's time is required in
which to formulate a program,it is considered impossible to
make the necessary arrangements for a meeting next year.
Several months ago the United States suggested that the
diplomatic representatives at The Hague constitute a Program Committee. Before any response was received the
war broke over Europe.
Up to eighteen months ago. Seattle banks always imposed a discount on
Canadian currency, as is done in all American centres removed from the
Canadian borders. At that time,however,it was thought that trade might
be stimulated by the removal of the discount. The action was taken in the
nature of an experiment; but it is unlikely that discounting would have been
resumed if the war had not intervened, and in all probability the discount
will be removed after the war. Since the beginning of hostilities gold has
commanded a premium in British Columbia, and local bankers believe that
It is therefore desirable to impose the discount until the present conditions
are relieved. The new ruling applies to paper money only,and all Canadian
gold and silver will be accepted as heretofore.
The investigation into the Oklahoma oil industry before
the State Corporation Commission, which began on Sept. 28,
as noted in these columns last week, was concluded on
Sept. 30. The Commission finds that no substantial relief
can be obtained which does not consider a reasonable limitation of production; but, owing to the condition of many
wells and prior arrangements,any such order must be put into
effect in a gradual manner. As a preliminary, it therefore
ordered that no more wells be drilled into oil sands within
the State without its permission, and it also reduced the
minimum price at which oil can be bought or sold from 65
cents a barrel to 55 cents. Further details and plans for
limiting production will be announced by supplemental orders
issued from time to time. Following is the full text of the
order issued on Sept. 30 and signed by Commissioners Henshaw and Walton, Commissioner Love dissenting:
After two days' hearing on the conditions attending the production
of oil and the situation generally in Oklahoma, the Commission has arrived
at the conclusion that no substantial relief can be given by any power or
authority without a reasonable limitation of the production; that is, protecting one producer against the other. He may be forced to drill as
set forth in our former opinion, and until a reasonable minimum price
of 75 cents per barrel for oil can be obtained, oil should not be produced in
quantities in excess of the reasonable market demands.
Owing to the cause of the condition of many wells and prior arrangements, no order conserving the oil in the ground can be immediately
put into practical effect but must be done in a gradual, reasonable manner.
The oil producers of Oklahoma are now facing a condition that must
be looked upon as a whole. In other words,if one individual owned all the
oil properties of the State with an the obligations to meet and all the
details of the business to be operated, and found himself circumstanced as
the view of the situation appears as a whole, what would be the business
Judgment of this individual
He would doubtless pursue a course of limiting the production and in the meantime would dispose of the oil at the immediate demands until his business was shaped so he could put himself in
a more independent condition. In our judgment,this can likely be brought
about within the next few weeks.
It is therefore ordered no more wells shall be drilled into the oil sands
within the State of Oklahoma without first obtaining permission of the
Commission; that a plan will be immediately outlined to limit the production of the present producing wells in such manner as may be practical and
will produce the least injury to the producing properties. No well
shall be
squibbed or shot without first obtaining the permission of the Commission.
The pipe lines are hereby relieved as common purchasers from taking any
oil as common purchasers from any wells drilled into the oil sand or any
producing wells squibbed or shot in violation of this order.
The order issued by this Commission on the 22d day of September
1914,
fixing the price at which oil could be produced and at which it could be
purchased at 65 cents, is temporarily suspended until further order of the
Commission, and no corporation, firm or individual shall take oil from the
oil sands of Oklahoma when same cannot be sold at a price not less
than
55 cents, and no individual, firm or corporation shall purchase
oil in
Oklahoma at a price not less than 55 cents until further order of the
Com-
effect, the difference will be only 15 cents a barrel, the Cushing crude
having recently been reduced 20 cents a barrel, as against a 10-cent reduction posted on the Healdton.
In addition to this,six months' actual experience in handling the Healdton
oil on a better market than now prevails and with a 25-cent difference
between its field price and that paid for the superior light crudes produced in
the Cushing, Electra, Caddo, Glen Pool and other fields, shows that the
Healdton crude cannot, on the present market, be handled at a profit
upon the basis of a 50-cent field price.
The Magnolia Co., which, by the way, is the only transporter in the Healdton field, in order to avoid causing hardship proposes to take oil up to the amounts of its former
agreement at 50 cents a barrel until Oct. 6, and thereafter
until all deficiency in the runs since July 1 under 12,000
barrels a day is made up. This will be done under the
belief that the injustice to the company will be seen and
relief granted. But they wish, at the same time, to make it
clear that it cannot handle oil without profit to themselves,
and, if forced to discontinue purchasing by reason of the
prohibitory price, the evil consequences will not be at their
door.
Messrs. Harris, Forbes & Co. issued this week their first
circular of bond offerings since the beginning of the European
war. In connection therewith they state "that it is now
deemed to be desirable to resume dealings in unlisted investment securities which are owned by the various bond houses.
We have accordingly reduced prices on our offerings to a
level which, in our judgment, fairly represents the present
value of these bonds. In many cases issues which have our
full recommendation as intrinsically safe and sound in every
respect can now be purchased at prices yielding approximately 6% over a period of ten to twenty years,and we advise
the purchase of such bonds at this time."
The effect of the war on Canada,as well as the consequences
of a moratorium to that country, as viewed by W.E. Rundler, General Manager of the National Trust Company of
Canada, are reported as follows in the "Journal of Commerce
of Toronto":
Canada like a thunder-
It must not be forgotten that the war came upon
difficult financial situation
clap. We were already wrestling with a very
plunged into the
when, like a bolt from the blue, the whole of Europe was
not thousands of
maelstrom of war. And do not forget that Europe is
a thousand subtle
miles from American shores as it was fifty years ago. By
connecting threads
ties we are linked up with her credit system. These
observer, but they
may be almost, if not quite, Invisible to the ordinary
to the highest
are there nevertheless, strong as steel but always tuned
tension. The war fell upon the world with amazing swiftness; and these
connecting threads were snapped.
is worse
It is not merely that the whole credit structure is demoralized, it
set
than that. The mechanism is irreparably smashed. England must
how
to work to build an entirely new credit structure. When you consider
adwonderful its credit organization was; how powerful, how delicately
justed, how wide-reaching, you will understand why the world has reeled
under the shock. All nations have been affected; and we could not expect
that Canada would escape.
borrowing
I think it is a conservative estimate to say that we have been
some
from Europe in general, and from the United Kingdom in particular,
rebecome
gradually
have
we
$400,000,000 a year. On these borrowings
month. Of
mission.
sponsible for interest payments of about $10,000,000 per
United
The details and plans of limiting production will be prescribed by supple- course, Canada is not the only nation that has borrowed from the
India, Japan, Brazil, Argentina—.
mental orders of the Commission from time to time, as the
circumstances Kingdom. Australia, New Zealand,
the $17,000,000,may Justify.
these and many other countries have taken their share of
The Commission will hear all minor applications for exceptions to
000 which Great Britain has invested abroad.
the
in the past
capital
order informally, and should an application be made that would involve
But there is this to consider. We have received our
any
have
change of the general price, it will be handled by the Commission
of interest—at lower rates than most other countries
rate
fair
very
a
at
formally
British colony; with British
and all parties notified.
had to pay. The reason is evident. We are a
We
order.
instinct for fair dealing and law and
A further order was made on Thursday, Oct. 1,in line with traditions and the British
to mean subpromptly met our obligations, and have never stooped
have
situation. But I am sorry to
the policy outlined above as follows: •
terfuge to worm our way out of a difficult
On the 30th day of September 1914 the Magnolia Pipe Line Co. notified say that I find some persons to-day who would, at a stroke, destroy the
the Attorney-General and the Corporation Commission that it would splendid reputation for honesty and fair dealing which we have built up
the past. There are some thoughtreduce the price of oil in the Healdton field on Oct.6 to 40 cents a barrel.
by laborious effort and self-sacrifice in
It is hereby ordered that no producer in the Healdton field shall take any less and irresponsible persons who are clamoring for the promulgation of a
oil from the oil sands.of that field for sale at a price less than 50 cents per moratorium in Canada to-day, regardless of consequences. And they have
barrel until such time as the conditions can be fully investigated by the the temerity to point to England by way of example.
Commission, and no common purchaser or other person shall purchase
But do not overlook this one essential point of difference between us in
oil hereafter taken from the oil sands of the Healdton field at less than Canada and the people of Great Britain. We are a debtor nation, while
50 cents per barrel until such time as the Commission can hear and deter- England has the whole world under tribute. Great Britain has not atmine the necessities for the less price.
tempted to escape any responsibility she has incurred to foreign nations.
All parties having storage oil are hereby notified that if the same is sold She has merely temporarily limited the obligatinos that exist among her
without
permission of the Commission after own people. And, moreover, the Government has not shirked its share of
at less than 50 cents per barrel
an investigation as to the quality of the oil, same will be prorated against the national responsibilities. It has guaraniteed shippers against risks of
their runs through the pipe lines
war, and has also guaranteed the acceptances of banking houses. The
OCT. 10 1914.1
THE CHRONICLE
1033
Canadian proposals are quite different. Some would have us repudiate entered into after the
thirty-first day of July 1914.
our obligations abroad, our debts of honor to those who have put their trust
7. This Act shall not apply to mortgages, agreements of sales
or other
in us. And under what pretext? The effects of the war.
instruments charging land with the payment of money
where the land
Now, how has the war affected Canada? In only one or two directions charged or
affected has been abandoned.
have we suffered. The bulk of our population is engaged in agriculture.'
8. Nothing in this Act shall apply to mortgages or trust
deeds made to
But the farming classes were never as well off as they are at this moment. secure issues of
debentures, bonds or stocks.
Last year the farmer got between 60 and 65 cents for his wheat: this year
9. This Act shall come into force on the day
it
is
assented
to.
he is getting one dollar per bushel. And for most of his produce he is ob10. The Lieutenant-Governonin-Council
may,at any time, by proclamataining like fancy prices. And yet some are asking us to consider the poor tion
to be published In the "Manitoba Gazette."
order that this Act be
farmer who has to meet the interest on his mortgage.
repealed and fix the date on which such repeal shall
take effect, and on,from
I ask your readers to consider the European creditors who have lent us and
after such date this Act shall stand repealed and be
enormous sums because they thought we were an honorable people.
no longer in force.
There are cases, I admit, where the war has wrought hardship to the
With a view to furthering the demand for American-made
mortgagor. But let the courts decide in these cases, and give proper relief.
Merchants and manufacturers should be fairly dealt with by the banks and goods, the Made-in-America
Products Association, Inc., has
the working classes who have been trying to buy homesfor themselves. But been
incorporated at Albany with a nominal capital of $10,let us not repudiate our debts of honor, under the pretext of war. If WO
do so. the country will suffer irreparable harm in the end. We should 000. The stock is to be issued in shares of $100 each, and
hardly live down a bad record, once we have made one. But there is no no person, concern or
interest will be allowed to acquire
need to do so; and I believe the common sense of the Canadian people will more
than one share, which will be requisite for membership
prevent it.
If we are true to ourselves and meet our obligations in a spirit of fairness, in the organization. Each stockholder must be the reprewe shall win a great reward. Capital will again flow to Canada; and our sentative of a
manufacturing or distributing concern.
future growth and prosperity will dwarf anything we have attained to in
the past. Let us be honest, sincere and true to ourselves and our tradi- While the organization has not yet been completed, the board
tions. In that event no such word as "failure" will be found in the vocabu- of directors will include, it is
stated: C. A. Whelan of the
lary of Canada.
United Cigar
In these columns Sept. 26 reference was made to the
moratorium bill on land payments recently passed by the
Manitoba Legislature. The full text of the bill is printed
herewith:
CHAPTER 1.
AN ACT respecting Contracts relating to Land.
[Assented to September 18 1914.1
His Majesty, by and with the advice and consent of the Legislative
Assembly of Manitoba, enacts as follows:
1. In this Act the word "land" means and includes all real property, and
every estate, right, title and interest in land or real property, both legal and
equitable, and of whatsoever nature and kind, and any contingent, executory or future interest therein, and a possibility coupled with an interest in
such land or real property, whether the object of the gift or limitation of
such interest or possibility be ascertained or not, and also a right of entry.
whether immediate or future, and whether vested or contingent, into and
upon any land.
2. Notwithstanding any provision in any mortgage of land, or agreement
to purchase land or in any other instrument charging land with the payment of money, not including liens under the Mechanics' and Wage Earners' Lien Act, no proceedings for the sale of any land under any power
of sale contained in any such instrument or otherwise existing for default in
payment of any of such moneys shall be taken by or on behalf of the
mortgagee, vendor or other person to whom such money may be payable
until after the lapse of six months from the first day of August 1914, if such
default took place on or before that date, or until after the lapse of six
months from the happening of such default if the same took place after the
said first day of August 1914, or takes place after the coming into force
of this Act, and any such proceedings now pending are hereby stayed until
after the lapse of six months from the said first day of August 1914, or
six months from the date of default if such default took place since the said
first day of August 1914. Any sale made or purporting to be made in
contravention of this section shall be absolutely null and void. This
section shall not affect the sale of land by private sale where before the first
day of August 1914 the land has been advertised for sale and the sale has
been abortive and where the mortgage had been in arrears more than six
months.
3. In all actions for the redemption of land or any mortgage or charge
thereon and in all actions or proceedings, whether before a court or a district
registrar, foreclosure or sale of land under any instrument referred to in
section two hereof. tho period to be allowed for redemption, whether by the
court or by the Master on a reference or by the district registrar, shall be
one year, and in all pending actions for such redemption, foreclosure or
sale, in which the time fixed for redemption is after the thirty-first day of
July 1914, the same is hereby extended for one year from the date so fixed
for redemption, and no final order
for foreclosure or sale shall be made in
any such action until after the lapse
of such extended Period.
4. No action shall be brought
to enforce a covenant or agreement to pay
money contained in any such
instrument, except as hereinafter provided.
until after the lapse of six
months from the happening of the default in
payment giving rise to such action,
writ of execution or registration and proceedings to enforce payment by
of certificate of judgment in any such
action now pending wherein
final Judgment has not been entered before
the
said first day of August 1914, are
hereby stayed for a period of six months
from the coming into force of this
Act if the judgment recovered includes
the principal money secured by such
instrument or any portion thereof.
(a) Notwithstanding anything contained
in this section, actions may be
brought upon covenants or agreements for
the payment of interest on unpaid principal at the rate specified in any such
premiums of insurance on buildings on any such instrument or of taxes or
land
shall be in arrear, and, upon the recovery of judgment so soon as the same
in any such action, a
writ or writs of execution against the goods of the
defendant may be issued
and enforced, but no certificate of the judgment shall be
issued or registered
against any lands of the defendant, until after the lapse of
sir monthsfrom the
date of such Judgment.
(b) Nothing In this section shall be construed so as to interfere
with any
rights of a vendor or mortgagee to enforce any agreement of a purchaser
or
mortgagor in any such instrument to hand over a share or shares of
the
crops on any such land to be applied in reduction or satisfaction of
the
moneys, whether principal, interest or otherwise, secured by any such
instrument.
5. Notwithstanding any provision contained in any such instrument, no
action or proceeding in court for the recovery of possession of the
land
charged by any such instrument shall be brought or taken until after
the
lapse of six months from the happening or default in payment of any of the
moneys secured thereby: and, if any such action or proceeding be pending
at the time of the coming Into force of this Act, the same shall not be
proceeded with or continued until after the lapse of six months from the
said last-mentioned date, nor shall any order or judgment for the recovery
cf possession of any of such land, made after the thirty-first day of July
1914, and before the coming into force of this Act, be enforced by any writ
or order or other process of any court until after the lapse of six months from
the date thereof.
6. Nothing in this Act shall apply to proceedings or the rights of the
parties under any mortgage, agreement of sale or other contract made or
Stores Co.; Carl J. Schumann of Moller &
Schumann, varnish manufacturers; Harry Tipper, President
of the Advertising Men's League; R. A. Holmes
of the
Crofut & Knapp Co., manufacturers of hats, and Henry
Thompson of Thompson, Freedman & Cooke. Mr. Thompson, in a statement issued on Sept. 29 regarding
the Association, said:
Although it is not the intention to
make capital of the misfortunes of
Europe, the incorporators of the
Association feel that the time is ripe for
American manufacturers and merchants
to band together and take advantage of the opportunity that has
presented itself. During the past month
newspapers and magazines have liberally
indorsed the "Made-in-America"
movement and much good has already
been accomplished thereby. This
good work cannot and will not be
allowed to lag. The Association proposes
to launch a comprehensive, carefully
planned and thoroughly up to date
advertising campaign in newspapers and
magazines,which will insure Permanency to the movement. The United
States can make practically
everything it consumes. If we get
our citizens accustomed to asking for
and using American-made goods
this country will soon be virtually independent of the foreign markets. This
will mean that millions of dollars
that formerly went abroad each year
will be spent at home. The workshops
will be kept busy and the entire
country will share in the prosperity resultant from this movement.
A proclamation authorizing the Canadian banks to
make
payments in bank notes instead of in gold or Dominion
notes,
in accordance with the Act of August 3 (published
in these
columns September 5, page 657),was issued as follows
on
September 3:
CANADA.
George the Fifth, by the Grace of God, of the United Kingdom
of Great
Britain and Ireland and of the British Dominions beyond
the Seas,
King, Defender of the Faith. Emperor of India.
To all to whom these presents shall come, or whom the
same may in
any wise concern,—Greeting:
A PROCLAMATION.
E. L. Newcombe, Deputy Minister of Justice, Canada.
Whereas, for the purposes set forth in an order of Our Governor in
Council bearing date the third day of August 1914, advances to chartered
banks in the form of an issue of Dominion notes were authorized to
be
made against deposits by the banks with Our Minister of Finance
of
Canada of such securities as might be approved by Our said Minister,
such advances to be repayable not later than the first day of May
1915,
with interest at a rate to be approved by Our said Minister, not less than
five per cent per annum;
And Whereas, under the authority of a further order of Our Governor in
Council of the same date, the chartered banks were authorized to make
payment in bank notes instead of gold or Dominion notes until further
official announcement in that behalf, and were also authorized to issue
from the date of the said Order in Council and until further official announce
ment, excess circulation to amounts not exceeding fifteen per cent of the
combined unimpaired capital and rest, or reserve fund,of the respective
banks, as stated in their respective statutory monthly returns to Our said
Minister of Finance for the month immediately preceding that in which
the additional amount is issued:
And Whereas under the authority of a further order of Our Governor in
Council bearing date the tenth day of August. A.D. 1914, the redeeming
in specie of Dominion notes was suspended;
And Whereas by Section 3 of an Act of the Parliament of Canada passed
in the present year of Our Reign and
intituled "An Act to conserve the
Commercial and Financial Interests of Canada", the issue
of Dominion
notes and all things done under the provisions
of the said Orders In Council were confirmed, and it was provided
that the said Orders in Council
should continue in force until the 15th day of September
1914,provided.
however,that Our Governor in Council might
at any time by a Proclamation published in Our "Canada Gazette" revoke the
said Orders in Council
or any of them, or any of the provisions in
the said orders contained, but
that such revocation should not affect the previous operation
of any such
order or anything duly done thereunder or affect
any right, privilege,
obligation or liability acquired, accrued, accruing or incurred
thereunder:
And Whereas in and by Section 4 of the said Act it was provided
amongst
other things that in case of war, invasion. riot or insurrection
, real or
apprehended, and in case of any real or apprehended
financial crisis, our
Governor in Council might by Proclamation published in
the "Canada
Gazette"—
(a) authorize the making of advances to the
chartered banks and to the
savings banks to which The Quebec Savings Banks Act,
1913, applies, by
the issue of Dominion notes upon the pledge of securities,
deposited with
Our said Minister, of such kind and amount as
may
be
approved by the
Treasury Board; such advances to be
repayable at such times as the
Board
may determine with interest at a rate
likewise determined by the
Board
of not less than five per cent per
annum:
(b) authorize the chartered banks to
make payments in the bank
notes
issued by such banks instead of in gold
or Dominion notes, but
the total
1034
THE CHRONICLE
in circulation at any time shall
amount of the notes of any chartered bank
under the provisions of the Bank
not exceed the amount of its notes issuable
Act and of the next clause (c);
excess circulation,from
to
(c) authorize the several chartered banks issue
year to and including the last
and including the first day of March in any
of such period,to amounts
day of August next ensuing, or during any part
capital, and rest
not exceeding fifteen per cent of the combined unimpaired
as
stated in their respective statuor reserve fund of the respective banks,
month
for
immediately
the
Minister
said
Our
to
tory monthly returns
preceding that in which the additional amount is issued;
(d) suspend the redemption in gold of Dominion notes—
Now Know Ye that by and with the advice of Our Privy Council for
Canada We do by these presents proclaim and direct that by and on the
date of the publication of this Our Proclamation in the "Canada Gazette",
the said Orders in Council shall be revoked; and We do further by these
presents declare and proclaim as follows, that—
(a) the making of advances to the chartered banks, and to the savings
banks to which The Quebec Savings Banks Act, 1913, applies, by the Issue
of Dominion notes upon the pledge of securities as provided in the said
Act, be authorized;
(b) the chartered banks be authorized, subject to the provisions and
limitations set forth in the said Act to make payments in the bank notes
issued by such banks instead of in gold or Dominion notes;
(c) the several chartered banks be authorized to issue excess circulation
as in the said Act defined from and including the first day of March 1915
to and including the last day of August 1915; and
(d) the redemption in gold of Dominion notes by the Receiver General
of Canada be suspended subject to the provisions of the said Act from the
date of the publication of this Our Proclamation in the "Canada Gazette".
At Our Government House, in Our city of Ottawa, this 3rd day of
September,in the year of Our Lord one thousand nine hundred and fourteen
and in the fifth year of our Reign.
By Command,
P. PELLETIER,
Acting Under-Secretary of State.
[VOL.
xc
violinist of international fame, and a well-known accompanist. Other automobile tours are planned for Thursday
morning,while at the same hour special motor cars will leave
the Jefferson Hotel to convey visitors to the manufacturing
plants of the Tredegar Works, the Albemarle Paper Co.,
and the C. F. Sauer Co. That night, at 8 o'clock, the
Richmond Advertisers' Club will give a supper to visitors
who are members of advertisers' clubs in other cities.
The chief entertainment feature of the convention, the
steamship trip to Jamestown Island, is planned for Friday.
Two steamers will leave the Old Dominion Steamship Company's wharf at 8 o'clock in the morning. Luncheon will
be served on board, after the manner of the old Virginia
plantation. At 1:30 o'clock the boats are scheduled to
arrive at Jamestown Island, the site of the first permanent
English settlement in America, where stands relics and
ruins of the courageous settlers under Captain John Smith
in the year 1606. After a stay of two hours to allow complete inspection of the island, the steamers will sail on down
the historic old James River, which abounds in beautiful
Colonial estates and scenery which rivals the Rhine. The
ships will arrive at Newport News at 6 o'clock in the evening,
the passengers going ashore there to return to Richmond by
train. The special trains are scheduled to reach Richmond
at 7:30 o'clock.
In accordance with a resolution signed by its members,
no change was made in the officers of the New York Clearing
BANKING, FINANCIAL AND LEGISLATIVE NEWS. House Association at the annual meeting held on Tuesday
Plans for the entertainment of those who attend the of this week. This resolution, dated September 14, reads
annual convention of the American Bankers' Association in as follows:
In view of the complex nature of the banking situation now existing and
Richmond, Va., next week have been completely matured which
seems likely to continue for at least some time, it is deemed importHouse Association
by Richmond bankers and the city authorities. The ant to the best interests of the New York Clearing
officers and committees of this Association who have
Virginia city, well known for its hospitality and methods of that the present
for another year; now,
been handling its affairs should continue to do so
the members of said
entertainment, is prepared to put forth the greatest effort therefore,
we, the undersigned, composing all of
the election of officers
that
consent,
of its history for the approaching convention. The gratui- Association, do hereby request, and V of the constitution
of this Associaas provided in Article
thus entertainments run the gamut,from steamer trips to and committees
meeting of said Association in Octoelation be postponed until the annual
shall
continue to
committees
old Jamestown Island, visits to historical points of interest, ber 1915; and that the present officers and
or until their successors are elected; and that
golf tournaments, and balls, to concerts by grand opera serve as such until that time,
Article V requiring at least
effect of the provisions of Section 3 of said
stars. Preparations for the reception and care of the the
to retire each year, and of any
two members of the several committees
bankers' convention were undertaken, we are informed, with other provision of said constitution necessary to be suspended in order to
shall be suspended in the meantime.
a thoroughness in Richmond which would be difficult to carry out the purpose of this consent,
are:
officers
President, Francis L. Hine,
re-elected
The
surpass. The city government, bankers, and private
Bank; Secretary, Stuart G.
National
First
the
of
President
citizens joined in contributing to a huge fund from which the
-President of the Seaboard National Bank;
Vice
Nelson,
most
The
be
provided.
to
entertainment features are
Manager, Walter Sherer and Assistant Manager, William
representative men in the municipal government, in the
Gilpin. Messrs. Hine and Nelson have held their reJ.
coma
into
organized
were
concerns,
banks,in the industrial
posts of President and Secretary of the Association
spective
to
es
-committe
mittee which was in turn split up into sub
1912 meeting. The report of the Managers for
the
since
systemhandle the countless details of the convention with
ending September 30 1914 shows total clearingyear
the
atic precision.
ns for the year of $94,888,992,273, of which
transactio
house
Monday
until
begin
While the convention proper does not
were exchanges and $5,128,647,302 were
4,971
$89,760,34
toRichmond
next, October 12, many delegates will reach
transactions amounted to $103,265,year's
last
balances;
special lay
morrow (Sunday.) For them there will be a
0,297 exchanges and $5,144,$98,121,52
of
up
made
650,862,
financial
in
known
well
men
service to be conducted by
daily transactions for
average
total
The
balances.
130,385
Second
new
the
in
circles, at 8 o'clock on Sunday night
is to the year just closed were $313,164,991—$296,238,762 conwhich
Hotel,
Jefferson
the
adjoining
Church,
Baptist
sisting of exchanges and $16,926,229 of balances. The
be convention headquarters.
total transactions since the organization of the Clearing
10
At
o'clock
The real entertainment begins on Monday.
House in the sixty-one years reach $2,626,831,181,311, the
the
Jefferson
leaving
begin
will
es
automobil
on that morning
totaling $2,509,034,041,053 and the balances
exchanges
interest
around
of
points
Hotel on tours of the multitudinous
g $117,797,140,258. The largest daily transacwill
be
aggregatin
the
Rotarians
visiting
o'clock
1
At
.
Richmond
old
record were those of November 3 1909, when the
guests of the Richmond Rotary Club at luncheon on the roof tions on
548 and the balances $27,672,394,
garden of Reuger's Hotel. At 10 o'clock, Tuesday morning, exchanges were $736,461,
of
The association is now composed
total
42.
of
a
entrance
or
$764,133,9
the
Street
Main
the
leave
will
special street cars
banks and
Jefferson Hotel for a visit to the plants of the Southern of twenty-nine national banks, seventeen State
of the
Manufacturing Company and the Standard Paper Co., fifteen trust companies. The Assistant Treasurer at the
exchanges
his
makes
also
York
at
ents.
New
States
United
establishm
Autointeresting
two large and vastly
and trust
mobile tours for those who so incline are also planned for Clearing House. There are twenty-two banksof the Assomembers
not
the
vicinity
and
city
decide
in
the
to
t,
companies
financial
tournamen
golf
The
morning.
this
through banks that are
golf champion of America, will begin on Tuesday morning ciation which make their exchanges
onal provisions.
constituti
with
at 10 o'clock on the links of the Country Club of Virginia, members in accordance
Henry
Governor
which
at
Carter
Ball",
"The Governor's
That the restoration of commercial prosperity is dependent
Stuart will receive, is on the program for Tuesday night, in
upon an immediate advance in freight rates is the contention
the new armory of the Richmond "Greys."
Messrs. Orvis Brothers & Co. of this city, who on the
of
special
10
at
street
o'clock,
cars
On Wednesday morning,
inst. sent the following communication to the Inter-State
7th
will leave the Jefferson Hotel for trips to the factories of the Commerce Commission pointing out the urgency of action
Richmond Cedar Works, the Richmond Branch of the
Oct. 7 1914.
American Locomotive Works and the Liggett & Meyers by it:
Commerce Commission, Washington, D. C.
Tobacco Co. Automobile tours are scheduled for this To the Inter-State reconsiderin
railroads for
the
American
of
the
request
g
Gentlemen.—In
morning also. At 1:30 o'clock the ladies will be enter- advanced
freight rates, your Commission has in its power the rare opportained at luncheon at the Country Club of Virginia. On the tunity of assisting to restore commercial prosperity which the European
unexpectedly destroyed. While, no doubt, the decisions
same night, at 8:30 o'clock, there will be a musicale in the war hasatso
were at that time your conscientious opinions, it must seem that
arrived
Alma
Miss
will
appear,
Gluck,
which
at
m
make it
Auditoriu
City
the results as shown by the railroads during the last few months
soprano of the Metropolitan Opera Company, Antonio Imperative that some proper relief and consideration should be extended
Scotti, baritone, of the same organization, Efrem Zimbalist, to them now.
OCT. 10 1914.]
THE CHRONICLE
With most of the civilized world overwhelmed by a deluge of blood, one
would expect that the wheels of American industry should be working
night and day to supply the world's material needs.
Our stagnation appears to be due to inertia. The unexpected outbreak
of the war caused a stoppage of the world's markets, and this paralysis
continues here because of inability to get started. Some impulse is necessary to overcome the dead-centre. This propelling force is lodged in your
hands. Allow increased freight rates, and do it liberally and with quick
effect.
Suppose a liberal freight advance, say 10%, be allowed at once.
The railroads would place orders for raw materials, for rails, for equipment. They would reinstate employees and workmen. Projected improvements would be carried out. Pay-rolls would increase, and the great
cycle of business prosperity would once more be in motion.
This would allow the stock markets to re-open at once, without peril of
overwhelming liquidation. Banks and lenders of money would be reassured as to the value of collaterals, and they would not be anxious to
call loans. Investors would be confident of the continuance of their dividends and interest payments, and encouraged to make further investments.
Even Europe's pressure to sell would be minimized because they would
then see that their holdings of our railroads had intrinsic value based on
earnings.
Meanwhile, a deliberate consideration of Just freight rates, under the
changed world conditions,could be undertaken. If the 10% advance is found
to be too high, let it be corrected gradually over a series of years, during
which time your Commission could keep a careful eye upon causes and effects.
But the main point is that advanced freight rates must be allowed im
mediately; otherwise, the patient may die while the doctors are debating
the malady and its cure.
Notice of a change recently made in the Federal laws
relating to the judiciary is given in Treasury Decisions of the
10th ult. The newly enacted law bears on appeals from
decisions of the Court of Customs Appeals. Below we give
the text of the law as printed in the Treasury Department's
(T. D. 34747.)
AN ACT to amend Section 195, Act of March 3 1911, relating to the
judiciary.
Appeals to the United States Supreme Court from decisions of the Court
of Customs Appeals.
Treasury Department, September 2 1914.
To Collectors of Customs and others concerned.*
The appended Act of Congress, approved Aug. 22 1914, amending
Section 195 of the Act entitled "An Act to codify, revise and amend the laws
relating to the judiciary," approved March 3 1911, is published for the information of all concerned.
ANDREW J. PETERS, Assistant Secretary.
(92655-29)
[Publlc No. 180, 63rd Congress—S. 6116.)
AN ACT to amend section one hundred and ninety-five of the Act entitled
"An Act to codify, revise and amend the laws relating to the judiciary."
approved March third, nineteen hundred and eleven.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled,
That section one hundred and ninety-five of an Act entitled "An Act to
codify, revise and amend the laws relating to the judiciary," approved
March third, nineteen hundred and eleven, be, and hereby is, amended so
as to read as follows:
"Sec. 195. That the Court of Customs Appeals established by this
chapter shall exercise exclusive appellate jurisdiction to review by appeal.
as herein provided, final decisions by a board of general appraisers in all
cases as to the construction of the law and the facts respecting the classification of merchandise and the rate of duty imposed thereon under suCt classifications, and the fees and charges connected therewith, and all appealable
questions as to the jurisdiction of said board, and all appealable questions
as to the laws and regulations governing the collection of the customs
revenues: and the judgments and decrees of said Court of Customs Appeals
shall be final in all such cases: Provided, however, That in any case in
which
the judgment or decree of the Court of Customs Appeals
is made final by
the provisions of this title, it shall be
competent for the Supreme Court,
upon the petition of either party, filed within
sixty days next after the issue
by the Court of Customs Appeals of its
mandate upon decision. In any case
in which there is drawn in question the
construction
of the Constitution of
the United States, or any part
thereof, or of any treaty made pursuant
thereto, or in any other case when
the Attorney-General of the United
States shall. before the decision of the Court
of Customs Appeals is ren dered, file with the Court a certificate to
the effect that the case is of such
importance as to render expedient its review
by the Supreme Court, to
require, by certiorari or otherwise. such case to be
certified to the Supreme
Court for its review and determination, with the same
power and authority
in the case as if it had been carried by appeal or writ of error to
the Supreme
Court: And provided further, That this Act shall not apply
to any case involving only the construction of section one, or any portion
thereof, of an
Act entitled 'An Act to provide revenue, equalize duties, and encourage
the industries of the United States, and for other purposes,' approved
August fifth, nineteen hundred and nine, nor to any case involving
the
construction of section two of an Act entitled 'An Act to promote
reciprocal
trade relations with the Dominion of Canada, and for other purposes,
approved July twenty-sixth, nineteen hundred and eleven."
Approved, August 22 1914.
1035
passage of his own bill in place of that of Senator Nelson's.
The La Follette bill was understood to be more drastic than
the Nelson bill; before its adoption by the Senate last October it was said to have beenlamended so that its:provisions
would not affect the treaty relations of the United States
until the President had been given an opportunity to readjust them. The Alexander bill, which differs essentially
from the La Follette bill, is reported to be in conflict with
treaty provisions over wage payments and punishment for
desertions, and directs the President to notify within ninety
days all foreign governments concerned of the termination
of agreements on those points. The bill would permit
seamen to demand at any port half their wages then
due,
though not oftener than once in five days. This
would
apply to foreign vessels in American ports as well as to
American vessels abroad. Any contract stipulation to the contrary
is declared void. The United States has treaties as to
wages
of seamen on foreign ships in American ports with Germany,
Austria, France, Belgium, Italy, Denmark, Greece, Netherlands, Norway and Sweden. So much of any treaties as
provide for arrest and return of seamen for desertion also
Is terminated. ,The bill regulates hours of labor at sea by
dividing sailors into at least two and the firemen into three
watches. It requires 120 cubic feet of forecastle space for
each member of the crew and the quarters are to be kept
more sanitary. The seamen are to be allowed the same
freedom as landsmen in safe ports; a majority of the crew
may require a survey of their vessel as to seaworthiness.
Advance payment or allotment of wages is prohibited.
The measure requires that all persons aboard American
vessels on ocean routes be provided with life-boat equipment to the extent of 75%. That rule could be modified
in summer time to require total life equipment for 75% of
the persons aboard coastwise vessels sailing less than 20
miles off shore and for 50% of the number aboard Great
Lakes steamships, with less rigorous requirements where
decks would not be submerged if vessels sank.
In his address as President of the American Institute of
Banking, delivered at the annual convention of the organization at Dallas on the 22d ult., H.J. Dreher, Manager of the
Bond Department of the Marshall & Ilsley Bank of Milwaukee, alluded to the conflict abroad and to the bankers'.
opportunity to promote the cause of peace. Mr. Dreher's
remarks on this point were as follows:
We meet in the midst of a world in turmoil. Of a night the structure
of civilization was shaken to its foundation. All the achievements of intellect and brawn, all the institutions which culture reared for the advance
ment and glory of soon, have been subordinated to the power of might.
enforcing its decrees by the drawn sword.
In the midst of this terrible chaos, in a world in which that part which
supports the superior races of mankind is resounding to the tramp of armed
men and their machinery of destruction, one great nation still adheres to
the quiet ways of peace, one great people still desires naught but the
glory of labor and the conquests of commerce.
It is the boast of England that once she emerged victorious from the
greatest previous war in Europe, by the use of "silver bullets." She won
by her wonderful financial system, by the massing and utilization of her
vast resources,and to-day again, through her Chancellor of the Exchequer.
she proclaims to the world that by her financial genius and adaptability
she shall do so again.
Whether boast or truism, we know not. But if banking power can
achieve the victories of war, incontrovertibly it can achieve the victories
of peace. How infinitely greater the latter triumph.
We are members of a profession which is essential to the development
of our people. Every material activity, some time or other, is brought into
contact with it. In the rural communities, where the problems of the
soil impel the seeking of the banker's advice, and in the great industrial
city
with its ganglions of activity radiating in numberless ramifications,
the
principles of banking ever remain the same. The application differs only
in
degree and kind. When the fruits of peace and industry which
pass through
the banker's hands as accumulated capital shall
be used no more for the
necessities of war, then war shall abruptly cease. And with
its cessation,
civilization shall attain triumphs of which but a faint conception
Is realized
to-day.
The third annual convention of the Investment Bankers'
Association of America will be held in Philadelphia, at the
The Alexander seamen's bill was passed by the House on Bellevue-Stratford Hotel on November 12 and
13. George
Aug. 27 and on the 31st was referred to the Senate W. Kendrick III. is Chairman of the General Convention
Committee on Commerce. On September 10th it was re- Committee.
ferred to a sub-committee of the Commerce Committee.
The bill is a substitute for the La Follette bill which
The Chatham & Phenix National Bank of this city
has
passed the Senate on Oct. 23 1913; the La Follette issued an attractive wall map in colors
of Federal Reserve
bill had itself been a substitute for the Nelson seamen's District No. 2, which embraces New York
City and all of
bill which had passed Congress early in 1913, but had the New York State District in this Federal
Reserve Division.
failed to become a law because of the exercise of the pocket A large office calendar from Oct. 1914
to Oct. 1915 is attached
veto by President Taft. The Nelson bill was re-intro- to the wall map. Louis G. Kaufman,
President of the instiduced in Congress a year ago without change and had been tution, has written a very apt
monograph
on the front page
endorsed by the Senate Committee on Commerce on Oct. 2 of the calendar which is
distinctive in bank literature.
It
1913, but Senator La Follette succeeded in securing the reads:
1036
THE CHRONICLE
The Phenix National Bank Organized 1812.
The Chatham National Bank Organized 1850.
1911.
The Chatham and Phenix National Bank Consolidated
Around these names is associated more than a 100 years of successful
York
New
d
financial
banking, and pages, even volumes, of unpublishe
a
history could be written of these institutions—each individually bulwark
y with a career without
of community confidence in its day, and collectivel
spot or blemish of more than a century.
This career has been splendid in purpose and achievement, yet, without
sensational events to record,but rather a history of conservative, persistent
of the
and intelligent upbuilding, serving faithfully and fully the needs
period.
Thus presenting for your consideration the facilities of an old institution
modernized to the moment, we send you this calendar with the simple
request that you give it a conspicuous place in your offices, and afford us
an opportunity of serving you when occasion arises.
XCIX.
period four fully equipped branch offices. The following
table of deposits shows the success enjoyed by the company
since its establishment:
Deposits—Deposits—
$1,606,109(Jan. 1 1904
Jan. 1 1890
6,970,757 Jan. 1 1909
Jan. 1 1894
8,875,878 Jan. 1 1914
Jan. 1 1899
El1,677,168
17,110,769
19,627,822
Associated with Mr. Boody in the management of the
company are J. G. Dettmer and Horace J. Morse, VicePresidents; Charles L. Schenck, Vice-President and Secretaxy, and Henry M. Heath, William A. Fischer, J. F. Birdsell, C.I. McGowan and W.F. Ayling, Assistant Secretaries.
With the discharge of its receiver, John P. Boagan, the
city
this
of
has
England Trust Co. of Providence, R. I., has wound up
New
Bank,
National
Traders'
The Importers' &
for several years.
elected Henry Spadone a director of the institution. Mr. its affairs, which have been in the courts
&
Gutta
Percha
the
Co.
Mfg.
Rubber
of
t
Presiden
Spadone is
Gardiner M. Lane, a member of the banking firm of Lee,
n
of
their
to
take
possessio
expect
new
Co.
Higginson & Co., Boston and New York, died in Boston the
J. P. Morgan &
bank building the early part of November. The new building past week in his fifty-fifth year. Mr. Lane was at one time
has a commanding location at the southeast corner of Wall Assistant to the President of the Union Pacific RR. At the
and Broad streets,the principal thoroughfares in the financial time of his death, which followed an operation, he was
district. The building gives the impression of great strength, President of the Board of Trustees of the Boston Museum
in excellent proportion and of quiet dignity. It is only of Fine Arts, Treasurer of the Massachusetts branch of the
85 feet high and has a frontage of 132 feet along Wall Street American Red Cross, member of the Knickerbocker, Harand 90 feet on Broad Street. An entrance 34 feet wide faces vard, University and Brook clubs of New York. Mr. Lane
the angle of the two streets. The exterior stone is of Tennes- was one of the incorporators of the Standard Trust Co, of
see marble, while the interior finish is in domestic and im- New York and had also been a director in a number of other
ported marbles of various colors and great beauty. The well-known New York corporations.
decorations of the main banking room are of a very quiet
and rich design. .An interesting feature in connection with
A very interesting booklet is being distributed by the First
the building is that on May 1 1913 the top stone was removed National Bank of Boston, called "Centuries of Coinage." It
from the old building and on May 1 1914 the roof was com- contains a history of the coinage of money as early as the
pleted on the new building. Thus it took just a year to seventh century B. C.
demolish the old building, to install caissons for the foundainstitution of the new building and to complete the outside conThe Tremont Trust Co. of Boston, Mass., a new
Devonshire
the
in
struction.
17th
Sept.
on
business
tion, opened for
capital of $200,000
Building at 14 State Street with a paid-in
Benjamin Strong Jr., who was elected the past week and a surplus of $50,000. The officers are: Asa.P. French,
Governor of the New York Federal Reserve Bank, has President; United States District Attorney Simon Swig,
resigned as President of the Bankers Trust Co., and Seward J. M. W. Hall (formerly Mayor of Cambridge) and John N.
Prosser, President of the Liberty National Bank, has been Cole, Vice-Presidents; Ralph E. Parker, Treasurer; Dr.
t Treaselected to succeed him. Mr. Strong also resigned from the Charles Fleisher, Secretary; W.P. Burhoe, Assistan
In
addition
y.
Secretar
t
Assistan
board of the Astor Trust Co.
urer, and Isaac Cohen,
in our issue of Sept. 5, the
to the list of directors reportedthe board: Asa P. French,
of
members
Thomas Cochran Jr., Vice-President of the Astor Trust following are also
company; Isaac Cohen, Edward E.
Co.of this city, was elected President of the Liberty National the President of the Brothers, millinery importers, and
Shannon
of
Bank this week in place of Seward Prosser, who resigned to Shannon
Henry Siskind, attorney.
accept the presidency of the Bankers Trust Co.
building being constructed for the
The new bank and office
It is announced that R. Macdonald, of the firm of Ronald Security Trust Co. of Lynn, Mass., is rapidly nearing comH. Macdonald & Co., will be a new Vice-President of the pletion and is expected to be ready for occupancy by Jan. 1
Astor Trust Co., due to the retirement of Thomas Cochran
has an ideal location, being at the
1915. The new building
Jr., who has been elected to the presidency of the Liberty junetion of Central Avenue, Central Square and Willow
National Bank of New York.
are of white granite base, and
Street. The exterior facings
two lower floors, the remaining
the
for
e
limeston
white Indian
William P. Brown, member of the New York and New stories being built of light-colored pressed brick and terra
Orleans Cotton Exchanges,and one of the best-known cotton cotta; the framework is of steel, making the building
operators in the country, died in New Orleans last week in absolutely fireproof. The first and mezzanine floors will be
his fifty-third years.
will be subused by the trust company while the upper floors
convenient offices, arranged en suite. The
into
divided
Cowperthwait & Clark, members of the New York Stock main banking room will be particularly handsome; it has a
an
Exchange, with offices at 43 Exchange Place, made
height of 25 feet and will be fitted out with San Jago mahogassignment on Sept. 30. The failure is considered unim- any cabinet work,imported marble counters, bronze screens,
portant as the firm's business had been comparatively small. marble floor and ornamental plaster. Most modern, safe
cash and book vaults are being installed by the
enjoyed deposit,
The People's Trust Co. of Brooklyn, which has 1889, is Remington & Sherman Co. The Security has a capital of
in
(earned) of $200,000, profits of $63,000
uninterrupted success ever since its establishment company
's $200,000, surplus$4,000,000. B. F. Spinney is President,
The
ary.
annivers
ifth
of
celebrating its twenty-f
deposits
and
published
Grover and C. I. Lindsay are Vice-Presidents,
growth and history are set out in a little booklet
opened Charles S. Burrill is Treasurer and Ralph C. Broad,
as a fitting reminder of the occasion. The institution
P.
with Harrison Treasurer.
for business at 201 Montague Street on Sept. 30 1889,
. Assistant
$250,000
of
a capital of $500,000 and a paid-in surplus
inOwing to the increase in its business, the capital was soon
Several very important changes occurred the past week in
creased to $1,000,000 and its surplus to $500,000; likewise its the official staff of the Girard National Bank, Philadelphia.
original offices proved inadequate, and in 1890 the company Joseph Wayne Jr., formerly Vice-President and Cashier, was
L. Austin, who resigned
moved to 172 Montague Street, where it remained until 1906,
elected President to succeed Richard
when, again due to increased business and the necessity to accept appointment as Class C director and Reserve
of having thoroughly modern quarters, the company moved
of the Philadelphia regional bank. Evan Randolph
directly across the street to its own magnificent building at Agent
a Vice-President and a director of the Girard,
elected
181-183 Montague Street. Since its establishment the was Charles M. Ashton, Assistant Cashier, was appointed
while
were
People's has had four Presidents,namely William H.Murtha,
Cashier, and Albert W. Pickford and Alfred Barratt
its
present
and
e,
Johnson
executiv
Edward
l,
Campbel
of Mr. Wayne
The
ment
.
Felix
appoint
Cashiers
t
Assistan
elected
Charles A. Boody. The company, appreciating the needs
old conservative institution is well
the
to the Presidency of this
hed
during
establis
has
,
borough
the
in
sections
of various
OCT. 10 1914.]
THE CHRONICLE
1037
merited. He has a host of friends in banking circles and is
IMPORTS AND EXPORTS FOR AUGUST.
regarded as one of the best-posted credit men in the country.
The Bureau of Statistics at Washington has issued the
He has served as President of the Pennsylvania Bankers' statement of the country's foreign trade for August, and
Association and has been honored by the American Bankers' from it and previous statements we have prepared the
Association many times by being placed on its most important following interesting summaries:
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
committees.
(In
E. H. Hunt, Vice-President of the City Trust & Savings
Bank of Grand Rapids, Mich., died suddenly on Sept. 19.
The directors of the Northwestern National Bank of
Minneapolis took action on Sept. 30 toward increasing the
capital of the institution from $3,000,000 to $4,000,000; the
proposal will be submitted to the stockholders at a meeting
on Nov. 5. The Northwestern National is the largest bank
in the Northwest, and, with its capital of $4,000,000, surplus of $2,000,000 and,undivided profits of 92,000,will be
in a position to do its part in taking care of the growing
business of the great Northwest. The bank has now total
resources of $42,900,000, and, adding the affiliated Minnesota Loan & Trust Co., the total is $47,900,000. The new
stock will be sold to the bank's present stockholders at par.
A consolidation of the Deposit Bank, Frankfort, Ky.,
with the Farmers' Bank, under the name of the Farmers'
Deposit Bank,has been perfected. J. C. Noel, President of
the Farmers' Bank, becomes President of the new institution, and J. B. Hendrick, President of the Deposit Bank,
serves as Vice-President. The consolidated bank starts
with $175,000 capital and $35,000 surplus.
The Morris Bank of Nashville, Tenn., began business
on Aug.25 with an authorized capital of $100,000 and a paidin capital of $75,000. One-fourth of the capital of the new
organization was subscribed for, it is stated, by the Industrial
Finance Corporation of New York, which was incorporated
last February to further the Morris plan of industrial savings and loans. The Morris Bank of Nashville is under the
management of H. L. Sperry, President, and H. D. Leech,
Cashier.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Sept. 24 1914:
GOLD.
The receipt of further substantial amounts in bar gold and gold coin has
been notified by the Bank of England. as follows:
Sept. 17 £620,000 in U.S.A. gold coin
21 £28,000 in bar gold
17 918,000 in bar goloi
Sept.- 22 97,000 in U.S.A. gold coin
" 18 222,000 in U.S.A. gold coin " 22 38,000 in bar gold
" 18 129,000 in bar gold
" 23 186,000 in U.S.A. gold coin
" 19 472,000 in U.S.A. gold coin " 23
7,000 in bar gold
7.000 in bar gold
" 19
No withdrawal was made for abroad, but a sum of £500,000 was set
aside yesterday on account of the currency note redemption account on
behalf of His Majesty's Treasury.
The net influx during the week is, therefore, £2,224.000.
The Rhodesian output for August was valued at £316.972, compared
with £250.576 for August 1913.
A noteworthy feature of to-day's Bank of England return
is the amount
of gold coin and bullion held by the Issue Department
The amount-£51,027,700--constitutes a record, against notes issued.
and compares with
£48.034,325 on the 17th inst. and .£46.787,000 on the 24th
June 1890.
It must be pointed out, however, that some portion
of the currency of
this country now consists of one-pound and ten-shilling notes.
SILVER.
.
The market remained very restricted, and during the earlier part
of the
week the price fell further until 23 9-16d, was reached on the 19th inst.,
the lowest quotation since March 10 1910.
As a result of some competitive buying, the loss has since been more
than regained, and the price has risen to 2431d. per oz. std.
A moderate amount has been purchased for the Continent.
Indications are not wanting that the favorable crop prospects in
India
may possibly lead to a renewal of activity from that quarter.
Two small shipments of silver have already been made from this country,
and a further consignment will leave this week.
It is estimated that the Indian June crop will show an increase in quantity of about 17% over that of the previous season.
The stock in Bombay on the 22d inst. was reported as 4.700 bars.
On the 18th inst. a shipment of 240,000 ounces was made from San
Francisco to Hongkong.
The following Indian currency statement was issued on Sept. 22:
Rupeon
3,499 lees
Gold in England
765 ""
Gold in India
496
East Indian securities
1.000 "
Securities in England
400 "
Note circulation
6,160 lacs
The quotation to-day for cash delivery is ;id.above thatfixed a week ago.
Quotations for bar silver per ounce standard:
No
Bank rate
Sept. 18-23 13-16 cashI
5%
quotation Bar gold, per oz.. stamped_77s. 9d.
" 19__239-16
fixed
" 21-23
French gold coin per oz._ _ _Nominal
" 22-24
"
German gold coin per oz___Nominal
for
forward
"
" 23-24
U. S. A. gold coin per oz....Nominal
"
delivery.
" 24..24
Average for the week_ _23 15-16 cash
the following tables three ciphers (000) are In all cases omitted.)
MERCHANDISE.
Exports
Imports
1914.
1913.
1912.
1912.
1914.
1913.
January
204,067 $227,033 5202,446 $154,743 $1133.063 8143,586
173,920
February
193.997
198.844
148,045
149,914
134.188
March
187,499
187,427
205,412
155,446
182.555
157,577
April
162,553
199,813
179.300
173,762
162.571
146,194
May
161.733
194,607
175,380
164,282
155,898
133,724
June
157,072
163,405
138,234
131,031
157,529
131,246
July
154,139
160,991
148.885
159,677
148,667
139,062
August
110,337
187,909
167,845
129.399
154,757
137,652
September218,240
199,678
144,820
171,08.5
October
271,861
254,634
132,949
177,988
November.
_
245,539
278,244
153,095
148,236
December 233.196
250,316
184,026
154,095
Tots
52.484,018 52.399.218
GOLD.
Exports
1914.
1913.
1912.
56.914
517,238
51,915
9.079
12,373
10,589
2,632
18,077
7,454
407
3,010
1,817
16,835
12,467
4,451
48,107
7,171
569
33,669
8,654
7,265
18,126
1,195
2,498
496
568
484
330
6,663
2,710
10.573
657
January
February__....
March
April
May
June
July
August
September_
October
November._
December
Total
591.799
1914.
84,010
3,592
3.882
4,543
4,845
4,639
3,953
3,627
January
February -March
April
May
June
July
August
September_
October
November__
December-
Exports
1913.
86,436
5,315
5.537
5,972
5,329
4,732
4.936
4,908
5,856
4,874
4,423
4,458
51,792,596 81,818,073
1914.
810,442
3.209
7.842
3.460
1,973
3,817
3.392
3,035
Imports
1913.
56,210
5,357
4,381
4,014
4.561
3,387
7,859
5,804
4,627
5,391
7.041
5,073
1912.
$5,141
2,937
4,336
3,893
3,347
5,611
3,748
5.577
4,201
11,887
4,474
11.397
863.705
866.84
847,425
SILVER.
1912.
56,028
5,112
5,808
4,941
6,726
5,046
6,591
6,077
6,011
6,172
5,834
7,608
1914.
52,318
1,914
2.567
2,214
1,755
1,822
1.240
2,162
Imports
1913.
84,201
2.481
3,184
2,808
3,093
2,365
2.709
8,401
3.098
2,538
3,089
2,810
1912.
54,358
3,781
3,712
4,189
4,345
4,880
3,430
3.952
3.649
4,684
3.417
3 .998
Total
562.776
571.962
$35,867
848.40
EXCESS OF EXPORTS OR IMPORTS.
Merchandise-- -Gold----Silver
1914
1913
1913.
1914.
January __ +849,324 +563,970 +858,860 -53,828+511,628 +51,692
February. +25.875 +44,083 +64,656 +5.870 +7,016 +1,678 5+2.235
March__
+4,944 +31,981 +47,835 -5,210 +13,696 +1,314 +2,834
+2,353
April
--11,209 4-53,619 4-16,729 --3,053 --1,004 +2,329 +3,164
May
2,549 +60,883 +19.682 +14,862 +7,906 +3.090
+2,236
June
--457 4-32,159
4-7,203 A-44,290 ---2,8I8 +2,817 +2,367
July
-5,538 +21,929
+218 +30,278
+795 +2,713 +2,317
Alma- --19,062 4-50,257 4-13,088 4-15,091 ---4,609 +1,465 +1,507
September
+47,155 +54,858
-4,131
+2.758
October
+138,912 +76.646
-4,907
+2,336
November
+97,303 +125,149
-378
+1.334
December.
+49.170 +96,221
+5,500
+1.648
Total_
+5691,422+5581,145
+ Exports. -Imports.
8+28,094
+528.909
Totals for merchandise, gold and silver for eight months:
Merchandise.
Eight
Months
(000s
Misted)
Er..
ports.
Insports.
Excess
Exof
Exports ports.
$
8
$
$
1914_ 1,311,3201,269,993 41,327135,771
1913_ 1,515,182 1,156,300 358,882 73,583
1912... 1,416,347 1,188,075 228,272 43,159
1911_1,259.7031,007,740251,957 15,910
1910.._. 1,054,053 1,055,0981 *1,045 53,496
lona
1 007 009 047 sm 00402 50.728
•Excess of imports.
Gold.
Silver,
Excess
Insof
Erports. Exports ports.
Excess
Itnof
ports. Exports
3
$
37,170 98.600
41,573 32,010
34,589 8,571
40.473'24,563
42,591 11,006
28.704 00.072
15,992
24,332
32,653
29,535
29,816
20.079
$
33,090
43,166
46,337
44,588
36,934
38.004
8
8
17,098
18,834
13,684
15,053
7,118
8025
Similar totals for the two months since July 1 for six
years make the following exhibit:
Merchandise.
Two
Months
(000x
omitted)
Exports.
Imports.
Excess
of
ExExports ports.
Gold.
Silver.
Excess
Exof
Ports. Exports ports.
Excess
Imof
ports. Export*
$
$
1914._ 264,476 289,077 *25,399 51,795 6,426 45,369 7,580
1913...
348,900 276,713 72,187 9,848 13,663 '3,815 9,844
1912___ 316,730 303,424 13,306 9,763 9,325
438 12,669
1911___ 271.882 244.000 27,882 2,059 6,700 '4,401 10,144
1910.- 249,294 255,674 46,380 3,979 23,101 19,122 9,880
1909._ 219,088 229,582.10,494 25,892 8,618 17,274 9.544
- 213,643 177,620 36,023 11,445 7,253 4,192 9,069
* Excess of Imports.
3,402
6,200
7,388
7,574
7,914
7,107
6,280
4,178
3.644
5,280
2,570
1,966
2,437
2,789
TRADE AND TRAFFIC MOVEMENTS.
ANTHRACITE COAL PRODUCTION.-The September statement of anthracite coal shipments shows a total of
6,246,192 tons shipped to tidewater in the month of this year,
an increase of 673,913 tons over September 1913. The
amount is the largest of any September in the history of
the trade. In the following we show the shipments by the
various carriers for the months of September 1914 and 1913
and for the period from Jan. 1 to Sept. 30:
-September-- -Jan. 1 to Sept. 30Ron
1913.
Philadelphia & Reading_tons-1,101,i96
888,660 8,869,552 9.504.550
Lehigh Valley
1.290.327 1;031.876 9.550,799 9,671,928
Central RR.of New Jersey
824.604 788,038 6,560,049
6,795,406
Delaware Lack. & Western... 893,098 824,345
7,138,223 7,357,984
Delaware & Hudson
647,974 605.071
5.354,593 5,303,075
Pennsylvania
575,898 533,439 4,697.325
Erie
727,950 669,364 6,169,528 4,610,332
Ontario & Western
185,045 222.086 1,727.512 6,119,302
1,919.308
Total
6.246.192 5.572,279 50.067.581
51.281.885
LAKE SUPERIOR IRON ORE SHIPMENTS-The
shipments of iron ore down the Lakes from the Lake Superior
region in September totaled 5,431,307 tons, as compared
with 7,259,662 tons in September 1913, a decrease of 1,828,355 tons. The following table gives the shipments from the
various ports in September of the last three years and for the
period from Jan. 1:
September
1912.
1913.
1914.
Port (tons)553,959 673,591 770,974
Escanaba
335,928 418,242 566,178
Marquette
662,141 485,174 757,764
Ashland
2,226,802 2,031,086
1,901,422
Superior
1,126,532 1,938,823 1,652,735
Duluth
Two Harbors... 851,325 1,518,030 1.508,493
Total
[VOL. xenc.
THE CHRONICLE
1038
To Oct. 1
1914.
1913.
3,019.651 4,297,223
1.385.718 2,573,604
2,741,917 3,558,802
9,478,253 10,818,324
5,278,899 9,830,726
4,804,975 8,194,738
1912.
4,010,985
2,567,578
3,623,161
11,097.276
7,729,187
7,310,195
5,431,307 7,259,662 7,287,230 26,709,413 39,273,417 36.338,382
Pacific and Other Western Clearings brought forward
from first page.
Nine Months.
September.
Clearings at1914.
1913.
$
s
Inc.or
Dec.
San Francisco_ 205,098,442 217,381.517
Los Angeles_ _ _ 86,864,639 92,547,124
54,975,511 59,085,414
Seattle
48,423,865
Portland
16,283,010 17,715,966
Spokane
Salt Lake City 23,775.842 25,338,035
10,227,902 10,925,261
Tacoma
14,388,960 14,790,379
Oakland
Sacramento... 8,794.454 9,604,317
8,095,574 10,436,802
San Diego
4,877,603 4,837.611
Fresno
4,299,483 3,795,217
Stockton
3,572,421 3,135,389
San Jose
3,379,802 2,984,28
Boise
3,033,520 3,078.734
Pasadena
North Yakima 1,948,931 1,951,662
1,250,576 1,048,732
Reno
3,746,650 3,097,855
Ogden
1,202,830 1,205,599
Santa Rosa
Long Beach... 2,193,247 Not incl. In
1913.
1914.
Inc.or
Dec.
---5.91.859,518,407 1,939,918,347 -4.1
.--6.1 881,937,979 909,678,515 -3.1
---6.9 478,786.266 483,863,930 -1.0
--11.7 431,484,252 456,969,271 -5.6
---8.1 152,718,238 157,885,682 -3.3
---6.2 223,042,779 230,166,330 -3.1
---15.4 84,118,847 102,881,709 -18.2
---2.7 131,489,216 141,652,626 -7.2
---8.4 75.527,925 78,430,437 -3.7
22.4 80,412,135 105,048,579 -23.4
,
-i-0.8 36,068,345 39,261.166 -8.1
A-13.3 33,927,319 33,280,266 +1.9
A-I3.9 25,804,564 25,580,814 +0.9
-1-13.2 28,453,469 28,433,775 +0.01
34,405,875 36,873,991 -6.7
--0.1
14,932,060 14,674,871 +1.8
10,644,74
---I1.2 10,311,413
-3.1
A-21.0 29.165.898 24.127,658 +20.9
--0.2
9,486,292
8,900.397 +6.6
total
I0,679,730Not included In total
Total Pacific504,240,015538.157,798 -6.34,621,591,2794,828,273,098 -4.3
Kansas City_ _ 277,210.351:240.387,398 +15.32,092.754,854 2,074,537,166 +0.8
130,804,919 131,233,614 -0.3 914,827,492 901,091,075 +1.5
Minneapolis
76,781,325 75,517,524 +1.7 649,356,750 661,309,136 -1.8
Omaha
44,735,657 45,374,235 -1.4 419,102,330 378,714,625 +10.6
St. Paul
37,893,137 37,490,211 +1.1 327,847,971 344,004,922 -4.7
Denver
24,385,948 30.601,253 -20.1 265,963,842 299,941,312 -11.3
St.Joseph
197,443,496 +8.2
Des Moines_ _ _ 20,994,368 22.165,852 -5.3 213,729,84
Sioux City_ _ _ _ 13,092,121 14,707,904 -11.0 129,887,774 172,537,116 +1.8
15,418,480 14,693,638 +4.9 129,898,507 133,600,295 -2.9
Wichita
35,313,576 34,403,550 +2.6 152,249,534 182,485,984 -6.3
Duluth
9,114,524 8,250,190 +10.5 80,355,036 73,897,973 +8.7
Lincoln
6,770,151 7,103,284 -4.7 61,108,276 64,948,898 -5.9
Topeka
68,442,795 -5.4
Davenport _ _ _ 6,118,344 6,802,973 ---10.I 64.746,
-11.1 71,023,682 63,880,908 +11.2
Cedar Rapids_ 6,698,947 .
5,591,382 2,212.3374-152.8 35.889,695 17.806,584 +100.3
Fargo
38,282,748 28,509,331 +23.3
Sioux Falls _ _ _ 3,977.841 3,932.003 4-1.1
Colorado Spgs_ 2,897,986 2.858,685 +1 4 24,366,828 25,298,488 -3.7
2,667,995 2,686,280 --0.7 24,268,108 24,818,753 -2.1
Pueblo
13,645,475 +10.1
1,786,788 1,495,398 +19.5 15,021,083
Fremont
7,907,528 +1.8
8.052,253
1,458,894
Hastings
844,769 +72.7
15,857,164 +26.9
3,102,720 1,785,202 +73.8 20,118,906
Aberdeen
5,471.39
Helena
5,435,888 +0.7 42,321,224 40.447,399 +4.6
55,242.035 62.536.736 -11.4
5.358,858 8.387,622 --18.1
Waterloo
14,823,074 +4.8
1.873,842 1,948,910 ---3.9 15.531.99S
Billings
2,627.012 3,251,414 -19.2 24,793,456 29.214.775 -15.1
Joplin
13,667.900 -2.7
13,303.400
Grand Forks.. 1.783.000 1,753,000 +1.7
8,631,491 -5.7
8,141.611
925.887 --10.8
825,695
Lawrence
9,467,688 +1.3
9,536,424
--1.1
950,000
940,000
City.-Iowa
Tot.oth.Wee 745,695,051 712,636,039 +4.65.905,332.0675,864,288,087 +0.7
Week ending Oct. 3.
Clearings at
1914.
San Francisco.-Los Angeles
Seattle
Portland
Spokane
Tacoma
Salt Lake City
Oakland
Sacramento
San Diego
Fresno
Stockton
San Jose
Pasadena
North Yakima
Reno
Long Beach
Total Pacific
1913.
Inc. or
Dec.
-
1912.
1911.
%
$
S.
56,169,592 -5.7
52.965,723
21,142,184 --2.4
20,629,703
13,564,784 -8.3
12,434,608
13,163,117 -19.6
10.586,830
4,664,186 -16.4
3,899.578
2,532,190 -15.8
2,133,374
6,926,967 -15.3
5,865,828
4,212,009 -17.2
3,488,580
2,435,100 -9.9
2,193,969
2,500,781 -27.3
1,818,524
1,159,259 -11.3
1,028,708
873.719 +19.5
1,043,825
1,015,876 -4.3
971,141
762,497 -12.6
666,831
437,975 +10.1
481,660
232.288 -13.9
200,000
531,576 Notincl. Into tal.
$
58,725,315
22,977,315
12,605,004
12.639,147
5.119,780
3.294,085
6,188,993
4,270,175
1,963,423
2,939,343
1,093,400
940,433
959,479
806,061
495,000
274,891
$
53,249,350
19,098,506
11.508,772
13,372,912
5,008,575
3,710,353
6.743,300
4,003,464
1,830,408
1,500,000
792,428
972,598
935,601
694,884
506,320
317,271
120,408,882
Kansas City_ _ .._
Minneapolis
Omaha
St. Paul
Denver
St. Joseph
Duluth
Des Moines
Sioux City
Wichita
Davenport
Lincoln
Topeka
Fargo
L'edar Rapids
7olorado Springs
Pueblo
Fremont
Waterloo
Selena
kberdeen
FIastings
Siftings
66,692,522
35,243,312
19,500,000
10,970,076
9,214,256
6,473,973
8,671,883
5,357,651
3,469,959
3,396,905
1,827,375
2,138,885
1,499,034
1,487,251
1,800,000
445,000
541,260
399,263
1,527,978
1,429,085
750,000
272,798
424,673
Tronl nth Welit
152.522_229
-8.6
135,291,844
124,244,742
60,457,331 +10.3
32,082.172 +9.9
19,873,323 -1.9
11,052,646 -0.7
10,314,741 -10.7
7,249,610 -10.7
7,860,061 +10.3
5,882,796 -8.9
4,006,597 -13.4
3,470.517 -2.1
2,220,831 -17.7
2,058,425 +3.9
1,517,105 -1.2
526,979 +162.1
2,087,805 -13.7
448,690 -0.8
605,324 -10.6
283,068 +41.0
1,538,202 -0.7
1,208,824 +18.3
510,000 +47.1
231,565 +17.8
509,762 -16.7
57,636,558
28,383,904
17,406,093
11,275,439
10,433,664
6,727,568
6,682,916
5,856,333
3,725.321
3,448.559
2,238,901
1,864,195
1,348,099
400,932
1,675,954
628.565
631,921
304,112
1,624,308
1,093,093
612,715
224,074
403,425
53.386,394
29,328,899
15,928,614
10,946,371
10,686,343
6.389,616
6,012,078
5,142,703
2,808,608
3.718,193
2,192,822
1,751,500
1,545,158
1,086,808
1,469,292
638,800
650,074
349,838
1,371,884
1,139,687
409,737
242,084
348,266
-1-4.3
164,626.739
157.543,789
131,792,604
175.908.374
Clearings by Telegraph-Sales of Stocks, Bonds, &c.
-The subjoined table, covering clearings for the current
week, usually appears on the first page of each issue, but
on account of the length of the other tables is crowded out
once a month. The figures are received by telegraph from
other leading cities.
Clearings-Returns by Telegraph.
Week ending Oct. 10.
1914.
1913.
Per
Cent.
New York
Boston
Philadelphia
Baltimore
Chicago
St. Louts
New Orleans
$1,020,070,597
104,356,042
121,868,689
28,894,543
237,810,303
59,119,285
15,629,638
$1,486,229,752
127,582,381
135,762,718
31,159,156
270,593,697
70,879,083
16,353,229
-31.4
-18.2
-10.2
-7.3
-12.1
-16.6
-2.0
Seven cities, five days
Other cities, five days
$1,587,749,097
546,271,482
82,138,560,016
600,241,468
-25.8
-9.0
Total all cities, five days
All cities, one day
$2,134,020,579
405,917,264
52,738,801,484
602,358,924
-22.1
-37.6
Total all cities for week
52.539,937,843
33,341,160,408
-24.0
Canadian Bank Clearings.-The clearings of the
Canadian banks for the month of September 1914 show a decrease from the same month of 1913 of 14.5%; and for the
nine months the loss reaches 9.0%.
September.
ear( s at1914.
1913.
Nine Months.
lacer
Dec. I
I
Inc.or
Dec.
1913,
1914.
3
%
$
$
$
CanadaMontreal _ __ 203,588,919 241,827,536 -15.8 2,005,491,865 2,113,917,565
1,545,758,596
1,591,727,753
-17.1
172,447,351
Toronto.... 142,910,702
Winnipeg... 121,752,096 120,668,990 +0.9 940,098,926 1,060,172,449
Vancouver__ 34,324,65451,812,940 -33.8 337,076,706 459,505,077
17,467,683 17,239.158 +1.3 153,808,534 151,397.786
Ottawa
16,252,124 14,036,295 +15.8 122,831,406 121,778,317
Quebec
75,484,735
77,049,691
7,979,600 9,095,409 -12.3
Halifax
Hamilton _ _ _ 11.788,302 14,161,564 -16.8 113,264,089 139,407,018
61,513,124
59,087,856
-4.4
6,590,794
6,297,997
St. John
Calgary.... 15,311,348 19,401,712 -21.1 154,191,259 177,120,578
67,824.597
64,632,695
6,386,175 6,700,569 -4.7
London
96,877,743 135,716,793
9,214,871 13,852,444 -33.5
Victmia
11,246,864 17,037,163 -34.0 125.379,801 157,019,286
Edmonton
91,641,137
71,756,788
8,287,866 9,552,389 -13.2
Regina
21,806,031
17.914,971
2,023,254 2,418,912 -16.3
Brandon
20,019,478
16,195,210
1,723,375 2,279,255 -24.4
Lethbridge _
69,760,945
44,929,343
Saskatoon _ 4,442,081 6,429,519 -30.9
43,571.924
33,488,224
Moose Jaw_ 3,600,373 4,481,493 -19.7
23,928,625
21,918,715
1,981,161 2.621,914 -24.4
Brantkrd _ _
34,930.183
30,401,517
Fort William 3,500,000 4,069,573 -14.0
22,154,089
15,201,421
New W'm'er 1,572,190 2,190,308 -28.2
13,513,435
15,815,315
-34.0
2,391,447
Med.Hate _ 1,578,805
Not incl.in total.
Peterboro'h.
%
-5.1
-2.9
-11.3
-26.7
+1.6
+0.9
-2.0
-18.8
-3,9
-12.9
-4.7
--28.6
-20.1
-21.7
-17.9
-19.1
-35.6
-23.1
.-8.4
-13.0
-31.4
o,,e ren ani am R.lF 725_915 258 -14.5 13.045.701.900 6.641.962.706
-9.0
• Not included in total: comparison incomplete.
The clearings for the week ending Oct. 3 at Canadian
cities, in comparison with the same week of 1913, shows a
decrease in the aggregate of 22.1%.
Week ending Oct. 3.
ails
1914.
Inc. or
Dec.
1913.
$
$
47,186,291 60,096,228
37,539,180 46,262,155
31,916,389 39,851,856
7,914,469 12,366,611
3,560,970 4,274,124
3,701,893 2,930,921
1,834,046 2,083,283
3,046,174 3,864,131
1,309,347 1,563,724
3,659,125 5,364,083
1,908,905 3,974,656
1,446,579 1,537,238
2,200,000 3,841,794
2,051,423 2,554,403
503,880
684,898
457,261
651,647
1,128,369 1,791,665
970,794 1,077,194
473,024
660,392
797,411
912,260
363,555
457,858
435,355
572.001
392,807 Not incl. in
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Eallfax
Hamilton
St. John
Calgary
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
%
-22.5
-18.9
-19.9
-36.0
-16.7
+26.3
-11.9
-21.2
-16.2
-31.4
-51.9
-5.9
-42.7
-19.7
-26.4
-29.8
-37.0
-10.0
-28.3
-12.6
-20.5
-23.9
total.
1912.
1911.
$
$
65,929,944 48,818,954
47,148.416 40,714,112
30,561,514 26,138,775
17,780,480 11,596,985
4,338,115 4,503,818
3,428,052 2,823,902
2,206,209 1,927,397
4,256,518 3,137,914
1,621,950 1,609,799
5,856,519 4,166,006
4,120,615 2,455,637
1,885,988 1,547,249
4.525,021 2,685,085
2,227,467 1,459.314
558,322
716,179
549,435
656,154
2,311,299 1,501,579
852,175
1,386,441
523,004
623,762
712,016' 409,855
154404 ma balsa 199 -99 1 199 122 502 158-137.174
TntnI rnnarla
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for the nine months of 1914 and 1913 are given below.
Nine Months 1913.
Nina Months 1914.
Desert
don.
Par Value
or Quantity.
Actual
Value.
Aver. Par Value
or
ce.Quantity.
Actual
Value.
Aver.
Price.
I
65,149,991
45,990,575
Stock!Sh's.
93.3
Val_ $4,023,321,369 $3,792,545,143 94.355.853,798,725 85,638.910,463
344,907,939 98.1
359,029,100
96.0
376,286,685
391,771,500
RR. bonds
1,590,845 101.2
1,571,720
683,029 104.31
655,100
Gov't bds_
21,178,415 94.3
22,560,700
32,922,526100.8
32.859,500
State bonds
283,548 207.1
136,9
535,338201.41
265,80
Bank stks_
93.6
Total...$4.448.673,2691$4.202,972.721104.556,237,097,14.86,006.871,210
The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 in 1914
and 1913 is indicated in the following:
THE CHRONICLE
OCT. 10 1914.]
1913.
1914.
11th.
Number
of
Shares.
Values,
Par.
Actual.
Number
of
Shares.
Values.
Par.
Actual.
$
Jan _ 10,088,895 881,625,495 847,963,208 8,748,973 809,787,850 790,879,484
Feb. 8,220,059 558,109,360 515,947.918 6,763,632 617,315,100 600,464,308
Mar_ 5,855,260 518,398,024 483,147,619 7,229,732 639,404,500 620,004,816
lstqr 22,164,214 1,956,132,879 1,847,058,745 22,742,337 2,068,507.450 2,021,348,588
April 7,145,284 823,482,570 593,476,978 8,483,226 738.652,100 716,498,976
May 4,757,405 398,348,240 374,842,097 5,463,581 486,456,000 470,216,409
June 4,002,748 343,676,540 324,688,914 9,588,174 872,946,225 833,496,241
2d qr 15,905,437 1,365,507,350 1,293,007,989 23,514,961 2,098,054,3252,020,211,626
6m. 38,069,651 3,321,640,229 3,140,066.734 46,257,298 4,164,561,7754,041,560,214
473,143,325 444,217,869
July_ 7,920.924 701,681,140 652,478.409 5,124,105 560,758,950
520.713,458
6,086.374
Aug_
No transactions.
7,682,304 655,334.675 632.418,922
Sept.
No transactions.
3d g 7.920,924
701,681,140 652,478,409 18,892.693 1,689,236,9501,597,350,249
9 m''45,990,575 4,073,321,369 3,792,545,14365,149,991 5,853,798,7255,638,910,463
The following compilation covers the clearings by months
since Jan. 1:
MONTHLY CLEARINGS.
Clearings Outside New York.
Clearings, Total All.
Month.
1914.
1913.
S
$
%
1914.
1193.
$
$
%
Jan._ 16,198,119,613 16,233,840.268 -0.2 6,826,299,220 6,895,099,062 -1.0
Feb __ 12,864,108.921 13,614,567,259 -5.5 5,626,553,438 5,819,961,954 -3.3
Mar- 14,254,780,928 14,140,021,542 +0.8 6,405,190,884 6,253,796,632 +2.4
1st qr. 43,317,009,462 43,988,429,069 -1.5 18,858,043,542 18,968,857,658 -0.6
April.14,899,762.026 14,289,152,590 +4.3 6,351,244,705 6,233,821,615 +1.9
May__ 13,166,042,664 14,119,532,249 -6.8 5,927,511,108 6,157,073,527 -3.8
June__ 13,946,091,208 13,709,419,177 +1.7 6,101,888,444 5,955,898,726 +2.5
20 gr. 42,011,895,89842,118,154,016 -0.3 18,380,644,255 18,346,793,868 +0.2
8 mos_ 85,328,905,380 86,106.583,085 -0.9 37,238,687,794 37,315,851,526 -0.2
July__ 14,492,362,819 13,554.457,887 +6'9 6,311,878,198 8,209,537,843 +1.7
Aug -- 9,932,158,903 12.391.433,472-19.8 5,350,958,318 5,629,238,968 -4.9
Sept__ 10,027,042,153 13,446,947,898 -25.4 5,398,918,710 5,991,030,747 -9.9
3rd or. 34,451,563,875 39,392,839,237-12.5 17,061.755,216 17,829,807.558 -4.3
omna 110752040t1.235 125499.422,222 -4.654.200.443.01055.145.459.084 -1.5
The course of bank clearings at leading cities of the country
for the month of September and since Jan. 1 in each of the
last four years is shown m the subjoined statement:
CLEARINGS AT LEADING CITIES.
September
Jan. 1 to Sept.301914. 1913. 1912. 1911. 1914. 1913. 1912. 1911.
$
$
$
$
3
S
S
$
4,628 7,456 7,433 7,185 85.480 70,354 72,976 68,677
1,150 1,308 1,207 1,140 11,955 11,888 11,250 10,312
461
575
638
601 5,757 6,006 6,644 5,118
561
654
615
581 5,999 6,291 5,194 5,727
279
332
317
317 2,952 3,037 2,943 2,824
226
223
197 2,002 2,209 2,056 1,888
209
205
217
216
205 1,860 1,940 1,951 1,758
998
983 1,023
953
94
103
107
105
149
147
140 1,406 1,473 1,419 1,294
147
240
221
212 2,093 2,075 1,933 1,881
277
835
747
81
951
956
104
92
96
729
690
746
75
684
62
77
73
757
713
915
901
131
105
95
131
509
530
542
49
521
53
52
49
827
711
987
77 1,041
106
88
104
514
575
530
633
58
59
67
66
693
844
882
910
76
87
87
93
295
306
317
299
29
28
28
31
564
626
661
67
649
68
76
77
381
418
459
447
46
42
52
46
384
408
419
379
42
47
45
45
331
324
325
312
33
36
35
33
329
351
328
344
39
37
38
38
319
288
301
306
33
34
30
29
232
274
20
26
265
272
24
20
404
436
55
484
59
50
49
479
19
167
20
183
17
18
204
188
_
24
233
273
25
23
230
26
223
BANK
(000.0003
omitted.
New York
Chicago
Boston
Philadelphia
St. Louis
Pittsburgh
San Francisco
Cincinnati
Baltimore
Kansas City
Cleveland
New Orleans
Minneapolis
Louisville
Detroit
Milwaukee
Los Angeles
Providence
Omaha
Buffalo
St.Paul
Indianapolis
Denver
Richmond
Memphis
Seattle
Hartford
Salt Lake City
Total
Other cities
9,025 12,330 12,084 11,589 110,060 115,754 117,119 109,656
1,002 1,117
993 1,017 9,720 9,745 8.960 8,670
Total all
10,027 13,447 13,077 12,606 119,780 125,499 126,079 118,335
Outside New York_ 5,399 5,991 5,644 5,421
54,300 55,145 53,103 49,658
franirtercial andMiscenatteonsgtms
1039
Huntington Land & Impt. serial 6s, 1914 to 1927-Due 1915, all sales at
98%: Aug. 28, $25,000: Sept. 2, $19,000; Sept. 3, $5,000. Due 1916:
Sept. 4, $2,000 at 9734. Due 1918. all sales at 964: Aug. 28, 513.000;
Sept. 1, $4,000; Sept. 4, 81.000; Sept. 11, $4,000.
Insurance Exchange 534s-Oct. 2, $5,000©100.
Los Angeles Pacific of Cal. 5s of 1940-Oct. 2, $1.000@92.
Natomas Consolidated 6s of 1930-Aug. 27. $4,000 at 2234 & 23: Aug. 29.
$3,000 at 23; Aug. 31. $27,000 at 2334 & 25; Oct. 1,$3.000@25: Oct. 2.
$8,000@25.
Northern Ry. of Cal. Os of 1938-Sept. 17, $2.000 at 105.
Pacific Electric Ry. 5s of 1942-Oct. 1,$1,000 at 9734•
Pacific Gas & Electric 5s of 1942-Aug. 29, UAW at 84; Sept. 24, $6,000
at 8234; Sept. 25, $3,000 at 824; Sept. 30, $6,000 at 8234.
Pacific Telephone & Telegraph 5s of 1937-All sales at 9434. Sept. 14.
$1,000,• Sept. 19. $1,000; Sept. 28, $1,000.
People's Water (Oakland) 5s of 1937-All sales at 34%. Aug. 26, $4,000;
Aug. 28, $5,000: Sept. 2, $1,000; Sept. 4, 51,000; Sept. 17, $1,000:
Sept. 24. $5.000; Sept. 25, $1,000; Sept. 26. $2,000.
San Francisco & North Pacific Ry. 5s of 1919-Sept. 18, $5,000 at 98;
Sept. 19, 52,000 at 98.
Santa Cruz Portland Cement 6s of 1945-Sept. 17.51,000 at 824;Sept. IS.
55,000 at 82.
South Yuba Water 6s of 1923-Aug. 28, $1.000 at 10434.
Spring Valley Water 4s of 1923-All sales at 90. Sept. 16, 24,000; Sept. 17,
$10,000; Sept. 18, 53.000: Sept. 22, $1,000; Sept. 23, $4,000; Sept. 24,
$1,000; Sept. 25. $1,000: Sept. 28, $13,000; Sept. 29. $3,000; Sept. 30,
$10,000; Oct. 1. $7,000; Oct. 2,$2,000.
United RRs. of San Fran. 48 of 1927-All sales at 47. Sept. 1, 52.000:
Sept. 4, $1,000; Sept. 10, $3,000; Sept. 11, $1,000; Sept. 15, $1,000;
Sept. 17, $1,000: Sept. 24. 54,000.
Western Pacific 5s of 1933-Aug.26,$10,000 at 4034 &• 40; Aug. 27,$3,000;
at 40; Aug. 28, $5,000 at 40; Sept. 3, $10,000 at 40 & 4034; Sept. 28.
$1,000 at 40; Sept. 26, $7,000 at 40; Oct. 2, $1,000@40.
Stocks.
Alameda Sugar (Par $25)-Aug.28, 175 at 50c.; Aug. 31. 100 at $1; Sept. 1.
91 at $1; Sept. 18, 200 at $334.
Alaska Packers' Association (Par 3100)-Aug. 26, 5 at 7934; Aug. 27, Sat
80; Sept. 11,30 at 78; Sept. 10,25 at 7834; Sept. 16.20 at 7834; Sept. 21.
5080.
Anglb-London-Paris Nat. Bank (Par 3100)-Sept. 4, 50 at 135.
Associated Oil (Par $100)-Aug. 26, 30 at 3434; Sept. 1, 50 at 34: Sept. 2.
125 at 34; Sept. 3, 255 at 34; Sept. 4, 700 at 34©3434; Sept. 10, 165 at
34@3434; Sept.11,105at34; Sept.12,70 at 34; Sept.14,50 at 34: Sept.
15
50 at 34; Sept. 15, 100 at 34; Sept. 18, 190 at 35: Sept. 19, 120
at 3$
Sept. 21, 15() at 35; Sept. 22, 65 at 344035; Sept. 23, 125 at 3434
Sept. 25, 175 at 3434; Sept. 26.25 at 34%;Sept. 28.85 at 344;Sept. 20
50 at 34%; Sept. 30. 15 at 35; Oct. 2,75igz34.
Bank of California (Par $100)-Sept. 22, Oat 180; 13 at 180.
California Fruit Canners (par $100)-Oct. 1, 10©110; Oct. 2. 5@l10.
Ewa Plantation Co. (Par $20)-Aug. 31, 100 at 24.
German Savings & Loan (Par $1,000)-Sept. 16, 1 at $3,500.
Giant Consolidated Co.(Par $50)-All sales at $80. Sept. 4, 10: Sept. 10,
20; Sept. 11,80; Sept. 12, 10; Sept. 15, 50; Sept. 18, 25.
Hawaiian Corn. & Sugar (Par $25)-Aug. 26. 100 at $304: Aug. 27. 140
at $30; Aug. 28. 70 at $3003304: Aug. 29, 255 at 532@$33: Aug. 31,
150 at $3334; Sept. 1, 215 at 233341 Sept. 3, 115 at $3334: Sept. 4 100
at $33% & $34%; Sept. 10. 355 at $34%@$35; Sept. 11, 660 at 3344
@
$35; Sept. 12. 300 at $35; Sept. 14, 275 at $3534 & 4354: Sept. 15,
760
at $35%@$36;Sept. 16,100 at $36; Sept. 18,250 at$36& $3634; Sept.21,
15 at $35; Sept. 25, 500 at $30; Sept. 26,365. at $30; Sept. 28, 00 at $32
Sept. 29, 140 at $33@$3334; Sept. 30, 285 at $3334&$34.
Hawaiian Sugar Co. (Par $20)-Aug. 28, 20 at $314; Aug. 29, Sat $33:
Aug. 31, 300 at $33; Sept. 4,75 at $34; Sept. 10, 125 at $3734; Sept. 14,
450 at$3634 & $37: Sept. 15.225 at $364 & 33634; Sept. 16.454
$3834; Sept. 18, 10 at 3394; Oct. 1. 50 at $3334; Oct. 2, 125 at at $3794
$3334@
$33%.
Hnunkaa Sugar Plantation (Par $25)-Aug. 29, 5 at $434;
Sept. 4, 500
at $6; Sept. 10,600 at $6@5634; Sept. 11,20 at $654.
Honolulu 011-Sept. 4, 700 at 14; Sept. 11, 500 at 1 h; Sept. 14, 2,000 at
14; Sept. 16, 100 at 134; Sepb. 18, 500 at 194.
Honolulu Plantation Co.(Par $50)-Sept. 10, 450 at $26; Sept. 16. 100 at
$2634 Sept. 18,50 at $2634; Sept. 22,250 at $2635; Sept. 23,75 at $26.
Hutcninson Sugar Plantation (Par $25)-Aug. 26, 275 at $1434; Aug. 28,
15 at $1434; Aug. 29, Sat $1434; Aug. 31.365 at $15: Sept. 1, 155 at
215;
Sept. 2, 5 at $15; Sept. 4, 860 at $15; Sept. 10. 490 at $1534;
Sept. 11.
325 at $1534; Sept. 12,65 at $1534; Sept. 14, 10 at $1534;
Sept. 15. 195
at $1534: Sept. 16, 625 at $1534 & $16: Sept. 18. 30 at $17; Sept. 21,
at $1634; Sept. 22,30 at $1634; Sept. 24, Sat $1634; Oct. 1, 10@$16. 10
McBryde Sugar Co.-Sept. 15. 1,000 at 6.4•
Noble Electric Co.-Aug. 31, 50 at 2; Sept. 10, 300 at 102; Sept. 14. 400
at 134; Sent. 16, 100 at 1 h; Sept. 18, 300 at lh; Sept. 21, 100 at 134;
Sept. 22. 100 at 1 4 •
Onomea Sugar Co. (Par $20)-Aug. 26, 5 at 328; Aug. 27, 105 at $24:
Aug. 29, 265 at $2734 @$30; Aug. 31, 265 at $3034 & $31; Sept. 1, 150
at 431@$32; Sept. 2, 225 at $320$33; Sept. 3, 580 at $33 & $3334;
Sept. 4, 25 at $3394; Sept. 10, 905 at $35@536; Sept. 11, 95 at $37;
Sept. 15, 170 at 3354 & $36, both ex-div.; Sept. 15. 400 at $364. with
div.: Sept. 16, 280 at $3534 & $353(; Sept. 21. Sat $3534; Oct. 2. 15@
$33.
Paauhau Sugar Plantation (Par $20)-Sept. 4, 225 at $16: Sept. 11, 100
at $17; Sept. 12, 250 at 317; Sept. 15, 100 at $17; Sept. 18. 200 at $18;
Sept. 19, 25 at $1734; Sept. 22. 115 at $1734.
Pacific Gas & Elec., common (Par $100)-Aug. 26, 5 at 3734; Sept. 3. 50
at 37%; Sept. 4,330 at 374 & 38; Sept. 10,30 at 37%; Sept. 14, 100 at
3734; ESept. 19, 20 at 374: Sept. 22, 50 at 374; Sept. 23, 50 at 3734;
Sept. 28, 100 at 373-4; Sept. 30, 100 at 3734; Oct. 1, 10@38; Oct. 2, 175
@3734•
Pacific Gas & Elec., preferred (Par $100)-Aug. 26, 95 at 79; Aug. 28,
65 at 79; Sept. 10. 335 at 80; Sept. 11, 10 at 80; Sept. 14, 100 at 80:
Sept. 15, 5 at 80; Sept. 22, 5 at 80; Sept. 24, 135 at 80; Sept. 26, 50 at
80; Sept. 29. 10 at 80.
Pacific Telephone & Telegraph, preferred (Par $100)-Sept. 21, 50 at 85:
Sept. 25. 10 at 85: Sept. 30, 21) at 85, with divieend.
Santa Cruz Portland Cement (Par $100)-Sept. 11, 75 at 40; Sept. 22,
50 at 37%.
Spring Valley Water (Par 3100)-All sales at 5234. Sept. 1, 50; Sept. 2,
100; Sept. 29, 50; Oct. 1, 2518521.?; Oct. 2, 1000524.
Standard Oil. California (Par $100)-Sept. 29. 10 at 265; Sept. 29, 10
at 26434; Oct. 1, 1018265; Oct. 2, 5@265.
Union Sugar Co.(Par $25)-Sept. 15, 100 at $1834; Sept. 16, 225 at $1834;
Sept. 18, 25 at $1854•
Union Trust Co. (par $1,000)-Oct. 1, 2@$2.425.
Wells-Fargo Nevada National Bank (Par $100)-All sales at 160. Sept. 14,
16; Sept. 24, 20; Sept. 28. 100.
Western States Life-Aug.28,20 at 634; Sept. 3,25 at 634; Oct. 2,25@6%.
San Francisco Stock Exchange Transactions.The San Francisco Stock & Bond Exchange, as reported
BANK NOTES-CHANGES IN TOTALS OF, AND IN
in these columns, reopened for limited business on Aug. 20.
On Aug. 26 the authorities decided to report all sales made DEPOSITED BONDS, &c.-We give below tables which
all the monthly changes in bank notes and in bonds
from day to day but not to give merely bid and asked quo- show
and legal tenders on deposit.
tations. Below we indicate the transactions since Aug. 26:
Bonds.
Alaska Packers' Association 6s-Sept. 2, $1,000 at 10334; Oct. 1. $1,000@
103%.
Associated Oil 5s of 1922-All sales at 9734. Sept. 10. $1,000; Sept. 15,
*5.000; Sept. 18, $9,000; Sept. 22, $2,000; Sept. 24. $3,000.
Bay Counties Power 6s of 1931-Allsales at 100. Aug.26.52.000; Aug.28,
$1,000; Sept. 2, $1,000.
Hay Counties Power 5s of 1930-Sept. 29, $2,000 at 9934.
California Central Gas & Electric 5s of 1931-Sept. 30. 35,000 at 9934.
California Gas & Electric 5s of 1933-Sept. 10, $1.000 at 100; Sept. 28.
$5,000 at 99.
California Gas & Electric 5s of 1937-All sales at 90. Sept. 4. $2,000;
Sept. 10, $2,000; Sept. 11, 51,000; Sept. 15, $1,000; Sept. 17, 52,000:
Sept. 18. $2,000,• Oct. 1,52.000.
RR. 5s of 1928-Sept. 28, $1,000 at 98.
California N.
California Wine Association 5s of 1925-Oct. 2. $33.000@948
%.
Great Western Power 5s of 1946-All sales at 76. Sept. 4,51,000; Sept. 25,
51,000; Sept. 28, $7,000.
Hawaiian Corn. & Sug. Os of 1919-Aug. 31, $6.000 at 100; Sept. 28.
$17.000 at 100; Oct. 1,$20,000®100; Oct. 2, $23,000@100. •
Honolulu Plantation 6s.-Sept. 10, $2,000 at 100.
Bonds and Legal Tenders
on Depositfor1913-14.
Bonds.
Legal
Tenders.
Circulation Afloat Under-
Bonds.
Legal
Tenders.
Total.
Sept. 30 1914_ 1.089,281.290 15,766,893 a1082,117,883 15,766,893 1,077,884,776
Aug. 31 1914_ 870,289,600 15,447,138 *862,093,143 15,447,138 877,540,281
July 31 19 4_ 740,220.680 15.684,220 735,222,801 15.684,220 750.907,021
June 30 1914_ 740,796,910 15,142,939 735,528,960 15,142,939 750,671.899
May 30 1914_ 740,818,360 16,131,271 735,423,425 16,131,271 75 ,554,696
April 30 1914_ 741,213,210 15,585,726 736,180,040 15,585,726 751,765,766
Mar. 31 1914_ 740,603,400 16,605,018 735,445,281 16,605,018 752,050,299
Feb. 28 1914_ 741,445.500 16,658.993 736,509,838 16,658,993 753,168.831
Jan. 31 1914_ 741,645,500 17,828,533 736,194,233 17,828,533 754,022,766
Dec. 311113. 743.066,500 17,209,316 740,633,645 17,209,316 757,842,961
Nov. 29 1913_ 743,590,500 17,481,906 739,677,565 17,481,906 757,159,471
Oct. 311913. 743,513.990 18,835,933 740,063,776 18,835.933 758,899.709
•Of which $128,241,780 miscellaneous securities, Act of May 30 1908,
a Of which 2325,007.900 miscellaneous securities, Act of May 301908.
THE CHRONICLE
1040
The following shows the amount of each class of bonds
held against national bank circulation and to secure public
moneys in national bank depositaries on Sept. 30.
U. S. Bonds Held Sept. 30 to SecureBonds on Deposit
September 30.
2%, U.S. Consols of 1930
3%,U.S.Loan of 1908-1918
4%,U.S. Loan of 1925
2%,U.S.Panama of 1936
2%,U.S.Panama of 1938
3%, U.S.Panama of 1961
3.65%, District of Columbia
4%,Philippine Loans
4%,Philippine RallwaY
4%, Manila Rallroad
4%,Porto Rico Loans
Various, Territory of Hawaii
Various, State, City, Railroad, &c___
Total
Miscellaneous Securities (approved
Issue value)
Total Bonds and other Securities
Bank
Circulation.
Public Depos.
In Banks.
Total
Held.
$
606,316,250
21,283,680
34.918,800
53,051,180
28,958.140
$
12,788,700
5,033,400
3,888,700
1,199,500
574,000
13,893,900
783,000
5,905,000
918.000
10,000
1,935,000
2.088,000
13,992,500
$
619,104.950
26,317,080
3048:820007:652000
744,528,050
63,009,700
807,537,750
63,009,700
1,152,290,990
344,753,240
344,753,240
1,089,281,290
29.532,140
13,893,900
783,000
5,905,000
918,000
10,000
1,935,000
2.088,000
13,992,500
Name of Company.
Banks.
Produce Exchange, New York (No.59)-Trust
)Companies.
Broadway
Mutual of Westchester County (quar.)____
Fire Insurance.
North River
Miscellaneous.
Alliance Realty (Qum.)
Amer. Agrio. Chem.,com.(qu.)(No. 12)
Preferred (guar.) (No. 37)
American Chicle, common (monthly)._
Common (extra)
American Cigar, common (guar.)
Amer. Coal Products, preferred (quar.)Amer. Gas dc Elec. pref.,(qu.)(No. 31)_
American Light et Traction, corn.(guar.)-Common (payable in common stock).....
Preferred (guar.)
American Locomotive, preferred (guar.).
American Malt Corpora'n, pref.(No. 13)
American Malting, preferred
American Public utilities, Pref. (guar.).American Seeding Machine, corn. (guar.)
Preferred (guar.)
American Telephone dr Telegraph (guar.)
AmericanAn roien
T
r l
paelape
Founders,
r co
((Oa
rauum
araro.
)
)
n (((isy
0o.
a
.r65
.
)
26)
)7.
[VOL.
Per
When
Cent. Payable,
xcm.
Books Closed.
Days Inclusive.
4
Oct. 15 Holders of reo. Oct. 7
134 Nov. 2 Oct. 22 to Nov. 1
13i Oct. 15 Holders of rec. Oct. 14
5
2
l
im
1
Oct. 10 Holders of tee. Oct. 2
Oct. 15 Holders of rec. Oct. 5
Oa
c)ct. 10
5 Ha
olei
de
e,a
rs ()off rec.ree 0Seepptt.. a
28a
O
ocatt.. 20 H
Ho
allde
ars
ia o
af rteaca.. 0
0cat
t.. Ir
a
134 Nov. 2 Holders of rec. Oct. 17a
1,‘ Oct. 15 Oct. 11 to Oct. 14
134 Nov. 2 Holders of rec. Oct. 21
234 Nov. 2 Oct. 16 to Nov. 1
235.1 Nov. 2Oct. 16 to Nov. 1
13; Nov. 2 Oct. 16 to Nov. 1
1% Oct. 21 Sept.22 to Oct. 21
1
Nov. 4 Oct. 17 to
62c. Nov. 2 Oct. 17 to
134 Oct. 10 Oct. 1 to Oct. 9
1
Oct. 15 Holders of rec. Sept.30a
Sept.d
Holdersi1100oill 1rrs 0000
oi
f trtrrr:i
eceace. SeSpte.p!JtE.1eccci
o.
t
.t (2)so
0a
a
000
Holders
i
Holders
;
0. Oct.cceec . .
ai;4Mm.
11 Holders
Associated Gas et Elec., pref. (guar.)
134 Oct. 15 Holders of rec. Sept. 30
Associated oil (quar.)
pi Oct. 15 Holders of rec. Oct. la
Bell Telephone of Canada (guar.)
2
Oct. 15 Holders of rec. Sept.25
Bell Telephone of Pa. (guar.)
134 Oct. 15 Oct. 6 to Oct. 15
Bonbright(Wm.P.)Co., Inc., 1st pf.(qu.) 134 Oct. 10 Holders of rec. Sept.30
Borne, Scryinser Co.(annual)
420
Oct. 15 Sept. 19 to Oct. 14
National Bank Notes-Total Afloat$877,540,281 Brown Shoe, preferred (guar.)
114 Nov. 1 Holders of rec. Oct. 24
Amount afloat Sept. 1 1914
Canadian
West'house.
Ltd.
(qu.)
(No.
39)
134
September
200,344,495
Oct.
10 Holders of reo. Sept.30a
during
issued
Net amount
Central Coal & Coke, pref. (guar.)
13I Oct. 15 Oct. 1 to Oct. 15
1
$1,077,884,776 Chicago Pneumatic Tool (guar.)
Oct. 26 Oct. 16 to Oct. 26
Amount of bank notes afloat Oct. 1 1914
Clued,Peabody dc Co., corn.(quar.)(No.4) 1
Nov. 2 Holders of rec. Oct. 20
Legal-Tender Notes$15,447,138 Commonwealth Edison (guar.)
2
Nov. 2 Holders of rem Oct. 15
Amount on deposit to redeem national bank notes Sept. 1 1914
September
pref.
in
319,755
Corn
Products
Refining,
(quar.).-131'
issued
Oct.
notes
15 Holders of rec. Oct. 50
bank
of
amount
Net
Dayton Power & Light, pref.(quar.)____ 134 Oct. 15 Holders of rec. Sept. 30a
$15.766,893 Delaware Lack.& West. Coal (quar.)--- 214 Oct. 15 Holders of rec. Oct. la
Amount on deposit to redeem national bank notes Oct. 1 1914
134 Oct. 15 Holders of tee. Sept. 30a
Detroit Edison (quar.)
14 Oct. 31 Holders of rec. Sept. 30a
Distilling Co. of America, pref. (quar.)__
Dominion Steel Corp., pref.(guar.)(No.11) 134 Nov. 2 Oct. 16 to Nov. 2
National Banks.-The following information regarding Dominion Textile, Ltd., pref. (guar.)... 134 Oct. 15 Holders of rec. Sept.30a
du Pont(E. I.) de Nem.Pow., pref.(911.)
I kl Oct. 26 Oct. 16 to Oct. 26
national banks is from the office of the Comptroller of the Edison
El.Ill., Boston (gu.)(No. 102)____ 3
Nov. 2 Holders of rec. Oct. 15
Currency, Treasury Department.
54 Nov. 2 Holders of rec. Oct. 15a
Edison El. It. of Brockton (No. 54)
INSOLVENT NATIONAL BANKS.
Electrical Securities Corp., pref.(guar.). 111 Nov. 1 Oct. 27 to Nov. 11
Electrical Utilities Corp.,Pl.(Qui(No.18) 151 Oct. 15 Holders of rec. Oct. 1
6.213-The First National Bank of Sutton, W. Va., was placed in the Eureka Pipe Line (guar.)
6
Nov. 2 Holders of rec. Oct. 15
hands of a receiver Aug. 29 1914.
134 Nov. 2 Holders of rec. Oct. 30a
Sugar Refining, pref. (guar.)
Federal
National
Bank
of
American
Pensacola,
Fla.,
was
placed in
5,603-The
.r.(BO (No.13). 13( Nov. 1 Holders of rec. Oct. 20a
li f:
irftec
PottA.cicititi;
the hands of a receiver Sept. 2 1914.
2
Oct. 15 Holders of rec. Aug. 29a
8.736-The United States National Bank of Centralia, Wash., was placed Gene
354 Nov. 1 Holders of rec. Oct. 15a
General Motors. preferred
In the hands of a receiver Sept. 21 1914.
Globe-ernce,
W i k pre.(guar.)f
154 Oct. 15 Holders of rec. Sept.30
APPLICATIONS TO CONVERT APPROVED.
Harbison-Walker Refractories, Pref.(guar.) 134 Oct. 20 Holders of rec. Oct. 10
The Lake County Bank of Madison, S. D..Into "The Lake County Homestake Mining (monthly)(No.479)
65c. Oct. 26 Holders of rec. Oct. 20
National Bank of Madison." Capital, $75,000.
Houghton County El. Lt., corn.(No. 19) 6234 c Nov. 2 Holders of rec. Oct. 16a
The City Guaranty State Bank of Whitesboro, Tex., Into ..The City
75e. Nov. 2 Holders of rec. Oct. 16a
Preferred
(No.
24)
National Bank of Whitesboro." Capital, $50,000.
Illinois Northern Utilities, pref.(quar.).134 Nov. 2 Oct. 21 to Nov. 1
CHARTERS ISSUED TO NATIONAL BANKS SEPT.23 TO SEPT.26. Indiana Pipe Line(guar.)
$2.50 Nov.14 Holders of rec. Oct. 17
3
Nov. 2 Holders of rec. Oct. 15
10.622-e
Th Tennessee National Bank of Nashville, Tenn. Capital, MO,- International BanMng
S. L. Campbell, Cashier. (Conver- Int. Buttonhole Sew.Mach.(qt1.)(No.68) 1
Oct. 15 Holders of rec. Oct. 1
000. E. A. Lindsey,
1)4
&
Trust
Internat.
Harvester
es
Co.
of
N.
J.,coin.(qu)
Oct.
15 Holders of rec. Sept. 28a
Pres.•.
Bank
Co.
of
Tennessee
Nashville, Ten2
n5,000.
.)
sion of the
International Nickel, common (quar.)
234 Dec. 1 Nov. 15 to Dec. 1
10,623-The First National Bank of Gosport, N. Y. Capital, $
Preferred Mar.)
155 Nov. 2 Oct. 15 to Nov. 3
George R. Sheldon, Pres.; M. D. Mack, Cashier.
34 Oct. 15 Holders of rec. Oct. ea
First National Bank of Edgewood, Tex. Capital, 625,000. International Paper, pref.(quar.)
10.624-The
R. M. millaapa, Free.; Joe P. Downs. Cashier. (Conversion
4
Nov. 16 Holders of rec. Nov. 50
of Int.Smokeless Pow.& Chem..pref
Tex.)
Edgewood,
Coal,
Island
Creek
common
50c.
Nov. 2 Holders of rec. Oct. 23
Bank
of
(quar.)
State
First
the
10,625-The First National Bank of Stanford. Mont. Capital, $35,000, Kayser (Jullus)& Co.,1st 4c 2nd pf.(qu.). 114 Nov. 2 Holders of tee. Oct. 210
234 Oct. 20 Oct. 1 to Oct. 18
A. .1. Stough, Pres.; Frank Meredith. Cashier. (Conversion of La Rose Consolidated Mines (guar.)._
51.25 Oct. 17 Holders of rec. Oct. 8
Lehigh Valley Coal Sales (guar.)
the First State Bank of Stanford. Mont.)
Loose-Wiles BISCUit, 2nd pf.(qu.)(No.10) 134 Nov. 2 Oct. 16 to Nov. 1
VOLUNTARY LIQUIDATION.
)
rbes, common (guar.) 2% Oct. 15 Holders of rec. Sept. 30a
ewsw&uaF
rc
Mpr
acA
efn
ed
rrred
154 Oct. 15 Holders of rec. Sept. 300
3,840-The Miami Valley National Bank of Hamilton, Ohio. Sept. 25 1914.
Absorbed by the First National Bank of Hamilton, Ohio. Ligui- Manufacturers' Light & Heat (guar.)... 2
Oct. 15 Oct. 1 to Oct. 15
dating agent. Ben Strauss, Hamilton. Ohio.
corn. (guar.)._ 81.25 Nov. 2 Holders of ree. Oct. 15a
Gas
Cos.,
Massachusetts
5a
6,902-The State National Bank of Little Rock, Ark., July 9 1914. LIqui. Massachusetts Lighting, old corn.(qu.)_. $1.75 Oct. 15 Holders of rec. Sept. 250
Johnson,
M.
Thomas
C.
H.
250. Oct 15 Holders of rec. Sept. 25a
McRae. maz
dating committee:
New common Mar.)
51.50 Oct. 15 Holders of rec. Sept. 25a
Mayer, Maurice L. Altheimer and W. M. Lewis.
preferred
(guar.)
New
Charlottesville. Va., Sept. 24 1914. McCall Corporation, common (quar.)
1
Nov.16 Holders of rec. Nov. 2
9,246-The Albemarle National Bank ofWood,
J. F. Dickerson and W.
Holders of rec. Sept. 300
254 Oct. 15 Holde
Liquidating committee: J. B.
A.Mexican Telegraph (guar.)
1,4 Oct. 15 Holders of rec. Sept.30a
Lambert, Charlottesville, Va. Consolidated with the People's Mountain States Telep.& Teleg.(quar.)_
S
peapttAr
National Bank of Charlottesville, Va. No. 2594.
National Biscuit, corn.(guar.)(No.65)- hti Oct. 1..g Holders of troec. ,
National Carbon, common (guar.)
1
Oct.
15
Holders
of
rec.
Oct.
3
prof.
(Qua:4
National Fireproofing.
6
Oct. 15 Holders of rec. Sept. 24
New York Transit (guar.)
DIVIDENDS.
2
Oct. 15 Holders of roe. Sept. 30a
Niagara Falls Power (guar.)
5
Oct. 20 Oct. 1 to Oct. 18
mar.)
The following shows all the dividends announced for the imsteng,1%,,itianes
1;4 Oct. 15 Holders of rec. Sept.30
1
Pi
Oct. 15 Holders of rec. Sept. 30
future by large or important corporations.
(guar.)
OtpisraEferrlevadatorw,
134
13-4 Oct. 15 Holders of rec. Sept. 30
(qua?.)
Dividends announced this week are printed in italic.
134 Oct. 15 Oct. 1 to Oct. 15
Pacific Telep. er Teleg.. pref.(guar.)._
1
Nov. 16 Holders of rec. Nov. 5a
on Mar.)
oziaa
,common
Ltd
Pepr
nmafaans
wed
134 Nov. 2 Holders of rec. Oct. 21a
Per
When
Books Closed.
Cent. Payable.
1155
Days Inclusive.
ooff
Sept.00t. 30
10
Name of Company.
Pennsylvania Lighting, pref. (guar.)._ _. 134
Oct. 15 Hold
of tee,
Pennsylvania Salt Manufacturing (war.)
3
15i Oct. 26 Holders of rec. Oct. 15a
pref
..
45(Qua?.)
l,bse
Railroads (Steam).
Coa
.w
Pittsburgh
pittab.Term
.(monthly) 215(0.Oct. 15 Oct. 9 to
Atchison Topeka ‘k Santa Fe,COM (guar.)- 1,34 Deo. 1 Holders of rec. Oct. 30a
2
Oct. 15 Sept. 27 to Oct. 15
2;,
:a Dec.
c. B r
ia
tera
rs of fe
:
e :(
IT:.30
3ci
a Procter & Gamble, pref. (quar.)
Boston & Albany (guar.)
Nor.
111-com.(gu.)of
2
Corp.
(quar.)
Western
ri 00
Serv.
Public
,g
c0
:
0::
:
:
: H
Delaware Lackawanna &
U
noo
te
eeer.rars
rs
cs l
3
0
000f tee.
Oct.
15
Oct.
2
to Oct. 14
roe...
.0
Oct.
.
e
czt.
..1F
12aa
Preferred (guar.)
Georgia RR.& Banking (guar.)
2
Oct. 31
Quaker Oats, common (Qua?.)
Grand Trunk, guaranteed
1;f
Nov.
2
Holders
of
roe.
Oct.
15a
Preferred (guar.)
Great Northern (guar.)
114)_
(No.
1
Oct. 15 Holders of rec. Sept. 362
Mach.(q11
)
.)
(
Kansas City Southern, preferred (qua?.)..
Oct. 15 Holders of rec. Oct. 1
51.25 Oct. 10 Holders of rec. Sept.260 Reece Folding Mach.(quar. No.22)...._ , 1
1,ehigh Valley, cam.& pref. (guar.)
10
5 H0
Oct. 15 Holders of rec. Sept. 21a Securities Corp. General, pref.(guar.)... 1;4
olde
ders ()
off r a.
.Sept.
oat 30
10
M.St. P.& S. S. M..Cora, dr pf.(No. 23) 334
Oct.°
Oc
et.
Power (guar.)
134
Oct.
15
Holders
of
reo.
&
Sept.
Water
21a
(quar.)Shawinigan
Hod.
River
Central
ac
New York
21)
134
Oct.
(No.
15
Holders
of
rec.
Nov.
19
Holders
pf.
0111.)
Sept.
30
1
of
rec.
(Quar.)___
Oct.
Edison,
3Ia
Calif.
Southern
Norfolk & Western, adj. pref.
1% Nov. 2 Holders of rec. Oct. 8a Southern New England Telephone (guar.) 154 Oct. 15 Oct. 1 to Oct. 15
Northern Pacific Mar.)
234 Oct. 31 Oct. 27 to Nov. 1
254 Oct. 10 Oct. 1 to Oct. 11
Standard Milling, pref.(No. 23)
Philadelphia & Trenton (guar.)
4S).. 234 Oct. 15 Oct. 1 to Oct. 15a
rec.
2
Nov.
12
Holders
of
Oct. 270 Union Natural Gas corp.(qu.)(NO.45)
Reading Company, common (guar.).-- 234 Oct. 10
corn.& pref.(gu.) 4$1.50 Oct. 15 Holders of roe. Sept. 300
Signal,
Sent.
Sept.
30
20
to
Switch
&
Union
Cos-gu.(111.)Canal
RR.
&
J.
United N.
pm
Fr
334 Oct. 15 Holders of rec. Oct. ea -nited
Cigar Stores of Atn.,c .(04.)(Nog) 134 Nov. 16 Nov. 3 to Nov. 16
Warren
Nov. 2 Holders of rec. Oct. 14a
United Electric Securities, preferred _ _ _ _ $3.50
Street and Electric Railways.
2
Oct. 15 Holders of tee. Sept.260
(No. 61)
Nov.
1
Sept.
24
to
Oct.
154
(guar.)
22
'
Fruit
United
Aurora Elgin & Chicago RR..Wet(Quar.) 2
El
Oct.
15 Holders of rec. Sept.300
8
to
Improvement
Mar.)
Oct.
15
Oct.
Oct.
15
United Gas
Brooklyn City RR.(guar.)
Oct.
Holders off ;e
(No 32)
a : Oct.
:
134 Oct. 15 Oct. 1 to Oct. 15
U. S. Industrial Alcohol. VAIL)
Cin. Newport& Coy. L.& T.,com.(qu.) 1%
Rubber. corn.(guar.)
Oct.
1
to
Oct.
15
Oct.
15
States
'United
Preferred (guar.)
2
Oct.
81
Holders
of
rec.
(guar.)
Oct. 15a
Nov. 2 Holders of roe. Oct. 16a
First preferred
Commonwealth Pow.,Ry.dcLt.,com.(qu). 1
134 Oct. 31 Holders of reo. Oct. 15a
134 Nov. 2 Holders of rec. Oct. 16a
Second preferred (guar.)
Preferred (guar.)
87540.
Oct.
15
Holders
of
(111.)
rec.
Pref.
Holders
of
rec.
Min..
Sept.
30
Sept.
13
22a
Ref.
&
Oct.
U.S. Smelt.
Dallas Electric Corp.,first pref.(No.3)--- 3
3
Oct. 31 Holders of rec. Oct. 15a
234 Oct. 13 Holders of rec. Sept. 22a Vacuum 011
Second preferred (No. 3)
Nov. 15 Holders of rec. Sept. 30a
(No.76.) 2
(au.)
Chem.,
pf.
to
Oct.
25
Nov.
14
14
-Caro.
Nov.
234
Virginia
Havana Electric By.,Light et Power,corn__
Nov. 14 Oot. 25 to Nov. 14
Warner(Chas.)Co.of Del.,1st&2d of.(qu) 131 Oct. 22 Holders of roe. Sept. 30a
3
Preferred
134 Oct. 15 Holders of rec. Sept. 30
Oct. 14
Western States Gas & El., pref. (guar.)._
Kentucky Securities Corp., pref. (quar.)- 134 Oct. 15 Oct. 1 to
c 1
0ot
t. 3
10
5 lulo
olders coif rreece.. Sept.
rec.
Oct.
20a
of
:
.3
1
Western Un. Telegraph (qu.)(No. 182).
Milwaukee El.By.&
de Lt.. pf.(gel(No.60) 134 Oct. 31 Holders
$2
Oct. 15 Oct. 1 to Oct. 15
Westinghouse Air Brake (guar.)
5
Oct. 15 Oct. 2 to Oct. 15
Manchester Tract. Light & Pow.(quar.).. 2
Mtg.,
de
rec.
of
Sept.
Elec.
Holders
30
Westinghouse
Oct.
15
1.3i
Ry.&Light, pref.(quar.)
13i Oct. 15 Holders of rec. Sept.300
)
Preferred (qua?.
Nov. 2 Holders of rec. Oct. la
corn.gl;i,
Philadelphia Co.,corn.(guar.)(No. 132).(P.)(No.46) 154 Nov. 1 Holders of rec. Oct. 22
Nov. 2 Holders of rec. Oct. la White (J. G.) Co., Inc.,/nc.. /
3
6% cumulative preferred (No. 4)
Public Service Invest., Pr (go.)(No. 22)... $1.50 Nov. 2 Holders of rec. Oct. 15a
Oct. la
Puget Sound Tr.,L.& P., pf.(guar.)... 135 Oct. 15 Holders of rec.
a Transfer books not closed for this dividend. b Less British Income tax. d Cot.Republic Ry.& Lt.. pref.(qu.)(No. 13). 134 Oct. 15 Holders of rec. Sept.30
United R ys.& Elec., Bait., corn. (quar.)_ 50c. Oct. 15 Holders of rec. Oct. 3a rection, e Payable In stock. !Payable in common stock. g Payable In scrip.
Unit
134 Oct. 20 Holders of rec. Oct. 6a 11 On account of accumulated dividends.
Virginia Railway & Power,common
The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits Sept. 1 and
Oct. 1 and their increase or decrease during the month of
September:
0.
7,00.4,ru,apri)ef.
i2 25
14
It
c. ig:
THE CHRONICLE
OCT. 10 1914.1
1041
STATE BANKS AND TRUST COMPANIES.
Statement of New York City Clearing-House Banks
Trust Cos.
State Banks
Trust Co..
State Banks
House
Clearing
York
New
-The
Companies.
and Trust
outside of
in
outside of
in
Week ended Oct. 3
Greater N. 7. Greater N. 7. Greater N. 7. Greater N. Y
has discontinued for the present issuing its detailed state$
$
$
$
ment showing the weekly averages of condition of the sep67.300,000
10,758,000
11,300,000
23,8.50.000
as of June 30....
arate banks and trust companies, both the member and the Capital
11,702,800
13,894,100
38.502,800 155,158,200
as of June 30____
"non-member" institutions. The reserve items "Cash re- Surplus
Loans and investments__ 330,521,600 1,114,925,300 134,768,800 191,371,800
-23,556,300
+462,900
+830.300
C.
H.
-6,863,600
with
week_
companies'
reserve
last
Change
from
"Trust
and
vault"
serve in
82,577,000
49,834,700
members carrying 25% cash reserve" are separately stated Gold
-594.500
+178,000
Change from last week_
34,489,300
26,762,200
notes
as to banks and trust companies in the summarized state- Currency and bank week_
+351,200 +2,192,200
Change from last
ment furnished by the Clearing House; but with these ex- Deposits
412.046,900 1,206,211,400 138,707.500 197,302,500
+676,600
+671,500
Change from last week- +7,003,500 -2,107,000
ceptions the figures are for banks and trust companies to24,413,600
23,874,400
100,833,000 236,814,000
on deposits
gether and are not apportioned between the two classes of Reserve
-607,200
-121,100
Change from last week_ +1,804,800 +6,381,400
14.7%
19.0%
Institutions. The publication of the statement in the usual P. C. reserve to deposits_
27.8%
24.7%
15.1%
19.2%
23.9%
Percentage last week
27.4%
form, it is stated, will not be resumed until all outstanding
+ Increase over last week. -Decrease from last week.
Clearing-House loan certificates are retired. The last
complete statement issued, that for August 1 1914, will be
Boston and Philadelphia Banks.-Below is a summary
found in the "Chronicle" of August 8 on page 398.
of
the weekly totals of the Clearing-House banks of Boston
given
out
by
the
as
Clearing
figures
the
below
show
We
and
Philadelphia:
reported
by
the
totals
State
Bankthe
House and also print
ing Department for the State banks and trust companies
We omit two ciphers (00) in all these figures.
In Greater New York not in the Clearing House. In addition
Capita
Circu- Clearings.
and
Loans.
Specie. Legal:. Deposits.
Banks.
we combine, as has been our custom, each corresponding item
lation.
a
Surplus.
In the two statements, thus affording an aggregate for the
$
Boston.
$
$
whole of the banks and trust companies in Greater New Aug.
109,652,7
15_ No state ment lasu ed.
109,922,0
Aug. 22. No state ment 198U ed.
York.
96,427,2
Aug.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Clear.-House Clear.-House State Banks & Total of all
Members
Members
Trust Cos. not Banks & Tr.
Average.
in C.-H., As. Cos., Aver.
Actual Figs.
Week ended Oct. 3.
Capital as of June 30--- $175.300,000 5175,300.000
$28,950,000 5204,2.50,000
296.930,800 296,930.800
3urplus as of June 30____
70,887,900
367,818,700
Loans and investments__
Change from last week
2,202,131,000
569,543,200 2,771,674,200
-24,575,000 -16,095,900 -40,670,900
Deposits
Change from last week
1,966,283,000
-16,963,000
3pede
Change from last week
329,254,000
+3,480,000
b41,335,600
+189,600
370,589,600
+3,669,600
ACTUAL
Legal-tenders
Change from last week FIGURES
NOT
Banks: Cash in vault_ __. GIVEN.
Ratio to deposits
95,502,000
+5,597,000
c13,834.300
+156,800
109,136,300
+5,753,800
357.480,000
Not given
12,899.400
13.61%
370,379.400
a563,553.400 2,529,836,400
--13,200,300 -30,163,300
Trust Coe.: cash In vault_
67,276,000
42,070,500
109,346,500
Aggete money holdings__
Change from last week
424,756,000
+9,077,000
54,969,900
+346,400
479,725,900
+9,423,400
Money on deposit with
other bks. & trust cos_
Change from last week
51,927,000
-400,000
83,592,700
+6,126,600
135,519,700
+5,726,600
Total reserve
Change from last week
476,683,000
+8,677,000
Not given
Not given
Total
Change from last week
def17,986,650
+12,722,750
% of cash reserves of trust cosCash In vault
I
Cash on elep. with bks_ 1
Total
I
29..
5_
12_
19_
26_
3_
No state
No state
No state
No state
No state
No state
ment issu
ment issu
ment issu
ment issu
ment issu
ment tssu
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Oct.
13_
29_
29_
5_
12_
19_
26_
3_
103,684,3
103,684,3
103,684,3
103,684.3
103.684,3
103,684,3
103,684,3
103,684,3
401,553,0
399,898,0
399,830,0
400,601,0
401,833,0
402,276,0
401,256,0
401,699,0
ed.
ed.
ed.
ed.
ed.
eel.
106.788,1
91,840,1
118,484,6
102,639,7
130,921.8
85,902,0
85,451,0
84,017,0
85.651,0
86,457,0
89,669,0
90,426,0
94,029,0
*424,113.0
*421.292,0
*418,421.0
*422,326,0
.422,596,0
.428,773,0
*425,477,0
*434,394,0
12.525,0
13,179.0
13.441,0
13,723,0
14,084.0
15,018,0
15,358,0
15,504,0
119,368.7
131,601,2
125,425,7
146.7564
109,702.9
135,785,7
124,965,4
154,615,9
a Includes Government deposits and the Rem "due to other banks."
•"Deposits" now include the Item "Exchanges for Clearing House," which were
reported on October 3 as 313,753,000.
Imports and Exports for the Week.-The following are
the imports at New York for the week ending Oct. 3; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
For Week.
138.562,600 615,245,600
+6,473,000 +15,150,000
Surplus CASH reserveBanks (above 25%). Trust cos.(above 1577
0)
Sept.
Sept.
Sept.
Sept.
Oct.
Dry goods
General merchandise
Total
Since January 1.
Dry goods
General merchandise
Irntn1 An woks
1914,
1913.
33.064,930
15,450,621
32,803,378
15,160,784
1912.
1911.
33.145,873
18,115,850
32,421,303
12,081,241
318.515,011 517,964,162 321,261,723 314,502.544
8134,713,958 5117,086,607 5114,861.873 5107,851,056
627,770,248 635,164,721 655,742,352 557.013,926
S70.4g4.20fi 3752.251.328 $770.604.225 S1164.}164.9522
Not given
Not given
9.80%
16.68%
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Oct. 3 and from Jan. 1 to date:
Not given
26.48%
EXPORTS FROM NEW YORK.
+ Increase over last week. -Decrease from last week.
a These are the deposits after eliminating the item'Due from reserve depositaries
and from other banks and trust companies In New York City and exchanges"; with
this item included, deposits amounted to 8644,065,000, a decrease of 86.469,300
from last week. In the case of the Clearing-House members, the deposits are "legal
net deposits" both for the average and the actual figures. b Gold. c Currency
and bank notes.
CIRCULATION.-Circulation of national banks October 3 reported at $138.801,000; Sept. 26, 3137,261,000; Sept. 19, $129,716,000: Sept. 12. 3124,516,000:
Sept. 5, $114,362,000; Aug. 29, 3103,157,000: Aug. 22, 588,539,000; Aug. 15, 374,017,000; Aug. 8, 351,093.000; Aug. 1. 341,578,000.
1913.
1914.
1912.
1911.
For the week
Previously reported
313,270,865 S14,655,458 S19,155,210 817,148,165
640,053,715 664,070,821 618,318.234 579,119,635
Total 40 weeks
$653,324,580 $678,726,279 S637,473,444 5596,267,800
The following table shows the exports and imports of
specie at the port of New York for the week ending Oct. 3
The averages of the New York City Clearing-House banks and since Jan. 11914, and for the corresponding periods in
and trust companies, combined with those for the State banks 1913 and 1912:
and trust companies in Greater New York City outside of the
Clearing House,compare as follows for a series of weeks past:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphers in all these figures.
Loans and
Week Ended- Investments
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Oct.
1____
8_--15-22____
29____
5....
12.._
19____
26-3.-
$
2,627,002,4
2,654.887,9
2,694,560.3
2,701,090,3
2,697,812,8
2,706.988,9
2,735,541,5
2,819,169,5
2,812,345,1
2,771.674,2
Deposits.
i
2.503,437,3
2,472,122,6
2,477.574,6
2,474,555,6
2,461,563.5
2.461,728,7
2,485,101,8
2,564,916,9
2,559,999,7
2,529,836,4
Specie.
Legal,.
TotMoney Entire Res
Holdings onDeposit
$
8
$
$
406,912,1 90,805,7 497,717,8 642,550,9
355,460.5 85.556,5 441,017,0 563,381,5
352,248,9 85.578,9 437,827,8 558.181.6
354,200,1 87,069,5 441,269,6 568,329,9
359.257,6 88,792.6 448,050,2 577,765,6
357,901,2 87,221,7 445,122,9 568,786,1
362,385,3 89,770,9 452,156,2 574,424,9
361,945,1 101,720,0 463,665,1 589,099,4
366,920.0 103,382,5 470,302,5 600,095,6
370,589,6 109,136,3 479.725,9 615,245,6
Imports.
Exports.
Gold.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1914
Total 1913
Total 1912
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Week.
Since Jan.1
Week.
$
$
$37,671,460
85,540,015
1,018,913
935,049
1,105,124
989,487
338,900
$
55,583
440
219,581
53,882
Since Jan.1
8
517,366
124,195
3.602
1,599,316
997,118
2,971,249
1,497.586
5127598948
310.000 68,778,546
230,100 32,943,385
5279,486 37,210,432
607.199 16,807,342
315,225 17,940,400
5662.120 327,544,985
3,204,408
$9,305
13,226
18,267
We add herewith the weekly returns furnished by the Stata
202,895
31,600
43,140
91,346
Banking Department of the State banks and trust companus
3.461,797
129,400 1,329,363
77,295 2,335,505
under its charge. These returns cover all the institutio is
133,532
983,069
8,834 1,202,403
of this class in the whole State, but the figures are compiled
Total 1914
5925.052 533,356,066
$87,729 57,083,643
so as to distinguish between the results for New York City
Total 1913
842,726 38,368,939
214,246 7,898,743
Total 1912
1,165,875 43.789.683
(Greater New York) and those for the rest of the State, as
210.137 7 104 k7n
following:
the
per
Of the above imports for the week in 1914, $6,023 were
For definitions and rules under which the various items
American gold coin and $___ American silver coin.
are made up, see "Chronicle," V. 98, p. 1661
1042
THE CHRONICLE
Vankers'
Wall Street, Friday Night, Oct. 9 1914.
The Money Market and Financial Situation.—One of
the important matters of the week receiving attention has
been the progress made in organizing the Federal Reserve
Board. This has now reached a stage that gives promise
of the inauguration of the new banking system at an early
date. Interest has again centred in the foreign exchange
market and the working of the Gold Fund Committee's plan.
Little information is given out for publication, but it is
understood that requests from commercial sources are given
preference and that practically all such are approved. The
applications from all sources are, however, in excess of the
available supply and rates have had a tendency to advance.
The most favorable feature of the present situation is
increasing ease in the money market, following last Saturday's bank statement and the London market. Short-term
notes and commercial paper have been in demand and although former quotations have been pretty well maintained
there is a somewhat easier tendency in the matter of rates.
There is reported to be an enlargement of trading in securities, but this bare fact is practically all that is known
about the matter. Discussion about opening the Stock Exchange has largely ceased, as no way to prevent an avalanche of foreign-owned bonds and stocks from being dumped
on our market seems available. The Detroit and San Francisco exchanges, however, are again issuing price lists, and
it has been arranged to open the Boston curb market next
Wednesday, the 14th, under the following rules:
1. That trading in unlisted stocks and bonds will be permitted without presenting transactions to this committee,
bearing in mind the spirit that has prevailed in past weeks.
2. All trades are to be made for cash only.
3. No circulars quoting prices shall be issued without first
receiving approval of committee.
4. All transactions in securities listed on the New York and
Boston stock exchanges should be presented to the committees
of the respective exchanges.
The committee calls to your particular attention its previous ruling, "that no quotations • be made public."
Reports from the iron and steel industry are most discouraging. It is estimated that to-morrow's statement of
the U. S. Steel Corporation's orders booked in September
will show a very large shrinkage. It is said, moreover,that
prices have declined, especially for pig iron, so that profits,
if any, are at a minimum. Railway traffic reports continue
to be most unsatisfactory and yet the Public Service Commission of Missouri has just refused to allow railways in
that State to increase passenger or freight rates.
The Government crop report shows the total of wheat
to be 892,000,000 bushels, a new record, and of corn 2,676,000,000 bushels. The latter has several times been exceeded
but is 230,000,000 bushels larger than the crop of 1913.
Evidently the grain growers of the country will profit
[VOL.
azett.
largely by the war in Europe if present prices for cereals
are maintained.
The open market rates for call loans on the Stock Exchange
during the week on stock and bond collaterals have ranged
from 6% to 8%. Friday's rates on call were 6@8%. Commercial paper closed at 63'@7%.for sixty to ninety-day
endorsements and prime four to six months' single names
and 73/2@8 and higher for good single names.
The Bank of England weekly statement on Thursday
showed an increase of £3,840,308 in gold coin and bullion
holdings and the percentage of reserve to liabilities was
24.53, against 22.81 the week before. The rate of discount
remains unchanged at 5%, as fixed Aug. 13. The Bank of
France issued no statement.
NEW YORK CLEARING-HOUSE BANKS AND TRUST COMPANIES.
1914.
Averages for
week ending
Oct. 3.
Differences
from
previous week.
1913.
Averages for
week ending
Oct. 4.
1912.
Averages for
week ending
Oct. 5.
$
$
$
s
Capital (June 30)
175.300,000
179,900,000 174,900,000
Surplus (June 30)
305,760,200 296,821,300
296,930,800
Loans and investments 2,202,131,000 Dec. 24,575,000 1,954,405,000 1,946,976,000
Circulation
138,801,000 Inc. 1,540,000 44,847,000
46,344,000
Deposits
1,966,283,000 Dec. 16,963,000 1,794,028,000 1,792,024,000
Specie
329,254,000 Inc. 3,480,000 334,571,000 323,913,000
Legal-tenders
95,502,000 Inc. 5,597,000
76,776,000
82,452,000
Cash reserve held
Cash reserve required
Surplus
424,756,000 Inc. 9,077,000 411,347,000 406,365,000
442,742,650 Dec. 3,645,750 405,752,000 401,584,200
def17,986.650 Inc. 12.722.750
5.595.000
4.780.800
Foreign Exchange.—The market for sterling exchange
has ruled firm during the week, the supply of bills not being
equal to the demand.
To-day's (Friday's) actual rates for sterling exchange were 4 93@4 93X
for sixty days. 4 963',(4)4 9734 for cheques and 4 9734(414 9834 for cables.
Commercial on banks nominal and documents for payment nominal. Cotton for payment nominal and grain for payment nominal.
There were no sterling exchange rates posted by leading bankers this week.
To-day's (Friday's) actual rates for Paris bankers' francs were,nominal.
Germany bankers marks were nominal. Amsterdam bankers guilders
were nominal.
Exchange at Paris on London not quotable.
Exchange at Paris on London not quotable.
Exchange at Berlin on London not quotable.
The range for foreign exchange for the week follows:
Cables.
Cheques
Sixty Days.
Sterling. Actual—
4 98g
4 97
High for the week-__4 9334
4
95g
494,'
Low for the week _ _ _4 91
Paris Bankers' Francs—
5 04
5 05
High for the week___
5 07
60734
Low for the week___
Germany Bankers' Marks—
93g
93
High for the week___
92
91%;
Low for the week_ __
Amsterdam Bankers' Guilders—
4234
High for the week_ _ _
40g
Low for the week___
$1,000 discount. Boston.
Domestic Exchange.—Chicago, 15c. per
bid and 40c. premium asked.
par. St. Louis, 30c. per $1,000 premium
$8 75 per $1,000 discount. Minneapolis,
San Francisco, par. Montreal,
25c. per $1.000 premium.
10c. per $1,000,premium.ik Cincinnati.
Owing to the fact that the New York Stock Exchange has
remained closed since the afternoon of July 30, that business is
also suspended at the Stock Exchanges at Boston, Philadelphia,
Baltimore, Pittsburgh, Chicago, and nearly everywhere else in the
United States, and that security dealings are carried on in only a
very limited way, even the customary auction sales of securities
at New York, Boston and Philadelphia having been discontinued
for the time being, we are compelled to omit the 10 pages of stock
and bond prices ordinarily appearing in this department.
In the Oct.3 issue of our"Bank and Quotation Section" will be found the July 30 prices of every stock and bond quoted on theNew York Stock El:change.]
THE CHRONICLE
00T. 10 1914.]
Anutstuunt
1043
and igailroad Atxtelligence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
Gan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
oolumns the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns ot the electric railways are brought together separately on a subsequent page.
ROADS.
July 1 to Latest Date.
Latest Gross Earnings.
Current
Previous
Previous
Current
Week or
Year.
Year.
Year.
Year.
Month.
Ala N 0& Tex Pac717,475
650,881
N 0 & Nor East- August ___ 317,245 355,916
272,842
301,768
953
Ala & Vicksburg-August --- 138,626 152,
300,404
271,374
Vicks Shrev&Pac. August __- 135,767 153,084
504.318
509,820
45,385
50.205
2d wk Sept
Ann Arbor
19.775,731 18.874,941
Atch Top & S Fe_ _ _ August -_- 10166489 9,731,956
516,819
504,406
254,853
Atlanta Birm & At! August -__ 243.735 2,331,716
4,751,905 4,788,868
Atlantic Coast Line August --- 2,213,766
301,697
289,084
Charlest & W Car August __- 146,022 155.237
109,438
124,709
124,709 109,438
Lou Bend & St L July
18,661,887
16,847,064
9,629.267
8,700.376
August
Ohio_
Baltimore
&
g
318.160
286,032
147,371 158,684
B & 0Ch Ter RR August
445.519
477.585
234,266 229,963
Bangor & Aroostook August
1.150.608 1,037,328 2,269,070 2.130,535
Bessemer & L Erie_ August
230,623
84,038 111,833
174,696
Birmingham South_ August
August
4,384,001 4,655,998 8.606,987 8,997,283
Boston & Maine
Buff Roch & Pittsb 4thwk Sept 292,355 332.676 2.839,867 3,271.307
307,797
259,521
143,936 154,672
August
Buffalo & Susq
Canadian Northern 4th wk Sept 764,500 726,300 5.071,900 5,748,500
4th wk Sept 3,295.000 4.160,000 30,878,736 35,314,521
Canadian Pacific
1,031,504 1,013,009 2,197,875 2,029,028
Central of Georgia_ August
2,724,602 2,947,826 2,724,602 2,947.826
Cent of New Jersey July
589.644
591.870
314,877 312,940
Cent New England_ August
770.671
698,057
August
Central Vermont
361.957 396,526
Ches 8c Ohio Lines.. 4thwk Sept 1,117,598 1,022,868 10.215,088 9,426,676
Chicago & Alton
4th wkSept 424.472 473,640 3.876,495 4,223,836
8.742,382 9.145,490 16.603.955 16,968,550
Chic Burl & Quincy August
1.385.512 1,461,630 2,700,965 2,836,350
fChic & East Ill- _ - August
p Chic Great West- 4thwk Sept 293,594 329,254 3,718.230 3,897,010
Chic Ind & Louisv- 4th wk Sept 172,557 192,194 1,828.359 1,867,970
8.189.201 8,072,636 16,014.187 15,993.470
Chic Milw & St P-1 August
Chic Mil& Pug 8(
8,378,082 8,520,420 15,740,894 16,116,439
rOhic & North West August
1,708,324 1,558,294 3,289.313 3,028.072
tiChic St P M & Om August
326,674
388.944
198.671 176,429
Chic Terre H & S E August
977,456 969.432 1.916,194 1.852.025
On Ham & Dayton August
303.155
201,686 173.783
336,710
Colorado Midland_ August
S Colorado & South 4thwk Sept 386,519 424.878 3.495,337 3,910.843
12,519
34.965
24,974
17,058
August
Cornwall
64,577
35,299
61,789
33,067
Cornwall &Lebanon August
343,488 360,873
685,060
726,031
Cuba Railroad _ _ _ _ August
1,997,294 2,086.708 1,997,294 2,086,708
Delaware & Hudson July
3,715.617 3.942.895 7,467.622 7,796,026
Del Lack & West August
Deny & Rio Grande 4th wk Sept 701.400 717.500 6,344,487 6,784,879
Western Pacific_ _ 4th wk Sept 187.500 224,200 1,711.643 1.918,848
425.226
488,089
39.124
51.000
Denver & Salt Lake 4thwk Sept
282.193
193,360 146,240
344.950
Detroit Tol & Iront August
334,206
32,697
303,568
34.677
Detroit & Mackinac 4thwk Sept
685,699 1,231,116 1,497,952 2,404,556
Dul & Iron Range August
879,649 1,009,761
91,530 108.280
Duluth So Sh & At!4thwk Sept
831,572 1,139,245 1.631.920 2,240,518
Elgin Joliet & East- August
El Paso & Sou West August
704,910 671,560 1,445,069 1,375,956
August
Erie
5,488,767 5,651,031 10,908,347 11,189,254
570.430
Florida East Coast_ August
591,159
299.293 281,260
201,673
Fonda Johns & Glov August
180,434
90,198 102,785
229,057
Georgia Railroad July
255,426
255,426 229,057
Grand Trunk Pac 3d wk Sept 165,728 207,580 1,395,197 1,452.491
Grand Trk System_ 4thwk Sept 1,403,695 1,492,505 14,249.318 15,066,957
Grand Trunk By 3d wit Sept 875,707 928,727 10,511,811 11,307,273
Grand Trk West_ 3d wk Sept 152.691 150,457 1.720,839 1,689,062
Det Gr H & Milw 3d wk Sept
577.610
612.344
54,786
54,363
Great North System Sept
8,144,9478,814,541 21.902,049 23,623,422
366,789
Gulf & Ship Island- Sept
300,446
150.765 185,283
Hocking Valley_ _ _ _ August
711,035 810.673 1,162,450 1,514,688
Illinois Central__ _ _ September 5,533,413 5,855,044 16,774,886 16,910.074
Internat & Grt Nor August
727,346 895,915 1.466.283 1.659,424
910.778
225,474
a Interoceanic Max.. 1st wk Aug
42.403 181.276
616,110
604,881
Kanawha & Mich August
325,488 312,337
Kansas City South_ August
885,643 912,991 1.830,909 1,724,497
278,967
458,606
Lehigh & New Eng_ August
225,263 141,721
Lehigh Valley
August
3,770,347 3.909,476 7.352.428 7,605.189
296,430
336,539
Louisiana & Arkan_ August
180,762 152,888
Louisv & Nashv 4th wk Sept 1,359,435 1,659,766 14,147,023 15.378.413
Macon & Birm'ham September
34,972
40,899
12,322
13,523
Maine Central
August
1,066,624 1,088,477 2,081,492 2,115,884
Maryland & Penna.. August
93.191
88,410
49,011
48,067
a•Mexican Railways 3d wk Sept 220.300 169,400 2,213.200 2.309,700
Mineral Range__4th wk Sept
101,056
18.225
212,249
7.357
Minn & St lIouls- 4th wk Sept 235.051
228.913 2.660.564 2.466.979
Iowa Central_ _ _
Minn St P & S M_ 4th wk Sept 940.715 889,199 7.899.124 8.234,708
Mississippi Central_ August
80,754
181.879
160.193
91,539
u Mo Kan & Texas_ 4th wk Sept 849,243
975,522 8.080,971 8,460,713
z Missouri Pacific 4th wk Sept 1.694.000
1,712,000 15.727,726 15,979,492
Nashv Chatt & St L August
985,872
2,057,652 2.077,943
a Nat Rye of Mex_t 1st wk Aug 208.408 1,050,745
603.778 1.583.461 3.327.255
Nevada-Cal-Oregon 3d wk Sept
9,898
8
99
35
0
100,264
102,794
New Orl Great Nor_ August
141,759 1575.'
322.075
eNYC& Bud Riv August
8,691.381 9,399,660 16,764:661 18.331.676
Boston & Albany August
1.487.009 1,633.165 2.957,189 3,179.890
Lake Shore & M S August
4.800,087 5,302,224 9,392,327 10.424,442
nLake Erie & W.August
566,603 546,895 1,074,559 1,042,533
Chic Ind & South August
349,679 364,456
681,433
688.081
Michigan Central August
3,021,357 3,123,306 5.859,699 6,147„747
Clev C C & St Li August
3,367,000 3,621,856 6,514,147 6.924.742
Peoria & Easternf
Cincinnati North. August
157,402 138,412
287,622
251,379
Pitts & Lake Erie August
1,518,102 1,770,427 3,021,763 3,516.915
967,114 1.032,704 1,887,772 1,991.151
N Y Chic & St L_ August
544,932 576,907
To!& Ohio Cent_ August
861,339 1,164,887
25470666 27510012 49,302,511 53,663.443
Tot all lines above August
Latest Gross Earnings.
ROADS.
Week or
Month.
July 1 to Latest Date.
Current I Previous
Year.
Year.
Current
Year.
Previous
Year.
$
$
$
$
N 0 Mobile& Chic_ August___ 160,265 178.747
364,715
342,357
NYNH& Hartf__ August ___ 5,756.909 6,168,287
12.012,222
NY Ont & West___ August ___ 1,000,730 996,677 11,512,543
2.004,974
N Y Susq & West__ August- 315,072 335,468 1,993.291
627,486
604,704
Norfolk Southern__ july
338.435
365,997 338.435
365.997
Norfolk & Western.. August
3.990.540 3,947,647 7,734.129 7,806,185
Northern Pacific__ August
6,075.933 6,221,481 11.867,995 12.494,454
Northwestern Pac_ August
404,445 418,907
842,444
833,244
Pacific Coast Co-_ July
589.470 728,593
728,593
589.470
zrennsylvania RR__ August- 17001206 18191528 33,069.793 34,643.462
Balt Ches& AtI__ August
313,715
341,524
166.760 154.066
Cumberland Vail. August
586,869
282.482 298,463
522.736
Long Island
August
1,505,277 1,435.331 3,025,083 2.984,738
Maryl'd Del & Va August
121,574 121.285233,679
233,785
N Y Phil& & Norf August
769,285
805,742
363,123 356,723
PhllaBalt & Wash August
1,905,048 1,88.4,005 3,757,065 3.670,016
W Jersey & Seash August
1,010,298 1,075,882 1,841,603 1,927,193
Pennsylvania Co
August
5,496,066 6,368,212 10,694,560 12,649,911
Grand Rap & lnd August
560,140 564.905 1,049,719 1,067,150
Pitts CO 8c St L_ August
3,585,2593.990.963 7,061,469 7,808,750
Vandalia
August
1,004.976 1,032,133 1,961,438 2,013,016
Total linesEast Pitts & Erie August
23011495 24213884 44,823,078 47,637,125
West Pitts & Erie August
10784046 12095765 21,030,182 23,815,546
All East & West_ August
33795542 36309650 65.853,261 71,452,672
Pere Marquette
August
1,624,690 1.512,302 3,003,617 2,917,343
Reading CoPhila & Reading.. August
4,129,396 4,439,108 7,951,195 8.650,515
Coal & Iron Co August
2,477,393 2,140,258 4,300,345 4,202,464
Total both Cos August
6,606,789 6,579.366 12,251,540 12,852,979
Rich Fred & Potom August
207.916 217,060
451,457
465.829
July
Rio Grande June_
78.505
83,516
78,505
83,516
Rio Grande South 4th wk Sept
17.112
18,844
143,802
173,666
Rock Island Lines August
6,668.4606.380,773 12.704,590 12.219,664
August
Rutland
325,279 363.452
632,187
711,244
St Jos & Grand Isl_ August
140,171 137.128
336,279
312,476
St L Iron Mt & Sou August
2,735.4642,867,228 5,470,530 5,546,389
St L Rocky Mt 8c P August
456,825
238,445 166,470
353,257
St Louis & San Fran August
3.844,985 4,203,299 7,660,935 8,132,697
St Louis Southwest_ 4thwk Sept 281,000 350.000 2,768,309 3,286,722
San red LA & S L. August
770,008 889.788 1,648,7991.774,207
Seaboard Air Line 4th wk Sept 421,380 518.715 5,062,434 5,515,549
Southern Pacific
August
11672 159 12254090 23,305.077 24,015.101
Southern Railway 4th wk Sept 1,771.3361,937,564 16.943,330 17,280,923
Mobile& Ohio_ _ _ 4th wkSept 267,705 353,023 3,053,411 3,183,291
Cin NO & Tex P_ 4th wkSept 239,748 309,799 2,454.504 2,602.793
Ala Great South_ 4th wkSept 146,066 165,485 1,283,281 1,327,472
Georgia Sou & Fla 3d wk Sept
536,177
540,732
50,193
46.681
Spok Portl & Seattle August
461,246 483,459
960.241
931.940
Tenn Ala & Georgia 4thwk Sept
2,103
25,147
21.563
2,462
Tennessee Central_ August
140.625 147.153
295.552
294.778
Texas & Pacific_ .. _ _ 4th wk Sept 468,640 495,156 4,345,996 4,444,717
Tidewater & West_ August
8,012
15,553
6,370
13,975
Toledo Peor & West 4th wk Sept
364,118
342.885
50.463
37.870
Toledo St L & West 4th wk Sept
89,517 1,191,369 1,208.739
94.334
Union Pacific Syst_ August
8,468,027 8,441,501 16.027,264 16,264,110
Virginia & Sou West August
178.076 174,403
347,378
329.045
August
Virginian
572,604 578,919 1.042,115 1.076.313
September 2,626,076 2,765,862 8.068,159 8,420.466
Wabash
Western Maryland.. August
763,128 751,143 1.475,557 1,491,801
Wheel & Lake Erie_ August
516,541 786,037 1.047,634 1.563,962
19,245
Wrightsv & Tennille August
18,217
34.782
37.863
829,114 1,007,828 2.607,416 2.706.037
Yazoo & Miss Vall_ September
Various Fiscal Years.
Current
Year.
Period.
Jan 1
Delaware & Hudson
NY Central & Hudson River_e- Jan 1
Jan 1
Boston & Albany
Lake Shore & Michigan South Jan 1
Jan 1
Lake Erie & Western_n
Chicago Indiana & Southern- Jan 1
Jan 1
Michigan Central
Cleve Cincin Chic & St Louis Jan 1
Jan 1
Cincinnati Northern
Jan 1
Pittsburgh & Lake Erie
New York Chicago & St Louis Jan 1
Jan 1
Toledo & Ohio Central
Jan 1
Total all lines
zPennsylvanta Railroad
Jan 1
Baltimore Chesap & Atlantic_ Jan 1
Cumberland Valley
Jan 1
Jan 1
Long Island
Maryland Del & V
Jan 1
la
N Y Philadelphia & orfolk_ Jan 1
Phlla Baltimore & Washing n Jan 1
West Jersey & Seashore
Jan 1
Pennsylvania Company
Jan 1
Grand Rapids & Indiana
Jan 1
Pitts Cin Chic & St Louis _ Jan 1
Vandalia
Jan 1
Total lines-East Pitts & Erie Jan 1
-WestPitts & Erie Jan 1
-All lines E & W_ Jan 1
Rio Grande Junction
Dec 1
Rutland
Jan 1
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
July
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
July
Aug
Previous
Year.
3
$
31 12,753,800 13.835,832
31 62,686,704 68,181,758
31 11,015,637 11,626,491
31 34,373.057 40,065.723
31 3,759,821 3,918.789
31 2,755,629 2,895.109
31 22,121,986 24,155,946
31 23,097,992 24.716.507
925,222, 866.409
31
31 11,017,340113,487,242
31 7,450,674 8,138.555
31 . .
3.900.331
31 182121350 201952947
31 124856342 134610206
808,983
842,866
31
31 2,231,197 2,357,556
31 8,980,336 8,998.455
622,685
626,054
31
31 2,598.804 2,680,739
31 13,575,991 13,996,293
31 4,557,932 4,655,491
31 37.156,520 44,190,286
31 3,588,388 3,651,015
31 #6,095,711 28,985,442
31 7,092,146 7,288.421
31 161438 262 172497525
31 74,945.401 85,145.349
31 236383663 257642874
609,012
563,485
31
31 2,312,238 2,422.99(
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly
•Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
*Monthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
Mileage. Cur. Yr. Prey. Yr.
week July (37 roads)____ 12,891,583 13,810,667
December __243.322 241.180 254.218.891 266.224.678 --12.005:787 4.51
--919,084 6.57
week July (39 roads)___ 19.122,365 19,809,127
--686.782 3.47
January----243.732 241.469 233.073.834 249.958.641 --16.884.807 6.75
week Aug (38 roads)__
12,937.673 13.778,005 --840,332 6.10
February _ _ _241.925 242.928 209.233.005 233,056.143 --23.823.138 10.22
week Aug (37 roads)._ _ 12,911.396 14.002.634 --1,091.238 7.79
March
245.200 243.184 250.174.257 249.514.091
4-660.166 0.27
--996,241 7.09
week Aug (38 midi_ _ 13,037.966 14.034,147
Aprll
243,513 241,547 236,531,600 245.048,870 --8,517.270 3.48
(36 roads _
week Aug4th
may
246.070 243.954 239.427,102 265,435,022 --26,007,920 9.73
17,581,257 19,019,926 --1,438.669 7.56
roads
_
-1.055,749
week
Sept
(37
7.78
June
12,517,613 13,573,362 222,001 219,691 230,751,850 241,107,727 --10,355,877 4.30
1st
--573,127 4.04
July
235,407 231,639 252,231,248 261.803.011 --9.571.763 3.67
2d week Sept (36 roads)_ _ _ _ 13.565,225 14,138.352
August
92,136 90,579 73.690,353 78,645,832 --4,955.479 6.37
3d week Sept (37 roads).._ _ _ 13,863.558 14,711,282 --847,724 5.76
roads)____
18.115.984 20,107,749 --1.991,765 9.90
September
91,124 89.503 75,704,844 81,452,681 ---5.747.837 7.05
4th week Sept (36
a Mexican currency. b Does not include earnings of Colorado.§prine & Cripple Creek District By.from Nov. 1 1911. e Includes the New York &
Ottawa, the St. Lawrence & Adirondack and the Ottawa & New York HY., the latter of which, being a Canadian road, does not make returns to the
Inter-State Commerce Commission. f Includes Evansville & Terre Haute and Evansville & Indiana RR. o Includes the Cleveland Lorain & Wheeling
In both years. n Includes the Northern Ohio RR. p Includes earnings of Mason City & Fort Dodge and Wisconsin Minnesota .1z Pacific. s Includes Louisville & Atlantic and the Frankfort & Cincinnati. t Includes the Mexican International. u Includes the Texas Central and the Wichita
Falls Lines. v Includes not only operating revenues, but also all other receipts. z Includes St. Louis Iron Mountain & Southern. z Includes the Northern Central beginning July 1 1914. • We no longer include the Mexican roads In any of our totals.
3d
4th
let
2d
3d
THE CHRONICLE
1044
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the fourth week
of September. The table covers 36 roads and shows 9.90%
decrease in the aggregate under the same week last year.
Fourth week of September.
1914.
1913.
$
$
165.485
146,066
Alabama Great Southern
332,676
292,355
Buffalo Rochester & Pittsburgh
726,300
764,500
Canadian Northern
3,295,000 4.160,000
Canadian Pacific
1,117.598 1,022,868
Chesapeake & Ohio
473.640
424.472
Chicago & Alton
329.254
293.594
Chicago Great Western
192,194
172,557
Chicago Ind & Louisville
424.878
386,519
Colorado & Southern
309.799
239.748
Cinc New Orleans & Texas Pac_
717.500
701,400
Denver & Rio Grande
224,200
187,500
Western Pacific
39.124
51,000
Denver & Salt Lake
34,677
32,697
Detroit & Mackinac
108.280
91.530
Duluth South Shore & Atlantic_
65,868
57,604
Georgia Southern & Florida__
Grand Trunk of Canada
1,403,695 1,492,505
Grand Trunk Western
Detroit Gr Hay & Milw
Canada Atlantic
1,359,435 1,659,766
Louisville & Nashville
7,357
18,225
Mineral Range
228,913
} 235,051
Minneapolis & St Louis
Iowa Central
889.199
940,715
Minneapolis St Paul & 8 S M-_
975,522
849,243
Missouri Kansas & Texas
1.694,000 1.712,000
Missouri Pacific
353,023
267,705
Mobile & Ohio
18,844
17,112
Rio Grande Southern
350,000
281,000
St Louis Southwestern
421.380
518,715
Seaboard Air Line
1,771,336 1,937,564
Southern Railway
2,103
2.462
Tennessee Alabama & Georgia_
468,640
495.156
Texas & Pacific
50.463
37,870
Toledo Peoria & Western
94,334
89.517
Toledo St Louis & Western
Total (36 roads)
•
18.115,98420.107.749
C Owing to the new classifications effective July 1
we have combined the figures for the rail operations and the results1914,
of
outside operations in order to make the comparison as nearly correctthe
as possible.
After allowing for miscellaneous charges to income for
the month of
August 1914. total net earnings were $83.088, against $123,470
last year.
and for the period from July 1 to Aug. 31 were $159,724 this year,
against
$232,808.
Increase. Decrease.
i
$
19,419
40.321
38,200
865,000
94,730
49,168
35,660
19.637
38,359
70,051
16,100
36,700
11,876
1.980
16,750
8,264
88,810
300,331
10.868
6,138
51,516
4,817
126,279
18,000
85,318
1,732
69,000
97,335
166,228
359
26,516
12,593
Interest Charges and Surplus.
-Int.. Rentals. &c.- -Bat,of Net Earns.Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
3
5
Chesapeake & Ohio
Aug 74,853
4,681 x393,862 x524,470
July 1 to Aug 31
1.576,823 1.476.643 :550,153 x723,058
Cuba Railroad
Aug
70.196
66.792
61,252
94,948
July 1 to Aug 31
140,571
133,583
152.459
163.670
Denver & Rio Grande__Aug 591.177
578.710 zdef8.380
:89,873
July 1 to Aug 31
1.175.036 1,137,798 zdef36,470
x42.112
Duluth So Shore & Atl- -Aug
95,190
105.018 zdef14,174 zdef2.706
July 1 to Aug 31
191,197
207,800 zdef45,545 zdef30,213
Hocking Valley
Aug 120.415
137,294 x145,847 x207.892
July 1 to Aug 31
240.688
270,703 :115,235 z358,074
Louisiana & Arkansas___Aug
29,701
28,257
40,892
31,558
July 1 to Aug 31
57,825
55,979
61.238
54,841
Mineral Range
Aug
13.336
11,280
x9.292 zdef22,420
July 1 to Aug 31
26,892
23,808
:21,976 zdef24,680
Norfolk & Western
Aug 536,538
498.245 z1,038,686 x859.344
July 1 to Aug 31
1.076,205
998,090 :1,829.624 z1,688,605
Rio Grande Southern_ --Aug
20,279
19,905 zdef9,005 zdef1,733
July 1 to Aug 31
39,342
39.687 zdef18.183 zdef1,424
St Louis Iron Mt & Sou_Aug 725,950
717,661 z104,871 z194,282
July 1 to Aug 31
1,457,871 1,400,317 z214,720 :335,101
St Louis Southwestern__Aug 265.647
246,615
zdef249 z130,067
July 1 to Aug 31
526.930
489,587 zdef23.774 z152.300
INDUSTRIAL COMPANIES.
Northern States Power Co
and subsidiary companiesAug 1 to July 31
1,250.308 1.185,708
901.120
723,511
x After allowing for other income received.
Roads.
ELECTRIC RAILWAY AND TRACTION COMPANIES.
218,1452,209,910
0
Net Earnings Monthly to Latest Dates.-The table
following shows the.gross and. net earnings of STEAM
railroads and industrial companies reported this week:
(VoL.
Name of
Road.
Latest Gross Earnings.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
492,894 506,832 3,604,960 3,437,526
American Rys Co__ August
53,357 60,233
Atlantic Shore Ry___ August
248,784
265,013
186.770 184,786
938,710
905,236
__Gross Earnings- -Net Earnings-- cAur Elgin & Chic By June
August
Electric
72,661
Bangor
Ry
&
74,248
509,152
496.158
Current
Previous
Current
Previous
August
14,158
Rouge
Elec
Co
13,862
Baton
116,051
101,980
Year.
Year.
Year.
Roads.
Year.
67.092 65,721
Belt LRyCorp(NYC) May
296,740
308.601
$
$
3
97,654 103,680
550.782
565.966
Aug 4,384,001 4.655,998 1,092,677 1,417,009 Berkshire Street Ry_ July
Boston & Maine_b
July
2033,211
2072.261
Brazilian
13,863.616 13,586,098
Trac L & P
8.606.987 8,997,283 1,934,822 2.501,982
July 1 to Aug 31
66,488
15.694 16,883
Brock & Plym St By July
70,349
Chesapeake & Ohlo_b_Aug 3.519,057 3.313,572 1.156.500 1.189,822 Bklyn Rap Tran SYst May
2482.243 2,356634 10,734,655 10,298.201
6.783,155 6,237,357 2,091.519 2,065,943 Cape Breton Elec Co August
July 1 to Aug 31
240,623
231,529
32,742 33,454
790,182
735,842
91,032 99.752
Chicago & East Ill_bAug 1,385,512 1.461.630
417,990
252,491 Chattanooga By & Lt August
2,700,965 2.836,350
242,988
46,695 46,001
July 1 to Aug 31
234,541
840.065
553,191 Cleve Painesv & East July
August
Cleve
Southw
&
Col_
824,768
837,571
129,052
123,058
Quincy_b_Aug
8.742,382
9,145,490
Burl
&
Chic
3,514,495 3,538,195
380.228
53,827 48,875
337,408
16,603.955 16,968.550 6,266,214 6,129.365 Columbus(Ga) El Co July
July 1 to Aug 31
Comwth Pow By & L August
210,585 201,221 1,928.591 al.324,056
Chic Milw & St Paul_b_Aug 8,189,201 8.072,636 2.596,265 2.301,230 Connecticut Co
July
4,601,832
798,767
834,033
4,704,937
16,014,187 15,993.470 5,375,336 4,862.962 Consum Pow (Mich)_ August _
July 1 to Aug 31
269,856 237,209 2,208.837 2,009,145
Aug 343.488
360,873
272,799 251,278 1,668,389 1,531,505
Cuba RR
131.448
161,740 Cumb Co (Me)P & L August
726,031
August
685,060
July 1 to Aug 31
293,030
174,775 180,734 1.467,881 1,384.288
297,253 Dallas Electric Co
Detroit United Lines 4th wkSept 281,701 293.720 9,070,049 9,545,441
Del Lack & Western_ b__Aug 3,715,617 c3,942,895 1,309,785 c1,418.567 DDEB&
May
Bat
(Rec)
212,260
44.205 53,001
248.877
7,467.622 c7,796,026 2,622,007 c2,711.549
July 1 to Aug 31
Duluth-Superior Trac August
116,829 117,097
834,294
876,489
500.709
Denver & Rio Grande a Aug 2,089,857 2,305,175
East St Louis & Sub_ August..
219,250
583.680
228,532
1,718,106
1,768,801
4,093,487 4,405,479
July 1 to Aug 31
937,373
966,359 El Paso Electric Co_ _ August
86.433 65,590
685,675
570,152
658,891
124,755
Western Pacific_b_ _ __Aug 553.804
170,715 166,869
206,290 42d St M & St N Ave May
771.491
737.674
1,115,043 1.282.048
249.217
July 1 to Aug 31
228.733 223,139 1,651,631 1,564.297
387.729 Galv-Hous Elec Co August _
365.045
114,380 116,159
859.834
851,155
77,066
Duluth So Sh & Atl_b__Aug 301,087
100,436 Grand Rapids Ry Co August
89.959 97.924
685.894
666,107
594.444
661,955
138.521
July 1 to Aug 31
174,175 Harrisburg Railways. August
L
&
P
Havana
El
Ry.
Grand Trunk of CanadaOct
4
Wk
48.810 58,554 2,124,241 2,161.293
Railway Dept
Aug 3,941.378 4,309,042 1,147.034 1,271,860 Houghton
Grand Trunk Ry
Co Tr Co_ August __ _ 24.573 25,115
193,034
205,507
28,168.275 30,891,081 7,311,916 7,459,371 S Hudson &
Jan 1 to Aug 31
Manhat_ August __ _ 424,660 430,291 3,704.5g 1 3,619,891
630.698
_Aug
681.796
August
West__
656.864
125,069
655,684 5,351,512 5,071.614
Grand Trunk
73.484 Illinois Traction
4.742,635 4,947,756
___ 2429.356 2348,789 22,456.468 21.451,316
105,845
Jan 1 to Aug 31
410,975 Interboro Rap Tran_ August
55,798 55,255
495.919
443,883
Jacksonville Trac Co August _
214,126
Det Gad Hay & Milw_Aug 230,185
17.519
11.388 11,719
88,805
91,124
1,628.573 1.579.423 def190,523 defla0 Key West Electric_ _ _ August
Jan 1 to Aug 31
151,999 154,483
810,105
788,183
Shore Elec Ry_ July
Lake
Aug 6,916.656 7.114,069 3,592,133 2,889,238 Lehigh Valley Transit August
Great Northern_ b
179.055 175.964 1.212.227 1,132,828
13,757.102 14,808.881 6,872,272 6,422.124 Lewis Aug & 'Watery_ August
July 1 to Aug 31
76,293 81,046
452,778
457.900
23,452 21,169
Aug 711,035
85,065
Hocking Valley-b
83,406
Electric_ May
810,6'73
287,408
329,050 Long IslandRailway__
261,034 274,139 2,121,641 2,127,429
August
1.162.450 1.514,688
July 1 to Aug 31
395,895
573,742 Louisville
479.262
508.894
August
3,990,523
Co_
3.952,978
&
Lt
Milw
El
By
bAug
England
225,263
New
Lehigh &
141,721
102.770
57,261 Milw Lt, Ht & Tr Co August
151,649 150,026 1,013,475
947,460
July 1 to Aug 31
458,606
278,967
208,992
110,267 Monongahela Val Tr_ June
90.857 78,737
494.717
442.066
Louisiana & Arkansas_aAug 180,762
152,888
61.662 54,233
262,984
.815 NY City Interboro__ May
238,686
336,539
July 1 to Aug 31
296.430
119.'063
38,658 37,057
145,822
110.820 N Y & Long Island__ May
151,451
15,799 15,504
76,740
Louisville & Nashville-b Aug 4.705,215 5,112,065 1,169,889 1,147,822 N Y & North Shore.... June
75,090
133.647
May
128,681
Co-...
&
Queens
523,732
NY
537,650
July 1 to Aug 31
9,508.858 10,057.107 2,424.942 2.308,479
1199.849
1232.152 5.509,710 5,878,534
Railways.. May
New
York
Aug
Range_b
74,818
19.135
Mineral
22,312 def11.317
37.199 33,331
Westches & Boa.. July
232,869
203,072
153,089
77,356
July 1 to Aug 31
48,237 def1.313 NY
49,667 51.359
210,996
N Y & Stamford By.. July
215,621
17,785 19,450
372,565
Mimi St P & S S M_a__Aug 1,540.242 1,655,393
454,266 Northampton Trac__ August 123,583
125.481
3,126,564 3,401,995
839,699
July 1 to Aug 31
933,020 Nor Ohio Trac & Lt_ August - _ _ 343.543 339,306 2,416,902 2.155,676
August
_
174,662
Chicago Division_a_Aug 920,315
969.137
269,550
185.885 1,402,163 1,376,110
289,893 North Texas Elec Lt_
38.899 41,151
1,819.493 1,916,055
531.745
July 1 to Aug 31
201,298
567,910 Northw Pennsylv By July
203,251
12,217
I)_ May
9,919
35,592
30.547
Mississippi Central_ b_Aug
80,754
91,539
33,527
35,128 Ocean Electric (LCo..
August __ _ 24,804 26,312
& Lt
199,311
189,126
July 1 to Aug 31
160.193
181.879
65,100
73,045 Paducah Tr
Pensacola Electric Co August __ _ 22,669 24.953
185,546
188.064
Norfolk & Western_b__Aug 3.990.540 3,947,647 1,440,463 1,286,705 Phila Rap Transit Co August
1912.970 1970.032 15,880,506 15,967,696
July 1 to Aug 31
7,734,129 7,806,185 2,668,629 2,572,267 Port(Ore)Ry.L&PCo. August _ 487.264 556,152 4,269,928 4,418,046
121.027 130,854
Aug 6.075,933 6,221,481 2,172,938 2,203,228 Portland (Me) RR__ August
Northern Pacific_b
705,499
708.429
726.373 736,695 4,963,018 4.884,981
July 1 to Aug 31
11,867,995 12,494,454 4,229,774 4,323,000 Puget Sound Tr.L &P July
256.524
August
261,648
Light
2.013,294
&
By
Republic
1,942.441
Aug 1,624,690 1,512,302
Pere Marquette_a
457,313
183,752 Rhode Island Co_ __ July
535,578
550,628
3.081,055 3.105.715
3,003,617 2.917.343
July 1 to Aug 31
724,950
290,067 Richmond Lt & RR_ May
36.345 32,753
135,405
133,047
49,252
58,175
11,106
Rio Grande Southern_b_Aug
17,962 StJoseph(Mo)Ry.Lt.
93,322
115,874
July 1 to Aug 31
20,380
37,398
113,454
August
105,091
856,984
814,724
Heat & Power Co_
38.624 38.418
309,984
302.452
Rock Island Lines_b_ _ -Aug 6,668,450 6,830,773 1,848,807 1.706,555 Santiago El Lt & Tr_ August
71.339 70.985
568,360
545.105
12,704,590 12,219,664 3,099,182 2,902,913 Savannah Electric Co August
July 1 to Aug 31
86,127 92.230
May
349.645
410,942
Avenue
(Rec)
Second
So.a.Aug
2,735,464
2,867,228
Mt
&
761,908
Louis
Iron
St
853.826 Southern Boulevard_ May
20,778
19,359
85.423
76,539
5,470.530 5,546.389 1.538.978 1.612,316
July 1 to Aug 31
29,868 26.110
102,843
97,617
Staten Isld Midland_ May
180.556
St Louis Southwest_a__Aug 953,967 1,122,176
82.811 71,624
294.513 Tampa Electric Co.._ August..
650,814
538.730
1.880,309 2,159,722
337,871
469,881 Third Avenue
July 1 to Aug 31
351.298 354,363 1.619,115 1,642,213
May
507.912 538,322 4,059.097 3.932,186
Aug 1,448,540 1.506.809
339,908
Texas & Pacific_b
324.496 Toronto Street Ry___ August
2,921,742 2,911.522
663.142
July 1 to Aug 31
591,612 Twin City Rap Tran_ 3d wk Sep 181.489 170,276 6,708,360 6,339,932
261,552 246,884 1,061,739 1,048.503
426,503 8114,384 3150,714 Union By Co of NYC May
Toledo St L & West_a__Aug 410.997
1028,439 1076,174 8,391,773 8.363.824
830,488 8220,316 3275.400 United Rys of St L_- August
813.557
July 1 to Aug 31
August
446,197
438,927 3,426,944 3.297.010
Power
&
Virginia
By
578,919
250,332
Aug 572,604
Virginian_ a
261,348 Wash Bait
70,780 72.171
452.728
& Annap_ July
472,482
413.794
1,042.115 1.076,313
463.794 Westchester
July 1 to Aug 31
55,818 50,450
Electric_ May
220,488
212.176
847,664
Aug 2,792,630 2,898,983
Wabash_b
817,920 Westchester St RR_ July
27.198 26,080
142.375
140.294
5,654.604
1.587.467
5,442.083
1,510,032 Western Rys & Light August
231,007 226,346 1.767,348 1,665,736
July 1 to Aug 31
54,374 62,109
498,967
Wisconsin Gas & Elec August
480,125
INDUSTRIAL COMPANIES.
67,206 66,898
Yonkers Railroad__ May
280,454
261,794
July
66.348 67,193
York Railways
455,440
Northern States Power Co
432,256
25,461 25,564
Youngstown & Ohio.. August
170,921
and subsidiary cos-a164.473
17.842 17,308
100,814
4.124,817 3,767,721 2,151.429 1,909,220 Youngstown & South July
Aug 1 to July 31
96,175
a Includes earnings on the additional stock acquired May 1 1913.
a Net earnings here given are after deducting taxes.
S Represents income from all sources. c These figures are for consolidated
b Net earnings here given are before deducting taxes.
company.
OCT. 10 1914.1
THE CHRONICLE
1045
Electric Railway Net Earnings.-The following table
gives the returns of ELECTRIC railway gross and net
earnings reported this week:
RESULTS OF LINES OPERATED AS GREAT NORTHERN RY. AND
THOSE INDEPENDENTLY OPERATED: MINNEAPOLIS
WESTERN RI'. AND DULUTH TERMINAL.
1913-14.
1912-13.
1911-12.
1910-11.
Average miles operated_
7,686
7.781
7,369
7.244
Operations-Gross Earnings- -Net Earnings
Passengers carried (No.) 9.199.259 8.595,073 8.168,364 8,362,189
Current
Previous
Previous
Current
Pass.
carried
1
mile-_-651.649.
633
605.639.343
Year.
Year.
547.843.549 590,566.237
Roads.
Year.
Year.
Av. rev, per pass. per m. 2.336 cts. 2.503 cts. 2.487 cts. 2.273 cts.
$
$
$
3
*Freight
30.857,598 33,626,638 27,543.172 23,070,655
37,900
Bangor By & Elec a_ ___Aug
43.416 *Freight (tons)
74.248
72,661
one
mile
7634056.449 6227714,227 5357747.886
265,792 'Av. rev. per ton per m_6930295.709
253,672
496,158
Jan 1 to Aug 31
509.152
0.7940 cts. 0.7653 cts. 0.7688 cts. 0.8096 ens.
32.072
99,752
41,965 *Aver. train-load (tons)
hattanooga Ry & Lt_a_Aug
663
91,032
635
601
523
270,796
Earns,
319,984
790,281
Jan 1 to Aug 31
per pass.-train m.
$1.463
735.842
11.496
61.406
S1.383
Earns, per frt.-train m_
$5.26
$4.86
$4.62
87.447
$4.24
Columbus (0) Ry&Lt.a.Aug 243,564
per
Gross
earnings
mile_
$9.699
$10,238
$8,983
717,597
18.456
2.007,271
Jan 1 to Aug 31
*Company's freight excluded.
CommonwealthPow Ry& Lt
Earnings$
504,521
460.176 Passenger
Co System-a
Aug 1,225.277 1,157,231
15.224.463 15.158.588 13.623.009 13,422,057
14,684,923 13.811.857 6,315.639 5,860,223 Freight
Sept 1 to Aug 31
55,025.016 58,426,236 47.877.369 43.379.174
137.487
237.209
91.776 Man, express. &c
Consum Pow (Mich)_a_Aug 269,856
4,841.421
4.749,897 4.417.729 4.173.735
1,268,479
959,117
2,009.145
2,208.837
Other than transporta'n
Jan 1 to Aug 31
382.969
358.046
279.712
282.667
144.022
129,215
251,278
Cumberld Co(Me)P&L.a.Aug 272,799
Gross operating revs_ 75.473.869 78,692,767 66,197.819 61.257.633
703.923
1.668,389 1,531,505
687.676
Jan 1 to Aug 31
86,253
Expenses94,862
228.532
East St Louis & Sub-a--Aug 219.250
642.163
12.712,420 12.328,651
1,768,801 1.718.106
711.675 Maint. of way & struc
9.220,286 9.654,776
Jan 1 to Aug 31
equipment._ 9,828,355 9,364.639 7.854,687 7.681.270
Maint.
116,159
39,006
35.880 Traffic of
Grand Rapids Ry_ a _ _ _ _Aug 114,380
expenses
1.360,564 1,242.553 1,089,710
1,006,429
859,834
291.326
851,155
337,923 Transportation
Jan 1 to Aug 31
expenses 21,214,123 21,492,812 18,200,011 18.052,818
Interborough Rap Tr _ a_Aug 2.429,356 2,348,789 1,240,381 1,164,829 General expenses
1.432,494
1.430,600
1,205,099
1.297.854
4,690,616
4,940,528
2,543,995
2,298,140
July 1 to Aug 31
Total expenses
76.293
81.046
35.072
46,547,956 45,859.255 37,662,548 37,600.392
40.650
Lewist Aug & Waterv_a_Aug
457.900
(61.67)
452.778
139,296
(58.28)
Jan 1 to Aug 31
176,852 P. c. of exps. to rev_ _ _ _
(56.89)
(61.38)
Net
operating
revenue
32.833.512 28,535,271 23.657.241
274.139
261,034
Louisville Ry-b
Aug
108.922
110.158 Outside operations, net. 28,925.913
159.251
121.523
115.859
205.359
2,121,641 2.127.429
Jan 1 to Aug 31
908.302
897.516
508,894
Milw Elec By & Lt a__ _Aug 479,262
Total net revenue_ _ _ _29.085,164 32,955,035 28.651.130 23.862,600
128.592
153.808
Jan 1 to Aug 31
3,990,523 3.952.978 1,079,973 1,107,289 Taxes accrued
4,792.478 4.278,777 3,488,238 3.300,139
Milw Lt Ht & Trac a__ _Aug 151,469
150,026
58,680
62,418
Operating income.... 24,292.686 28,676,258 25,162,892 20.562,461
Jan 1 to Aug 31
1,013,475
947,460
356,696
350.914 General
interest
720,152 1.367.406
1,214,827 1.360.082
Nashville Ry & Lt_a_---Aug 180.508
178.431
72.581
61,704 Divs.& int. on securities
1.170,557 1,333.200
596,750
Sept 1 to Aug 31
2.249,944 2,168.166
870.417
893,557 Hire of equip.-balance_ 1,824.567
80,958
357.530
94.188
Portl(Ore) Ry Lt & P_a.Aug 487.264
556,152
211.350
276.042 Rents reed and miscell_
858.089
670,196
802.048
723,990
Jan 1 to Aug 31
4,269.928 4.418,046 2,039,130 2,224,997
Gross
corp.
Income_
_
_
27.776,452 31.884.417 28.870,497 23,337.471
Portland (Me) RR_ a _ -Aug 121.027
130,854
61,572
68,572
Jan 1 to Aug 31
705,499
708,429
Deduct270,964
228,244
paid
860.510
772,043
Aug
754,453
Porto Rico Rys
62,676
662.289
66,087
31,234
25,310 Rentals
Hire of equip't-balance
85.555
Jan 1 to Aug 31
529,013
541.032
243,090
250,280 Bond
interest accrued
6.451,521 6,458.506 6,461.789 5,115.514
United Rys of St L a_ __Aug 1,028,439 1,076,174
251,927
278.106 Miscellaneous
10,869
8,391,773 8,363,824 2,044,137 2,374.296 Deficit under guar. of
Jan 1 to Aug 31
int. on Kootenay Ry.
Wisconsin Gas & El a__ _Aug
54,374
62,109
12.226
17,636
& Nay. deb. stock
498,967
Jan 1 to Aug 31
480,125
126,508
122,137
42,740
Int. on new stk. subset's
572,600
209,320
Renewal All. B.0.d'ks_
256,332
128.166
a Net earnings here given are after deducting taxes.
Refunds Minn. Rate case
250.000
750,000
bNet earnings here given are before deducting taxes.
Int.& renewal fund..-. 1.000.000 4,250,000 3.502,000 2.818.338
Approp. for depree. of
Interest Charges and Surplus.
steamship property_
250,000
750.000
-Int., Rentals, &e.- -Bat, of Net Earns.- Divs.on stock (7%)..... 15,063,048 14,698.659 14,698,982 14.698.590
Current
Previous
Current
Previous
Total deductions
24.464,880 27,602,249 26,167.224 23.337.471
Year.
Year.
Year.
Roads.
Year.
Balance,surplus
3,311,572 4,282,168 2,703.273
3
$
$
$
Aug
17,402
17,354
Bangor By & Elect
20,498
26,062
CONDENSED BALANCE SHEET JUNE 30.
139,478
138,164
Jan 1 to Aug 31
114,194
127,628
Assets1914.
1913.
28,544
Chattanooga By & Lt. Aug
25,381
3,528
16,584 By. prop., incl. advances & investments in sys223.838
Jan 1 to Aug 31
194,712
46,958
125,272
tem roads (see details on subsequent page)---$414.338.061 $400,253,362
Columbus (0) By & Lt_Aug
assumed-held
Bonds
43,607
by mortgage trustee
43.840
14.106.000
14.106.000
Jan 1 to Aug 31
Cost of one-half interest in C.B.& Q.stock held
349,388
368,209
by trustee of Joint bonds
109.114,810 109.114,810
Commonwealth Power By &
securs.& invest.(see details subseq't page) 109,828.139 93.338.149
Light Co System
Aug 353,468
316,217
151,053
143,959 Otheron
hand
5,514,654
5,117,633
Sept 1 to Aug 31
4,093.067 3,726,319 2,222,572 2,133,904 Cash
Due from agents
2.946.390
4.173.201
Consumers Pow (Mich).Aug
71,396
66.095
66,091
25,682 Due from U.S. and Canadian P.O.departm'ts_
197.863
190.459
Jan 1 to Aug 31
570,441
497,486
698,037
461,632 Duefrom U.S.Transportation
12.838
12.744
Cumberld Co(Me)P&L.Aug
63,464
56,418
58,654
92.681
80,558
70.561 Advanced charges
Jan 1 to Aug 31
508,190
8.511.810
6.500,429
459,729
195,733
227,948 Bills receivable
accounts
Other
receivable,
&c
3,889,210
3.709,591
East St Louis & Sub_ _ _ _Aug
59,519
48,860
35.343
40,393 Material and fuel
6,558,797
6,692.877
Jan 1 to Aug 31
445,632
393,245
196.531
318.430 Other work. assets & def d debit items (net)
1,742.457
645,916
Grand Rapids Ry
Aug
15,173
13,520
25,486
20.707
Jan 1 to Aug 31
Total
120.149
108,234
183.092
$676.817,447 $643,947.852
217.774
Liabilities
Interboiough Rap Tran_Aug 912,060
931,817 2372,936 :274,610
$230,997.700 1209,990.750
July 1 to Aug 31
1.824,123 1.863,428 :806,736 :518.316 Capital stock
Payments new stock subscriptions
7,822,793
12.958.546
Lewist Aug & Waterv__Aug
15,503
15,529
25,121 Fund. d't (see "Ry.&Ind." Sec.& subseq't pages)300.738,409 293,444.409
19,569
Jan 1 to Aug 31
123.994
118,814
15,302
58,039 Bills and accounts payable
2,889.256
1.489,256
Louisville Ry
Aug
73,250
4,035,202
2,160,802
70,167
:64,369 Vouchers unpaid
:57,785
Jan 1 to Aug 31
3,197,909
2,762.247
573.666
557.166 :449.630 :471,160 Unpaid pay-rolls
Unpaid
2,765,755
2,768,937
Mllw El Ry & Lt
69.844
Aug
65.414
x60,818
x93,953 Accruedcoupons
taxes
1,931,164
1.980,454
Jan 1 to Aug 31
560.338
500,486 :562.825 :633,800 Interest
on accrued stock subscriptions
210.000
51.300
Milw Lt Ht & Trac----Aug
55,128
52,395
z48,961
r55,355 Accrued bond, &c.,interest
146,004
175,817
Jan 1 to Aug 31
438.525
415.384 :278.612 :297.112 Due affiliated companies
2.952.020
6,804,877
Nashville By & Lt
Aug
8,090.424
41,900
5.557.358
40.002
30,681
21,702 Improvement and betterment fund
Sept 1 to Aug 31
25,810.905 23.600.526
502,326
452,801
368,091
440.756 Depreciation of equipment fund
Porta (Ore) By Lt & P Aug 186.186
128,166
Depreciation of Allouez Bay Ore Dock
384.497
172.166
25,164
103,876 Minnesota rate case refunds
Jan 1 to Aug 31
750,000
280,532
1.438,061 1,305,514
601.069
919.483 Insurance funds
1.024,375
1,228,241
Portland (Me) RR
Aug
19,880
16,380
41,692
52,192 Add'ns & bett'ts paid from impts.& renewalsfd_ 34,279,749 30,729,340
Jan 1 to Aug 31
170.090
97,471
100.874
130,773 St. P. M. & M. cons. mtge. bonds retired by
United Rys of St Louis-Aug 218.051
635.000
724,000
sinking fund since November 1907
220,770
240,824
x64,195 Miscellaneous
Jan 1 to Aug 31
1.751,591 1,778,461 450,295 :653.175
725.900
720.353
Wisconsin Gas & Elec. Aug
45.143,106
48,679,219
loss
Profit
and
9,372
8,900
:3.772
r9,197
Jan 1 to Aug 31
73.652
71,240
:59.547
x55.812
Total
$676,817,447 $643.947,852
After allowing for other income received.
-V. gg, p. 1920.
Atchison Topeka & Santa Fe Ry.
(Report for Fiscal Year ending June 30 1914.)
The remarks of President Edward P. Ripley are printed
Annual Reports.-An index to annual reports of steam at length in subsequent pages, together with some statistical
railroads, street railways and miscellaneous companies which tables. Below we give comparative figures and income achave been published during the preceding month will be count for four years and the balance sheet for two years.
OPERATIONS, EARNINGS, ETC.
given on the last Saturday of each month. This index will
1913-14.
1910-11.
1911-12.
1912-13.
Average
reports
include
in
mileage
the
issue of the "Chronicle" in which
not
oper___
10.350
10,750
10,909
10.628
Equipment'
it is published. The latest index will be found in the issue Locomotives
1.997
2,142
2.081
2,150
Passenger cars
1,653
1.475
1.515
1,552
of Sept. 26. The next will appear in that of Oct. 31.
Freight cars
67.342
69,366
64.023
63.065
ANNUAL REPORTS.
Great Northern Railway.
(Report for Fiscal Year ending June 30 1914.)
The full text of the remarks of Chairman and President
L. W.Hill is given on subsequent pages; also the revenue and
income accounts, the general balance sheet in detail, &c., &c.
Below we give a comparative statement of traffic statistics and income account for the several years and balance
sheet for two years:
Miscellaneous cars
817
1,271
1.727
626
.,, Operationst-assengers carried
14,973.163 14.615.276 14,042.522 14.101.076
Pass. carried one mile 1310056,723 1324881,099 1274188,385 1269076,390
Rate per pass. per mile- 2.175 cts. 2.221 cts. 2.155 cts. 2.144 cts.
Rev. fr't (tons) carried_ 25.034,240 25.061,711 21,149,984 20,093,719
Fr't (tons) carried 1 mlle x 7,316,272 7,802,544 6,970,719 6,981.467
Rate per ton per mile_ _ _ 1.007 cis. 1.002 as. 1.026 cts. 1.028 cts.
Aver, tons per train mile
425.41
420.45
399.94
394.72
Earns. per pass. train m.
$1.17
$1.24
$1.18
$1.21
Earns, per fr't train m
$3.55
$3.48
$3.26
43.19
Gross earnings per mile$10,186
$10,874
$10,139
$10.393
'Also June 30 1914, 2 steam ferry boats, 1 river steamer, 4 tugs and
5 car floats. x 000s omitted.
1046
THE CHRONICLE
INCOME ACCOUNT.
1911-12.
1912-13.
1913-14.
$
Operating Revenues73.638,388 78,190.923 71.529.575
Freight
28.497,233 29.425.923 27.453,525
Passenger
Mail. express and misc. 8,974,149 9,279.406 8,769,260
Total oper. revenues_111,109.770 116,896.252 107.752,360
Operating ExpensesMaint. of way & struc_ 15,308,780 18.054,413 16,076,834
Maint. of equipment_ _ 19,100,725 19.415,225 16,521.231
2,521,453 2,455.785 2,416,747
Traffic expenses
Transportation expenses 33.818,433 35,135.649 33,733.667
2,719,943 2.581.463 2.524.724
General expenses
1910-11.
71.787,201
27,204.868
8,573,047
107,565.116
16,059,787
16.686.146
2.249,899
33.183,520
2.588.900
Total oper. expenses- 73,469.334 77.642.535 71,273,203 70.768.252
(66.42)
(66.12)
(66.15)
(65.79)
P.c. oper. exp. to rev....
Net operating revenue 37,640.436 39.253,717 36,479,157 36.796,864
5.525.586 4,662.152 4,206.454 3,474.607
Taxes
32,114.850 34,591,565 32,272,703 33,322.257
Operating income_ _
622,294
804,632
813.090
641.116
Income from investments
1,765.336 1.394,276
Interest, discount, &c.._ 1.533.238 1.893,330
34,289,204 37,107.189 34,842,671 35.529.623
Total income
'Deduct12,886,412 13,825.325 13,660.859 12,712.319
Interest on bonds
780,995
873,802
830,280
622.910
Rentals of track,&c..__..
542,568
148,498
622.491
Hire of equipment
10,552
198,008
245,422
149.351
200,835
Advances to sub. cos.__
Miscell. income debits_
89.051
Preferred divs.
5,708.690 5.708,690 5.708.690 5.708,690
Common divs. (6% -- 11,691,750 10,398,780 10.168,185 9,932.460
396.960
414.140
Approp. fuel res've fund
51,486
461,105
Additions & betterments 2,719.318 5,574,434 3,300,000 5.000.000
10,726
Cal.-Ariz. Lines bds.s.f.
12,721
Total
Balance,surplus
34,289,204 37,107,189 34,756.265 35,213,845
86.406
315,778
[VoL. xorx.
BALANCE SHEET JUNE 30.
[Excluding stocks and bonds owned of auxiliary companies. The balance
sheet of June 30 1914 is given length on page 1066.1
1913.
1914.
1913.
1914.
If
3
s
8
Assets-a
Road & equip3.214,585,820 198,258,628 Stock, common. 62,792,600 62,792,600
197,203 Stock. 1st & 2d
282,386
Physical prop_
preferred....
3,200
3,200
Securs., propli
&c.,cos.,pledg. 16,839,147 27,987,390 C.& 0.05 Ind.,
1,200
1,200
Co's bds.pledged 37,123,001 33,745,001 common
128,454 Bonds¬es(see
201,122
Advances
400.915 "R.& I." Sec.)166,847,000 162,436,000
Construe. funds 2,423,078
Cash in treas.,&c 1,792,958 2,928,096 Equip. tx. °bile. 8,381,971 4,684,176
1st lien 41c Kant.
Cash for lot, and
642,087 58(pledged)_ _ 37,123,000 32,830,000
816,467
dividends
ds
&c.,am.. 1,905,603 1,904,693
Int.,
Cash for matured
650,209
119,174 Unpd.intAdivs.
177,174
notes, &c
794,277 Vouch.& wages. 4,110,802 3,823,383
877,045
Agts. & conduc_
364,794
365,286
866,205 Traffic balances
984,393
008c&balances
1,303
77
%1
384,355
4:0
93
23
Misc. accounts_
bills
95,000
pay.
Loans&bills
208,068
211,560
receivable _ _
1,132,168
928,383
909,907 Taxes accrued
Miscel. accounts 1,118,954
115,226
425,959
2,879,643 3,090,378 Sundry def.liab.
Mat'is & supp
Approp. surplus 3,010,706 2,997,865
Secure. In treas.
=Pledged _ _ _ 6,209,651 4,855,249 Profit and loss_ _ 1,561,833 2,514,681
Deferred assets. 2,436,720 1,305,154
288,959,119 276,436,183
288,959,119 276.436,183 Total
Total
-V. 99, p. 537. 118. 47.
Louisville & Nashville Railroad.
(Report for Fiscal Year ending June 30 1914.)
The text of the report will be given another week.
The statistics for several years have been compiled for
the "Chronicle" as follows:
ROAD AND EQUIPMENT.
GENERAL BALANCE SHEET JUNE 30.
1910-11.
1911-12.
1912-13.
1913-14.
1914.
1913.
1913.
1914.
4,598
4,710
4.820
4.937
Average miles operated_
Assets$
EgummentCommon stock__195,811,500 190836,500
RR., fran., &c.,
971
998
1,035
1,069
Preferred stock...114,173,730 114173,730 Locomotives
includ'g stocks,
611
620
655
667
cars
bonds, &c._ ..627,785,332 616386,253 Funded debt_ __ _313,193,649 319146,148 Passenger
44,564
44,727
45,269
46,480
cars
&c.,
Freight,
Fuel reserve fund_ 1,778,332 1,726,846
Investments, new
1,648
1,884
2,495
2.644
Roadway cars
acquisitions__ _ _ 11,180,113 12,098,557 Accrued taxes.... 2,085,761 „
OperationsOther investm'ts_ 12,463,263 11,778,946 Interest accrued__ 3,646,010 3,695,031 Passengers
11,726,804
12,312,662
12,928,015
carried
13.360.348
504,886 Coupons not preMarketable secure 355,148
548.661.206 532.465.242 511.660,752
664,445
Material & supple 16,423.461 17,536,219 sented
638,105 Pass. carried one mile_577,420.770
2.275 cts.
mile. 2.266 cts. 2.339 cts. 2.296 cts.
924,078 Pay-rolls
3,640,348 3,932,852 Rate per pass. per
Traffic balances__ 1,516,990
32.215,106 32,241,734 30.425,132 29,619.932
carried
847,732 Pref. div. Aug.1._ 2,854,345 2,854,345 Freight (tons)
Agents & conduc's 706,856
5095052668
5172299481
5513273784
1
car'd
(tons)
mile_5511812374
t
Fr
416,982 Audited vouchers_ 4,694,242 6,897,440
U. S. Government 666,203
0.778 eta. 0.779 cts. 0.786 cts. 0.767 cts.
104,837 Traffic balances.- 1,081,244 1,060,837 Rate per ton per mile_
Insurance prepaid 146,125
275
285
295
297
Av. train-load (rev.)tons
259,178 Unclaimed divs
Prepaid rentals__ - 236,843
33,316 Earn.
40,806
81.3457
81.3683
81.4207
pass.tr.m.
$1.4040
rev.
per
132,350 Miscell. accounts_ 997,048 1,132,407
44,603
Adv.collat. cos__ 82.1138
$2.2382
32.2956
82.3078
Def, credit acc'ts_ 3,060,649 1,218,543 Earn, per rev. fr't tr. m..
Misc. det'd debit
$11,742
811.935
$12,338
$12.090
Gross earnings per mile_
626,386 Expenditures for
894,883
Items
Miscell. accounts_ 3,929,118 3,6.58,293 add'ns & better_29,874,672 27.155,354
INCOME ACCOUNT.
Cash on hand,&c20,062,759 30,096,206 Cal.-Ariz. Lines
1910-11.
191142.
191243.
1913-14.
EarningsfromDeposit for fuel
Ms. sink. fund_
23,447
10,728
$42,868.078 $42,924,952 $40,601,288 $39,066,034
1,778,332 1,726,847 Profit and loss 20,569,801 20,569,801 Freight
reserve fund
11,641,309
12,227,934
13,082,509 12,835,658
Passengers
869.414
845,739
886,175
924,584
Total assets_ _ _698,190.029 697097,750 Total liabirs__698,190,029 697097750 Mail
1.446,311
1,478,346
1.493,303
1,504,698
Express
970,673
1,058,481
1,325.611
1,302.909
Miscellaneous
a Consists in 1914 of railroads, franchises and other property, including
stocks, bonds,&c.,$631.761.175, and expenditures for additions and better856,211,788
353.993,741
$59,465,699
Total oper. revenues_$59,682,778
ments. construction, &c., during current fiscal year. $15,814,343; total,
Operating Expenses$647,575.518; less reserve for accrued depreciation, $19,790,186; balance,
$8.828,755 $9.178,192
Maia. of way & struc_- $9,323,206 $11,033,134
10.071,303 9,490,759
as above, 8627,785,332.-V. 99, p. 894, 814, 406.
Maint. of equipment_ _ - 12,239,795 11,216.889
18,408,197 17,588.595
Transportation expenses 20,638,428 19,884,015
1,178,108
1,124.599
1.259.701
1,334,264
Traffic expenses
1.097,677
Chesapeake & Ohio Railway
1,139,964
1,417,141
1.247,015
General
$39,626,327 838,479.823
(Report for Fiscal Year ending June 30 1914.)
Operating expenses_ _$44,782,708 344.810,880
(70.49)
(71.27)
(75.36)
(75.03)
C.oper. exp. to earns.
$14,654.819 $16,585.461 $15,513.918
-514.900.070
The remarks of President Stevens at length, together with P.
revenues
operating
Net
def.8,179
20,428
40,403
25.118
the balance sheet and income account in detail, are pub- Outside operations (net)
$14,925.188 $14,675,247 316.577.282 $15.554,321
lished on subsequent pages.
1.854,684
1,761,626
1,938,089
2,600,288
Below we give comparative statistics and income account Taxes
$12,913,621
$14,722,598
813.616.232
-$12,324,900
and the balance sheet for several years:
income_
Operating
3.037.104 2,794,002
Inc. from inv.,rents,&c- 2,812.977
EQUIPMENT. &C.
$17.516,600
$15,950,725
$15,137,877
1910-11.
1911-12.
1912-13.
1913-14.
Total income
2,229
2.263
2,319
2,346
Average miles operated_
Deduct$6,328,641
$6,417,487
$7,123,933
bonds
Equzprnenton
Interest
129,482 Comparison
118,061
118,710
780 N.& D. RR.rent
811
793
825
Locomotives
608.075 of items
876,054
923.592
373
342 Other rents,&c
377
395
Passenger cars
250,049 changed.
268,761
292,755
44,124
42,187 Sinking fund
43,052
43,890
Freight cars
639,581
Cr.109,937
659
681
681 To S. & N. A
740
Tool.camp and ballast..
5.040,000 4,618.733 4,200,000
Dividends (7%)
OPERATIONS AND FISCAL RESULTS.
Total deductions....813,498.990 812.189.160 $12,155,828
1911-12.
1910-11.
1912-13.
1913-14.
81.638.887 $3,761.565 $5,360,772
surplus
2,263
2.319
2,229 Balance,
the later two years have been prepared
2.346
Average miles operated..
Note.-The income account for
Operationsthe classification prescribed by the Inter-State Commerce
to
according
6,491.256 5,859,447 5,489.040
5,618,791 Commission, effective July 1 1912. In some respects this classification
Passengers carried
Pass. carried one mile_.,291,653.817 267,044,325 252,397,519 253,262,253 differs from that used in previous years, making comparison impracticable
Rate per pass. per mile_ 2.091 cts. 2.194 cts. 2.181 cts. 2.177 cts. in several instances; one of the principal changes is the inclusion of opera27.722.015 25.174.241 26.147,903 24,604,650 tions, &c., of Georgia RR., separately operated under lease.
Freight (tons) carried
Freight (tons) carr. 1 m_7064650.082 6694879,287 6692114,437 6082682.596
0.421 cts.
GENERAL BALANCE SHEET JUNE 30.
Rate per ton per mile_ __ 0.409 cts. 0.412 Ct8. 0.407 cts.
756
843
658
870
1914.
1913.
Av.rev. train load (tons)
1914.
19133.
S
$
Earns, per pass. tr. mile,
Liabilities$
$1.32
$1.27
$1.31
$1.37
v:111191_214,404,628
187,937,393
incl. mail and expressCapital stock__ 72,012.117 71,963,800
elsad &
RoA"
$2.76
$3.08
$3.47
$3.56
mile
train
10,482,880 10,546,776 Fund
Funded debt.__184.463,197 164,468,597
Earns. per fgt.
815,162
$14.617 Securities
$15,129
$15,641
Earns, per mile of road_
Adv.forconst.,&c.18,912,919 14,539,862 Traffic.&c.,bals.
287,989
288,551
RevenuesMisc.Investm'ts 22,187,746 21,232,775 Vouch.& wages. 4,682,527 5,627,709
25,590,027
27,261,475
27,549,696
516
.
6
Freight28.86
13,815,564
Cash
14,514,408
1,968,581
Matured
1,893.429
int.,&1)
5.512.932
5,858.138 5,505.536
6,098.059
Passenger
in treas'y 10,644,340 9,264,340 Mat,fund. debt
95,000
80,000
371.338 Bonds
371,137
386.640
426,967
bds. 6,786,769 10,686,726 Misc. accounts. 1,013,500 1,265,719
Mall
536,908 Marketable
586.021
599.345
636.786
bills rec
214,235
&
Loans
Express
423,537
3,496,322
Int.,&c.,accrued
3,350,445
339,110
396,978
323.569
379,501
496,297
Other transport'n rev548,455 Taxes accrued__ 1,191,426
855,094
233,096 Traffic, &c.,bals
242,131
294.481
282.192
Agents,&c
988,523 1,189,385 iflipper'g reserves.
Non-transportation rev_
439,255
396,755
supp
&
7,086,383
Material
7,183,109
Oth.def.cred.items 934,564 1.298,884
32,583,411
34,289,870
35.085,278
36,690,021
revenues
Misc. accounts.. 3,174,413 3,733,021 Add'ns to prop.
Total
Expensesthrough Inc__ 2,356,039 2,356,039
Temp.adv.,&O. 1,197,755 5.064,331
4,138,092 4.342,745 3,981,646 4,141,572 Special deposits.
500,005 5,206,086 Sinking funds__
471,312
405,289
Maint. of way & struc
6.198,825
6.724.460
7,275,439
7.692,748
funds
accts.
1.020,263
290,454
Doubtful
160,684
1,106,630
Sinking
Maint. of equipment
615,338
636.967
669,016
669.283
Profit
loss_
and
debit
39,597,434
def.
40,338,581
Other
Traffic
12,167.906 11,380,998 10,503.415 10,044,172
1,301,192 1,658,543 Contingent liaTransportation
items
793.707
789.193
783,362
985,908
5,000,000 16,662,000
Conting't assets 5,000,000 16,662,000 bilities
General
25.653,937 24.451,560 22,635.681 21,793.615
318,300,279
311,411,014
Total
318,300,279
Total
311,411,014
Total expenses
(66.9)
(66.0)
(69.7)
(69.9)
-V. 99, p. 538. 269. 197.
Per cent exp. to earns
11,036.084 10,633,718 11,654.189 10.789,796
Net revenues
1,560.815
1.808.563
2,225,537
2,154,532
Other income
Texas &Pacific Railway.
13,190,616 12,859.255 13.462,752 12,350,611
Total
for Fiscal Year ending June 30 1914.)
(Report
Deduct
7,045,262 6,506,896
1 7,934,648( 7,102,563
Interest on bonds
297,045
382,651
216.595
J. Gould,N.Y.,Sept. 16, wrote in substance:
George
Pres.
Car trust interest
1,065.853
1,375,863 1,014,220
1,330.935
Taxes
Funded Debt.-This was decreased during the year by the payment of
246,560
equipment
obligations.
Rental leased equipment
of
$515,619
55,449
56.655
62.616 Cr.17.493
Loss on elevator
Road and Eguipment.-Additions and betterments aggregated 5752,734
for out of revenues for the year,charged to income
paid
been
Rentals of leased roads,
has
which
of
all
816,817
775,364
883,224
835.077
Joint tracks,&c
48.100 and carried into cost of road and equipment. Principal additions and
55.524
Miscellaneous
betterments were: Ballasting, $223,219; increased weight of rail, $108,980;
(5)3,139,625
(5)3,139.627
(5)3,139.080
(4)2,511.264
Dividends
New Orleans new incline (unfinished), $73,261. 137.19 miles of trace
were ballasted. 106.08 miles of track were re-laid with new 85-lb. and
12.730,064 12,699.832 12.328,173 12,261,951 75
Total
-lb. steel rails, relieving 75-lb. rail, which has been used to replace 56-lb.
1.134.579
88,660
159.423
Surplus
460.552
00T. 10 1914.1
THE CHRONICLE
rail where the traffic is heaviest. New industry tracks, 6.15 miles. No
new equipment was purchased during the year. Equipment costing
$8,904 was built. The sum of $43,273 was expended for improved and
safety appliances for locomotives and other rolling stock.
Results.-The operating revenues were the largest in the history of the
company, amounting to $18,652,685. an increase of $573,901. or 3.17%.
Freight traffic increased $304,944, or 2.5%; tons of revenue freight carried
one mile increased 31,588,538, or 2.5%. The average haul per revenue
ton in miles was 186.91, an increase of 1.76 miles; average revenue per ton
mile was 9.69 mills, the same as for the year 1912-13 Revenue from
passenger traffic increased $157,648, or 3.5%; average revenue per passenger per mile, $.0245, an increase of 8.0003. Revenue from express facilities
was $544,260, an increase of $91,649.
Operating expenses decreased $534,774, or 3.6%, the ratio of expenses to
revenues being 76.33%, compared with 81.71% for the previous year.
Maintenance of way and structures decreased $160,660, or 6.76%. Liberal
expenditures were made for renewals, track-work, &c., and 861,116 crossties and 280 sets of switch ties were laid in the track during the year.
Maintenance of equipment charges decreased $2,020, or 0.07%; traffic
expenses increased$39,460 or 9.38%; general expenses decreased $41,701,
or 7.41%, and transportation expenses decreased $369,853, or 4.38%. due
to improved operating conditions permitting of economies in the transportation of both freight and passengers. By better handling, the average load
per freight tr, mile increased 22.77 tons, or 8.6%, and average load per
freight car increased .09 ton, or 0.5%. The decrease in the cost of train
service is also due to comparison with a period containing large expenses on
account of the floods in Louisiana.
Taxes on all the properties of the company amounted to $757,341, an
crease of $63,900 over previous year. Taxes per mile of road were
$401 24, as compared with $367 87 for year 1912-13. desirable
and necesTrans-Mississippi Terminal Co.-It has been found
sary to improve the terminal facilities of the company, both freight and
passenger, at New Orleans. An organization known as the Trans-Mississippi Terminal Co. has been chartered and the capital stock acquired by
The Texas & Pacific Ry. Co.(V. 99, p. 50, 408). Pending thefinalfinancing of the Terminal Co., this company has advanced to and on account of
the Trans-Mississippi Terminal Co. the sum of $432.635. as shown in the
balance sheet. The above sum,together with any further advances necessary, will be re-paid to your company. It is believed that the above arrangements will place the Texas & Pacific and the St. Louis Iron Mtn. &
Southern Ry.Co.,as Joint users, in a most advantageous position as regards
terminal facilities at this important and growing port.
New Industries.-During the year 42 industries have located their plants
adjacent to our tracks.
1047
Northern Pacific Railway.
(Report for Fiscal Year ending June 30 1914.)
Below we give the income account as appearing in.the
pamphlet report. The text and further data will be given
another week.
INCOME ACCOUNT.
1913-14.
1912-13.
1911-12.
1910-11.
Average miles operated.._
6,325
6.260
5.950
6,025
Operating Revenue$
$
$
$
Freight
48.058.812 52,270,686 43,793.521 43,332.918
Passenger
15.707,000 15,808,036 15,343,752 17.278.813
Other rev, from tramp
3,568,381
3.546.576
3.456.962
3357.865
Total
67,334,196 71,625,298 62.495,138 64,068,693
Rev, other than transp
1,210,606
1.050,841
928,808
844.139
Total oeer. revenue- 68,544.802 72.676,139 63,423,946 64.912,832
Per mile avetage)
10,837
11,610
10,526
10.909
Operating ExpensesMaint. of way & struc__ _ 9.363,824 10,188,054
7,861,491
8.065.463
Maint. of equipment_
8,063,102
8,532,672
7,207.716
7,911,231
Traffic expenses
1,270,881
1,369,801
1,202,293
1,127,233
Transportation expenses_21,710,988 23,569,379 20.756.387 21,601.478
General expenses
1,063,258
1,073,392
1,130,630
1,024.356
Total oper. expenses_ _41,472,053 44.673,298 38.158,517 39,729,761
P. C. op. exp. to op. rev_
(60.50)
(61.47)
(60.16)
(61.20)
Net operating revenue.._ _27.072,749
28.002,841 25,265,429 25,183,071
Sleeping, parlor, observation, dining & cafe cars
and restaurants
304,820
308.820
312.751
441.803
Total net revenue
27.377,569 28.311.661 25.578,180 25,624.874
Taxes accrued
5.030.584
3.999,028
3.739.079
3.296.797
Operating income
22,346.985 24,312,633 21,839,101 22,328.077
Divs. & int. on securities,
interest on deposits and
rentals received
4,175.099
4.310,585
4.416.028
4.733.336
Hire of equipment
864,574
315,288
615,816
607,094
AMOUNTS OF COMMODITIES CARRIED JUNE 30 (000s omitted .
Gross
income
27,986,658 28.938.506 26,870.945 27,668.506
Misc.
Forest. Animal. Argicul. Mrf.&Mer. Coal.
Deduct-1,861
983
1914
1,233
529
444
1,969
611,895
713 Rentals paid
1913
1,447
475
434
1,885
1.961
537.303
526.320
561,149
1912
537
360
1,601
799 Interest on funded debt... 1,563,449
1,248
1,898
6,837,685
6,680,810
6,665.090
156.067
1,423
863 Other intet eat & commis_
1911
1,353
1,422
539
287
Dividends on stock (7%).17,360.000 17,360,000 17,360,000 17,360,000
Appropriated to cover
STATISTICS OF OPERATIONS YEARS ENDING JUNE 30.
sundry claims
750,000
1910-11.
1911-12.
1912-13.
1913-14.
Total
1,885
1,885
Miles operated
1,885
25,691.411 25,484,988 24,567,130 21,586.239
1,885
OperationsNet income for year...... 2,295.247
3.453,518
3,326.516
2,303,815
3,298,952
Passengers carried
3,516,678
3.598,781
3.082.267
Pass. carried one mile_ _190,346,627 186,419,785 166,994,412 168,919,032 -V. 99, p. 604, 120.
2.44c.
2.450.
2.42c.
2.450.
Rate per pass. per mile_
5,786,115
6,442.082
6,915,402
7,019,106
Freight (tons)
Kanawha & Michigan Railway.
1311948794 1280360256 1179602957 1029200819
Tons one mile
1.04c.
1.00c.
0.97c.
0.97c.
Av.rate per ton per mile
Annual
(24th
Report-Year ended June 30 1914.)
218
218
230
249
Av. train-load (rev. _--
Pres. F. B. Sheldon, Columbus, 0., says in substance:
DETAILS OF REVENUES & EXPENSES YEARS ENDING JUNE 30.
Resutts.-The decrease in freight revenue was caused by strikes of the
1910-11.
1911-12.
1912-13.
1913-14.
coal miners, which began in Ohio on April 1 and in West Virginia
on May 1.
Freight
$12,712,344 $12,407,401 $11,807,964 $10,668,981 and continued until after the close
of the fiscal year,except thatsome of the
4,122,337 mines in the West Virginia
4,092,246
Passenger
4,513,962
4,671,610
field were operated for the lest 12 days of May.
327,556
Mail
329,425
343,260
323,809 For the first 10 months freight
415,719
Express
452.611
544,260
425,999 the loss of $221,670 in May and revenue showed an increase of $17.471:
June resulted in a net decrease for the year
381,211
Miscellaneous
375,384
337,358 of $204,199, and as the revenue
329,738
on merchandise increased $26,154, the
actual
of
coal
and
loss
coke
traffic
was $230.353.
Total
$18,652,685 $18,078,783 $16,973,223 $15,878,484
Mall revenue
slightly increased as a result of the quadrennial weighRevenues per mile oper_
$9.593
$9,897
$9,006
$8,425 ing of the mailswas
in West
and the allowance by the Postmaster..
Maint. of way and struc. 2,215,514
2,376,175
2,165,311
1,953,536 General of 5% increase inVirginia,
compensation for handling parcel post, which,
Maint. of equipment
2,978.754
2,976,734
2,580.395
3,089,953 however, is wholly inadequate
to cover the increased cost of the service,
Traffic expenses
460.219
420,759
258,221 and on the 75 miles of line operated
376,704
in Ohio amounts to 10 cents per train.
Transportation expenses 8,064,578
7,636,061
8,434.431
6,665,656 Express revenue suffered from the severe
competition of the parcel post and
General expenses
520,962
549,825
562.662
460,070 the reduced rates ordered by the Inter-State Commerce
Commission.
Passenger
and
other
revenues
show
substantial
gains.
Total
$14,238,007 $14,772,781 $13,308,296 $12,427,436
The
in cost of maintenance of equipment was mainly due to
Net revenues from oper_ $4,414,678 $3306,003 $3,664,927 $3,451,048 heavierincrease
expenditures for repairs of cars, charges for retirement of old equipment, cost of moving machinery into the new wood-working shop, an exINCOME ACCOUNT YEARS ENDING JUNE 30.
pense incident to changing from steam to electric power in the operation of
the.shops. The increase in traffic expenses represents the cost of new
1914.
1912.
1913.
with the application for increased freight rates and expenses
Net operating revenues
$4,414,678 $3,306,003 $3,664.927 tari fs filed opposing
reduction of rates. Transportation expenses include,
Incurred
Outside operations, net deficit
40,415
62.536
*48,238 advancesin
in wages of conductors,trainmen and telegraph operators.
Equipment.-No addition was made to the motive power, but orders
Total net revenue
$4,352,142 $3,265,588 $3,616,689
for 7 new consolidation freight locomotives for delivery in July
Taxes accrued
757,341
693,441
728,070 were placed
1914. Two light freight locomotives were retired. Orders were also placed
Operating income
$3,594.801 $2472,147 $2,888,619 for 5 coaches and 2 baggage and mail cars, all of steel construction, for
Joint facilities
3135,134
$106,719
$112,728 delivery in July 1914; 2 passenger coaches and 1 baggage car were retired.
The coal traffic necessitated the use of large numbers of foreign cars, and
Miscellaneous rents
21,880
21,105
*41,050 orders
Other net income
were therefore placed for 1,160 all-steel drop-bottom coal cars of 50
15,846
50,500
75,679
tons capacity, to be delivered in July and Aug. 1914. To replace equipTotal other income
ment
retired,
121 coal cars with steel underframes were built.[V.99,p.3421
$172,860
$178.324
$229,457
Of the 257 freight cars retired during the year. 60 were destroyed on
Gross corporate income
foreign lines, Son this line and 191 were retired on account of age: 17 freight
$3,767,661
$2,750,471
$3,118,076
Accrued interest on bonds
$1.600.015 $1.637,252 $1,624,048 cars were changed to service cars and 5 service cars were retired.
Other interest
Total additions and betterments to equipment. $103,139; value of equip204,909
283,718
229,835 ment
Rentals, &c
retired, $117,523: credit balance, $14.384. Depreciation of equip137,019
121,230
119,222
Hire of equipment, balance
339.871
116.430
180,693 ment charged to expenses in year 1913-14. 871,975, less 817.608 on equipment retired; net. 854,368. Total depreciation reserve for equipment
Total deductions
82.281.814 $2.158,630 $2.153,798 June 30 1914, $372,396.
Maintenance.-19 miles of main track, 11 in Ohio and 8 in West Virginia,
Net corporate income
$1.485,847
$591.841
$964,278 were re-laid with steel rail weighing 90 lbs. per yard. The main track is
Improvements
641,569
815.892
597,518 now laid for its entire length between Corning and Gauley Bridge, 153.5
Equipment
miles, with rails weighing 90 lbs. per yard; 50:752 white oak cross-ties laid
466,500
536.291
751.529 In
the main track and 152,400 feet B. M. of bridge ties were used. Gravel
$1,108,069 81,352,183 $1349,047 ballast was applied to 18 miles of main track between Corning and CharlesBalance, surplus or deficit
sur.$377,778 def.$760.342def.$384.769 ton; 4 steel girder bridges 280 ft. in length were renewed; 1 steel girder
bridge 60 ft. in length was erected
new masonry; 1 masonry culvert
Comparison of these items is somewhat changed in later years, but was constructed, replacing a woodenupon
structure, and wooden trestles filled.
general results remain unchanged.
Additions and Betterments to Road.-Unexpended balance from the previous year, 8169.410; additional expenditures authorized, 8103,632. including $30.000 for right of way of new line from
BAALNCE SHEET JUNE 30.
Hobson to Meigs and
$30.000 for bridge betterments. There was expended
on additions. &c..
1914.
1013.
1914.
during the year. $177,984, viz.: Right of way and station
1913.
grounds. $3,445,
Liabilitiess
grade reductions and changes of line. 818.382; bridges,
Assets-$
trestles
culverts.
-1.105,289,2
Capital
0
6
104851,948
stock._
.38,763,810 38,783,810 ;23.612; increased weight of rail, frogs and switches. $8.845:and
Road & equip
sidings and
316,016 Bonds, &e
56,687,714 57,203,332 spur tracks. $40,303; terminal yards, $15,913; station buildings
Stks. unpledged- 321,356
and fixLoans & bills pay_ 3,911,780 3.561,780 tures, $3,881; shops, engine-houses and
Bonds and notes
turntables. $37,011: shop machin1,300,511 1,300,511 Traffic balances
unpledged
112,382
90.860 ery and tools, $25,426; water and fuel stations, $1,164. All of the work
4,825
141,789 Vouch. & wages 2,872,423 2,783.239 authorized, unfinished June 30 1913. has
Other investments
been done; and the additional
479,816
658,501 Mat. Int., rents,
Cash
improvements authorized In March 1914 should be completed by Dec.31.
&c.. unpaid.... 166,809
334,575
The alignment and grades of the main track were improved between
Stocks and bonds. 334,575
164,929
342,425 Unmatured int. &
Dexter and Bridge No.457, a distance of one mile; the excessive curvature
Agts.& conduers. 322,335
rents
173,430
890,758
180,799 being reduced to 3 degrees or less, and the grades entirely eliminated.
MaVls ,tz supprii_ 1.803,842
1,093,318
Miscellaneous_
712,551 Taxes
331.683
Equipment Trust Obligations,-Outstanding June 30 1913. $1,409.000:
287.676
Other del. credit
retired during year. 8201.250; outstanding June 30 1914. 81,207,750.
Advances toIn June 1914 the board authorized the issue of 81,200.000 414% equip235,449
506,227
0.G.&N.E.Ry
482,902 items
174,560
zApprop. surplus_ 8,711.008 7,602,939 ment notes, to be dated July 1 1914. payable in 20 semi-annual installments,
Trans-SlississiPPI
to cover about90% of the cost of the new equipment ordered (V.99, p. 342).
Terminal Co_ 432,635
flis to decree in Government suit, &c., see V. 98. p. 912. 1537.1
Other def. debit
287.977
289,025
items
CLASSIFICATION OF FREIGHT-PRODUCT OF (TONS).
10,265
494.923
Profit and loss_ _
YearAgricul, Animals,
Mines.
Forests, Manufac. Misc.
Total
111,966,488
110813,924
111,966,488
110813,924
1913-14__..268.454
Total
23,712
4,280,403
338,706
44.546
115,438
1912-13- -.244,656
20,890
4,634,436
375,507
09.502
128121
z After deducting In 1914 $2.052,520 reserve for accrued depreciation.
Bituminous
coal
traffic
In
year
1913-14,
3,991,054
to
against
4,248,870
z Additions to property since June 1907 through income. V.99. P. 483. Urns in 1913-13.
TRAFFIC STATISTICS.
1913-14.
1912-13.
1911-12.
1910-11.
176
176
176
176
Average miles operated..
Operations1,269,783 1,206,356
1,195,993
Passengers (number)___ 1,231.119
Pass. carried one mile__ 19.468,484 19.527,336 18,596,362 19,114,684
1.91 cts.
1.86 cts.
1.85 cts.
1.94 cts.
Av.rcts. per pass. per m
5.287,117
Tonsfreight(number)._ 5,271,259 5,611,112 5,362.817
Tons freight one mile__ _660,476,178 712,246,180 677,137.798 671.442,265
Av.rcts. per ton per mile 0.402 cts. 0.401 cts. .0.404 cts. 0.400 cts
937
761
959
703
Av.tons per train mile__
30.9205
$0.9509
30.8172
80.9171
Earns, per pass. tr. mile
$3.85
$3.76
83.07
82.81
Earns, per fgt. tr. mile__
$18.705
$17.861
$17,611
$17,717
Gross earnings Per mileEarningsPassenger
Freight
Mail and express
Miscellaneous
Other than from transp_
[VOL. xc
THE CHRONICLE
1048
INCOME ACCOUNT.
1913-14.
1912-13.
$377,635
$372.311
2,654,551
2,858,750
36,766
37,985
28,118
25.334
8.849
13,078
1911-12.
$346,360
2.732,888
34,973
20,625
10.406
1910-11.
$354,172
2,688,647
39,069
19.300
9,864
Total oper. revenue.- $3,110,148 $3,303,229 $3,145,252 $3,111,052
Expenses$422,236
$478,269
$405,947
Maint. of way & struc
$368,251
704,237
641.444
570,346
Maint. of equipment...._
552,193
34,937
28,823
27,675
Transportation
867,169
974,304
958.671
928,427
Traffic
27,502
84,076
78,212
General expenses
81,165
82.785
Earnings.-Results reduced to the:average per mile of road operated
compare with 1912-13 as follows:
.
Net. Taxes. Oth.Inc.Tot.Inc. Int.,&c. Divs. Def.
Gross.
811,237 82,847 $539 $324 82,632 $2,396 $599 $363
1913-14
4
877
11,330 3.052 477 429 3.004 2.131
1912-13
Inc.or.Dec.% D.0.82 D.6.72 I.13.0D.24.46 D.12.391.12.43D.31.68
OPERATIONS, EARNINGS AND EXPENSES.
1910-11.
1912-13.
1913-14.
1911-12.
617
618
616
617
Miles operated June 30..
Operations2,245,133 2,163,216 2.085,373 2,160.716
Passengers carried
Pass. carried one mile 92,595,943 87.845.361 88,358,953 86.436.178
1.86 cts. 1.877 cts. 1.863 cts. 1.824 cts.
Rate per pass. per mile..
3,858,084 3,656,179
Rev.freight (tons) carr- 4,652,608 4,546,441
Freight (tons) carr. 1 m.631.553,815 628,732,955 515,420,460 485.074.802
0.73 cts. 0.745 as. 0.826 cts. 0.836 cts.
Rate per ton per mile.
313
307
383
415
Avge. train-load (tons)$1.13
$1.15
$1.19
$1.17
Earn, per pass. train m..
$2.61
$2.54
$2.85
$3.03
Earn, per fght. train m_
$10,040
$10,548
511,330
Earns, per mile of road_ .11 .811.237
$
Earnings1,646,207 1,576.660
1.648.884
1,722.479
Passenger
4,054,115
4.257.162
4.682,585
4,610.933
Freight
556.104
600,284
654,475
610.593
Mail, express and misc6,186,879
6,503,653
6,985,944
6,944.005
Total earnings
Expenses$2,219,790 52.185,419 $2,013,560 $1,897,900 Maintenance of way,&c. 1,038,339
Total
(71.37)
(66.16)
Per cent exp. to earns
(64.02)
(61.00) Maint. of equipment__ _ 1,068,264
Net operating revenue.. _ $890,358 51.117.810 $1,131,692 81,213,152 Traffic expenses
230.913
333,304
280,357
138,5561
Hire of equipment
2,644,581
209,240 Transportation
23,580
27,859
27,946j
Rents and miscellaneous
202,631
General
1,069.198
982,051
216,675
2,656.418
179,595
904,879
953.342
210.467
2,529.722
176,802
799,008
878.722
201,556
2.193,184
184,693
$1,247,242 $1,426,026 $1,298.194 $1.422,392
Total income
5.184,728 5,103,937 4,775,212 4,257,163
Total
(68.81)
(73.43)
(73.06)
Deduct(74.66)
Per cent exp. to earns
1.929,716
$223,760 • $223,760
Interest on funded debt.. $223,760
1.759,277 1,882,007 1,728.441
$223,760 Net earnings
268.445
278.145
62,265
294,039
332.990
73,718
Other int. (Incl. equip't)
28,542
37,543 Taxes
126,430
Taxes
106,262
104.538
94,036
1.661,271
Additions & improv'ts_
Operating income_ _ _ _ 1,426,287 1.587,968 1,450,296
452,623
*168,187
*160,997
&c
paid,
18,339
236,303
Rents
161.970
16.889
23,118
13.692 Interest, dividends, &c_
36,743
Equip. tr. oblig's retired
239,000 Hire of equip., balance..
36,121
38,526
Dividends
38,222
(5%)450,000 (6)540,000 (5)450.000 (4)360,000 Joint facilities, &c.,rents
38,349
Total
8880,794
8960.630
i. 1,626,606 _ 1,899.236 *1.649,819 *1,865,579
$829,958 $1,420,654
Total
Balance,surplus
$366,448
$465.396
$468,236
$1,738
Disbursements724.920
732,300
GENERAL BALANCE SHEET JUNE 30.
804,071
Interest on bonds- 854.884
*416,485
*430,464
556,654
605.494
Rentals
8,345
1913.
1914.
1914.
77,895
1913.
19,238
balance_
equip.,
of
Hire
*3,242
Assets$
*
150
1.192
Road & equip't_...16,137,538 16,028,306 Capital stock__ 9,000,000 9,000,000 Miscellaneous
1,152,992
BdsAstks.pledged 2,000,000 2,000,000 Mortgage debt___ 4,969,000 4,969,000
1,240,659
1,480.808 1.360,875
Total
712,587
2,000 Equip. obligations 1,207,750 1,409,000 Surplus
2,000
409,160
Stocks unpledged_
538,361
145.798
for dividends....
200,000
4
4 Bills payable
200,000
Physical property_
75,000
199,752
125,000 Dividend on pref.(4%)..
199.752
228,801 Traffic balances
Material & supp__ 349,512
49,772
54,419 Dividend on common..(144)170,568(3;)341,136(33i)341.250(3;0341.250
Vouchers & wages 418,495
Cash,cash for cou429,931
owing to changes in
316,712
285,475 Miscell. accounts..
pons,&c
3,953
5,473
* Comparison of the items so marked is inaccurate,
in the later
4,263
16,976 Matured interest,
Agts.& conductors
joint facilities rent deductions included
of
item
the
years,
later
in the
_
_
20,000
Bills receivable_
5,500 dividends, &c
146,385
91,220 two years both under "other income" and "charges" being shown
Traffic balances_ _ 141,984
243,452 Accrued int., &c.._
28,180
29,317 earlier years as a net item under charges only. All other items and the
Miscell. accounts_ 178,190
175,759 Accrued taxes
29,086
29,086 final results remain, however. unchanged.
Miscell's deferred
2,670
Oth.def.cred.items
687
31,190
debit items_ _
48,054 Approp'd surplus_b1,088,626 61,068,676
BALANCE SHEET JUNE 30.
Profit and loss
2,188,426 1,822,518
1913.
1914.
1913.
1914.
3
LiabilitiesTotal
19,187,393 19,034,327 Total
$
19,187,393 19,034,327
Assets10,500,000
-10,500,000
Road & equip't__a36,353,552 35,473,629 Common stock _ 5,000,000 5,000,000
Preferred stock_ _
a After deducting reserve for depreciation of equipment, $372,396.
Stocks of proprie16,500,000 15,000,000
b Appropriated surplus represents additions to property through income
tary, &c., cos__ 1,649,820 1,123,990 Funded debt
341,000
306,511 Equip.43,5 s,Ser. A 299,000
since June 30 1907.-V. 99, p. 342.
Mleech's stocks- - 556,511
638,000
563,000
B.._
Series
do
553,764
1,211,976
Cash
950,000
C
Series
4,300 do
4.300
Secure. in treasury
Chicago Indianapolis & Louisville Railway Co.
300,000
692,000 Equipment notes_ 200,000
Marketable secure. 390,000
250,000
66,336 Collat. trust notes 625,000
Loans& bills reele 137,589
161,409
(17th Annual Report-Year ended June 30 1914.)
64,748 Traffic, &c., bats- 111,513
59.965
Traffic, &c., ha's_
788,430
337,869 Vouchers & wages. 925,922
& conduc_ 233,968
Agents
143,812
568,018 Miscell's accounts. 559,898
484,901
Pres. H. R. Kurrie, Chicago, Sept. 16 1914, wrote in sub.: Material & supp
375,204 Matured int.,dive.
Dividends.-During the year ended June 30 1914 dividends aggregating Miscell. accounts_ 386,750
409,930
410,358
rents
and
208,624
310,341
4% on the pref. stock and 1%% on the com, stock were declared and paid Advances
34,845
32,482
33,115 Unmat'd Int.. &c..
300,000
out of accumulated income and charged to profit and loss, as has been the Special deposita
279,558
9,550 Taxes accrued.... 307,498
9,550
practice in previous years. The regular dividend on the corn. stock, pay- Sinking fund
285,000
215,935
reserves
Operating
clisc'nt
able June 27 1914, was not declared. The dividends declared and paid dur- Unexting'd
9,439
7,784
Oth.def.cred.items
73,049
on securities_ _ _
ing the year had not been earned, and it was thought, in view a the unAdd'ns to property
settled conditions, that the dividend on the com, stock should be passed. Other defer'd debit
2,137,814 3,226,304
income.
through
47,873
75,581
items
It is hoped and confidently expected that the payment of dividends on the
Profit and loss__ _b2,891,649 2,497,804
coin, shares may be resumed at an early date (V• 99, p• 47)•
Fixed Charges.-The increase in fixed charges was caused 1,7 the accrual
42,237,853 39,865,531
Total
39,865.531
42,237,853
Total
of interest on f$1.000.0001 equipment trust bonds. series "C.'sold during
the year (V. 98. p. 235) and also by an increase in the fixed charges of the
depreciation, $427.382.
accrued
for
reserve
deducting
this
which
and
in
After
Louisville
Chicago
at
company
a
Joint terminal companies
for additions to property through income,
shares under the account "Joint facility rent deductions," due to the enb After deducting $111,511
for settlement of switching overcharge and loss
largement and reconstruction of terminals demanded by present-day appropriation of surplus
prior to July 1 1913. $50,000; loss oil
incurred
claims
freight
of
age
andd
operating conditions.
$413.233, and sundry other adjustments
Traffic.-Despite the general business depression, the operating revenue retired road and equipment,
and adding for proportion of cost a certain improveshows a decline of only $92 a mile, or .82%. This is more than accounted aggregating $20,939,
between July 1 1909 and June 30 1913,capitalized
ents made in the period
for by the reduced stone movement, due to depressed conditions. [The
of the general mortgage of June 20 1914, transferred from
surplus for dividends. &c., was $145.798. against 8538.361 in year 1912-134 Under the terms
June 30 1907 through income, $1.200,000, and
since
property
passenger
or
to
1.53%;
$71,651.
of
additions
decrease
a
showed
revenue
Freight
increased $3,635. miscellaneous items aggregating $14.049.-V. 99. p. 969. 673.47.
traffic shows an increase of $73.595, or 4.46%. while mall
of parcels post was
or 2.61%. due to the fact that the mail pay on account
material inIncreased. It is expected that there will be some further andexpress
Chicago Terre Haute & Southeastern Ry.
show
creases in mail pay during the present year. Earnings from
accounted
for by
undoubtedly
5.56%
of
total
a
or
$11,366,
a decrease of
Annual Report-Year ended June 30 1914.)
(Third
the enlargement of the parcels-post service. train, including company
The average number of tons of freight per
in
tons
to
1913,
J.
M.
423.50
Carpenter, Chicago,Sept.3, wrote in substance
Pres.
and
1912
in
tons
material, has increased from 343.60
over 1912.
A portion of the amount charged to repairs to equipment was made
456.65 tons in 1914. an increase of 7.83% over 1913 and 32.9%
betterments necessary
by the resolution adopted in June 1912 by the convention of the
Physical Condition.-The expenditure for additions andyear
1912-13. Master Car Builders' Association requiring that cars having couplers with
in
amounted to $844,510, as compared with 81.427,966$30,960.
or 2.89%; stem
or spindle attachments or American continuous draft rods should not
There was a decrease in maintenance of way expense of
an increase of be accepted in interchange after Sept. 1 1914. Approximately
5,000 of
on the other hand, the maintenance of equipment shows
and size of our cars, formerly the property of the Southern Indiana Ry., were
within
$86.213, or 8.78%. largely due to the increase in the number
maintrack
scope of this resolution. Practically 38% of those cars have been changed
the
locomotives. Maintenance of way and structures per mile oflast
previous to meet the requirements of the above resolution, and were given a general
tained amounted to $1,797 (as compared with $1,851 for the
overhauling at the same time. At the Master Car Builders' Convention
year). and reflects the repairs incident to the flood damage.
In June 1914 the time for such work was extended to Sept. 1 1916. When
Avg. Renewal & Repairs Charged to Op. Exp. 1913-14. 1912-13. 1911-12.
$3,648 $3,219 $2,868 we have finished this work our repair cost will again become normal.
Locomotives
593
Attention is called to plates [in the pamphlet report] showing the mines
555
558
Passenger-train cars
44 in the Clinton district and the Linton district. Reference was made in
47
52
Freight-train cars
report to six new coal mines in the Clinton district. Since that
previous
acquired
company
Chicago & Wabash Valley Ry.-During the year the
has been put in operation, and we are now constructing
Chicago & time one more mine
3.474 shares of the total outstanding issue of 3.500 shares of the
another, which will give us eleven mines in this new district. In
to
track
railway
This
bonds.
1st
the
of
all
M.
Wabash Valley Ry. Co.'s stock and
have been laid to three new mines.
tracks
district
Linton
the
Ind.,
consists of a single line of main track extending from McCoysburg,
In the annual report of last year reference was made to the purchase of
of the south
on our line northwesterly 36 miles to a point about 5 miles east
at Harvey Junction within the Chicago switchterminal
new
a
for
property
ties
new
with
end of Cedar Lake. This line is now] being reconstructed
track ing district. Since that time we have constructed a new yard at that point,
and 75-1b. rail. The rail used is that taken from our present main
plate [in pamphlet report].
on
shown
as
end
north
the
connect
is
It
rail.
the
intention to
and replaced with 100-lb.
Additional ballast was put under 25 miles of track on the Illinois division.
of this track with our present main line during the coming year (V. 98. 13. At Kurtz. Ind., a wooden structure 218 ft. long over Salt Creek has been
689. 608. 1992).
by three 43-foot steel spans; and 89ft.,filled with rock and earth.
replaced
Wabash
&
Chicago
Funded Debt.-In connection with the purchase of the
Attention is called to the increased earnings per freight-train mile
Valley By. and the other physical requirements the company created a new [namely
$3.017196 in 1911-12 to 83.40517 in 1912-13 and 83.85223 in
from
Of
1914.
20
June
dated
bonds,
5%
aggregating $4,000,000,
Issue of 5-year
is held 1913-14 and in tons per freight train mile [from 486.52 in 1911-12 to 558.81
this issue 51.500.000 was issued and sold; $300,000 of the proceeds
1912-13 and 669.01 in 1913-14. These results have been possible by
In
aside
set
was
2500,0W
new
equipment
in
ordered;
invested
already
be
to
Valley By. and the use of the heavy equipment heretofore purchased, by which we have
to take care of the 1st M.lxinds of the Chicago & Wabash
the balance was used to been able to handle 32.36% more ton miles with 3.7% less train miles.
to improve and extend the existing lines, and
[Additions and betterments for the year aggregated $616,170 (including
previous
during
betterments
account
on
of
treasury
for
outlay
reimburse the
% gold $332,997 for equipment and $123,037 for sidings and spurs), contrasting
equipment
years (V. 98,p. 1992). During the year $1,000,000
82,240,123 in 1912-13, with 81,820,457 for equipmentland $224,991
flat
with
250
and
cars
gondola
to
sold
were
acquire
steel
,"
1,000
C
Series
bonds,
for sidings and spurs.]
cars, which have all been delivered.
THE CHRONICLE
OCT. 10 1914.]
RESULTS FOR YEARS END. JUNE 30 (AVER. MILES OPER. 359).
1911-12.
1912-13.
1913-14.
$
$
Statistics (see note)$
710,228
663,013
Passengers carded
947,399
Passengers carribd one mile
12,922,194 10.904,798 10.324,618
Average per passenger per mile
1.570 cts. 1.933 cts. 1.977 cts.
3.776,839 3,245,563 3,151,339
Revenue tons carried
Tons one mile
331.125,139 274,238.428 250,168,091
Aver. rec. per ton per mile
0.576 cts. 0.609 cts. 0.631 cts.
EarningsFreight
1.906,655 1.671,112 1,579.586
204,145
210.816
202,813
Passenger
43,630
47,624
52.590
Mail, express, &c
Total
ExpensesMaintenance of way, &c
Maintenance of equipment
Traffic expenses
Transportation
General expenses
2.162.058
1.929,552
1,827,361
315.929
613.308
43,138
693.976
109,577
332,289
402,569
37,308
634,029
95.434
269,944
309.255
35,926
590,557
89,394
Total expenses
Net operating revenue
Hire of equipment, &c
1.775.928
386,130
474,794
1.501,630
427.921
490,352
1.295.076
532,285
332,964
860,924
918,273
865.249
Gross corporate income
DeductTaxes
Rents
Fixed bond,&c.,interest
Interest on income bonds
120.000
138.000
104,400
7.608
24,985
5,635
646,653
542,560
504.813
(230131.778 (2)130,000
809.638
801,946
744,848
Total deductions
51.286
116,327
120.401
Balance, surplus
passenger
statistics
all
and
earnings
-Passenger
are
based
on
Note.
206.88
miles of road only, the coal branches and a portion of the mileage in Illinois
having no passenger service.
CONDENSED GENERALTBALANCE SHEET JUNE 30.
1913.
1914.
1914.
1913.
$
Liabilities-Assets$
$
Road and equip1.24,783,756 24,264,502 Capital stock__ 4,300,000 4,300,000
127,058
127,059 Bonded debt (see
MaceII.securities_
132,751 "Ry.&Ind."sec.)18,642,000 18,337,000
170,053
Cash
166,945 EquIp't bonds_ _._ 820,000
Secure. In treasury 277,945
810,000
10,001
10,000 Traffic, &c., bats..
Bills receivable_ _
2,063
2,467
54,776 Vouch. dt wages__ 223,639
39,007
Traffic, &c., bale_
355,402
32,479
Loans
43,379
conduc's
and
bills pay
Agents &
17,000
49,551
50,258 Secured time loans 1,380,000 1,100,000
MaceII. accounts_
311,952 Matured interest_
30,812
Materials & suPP- 248,378
26,183
92,401 MIscell. accounts_
Inc. bond Interest 422,407
10,035
300,360 Unmatured int_ _ 193,477
253,267
0th. def. deb.Items 100,882
Taxes accrued_ _ _ _
96,260
Unexting.discount
84,055
64,600 Def. cred. Items__ 425,577
97,931
94,841
on let ref. bonds
Profit and loss__. 232,103
168.732
Total
-V.99, p.894.
26,359,448 25,558,983
Total
26,359,448 25,558,983
Maxwell Motor Co., Inc., Detroit and New York."
(Report for Fiscal Year ending June 30 1914.)
The report will be found at length on a subsequent pane.
Below we give the income account and also comparative
balance sheet for two years:
CONSOLIDATED STATEMENT OF INCOME FOR YEAR ENDED
JULY 31 1914 (INCLUDING SUBSIDIARIES).
Net earnings from operations, after deducting costs of manufacturing and expenses of advertising, selling, administration
and taxes. 51,430,444; cash discounts on goods purchased,
$261,650: sundry miscellaneous revenue, $78,329; total
31,770,423
Deduct-Depreciation on buildings, machinery and tools, over
and above repairs and replacements
264,956
Netincome-surplus for the year
$1,505,467
BALANCE SHEET JULY 31.
1914.
1913.
1914.
1913.
AssetsLiabilitiesReal estate and all
lit pref. stock out.12,279,332 12,329,136
plants(4 In oper.
2d pref. stock out_10,127,468 10,177.136
remainder for
Corn,stock out__ -12,778,057 12,807,682
sale)
4,462,222 7,032,554 Real estate mtges_
134,706
30,161
Investments
667,572 Accounts payable _ 619,598
694,656
490,174
Good-will, models,
117,640
Accrued wages,dre. 125,296
patents, tradeCustomers' depos- 206,597
102,885
marks and trade
Res'ves for depr.names
26,500,000 26,500,000 On buildings &
Inventories
4,588,973 4,837,906
equipment,drc 671,585 1,960,040
Branch houses (in
On Inventories
210,368 2,371,110
liquidation), net
151,066 On notes and ac
Notes & accts. rec. 640,951
205,852
69,764
739,391
counts reedy _
Prepayments
50,898
32,749 Other reserves,&c
100,000
306,201
Cash
1,785,993 1,041,325 Surplus
1,505,467
Total
38,723,693 41,002,564 Total
38,723,693 41,002,564
-V. 97. D. 1111.
Pacific Coast Company
(Report for Fiscal Year ending June 30 1914.)
Extracts from the report of William M. Barnum,
President, and J. C. Ford, Vice-President and General
Manager,
will be found on another page.
Statistics.-The earnings and expenses, income account
and balance sheet have been as follows:
INCOME ACCOUNT-ALL COMPANIES.
1913-14.
1912-13.
1911-12.
1910-11.
Gross earnings
$7,063,650 $7,945,931
$7,798.739
Operating exp. and taxes 6,237,965 6,763,819 $7,496,912
6.410.401
6.469.759
Net earnings
$825.685 $1.182,112 $1.086.511 $1,328,980
Other income
9,248
43.148
28,579
34.698
Total net income.-- $834,933 $1.225,260 $1,115.090 $1,363,678
Deduct$250,000
Interest on bonds
$250.000
$250,000
$250.000
Interest on notes
9,375
Pacific Coast Coal Co.loss
x55,610
Improvem'ts written off.
5,734
Loss on steamships
36,702
72,088
39,181
68.284
Reserves
125,000
Depr.,&c..of coal mines
21.415
24.935
20.550
24.464
Reduc. bk. val. S.T.lands
50,000
Miscellaneous
46,080
19,484
14,596
391
Div. on first pref.(5%)76.250
76,250
76,250
76.250
(531)220,000 (6)240,000 (6)240.000 (7)280,000
Div. on 2d pref
(530385,000 (6)420,000 (6)420,000 (7)490,000
Div. on common
1049
EARNINGS FOR YEARS ENDING JUNE 30 (1913-14 INDICATED BY
INCREASES AND DECREASES IN REPORT).
1912-13
I913-14------DepartmentGross Earns. Net Earns. Gross Earns. Net Earns.
Pacific Coast SS. Co.__ $3,779,753
$184,634
$167,505 $4,195,644
Pacific Coast Ry. Co.__
674,173
226,491
146,022
.
Col.& P. Sd. RR.Co.__
183,227
595,324
Coal department
622.273
2,583.339
Lumber & miscellaneous 2,609,724
243,228
512,158
345,133
Taxes and general
deb94.472
Total
$7,063,650
$825,685 $7,945.931 $1,182,112
CONDENSED BALANCE SHEET JUNE 30-ALL COMPANIES.
Assets1914.
1913.
1912.
Property (including stocks and bonds
$
$
$
of proprietary companies)
21,297,588 20,336,433 19,797,823
Cash
530,124
665,357 1,062,843
Bills receivable
29,625
Agents, conductors, &c
65,160
78,459
98,850
Companies and individuals
299,132
443,147
393,776
Land notes and contracts
179,201
168,272
155,826
Coal and lumber inventories
420,075
342,098
299,681
Prepaid accounts
a140.196
159,451
124,644
Claims against underwriters
27.397
56.204
200,288
Miscellaneous accounts
344,061
133,982
126.246
Materials and supplies
272,472
284,071
266.708
Total assets
23,575.406 22.667,474 22.556,310
LiabilitiesStock (see "Ry.& Indus." Section)._ 12,525,000 12,525.000 12.525,000
First mortgage bonds
5,000,000
5,000,000 5,000,000
Serial5% gold notes
750,000
Vouchers and accounts
448,599
271,089
245,106
Wages and salaries
141,694
183,751
147,652
Dividend August 1
129.063
184.063
184.063
Accrued inteest on bonds
20,833
20,833
20.833
Taxes accrued
40,196
38,813
37.824
Bills payable
1 00.000
"Exhaustion fund" for coal lands.-15,818
116,052
168,358
Special reserve fund
125,000
125,000
Other reserves
b486,558
260.411
220,441
Collections for traffic not yet earned..
71,582
65,047
70,766
Globe Navigation Co
125,000
187,500
250,000
Employees' hospital fund
28,723
31,424
29,818
balances
and miscellaneous....
Traffic
339,219
214,762
165,927
Profit and loss
c3,353,121
3.438,010 3.371,241
Total liabilities
23,575,406 22,667,474 22,556.310
a "Prepaid accounts" include 1914 insurance paid in advance. $121.297.
taxes. $14.843. and rentals, $4.056.
b "Other reserves" include in 1914 reserve inaugurated by re-valuation
of Pac. Coast Ry. Property. $441,197, and reserve for improvements,
replacements and inventories. $45,361.
c After adding special reserve fund transfers. $125,000.-V.99. p. 202
Canadian Locomotive Co., Ltd., Kingston, Ont.
(Third Annual Report-Year ending June 30 1914.)
Pres. Aemilius Jarvis, Toronto, Sept. 16, wrote in subst.:
The manufacturing profits were $334,114, being a decrease of S42,92911
due to the smaller output of the works as a result of the curtailment
of orders by the Canadian railways. We have not added anything to depreciation reserve account, as we feel that our plant being new, the $75,000 already at the credit of this account is sufficient, and after laying aside $40,000
for special replacement account, we have carried $92,889 to profit
and loss.
During last year the trade of Canada steadily diminished, consequently
the railways' present equipment is ample for their existing mileage and needs.
For this reason, added to the difficultirs of obtaining money, many good
orders from the railways have been postponed. On the other hand, a large
amount of railway mileage in Canada is fast reaching a point of completion, to operate which additional equipment must be required. As our
new plants now practically completed, we will be in an advantageous position to take care of new work when it is offered.
At the present time.however, the company is practically out of orders.
The directors, foreseeing this situation, have for some time past kept the
company in a strong financial position, so as not to jeopardize the payment
of interest and fixed charges. The liquid assets shown in balance sheet
are $686,782, quick liabilities $139.806, net liquid assets $546,976.
There now stands at the credit (a) of profit and loss account. $303,300;
(b) of reserve accounts, $140,000; total accumulation out of profits of three
years' operations, 3443.300.
The cost of our additions to the plant for the year amounted to 3346.589,
the funds for which have been provided by the sale of investment bonds
(the proceeds of which amounted to $277,140), and the balance has come
out of accumulated profits. The additions are expected to be completed
within the next three months at a cost estimated not to emceed $50,000,1
Our capacity will then be from 15 to 20 locomotives per month.
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
1912-13.
1913-14.
1911-12.
Manufacturing profits
$294,323
3334,114
3377,043
Income from investments
7,943
32,057
19.843
Total income
Deduct-Bond interest
Loss investment bonds sold, &c_Depreciation reserve
Special replacement reserve
Organization expenses written off..
Preferred dividends (7%)
40,000
$396,886
390,000
12,624
50.000
25,000
105.000
105,000
$342,057
$90,000
14,168
$326,380
390.000
25.000
10,232
105,000
Total deductions
Balance, surplus
$230.232
$282,624
$249,168
196.148
$114,262
$92,889
BALANCE SHEET JUNE 30.
1914.
1913.
1914.
1913.
AssetsLiabilitiesPlant and good-wilL4,542,441 4,054,218 Pref. shares
1 500,000 1,500,000
Add'ns during year 346,589 488,223 Ordinary shares-2,000,000 2,000,000
Work in prog. (cost) 68,878 283,622 1st M.bonds
1,500,000 1,500,000
Mat.& SUPP.(con)- 89,762 174.146 Int. neer.(pd.July 1) 45,000
45,000
Accounts receivable_ 283,495 278,487 Accts. dr notes pay'le 60,702 306,443
Monte.& other bonds x24,643 291,517 Accrued wages, &c
24,058
7,854
Cash
220,003 134.329 Dividend July
26,250
26,250
Def,charges to oper7,294
7,619 Depreo'n reserve_ _ _ 75,000
75,000
Reserve spec. replac. 65,000
25,000
Profit and loss
303,300 210,410
Total
5 583,106 5.712,162 Total
5,583,106 5,712,162
x Investments: Balance, July 1 1913, at par, $282,276; sold or redeemed
during year. $278,136; balance at this date, $4.140; add interest accrued,
$162: balance. $4,302; lit M. 6% over Heritable property in Kingston.
$19,500, and interest thereon, $841. making a total of 324.634.-V. 99.
p. 819.
Wells Fargo & Company.
(Report for Fiscal Year ending June 30 1914.)
Pres. B. D. Caldwell, N. Y., Oct.8, wrote in substance:
Parcel-post competition existed during the entire fiscal year, as compared
with but six months of the previous year, and parcel-post
rates were reduced
and weights extended in certain zones during the year.
The rates ordered by the I.-S. Co. Commission applicable to all
interState express business went into effect Feb. 1 1914: in all but
six of the 39
* This amount was met by $125,000 special reserve fund transferred and States in which we operate, the new inter
-State rates have since been Put
$84.889 transferred from profit and loss for dividends for quarter ending into effect on State business. Our estimate
effect of the order
June 30 1914.
would be to reduce the rates from 12 to 15% that the
to have been substanx Consists of Pacific Coast Coal Co.'s loss by explosion, Lawson Mine, tially correct. In the five months from Feb. appears
1
to
Juno
30
during which the
$165,410, less its reserve for replacements. $110,000.
reduced rates were in effect, the gross revenue from
operations decreased
Total
Balance, surplus
$1,044,822 $1,158,491 31,089,680 $1,340,896
*df.$209,889
$66,769
$25,410
$22.782
1050
THE CHRONICLE
[VOL. xcrx.
$926,288, while operating expenses decreased $492,933 and payments to CONSOL. PROFIT AND LOSS ACCOUNT YEARS ENDING JULY 31.
1913-14.
1912-13.
railroads decreased $313,128.
1911-12.
$5.503,059 $4,406,421 $7,907,558
The net revenue derived from express operations for the entire year Balance beginning of year
amounted to $1,109.344, of which but $210.634 was earned during the five 5% stock dividend paid April 15 1913922.700
4,583.333
months of the reduced rates, a decrease of $120,226 from previous year. 33 1-3% stock div. paid July 10 1912_
• 250,000
The new rates have not been in effect long enough to determine to what Stock issued to pension board
extent the reductions may be expected to stimulate increased traffic in Sundry adjust'ts applying to former yes 197.304
general; hence no definite conclusion can yet be drawn as to the effect of
$5,305,755 $3,233,721 33.324.225
Remainder
the rate reduction on our future operations. The reduced rates, however, Net
$3,482,994 $6,064,778 34,104.904
earnings, all sources
have influenced a return to the express of some of the business previously
309,519
253,200
chges. for depr. & pat's purchdiverted to the parcel post, which has been augmented by a growing appre- Special
expenditures
500,000
capital
for
Appropriated
of
merit
the
express
with
service
of
as compared
parcel
ciation by shippers
83,482.994 $5,255,260 83.851.704
Net profits from operations
post. It also remains to be demonstrated whether the extraordinary
reduction in rates will not require such a large increased volume of traffic
$8,788,749 $8,488,981 $7,175,928
Total
to produce the same amount of gross revenue heretofore earned as to involve Cash dividends paid
2.985,922
3.139,884
2.769,507
an added operating expense in taking care of the increased traffic.
85.648.865 $5.503.059 $4.406.421
year
of
end
Balance,
Express
S.
U.
the
express
Co.
the
1914
from
retired
field,
30
June
On
and this opportunity to acquire additional lines of a desirable character,
CONSOLIDATED BALANCE SHEET JULY 31.
especially to increase the company's strength in the East, was embraced in
1914.
1913.
1913.
the making of operating contracts for comparatively short periods with 37
1914.
Liabilities$
s
steam and electric lines aggregating 12.904 miles. The more important
3
Assets3
Capital stock._ _19,638,467 19,625,967
railroads so included are the Baltimore & Ohio System, Cincinnati Hamilton Factories,buildings
942.490
Sr Dayton RR., Chicago & Eastern Illinois RR., St. Louis & San Francisco
and equipment_e6,069,862 5,048,776 Curr. mthly. bills_ 427,376
Bills payable(Am.
System, and also the Central RR. of N. J. and Phila. & Reading Ry. be- Westingh'se Bldg.,
25,000
Brake CO.) tween Philadelphia and New York for through business.
800,000
800,000
Pittsburgh
Notwithstanding the net earnings from all sources for the year were b Allegheny plant_ 200,000
200.000 Renew.,&c.,res've_s1,850,165
f Contingent'Ishiinearly sufficient to pay the former rate of dividend, it was apparent that, Property at WII937,978
ity acc't sales__ 797,615
for the time at least, our operations should be conservatively regarded as
840,000
merding. Pa_ c. 870,000
800,000
passing through a probationary period; and until the earning possibilities Inventory at cost_ 5,625,024 4,307.505 Depr'n res've fund
140,680
under the new conditions could be more fully demonstrated, the directors Cash on hand__ _. 2,479.096 4,050,495 Empl. pension rd.
decided to reduce the dividend rate, which was fixed for the last half of the Acc'ts & bills rec_d3,132,723 4,865,762 Undivided surplus 5,648,865 5,503,059
year at 3%.
to
surplus
Approp.
7,644,296
.8,126,329
Investments
500,000
Eighteen refrigerator cars were re-built during theyear. Of 1513 refrigera- Patents and goodcover cap. exp..
tor and ventilator cars in service, 20 will be re-built during the coming year.
will
2,785,896 2,468,339 Contingent surplus 1,750,000 1.750,000
The stockholders number 5,343.
33,339
Accrued liabilities.
56,897
Deferred assets.__
INCOME ACCOUNT YEARS ENDED JUNE 30.
30.145.827 30,225.173
Total
Total
30,145,827 30,225,173
1913-14.
1912-13.
1911-12.
1910-11.
a Includes factories at Wilmerding,St. Louis, Milwaukee and Emeryville
99.017
96,847
Mileage oper. June 30_81,995
$31,862,933 $34.934,814 832.465,970 825.155,562 and buildings and equipment at cost, less depreciation.
Gross operations
b Allegheny plant leased to W. E. & M. Co.
Express privileges (Dr.). 15,816.160 16,908,590 15.439,708 11,796.021
c Largely improved by houses for workmen.
d Considered good.
Operating revenues_ -$16,046,773 $18,026,224 $17,026.262 $13,359,541.
e Investments in 1914 consist of 22.874 shares Westinghouse Brake Co..
Operating expenses_ _ _ _ 14.600,090 16.010,198 14,483,415 10.995,791
Ltd., of London (par E10): 17.270 shares Canadian Westinghouse Co.(par
and sundry other items.
$100).
Net oper. revenue_ _ _ $1,446,683 $2,016,026 $2,542,847 $2,363,750
f Contingent liabilities account sales are subject to future settlements,
27.905
Outside operations (net)
9,926
def1,506
27,065 balances
from time to time carried to profit.
_g Includes reserve to provide for renewals and replacements. Inventory
Total net revenue..___ $1,474,588 $2,025.952 $2,541,341 $2,390,815
and extraordinary losses.-V.99, P. 987.
allotments
402,426
Taxes accrued
357,202
356,764
248,909
Operating income_ _ _ _ $1,072,162 $1,668,750 $2,184,577 $2',141,906
Consolidated Gas, Electric Light & Power Co. of Bait.
Other express income__ _
37,183
31,783
20,251
11.865
(Report for Fiscal Year ending June 30 1914.)
Gross (incl. express)__ $1,109,345 $1,700,533 82,204.828 $2,153,771
Income (other sources)_ 1,235,250
1.344,893
1,236.846
Pres. J. E. Aldred, Baltimore, Oct. 5, wrote in substance:
1,336.121
Results.-The gross Income shows an increase of 3285.923, or 4.7% the
Gross corp. income__ $2,344,595 $3,045,426 $.3,441,674 $33,489,892
business of both electric
•Dividends paid_ _--(8%)1.917.392(10)-2396,740(10)2396,740(10)2396.74o net earnings a decrease of $84,718, or 2.7%. The
and gas divisions has grown at a greater rate than in the previous year,
electricity and 11.9% In gas
in
30.5%
in
being
sold
increases
the
output
Balance, surplus
$427,203
$648.686 $1,044,934 $1,093,152 The last year saw an unprecedented rise in the cost of gas oil and large
reincreases in taxes. Considering these abnormal expenses and the ratecon*Dividends inserted by editor.
ductions which went into effect July 1 1913, the results should be
BALANCE SHEET JUNE 30 1912.
sidered most satisfactory.
The gains shown are due to the increase of business in the territory served
1914.
1913.
1914.
1913.
and are not substantially affected by the acquisition of other public service
AssetsLiabilities$
$
gains in the previous two years. We now serve the
Real pron.& equip.s5,494,790 5,933,300 Stock outstanding.23,967,400 23,967,400 Properties as were the
entire city and all its suburban districts.
Secure. of system
Traffic bals. due__ 112.035
119,047
the electricity sold was 30.5%, the increase in the
in
increase
the
While
corp. unpledged
10,000
10.000 Audited vouchers
income therefrom was only 9.7%. In addition to the effect produced
Physical property_ 2,261,741 2,134,343
and wages
1,733,807 2.355,860 gross
the figures indicate that a substantial part of the
rates,
in
reduction
the
by
Cash on hand,&c_ 3,738,770 3,373,261 Mat.int., rents,dtc
20,057
17,862 increase in output was in the sale of large units of power at comparatively
Cash in transit__ 2,218,354 1,841.778 Unpaid money orlower cost of production, as motive
comparatively
a
at
also
and
rates,
low
Stocks other cos__ 4.764,801 4,725,777
ders, checks and
power to industrial users. Now contracts for the use of electricity for large
Bonds other cos__13,515,328 13,099.021
drafts
2,974,996 2,727,416 Industrial and general power purposes, aggregating 14.965 h.p., were
Misc.obls.other cos 2,340,117 2,598,650 Express privileges
closed during the year by the industrial power department.
Loans & bills rec__ 279,000
137,529
payable
1,473,885 1,156,608
The decrease in the gross income of the gas division, notwithstanding
Traffic bal'ces due
78,488
84,680 Other work. Habits 136.445
13,702 the extraordinary increase in the quantity of gas sold, was due to the reducAns.& messengers 1,409,522 1,434,318 Unmet. int., rents
tion in rates for gas, but for which the gross income would have been ap719,022 1,198.370 proximately $400,000 greater. Efforts to encourage the use of gas for inand dividends
Miscellaneous_ ___ 340.287
460,145
168.873 dustrial purposes resulted in an increase of 33% in this use of gas. The
Material & supp_ _ 199,451
183,384 Taxes accrued_. _ _ 186,880
apUnmat. int.. rents
Operating reserves 104,826
merchandise business was also greatly stimulated_ the sales of gas
and dividends__ 347,202
416,277 Other def'd credit
pliances, gas lamps, &c., aggregating $421,832. Here Included are 9,927
25,215 gas ranges and 2,551 gas water heaters, a total of 12,478, being an increase
68,373
Advance paym'ts_ 1,366,666 1,446,667 Items
94.425
544,846 Profit and loss... 6,961,216 6,673,623 of 11.6% of the total number in use.
Def. debit items__
Properties.-There was expended for extensions, improvements and
38,458,942 38,423,976 betterments. $2.013,503, as follows: Gas division, $612.154: electric diviTotal
38,458,942 38,423,976
Total
sion. $1.401.348.
There were installed 4.422 new gas services and 23 miles of gas main,
a Real property and equipment. 85,494.790. Includes real estate. 3933,363; buildings and fixtures, $2,168,007; and equipment. $3,971.099: less making a total of 715 miles of main in use at the end of the last fiscal period.
For ordinary repairs and maintenance there was expended and charged
reserve for accrued depreciation. $1,577.679.-V. 98. p. 1998.
to operating expenses $348,716 and there has also been set aside out of the
earnings for the fiscal year $460,000 as a reserve for renewals, deprec'n, &c.
The Westinghouse Air Brake Co., Pittsburgh, Pa.
Electricity Purchased.-During the year your company purchased 125,(Report for Fiscal Year ending July 31 1914.)
746,200 k.w. hours from the Pennsylvania Water & Power Co., whose
hydro-electric plant is situated at Holtwood, Pa., on the Susquehanna
Pa.,
Wilmerding,
Westinghouse,
H.
H.
Acting President
River. This purchased power represented 87.3% of our total output.
Extension of Stearn Plant.-In order to safeguard the enormously inSept. 30 1914, wrote in part:
creasing demands for electric service, a large extension to the Westport
Death of President.-George Westinghouse. founder of the company and steam
generating station was begun and completed during the y'ear. This
in
organized
was
died
1869,
company
the
Its first and only President since
extension increased the steam generating capacity of this station by 15,in N. Y. City on March 12 1914. aged 68 years. 'Notable as were his 000 k.w., or 20.000 h.p., giving us an aggregate steam station generating
The
was
concern
Westingand
pride
chief
his
fields,
other
in
achievements
capacity of approximately 46,000 k.w.. or 61,000 h.p. Additional eqtahouse Air Brake Co.
sources show a decrease of 32,581,785, ment has also been added to several of the principal sub-stations.
Results.-Net earnings from all
Financial.-Since the creation of the debenture issue on May 1 1913.
general
the
to
owing
$3,482,994.
business
to
having fallen from $6,064.778
53,987,323 debenture stock (until July 1 1516 convertible into common
depression and particularly the railway situation.
at holder's option) have been sold (V. 98, p. 1159). Including $1,Depreciation, &c.-Heretofore depreciation charges have been governed shares
issued during the year,
recent years 246,000 Gen. M.4% Gas & Electric Co. bonds
in large measure by amount of net earnings and have varied inthere
has also there has been deposited a total of $4,636,000 par value of collateral against
from $43,960 in 1908 to $429,824 in 1910. Beginning in 1903
in excess of the par value thereof.
$648,677
being
stock,
deben.
of
issue
a
year
the
last
and
inventory
adjustments,
cover
to
been built up a reserve
The directors on Aug. 12 1914 decided that it was an opportune time to
special reserve was created for contemplated extensions and betterments in bring
about an exchange of the pref. stock for common and to facilitate it
Careful appraisals
the manufacturing plants at Wilmerding and elsewhere.properties,
a dividend of 1U% on the common shares, placing them on a basis
declared
and
physical
the
of
made
as a
and inventories have also been
annum, and at the same time offered the holders of the pref.
result thereof the asset item on the consolidated balance sheet representing of 7% per opportunity
of exchanging their stock share for share. This
an
shares
Louis,
at
St.
Milwaukee
Wilmerding,
and
factories
of
value
present actual
the market for the debentures (V. 99, p. 470_, 540).
improve
should
Emeryville has been increased by $550,165, and the value represented by
The sale of $1,416,000 common shares was effected on Feb. 27 1914.
this increase placed to the credit of 'reserve," under which general caption
% of the issue was taken by the registered shareholders, the balance was
the various reserve accounts of all the companies have been consolidated. 82,4
marketed (V. 98. p. 455, 1159).
As indicated, this reserve will be held for renewals and replace- readily
the retirement of 71312,000 certificates of indebtedness of the Consol.
In
for
of
the
all
adjustment
at
all
plants,
machinery
and
ments of buildings
Baltimore City, maturing on July 1 1912, Jan. 1 1913 and July _1
Inventories and for extraordinary losses by fire, flood or otherwise. Depre- Gas Co. of
we came into possession, in substitution thereof, of $312,000 Gen. M.
ciation charges for the year under review were included in this adjustment. 1913,
bonds of the Consol. Gas Co. of Baltimore City of the issue
gold
%
and
of
machinery
a
account
at
buildings
Hereafter depreciation charges on
maturing April 11954. These bonds were sold on satisfactory terms, the
pre-determined rate will be made against current earnings as a part of the proceeds
devoted first to the cancellation of short-time notes and in
being
item
the
"factories"
in
difference
the
of
balance
The
production.
cost of
of advances from current funds, and second, to the extensions
between this year's total of $6,069,862 and last year's total of $5,048,776 settlement
and improvements.
represents new construction and equipment at the various plants.
Increase in Shareholders.-From 1,731 to 2,381, an increase of 650, or
with
Inventories-This year's inventories total $5,625,024 as compared
on hand has 3734%. being over three times the gain in the previous fiscal year. The
$4.307,505 July 311913. an increase of $1,317,518; while cash
(exclusive of officers and directors) hold 1.116 shares.
employees
bills
receivable
and
accounts
and
82.479.096.
decreased from $4,050,495 to
Rate Reductions July 1 1913.-The P. S. Commission of Maryland on
from $4,865,762 to $33,132,723.
13 1913 made effective on July 1 1913 a reduction in the maximum
Foreign Branches.-In view of the war in Europe it is natural that there Jan.
investments. rate of gas from 90 cts. to 80 cts. net per 1,000 cu. ft., and in the maximum
should be some inquiry with respect to the company's foreign
board made a rate for electricity from 10 cts. to 834 cts. per k.w. hour. The success of
During the past summer a committee appointed by your
are directly our efforts to offset this rate reduction is shown by the gains hereinbeyou
which
in
plants
brake
personal inspection of the foreign
of the fore stated.
or indirectly interested and a careful examination of the affairsopinion
Comparative Statement Indicating the Development of the Business-Yea
companies operating them. The result fully confirmed the previous
of
stocks
the
in
Ending June 30 1909, 1913 and 1914.
holdings
of your directors that the valuations at which our
books are
1913-14.
1912-13.
foreign Westinghouse companies are carried on the company's
has
injected
ine
tom
34,330
29.927
however,
es
s
cul
sa
c
ic
r
war,
gr
e
e
l
E
European
the
While
extremely conservative.
9
18
37
409
1-4
rs. w. hours
k
87
in the
9,08
12
3
94,876,888
123.837,695
uncertain factors, your directors believe that, barring a reduction
4,040,513,300 3,611,312.180 2,802,757.600
dividends of the companies in question for the time being, no further loss Gas sales in cubic feet
90n:922492
customers
112,688
118,258
Gas
need be apprehended.
52,689
85.752
At the present time our chief anxiety is the seriously crippled financial Gas ranges in use
95,7
23
21,150
60
1
79
Water heaters in use
condition of the steam railway business in the United States.
THE CHRONICLE
OcT. 10 1914.]
INCOME ACCOUNT YEARS ENDING JUNE 30.
1910-11.
1911-12.
1912-13.
1913-14.
2.844.135
3.049,445
3,260,956
3,250,202
Income from gas
2,381,123
1,997.960
2.801,995
Income from electricity_ 3,073,938
34,719
25,681
52,022
76,756
Other income
Total gross income__ 6,400,896
Oper. expenses & taxes_ *3,333,821
6,114,973
2,963,180
5,465,287
2,642,887
4,867.776
2,455,440
Net earnings
Int. on funded debt,&c-
3,151.793
1.476.768
2,822,400
1,417,268
2,412,336
1,377,403
3,067,075
1,567.690
1,034,933
1,405.132
1,675,025
Surplus for divs., &c. 1,499,385
(4)i)31,500
Divs.: Prior Hen stock_
381,603
381,603
365,347
Pref. stock(6%)- 1 310,326j
Common stock_ _ J(6)581,2361(53)445326 (5)363,147(435)293,502
Reserve for renewals,
219,050
455.527
460,000
amortiz'n,conting.,&c.
460,000
300,000
125.000
Special reserve
1,200,277
925,655
1,570,672
Total deductions __-- 1,476,562
109,278
204,855
104,353
22,823
Net surplus
* Operating expenses do not include new business and extraordinary
expenses amounting to $300,000 charged to "special reserve for new
business campaign and extraordinary expenses.
BALANCE SHEET JUNE 30.
1914.
1913.
1913.
1914.
$
AssetsCommon stock _ _ _10,437,434 8,887,634
Property, Plant,
franchises, &c__42,836,693 41,360,362 Preferred stock_ _ _ 5,138,654 5,272,454
2,803,000 Funded debt_ _ _ _.28,746,323 30,550,550
Bonds in treasury
595,305
2,324,597 1,734,278 Notes payable..._.427,805
Investments
Unpaid wages(not
Construction work
27,229
35,887
due)
In course of com321,110
247,043 Accounts payable_ 312,641
201,644
pletion
Accrued Interest on
Cash on hand, in
517,323
bonds, drc
528,181
bank and with
882,583 Depr'n,&c.,reeve 569,776
739,148
fiscal agents
704,098 Sundry accruals,
Accts. & bills rec.. 1,090,884
749,274
413,448
846,793 reserves,&c__ _
Materials & supp- 910,325
300,000
50,179 Special reserve_ _ _ 125,000
50,179
Sink. fd. invested_
Divs. pay. July 1_ 156,561
154,872
Uninvested
178,041
Misc. def. items_
85,687
Miscellaneous
1,324,280 1,301,457
Surplus
1051
Comments by Pres. Daniel Willard on Proposition to Make New Mtge.
This is a matter that we have been at work upon continuously ever since
my connection With the road began. There were reasons why we could
not do it before, chiefly because we had something like 200 corporations
in our system. These have now been cut down to about 40.
I have been against raising money by the sale of notes, which we have
been forced to resort to. and I want to get away from the necessity of
selling $50,000,000 or $60,000,000 of securities at one time. This mortgage
will enable us, under favorable circumstances, to avoid the use of notes
and to sell two,five or ten millions of bonds at a time, according to our needs.
We have our Chicago and New York terminals and various other properties which are either free of mortgage or on which we own practically all the
bonds. These will at once become first lien security under the new mortgage. Most of our prior mortgages mature or are callable in 1925 or before, so that in a comparatively short time, as such things go, we will have
a first mortgage on the entire system, representing our whole funded debt
and capable of being used for all our improvements and additions for as
far ahead as we can calculate.
This does not mean, of course, that we shall not use stock tor financing
as the opportunity presents itself.
Merger.-The shareholders will also vote Nov. 16 on approving agreements for the acquisition of direct ownership
of these lines of railroad in Ohio now controlled by stock.:
Central Ohio RR. Eastern Ohio RR., Sandusky Mansfield & Newark
RR., Ohio Midland
'RR., Akron & Chicago Junction RR., Cleveland
Wooster & Muskingum Valley RR., Cleveland Lorain & Wheeling Ry.,
Cleveland Terminal & Valley RR.Ohio & Little Kanawha RR., Columbus & Cincinnati Midland RR., 'Pittsburgh Cleveland & Toledo RR..
Pittsburgh Painesville & Fairport
Trumbull & Mahoning RR. and
Mahoning Valley Western RE.-V.
Ry.'
99, p. 814. 195.
Boston & Maine RR.-Resigned.-E. B. Winslow of
Portland, Me., who had interlocked as a director for the
Maine Central, has resigned as a director.-V.99, p. 673.
Brooklyn City RR.-Dividend, &c.-The directors have
declared the usual quarterly dividend of 2% on the stock,
payable on Oct. 15. The company recently anticipated payment of an installment of $100,000 due on account of its
debt to the Brooklyn Heights Co. under the terms of the
settlement for $1,650,000 of the suit which the latter brought
against it, and there is now said to be due about $400,000
of the amount.
Total
48,394,029 48,828,336
48,394,029 48,628,336
The payment was provided by the maturity of mortgages held by the
* Funded debt Includes: Consol. M.5% Gas bonds, due July 1 1939.$3.- company. It was stated at the time of the settlement that it was expected
400,000; gen. M. 43i% Gas bonds, due April 1 1954. $6,100,000; gen. M. that the full 10% dividend rate would be resumed on Oct. 1 1917
97.
% G. & E. bonds, clue Feb. 14 1935, $10,831,000; United E. L. & P. p. 1285; Brooklyn Rapid Transit Co. report, V.99. p. 348).-V.97, p.
(V.
1285.
Co. 434% bonds, due May 1 1929, $4,428,000; Consol. M.5% deb. stock,
Canadian
Pacific
Ry.-Annual Meeting-Retrenchment-series "A," $3,987,323.-V. 99. p. 897. 540.
Total
Good Physical and Financial Status.-See statement of President Sir Thomas Shaughnessy, at the annual meeting in
Montreal on Oct. 6, at length on a subsequent page.
Stock Increase Authorized.-The shareholders on Oct. 7
RAILROADS, INCLUDING ELECTRIC ROADS.
authorized an increase in the ordinary capital stock from
Alabama New Orleans & Texas Pacific Junction Rye., $260,000,000 to $335,000,000. Sir Thomas says:
This is essentially a precautionary measure for the future, establishing
Ltd.-Payment Deferred.--Owing to the conditions that exright to issue new capital when traffic has reached such proportions as
ist, the directors deem it advisable to defer payment on the the
to compel further large additions to property.
£810,653 5% non-cum."C" debentures for the current year,
New Director.--John K. L. Ross of Montreal has been
until the interest due Nov. 1 on the "A" debentures and the
remainder of the interest for the year on the "B"debentures elected a director to succeed the late Lord Strathcona.V. 99, p. 747, 543.
shall have been dealt with.
Chesapeake & Ohio Ry.-Sale of Kanawha & Mich. Stock.
The income for the year, owing to the decreased dividends received from
(which is not affected by the war),is the smallest since 1908,
See report on a
GENERAL INVESTMENT NEWS.
Its subsidiaries
but it is expected that the profits will be sufficient to permit of payment of
Interest on the "C" debentures in full as in each of the years from 1902 to
1913 inclusive.-V. 98, p. 688.
Algoma Central & Hudson Bay Ry.-Earnings[Includes steamship lines in 1913-14.1
Other Bond,&c..Rent Is of Balance,
Gross
Net
June 30
Inc.
Int. Term Prop.Sur. or Def.
Earns.
YearEarns.
$40,615
$391,762 $130,992 def.$247.953
$957,400 $234.186
1913-14
stir. 99,322
1912-13
851,702 309,623 42,068 252,369
-V.99,p. 814.
Algoma Eastern Railway Co.-Earnings.-
Interest, Balance,
Other
Net
Operating
Gross
June 30
Earnings. Expenses. Earnings. Income. Rents. &c. Surplus.
Year$12,650
'
$7 $60.467
1913-14
$183.169 $110,059 $73,110
13.874
35,895
370
49,399
79,601
129,000
1912-13
-V. 99, p. 814.
Atlantic Coast Line RR.-Reported Acquisition.-
Bee Florida Central RR. bolow.-V. 98, p. 1535.
Baltimore & Ohio RR.-Proposed New Mortgage.-The
stockholders will meet Nov. 16 `to consider a plan for a
General Refunding and Improvement Mortgage, which will
provide in a comprehensive way for present needs and
future finanical requirements." Such mortgage will secure
not exceeding $600,000,000 bonds unless the stockholders
should later consent to an additional issue, "but at no time
shall the amount outstanding, together with all the prior
debt, exceed three times the capital stock." President
Daniel Willard in circular dated Oct. 1 says in substance:
This company has now outstanding bonds which
mature as follows:
Prior lien bonds, $75,000,000, July 1 1925;
1st
bonds, $S1,000,000.
July 1 1948, but red, on and after July 1 1923:M.
Pittsburgh
Junction &
Middle Division bonds. $6,125,250, Nov. 1 1925;
Southwestern' Div.
bonds, $45,000,000, July 1 1925; Pittsb. Lake Erie & W.
Va. system Ref.
M. bonds, $43,441,500, Nov. 1 1941, but red. after Nov.
1 1925; also Convertible bonds. $63,250,000, March 1 1933, red. on and after
March 1 1923.
In addition there are outstanding underlying bonds on railroads
a
the
system
and
part of
subsidiary lines aggregating $30,781,000forming
and maturing at different dates. The market for other securities
not having been
favorable in the recent past, it also became necessary to Issue
$35,000,000
short-time notes maturing June 1 1915.
Except for a further issue of $1,000,000 of bonds each year for nine years,
mortgages
of
the
several
company
afford no provision for
the
requirements. Consequently, there has been under considerationfuture
for some
time past a plan for making a mortgage covering the entire system and subunder
which
lines,
bonds
may
sidiary
be issued to retire existing indebtedness as it matures, and to provide funds needed from time to time for additions and extensions.
The stockholders will be asked to consider a plan as above indicated
if approved, to authorize a mortgage covering the entire system and and.
subsidiary lines, under which bonds may be issued in series from time to time
for refunding and other corporate purposes. Each series as issued will bear
such rate of interest and generally be in such form as to best meet then existing conditions; but all will be equally secured by the same mortgage. It Is
proposed to limit the amount of bonds which may be issued under the
mortgage to $600,000,000, unless the stockholders should later give further
consent to additional issue, but at no time shall the amount outstanding,
together with all prior debt, exceed three times the capital stock.
In furtherance of the plan to simplify, the title to the properties owned by
your company, and to reduce the number of organizations in the respective
States, as referred to in the last annual report with respect to properties
In West Virginia and Pennsylvania. it is 'proposed to present also at the
meeting a similar plan for acquisition of direct ownership or merger with
respect to properties in Ohio, as outlined in the call for meeting, the only
effect being to change the form of investment.
subsequent page.-V.99, p. 537. 118.
Chicago & Alton RR.-Meeting Adjourned.-The annual
meeting was adjourned from Oct. 6 to Nov. 17, over 95%
of the stock being represented, presumably to allow for adjustment of control following default on the Toledo St. Louis
& Western collateral trust bonds, which are secured by deposit of Alton stock.-V. 99, p. 894, 341.
Chicago Great Western RR.-New Director.-G. W.
Wattles of Omaha has been elected a director to succeed the
late Frederick Weyerhaeuser.-V. 99, p. 673, 671
Chicago Milwaukee & Gary Ry.-Not Sold.-Owing
to default by the company and the syndicate managers in
the payment of interest on the outstanding collateral notes,
namely $1,500,000 notes dated May 31 1913 and $269,033
6% convertible notes dated June 1 1913, the St. Louis Union
Trust Co., trustee, gave notice that the collateral therefor,
consisting of the company's $5,764,000 1st M.5s of 1908 and
$5,475,000 of its capital stock would be offered at auction at
St. Louis on Oct. 5. Subsequently the sale was indefinitely
postponed on account of financial conditions.-V.88, p.685.
Cincinnati Hamilton & Dayton Ry.-General Mortgage
Committee.-The committee which represented the old 432%
Collateral Trust notes, exchanged under the readjustment
of 1909 for General Mortgage bonds, has been reorganized
and in circular of Oct. 2 to holders of bonds said:
In view of the appointment of receivers of the railway company,the committee requests that bondholders furnish it with their names and addresses
and the amount of their holdings. The committee will keep in touch with
the progress of the receivership,and if advisable will later call for the deposit
of bonds. Bondholders are reminded of the existing contract with the Baltimore & Ohio RR. Co., providing for the purchase or exchange of their
bonds not later than during July 1916, and the committee will be prepared
to advise with bondholders in regard to the consummation of said agreement. [Signed: Charles H. Sabin, Chairman; Harry Bronner, Samuel L.
Fuller and J. H. McClement, committee, with Arthur B. Hatcher, Secretary,140 Broadway. and Joline, Larkin Si Rathbone, counsel. 54WallSt..
New York.1-V• 99.P• 969. 815.
Cleveland (Electric) Ry.-Arbitration.-President Stanley has agreed to submit to arbitration the dispute with the
motormen and conductors.
The latter have selected Judge Willis Vickery of the Common Pleas
Court to represent them on the board. The company will select an arbitrator. In case of their failure to agree on the third member.he will be
appointed by Judge John H. Clarke.
Application.-The company has applied to the Ohio
P. tr. Commission for authority to issue $2,382,600 additional stock. Compare V.99, p. 969, 815.
Cleveland (0.) Underground Rapid Transit Co.The company, which proposes to construct a rapid transit subway system
in Cleveland, has changed its name to Cleveland Rapid Transit Ry. Co.
Cleveland Rapid Transit Ry.-New Name.See Cleveland Underground Rapid Transit Co.
Pres. W.R. Hopkins is quoted in substance: "We are hoping the war will
not delay us much. There has been no departure from the original subway
1052
THE CHRONICLE
idea. When we have our ordinance amended, the terms will have to
be brought up to the measure of this undertaking."-V.93, p. 407.
Connecticut Co.-Earnings.
Taxes
Other Int., RentBalance,
Net
Gross
June 30.
Paid.
Income. als, &c.
Surplus.
Year- Earnings. Earnings.
1913-1448,085,399 $2,899,519 $581,509 $260,523 $1,077,461 $1.501,072
62,078 1,039,154 1,609,021
1912-13.. 8,454,624 3,082,923 496,824
From the surplus as above there were deducted yearly dividends aggregating 61,500,000 (3U %), leaving $1,072 in 1913-14, against $109,021 in
1912-13.-V. 99, p. 342.
41 Florida Central RR.-Foreclosure Sale.-The road was,
it is reported, sold at foreclosure sale at Thomasville, Ga.,
on Oct. 8 for $22,000 to the Atlantic Coast Line RR. under
the mortgage of 1907.-V. 98, p. 1920.
Fonda Johnstown & Gloversville RR.-Report.
Other
Total
Divs. Balance,
Tot.Oper. Net (after
June 30
Taxes). Income. Deducrns. Paid. Surplus.
Revenue.
Year$986,878 $439,460 $33,580 $380,333 $30,000 $62,707
1913-14
434,997
31,952 372,849 80,000
988.323
14,100
1912-13
Dividends include yearly $30,000 (6%) on the pref. stock and $50,000
corn. div. paid in 1913-14.-V. 99,
no
1912-13;
in
common
stock
on
(2%)
P. 537.
Hocking Valley Ry.-Earnings.Interest,
Common
Balance,
June 30 Operating Net (after Other
Dividends. Surplus.
Year- Revenues. Taxes). Income. Rents,&c.
$
(8%)879,960 75,781
1913-14_ _7,021,145 1,766.262 448.920 1,259,441
1912-13-7.817,643 2.355,901 772,478 1,211.975 (11;4)1.264,943 651.461
99, p. 816, 674.
Interurban Railway & Terminal Co., Cincinnati.
Receivership.-In connection with the receivership noted last
week, the following facts are published:
last year hit the company pretty hard, while fire destroyed
•The floods of
St. depot in Cincinnati, and another depot on one of the lines
its Sycamore
the city sued to force the company
was also destroyed by fire. In addition,
fare to the city limits, I. e., to Kennedy
to carry passengers for a 5-cent
Heights, and the Common Pleas Court issued an injunction directing the
company so to do. Counsel for the Interurban says: "The order of the
Court certainly had much to do with the trouble. Under it we are forced
to carry passengers to Kennedy Heights. 11 miles, for 2 cents, for that is
all we receive for every passenger carried within the city limits, as the
company must pay the Cincinnati Traction Co. 3 cents per passenger for
the privilege of using its tracks. No traction company can afford to carry
passengers that distance for 2 cents, and so the company has been losing
money.'-V. 99, p. 969.
-Report.-See "Reports."
Kanawha & Michigan Ry.
Sale of Stock.-
[VOL. xcEC.
Suit on Billard Transactions.-The company and the New
England Navigation Co. on Oct. 6 brought suit in the
New Haven County Superior Court for an accounting relative to the so-called Billard transaction in connection with
the purchase of the Boston & Maine RR. stock and the
formation of the Boston RR. Holding Co. The suit was
recommended by a special committee of the present board
(V. 99, p. 198, 407).
Besides former Director John L. Dillard, the following (all directors of
the Blllard Co.) are named as defendants: Charles F. Linsley of Meriden,
Charles S. Mellen, Samuel Hemingway, Edward D. Robbins (formerly
counsel for the New Haven road), Samuel C. Morehouse and Harry V.
Whipple, all of New Haven. It is alleged that, as trustee of the New Haven
road Mr. Hillard has received a profit of $3,824,147 for which he has never
rendered an accounting.
Grand Jury Investigation.-Former President Charles S.
Mellen last week began his testimony as a witness before the
special Federal Grand Jury before Judge Mayer in the U. S.
District Court in this city in the investigation into the alleged
criminal aspects of the company's transactions entered into
by the former board. The testimony continued this week.
Prior to the commencement of the examination, Mr. Mellen's counsel
filed with the Court a plea In bar in connection with the Grand Trunk
Indictment against Mellen by the Federal Grand Jury in January 1913.
In the plea Mr. Mellen claimed immunity and asked for a discharge from
prosecution under the indictment to which he had long since entered a plea
of not guilty and which is still pending.
In the plea attention is called to the fact that Mr. Mellen testified under
oath before the Inter-State Commerce Commission early this year in an investigation authorized by Congress, which covered steps mentioned in the
indictment, and that he produced before the Commission more than 2,000
documents, letters and papers referring to the transactions alleged in the
indictment.
Annual Meeting.-The stockholders will vote at the annual
meeting on Oct. 28, among other things (see advertisement on another page):
(a) On determining within the limits fixed by the by-laws the number
of members of which the board of directors shall consist.
(b) On acting on a proposed by-law authorizing the appointment of an
executive committee and defining the extent to which the powers of the
board may be delegated to it.-V. 99, p. 970, 817.
Northern Electric Ry. of California,-plan Suggested.
-The trustees of the Sloss Securities Co.(V.98, p.611,1845),
having called meetings of the bondholders and other creditors
for Oct. 13 and 14, say in substance:
See Chesapeake & Ohio Ry. report on a subsequent page.-V.99. p.3426
When we were appointed it was estimated that the revenues of the railLake Shore & Michigan Southern Ry.-Guaranty.See Chesa. & Ohio Ry. report on a subsequent page.-V.99, p. 816.748. way system would take care not only of necessary beteerments but of the
Interest
on bonds and notes as well, excepting an estimated shortage of
Louisville & Nashville RR.-Report.-See "Reports."
from $200,000 to $250,000, which it was suggested could be made up out
the revenues of the Sloss Securities.
New Directors.-F. B. Adams of New York, and First ofDuring
February, March, April and May 1914 the trustees provided the
Vice-Pres. W. L. Mapother of Louisville, have been elected moneys necessary
to pay interest on the notes of the Northern Electric Ry.
directors to succeed D.P. Kingsley, who resigned, and Gard- Co. Unusual winter rains and floods made extensive repair work necessary, and it was soon afterward ascertained that the operating revenues
iner M.Lane, deceased.-V.99, p. 538, 269.
were not keeping pace with the estimates. This condition compelled us
to announce that on June 1 payments of interest on the Northern Electric
Mississippi Central Railroad Co.-Earnings.
Other
Net (after
Gross
Bond
Sinking Balance, Ry. notes would stop and that the company would default in the interest
June 30
Earnings. Taxes). Income. Interest.
Fund.
YearSurplus. due that day on the Northern Electric Ry. Co.
On May 1 1914 L. E. Hanchett, a railroad executive of wide experience,
$945,741 $306,962 $81,355 $205,000 $49,200 $134,117
1913-14
was made Chairman of the board and placed in control of the operation of
323,739 8629 205,000 49,200
968,536
1912-13
155,568 the
properties, but, notwithstanding the substantial economies effected,
paid
on
Aug.A
was
1
calling
1913,
Dividend No. 1 of 1%
for $39,377, and
earnings have fallen short, this decrease being most marked following the
dividend No. 2, also 1%, on Feb. 1 1914, for $39,381.-V. 90, p. 1171.
outbreak of the European war. As a result, not only were the revenues
Missouri Kansas & Texas Ry.-Suit Settled.-The suit Insufficient to meet the interest charges on the underlying bonds!due
Oct. 1 1914, but they have not been sufficient to provide for the absolutely
brought on May. 13 in the State District Court to oust the necessary
maintenance of the physical properties.
company from Kansas because it had moved its general
The operating revenues of the system for the eight months ending Aug.31
were
1914
approximately $509,043. Of this amount, $459,726 was paid
to
St.
Parsons
Louis
has
been
from
settled,
the
office
gen- out in operating
expenses, including flood damage, taxes and insurance,
eral office having been returned to Parsons. Judge Flannelly leaving a balance of $49,317 as net operating surplus. Construction work
contracted
betterments
for before Feb. 1 1914 had to be carried through.
and
Court
the
records
in
approved
the
case.
has
Compare In addition, there are extraordinary
expenses, including ballasting, bridge
V. 98, p. 1694.
and trestle construction, general repairs, paving and street improvements
judgment
for
cities,
a
damages
finally affirmed by the Supreme
various
in
National Railways of Mexico.-Annual Meeting Post- Court, &c., aggregating about $200,000, which must be met immediately,
no funds are now available.
poned.-The annual meeting of stockholders, which was origi- and for whichthese
conditions, a receivership was absolutely unavoidable,
In view of
nally called for Oct. 7, but which was postponed for one day and
proceedings to this end were begun in the U. S. Dist. Court for the
without action, has been further adjourned until to-day, due, North. Dist. of Cal. It is hoped, however, that this receivership will be
no doubt, mainly to the disturbed conditions and the incom- only temporary.
Plan of Reorganization Suggested by the Trustees.
plete negotiations between Provisional President Carranza
(1) Make a relatively small issue of prior lien securities, so adequately
secured as to find a ready market, in order to larovide the moneys absoand General Villa.-V.99, p. 969, 816.
necessary for the continued operation of the road.
-Meeting lutely
New York Central & Hudson River RR.
(2) Re-arrange the present underlying bonds of the Northern Electric
Co., Sacramento & Woodland RR. Co. and Northern Electric Ry. Co.,
Adjourned.-The meeting of stockholders which was ad- Marysville
Colusa branch, so as to make them
the entire system.
journed on July 20 to Aug. 18, after approving the proposed and arrange&that the payment ofinterest coupons becover
deferred until the board
Shore
&
Lake
Mich.
appointed
in
the
interest
of
the
Southern
the
of
directors
bondholders
with
shall order such
and
consolidation
payment, either partial or in full.
other allied lines, and postponed to Oct. 7, has been again
(3) Create an issue of income bonds junior to the above proposed issues,
be exchanged for the roresent consolidated mortgage bonds. In cases
adjourned to Dec.22 to take any action that may be deemed to
where such bonds are held as collateral upon notes made by the Northern
necessary to comply with requirements of P. S. Commis- Electric
Co., or any of its subsidiaries, and indorsed by Sloss, Lilienthal,
Hammon and De Sable, to effect an exchange of the existing collateral for
sions or Courts in the several States (V.99, p. 270).
the new bonds, the holders thereof to accept notes made directly by the
Morgan
&
Co.
as
P.
managers
-J.
of
Extended.
Syndicate
indorsers, with these bonds as security.
Provide for the unsecured and other floating debt through an issue
the syndicate that last spring underwrote i40,000,000 Re- of(4)
second income bonds.
and
which
M.
432%
bonds,
Improvement
exfunding and
(5) Create an issue of preferred and common stock; the pref. stock to be
consent
of
the
unanimous
the
secured
used for satisfying advances made by persons interested in the properties.
pired on Oct. 11, has
not to the common stock to represent the present stockholders' equity and to be
• members for an extension from Oct. 11 for a period
placed in trust under the control of the holders of the proposed bonds.
days'
ten
termination
on
notice
to
exceed 6 months, subject
Nothing in the plan as outlined will relieve any of the indorsers of the
notes of the companies from their liability in any way. The indorsers will
by the managers. There is still about $8,000,000 of the co-operate
in carrying out this or any other practicable suggestion.
1245.
V.
98,
p.
Compare
bonds to be disposed of.
will have their allotments reCapitalization as Reported by Sloss Securities Co. Oct. 1914.
From now on members of the syndicate
their
having
of
instead
sell,
Outstanding. Pledged.
they
that
bonds
duced by the full amount cf
full benefit Northern Electric By.stock ($10,000,000 pref.)_ -$25,000,000
selling pooled for the benefit of all. This allows members the
First
&
-86,652,000Consol.
M.
of
1907,
due
1947
bonds.
the
of their efforts in selling
Electric Co. 1st M.5s of 1905
$2,544,000 $1,206,000
a part of Northern
Chico Electric By. bonds
34.000
Notes Offered.-J.P. Morgan & Co. having sold
Terminal Co. bonds (1st M. on 6.19
the $20,000,000 Sacramento
150.000
the issue, this week offered the remainder of
miles, &c.)
dated
notes
750,000
Marysv.& Colusa Br. bonds (1st M.on 26 miles)___
six months' and $20,000,000 one-year 5%
RR.bonds (1st M.on 19m) 750,000
The notes were Sacramento & Woodland
Oct. 1, which were referred to last week.
bonds of the underlying issues which are now outstanding, and either
The
Co.
&
by Morgan, Grenfell
owned or held in pledge, aggregate $5,434,000, and those of the Northern
also offered in Londonoffered
Electric Ry. Co. aggregate $6,652,000, or a total of $12,086,000. [The .
at 99X and int. and the one-year notes
The 6 months' notes were
April 1 and Oct. 1 at the notes secured by pledged bonds are said to aggregate about $4.000,000
payable
Interest
6Y4%.
net
to
int.,
at 983i and
$1,000
and
Denominations
City.
bearing, it is understood,67 and 7% interest. In addition to these, there
York
office of the Treasurer, New
of the company and endorsed are $191,500 secured notes due May 1 1914, and, it is said, a liability on
*5.000. The notes are drawn to the order attached.
p.
970,
748.
99.
-V.
coupons
additional $500,000 entitled to 6% interest" and $600,000 of open
"an
having
In blank, the one-year notes
Francisco, have undertaken to form a pro-Report.
-The accounts. Sutro & Co., San
New York New Haven & Hartford RR.
tective committee for the bonds of the Northern Electric Co.1
report for the year ending June 30, which was issued late this
week, will be referred to at length in the "Chronicle" of
Oct. 17. The preliminary statement was given in our issue
of Aug. 29 last, page 604, and also brief statements of the
results of the principal controlled companies in the "General
Investment News" columns of our issue of the same date.
Pennsylvania Co.-Bonds Called.
1,334 ($1,334,000) certificates of the 3%% gold loan of 1901, maturing
Nov. 1 1916. for payment at par on Nov. 1 at Girard Trust Co. Phila.
Certificates shouldi be presented on and after Nov. 2. Notice is alt:o given
of thefollowing certificates heretofore called and remaining unpaid Sept. 15:
Called for Nov. 1 1911, No. 7727; Nov. 1 1913, No. 14714.-V. 98, D.
1387. 338.
THE CHRONICLE
OCT. 101914.]
1053
(c) Authorizing the trustee to concur in procuring the cancellation of an
issue of 6% 50-year 1st M. gold bonds of Alabama Power Co. issued under
Indenture dated July 1 1913:
(d) Permitting any company any of whose shares, bonds, debentures or
other securitise form part or shall at any time form part of the security for
said 1st M.5% 50-year gold bonds of the company at any time to create
bonds, debentures or other securities to such an amount and upon such terms
as It shall think fit and to charge the same upon the whole or any part of
Its property and assets in priority to the bonds (if any) and stock of such
company forming 'Part of the security for the said 1st M. 5% gold bonds
(of 1912), and to Issue, sell, pledge or otherwise deal with such securities
upon such terms and conditions as the directors of suclajcompany shall deproperty of Pater- termine, but subject to such restrictions and conditions as the meeting may
Cover,subject to a prior lien of $1,250,000 the entireadjacent
prescribe.—V. 99, P. 340, 818.
and
territory.
Paterson
son By. Co.about 40 miles of track in
of Jersey
Passengers d'urIng 1913. 22.148,715. Bonds underlie the issues
Amalgamated Sugar Co.—Sale of Stock.—
been
having
company
(the
Co.
By.
Street
City Hoboken & Paterson
See American Sugar Refining Co. above.—V. 98, p. 1995.
merged with that company in Public Service By.Co.),and thus of the Pubyear 1913, gross earnings
lic Service Corporation of New Jersey. For cal.
American Locomotive Co.—New Director.—
net after taxes on
of Paterson Ry. (based on earnings of lines), $889,977;
Andrew Fletcher, head of the W.A. Fletcher Co.,for many years manuat6% and $300,000 at 5%). facturers
same basis,$327,512; bond interest ($1,250.000
of large marine engines, boilers, &c. has been elected a director
$90,000; bal., surplus. $237,512. Franchises perpetual.—V. 98, p. 1994.
to succeed Charles M. Schwab, who resigned'
in order to devote all of his
time
Bethlehem Steel Corp. and his other large interests.—V. 99,
to
the
Increase.—The
comRR.—Debt
Quemahoning Branch
Ohio, whose road extends p. 818. 812.
Public Service Ry.—Maturing Bonds.—The $300,000
Paterson Ry. 2d Gen. M.5% bonds, due Oct. 1 1914, will
be taken up on presentation at office of J. S. Rippel, 756
Broad St., Newark, or holders on paying $10 per bond may
have the same extended for 30 years at 5%.
Bonds Offered.—Mr. Rippel also offers the extended bonds
due Oct. 1 1944, callable after Oct. 1 1931. Int. A. & 0.
Denom. $500 and $1,000 (c). A circular shows:
pany, controlled by the Balt. &
W. & S. Junction,
from Quemahoning Junction, Pa. to P.
Of the Secretary of State of
29.7 miles, hits filed in the office indebtedness
to $5,000,000.
Pennsylvania notice of increase of
with the proposed new mortThe step is taken, no doubt, in connection
& Ohio RR., under whose mortgage the
gage to be made by the Baltimore part
collateral.
See that company above.
as
filed
be
doubt,
will,
no
securities
Rapid Transit in New York City.—Contracts, &c.—
American Rolling Mill Co., Middletown,0.—Dividend
A quarterly dividend or 2% has been declared on the $6,400,000 common
stock, comparing with 3% from Jan. 1909 to July 1914 incl. In 1907 a
stock dividend of 33 1-3% was paid in addition to 10% cash, and in Aug.
1909 100%.
President Verity says: "Earnings for the current quarter and prospects
for the future might justify payment of full dividends,but in response to the
spirit of economy and conservatism now in evidence, due to the unprecedented worldwide financial conditions existing, we deemed it wise and conservative to take this action. A further distribution will be consider ed
when conditions become more normal."
A banker interested in the property says that the rolling mill, having
completed on Jan. 1 last a very comprehensive program of physical development in a manner more than satisfactory to the directors, is now in a
position to make the most out of times of either prosperity or of lessened
activity, and to give a good account of itself at all Umes.—V.97.p. 1665.
The P. S. Commission on Oct. 9 awarded a contract for the connection
with the present subway in Park Ave. beginning at 38th St. and a part of
the diagonal station crossing 42d St. which will connect with the Lexington
Ave. subway, to the Rapid Transit Subway Construction Co., which is
controlled by the Interborough Rapid Transit Co., for $3,097,312. The
contract embraces part of two sections—Section 1 of Route 26, which will
consist of an extension of the Steinway tunnel to levels below the regular
subway, and Section 1 of Route 43, a portion of the subway mentioned.
American Sugar Refining Co.—Sale.—The following
Bids were opened on the same day by the Commission for the construcon Thursday:
tion of Section 1 of Route 48. which is a two-track extension of the West was given outhas
sold to C. W. Nibley of Salt Lake City the balance of
The
company
Broadway extension of the 7th Ave. subway from a point near West
Broadway under Park Place, the Federal Building and Beekman St., to a its holdings in the Amalgamated Sugar Co. and one-half of its holdings in
Sugar
the
Co., thereby reducing its holdings in the latter comUtah-Idaho
figures,
the
According
to
unofficial
lowest
of
the
7
William
St.
point near
to one-quarter. The transaction involved 52,000.000.—V. 99, P.
bids submitted was that of F. L. Cranford, Inc., $1.575,000, and the next pany
750, 610.
lowest the Degnon Contracting Co., $1,714.000.
The report of the New York Consolidated RR. Co. of the operation of
American Writing Paper Co. Holyoke, Mass.—Status.
the New York Municipal By. Corp. division of the dual system, recently
'
5, approved the following:
filed with the P. S. Commission, covers the operations of the two tracks —Pres. Arthur C. Hastings, Oct.
In the CenterSt.loopsubwayfrom the opening Aug. 4 1913 to July 31 1914:
The condition of the foreign manufacturers of fine papers is 'probably
Operations
for
Period ending JUJU 31 1914.
quite acute as to their ability to produce their usual product; therefore.
Condensed Statement of
$8.677,417 the American mills are receiving some orders for export and the home
Revenue
demand has improved somewhat, due to the falling off of imports. At the
Maintenance (15%, incl. depreciation). $1,302.770; other oper.
expenses, $3,367,805; rents, $85,102; taxes. $584.727; total_ _$5,340,405 same time, the demand is not up to the production of the Amiercan mills.
3,337,012 *While the sales of the American Writing Paper Co. increased in SeptemOperating income
ber, the demand being strong for the higher grades, business will probably
Company's preferential ($3,500,000 to represent return on prop3,471,774 fall off in October, due largely to the anticipations by buyers of the advance
erty at date of contract)
134,762 In prices. Owing to higher cost of raw materials, the company has had to
Amount due company on preferential
advance prices 5% to 10%, depending on grades of papers. We are
Interest and sinking fund on co.'s new investment in operation,
receiving constantly supplies from England, from Norway and Sweden,
$31,321; interest (4;4%) and sinking fund (1%) on city's in395.216 which are the large producers of sulphite pulp, but Germany is seriously
vestment in operation, $363,895
affected in its exports of materials that we use. The effect is an increased
$529,979 cost and we believe that other manufacturers will have to follow our examTotal deficit ___
ple in advancing prices on all classes of paper, as they are facing the same
In April, May,June and July of this year and again in August and Sept. conditions that we are.—V.
98, p. 1395.
during the summer traffic, earnings were large enough to provide both for
the preferential and interest charges. Travel is increasing, and when conAmoskeag Manufacturing Co.—Report.—
nection with the Brooklyn Bridge elevated lines is made, the company .rve 30 Rec'dfrom
Cost of
Inery
Net
Sal. Sur
expects to make a profit.—V. 99, p• 895. 817.
Year—
Sales.
Manufac. Ch'ge.
Prrts.
dends. or Def.
Rhode Island Co.—Earnings.—
Other
Interest,- Balance,
Taxes
Net
Gross
June 30.
Income. Rentals, &c. Surplus.
Year— Earnings. Earnings. Paid.
1913-14.45,379,149 $1,939,888 $457,538 $144,659 $1,279,366 $347,643
1912-13.. 5,322,646 2.186,209 425,176 134,336 1,225,319 ,,670,050
—V. 99, p. 539.
Sherbrooke Ry. & Power Co.—New Director.—
The board having been increased from 7 to 8, S. L. Spofford of Lennoxvile, Que., has been elected a director.
President C. J. McCue,* at the annual meeting said in part: "The company has contracted for the greater part of the power available from its
present development, and earnings should show a satisfactory increase as
soon as normal conditions again prevail. The power plant and lighting
systems have been kept in a high state of efficiency and a considerable
amount has been expended in the upkeep of the street railway."—V.
99, p. 818.
1913-14_20,658,269 19,893,851 258,470
1912-13_21.517.017 20,545,164 90,574
—V. 97, p. 952.
1,022,887
1,062,426
1,036,800 D13,912
1.036,793 S 25.633
Assets Realization Co.-5% to Creditors.—
'I he company an_rounces that it will make a distribution of 5% to its
creditors, amounting to approximately $250,000,and reducing the Indebtedness to $4.750,000. This is the first payment that has been made since the
affairs of the company were placed in the hands of a creditors'committee,
on Dec. 11 1913.—V. 99, p.971.540.41 •.e= 4 ,4
59
1-'
Atlantic GaCkElectric:100.—Bondholders' Committee.—
The following committee urges holders of the first lien sinking
fund gold bonds, Series A and B, to deposit their holdings
with the Guaranty Trust Co., N.Y., or the American Trust
Southern Railway.—Pref. Dividend, 2%,— Payable in Co., Boston, by Oct. 30:
Charles H. Sabin, Vice-Pres. of Guaranty Trust Co., Chairman; F. W.
Scrip—Official Announcement.—The board of directors took Allen,
Vice-Pres. of Mechanics' & Metals Nat, Bank; W. H. Bennett,
action yesterday on the deferred semi-annual dividend on Vice-Pres. of American Exchange Nat. Bank, and Frank B. Newell, Pres.
for of People's Trust Co. of Binghamton, N. Y.
the pref. stock. Although the full dividend of 2
The committee holds or represents more than a majority of the bonds.
the period had been earned, the Board deemed that, in view Amounts
outstanding, $1,666,000 Series A and $593,000 Series B. Any
of the falling off of revenue and the consequent necessity for depositor who does not approve any plan of reorganization formulated will
retrenchment of expenses, it was fair that the stockholders have the usual opportunity to withdraw.
should share with the employees and officers of the company
Status.—Thomas C.Perkins of Hartford,Conn.,in circular
a sacrifice of their current income. A dividend of 2% was of Oct. 5,says in brief:
A majority of the board has found It expedient to put the company teznaccordingly declared, making 4
for the year, instead of porarily
into the hands of a friendly receiver. The firm cf Meakletaam &
the full 5%,and the dividend so declared was made payable Dinsmore
were the bankers for the company, being under agreement to
might
in scrip, due in five years and meanwhile bearing interest at pay cash for such stock, bonds and other securities as the company
Issue
from
time to time to provide for the development and extensions of
4%.—V. 99, p. 970, 818.
the various subsidiary companies. Tnese securities were in turn either sold
the matToledo & Ohio Central Ry.—Purchase of Kart. & Mich.— to other brokers, like ourselves, who, after carefully investigating
of the Atlantic Co.,
See Chesapeake & Ohio By.report on a subsequent page. V.98.p. 1308. ter, purchased a large block of pref.and common stock
or were placed through Melkleham & Dinsmore's own organization.
Tonopah & Goldfield RR.—Earnings.—For year:
It now transpires that Meikleham & Dinsmore had, during the last year.
Over. Net (aft. Other
Rev.
Taxes.) Inc.
$
688.849 247,032 19,003
1913.14
696,398 297,566 17,840
191243
—v. 97, P. 1735.
June 30
Year—
Inter- Com.Div, Pf.Div. Bat.
eat, &c.
'DT•
154.355 115.500 35,000 def.38,820
137,259 115,500 35.000 sur.27.647
United Railways of St. Louis.—New Directors.—Jas.
D.Mortimer,Pres.of the North Amer.Co.has been elected a
director to succeed the late James Campbell. Richard
McCulloch, son of the late President Robert McCulloch, has
been appointed General Manager.
No action was taken on electing a successor to the late President and director, Robert McCulloch.—V. 99, p. 50.
INDUSTRIAL, GAS AND MISCELLANEOUS.
Alabama Traction, Light & Power Co., Ltd.—To Defer
Payment of Two Coupons, Amend Sinking Fund and Authorize
Underlying Companies to Issue Securities.—Holders of the
1st M.5% 50-year gold bonds of 1912 will vote Oct. 14—
(a) Waiving all or any defaults on interest payments due Sept. 1 1914 and
March 1 1915, and granting the company such delay for paying such interest as may be considered proper;
(b) Amending, modifying or rescinding the provisions of the said trust
deed relating to the sinking fund;
borrowed from their bank connections in New York and elsewhere, on their
own notes, about $1,000,000 as temporary loans, secured by the securities
which they had bought and paid for as aforesaid, expecting to sell the same
later on to investors. It further transpires that, due to the tightening up
of the money market, some of the large banks holding much of this firm's
paper. called a meeting of those holding these notes, which resulted late in
July in a committee being formed representing these banks. This committee stopped Meikleitam & Dinsmore from selling securities or negotiating other loans for the Atlantic Company,thus leaving that company without any bankers in a time of most severe complications in the financial
world. No one can criticise Meikleham & Dinsmore as to their good faith
in this matter, they having invested almost their entire capital in the company, as well as having norrowed to their credit over $1,000,000 to carry
out their obligations to the company.
A large amount of money had been provided, considerably over $1,000,000, for the building of a large, modern power plant at Easton. Pa., also
another power plant at Boonton, N. J.. and transmission lines and other
developments, which greatly Increased the efficiency of the subsidiary companies in New Jersey and Pennsylvania. Most of the work was finished
and paid for, but the Atlantic Company was left in the position whete. in
order to complete certain construction work, it had to assume obligations
to pay $3300.000 or $400,000, which they nattually expected to obtain
through Meikleham & Dinsmore.
With a view to preparing the way for the obtaining of new banking connections for the enterprise, I had the Atlantic Company retain the services
of Stone & Webster of Boston to make an investigation and audit of the
affairs of the company and all Its subsidiaries, so we would have an absolutely independent showing of the exact condition of the Atlantic Company,
how much money was needed what its earnings were and what its future
was. This report substantiated what we always understood of
of the Atlantic Company, as to its present and future earnings. the affairs
The extraordinary financial conditions brought about by the European
war situation have so far made it impossible to liquidate the claims
against
THE CHRONICLE
1054
the Atlantic Company, although the last statement submitted to me by the
Treasurer, covering the 12 months ending Aug. 31, showed net earnings in
excess of pref. dividend requirements. Plans are in process for straightening out the affairs of Meikleham & Dinsmore,and to put toe Atlantic Company on a sound basis; but in the meantime some of the smaller creditors
have made a receivership necessary (V. 99, p. 971)•
I expect to organize an independent snareholders' committee, consisting of myeelf and associates, whose clients are interested in this stock,
and to ask deposits of the pref. and common shares, thus placing us in a
position not only to assist toward helping straighten out this situation, but
to protect the Interests of our clients and the stockholders to the greatest
extent possible. See V. 99, p. 971.
[Arthur D. Lord retired from the presidency on July 15 add has had no
connection with the company since that date.I-V.99, p.971.
Bristol (Conn.) Brass Co.-Dividends.A quarterly dividend of 2% and 3•6 of 1% extra have been declared on
the ¶800,000 stock, payable Oct. 10 to holders of record Sept. 29, the same
amount having been paid each quarter this year. In 1912 and 1913 8%,
it was reported, was paid and in 1910 and 1911 5% each. The men, it is
stated, are working on full time six days a week with prospects of a continuance of these conditions.-V. 98, p. 1922.
Brown Shoe Co., St. Louis.-Common Dividend Omitted.
It is announced that the directors deemed it wise to defer action on the
dividend on the $6,000,000 common stock on account of the present financial conditions until after the regular semi-annual inventory on Nov. 1.
On Feb. May and Aug. 1 last 1% each was paid. The regular quarterly
1 % has been declared on the ¶3,900.0007% cum. pref. stock,
dividend
payable Nov. 1 to holders of record Oct. 24.-V. 98, p. 1922.
Buckhannon (W. Va.) Relief Oil & Gas Co.-Petition
The West Virginia P. S. Commission recently dismissed the petition of
the company for an order to compel the West Virginia Central Oil & Gas
Co. to allow it to tap the lines of the other. The company drilled gas wells
and laid pipe lines to supply consumers at Buckhannon at a lower rate than
the West Virginia Central Co., which was in the field before it. After a
period of competition the supply of the Buckhannon Company was curtailed by the failure of its wells. Application was then made for permission
to tap the trunk line of the West Va. company, which, it was claimed, was
supplying several other companies with gas. It was shown that all except
one of these were subsidiaries, the exception being a concern with which a
temporary contract had been made.
Canadian Consol. Felt Co., Ltd.-Pref. Div. Deferred.-
xca.
between Michigan Street and the dam. The latter is suing the Grand
Trunk Ry.for $40,000 on a charge of trespass on the company's properties.
Idaho-Oregon Light & Power Co.-Statement by Krech
Committee.-The committee of holders of "First and Refunding Mortgage" bonds, Alvin W.Krech,Chairman,N.Y.
in circular signed by its Secretary, David Hatfield Clark,
45 Wall St., on Sept. 25 1914, says m substance:
From the decision of Judge Dietrich regarding the $718,000 1st M. bonds,
an appeal, we are informed,will betaken immediately. This will necessitate
another adjournment of the sale of the property. Edmund Seymour,
of our committee, has inspected the new installation at the Ox Bow, and
after advising with hydraulic engineers in New York, he believes that the
Installation will be found insufficient and the power produced inconstant.
We again urge upon the Priest committee its obligation to immediately
present a plan of some sort with statement of its disbursements and obligations already made or contemplated. As we read their letters of the 3d and
9th insts. the Priest committee in the purchase of the property, must provide over'8600.000 for (a) receiver's certificates or money already norrowed by the Priest committee, $200.000; (b) railway indebtedness (if the
$718,000 of bonds are subordinated). $110,000; (c) sinking fund to Dec. 31
1913 on underlying bonds, $78,460; and id) expense, &c., of committee,
receivership, litigation, extensions and betterments, to pay non-assenting
bonds estimated to be 20%. and for working capital and supplanting temporary installation at Ox Bow. As time Priest committee represents something less than $2,000,000 of bonds,it will be necessary for them to make an
assessment of at least 30%. or create a large prior lien.
'I his committee has endeavored to take no part in the contest, which we
have felt was most unadvised,and we again urgeyou to deposit vour bonds
with us. or to hold them until the properly has been sold or plans of reorganization have been presented. The Priest committee and the raltway
Interests seem to be locked in a prolonged combat. Committee includes.
with Mr. Krech, Edmund Seymour, N.Y.; Edwin J. Emmons, New Milford, Corm., and J. Everton Ramsey, Phila. Compare V. 99, p. 676, 751.
jelv
3
Rubber Co., New York.-Earnings.Intercontinental
.
Acc'ts Bal.
Pref.
Total Adm.,&c., Net
.
Div. Reserve. Chgd .Off or Def.
YearInc.
Exps. Profs.
def.$1,969
1913-14_-386,671 $35.682 $50,989 $36,458 $16,500
sur.86,870
1912-13_ _ _ _260,324 54,954 205,370 87,500
P. 1$
73
31,000
6.
Total surplus June 30 1914, $2,195,841. V. 97,
International Harvester Co.-Decree Amended-Appeal.
-Judges Sanborn., Hook and Smith, in the U. S.District
Court at St. Paul, Minn., on Oct.3, rendered a decision
amending the decree handed down in Aug. last (V. 99, p.
471,611), ordering the dissolution of the company on account
Caney River Gas Co.-Earnings for 5 Mos. end. July 31. of violation of the Anti-Trust Law.
5 Mos. ending Gross (less Oper.Exp., Net(after Bond
Divs. Balance,
The directors have decided to defer for the present the payment of the
usual quarterly dividend on the $500.000 7% cum. pref. stock due Oct. 1,
"In view of the unsettled financial and trade conditions resulting from the
war." An official statement says that dividends "will be resumed when
fiction..
present conditions disappear and the company's business warrants such
'-V. 92, p. 1034.
July 30- gas pure/i.).Taxes,&c. Taxes). Interest.(31-3%). Surplus.
5130,756 $39,841 $90,915 35,658 $33,333 $51,924
1914
96,019
50.200 45,819 7,077
1913
33.334
5.408
--v. 99, p. 746. 540.
Citizens Gas Co. of Indianapolis.-Earnings.-
[Including in 1914 the Indianapolis Gas Co. operated under
Gross
Net(after
Other Bond,&c., Rental on
6 Mos.end.
Taxes). Income. Interest. Oper.Prop.
June 30- Earnings.
$1,272,517 $275,159 $12,067 $42,161 $181,150
1914
421,022
76,118 20,108 26,771
1913
-V. 99, p. 893.
lease.]
Balance,
Surplus.
$63,915
69.455
Consolidated Gas Electric Light & Power Co. Balt--.
See Reports-New Director.-Seeretary William Schmidt Jr.
has been elected a director.-V.99, p. 897, 540.
Dominion Steel Corporation.-Preferred Dividend Paid.
The directors on Oct. 5 declared the regular quarterly dividend of 13i%
on the $7.000,000 6% cum. pref. stock, payable Nov. 1. The Dominion
Iron & Steel Co.omitted the regular semi-annual dividend on its $5,000,000
7% cum. pref. stock, due Oct. 1, and the newspaper reports announcing the
omission of the Steel Corporation preferred dividend was, no doubt, due to
a confusion of the two companies. Compare V. 99, p. 897.
Douglas Shoe Co., Boston.-Re-incorporation.-
The pref. stockholders, it-is stated, are almost unanimously in favor of
the plan suggested tentatively by the management for re-incorporating the
company in Massachusetts in order to get rid of the double taxation to
which, as a Maine corporation, it is subject. Stock outstanding, $1,500,0007% n.-c. pref. and $1,000,000 corn. No bonds.-V.87, p. 412.
Emerson-Brantingham Co.-Div. and S. F. Omitted.-
The words "and with foreign nations' wherever they appear in the decree
are stricken out, but the Court distinctty reserves its power over the property and business of the company "so far as lawful and necessary to effect
a dissolution of the combination." This amendment was agreed to between the U. S. Attorney-General and the defendants' attorneys. Under
the original decree it was provided that the company lay before the Court
a plan for the separation of the business and assets into at least three separate corporations. Under an amendment the specific number is eliminated
and the plan is to be drawn so as to provide for division of the company's
interests "In such manner and into such number of parts of separate and
distinct ownership as may be necessary to restore competitive conditions
and oring about a new situation in harmony with law.' After announcement of the decision, the company gave notice of an appeal to the U. S.
Supreme Court from the decree as amended.-V. 99, p. 611, 471.
International Lumber & Development Co.-Denied.--
The U. S. Circuit Court cf Appeals at Philadelphia on Oct. 7 refused to
and sentence offive former
grant a rehearing of the appear for the convictionmails
to defraud creditors.
officers in April 1913 on charges of using the
See V.98. p. 1611; V. 97, p. 1587.
Lake of the Woods Milling Co.-Earnings.-
DCfmvidmenodsn
Int. on Pref. Divs.
Net
Year to 31_
Surplus,
(°/).
Bonds.
P
rofits.
3507,939 $99,000 $10000 (8%)$168,000 3135,939
1913-14
(10%)210,000
105,000
135.677
99.000
549,677
1912-13
to
Dividends on common stock in 1912-13 include 2% bonus in addition
Aug. 31 1914. after writing off
the regular 8%. The total surplus onwas
$889,074.-V.
97,
P.
1026.
good-will,
and
$100,000 from property
Massachusetts Gas Companies.-Prpoosed Merger.-
Oct. 15 hold a
The Mass. Gas and Electric Light Commission will on to
purchase the
hearing on the plan of the Boston Consolidated Gas Co.for
and
that purpose
Boston
Gas
East
the
franchises
of
and
property
$100)
Co.. in exchange,$ for 8.
to issue 81.024,300 additional capital stock (par
for the stock of the East Boston after the latter shall have increased on
account of extensions from $575,000 to $1,024,300 (par $25).-V• 99, 13•
The following statement was issued on Wednesday: "Owing to the
abnormal business and financial conditions now prevailing in this country
occasioned by the European war, following upon generally disturbed conditions and consequent diminished sales for some months previous, the
directors deem it advisable and for the best ultimate good of the stockholders to conserve the company's cash resources in every way and to 2731a
52;sachusetts Lighting Cos., Boston.-Annual Statemaintain it in a strong financial condition. The regular quarterly dividend
on the 412,170,5001 7% min. preferred stock which would be due Nov. 1 ment.Int.
therefore,
Divs.
Income. Exp.&Tax. Net
been
Balance.
next and the annual preferred stock sinking fund have,
omitted. Owing to manufacturing conditions being below normal during 1913-14_ _$1,399,188 3982,496 $416,692 3119,592 $315,020 def.$17.920
be
time
of
earnings
cannot
at
this
made,
875,920
490.588
estimates
and
1,366,508
126,080
accurate
1912-13__
299,558 sir. 64.958
year,
the
of
the
fiscal
year, -v. 97, p. 1826.
Information on this point must be deferred to the end
when correct figures based on inventories can be furnished.'-V.98. p. 451.
Euclid Iron Mining Co.-Decision.-
The Supreme Court of Minnesota recently handed down a decision,reversing the lower coruts,by which it granted an injunction on application
mining ore under the bottom of a
of the State restraining the company from
the lake, naturally suited for
lake about 150 miles in extent. It is held thatbeneficial
public uses, on the
and
other
hunting
fishing,
bathing,
boating,
is a public or navigable
shore of which is a village of 2,000ininhabitants,
the title to the
many
other
States)
(as
Minnesota
water.
In
of
body
and lakes below low-water mark is held by
soil under the waters of rivers
use and the riparian owner, it is held, has no
the State for common public
public lake for
right against the protest of the State to destroy the bed of a
the private purpose of taking ore therefrom.
Federal Sugar Refining Co.-Notes-Prices.-
due Nov. 1 wilt be paid off at
The $1,684,000 of 5% three-year notesoutstanding
$2,500,000, of which
maturity in cash. There were originallyof
three-year notes, dated May 1
issue
new
by
a
up
taken
were
$700.000
canceled.
and
1914. and the remainder purchased
in refined sugar
The company on Sept.6 announced another reduction
of Ric. a pound in two
prices to 6% cents a pound, making a reduction
at last week's basis of 634c. a pound,
days. All otherrefinerscontinue to sell
which is a cent a pound reduction from recent high record. Raw sugar
remains unchanged at 5.01 cents.-V. 98. p. 239.
Consol. Mining, Smelting & Power Co., Ltd.
Granby
Dividends
Interest.
Net
Gross
June 30
Surp. or De.f.
Paid.
Profits. Disc.,&c.
Sales.
Yeardef.$460,349
(6%)$899,901
$182,519
$622,071
1913-14- __$4,504.766
sur.
683,149
449,955
81,495 (3%)
1912-13- 4,782,691 1,214,599 year
op
oer
.57
f7
inte
;
esg.ece
1913-14, 23,320,097 lb
There was sold during the fiscal ozs. silver fine at an aver
30
at an average of 0.1458' 435,275
The total surplus on June
$20.
average
of
at
'an
fine
'gold
ozs.
43,882
1914 was $2,738,922.
-President to succeed J. P. Graves.
E. P. Earle has been elected Vice
grtg
IIet a direc io
elected
Flumer
Col., has been
M. K. Rogers of Brentwood Park,
has resigned
A. C.
succeed George Martin Luther. deceased. from
14 to 13.-V. 99 P• 541.
as a director. The board has been reduced
(Mich.) Water Power Co.-Dissolution.-
Merchants & Miners Transportation Co.-New Officers.
Walter Wadsworth, formerly Asst. Treas., has been chosen Treasurer
to succeed .1. H. Robinette, who resigned. Thomas W. Kennedy,formerly
connected with the auditing department, has been made Auditor to succeed
C. A. West, resigned.-V. 99, p. 52.
Miami Copper Co.-Dividend Omitted.-
The directors have voted to omit the usual quarterly payment on the
83,733,795 stock made on Nov. 15. Quarterly distributions of 50 cents
per share (par $5) were made from May 1912 to Aug. 1914 incl. An officer
says: "The action by the board was due chiefly to the unsettled conditions
which now prevail in the copper trade add the reduced output of our mine."
-V. 99, p. 606.
Montreal Light, Heat & Power Co.-Capital Stock.-
Application has been made to the London Stock Exchange to list an additional $1,800,000 capital stock, making the total amount listed $18,800,000.
-V. 99. p. 473.
Montreal Water & Power Co.-Not Sold.A Montreal paper on Sept. 22 said: "The City Council having, with
practical unanimity, rejected the proposal made by a majority of the Board
of Control to purchase the company for $7,284,000, that project, for the
time being at least, is dead." Experts Butler and Gagnon, appointAd by
the city, had reported the property, &c., to be worth $7,120.000, viz.:
System as a going concern, $5,400,000; stock, $1,020,000; franchises,
5700.000.-V. 99, p. 194.
National Lead Co., N. Y.-Status.The following published data are pronounced correct: "The plants are
running close to capacity, and sales for the year to date do not show much
falling off from the same period a year ago. The demand for sheet lead Is
very quiet, but lead in oil, which is one of our chief products, shows a falling
Off of only 3% for the first 21 days of September. We expect to continue
to do a normal business the rest of the year. New construction has been
suspended except for the completion of work under way. The management
is giving careful consideration to the question of taking advantage of the
unusual trade opportunities presented at this time, but it is considered a
nice question how much energy and capital should be devoted to corralling
a market that is likely to be temporary. There is at present a bit demand
for military ammunition, but the company's facilities in this line are
operating at capacity, and it is not the intention to make extraordinary
expenditures to meet an extraordinary demand. See V. 98, p. 994.
Grand Rapids
h
the
recommended
Circuit Court Commissioner Eardley, on Sept. 16,
acby
dissolution of the company, after a hearing on a petition filed
tors asking that it be dissolved.
electric power.
sell
and
generate
1908
to
in
organized
was
New York Telephone Co.-Bonds Called.The company
side power canal.
The stock was owned by property-holders along the east
All of the outstanding $214.500 1st M.6% gold bonds of the Schenecfrom city.
The company has been unable to obtain a satisfactory franchise
tady Home Telephone Co. for payment on Jan. 1 1915 at 110 and int.
organized
was
which
Co.,
Water
Power
Side
The Grand Rapids East
at Columbia Trust Co.. N. V.-V.99; p. 202.
ater, still exists, and the stock Is held by parties owning most of the land
OCT. 10 1914.
THE CHRONICLE
1055
Niagara Lockport & Ontario Power Co.-Collateral Government granting the two roads an extension of one
Notes Offered.-The Bankers Trust Co. of Buffalo (trustee month to Nov.4 to dispose of
their holdings in the company,
for the notes)is offering at 95,yielding over8%,the new issue as provided by the decree of
March
14 last.
of 00,000 2-year 6% collateral notes, dated Oct. 1 1914 and
Counsel representing the two railway companies stated that, owing to the
coal miners' strike, which extended from April to August of
due Oct. 1 1916. Int. A. & 0. in N. Y. Par $1,000 (o).
this year. in the
Hocking Valley fields, and
Collateral security: $800,000 Salmon River Power Co. 1st M.5% bonds,
due 1952, and 8800,000 Ontario Power Co. stock (div. rate 5%); total,
$1,600,000 par value of collateral security, having, it is stated, an actual
current market value exceeding by over 62%% the total note issue.
Digest of Letter from Pres. Francis V. Greene, Buffalo, Sept. 29 1914.
Operates 960 miles of transmission lines (553 miles owned. 407 miles
leased). supp
lYing (a) the trolley lines in Syracuse. Rochester. Batavia,
Oswego and Lackawanna; (b) the interurban lines between Rochester and
Geneva, Rochwter and Sodus Bay. Rochester and Mt. Morris, Rochester
and Lockport. Syracuse and Oswego, Syracuse and South Bay. and Buffalo
and Erie, Pa. (total length of trolley roads supplied wholly or in part, 1,021
miles); (e) the public service corporations furnishing light and power in
Syracuse, Auburn, Rochester, Batavia, Lockport, Albion. Medina, Middleport, Depew, Lancaster and Lackawanna, besides smaller communities;
(d) Lackawanna Steel Co., American Locomotive Co. (Dunkirk shops) and
many other large manufacturing concerns. Total sales have increased from
2,900 h. p. in 1906 to 64.528 h. p. in 1913.
Earnings for Calendar Years (Compare V. 98. P• 1313)•
1912.
1913.
1911.
1910.
$1,560,997 $1.329,643 $1,123,723 $1.051.521
Total receipts
Net, available for interest
and sinking fund charge__ $477.986 $432,451 $381,231 $351,521
The plant of the Salmon River Power Co. [entire capital stock owned ,
located on the Salmon River about 42 miles north of Syracuse, has completed its initial development of 15,000 h. p., and power is being delivered.
The second installation of 15.000 h. p. will soon be completed. The demand for power in the Syracuse district for street railway, lighting,etc.,has
increased nearly 200% since 1908. See V. 99, p. 52, 973.
Northern California Power Co., Consol.-Assessment.-
An assessment (No. 1) of $2 per share has been levied upon the capital
stock, payable immediately, in gold coin, to Edward Whaley, Secretary, at
995 Market St., San. Fran.; delinquent Nov. 2. This assessment, it is
said, is chiefly a precautionary measure, as it is anticipated that by or
about the date mentioned sufficient funds will be forthcoming from the
sale of the preferred stock.-V.99, p. 274.
Pacific Coast Co.-Report.---See "Annual Reports."
New Director.-Albert H. Wiggin, President of the Chase
National Bank, has been elected a director to succeed John
Kean, who resigned.-V. 99, p. 202.
Pacific Light & Power Corp., Los Angeles.-Authorized
authorized
The Cal. RR. Commission
has
the company to issue $1,913.000 first pref. 6% cum. stock at not less than 85 and $4,382,000 First &
Refunding M. bonds at not less than 85 and int., with the provision that
the bond issue shall be made subsequent to the stock issue. The proceeds
of the sale are to be used only to reduce the company's floating debt or for
additions and betterments, any expenditures for the latter purpose to be
subject to the Commission's approval.-V.99, p. 274.
Pierce, Butler & Pierce Corporation.-New Company.
which was due the new law providing for payment at the mines, and also the financialtodepression
due to the European
war, it had been impossible for the roads to
conclude negotiations for the
sale of their stocks in the company. They asked
the Court to extend the
time limit set by the Court in its decree
being finally closed.-V.98, p. 1923. four months to permit the matter
U. S. Finishing Co.-Earnings.--For year ending June 30
1914, compared with year 1911-12 (not 1912-13).
Fiscal
Gross
Net
Int. on
Pf.Dfvs Com.Div. Balance,
Yr. Receipts. Reels. Bds.,&c. Deprecia'n. (7%)• (4%)• Sur.orDef.
13-14 $4,365,587 $476.584 $243,740
S $232,844
'12-13 4,356.874
Not reported
'11-12 4.626.341 401,354 182,560
210.000 120,000D 111,146
Queen Dyeing Co.
'13-14 3723.745 387,690 $37,500
See
S $15,190
'11-12
749,987 131.598 37,500 7.113 $35.000
35,000 below 8 51.985
Dividend No. 1. 15% on the Queen Dyeing Co. common
stock,
calling
for $112.500, was paid June 25 1912
out of accumulated surplus. A dividend of5% was paid Sept. 101013 calling
for $37,500.-V. 99, p. 347,54.
United States Light & Heating
(of Maine).-Nolice to Shareholders.-The stockholders'Co.
protective committee,
Walston H.Brown,Chairman, in circular Oct.2 said in sub.:
Referring to our circular of Aug. 7
1914 (V• 99. f.• 905). the Central
Trust Co., the largest creditor
of your company,
has given notice thatit
will on Oct. 6 ask the U.
S. District Court for the immediate sale of the
property. Such sale under present
financial conditions would certainly
wipe out the equity of the stockholders
. Most of the creditors are cooperating with your committee,but
some,unfortunately,seem desirous of
profiting by our
and in order to enable your committee to combat this move on misfortune,
the part of these creditors, it
is imperative that you deposit
Your stock with the Guaranty Trust
Co. at once. (Judge Hazel on Oct. 6
denied the aforesaid application
for an authorizing sale and granted the
stockholders' protective committee
the right to intervene. This committee, it is stated, now has on deposit
over $1.000,000 pref. and about
$3.000,000 common stock.)
The receivers have told us that the
real
assets are largely in excess of all
claims of creditors, and that there are
largo intangible assets that they feel
ought to be preserved for the stockholders
. The business is being continued
by the receivers; several
excellent contracts have been secured, the orders
taken during September amounting
to almost $250,000, and the debts of the
company have lieen found to be almost
$100.000 less than we had anticipated. If you will help us to defeat
this proposed action of hostile creditors.
we have every reason to believe
that the company can be successfully reorganized. Moreover,the
new Federal War Tax °ill, now before Congress.
proposes to add a substantial
tax upon the transfer of stock certificates, so
that if you delay your
deposit
after this bill becomes a law,it will substantially increase the cost tountil
you of securing the protection of the committee. Address all communicati
ons only to Herbert V. Falk, Secretary,
29 Broadway, N.Y.(Telephone
3020 Rector). See also V.99, p. 905.474.
This company was incorporated under the laws of New York State on
United States Printing
Sept. 25 with S2,350.000 auth. capital stock ($1,500.000 common,$700,000
The United States Printing Co.Co. of Ohio.-Dividend Omitted.
of New Jersey having failed to pay its
1st pref. and $150,000 2d pref.), as successor of the Pierce. Butler & Pierce quatterly iental to the
Ohio company, the latter cempany will omit the
Mfg. Co.. per reorganization plan (V. 98. p. 1771). The property of the quarterly dividend usually
paid on Oct. 1 out of the tental. I be Ohio
old company was purchased at trustees' sale on Sept. 22 for $1,174,538 by company has notified
Charles H. Sanford, Pres. of the National Bank of Syracuse, on behalf of within 6 months from the Jersey company that if the rental is not paid
October 1, it will take possession of the plants and
the reorganization committee. Officers of the now company: Pres., Dr. equipment
at Norwood,O., Brooklyn,
and Montclah ,N. J.-V.95, p. 754.
J. T. Duryea; Treasurer, J. T. Woodward,for a number of years associated
with Spencer, Trask & Co.
Utah-Idaho Sugar Co.-Sale of Stock.In accordance also with the aforesaid plan the new Kellogg-Mackay Co.
See American Sugar Refining Co. above.-V.
98. p. 1321.
has been incorporated with $900,000 capital, to take over
Utica (N. Y.) Gas & Eectric Co.-Reductio
purchased for $700.000, at trustee's sale, exclusive, it is said, ofproperty
cash on
hand and any claims resulting from La Salle St. Trust & Savings Bank
The company under an order of the P. S. Commission, n of Rate.
made April 14,
receivership. C. V. Kellogg of Chicago is President.-V.99, p.473,820.
on July 1 put into effect a rate
illuminating gas of $1 10 per 1.000 Cu. ft.
and for fuel gas of Si per 1,000for
Cu. ft. On or before July 1 1916 and for a
Pleasantville (N. J.) Water Co.-Receivership.period of at least3
rates for illuminating gas and fuel gas are
to
At Trenton on Sept. 30 Vice-Chancellor Backes appointed Charles S. exceed $1 per 1,000years
Cu. ft. The rates prescribed are net rates and thenot
gross
Moore of Atlantic City receiver for the company on application by
John A. rates shall not exceed the net rates by more than 10 cents per 1,000 cu.
ft.
Albertson of Magnolia and Samuel V.Dobbsof Haddonfield; thepetitione
The order stated that "no order is now made respecting a minimum
rs
monthly
are bondholders who allege mismanagement and default on the Julyinterest charge of 50 cents for illuminating gas
stated in the stipulation, and t
on First & Ref. M. 20-year 5s due Jan. 1 1932 trustee,Pleasantville
respondent shall see fit to impose such charge, it must do so subject
to
Co. Total auth. $500,000, of which $100,000 reserved to refund 30Trust
exisitng
.
provisions
of law and such complaint as may be filed in respect
-year
1st M. 5s due Jan. 1 1932. United Water & Guarantee Co., Harristhereto. -V. 98, p. 1779.
burg, Pa.. owns 75% of stock and guarantees these bonds.
United
Drug Co., Boston.-Increased Business.-The
Providence Dyeing, Bleaching & Calendering Co.- following statement
published Sept. 12 has been confirmed:
Eight 1st M. 6% I5-year bonds dated Oct. 1 1903 were paid at
$1,050
per bond on Oct. 1 at Industrial Trust Co.,Providence-V.05,p.
822.
The United Drug Co. has enjoyed a phenomenal business since
outbreak of the foreign war, with a 26% increase in its manufacturingthe
ment during August, while thus far in September there has been a departKan of
The stockholders will vote Oct. 22 on (a) reducing the par
value of al 41% over a year ago. The unusual increase in August, which showed the
shares from $100 to $5, so that the total
capital, consisting of largest percentage for any month since last February, was due in large
$10,000,000 common and $5,000,000 pref.authorized
measure to the company's continuing to sell at "before-the-war-prices,
stated to be outstanding $7,000,000 and (of which amounts there are although
imported drugs. &c., had in some instances doubled in price.
$3,589,500), shall consist of 2,000,000 shares of common instead
of
The company handles a large rubber-goods business,and when crude
100,000
and
of
1,000,000 shares of
pref. in place of 50.000 (b) on
rubmaking the pref. shares redeemable at $5 50
ber doubled in price a month ago no advance was made in its
instead of $110 each;
manufactured
(c) classifying the directors and permitting
articles, resulting in record-breaking contracts in that department. Brush
holding no stock to act
as directors; (d) reducing the number of persons department sales also increased
from 14 to 12.-V. 99, p. 473.
50% in anticipation of an early price addirectors
vance, as the best bristles are imported.
Rio Tinto Co., Ltd.-Dividend Omitted.
The company is now pretty well cleaned up of its stock of low-cost goods
and prices are being gradually advanced in price
It was announced in London
all along the line.
on Oct. 7 that the usual dividend payaole at
The manufacturi business represented by sales of the so-called
this time on the .£1,875,000 ordinary
"Rexall"
shatcs tpar £5) whl be omitted. goods is showing anng
Distributions have, it Is reported,
increase at the rate of 81,800.000 a year: for the fiscal
been
made
uninterrupte
dly
year
since 1879.
The last dividend paid was 35s. In March
ended June 30 1914 the increase was 24%. Compare V.99. p. 677.
1914.
It is stated that because of labor troubles.
Wells-Fargo & Co.-New Director.work was stopped at the mines
in January and February, and operations
whiit
were partially suspended in March ma
h wanhioAries
.eirgenlieid1arrvim
.a9n8.bpa.s 1b7
and April. Thereafter for four months the
9 8.elected a director to succeed William
company did a large business,
but the war checked work in Europe and the
ployed only three days a week. The conditioncompany's staff is no emWestern
of
the
Canada
property
Land Co.-Interest Default.is stated to
be excellent.
The semi-annual interest due Oct. 1 on the $500.000
5% debenture
stock has been defaulted, owing
Recent Dividend Record of Ordinary Shares (Per
to losses caused by the failure of the CanaCent).
dian
Agency.
The
appointment of a receiver and manager has been agreed
'00. '01. '02. 1903414. '05. '06. '07. '08. '09. '10. '11.
to.
'12. '13. 1914.
The board assures security holders that everything will be done
85 72% 50 40 yearly 80 11087% 55 60 50
to
5234 90 75 March,35 rehabilitate the company's affairs
with the least possible delay.-V. 85
Rochester & Pittsburgh Coal & Iron Co.-Bds. Called. P. 224.
Nineteen purchase money mortgage bonds for payment
Wheeling (W. Va.) Steel & Iron Co.-Dividend Omitted.
on Nov. 1 at 110
and int. (say $1,125 per bond) at Central Trust Co., N. Y.-V.
The directors have
97, p. 1119.
to omit the dividend usually declared at this
time on the $4,995.400decided
Santa Cecilia Sugar Co.-Earnings.On Jan.. April and July 1 2% each was paid,
in lf12 and 1913. 8%,stock.
and in 1909 to 1911 10% each (including an extra
Gross
Jane 30
Operating
payment
Deprec.. Berred,ekc.,
of
2%
in
each of those years).-V. 99, p. 987, 347.
Balance
Earnings:
YearExp.,&c. Rapairs. ctc. Interest.
Surplus.
1913-14
(F. W.) Woolworth & Co., New York.-Total Sales.$554.276
8381.213
$69,711
$73,896
$29,456
1912-13
531.252
386.974
62,539
,
14.474 1914-Srmember-1913. increase. I 1914-9 Mos.-1913.
Increase.
The sugar output in 1913-14 was 26,473,708 lbs. 67265
85,557.242 35,226,825 $330,4I71$46,718,706
(net
weight)
and
543,845.173 32.873.533
molasses, 464,210 gallons, against 25,441.526 lbs. and 498.733
gallons, -V. 99, p. 758, 412.
respectively, in 1912-13.
Riker & Hegeman Co., N. Y.-New Par.-
Steel Co. of Canada, Ltd.-Pref. Div. Deferred.-
-William Wheatley and Charles C. Matchett
formed
the new firm of Wheatley, Matchett & Co. at 52have
Broadway,
this city. Both partners were formerly connected
with
Stewart Mining Co.-Extra Dividend.S. H.P. Pell & Co. H. I. Tuttle of the latter firm
will also
A quer telly dividend of 234% and an extra dividend of 10% have been be
associated with Wheatley, Matchett & Co. The
declared on the 31.238.262 stock. playable Oct. 19 to holders of
record Oct.8. firm
On June 16. Oct. 3 and Dec. 29 1913 and Apr. 25,June 30 and Aug. 25
will transact a general business in investment and new
10%
uneach was paid, and on Oct. 3 1913 10% extra. listed securities.
Sunday Creek Coal Co.-Extension.-Judges Warring-Harry E. Hunt has left the practice of law, in
which he
ton, Knappen and Denison on Oct. 5, on application of the had been engaged for ten
years, to enter the investment seLake Shore & Michigan Southern and the Hocking Valley curities business at 1421
Ford Bldg. and 141 Arden Park,
Ry. companies, made an order in the suit brought by th Detroit, Mich.
The directors have decided to defer the usual quarterly dividend of 1 %
on the $6,496.300 7% cum. pref., usually paid on Nov.1.until business
improves.-V. 99. p. 339.
THE CHRONICLE
1056
tVoL. xc
ports rad Pacnnunts.
PUBLISHED AS ADVERTISEMENTS.
GREAT NORTHERN RAILWAY COMPANY
TWENTY-FIFTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDED JUNE 30 1914.
To the Stockholders:
The Directors submit the following report for the year
ended June 30 1914:
CAPITAL STOCK.
The last annual report shows the authorized share capital
of the Company to be $231,000,000 00. This has been increased to $250,000,000 00 by action of the Board, ratified
by the Stockholders, and there had been paid in, to June 30
1914, on stock subscriptions $7,822,792 80, as shown on the
balance sheet on a subsequent page.
Of the capital authorized, there had been
Issued to June 30 1913
$909,990,750 00
There have been issued during the year:
75 shares, amounting to
in completing previous transactions.
209.9943 shares, amounting to
as of February 2 1914, under the resolution
adopted by the.Board of Directors December 5 1912,explained in the reportfor last year
otal outstanding June 30 1914
7.50000
20,999,450 00
$230.997,700 00
The stock outstanding June 30 1914 was represented by:
$230,954,200 00
Stock certificates
Full-paid suoscription receipts to $60,000,000 issue, not at
80 00
that date surrendered for exchange into stock certificates
Full-paid subscription receipts to $21,000,000 Issue, not at
31,500 00
that date surrendered for exchange into stock certificates
11.920 00
Scrip, full-paid
Total
$930,997.700 00
There remained unissued June 30 1914 173 shares of
Great Northern Stock for acquiring 14 shares of The St. Paul
Minneapolis & Manitoba Railway Company, of which 10
shares are in the treasury of the Company and 4 shares still
outstanding; also 53/i shares under the $21,000,000 00 issue
not yet paid in full.
BONDED DEBT.
The balance sheet on a subsequent page gives amounts
of bonds outstanding June 30 1914. A comparison with the
figures of June 30 1913 follows:
Increase (-I-) or
There was expended for Additions and Betterments the
sum of $5,659,339 02(see a following page),which was charged
to "Cost of Road." Of the total, cost of Betterments, $3,550,409 66 was paid from and debited against the "Fund
for Permanent Improvements and Betterments" and was
made to
credited to "Cost of Additions and Improvements
and paid for
property of Great Northern Railway Company and
Betterfrom 'Fund for Permanent Improvements was credited
ments'." This Permanent Improvement Fund
on a later
$1,000,000 00 out of the year's income, as shown
town lots
page, and $7,469 34 net proceeds from sale ofproperty
or
and lands not forming a portion of the railway
land grant.
The stock of the Kootenai Valley Railway Company was
, which
surrendered for deed of that Company's property
This
thereupon became part of the lines of this Company. $666,transaction is shown by entries on a later page of
710 54, the cost of the stock.
This Company's investment in Canadian Companies has
been increased as follows:
By purchase, at par, of shares of Capital Stock, as listed
above, of:
$25.000 00
.Co
Manitoba Great Northern fir,
Crow's Nest Southern By, Co
Nelson & Fort Sheppard By. Ca
Vancouver Victoria & Eastern Ry. .S; Nay. Co
30,000 00
30,000 00
1.800,00000
By advances to:
99,629 64
Midland By. Co. of Manitoba
Total
$1,984,629 64
There were repaid to Great Northern Ry. Co.
advances made to Canadian Companies during
previous years to the amount of
Leaving as the net increase in the investment
400,635 29
$1.583,994 35
share capital by
The proceeds received from sale of their
making repayment
the Canadian Companies has been used incost
of construction
to Great Northern, as above, in paying during
the year, or
and additions and betterment work donetion
now in progress.
is in hand for payment of cost of construc 8,500
shares, of
The entire outstanding capital stock, y was
acquired
Compan
Railway
County
Teton
&
(—).
Falls
Great
Decrease
1914.
1913.
0 00, as stated on a later page. Its
of
$850,00
cost
Outstanding in hands of
a
at
$143,478.909 00 $143,655,909 09 —$177,000 line, 42.97 miles in length, extending from a connection with
the Public
(See detail list on a followto Bynum,
Great Northern Ry. Co.'s tracks at Power
ing page.)
n, page 43 [report].
Norther
Great
the
Held in the Company's
by
operated
is
Mont.,
35.540,000 00 28,069,000 00 +7.471,000
Treasury
y, having a
The Great Northern Office Building Compan
14,106,000 00
Held oy Mortgage Trustees 14,106,000 00
00 00, has been organized for the
$1,750,0
of
stock
capital
Office Building for the
$193,124,909 09 $185,830,909 09 +37.294.000
Totals
purpose of erecting a new General quarters
have been outits present
as
y,
Compan
of
this
in
hands
ing
of
outstand
use
bonds
of
in
The decrease amount
the new building will be ready
that
expected
is
It
grown.
the Public was caused
cy by November 1 1915.
stock
by redemption, through operation of the Sinking Fund, as 389.000 00 for occupan
Park Hotel Company, having a capital
Glacier
The
per table on page 40 [pamphlet report]. of
Trustee of
been organized to take over the ownerby redemption out of funds deposited with
has
00,
00
$1,500,0
of
ComRailway
Manitoba
&
is
The St. Paul Minneapol
and camps at Glacier Naship and operation of the hotels
pany's Consolidated Mortgage on account of line removed
Mont., which were mentioned in the reports
last year between Ripon and Mason Junction, N. D., due
Park,
tional
00
88.000
Line
-Surrey
al structures have been
to completion of Fargo
previous years. Extensive addition
travel. At Glacier Park
$177,000 00 of
Total
erected to take care of the tourist
feet; and kitchen, 48x100 feet;
RailStation, hotel annex, 75x243 ies,
par value, The Saint Paul Minneapolis Sr Manitoba
each 34x103 feet; laundry
cf which
women's dormitor
way Company Consolidated Mortgage Bonds,
and
men's
per
4
were
00
$123,000
and
house; ice house; three cottages, and
354,000 00 were 43 per cent
and power house; storebuilding
cent bonds.
s. At Two Medicine Camp,
due to several miscellaneous
The increase in bonds "Held in Treasury" was
room, 42x86 feet; laundry and generator house. At
dining
's
Company
the
of
value,
face
000,
00
$7,471,0
issuance of
Camp, dining room,42x86 feet; dormitory,
Gold Bonds, Series "A," Going-to-the-Sunlaundry.
First and Refunding Mortgage the
At St. Mary's Camp, three misfeet, and
e
mortgag
28x96
the
of
terms
with
ce
accordan
in
434 per cent,
cellaneous buildings. A new hotel and a dormitory are
issued
were
00
00
$3,000,0
these,
Of
same.
securing the
tion at Many Glacier Camp, to be ready for
acquisition of property and $4,- under construc
against construction andacquisiti
year's business, and dormitories for the new camp
next
g
shares
followin
the
of
on
the
471,000 00 against
at Granite Park.
of stook: Terminal & Transfer By. Co_ -- $8,000 00
80 shares
The Great Northern Equiprnt Company, having a capi"
Superior
8,500
Lake
850,000 00
Ry. Co
tal stock of $1,750,000 00, h been organized to purchase,
17,500 "
00
Great Falls & Teton County
1,750,000
Co
Building
(18,000
Great Northern OfficeEastern
lease and sell to the Great Northern Railway Company such
Ry.& Nay.Co-1,800,000 00
Vancouver Victoria dr
30,000 00( 300 "
rolling stock and equipment as the latter may require for
Co
300 "
(
Crow's Nest Southern By.
00
30.000
Co
the transaction of its business.
Nelson dr Fort Sheppard By.
25,000 00( 250 "
Co
By.
Northern
Manitoba Great
An agreement has been made between the Vancouver
GENERAL.
Victoria & Eastern Railway & Navigation Company and the
tion of new lines Kettle Valley Railway Company for the use, by the former
Expenditures on account of construc
projected lines were made company, for its trains, of the Kettle Valley line between
for
expenses
ary
prelimin
for
and
Otter Summit and Hope, a distance of about 54 miles, and
$168,091 28
as follows: N.D
the like use, by the Kettle Valley Company, of the Vanfor
56
256,378
Fargo to Surrey,
Boundary
55,072 13 couver Victoria & Eastern Company's line between PrinceNiobe, N. D., to International
Mont
35.496 70
Vaughn to Gilman.
Summit, a distance of about 38 miles, all in
55,079 04 ton and Otter
Moccasin to Lewistown, Mont
, Mont
By this means the duplication of 92
783,340 51 British Columbia.
New Rockford, N. D.,to Lewistown
758.495 30
Plentywood to Scobey, Mont
a difficult country is avoided.
through
railway
of
miles
Wash
Pateros,
84
to
453.047
Wenatchee
Federal Government is now engaged in valuing the
53,978 58
The
Orovilie to Pateros, Wash
Bluestem to Peach, Wash
of the United States, and is active upon the prop$2,618,97994 railroads
all summer the Governerty of this Company. Nearlythe
Total
field in North Dakota
been in
have
s
engineer
ment's
Road."
which has been charged to "Cost of nt, and of $9,427 24 and Montana and its clerical forces, at headquarters, have
Details of expenditures for Equipme
President's been examining the Company's records and accounts from
charged to "Cost of Elevators," appear in the
ent the beginning down to the present time. The Company
subsequ
a
report which follows, and in tables on on
is handling this work through a Valuation Committee, eonPage.
O.10 1914.1
THE CHRONICLE
sisting of four of its officers. It is impossible at this date
to estimate the valuation expense to the Company, but it
will be large.
The Board respectfully calls the attention of the Stockholders to the reports of the President, of the Comptroller,
with customary balance sheet and statistical tables, and of
the Land Commissioner, which follow.
For the Board of Directors.
LOUIS W. HILL, Chairman.
PRESIDENT.
OF
REPORT
To the Board of Directors:
Herewith report for fiscal year ended June 30 1914:
REVENUES, OPERATING EXPENSES, VOLUME OF
TRAFFIC, ezo.
Gross operating revenues were $75,473,869 09, a decrease
with last year,
of $3,218,898 13,or 4.0905 per cent,compared
and an increase of $9,276,050 10, or 14.0126 per cent,over
over year ended June 30 1912.
The various amounts making the increases and decreases
and the percentages for each, as compared with last year,
are as follows:
Increase or Decrease Over Last ear
Amount. Per Cent
Revenue from TransportationDecrease $3,401,219 98 5.8214
Freight
Increase
$65,874 08 .4346
Passenger
Increase
91,904 59 4.4472
Mail
Decrease
15,892.45 .8942
Express
Excess Baggage, Parlor and Chair Car, and
13.39881 5.2070
Decrease
Other Passenger Train Revenue
Total Passenger Service Train Revenue_ _Increase
Switching, Special Service Train and MiscelIncrease
aneous Transportation Revenue
$128,487 41 .6671
28.911 08 4.4564
Total Revenue from Transportation ____Decrease $3,243,821 49 4.1410
Revenue from Operations other than TransIncrease
portation
24,923 36 6.9609
Gross Operating Revenues
Operating ExpensesMaintenance of Way and Structures
Maintenance of Equipment
Traffic Expenses
Transportation Expenses
General Expenses
Total Operating Expenses
Decrease $3,218,898 13 4.0905
Increase
Increase
Increase
Decrease
Increase
$383,769 72 3.1128
463,716 71 4.9518
118,010 99 9.4975
278,689 30 1.2967
1,893 71 .1324
Increase
$688,701 83 1.5018
Net Operating Revenues
Outside Operations
Decrease $3,907,599 9611.9013
Increase
37,727 86 31.0459
Total Net Revenue
Taxes Accrued
Decrease $3,869,872 1011.7429
Increase
513,701 1712.0058
Operating Income
Decrease $4,383,573 2715.2864
Last season's grain crop, approximately 133,000,000 bushels, was the largest ever handled, excepting that for 1912,
which was about 151,600,000 bushels. Iron ore movement
decreased 2,246,470 tons, 14.0421 per cent, partly due to a
strike on the docks which lasted several weeks. The movement of copper ore from Butte to Black Eagle, Mont., was
considerably curtailed during the latter part of the fiscal year.
Many changes in freight rates were made during the year,
mostly to meet requirements of Acts of legislative bodies,
or orders of Railroad Commissions, and were mostly in the
way of reductions of revenue. Some of the principal
changes were:
Reduced rates in Minnesota, affecting grain, coal, livestock, potatoes, hay and merchandise, made July 21 1913
as a result of the decision of the United States Supreme Court
in the so-called "Minnesota Rate Cases," which also made
necessary an adjustment, as of September 10 1913, reducing
class rates from the Head of the Lakes to Minnesota points.
Effective January 1 1914, all iates wholly within the State
of Minnesota were canceled and new distance tariff published
to comply. with Act of the Legislature. Several rate reduetions were made under orders of the Inter-State Commerce Commission, among which were: August 1 1913, pulpwood from Minnesota stations to Minnesota Transfer and
Superior; September 15 1913, class rates from Spokane to
Montana points; November 20 1913,coal rates from Wyoming
mines to stations in Montana. With the permission of the
Inter-State Commerce Commission, rates in violation of the
"Fourth Section" were published November 8 1913 on grain,
coal and merchandise from the Head of the Lakes to Wadena,
Minn., in order to avoid the sacrifice of intermediate territory. Effective November 30 1913, by order of the South
Dakota Railroad Commission, joint distance tariff rates were
established between stations in that State. By order of
the Montana Railroad Commission, effective December 12
1913, lumber rates were published from Kalispell and other
Montana producing points to stations in Montana. Effective August 10 1913, grain rates were reduced from Montana stations to eastern and western terminals. Effective
April 20 1914, distance tariff rates were established between
stations in North Dakota on grain and grain products.
Through export rates were published to Asiatic destinations,
via Seattle Docks, from Western Trunk Line Territory,
November 1 1913, and from Central Freight Association territory June 30 1914. Switching rates were established with
connecting lines at Thief River Falls,Minn.,Lewistown and
Great Falls, Mont.; the privilege of storing shingles in transit
at Minnesota Transfer was canceled; storage charges were
named on refrigerator cars held at Superior, Wis., awaiting
arrival of boats. The principal increases in rates were on
cement from all producing points to Montana points, from
Metalline Falls, Idaho, to the Coast,from Concrete, Wash.,
to Spokane, Wash.; on coal from Head of the Lakes to stations in Minnesota.
1057
Tonnage of revenue freight carried decreased over last year
2,769,040 tons, 8.2347 per cent; length of average haul decreased 2.43 miles, 1.0704 per cent; ton-mileage decreased
703,760,740, or 9.2187 per cent; average revenue per ton-mile
increased .0287 cents, 3.7502 per cent, being .7940 cents
compared with .7653 cents in 1913,.7688 cents in 1912,.8096
cents in 1911.
The decrease in train miles handling freight traffic, 13.0561
per cent, is greater proportionately than the decrease in tons
and ton-miles, resulting in operating increases per freight
train mile of 2.91 cars, or 7.2406 per cent, 28.01 tons, or
4.4137 per cent (making an average train tonnage of nearly
663 tons), and 40 cents, or 8.2305 per cent in revenue,
being $5 26 as compared with $4 86 in 1913, $4 62 in 1912,
$424 in 1911.
Notwithstanding the increased efficiency in train operation,
shown above, the decrease in Transportation Expenses was
only 1.2967 per cent, which is partly due to the fact that this
year's figures include a full year's operation of the ore docks
at Allouez, Wis., by this Company; partly to increased payrolls for employees under schedules, principally train, engine
and shop men and telegraphers,amounting to about $225,000 for this year; partly to an increasing west-bound movement of empty cars to take care of east-bound business,
principally shipments of forest products. The increase in
this empty car movement has been nearly 100 per cent in
two years. Operating conditions last winter were favorable,
practically no trouble being experienced from snow on any
part of the system.
Number of passengers carried increased 604,186, or 7.0294
per cent, number of passengers carried one mile increased
46,010,290, or 7.5970 per cent, and average distance carried
increased .373 miles, or .5293 per cent. Passenger revenue
increased only $65,874.08, or .4346 per cent, as the average
revenue per passenger per mile decreased from 2.503 cents
to 2.336 cents, or .167 cents,6.6720 per cent. While passenger-train miles increased 2.9669 per cent, passenger service
train revenue increased only .6671 per cent in total amount
and decreased 2.2059 per cent per train mile. These decreases in revenue arise from causes beyond the control of
the Company. As a result of the decision in the "Minnesota Rate Cases," before referred to, passenger fares in
Minnesota were reduced from 3 cents to 2 cents per mile
July 211913. On April 15 1914 passenger fares in South Dakota were reduced from 3 cents to 2M cents per mile. Inter-,
State fares were adjusted on basis of local fares May 1 1914.
While total mail revenue shows a small increase of 4.4472
per cent, the fact is that, on account of natural increase of
business and the operation of the Government parcel post,
there was carried during the year a very large volume of
mail matter for which no compensation was received. This
is partially remedied, July 1 1914, as a result of re-weighing
mails carried on routes west of the Red River, which, it is
estimated, will increase the annual mail revenue by over a
quarter of a million dollars.
The express revenue shows a small decrease of .8942 per
cent. The parcel post has taken away from the Express
Company a substantial part of its business, without adequately compensating the Railway Company for its carriage.
Reduced express rates ordered by the Inter-State Commerce
Commission and various State Commissions were effective
February 1 1914. The losses from these sources were partially counteracted by an increase in the number of car-load
shipments of fruit and fish.
The North Dakota Railroad Commission ordered a reduction in excess baggage rates, approximating 25 per cent,
effective March 15 1914.
A strong and persistent Glacier Park publicity campaign
has been carried on throughout the year. During the season
from June 15 to October 1 1913, the Government registration
records show over 11,000 visitors to the Park. The increased
accommodations, already described as completed and in
progress, will amply take care of the business which is expected to come, and which will add materially to the passenger
revenues of the Railway Company.
A large number of settlers have been moved into the country adjacent to this Company's lines, principally into Montana, Minnesota and North Dakota in the order named.
Taxes have again heavily increased. The total amount
for the year is $4,881,881 25, of which $4,792,478 02 is
assignable directly to railway operations. This is 6.3499 per
cent of gross revenue, 16.5681 per cent of net revenue and an
increase of 12.0058 per cent over the previous year. The
Federal Income Tax, which succeeded the former so-called
Corporation Tax, is responsible for a portion of the increase.
NEW LINES.
New lines of railway, previously reported under construetion, have been completed and opened for operation:
November 11913. N lobe to International Boundary at NorthD1'
i913, Power to Bynum. Mont
(built as the Great Falls .SL Teton County Railway.)
July 1 1914. Wenatchee to Oroville. Wash
August 1 1914, Plentywood to Scobey, Mont
.6 miles
42.97 mites
135.88 miles
44.64 miles
Montana Eastern Railway Company, line from New Rockford, N. D., to Lewistown, Mont., track has been laid as
follows:
Snowden, Mont., to Sidney, Mont
Fairview, Mont., to Arnegard, N. D
24.72 miles
30.26 miles
These two lines, while not fully completed nor
opened for operation, are handling all commercial formally
business
offered.
1058
THE CHRONICLE
Track-laying is in progress from Newlon to Lambert,
Mont. (formerly called Fox Lake), and will be completed
about October 15 1914.
Vancouver Victoria & Eastern Railway & Navigation Company track will be laid this fall from Coalmont to a connection with the Kettle Valley Railway, at Otter Summit,
B. C., about 26 miles.
EQUIPMENT.
Of equipment contracted for during the year ended June 30
1913, there remained undelivered on that date: 80 passenger
train cars, 4,500 freight service cars and 1 pile-driver. This
year contracts were placed for 40 steam locomotives, 115
passenger train cars, 1,000 freight ser.v, ice cars, 2 pile-drivers
and 2 wrecking cranes.
Of total equipment above mentioned, the following had
been received and taken into account June 30 1914:
40 Steam Locomotives,
25 Pacific type passenger locomotives, 233ik30-inch cylinders, weighing
150,700 lbs. on drivers;
15 Mountain type passenger locomotives, 281.32-inch cylinders, weighing
220,000 lbs. on drivers.
165 Passenger Train Cars,
23 Steel postal cars, 21,60 feet 8 inches long, 2,40 feet 10 inches long;
25 Second elms coaches. 62 feet long;
42 Baggage, mall and express cars, 22,70 feet long, 20,65 feet long;
75 Express refrigerator cars, 50 feet long.
2,500 Freight Service Cars,
750 Plain box, 40 feet long, 80,000 lbs. capacity;
500 Automobile box, 40 feet long. 80,000 lbs. capacity;
650 Fiat, 43 feet long. 80,000 lbs. capacity;
350 Refrigerator, 38 feet long, 60,000 lbs. capacity;
250 Wooden ore. 22 feet 6 Inches long, 100,000 lbs. capacity.
3 Pile-drivers, with 60 H.P. boilers,4,500-pound hammers;
2 Wrecking Cranes, 150 tons lifting capacity.
There remained to be delivered on contracts June 30 1914
30 passenger train cars and 3,000 freight service cars.
The Company built 1 refrigerator car, 50 cinder cars and
1 scale-testing car, at its shops. There was built at Seattle
for the Vancouver Victoria & Eastern Railway & Navigation
Company a barge, 176 feet long, 38 feet beam and 10 feet
depth, capacity nine cars, for transferring cars to and from
Vancouver Island.
Improvements to rolling stock have been continued, such
its electric headlights and superheaters for locomotives;
electric lighting for passenger cars, etc.
Total amount expended for equipment received under contracts, built and under construction at Company's shops, and
for improvements and betterments to equipment in service,
was $4,152,680 75, of which $4,044,223 85 is for the Company, $19,175 50 for the Vancouver Victoria & Eastern Ry.
& Nay. Co. and 89,281 40 for the Great Northern Equipment Co.
There were taken out of service:
1 Parlor car,
2 Tourist cars,
4 Baggage, mall and express cars,
2 Baggage and express cars,
1 Baggage car,
1 Passenger and baggage car,
4 Coaches,
1 Businass car,
431 Box cars,
14 Refrigerator cars,
37 Stock cars,
176 Flat and coal cars (3 sold).
10 Sand cars,
10 Steel ore cars,
118 Wooden ore cars,
22 Caboose cars,
13 Ballast cars,
7 Boarding cars,
1 Supply car,
1 Cinder car,
2 Water cars,
2 Tocl cars,
2 Carpenters cars.
The original cost of this equipment was $596,716 12. Of
this amount $1,004 36 has been credited to the investment in
the V. V. & E. Ry. & N. Co. and $595,711 76 credited to
"Equipment Account." Both amounts, less amounts received for equipment sold and salvage from equipment destroyed, have been charged against various equipment
"Renewal" accounts under Operating Expenses, or to"Equipment Depreciation Fund." Amount remaining to credit of
this "Fund" June 30 1914, as shown by balance sheet on
another page, $25,810,904 66,represents full depreciation to
that date on all equipment then in service, list of which appears on a later page.
The following conversions were made:
1 Box car into Scale inspector car,
2 Box cars into Boarding cars.
3 Box cars into Tool cars,
5 Flat cars into Water cars,
1 Flat car Into
car,
9 Flat cars intoBoarding
1ool cars.
This resulted in a net credit of $7,305 22 to the Company's
"Equipment Account."
Statement giving number, tractive power, weight, etc., of
steam locomotives and number, capacity, etc., of freight cars
appears on a subsequent page.
ADDITIONS AND BETTERMENTS.
The following work reported in progress last year has been
completed:
At Collins, Mont., change of line; between Sapperton and
Still Creek, B. C., second main track, 7.12 miles; at Burrard
Inlet, Vancouver, B. C., concrete dock, with rock and earth
filling, 300 by 450 feet, with two warehouses, each 102x403
feet, office building and customs office.
At Salmon Bay, Wash., on change of line, track has been
laid, including 2.12 miles of second track, and a double track
steel drawbridge, 1,141 feet long, saving .66 miles in distance
and 167 degrees in curvature.
Protection against snow has been further provided by the
construction of timber and concrete snow sheds,aggregating a
length of 1,906 lineal feet of single track and 2,470 lineal feet
of double-track sheds on the Kalispell Division; 7,605 lineal
feet of single track, 5,634 lineal feet of double-track sheds,
and 2,381 lineal feet of old sheds rebuilt and strengthened on
the Cascade Division.
VOL .I
XCIX
Tunnels have been lined with concrete:
Butte Division
Kalispell Division
Cascade Division
790 lin. ft.
791
509
Tracks were built at 8 mines on the Mesabi Iron Range and
at 177 regular stations, including the lengthening to 4,000
feet each of 47 passing tracks on the Spokane Division. Net
increase in mileage of sidings, spurs and other tracks, not
including tracks on new lines, is:
Lines owned by Great Northern Ry.Co
Lines owned by Controlled Companies in United States
Lines owned by Controlled Companies in Canada
82.92 miles
.24 "
3.17 "
Total additional side track mileage on old lines
86.33 miles
Main tracks were relaid with heavier steel, as follows:
439.36 miles with 90-pound rail, 5.41 miles with 80-pound
rail, 54.15 miles with 773 -pound rail, 34.64 miles with
75-pound rail, and 1.50 miles with 60-pound rail. Table
of mileage of weights of rail in first main track of the Company and Controlled Companies on June 30 each year, for
15 years, appears on a subsequent page.
Excluding fences on new lines, 217.08 miles right-of-way
fence were built, of which 96.51 miles are on lines in Canada.
Embankments were widened or restored to original width
and grade line on 873 miles of road; 1,064 miles of track were
ballasted with gravel, of which 4 miles were on change of line
at White Earth, N. D.,500 miles on track where ballast was
restored and an additional lift given, and 560 miles on track
where ballast was restored.
Grade line has been raised between Whitney and Fredonia,
Wash., above extreme high water.
Besides the bridge over Salmon Bay Waterway, previously
referred to, and including the two'bridges in change of line at
Collins, Mont., 106 lineal feet of steel and 32 feet of concrete
bridges were erected for double track, 830 feet of steel and
176 feet of concrete in extending existing bridges, 7,941 feet
of steel and 880 feet of concrete in replacement. 18,723
lineal feet of bridging were filled with solid embankments.
To provide waterways at bridges filled, 36 concrete and 108
171
concrete pipe culverts were put in. 3 concrete andother
concrete and cast iron pipe culverts replaced timber or
culverts.
Approximate yardage of material moved in work above
mentioned is :
grades (of which
In Changes of lines and reductions of
Inter-532 941 cu. yds.
112,373 cu. yds. were used in filling at Seattle and
bay, Wash)
518274
Widening, raising and restoring banks
879,975
Ballasting (gravel)
640.547
Filling bridges
297.267
B. C
Filling tide lands at False Creek, Vancouver,
39,936
Filling Burrard Inlet Dock, Vancouver,D.C
2,908,940 Cu. yds.
Total
And there were placed upon old lines:
Masonry
Concrete
Riprap
Total
198 Cu. yds.
135.788
121,963
257,949 cu. yds.
426 feet in length were
Three steel bridges aggregating
Company's tracks; also steel
built to carry highways over theto four overhead highways.
approaches, 527 feet in length,
Minneapolis, Minn., deThe new passenger station atopened for use in January,
scribed in last year's report, wasremoved,
and on its site, a
1914; the old station has been in process of construction.
mail and express building iscompleted at Helena, Mont.,
Brick passenger stations were feet; at Butte, Mont., 46x120
40x106 feet, with wing 30x93 brick
combination stations at
feet with wing 34x134 feet;
and at LewisMarshall and Pipestone, Minn., 32x150 feet,
at 15 stations, intown, Mont., 32x156 feet; frame depots
frame cottage;
cluding 5 replacing those burned; one agent's
extensions to depots at 15 stations, including extension,
Trans300 feet in length, to platforms and sheds at Hemline sheds;
fer, Minn.; portable depots at 21 stations; 3 sheltercranes;
10 loading platforms; 4 machinery platforms; 11 mail
stock-loading facilities at 54 stations; various improvements
additional
at 39 stations, such as cement and cinder walks,
installand improved station platforms, hoist and derricks,
stations;
ing toilet facilities, and paving; icing facilities at 4 feet; at
at Oroville, Wash., a detention building, 30x30feet, 150
Havre, Mont., an exhibit booth; track scales, 50
and
tons, in place of 100 tons, at Clearwater Junction,
Redland, Minn.,nd in place of 80 tons, at St. Paul, Minn,
moved
and Hillyard,'Wash., and the scale at Adrian, Wash.',
stations; at
to Sapperton, B. C.- train order signals at 13derrick with
Great Northern Dodo, Seattle, Wash., 30-ton
to
50 h. p. electric hoist; at Allouez, Wis., 42-foot extension
office building.
and
Facilities for caring for locomotives have been enlarged
house
improved at several terminals. At Troy, Mont.,roundextenwas extended 20 feet' at Glasgow and Clancy, Mont., and
sion of five stalls; at Willmar, Mimi., Whitefish, Mont.,
Hillyard, Wash. drop pits in round house; at Kelly Lake,
and
Minn., and Minot, N. D., extensions of boiler rooms
new boilers; at Breckenridge, Mimi., new boiler; at Hillyard,
Wash., shops, shavings exhaust system; at Great Falls,
Clancy and Butte,Mont. electric motors in machine shops;
in
at Willmar and Breckeniidge, Minn., gasoline tractors
place of air on. turntables; at Seattle, Wash., 2,500-gallon
tank for car oil.
Coal chutes were raised to standard clearance at 15 stations;
plant
larger hoist installed at Clancy, Mont. Water treating
moved from Sweetwater Lake to Devil's Lake, N. D., in-
THE CHRONICLE
OCT. 10 19144
eluding 30-foot addition to treating house, 10 h. p. engine
and pump, and 100,000-gallon tank on 50-foot tower; at
Emmert and Baden, Minn., tank, pump house, gasoline
engine and pump, and sump; at Sioux City, Iowa, treating
plant house; at Niobe, N. D., treating plant complete; improvements at 24 water stations, such as additional wells,
extensions of pipe lines, stand pipes, dams, &c.
Automatic block signals have been installed:
1059
REVENUE A CCOU N T.-RE4ENUES, OPERA 1ING EXPENSES.
ErC.. FOR THE FISCAL YEAR ENDED JUNE 30 1914 OF THE
LINES OPERATED AS GREAT NORTHERN RAILWAY COMPANY AND THOSE INDEPENDENTLY OPERATED: MINNEAPOLIS WESTERN RAILWAY COMPANY AND DULUTH TERMINAL RAILWAY COMPANY.
Revenues.
Year enaed June 30 1914. Year ended June 30 1913.
Revenue from
Per cent
Per cent
Transportationof Total.
Amount.
Amount.
of Total.
72.9060 $55.025.015 71 $58,426,235 69 74.2460
12.5 miles Freight
Clearwater Junction to Long Lake, Minn
Passenger
20.1718 15,224.462 52 15,158,588 44 19.2630
121.0 "
Minot to Williston, N. D
Excess
Baggage
.2172
163,961
14
4.4 "
169.770 85
Everett Junction to Bridge 10. Wash
.2158
Parlor and Chair Car
.1027
77,484 65
54.1 "
Marysville to South BelUngham, Wash
.1037
Mall
2.8599
2,158,469 69
2,066
81,
6562
35 5°
10
2.6261
Express
2.3337
1,761.356 29
192.0 miles
1,777,248 74
Total
2.2585
OtR
heervenue
Passenger Train
.0033
2,478 89
5.920 14
.0075
Staff block system:
Switching
.7767
586.195 05
558,621 92
.7099
1.9 miles Special Service Train _
Everett Junction to Pacific Ave., Everett, Wash
.0405
30,529 44
38,818 23
.0493
2.7 "
Miscellaneous TransporMarysville to Bridge 10, Wash
tation Revenue
.0808
60,946 60
51.319 86
.0652
4.6 miles
Total
Total Revenue from
Transportation_
99.4926 $75,090,899 98 $78,334,721 47 99.5450
At Sedro-Woolley, and at two streets, Burlington, Wash.,
8-lever interlocking plants at traction line crossings; interRevenuefrom Operations
Other than Transportationlocker at drawbridge, Snohomish, Wash. Crossing alarm
and Train Privibells at five streets, Fergus Falls, Minn., and at four streets, Station
leges
.0365
527.534 73
$27,027 93
.0344
Moorhead, Minn.; crossing gates at Burlington, Wash.; Parcel Room Receipts_ _ .0273
20.618 65
16,528 42
.0210
and
improvements in signals and interlocking at 4 other stations. Storage-Freight
Baggage
0633
47,78965
49,680 99
.0631
Other structures include 4 section houses and 2 replacing Car Service
.2037
153,72963
120.519 90
.1532
.0361
those burned; at Seattle, Wash., brick post office building, Telegraph Service
27.21751
25.589 84
.0325
of Buildings and
58x60 feet; also one at Spokane, Wash., 55x56 feet; at Rents
Other Property
.0269
20,326 73
17.554 54
.0223
Marcus, Wash., eating house, 30x60 feet, and at Gold Bar, Miscellaneous
.1136
85,752 21
101.144 13
.1285
Wash.,24x50 feet; at Blaine, Wash.,slip in dock, 20x60 feet;
Total
.5074
$382.969 11
5358.045 75
.4550
and improvements at 5 other points.
The Midland Railway Company of Manitoba has installed,
on its terminal property at Winnipeg, Man., a locomotive
water supply plant, an unloading platform, 20x76 feet, a
stock chute, and has laid .85 miles of additional industry
tracks.
Improvements in unloading shovels and carriers at elevator "S" and the completion of grain-drying plant at
elevator "X", at Superior, Wis., mentioned in last year's
report, caused an increase of $9,427 24 in "Cost of Elevators" for the year.
Following is a classififed statement of amounts actually
expended for Additions and Betterments:
Additions.
Accounts.
Right of Way and Station
Grounds
Real Estate
Widening Cuts and Fills
Protection of Banks and Drainage
Grade Reductions and Changes
of Line
Tunnel Improvements
Bridges, Trestles and Culverts..
Increased Weight of Rail
Improved Frogs and Switches_
Track Fastenings and Appurtenances
Ballast
Additional Main Tracks
Sidings and Spur Tracks
Terminal Yards
Fencing Right of Way
Improvement of crossings under
or Over Grade
Elimination of Grade Crossings_
Interlocking Apparatus
Block and Other Signal Apparatus
Telegraph and Telephone Lines
Station Buildings and Fixtures_
Roadway Machinery and Tools_
Shops, Enginehouses and Turntables
Shop Machinery and Tools'
Water and Fuel Stations Dock and Wharf Property
Electric Light and Power Plants
Electric Power Transmission
Snow and Sand Fences and
Snow Sheds
Other Additions and Bett
ments
Totals
5691,675 98
*7,261 25
262,972 71
504,420 68
195,569 43
36,865 95
17,097 89
Betterments.
Total.
$129.255 73
5691.675 98
*7.261 25
129.255 73
63,912 91
63.912 91
415,241 14
177,044 01
119,172 55
340.427 99
15,344 19
415,241 14
177,044 01
119.172 55
340.427 99
15,344 19
24.8.562 22
142,153 20
1,41836
248,562 22
142,153 20
262,972 71
504,420 68
195,569 43
38.284 31
240,623 28
41.250 10
4.72981
240,623 28
41,250 10
21.827 70
256.933 83
790 28
257,724 11
*260 27
163 37
*96 90
40,373 20 1,099,136 08 1,139.509 28
2,640 09
2.640 09
*7.346 28
4,449 06
*64,954 67
*3,314 55
64 32
677.484 63
*450,685 17
44,770 95
19,385 48
114,527 99
24.781 89
37.424 67
23,834 54
49,573 32
24.781 89
*3.314 55
9.513 67
9,44935
494,793 14 1,172.277 77
*19.111 89
*469.797 06
19 1KA 7qK Kfieg "fer
,
. eon 1.,ler
00A
EA, MA
* Credits.
Of the total amounts shown, Additions costing
22
and Betterments costing $177,412 47 were made $47,796
properties of Controlled Canadian Companies; leaving asto
expended
on properties owned by the Great Northern Railway
Company:
Additions
Betterments
Total
$2,108.929 36
3.550.409 66
$5,659,339 02
Work is in progress at close of year, as follows : New steel
and concrete bridges in place of timber structures, total
approximate length 4,200 feet; water treating plants at 33
stations on main line between Minot, N. D., and Cut Bank,
Mont., 10 frame depots on Montana Division; change of line
at Paola, Mont., including 900 lineal feet concrete-lined
double track tunnel; also change of line at Windy Point on
Cascade Division, and filling of False Creek tide lands,
Vancouver, B. C., referred to in last year's report.
The Company's roadbed, tracks and equipment have been
fully maintained and greatly improved. The season's track
work was finished by the end of July, a large amount of
delayed bridge work was completed, heavy shop forces,
maintained during last winter have been materially decreased, so that,for at least the first half of the coming fiscal
year, the expenses of maintenance and betterments should
be greatly reduced.
Respectfully submitted,
_L. W. HILL, President.
Gross Operating Revenues
100.0000 575,473.869 09 $78,692,767 22 100.000
Operating Expenses.
Year ended June 30 1914. Year ended June 30 1913.
Per cent
Per cent
Classof Totat.
Amount.
Amount.
of Total.
Maintenance of Way &
Structures
27.3104 $12,712,420 60 $12,328,650 88 26.8837
Maintenance of Equipment
21.1145
9.828.355 21
9.364.638 50 20.4204
Traffic Expenses
2.9229
1,360,564 11
1.242,553 12
2.7095
TransportationExpenses 45.5748 21,214,122 73
21,492,812 03 46.8669
General Expenses
3.0774
1,432,493 70
1,430,599 99
3.119.5
Total Operating Expenses
100.0000 $46,547,956 35 545,859,254 52 100.0000
Per Mile of Road Operated1914.
1913.
Revenue from '1 ransportation
510,191 71
Revenue from Operations Other than Transportation $9,649,96
49 22
46 58
Gross Operating Revenues
Operating Expenses
59,699 18 $10,238 29
5,981 90
5,966 50
Net Operating Revenue
Net Revenue from Outside Operations
53.717 28 54,271 79
20 47
15 81
Total Net Revenue
Taxes Accrued
53.737 75 54,287 60
615 88
556 69
Operating Income
Average Miles of Road under Operation
Operating Expenses, per cent of:
Total Revenue from Transportation
Gross Operating Revenue
Operating Expenses and Taxes, per cent of:
Gross Operating Revenue plus Net Revenue from
Outside Operations
53,121 87
$3.730 91
7,781.47
7,686.12
61.99
61.67
58.54
58.28
67.88
63.62
INCOME ACCOUNT.
Fiscal Year ended June 30 1914.
LINES OPERATED AS GREAT NORTHERN RAILW AY COMPANY
AND THOSE IN DEPEN DENILY OPERATED: MINNEAPOLIS
WESTERN RAILWAY COMPANY AND DULUTH TERMINAL
RAILWAY COMPANY.
Operating Income:
Rail Operations:
Operating Revenues
5750473,869 09
Operating Expenses
46,547.956 35
Net Operating Revenue
528.925.912 74
Ontside Operations:
Net Revenues from:
Sieening and Parlor Cars
$253,594 64
Dining and Buffet Cars,
Loss 79,041 42
Hotels,Eating Houses. Restaurants,etc.,Loss 15,302 44
Net Revenue from Outside Operations
159,250 7$
Total Net Revenue
829.085,163 52
Railway 1axes Accrued
4.792.478 02
Operating Income
524,292.685 50
Other Income:
Rents Received
$852,418 50
Hire of Equipment-Balance
80.957 82
Dividends on Stocks Owned
302,141 98
Interest on Bonds Owned
1.522,425 00
General Interest
720,152 21
Miscellaneous Income
5,671 37
Total Other Income
Gross Corporate Income
Deductions from Gross Corporate Income:
Rentals Paid
Bond Interest Accrued
Miscellaneous Deductions
3.483.766 88
527,776,45238
5860.510 55
6.451.521 60
10,85E 85
Total Deductions from Gross Corporate Income
7.322.901 00
Net Corporate Income.
520.453.551 38
Against Which Have Been Charged:
Dividends on Great Northern Ry. Stock:
Aug. 1 1913. 1t7 on $209,980,900
$3,674.665 75
Nov. 1 1913.1% on 209,980,900
3,674,665 75
Feb. 1 1914, 11.i% on 209,980.900
3.674,665,75
May 1 1914. 1%4 % on 230,802,900
4.039,050 75
Total Dividends on Stock
$15.063,048 00
Interest Accrued on Payments made on Subscriptions for additional Capital Stock.. _ _ _
572.599 76
Appropriations to Cover:
Renewal of Alionez Bay Ore Docks
256.331
64
Refunds "Minnesota Rate Case"
250,000 00
"Fund for Permanent Improvements and
Betterments"
1.000,00000
Total
17.141,9794o
Balance, transferred to Profit and Loss
$3311,571 98
Note.-As in former years. the Company's proportion
of Interest Accrued
on Northern Pacific-Great Northern Joint C. B. &
Q. Collateral Bonds and
of the Dividends Received on the C. B.& Q.
Stock deposited to secure said
Bonds, nave neon omitted in the aboN e Income
Account to make it more
clear, those items counterbalancing.
1060
[VOL. xc
THE CHRONICLE
ON SYSTEM FOR THE YEAR ENDED JUNE 30 1914, COMPARED WITH
STATISTICS OF FREIGHT AND PASSENGER TRAFFICPREVIOUS
YEAR.
Decrease.
1913.
1914.
DESCRIPTION.
Per Cent.
Amount.
FREIGHT TRAFFICFreight Train Miles
Mixed Train Miles
Total
9,680,564
778,238
11.236,762
792,604
1,556,198
14,366
13.8492
1.8125
10.458,802
12,029,366
1.570,564
13.0561
479,866
4.5882
470,472
3.9110
/nee ease
9,394
1.9967
.6772
308,809,320
131,955,575
9,978,795
331.633,393
140,326,000
11.549,059
Decr ease
22,824,073
6.8823
8,370,425
5.9650
1,570,264
13.5965
450.743,690
483,508,452
32,764,762
30,857,598
33.626,638
Company
5,011,498
4,897,676
8.2347
2,769,040
Incr ease
2.3240
113,822
Total
35.869,096
38,524,314
Decr ease
6.8923
2,655,218
6,930,295,709
8,027,132,250
$55,025,015 71
7,634,056,449
8,732,030,813
$58,426,235 69
43.10
662.628
22.442
890,615
224.59
40.19
634.618
23.020
993,226
227.02
Mileage of Locomotives employed in "helping" Freight and Mixed Trains
Percentage of "helping" to Revenue Train Miles
Loaded Freight Car Miles
Empty Freight Car Miles
Caboose Car Miles
Total
Tons of Freight CarriedRevenue
Tons of Revenue Freight Carried One Mile
Total Tons Carried One Mile (Revenue and Company Freight)
Freight Revenue
AveragesAll Freight Cars per Train Mile
Tons Revenue Freight per Train Mile
Tons Revenue Freight per Loaded Car Mile
Tons Revenue Freight Carried One Mile per Mile of Road
Distance Haul of One Ton-Miles
Freight Revenue per Train Mile
Freight Revenue per Mile of Road
Revenue per Tan Mile-Cents
PASSENGER TRAFFICPassenger Train Miles
Mixed Train Miles
Total
Mileage of Locomotives employed in "helping- Passenger Trains
Percentage of "helping" to Revenue Train Miles
Passengers Carried
Passengers Carried One Mile
Passenger Revenue
Passenger Service Train Revenue
AveragesPassengers Carried One Mile per Mile of Road
Distance Carried-Miles
Revenue per Passenger per Mile-Cents
Passenger Service Train Revenue per Mile of Road
Passenger Service Train Revenue per Train Mile
TOTAL TRAFFICRevenue Train MilesFreight
Passenger
Mixed
Special Service
Total
Revenue from Transportation
Dperating Expenses
get Revenue from Transportation
Revenue Other than Transportation
get Operating Revenue
AveragesRevenue from Transportation per Train Mile
Dperating Expenses per Train Mile
$5.26
84.86
$7,601 53
.7940
.7653
12,475.305
12.079,049
778,238
792,604
3.2805
396,256
Deer ease
1.8125
14,366
13,253,543
12.871,653
Incr ease
2.9689
381,890
249,323
1.8812
9,199,259
651.649,633
$15.224,462 52
19,388.213 18
169.356
1.4021
8,595,073
605,639,343
815,158.588 44
19,259,725 77
83.744
70.837
78.796
70.464
2.336
$2.491 59
81.463
2.503
$2,505 78
$1.496
9,680,564
11,236,762
12,475,305
12,079,049
778,238
17.079
792,604
23,895
22,951,186
24,132,310
$75,090,899 98
878,334,721 47
46,547,956 35
28,542.943 63
382,969 11
28,925,912 74
83.272
2.028
1.244
Revenue Other than Transportation per Train Mile
Cet Operating Revenue ncr Trftfr. 'Milo
1.260
9.2187
703,760,740
8.0726
704,898,563
5.8214
$3,401,219 98
Ina ease
7.2406
2.91
4.4137
28.010
2.5109
.578
10.3311
102,611
1.0704
2.43
/nes ease
8.2305
Si .40
ease
6.9754
8530 2D4ecr
Incr ease
3.7502
.0287
$7,071 29
get Revenue from Transportation per Train Mile
CONSOLIDATED GENERAL BALANCE SHEET JUNE 30 1914.
ASSETS.
Cost of Property.
Property owned by Great Northern Railway Co.:
Cost of Road
$302.1104,169 44
Cost of Equipment
72,201.291 07
Cost of Elevators
2,229,444 13
Total
$377.334,904 64
Property a the Minneapolis western'By.
Co., the entire Capital Stock of which is
owned by the Great Northern By. Co.:
Cost of Road
8739.850 10
Cost of Equipment
12.417 38
Total
752,267 48
Investments in Other Railways whose lines
form a part of the Great Northern System, represented by their Capital Stock
and amounts advanced for Construction
titiTuothes+erminal By. Co
$406.078 80
Midland By. Co. of Manitoba
2,272,570 13
Manitoba Great Northern Ry. Co
2,066,000 00
Brandon Saskatchewan & Hudson's Bay
Ry. Co
2,150,000 00
Crow's Nest Southern By, Co
4,210,19742
Bedlington & Nelson Ry. Co
190.000 00
Nelson & Fort Sheppard By. Co
2.119,019 51
Red Mountain Ry. Co
310,619 07
Vancouver Victoria & Eastern By. &
Navigation Co
20,930,000 00
278,232 81
New Westminster Southern By.
850,000 00
Great Falls & Teton County By. Co..
Total
35,782.717 74
Investments in Union Depot and Terminal
Companies, represented by Cost of their
Stocks, Bonds and Advances for Construction purposes:
8103,600 00
St. Paul Union Depot Co
199.176 51
Minnesota Transfer By. Co
Lake Superior Terminal & Transfer By.
165,394 99
Co
468,171 50
Total------------------------------------------8414.338,061 36
Total Railway Property
6.7765
.016
79.967
.4791
604.186
46,010.290
$65,874 08
128,487 41
47.2183
7.0294
7.5970
.4346
.6671
6.2795
4.948
.5293
. 373
Deer ease
6.6720
.167
.5663
$14 19
2.2059
$.033
13.8492
1.556,198
Incr ease
3.2805
396,256
Deer ease
1.8125
14,366
28.5248
6.816
1,181,124
4.8944
4.1410
$3,243,821 49
Incr ease
1.5018
688.701 83
45,859.254 52
Decr ease
12.1092
3,932,523 32
32.475,466 95
Increa se
6.9609
24,923 36
358,045 75
Deer ease
11.9013
3,907,599 96
32,833,512 70
Ina' ease
.8010
$.026
83.246
6.7368
.128
1.900 •
Deer ease
7,5780
.102
1.346
Incr ease
6.6667
.001
.015
Derr ease
7.4210
.101
1.361
Securities Owned.
Bonds the payment of which is assumed by Great Northern $14,106,000 00
By. Co. held by Mortgage Trustees: see contra
Cost of Securities'n hands of Trustee of N.P.-G. N., C. B.
& Q. Collateral Joint Bonds (1,076,135 Shares of C. 13.
& Q. RR. Capital Stock-Great Northern By. Co. one- 109,114,809 76
half owner)
Other Securities Owned:
Stocks, not including Stocks of the Railway and Union Depot Companies
$35,551,812 50
above listed
Bonds, not including Bonds of the Railway and Union Depot Companies
above I isted:
Issued or Assumed by the Great North35,540,000 00
ern Ry. Co
28,535,857 50
Issued by Other Companies
99,627,670 00
Total
Other Investments.
Miscellaneous Investments and Advances to Other than 10,200,469 09
Railway and Union Depot Companies above named-$647,387,010 21
Total
Current Assets.
85,514.654 19
Cash
Central Trust Company of New York. Special Deposit to pay matured but unpresented St. P. M. & M. By. Co. Dakota
2,000 00
Extension Mortgage Bonds
8,511,809 53
Bills Receivable
2,946,389 97
Due from Agents
192.239 33
Due from U. S. Post Office Department..12,838 03
Due from U. S. Transportation
5,623 68
Due from Canadian Post Office Departm't
48
56,417
Advanced Charges
3,887,209 63
Other Accounts Receivable
21,129,181 84
Total
o,558.797,!
Value of Material and Fuel on hand
RE
,
Pi
over
Items
Debit
Deferred
and
Assets
Working
Excess of
1,742,457
Items
Credit
Working Liabilities and Deferred
44 Z1
$6
Total
OCT. 10 1914.1
THE CHRONICLE
LIABILITIES.
Capital Stock.
Authorized Capital Stock of Great Northern Ry. Co.i ssuable June 30 1914
$230,999,450 00
Less—Heldt n Treasury unissued as explained on a previous page
1,750 00
Issued and Outstanding
$230,997,700 00
Payments received on Subscriptions for shares of New
Stock Authorized
7,822.792 80
Funded Debt.
Bonds Issued or Assumed by Great Northern Ry. Co.:
Outstanding in hands of the Publlc as
$143,478.909 09
per statement below
Held in Treasury of the Great Northern
Ry. Co., as explained on a previous
35,540,000 00
page and shown contra
Herd by Mortgage Trustees, shown
14,106,000 00
contra
193,124.909 09
Total Outstanding
Collateral 4%
N. P.-G. N., C.
$215.227,000 00
Joint Bonds
Less—Northern Pacific By. Co.'s pro107.613,500 00
portion, one-half
107,613,500 00
$539,558.901 89
Total Capitalization
Current Liabilities.
52,889,256 11
Bills and Accounts Payable
2,160,802 03
Audited Vouchers Unpaid
Unpaid Pay-Rolls
2.762,246 87
Unpaid Coupons, including those due
Tuly 1 1914
2,768,936 71
Matured Bonds and Debentures Unpaid
3,224 00
Other Accounts Payable
717.129 45
Total
Accrued Liabilities Not Yet Due.
Accrued Taxes not due
51.980,454 46
Bond Interest Accrued not due
146.004 16
Interest on Stock Subscriptions Accrued
not due
51.300 32
Interest on Bills Payable Accrued not due
29,812 50
Total
Deferred Liabilities.
Balances due Affiliated Companies
Unexpended Balances in Sundry Funds.
Fund for Permanent Improvements and
Betterments
$5,557,358 24
Amounts set aside to cover Depreciation
of Equipment now in service
25,810,904 66
Fund for Depreciation of Allouez Bay Ore
Docks
384,497 46
Funds for Minnesota Rate Case Refunds
280,531 55
Insurance Funds
1.228.240 79
11,301.595 17
2,207.571 44
6,804.877 03
1061
Brought forward
514.162,290 89
Investment in Union Depot and Terminal
Companies, Increased—
Advances, Minnesota Transfer By. Co_ _ _ _
$4,773 40
Advances, Lake Superior Terminal &
Transfer By. Co
7.635 02
12,408 42
Stocks Owned Increased—
Great Northern Office Building Co
$1.750.000
00
Great Northern Equipment Co
St. Paul Minneapolis & Manitoba By. Co_ 1,750,000 00
1,75000
Great Northern By. Co. Stock
59.55800
Subscription on New Capital Stock of
Company
4,753 60
Other Stocks Acquired
5300.000 00
Len, Reductions in
Values Charged to
Profit and Loss__
$3 00
Subscriptions to Great
Falls & Teton Co'ty
By.Co. Stock,transtarred to "Investment in Controlled
Companies"
2,470 00
2.473 00
297.527 00 3.863.586 60
Bonds of Other Companies, Increased—
Transferred from "Current Assets," below__
$1.213.757
50
Bonds Acquired
_____
Less, Bonds Retired $17.000 00$100,000 00
Reduction in value
charged to Profit
and Loss
1 00 17.001 00
82.999 00 1,296.756 50
Amount of Miscellaneous Investments and
Advances.
Increased
3,858.646 70
Current Assets Increased—
Bills Receivable
Due from U. S. Post Office Department_ _ $3,225.137 78
6.228 13
Due from U. S. Transportation
9421
Due from Canadian I'ost Office Departm t
1,17595
Other Accounts Receivable
179,61897.
53,412.255 04
Less, Decrease in amounts:
Due from Agents
$1.226,810 43
Advanced Charges
36,263 82
Transferred to "Bonds of
Other Companies,"above 1,213.757 50 2,476,831
75
935.423 29
Bonds Redeemed—
St. P. M. & M. By. Consolidated Mortme Bonds
Less, Redeemed through operation of the $177.000 00
Sinking Fund
89,000 00
88,000 00
Current Liabilities Decreased—
Unpaid Vouchers
$1,874,399 74
Unpaid Pay-Rolls
435.661 86
Other Accounts Payable
5,546 63
$2,315,608 23
Less, Increase in amounts:
Bills Payable
$1,400,000 00
Unpaid Coupons
3,181 58 1.403,181 58
912.426 65
Total
33,261,532 70 Accrued Liabilities Not Due,
Decreased—
Balance.
Interest accrued on Stock
Cost of Additions and Improvements made
Subscriptions
5572,599 76
to the property of the Great Northern By.
Add, Accrued not due.
Co. and paid for from "Fund for Permadecreased
158,699 68 $731,299 44
nent Improvements and Betterments"__ $34,279,749 38
Less, Increase in amounts:
Bt. P. M.& M.By. Consolidated Mortgage
Accrued
Taxes
not
due_
__
_
$49,290 75
Bonds retired since November 1 1907.
Interest on Bills Payable
through operation of the Sinking Fund__
724,000 00
not due
29,812 50
Profit and Loss
48,679.219 16
79.103 25
652.196 19
Refunds of Revenue under Decision in "Minnesota Rate
Total
Cases"
83,682,968 54
719.468
45
Dividends paid
15,063,048 00
Total
$676.817,446 77 Cash on hand and in banks June 30 1914
5.514,654 19
Total
147.078.905 88
RESOURCES AND DISBURSEMENTS YEAR ENDED JUNE 30 1914.
STATEMENT OF BONDS AND STOCK OUTSTANDING IN
RESOURCES.
HANDS OF THE PUBLIC FOR WHICH THE GREATTHE
Cash on hand and in banks June 30 1913
55.117,632 97
NORTIIERN RAILWAY COMPANY IS RESPONSIReceipts—
BLE, D1RECILY OR UNDER GUARANTY.
Net Corporate Income
20,453.551 38
Securities Issued—
/n Hands of
BONDS.
In Hands of Annual Charges
Capital Stock (completing previous transactions)
Assumed by Great NotPublic
7.500 00
Public
Paid
July 1 1913.
than Rfl. Co.
Of 521.000.000 issue
520.999,45000
Due. July 1 1914.
1913-1914.
St.P. M.& M.Ry.Co.
Less, Subscriptions received to June 30
Consolidated Mortgage:
1913, as per last year's report
12.958,546 00
513,344,000 00 6%
8,040,904 00
1933 313,344,000 00
5800.640 00
Payments Received on Stock Subscriptions—
21,220,000 00 4 Yi%
_1933 21,166,000 (10
952.720 00
Account $21,000,000 issue, 5;i shares
8.467,060 00 4%
1933
8,344,000 00
335,335 24
part paid
10.185,000 GO Montana Ext.. 4%..1937 10,185,000 00
$290 00
467,400 00
Account S19.000,000 issue
29,090,969 09 Pacific Ext., 4%....1940 29.090.909 09
7.822,502 80-7.822.792 80
1.163,63636
Value of Material, Fuel, etc., on Hand. Decreased
Eastern Ry.Co. of Mina.:
134,079 84
Deferred Liabilities Increased—
9,695,000 00 Northern Division
Balances due Affiliated Companies
First Mtge.. 4%..194S
53.942,856
91
9.695,000 00
387,800 00
Less, Excess of Other Working Assets and
Montana Central By.('o.
Deferred Debit Items over Other Work6.000,00000 First Mtge., 6%..1937
6,000.000 00
360,000 00
ing Liabilities and Deferred
Credit
4,000,000
00
First
Items,
Mtge..
_
_
_1937
4,000,000 00
200,000 00
Increased
Willmar A:Sioux Falls By.
1,096,541 24-2,846,315 67
Sundry Reserve Funds Increased—
3.625,00000 First Mtge.. 5% __ _1938
3,625,000 00
181.250 00
Fund for l'ermanent Improvements and
Minneapolis
Union
Ry.Co.
Betterments (not including amount
2.150,00000 First Mtge.,6% _ _ _1922
2,150,000 00
129,00000
transferred to Fund from Income
or
650,000 00 First Mtge., 5% _ _ _1922
650,00006
32.500 00
Expenditures charged against the Fund
Spokane Falls & Northern
during year)
517,344 26
Ry. Co.
Equipment Depreciation Funds
2,210,378
First
00
229.000
35
Mtge.,
_ _ _1939
229.000 00
13.740 00
Insurance Funds
203,865 85-2.431,588 46
Profit and Loss—
$108,655.909 09 Total Amount of Bonds
Net credit from sundry adjustments during year
Assumed by Great Nor224,540 76
thern n Ry. Cc,
$108,478,909 09 $4,961,021 60
Issued by Great Northern
$47,078,905 88
Ry. Co.:
DISBURSEMENTS.
35,000,000 00 First and Refunding
Expended for Railway Property—
Gold Bonds, Series
By the Great Northern Railway Co.
"A." 411%
1961 35,000.000 00
1,487.500 00
Cost of Construction
52.618,079
94
Cost of Additions and Betterments
5,659,339 02
$143,655,90909 Total Bonds on Railof
Kootenai
Road
of
Valley
Cost
By.Co_
666.710 54
uay Property outstanding In Hands of
Increase in Cost of Road
Public
5143.478.909 09 $6,451,521 60
$8.945.029
50
Equipment
Cost of
54.044.223 85
STOCK.
Less, Cost of Equipment
209.990,750 00 Issued by Great Nor5595.711 76
Out of Service
thern By. Co
230.997.700 00 15,063.048 00
And adjustments in acco'ts
caused by transfers be5353.646.659 09 Total Bonds es Stock_ ---$374.476,609 09 521.514,569 60
tween
7,305 22
603,016 98
In addition to the bonds listed above, the Great Northern and
Increase in Cost of Equipment
3,441.206 87 Northern Pacific Railway Companies have issued their joint
B.& Q.t
Cost of Elevators
9.427 24 Collateral 4% bonds to the amount of $215,227,000 00, securedC.
by deposi,
with the Standard Trust Co.of New York.as Trustee, of 1.076,135
shares
o.
Total Expenditures for Railway Property Owned
the Capital Stock of the Chicago Burlington & Quincy Railroad Company.
by Great Northern Ry. Co
$12,395,663 61 Total Bonds and Stock, as shown above
Investment in Controlled Companies Whose
Miles of Road owned by the Great Northern Ry. Co. and 8374.476,609 09
Lines Form a Part of the Railway System.
Controlled Companies
7.528 16
Increased—
Mileage of Main Tracks in System, including second, third,
$1,583,934 35
In Canada
fourth, fifth and sixth main tracks, covered by the above
Stock of Great Falls & Teton County
capitalization
850.000 00
By. Co
Mile of
Torl
Bonds and Stock per—
Road.
Main maks.
$2,433.994 35
Bonds
$19,058
96
$18,473 84
Less, Kootenai Valley R.Co--5666.710 54
Stock
30.684
48
29,742 45
Duluth Terminal By. Co. advances returned
656 53
667.367 07 1.766.627 28
Totals
149.743 44
$48,216 29
THE CHRONICLE
1062
(VOL. xcix.
MAIN TRACK LAID WITH EACH WEIGHT OF STEEL RAILS ON JUNE 30TH OF EACH YEAR SHOWN
NUMBER OF MILES OF FIRST
(Does not include rails laid in Second, Third. Fourth, Fifth and Sixth Main Tracks.)
Weight per Yard in Pounds.
Year.
68
72
70
75
77X
Miles.
Miles.
mum
Miles.
Miles.
Miles.
Miles.
Miles.
979.11
269.21 1.154.75
122.28
1900
987.46
274.61 1,160.97
245.63
972.32
1901
755.19 1,155.26
259.35
1902
961.45
927.72 1,152.62
257.53
958.83
1903
254.53 1,085.00 1,030.62
1904
940.03
25.29
986.01
469.72 1.168.73
,.
1905
909.91
26.35
950.54
646.69 1,145.05
38.98
1906
813.50
45.61
24.75
836.53
1,089.73
622.52
410.25
1907
712.62
24.75
100.04
727.51
602.60 1,062.75
748.33
122.67
1908
709.79
150.38
24.75
691.50
584.52 1,049.90
838.81
405.64
1909
191.17
721.28
25.29
739.74
901.91
562.48
831.58
697.57
1910
709.78
191.17
25.29
720.14
933.82
642.08
797.74
850.17
1911
209.38
703.18
25.29
680.61
516.02
855.64
763.84
1,052.14
1912
551.58
212.32
24.82
664.14
765.91
506.46
738.34
1,715.73
1913
212.32
539.31
612.52_577.14 --- 24.82
468.50
678.50
2.156,61
1914
re-roiled from used 75-lb. Rails.
are
Rails
6634-1b.
Rails.
80-1b.
used
from
72-1b. Rails are re-rolled
90
85
80
Total.
66.35
60
56
Miles.
Miles.
1,153.65
1,070.51
944.76
929.35
923.81
897.08
946.02
1.113.38
1,120.96
1.080.46
965.69
968.99
1,057.94
1,002.88
1,000.98
Miles.
1,725.20
1.708.78
1,768.90
1,650.53
1.594.85
1,512.96
1,474.05
1.390.25
1.364.63
1,229.65
1.193.38
1.202.60
1,203.48
1,173.44
1,155.04
94.96
102.00
111.12
111.12
111.12
110.94
109.85
109.85
109.85
108.83
102.42
Miles.
5,404.20
5.447.96
5,845.78
5,879.20
5,942.60
6,101.82
6.248.69
6.457.64
6.687.98
6.876.34
6,999.94
7,051.63
7.177.57
7,464.45
7,528.16
RAILWAY COMPANY EQUIPMENT OF THE GREAT NORTHERN RAILWAY COMPANY
EQUIPMENT OF THE GREAT NORTHERN SERVICE
AND OPERATED LINES ACTUALLY IN SERVICE ON JUNE 30
FOR THE
IN
AND OPERATED LINES ACTUALLY
OF EACH OF THE YEARS BELOW NAMED AND ALSO SHOWWITH YEAR
YEAR ENDED JUNE 30 1914. AS COMPARED
ING THE TRACTIVE POWER AND WEIGHT OF STEAM LOCOENDED JUNE 30 1913.
MOTIVES AND CAPACITY OF FREIGHT CARS.
1913.
1914.
ClassLocomotives:
Stearn Locomotives.
1,280
1,320
Steam Locomotives
4
4
Electric Locomotives
1,284
Tractive
Power
Weight in Tons Ex- Average
1324
Total Locomotives
in Pounds.
elusive of Tender.
Wt. per
30.
June
Number
Engine on
Equipment:
Passenger
96
96
Average
Average
Drivers
Sleeping Cars
29
28
Total.
perEnone Total. perEngine in Tons.
Parlor Cars
35
35
Observation Compartment Cars
45 1900
45
550 12,147.810
22.087
31.536
57.34
46.25
Dining Cars
365 1901
386
563 12,847,630
22,820
33,236
59.03
47.56
Coaches
60 1902
58
608 15,050.560
24,754
38,805
63.82
50.90
Tourist Cars
44
43
637 16,278.760
25,556
1903
41.792
65.61
64.42
Passenger and Baggage Cars
337 1904
470
708 19.058,360
26,918
48.431
68.41
57.59
Bagg_age, Mail and Express Cars
2 1905
2
707 19,060,270
26.959
48,416
68.48
57.68
Gas-Electric Motor Cars
1
1
786 21.959.730
27,938
56,579
1906
71.98
59.41
Open Observation Cars
30 1907
29
30,048
943 28.335,770
73,817
78.28
63.53
Business Cars
31,821
1,081 34,398,875
89.190
82.51
66.87
1,044 1908
1.193
Total Passenger Equipment
31.733
1,073 34.049.845
88.696
82.66
1909
66.72
32,628
1.123 36,641,215
95.885
1910
85.38
68.55
Freight Equipment:
33,249
100.907
1.169 38.868,760
32,727
813.32
1911
33,540
71.05
Box Cars
33,744 103.620
40.054.060
1.187
87.30
50
71.78
1912
50
Cars
Freight
Transfer
36.492 117,529
1,280 46.709.400
2,496
91.82
75.98
1913
2,833
Refrigerator Cars
77 07
97
OR
123.114
36.900
1.320 48.708.578
1014
1.879
1.842
Stock Cars
37.152
38.265
Total Box. Refrigerator and Stock Cars__ __
Freight Cars.
6,298
6,757
Flat and Coal Cars
670
Sand Cars
(Includes Box,Transfer, Freight, Refrigerator, Stock, Flat, Coal, Gondola.
2.4.90
2.622
Sand and Ore Cars-both Wood and Steel.)
Ore Cats(Wood)
6.975
6,965
Ore Cars (Steel)
16,443
17,014
Total Flat. Gondola and Ore Cars
Capacity (in Tons).
115
115
011 Tank Cars (Steel)
Number.
June 30.
502
489
Ballast Cats
Average per Car.
Total.
606
628
Caboose('are
149
100
Cinder Cars
548,185
25.52
21.484
132
136 1900
Boarding Cars
606,701
26.39
22,989
107
97 1901
Derrick and Tocl Cars
688.594
27.60
24,944
19
19 1902
Steam Shovels
839,606
29.54
28,426
1903
21
21
1,,nloaders
Lidg,erwood
932,332
30.28
30.791
1904
15
12
Phe Drhers
951,812
30.43
31.277
10
10 1905
Rotary Snow Plows
1.041.707
31.29
33,296
55
55 1906
Snow Dozers
1,282,683
33.42
38,385
147
143 1907
Other Work Equipment
34.59
1.457.236
42.131
1908
57,144
34.87
1.474,387
55,433 1909
42,280
Total Freight and Work Equipment
1.569.226
35.44
and
Locomotives
44.283
1
Steam
Wrecking 1910
Note.-The above list includes 3
36.03
1.660.854
46.101
Equipment Company but does .101 1911
Crane owned oy the Great NorthernCaboose
38.35
1,731.603
by
owned
the
Cars
47,641
2
and
Locomotives
Midland
1912
inctude 2 Steam
1.985.768
37.05
53.595
Ry. Co. of Manitoba, and which company is owned by the Great Northern 1913
37.32
0.262.645
55,279
1914
and Northern Pacific Companies jointly.
THE ATCHISON TOPEKA & SANTA FE RAILWAY COMPANY
NINETEENTH ANNUAL REPORT-FOR THE FISCAL YEAR ENDING JUNE 30 1914.
INCOME STATEMENT.
Office of The Atchison Topeka & Santa Fe Railway System,
No. 5 Nassau Street, New York City.
The following is a summary of the transactions of the
September 15 1914.
System for the years ending June 30 1913 and 1914:
1913.
1914.
To the Stockholders:
$116,896,251 98 $111,109,769 86
Operating Revenues
77,642,534 73
73,469,333 68
Your Directors submit the following report for the fiscal Operating Expenses
339,253,717-25 i37640.436-18
Net Operating Revenue
year July 1 1913 to June 30 1914, inclusive.
5,525,585 30
4,662.152 38
The Lines comprising the Atchison System, the operations Taxes
$32,114,850 88
534.591,5687
Operating Income
the
in
following
embraced
statements,
are Other Income
of which are
2.174,353 12
2.515.62396
as follows:
$37,107.188 83 534,289,204 00
Gross Corporate Income
1914. June
June 30
30 1913.
av
8,339.72 miles 8,237.55 miles
Atchison Topeka & Santa Fe Railway
20.22 "
20.21 "
Rio Grande El Paso & Santa Fe Railroad_
1.595.77 ‘:
1,595.89
Gulf Colorado & Santa Fe Railway
481.79
569.79 "
Pecos & Northern Texas Railway
54.24 ..
Pecos River Railroad*
124.92 ..
179.16 "
Panhandle & Santa Fe Railway x
125.49 "
125.49 "
Texas & Gulf Railway
71.33 "
71.33 "
Gulf & Interstate Railway of Texas
59.63 "
60.15 "
Concho San Saba & Llano Valley Railroad_ 10.961.23
10,771.45
* Operated by Panhandle & Santa Fe Railway under lease effective
July 1 1913.
x Formerly known as Southern Kansas Railway of Texas.
Increase during the year 189.78 miles.
The average mileage operated during the fiscal year ending
June 30 1914 was 10,908.52 miles, being an increase of 158.21
miles as compared with the average mileage operated during
the preceding fiscal year.
In addition to lines covered by this report there were
completed on June 30 1914 39.26 miles of additional line,
all of which will be ready for operation on October 1 1914.
The Company also controls, through ownership of stocks
and bonds or purchase contract, other lines aggregating
228.92 miles, and is interested jointly with other companies
in 593.85 miles.
For detailed statement of present mileage and of changes
in mileage since last Annual Report, see pages 42 to 46
[pamphlet report].
1,218,827 08
1.128,129 10
$35,979,059 73 $33,070,376 92
inInterest on Bonds, Including accrued
12,886.412 23
13,825,325 40
terest on Adjustment Bonds
Net Corporate Income (representing
amount available for dividends and
surplus and for necessary but unproductive or only partially productive
$22,153,734 33 $20,183,964 69
expenditures)
Rentals and Other Charges
From the net corporate income for the year
the following sums have been deducted:
Dividends on Preferred Stock,i%) paid Fob. 2
No. 31 (2)
S2,854.345 00
1914
No. 32 (2S4) paid Aug. 1
2,854.345 00
1914
$5,708,690 00
Dividends on Common StockNo. 33 (134%) paid Sept. 2
50
732S.914,
19
No. 34 (134%) paid Dec. 1 2.916.637 50
1913
No. 35 (134%) paid Mar. 2 2.925.87750
1914
No. 38 (134%) paid June 1 2.934,502 50
1914
11.691.75000
51,485 83
Appropriation for Fuel Reserve Fund..
California-Arizona Lines Bonds Sinking
Fund12.72110
Appropriated for Additions and Betterm'ts 2,719.317 76-520.183.964 69
$20,569,800 81
Surplus to credit of Profit and Loss June 30 1913
Front and Loss Adjustments
620,669,800 81
Surplus to credit of Profit and Loss June 30 1914
THE CHRONICLE
OCT. 10 1914.1
Income from sources other than earnings from operation
consisted of interest on cash in banks and sums collected as
interest and dividends upon bonds and stocks of companies
the operations of which are not included in the System
accounts.
During the fiscal year the sum of $120,000 in cash was
received as the net proceeds of sales of land embraced in
the Santa Fe Pacific Land Grant, but this was directly
written off the book value of Railroads, Franchises and
Other Property, and the transaction does not appear in the
Income Account.
CAPITAL EXPENDITURES AND REDUCTION OF
BOOK VALUES.
The total charges to Capital Account, as shown by the
General Balance Sheet, page 26[pamphlet report], at June 30
1914 aggregated $651,428,708 11, as compared with $640,263,756 10 at June 30 1913, an increase during the year of
$11,164,952 01, which analyzes as follows:
Construction and acquisition of new mileage, including the
acquisition of bonds and stocks of other railway and
terminal companies:
$7,462 57
California Arizona Sr Santa Fe By
17,952 50
Concho San Saba Sr Llano Valley RR
114.984 07
Dodge City & Cimarron Valley By
515.696 54
Eastern By. of New Mexico
533 02
Ft. Worth Union Passenger Station Co
14.633 62
Grand Canyon By
702,500 00
Gulf Beaumont & Kansas City Ry
Joliet Union Depot Co
10.000 00
Minkler Southern By
845,606 30
Union Passenger Depot Co. of Galveston_ _ _
360.000 00
Union Terminal Co. of Dallas
3.000 00
Verde Valley Ry
80.483 24
Western Arizona Ry
170 13
Additions and Betterments-System Lines:
Right of Way, Station Grounds and Real
Estate
8290,158 15
Widening Cuts and Fills, including Protection of Banks
315.666 39
Grade Reductions and Changes of Line
117.651 55
Bridges. Trestles and Culverts
461.976 65
Ballast, including cost of spreading and putting under track
356.140 15
Increased Weight of Rail
210,584 33
Frogs, Switches, Track Fastenings and
Appurtenances
436.338 48
Additional Main Tracks
951.524 83
718.279 10
Sidings and Spur Tracks
418,982 97
Terminal Yards
Track Elevation. Elimination of Grade
Crossings and Improvements of Over and
Credit 4,921 09
Under Grade Crossings •
Interlocking. Block and Other Signal Ap470,291 61
paratus
79,627 99
Telwraph and Telephone Lines
Buildings. Shops, Dock and Wharf Property 1,594440 34
220,932 81
Shop Machinery and Tools
Additional Equipment
6,437.635 13
Betterments to Equipment
49,913 75
Other Additions and Betterments
159,530 24
Fuel Lands and Other Properties:
Real Estate held for future use
Tie and Timber Lands
Miscellaneous Items
$139,060 41
19,706 49
59.811 11
$218,578 01
684.317 52
Total Charges
Reduction of Book Values:
Gulf Beaumont & Kansas City By
Santa Fe Pacific RR.-Land Sales
Texas & Gulf Ry
Ice Plant, Belen
Ice Plant, San Bernardino
Santa Barbara Tie & Pole Co
Fuel Lands
Reserve for Accrued Depreciation
$16.859,670 90
$702,500 00
120,000 00
2.250 00
9,95000
75.798 28
21,455 98
1,050.000 00
3,712.764 63
$999,603 63
1,626.492 68
4,434.301 55
174,041 64
follows:$7,234,439 50
Less-Value of equipment retired during
the year as
43 Locomotives
$171,336 85
21 Passenger-Tr
1,310Cars
84.528 23
1,310 Freight-Train Cars
531.118 26
31 Miscellaneous Cars
9.821 03
796.804 37
86.437,635 13
MAINTENANCE OF EQUIPMENT.
The following statement. shows the sums charged
to
Operating Expenses for Maintenance of Equipment during
each year since July 1 1896:
Year ending June 301897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
191 1
1912
1913
1914
Average
Operated
Mileage.
Total
Expenditure.
Expenditure
Pei Mile.
6,443.81
6,936.02
7,032.62
7,341.34
7,807.31
7.855.38
7,965.13
8,179.59
8,305.40
8,433.99
9,273.15
9,415 01
9,794.86
9.916.33
10,350.13
10.627.92
10,750.31
10,908.52
$3,443,884 82
4,659,277 99
4.810.795 64
5.267,832 40
6,257,456 57
7.864,951 25
8,510,543 09
10,006,135 41
10,914,864 47
10,720,040 43
11.779,846 64
14,246,621 44
13,903,897 37
15,560,047 44
113.686,145 45
16.521.231 41
19.415,22463
19,100,724 51
$534 45
671 75
684 07
717 56
801 49
1,001 22
1,068 48
1,22331
1,314 19
1.27105
1.27032
1.513 18
1,41951
1,569 13
1,612 17
1.55451
1.80602
1,75099
For the year ending June 30 1914 maintenance charges,
including renewals and depreciation, averaged as follows:
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
Average Operated Mileage.
Total
Expenditure.
Expenditure
per Mile.
6,443.81
6,936.02
7,032.62
7,341.34
7,807.31
7,855.38
7,965.13
8,179.59
8,305.40
8,433.99
9,273.15
9,415.01
9,794.86
9,916.33
10,350.13
10,627.92
10,750.31
10,908.52
$6,282,923 15
8,281,397 88
7,672,107 62
6,354,372 10
6,433,840 36
6,141,466 39
9.304,892 04
9.170,234 07
11,385,418 33
12,475,407 97
15,286,062 66
14.120,82502
12.884,406 81
17.807,136 20
16,059,786 90
16,076,833 75
18,054,413 03
15.308,780 25
$975 03
1,19397
1,090 93
865 56
824 08
781 82
1,168 20
1,121 11
1,370 85
1,479 18
1.64842
1,499 82
1.31543
1,795 74
1,551 85
1,512 70
1,679 43
1,403 38
Year ending
June 30 1914.
Operating Revenues$
Freight
73,638,388 01
Passenger
Mail, Express and Miscel- 28,497,232 68
laneous
8,974,149 17
Total Operating Revenues111.109,769 86
Year Ending
June 30 1913.
Inc. (+) or
Dcc.(
)
•
s
78.190,923 18 -4.652,53517
29,425,922 44 -928,689 76
9,279,406 36
-305,257 19
116.896.251 98 -5.786.482 12
Operating ExpensesMaintenance of Way and
Structures
15,308,780 25 18.054,413 03-2,745,632
Maintenance of Equipment_ 19,100.724 51 19.415,224 63 -314.500 78
12
Traffic Expenses
2.521,45294
2.455.784 69
+65,668 25
Transportation Expenses__. 33,818.432 83 35.135,649 15 -1,317,216
32
General Expenses
2.719,943 15
2.581.463 23 +138,47992
Total Operating Expenses 73,469,333 68 77,642.534 73 -4,173,201 05
The following is a consolidated statement of the business
of the System for each fiscal year during the period since
January 11896:
$11.164,952 01
The item of $6,437,635 13 for "Additional Equipment"
analyzes as follows:
35 Locomotives
122 Passenger-Train Cars
3,334 Freight-Train Cars
487 Miscellaneous Cars
The foregoing average maintenance charges include a proportion of unlocated expenditures for Maintenance of Equipment charged to Superintendence, Shop Machinery and
Tools, Injuries to Persons, Stationery and Printing, Other
Expenses, and Maintaining Joint Equipment at Terminals.
Repairs to motor equipment of motor coaches, which are
chargeable to repairs of locomotives, are excluded in determining the locomotive averages. Refrigerator cars are not
taken into consideration in arriving at freight car averages,
such cars being operated by the Santa Fe Refrigerator
Despatch Company, which bears the expense of their maintenance.
A statement of the locomotives in service and of their
tractive power will be found on page 41 of pamphlet.
MAINTENANCE OF WAY AND STRUCTURES.
The following statement shows the sums charged to
Operating Expenses for Maintenance of Way and Structures
during each year since July 1 1896:
Net Operating Revenue_ ___ 37.640,436 18 39,253.717 25 -1.613,281 07
Ratio of Operating Expenses
to Operating Revenues
66.12
66.42
-•30
5,694.718 89
Net Increase in Capital Account during the year
$4.463.93
.1737
1,174.63
.0137
120.32
.0124
COMPARISON OF OPERATING RESULTS.
The following is a statement of revenues and expnses of
the System for the fiscal year ending June 30 1914, in comparison with the previous year:
13,283,753 38
Other Investments
Per locomotive
Per locomotive mile
Per passenger car, including mail and express
Per passenger car mile
Per freight car
Per freight car mile
Year ending June 30-
$2,673,021 99
1063
Fiscal Year
Ending
June 30-
Gross
Revenues,
Average Including
Miles
Income
Operated. from Other
Sources.
Expenses,
Including
Taxes,
Rentals
and Other
Charges.
Interest
on
Bonds.
Net
Corporate
Income.
1897 (18 mos.) 6,443.81 $44,532,628 $36,038,455 $8,440,387
$53,785
1898
6,936.02 39.396,126 30,513,553 7,045.988 1.836,584
1899
7,032.62 40,762,933 29,332,964 7.241,972 4,187,997
1900
7,341.34 46,498,899 29,414,427 7,345,166 9,739,304
1901
7,807.31 54,807,379 34,502,039 7,830,810 12,474,529
1902
7.855.38 60,275,944 36,272,432 8,438,985 15,564.526
1903
7.965.13 63,668,390 40,635.576 9,134,485 13,898,329
1904
8,179.59 69,419,975 44,641,434 9,418,770 15.359,771
1905
8,305.40 69,189.739 47,835,883 9,611,510 11,742,346
8,433.99 79,390,749 51,035.355 10,622,184 17,733.209
1906
1907
9,273.15 94.436,574 61,779.916 11.487.934 21,168,723
1908
9,415.01 91,289,770 65,031,582 12,579,301 13,678,886
1909
9,794.86 95,424,091 61,458,019 13.548,081 20,417,990
1910
9,916.33 107,543,250 75,133,314 11,994,151 20,42.5.784
1911
10,350.13 109,772,481 75,689,094 12,712,319 21,371.067
1912
10,627.92 110.322,328 77,001,227 13,660,859 19,660,241
1913
10.750.31119,411.875 83,432.816 13,825,325 22.153.734
1914
10,908.52 113,284,122 80,213.746 12.886.412 20,183.964
The following statement shows the gross operating revenues of the System (exclusive of income from other sources)
per mile of road operated for each fiscal year since July 1
1896:
Year ending June 301897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
Gross Operating
Revenues.
$30,621,230 10
39.214,099 24
40,513,498 63
46.232,078 23
54,474,822 61
59,13.5,085 53
62,350.397 28
68,171.200 18
68,375,837 25
78,044,347 26
93,683,406 91
90,617,796 38
94,265,716 87
104,993,194 67
107,565.115 62
107,752,359 91
116,896.251 98
111,109.769813
Average Per
Mile of Road.
$4,752 04
5,653 69
5,760 80
6,297 49
6,977 41
7,527 97
7.827 92
8,334 31
8,232 70
9,253 55
10,102 65
9.624 82
9,624 00
10,587 91
10,392 63
10,138 61
10.873 75
10,185 60
1064
THE CHRONICLE
[VOL. xc
The following changes in the Funded Debt
The following statement shows the development of the occurred during the year:
freight and passenger revenues ofLtheZSystem since]July0. Obligations Purchased or Retired:
Serial Debenture 4% Bonds:
1896:
$5,000 00
Series IC
Year ending June 30—
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1914
Freight
Revenue.
$22,067,686 77
28,588,716 76
29,492,586 65
83
33,729,332 43
39,052,557
41,815,607 05
44,622,438 71
47,762,653 23
47,408,982 36
54,598,902 82
65,500,309 42
61,848,638 51
64,212,638 10
71,194,055 59
71,787,200 89
71,529,574 67
78,190,923 18
73,638,388 01
Passenger
Revenue.
31
$5,574,288 59
7,347,361
8,126,141 85
9,334,661 57
25
11,678,017 57
13,439,384
78
13,469,985 63
15,433,773
16,045.380 27
56
18,013,988 08
21,171,629 49
21,643,427
22,734,505 32
25,437,181 98
27,204,867 66
41
27,453.525 44
29,425,922
28.497.232 68
270,000 00
Series L
Bonds Bonds
Convertible 4%Divisional
4,975,000 00
702,500 00
Miscellaneous
5,952,500 00
June
outstanding
30
1914_ $313,193,648 50
Total System Funded Debt
Interest charges for year ending June 30 1915 will be approximately $12,809,000 or an average monthly charge of
about $1,067,417. In making this approximation,exchanges
of Convertible Bonds for Common Stock made since June 30
1914, aggregating $364,000, are considered.
TREASURY.
Neither this Company nor any of its auxiliaries has any
notes or bills outstanding.
The Company held in its treasury on June 30 1914 $20,062,758 99 cash, and had available $3,780,000 General
Mortgage Bonds, including bonds not yet certified by the
Trustee. The Company also has in the treasury unpledged
a large amount of stocks and bonds of other companies, of
which part are carried in the balance sheet as Investments
and part are included under Railroads, Franchises and Other
Property.
FUEL RESERVE FUND.
The fund has been increased during the year by appropriations of income, as follows:
PROPERTY INVESTMENT AND RATE OF RETURN.
The development of the Company's business and of its
efficiency have been due principally to the very large expenditures (over $298,000,000) which have been made in the
extension and improvement of the property since Jan. 1
1896. In order to make such expenditures, your Company
has raised since 1896 over $217,000,000 of "new money" by
the sale of bonds, which are now outstanding or which (in
the case of many of the Convertible Bonds sold) are repre- Amount to credit of Fund June 30 1913
19
$1,726,846 83
51.485
sented by Common Stock now outstanding.
Added during the year
The following statement shows, for each year, the amount
$1,778,332 02
In Fund June 30 1914
of investment, the amount of net income applicable to bond
interest, dividends, improvement of property and strengthening of credit, and the rate of return which such net income KANSAS SOUTHWESTERN RAILWAY COMPANY.
represents on the amount of the investment.
During the .year your Company acquired from the Reof the St: Louis & San Francisco Railroad Company
ceivers
Per
Cent
Income Applicable
in the stock and notes of The Kansas
to Bond Interest, Income that company's interest Company
(the stock of which comDividends,Improve- of
Property
Southwestern Railway
Investment.*
meat of Property Property
Year ending June 30.
been owned jointly by your Company
and Strengthening Invest- pany has heretofore
meat. and the St. Louis & San Francisco Railroad Company).
Of Credit.a
the St. Louis &
77
$372,104,262
06
.65 However, under the terms of the transfer,
$2,432,870
months)
1896 (6
have the
45 1.57 San Francisco Railroad Company and its successors
387,957,477 68
6,070,364
1897
392.169,84202
8,871,947 26 2.26 option of re-acquiring such securities within five years from
1898
30
399,527,444
11,409,315 36 2.86 April 17 1914 upon payment to your Company of one-half
1899
17,064,850 91
4.19
407,187,811 22
1900
21.196.71438 5.05 of the sums expended by it in the maintenance, operation
419,541,440 17
1901
439,911,035 33
14
5.44
23,921,018
1902
454,290,057 89
5.07 and improvement of the property.
1903
23,032,814 51
466,273,139 34
31
5.31
1904
24,778,541
473,020,998 79
1905
21,353,856 15 4.51
ST. LOUIS ROCKY MOUNTAIN & PACIFIC RY.
496,782,342 35
1906
28,355,393 34 5.71
1907
519,004,129 48
-32,724,274 07 6.31
On August 1 1913 your Company took possession of this
541,727.328 96
1908
25,633,510 34 4.73 line under an agreement with the St. Louis Rocky Mountain
548,251,270 97
1909
33,523,437 28 6.11 & Pacific Company (the owner of all of the capital stock
1910
579.793,76823
32,387,712 39 5.58
1911
34,102,511 86 5.59 of the St. Louis Rocky Mountain & Pacific Railway Com609,287,764 18
1912
621,869,989 29
33,321,100 75 5.36
of purchase, provided transfer
1913
640,263,756 10
36,078,744 55 5.63 pany) under a contractliens,
the consideration being $3,1914
651,428.708 11
33,070,376 92 5.08 can be made free of all
bonds of your Company
fifty-year
cent
per
4
of
000,000
4.110
19
824.288.073
Annual Average
8495.810.135 11
secured by a mortgage on the St. Louis Rocky Mountain
* The
above shown as "Property Investment" do not include & Pacific Railway. This line is 106.04 miles in length,
for necessary
anythingamounts
working capital,such as materials and suPPRee and
Moines, New Mexico, to Ute Park,
cash. Ordinarily
such necessary working capital considerably exceeds extendingfrom Destwo
branches, one to Raton and one to
with
$35,000,000.
Mexico,
New
In the years 1901 to 1908 the "Property Investment" was reduced by Koehler, New Mexico. This line serves a coal-mining
"writing off" sums
which sums are excluded
78,
aggregating
$21,066,685
which is used for
from the "Property Investment" as above stated.
territory, a large past of the product of distributed
chiefly
In the years 1910 to 1914,sums ranging from $8,211,433 32 in the former
balance of which is
the
and
fuel
company
of
depreciation
the
in
11
year,
latterrulings representing
year to $19,790,186
of the Inter-State Commerce to points on your Company's lines.
pursuant to the
equipment accrued
Commission, have been deducted from the
shown as "Property
Investment" and are excluded in the aboveamounts
statement.
ADDITIONAL MAIN-TRACK MILEAGE.
a The "Income" shown above is determined
allowing for adjustafter
ments made through profit and loss.
operation on June 30 1914
The mileage of second-track inwith
898.32 at the close of
The foregoing statement emphasizes the striking fact that was 974.65 miles, as compared
the total net income is now barely in excess of five per cent the preceding year, being an increase of 76.33 miles.
per annum upon the investment, and of course not all of
TAXES.
this income.can be distributed in the way of interest and
dividends, since it is desirable to appropriate a substantial
Special attention is called to the menacing increase in
amount of net income each year to Additions and Better- the taxes imposed upon railroad property. Your Company's
ments for the due preservation of the credit of the Company. taxes for the year 1914 were $5,525,585 30. This represents
The ability of your Company, under the conditions reflec- more than 1454% of the total net income which the Comted by this statement, to pay six.per cent on the common pany had available for the payment of taxes, interest,
stock is explained by the fact that it pays an average of very dividends, &c.
little more than four per cent on its bonded debt, much of the
Your Company's taxes have increased 188% in the last
bonded debt having been created when money could be ten years, although the investment in the property has inborrowed at or near four per cent. But for several years it creased in that time less than 40% and although the net
has been impracticable to borrow large amounts of money income available for taxes, interest and dividends has infor railroad purposes at as low a rate or even as low as four creased'in that time less than 45%.
and one-half per cent, and under present conditions it is
In the last five years the Company's taxes have increased
believed the rate of interest which would have to be paid over 83%, although the investment has increased less than
would be substantially greater.
19%,and the net income available for taxes, interest, dividends, &c., has increased less than 5%.
DEBT.
AND
FUNDED
CAPITAL STOCK
While there are various contributing causes to this conThe outstanding Capital Stock (deducting stock in dition (including the expiration of some tax exemptions in
Arizona and New Mexico), the principal cause, which contreasury) on June 30 1913 consisted of:
tinues in apparently increasing force, is the disposition to
8190,836.500 00
Common
114,173.730 00
increase public expenditures shown by practically all govPreferred
8305.010,230 00 ernmental agencies of the States, cities, counties and taxing
the year:
Issued during
to mention the Federal Government, whose tax
Common Stock issued in exchange for Convertible Bonds 4,975.000 00 districts (not
burdens to a large extent fall on the railroads indirectly and
retired
therefore are not fully reflected in the amount of railroad
Capital Stock outstanding June 30 1914: $195,811,500 00
taxes paid). Governmental agencies generally counsel
Common
114.173.730 00
railroads to increase their economies and to improve
Preferred
$309.985.230 00 the
no
their efficiency, and stern necessity, even if there werethis;
has forced the railroad companies to do
motive,
other
(deducting
Debt of the System1913
The outstanding Fundedamounted
to----$319,146,148 50 but there is nothing to indicate that the Governmental
on June 30
bonds in the treasury)
THE CHRONICLE
OCT. 10 1914.1
agencies themselves have practiced what they have preached
in this respect. The evidences of extravagance in all
grades of Governmental activity are very numerous and the
evidences of Governmental economies are exceedingly rare.
The result is proving dangerously burdensome to the railroad properties of the country.
The movement which has for its aim the assessment of
all property at full value has indirectly largely contributed
to the prevailing extravagance. Rarely have tax rates
been reduced in the same measure that assessments have
been increased. Even where State bodies have increased
assessments of all property two and three-fold it has been
exceedingly difficult to bring about any reduction of local
rates. Although still in its infancy the good roads movement has already received large appropriations. Expenditures for this purpose are likely to assume large proportions
in the near future.
GENERAL.
Your Directors feel that heavy repsonsibilities devolve
on them in the present state of Governmental activities
directed at the railroad industries. It has been found
almost impossible to make even an approximate estimate of
the cost of "regulation" which has been imposed on us by
the State and National Governments. Without criticizing
the policy of proper supervision, it is fair to say that many of
the laws are not only expensive but in the opinion of your
officers unnecessary and superfluous. Constant whittling
of rates, plus constant legislation which adds to your expenses without adding to revenue, have had their inevitable
effect. Your own Company has been less crippled by these
conditions than some of those less fortunate, but by reference to property investment table above it will be seen
on how narrow a margin we have been working. There
are some evidences of a disposition on the part of those in
authority to realize that great injustice has been done in the
guise of regulation and that it is time to call a halt, but the
relief which the railroads need cannot come until this disposition shall be transmuted from mere expressions of
friendliness into positive remedial measures. General words
of sympathy will accomplish nothing if Governmental agencies
continue in each specific instance to impose additional burdens or to find excuses for not granting specific relief. Hence
your Directors deem it their duty again to warn stockholders
that their interests are more endangered by the various
Governmental regulations than from any other source.
But in making the foregoing statement,the threatening
attitude of the labor organizations must not be lost sight of
as a vigorous second in the menace of the times. Your
Company has always shown the utmost consideration for its
employees, and as a class they are a credit to themselves
and to the road. Left to themselves there would be little
of which to complain, but the organizations as a body have
been aggressively demanding increased wages for their
members with no regard for the ability of their employers
to pay, and have been steadily demanding, and frequently
with success, many varieties of legislation, such as full-crew
bills, designed to increase operating expenses. Between the
repressive forces of Government and the demands of organized labor,it is evident that the sum remaining as the share
of invested capital is in serious danger.
Under these conditions it is the intention of your Directors
to make no additions or betterments, however desirable,
which cannot be paid for out of current earnings, and to continue the policy of incurring no floating debt.
Your Directors take pleasure in acknowledging the faithful and efficient services of the Company's officers and
employees during the year.
EDWARD P. RIPLEY,
President.
1065
GENERAL BALANCE SHEET—EXHIBIT A—RAILROADS, FRANCHISES AND OTHER PROPERTY.
Amount June 30 1913. as published in Annual Report_ —3610,668,436 80
Expenditures for Additions and Betterments. Construction
and Other Capital Purposes during fiscal year ending
June 30 1913
21.795,237 95
$632.463,67475
Deduct:
Par amount of bonds of controlled lines included in System obligations as of July 1
1906, retired by purchase during the
G. B. & K. C. By. Co. First Mortgageyear:
6%
Bonds
G. B.& K.C. By. Co. Second Mortgage 6%3497,000 00
Bonds
G. B.& K.C. Ry.Co. Second Mortgage 5% 112,500 00
Bonds
93,000 00
702,50000
$631,761,174 75
GENERAL BALANCE SHEET—EXH1BIT
NEW ACQUISITIONS. C—INVESTMENTS—
Expenditures to June 30 1913, as shown in Annual Report_
-$12,098,557 08
Deductions during the Fiscal Year ending June 30
1914:
Chanslor-Canfield Midway Oil Co
81,050.000 00
Ice Plant, Belen
9,950 00
Ice Plant, San Bernardino
75,798 28
Santa Barbara Tie & Pole Co
21.455 98
81.157,20426
x8r
ellgltia_
sy
. RX
H
$14.633 62
Oakland Wi nos.% Property
130,328 14
Rails and Fastenings leased to ara
,
rious parties
65.359 61
Real Estate held for future use
8,732 27
Tie and Timber Lands
19,706 49
238.760 13
8918.444 13
$11.180.112 95
GENERAL BALANCE SHEET—EXHIBIT Lk—CAPITAL STOCK
JUNE 30 1914.
Issued.*
In Treasury. Outstanding.
Common
$195,856,000
$44.500
3195,811,500
Preferred
114.199.530
25,800
114.173,730
$310.055,530
370,300
3309.985.230
* Not including $17,286,470 Preferred Stock placed in special
certain purposes by the Reorganization Committee and not used.trust for
GENERAL BALANCE SHEET—EXHIBIT E—FUNDED DEBT
JUNE 30 1914.
Class of Bond—
Int.
Rate.
Issued.
In
Treasury. Outstanding.
General Mortgage—
Due Oct. 1 1995
4% 3152.562,500 $1,928,000 $150,634,500
Adjustment Mortgage—
Due July 1 1995
4%
51,728,000
382.000 51.346.000
Convertible—
Due June 1 1955
4%
17.401,000
977,000 16.424,000
Convertible—
Due June 1 1960
4%
27,707,000
27.707.000
Convertible—.
Due June 1 1917
5%
8,747,000
8,747,000
Transcontinental Short Line—
Due July 1 1958
4%
17,000.000
17,000,000
Lines—
California-Arizona
Due March 1 1962
43i% 18,299,695
4.866 18,294,828
Serial Debenture—
Due Feb. 1 1914
4%
15.000
15,000
Eastern Oklahoma Division—
Due March 1 1928
4%
9,603.000
9,603.000
San Francisco & San Joaquin
Valley Ry.—
Due Oct. 1 1940
5%
6.000.000
6,000,000
Chicago & St. Louis Ry.—
Due March 1 1915
6%
1.500,000
1.500,000
Santa Fe Prescott & Phoenix
By.—
Due Sept. 1 1942
5%
4,940.000
4,940,000
Chicago Santa Fe & California
Ry.—
Due Jan. 1 1937
5%
560.000
560,000
Hutchinson & Southern Ry.—
Due Jan. 1 1928
5%
192.000
192,000
Prescott & Eastern RR.—
Due April 1 1928
5%
224,000
224.000
Miscellaneous Bonds
7,350
1,030
6.320
$316,486,545 S3,292,8964313
649
I
'
193.
GENERAL BALANCE SHEET—EXHIBIT B—EXPENDITURES FOA ADDITIONS AND BETTERMENTS,CONSTRUCTION AND OTHER
CAPITAL PURPOSES DURING FISCAL YEAR.ENDING JUNE 30 1914.
Additions and
Betterments.
Atchison Topeka & Santa Fe Ry
Atchison Topeka & Santa Fe Ry. (Coast Lines)
California Arizona & Santa Fe By
Cane Belt RR
Conch° San Saba & Llano Valley RR
Dodge City & Cimarron Valley By
Eastern By. of New Mexico System
Fort Worth Union Passenger Station Co
Garden City Gulf & Northern RR
Gulf & Interstate By. of
Texas—Santa Fe Dock & Channel Co
Gulf Beaumont & Great Northern By
Gulf Beaumont & Kansas City Ry
Gulf Colorado & Santa Fe By
Jasper & Eastern By
Jolleb Union Depot Co
Mlnkler Southern By
Panhandle & Santa Fe By
Rio Grande El Paso & Santa Fe RR
Santa Fe Pacific RR
Santa Fe Land Improvement Co
Texas & Gulf By
Union Passenger Depot Co. of Galveston
Union Terminal Co. of Dallas
Verde Valley By
Western Arizona By
81,732,395 16
3.106,105 78
198.369 38
20,453 44
*132 54
364 95
107.128 13
31.00629
3,34462
Other
Expenditures.
*37.048 50
7,462 57
817.952 50
114,984 07
515,696 54
533 02
205 08
6,697 03
5,421 76
17.486 52
5,434 79
1,055,81544
9.369 14
702.500 00
845.606 30
10,000 00
1.500 00
6,958.513 95
25,274 46
170 13
$13.283,753 38
Land Sales during Fiscal Year
Ian
Construction.
81.494.40954
*2,250 00
360,000 00
3,000 00
80.483 24
Total.
$1,725,346 66
3,106,105 78
205,831 95
20,453 44
17,819 96
115,349,02
622.824 67
533 02
205 08
6,697 03
5,421 76
17.486 52
707,934 79
1,055,815 44
9,369 14
10,000 00
845.606 30
31,00629
3,844 62
1,500,00
6.958,513 95
23,024 46
360,000 00
3.000 00
80,483 24
170 13
31.156,18033 815.934,343 25
DEDUCTIONS:
120.000 00
$15.814,343 25
* Credits.
[VOL. xcix.
THE CHRONICLE
1066
THE CHESAPEAKE & OHIO RAILWAY COMPANY
THIRTY-SIXTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDED JUNE 30 1914.
Richmond, Va., September 17 1914.
To the Stockholders:
The Thirty-sixth Annual Report of the Board of Directors
for the fiscal year ended June 30 1914 is herewith submitted:
The average mileage operated during the year by the
Chesapeake & Ohio Lines was 2,345.8 miles,an increase over
the previous year of 26.8 miles. The mileage at the end of
the year was 2,367.4 miles, an increase of 29.7 miles over
mileage on June 30 1913. See schedule on page 12[pamphlet
report].
Unexpected increases in wages and taxes since 1910 now
aggregate about 43/2% per annum on the Company's stock,
and to that extent the sum available for dividends or for improvements of the physical or other assets of the Company
has been diminished.
RESULTS FOR THE YEAR.
Operating Revenues were
(Increase $1.604,742 79. or 4.57%0
Operating Expenses were
(Increase $1.202,376 47. or 4.92%.)
Net Operating Revenue was
(Increase $402,366 32. or 3.78%.)
Taxes were
(Decrease $44.928 00, or 3.27%.)
Operating Income, Taxes deducted, was
(Increase $447,294 32. or 4.83%.)
Miscellaneous Income was
(Decrease $71,005 49. or 3.19%.)
$36.690.021 11
25,653,936 78
$11.036,084 33
1.330,93489
$9,705.149 44
2.154.531 31
311,859.68075
953,217 12
Rentals and Other Payments were
(Increase $87,487 02, or 10.11%.)
$10.906,463 63
Income for the year available for interest was
(Increase $288.801 81. or 2.72%4
7,934.647 84
Interest(72.757 of amount available) amounted to
(Increase $615,489 40. or 8.41%.)
capital
year,
the
to
equivalent
4.73% on
Net Income for
52.971,81579
stock outstanding, amounted to
(Decrease $326.687 59, or 9.90%4
Dividends paid during the year: Four dividends of 1%
2,511,264 00
each, aggregating
Remainder
FINANCIAL.
The changes in funded debt in the hands of
during the year were as follows:
America vs. Lake Shore & Michigan Southern Railway Corn
pany et al., the sale of this stock was ordered. The Lake
Shore & Michigan Southern Railway Company owned a
like amount of this stock and the Court held that this ownership by the two companies of a majority of the stock of The
Kanawha & Michigan Railway Company was in violation
of the Federal anti-trust law. Accordingly, your Company
has sold its holdings of stock of The Kanawha & Michigan
Railway Company to the Toledo & Ohio Central Railway
Company as of June 1 1914, and is to receive therefor $4,029,200, with interest from June 1 1914 to the date of consummation of the sale and transfer of the stock, payment to
be made $2,000,000 in cash and the remainder in a note of
The Toledo & Ohio Central Railway Company maturing
September 1 1915, guaranteed by the Lake Shore & Michigan
Southern Railway Company, and otherwise fully secured.
This represents a profit to your Company of about $1,100,000.. Inasmuch as this stock of Therianawha & Michigan
Railway Company has been deposited under your Company's
First Lien and Improvement Mortgage, the proceeds of this
sale will be deposited with the Trustee under that mortgage and can be expended for improvements and investments
which are permitted under the terms of that mortgage.
During the past five years your Company's increase in
capital liabilities in hands of the public, its principal acquisitions of stocks and bonds of other companies, and its expenditures for equipment, branch line construction, second
track and other additions and betterments have been as
follows:
Capital Obligations Issued or
Par Value.
Assumed—
GeneratMortgage434% Bonds $3,716,000 00
First Consol. Mtge.5% Bonds 2,000,000 00
Convertible 434% Debentures 31,390.000 00
Three-Year 434% Collateral
Trust Notes
25,000.000 00
One-Year 5% Coll. Tr. Notes- 3,500,000 00
Five-Year 5% Coll. Tr. Notes 33.000,000 00
Coal River By.Co.First Mort3460,551 79
gage 4% Bonds
3.000.000 00
Raleigh & Southwestern Railway Co. First M.4% Bonds
860,000 00
Big Sandy Railway Co. First
Mortgage 4% Bonds
229,000 00
the public Virginia Air Line Railway Co.
First mortgage 5% Bonds
900.000 00
Equipment Trust Certificates,
Retired.
Series N
1,700.000 00
$36.000 00 Equipment Contracts
3.777,340 00
Sold.
533.000.000 00
5% Five-Year Secured GoldNotes
649,00000
4% Coal River Ry. First Mortgage Bonds __
4% Raleigh & Southwestern Ry. First Mort1.000 00
gage Bonds
510,000 00
434% Equipment Trust Certificates, See. N 1.7000)0 00
1.629,392 00
Equipment Trust Obligations
32,000 00
47 Big Sandy By.First Mortgage Bonds
20,000 00
4 o Greenbrier Ry.First Mortgage Bonds
25.000,00000
Notes
Three-Year
Secured Gold
434%
3.500,00000
5% One-Year Secured Gold Notes
Realizing
3109.072.340 00
$103,489.665 00
Less:
Capital Obligations Paid or
Purchased—
Peninsula Division First Mtge.
535.859.000 00 $30,218,392 00
6% Bonds maturing Janu$2,000,000 00
Net Increase
ary 1 1911
$5.640,608 00
Greenbrier & New River RR.
Bonds
Other changes in obligations shown under funded debt
Co. First Mtge. 5%
339.000 00
redeemed February! 1911..
on Balance Sheet of June 30 1914 were:
General Funding and Improve7.302,00000
Bonds_
5%
Mortgage
Payments.
ment
Increase.
. Lien and Improvement Mortgage
5111rIrds:
Greenbrier Ry.Co. First Mtge.
$4,293,000 00
Bonds retired Novem4%
6% Equipment Contracts—General Equip2,00000
ber 1 1911
ment Co
319,300.00 Three-Year 434% Collateral
45,500 00
5% Equipment Contract—Standard Steel
00
25,000,000
Notes
Trust
Car Co
3,190,00000
130,852 81 Ono-Year 5% Collateral Trust
5% Equipment Contract--Central Locomo3.500,000 00
Notes
tive and Car Works
95,250 00
9.673.392 00
Equipment Trust Payments
6% Equipment Contract—American Locomotive Co
Through Sinking Funds:
446,59000
Big Sandy Ry.Co.First Mort244.000 00
gage 4% Bonds
$150,152 81
$8,070,340 00
Coal River By. Co. First
Net Increase
$7,920,187 19
121.000 00
Mortgage 4% Bonds
Ry. Co. First
The five p
i
per cent First
Lien and Improvement Mortgage Greenbrier
98,000 00
Mortgage 4% Bonds
Bonds were issued during the year for additions and better- Raleigh & Southwestern Ry.
15,000 00
ments and other capital purposes. The entire issue of these
Bonds4%
Mtge.
First
Co.
bonds,1$37,123,000 face amount, is pledged as collateral for
your Company's Five-Year 5% Secured Gold Notes, of
which Notes $33,000,000 were sold to provide funds for the
retirement of the Notes which matured June 1 1914 and for
new equipment, improvements and other acquisitions. Coal
River Railway Company and Raleigh & Southwestern Railway Company bonds were sold to reimburse the Company's
treasury for expenditures previously made.
In March and April 1910 your Company purchased certain shares of stock of The Kanawha & Michigan Railway
Company from the Lake Shore & Michigan Southern Railway Company and others, at a cost for the 40,292 shares
now owned by your Company of $2,901,024, upon the par
value of which dividends have been received at the rate of
five per cent per annum, with an additional one per cent
paid during the fiscal year 1913. Under a decree handed.
down March 14 1914 by the circuit judges in equity, in the
United States District Court for the Southern District of
Ohio, Eastern Division, in the case of United States of
548.294,392 00
48,601,686 33
. 554.887.978 67
Costing
Acquisitions—
Stocks of:
Ind__ $5,898,800 00
The C. & 0. Ry. Co. of
30.000 00
Ry.Co.
Elkhorn dr Beaver Val.
116.300 00
Gauley & Meadow Riv.RR.Co. 7.671,800
00
Co-By.
Valley
Hocking
The
4,029,200 00
The Kanawha & Mich. Ry.Co.
280.600 00
Logan & Southern Ry. Co_ 50,000 00
Levisa River RE.Co.(of Ky.)
The Levisa River RR. Co.
50,000 00
(of Va.)
400,000 00
Kanawha Bridge & Term. Co200,000 00
Silver Grove Land & Bldg. Co.
White Sulphur Springs. Inc_ - 2.357,000 00
First National Bank Building
180.000 00
Corporation(Richmond,Va.)
12,300 00
Miscellaneous
521.276,00000
Costing
521.500.140 39
OCT. 10 1914.]
THE CHRONICLE
$21,506,146 39
Brought forward
Bonds of:
The C. & 0. Ry. Co. of Indiana First Mortgage 5%___$6,700,000 00
Elkhorn & Beaver Valley Ry.
Co. First Mortgage 5%
980,000 00
$7.680.000 00
6,380,500 00
Costing
Properties of:
Coal River Railway Co
$2.304,359 88
Raleigh & Southwest. Ity. Co_
816,562 42
Virginia Air Line Ry. Co
1,071,947 12
4,192,869 42
Costing
Construction of:
Extensions of Branch Lines.
$1,548,551 64
costing
Second Track (173.1 miles)
and Additions and Better14,143,025 86
ments, costing
(Excluding 52.119,70498 expended on Chicago Line
15.691,577 50
April 30 1914 for which securities have been acquired.)
Equipment:
Additional equipment acquired (less retirals) 16.875.111 91
(Excluding $44,236 77 expended on Chicago
Line to April 30 1914 for which securities
have been acquired.)
564,646.205 22
Costing
•
Your Company acquired during the year additional shares
of stock of White Sulphur Springs, Incorporated, of Logan
& Southern Railway Company and of Gauley & Meadow
River Railroad Company, and exchanged a part of its holdings of common stock of Elkhorn & Beaver Valley Railway
Company for a like amount of preferred stock which was
later surrendered for first mortgage bonds at par. Additional first mortgage bonds of Elkhorn & Beaver Valley
Railway Company were acquired at par in reimbursement
for advances made that Company for construction purposes.
Further shares of stock and first mortgage bonds of The
Chesapeake & Ohio Railway Company of Indiana were issued
in respect of the cost of certain additions and betterments
made to that line and were _pledged under your Company's
First Lien and Improvement Mortgage.
A statement of charges to property accounts will be
found on a subsequent page showing a net addition of
$17,058,584 66; that is, $1,834,867 10 was added to cost of
road and $15,223,717 56 was added to cost of equipment.
This includes equipment represented by securities of The
Chesapeake & Ohio Equipment Corporation heretofore
carried in securities owned account but transferred to cost
of equipment this year, amounting to $11,166,743 30.
A schedule of securities owned June 30 1914 will be found
on page 17 [pamphlet report].
1067
Extensions of the:Gauley Branch and of Logan & Southern
Railway and construction of Elkhorn & Beaver Valley Railway aggregating 31.6 miles have been completed.
The revenue coal and coke tonnage was 19,251,488, an
increase of 17.7 per cent; other freight tonnage was.8,470,527,
a decrease of 3.9 per cent. Total tonnage was 27,722,015
tons, an increase of 10.1 per cent. Freight revenue was $2,866,516 16, an increase of 4.8 per cent. Freight train mileage was 8,119,349 miles, an increase of 2.3 per cent. Revenue ton miles were 7,064,650,082, an increase of 5.5 per cent.
Ton mile revenue was 4.09 mills, a decrease of 0.7 per cent.
Revenue per freight train mile was $3.555, an increase of
2.4 per cent. Revenue tonnage per train mile was 870 tons,
an increase of 3.2 per cent; including Company's freight,
the tonnage per train mile was 927 tons, an increase of 2.9
per cent. Tonnage per locomotive, including Company's
freight, was 827 tons, an increase of 4.7 per cent. Revenue
tonnage per loaded oar was 30.9 tons, an increase of 3.7 per
cent. Tons of revenue freight carried one mile per mile of
road were 3,011,617, an increase of 4.3 per cent.
There were 6,491,256 passengers carried, an increase of
10.8 per cent. The number carried one mile was 291,653,817, an increase of 9.2 per cent. Passenger revenue was $6,098,058 96, an increase of 4.1 per cent. Revenue per passenger per mile was 2.091 cents, a decrease of 4.7 per cent.
Number of passengers carried one mile per mile of road was
124,330, an increase of 8.0 per cent. Passenger train mileage was 5,230,376, an increase of 0.2 per cent. Passenger
revenue per train mile was $1.166, an increase of 3.9 per
cent; including mail and express, it was $1.369, an increase
of 4.4 per cent. Passenger service train revenue per train
mile was $1.44. an increase of 3.9 per cent.
There-were 13,645.5 tons of new rails (4,280.4 tons 100-1b.
and 9,365.1 tons 904b.), equal to 93.5 track miles, used in
the renewal of existing main tracks.
The average amount expended for repairs per locomotive
operated was $2,738 18; per passenger train car $802 74;
per freight train car $73 83.
The Board takes this occasion to make appreciative acknowledgment of efficient services of officers and employees
during the year.
By order of the Board of Directors.
FRANK TRUMBULL,
Chairman.
GEO. W.STEVENS,
President.
GENERAL REMARKS.
The equipment inventory as of June 30 1914 was as follows:
Locomotives owned
Locomotives leased
586
239
Inc. 50
Dec. 36
THE CHESAPEAKE Sr OHIO LINES.
GENERAL INCOME ACCOUNT FOR YEAR ENDED JUNE 30 1914
AND COMPARISON WITH YEAR ENDED JUNE 30 1913.
Inc.(+) or
Per
1914
1913
Cent.
(-Dec. )•
Operating Revenues$
$
Freight Traffic
28.866,516 16 27.549.696 17 +1.316,81999 4.8
Passenger Traffic
6,098.058 96 5,858,138 22 +239.920 74 4.1
'Total
Inc. 18 Transportation of Mails 426.967 03
395
386,639 91
+40,327 12 10.4
Freight train and miscellaneous cars owned
22.308
Inc. 652 Transport'n of Express_ 636,785 75
54.9,344 74
+37,441 01
6.2
Freight train cars leased
22.322
Inc. 267 Other Transportation
379,500 73
396,978 48 -17,477 75 4.4
Non-Transportation
282,192 48
80
294,480
12.288
32
4.2
Total
44.630
Inc. 919
Total Oper. Revs---36.690,021 11 35,085,278 32 +1.604.74279 4.6
The changes during the year in the accrued depreciation
Operating Expensesof equipment account were as follows:
of Way
Balance to credit of account June 30 1913
$3.503,348 90 Maintenance
and
Structures
4.138,091 55 4.342,744 60 -204,653 05 4.7
Amount credited during year ended
Maintenance of Equip't 7,692.748 18 7,275.439 48 +417,308 70 5.7
June 30 1914 by charges to:
Traffic
669.283 00
Operating expenses
669,016 32
+26668
.0
$797.888 28
Transportation
Outside operations expenses
12.167,905 54 11,380,998 32 +786.907 22 6.9
19,474 74
General
985,908 51
783,361 59 +202,546 92 25.9
$817.363
02
Charges to account for:
Accrued depreciation on equipTotal Oper. Expenses 25,653,936 78 24,451,560 31 +1,202.376 47 4.9
ment retired during year-20
69.9%
69.7%
locomotives. 4 passenger. 1.521
Net Operating Revenue 11.036,084 33 10.633,718 01 +402.366 32 3.8
freight and work cars and 1 tug4103,584 37
Incomefrom Other SourcesAccrued depreciation on cars
changed in class during year..
Hire of Equipment__ _ - 684.832 80
4,585 62
598,740 44
+86.092 36 14.4
Interest from Invest108,169 99
ments& accounts____ 1,168,027 93 1,322.328 25 -154.30032 11.7
709,193 03
Miscellaneous
301,670 58
-2.79753
.9
304.468 11
Balance to credit of account June 30 1914
$4.212,541 93
-71,00549 3.2
2,154,531 31 2,225,536 80
1914.
1913.
Increase.
Operating Revenues
amounted to
13.190,615 64 12.859,254 81 +331,360 83 2.6
536.690.021 11
32 61,604,742 79 Gross Income
Net Operating Revanue___ _811,036,084 33 $35.085,278
510.633.718 01 $402,366 32
Deductionsfrom Gross IncomeOperating Ratio
69.9 %
69.7%
.2% Interest on Debt
Tons of Revenue Freight
7,934,647 84 7,319,158 44 +615.489 40 8.4
carried one mile
7.064.650,082 6,694.879.287 369.770.795 Taxes
1.330.934 89 1,375,862 89
-44.92800 3.3
Revenue train load. tons__ _ _
Rentals Leased Roads,
870
843
27
Joint
loaded
tons
car..
Revenue
per
30.9
&c....
835,077 32
29,8
883,223 55
-48,146 23 5.5
1.1 Loss on Tracks,
C. & O. Grain
At Newport News, Virginia, the Atlantic tidewater terElevator
62.616 28 Cr.17.493 45
+80,109 73 457.9
minus of your Company, an all-steel dumping pier has been Miscellaneous
55.523 52
+55.523 52
constructed, one side of which was completed and put into
Total deductions- _ _10.218,799 85 9.560,751 43 +658,048 42 6.9
operation June 1 1914. This pier is electrically operated Net Income
2,971.815 79 3,298,50338 --326.687 59 9.9
and equipped with !every modern appliance for the expedi- Amount to credit of Profit and Loss June 30 1913
Amount
of Net Income for year ended June 30 1914, trans-$2.514,680 78
tious loading of coal;into cargo vessels and bunkers. The cost
ferred to Profit and Loss
2,971.815 79
its
Total
Passenger train cars owned
Passenger train cars leased
825
366
29
Inc. 14
Inc. 18
accompanying facilities, is about $1,of this pier, with
630,000, nearly all of which has been expended at the close
of the fiscal year. The pier has a rated capacity of 5,000
tons per hour when both sides are in operation, the road cars
being dumped into conveyor cars which are lifted to the top
of the pier by electric elevators, and the service which your
Company can give at this pier promises a record for fast
transferring of coal from the railway car to vessels.
In view of the desirability of providing a connection from
your Company's main line at or -near Portsmouth, on the
Ohio River, to the main line of The Hocking Valley Railway
Company at or near Columbus, Ohio, in order to facilitate
the constantly increasing shipments of coal to the Lakes and
the Northwest, The Chesapeakelz Ohio Northern Railway
Company has been incorporated in /Kentucky.
DeductDividend No.28 of 1% paid Sept. 30 1913
Dividend No. 29 of 1% paid Dec. 31 1913
Dividend No.30 of 1%-paid March 31 1914..
Dividend No.31 of 1% paid June 30 1914
$5.486,496 57
$627,816 00
627.81600
627,816 00
627.816 00
2.511,26400
32.975,232 57
Discounts on Bonds and Equipment
Notes sold during year
$414.771 80
Value of property abandoned prior
to current year
795,633 89
Refunds under West Virginia twocent fare law
311.300 00
$1,521,705 69
Less: Sundry adjustments
108.306 51
1.413,399 18
Balance to credit of Profit and Loss June 30 1914
91.561,833 39
THE CHRONICLE
1068
[VOL. XCIX.
GENERAL BALANCE SHEET JUNE 30 1914.
ASSETS.
(Excluding Stocks and Bonds owned of The C. & 0. Ry. of Indiana and
Corporation.)
Equipment
of The C. & 0.
Property Investment$170.865,451 08
Cost of Road
47,932.910 59
Cost of Equipment
$218,798,361 67
4.212,541 93
Accrued Depreciation of Equipment-Cr-$214,585,819 74
Securities of Proprietary. Affiliated and
Controlled Companies-Pledged$13.759,738 62
Stocks-See Schedules in pamphlet
3,079,408 01
Bonds-See Schedules in pamphlet
516.839.146 63
Securities-Issued or Assumed-Pledged37.123,001 00
Bonds-See Schedules in pamphlet
(Includes First Lien and Improvement
Mortgage 5% Bonds, $37,123,000 00.
See Contra.)
$53,962,14763
Miscellaneous InvestmentsPhysical Property
Special Funds and Funded Debt Issued
and ReservedPotts Creek Branch-Cash
Raleigh & Southwestern Ry.Bonds authenticated in advance of contruction
Special Deposits account of Construction
and Equipment
$282,386 44
$42,338 75
LIABILITIES.
(Excluding Stocks and Bonds owned of The C.& 0. Ry.
Co. of Indiana and
of The 0. & 0. Equipment Corporation.)
Capital StockCommon
$62.792,600 00
First Preferred
3,000 00
Second Preferred
200 00
Common-The Chesapeake & Ohio Railway Co. of Indiana
562,795,800 00
Funded DebtFirst Mortgage, Rineon Coal Co.. 5%
Bonds
1915
Secured Gold Notes,5%
1919
First Mtge.. Terminal. etc..6% Bonds1922
General Fund. & Impt.,5% Bonds__ _1929
Convertible, 43 % Bonds
1930
Pleat Mtge.,R.&S.W.Ry. 4% Bonds-1936
First Cons al. Mtge.,5% Bonds
1939
First M., Craig Vall. Br.,5% Bonds -1940
First M.,Greenbrier Ry.,4% Bonds_ _1940
First M.,Warm Spgs.Bch.,5% Bonds-1941
First M., Big Sandy Ry.,4% Bonds_ -1944
First M.,Paint Creek Bch.,47 Bonds 1945
First M.,Coal River Ry.,47
0 P5onds_ _ 1945
First M.,Potts Creek Bch.,4% Bonds 1946
First M.,Va. Air Line Ry.,5% Bonds 1952
First M., R.& A. Division, 45' Bonds 1989
Second M.,R.& A.Div.,4% Bonds... 1989
General Mortgage.43% Bonds
1992
40,000 00
1.20000
562.797.000 00
$200.000 00
33,000.000 00
142,000 00
3,698,000 00
31,390.000 00
885,000 00
29,858,000 00
650,000 00
1.821,00000
400,000 00
4,756,000 00
539,000 00
2.879,000 00
600.000 00
900,000 00
6,000,000 00
1,000,000 00
48,129,000 00
5166.847.000 00
Equip. Trust Obligations and contracts-8.381,971 19
2,340,739 07
175,228.971 19
52,423.077 82
56.667,611 89
First Lien and Improvement Mortgage,
5% Bonds (see Contra)
1930
$271.263.431 63
Working AssetsCash in Treasury
Cash in Transit
$1,792,957 73
816,467 12
Cash deposits to pay Interest and Dividends
Cash deposits to pay Equipment Trust
112,000 00
Principal
Cash deposits to pay Matured Bonds and
65,174 17
Scrip
211.560 00
Loans and Bills Receivable
984,393 12
Traffic Balances
877,045 08
Agents and Conductors
1,084.148 60
Miscellaneous Accounts Receivable
34,805 10
Other Working Assets
Materials and Supplies
Securities in Treasury-UnpledgedStocks-See Schedules in pamphlet
Bonds-See Schedules in pamphlet
37.123,000 00
$275.148.971 19
Working LiabilitiesLoans and Bills Payable
Traffic Balances
Audited Vouchers and Pay-Rolls
Unpaid Wages
Miscellaneous Accounts Payable
Interest and Dividends Unpaid
Matured Mtge. and Secured Debt Unpaid_
Other Working Liabilities
31,005,380 47
787,577 26
5238.025,971 19
395.000 00
364,793 58
4,059,865 32
50,936 47
229.240 25
818,927 65
65,174 17
89,940 74
35.773.878 18
55.978,550 92
$2,879,642 62
$4.711,748 77
1.497.902 00
$6.209,65077
Deferred AssetsUnmatured Interest and Dividends
Advances to Proprietary, Affiliated and
Controlled Companies
Advances, Working Funds (Fast Freight
Lines, etc.)
Special Deposits with Trustees, Various
Mortgage Funds
Cash and Securities in Sinking and Redemption Funds
Cash and Securities in Insurance Reserve
Fund
Unextinguished Discount on Funded Debt
SundryAccounts
Deferred Liabilitiestinmatured Interest and Rents
Taxes Accrued
Sundry Accounts
$107.490 94
163.492 85
37,628 83
53.463.729 90
80,046 28
Appropriated SurplusAdditions to Property through Income
32,984,365 23
since June 30 1907
17,101 75
Reserve Invested in Sinking Fund
Funds_
9,239 13
Reserve
Reserve Invested in Other
9.237,608 08
47,097 07
9,239 13
1,622,500 00
570,347 73
Profit and Loss Balance
$2,637,842 83
17.705.637 14
Total
51,905,602 71
1,132.168 35
425,958 84
5288,959,118 77
This Company is also liable as a guarantor of the following securities
in hands of the public:
The Chesapeake & Ohio Grain Elevator Co., First Mortgage
5820,000 00
4% Bonds. due 1938
Norfolk Terminal & Transportation Co., First Mortgage
500,000 00
5% Bonds, due 1948
Western Pocahontas Corporation. First Mortgage 43i%
750,000 00
Bonds, due 1945
Western Pocahontas Corporation, Extension Mortgage No. 1,
83,000 00
43% Bonds, due 1945
Western Pocahontas Corporation, Extension Mortgage No. 2.
1946
51.000 00
due
Bonds,
4%%
Louisville & Jeffersonville Bridge Co. Mortgage (C. & 0.
4,500,000 00
proportion 1-3) 4% Bonds, due 1943
Richmond-Washington Co. Collateral Trust Mortgage
10.000,000 00
(C.& 0. proportion 1-6) 4% Bonds,due 1943
Total
$3.010,706 11
1.561,833 39
4,572,539 50
$288,959,118 77
Brought forward
5172.164.951 08
Difference between face value of securities of auxiliary companies and the prices at which they were taken over
51.299,500 00
Cost of Road June 30 1914
5170.865,451 08
532,709,193 03
The Cost of Equipment as of June 30 1913 was
Added for-C.& 0. Equipment Corporation Equipment:
51.676,481 46
50 Mallet Locomotives
8 Pacific Type Locomotives
153,707 90
2 Mountain Type Locomotives
52,242 47
49 Mikado Locomotives
1,265.84429
2 Shay Locomotives
42,113 22
19 Passenger Coaches
258.511 98
4 Combination Coaches
56,045 57
in Car
1 Ding
28,450 29
5 Postal Cars
49,743 22
496,838 37
500 40-Ton Box Cars
COST OF PROPERTY JUNE 30 1914.
7,004,326 20
7,400 50-Ton Hopper Bottom Gondolas
82.438 33
Ton Flat Cars
40
100
was
1913
30
11,166,743 30
The Cost of Road a.4 of JuneBetterments during year ended5170.330,033 98
Added for-Additions and
Equipment purchased and acquired during
June 30 1914:
ended
1914:
year
30
June
511,510 08
Branch Lines
$853.104 53
26 Mallet Locomotives
Cr.4.425 15
New Second Track
200,571 03
8 Pacific Type Locomotives
30,843 18
Changes of Line and Track Elevation
219.071 87
Passenger
15
Coaches
179,431 81
Sidings and Yards
40,477 75
3 Combination Coachsi
,W.Va
53
15,711
Huntington
Building,
40.154 26
Dining
2
Depot and Office
Cars
13,494 97
24,234 43
Postal
2
Depots at various places
C
25,735 87
3.213,216 20
2,000 70-Ton Hopper BotiIn Gondolas
Shop Buildings at various places News, Va
73
1,152.294
Newport
47,293 06
Underframe
Rack
Steel
Opiate
140
Cars__
New Coal Pier (No. 9),
14,847 03
247,110 93
287 30-Ton Box Cars
Additions to Piers. Newport News, Va
34,748 37
7.000
1 Steam Shovel
Water and Coaling Stations
148,202 68
Car, previWork
Freight
1
10
and
Cars
Renewing and Strengthening Bridges
8,442 80
5.392 57
ously written off, returned to service
Track Scales
4.197
73
Train.s
01
118,331
Improvement of Equipment
Telephone Lines for Dispatching
38,475 46
Interlocking. Block and Other Signals
63
21
4.502
55,015.957
Structures
Various Other
41,259 57
Less-Value of Equipment retired:
Shops. Machinery and Tools
1,299 74
$170.721 21
Office
General
Equipment,
Locomotives
20
Furniture and
730,338 37
101,749 25
1,457 Freight Cars
Right of Way and Real Estate
9.388 53
3,417 70
4 Passenger Cars
Fencing Right of Way
38,623 26
17
85,678
Fastenings
64 Work Cars
Improved Rail and Track
8,500 00
54
19,122
Ballasting_
1 Tug
Increasing width of Road-bed and
1,412 00
1,48464
Change inrclasses of Equipment
Roadway Tools(Motor Cars)
37- 4,d56.974 26
$958.983
91
$1,932,024
$47,932.910 59
97.157 81
1,834,867 10
Less: Sundry Credits
Cost of Equipment June 30
per Bal.Elhest 3218.798.861 07
$172,164,951 08 Cost of Road and Equipt. June 30 1914;as
001`. 10 1914.]
1069
THE CHRONICLE
MAXWELL MOTOR COMPANY
INCORPORATED
ANNUAL REPORT FOR THE YEAR ENDED JULY 311914.
Detroit, Mich., October 1 1914.
To the Stockholders:
The first annual report of the Maxwell Motor Company,
Inc., for the year ended July 31 1914 is herewith submitted.
The net profits applicable to dividends for the fiscal year,
from all sources, were $1,505,467 09.
the time of its inThe Maxwell Motor Company, Inc.,.at located
as follows:
corporation acquired by purchase factories
two at Dayton, Ohio, one at
three at Detroit, Michigan,Tarrytown,
New York, and one
Newcastle, Indiana, two at
and Hartford, Connecticut.
each at Auburn, Rhode Island,
operation, it was deIn order to facilitate more economicaloperations
at Detroit,
cided to concentrate manufacturing
Dayton and Newcastle. Therefore the company disposed of
the factories at Hartford, Auburn and one factory at Tarrytown. We have one factory remaining for sale at Tarrytown
and one at Detroit.
Early in the first fiscal year the management became convinced of the wisdom of concentrating its energy on a large
volume production of a moderate-priced Maxwell car. Accordingly preparations have been under way during the past
ten months to bring the factories in Dayton, Newcastle and
Detroit up to a large productive capacity, with a high state
of efficiency. Special machinery which is particularly adapted to a quantity production of one model car has been installed at all of these plants. The Maxwell Motor Company, Inc., is especially fortunate in that it produces nearly
thecomplete automobilefrom raw materialsin itsown factories,
which effects a large saving in costs over "assembled" cars.
The company is prepared, as conditions may justify, to
take advantage of possibilities for a further increase of its
business without substantiftlly.heavier general expenses and
without materially increasing investment in its plants.
The net working assets of approximately $6,000,000, of
which over $1,750,000 is cash, place your company in a strong
position.
Although the net earnings of the company,as shown by the
accompanying statement of Messrs. West & Flint, Certified
Public Accountants of New York, amount to more than
$1,500,000, as against annual dividend requirements on the
59,553, the management has
First Preferred stock of
deemed it advisable to conserve the liquid assets of the company for the development and extension of its business.
Therefore no dividends have been declared.
In connection with this report will be found the Profit and
Loss Account and the details of the Balance Sheet.
The very satisfactory reception accorded by the trade and
the public to the Maxwell car, together with the largely increased business done during the first two months of the new
fiscal year and the volume of orders on hand, warrant great
confidence in the outcome of the business of the present year.
WALTER E. FLANDERS, President.
CONSOLIDATED GENERAL BALANCE SHEET
JULY 31 1914.
ASSETS.
Capital Assets:
Real Estate, Buildings. Machinery and
Equipment
$4,462,222 42
Investments
694.656 15
57
Goodwill. Models. Patents, Trade-Marks and Trade Names $5.156.878
26,500,000 00
Current Working Assets:
$4,588,972 70
Accounts Receivable
428,495 55
Notes Receivable
212.455 36
Pre-payments
50,898 46
Cash
1,785.992 68 7.066.814 75
Total
$38.723.693 32
LIABILITIES.
Capital Liabilities:
*First Preferred
$13.000.000 00
Less—In Treasury-- 720,667 99 $12.279,332 01
Second Preferred
$11,000,000 00
Less—In TreasurY
872,532 01
10,127.467 99
Common
$13,000,000 00
Less—In Treasury- 221.942 42 12.778,057 58
$35.184,857 55
Deferred Liabilities:
Real Estate Mortgages
30.160 60
Current Liabilities:
AC:COMAS Payable—Audited
21
$335.553
Vouchers
Accounts Payable—Unvouchered Invoices for Goods
In Transit, and Goods
Shipped in Advance of
284.044 75
Immediate Requirements
$619.597 96
Wages—Accrued
• 73,485 10
Taxes, Insurance, Etc.—Acorued
51,810 57
Customers' Deposits
206,596 46
951,49009
Reserve for Depreciation of Capital Assets:
671.585 28
On Buildings, Machinery and Equipment
Reserve for Depreciation of Current and Working Assets:
$210,368 31
On Inventories
69,764 37
On Notes and Accounts Receivable
280,132 68
Reserve for Contingencies
100.000 00
Surplus—Net Income of Maxwell Motor Company and Sub1.505,467 09
sidiary Cfompanies for the fiscal year ended July 31 i914
Total
$38.723.693 32
* Dividend on First Preferred Stock cumulative at seven Per cent= Per
annum from January 1 1913. No dividend declared or paid.
We certify that, in our opinion, the annexed Consolidated
Balance Sheet properly states the financial condition of the
Company at July 31 1914, and that the accompanying Consolidated Statement of Income for the year ended July 31
1914 correctly states the profits from operations, not including any element of profit on goods in the hands of subsidiary
companies.
WEST & FLINT,
50 Pine Street,
Accountants and Auditors.
New York, August 28 1914.
CONSOLIDATED STATEMENT OF INCOME FOR
THE YEAR ENDED JULY 31 1914.
Net Earnings from Operations, after deducting
Costs of Manufacturing and Expenses of Advertising. Selling, Administration and Taxes-$1.430,444 52
Other Income:
Cash Discounts on Goods Pur$261,649 98
chased
Sundry Miscellaneous Revenue
78,329 04
339,979 02
Total
$1.770,423 54
Deductions:
Depredation on Buildings, Machinery and Tools, over and
above Repairs and Replacements
264,956 45
Net Income—Surplus for the year
$1.505.467 09
WEST & FLINT
Certified Public Accountants
50 Pine Street
New York
William If. West, A.C.A.. C.P.A.(N.Y.)
John Flint, C.P.A.(N.J.)
August 28 1914.
To the Board of Directors, Maxwell Motor Company, Incorporated, New York.
Gentlemen.—We have made an audit for the fiscal year
ended July 31 1914 of the books and records of the Maxwell
Motor Company, Incorporated, of the Maxwell-Newcastle
Manufacturing Company, operating the Newcastle, Indiana,
factory, and of the Maxwell Motor Sales Corporation,
through which the products of the Company are marketed.
The treasury stock, the notes receivable and the cash in
hand and on deposit have been verified by examination or by
proper certificates of deposit.
The accounts receivable have been examined. In our
judgment adequate reserves for shrinkage in realization of
notes and accounts have been created on the books, as shown
on the balance sheet.
The factory inventories were taken at cost by the Company
at June 30 1914 and brought down to July 31 1914 by additions of purchases and labor, less deductions for cost of sales
for July shipments.
Theinventory includes cars and parts of approximately
$400,000 00 in the hands of the Maxwell Motor Sales Corporation and its agents, as well as active repair parts for new
and old models to the amount of about $1,500,000; the
balance represents materials for present factory operations
and the Model "25" Car. Certain supply parts representative of old models, for which there is a small demand, are
carried in the inventory at no value.
During the year the Company has disposed of three of its
idle factories at Auburn, Tarrytown and Hartford, and also
of its unnecessary machinery, at the best obtainable prices.
The balance sheet presented herewith reflects the property
retained for manufacturing purposes, with reserves which are
believed to be adequate to bring values down to present
worth.
During the fiscal year the affairs of the Reorganization
Committee and of the Receivers of the predecessor company
have been brought to a close. The balance sheet of the
company, dated July 31 1913, showed that the Receivers
and the Committee held cash to the amount of $444,698 15.
Of this amount $369,442 58 passed to the company, the balance being expended for settlement of claims and expenses.
The investments owned by the Maxwell Motor Company,
Incorporated,include the entire capital stock outstanding,excepting directors' qualifying shares, of the Briscoe Manufacturing Company and the Newcastle Realty Company, both
of which are treated as outside operations. The former of
these manufactures automobile parts for the general trade as
well as for the parent company,and the latter is the owner of
certain lands and buildings at Newcastle, Indiana, not used
in the manufacturing business.
The Company has no liability, contingertorlotherwise,
on outstanding notes or drafts of any character.
Yours very truly,
WEST & FLINT,
Accountants and Auditors.
THE CHRONICLE
1070
CANADIAN PACIFIC RAILWAY COMPANY.
Address of President Sir Thomas G. Shaughnessy to the shareholders at the Thirty-third Annual Meeting held in
Montreal October 7 1914.
"The contraction in the volume of trade and travel during
the last half of the fiscal year under review was greater than
your Directors anticipated when they had the privilege of
meeting the Shareholders a year ago, and the effect on your
revenue in every branch of the service was quote pronounced.
However, with the property in splendid physical condition,
and with the facilities for economical operation that had been
provided at a large cost in recent years, your Operating Officials were enabled to make a substantial reduction in working
expenses, and the decrease in net revenue was far more
moderate than it would have been in other circumstances.
"Since the close of the fiscal year the unrest and uncertainty resulting from the outbreak of the European War
has created a condition of affairs unique in the history of
the Company,and any attempt to forecast the business situation in the immediate future would, at this stage, serve no
useful end.
The crops recently harvested in Western Canada, although probably 15% to 20% less in volume than they were
a year ago, owing to an insufficient midsummer rainfall in
some sections, will yield the producers a larger gross return
because of the high prices that prevail in the markets, and
the purchasing power of the producers will be improved
accordingly. This should have the effect of stimulating
west-bound traffic, with a favorable influence on your earnings, but to what extent this influence may be counteracted
by the unsatisfactory business conditions that prevail generally cannot be estimated with any degree of accuracy
at this time.
"When the peace of the world has been restored, emigration from Europe to the newer countries, where lands can
be obtained on moderate terms, will, doubtless, be on a large
scale, and Canada should profit very substantially by the
incoming of new settlers and the consequent increase in
production. The serious set-back that our country experienced in the past two years was due, unquestionably, in
a considerable measure to our rapid growth and increase of
wealth,with the consequent optimism that clouded the effect
of unsound speculation in lands and industrial enterprises,
and of railway schemes years in advance of their time; but
it was due in a greater degree to external causes in which Canada had no share.
"The period of retrenchment and financial conservatism
that the country has passed through will have had the effect
of liquidating to an important extent the injurious results of
domestie mistakes, and Canada,when the tide turns, will be
ready, with renewed sturdy strength, to utilize her almost unlimited resources and prosecute her plans for agricultural,industrial and commercial development on sane and logical lines.
"Your Directors have the same implicit faith in the future
growth and prosperity of the country that they have had
from the beginning.
"The large railway mileage that you had in process of
construction has been practically completed, and the only
important works now in hand are the tunnel in the Selkirk
Mountains, the Passenger and Freight Terminals at Quebec
that are to be used jointly by this Company and the National
Transcontinental Railway and the station at North Toronto.
No new expenditures of any consequence will be required
for some time to come.
As indicated by the Annual Report, your finances are in
excellent shape. While the balance in bank is, of course,
not as large as it was at June 30th, the amount is still a very
substantial one, a fortunate circumstance in these trying
trying times, and you have over $50,000,000 of securities to
issue, with reference to completed railway lines and rolling
stook equipment, for which the money was advanced from
your Treasury. With some improvement in financial conditions, such portion of these securities as may be thought
desirable can be readily sold.
"On the morining of May 29th the Company's Atlantic
Steamship "Empress of Ireland" was rammed by a collier,
and sunk in the St. Lawrence River near Father Point.
The injury to the steamship was of such a character and so
serious that there was little opportunity for rescue before
the vessel foundered, with a lamentable loss of life. A
Royal Commission, appointed for the purpose of inves tigating the circumstances made a report acquitting the Company and its officers of all blame, and held the collier accountable for the disaster. Nevertheless, I am sure that all
the Shareholders join with the Directors and Officers in a
feeling of profound sorrow for those who lost their lives
while traveling under the auspices of the Company, and of
deep sympathyfor their relatives and friends. The monetary
loss was not a matter of any special moment.
"Your Directors have selected Mr. John K. L. Ross of
Montreal to fill the vacancy in the Board resulting from the
death of the late Lord Stra,thcona, and his name will be submitted for your ballot with the names of the other two
Directors whose term of office has expired.
the ad"At a Special General Meeting to be held upon
your
for
submitted
be
will
there
Meeting,
journment of this
Ordinary
consideration a proposal to increase the authorized
$260,000,000 to $335,Capital Stock of the Company.from
precautionary measure for
000,000. This is essentially a
right to issue new Capital
the future, establishing your
proportions as to compel
such
reached
has
traffic
your
when
property."
your
to
additions
further large
41.•
THE PACIFIC COAST COMPANY
EXTRACTS FROM THE REPORT FOR THE YEAR ENDING JUNE 30 1914.
To the Stockholders:
The Board of Directors submits the seventeenth annual
report of the business of the company and of its subsidiary
companies for the fiscal year ending June 30 1914.
As compared with last year the earnings of the company
and its subsidiaries are as follows:
Gross earnings (decreased)
Operating expenses (decreased)
Net earnings (decreased)
$882,281 58
525.855 51
355.428 07
The net earnings of the Pacific Coast Steamship Company, including charter earnings of the Pacific Coast Company, decreased $17,129 55.
The net earnings of the Pacific Coast Coal Company,including lumber sales, decreased $175,025 40.
The net earnings of the Columbia & Puget Sound Hail..
road Company decreased $60,476 87.
The net earnings of the Pacific Coast Railway Company
decreased $19,948 58.
Rentals, dividends, grain warehouses and Port San Luis
Wharf earnings decreased $16,939 66.
General expenses and taxes decreased $13,298 99.
Depreciation ,oharged ,against company's ships was increased $80,205.
decrease in net earnings is very
It will be noted that the
the decrease in the coal company's
largely accounted for bySound
Railroad Company's earnings
and Columbia & Puget charged to depreciation of the comand the added amount
pany's ships.
domestic trade was affected
The coal company's volume of which prevailed during the
by the unusually mild weather
the company depends for
winter in the section upon which
trade was affected by the busiits market. The steam coal even
more pronounced on the
ness depression, which wassections of the country.
Pacific Coast than in othercompany's
suffered from
All departments of the most felt business
by the coal company
the depression, but it was
Sound Railroad Company,
and by the Columbia & _Puget
which depends very largely upon coal transportation.
The depreciation charge against ships was.made for what
seemed to be sound business reasons.
In addition to this depreciation charge against earnings, the
company at the end of the year, in adjusting property values,
charged off $386,600 from the book value of the ships and
added a like amount to the value of certain other of its properties, principally two coal properties which have greatly
enhanced in value over their first cost and expense of development.
THE CHRONICLE
OrT. 10 1914.1
1071
The T.ounitertial Times.
The decrease in gross earnings of these steamships was
largely met by a saving in operating expenses.
To.provide for completion of ship Congress, construction
of br
.iquetting plant, oil-burning equipment and other proCOMMERCIAL EPITOME.
ductive additions and improvements, an issue of $1,000,000
Friday Night, Oct. 9 1914.1
of 5 per cent serial note,s was authorized, and of these $750,Trade still plainly feels the effects of the great war. Col000 were sold at an average price of 983', making the inter- lections
are
slow
and
credits are closely scrutinized. Most
est charge thereon to the company about 53 per cent.
industries are inactive. In recent weeks many commodities
The notes sold mature as follows:
have declined in value. Trading is of a hand-to-mouth
$200,000 character. To make
April 1 1916
5150.000 April 1 1918
matters worse the weather has been
April 1 1917
200,000
200,000 April 1 1919
unseasonably warm, thereby interfering with the sale of
It is believed that the company will receive substantial merchandise usually in good demand at this time of the
benefits from the productitre additions and economies of year. Also, there has been a prolonged drought here at
the East. The cotton situation has not improved, except
operation made possible by the issuance of these notes.
that exports have increased somewhat. The Southern
For the Directors,
cotton markets, however, have been rapidly declining, with
WILLIAM M. BARNUM,
?, big crop of very good quality and a slow sale. The
President.
October 1 1914.
in coal and lumber has been noticeably poor. General
business.at the South has been filmic.
Yet there are
REPORT OF VICE-PRES.AND GENERAL MANAGER. some mitigating circumstances in the general outlook.
Sales of war supplies have been in some cases large, notaSeattle, Wash., August 27 1914.
bly of cotton duck, leather, blankets, harness and shoes,
The past fiscal year has been one of business depression as well as some woolen fabrics, automobiles, motor trucks
at all points and in all lines of business along the Pacific and horses, not forgetting large transactions in wheat and
Coast. There are not as yet signs of any general improve- oats for export to Europe. The flour mills are actively emment. Crop conditions and bank deposits are favorable ployed, partly on foreign orders. Exports of wheat make a
for an improvement during the present year, if other in- very favorable exhibit.
fluences do not interfere.
STOCKS OF MERCHANDISE IN NEW YORK.
Operating expenses have been reduced as far as consistent
Oct. 1 '14. Sept. 1'14. Oct. 1 '13.
Coffee,Brazil
with efficient maintenance of the properties. No expendi- Coffee,
bags- 973,365
978.823 1,048,781
Java
mats.. 33,652
29.231
24,121
tures for improvements are being made, with the exception Coffee, other
bags.. 302,085
265,704
203.877
Sugar
hhds_
of such as are necessary to finish up improvements started Hides
72,999
37,694
41.270
No.
22,105
69,504
L1,500
during previous years.
Cotton
bales_
PACIFIC COAST STEAMSHIP COMPANY.
Gross earnings (decreased)
$415,891 41
Operating expenses (decreased)
398,761 86
Net earnings (decreased)
17,129 55
There was expended for repairs to fleet and charged to
operating expenses, $326,576 81, as against $428,830 96
last year.
Ordinary repairs and renewals cost $197,564 30, and extraordinary repairs, $129,012 51. There was charged to
operating expenses and credited to depreciation of steamers,
$11,283 13, as against $14,458 05 last year.
Changes in property account during the year were as
follows:
AdditionsFurniture and wharf equipment
City improvements, San Pedro lobs
57.753 13
538 77
Total
$8,289 90
DeductionsSteamship State of California wrecked and lost June 17 1913-$180,000 00
Sale of buildings at. Watsonville
400 00
Reduction In book value. steamship Queen
35,000 00
Reduction in book value, steamship Coos Bay
15,000 00
Total
$230,400 00
Net deduction from property
$222,110 10
COLUMBIA St PUGET SOUND RAILROAD COMPANY.
Gross earnings (decreased)
$108,552 14
Operating expenses (decreased)
48,075 27
'
Net earnings (decreased)
60,476 87
•
Of the decrease in gross earnings, $21,308 10 was on
account of rents, which were this year credited to rentals,
instead of to operating revenues. Operating expenses would
have shown a greater decrease had it not been for an increase
of $17,464 05 in taxes.
.•
There was charged to operating expenses and
off
to cover depreciation of equipment, $27,952 32;written
shop machinery and tools, $3,217 80; buildings, $1,159 20.
Total,
$32,329 32, as against $32,375 88 last year.
PACIFIC COAST RAILWAY COMPANY.
Gross earnings (decreased)
Operating expenses (decreased)
Net earnings (decreased)
$39,089 00
19,140 42
19,948 53
There was charged to operating expenses and written off
to cover depreciation of equipment and power transmission,
$11,400 98, as against $10,436 26 last year.
PACIFIC COAST COAL COMPANY.
Coal Department.
Gross earnings (decreased)
Operating expenses (decreased)
Net earnings (decreased)
$320.920 93
149,413 82
171,507 11
The total output of the mines during the year was 681,729
tons, which includes 18,240 tons from mines under development; a decrease of 134,875 tons as compared with last year.
The amount of coal sold at all depots was as follows:
From company's mines, tons
Other domestic coal. tons
Foreign coal, tons
Total, tons
657,024
32,502
11,209
700,735
a decrease of 155,765 tons as against last year.
The average cost of output from company mines increased
20.6 cents per ton. The average selling price increased 16.3
cents per ton.
Lumber Department.
Manila hemp
Sisal hemp
Flour
bales..
bales_
bbls_
55,804
1,025
3.095
34,600
78.901
325
2,340
26,700
18,183
14,428
2.991
58.800
LARD has been dull and easier; prime Western 10c.,
refined to the Continent 10.75c., South America
Brazil 12.35c. Lard futures have latterly declined,11.35c.,
owing
partly
to lower prices for hogs that caused considerable liquidation
in lard futures. Receipts of hogs,
which were recently smaller
than those at the same time last year,have latterly been running ahead of those of 1913. To-day prices on
most deliveries were slightly higher.
DAILY CLOSING PRICES
Sat.
October delivery_cts_ 9.57
November delivery_ -_- 9.60
January delivery
9.90
OF LARD FUTURES IN CHICAGO.
Mon. Tues.
Wed,
Thurs. Fri.
9.60
9.50
9.40
9.72
9.75
9.62
9.50
9.42
9.70
9.75
9.85
9.70
9.70
9.90
9.82
PORK steady; mess $22@$22 75; clear $22@$25 50;
family $26©$28. Beef continues steady; mess
$23©$24;
packet $24©$25; family $29©$30; extra India mess
$40©$45. Cut meats firm; pickled hams, 10 to 20 lbs.,
15©15%c.; pickled bellies,6 to 12 lbs., 16 M ©18c. Butter,
creamery extras, 31c. Cheese, State whole milk colored
specials, 15%©15Mc. Eggs,fresh gathered extras,29@31c.
COFFEE has been dull and lower; No. 7, 63c.; No. 4
Santos 10M ©103c., after being quoted during the week at
as low as 93% to 10c.; fair to good Cucuta 9©93'c. The
exchange rate has latterly recovered in Rio. Receipts at
primary points are large. The Voluntary Committee of the
Exchange here will call for more margin in order to strengthen
the situation. The purpose is to adjust the margin price
of outstanding contracts gradually to the market price as
developed in the sessions here, but not to exceed 50 points
at a time with two days' notice,'members to pay margins
directly to each other. This is taken as meaning a decisive
step towards re-opening the Exchange at no very distant day.
SUGAR slightly lower; centrifugal, 96-degrees test, 4.76c.;
molasses, 89-degrees test, 4.11c. Exports at the six principal Cuban ports were 8,000 tons. The stock there is
85,000 tons, against 80,000 tons last year. Stocks in the
United States and Cuba are 469,416 tons, against 451,556
tons last week and 288,535 tons last year. Refined has been
lower at 6.25©6.50c. for granulated.
OILS.-Linseed in rather moderate demand; city, raw
American seed, 50c.; boiled 57c.; Calcutta 70c. Cocoanut
steady; Cochin 15@155/2c.; Ceylon 12 M ©13c. Olive
$I 10. Castor 8%©8Mc. Palm steady at 8M ©9c.$1@
for
Lagos. Cod, domestic lower at 33©35c. Cottonseed oil;
'winter 5.50 ©6.50c.; summer white 5.50@6.50c. Corn
lower at 5.45©5.50c. Spirits of turpentine 483c. Common
to good strained rosin $3 80@$3 90.
PETROLEUM steady; refined in barrels 8.25©9.25c.,
bulk 4.75©5.75c. cases 10.75©11.75c. Naphtha, 73 to 7t3
degrees, in' 100-gallon drums, 233c.; drums $8 50 extra.
Gasoline, 86-degrees, 26c.; 74 to 76-degrees, 250.; 67 to 70degrees, 22c. Crude prices have remained for the most
part unchanged, though here and there declines have oacurred. In some sections, according to Louisiana advices,
the situation looks rather more cheerful.
Pennsylvania dark $1 45 Corning
Second sand
1 45 Wooster
Tiona
1 45 North Lima
Cabell
1 05 South Lima
Mercer black
1 021Indlana
New Castle
1 021Princeton
85c. Somerset,32 deg__
Si 18 Ragland
96c. Illinois, above 30
91c. degrees
91c. 1 Kansas and Okla92c. homa
85c.
65c.
92c.
55c
TOBACCO has remained quiet for most grades. To
1e
sure, there has been some demand for Sumatra.
been more noticeable from the fact that supplies at This has
home and
Lumber sales have been showing some improvement for abroad of.this kind are small, while the
fall inscriptions at
the last few months.
Amsterdam have been, as is well known,postponed.
MannGross earnings (decreased)
Operating expenses (decreased)
Net earnings (decreased)
58.120 45
4,602 16
3.51829
THE CHRONICLE
1072
acza.
From Aug. 1 1914 to Oct. 9 1914.
Week ending Oct. 9 1914.
some domestic leaf, in some cases to a
Exported toExported tolike
anything
operating
at
not
are
they
Exports
But
fair extent.
Great
ContiGreat
y business is unsatisfac- from- Britain. France. nent. Total. Britain. France. ContiTotal.
nent.
their full capacity. Consequentl
offered
is
there may be a some
leaf
-crop
new
the
tory. When
3,405 57,100 129,310
Galveston _ 26,527 3,405 26,286 56.218 68,805
Sales
buyers.
of
Western
part
the
on
interest
greater
2,833
2,833
1,253 1,253
what
__ _
Texas City_
400
400
Port Arthu
of Cuba leaf are small.
9,359
10,003 19,362
1,761 5,974
for
4,213
seen
the
prices
about
lowest
to
NewOrlea
declined
has
COPPER
320
320
320
_
320
Pensacola__
11.45c. The Savannah__ 1,861
4,275
15,731 20,006
7,127 8,995
ten years past. Lake 11.55c., electrolytic
2,650
2,650
1,85
prices.
the
lowest
at
even
moderate,
1,850
_
Brunswick
only
been
have
sales
2,250
2,250
_ 1,25
sup- Charleston _ 1,250_
2,600
2,600
2=6450 2,600
The indications seem to point to a further increase in
Wilmington
500
500
any
by
not
considered
satisfactory
is
situation
__
Norfolk
The
plies.
11,615 22,259
2:81 5,113 10,839
New York_ 3,62g
215
80
295
means. Europe and the Far East have bought finished Boston
100
100
__
____
100
100
material to some extent. Tin here on the spot has latterly Baltimore_
2.670
840
1,830
1.075
5
_ 1;656
10,453 10.453
been at 303'2c., showing some further decline. London has PhIladera.
San
Fran......
9.292
9.292
3.555 3,555
been offering more freely for October shipment. Trade here Pt.Towns'd
has been light. Lead. on the spot 33c., and spelter 4.85c., Total
3,410 121,182 225.300
88.303 100.708
44,842
3,40.5
40,056
both showing a decline. Pig iron has been in moderate
9
demand. No. 2 Eastern $13 75; No. 2 Southern Birming- Total 1913_ 92,233 31,243 80.395203.871 543,194 193.370 651,5551,388,11
25 bales
and
Peruvian
steel
products
A
bales
for
1,287
have
decreased.
orders
include
1
Aug.
New
since
exports
York
$10.
-New
Note.
ham
n some directions. Prices for West Indian to Liverpool, 50 bales Egyptian to Mexico.
reduction in wages is expected in
In addition to above exports, our telegrams to-night also
plates at Chicago are down ot 1.100., Pittsburgh basis.
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
faCturers are buying
COTTON.
Friday Night, Oct. 9 1914.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
162,032 bales, against 158,1241bales last week and 97,716
bales the previous week, making the total receipts since
Aug. 1 1914 602,624 bales, against 2,143,279 bales for the
same period of 1913, showing a decrease since Aug. 1
1914 of 1,540,655 bales.
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Total.
11,457 17,290 21.095 13,962 6.689 11,476 81,969
Galveston
273
792
145
1:210
Texas City
:-------------------------------Port Arthur
1.if3§ ',lei
Aran. Pass..kc
2.205 3,245 2.883 2,230 1,840 2,174 14.577
New Orleans_
- -----------------------------665
Gulfport ----------1.023
621
432 1.288
814 4,g43
Mobile
141
Pensacola ------------------------------------141
1,720 1.720
Jacksonville,
3.598 5.781 7,978 2.844 5.820 3.954 29,975
Savannah
400
237
837
Brunswick
1.546 1.531
1.429 1,659
2.294 3.113----------_ _
_ _. 11.572
Charleston
--------------Georgetown _
841 3,446
Mo
847
570
609
854
Wilmington
1,367 2.202 1,658 1.757 1,274 1.480 9,738
Norfolk
N'port News, &c
50
50
New York.,
20
- 20
Boston -------------------------------------478
478
Baltimore
Philadelphia
pntsos this week 22.352 33,578 37.068 24.986 18.192 25.856 162,032
The following shows the week's total receipts, the total
since Aug. 1 1914 and the stooks to-night, compared with
last year:
1913.
1914.
This Since Augl This SinceAug
Week. 1 1914. Week. 1 1913.
81.969 312.5381108.210 944,722
Galveston
62.984
4,462 12.325
1.210
Texas City
400
Port Arthur
51,056
4.782
5.508
1,162
_
&c_
Pass,
Aran.
49,083 31,014 109.944
New Orleans._ _ _ 14,577
Gulfport
75.244
17.536 22.240
4,843
Mobile
8.709
141
141
Pensacola
4.869
1.945
6.434
1,720
&c..
Jacksonville,
29.975 118,986 120.373 493.493
Savannah
85.242
3.385 16,500
637
Brunswick
33,166 38.330 143.227
11.572
Charleston
Georgetown
96.206
15.911 28,132
3.940
Wilmington
50.171
22.732 19.665
9.738
Norfolk
3.860
1.241
8.533
&c_
News,
N'port
74
100
-86
New York
1.563
197
1.537
20
Boston
11.915
3,894
2,072
478
Baltimore
90
_
Philadelphia
Receipts to
Oct. 9.
Totals
162.032 602.624 408.848 2.143.279
Stock.
1914.
1913.
124,197 138,482
3.679
18.459
5.376
62.536
8,777
59,873
15.358
45.572
729
53.165
500
27.047
1,130
142.296
19.207
79,283
14.010
21,969
42.474
20.066
68.193
2.691
4.133
4.765
16.255
3.024
3.760
2,475
408.348
601.113
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts atGalveston _
TexasCity,&c,.
New Orleans..
Mobile
Savannah Brunswick _
Charieston,Scc
Wilmington _
Norfolk
N'port N.,&c
All others..
Total this wk.
Since Aug. 1..
1914.
1913.
1912.
1911.
1910.
81.969 108,210 185,410 129.936 159.706
17.107
2,372
45.108
31.099
11.152
14.577
31,014
36.491
35.8.58
31.500
22.240
4.843
16.19.4
10.010
11.201
29,975 120.373
64,599 125.435
89.179
637
16,500
8,450
8.750
14,569
38.330
11.572
21.480
20.182
18.910
24.104
28.132
3.940
22.180
27.365
19,665
23.367
9.738
28.033
28,126
186
1,2411
238
288
6,036
2.003
2.409
17.582
3,835
1909.
141,308
1.629
58.059
16.497
110,72421.800
18,110
24,530
35,585
176
14.365
162.032 408.8481 421.208 431.129 400,089 424,783
602,624 2.143.2792.053,090 2.340.125 1.849.030 2.040.543
The exports for the week ending this evening reach a total
of 88,303 bales, of which 40,056 were to Great Britain,
3,405 to France and 44,842 to the rest of the Continent.
Below are the exports for the week and since Aug. 1 1914.
On Shipboard. Not Cleared forLeaving
Other CoastGerGreat
Oct. 9 at- !Britain. France. many. Foreign wise. Total. Stork.
55,554
263 6,982
204 4.005 1.029
New Orleans_ _ 1,481
76,108
--- 35,910 3.450 48,089
Galveston _ - 7.729 1.000
49,965
600 3,200
Savannah __-- 2.600
---27,047
Charleston --79
-882 14,806
338
118
Mobile
7,469
11.000 14,500
Norfolk
3.500
67,193
1,000
1.6645
New York_ - _ _
34,183
1.700
1.200
Other ports_
-fa
Total 1914
15,945 1,204 4,343 39.139 15,392 76.023 332,325
61.759 32,999 92.146 23.496 14.328 224,728 376,385
Total 1913
Total 1912-- 141.543 31,994 70.101 26.270 17.637 287,545 526,704
Speculation in cotton for future delivery remaias at a
standstill so far as official trading is concerned, as the Exchange remains closed, though efforts are being made to
reopen it in the near future. There are said to be some prospects of business being resumed at the Exchange here on or
about Nov. 1. Meantime unofficial trading has driven the
price of December down to 7.40c. and spot markets at the
South have also ,been steadily, and in fact rather rapidly, declining. Efforts are being made to finance outstanding
long holdings here through a syndicate. A plan has been
devised as follows: First-A corporation organized for the
purpose to take over all speculative long December cotton
at 9c. Second-Each member and firm of the Exchange
agrees to pay a tax on all subsequent transactions of $2 50
for the round turn until the total amount paid by the tax
shall equal $7 50 per bale on the amount of long cotton taken
over by the corporation, plus interest and money borrowed
from the banks, and expenses. Third-A syndicate agrees
to buy at 73io. from the corporation, all cotton taken over
by, the corporation (subject to Nos. 4 and 5), and when the
price reaches that figure, each member of the syndicate will
own outright his share of the cotton at 73/20. and can dispose
of it as he chooses. Fourth-The corporation will sell as
much cotton as possible above 73.c. Fifth-Any firm turning in long cotton to the corporation at 9c. may withdraw it
absolutely at that price and obtain the obligation of the corporation to pay to that firm $7 50 per bale on such cotton
withdrawn. Sixth-The obligation of the corporation to
banks for money borrowed and interest will be paramount to
all other obligations, such as No. 5. It is also said that
members will give their notes for three years in varying
amounts to the banks in furtherance of the plan. it is also
intimated that there is likely to be an increase in the commission charges here to $25 for the round turn to non-members, $12 Si to members and $1 for floor business. Meantime the question of the New York-Liverpool straddles is
still caushig a good deal of feeling. Margins, it is stated,
have been put up down to 9c. very generally and now there
will be another balloting in a few days on the basis of 83-o.
for December here. It is said that a good many will refuse
to margin down to that price on the ground that the agreeSept. 3
ment entered into with the Liverpool committee ondemandexpressly stated that no margins below 9c. would befrom
Galed. Exports are increasing somewhat, especially
is said,
it
crop,
top
the
crop,
the
regards
As
veston.
At the same
will be smaller than was at one time expected.
United States,
the
in
expected
are
yields
bountiful
time
n has been felt that if
Egypt and India. Some apprehensio
near future, the market
the
in
open
should
here
Exchange
the
pressure of hedge selling.
might be subjected to very severe
Egypt and India, if
from
also
but
South
the
from
not only
But on the other hand,
closed.
were
Exchange
Liverpool
tile
present unofficial price, say
some maintained that at the
that there would be
improbable
is
it
December,
for
7.400.
Spinners and dealers at the
hedging.
of
amount
great
ally
of the New York Cotton ExSouth are besieging members
to use their influence to
telegrams
and
letters
with
change
as possible, Fowe that
soon
as
reopened
Exchange
the
have
of an opportunity to
advantage
the
have
may
trade
te
stated, by farn- ers, dealis
it
missed,
sorely
is
which
hedge,
the banks are also said to
ers, exporters and spinners, while
here by the Exchange,
named
prices
official
the
miss
greatly
making loans on cot-.
in
them
guilded
heretofore
have
which
p.
OCT. 10 1914.]
THE CHRONICLE
ton. The new rules for trading here are ready for inspection at the Exchange, and a ballot on the question of adopting them will be held on Oct. 19. To-day unofficial trading here was stopped by request of the Voluntary Committee.
There has been considerable complaint about such trading,
partly because it was believed to complicate the situation in
the matter of the New York-Liverpool straddles. Spot markets at the South were Wic. lower to-day at Galveston, New
Orleans and Savannah, Y8e. at Houston-where middling is
now down to 6e.-and He. at Little Rock. The crop is
considered large and in many sections of exceptionally
good quality; in others the staple is unusually good. Some
farmers may not pick all their crop unless trade greatly improves. and prices advance. Otherwise, it is claimed the
cost of picking would make it hardly worth while to pick the
cotton.
The official quotation for middling upland cotton in the
New York market each day for the put week has been:
Oct. 3 to Oct. 9Sat. Mon. Tues. Wed.Thurs. Fri.
Middling uplands
"---- ---- ---- ---NEW YORK QUOTATION FOR 32 YEARS.
The quotation for middling upland at New York on
Oct. 9 for each of the past 32 years have been as follows:
1073
AT THE INTERIOR TOWNS the movement-that is,the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
detail below.
Movement to October 9 1914.
Towns.
Movement to October 10 1913.
Receipts.
Ship- Stocks
Receipts.
Ship- 1Stocks
merits. Oct.
runts. Oct.
Week. Season. TVeek.
Week. I Season. Went. le.
9.
Ala.,Eufaula_ _ 1,400
7,487
301 5,203 1,875
8,882 1.9771 1.789
Montgomery - 10,209 51,666 3,659 41,930 11,501 58,459 9,389 17.937
Selma
6,700 32,460 1,585 25,182 9,385 45,052 7,077 8,664
Ark., Helena_ _ 2,832
7,080
259 7,256 3,236
6,114
297 5.582
Little Rock _ 7,521 13,068 2,057 13.453 7.757 18,729
2,663 15,864
Ga.. Albany_ - - 1,512 11,305
58 11,572 2,319 14,984 2,426, 1.593
Athens
4,790 10,797 1,100 9,212 4,946 14,493 4,177 5,178
Atlanta
4,643
7,805 2,326 3,928 19,879 41,191 12,817 15,020
Augusta
21,434 81,390 8.561 55,040 2.5,256 96,224 18,953 29,462
Columbus_ -- 4,307 17,424 1,4
12,709 3,065 14,485 2,330 7,461
Macon
3,353 11,393
193 10,375 4,258 12,490 3,607 1,489
Rome
1.742
5,698 1,195 2.174 5,597 14,077 4,350 5,28.5
La..Shreveport 7.97, 24,790 1,055 25,527 7,395 30,105 4,247: 13,916
Miss.,Columb'
666
2,328
373 1,932 3,822
8,504
5.554
Greenville -- - 4,393 13,184 1,891 11,796 4.434 10,926 1,003'
950 8,536
Greenwood - 4,178 12,570
140 15,561 5,000 12,905 2,500 10,000
Meridian - - 51
2.935
96 3,797
988
4,476
143 3,987
Natchez
1,4
4.495
8 5,100 1,000
3,209
740 1,210
1914_c_ --*11.00 1906_c
Vicksburg --- 1,140
10.90 1898-c
3.300
209 3,231 1,006
5.44 1890-c
373 2,459
3.1
10.38
Yazoo
1913
13.70 1905
_ 2,025
10.10 1897
6,29
7,111 2,338
6.50 1889
5,591
456 6.390
10.62 Mo..St.City_
1912
11.05 1904
Louis_ 4,548 13,282 3,692 13.383 6,177 21,343 5,729 3,506
10.45 1896
7.94 1888
9.88 N.C.,Raleigh.
1911
9.75 1903
157
9.60 1895
3471
175
9.19 1887
32 1.002
3,927
373
9
9.44
0.. Cincinnati_ 1,013
14.65 1902
1910
8.85 1894
8.612 1,41
4,417 1,748 11.745 1.760 16,996
6.19 1886
9.38 Okla.,
1909
13.60 1901
Hugo- - - 1,2
8.38 1893
2,740
300 2,000 3,051
8.38 1885
7,957 1,729 3,150
9.81
9.00 1900
1908
774
11.00 1892
1,846
24 1.875
426
876
8.19 1884
2,899
918
10.00 S.C.,Greenw'd- 37,158
11.85 1899
1907
7.31 1891
76.087 10.15 65,044 36,559 77.740 19,621 47,472
8.75 1883
10.75 Tenn.,Memp
241
Nashville --•August 17.
247 1,101
389 1,510
1,994
Tex., Brenham
948
6,342
1,22
76 4.830 1,500 16,31
1,500
MARKET AND SALES AT NEW YORK.
Clarksville. - 3,
6,600
8
4,900 6.819 11,87 3,887 4,547
5,038 14,841 3,153 4,915 2,103 16,429 1.986 5.838
The total sales of cotton on the spot each day during the Dallas
Honey Grove_ 1.5
5,700
600 3,900 1,417
5.145
608 2,213
week at New York are indicated in the following statement. Houston
69,627 334.761 60,245 67.940 102.492 883,891100,791 99.837
For the convenience of the reader we also add columns
s.
Paris
19,390 1.
14,000
4,860
4,644
21.624
5,627
which
show at a glance how the market for spot and futures closed
Total,33 towns 222,936 818.262 108.223459,576 29,1.804 1.506.919224.649360.911
on same days.
Spot Market
Closed.
Futures.
Market
Closed.
SA&ES.
Spot. Contr'cl Total.
Saturday_ _ _
Monday _ _ _
Tuesday
Wednesday_
Thursday _Friday
57
Total_
57
57
----
57
FUTURES.-The highest, lowest and closing prices at
New York for the past week have been as follows:
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
October 9Stock at Liverpool
Stock at London
Stock at Manchester
1914.
bales. 786.000
19.000
56,000
1913.
404,000
5,000
26.000
1912.
489,000
13,000
53,000
1911.
260.000
8,000
19.000
861.000
*29,000
*170,000
222,000
3,000
29.000
22.000
*20.000
435,000
17,000
103,000
63.000
2,000
9.000
6,000
11,000
555,000
8,000
145.000
83.000
3,000
12.000
3,000
5,000
287,000
12.000
43.000
48,000
2,000
14,000
13.000
4,000
495.000
Total European stocks
1.356.000
India cotton afloat for Europe
77,000
Amer. cotton afloat for Europe_ 150.198
EgyptBrazil,&c.,afit.for Europe 19,000
Stock in Alexandria, Egypt
*100.000
Stock in Bombay. India
528.000
Stock in U. S. ports
408,348
Stock in U. S.interior towns.-- 459.576
U. S. exports to-day
1.175
211.000
259,000
136,000
646.000
89.000
786,166
58,000
154.000
396.000
601.113
360.911
37,801
814,000
41.000
806.663
45,000
110.000
318,000
814,249
350.349
43,799
423.000
20,000
855,354
29,000
54.000
273.000
656,034
429.139
59,856
Total Great Britain
Lock at Hamburg
took at Bremen
Lock at Havre
took at Marseilles
tack at Barcelona
tock at Genoa
took at Trieste
Total Continental stocks
Total visible supply
3,099,297 3,128.991 3.343.060
Of the above, totals of American and other descriptions are as2,799.383
follows:
AmericanLiverPool stock'
bales 485.000 242,000 347,000 153.000
Manchester stock
37,000
15.000
38,000
11,000
Continental stock
*375,000 170,000 232,000
97,000
American afloat for Europe
150,198 786.166 806.663 855,354
408,348 601,113 814.249 656,034
U. S. port stocks
459.576 360.911 350,349 429.139
U. S. interior stocks
1.175
U. S. exports to-day
37,801
43,799
59.856
Total American
1,916,297 2,212,991 2,632,060 2.261,383
East Indian. Brazil, etc.Liverpool stock
301.000 162.000 142.000 107,000
19,000
London stock
5.000
13,000
8,000
Manchester stock
19,000
11.000
15,000
8,000
Continental stock
*120,000
41,000
27,000
39,000
77.000
89.000
41.000
India afloat for Europe
20,000
19,000
58.000
45.000
Egypt Brazil, &c., afloat
29.000
•104,000 154.000 110.000
Stock I n Alexandria. Egypt
54,000
528,000 396.000 318,000 273,000
Stock in Bombay. India
1,183,000 916,000 711,000 538.000
Total East India, &c
1.916,297 2,212,991 2.632.060 2,261.383
Total American
3,099_,297 3,128,991 3,343,,066 2.799383
Total visible supply
Middling Upland, Liverpool
5.30d
7.52d.
6.30d.
5.31d.
Middling Upland. New York---- al1.00c.
13.70c.
11.10c.
9.50c.
8.10d. 10.50d.
Egypt. Good Brown, Liverpool
101 d.
10d.
Peruvian. Rough Good,Liverpool 8.756.
9.256. 10.ri
10.008.
Liverpool
Broach, Fine,
4.80d. 6 15-16c1.
6S4d.
5Sid.
Tinnevelly, Good, Liverpool_ _
4.95d.
7d. 6 1-166. 5 9-16d.
*Estimated. aAug. 17.
The above totals show that the interior stocks have increased during the week 114,713 bales and are to-night98,665
bales more than at the same time last year. The receipts at
all towns have been 71,868 bales less than the same week
last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Aug. 1 in the last two years are as follows:
1914
1913
October 9Since
Since
ShippedWeek. Aug. 1.
Week. Aug. 1.
Via St. Louis
3.692
25,024
5,729
29.882
Via Cairo
4.281
8.202
9.819
23.088
Via RockIsland
160
Via Louisville
1,369
4.920
2.802
10.306
Via Cincinnati
379
1.913
1.135
5.801
Via Virginia points
843
5,792
4,869
16.430
Via other routes,&c
5.986
24,008
7.214
28.234
Total gross overland
16.550
69,859
30.568 113.901
Deduct ShipmentsOverland to N. Y.. Boston.&c
548
3.799
4.091
13,552
Between interior towns
1.042
9.565
587
6.366
Inland,&c..from South
6.002
32.626
2.139
21,775
Total to be deducted
7.592
45.990
6,817
41.693
Leaving total net overland*
8.958
23.869
23.751
72.208
*including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 8,958 bales, against 23,751 bales for the
week last year, and that for the season to date the
net overland exhibits a decrease from a year ago aggregate
of 48,339
bales.
1914
1913
In Sight and Spinners'
Since
Since
Takings.
Week.
Aug. 1.
Week.
Aug. 1.
Receipts at ports to Oct.9
162.032
602.624 408.848 2.143.279
Net overland to Oct.9
8.958
23.869 23,751
72.208
Southern consumption to Oct.9 60.000
570,000 60.000
606.000
Total marketed
230.990
1.196.493
492.599 2.821.487
Interior stocks in excess
114.713
339.437 70.155
217.453
Came into eight during week---345.703
562.754
Total in sight Oct.9
1.535.930
3.038.940
North'n spInn's takings to Oct. 9- 61.112
259.274 74.837
381,113
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.-Below are the closing quotations of
middling
cotton at Southern and other principal cotton
markets for
each day of the week.
Closing Quotations for Middling Cotton onSaturday. Monday. Tuesday. Wed'day. Thursd'y Friday.
Galveston
8
7 13-16 731
7
751
7%
New Orleans.-- 7/7i
7 13-16 7 13-16 7
7
Mobile
7%
7%
75.1
7
7
Savannah
731
731
731
7
731
7
Charleston ---- 7%
7
7%
7
731
Wilmington---17Si
731
731
7
B1
73.1
Norfolk
731
7%
734
7%
7%
7
Augusta
73.1
7
734
%
.7
7
7-16
Memphis
8
8
7%
7
Bt
St. Louis
834
834
834
8
8
Houston
7%
7%
734
7%
Little Rock---- 7%
7%
7
M
7%
7
41i
NEW ORLEANS CONTRACT MARKET.
-There have
been no dealings at New Orleans this past week.
WEATHER REPORTS BY TELEGRAPH.
-Our reports
Week ending
Oct. 9,
14
Continental imports for past week have been 13,000 bales.
The above figures for 1914 show an increase over last week by telegraph from the South this evening indicate that the
of 124,789 bales, a loss of 29,694 bales from 1913, a decrease weather has been satisfactory as a whole during the week,
of 243,763 bales from 1912 and a gain of 299,914 bales over and the gathering of the crop has progressed rapidly almost
1911.
everywhere, cotton teing marketed a little more freely.
1074
THE CHRONICLE
[VOL. xc tx.
Weldon, N. C.—It has rained on two days of the week,
Galveston, Tex.—Weather throughout the week has been
for picking. A the rainfall being forty-four hundredths of an inch. The
dry and cool, with conditions excellent
due to early exces- thermometer has averaged 67, the highest being 83 and the
shortage in yield in some parts is noted,have
had light rain lowest 51.
sive rains and damage by pests. We
Dyersburg, Tenn.—Rain has fallen on two days during the
hundredths
on one day of the week, the rainfall being two
the rainfall reaching one inch and twenty hundreths.
of an inch. The thermometer has ranged from 68 to 82, week,
Average thermometer 71, highest 82, lowest 61.
averaging 75.
Memphis, Tenn.—We have had light rain on two days
Abilene, Tex.—There has been no rain the past week. during the week, the rainfall being ten hundredths of
an inch.
Minimum thermometer 58.
The thermometer has ranged from 60 to 80, averaging 70.
Brenham, Tex.—We have had no rain the past week. The
rain
on three days during
Mobile, Ala.—There has been
thermometer has averaged 76, the highest being 90 and the the week, the precipitation being forty-five hundredths of an
lowest 62.
inch. The thermometer has averaged 75, ranging from
Cuero, Tex.—There has been no rain during the week. 62 to 85.
96.
to
56
from
76,
ranging
averaged
has
r
thermomete
The
NEW YORK COTTON EXCHANGE.—Antendments to
Dallas, Tex.—We have had a trace of rain on one day of By-Laws.—Syndicate Plan.—Important developments of the
88,
to
60
from
has
ranged
r
the week. The thermomete
present week in the cotton situation have been the compleaveraging 74.
tion of the necessary amendments to the rules and by-laws
r
Henrietta, Tex.—Dry all the week. Average thermomete to permit trading under the Lever Law and the publication
of an authorized outline of the plans for taking over specu73, highest 88, lowest 58.
Huntsville, Tex.—We have had no rain during the week. lative long accounts. The plan as outlined by the volunThe thermometer has averaged 70, the highest being 86 and tary committee is as follows:
1.—A corporation organized for the purpose takes over all speculative
the lowest 54.
Long December cotton at 9c.
2.—Each member and firm of the Exchange agrees to pay a tax on al/
Kerrville, Tex.—There has been no rain the past week.
subsequent transactions of $2 50 for the round turn until the total amount
The thermometer has averaged 68, ranging from 48 to 88.
paid by the tax shall equal $7 50 per bale on the amount of long cotton
Lam p055118, Tex.—There has been no rain during the week. taken over by the corporation plus Interest on money borrowed from the
and expenses.
69.
banks,
averaging
to
86,
from
52
ranged
has
r
thermomete
The
3.—A syndicate agrees to buy at 73ic. from the corporation, all cotton
Longview, Tex.—There has been no rain the past week. taken over by the corporation (subject to 4 and 5). and when the price
reaches that figure, each member of the syndicate will own outright Ms
Highest thermometer 74, lowest 88, average 60.
of the cotton at 7;4c. and can dispose of It as he chooses.
Luling, Tex.—The week's rainfall has been two hundredths share
4.— The corporation will sell as much cotton as possible above 7iic.
74,
averaged
has
The
r
day.
one
firm turning in long cotton to the corporation at 9c. may withthermomete
on
5.—Any
inch
of an
draw it absolutely at that price, and obtain the obligation of the corporathe highest being 90 and the lowest 58.
tion to pay to that firm $7 50 per bale on such cotton withdrawn.
Nacogdoches, Tex.—There has been no rain during the
6.—The obligations of the corporation to banks for money borrowed and
to all other obligations, such as No. 5.
week. The thermometer has averaged 71, ranging from interest will be paramount
The questions asked the members by the committee
54 to 88.
the above plan are as follows:
Palestine, Tex.—We have had a trace of rain on two days regarding
will you turn in at 9c. to the corporation?
1.—How much long cotton the
62
to
from
The
r
has
ranged
thermomete
tax?
week.
the
during
2.—Will you agree to pay
cotton will you withdraw at 9c. upon receiving the
long
much
3.—How
74.
averaging
86,
$7 50 per bale on such cotton without
to
pay
corporation
the
agreement of
Paris, Tex.—There has been no rain during the week. interest?
to take in the syndicate at 7j4c.
agree
you
will
cotton
r
76,
much
highest
92,
thermomete
60.
4.—How
lowest
Average
guarantee the banks
5.—Will you, and to what extent in dollars will you,
San Antonio, Tex.—We have had no rain the past week. that
the tax will repay to them In three years the money borrowed?
and to become
are
tentative,
questions
above
and
74,
88
the
the
has
to
averaged
r
being
highest
thermomete
answers
The
6.—Our
binding are subject to our final approval.
the lowest 60.
Commissions, &c.—On Oct. 19 the members of the
Taylor, Tex.—There has been no rain during the week.
New York Cotton Exchange will vote on amendments to
Minimum thermometer 58.
Weatherford, Tex.—It has been dry all the week. The the by-laws applicable to contracts and methods of trading
under the Lever Act. Further amendments change the rates
thermometer has ranged from 56 to 86, averaging 71.
Ardmore, Okla.—There has been no rain during the week. of commission to outsiders to $20 per 100 bales for the round
turn to $10 to members and $1 where the name of the prinAverage thermometer 75, highest 91, lowest 60.
Marlow, Okla.—We have had rain on one day of the week, cipal is given up at or before the close of the Exchange on
the rainfall being thirty-five hundredths of an inch. The the day of the transaction.
Clearing-House Proposed.—At a meeting of the Board of
thermometer has averaged 70, the highest being 90 and the
Managers of the New York Cotton Exchange, hold on Monlowest 50.
the question of
Eldorado, Ark.—There has been no rain during the week. day, a committee was appointed to look into would
embrace
establishing a clearing-house system which
The thermometer has averaged 73, ranging from 60 to 87.
report on some plan
Little Rock, Ark.—We have had rain on one day of the week, all the members of the Exchange sand
cotton trade.
the rainfall being one hundredth of an inch. The ther- which would meet the requirement of the local
H. Royce,
The following committee was appointed: Henry
mometer has ranged from 60 to 84, averaging 72.
Waters, John G. Lonsdale, John
New Orleans, La.—Rain has fallen on one day during the Walter L. Johnson, Spence Temple
Gwathmey, and later on
J.
week the rainfall reaching eighteen hundredths of an inch. W. Jay, Paul Schwartz,
The committee cordially
Chairman.
chosen
was
58.
Royce
lowest
Mr.
88,
Average thermometer 73, highest
of the Exchange with
member
any
from
suggestions
week,
the
of
day
one
on
rain
invites
had
Shreveport, La.—We have
into operation.
plan
-house
clearing
a
The
putting
therof
inch.
an
to
hundredths
regard
the rainfall being nineteen
OF COTTON.
TAKINGS
AND
lowthe
and
86
being
SUPPLY
the
highest
64,
WORLD'S
mometer has averaged
est 41.
1913.
1914.
Cotton Takings.
Columbus, Miss.—There has been no rain during the week.
Week and Season.
85.
to
50
Week.
from
Season.
Season.
Week.
67,
ranging
averaged
has
r
The thermomete
IN
Vicksburg, Miss.—Rain has fallen on one day of the week, Visible supply Oct. 2
2.974,508
....
to the extent of twenty-three hundredths of an inch. The Visible supply Aug. 1
American in sight to Oct.9_ _ _ _ 345.703 1.535,930 562,754 3.038,940
thermometer has ranged from 59 to 85, averaging 72.
120,000
b15.000
103.000
8
23.000
Oct.
to
receipts
68,000
Montgomery, Ala.—There has been rain on one day of the Bombay
68,000
176,000
3,000
Other India ship'ts to Oct. 8.._ _
143,600
b20,000
83,000
45,000
receipts to Oct. 7
week, the rainfall being seven hundredths of an inch. Aver- Alexandria
66,000
2,000
7*
7.000
Oct.
30,000
Other supply to
age thermometer 71, highest 83 and lowest 60.
the
week,
of
days
three
6,018,091
on
rain
had
3,487,021
3,365,211
5,104,746
supply
have
Total
Selma, Ala.—We
Deduct—
The therthe rainfall being twenty hundredths of an inch.
3,099,297 3,099,297 3.128,991 3.128.991
Visible Supply Oct. 9
mometer has averaged 69, the highest being 79 and the low265.914 2,005,449 358.030 2,889,100
Total takings to Oct.9 a
est
177,914 1,299,449 306.030 2.159,500
the
during
days
three
on
rain
been
729.600
has
Ga.—There
52,000
88.000
706.000
Albany
hun
eighteen
and
inch
one
being
n
precipitatio
receipts in Europe from Brazil, Smyrna, West Indies. lzc.
week, the
Embraces
*
a This total embraces since Aug. 1 the total estimated consumption by
dredths. The thermometer has averaged 71, ranging from Southern
milLs, 570,000 bates In 1914 and 606,000 bales in 1913—takings
69 to 83.
being available—and the aggregate amounts taken by Northern and
not
week,
the
of
days
four
on
rain
had
have
foreign spinners. 1.435.449 balm in 1914 and 2,283,100 bales in 1913,
Savannah,Ga.—We
The of which 729,449 bales and 1.553,500 bales American.
the rainfall being six inches and seventy hundredths.
b Estimated.
72.
thermometer has ranged from 64 to 81, averagingduring
MANCHESTER MARKET.—Our report received by
the
days
three
on
Madison, Fla.—Rain has fallen
to-night from Manchester states that the market is
cable
inch.
an
of
hundredths
week, the rainfall reaching five
easy for both yarns and shirtings, with prices largely
and
dull
65.
lowest
Average thermometer 74, highest 83,
nominal.
inch
one
been
has
Tallahassee, Fla.—The week's rainfall
r has
SHIPPING NEWS.—Shipments in detail:
Total bales.
and one hundredth, en two days. The thermomete
60.
8—
averaged 73, the highest being 87 and the lowest
NEW YORK—To Liverpool—Oct. 7—Cedric, 1,873Oct.
2,728
the
of
days
Peruvian
four
Vaderland. 644 upland, 90 Sea Island, 121
30
Charleston, S. C.—There has been rain on
3—Colorado,
300
Hull—Oct.
hunTo
eight
400
400
States,
week, the precipitation reaching three inches and
ct.
8—United
To Copenhagen—O
50
from
ranging
To Barcelona—Oct. 7—Montevideo,50
950
dredths. The thermometer has averaged 72,
900..
6—Napoli,
_Oct.
_
50_
d'Amta,
2—Duca
Genoa—Oct.
To
5111
79.
to
65
To Piraeus—Oct. 5—Nestos, 590
95
days
To Venezuela—Oct. 6—Caracas. 95
Spartanburg, S. C.—There has been rain on threethirtyMerGALVESTON—To Liverpool—Oct. 3—Lord Downshire, 980;
22,672
during the week, the precipitation being one inch andfrom
clan, 12.895._ _Oct. 7—Orator, 8.797
3,855
56
seven hundredths. The thermometer has ranged
To Manchester—Oct. 6—Pilar de Larrinaga. 3,855
3.405
5—Dipton.3,405
Havre—Oct.
To
I
9.200
69.
82,
averaging
to
To Barcelona—Oct.6—Valbanera, 9.200
3,750
Charlotte, N. C.—There has been rain on three days during
To Genoa—Oct. 8—Monginevro. 3.750
1.116
To Mexico—Oct. 8—Atlantis.1.116
12,220
the week, the precipitation being two inches and two hunTo Japan—Oct.6—Penrith Castle. 12,220
dredths. Average thermometer 70, highest 81 and lowest 58.
8f Nvviglg American
THE CHRONICLE
OCT. 10 1914.)
Total
TEXAS CITY—To Mexico—Oct. 3—City of Mexico, 1.253
NEW ORLEANS—To Liverpool—Oct. 5—Commodore, 3.713
To Belfast—Oct. 3—RathIln Head, 500
To Gema—Oct. 6—Monviso, 1,761
PENSACOLA—To Liverpool—Oct. 6—Napierian, 320
BRUNSWICK—To Liverpool—Oct. 6—Orubian, 1,850
SAVANNAH—To Manchester—Oct. 8—Bylands, 1,868
To Rotterdam—Oct. 3—Themisto, 2,427
To Barcelona—Oct. 6—Angel B. Perez, 4,700
WILMINGTON—To Barcelona—Oct. 5—Dora Baltea, 600
To Genoa—Oct. 5—Dora Baltea, 2.000
CHARLESTON—To Liverpool—Oct. 7—Orublan, 1,250
BOSTON—To Yarmouth—Oct. 3—Prince George, 100
PHILADELPFIIA—To Liverpool—Oct. 2—Dominion, 1,000
To Copenhagen—Sept. 25—Dania, 75
PORT TOWNSEND--To Japan—Oct. 6—Sado Marti, 3.555
Total
bales.
1,253
3.713
500
1,761
320
1,850
1,868
2,427
4.700
600
2.000
1,250
100
1.000
75
3,555
88.303
The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
Great French Ger- —Oth.Europe— Mex.,
etc. Japan. Total
Britain. Ports. many. North. South.
New York
95 --400 1.590
3.028 _ —_
5,113
Galveston
_--- 12,950 1.11612,220 56,218
26.527 3,405
____
Texas City__
__ 1,253 -__
____
---1.253
New Orleans..
4.213 ------- 1.761 ------5.974
Pensacola
_
---420
320
Savannah
1,668 ---2F.IY/ 4776.15 ::: ::_ 8.005
Brunswick
1,850 ------------------1.850
Charleston
1,250 - - -Wilmington_ __ _ -_-_
____
____
____ 2-,665------2,600
Boston
100
Philadelphia
1.000
Port Townsend_ ____
____
____
____
3.888
3,555
Total
40,056 3,405
-___
2,902 23,601 2,56415.775 88,303
LIVERPOOL.—Sales, stocks, &c., for past week:
Sept. 18. Sept. 25. Oct. 2.
&dos
of the week
Of which speculators took
Of which exporters took
Sales, American
Actual export
Forwarded
Total stock
Of which American
Total imports of the week
Of which American
Amount afloat
Of which American
21.000
200
1.100
18,000
3,000
30,000
855,000
560.000
20,000
1,000
17.000
2,000
30,000
829,000
535,000
6,000
24,000
200
1.000
17,000
2.000
34,000
815,000
511,000
22.000
27.000
7.000
45,000
20.000
66,000
48,000
15.000
Oct. 9.
3,000
38,000
786,000
485,000
Dealings in spot cotton during the past week have been as
follows:
Spot.
Saturday.
Monday.
Tuesday.
Market, I
12:15 1 Moderate
P. M.
demand,
Good
business
done,
Quiet.
Wednesday. Thursday.
Fair
demand.
Quiet.
Friday,
Quiet.
hIld.Uprds
5.30
5.30
5.30
5.30
.5.30
5.30
Sales
American.
3.500
2,700
3,400
3.000
4,500
3,700
3.100
2,100
3.500
3,000
• 3,000
2.700
Imports...
American _
1.000
1.000
4,727
1.401
2,167
500
1.242
001
BREADSTUFFS.
Friday Night, Oct. 9 1914.
Flour has been, as a rule, in only moderate demand for
the home trade, although there has been some demand from
Europe. Holland is said to have been in the market to some
extent. As near as can be gathered, however, Europe has
not, as a rule, been buying on a large scale. It looks as
though foreign buyers for the time being had largely satisfied
their wants, whatever they may conclude to do later on.
The Southwestern mills, however, have been quite firm. In
fact most mills have been inclined to maintain their quotations, though evidently less aggressive for the time being
than they were recently. Last week, it is true, the.sales by
the Northwestern mills were large enough to surprise most
people. Moreover, early in the present week a bid was reported at Minneapolis for 110,000 barrels to be shipped to
Europe. It is very evident, therefore, that Europe is
keeping an eye on American flour markets. It is declared,
however, that some of the recent reports of large export purchases were without foundation in fact. From London
comes a report that considerable purchases from American
and Canadian mills, supposedly for France and Belgium,
were made without authority, and there are broad hints of insanity somewhere. They are here mentioned merely for
what they are worth. Some at the West;
say they are
baseless. The total production last week was 398,315
barrels, against 450,360 barrels in the previous week and
470,260 barrels last year. The latest Northwestern reports
indicate that the export sales there last week were some
350,000 barrels. Some of the larger mills have sold their output; some of the smaller have not been so fortunate.
Wheat has advanced. The rise was due partly to unfavorable news about the foreign crops. Australia is suffering
from drought and the crop of New South Wales and Victoria
is'estimated at only about half of that of last year, or, say,
35,000,000 bushels. In France the weather is bad for seeding,
even where movements of the armies are not interfering with
it. The French Government is making every effort to have
at least a fair acreage seeded, but for the time being there is
undoubtedly some delay, and, to say the least, the size of the
area planted must be purely conjectural and very largely
contingent on military operations. In Belgium the damage
by the war to harvests is estimated at 10%, and there is no
question but that the German invasion will largely prevent
plowing. In Germany, official reports state, scarcity of
horses and the dryness of the weather have greatly interfered
withifarm work. Both soil and weather conditions are now
better; but with vast armies in the field it seems questionable to many whether the usual acreage or anything like it
will be seeded. It_mayibe mentioned in passing, however,
1075
that late reports from official circles state that preparations
for the new crops in Germany are now progressing with the
weather favoring. Peasants and prisoners of war, it is
added, are being utilized for this work, and some reports
state that the intention is to increase the area largely. It
remains to be seen whether this can be done. From Russia
semi-official reports confirm the previous statements of a
shortage of the harvest; in fact, the wheat crop is stated as
104,000,000 bushels smaller than that of last year. Also
the weather is cold, wet and generally bad for the new crop
work in Russia. In Austria-Hungary the harvesting results
are described as even worse than had been expected, and
prices are extremely high. Furthermore, there is apparently
no indication as yet of a new crop being seeded. Advices
from Australia indicate that the crop will be a short one
and the surplus insignificant. Spain is said to have 16,000,000 bushels less than normal requirements. From Italy
there are complaints of drought. An official report places
the Argentina acreage at 15,474,000 acres, as against 16,235,000 last year. Export business in this country has increased.
Last Tuesday the export sales, mainly winter wheat,were reported at 1,000,000 bush. to arrive, this representing the sales
within forty-eight hours. Since then the export business
was stated at 400,000 bushels a day,or very fair transactions
for European account. Foreign houses have also beep fair
buyers of futures at Chicago. So have Western cash houses,
who have taken considerable December at Kansas City.
Moreover, the'October Government report reduced the estimate of the total crop of wheat to 892,000,000 bushels,
against a promise on Sept. 1 of 896,000,000 bushels, though
the total, to be sure, will be large in any case compared with
that of last year, when it was 763,380,000 bushels, while in
1912 it was only 730,267,000 bushels and in 1911 only
621,338,000 bushels. The point, however, is that from
estimates well over 900,000,000 bushels, the tendency in the
last two months has been to gradually reduce the total to
one considerably less than was at one time expected while
European harvests are short. On the other hand, however,
the increase in the American supplies was quite liberal last
week, reaching 11,470,000 bushels, as compared with an
increase in the same week last year of 11,617,000 bushels.
Early in the week this had a somewhat depressing effect for
the moment. The increase in two weeks has been 29,016,OCO
bushels, as against about 10,000,000 bushels less than this in
the same fortnight last year. Large shipments have been
made from this country to the United Kingdom, and Liverpool prices for a moment showed the effects of the increase.
These shipments were 10,359,000 bushels, including 4,658,000 bushels to the United Kingdom, 2,459,000 bushels to
France, 760,000 to Rotterdam, 675,000 to Scandinavia,
628,000 to Italy, 22,000 to Greece and 1,157,000 to nonEuropean countries. Of the above 1,953,000 bushels were
shipped from Canada and 557,000 from the Pacific Coast.
But, on the other hand, the Liverpool advices stated that
Pacific Coast offerings were light and that the bad reports
from Australia tended to offset anything at all bearish in the
situation. A late official report states that Australia is
undoubtedly suffering from drought.
Renskorf, Lyon & Co. of this city give a resume of the
effects of former wars on wheat prices as follows:
1775—War of: American Revolution-93 cis. average at seaboard markets in 1788; rose yearly to 1796, with an average
of $2 48, high price being $3, and continued with high average, owing to French Revolution, Napoleonic wars and our
own war of 1812.
1815—European War—Waterloo ended hostilities and resuited in some break in values; average price in 1815, $1 76,
then rose to $2 85 in 1817.
1854-56—Crinican War-38 cts. in 1852; rose to $1 85 in
1855, which was top. After some decline, rallied again in
1857, but upward move interfered with by panic of that
period; failure of Ohio Life & Trust Co.
1860 64 Civil War-62 cts. in 1861; rose to $2 28 in 1864;
broke with end of war to 74 cts. in early 1865, followed by
violent advance to 32 85 in spring of 1867—the same "high'
as reached in 1817, just 50 years previous.
1876-78—Russo-Turkish War-83 cts. in 1876; rose to
$1 76 in 1877; broke to 77 cts. at conclusion of war, only to
rise again to SI 44 in 1882.
1898—Spanish-American War-63 cts. in spring of 1897.
Leiter deal on, prices rose to $1 35 for May and $1 25 fcr
July in May 1898; collapsed to 63 cts. before end of war.
1904-05—Russo-Japanese War-74 cts. in Nov. 1903; rose
to $I 21 in both 1904 and 1905; broke to 69 cts. in 1906, to
advance again to $1 60 cash and $1 34 for May 1909.
1914—General European War—Middle July, 84
cts.
May option rose to $1 32 early Sept.; now $1 12. What
next?
One view at the West is that the quantity of wheat which
will be required by the nations that can be reached is 470,000,000 bushels for the season of twelve months from Aug. 1,
and 80,000,000 bushels more for other than European countries. Of the total of 550,000,000 bushels; this country and
Canada can supply, it is said, some 330,000,000 bushels. If
crops are of average size, it is argued that in Argentine, Australia and India there will be plenty of wheat, even should
the war continue during 1915. To-day prices declined somewhat after an early advance. Export business fell of, however, with Liverpool lower. But a sharp decrease is expected
shortly in the crop movement at the American and Canadian
Noithwest.
1076
THE CHRONICLE
[VOL. Ice .
NEW YORK.
1 yields indicated by the condition of crops on Oct. 1 or at time of harvest, and the
DAILY CLOSING PRICES OF WHEAT FUTURES IN
Sat. Mon. Tues. Wed. Thurs. Fri.
final yields in preceding years, for comparison, follow:
cts_11234 11594 1144 115
116
1174
No. 2 red
-Yield- -TotalProduction- -----Price--December delivery in elevator____11634 1174 11691 11691 1184 11831
In Millions of Bushels.
Per Acre.
October 1.
122% 122% 123
122% 1244 124
May delivery in elevator
1909- -a1914--19091909Oct. Sept.
1913,
1913,
OF
WHEAT
PRICES
FUTURES
IN
DAILY CLOSING
1913,
fore1913. aver.
Crop*194. aver, foreSat. Mon. Tues. Wed. Thurs. Fri.
1913. aver.
bush, bush, cast. cast. Final.Final. 1914.
Cis.
1084 10734 1074 10934 109
Cts.
December delivery in elevator-cts-108
Cts.
Winter wheat
a19.1 15.6 a675 a675 523 441 94.4 81.2 88.5
11434 115% 114% 114% 115% 115
May delivery in elevator
Spring wheat
612.1 13.3 a217 221 240 245 91.8 74.0 84.3
Indian corn has advanced somewhat, owing to the rise in All wheat
616.7 14.7 a892 896 763 686 93.5 77.9 87.6
25.5 25.9 2,676 2,598 2,447 2,708 ' 78.2 75.3 67.9
wheat and wet weather over a portion of the corn belt. Corn
a29.6 30.6 a1,137 1,116 1,122 1,131 43.3 39.6 38.6
Oats
Morevoer, country offerings have continued small. The Barley
626.1 24.3 6197 200 178 182 51.8 56.8 60.6
41
35 79.0 64.8 72.0
a43 a43
a16.8 16.1
latest Government report, however, shows an improvement Rye
14
17
17 78.7 74.1
17
21.3 20.5
71.9
in the condition to 72.9 on Oct. 1, against 71.7 on Sept. 1 Buckwheat
382 371 332 357 64.7 73.9 69.1
103.3 97.1
White potatoes
55
59
58 87.3
55
94.0 92.7
and 65.3 on Oct. 1 1913. The crop is now put officially Sweet potatoes
----954 862 954 996
lbs_821.3 815.1
at 2,676,000,000 bushels, against 2,446,988,000 last year Tobacco
18
20 127.4 122-.1-3 16-673
15
17
8.7 7.8
Flax
26
24
24
24
and 3,124,746,000 in 1912. Early in the week the Eastern Rice
34.5 33.3
66 81-164
.77 $12.
- 22 $12:07"
a69 669
(tame).
._ _tons al.42 1.34
demand at Chicago increased. Of late it has fallen off. IlaY
_
230 220 145 176 1/61.6 976.5 970.6
Apples
CHICAGO.
Trading during the week has not been large in any direction
The weather in Argentina, moreover, has been favorable
and that country is expected to ship freely this week. Wet
weather, however, small stocks and high European quotations have on the whole kept prices firm, though of late the
market has not shown quite as much strength as it did early
in the week. The arrivals at Liverpool have been smaller
and that market has been inclined to be strong. The American available supply,it is of interest to note,fell off last week
nearly half a million bushels, as contrasted rather strikingly
with an increase in the same week last year of 729,000
bushels. To-day prices fell in the final trading, though at
first they advanced. The weather at the West continued
rainy, and receipts are not increasing. The demand, however, is rather slow. Liverpool was lower, with offerings
liberal from the River Plate. A steamer arrived at Liverpool to-day from Argentina with corn of good quality,
something which seems to have surprised the Liverpool
trade.
NEW YORK.
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN
Sat. Mon. Tues. Wed. Thurs.
cts- 81
81
No. 2 mixed
80
8034 81
DAILY CLOSING PRICES OF CORN FUTURES IN
Sat. Mon. Tues, Wed. Thurs.
December delivery in elevator_cts- 6834 6734 6651 67
6734
704 704 6954 6934 7054
May delivery in elevator
Frt.
814
CHICAGO.
Fri.
67
6934
* Interpreted from condition reports. a Preliminary estimates. y Aver.Sept.15.
Details for important crops in principal States follow:
The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Au st 1 for each of the last three years have been:
Receipts at-
Wheat.
Flour.
Corn.
Oats.
Barley.
Rye.
bbls.1961bs. bush.60 lbs. bush.56 lbs. bush. 321b5. bush.4815s. bu.56 lbs.
69,000
226,pop 3,387,000 1,308,000 4,289,000 1,312,000
Chicago_ __
_
134,000
855,000
767,000 114,000
561,000
78,000
Mihvaukee.....
512,000
381,000 299,000
4,408,000
Duluth
98,000 1,190,000 1,711,000 228,000
4,734,000
Minneapolis.
16,000
18,000
1,000
96,000
Toledo
47,000
175,000
68,000
9,000
Detroit
16,000
18,000
91,000
1,000
24,000
Cleveland
133,000
413,000
675,000
83,000
29,000
93,000
St. Louis.....
298,000
204,000
41,000
64,000
32,000
69,000
Peoria
143,000
129,000
2,416,000
Kansas City.
248.000
455,000
361.000
Omaha
499,000 16.838,000 2,441,000 8,258,000 4,320,000 771,000
Total wk.'I4
443,000 10,001,000 4.304,000 5,501,000 4,088,000 496,000
Same wk.'13
442,929 10,590,649 3,663,764 6,814,957 2,892.457 652,843
Same wk.'12
Since Aug. 1
4,007,000 123,651,000 33,951,000 76,131,000 21,003,000 5,332,000
1914
3,701.000 89,984,000 37,308,000 60,834.000 21.656,000 4,227,000
1913
•
nog 422 93.428.063 32,034,804 54,365,139 15,403,050 4,609,625
'"''''
Oats have also been stronger, with reports of large sales
Total receipts of flour and grain at the seaboard ports for
for export. On Monday half a million bushels were sold to
Oct. 3 1914 follow:
week ended Flour,
the
Tuesday
480,000
Europe, on
and on Wednesday 450,000,
Rye,
Oats, Barley,
Corn,
Wheat,
bush,
bush.
bush.
bush,
bush.
good
business
on
with a
Thursday and Friday also reported. Receipts atbills.
840,000 121,000 255,000
379,000
281.000 1,108,000
France has been a heavy buyer at the West, Chicago the New York
75,000
1,000
2,000
48,000
62.000
Boston
377,000 38,000
478,000
1.000
other day reporting 400,000 bushels taken for that country Philadelphia
842.000
49,000
_
2,477,000
225,000
60,000
1,041,000
23,000
Country
offerings
at
alone.
the West have been small, Baltimore
206,000
10,000
1,799,000
87,000
New Orleans *-- partly owing to wet weather. The shipments from Iowa in Galveston
1,100,000
29,000
15,000
particular have fallen off quite noticeably. On the other Mobile
248,000 149,000 80,000
3,031,000
97,000
Montreal
available
hand, the American
supply. increased last week
380,000
Port Arthur
32,000
3,617,000 bushels, against an increase in the same week last St. John
year of only 1,137,000 bushels. On the advance cash houses
958,000 4,223,000 308,000 562,000
9,381,000
Total week 1914_ 614,000 172,792,000
20,631,000 45,052,000 9342,000 3876 000
and long holders have sold rather freely. New York's re- Since
Jan. 11914_16.759,000 4,573,000
729,000 191,000 25,000
209,000
'
443,000
ceipts have been rather large at times, ranging from 165,000 Week 191311913.16.783,000 141033,000 44,994,000 42,587,000
16235000 2540000
to 338,000 bushels daily. Chicago's receipts have also been SineeJan.
not include grain passing through New Orleans for foreign ports on
liberal, but a falling off in the crop movement is expected •Receipts do lading.
very shortly. To-day prices receded after an early advance. through bills of
ports for the week
Yet the home demand was good and export sales reached
The exports from the several seaboard
in the annexed statement:
200,000 bushels. Within forty-eight hours, too, Omaha has ending Oct. 3 are shown
Rye, Barley, Peas,
Oats,
Flour,
Corn,
Wheat.
bush.
bush.
bush,
sold 130,000 bushels for export via the Gulf. The export
bush,
bbls,
bush.
bush.
Exportsfrom225
199,300
46,966
400,088
134,370
295,289
934.268
clearances to-day reached the large total of 838,000 bushels. New York
ic-c
Rein
Boston
Moreover, the crop movement is expected to decrease very Philadelphia
398,000
28,000
____ 584,000
100 6,491 2,909,339 128,571
noticeably before long.
808,079
Baltimore
1,000
NEW YORK.
DAILY CLOSING PRICES OF OATS IN
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
Standards
cts-504-51 51-514 50-504 50-504 504-51 51-51
No. 2 white
51-5134 514-52 504-51 504-51 51-5134 514DAILY CLOSING PRICES OF OATS FUTURES IN
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_cts- 4834 4851 4734 48
4834 48
May delivery in elevator
5154 5134 5034 514 5134 51
CHICAGO.
The following are closing quotations:
FLOUR.
Winter, low grades. -$4 00134450 Spring clears
$5 20Ii655 35
Winter patents
5 60t 600 Kansas straights. sacks_ 5 20161! 540
Winter straights
5 10
525 Kansas clears, sacks ___ 4 80® 5 10
Winter clears
4 50
4 75 City patents
6 95
Spring patents
5 60
585 Rye flour
5 2510 575
Spring straights
5 25@ 5 40 Graham flour
5 150 5 40
GRAIN.
Wheat,per bushel-f.o.b.
Corn, per busheleta.
N.Spring,No.1_
$1. 18
No. 2 mixed
8131
N.Spring,No.2
No. 2 yellow
81
Red winter, No. 2
1 1734
No. 3 yellow
804(4)81
Hard winter. No.2
1 16
Argentina in bags
80
Oats, per bushel, neweta
Rye, per bushelStandard
51@514
New York
No. 2, white
514@52
Western
96
No. 3. white
50.4e)51 Barley-Malting
68@78
New Orleans_ _ _1,812,000
2,117,000
Galveston
Mobile
2 559.000
Montreal
380.000
Port Arthur
32,000
St. John
Total week____9,226,347
4 755.617
Week 1913
13,000 31,000
10,000
29.000 15,000
107,000
14,000 80,000 18,000
337,389 337,016 3,723,227 407,871 64,966
7.680 207,069 144,727 25,829 85,000
225
297
The destination of these exports for the week and since
July 1 1914 is as below:
Flour--- -Wheat-- --Corn---Since
Since
Week
Julie 1
July 1
Week
1914.
Oct.
3.
1914.
3.
Oct.
Exports/or week and
bush,
bush.
bbls,
bbls.
since July 1 to43,751,904
United Kingdom__ _174,405 1,401,294 3,903,669 45,948,245
4,899,888
801,891
83,199
Continent
Sou.& Cent. Amer_ 38,024 534.194 422,790 1,945.009
17,328
37,680 477,942
West Indies
26,480
950
Brit, Nor. AM.Cols,
24,448
62,746
4,758
Countries
Other
337,016 3,307,547 9,228,347 91.684,934
Total
207,099 2,965,037 4,755,617 60,412,049
Total 1913
Week
Oct. 3.
bush.
290,938
22,060
21,840
2,553
Since
July 1.
1914.
bush.
45,490
527,883
668.993
607,232
4,132
11,721
337,389 1,895,451
71,680 1,438,955
corn for the week
The world's shipments of wheat and and
1913 are shown
1914
1
July
since
and
ending Oct. 3 1914
AGRICULTURAL DEPARTMENT'S OCTOBER RE- in
the following:
PORT.-The report of the Departirkent of Agriculture for
Corn.
Oct. 1 respecting cereal crops in the United States was issued
Wheat.
on Oct. 7 as follows:
1913.
1914.
1913.
The Crop Reporting Board of the Bureau of Crop Estimate: makes the
following
estimates from reports of its correspondents and agents:
FOR THE UNITED STATES.
Condition
-Acreage 1914
Oct. 1
Oct. 1
Oct. 1
Sept. 1 P.- Cent
1914.
1913. 10-yr. Aver. 1914. of 1913.
CropAcres.
72.9
65.3
(Aom
79.1
71.7
99.3
105,067,000
.83.3
Buckwheat
*65.9
.82.5
87.1
98.9
796,000
78.0
67.7
White potatoes
75.7
75.8
101.1
3.708,000
80.7
80.1
Sweet potatoes
82.7
81.8
91.9
593,000
*81.8
*76.6
*82.5
Tobacco
71.4
04.6
1,151.000
.77.4
*74.7
Flax
*78.5
72.9
34.1
1,927,000
*88.0
*80.3
*86.4
Rice
88.9
65.2
701,800
a73.5
a64.1
a68.5
Cotton
678.0
98.7
36.960,000
69.1
46.6
53.1
61.9
Apples
- -* Condition at time of harvest. a Condition 25th of precellng month.
Such preliminary estimates of this year's crops as have been made, together with
Exports.
1914.
Week
Oct. 3.
Since
July 1.
Since
July 1.
'Week
Oct. 3.
Since
July I.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
83,066,000 326,000 1,136,000
North Amer. 10359000 115,439,000
1,531,000
a
39,726,000
11,922.000
Russia
46,000 9,431,000
2,347,000 6,436,000
Danube_ _ 8,610.000 4,804,000 40,418,000
3,514,000
240,000
Argentina9,544,000
Australia _ - - 296,000 8,688,000 21.048,000'
9,576,000
India
2,108,000
2,040,000
0th.countr's 210,000
5,176,000 52,516,000
Total __ 11105000 151,526.000 170,536,000
available since Aug. 1.
•Available only in part since Aug. 1. •Not
Since
July 1.
Bushels.
623,000
5,307.000
4,856,000
83,892.000
94,678,000
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
THE CHRONICLE
OCT. 10 1914.]
Total.
United
Kingdom. 1Continent.
Total.
Bushels.
Bushels. Bushels. Bushels.
16,465,000
33,504,000
12,997,000
30,904,000
13,208,000 21,016,000 34,224,000 13,838,000 16,618,000 30,456,000
18,480,000 20,208,000 38,688,000 10,974.000 20,103,000 31,077,000
Bushels.
Oct. 3 1914_
Sept. 26 1914_
Oct. 4 1913_
Oct. 5 1912_
packages, valued at $137,045, their destination being to the
points specified in the table below:
Corn.
Wheat.
United
Kingdom. Continent.
Bushels.
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Oct. 3 1914 was as follows:
UNITED STATES GRAIN STOCKS.
In ThousandsNew York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Buffalo
Tolep
afloat
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
Amer. Bonded
Wheat. Wheat.
bush. bush.
155
926
99
139
116
791
2,218
3,157
2,109
216
2,809
1,406
233 ____489 _ _
4,744
302
7,586
8,002
3,396
7,385
3
697
89
4,159
144
Amer.
Corn.
bush.
674
28
158
214
89
208
729
83
Amer. Bonded Amer. Amer. Bonded
Oats. Oats. Rye. Barley. Barley
bush. bush. bush, bush. bush.
280
10
71
1,708
64
70
4 ____
: _jai
353
1
1,280
395
2,308
808
69
-iio ""iii
--i§"
1,550 10,395
172
540
1,129
8 2,751
58
519
110
681
98 1,322
274
339
167 2,054
719
358
____
254
20
30
715 5,488 27,285
Total Oct. 3 1914_ _51,586
788 5,855 25,088
25
Total Sept.26 1914._45,382
495
Total Oct. 4 1913...52,061 1,198 5,149 31,718
CANADIAN GRAIN STOCKS.
CanatUna Bonded
Canadian Bonded
Wheat. Wheat. Corn. Oats. Oats.
bush. bush. bush, bush, bush,
In Thousdands83
418 ____
3,251 ____
Montreal
2,837
Ft.WilliamdtPLArthur.16,852
552
2,781 ---Other Canadian
549
66
295
225
52
44 1,420
895
353
2
17
16
-ii
375
40
"To
183
1,245 3,965
1,210 3,663
1,549 3,967
40
22
108
Canadian Bonded
Rye. Barley. Barley.
bush, bush. bush.
159
159
--__
83 3,807
87 2,392
82
-- _
____
24 6,274
-22
468SUMMARY.
Bonded
Bonded
Bonded
Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley.
bush, bush, bush, bush, bush. bush. bush. bush.
715 5,488 27,285
30 1,245 3,965
51,586
40
83 3,807
159
_
22,884
Total Oct. 3 1914..22,884
Total Sept.26 1914_ _20,112
Total Oct. 4 1913..11,420
/n ThousandsAmerican
Canadian
715 5,571 31,092
Total Oct. 3 1914_74,470
788 5,942 27,480
Total Sept.261914_65,494
Total Oct. 419i363,481 1,198 8,173 37,992
30 1,245 4,124
25 1,210 3,745
495 1,571 4,435
40
22
108
THE DRY GOODS TRADE.
New York, Friday Night, Oct. 9 1914.
Commission and jobbing houses, while reporting increased
activity during the past week,state that new business is slow
In coming to hand. Cool weather for a while stimulated
buying on the part of retailers, but with the return of milder
temperatures this demand fell off. Commission men state
that, while a fair volume of business is being done, it is
almost entirely for near-by delivery and that it is impossible
to interest buyers to any considerable degree in forward
business. They state that the cheapness of raw material
has enabled manufacturers to cut prices on staple lines to
very attractive levels, but that buyers are afraid to commit
themselves to contracts when prices may turn out to be much
lower at the time the deliveries fall due. For the same reason
manufacturers are not pushing for business, they having
no means of protecting themselves against the future course
of values, owing to the absence of a stable market for raw
material. As the situation now stands, manufacturers who
had considerable high-priced cotton on hand at the outbreak
of the war are mixing the same with cotton purchased at
recent low levels in order to equalize the cost of production.
The situation is being helped considerably by large export
sales in various lines, which are making up to some degree
for the slack domestic demand. Agents are in the New
York market with extensive orders from the governments
having armies in the field and have closed some large contracts with several manufacturers. They have also taken up
whatever spot supplies are available and suitable to their
needs. Knitting mills at Cohoes, N. Y., are reported to be
running at full capacity,turning out underwear for army purposes, and as fast as the goods are ready, they are being
shipped abroad. These contracts are for garments of special
design of woolen and cotton mixture, and are estimated to
aggregate hundreds of thousands of dozens. There are other
large export inquiries in the market for hosiery, towels,
blankets, uniform materials, army shirts and duck. It is
reported from Baltimore that the Mount Vernon-Woodberry
Cotton Duck Co.has closed for 500,000 pounds of duck for
export. Export business of the regular order with China,
India and Red Sea ports is practically at a standstill, no new
inquiries of any importance being received. A fair business
is being done with South America, and several important
developments in connection with promoting relations with
South American merchants are pending, one of which is to
have American manufacturers take the wool product of
Uruguay and ship them in return the finished goods. Heretofore Uruguay has shipped its wool crop almost entirely
to Europe, and they will now be placed in the position of
finding another outlet for upwards of 20,000,000 pounds
of wool.
DOMESTIC COTTON GOODS.-The exports of cotton
goods from this port for the week ending Oct. 3 were 1,618
1077
New York to Oct. 3-
Great Britain
Other Europe
China
India
14
100
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Total
914----Jan. 1.
3,336
2,007
49,645
15,647
9,412
6,088
35,959
498
16,992
41.536
51,056
Week,
677
30
161
522
114
1,618 232,176
1913
Week.
Jan. 1.
387
2
--10
1,304
448
860
98
483
1,427
2,545
1,927
905
56.675
10,596
30,293
21,440
28,505
1.928
12,453
39,658
50,925
7,564 255,305
The value of these New York exports since Jan. 1 has
been $16,923,174 in 1914, against $19,697,824 in 1913.
Staple cotton goods are quiet and easier, with little prospect of any improvement m the near future. Further reductions have been named during the week on several lines,
but without causing improvement in the volume of sales.
Buyers are extremely conservative and confine their purchases
to actual requirements. No attempt is made to place business for forward account, and there is not likely to be until
cotton is placed on a more stable basis. Print cloths have
eased off, but demand continues light. Mills are offering
more freely, and in many cases are willing to accept business
at substantial concessions. There is a good export demand
for cotton duck and khaki cloths and good sales have been
made. Coarse cotton sheeting is also in demand for bagging
purposes. In bleached and brown goods prices are comparatively firmer than on other lines of cotton goods, as
manufacturers of these are still using cotton purchased at
high prices. Reductions are looked for by buyers, however,
as soon as the pills begin to use the lower-priced cotton.
Gray goods, 38-inch standard, are quoted at 3'Hie.
WOOLEN GOODS.-Selling agents report a large call for
woolens and worsteds for fall and winter needs, and on some
lines the demand is much heavier than had been anticipated.
One reason to which the greater sale of yardage is attributed
is the full styles in skirts and tailored garments, which
require much more goods per garment. The late start by
cloak and suit manufacturers who had been delayed in trying
to reach an agreement regarding the length of coats for the
coming season and other particulars of style is the principal
reason for the heavy late demand for piece goods. Broadcloths are reported in urgent demand for near-by delivery,
with supplies hard to get. Domestic broadcloths are being
readily taken by users of imported fabrics, as supplies of
the latter are about exhausted. Serges, mixtures and tweeds
for both suits and cloaks are also selling well.
FOREIGN DRY GOODS.-Imported lines of woolens
and worsteds are about exhausted and domestic manufacturers are being called upon to supply the deficiency. Some
very fair orders have been placed on English lines, as selling
agents handling same are confident that they will be able
to secure the supplies from abroad. English serges are
particularly in demand, both in cheviot and rough-finished
effects. German agents are endeavoring to place business,
but cannot convince buyers that they will be able to make
deliveries of the goods sold. They state that shipments
will be obtainable by the way of Rotterdam, but even should
this be the case they must of necessity be of very small
volume. In linen goods active buying has been checked by
the abnormal rise in prices, and business during the past
week has turned dull. Retailers are buying small.quantities
in preparation for special fall sales, but are not inclined to
place much business ahead at prevailing high prices. Supplies of German, Austrian and Belgium linens have been
pretty well cleaned up, but arrivals of Scotch and Irish linens
are keeping up better than had been expected. Burlaps
have again ruled quiet, with the undertone easier, owing to
larger arrivals. Light-weights are quoted at 6.75cland heavyweights at Sc.
Importations & Warehouse Withdrawals of Dry Goods.
Imports Entered for Consumption for the Week and Since Jan. 1.
Week Ending
Oct. 3 1914.
Pkgs.
Value.
Since Jan. 1 1914.
Pkgs.
Value.
Manufactures of
-
Wool
Cotton
Silk
Flax
Miscellaneous
1.238
1.545
834
1.531
2.048
294,941
71.838 20,071.251
435.708 124.575 33.472,126
472.899 56,107 26.789.501
372,716 56,021 13.872,488
286.028 106,517 10.415.754
Total 1914
7,196 1,862,292 415,058 104.621,120
Total 1913
4,748 1,343,190 341,747 85,011.962
Warehouse Withdrawals Thrown Upon the Market.
Manufactures ofWool
464
126.579 33,444 9,064,109
Cotton
172,228 30,474 8,525.527
579
Silk
262
101.103 11.375 4.858.055
Flax
372
110,748 21.505 5.563,324
Miscellaneous
785
53,664 75,772 4.629.953
Total withdrawals
Entered for consumption
2.462
564,322 172,570 32,640.968
7.196 1,862.292 415.058 104.621,120
Total marketed 1914
9,658 2,426,614 587.628 137,262,088
Total marketed 1913
7,617 1.878,485 491,373 109.482,176
Imports Entered for Warehouse During Same Period.
Manufactures ofWool
970
260,291 26,324 7.837.383
Cotton
677
244,361
27,356 8,012,861
Silk
1,044
367,597
11,645 4,925,653
Flax
860
238,076 21,413 5,414.523
Miscellaneous
1.936,.
91,773 51.982 3.902.418
Total
5,487 1,202.098 138.720 30,092.838
Entered for consumption
7,196 1.862,292 415.058 104,621,120
Total imports 1914
12.683 3,064.390 553,778 134,713.958
Total imports 1913
10,745 2.803,378 536.435 117,086.607
VOL.
THE CHRONICLE
1078
xc
1914 were 253 and 315,respectively. This contrasts with 318
STATi AND CITY DEPAIITNIVIT, and
372 for Aug. 1914 and with 387 and 469 for Sept. 1913.
purposes we add the following table show-
The
Thronicit.
PUB-ISHED WEEKLY.
Terms of Subscription-Payable In Advance
$10 00
For One Year
6 00
For Six Months
13 00
European Subscription (including postage)
7 50
European Subscription six months(including postage)
£2 14a.
Annual Subscription in London (including postage)
21 11 a.
Six Months Subscription in London (including postage)
$11 50
Canadian Subscription (including postage)
WILLIAM B. DANA COMPANY, PubIloliers,
P.0. Box 958. Front. Elsie and Depeyster Sts.. New York.
For comparative
ing the aggregates, excluding temporary loans and also issues
by Canadian municipalities, for September and the nine
months for a series of years:
1914
1913
1912
1911
1910
1909
1908
1907
1903
1905
1904
1903
For the
Month of
Nine Mos.
September.
18,712,107 3399,437,468 1902
288,204,714 1901
26,025.969
25,469,643 317,912,921 1900
26,487,290 314.503,570 1899
231,921,042 1898
18,384,021
272,389,451 1897
23,001,771
243,241,117 1896
34,631,814
199,722,964 1895
47,947,077
1894
153,152,345
8,980,418
141.021,727 1893
9,825,200
197,921,657 1892
10,694,671
111,745.993
8,762,079
Month of
For the
Nine Mos.
September.
59.179,654 $117,678,85.5
14,408,056
99,324,001
4,033,899
97,194,441
7,201,593
95,026,437
6,173,665
83,150,559
9,272,691
106,387.463
3,693,457
56,229,416
92,253,916
11,423,212
90,454,836
8,249,347
40,974,566
3,885,137
63,583,834
6,242,952
Statement of the Ownership, Management,&c.,of Commercial & Financial Chronicle
published weekly at New York, N. Y., required by Act of Aug. 24 1912.
Editor, Jacob Seibert Jr., 138 Front St., New York.
Managing Editor. Jacob Seibert Jr.. 138 Front St., New York. .
In the following table we give a list of September loans to
Business Managers, George B. Shepherd and W. D. Riga, 138 Front St.. N. Y.
the amount of ,712,107 issued by 253 municipalities. In
Publisher, William B. Dana Company, 138 Front St., New York.
Stockholders, Estate of William B.Dana, Jacob Seibert Jr., Arnold G.Dana. Grace the case of each loan reference is made to the page in the
N. Dana and Albro J. Newton; address of all, 138 Front St., New York.
"Chronicle" where an account of the sale is given.
Bondholders, Mortgagees. &c. No bonds or mortgages.
(Signed) Jacob Seibert Jr., Editor.
Sworn to and subscribed before me this 1st day of October 1914,
. PTEMBER BOND SALES.
eE
NamS
Thomas A.Creegan, Notary Public.
Rate. Maturity. Amount. Price.
Page.
(My commission expires March 30 1915.)
$56.000 100
5
913_ Akron, Ohio
2.000 100.01
a1921
6
Dist.,
Calif__
Sch.
995_AiderpoInt
Published every Saturday morning by WILLIAM B. DANA COMPANY, 995_ _Alpha Sch. Dist.,Iowa5
15.000 100
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana
3,500
534
Iowa
,
_Alvord
842_
Dana,
G.
Sec.
all.
Arnold
of
Addresses
Office of the Company. 766__Anderson Sch. Twp.. Ind____ 6
Vice Presidents:
4,600 100.168
0
20
92
aa119
44
13.500 100
687__Andover, Ohio
995__Argenta Sewer Impt. Dist.
1916-1934 350.000
6
No. 1, Ark
MUNICIPAL BOND SALES IN SEPTEMBER.
50.000 100
1944
1080__Asbury Park, N.
33,000 100.303
Ind___ 434
J44
The floating of New York City's $100,000,000 loan was, 687 Bartholomew County,
1,500
1915-1919
6
842_ _Bassett Two.. Minn
10,000 100
of course; the feature of the bond market in September. The 842-Bath.
5
N. Y
8.500
al921
5
Ohio
_Bellefontaine,
913_
loan consisted of $57,000,000 corporate stock notes due in 913__Belpre Sch. Dist.. Ohio
5.500 100
1916-1926
5
6.400 100
01920
Ind434
1915 and $43,000,000 revenue bonds due part in 1916 and 842__Blackford County,
100
60.000
1915-1924
4%
Ind
County.
913_ _Blackford
4.000 102.775
al921
5%
part in 1917. These corporate stock notes and revenue 766Blanchester. Ohio
97.000
954
5 19444214
Tenn
County.
_Bledsoe
913_
bonds, of which New York City issues a large amount each 996_ _Bristol County. Mass
10,000 96.84
4
30,000 x100
Ga. (2 issues)_..-- 51944
month, are not included in our total of permanent municipal 913Brunswick,
1.400 100
a1922
.
842_ _Buckland
12.000 100
Sch. Dist., Calif..
bonds, but,for reasons which follow, are classed as temporary 996_ _Buena VistaOhio6
10.000 x100
41939
1081__Buffalo, N. Y
0088 1 0
1:0
15
1915-1919
6
loans. The corporate stock notes are issued pursuant to 1081__Bureau. III
_Burnham, Pa
3,500
Section 189 of the City Charter and can only be created for 996_
996_ _Camp Point, III
28.000
Dover, Ohio
purposes for which corporate stock itself may be issued. 687-Canal
256,600 101.188
687_ _Canton. Ohio (8 issues)
4.200 100
al920
1
41
issues)
(2
Ind.
.
,
in
out
County
anticipation of the sale of corporate stock 914__Carro11
They are put
06 00 100
15
3
19
1
,
1915-1924
4
6
914 __Cass County, Ind
100.578
and are later redeemed from the proceeds of such sale. They 1081__Cedar
Rapids. Iowa
------35.600 100
5
issues)..(2
Ohio
996__Centerburg,
100.118
are, therefore, temporary obligations, and it would hence be 914_
iiiii(i
4%
_Center Sch. Twp., Ind
12.000 100.008
al921
767_ _Chagrin FalLs V. S. D., Ohio- 5
improper to include them in our permanent loans now, and 843__Chester,
75,000
100
Pa
1944
5
then include the stock itself a second time a year hence. 843_ _Cheviot, Ohio
01920
5
Ohio
-Cheviot,
27-.561 100
Revenue bonds are likewise temporary obligations. They 996
996._Chicago Junction, Ohio (4 iss.) 5
0 100
00
00
7:0
25
1934
4
996__ChillIcathe, Ohio
are issued in anticipation of taxes, and retired as soon as the 767__Citra
Spec. S. D. No. 10, Fla- 5
1944
5
_Clanton. Ala
taxes come in; the city puts out many millions annually 914d1915-1924
914_ _Clarke Co. S. D.No.84, Wash. 5
6 00
12
00073 10
%
05
090
a1920
434
Ind
and redeems equally large amounts each year. They are 996__Clay County.
110,000 x100
434
996__Cleveland,Ohio
500,000 x100
454
issued in two classes, viz.: general and special. General 996__Cleveland Sch. Dist., Ohio 4%
26
600 x1
1:0
00
10
revenue bonds are issued in anticipation of the city's reve- 914_ _Clinton, Mass
10,III
County,Ind.(4 issues) 3435
3,111 100
al920
nues, and not to exceed in amount the amount of such reve- 1081ClInton
996__Clyde, Ohio
20,000 104
1944
Sch. Dist., Pa...... 4
nues, to meet expenditures under the appropriations for 914_ _Collegeville
11.500
d1929-1934
Colo
767_ _Colorado Springs,
2 100
00
1:006
4
5
1924
920
51
1
a
I9
5
Ohio..
County,
each current year. They shall, it is provided in Section 187 843_ _ColumbianaOhio
5
843__Conneaut,
7.500 100.25
of the City Charter, be redeemed out of the proceeds of the 1081-Crawford County. Ind Calif_ 434 a1920
Creek Sch. Dist.,
tax levy in anticipation of the collection of which they were 996__Curtis
6
Fla.(2issues)
996_ _Dade City.
3,100 100
a1920
4
County,Ind
issued. Special revenue bonds are issued for certain specified 843_ _Daviess
2,200 100.227
a1920
4
_Daviess County,Ind
843_
purposes (Section 188, City Charter) other than to meet 843-..Dawson Co. S. D. No. 114, 6 d1919-1924
1,200 100
expenditures under the appropriations for each current year, 996-DaMwosnont Co. S. D. No. 94.
1.000 100
125
d1916-1924
and are redeemed out of the tax levy for the year next suc- 996_ _ DaMytoonnt,0hIo
ith
4%
4,600 2100
5
Fla
ceeding the year of their issue. Hence the reason for classi- 767__Daytona, County.
4%
Ind
16,
100
610.0
_Dearborn
fying revenue bonds as "temporary" loans is also quite obvi- 914_
050 100
Mi....Delaware, Ohio(2 Issues)
al920
434
2,000 100.127
_Delaware County, Ind
996_
ous.
5
60.000 96.691
914__Des Moines, Iowa
Dover, Ohio
997....Dover,
Leaving,the New York City obligations out of considera- 18
1929
v
I,eeb
000 101
6:060
30
untdseted,eN
Das
1:__E
3
8
4
0
.3cSan.Dist.. Ill_
1916-1917 300.000 100
tion,the total of long-term municipal bond sales in September
Ind
4%
County.
a1920
_Elkhart
843_
is found to have been even smaller than that reported for 1081_ _El Paso S. D., Tex
5 d1934-1954 23(1:070 igg
_Encinites S. 13., Cal
6
1916-1922
4,000 100
August; $8,712,107 bonds were sold, which compares with 843_
6 d1915-1924
26,900 100
997_ _Eugene, Ore
_Fannin County. Tex
250.000
$8,964,667 in August. The bonds offered without success in 997_
1,200 100
843_ _Ferry Co. S.D.No.10, Wash__ 534 d1915-1934
450 4% basis
10 000
2
September amounted to $8,015,611, while in August $10,- 1081_ _FilLmore Co.S.D.No.20. Nob- 5 d1919-1934 ;
100
1.
2000
County. Ind
_Floyd
1915-1934
4%
915_
market.
a
327,8.53 failed to find
5
997_ _Fostoria, Ohio (2 issues)
36.000 100
434 d1929-1944
843_ _Frederick County, Md
In addition to the ,712,107 permanent loans referred to 997
0
.000
8.50
4
._Fredonla. Kan
Pa
1934
434
above, $107,653,574 temporary loans were negotiated last 915Freeport,
12,000 100
5
Fulton County, Ohio
767._
stock
and
notes
corporate
month, including $102,127,800
1081_ _Galveston County, Tex
5
3:0
1916-1919
•1. 100
Twp., Mich
2600
revenue bonds of New York City. There were also put out 10$1__Garfield
32,i i. 100
5 d1924-1954
997_ _Garza County, Tex
15.000
Ill
Dist.,
Sch.
York
City,
while
New
1081__Geneva
of
bonds
$3,000,000 "general fund"
1.025 100
5
767_ _Gibson County. Ind
9,900 100
a1924
434
Graham Sch. Twp.,Ind
sales of debentures by municipalities in the Dominion of 767_ __Grant
Ind
County.
43'i 1916-1944
5
3:06 0 101.388
18000
Canada reached a total of $1,865,850. In the following we 1081_
767-Granville, N. Y
434
767_ _Greene County, Ind
furnish a comparison of all the various forms of obligations 915.._Greene
16
924
g
a115 9210
- 19
County, Ind
10_Gren
08
County, Ind
997_
put out in September during the last five years:
5
15.000
100
Iowa
_Hamburg.
997_
1910.
1911.
1912.
1913.
1914.
4
1944
434
232,000 100
843 Hamilton County, Ohio
County.
Ohio434
28.000
100
_Hamilton
1081_
25.469,643 26,487,290 18.364,021
93,000 100.215
1944
Permanent loans (U.S.). 8,712,107 26,025,969 26,061,556
997_ _Hamtramck. Mich.(2 issues). 5
20,526,236
Md
5
10.000
100
_Hancock,
Temporary loans(U.S.).107,653.574 45,398,533 3,864,129 28,279,819
1081_
1,919,292 2,944,536
Canadian loans (perm't) 1,865,850 17,256,464
997_ _Harris Co. Corn. S. D. No. 25.
None
None
100,000
None
None
20.000
Tex
Bonds of U.S.Posseaslons
None 1,500,000 5,000,000
None
5
a1919
55,000
Gen.Fund bds.(N.Y.C.). 3,000.000
915_ _Hicksville, Ohio
0,000 100.10
997__Hill Co. S.D. No.24. Mont..-- 6 d1930-1934
46,834.793
58,186,701
55,515,328
121,231.511 ,680,966
Total
5.000 100
1917-1926
6
1082-Jacinto Sch. Dist., Cal
t's
3,000 100.058
1929
768__Jackson Twp. S. 13., Ind
434
434
12.600
997__Jasper County, Ind
01920
v Including temporary securities I 311 b I ew Yon City, 3102.127,800 in Sep5.400 100
434
a1920
844- _Jav County, Ind
tember 1914 and $42,493,907 in 1913.
1,335 100.393
997__Jefferson County,Ind
434
bonds
permanent
ng
1
The number of municipali
5.325 100.333
434
p1 S.. _Jefferson County,Ind
01920
100.37
Twp.,
Ind
Sch.
-Jennings
2,000
434
during September (Kg..
and the number of separate s
IN
100
270188 12
14
.:78 LI
OCT. 10 1914.]
THE CHRONICLE
Page.
Name.
Rate. Maturity. Amount. Price.
915__Johnson County, Ind
4% 1915-1924
$4,740 100
768..-.Kaukauna. Wis
44
10,000
844-King Co. S.D.No.184. Wash__ 5X 41915-1934
2,000 100
1082__Knoxville, Tenn
6
1915-1919
25.000
100
768- _Lake County, Ind
4%
9.400 100
1082_Lake Mills. Wis
4
2.000 100
1082-Lansdowne S. D., Pa
4%
30.000 100
1082__Lansing, Mich.(2 issues)
5
17,100
1082- _Leaf River, Ill
5
2,000
844__Leechburg, Pa
1919-1929
5
15.000 100
689--Leipsic, Ohio
5
2,576 100
844_ _Leland,Ill
5
7.000 100
998_ _Le Roy. Ill
8,000
998_ _Lestershire, N.Y
5
3.696 100
916_ _Lewis County, Ky
5
1919
25,000 100
998--Lorain County, Ohio (2 issues) 5
37.000
1062-Lora1n Township,Ill
6
1916-1919
4.000 100
768_ _Los Angeles IT. S. D., Cal_
150.000 100
844...Louisville, Miss
6
01926
4,000
100
689__Lyerly Sch. Dist., Ga
10.000
768_ _McMinnville, Ore
6 41915-1924
27,000
100
998__Madeira S. D., Ohio
51
1949
1,000 100
1082__Madison, Wis
4.000
998_ _Madison County, Ohio
5
30,000
998__Martin County,Minn
6
38.000 100
916__Martinville, Ind
10,000 100.57
916_ _Mason City S. D.,Iowa _
7,000
844-Massillon. Ohio
5
01920
20,000 100
916._Matagorda Co. Dr. D. No.5.
Tex
47,506 100
844._Mauston S. D., Wis
15.000
1082__Menominee County. Mich- -- 434
60.000
1082--Morrill, Neb
6 41919-1934
15,000 47,, basis
916__Michigan City Sch. City, Ind- 5
1934
35.000 105.448
998-Middlefield. Ohio
01933
4.000
844_ -Middleport V. S. D.. Ohio- _-- 5
5
01921
5,000 100
998- _Minnesota (24 issues)
4
484.400
100
916-MontgomeryCo.,Ohlo(4 issues) 5
92.100 100
1082--Morgan County, Ind
43.
01920
6.000
844- _Mountain View S. D., Cal____ 6
1915-1919
5,000 101.02
844__Mt. Pleasant, North Castle &
GreenburghS.D.N
1017
1,200 100
845-Newark S. D.. Cal o.5,N.Y._ 6
01925
25,000 100.6
768--New Bremen Vii. S. D., Ohio- 5
54
01917
2.000 100.75
1082--New Britain, Conn
4%
1918
10.000 100
998--New Lexington, Ohio
1,200 x100
998--New Lexington S. D.. Ohio.. 534 1916-1925
01922
4,000 100
098__New Madison S. D., Ohio_ ___ 5
5
1916-1920
1.500
100.80
768--New Richmond. Ohio
01920
534
2.000 102.5
998--New York City
3
1923
200.0001x100
998--New York City
3
1939
1.198,268f
916__Nora Sch. Dist., Ill
11.400
999--Nora Springs 8.1)., Iowa
5
35,000 102.95
916-Northampton, Mass.(3 issues) 434
147.000 100.63
999__North Wales, Pa
40.000
845-Norwood, Ohio (2 issues)
5
1934
40.000 100.163
845._Olean. N.Y.(11 issues)
4%
59.613
689_ _Olive Township, Ohio
5
1926-1944
12.000 10n
999__Ontatio. Oro
6 41914-1924
13.664 100
999_ _Oriental Sch. Dist., No. Caro_
10.000
760__Osceola Twp. S. D., Mich_ ___ 5
01922
75.000 y051.016
999- _Painesville. Ohio (2 issues)... 5
8.500 100
916__Palacios, Texas
5 41929-1954
10.000 9.5
689__Patchogue, N. Y.(2 issues)
5
6.000 100
1083_ _Pentwater, Mich
6
1018
3,500 Inn
999_ _PetoskY. Mich
5
1915-1919
12.100 100
917_ _Plains Two. Sch. Dist., Pa_
30,000
999__Pleasant Two., Ohio
5
in.nnn 100
999__Poplar Sch. Dist.. Calif
6
1,750 102.651
917_ _Port Clinton, Ohio01
X920
7.700 100.329
1083__Porter County, Ind.(2 issues).
15,200 100
999__Portland, Ore
6
366,000
1083_ _Preston, Md
41924-1939
5
7,000
999_ _Putnam County, Ind. (3 iss.). 4
32,750
1083..Putnam County, Ind
4
4.860
917-_Randolph County,Ind
01920
11,500 100.608
845-Reading. Pa
01927
4
50,000
999.-Rio Bonito Sch. Dist, Calif...
6.000 Inn
917__Rio Vista U. H. S. D., Calif__
60,000 los
999-Ripperdam Sch. Dist., Calif- 6
3.500 100
1915-1921
999- _Rockmart, Ga
1915-1924
5
5.000 100
845_ _Ross Twp.,No. Dak
3,000
1924
7
999_ -St. Clair Heights, Mich.(3 iss.) 5
26,000 101.923
1944
945_ _Salem. Mass
40,000 100.69
4%
01935
If83__Sauk City, Wis
414
8.000 100
1083_ _Seattle S. D. No. 1, Wash___- 4%
152.000 100
690_ _Sharon, Mass
01931
.5,000 101.25
4%
769_ _Shelby County, Ind
2,660 100
01920
4
917_ _Shelby County. Ind
01920
4,460 100
4
IMO_ _Smith Twp., Ohio
01937
5
3,000 100
917-Snohomish Co.S.D.306 Wash. 5%
8,000 100
1000_ _Springdale. Pa.(2 issues)
20,000
1083_ _Springfield City S. D. Ohio.. 5
35,000 100
1083__Springfield S. bist., Ohio.... 6
1.500 100.033
1916
1083-Springfield Twp.,Ind
1915-1929
5
3.500 100
917__Springfield Twp., Ohio
24,000 100
5
917--Stellacoom, Wash
10,000 100
1934
6
845__Stevens 00.S. D. 159, Wash
10.000 100
534 41915-1929
1000.. Strong, Kans
5
6,000 100
1934
917...Struthers, Ohio (2 issuo0
3.132 100
6
1000_ _Superior, Wis
15,000
5
1924
1000-Tacoma,Wash
6
3.5,000 100
01918
1118__Texas
5
35.325 100
1000-Thurston Co. S. D.67, Wash.. 5%
4,000 100
$45..Tippecanoe County, Ind
4%
4,800 100
1WO__Tomah, Wis
5
15,000
100
01919
846--ToPPentqh, Wash
6
30,000 los
1084__Troy Sch. Dist., Ohio
5
1924
12.500
100
1084..Tuscaloosa. Ala
5,000
1000__Twinsburg Twp., Ohio
5
01917
2.000
-Union,
N.
J
1000
5
01918
15,000 100
1000-Union County, Ohio
5
01917
11.300 100
1000-Union Township, Ohio
5
01919
2.000 100
690_ -Vanderburgh County. Ind
434
7.500 100.333
1084-Venice Township, Mich
5
30.000 100
770- _Vigo County, Ind
4%
01925
12.800 100
846__Vigo County, Ind
6
50,000 101.01
1000„Vigo County, Ind
1934
12.000
_Washington
County. Ind
1000_
434
01920
4,840 100.553
1084 washtngton O. H.. Ohio
5
01925
5.500 100
918-Washington Sch. Twp., Ind
6
1919
2,500
101.09
1084_ _Watertown. Wis
4
01917
4.000
1084_ _Wayne County, Mich
4
30.000
019__Westerville Sch. Dist., Ohio-- 5
6.500 100
1000__West Union. Ohio
6
01925
2,000 100.55
847- _Whisman Sch. Dist.. Calif.__ 6
1915-1924
10.000
101.018
1000-Whitely County, had
4%
16.387
847- _White Plains. N Y
5
01930
50.982
1600__Whittier H. S. D., Calif
15.000
847_ _Wilmington, Del
1937
5n 0 ion
1001__WolcottUn.F.S.D.No.1,N.Y. 6
1915-1922
8.
100
919__Wood County. Ohio
5
24.833 100
1001__Wooster, Ohio (3 Issues)
9.587 100
-Wrights
Sch.
Dist.,
Calif__
1001-- 534 1915-1923
1.800 100.555
1001_ _Wright Twp., Ind
6 1915 & 1916
6,500 100.15
770...Yakima Co. S. D. 94, Wash
5% 41924-1934
1,500 100
-Yeager
Sch.
Dist.. Okla
__
10019.000
847__Youngstown, Ohio
5
01922
30,000 1001 q
1001_ _Zavalia County,Tex
5 41924-1954
30.000 100
lotionew
Total bond sales for September 1914 (253 amniaterns-.
pi- panties. covering 315 separate issues)
" $8.712.10791mmisaill
a Average date of maturity. d Subject to call in-and after
-itheearlier
year and mature in the later year. k Not including $7,653,574
of tem-
254
VI
1079
porary loans reported, and which do not belong in the list. z Taken by
sinking fund as an Investment. y And other considerations.
REVISED TOTALS FOR PREVIOUS MONTHS.
The following items, included in our totals for previous
months, should be eliminated from the same. We give the
page number of the issue of our paper in which the reasons
for these eliminations may be found.
Name.Page.Avrnouni
7.006
766_ _Auburn Sch. 01st.. Calif. (July list)
766_ _Bath, N.Y.(July list)
842_ _Billings County. No. Oak.(July list)
914_ _Calexico Union High Sch. Dist., Calif. (June list)
843__Claiborne County, Miss. (May list)
843„Coahoma County. Miss. (July list)
997 __East Ely. Neva..(August list)
843__Greencastle School City. Ind. (July list)
915__Highland Park Sch. Dist.. III. (April list)
915_ _Jefferson County, Ill. (June list)
915__Lawrence County, Ind. (July list)
91S_ _Lestershire, N. Y.(July list)
844__Lovrndes County, Ala. (July list)
1082-Minneapolis, Minn.(June list)
768__Montgomery County, Md. (July list. 2 issues)
845__New Lexington villages. D., Ohio (July list)
913__Orangeburg. So. Caro. (January list)
917__Pleasantville, N. Y (June list)
917„Pleasantville. N. Y. (July list)
769..Roseville Sch. Dist., Calif. (July list)
999..Santa Fe, New Mex. (July list)
769..Turlock, Calif. (August list)
769__Uhrichsville, Ohio (August list)
1084...Wayne County,Mich.f Mar.list
'June 1st
00
10
6:04
4605:000000
14400:00:
16.001)
14°74
0.
:13
:g
10.000
69607:000204
26.000
5.500
150
6
4.
700
45.
7
15.000
20.000
100.000
400.900
We have also learned of the following additional sales for
previous months:
Page.
Name.
Amoy:if. 100
Pric4
.
Rate.
l'80__Albert City S. D. Iowa (July)
tur"
-192V4 $14.000
41M
91a7
766_ _Allen Co., Ind.(4 iss., July)__ 434
93,200 100.89
766_ _Arcanum. Ohio
4.500 100.388
011293149
5
766__Bandon,Ore
48.500 101.546
6
998_ _Bangor. Pa. (June)
10,000 100.50
1080__Beech Creek Twp.. Ind
00.854
1.200 100
01916
6
996_ _Blaine County,Idaho
0.11
,
6,9,0
0
lg,
.0
1924-1933
083 110
5
6
766_ _Bloomfield, Neb.(May)
5
1080__Bogota S. D . N. J..(2 issues)
766__Bovill. Idaho
100
112
10
0 x1
6
4 41924-1934
766__Buffalo, N.Y
1939
842 _Calexico. Calif. (Jan.)
1320 109
1919-1933
6
914- _Chambers County,Tex.(3 iss.)
914__Chambersburg Sch. Dist., Pa_ 4% 4192149464
2
26
0:000
01929
914 __Clifton Ind. 8. D.• Tex
100
767_ _Cochise Co.S. D.No.55, Ariz. 6
500 101.428
17
3:000
1264
914- _Comal County, Tex. (May) 5 41924100
767__Conway, Ark. (June)
2120
1915-1930
6
843__Cooperstown. No. Dak.(July) 5 41915-1918
996__Corvallis. Ore. (April)
1954
5
996__Crockett County, Tex. (April) 5 41919-1954
10
99 1
40
7.9000
914_ _Crowley Sixth Ward & Drainage Dist., La.(April)
000
767__Cut Bank, Mont
109
6 411
12231,
1
a/
__Dallas. Ore
2
6
11,.
:
000 100
767- _Davless Co., Ind.(2
300
100
01920
issues).6
767__Daviess County',
4
914_ _De Pe ter. N.Y Ind
767__Earlyi le, Iowa (July)
35.110909 101.0"
0
914__East Orange, N.J.(June)
100
45
434 P91116-6911218
275:
767_ _Elk Point, So. Oak.(May:: :4
,000
2
41924-1934
5
997__Elma, Iowa
(
)
8:4
8 ° 100
843__Eisinore s. D. Cal
.
(11
1.9
y)
3
6
1
1917-1926
767__Fort Meade, Fla
E0
13,
,
1929-1944
767- _Franklin S. D., Cal
1081_ _Garden City, Nan
:000
0 100
3,
1
17
1934
1081_ _Gilbert Station, Ia. (July).
551134
915_ _Hagerman,N.Mex
6 41924-1934
915_ _Harris Township, Ohio
1081__Hartland S. D.,Iowa
00 1111:16
3709
843__Highland Park, Mich (June)._ 6 d1919-1924
4
1934
5%
915__Hill County, Tex.(March)
915__uo
(2
pew
isse
alea
l)
Twp. S. D.. W. J.
4%
1081- _Hudson Sch. Dist.. Ill
9
00
00 10
,
',5
00
844__Ipswieh, So. Dak.(July)
4,500 100
5
767__Jacicson Sch. Twp., Ind
17_
00
,.088
434
u
01
1920
l
t3
4
91,5_ _Jacksonville, Tex.(Mar.,2
is.) 5 41924-1954
24
6
5
915_ _Kaufman, Tex
7.500 100
1 419
90i
29-1
t2
,
1954
915__Kerr County. Tex
915_ _Kirkland S. D., N.Y
915__Kleberg County, Tex
915_ _La Costa Ind. S. D.,
Tex
98
5 41919-1954 31689.:8
0
08
768__Lafayette County, Miss
768__Lake Arthur, N. Mex
6 41924-1934
844__Leavenworth, Kan
13
0'.
1915-1924
5
1082_ _Liberty Sch. Twp., Ind
12.0000(2)0! 60.333
768_ _Live Oak Sch. D., Cal
5.000 101.1
768__Lorain. Ohio
22.663 x100
011962016
998-Manlius, N. Y
0,
1915-1924
768-Mansfield Water Supply Dist., 5
45H
101
65,000
01921
4
844_ _MiNnfneso
.to (58 issues)
201.650 100
4
768 .Moline 111
65.700
1916-1924
g
845__Nebraska (5
30,900 100
issues)
916_ _North Dakota
134,290 100
(20 issues)
4
768 -Nilas, Ohio
70.000
01920
916_ _Ozark, Ala.(July)
25.000 100
1944
769_ _Panama City
30.000 95
1944
990__Parnassus,Pa s.D., Fla
35,000
4.4041919-1939
__Pearl River Co. Indus. Congo!.
S.D.. Miss. (Feb.)
5,000 100
925
1
692
,
1
19:
917_ _Pilot Point. Tex.
14,000 100
41924-1954
(July)
1083__Railroad School Twp..
9.700
Ind__ _ 6
4
5
34
917- _Ranchester. Wyo
13,000 100
6 41929-1944
917-Refugio County,
3.000
Tex
5 419244954
769_ _Rockingham. Vt.(July)
37.000 98.927
1917-1931
4
769_ _Rush Twp., Ohio
1.000 100
01917
5
917_ _ St. Johnsyille, N.Y.(July)__
15.000 100.2
769 _St. Mary's, W.Va
4.000 100
5 41924-1948
917--Salem. N. J. (July)
35.500 100
434
1934
769_ _Santa Cruz Co. S. D., Cal_
3.000 100
5
917
2,500
19a29-1933
769_ ..Sheria.
- Millington,gmtl dan..
267.000 100
1921
N Wyo
Y
6
769_ -Sheridan. Wvo
50.000 100
5 410244934
769 __
2.500
'Pa. (July)
434 1019-1944
15.000
769__Silverton S. 0.. Ore
6
5% 41924-1934
12,000 100.758
769_ _Stigler, Okla. (January)
1939
769-Tavlor Separate S. D., Miss.
2.500 100
6
(Marc
12.000 101.333
5
1000_ _Tracy S. D..Iowa (June)
20,000
41919-1934
534
760--Tunica Co., Miss.(May)
9,640 100
01920
770_ _Vermillion Co., had
131.000
rch 444%
Ma;v
1084_ _Wayne County. Mich. m
162.000
4.000
4
ryi1
4
40,000
June
1.000
July
500
----tg
ly)._ 4
Auugust
7,500 101.66
770_ _Wayne S. TWO.. Ind. J
919_ _West Point. Tex. (April)
5,000 100*
12.000
770_ _Whitesburg S.13•. KY
534 1917-1928
1001_ _Woolstock. Iowa (July)
6.000 100
5 41934-1954
010_ _Voalcvm. Tex
40,000
770__youngstown, Ohio
5
a1e18
3,440 109
lit.= 100
g
dal _ 3--4
THE CHRONICLE
1080
[VOL. xeix.
Toledo, Ohio.-Charter Election.-A new city charter,
All the above sales (except as indicated) are for August.
'These additional August issues will make the total sales (not containing, among other thmgs, previsions for initiative,
referendum and recall, will be submitted to the voters on
including temporary loans) for that month ,964,667.
Nov. 3.
ES
IN
MUNICIPALITI
CANADIAN
BY
SOLD
DEBENTURES
SEPTEMBER.
Rate. Maturity.
Name.
Page.
1929
6
1084__Auvergne, Bask
5
Ont
Tvrp.,
1084_ _Barton
1944
5
1001- _Bolton, Ont
1084_ _Burlington, Ont
1084--Dominion((Canada
5
1934
1084-Edmonton. Alta
5
1954
1001__Edmonton S. D., Alta
6
1924
1084_ _Francis, Sask
1944
4%
919-Halifax. N. S.(3 issues)
5
1084__Rentville, N. 5
1084-Lethbridge. Alta
6
1916
1084_ -Peterboro. Ont
1954
1084_ _St. Agnes R.0.S.D.No.22,Sask 6
1954
1084_ _St. Paul's R.C.S.D., Sask---- 5
919_ _Simcoe, Ont
6
1915-1944
1084-Simcoe, Ont
5
1915-1929
1001_ _Sudbury, Ont
1001- _Vancouver, B. C
Amount.
$8,000
2,000
9,500
32.000
33.850
90,000
850,000
5,500
55,000
3,000
100,000
80,000
7,000
95.000
40.000
40.000
15,000
400,000
Total debentures sold in September
$1,865,850
SALES OF DEBENTURES NOT CONSUMMATED.
Rate. Maturity. Amount.
Name.
Page.
624,000
917--Montreal, Que.(June list)691-Strathroy, Ont. (July list)25.000
80.000
1001_ _Port Moody,B.C.(Aug.list)_
Price.
100.157
90
86
90
Price.
News Items.
Alhambra, Calif.-Charter Election.-A proposed new
upon,
stated, on Oct. 14. Among
charter will be
other features it provides, itt iss said, for a city manager and
commissioners to take charge of the various city departments.
Death of. Philip K. Walcott.-On Tuesday morning
(Oct. 6) Philip Keyes Walcott, a junior member of the wellknown law firm of Hawkins, Delafield & Longfellow, was
killed as the result of a fall from the window of his office on
the thirteenth floor of No. 20 Exchange Place. Mr. Walcott, who was an expert on bond matters, was born in Concord, Mass., Dec. 11 1877. He was graduated from Harvard College in 1897, the Harvard Law School in 1899 and
from the New York University Law School in 1900, when he
was admitted to the bar.
Essexville, Bay County, Mich.-Bonds Declared Valid.On Oct. 2 Judge Collins, according to a newspaper report,
dismissed the temporary injunction restraining the issuance
of $20,000 park bonds (V. 99, p. 997). The Court says in
part:
"It Is contended, however, by the complainant that the proceeds of the
bonds are not intended by the officers of the village to be used for the
purpose of purchasing land for park purposes, that the proceeds of such
bonds are intended to be used for the purchase of property for the use and
benefit of a private enterprise, as a bonus for the location of a certain industry in the said village.
"The defendants, under oath, deny these allegations and charges and in
that way. In legal effect, deny the equities of the bill, and under the general
rule of equity pleading in this class of cases such denial is a sufficient reason
for dissolving the temporary injunction already had, and for refusing a further temporary injunction.
"But other considerations affect the matter, and these may be briefly
stated.
"The village of Essexville has the right to purchase a park, and as a
means to that end its people have the right to vote upon the issuance of
bonds for that purpose. Such proceeding is legal. and there is no attack
upon the record of the proceedings in this respect. Property acquired for
park purposes by the village, and in fact the purchase money itself and the
park property are public property belonging to the village. No contract,
action or proceeding can be had or sustained in respect to such property
unless authorized by law.
"The electors of the village of Essexville. and the village itself, under our
constitution and laws in respect to its property, have limited powers,
strictly fixed by law, and any action on their part of an unlawful character
would be void. People dealing with corporations are charged with knowledge of their powers, and with knowledge of the power and authority of their
officers, and if any persons should make an unlawful contract with the village of Essexville, or any of its officers in respect to any of its properties,
such contract would be void, and the other party and not the village would
be the sufferer."
"Considering the claims of the complainant as above set forth, and the law
after the purchase
as I have briefly stated it. I see no reason to assume thatpurposes.
of the property It could or would be devoted to unlawful
heretofore
injunction
the
allowing
order
"For the foregoing reason the
made is ssolved, and it is further ordered that no temporary injunction
filed."
as
bill
the
shall issue on
Hawaii (Territory of), Bids Rejected.-Reports state that
mproveall bids received for the $750,000 4% coupon public-i
ment bonds opened on October 2(V.99, p.994) were rejected.
Nevada.-Constitutional Amendments.-At the general
grantelection Nov. 3 two constitutional amendments, one
lffi suffrage to women and the other changing the form of
official oath, will be voted upon.
Ohio.-Proposed Constitutional Am?adments.Four probe placed
posed amendments to the State constitution will
on the ballot at the Nov. 3 election. These provide (1)
home rule on the subject of intoxicating liquors, (2) limitation of the tax rate and classification of property for purposes of taxation, (3) right of suffrage for women, and (4)
State-wide prohibition.
Orrville, Wayne County, Ohio.-Bonds Declared Invalid.
courts
-According to the "Ohio State Journal"of Oct.5,the
a municipal
have declared invalid $42,000 bonds issued for $41,000
muof
light plant. Our records show that an issue
.
to the
nicipal light plant bonds was awarded last December
Mellon Nat. Bank of Pittsburgh, Pa. We also reported
V. 98, p. 1868, that the Courts had enjoined the issuance of
$13,500 bonds advertised to be sold April 14 for the equipment of the plant.
Sault Ste. Marie, Ont.-Municipal Ownership of Water
and Light Plant.-A special dispatch to a Toronto newspaper
says that the city has taken over the system of the Tagona
Water & Light Co., whose 20-year franchise expired Oct. 1.
Bond Proposals and Negotiations this week
have been as follows:
ADAMS SCHOOL DISTRICT, Santa Clara County, Calif.-BOND
OFFERING.-Proposals will be received until 11 a. m.Oct. 19 by Henry M.
Ayer, Chairman Bd. of Co. Supers.(P.0. San Jose). for MOM 6% coupon
of Co. Treas. Due
school bonds. Denom. $500. Int. A. & 0. at office
Cert. check for 5% of bonds bid for,
$500 yearly from 2 to 12 years incl. Bd.,
required. Bonds to be delivered
payable to Henry A. Pfister, Clerk of
and paid for within 10 days from time of award. Purchaser to pay accrued
interest. Bids must be unconditional.
0. Wilmington).
ADAMS TOWNSHIP SCHOOL DISTRICT (P.election
will be held
Clinton County, Ohio.-BOND ELECTION.-An
$35,000 schoolIssuing
of
question
the
Nov. 3, it is stated, to vote on
building bonds.
OFFERING.
ALBANY COUNTY (P. 0. Albany), N. Y.-BOND
Bids will be received until 12 m.Oct. 21 by Isaac La Grange, County Treas..
bonds.
for $57.750 4%% reg. Cohoes-Lansingburg toll-bridge acquisition
Int. semi-ann. Due part yearly on Nov. 1 from 1915 to 1926 incl.
ALBERT CITY SCHOOL DISTRCT (P. 0. Albert City), Buena
(opt.)
Vista County, Iowa.-BOND SALE.-The $14,000 5% 3-10-year
follows:
building bonds (V. 98, 13. 1863) were awarded at par on July 3 as
to Mrs. M.
56,000 to Geo. M.Bechtel & Co. of Davenport and $8,000Int.
semi-ann.
Booms of Albert City. Denom. $500. Date Aug. 1 1914.
ALVADORE SCHOOL DISTRICT, Lane County, Ore.-BONDS
VOTED.-This district, at a recent election, voted in favor of the issuance
of $4,100 building bonds.
ANDERSON SCHOOL CITY (P. 0. Anderson), Madison County.
Ind.-NO ACTION YET TAKEN.-Under date of Oct. 2 we are advised
that no action has yet been taken looking towards the issuance of the $23,000
21
. 99 p.6.
building bonds mentioned in V,
ANKENY, Polk County, Iowa.-BOND ELECTION.-An election
will be held Oct. 12 to vote on the question of issuing $12,000 water-works
bonds.
APACHE COUNTY (P. 0. St. John), Ariz.-BOND OFFERING.
Bids will be received until 10 a. m. Oct. 30, it is stated, by Theo. Lopez.
-year
(opt.)
-30
10
5%
$125,000
the
for
Supervisors,
County
of
Clerk Board
road bonds voted during September (V. 99, p. 812). Interest semi-annual.
Certified check for 5% required.
ARLINGTON, Middlesex County, Mass.-BOND SALE.-On Oct. 2
an issue of $93,000 434% school bonds was disposed of. it is stated. Due
$5,000 yearly from 1915 to 1932 incl. and $3,000 in 1933.
SALE.-On
ASBURY PARK, Monmouth County, N. J.-BOND water
bonds
% 30-year coupon or registered
Sept. 30 the $50,000
is stated.
awarded,
offered without success on,tug. 24(V. 99,13. 913) wereThe city isitto
pay for
interest.
and
par
at
Y..
N.
of
Co.
&
to A. B. Leach
$250 for legal
printing the bonds and is to make an allowance not exceeding
$10,000 upon the
review of the bond proceedings. The company will pay
in a New
deposit
on
remain
to
is
delivery of the bonds, but the balance
interest as they
Jersey bank for six months, the bond buyers obtaining such
may.
state that this
ATLANTA, Ga.-BONDS PROPOSED.-Local papers
to care for the needed
city proposes to issue $5,000,000 or $6,000,000 bondsto
out the Plaza
carry
permanent improvements in the city school system
city improveplan, enlarge Grady hospital and for other needed permanent
ments.
Thatcher),
(P.O.
61
NO.
DISTRICT
BANNOCK COUNTY SCHOOL
are advised that
Idaho.-BONDS TO BE OFFERED NEXT YEAR.-We
bonds.
school
6%
$3,000
next
spring
sale
for
offer
will
district
this
SOLD.-The
BAY MINETTE, Baldwin County, Ala.-BONDS NOT
and electric-light
sale of the 53.500 5% 20-year water-works-sewerage
has been
488)
bonds which was to have taken place on Sept. 15 (V. 99, p.
held up indefinitely on account of the war.
Ind.
BEECH CREEK TOWNSHIP (P. 0. Newark), Greene County,
offered
-WARRANT SALE.-The $1,200 6% 2-year (average) warrants
National
First
the
to
day
on that
on Aug. 22 (V. 99, p. 422) were awarded
to 100.854-a basis of about 5.548%.
Bank of Linton for $1,210 25, equal
to Jan. 15
Date Aug. 1 1914. Due $200 each six months from July 15 1915
1918. inclusive.
sale has
-No
SOLD.
NOT
Neb.-BONDS
BEATRICE, Gaffe County,
of 5% bonds, aggregating $50.000,offered
Yet been made of the two issues
dispose of
to
made
being
are
Arrangements
687).
p.
99,
(V.
on Sept. 15
the bonds in the State.
DISTRICT NO. 18, Tex.
BEXAR COUNTY COMMON SCHOOL
state that bids will be considered until Oct. 17
BOND OFFERING.-Reports
for the *24.0005%
Antonio).
San
0.
(P.
Schools
of
Supt.
Stewart,
by P. F.
12 (V. 99, p. 913)•
10-30-year (opt.) building bonds voted Sept.
SALE.-On Oct. 5
BLOOMINGTON, Monroe County, Ind.-BOND
99, P. 913) were awarded.
(V.
bonds
ks
the $15,000 5% 13-year water-wor Sons & Co. of
Indianapolis at 100.68reports state, to E. M. Campbell
a basis of about 4.929%.
BLAIR, Washington County, Neb.-BONDS VOTED.-The proposition to issue the $35,000 5% electric-light bonds (V. 99. p. 913) carried
at the election held Sept. 29.
BLOOMINGTON, Grant County, Wis.-BONDS VOTED.-By a vote
of 110 to 45 the question of issuing $10.000 41i% municipal-water-workssystem bonds carried at the election held Sept. 7. Due $500 yearly on
March 1 for 20 years.
BOGOTA SCHOOL DISTRICT (P. 0. Hackensack), Bergen
County, N. J.-BOND SALE.-The Hackensack Trust Co. of Hackensack
has been awarded at par the folloiwng 5% semi-ann. school bonds:
$3,900 bonds. Denom. (1) $900. (3) $1.000. Date July 15 1915. Due
5900 July 15 1915 and $1,000 July 15 1916. 1917 and 1918.
3,000 bonds. Denom. $500. Date May 1 1914. Due $500 yearly on
May 1 from 1915 to 1920 incl.
BONHAM, Fannin County, Tex.-BOND OFFERING.-F.H.White.
Is offering for sale the 310.000 5% 10-40-year (opt.) reg. taxClerk.
City
free school-building bonds voted July 24 (V. 99. p. 422). Denom. $500.
Date Aug. 15 1914. Int. payable at place to suit purchaser. Bonded debt
(incl. this issue), $295,000. Floating debt 530,000. Assess val. 1914
$2,963,700.
BOONE COUNTY (P. 0. Lebanon), Ind.-BOND SALE.-On Oct. 5
1-year (aver.) road% 5N -year (aver.) and $57,600 4%7,7_103,
the $9,600
Impt. bonds (V. 99, p. 996) were awarded to the Fletcher-American Nat.
Bank of Indianapolis at par.
BROWN COUNTY (P. 0. Georgetown), Ohio.-BOND OFFERING.
-W.Cahall, County Aud.. will receive bids until 12 m. Oct. 26 for $28,848
6-year (aver.) refunding and 59.500 10-year (aver.) bridge 5% bonds. Int.
semi-ann. (Jert. check for 10% required.
BUFFALO, N. Y.-BOND OFFERING.-Proposals will be received
until 12 m.Oct. 15 by John F.Cochrane, City Comptroller,for the following
-sdesw!
e bon
er_etrunk
g.ptuabxi-if
e3
3,9r8
%
4;i9
er bonds. Due Nov. 2 1964.
40.000 Bird Island pier-wall bonds. Due Nov. 2 1944.
1,350,000 school bonds recently authorized (V. 99, p. 842). Due Nov. 2
.ood Ave.-ext. refunding bonds recently authorized V. 99.
4w
m
370,000 1E9I3
p. 914)• Due $74,000 yearly on Nov.2from 1915 to 1919 incl.
Date Nov.2 1914. Int. M.& N.at office of City Compt.,or at Hanover
Nat. Bank, N. Y. City. An unconditional cert, check upon an incorporated bank or trust company for 2% of bonds bid for, payable to City Compt..
required. The favorable opinion of Caldwell. Masslich & Reed of N. Y.
City, certifying as to the legality ofthese bonds,will be furnished purchaser.
pu ng
uncodital.b
AeLEs.the month of September the following three
ust.5
OnNiD
ds
BiB
bonds,
aggregating 558,774 34. were purchased at par by the
4%
of
issues
City Comptroller for the various Sinking Funds.
OCT. 10
1914.]
THE CHRONICLE
Due.
Date.
Amount.
Purpose.
Sept. 1 1914 Sept. 1 1939
510.000 00_ _Refunding Water Bonds
16,083 27_ _Necessary work ordered by
Sept. 15 1914 Sept. 15 1915
Board Public Works
32,691 07- _Necessary work ordered by
Sept. 15 1914 Sept. 15 1915
Board Public Works
BUREAU, Bureau County, Ms.-BOND SALE.-On Sept. 28 the
(V• 99. p. 555)
$5,0p0 6% village-improvement bonds voted during Aug.
1
were awarded to J. L. Spaulding at par. Denom. $500. Date Aug.
1915 to 1919
from
1
Aug.
on
yearly
1914. Int. ann. on Aug. 1. Due part
inclusive.
CARROLL, Carroll County, Iowa.-BONDS NOT YET ISSUED.
The City Clerk advises us that the $25,000 water-mains-ext. bonds voted
Sept. 4(V.99, p. 843) have not yet been issued.
CASEY SCHOOL DISTRICT (P. 0. Casey), Guthrie County, Iowa.
-BONDS NOT YET ISSUED.-The Sec. of the Bd. of Ed. advises us that
the 5% 5-10-year (opt.) school bonds at not exceeding $35,000 voted Sept.8
(V. 99. p. 766) have not yet been Issued.
CASS COUNTY (P. 0. Logansport), Ind.-BONDS NOT SOLD.
Reports state that no bids were received on Oct. 5 for the $1,254 5% ditch
bonds offered on that day (V. 99, P. 996)•
CEDAR RAPIDS, Linn County, Iowa.-BOND SALE.-On Sept. 28
awarded,
the $9,500 6% fire-engine-purchase bonds (V. 99, p. 914) were
and int. Deto John M.Ely & Co. of Cedar Rapids for $9,555 (100.578)
nom. $500. Date Sept. 26 1914. Int. M.& S. Due part yearly.
CENTER SCHOOL TOWNSHIP (P. 0. Evansville), Vanderburgh
County, Ind.-WARRANT SALE.-On Oct. 6 the $8,000 5% 8-year
school warrants (V. 99. p. 843) were awarded to the Citizens' National
Bank of Evansville at 100.125-a basis of about 4.981%. No other bids
were received. Denom. $1,000. Date July 1 1914. Int. annual.
CHARTER OAK, Crawford County, Iowa.-BONDS NOT YET ISSUED.
--we are advised that the $16.000 electric-light bonds voted Aug.3
(V. 99, p. 423) have not yet been issued.
CHEEKTOWAGA (P. 0. Forks), Erie County, N. Y.-BOND OFFERING.-Bids will be received until 10 a. m. Oct. 24, it is stated. by
Frank Wlldey, Town Supervisor, for $18,000 5% 19-year (aver.) sewer
bonds. Cert. check for 2% required.
CHICAGO, Ms.-BOND ELECTION.-The question of issuing $3,800,000 boulevard-improvement bonds will be submitted to the voters at
the November election, it is stated.
CITY BONDS SOLD TO CONTRACTORS.-It is reported in a local
newspaper that the Finance Committee of the City Council on Oct. 2
approved a plan offered by John J. Brittain & Co., contractors for the
contagious diseases hospital, whereby the company agreed to take half in
money and half in bonds at a price of 98%, in payment of its $200,000
contract.
CHIPLEY SCHOOL DISTRICT NO. 1, Washington County, Fla.BOND SALE.-On Oct. 5 the $30,000 6% 20-year registered tax-free
construction and equipment bonds (V. 99. p. 996) were awarded to the
State Board of Edlscation at 99 and hit. There were no other bidders.
CHISHOLM, St. Louis County, Minn.-BOND ELECTION.-Reports state that an election will be held Oct. 20 to decide whether or not
this city shall issue $450,000 funding bonds.
CLIFTON INDEPENDENT SCHOOL DISTRICT (P. 0. Clifton),
Bosque County, Tex.-BONDS VOTED.-At the election held Sept. 28
the proposition to issue $5,000 school-completion bonds carried, it is stated.
by a vote of 126 to 32.
CLINTON COUNTY (P. 0. Frankfort), Ind.-BONDS AWARDED
IN PART.-Of the eight issues of 4%% 5 2-3-yr. (aver.) highway-impt.
bonds, aggregating $20,160 (unsold portions of M8,320 V. 99, p. 489),four
issues amounting to $10,000 have been disposed of.
COCHISE COUNTY SCHOOL DISTRICT NO. 27, Ariz.-BONDS
NOT SOLD.-No satisfactory bids were received on Oct. 5 for the $90,000
% school bonds offered on that day (V .99. p.687).
COLLINSVILLE, Hartford County, Conn.-LOAN AUTHORIZED.
-Reports state that the Selectment were authorized on Oct. 5 to borrow
not exceeding $20,000 to meet current expenses.
COLLINSVILLE, Rogers County, Okla.-BID REJECTED.-The
only bid received for the $5,000 6% 25-yr. park bonds offered on Sept. 28
(V. 99. p. 687) was par and int. submitted by George Hess, Mgr. Bond
Dept. Farmers' Nat. Bank, Oklahoma City. This offer was considered
unsatisfactory and the same was rejected. Owing to conditions in Europe.
it is not expected that the bonds will be offered again for five or six months.
CONNERSVILLE, Fayette County, Ind.-BGND SALE.-Reports
state that the Fletcher-American Nat. Bank of Indianapolis has purchased
$30,000 4%% refunding bonds for $30.028 (100.093) and int.
CRAWFORD COUNTY (P. 0. English), Ind.-BOND SALE.-The
$7,500 4%% 5%-yr. (aver.) Cyrus Allen et al. highway bond.' in Liberty
Twp. offered on Aug. 4 (V. 99. p. 360) have been awarded to the, Crawford
County State Bank of English at 100.25 and hit.
DADE COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 1 (Fort
Lauderdale), Fla.-BOND OFFERING.-Proposals will be received until
12 m. Nov. 3 by R. E. Hall, Secretary County Board of Public Instruction
(P. 0. Miami), for 555,000 6% coupon tam-free school-building bonds.
Date Oct. 11914. Int. A.& 0.at Chase National Bank, N.Y.City. Due
52.000 July 1 1915 and 1916 and $3,000 yearly on July 1 from 1917 to 1933,
inclusive. Certified check on an incorporated bank for 2% of bonds bid
for, payable to Board of Public Instruction, required. Bonds to be delivered and paid for on Nov. 15 in Miami or N. 1. Purchaser to pay accrued interest. These bonds will be certified as to genuineness by the
Columbia Trust Co., and their legality approved by Caldwell, Mssslich &
Reed of N. Y. City, whose opinion will be furnished purchaser without
charge. Bids must be made on forms furnished by the above trust company. or Secretary. These bonds have been validated by the Circuit Court
of Dade County. Bonded debt, this issue; no floating debt. Assessed
value 1914. $350,100. These bonds were offered but not sold on Sept. 15
(V. 99. P. 687).
DAWSON COUNTY SCHOOL DISTRICT NO. 108, Mont.-BOND
OFFERING.-Proposals will be received until 2 p.m.Oct. 31 by Asa Squires,
District Clerk (P. 0. Bloomfield), for $1,200 2-8-year (opt.) school bonds
at not exceeding 6% int.
DAWSON COUNTY SCHOOL DISTRICT NO. 122, Mont.-BOND
OFFERING.-Proposals will be received until 2 p. m. Oct. 31 by Verne
O'Neill, Dist. Clerk (P.0. Burns), for $1,000 5-10-year (opt.) school bonds
at not exceeding 6% int.
DAYTON, Montgomery County, Ohio.-BONDS AWARDED IN
PAR T.-Reports state that of the $57,000 bonds offered for sale by the
Slinking Fund Trustees on Sept. 28, $13,000 was awarded to E. T. Hall of
Dayton at 513,010-equal to 100.076.
DAYTON, Yamhill County, Ore.-BOND OFFERING.-Reports
state that W. P. H. Tucker, Town Recorder, will receive sealed bids until
p. m. October 12 for $10,000 semi-annual 6% water bonds.
DELAWARE COUNTY (P. 0. Muncie), Ind.-BOND OFFERING.
According to reports, proposals will be received by G. G. Williamson,
County Treasurer. until 10 a. m.Oct. 15 for $5,600
% highway-improvement bonds. Due part each six months for ten years.
DEPOSIT, Broome County, N. Y.-BOND OFFERING.-Reports
state that C. D. Mallory, Village Clerk, will receive bids until 4 p. m.
Oct. 13 for $12.000 1-12-year (serial) street-improvement bonds at not
exceeding 5% interest. Certified check for 10% required.
DES MOINES, Iowa.-WATER BOND PROPOSITION TO BE RESUBMITTED.-The question of issuing $2,380,000 bonds for the purchase
of the Des Moines Water Co.'s plant, which was defeated at an election held
June 1 (V. 98, p. 1788), will be re-submitted on Nov. 3, according to local
papers.
DE SOTO COUNTY (P. 0. Arcadia), Fla.-BONDS NOT SOLDNEW OFFERINO.-No bids were received on Oct. 6 for the 5350,000 6%
coupon road and bridge district No. 5 bonds offered on that day (V. 99,
p. 843). New bids are asked for until Nov. 4.
DOVER,Morris County, N. J.-BOND OFFERING.-Proposals will be
received until 8 p. m. Oct. 26 by Jos. V. Baker, Town Clerk, for $15,000
5% gold coupon tax-free bonds. Denom. $500. Date Oct. 1 1914. Int.
Oct. 1 1929. subject to call any
A. & 0.at office of Town Treasurer. DueNo
deposit required. Bonded
interest-paying date after Oct. 1 1919.
floating debt. Assessed value
no
$262,000;
this
including
issue).
(not
debt
1914, $4.850,000.
1081
DOYLESTOWN VILLAGE SCHOOL DISTRICT (P. 0. Doyle!.
town), Wayne County, Ohio.-BOND OFFERING.-E.V. Sharp Clerk
of Board of Education, will offer at public sale at 1 p. m. Oct. 17
'
51.200
5% coupon school bonds. Auth. Sec. 3994, Rev. Stat. Denom. $600.
Interest semi-annual. Due $600 Sept. 1 1919 and 1920.
DUNDEE (P. 0. Omaha), Neb.-BONDS VOTED.-The question of
issuing $20,000 6% 10-20-year (opt.) storm-water-sewer bonds carried by
a vote of 85 to 4 at an election held October 3.
EAST SIDE LEVEE AND SANITARY DISTRICT, M.-BOND
SALE.-On Sept. 19 $300.000 5% sanitary-inapt, bonds were awarded at
par as follows: $150,000 to Illinois State Bank of East St. Louis and $150,000 to Union Tr. & Says. Bank of St. Louis. Denom. $1,000. Date
Sept. 1 1914. Int. M.& S. Due in 1916 and 1917.
ELLSWORTH TOWNSHIP (P. 0. Ellsworth), Mahoning County,
Ohio.-BOND SALE.-On Oct. 1 the $25.000 5% 8 2-3-yr. (aver.) roadimpt. bonds (V. 99. p. 767) were awarded to the France Hag Co. at par
and int. There were no other bidders.
EL PASO SCHOOL DISTRICT (P. 0. El Paso), El Paso County,
Tex.-PRICE PAID FOR BONDS.-The price paid for the $200,000 5%
20-40-year (opt.) high-school bonds awarded to the First National Bank of
El Paso on Sept. 8 (V. 99, p. 843) was par and interest. Denom. $1,000.
Date June 1 1914. Int. J. & D.
FALLON COUNTY SCHOOL DISTRICT NO. 67, Mont.-BONDS
NOT SOLD.-No bids were received on Sept. 15 for the 51,500 5-10-year
(opt.) building and equipment bonds at not exceeding 6% interest, offered
on that day (V. 99. p. 622).
FILLMORE COUNTY SCHOOL DISTRICT NO. 20, Neb.-BOND
SALE.-During the month of September the State of Nebraska purchased
$10,000 59 5-20-year (opt.) school-house bonds on a 434% basis. Date
Jan. 1 1914.
FOUNTAIN COUNTY (P. 0. Covington), Ind.-BONDS NOT SOLD.
-No bids were received, it is stated, for the eight issues of 434% highwayimprovement bonds, aggregating $95,260, offered on Oct. 5(V.99, p. 997)•
FREMONT, Sandusky County, Ohio.-BOND ISSUE RESCINDED.
-The City Auditor advises us that the $4.000 5% 2M-yr. (aver.) watermain-hnpt, bonds offered but not sold on Aug. 17 (V. 99, p. 557) will not
be issued.
GALVESTON COUNTY (P. 0. Galveston), Tex.-BOND SALE.
Local papers state that the County Treasurer, in communication to the
Board of County Commissioners on Sept. 28, announced that he had completed the purchase of $25.000 special road bonds. The bonds were placed
as follows: 57.000 to the sinking fund of the special road bonds, redeemed;
$6,000 to the sinking fund of the special road bonds of 1913, investment.
and $12,000 to causeway bridge bond fund. investment.
GARDEN CITY, Finney County, Kans.-BOND SALE.-An issue of
$17,000 5% 20-year funding bonds has been disposed of at par as follows:
$12,000 to the Commercial Trust Co. of Kansas City and 55.000 to Addle
Vinsant. Denom.$500. Date June 1 1934. Int. J. & D.
GARFIELD TOWNSHIP (P. 0. Newaygo), Newaygo County, Mich.
-BOND SALE.-On Sept. 1 the 53,500 5% bonds (V• 99. p• 490) were
awarded to the First State Bank of Newaygo at par. Denom.(3) 51.000.
(1) $500. Date Sept. 1 1914. Int. annually on March 1. Due $1.000
March 1 1916. 1917 and 1918 and $500 March 1 1919.
GENEVA SCHOOL DISTRICT (P. 0. Geneva), Kane County, Ill.
-BOND SALE.-The $15,000 site-purchase bonds voted during August
(V. 99, p. 557) have been sold.
BONDS DEFEATED.-The question of issuing the $30,000 building
bonds (V. 99. p. 915) failed to carry at the election held Oct. 3.
GENEVA SCHOOL DISTRICT (P. 0. Geneva), Ontario County,
N. Y.-No BOND ELECTION.-We are advised that the reports that
stated that an election was to have been held Oct. 3 to vote on the issuance
of $30,000 bldg. bonds are erroneous.
GERMAN FLATTS SCHOOL DISTRICT (P. 0. Mohawk), Herkimer County, N. Y.-BOND OFFERING.-Reports state that bids will be
received until 12 m. Nov. 1 by E. B. Ingalls, Secy. Board of Education, for
$40,000 415% 1-10-year(serial)school bonds. Interest semi-annual. Certified check for 1% required.
GILBERT STATION, Story County, Iowa.-BOND SALE.-The
$6,000 water-works bonds mentioned in V. 98, p. 2009, were awarded to
Geo. M.Bechtel & Co.of Davenport during July at 534% int.
GLOUCESTER CITY, Camden County, N. J.-BONDS AUTHORIZED.-The City Council on Sept. 30 authorized the issuance of $20,000
school-site purchase, construction and equipment bonds, it, is reported.
GRAND ISLAND, Hall County, Neb.-BOND OFFERING.-Proposals will be received until 8 p. m. Oct. 21 by H. E. Clifford, City Clerk,
for 514.0007% coup. taxable Paving Dist. No. 12 bonds. Denom. $500.
Date Nov. 1 1914. Int. ann. in Nov. at State Treasury, Lincoln. Due
Nov. 1 1924, subject to call. No deposit required. Bonded debt (not
incl. this issue), $161.000: floating debt, $20.000. Assess. val. 1914, 52.328,000.
GRANT COUNTY (P. 0. Marion), Ind.-BOND SALE.-The 53,600
434% road-impt. bonds offered without success on Sept. 8 (V. 99, p. 767)
have been sold to H. F. Ader.
GREEN BAY, Brown County, Wis.-NO BONDS TO BE ISSUED.
The City Clerk advises us that the 53,000 434% 534-yr. (aver.) coup.
Dist. No. 15 sewer bonds authorized by the City Council during August
(V. 99, p. 622) will not be issued.
HACKETTSTOWN SCHOOL DISTRICT (P. 0. Hackettstown),
Warren County, N. J.-BOND OFFERING.-Reports state that the
Board of Education will offer for sale on Oct. 17 575.000 4% 5-30-year
(serial) tax-free school bonds. Denom. $500.
HAMILTON COUNTY (P. 0. Cincinnati), Ohio.-BOND SALES
OVER COUNTER.-We are advised that of the $800.000 434% 30-year
flood-emergency bonds being offered "over the counter," $260,000 had been
disposed of up to Sept. 29. This makes a total of 528,000 sold since our
last report (V. 99. la 843).
HANCOCK, Washington County, Md.-BOND SALE.-The $10.000
of an issue of 530,000 5 coup. tax-free water-works-constr. bonds offered
on Sept. 19 (V. 99. p• 84o) have been sold at par.
HARRISON, Hamilton County, Ohio.-BOND SALE.-On Oct. 5
the 51,095 15 6% (assess.) and 51,341 86 5% (village's portion) John St.
impt. bonds (V. 99. p. 843) were awarded, it is stated, to H. G. Bowles at
Par.
HARTLANi) SCHOOL DISTRICT (P. 0. Emmons, Minn.), Worth
County, Iowa.-DESCRIPTION OF BONDS.-We are advised that the
53,000 5% school bonds (V. 99, p. 997) awarded to Schanke & Co. of
Mason city in June (not Sept. 19, as first reported) are in the denom. of
$500 and bear date of Oct. 1 1914. Int. A.& 0. Due in 10 yrs., subject
to call after 5 years.
HILLSBORO SPECIAL VILLAGE SCHOOL DISTRICT(P.O. Hillsboro), Highland County, Ohio.-BOND OFFERING.-Proposals will
be received until 12 m.Oct. 29 by D.B.Scott, Clerk Bd.of Ed.,for $20,000
5% coup. taxable bldg. and impt. bonds. Auth. Sec. 7625-26, Gen. Code.
Denom. $500. Date Nov. 1 1914. Int. M.& N. at office of Dist. Treas.
Due $500 each six months from May 1 1916 to Nov. 1 1935 incl. Cert.
check (or cash)for $100 required. Bonded debt (incl. this issue). 5113.500.
Assessed val. 1914, $4,315,160.
HUDSON COUNTY (P. 0. Jersey City), N. J.-BONDS NOT SOLD.
-No sale has yet been made of the $150,000 414% 30-yr. coup. or reg.
boulevard-repair bonds offered without success on Sept. 10 (V. 99. p. 688)•
HUDSON SCHOOL DISTRICT (P. 0. Hudson), McLean County,
Ill.-BOND SALE.-An issue of $5,000 bldg. bonds was awarded to the
Hudson State Bank of Hudson at par on Aug. 15.
HIIMESTON, Wayne County, Iowa.-BOND ELECTION.-The election to vote on the question of issuing the $10.000 water-works-completion
bonds(V.99, P. 844) will be held Nov. 5.
HUNTINGTON, Cabell County, W. Va.-BOND OFFERING.-Propass's will be received until 1:30 p. m. Oct. 28 by the Bd. of Commrs..
C. F. Templeton. City Aud., for $125,000 city bldg., $30,000 fire-equip..
$25,000 undergrade crossing,$10,000 market-house and $5,000 police equip,
5% 30-year gold coup. tax-free bonds. Auth. election held Sept.19. Denom. $500. Date Oct. 11914. Int. ann. on Oct. 1 at First Nat. Bank,
N. Y. Cert. check for $1,000. payable to "City of Huntington,"
Purchaser to pay accrued int. Bonded debt (incl. these issues). required.
$1,122.200;
floating debt, 816.707; assess. val., $37,842,025.
1082
THE CHRONICLE
BONDS DEFEATED.-Reports state that at a recent election the question of issuing $500,000 municipal water-plant bonds failed to carry. The
vote was 755 -for" to 2202 "againsti,
HURLEY,Turner County,So. Dak.-BOND ELECTION.-According
to reports,the proposition to issue $10,000 city-hall bonds will be submitted
to a vote on October 23.
HURON, Erie County, Ohio.-BOND AWARD DEFERRED.-Reports state that only one bid was received on Oct. 1 for ale $1,100 535%
4-year Huron and Mill streets sewer bonds offered on that day (V. 99, p.
767). This bid was at par and interest and submitted by the Berlin Heights
Banking Co. of Huron and action on this bid was deferred.
JACINTO SCHOOL DISTRICT (P. 0. Willows), Glenn County,
Cal.-BOND SALE.-It is reported that S. W. Murdock of Red Bluff has
purchased at par and interest the $5.000 6% 3-12-year (serial) building
bonds voted Aug. 22 (V. 99. p. 688).
KAUKAUNA, Outagamie County, Wis.-BONDS NOT SOLD.-The
City Clerk advises us, under date of Oct. 5, that no sale has yet been made
of the $10,000 455% coupon park bonds offered on Sept. 1 (V. 99, p• 768).
KINSTON, Lenoir County, No. Caro.-BONDS NOT YET SOLD.
Up to Oct. 2 no sale had been made of the $100.000 5% 30-yr. paving and
sewer bonds offered without success on July 24. These bonds were also
offered without success on July 15 (V. 99, p. 557)•
KLICKITAT COUNTY SCHOOL DISTRICT NO.96, (P. 0. Golden.
dale), Wash.-BONDS NOT SOLD.-No sale was made on Sept. 12 of
the $2,500 6% bldg. bonds offered for sale on that day because the Board
of Directors did not appear to open the bids.
KNOX COUNTY (P. 0. Knoxville), Tenn.-BONDS NOT SOLD.
According to reports, no satisfactory bids were received on Sept. 30 for the
$100,000 5% 20-year school-building bonds offered on that day (V. 99,
p.688).
KNOXVILLE, Knox County, Tenn.-DESCRIPTION:-We are
advised that the $25.000 6% 1-5-yr. (ser.) Gay St. paving bonds awarded
at par to the Third Nat. Bank of Knoxville (E. E. McMillan. Vice-Pros.)
on Sept. 21 (V. 99.n. 998) are in the denom. of $1,000 and bear date of
Sept. 1 1914. Int. M. & S.
Kosciusito COUNTY (P. 0. Warsaw), Ind.-BONDS NOT SOLD.
-According to reports, no bids were received on Sept. 28 for the $2.000
road-improvement bonds offered on that day. They will be re-advertised.
LA JARA, Conejos County, Colo.-BONDS DEFEATED.-The question of issuing $16,000 sewer bonds failed to carry at the election recently
held.
LAKE COUNTY (P. 0. Crown Point), Ind.-BONDS AWARDED
IN PART.-Of the seven issues of 434% highway-impt.bondSaggrmatIng
$107,925 offered on Oct. 3 (V. 99, p. 998). the $14,000 Chas. C 8eydel
road bonds were awarded to the Meyer-Kiser Bank of Indianapolis at par
and int. There were no other bidders.
LAKE COUNTY (P. 0. Painesville), Ohio -BONDS NOT TO BE
RE-OFFERED AT PRESENT.-The County Auditor, under date of Oct. 6,
informs us that the $17,000 5% coupon road-improvement bonds offered
but not sold on Sept. 7 (V. 99, p. 557) will not be re-offered until the
money market improves.
LAKE GENEVA, Walworth County, Wis.-BIDS REJECTED.-All
bids received on Sept. 29 for the $10,500 6% 3-year average General Impt.
bonds offered on that day (V. 99, 13. 915) were rejected.
LAKE MILLS, Jefferson County, Wis.-BONDS AWARDED IN
PART.-Of the $6,000 4% tax-free general city bonds being offered "over
the counter" at par and int.(V. 98,P. 1934),$2,000 has been disposed of.
LANSDOWNE SCHOOL DISTRICT (P. 0. Lansdowne), Delaware
County, Pa.-PRICE PAID FOR BONDS.-W0 are advised that the
price paid for the 830.000 455% coup. tax-free school bonds recently sold
(V. 99, p. 998) was par and int.
LANSING, Ingham County, Mich.-BOND SALE.-The two issues
of 5% street-impt. bonds aggregating 317.100 offered on Aug. 1 (V. 99,
p. 362) have been sold "over the counter" to local investors.
LAWRENCE COUNTY (P. 0. Bedford), Ind.-130NDOFFERING.Bids will be received until 2 p. m. Oct. 12. reports state, by Earl G. Short,
County Treasurer, for the $4,800 455% road-improvement bonds offered
without success on Sept. 28 (V. 99, p. 998).
LEAF RIVER, Ogle County, 111.-BOND SALE.-The $2,000 5%
water-works-ext. bonds voted July 14 (V. 99, p. 285) have been sold.
LESTERSHIRE, Broome County, N. Y.-BOND SALE.-On Oct. 5
the $10.000 555-year (average) coupon water-works pumping-system bonds
(V. 99, p. 915) were awarded to the First National Bank of Lestershire at
par for ria. There were no other bidders.
LEWISTON ORCHARDS HIGHWAY DISTRICT (P. 0. Lewiston),
Idaho.-BOND OFFERING.-According to local neswpaiy.r dispatches,
bids will be considered until 9 a. m. Oct. 13 by John F. Morse, Dist. Clerk,
for $100,000 5% bonds. Denom. $1,000.
LIBERTY SCHOOL TOWNSHIP (P. 0. Tangier), Parke County,
Ind.-BOND SALE.-The $2,000 455% 5-yr. refunding bonds offered
on Aug. 22 (V. 99. p• 491) were sold on that day, we are advised.
LIBERTY TOWNSHIP SCHOOL DISTRICT (P. 0. Girard), Trumbull County, Ohio.-BOND ELECTION.-The proposition to issue
$40,000 school bonds will be submitted to a vote on Nov. 3,it is stated.
LONG BEACH, Nassau County, N. Y.-BONDS NOT SOLD.-No
sale was made on Sept. 12 of the $14,000 64-yr. (aver.) street-improvement bonds offered on that day (V. 99, p. 689.)
LOGAN COUNTY (P. 0. Bellefontaine), Ohio.-BOND SALE.
On Oct. 3 the two issues of road bonds, aggregating $15,000(V.99. P. 916),
were awarded to the Davies. Bertram Co. of ('in. for $15,002(100.013)
and int. Seasongood & Mayer of Cin, bid 101.02 for the $5,000 issue.
LORAIN TOWNSHIP (P. 0. Pearl City), Ms.-BOND SALE.-The
Twp. Clerk advises us that Frank Erwin was awarded $2,500 and J. C.
Hurd was awarded $1,500 6% bridge bonds on Sept. 1 at par. Denom.
$500. Date Sept. 1 1914. Int. ann. in April. Due $1,000 Yearly on
April 1 from 1916 to 1919 inclusive.
BONDS PROPOSED.-This Twp. is contemplating issuing $4,000 bonds
next spring.
LUCAS COUNTY (P. 0. Toledo), Ohio.-BONDS NOT SOLD.
No sale was made on Oct. 6. it is stated, of the three issues of 5% bonds,
aggregating $41.739 31, offered on that day (V. 99. p. 844). They win be
re-advertised as 555s.
MACON, Bibb County, Ga.-TEMPORARY LOAN.-Reports state
that this city has negotiated a loan of $25,000 with local banks.
MADISON COUNTY (P. 0. Anderson), Ind.-BONDS NOT SOLD.No bids were received on Oct. 5 for the $7,320 455% highway-improvement
bonds offered on that day (V. 99. p. 916).
MADISON, Dane County, Wis.-BONDS AWARDED IN PART.Local papersstate that up to Sept.30$4.000had been disposed of.ofthe $3.1.000 6'% and $28,000 5% street-impt. bonds offered "over the counter.'
MALHEUR COUNTY (P. 0. Vale), Ore.-BOND ELECTION PROPOSED.-Local newspaper reports state that a petition is being circulated
asking that an election be held to submit to a vote the question of issuing
$30.000 Snake River bridge-constr. bonds.
MANNING, Clarendon County, So. Caro.-BOND ELECTION.Reports state that an election will be held Oct. 13 to vote on the question
of issuing $10,000 railroad-aid-construction bonds.
MARION COUNTY, Ohio.-BOND OFFERING.-Proposals will be
reseived until 12 in. Oct. 17 by the Road Commissioners (care Conley &
Johnson, P. 0. Marion), for $10,500 5S% Roberts Free Turnpike road
bonds. Auth. Sec. 7283 Gen. Code. Denom. (2) $400. (1) $100, (18)
$50. Date Oct. 1 1914. Int. M.&1S. at office of Co. Treas. Due $400
1915. $500 each six months' from
Mar. 1 1915 and 1916. $500 Sept.
Sept. 1 1916 to Sept. 1 1923 incl. and $700 Mar. 1 1924, except that on
March 1 1921 and 1922 $1,000 is due. Cert. check on a Marion Co. bank
for $200, payable to Bd. of Road Commrs., required. Bonds to be delivered upon day of sale or in such reasonable time thereafter as may be
required for printing. Purchaser to pay accrued interest.
MARSHFIELD, Coos County, Ore.-BONDS VOTED.-According to
reports, the question of issuing $19,000 gynuaasium-constr, bonds carried
at a recent election.
MARTIN COUNTY (P. 0. Shoals), Ind.-BOND SALE.-On Oct. 5
the two issues of 455% road bonds aggregating $6.480 (V. 99, p. 916) were
[VOL. xcix.
awarded to the White River Bank of Loogootee for $6,496 50, equal to
100.254. Denom. $209 and $21/1. Date Sept. 15 1914. Int. M. St N.
There were no other bidders.
MARTIN COUNTY INDEPENDENT SCHOOL DISTRICT NO. 1
(P. 0. Fairmont), Minn.-BONDS VOTED.-The question of issuing
the $125,000 4% high-school-building and equipment bonds (V. 99, p. 916)
carried by a vote of 208 to 47 at the election held Oct. 3. Due $5,000 yearly
on July I from 1920 to 1933 incl. and $55,000 July 11934.
MELROSE COUNTY (P. 0. Texarkana), Ark.-BONDS NOT SOLD.
-No sale was made of tho 340,0005S% drainage bonds offered on Sept. 30.
MENOMINEE COUNTY (P. 0. Menominee), Mich.-BOND SALE.
The $60.000 road bonds voted during June (V. 98, p. 1935) have been disposed of.
MERCER COUNTY(P.O. Celina), Ohio.-BOND SALE RECALLED.
-The sale of the seven issues of 6% pike bonds aggregating $120.400,
which was to have taken place on Oct. 2. was recalled.
MIAMI COUNTY (P. 0. Troy), Ohio.-BOND OFFERING.-Proposals will be received until 10 a. in. Oct. 23 by M. T. Staley, County
Auditor, for the following 5% coupon flood-emergency bonds:
$440,000 bridge bonds of an issue of $451,000. Date Sept. 1 1913. Due
on Sept. 1 as follows: *17,000 1925 and $23,000 1926.
Denom. $500. Int. semi-annually at office of County Auditor. Certified check for 3% of bonds bid for, payable to County Auditor, required.
Bonds to be delivered and paid for within 10 days from time of award;
purcahser to pay accrued interest. Bids must be unconditional.
MIFFLIN TOWNSHIP (P.O. Homestead R.F.D. No. 1), Allegheny
County, Pa.-BONDS NOT YET AUTHORIZED.-The Town Cleric
advises us under date of Oct. 2 that the ordinance providing for the issuance
of $40,000 road bonds has not as yet passed the third and final reading by
the Board of Twp. Connors.,Using newspaper reports, we stated in
V. 99, p. 491 that these bond were authoriz.W on Aug. 12 by the Twp.
Commissioners.
MILWAUKEE, Wis.-BOND ELECTION PROPOSED.-Reports state
that the question of issuing $675,000 school bonds will be submitted to a
vote at the November election.
MINNEAPOLIS, Minn.-ELECTION PROPOSED.-According to
reports the questions of issuing $100,000 bonds and $400,000 certificates
ofindebtedness for a municipal-ice-plant will be submitted to a vote in Nov.
SALE OF STREET IMPROVEMENT CERTIFICATES-CERTAIN
ISSUES REJECTED.-City Treas. C. A. Bloomquist announced Oct. 2
the receipt of the proceeds from the sale of ten issues ($129,624) of certificates of indebtedness to finance street-improvements under the Elwell
Law. The certificates referred to, together with two items of$567,400 for
the widening and extension of Seventh Street N and $39,804 for widening
Harmon Place were awarded on June 30 to the Wells & Dickey Co. and the
Minnesota Loan & Trust Co. of Minneapolis (V. 99, p. 67). These latter
two amounts, however, were rejected by the firms mentioned.
MONROE, Walton County, Ga.-BOND OFFERING.-This city will
offer for sale on Nov. 1 the $19,000 5% 20-30-yr.(sm.) bonds voted April 2.
(V. 98. p. 1185).
MONTPELIER, Williams County, Ohio.-BOND OFFERING.Proposals will be received until 12 m. Oct. 22 by Ed. Summers, Vii. Clerk,
for $10.000 6% street-paving (assess.) bonds. Denom. $1.000.to Date
1924
Oct. 1 1914. Int. A. & O. Due 81,000 yearly on Oct. 1 from 1915
Purincl. Cert. chock for 2% of bid, payable to Vil. Treas., required.
chaser to pay accrued interest.
SALE.
MORGAN COUNTY (P. 0. Martinsville), Ind.-BOND
bonds of
The $6,000
% 555-year (aver.) Roscoe Farmer et al road
to Hawkins
Brown Twp. offered on Sept. 23 (V. 99. p. 844) have been sold
& Knox.
REJECTED.
MORGAN COUNTY (P. 0. Wartburg), Tenn.-BIDS $270,000 5%
-BOND OFFERING.-All bids received on Oct. 1 for thewere
ranted.
916)
p.
99,
(V.
day
that
on
offered
bonds
pike
coupon
gold
Bids are now being received at private sale.
$15.000
SALE.-Tho
Neb.-BOND
MORRILL, Scotts Bluff County,
99, p. 141)
6% 5-20-year (opt.) water-works bonds, dated Aug. 1 1914 (V.
oasis.
were purchased during September by the State of Nebraska on a 5%
JackMURPHYSBORO SCHOOL DISTRICT (P. 0. Murphysboro),
(ay.)
-year
2
6%
$15,000
the
5
SALE.
Oct.
Ills.
-BOND
-On
son County,
school bonds offered without success on Aug. 10 (V. 99. p. 844) were
awarded to the City Nat. Bank of Murphysboro at par and int.
NASHWAUK,Itasca County, Minn.-BONDS PROPOSED.-Accordvillageing to reports this village Is contemplating the issuance of $65,000
hall-construction and funding bonds.
-The
VOTED.
Neb.-BONDS
NEBRASKA CITY, Otoe County,
p. 916) carri:d at
question of issuing the $15,000 6% paving bonds (V. 99,
sahlect
years,
10
in
Due
213.
to
289
of
vote
a
by
30
Sept.
the election held
by local
to call any date. These bonds, it is expected, will be purchased
investors.
County,
Monmouth
NEPTUNE TOWNSHIP SCHOOL DISTRICT, until 8 p. m. Oct. 15
will be received
N. J.-BOND OFFERING.-ProposalsConies
Ave.. Asbury Park), for the
by S. A. Halls, Dist. Clerk (P. O. 69
bonds voted July 30 (V. 99. p. 425)•
$75.000 5% coupon tax-free school
A. at Asbury Park & Ocean
&
F.
Int.
14114.
1
Nov.
Date
Denom. $500.
yearly on Feb. 1 from 1925 to
Grove Bank, Asbury Park. Due $4,000
to 1937 incl. and $5.000 yearly
1934
from
1
Feb.
on
yearly
$4.500
incl..
1933
Cert. check for 2% of bonds bid for,
on Feb. 1 from 1938 to 1942 incl. Bonds
will be ready for delivery on or
payable to Bd. of Ed., required. accrued interest. These bonds will be
pay
to
Purchaser
20.
Nov.
about
& Tr. Co. of N. Y. Bids
Mtge.
S.
U.
the
by
genuineness
certified as to
by said Board of Ed. No floating
must be made on blank forms furnishedOfficial
circular
states that there is
$7,063,255.
1914
val.
Assess.
debt.
no litigation against this issue.
-BONDS
Ohio
TO BE REC011niirp
Harrison
NEW ATHENS,
6-year (aver.) Main St.-impt.
OFFERED NEXT SPRING.-The $2,940
24
be re-offered
(V.
will
Aug.
on
99,
624)
sold,
P.
not
but
offered,
bonds
next spring.
County,
Conn.
-BOND
SALE.-On
Hartford
NEW BRITAIN,
purchased by the Water Dept.
Sept. 29 $10.000 455% sewer bonds wereDate
Oct. 1 1914. Due Aug. 1
Sinking Fund at par. Denom. $1,000.
1918.
NEWBURYPORT, Essex County, Mass.-BOND SAL-E.-Reports
state that an issue of $55.000 455% serial bonds has been awarded to the
Newburyport Five Cents Says. Bank of Newburyport at 101.14.
NEW HAVEN, Conn.-BOND SALE.-On Oct. 9 $100,000 4S%
0-year coupon or reg, tax-free park bonds were awarded, it is stated, to
H. C. Warren & Co. of New Haven at 105.40-a basis of about 4.183%.
Denom. $1,000 or multiple thereof. Date Oct. 1 1914. Int. semi-ann.
at the City Treas. office.
NEW PHILADELPHIA SCHOOL DISTRICT (P. 0. New Philadelphia), Tuscarawas County, Ohio.-BIDS.-The followi are the other
bids received on Oct. 1 for the $20,000 6% 1755-year (aver. school bonds
Y at 163.105
awarded to the Davies-Bertram Co. of Cincinnati on that
rat
and int.(V.99, p. 998):
$20,476 00
Provident Savings & Trust Co., Cincinnati
R. M. Mann, Toledo
20,131 00
20,101 50
Dear & Bell. Toledo
Hoehler, Cummings & Prudden. Toledo
20,102 25
Citizens National Bank, New Philadelphia
20,000 00
Using newspaper reports, we stated that the price paid for these bonds
bausel
was 103.005.
NEWPORT, Cocke County, Tenn.-BOND OFFRRIga:=Posais
for
received
Mayor,
until
Stokely,
Oct.
S.
in.
p.
Geo.
by
7:30
15
will be
° municipal-impt. bonds. Denom. $1,000. Date Oct. 11914.
$25,000 57
Int. A. & O. at Chase Nat. Bank of N. Y. Due $1,000 yearly on Oct.
from 1919 to 1943 mod. Cert. check for $1,000, payable to Mayor and Aldermen, required. Official advertisement states that this town has never
defaulted in the payment of interest or principal on any bonded debt. Assessed val., $700,000; real val., $1,400,000.
'(P.T O.
NEWPORT BRIDGE IMPROVEMENT DISTRICT NO.r 1,
Newport), Ark.-BONDS WITHDRAWN FROM MARKET.-We are
advised that the $24,660 5%.534% and 6% bonds offered without success
on May 22(V. 98, P. 1338) have been withdrawn from the market...--no
NEW ROCKFORD, Eddy County,' No. Dak.-BOND SALE.
According to reports the First Nat. Bank of New Rockford has been awarded
an issue of $80.000 water-systemEbonds.
OCT. 101914.]
THE CHRONICLE
10.43
NEWTON COUNTY (P. 0. Kentland), Ind.-BONDS NOT SOLD.- for $500, required. Bonded debt $124,000. Floating debt 550.000.
No sale was made on Sept. 29 of the $4,100 43% hlghway-impt. bonds Assess. val. 1914 $2,265,000. The legality of this issue has been passed
offered on that day (V. 99, p. 916).
upon by Storey, Thorndike, Palmer & Dodge of Boston.
ROLLA SCHOOL DISTRICT (P. O. Rolla), Phelps County, Mo.NORTH ADAMS, Berkshire County, Mass.-LOAN AUTHORIZED.
-According to reports the City Treas. has been authorized to borrow BONDS VOTED.-The question of issuing $12,000 water and sewer-systems
impt. bonds carried, reports state, at the election held Sept. 29.
$13,500 for city's expense and $6,200 for cemetery-improvement.
RUSHVILLE SCHOOL CITY P. O. Rushville), Rush County,Int
NORTH VERNON, Jennings County, Ind.-BOND SALE.-On
OFFERING.-Bids will be received until Oct. 15 by the School
Oct. 1 an issue of $2,000 4 -iVa school-improvement bonds was awarded -BOND
Board
for 831.500 (not $25,000 as first reported) school completion bonds
to B. nisch at 101.5, it is stated.
(v. 99. P. 009)•
OAK HILL, Jackson County, Ohio.-BOND SALE.-On Oct. 5 the
ST. CLAIR HEIGHTS, Wayne County, Mich.-BOND SALE.-The
$8.0005% 1-1I-year (ser.) Main St.-improvement and municipal-buildingsite-purchase bonds (V. 99, p. 769) were awarded to the Oak Hill Say. Bank Detroit Tr. Co. of Detroit has, according to reports been awarded an issue
of
342,680 22 paving bonds for $42,730 22-equal to 100.117.
at par and int. There were no other bidders.
ST. LOUIS, Mo.-BOND ELECTION.-According to local newspaper
ONTARIO, Malheur County, Ore.-BONDS VOTED.-The questions reports,
the election to vote on the question of issuing the $2.750.080 bridge
of issuing $30,000 court-house-constr. (to be donated to Malheur County)
$6.500 County Fair Association relief and $3,500 Holy Rosary relief bonds bonds(V.99. p. 769) will be held Nov.6.
SALEM, Columbiana County, Ohio.-BONDS NOT YET SOLD.-No
carried, reports state, at the election held Sept. 30.
BOND SALE.-It is also reported that the $30,000 issue mentioned sale has yet been made of the $25,000 43.% 10-34_year (ser.) refunding
bonds offered without successs on Aug. 11 (V. 99, p. 493).
above has been subscribed for by two local banks.
BOND ELECTION.-The election to vote on the questions of Issuing the
ORANGE, Orange County, Calif.-BONDS NOT SOLD.-No bids
were received on Sept. 21 for the $10,000 5% 1-20-year (ser.) gold bridge 320,000 police-dept.-equip. and $10,000 motorization of fire-dept. bonds
bonds offered on that day. These bonds were offered without success on (V. 99, p. 999) win be submitted to the voters on Nov. 3.
SANDUSKY, Erie County, Ohio.-BOND OFFERING.-Proposals
Aug. 31 (V. 99, p. 769)•
will be received until 12 in. Oct. 31 by Fred.W. Bauer, City Aud., for the
OREGON, Ogle County, Ills.-BOND ELECTION.-Local newspaper following
5% bonds:
dispatches state that an election will be held on October 13 to vote on the $25,009 Central
fire station No. 1 bonds. Date Aug. 11914. Due $12,1,00
proposition to Issue $8,000 street-Improvement bonds.
on
Aug. 1 1923 and 1924. These bonds, with an issue
OTTAWA SCHOOL DISTRICT (P. 0. Ottawa), Franklin County,
were offered without success on Aug. 25 as 414s. (V.99.of $45,090,
P.845.)
Kan.-BOND ELECTION PROPOSED.-Reports state that the question
41.000 general paving and sewer (city's portion) bonds. Date
July 1
of issuing $100,000 high-school bonds will be submitted to a vote at the
1914. Due 310.000 on July 1 1923, 1924 and 1925, and $11,000
November election.
July 1 1926. These bonds were offered without success on Aug. 1
PENTWATER, Oceans County, Mich.-BOND SALE.-An issue of
as 414s (V. 99, p. 426).
$3,500 6% 4-year street-paving bonds was awarded to the Oceans County
Denom. $500. Int. semi-ann, at office of City Treas. Cert. check for
Says. Bank of Oceans on Sept. 16 at par. Denom. $500. Date Sept. 15 $500, payable to Robt. A. Koegle, City Treas.,
required. Bonds to be delivered and paid for within 10 days from time of award.
1914. Int. ann. in Sept.
PEORIA SCHOOL DISTRICT (P. O.Peoria), Peoria County, Ills.SAN GABRIEL SCHOOL DISTRICT, Los Angeles County, Cal.NO ACTION YET TAKEN.-The Sec. of the Board of School Inspectors, BONDS VOTED.-The question of issuing
school bonds carried,
'wider date of Oct.1, advises us that no action has yet been taken looking reports state, at the election held Sept. 28. $8,000
A similar issue of bonds was
towards the offering of the $150,000 school bonds voted July 20 (V. 99, D• awarded to Wm. R. Staats & Co. of Los Angeles
July 28, but were later
refused (V. 99. p. 690) and a new election had toon
363).
be hold.
PEWAUKEE SCHOOL DISTRICT (P. 0. Pewaukee), Waukesha
SAUK CITY, Sauk
Wis.-BOND SALE.-On Sept. 25 the
County, Wisc.-BONDS NOT ISSUED.-The Clerk advises us that the $8,000 4%% electric-ligCounty,
ht bonds voted August 4 (V. 99. p. 493) were
building bonds (not exceeding $20.000) voted July 20 (V. 99, p. 287), have awarded to the Farmers'dc Citizens' Bank of Sauk City
at par. Denom.
not been issued.
$100. Date Oct. 1 1914. Int. ann. on Oct. 1. Due $500
yearly.
PHILADELPHIA, Pa.-BOND ELECTION.-The purposes for which
SCHENECTADY, N. Y.-BOND SALE.-On Oct. 1 the $26.000 44:7e
bonds
voted
upon at the election to be held Nov. 3 coupon school repair bonds(V.99. p. 917) were awarded
1.0 be
the $11,300,000
as
follows:
$25.800
(V. 99, p. 917) are to be used. If voted, are as follows: Toward reorganizing at par and int. to Water Debt Sinking Fund; $100 at par and int. to
Frank
and rebuilding the Philadelphia General Hospital. 51.000.000; construction Cooper, Schenectady and $100 at 101 and int. to L. G. Dibble of Schenecof sedimentation basin at Torresdale. $400,000: improvement of water sup- tady. Denom. $100. Date July 1 1914. Int. J. & J. at the Schenectady
ply in South Philadelphia. $500,000; improvement of water supply in West Trust Co. of Schenectady. Due $2.000 yearly July 1 from
1915 to 1927
Philadelphia, $150,000: purchase of water pipe and appliances. 5100.000: inclusive.
improvement of country roads, $200,000: grading streets, 8200,000; pavSEATTLE SCHOOL
NO. 1 (P. O. Seattle), Wash.ing intersections, $100,000; repaving streets between Snyder and Columbia BONDS AWARDED IN DISTRICT
PART.-On Sept. 30 $152,000 of the 5323.000
Ayes., including said avenues, and between the Delaware and Schuylkill 11-year (aver.) coupon site
-purchase, construction and equipment bonds
rivers. $600.000*.paving streets, $200,000: grading, paving repaving, (V. 99, p. 845). were awarded
St.
westwara,
23rd
from
Passyunk
Ave.ve.
$50,000:
construction of main The Continental Trust & Say. to the State of Washington at par for 45is•
&c.,
Bank of Chicago bid par and int. for $57.000
sewers, $200,000: construction of Gunner's Run relief sewer in Indiana at 6% interest, with a ninety
days' option on the remainder of the issue at
St. from Third to Twelfth St., $200,000: reconstruction and relocation the same figure. This offer was
rejected.
the
of
portion
city, $500,000: construction of branch
of sewers in the central
SHEBOYGAN FALLS, Sheboygan County, Wis.-130ND ELECsewers, $250.000; construction of new bridges. $300,000; improvement of TION-The
election
to
branches.
vote
Rhawn
from
on
St.
the
northward.
Boulevard
and
question of issuing the 510,000 sewer
$400,000: harthe
bor improvements. $900,000 (to be exepnded as follows: for completion of and water-works-system-construction bonds recently authorized by the
piers, between Catherine and Christian Sts., and construction of pier at or Common Council (V. 99. p. 1000) will be held Nov. 3.
near McKean St., $800,000; bulkheading the Schulykill River. $75,000:
SILVER LAKE TOWNSHIP (P. 0. Silver Lake),
Shawnee County,
repairs and improvements to city tilers, $25,000: abolition of grade cross- Kan.-BOND ELECTION PROPOSED.-Accor
dIng to newspaper disings in South Philadelphia, $1,000,000; toward the erection ofanArt Mu- patches, the question of issuing $3,000 township-h
all
constr. bonds will
acquisition
of property and the improvement of the Park- be submitted to the voters at the general election.
seum, $800.000;
way. $800.000; toward the erection of a library building on site acquired
SIMSBURY,
County, Conn.-LOAN AUTHORIZED.
with money borrowed pursuant to ordinance approved June 17 1898, 810.- The Selectmen onHartford
Oct.5 authorized the borrowing of $15.000, it is stated.
000: towards Soldiers' and Sailors' Memorial, $160.000: acquiring property
SIOUX FALLS, Minnehaha County, So. Dak.-BOND
and improvement of small parks and recreation centres, $300.000; purchase
ELECTION.
of property, erection of buildings and improvements of existing police and -Local papers state that the question of issuing the $135.000 water-worksfire stations, $100.000: purchase of apparatus. $100,000; improvement of system-extension bonds (V. 99. p. 917) will be submitted to a vote on
County Prisons, $250,000; improvement of Fairmount Park, $200,000; October 20'purchase of property and improvement of Cobb's Creek, Morris and Indian
SNOHOMISH COUNTY (P. 0. Everett), Wash.-BOND ELECTION
Creek parks, $100.000; construction of buildings for Juvenile and Domestic PROPOSED.-It is reported that the proposition
to issue $1.500.000 road
Relations Branch of the Municipal Court. $100,000; payment of manda- bonds will be submitted to a vote at the November election.
muses, S800,000.
SOUTH MILWAUKEE, Milwaukee County, Wis.-BOND OFFERPORTER COUNTY (P. 0. Valparaiso), Ind.-BOND SALE.-The ING.-This city is offering for sale the 315.000 5% Sewer District
No. 1
two issues of 414% highway bonds aggregating 515.200, offered without bonds offered without success on July 28.(V. 99,13. 4274
success on Sept. 1 (V. 99. p. 690), have been soft! at par as follows: 38.200
SPENCERVILLE, Allen County, Ohlo.-BONDS NOT SOLD.-No
to Farmers' Nat. Bank, Valparaiso, and $7,000 to Valparaipo Nat. Bank, sale was made on Oct. 1. reports
state, of the 10,000 5f4% 64-year (aver.)
Valparaiso.
elmtric-light-impt. bonds offered on that day (V. 99. p. 493.)
PORTSMOUTH, Rockingham County, N. H.-BONDS NOT SOLD.
SPRINGFIELD CITY SCHOOL DISTRICT (P. 0.
Springfield),
-No bids were received on Oct. 7 for the $57.000 4% bonds offered on Clark County, Ohio.-BOND SALE.-On
Sept. 29 the remaining $16,000
that day. Duo $3,000 yrly. from 1916 to 1934, incl.
unsold portion of the $35.000 5% school bonds(V.99. p.917)
were awarded
PRESTON, Caroline County, Md.-BOND SALE.-The Provident to the Springfield Says. Society at par and Interest.
State Bank of Preston has been awarded the 57,000 5% 10-25-yr. (opt.)
SPRINGFIELD
TOWNSHIP
(P.
0.
Mongo),
La
Grange
County,
sewer bonds mentioned in V. 98, p. 1711. Denom. $100. Date July 1 Ind.-WARRANT
SALE.-On Sept. 26 the $3,500 5% building warrants
1914. Int. J. & J.
(V. 99, p. 769) were awarded to Leon Rose. Vice-Prest. of the Nat.
Bank
PULASKI COUNTY (P. 0. Winamac), Ind.-BOND OFFERING.- of La Grange, at par. Denom.(14) $235.
(1) $210. Date Sept. 30 1914.
Proposals will be received until 3 p. in. Oct. 27 by J. J. Lowry, Co. Treas.. Due serially for 15 years.
It is stated, for the $3,740 43, % highway-improvement bonds offered
SPRINGFIELD TOWNSHIP SCHOOL DISTRICT (P. 0. Holland),
without success on August 14. (V•
99, P• 559)•
Lucas County,
-BOND SALE.-On Sept. 28 the $1,500 6% 2-Yr.
PUTNAM COUNTY (P. 0. Greencastle), Ind.-BOND SALE.-We site-purchase andOhio.
constr. bonds(V. 99, P. 690) were awarded to P.
Hassenare advised that the $4,860 43i%
zahl
for
road
bonds
successs
without
offered
$1,500
on
50
(100.033)
and int. There were no other bidders.
Aug. 15(V.99, p.559) have been sold.
STREETSBORO TOWNSHIP SCHOOL DISTRICT (P. O. Kent),
01TEENSBURY UNION FREE SCHOOL DISTRICT NO. 1 (P. 0. Portage County, Ohio.
-BONDS NOT YET SOLD.-The Clerk Bd. of
Glens Falls), Warren County, Ohio.
-BONDS NOT SOLD.-No satis- Ed. advises us under date of Oct. 5 that no sale has yet been made of the
factory bids were received
for the $75,000 45i% 14.7-year (aver.) school 53.2005% school bonds offered on July
3(V.99, p. 218). He further state;
bonds offered at public auction
on Oct. 6. (V. 90
that it is probable that the bonds will be re-offered in the near future.
RACINE, Racine County, Wisc.-BONDS s • 11. 917•)
STRONGHURST,
PROPOSED.
Henderson
County,
Ill.-BOND ELECTION.
-Reports
state that this city is contemplating the
issuance of $100,000 bonds for the According to renorts.an election will be held to-day (Oct. 10) to decide
erection of a school at West Racine.
whether or not this village shall issue $12.000 water-works-system bonds.
RAILROAD SCHOOL TOWNSHIP
SULLIVAN, Moultrie County, Ills.-BONDS ILLEGAL.-We are
(P. 0. San Pierre), Starke
County, Ind.-BOND SALE.-The $9.700
434 7
0 5%-year (avercoup. advised that the $35,000 5% 20-year water-mains and light-improvement
school-bldg. bonds offered on July10(V.
bonds voted July 30 (V. 99, p. 427) have been declared illegal. Another
99. p.69)have been disposed
)
of.
RANDOLPH COUNTY P. 0. Winchester),
election will have to be held to re-submit the question.
Ind.-BOND OFFE
ING.-Proposals will be received until
10 a. in. Oct. 21 by lIenry D.
SUMATRA SCHOOL DISTRICT (P.0. Sumatra), Rosebud County,
Good, Mont.
County Treas. for $3,250 455% Orlando
-BONDS VOTED.-The question of issuing $5,000 building bonds
Marshall
De
et
al.
road-impt. bonds
between Wayne and West River townships.
nom. 3162 50. Date carried, it is stated, at the election held Aug. 26 by a vote of 41 to 35.
Oct. 17 1914. Int. M.& N. Due $162 50 each
six
Bristol County, Mass.-BONDS AUTHORIZED.
TAUNTON,
months
from
May
15
1915 to Nov. 15 1924 incl. Purchaser to pay
accrued interest.
Reports state that the Municipal Council on Sept. 29 authorized the issuance
READING, Hamilton County, Ohio.
cemetery
bonds.
$39,375
of
-BOND
SALE.
-On Oct 5
the $1.500 59 I-10-year (ser.) electric-light and
TEXAS.-BONDS REGISTERED.-During the week ending Oct. 3
water-works bonds
n. 769) were award
awarded to the Davies-Bertram
Co
fin. The Reading Bank
ncein
een,tt atpar
( .a9n9d the State Comptroller registered the following 5% bonds:
bid par less $25 for legalofexCeiee
Place and Purpose.
Amount.
Option.
o
o0
52.20
REDMOND, Crook County, Ore.-BONDS
00 flays County, Road District No. 2
ya
ea
rle
;
rs
NOT SOLD.-No satis- $50,000
factory bids were received for the 310,000
Harris
County, C. S. D. No. 24
0
8.000
0
6% 10-20-year (opt.) municipal
bonds offered on Sept. 29. They are still for
Salle
La
County,
00
40,000
Road
10-40 yeas
sale.
10,000 00 Jeff Davis County, Road District No. 1
RIDGEFIELD TOWNSHIP (P. 0.
Monroeville), Huron County,
3,300 00 Martins Mills. Independent School District
10-2
Ohio.-BOND OFFERING.-Proposals
0-20 Yea
Y'tarS
rS
will be received until 12 in. Oct. 30
4,000 00 Boerne, Bridge
10-20 yesar
by Clarence Zipfel. Clerk of Twp. Trustees,
8,000 000oliad, Independent School District
25-40 years
bonds. Auth. Secs. 7033 to 7052, Gen.for $3,000 5% coup. road-impt.
Kaufman
Code.
Date
1.500
County,
00
$500.
Denom.
C.
S.
D.
No.
50
5-10
years
Nov. 21914. Int. M.& N.at Farmers' &
Citizens' Banking Co.. MonroeTHOMPSONVILLE, Hartford County, Conn.-LOAN AUTHORvine. Due $500 each six months
from Noy. 1 1915 to May 1 1918, incl. IZED.-At the town meeting
held Oct. 6 the Town Treasurer was authorAn unconditional cert. check on a bank other
for 5% of bonds bid for payable to Twp. than the one making the bid, ized to borrow $50,000 in anticipation of taxes.
Clerk,
be
required. Bonds to
delivered and paid for within 10 days from
TIPTON
COUNTY
(P.
O.
Tipton), Ind.-BONDS NOT SOLD.-No
time of award. Purch. to pay sale was made on Sept. 21 of the
accrued interest.
two issues of 41i% highway-impt. bonds
E.00IE HILL, York County, So. Car -BOND OFFERING.-Pro- aggregating 39.200 offered on that day (V. 99. p. 845). These bonds are
still for sale.
posals will be received until 12 in.
People's
Mayor.
Oct.
the
of
office
15
at
th'e
TOLEDO, Ohio.
Nat. Bank Building, for the
LOAN.-Local papers state that final
5% tax-free funding bonds voted arrangements were -TEMPORARY
June 5(V. 98,P. 1868). Date550.000
made on Oct. 1 by City Auditor
July 1 1914. Int. J. & J. Due on July 1 House Association
the Clearingas follows: $1,000 yearly from
for the lending of $200,000 to the citywith
by the 17 banks of
yearly
incl.•,
from
1919
1915
$1,500
1920
to
to 1924 incl.; $2,000 yearly from 1925 to 1929 incl.•. $2,500 yearly from the city. The loan had to be made because taxes have not
been
sufficient
the
full
to
pay
amount of the council appropriations for
1530 to 1934 incl., and $3.000 yearly from 1935 to 1939 incl. Cert. check
the service and
safety departments for the last half of the
year.
1084
THE CHRONICLE
IVoL. usu.
Ohio,
WILKES BARES, Luzern° County, Pa.-BOND OFFERING.-This
TOWNSEND TOWNSHIP (P. 0. Collins), Huron County,
will offer for sale at public auction at 2 p. m. Oct. 15 5% 5-year
BOND OFFERING.-Proposals will be received until 12 na. Oct. 24 by city
bonds, aggregating about $20,000. Denom. $500 and MO. /zit.
paving
5% coup. highway-improvement
C. B. Canfield, Two. Clerk, for $4,000
A.& 0.at Huron County J. & J. Fred, H. Gates is City Clerk.
bonds. Denom.$500. Date Oct. 1 1914. Int..A
to
1916
1
from
months
April
each
six
$500
Due
WILKES-BARES SCHOOL DISTRICT (P. 0. Wilkes-Barre), Lu-Banking Co., Norwalk.
than the one making zerne County, Pa.-BONDS PROPOSED.-A. W. Moss, Sec. Bd. of Ed.,
Oct. 1 1919 incl. Certified check on a bank other
required.
Twp.
to
payable
Treasurer,
for,
bid
bonds
of
5%
for
us that this district is contemplating the issuance of $150,000 school
bid,
advises
the
Bonds to be delivered and paid for within 20 days from time of award. bonds.
Purchaser to pay accrued interest.
WINDSOR LOCKS, Hartford County, Conn.-LOAN AUTHORTREDIPEALEAll, Trempealeau County, Wis.-NO BONDS TO BE IZED.-The Selectmen were authorized on Oct. 5 to borrow at not exceedISSUED.-The VII. Treas. advises us that the $8,000 electric-light and ing 340.000 for general or other expenses, it is stated.
power-plant bonds mentioned in V. 98, p. 1869 will not be issued,as the
WOLFORD TOWNSHIP(P.O. Wolford), Crow Wing County, Minn.
money will be obtained from the State.
-BOND ELECTION.-Reports state that an election will be held Oct. 19
TROY SCHOOL DISTRICT (P. 0. Troy), Miami County, Ohio.- to submit to a vote the question of issuing $10,000 road bonds.
PRICE PAID FOR BONDS.-We are advised that the price paid for the
WYANDOTTE, Wayne County, Mich.-BOND SALE.-Local news$12,500 5% 10-year school-improvement bonds awarded to the Troy Nat. paper
reports state that the Wyandotte Says. Bank of Wyandotte has been
Bank of Troy on Sept. 1 (V. 99, p. 1000) was par. Denom. $500. Date awarded
an issue of $26,000 Front St. paving bonds.
S.
&
M.
Int.
Sept. 1 1914.
YORK TOWNSHIP, Belmont County, Ohio.-BOND OFFERING._
TUCSON, Pima County, Ariz.-BOND ELECTION PROPOSED.
will be received until 12 m. Oct. 28 by G. L. Bonar, Township
Reports state that an election will be held shortly to vote on the question Proposals
0 road bonds.
Clerk (P. 0. Powhattan Point, R. D. No. 1). for $2,000 57
of issuing $25,000 park-Impt. bonds.
Denom. $500. Int. M. & S. Due from Nov. 2 1914 to Sept. 1 1924.
TULLY TOWNSHIP SCHOOL DISTRICT (P. 0. Martel), Marion Certified check for 5% of bonds bid for, payable to Twp.Trustees, required.
County, Ohio.-BONDS TO BE OFFERED NEXT YEAR.-It is stated Bonds to be delivered and paid for within 5 days from time of award. The
that the $30.000 5X% coup. taxable school bonds recently authorized Twp, will furnish blank bonds. These bonds were offered without success
(V. 99. p. 1000) will be offered for sale about March 1915.
on Sept. 26. (V. 99, p. 1001.)
TURNER TOWNSHIP (P. 0. Standish), Arenac County, Mich.YOUCALLA, Douglas County, Ore.-BOND ELECTION PROPOSED.
vote
held
be
is
it
will
-An
to
Oct.
election
22,
stated,
ELECTION.
BOND
l -According to reports, the question of issuing electric-light-system-instalon the question of issuing $15,000 road bonds.
lation bonds will be submitted to the voters in December.
TUSCALOOSA, Tuscaloosa County, Ala.-BOND SALE.-Lnennewspaper reports state that this city has sold an issue of $5,000 garbage
crematory bonds to the Nye Odorless Crematory Co.
VALLEY SCHOOL DISTRICT (P. 0. Masontown), Preston CounAUVERGNE, Sask.-DEBENTURE SALE.-During the month of
ty, W. Va.-BONDS NOT SOLD.-No sale was made on Sept. 24 of the September
this place sold, reports state. $8.0006% debentures, due 1929.
$25,000 5% 10-20-yr. (opt.) coupon bldg. bonds offered on that day.
TOWNSHIP, Ont.-DEBENTURE SALE.-An issue of
BARTON
ee, p. 846.)
- $2.000 5% debentures, due 1934, has been purchased. It is stated, by H.
VENICE TOWNSHIP(P.O. Corunna), Shiawassee County, Mich,
Barker.
BOND SALE.-The 330.000 5% road and bridge bonds (V. 98, p. 1869)
BURLINGTON, Ont.-DEBENTURE SALE.-Reports state that durhave been awarded to Bumpus & Co. of Detroit at par.
ing the month of September an issue of $32,000 debentures was disposed of.
VERNON AND ONEIDA SCHOOL DISTRICTS NO. 12 (P. 0. Ken.
N.
Y.
state
that
-BONDS
-Reports
County,
VOTED.
CALGARY, Alts.-DEBENTURE SALE.-Dispatches dated Oct. 9
Madison
wood),
has accepted an offer to sell $250,000 City of Calgary
at a recent school meeting the voters authorized the issuance of 31,000 state that the Connell
bonds in London at 93,a price that will net the city 90) here.
additional school bonds.
DELTA, B. C.-DEBENTURES AUTHORIZED.-According to reports
VERNON SCHOOL TOWNSHIP (P. 0. Vernon), Jennings County,
of $21,225 and $22,698 74 5% 20-year
Ind.-BONDS WITHDRAWN FROM MARKET.-The Township Trus- by-laws providing for the issuance
Z school-house debentures have been passed by the Council.
tee, under date of Oct. 1 advises us that the $3,000 454,
DOMINION OF CANADA.-SALES OF SCHOOL DISTRICT DEBENbonds offered, but not sold, on July 17 (V. 99, p. 71) have been withdrawn
TURES.-The following 18 issues of debentures, aggregating $33,850.
from the market.
- issued by various districts in the Province of Saskatchewan. were disposed
VIGO COUNTY (P. 0. Terre Haute), Ind.-BONDS NOT SOLD.
during the month of September:
We are advised that no sale was made on Oct.5 of the two issues of 434% of, it is stated,
Rate. Due.
Rate. Due. Amount. District.
District.
11-year (aver.) highway-impt. bonds. aggregating $10,850, offered on that Amount.
1924
Dist_ _7 X 1924 52.000 Lothian Sch. Dist_7
Sch.
Arbury
$1,600
day (V. 99, P. 1000)•
1924
D__
_7
S.
Lupescu
1,200
1924
1,200 Battlebank S. D.._7 X
1924
VINELAND, Cumberland County, N. J.-BOND ELECTION PRO400 Neuhoffnung S. D_8
S. D_ _ _ _7 X 1924
Bresaylor
1,200
1924
754
D
S.
election will be held in the near future to
Orville
2.000
POSED.-Reports state that an$100,000
1924
D
S.
734
800 Decorby
Landis Ave. paving bonds.
1924
vote on the question of issuing
1924 2,000 Tiefengrund S. D-6
7
1,500 Endfield S. D
1924
7
X
Venlo S. D
D
754 1924 1.800
1.500 Halicz S.
WALDO TOWNSHIP (P. 0. Waldo), Marion County, Ohio.
1924
D_8
S.
Lake
Wilson
1,800
1919
the
S.
YEAR.
NEXT
to
D_8
$30,000
-According reports
350 Huntingford
BONDS TO BE OFFERED
1924
D_7
S.
Creek
Wlwa
1924 1,500
73
1,500 Ifield S
school bonds voted Sept. 11 (V. 99, p. 846) will be offered for sale about
1924
8
Woodbine S. D
5,500
6
1934
D
S.
Kinistino
6,000
March 1915.
-According to reports an
EDMONTON, Alta.-DEBENTURE SALE.
WALKER COUNTY (P. 0. Jasper), Ala.-BOND OFFERING.
debentures has been purchased
Chas. M. Sartan. Judge of Probate, is offering for sale the $88,000 of the issue 0( 390.000 WX, 20-year electric-light
$250,000 5% 30-year road bonds offered without success on Sept. 14. by Ulen & Co. of Chicago at 90.
place disposed of an
(V. 99. p. 625.)
FRANCIS, Sask.-DEBENTURE SALE.-This
it is stated, during the month of September.
WASHINGTON COURT HOUSE, Fayette County Ohio.-BOND Issue of 55.5006% debentures,
SALE.-The 35,500 5% 1054-year (aver.) coupon taxable bonds offered Due 1924.
Is stated that
ndiitaarded to the Commercial Bank of
aee
HAMILTON, Ont.-DEBENTURES AUTHORIZED -It
625)al:apvaer b
onjggetUVC.oni
to issue $200,000
yi0use
the Board of Education has,been granted permission
debentures.
school
WATERTOWN, Jefferson County, Wis.-BOND SALE.-The $4,000
KENTVILLE, N. S.-DEBENTURES AWARDED IN PART.-Reports
4% 254-year (aver.) coupon bridge-improvement bonds (V. 99. p. 770)
state that the Eastern Securities Co.. Ltd., of Halifax has purchased $3.000
have been sold to local investors.
5% 20 and 25-year debentures.
WATERVLIET, Albany County, N. Y.-BONDS VOTED.-By a of $11,000
LETHBRIDGE, Alta.-DEBENTURE SALE.-During the month of
vote of 154 to 67 the proposition to issue $55,000 454% city-hall bonds
September an issue of 3100.000 debentures was disposed of.
carried at the election held Oct. 7.
MARKHAM, Ont.-DEBENTURE ELECTION.-An election will be
WAUPUN, Fond du Lac County, Wis.-BOND ELECTION.-The
debencity-hall-con- held Oct. 19, it is stated, to vote on the question of issulag $48.762
election to vote on the question of issuing the 515,000 5% from
1922 to tures for the construction, equipment and operation of an electric railway.
struction bonds (V. 99. p• 364) will be held Nov. 3. Due
S
TO
DEBENTURE
PURCHASE
-OPTION
Alta.
HAT,
incl.
MEDICINE
1929
- GRANTED.-Reports state that Wood, Gundy & Co. of Toronto. fiscal
WAYNE COUNTY (P. 0. Richmond), Ind.-BOND OFFERING.
days' extension on their option to purthirty
a
granted
been
Chamness,
N.
have
Albert
by
21
agents,
Oct.
m.
a.
10
Proposals will be received until
bonds chase $158.000 debentures.
County Treas., for $3,250 454% Orlando Marshall et al. road-im_pt.
$162 50. Date
MINITONAS (Rural Municipality), Man.-DEBENTURE OFFERbetween Wayne and West River townships. Denom.
15 ING.-Bids will be received until 8 p. m. Oct. 20 by J. H. Cannon for
from
May
months
six
each
50
Oct. 17 1914. Int. M.& N. Due $162
20 annual installments.
$1,250 6% debentures. Due in
1915 to Nov. 15 1924 incl. Purchaser to pay acrued int.
TURE ELECTION.-Reports state that
IN
NEWMARKET,Ont.-DEBEN
WAYNE COUNTY (P. 0. Detroit), Mich.-BONDS AWARDED
for the construction, equipment
of $368,500 of the $500,000 the question of issuing $266.986 debentures
PART.-Below we print a list of the purchasers
will be submitted to a vote on Oct. 19.
railway
electric
16:
an
and operation of
4% 12-year (aver.) coup. tax-free road bonds offered on Feb. Amount
LOAN.-The Toronto "Globe" of
ONTARIO (Province of).-NETV
Date of
Purchased.
Purchaserthat the provincial Government is placing upon the market
Sale.
35,000 00 Oct. 3 reports
$1,000,000 5% 5-year bonds dated Oct. 1 1914. The sale is
Mar.16 Wyandotte Savings Bank, Wyandotte, Mich
of
issue
an
25,000 00
proceeding satisfactorily.
16 Wayne County & Home Savings Bank, Detroit
25.000 00 said to be
19 First National Bank, Detroit
PETERBORO, Ont.-DEBENTURE SALE.-According to reports
1,00000
31 Charles Schwartz. Trenton. Mich
due in 1916, were sold during Sepetmber.
25,000 00 $80,000 6% debentures,
April A Peninsular State Bank, Detroit
DEBENTURES AUTHORIZED.-It is stated that the issuance of $73.500 00
11 C. E. Placeway. Brighton, Mich
debentures was authorized by the Council on
m-ext.
sewerage-syste
1,00000 000
15 C. E. Plaeeway. Brighton, Mich
25,000 00 Sept. 8.
21 Dime Savings Bank. Detroit
OF BOND ELECTION.-Reports state
00
500
-RESULT
C.
B.
Mich
SAANICH,
22 C. E. Placev-ay, Brighton,
75.000 00 that at the election held Sept. 19 the questions of issuing $375,000 waterCommerce. Detroit
Mar.31 National Bank of Detroit
oo
loo.00n
paving
debentures
carried, while the proposition to
$450,000
and
Co.,
system
Apri127 Ford Motor
Bank. Highland Park, Mich- 10.000 00 issue $50.000 school debentures was defeated.
27 Highland Park State
1.000 00
Mich
Brighton,
Placeway,
ROMAN
CATHOLIC
AGNES
E.
SEPARATE SCHOOL DISTRICT
ST.
May 9 C.
2,000 00
Mich
NTURE SALE.-Reports state
14 C. E. Placeway, Brighton, Mich
1,000 00 NO. 22 (P. 0. Moose Jaw), Sask.-DEBE
school debentures offered without success on
29 C. E. Placeway. Brighton,
10.000 00 that the $7,000 6%_ 40-year
Detroit
Bank.
ing3
Sas
June 17 (V. 99. P. 73) were disposed of in September.
Jule 10 Michigan
00
20.000
Mich
Dearborn.
20 Dearborn State Bank.
10.00000
ST. CATHARINES, Ont.-DEBENTURES AUTHORIZED.-On
Detroit
23 Sontritv Trust Co.,
500 00 Sept. 21 the City Council authorized the issuance of $10.000 St. Paul St.
r'. T:. Pla-eway. Brighton. Mich
j
00
500
el-bridge debentures, it is reported.
high-lev
Mich
31 C. E. Plare.ca:,*. Brighton, Mich
500 00
ST. JOHN, N. B.-DEBENTURES PROPOSED.-According to reports
Aug. 6 C. E. Placeway, Brighton.
00
25,000
Mich
Detroit,
Benk,
Mayor has submitted a by-law to the City Council providing for the
Sept.25 People's State
5.000 00 the
Cement Co., Chicago. Ill
ssuance of $125,000 5% semi-annual debentures of $500 denoms.
25 Universal Portland
the bonds disposed of was par.
ST.
PAUL'S ROMAN CATHOLIC SCHOOL DISTRICT, Sask.. The price paid forreports.
entire
$500,000
the
that
stated
previously
we
SALE.-An issue of $95,000 5% debentures, due 1954, was
Using newspaper
of which was reported in our list of bond DEBENTURE
of, it is reported, during the month of September.
had been disposed of, $100,000
disposed
will
$500,000
The
June.
in
3400.000
and
March
sales for the month of
be
will
(3368.500)
sold
amount
SCARBORO TOWNSHIP (P. 0. Woburn),
and the
Woburn) Ont.-DEBENTURES
now be eliminated from those lists
AUTHORIZED.-Reports state that the Two.
on Sept. 29 authapportioned as above.
of
issuance
the
public-school-addition and $2.000
Agincourt
$2,000
orized
Ohio.-BOND OFFERING.
WAYNE COUNTY (P. 0. Wooster),
Park
Ave.
Victoria
sidewalk
debentures.
Auditor,
County
Fahr,
Chas.
by
26
Oct.
1 p. m.
Bids will be received until Creek
SIMCOE, Ont.-DEBENTURE SALE.-The Bank of Hamilton purDitch No. 213 bonds. Denom.(2) $445.
for 55.800 534% Kilibuck
semi-annual. Due $890 Sept. 1 1915 and $1.000 chased, it is reported, $40,000 6% 30-installment debentures.
(10) $500. Interest
incl.
STRATFORD, Ont.-DEBENTURES NOT SOLD.-No sale was made
yearly on Sept. 1 from 1916 to 1920
(P. 0. Laporte), La Porte County, on Sept. 15 of thefive issues of5% coupon debentures,aggregating $98.500.
WELLS SCHOOL TOWNSHIP
bids were received offered on that day.(V. 99. p• 366.)
no
that
state
-Reports
SOLD.
Ind.-WARRANTS NOT 6% 3-year school warrants offered on that day
SWIFT CURRENT SCHOOL DISTRICT NO. 167 (P. 0. Swift Curon Oct. 3 for the $2,000
rent), Sask.-DEBENTURES NOT SOLD.-No satisfactory bids were
(V. 99, p. 847). Denom. $500.
satisfactory
received for the $60.000 6% 30-year school debentures offered on Sept. 30.
Va.-BONDS NOT SOLD.-No
WETZELL COUNTY, W.
the 850,000 6% 10-30-year (opt.) Grant (V. 99. P. 847)
bids were received on Oct. 1 for
day. (V• 99. Is. 847.)
WAINWRIGHT, Alta.-DEBENTURES PROPOSED.-It is reported
District road bonds offered on that
Province of
DISTRICT (P. 0. White Castle), that this town will apply to the Legislative Assembly of the the
DRAINAGE
town to
CASTLE
empower
WHITE
OFFERING.-S. M. Levy, Sec. & Treas., Alberta, at the next session thereof, for an Act to natural
rights and
gas
Iberville Parish, La.-BOND
to
acquire
coup.
debentures
than
$50.000
draintax-free
more
gold
not
iSSUO3
5%
of $60.000
Is offering at private sale an issue
suit
gas.
to
purchaser. drill for
1910. Denom.
age bonds. Auth. Act. 256, Laws
WATERLOO COUNTY (P. 0. Berlin), Ont.-DEBENTURES AUInterest J. 5c J. No deposit required.
PRO- THORIZED.-According to reports the Municipal Council authorized on
ELECTION
-BOND
J.
N.
Count7,
WILDWOOD, Cape May
calling
considering
22 the issuance of 35.000 River Nith bridge-extension-construction
is
town
Sept.
this
that
Zs*
POSED.-Local newspaper reports state
la
debentures.
water-plant-construction bonds.
aa election to vote on the issuance of
Canada. its Provinces and Municipalities.
@FedFRASER