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financial
Me,
annual
INCLUDING
SATURDAY, OCTOBER 17 1914.
VOL. 99
,
Clearings at
1914.
PUBLISHED WEEKLY.
Terms of Subscription-Payable In Advance
slo oo
For One Year
6 00
For Six Months
13 00
Subscription (including postage)
European
7
European Subscription six months (including postage)
£2 14a.
5
0
Annual Subscription in London (including postage)
£1 11 a.
Six Months Subscription in London (including postage)
$11 50
Canadian Subscription (including postage)
Subscription 'includes following Supplements
BANK AND QUOTATION(monthly) 1 RAILWAY AND INDUSTRIAL(3 times yearly)
ELECTRIC RAILWAY(3 tunes yearly)
(monthly)
RAILWAY EARNINos
STATE AND CITY(semi-annually) BANKERS'CONVENTION (yearly)
Terms of Advertistnd-Per Inch Space
$4 20
Transient matter per inch spate(14 agate llnes)
(8 times)
Two Months
22 00
hree Months (13 times)
29 00
Standing Business Cards
Ix Months
(26 times)
50 00
Twelve Months(52 times)
87 00
CHICAGO OFFICZ-Geo.M.Shepherd,513 Monadnock Blo.,k;TeLHarrisOn 401E
-Edwards & Smith,1 Drapers' Gardens,E. C.
LONDON OFFICE
WILLIANIE B. DANA COMPANY, Publishers,
New York.
P.O.Box 958. Front, Pine and Depeyeter Ste..
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
CLEARING-HOUSE RETURNS.
The following table, made up by telegraph, &c., indicated that the total bank
clearings of the clearing houses of the United States for the week ending to-day
have been 52,458,639,938, against $2,561,178,917 last week and 33,485,850,851 the
corresponding week last year. Columbus Day holiday in the week this year.
1913.
Per
Coif.
3937,762,489
104,285,400
113,985,059
27,474,735
229,689,040
59,551,313
14,819,031
$1,558,877,462
138,703,419
130,264,977
33,662,261
267,183.517
75,823,816
17,902,253
-39.9
--24.8
--12.5
--18.4
-14.0
-2I.5
-17.2
Seven Cities, 5 days
Other Cities. 5 days
51,487,547,067
' 555,978,823
$2,222,417,705
630.148,641
--33.1
--11.8
Total all cities, 5 days
All cities, 1 day
$2,043,525,890
415,114,248
52,852,586.346
633,284,505
--28.4
--34.4
32.458,639,938
$3,485,850.851 I --29.5
Clearings-Returns by Telegraph.
Week ending Oct. 17.
New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans
Total all cities for week
1914.
The full details for the week covered by the above will be given next
Saturday. We cannot furnish them to-day, clearings being made up by the
clearing houses at noon on Saturday, and hence in the above the last day
of the week has to be in all cases estimated, as we go to press Friday night
We present below detailed figures for the week ending with Saturd
noon. October 10, for four years:
Week ending Oct. 10.
Clearings at
1914.
1913.
Inc.or
Dec.
1912.
1911.
$
$
5
$
%
New York
1,218,361,585 1.827,477,634 --33.3 1,710,864.757 1,518.056,219
Philadelphia ...._ _ 143,371,278 164,668,872 --12.9 142,057,607 128,724,087
Pittsburgh
52,189,571
54,039.638 --3.4
47,142.671
45.353,760
Baltimore
34,259,898
37,844,903 -9.7
32,196,119
34,870,068
Buffalo
12,886,004
15.265,247 --15.5
11.062,001
8,845,483
5.784,851
Albans'
6,773,217
14.8
6,266.315
6,563,258
7,963.436
Washington
7.864,836 +1.3
7,908,455
7,456.588
4,448,851
Rochester
4,978.058 --10.7
3,958,143
4,037.087
3,927,420
2.900,000 +35.4
Scranton
2,600,000
2,473.778
3,162,186
3,014,881
A-4.9
Syracuse
2,339.687
1.298,039
1,934,763
1.908.292
A-1.4
Reading
1,621,006
2,112,371
1,788,549
2,365,635 -24.4
Wilmington
1,392,815
1,453,191
1,908,080
AH4.2
1,831.566
lkure
,
1,594,982
WIlkes
1,125,265
1,867,142
2,291,916 --18.5
1722,283
Wheeling
1.737,546
932.025
1,007,497 --7.4
855,862
941,461
York
1,665,050
1,838.771 -9.4
2.036,354
1.810,448
Trenton
1,063,771
1,167,947 --8.9
989,772
881,366
Erie
789.606
915,013 --13.8
538,411
457,441
Chester
709,409
793,300 --10.6
693,300
Binghamton ....._
646.500
880,000
650.000 AH4.6
550,000
519,516
Greensburg
561,113
611,201 --8.2
575,000
559.588
Altoona
1,956,277
A-7.4
1,369,451
1,822,783
1,044,922
Lancaster
367.504
445,935 --17.5
340,266
Montclair
Total Middle_ 1.502,578,147 2,142,477,122 --29.9 1.980,675,017 1,770,787.962
Boston
Providence
Hartford
New Haven
Springfield
Portland
Worcester
Fall River
New Beclford
Lowell
Holyoke
Bangor
124,433,169
7,397,300
4,434,629
3,526,993
2,527,694
1,950,000
2,289,492
1,131,723
1,035,818
753,822
783,867
533,716
158,748,727
8,576,200
5,330,058
3,322,128
2,828,180
2,131,013
2,783,198
1,715.215
1,335,494
555,411
625,707
586,858
,
r,f1Vnor
150 70Q 9921
1525 5151575 --OA A
Ilno
Note.
-For Canadian
--21.6
--13.7
--18.8
A-6.1
--10.8
--17.8
-34.1
--34.1
-22.5
A-35.7
AH25.3
--9.0
clearings see "Commercial and
NO. 2573
Week ending Oct. 10.
Wite
--
Electric Railway Sectior
State and City Sectioc
Railway fic Industrial Section
Bankers' Convention Section
'Bank & Quotation Section
Railway Earnings Section
144,244,752
7,315,400
3,963,762
2,474,516
2.428,179
2.287,153
2.200.933
1.273.289
884,515
422,890
750,000
575,133
140,883,136
7,891,300
4,259,865
2,884,358
2.105.910
1,848,813
2,377,406
1,159,750
884.137
504,729
625.182
530.014
Ron
165 OSA an.
lAR
A99
Miscellaneous News."
1913.
Inc.or
Dec.
1912.
I
1911.
3
3
Chicago
278,108,293 315.257,329 -11.8 269.742,092 259,623,572
Cincinnati
22,256,850
22,243,500
20,245,250
24,614,250 -9.6
Cleveland
18,541.063
23,608,507
23,057,428
24,347,850 -3.0
Detroit
23,047,470
20,316,096
23,449,094
24,466,916 -5.8
Milwaukee
17,000,000
14,797,649
15,099.699
16,730,674 +1.6
Indianapolis _ _
8,297,152
7,557,656
7,864,980
8,415,070 -10.2
Columbus
5,073,600
6,383,400
6,680,000 -4.4
5,094,900
3,606,181
Toledo
5,742,024 +14.4
6,569,790
4,807,687
Peoria
3,393,305
2,573,069
4,246,005 -39.4
3.500, 00
0
Grand Rapids__
2,994,371
3,074,656
3,281,852 -6.3
3,199,231
Dayton
1,683,351
2,233,344
2,383,459
2,869,845 -22.1
Evansville
1,143,002
1,398,640
1,457,164 -21.6
1,389.383
Kalamazoo
614,364
734,186
711,812 -13.6
752,896
Springfield, Ill_ _
1.009,903
1,331.772
1,110,473
1,266,197 +5.1
Fort Wayne_
1,464,578
1,035,404
1,159,451
1,410.680 +3.8
Akron
1,079,000
1,794,000
1,693,000 +6.0
1,522,000
Lexington
704,101
709,194
703.246
692,501
+0.7
Rockford
916,186
852,070
1,033,324 -11.3
998,472
Youngstown __ _
1,177,451
1,806,180
1,757,993
2,088,565 -13.5
Canton
1,004,088
1,747,584
1,058,216
1.300,000 +34.4
698.268
732,103
619,421 +12.8
Bloomington
583.587
601,842
796,475
South Bend
650,334 +22.4
700,000
415.360
Decatur
405,799
496,489
454,567 -10.8
498,139
Springfield, 0...771,137
649,852
708,894 +8.8
648.815
847,899
Quincy
833,154
858,008 -1.2
Mansfield
383,872
539.523
443,028
523,470 +3.1
Jacksonville, Ill_
237,543
266,611
258,647
291,382 -8.6
411,382
532,242
480,000
Jackson
510,786 -6.0
405,793
Danville
422.922
425,000
441,566 -3.7
398,510
Lima
440,285
543,798 -17.2
450,000
372.166
518,042
Lansing
473.466
468,043 +10.7
223,173
287,255
Ann Arbor
264,576 +8.6
225,107
28,000
39,450
Adrian
48,936 -42.8
81.397
Owensboro
335,280
434,193 -7.9
400.000
416,343
Tot. Mid.West 416,840,534 455,134,672 -9.7 395,590,150 37E.131.995
47,389,882
San Francisco_
48,327,163
46,578,069
-I2.2
53,974,863 16.605.864
Los Angeles
20,480,477
-8.0
22.210,158 20,439,807
11,818.730
12,307,830
Seattle
11.840.346
13,269,093 --13.8
12,805,512
-9.6
13,588,437
Portland
12,162,248
15.026,117 7,112,574
6,835.171
6,319,753
7,548,481 --16.3
Salt Lake City_
4,419.252
3.240,788
2,487,414 --15.7
2,097,936
Tacoma
3,427,660
4,758.174
5,371,623 --26.4
Spokane
3,951,647
3,259.761
3,231,938
3,889,112 --9.5
3.519,307
Oakland
1,860,038
2,250,802
2,634,446 --2.5
2.569,161
Sacramento
-31.6
2,397,125
1,650,000
2,506.222 1,714,770
San Diego
792,165
1,002,455
-13.7
1,103,252 952.305
San Jose
913,639
1,102,050
1.414,719 +5.0
1,485,618
Fresno
634,969
1.076,135
987,317 A-13.5
Stockton
1,120.685
773.143
7 39.571
-7.5
861,864 798,521
Pasadena
491,845
470.000
580,958 --3.0
563,230
North Yakima
325,224
312,460
275,000 +27.3
350,254
Reno
517,770 /lot Incl.Into taL
Long Beach
-11.7 118.267,819 115,227,829
Total Pacific_ _ 119,167,143 135,140,641 56.134,758
63,329,389
63,227,514 +11.6
70,575,437
Kansas City__
27.912.600
14.9
32,176,996
33,448,512 38,430,026
_ _
Minneapolis
15,982.118
16,816,179
19,408,824
18,300,000
Omaha
11,202,463
12,525,484
10,583,50 +12.4
11.901,785
St. Paul
10,510,040
10,823.438
9,913,558 -3.4
9,571,958
Denver
6.777,399
7.640.322
8,287,53 -18.7
6,733.058
St. Joseph
5,760,002
6,264,472
7,598.33 +16.7
8,883,906
Duluth
4.415.543
5,048,122
5,428,395 +6.9
5,800,000
Des Moines
2,508,690
3,599,658
4,079,678 -9.3
3,701,970
Sioux City
3.735,202
3,490,204
3,511,278 +1.2
3,552,65
Wichita
1,727,702
1,630,359
1,886,186 +24.0
2,339,53
Lincoln
1.316,832
1,346,862
1,887,825 -4.3
1,805,16
Topeka
1,479,663
1,861,268
1,893,470 +0.1
1,894,93
Davenport
1.407,174
1,462,259
2,108.521 -16.4
1,762,78
Cedar Rapids......
1,008,461
548,408
687,811 +15.7
1,766,65
Fargo
741,467
685,653
668,664 -13.0
581.76
Colorado Springs
657,548
653,188
750,008
688,80
Pueblo
272,665
380,084
353,632 +46.1
516.99
Fremont
1,234.517
1.543,884
1,680,779 +0.9
1.895,720
Waterloo
1,027,412
988,369
1,288,472 +18.3
1,524,947
Helena
440,667
500,427
468,280 +102.1
946.450
Aberdeen
187,125
242,457
217,002 +18.1
256,332
Hastings
426,556
447.229
13.2
673.120 584,030
Billings
174.002,769 156,866,602
Tot. oth.West_ 193,794.899 179,949,230 +7.7
81,042,974
84.046,947 ---17.9 .81.689.941
St. Louis
69,027,359
19,319,556
21,457,556
New Orleans_ _ _
14.562,187
19,883,002 ---26-8
Houston
10,709,991 ---32.3
7,252.061
11,981,973
11,989,433
Louisville
11,526,528
13,579,420 ---15.1
3,789.000
4.307,500
-43.4
Galveston
2,948,582
5,212,000 7,173.208
7,962,663
Richmond
8,043,547
-I.7
8,183.851 18,167,504
16,831,846
Atlanta
--37.0
12,862,665
20.488,830 9.725,024
9.607,103
10.401,398 ---32.7
7.000,872
Memphis
9,081.697
Savannah
8.042,503
3,820,206
9,669,951 ---60.5
7,349,822
10.500,631
--14.2
Fort Worth
9,573,484 8.211,536
7,996,257
5.195.540
Nashville
8,879,797 -21.2
7,000,000
4,106,491
A-4.9
Norfolk
4,150,912
4.507454
4.353,308
5,180,671
2.130,076
2.807.963 -40.5
Augusta
1,669,043
3.073.956
2,575.585
3.372,843 ---22.3
Birmingham
2,821,776
2.247.754
2,441.088
2.922,880 --23.4
2,237,245
Little Rock
3.0.30,000
3,000.000
-14.9
3,262,909 2,776,254
Jacksonville _
2,463.784
2,673,158
3.458,413 ---48.6
1,777,943
Charleston
2,080,664
1,947.757
2,093,283
1,880,371 A-11.3
Knoxville
2,487,983
2,190,084
2.587,064 ---9.4
2.325,000
Chattanooga_ _
1,300,000
1,382,457
1,550,003 ---29.0
1.100,000
Mobile
2,628,147
2,297.582 AH16.5
2,901,107
2.675,707
Oklahoma
5,034,796
6,520.198 --,52.9
3,068,175
5,283,276
Macon
1,509,221
1,802,799 ---10.0
1,622,520
1,148.097
Austin
377,197
309,948 ---8.9
282,282
Vicksburg
339,553
438,704 ---9.1
507,413
398,780
Jackson
524.175
1,010.113
1,375,455 ---26.5
1,097,802
Muskogee
959,207
1,375,998 A-1.2
1,057,063
1,393,001
660,382
Tulsa
387,454 ---12.3
441.749
340.000
Meridian
300.000
183,999.971 241,109,964 -23.7 218,262,037 210,417,751
Total Southern
2,561.178.91713,342,349,814 =23.4 3,0537
Total all
07,514 2,794,386,537
Outside N. Y- 1,342,817.332 1,514,872,180 -11.4 1,342.733,357 1.275,330,31$
1086
THE CHRONICLE
[VOL. xclx.
gross. On the contrary, expenses actually increased,
HOW THE RAILROADS ARE FARING.
notwithstanding the utmost efforts at economy. In
subsequent part of this issue of our paper we other words, expenses were added to in amount of
In a
devote four pages to a tabular presentation of the $31,434,374, concurrently with the loss of $79,479,gross earnings, the operating expenses and the net 672 in gross. As a consequence, net earnings were
earnings of United States railroads for the last two reduced in the prodigious sum of $110,914,046.
fiscal years ending on June 30. The figures are
Nor does this tell the whole story of the rise in exderived from the monthly returns which steam rail- penses. The net earnings as here given are before
roads are required to file with the Inter-State Com- the deduction of taxes. These taxes themselves
merce Commission at Washington, and they embrace keep steadily rising year by year. We have not
every road whose gross earnings run in excess of attempted to compute the taxes ourselves for the
$100,000 per annum. Railroads earning less than latest fiscal year, but we notice that the Bureau of
$100,000 per annum are exempt from the requirement Railway Economics at Washington in its summary
to furnish monthly returns. We get transcripts each for June reports that taxes in the fiscal year OTT
month of all the monthly reports made to the Com- increased $53 per mile in the case of railroads having
mission and now bring them all together for the two annual operating revenues above $1,000,000. Apfiscal years. We wish to emphasize the fact that the plying this $53 per mile to the 246,157 miles of road
compilation is absolutely complete-that no road represented in our compilation, it is found that the
which earned $100,000 or more in the fiscal year 1914 taxes exceeded those for 1913 by over $13,1913 is missing.
000,000. Taking the increase in taxes into account,
The returns of the separate roads have already therefore, the shrinkage in net earnings, now found
appeared in our monthly"Railway Earnings Section" to be, roughly, $111,000,000, is raised to $124,000,or Supplement-the most of them in the issue of 000. It should be remembered, too, that the stock
Aug. 22, but some belated returns in the issue of and debt of United States railroads are necessarily
Sept. 19. In these issues, too, will be found Complete increased from year to year by new capital expendidetails of the earnings and expenses of each road tures made necessary in order to maintain the effiwhich in our compilation to-day we are obliged to ciency and increase the capacity of the roads, and
omit, owing to lack of room. In bringing the roads these new capital expenditures in turn add to interest
together now, we group them according to location and dividend requirements. Thus the situation is
and furnish comparative totals for the different that, while larger net earnings were imperatively
groups, and also grand totals for the whole country. needed, they have instead been reduced in the sum
In this form the statistics possess added usefulness of $124,000,000 in a single year. And yet the railand also have great value for analysis and study. roads are denied relief, notwithstanding that they
Parenthetically, we may remark that the statistical are humble suppliants before the Inter-State Comreport of the Inter-State Commerce Commission merce Commission. Is it not high time that this
giving the results for all the roads in tabular form for was changed with a view to averting universal
the fiscal year ending June 30 1914 is not likely to disaster?
We now annex a summary of the totals by groups
be available (if past experience is any guide) for
twelve to eighteen months to come, on account of and geographical divisions. [From this the reader
the work connected with the compilation of the re- will perceive that the trying conditions referred to
turns in the complete form in which the Commission have been common to the whole railroad system of
presents them. In the meantime our compilation, the United States. The Southern group or geographmuch more limited in scope, will for many purposes ical division is the only one that has escaped a loss
in gross, while absolutely every geographical section
answer as a substitute.
At the moment the totals thus arrived at by us registers a decrease in net, not excepting the Southern
serve an important purpose in reflecting the unfor- group. There is only one geographical division that
tunate condition to which the railroads of the United is able to register any decrease in expenses, namely
States are being reduced as a result of causes beyond the Southwestern-which indicates how unfavorable
the control of the managers. The chief influences of is the outlook for improved results without authority
the year were unfavorable. Trade was depressed to advance rates.
OrolsdarnInis .(+)orDee.(_)%
i
nc
1914.
and last season's agricultural yield in the West, par- Fiscal Years Ending June 30
Group 1 (18 rds.), New England__ 142,984,609
145 !1.0 374 -2,425,785 1.66
ticularly in the grain sections, was deficient. Ac- Group 2(85 rds.), East dc Middle_
750,570,073 772468 751
'
rds.), Middle West__ 418,759,021 442 ' -21898678 2.83
' '
cordingly, gross earnings, which in a normal state of Group 3(665(91 rds.), Southern._ 412,182,415 402 663 001 -23 903'980 .5.62
'
Groups 4 &
' '
157 860 +10'024'555 2.49
Groups6& 7(78 rds.), Northwest_
693,175.794 710 157
' ' -16'981'859 2.39
things would have increased, now show a falling off. Groups8& 9(98 rde.),Southwest_ 479,173,615 498.762 653 -19,588:915 3.92
' '
530
Group 0(50 rds.),Pacific Coast__
1
184,136,105 188,841435 -4,705,030 2.49
'
Before enumerating the amount of the loss we want Total (486
roads)
3,080,981,632 3,160,461,304 -79,479,672 2.51
to direct attention to the comprehensive nature of the
Expenses
Fiscal Years Ending June 30
1913.
1914.
inc.(+)orDec.(-)%
exhibit and the magnitude of the totals. The total of
8
8
Group 1 (18 rds.), New England__ 109,063,238
106,969,648 +2,093,590 1.95
2(85 rds.),
gross earnings for both years exceeds $3,000,- Group 3(66 rds.), East & Middle_ 549,198,714 539,090,914 +10,107,800 1.87
the
Group
Middle West__
3.33
4& 5(91 rds.), Southern__ 335,292,593 324,475,313 +10,817,280
000,000 and the net earnings for at least one of the Groups6&7(78rds.), Northwest_ 296,285,815 285,153,381 +11,132,434 3.90
Groups
+842,493 0.18
470.728,386 469,885,923
Groups8& 9(98 rds.),Southwest_
1.60
350,558,814
years runs close to $1,000,000,000, while the aggre- Group 10(50 rds.),Pacific Coast__ 114,016,673 356,264,041 -5,705,227 1.91
111,870,639 +2,146,034
represented for the latest year is Total (486 roads)
gate length of road
2 225,144,233 2,193,709.859 +31,434,374 1.43
Na Earnings
over 246,000 miles.
---Mileage--inc.(+)orDec.(--)%
1914.
1913.
1914. 1913.
8
Stated in brief, the late year's gross earnings fell Group 1
7,768 7,778
38,440,726 -4,519,355 11.75
33,921,371
2
26,829 26,584 201,371,359 233,377,837 -32,006,478 13.71
short of those of the year preceding in the sum of Group3
Group
25,879 25,845
83,466,428 118,187,688 -34,721,280 29.37
4 b.__ 41,553 41,190 115,896,600 117,004,479 -1,107,879
would be bad enough, Groups 6 & 7 67,971 67,303 222,447,408 242498 789-13883688 0.94
$79,479,672. This in itself
Groups de
7 2: 2
:
14 : 71;430 -8 4 32 7.41
02
9.74
Groups 8 & 9
57.852 56,930 128,614,801
76,970.496 -6,851.084 8.90
70,119,432
18,305 18,009
but in addition the roads have been unable to curtail Group 10
11.47
246,157 243,639 855,837.399 906.751,445-110,914,046
their expenditures so as to offset in part the loss in Total
"--
OCT. 17 1914.]
THE CHRONICLE
1087
The power to make Government deposits in the
THE FINANCIAL SITUATION.
banks has long formed part of the Treasury policy
The annual address of Arthur Reynolds before the under the sanction of law, while the emergency
American Bankers' Association at Richmond this currency which has been issued with such a free hand
week will take rank as one of the most notable is the handiwork of the Aldrich-Vreeland law enacted
addresses ever delivered by any President of the Asso- in 1908 after the panic of 1907 and which was widely
ciation during the forty years of its existence. It is denounced by the very people who now find it so
an intelligent and courageous discussion of the great beneficial.
and perplexing questions of the day. Mr. Reynolds
These broad discretionary powers under old laws
shows a keen insight into affairs, displays originality will be enormously increased when the new Federal
of thought and action, and—what is most important Reserve system is inaugurated. Mr. Reynolds
of all in these days when legislative and Govern- touches upon one aspect of the Secretary's powers
mental denunciation has so cowed bankers and when he corrects a popular fallacy with reference to
business men that they no longer dare to stand up the provision regarding Government deposits under
for their rights or to voice their objections—he is the new law. It has been popularly supposed, he
not afraid to express his conclusions or to say what says, that with the opening of the Federal Reserve
he thinks.
banks Government funds would be deposited in those
As far as the new Federal Reserve Banking Law is banks and the independent
treasury system and its
concerned, Mr. Reynolds's criticism is not unfavor- consequent expense,
both to the Government and
able but is discriminating. It remains to be seen the business of
the country, would be a thing of the
whether the new law will meet expectation or answer past. A careful
reading of the law, however, disrequirements. Much will depend upon the way in closes the fact
that it has not been altered in that
which the twelve Federal reserve banks are adminis- respect. With this
point in mind, Mr. Reynolds
tered and the manner in which the Federal Reserve well says: "It is
a just criticism of the measure to
Board exercises its functions. To achieve success say that it does
not take the Government out of the
the new system will have to have the hearty co- banking business and
that it confers upon one of
operation of all the national banks in the country, our Government
officials an extraordinary power
and Mr. Reynolds makes it clear that this co-opera- and discretion unwarranted by the spirit of
tion on the part of these institutions will not be our institutions and repugnant to Republican
lacking. Yet, one cannot help expressing regret principles."
over some aspects of this new banking legislation.
A few years ago, when the United States Treasury
Mr. Reynolds also comments upon the hostile
was burdened with excessive revenues and the money legislative atttude towards banking and business inmarket depended upon the whim of the Secretary terests. His remarks in that regard are particularly
of the Treasury, practically all public men, of what- apropos at this juncture inasmuch as the President
ever shade of political belief, were agreed that the on Thursday signed the Clayton Omnibus Anti-Trust
Government ought to be taken out of the banking Bill, which, therefore, is now a law. This law not
business. To-day, with a new banking system only prohibits interlocking directorates, but proenacted, what do we find? The Secretary of the scribes price discriminations and puts the labor eleTreasury omnipotent and supreme, and everything ment in an extra favored class all by itself, with
dependent upon his discretion: also,he is a dispenser special privileges and exemptions. Secretary of
of favors which, under an Administration less securely State Bryan in his Academy of Music address, speakgrounded in common honesty, would afford occasion ing with reference to the relief from court injunctions
for suspicion and which has already caused even the granted to the laboring element and with reference
present Administration more or less embarrassment, to other features of the bill, takes occasion to say: "It
as witness the Tennessee loan incident. The Secre- is eighteen years since we began our fight."
tary's part in thatloan was manifestly prompted by
This takes us back to 1896, when Mr. Bryan for
the best of motives, but,nevertheless,itsuggests the the first time ran for President and when the very
possibility of grave abuse in the future at the hands doctrines which a minority President has now sucof some public official not over-nice as to the pro- ceeded in having enacted into law were overprieties. In the case of such transactions the Secre- whelmingly
repudiated at the polls. It is to be said
tary possesses a double power of being helpful or the with reference to this anti-trust bill and its twin
reverse; (1) in holding power to make, or to sister, the Trade
Commission bill, that they make
withhold,or to withdraw Government deposits; and business subject
to restrictive and repressive legis(2) in having authority to decide whether or not the lation at the very time when,by reason of the Euronew obligations shall be accepted as security for pean conflict, mercantile endeavor should have the
emergency currency,and, if so, at what figure they utmost possible
freedom consistent with a due obshall be valued. The Tennessee notes, if current servance of the moral law. It is idle to talk of dereports are correct, were accepted at 90 as collateral veloping our foreign trade if business is to be handifor emergency currency.
capped in this way—if the business man is to surMr. Reynolds of course makes no allusion to the render his freedom and a Government policeinstance in question, but it naturally comes to mind man is to guide all business affairs. No one
in connection with any general discussion of the can tell how the new laws are to work except that
subject of the new banking law. It is well enough they will be disturbing and vexatious in the exto bear in mind that the powers which Secretary treme.
McAdoo has been exercising in the respects menThe uncertainty as to how the law will work was
tioned are not derived from the new banking law, well expressed in the speech which Senator
John W.
though Secretary Bryan in a speech made at the Weeks of Massachusetts made in
opposition to
Academy of Music in Brooklyn the present week the bill when under consideration in
the Senate, as
sought to convey the impression that they were. follows:
1088
T.ELE CHRONICLE
I do not believe there is a living man who can
successfully controvert the statement which he (Senator Borah) has advanced relating to the results
which are sure to come from this legislation. Nobody
knows what is going to happen. The best lawyers
of this body and of the House of Representatives
are in entire discord as to what the effect of this bill
will be.
I have been listening to the debate on this subject
off and on for several weeks, and I have come to the
conclusion that there is not a member of the Senate
who really knows what the result of this legislation
is going to be, either from a legal standpoint or from
the standpoint of the great industrial operations of
this country. Neither do those who framed the
bill know what motives are behind this legislation.
It is contended that the people are demanding it.
I do not know what people are demanding it. There
is not anything in my correspondence which indicates that any one is in favor of this legislation. I
have examined with care the records of the hearings
before the Inter-State Commerce Committee and the
Judiciary Committee of the House to find whether
there was any definite desire on the part of any considerable number of people that legislation of this
kind should be put on the statute books; and I have
found, as the result of that investigation, that at
least 25 witnesses have appeared against it where one
has even given his assent to some form of it. We
have already adopted a bureaucratic system of government which is sure to react against the best interests of business and every other operation in which
our people are engaged.
Now that the President's program of trust and
business legislation has been completed, there come
intimations from the White House that an epistle
is to be or has already been indited intended to "reassure" business. Washington dispatches say that
"words of cheer for big business" are to be included
in a campaign letter that President Wilson is to send
to Majority Leader Underwood. The President,
we are told, will serve notice that no further regulatory business legislation will be attempted by this
Administration. That is to say, now that the mischief has been done, now that all industrial activities
are in thralldom, with a Government policeman at
all times ready to pounce upon the unsuspecting
business man, now that the President has carried his
radical program to completion, he stands ready to
declare that he will henceforth desist.
The move should deceive no one. It is modeled
on the familiar Roosevelt plan of campaign of seeking to appeal to both sides. Having played to the
radical element, it is hoped to hold the conservative
element, too, by quieting its anxiety with soft and
assuring words. Any one capable of reading the
signs of the times will know what value to attach
to statements from Washington promising a voluntary let-up in hostile Governmental policies. Even
if the Administration had not accomplished all that
it meant to accomplish, there is not the slightest
chance that it will have the opportunity to carry
the work any further, for the life of the present Congress expires on the 4th of next March and it needs
no power of political prophecy to perceive that the
next Congress is not likely to yield abject compliance
with the President's wishes after the fashion of the
present Congress.
If the voters at the coming November election pay
heed to political considerations at all, they are more
apt to be moved by what is said in opposition to the
President's policies than by anything emanating
[VOL. xcrx.
from the fountain-head of those policies. What is
likely to make votes at the present juncture, when
Government has laid such a heavy hand on business activity, is utterances such as those made
by James W. Wadsworth Jr., who is running as
a candidate for United States Senator from this
State. Mr. Wadsworth was this week quoted as
follows:
"It cannot be denied that we are in danger of
approaching the point in regulation at which the individual will find it veritably impossible to successfully
manage the property for which he is responsible. I
fear the coming of the day when that regulation shall
have extended so far as to practically compel Government ownership of railroads. If I am elected to the
Senate of the United States, I shall unceasingly
contend against any such program."
This is the kind of political leaders the voters are
looking for, not those who have distinguished themselves by a policy of destruction, and now are willing
to stop because their work is accomplished.
The reassuring feature in the situation is that in
President Arthur Reynolds's address before the
-Bankers' Convention this week the harm done to
business interests by adverse legislation is so clearly
recognized, indicating that the horizon of the bankers
is not a narrow one, but that it comprehends all
phases of a situation which is proving so deeply disturbing. Said Mr. Reynolds:
We are to-day in the maelstrom of uncertainty;
State and Federal legislation for the control of business by bureaus and commissions under political
domination seems to be the order of the day and the
advocates of this policy are endeavoring to create
prosperity by legal enactment, disregarding those
agencies which have heretofore been most efficient
in promoting it. They do not appear to recognize
the fact that the rapid industrial development which
has taken place throughout the world has produced
conditions which have required radical changes in
business methods.
With this wonderful onward march our country
has kept pace; where formerly individual effort and
disjointed interests were the instruments employed,
now co-operation, both of capital and the individual,
have taken their place.
This is the grand transformation which our reformers, failing to recognize, are seeking to control
by a political policy which, if logically completed,
will dominate the economic policy of the people—if
it does not go farther and plunge us into the sea of
Socialism.
In their efforts to reach a few men who have taken
unfair advantage under the new conditions,they overlook the fatal handicap they are imposing upon the
entire business structure of this country, under which
competition with the world at large, already difficult, will be still further impeded.
truth
What Mr. Reynolds here says is the literal
the warning which he
and the citizen should heed
utters. Mr. Reynolds well observes that "the rights
by a stroke
of a people have in the past been granted
but the liberties of a nation have never
of the pen,
been thus suddenly subverted, and it is from gradual
encroachments that such a danger comes." What
remedy does Mr. Reynolds propose? The banker
and the business man must take a more active part
in the practical politics of the day. He is rightin
saying that business men have too long accepted
legislation without protest or criticism, through
OCT. 17 1914.1
THE CHRONICLE
1089
DAILY TAKINGS OF AMERICAN GOLD BY BANK
fear of more radical measures in punishment of their
OF ENGLAND.
efforts. The time has most emphatically arrived
.£
8
2,155,000 U. S. gold coin --= 10,775,000
for positive action by the business man in public Aug. 7
" 10
2,195,000 " " " --= 10,975,000
" 11
affairs.
64,000 "
320,000
12
it
13
" 14
66
15
44
17
" 18
16
19
" 20
" 21
" 22
,. 24
" 25
" 26
" 27
46
28
" 31
Sept. 1
" 2
3
" 4
41
7
" 10
" 11
14
" 15
" 16
" 17
" 18
44
19
" 22
23
" 24
" 25
" 26
46
28
" 29
30
Oct. 1
" 2
14
3
" 6
16
7
46
In our recent discussions of the foreign exchange
market and in the efforts we have put forth to prevent
further exports of gold, we have taken the position
that the moratoria declared by all the leading countries of Europe, postponing the payment of debts,
had rendered unavailable for the time being large
sums owing to us from abroad, and therefore the exchange market was a one-sided affair, under which we
alone were asked to pay while our debtors were paying nothing, shielding themselves behind the moratoria which absolved European debtors from meeting
their obligations. We argued that since this was the
situation, foreign exchange houses here should refuse to lend sanction to further exports of gold, but
should endeavor to defer settlements until our
foreign credits again became available. The correctness of this view has been questioned in certain
quarters. Confirmation of it is found in a cable
dispatch fron London printed in the "Evening Telegram" of this city last Sunday evening. We quote
it herewith:
-American Criticism Just.
LONDON, Sunday.
-It
is admitted here that there is justification for the
American criticism of the action of English bankers
holding them responsible for the dislocation of exchange operations with the United States. It is believed, however, that the termination of the moratorium for bills of exchange and other debts will
bring some relief to the stivation. It will certainly
make available to the United States those credits in
its favor which have been dormant since July 30.
Furthermore, England is likely to be a large buyer
from the United States during the next year, just as
England, as a neutral country in the Franco-Prussian
war, benefitted from large Continental orders.
One striking feature of the situation is the Bank of
England's strength since the beginning of the war.
Its reserve has risen from less than £10,000,000 in
August to £40,250,000, and its coin and bullion from
£27,500,000 to £57,000,000.
With reference to the closing sentence in the 'foregoing noting an increase in the coin and bullion
holdings of the Bank of England of nearly £30,000,000, or $150,000,000, it is well enough to add that
the greater part of this gain has been contributed by
the United States. All shipments of gold from this
country to Canada go to swell the Bank of England's
stock of the metal, and these shipments to Canada
since August 1st have exceeded $50,000,000, besides
which the Bank got considerable gold shipped by us
directly to Europe just before the war broke out.
.The Bank of England is maintaining a depositary at
Ottawa, not for our convenience or benefit, but to
avoid the risk of capture by the enemy which would
be involved in shipments to Europe. Shipments of
gold from South Africa have been discontinued for
the same reason, all the new gold produced being now
retained in South Africa and credited to the Bank of
England. Not only that, but latest advices show
that the Australian output is being dealt with in the
same way, the Minister of Finance and Defence of
the Dominion of New Zealand having been deputized to receive deposits of gold on behalf of the Bank
of England. How the Bank is gaining American
gold day by day will appear from the following table
which we have been at pains to prepare:
258,000
416,000
531,000
209000
,
243,000
518,000
13,000
278,000
10,000
5,000
433,000
163,000
179,000
61,000
116,000
103,000
11,000
126,000
200,000
41,000
134,000
151,000
124,000
65,000
125,000
74,000
620,000
222,000
472,000
97,000
186,000
71,000
273,000
746,000
237,000
41,000
116,000
295,000
9,000
774,000
526,000
42,000
13,728,000
"
"
"
"
''
"
"
"
"
"
"
,.
it
It
14
,,
44
<,
tt
16
ti
it
,,
11
"
16
it
41
44
11
16
44
16
41
ti
11
"
=-
" -= 1,290,000
14
= 2,080,000
44
--=
2,655,000
61
=-- 1,045,000
<, =-- 1,215,000
44
== 2,590,000
000
41
= 1,390
=-65,"000
44
.-=-_
50,000
11
=
25,000
16= 2,165,000
815,000
14
=_-_895,000
41
=_-_
305,000
ft
=.580,000
66
=
515,000
16
=-_55,000
46
=.630,000
64
=
II
i,
41
44
.,
11
It
41
14
64
41
41
it
44
41
"
St
it
44
46
64
44
46
It
14
It
it
1,000,000
=
205,000
670,000
755,000
r- -.
620,000
=
325,000
=
625,000
=.-.370,000
=-- 3,100,000
=
=
=
It
ti
<,
44
It
if
,,
44
if
41
46
41
11110,000
=
2
,360,000
485,000
930,000
-_-=.=
=
if
44
44
=
1
If
64
64
=__.
41
64
.,
,
,
44
==.
''
=
,,
"
=
44
" =
66
46
"
"
61
7.1
,:337183655505::000"7"
1,475000
25
0:
580,000
45,000
3,870,000
" = 2,630,000
14
It
=--210,000
" " = 68,640,000
66
“' =
14
it
"
Total
"
It will be thus seen that $68,640,000 of American
gold coin has been added to the Bank of England's
stock of the metal since the 1st of August. But that
by no means represents the entire amount of our contribution. Considerable gold has gone forward
from the United States in the shape of bars. How
much of American gold the Bank has gained in that
way we have no means of knowing, as the statistics
do not distinguish between different kinds of bars.
Notwithstanding all the gold the Bank has already
taken from us, we are still being called upon to contribute $5,000,000 to $10,000,000 a week. Is it
not time we stopped depleting our stock of the metal?
So long as Europe is not paying the foreign credits
due to us, is it really necessary that we should contribute further to swell the gold holdings of the European banks, to our disadvantage and possible peril?
The foreign trade statement for September 1914,
made public yesterday, must be regarded as a favorable exhibit, showing as it does a marked expansion,
as compared with August, in the volume of exports,
and, for the first time since March, a balance in our
favor in the merchandise movement. Reports during the month had indicated that as a result of the
war an increasing demand for American goods was
in evidence from some of the non-combatant countries of Europe and from South America, and this
has helped to swell the total outflow of goods.
Naturally, however, it has not been near enough
to offset the practical embargo on trade with Germany and Austria and much restricted exports to
the United Kingdom and France. The loss in one
item alone is nothing less than stupendous.
In
September last year the value of the
exports of
cotton to Germany was 203 million dollars,
against
1090
THE CHRONICLE
nothing this year; to France 99.' millions, against
nothing, and to Great Britain 263/i millions, against
2 millions. In fact, in this one commodity the aggregate loss this year is over 50 million dollars, or very
much the greater part of the total decline in our export trade. And in this staple product nothing like
a normal outflow can be expected until hostilities
are at an end.
The September exports this year from the whole
country reached a value of $156,188,790, contrasting
with $218,240,001 last year and $199,678,062 in
1912. For the nine months since Jan. 1 1914 shipments of merchandise were of course quite a little
below the record last year, the total at $1,467,538,446, comparing with with $1,733,422,158 in 1913
and $1,616,024,491 in 1912.
The month's merchandise imports at,8139,204,267,
were some 10 million dollars more than in August
but 32 millions smaller than for September 1913.
The result for the nine months, however, is a highwater mark for the period, the aggregate of $1,409,565,530 contrasting with $1,327,625,071 a year ago
and the previous record of 81,332,894,727 in 1912.
The net result of our foreign trade for September
was a balance of exports of $16,984,523. Last year
the September returns showed an excess of merchandise exports of over 47 millions. For the nine
months the favorable balance is only $57,972,916,
against $405,797,087 last year and $283,129,764 in
1912.
The gold movement of the month was, as in August, very largely in one direction—out of the country—and netted a loss of $19,105,802. Exports
were $21,867,392, of which much the greatest
amount went to Canada, and imports $2,761,590,
almost wholly from Latin America and the West
Indies. For the nine months our net loss of gold
reached no less than $117,714,832, this following
export balances of $27,879,671 and $4,932,000, respectively, in 1913 and 1912.
The assumption that mining operations in the
Transvaal would not be seriously affected by the
European war seems to have been well founded,
judging by the results for the months of August and
September, which are now available, the latter having
been received by cable this week. For August this
year the yield was stated as 711,917 fine ounces,
or an average of 22,965 fine ounces per diem, but in
, September the average increased to 23,400 fine
ounces, giving for the full month (30 days, against
31 in August) an aggregate of 702,000 fine ounces.
This latter figure, moreover, is only slightly under
the total for September 1913. It is an open question
whether the new element injected into the situation
in South Africa this week will be formidable enough
to interfere with mining. The tendency at this
time is to look upon the rebellion started in the
northwest portion of the Cape Provinces by Colonel
Maritz as a very unimportant matter, advices
indicating that the Dutch, as a rule, are absolutely
loyal and are offering their services to General
Botha, the Premier, in any capacity.
Building construction operations in the United
States in September 1914, as judged by the permits
issued, show a marked decrease in activity as compared with the corresponding period of 1913, a result
that in part, at least, reflects the working here of the
war in Europe as an adverse factor. It would be
xc
futile to claim that such a stupendous struggle as is
now going on does not make itself felt the world
over, in one way or another. But, while there has
been, in the aggregate, a considerable contraction
in building activity, it has not been universal.
Greater New York. for instance, reporting a little
more doing than a year ago and some of the leading
cities likewise. But decreases of 70% or more,
denoting a virtual suspension of operations, are all
too common.
Our returns from 156 cities furnish a total of contemplated outlay of only $54,679,326, or $19,615,666 (26.4)% less than for the month of 1913,
and $15,067,233 (21.6%) below 1912. Manhattan
Borough records a decline from a year ago, and so do
Queens and Richmond, but these are more than
offset by important gains in Brooklyn and the
Bronx, so that for Greater New York, as an entirety,
the comparison is between $11,519,772 and $11,069,279. Outside of New York the disbursements
arranged for under the September contracts aggregated 843,159,554, against 863,225,713 last year and
$55,149,181 in 1912. Losses are so general and so
large as a rule that detailed reference to them would
be wearisome. It is to be noted, however, that
such leading cities as Chicago, Philadelphia, St.
Louis, Boston, Pittsburgh, Minneapolis, Newark,
Grand Rapids, Syracuse and Utica, and very many
important municipalities of the-South, are conspicuconous in this regard. Gains of any moment are
Milwaukee and St.Paul,
fined to Cleveland, Denver,
and a few of the smaller cities.
An exhibit for a single month is usually of minor
consequence, as compared with the showing for an
extended period, but in this instance it is important
as indicating how greatly events outside the country
can effect operations here. We have shown that
the month's total is very considerably less than that
of last year, but it now remains to be pointed out
that the aggregate since January 1, although smaller
than a year ago, is so only to a comparatively moderate extent. For the period in 1914 (9 months) the
contemplated expenditure at the 156 cities reaches,
according to our compilation, a tittle over 655 million
dollars, as against 698 millions in 1913 and 737 millions in 1912. Greater New York's figure are 11831
millions, 123k millions and 17831, respectively, in
the three years, and for the other cities collectively
are 537% millions, contrasting with 574% millions
and 559 millions. Twenty-four New England cities
show an aggregate loss of 3 1-3 million dollars from
1913, more than accounted for at Cambridge, where
operations last year were abnormally large. The
37 municipalities in the middle section (New York
City excluded) exhibit 10 million dollars decrease,
the Pacific Coast (13 cities) over 23 millions and the
South (30 cities) 83/ millions. On the other hand
the Middle West (28 cities) shows a merely nominal
g
loss and the "Other Western" division, embracin
Mississippi River, except
the country west of the
Arkansas, Texas, Oklahoma and the States on the
Pacific Coast, also makes a favorable exhibit, the
gain at 23 cities reaching 83'1 millions.
Canadian building operations, as a whole, suffered
even more drastically as a result of the war than was
the case in the United States. At one or two points
special influences contributed to activity, but generand
ally operations were Upon a much smaller scale
inertia prein some Western localities practical
vailed. We have returns for September from 30
OCT. 17 1914.]
THE CHRONICLE
cities in the Eastern Provinces and collectively they
show an increase of V of a million dollars; but due
t
entirely to especially large operations at Montreal.
At 20 cities in the Western division, however, the
permits issued called for an outlay of only $854,250,
against $9,426,170 a year ago. The 50 cities combined furnish an aggregate of $9,108,638, against
$16,864,690 for the month of 1913. For the nine
months the estimated expenditure arranged for at
the 50 cities falls considerably behind that of a year
ago $91,805,219 (of which $60,343,637 in the East
and $31,461,582 in the West), comparing with $125,414,148 ($66,874,411 East and $58,539,737 West).
There is, it will be noted, a diminution in amount
of only 63/i million dollars in the Eastern Provinces
and to this Toronto has been the only really large
contributor. The loss in the West, however, reaches
over 27 millions, with declines almost everywhere
and strikingly heavy at Edmonton, Vancouver,
Victoria, Saskatoon, Moose Jaw and Regina.
1091
tance east of the points to which their advance
guards reached last week. Further east, in the Lens
district, and southward, between Arras and Albert,
where the Germans made their initial attempt to
work round the English and French, "notable progress" has been made. In the centre, also, the Allies
have advanced, particularly toward Craonne and
to the northeast of the road from Berry-au-Bac to
Rheims; and to the north of Prunay,in the direction
of Beine, which is slightly to the southeast of Rheims
several German trenches have been carried. All
this suggests a determined and partially successful
attempt to drive the Germans away from Rheims,
which is again under bombardment. The French
also claim to have made an advance between the
Meuse and the Moselle and, after having repulsed a
German attack, to have reached south of the road
leading from Verdun to Metz. On the French right,
where things have been quiet for some time, the Germans have attempted offensive tactics in the Ban
de Sapt, north of Sainte Die; but this movement,
The spectacular events in the week's military oper- according to the French War Office, has been "defiations in Europe have favored the Kaiser's troops. nitely checked." The French War Office yesterday
They have included the capture of Antwerp after a afternoon made the following announcement:
severe bombardment and the advance of the GerThe progress indicated in the communication of
man army upon Ostend, the Channel port that has yesterday has been confirmed. On our left wing the
until now been used as a base of supply for the Allies. field of action of the allied forces now extends from
It is presumed,although not officially confirmed,that the region of Ypres to the sea. In Russia, on the left
Ostend has been formally occupied. On their way bank of the Vistula, the Russian troops on Oct. 13
the German troops which were released by the fall repulsed German attacks on Warsaw and Ivangorod.
of Antwerp began a steady drive west and south and A battle is going on south of Przemysl.
What are obviously extravagant claims of sensacaptured the important city of Ghent. Another incident was the sinking of another British cruiser, the tional victories are being made by both German and
Hawke, late on Thursday. The Hawke was scout- Russian interests in respect of the Eastern theatre
ing in the North Sea at the time and was attacked of war. It is reported that from six to eight Gerand sunk while steaming rapidly along. The cruiser man army corps are operating on the East Prussian
Theseus, sister ship of the Hawke, was attacked frontier, where, according to Berlin reports, the
about the same time, but the torpedo missed. The fighting continues favorable to the Germans. In
disaster to the Hawke follows by about three weeks Galicia, south of Przemysl, a Russian column,
the sinking of three British cruisers, the Aboukir, quoting an official Russian statement, defeated a
Hogue and Cressy, by a German submarine. These large Austrian force. A battle is now in progress
disasters suggest that Germany's threat that she between the Russians and the Germans along the
will gradually wear down the superiority of the Brit- Vistula River from Warsaw to Galicia. The Rusish navy by means of submarine attacks should not sians, who are in their own territory, have fallen
be entirely ignored.
back until they have gathered in reinforcements
How far these developments may be said to be sufficient to make them greatly outnumber the
neutralized by the progress of the Allied troops in the combined forces of the German and Austrian opso-called battle of the Aisne it is difficult to consider ponents. Demand has been made by the Russians
at the present stage of operations. The Allies have for the surrender of Przemysl. This has been recertainly not yet inflicted a real defeat on their op- fused, but capitulation, according to information
ponents. They have, it is true, forced them back from Russian sources, is only a question of days.
from the environs of Paris to the Champagne hills, It was reported early
in the week that Warsaw had
to the frontier, to the Meuse and the foothills of the been captured by the Germans. This
was later
Ardennes. But the Germans, by steadily extending officially denied,
though it is admitted that the
their lines due north, have reached the coast and have German troops,
which were subsequently driven
protected their lines of railroad communication. back, had advanced
withih seven miles of the city.
The German troops that have been freed at Antwerp Nevertheless the advance of the
Germans from
are now available as re-enforcements against the Silesia to the Vistula River at
Ivangorod, sixty
Allies, and the possibility of a flank or rear attack miles south of Warsaw, has apparently
broken up
by the Belgian army has been removed by the flight the Russian campaign against Austria. Being
threatof that,army into France. There is now talk of re- ened with an attack from their rear the
Russians
newed advance by the Germans on Paris.
had no choice but to abandon their lines at Tarnow
Against these developments may be placed official and fall back to a position at which they
could
announcement by the French War Office that the unite their forces to check the German invasion.
progress of the Gerthan arms in a westerly direction
In the Far East, Japanese and British warships
has been "definitely checked." The official French have bombarded forts at Tsing-tau, but there
has
statement on Thursday declared that the Germans been no particularly important
developmentsreported
who started to advance on Calais and other French during the week. Turkey's position
continues one of
coast ports have been forced to evacuate the left uncertainty. It is reported that the
Porte has intibank of the Lys River, which is a considerable dis- mated to Germany that unless more
money is forth
1092
THE CHRONICLE
[VOL. xers.
coming, it would be necessary to demobilize the Turkish army. Turkey usually gets her loans from
France and England. It has been reported that
Portugal is about to join the Allies. The Belgium
.
Government was on Tuesday removed to Havre on
French territory, though King Albert remains with
his army. A dispatch from Cape Town on Tuesday
announced that a revolt had broken out in the northwest of the Cape provinces and that Lord Buxton,
Governor-General of the Union, had proclaimed martial law through the Union of South Africa. Col.
Solomon G. Maritz, who fought in the Boer war and
who has been military commander of the Northwest
Cape Province, is leader of the rebels. Reports
later in the week minimized the importance of the
uprising. The Union forces on Thursday engaged the
rebels and captured eighty of the latter. The Italian
Ambassador at Washington,in a statementthis week,
has reiterated that Italy intends to remain neutral
during the war. Marquis di San Giuliano, the Italian
Minister of Foreign Affairs, is reported to be dying.
He has been Italy's great advocate of peace and neutrality, and it is possible that his death may thus be
attended with important results. The Russian
cruiser Pallada was on Monday sunk in the North
Sea by a German torpedo boat. The British cruiser
Yarmouth sunk the German liner Markomania near
Sumatra on Thursday and captured the Greek
steamer Ponpoporos. Both were acting as supply
ships of the German cruiser Emden. It is reported
by way of Rome that fire at Trieste destroyed an
Austrian Dreadnought which was ready for launching and damaged other craft.
and apparently are not likely to leave for some time.
The trouble seems to be based chiefly on rivalry of
the former leaders of the Constitutionalists, Generals
Carranza and Villa, for the presidency. Early in
the week it was reported that Gen. Carranza had
placed in the hands of the Conference of Generals
at Aguas Calientes his resignation as first chief of
the Constitutional Party. It was also reported that
the resignation had been accepted. Later advices,
however, indicate that no action was taken and that
the conference adjourned to October 20 to await the
arrival of delegates representing Gen. Zapata and
Governor Maytorena of Sonora. The next conference will be held in Mexico City. In a secret session on Tuesday night the conference of generals
passed a resolution asserting their supremacy and
and right to speak and rule for all Mexico. After a
lively discussion on Wednesday morning it was decided to reaffirm the convention's supremacy at a
later session.
Ambassador Page in London has reported to the
State Department at Washington that Sir Edward
Grey had informed him that Sir Lionel Carden had
assured the British Foreign Minister in writing that,
while he had discussed with American newspapermen conditions in Mexico, he had said nothing in
criticism of President Wilson. Sir Edward Grey
added however, that for the British envoy to discuss
conditions in Mexico for publication was a violation
of the rules of the British Foreign Office and that
the interview was in no way sanctioned by the British
Government. This explanation was regarded as
ending the incident.
Press dispatches from Petrograd report that the
Russian moratorium expired on Oct. 9 and that all
the accounts of the banks were paid as punctually as
in time of peace. On Tuesday the Nicaraguan
Senate passed a bill declaring a moratorium, and the
measure has now gone to the House of Representatives for confirmation. Provisional President Benavides on Thursday signed a decree promulgating a
new moratorium for Peru.
Secretary Bryan on Tuesday signed a peace commission treaty with Gonzalo Cordova, Minister from
Ecuador. This was the twenty-seventh treaty of
this kind signed by Mr. Bryan, nineteen of which
have thus far been ratified by the Senate. Within
two hours after the signing of the Equadorian
treaty Secretary Bryan affixed his signature to a
similar treaty with Greece, the Minister for that
country, A. Schliemann, being the other signatory.
German officers declare they found in the archives
of the Belgium General Staff, after the capture of
Brussels, the former Belgian capital, documents
proving the existence of an Anglo-Belgian military
agreement negotiated by Gen. Nathaniel Walter
Barbardiston, who was serving as military attache at
Brussels in 1906. The agreement ,it is declared, was
approved by Major-General John Moncrieff Grierson of the British General Staff. The British Government has issued an official denial, declaring that
"no such agreement has ever existed." Count von
Bernstorff, the German Ambassador at Washington,
on Wednesday issued the following statement in response to the British denial:
Concerning the Anglo-Belgian military agreement
existing since 1906, a formal denial has been issued
by England, which proves nothing. The documents
are in the hands of the German authorities and will
be published in full. The facts remain that a socalled "neutral" country concluded a military agreement with England which provided for the landing
of British troops in this "neutral" country. The
document proves that by its own free will "neutral
Belgium" accepted the British offer and decided to
fight on the side of the Allies.
The fall of Antwerp and the possible violation of
Holland's neutrality by her voluntarily relinquishing control of the River Scheldt have been the chief
sources of a reactionary and less confident feeling in
London this week. Money at the British centre has
continued abundant, being, for instance, unlendable
on call at 1% at the close of the week. The Bank of
England's weekly return showed a further increase in
gold coin and bullion to unexampled figures, and
while the official Bank rate was maintained, discounts in Lombard Street were distinctly easier.
Despite the indications of improved monetary connot
ditions, the general market for securities does
so noticeable a week
present the degree of confidence
marago. Throgmorton Street, London's outside
well attended, one reason being the
ket, has not been
inclement weather,
heavy rains. As a result of the
have filed a request
members of the Stock Exchange
to open the
with the Stock Exchange Committee
unofficial business. The Comsettling room for
it
mittee has as yet not acted on the petition, but it
propose to secure quarters in large
refuses, members
halls which are adjacent to Throgmorton Street.
weakness indiThe Mexican muddle has not yet appreciably There has, however, been no specific
taken place on
cleared. American troops have not left Vera Cruz cated by the transactions that have
Oar.171914.1
THE CHRONICLE
the unofficial markets. Some realizing sales were
evident in British home rails, but the high-grade investment stock issues otherwise were well maintained.
Argentine railway shares were reported by cable to
have suffered some declines because of unfavorable
annual reports. Rubber shares, on the other hand,
were better, owing to the active demands for raw
rubber. The rebellion reported in South Africa does
not appear to be taken seriously, as Kaffir shares
have not been seriously affected. The latest quotation for British Consols received by cable was 683.
London advices state that quite a large business is
being transacted in anti-bomb insurance. The London rate has risen from ls.% to 5s.%, which, it is
explained, is not due to a belief that the risk has become greater, but to an overwhelming demand. Demands on the English capital market are still backward, though industrial emissions on quite a large
scale are expected in the near future, owing to the necessity of financing the ever-increasing Governmental
military equipment orders. Treasury Bills amounting to £15,000,000 were paid for on Saturday last.
The deposits of the ten largest London banks now
amount to £611,715,000, against £583,373,000 at
the end of July. There have been necessary preparations for the ending of the moratorium by the voluntary taking up of bills. The latest Royal proclamation, it will be recalled, provided an extension of
fourteen days for all bills maturing after Oct. 4, and
an extension of one month for bills maturing before
Oct. 4, the entire moratorium ceasing on Nov. 4.
It is not expected that the termination of the moratorium will result in severe difficulty at the British
centre. In fact, many of the London joint-stock
banks, it is understood, are at the present time ignoring the moratorium so far as payments to depositors
are concerned. The London Stock Exchange has
received replies from the provincial exchanges for
information as to outstanding loans of members of
those exchanges, The total aggregates £11,000,000,
while the loans of the members of the London Exchange are £82,000,000, making a total of 03,000,000. The plan for the opening of the London Stock
Exchange contemplates the continuance of these
loans with the banks without further margin until
after peace has finally been declared, the Government to give a guaranty to the banks up to 25%
against losses. It has not yet been decided when this
plan, which is believed to have been decided upon unofficially by both the Government and the Exchange
Committee, will be placed in operation. If it is
placed in operation this month, it is expected that
the Stock Exchange settlement, which has been post-,
poned since mid-August, will be ordered for Nov. 18.
There has as yet been no return of the French
Government to Paris, notwithstanding rumors to
that effect which were current last week. Neither
has there been a reopening of the Paris Bourse for
business in securities. The bankers' room of the
Bourse, however, has been opened, though only for
transactions in foreign exchange. Latest reports
show that New York checks there were at 5.05 to
5.10 francs per dollar and London checks at 25.07
francs per pound. A convention held by Paris
bankers last week was without result in respect to
modifying the moratorium established by the decree
of Sept. 28. It was now proposed that credits representing bills discounted, which are not collectible,
shall not be reimbursed. The French Government
1093
has decreed the seizure of the assets of Austrian and
German insurance companies and has appointed receivers for them. M. Ribot, the French Minister
of Finance, states that the issue of national defence
bonds was more than successful, 218,000,000 francs
having been subscribed by the public from Sept. 15
to Oct. 5. The issue of defence bonds is being made
with the aid of the large banks, but these banks have
not placed anything like the number sold by the Post
Office, by surveyors of taxes and through the various
popular bank organizations throughout the country.
Interest is being paid in advance at the moment of
subscribing, which serves as an additional inducement for subscriptions. The subscriptions are considered remarkable in view of the large number of
men of the nation who are under arms. the greater
part having been subscribed by women. The savings banks have been instructed to pay out deposits
to the full amount if necessary, where the withdrawals
are designed for investment in the defence bonds.
The latest quotation received by cable for French
Rentes (at Bordeaux) is 78 francs, which compares
with 77.45 francs at the close of last week.
Official European bank rates still remain without
change. In London private bank rates have declined to 3@3 1-16% for ninety-day bills, which
compares with 3%@33,% a week ago. Sixtyday bills are quoted at 29%. There have been
no private discount rates reported by cable from
Continental centres. The official bank rates at the
leading foreign centres are: London, 5%; Paris, 5%;
Berlin, 6%; Vienna, 8%; Brussels, 7%, and Amsterdam, 5%.
Still again has the Bank of England's gold reached
a new high-water mark. This week's return shows
an increase of no less than £2,478,478, bringing the
total on hand up to £59,235,390, which compares
with 05,987,528 at this date one year ago and L37,565,796 in 1912. The total reserve increased L2,640,000 and now stands at £43,018,000, against L25,591,933 one year ago and £27,387,666 in 1912. The
proportion of reserve to liabilities is 26.46, against
24.53 last week and 54.12 at this date a year ago. A
further reduction in loans, "other securities," of
£4,179,000 is reported, which, however, still leaves
the amount outstanding £109,715,000, against L24,773,127 at this date last year. Public deposits increased £5,880,000, while other deposits decreased
£7,818,000. Our special correspondent furnishes
the following details by cable of the gold movement
into and out of the Bank for the Bank week: Inflow,
£3,054,000 (consisting of £1,827,000 bar gold and
£1,227,000 American gold coin bought in the open
market, against which there were £500,000 set aside
and "ear-marked" currency note redemption account), and shipments of £76,000 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:
BANK OF ENGLAND COMPARATIVE STATEMENT.
1914.
1913.
1912.
1911.
1910.
Oct. 14.
Oct. 15.
Oct. 16.
Oa. 18.
Oct. 19.
Circulation
34,667,000
Public deposits
23,732,000
Other deposits
138,828,000
Gov't securities_ 27,571,000
Other securities---109.715,000
Reserve,notes& coin 43,018,000
Coln and bullion
59,235,390
Proportion reserve
to liabilities
26.46%
Bank Rate
5%
28,845,595
5,340,826
41,762,006
14,488,105
24,773,127
25,591,933
35,987,528
28,628,130
9.359.611
46,795,927
13,037,909
33,505,912
27.387,666
37,565,796
28,669,215
6,714,979
45.052,664
14,096.084
28,242,725
27,141,706
37,360,921
27,613,180
7,092,971
41,925.088
14,980,568
28,961.771
22.802,172
31,965,352
543%
5%
48'A%
5%
52%%
4%
46%%
5%
1094
THE CHRONICLE
The weekly statement of the Bank of Germany,
which was received by cable on Monday, showed an
increase of 54,629,000 marks in gold and of 690,781,000 marks in "bullion, bank notes and Treasury
notes." Lombard demands increased 11,297,000
marks; discounts and transfers increased 1,455,735,000 marks; bonds and stocks decreased 7,292,000
marks; note circulation increased 292,014,000 marks,
and deposits decreased 435,289,000 marks. No
doubt the various items have been increased by payments in connection with the subscriptions to the
new German loan.
The improvement in the local money situation to
which we referred last week has made still further
progress. There have been fairly large-sized sums
placed at as low as 6% for four months, while call
money on Thursday, for the first time since the war's
strain on the financial situation developed, failed to
loan at 8%,7% being the highest figure. The break
in call money was led by the First National Bank,
which announced that its rate on collateral call loans
had been reduced from 8% to 7%. The Secretary
of the Stock Exchange, George W.Ely, at once posted
the following notice on the bulletin of the Stock Exchange: "Announcement is made that a bank has
a moderate amount of money to loan on call at 7%.
On application at the New York Stock Exchange
Clearing House, 55 Ne'w Street, members desiring
to borrow will be placed in communication with said
bank." The other banks were prompt in following
the leadership of the First National. The significance of the reduction is that it marks a renewal of
lending on Stock Exchange collateral. The banks
have been fighting shy of this class of business,asthey
in most instances already had large amounts of loans
outstanding based upon Stock Exchange collateral.
These loans, in view of the closing of the Stock Exchange, could not be called in an arbitrary manner.
But a consistent policy of urging the strengthening
of such obligations, either in the form of deposits
of additional collateral or by partial payments of the
principal, has obviously been successful in clearing
the situation, and the change in rates seems to suggest that the money situation has permanently entered upon a much more comfortable stage. The
following circular letter, sent by the Corn Exchange Bank to a number of its borrowers, attracted
much attention yesterday as indicating an increased
desire to strengthen loans:
"Your firm has a loan with our bank which, based
on the closing prices of July 30, has a margin of 20%
or. better. The question has arisen whether it is
the duty of the bank management to recognize the
closing quotations of that date as the best known
value of the securities held as collateral in our loans,
or, whether we should take cognizance of sales made
on the curb and ask for margin based on those
transactions.
"We have given the matter much thought, and
have decided to place the situation before each party
with whom we have a loan.
"We desire our loans to be properly margined, and
according to the closing figures of July 30, yours
seems to have sufficient margin. If, however, you
believe there may have been sales of the securities
of the company whose stocks you have with us large
enough to warrant a price of those sales to be recognized as the correct price of the stock, and those sales
have reduced your margin, we would appreciate it
if you would call and discuss the matter with us.
"Considering the situation, we do not want to
make demands which might be considered onerous,
[VOL. xc rx.
but on the other hand we know you will agree with
us proper margining of loans is very important.
We would be pleased to have your views on the subject."
The letter suggests the necessity of a prompt
reopening of an official stock market, perhaps at
first with restrictions upon quotations. Two of the
Governors of the Stock Exchange called upon the
officers of the bank yesterday afternoon, but the
latter denied that the letter was intended as a move
to force the payment of the loans.
It is also of interest in this direction to note that
banks have been retiring Clearing-House certificates.
There have been no new issues of these certificates
within the last fortnight, and there is excellent authority for the statement that virtually all certificates will be retired in the very near future.
Additional evidence of the improvement in money
affairs has been the virtual elimination of the deficit
in their cash holdings below reserve requirements
of the Clearing House banks and trust companies.
Last Saturday's statement of averages indicated an
increase of $3,691,000 in cash, while reserve requirements were reduced 86,504,300 as a result of a reduction in the deposit item of $31,044,000. Thus a
total of $10,195,300 was eliminated from the deficit,
which was drawn down to $7,791,350, and compares
with a surplus at this date last year of $6,733,000 and
a surplus of $4,665,600 in 1912. The banks alone
reported an increase of $5,956,000 in cash in vaults,
while the trust companies reported a reduction of
$2,265,000 in their cash in vaults, but an increase of
$874,000 in cash in banks.
In their forward loans the banks are taking account of the fact that the Federal reserve banks of
the various districts will in a short time come into
operation. If these institutions fulfill what is expected of them, they should at once provide easier
financial conditions throughout the country. At
any rate, the financial requirements of the crops
have already reached their peak and are on the decline, and funds are returning as usual to New York
from the interior. There have been no particular
demands for New York funds this week, with the
exception of the calling ot the fourth installment
of $7,678,850 in connection with the New York City
syndicate fund and the transfer in the form of gold
of virtually this entire amount to Ottawa. This brings
the total furnished by syndicate members up to
$24,741,554 in gold certificates and foreign exchange.
The former as deposited at each of the calls have
been exchanged at the Sub-Treasury for gold for
shipment to the Canadian capital. Commercial
paper has been in a somewhat better supply and has
found a more ready market. The extreme quotations are now 6@7% for choice names, against
63'®,7% a week ago.
Referring to money rates in detail, call quotations
were continued at 6@8% until Thursday, when
6@7% became the range and continued in force
yesterday. The renewal basis has remained at 6%.
Time money is now quoted at6@7%for all maturities.
Last week the range was 6®8% up to five months.
This latter maturity was quoted at 6@7%, while
six months' funds last week were 6®7%. Closing
quotations for commercial paper are 6@7% for
sixty and ninety-day endorsed bills receivable and
for four to six months' single names of choice character; names less favorably known range as high as
8%.
OCT. 17 1914.]
THE CHRONICLE
Thus far the operations of the managers of the
$100,000,000 Gold Pool have not resulted in a lowering of sterling exchange quotations to any important
extent. A feature of the week has been the continued covering of short contracts by sp9culative
interests who had expected the Pool's operations to produce an immediate decline in sterling
exchange rates. There is still a very small supply
of cotton bills and for that matter of grain bills
also, notwithstanding the very active outbound
movement of our grain to foreign countries. The
explanation of this latter feature is the fact that a
considerable part of the grain-export business is being
conducted on what may be termed a cash basis,
owing to the supposed risks connected with transportation. That is to say, that payment both for
the cargo and the freight money is made. in New
York before the vessel sails.
So far as the Gold Pool is concerned,the committee
that has charge of its foreign exchange operations
continues to regard it necessary to maintain complete
secrecy as to rates and the volume of bills that have
been sold. Remittances on behalf of New York's
obligations maturing in London have been one source
of strength in the market. The full subscription
list of $100,000,000 to the gold pool has been completed, and a formal call for 25% of the subscription
has been issued. The committee having charge of
the pool, it will be recalled, has already forwarded
to Ottawa $10,000,000, which was advanced in anticipation of subscriptions by New York banks. It
is considered probable that as soon as there has been
a full response to the call for the 25% of the subscriptions that additional sums will be forwarded to
Ottawa and that the committee will feel disposed to
be more liberal in its offerings of exchange. A total
of $8,283,562 gold was shipped to Canada this week,
including $7,059,070 in coin withdrawn from the
Sub-Treasury and $1,224,492 in gold bars from the
Assay Office.
A fair business has been reported in Paris exchange
this week,and closing quotations are 5.05 for bankers' checks and 5.05 for bankers' cables. Bankers'
sight drafts on Berlin have been just about main
tamed at 92@,92, and 923 for cable transfers.
Bankers' sight drafts on Amsterdam closed at 42@
423 and commercial sight drafts at 42. Taken altogether, there seems appreciable improvement in
the general foreign exchange situation. The movement of our export trade is improving satisfactorily.
.
Details of the Government's September figures are
presented on another page. It will be of interest to
note here, however, that the totals show marked
recovery from the extremely low levels touched in
August, though not unnaturally they are still below
the figures of September of last year. September
importations of merchandise suggest an increase of
more than $9,000,000 from those of August, while the
exportations indicate the large increase of nearly
$46,000,000 from the preceding month. September
imports aggregated $139,204,267, which compares
with $171,084,043 last year and $144,819,493 two
years ago, while the exports for the month were $156,188,790, against $218,240,001 in 1913 and $199,678,462 in 1912. The practical suspension of exports of
raw cotton is, of course, a dominating factor in the
reduction of exports below the figures of recent years.
Compared with Friday of last week, sterling exchange on Saturday was weak and demand declined
to 4 963/ and cable transfers to 4 9732; sixty days
199-
was unchanged at 4 93@4 933/2. Monday was a,
holiday. On Tuesday the tone was firm with quotations slightly higher, though the volume of transactions was small; demand bills ranged between
4 963/@4 96X and cable transfers at 4 973'@4 97%;
sixty days, however, declined to 4 92@4 93. An
active inquiry, coupled with light offerings of commercial bills, brought about increased firmness on
Wednesday, and cable transfers went as high as
4 983 and demand 4 983'; bankers' sixty-day bills
advanced to 4 933/2, although this latter quotation
continues to be a more or less nominal one. very little
actual business being done. On Thursday the trend
was still upward, with the range at 4 973@4 973/i
for demand, 4 983@4 98 for cable transfers and
4 93IA@4 93% for sixty days; a good demand for
exchange coincident with the payment of another
installment of the city loan and the marked scarcity
of offerings were the chief market influences. On
Friday the market ruled firm. Closing quotations
were 4 93%@4 94 for sixty days, 4 97/@4 98
for demand and 4 983/2@4 99 for cable transfers.
Commercial on banks nominal, documents for paymentnominal. Seven-day grain bills 4 963/@4 96%.
2
Cotton for payment nominal, grain for payment
nominal.
The New York Clearing-House banks, in their
operations with interior banking institutions, have
gained $11,799,000 net in cash as a result of the
currency movements for the week ending Oct. 16.
Their receipts from the interior have aggregated
$15,756,000, while the shipments have reached
$3,957,000. Adding the Sub-Treasury operations
and the gold exports, which together occasioned a
loss of $2,024,000, the combined result of the flow
of money into and out of the New York banks for
the week appears to have been a gain of $9,775,000,
as follows:
Week ending Oct. 16.
Banks' Interior movement
Sub Treasury °peens & gold exports
Into
Banks.
Out of
Banks.
Net Change in
Bank Holdings.
53,957,000 Gain 511.799,000
22,722.003 Loss 2,024,000
$36,454,000
Total
$15,756,000
20,698,000
$26,679,000 Gain $9,775,000
The following table indicates the amount of bullion
in the principal European banks.
Oct. 151914.
Oct. 16 1913.
Banks of
Gold.
Silver.
Total.
Gold.
Silver.
Total.
£
35,987,528
England_ _ 59,235,39
59,235,390 35,987,528
France a_ 163,680,000 12,700,000176,440,000 138,548,480 25,311,280163,859,760
Germany _ 89,111,400 2,000,000 91,111,400 57,795,950 13,141,700 70,937,650
Russia b_ _ 182.912,000 5,182,000 188,094,000 164,298,000 6,305,000170.603,000
Aus.-Hunc 51,578,000 12,140,0
03,718,000 50,869,000 10.603,000 61,472,000
Spain _ _ _ _ 21,989,010 27,399,000 49,388,000 18,754,000 29,382.000 48,136,000
Italy_ __
46,250.000 3,000,000 49,250,000 45,771,000 3,075,000 48,846.000
Nethland 12,949,000
588,600 12,949,600
126,100 13,075,100 12,361.000
NatrBelgd 15,380,000
600,000 15,980,000 8,298.667 4,149,333 12,448,000
Sweden _ _ 5,737,030
5.701,000
5,737.000 5,701,000
Switz'land 9,019,400
6,810,000
9,019,40
6,810,000
Norway.
2,749,000
2,500,000
2,740,000 2,500,000
Tot. week 360,620,190 63,207,100 723,827,290547,694,625 92,555,913640,250,538
Prey.week,353,792,842 75,841,980729,634,822547,489,554 92,485,047.39,974,601
a Data for 1914 for Oat. 2. b For Sept. 21. c July 30. d Sept. 21.
NEW ASPECTS OF THE WAR.
The present war has been remarkable, as few if
any wars of our time have been, in the alternating
phases whereby first one side, then the other, appeared to be gaining distinct advantage in the conflict. No such apparent vicissitudes of fortune were
visible, even in the early stages of the conflict, during the Balkan war, or the Manchurian war, or the
Franco-Prussian war. Even in the case of England's Boer war, the fighting went almost uninter-
1096
THE CHRONICLE
ruptedly against the English troops until the whole
tide of military successes was turned, once and for
all, in the second year of war. The present conflict
began with the seeming check to the German advance
through Belgium; then, from the middle of August
to the last few days of the month the rapid German advance toward Paris appeared to foreshadow
sweeping successes to that army; this in turn being
followed by the German retreat to Northern France
and by the obstinate battle between equally matched
forces during the four succeeding weeks. In that
stage of the contest the general news seemed to indicate progress by the Allies, along with decided
successes by the Russians on the Austrian border.
At last week's close came the new turn of events,
in which the German army in Belgium has now
bombarded and captured Antwerp and swept on
toward the coast, while the Russian advance seemed
to have been decisively checked, even on the Austrian frontier.
The moral advantage of this recent fighting is
.thus strongly on Germany's side. It is possible that
the strategic advantage of the downfall of Antwerp,
.for example, may have been exaggerated. It releases the German troops in Belgium to co-operate
in the line of battle stretching through Northern
France, but even thus it can hardly give preponderance in forces to the Germans. The real importance
of the past week's operations is that they insure to
the German army a base for its right wing which
cannot be turned by the opposing army in case either
of advance or retreat. It also obviously strengthens
the German position on the approach of winter,
when the general character of the campaigning must
in many respects be changed.
The fall of Antwerp appeared to have an unfavorable effect on financial sentiment in general, the
influence of which was observable in such of our
markets as are open. This influence was due apparently to the inference drawn that the war is
bound to be prolonged by any achievement which
renders more probable than before a stubborn deadlock of the hostile armies. This is the market's dispassi\
onate way of looking at the situation. Financial judgment is certainly not determined by impulsive
personal sympathy or hostility towards one belligerent or the other; indeed, the elements of our
_people who hold entirely opposite positions, in their
view of the merits of the conflict, are both powerfully represented in the financial community.
On one point, however, it is not easy to maintain
in this country more than one opinion. From the
first, our people, even those who believed the German position to have been wrong at the outset of the
war, have differentiated broadly between the German people and the German military clique. Recognizing fully the patriotism with which the German
people rallied to the colors, and recognizing also the
peculiar political position in which Germany has
I ong been placed among the Powers, nevertheless the
American people have steadfastly held that the theories, ambitions and purposes of the military group
so long prominent at Berlin were themselves dangerous, both to the peace of Europe and to the interests
of orderly modern progress.
Much has been said and written of late regarding
the writings of General von Bernhardi of the German
army, especially his book entitled "Germany and the
Next War." The particular interest of this book is
- the frankness with which the theories above referred
xc nc
to are discussed, and the fact that its statements and
arguments are believed to have been approved in the
military circles which the author represents. Examination of this book will throw considerable light
on the feeling of strong repugnance and dislike with
which the doctrines of European militarism, as set
forth in recent years, have been received in America
—a feeling which has undoubtedly had much to do
with shaping the individual sympathies of our people
in the present contest.
To begin with, Von Bernhardi bluntly and repeatedly asserts the principle that war is of itself a
blessing to the race. In this, as in many other of
his conclusions, he follows admiringly the German
Professor Treitschke, whose historical writings, of
no more than ordinary merit themselves, have probably been saved from oblivion chiefly by the exceptional violence of his reaction from the humane doctrines of modern civilization. Wars are necessary,
this historian is cited approvingly by Bernhardi as
declaring, "because they save the state from social
petrifaction and stagnation." The devotion of members in one community to each other is always conspicuous in war; therefore, "What a perversion of
morality to wish to abolish heroism among men."
As a final quotation from this high authority, Bernhardi sets before his readers the pious assurance that
"God will see to it that war always recurs as a drastic
medicine for the human race."
Adopting with approval and admiration such
views as these, it naturally follows that Bernhardi
admires chiefly the public men who have consistently
applied and advocated such a position. His hero
is not the present Emperor William, whose achievements in the peaceful upbuilding of Germany the
author rarely mentions. It is not Bismarck, for
whose disclaimer of a personal desire for war the author
carefully apologizes. It is not even Napoleon, who,
though he fought on every pretext, was accustomed
to preserve appearances by blaming his enemies
for provoking war. It is Frederick the Great, whose
pretensions to the place of a magnanimous apostle
of civilization have not often greatly impressed the
minds of thoughtful historians. The keynote of
Bernhardi's position may be seen in his citation from
Frederick's own writings, to the effect that "war
opens the most fruitful field for all the virtues; for
at every moment constancy, pity, magnanimity,
heroism and mercy shine forth in it." Not to mention Frederick's own campaigns, the history of the
present war to date throws a somewhat extraordinary
light on this philosophy. The Balkan War, for instance, as a "fruitful field for all the virtues," will
hardly impress the ordinary mind. Bernhardi does
not rest his case even on political authorities. Resorting to the doctrines of Christian morality, he
dismisses as impracticable the "Sermon on the
Mount," and rests his whole approval of the teaching of the founder of Christianity on the passage
declaring that "I am not come to send peace into
the world, but a sword."
It was inevitable that an author assuming such
positions should regard arbitration treaties with
contempt. They are, Bernhardi declares, "peculiarly detrimental to an aspiring people." They are so
because "the weak nation is to have the same right
to live as the powerful and vigorous nation." His
people, therefore, so Bernhardi thinks, "must learn
to see that the maintenance of peace never may
nor can be the goal of a policy." It follows in
OCT. 17 1914.)
THE CHRONICLE
logical sequence that certain ordinary rules of morality must be rejected in such matters. "So long as
all human progress and all natural development are
based on the law of conflict, it is necessary to engage
in such conflict under the most favorable conditions
possible," and for that reason no restraints such as
treaties must be allowed to stand in the way. Since
every treaty "must satisfy the interests of each contracting party, it clearly can only hold as long as
those interests are really benefitted." Naturally
Frederick the Great, one of the notorious violators
of treaties in past history, is held up as the proper
guide for a country's policy. He, so Bernhardi
carefully points out, "must be our model in this
respect."
We do not need to multiply incidents of what must
appear to the American reader the utter immorality
of the doctrines thus set forth. Some of the inferences, however, are of curious interest. England,
Bernhardi declares, "committed the unpardonable
blunder, from her point of view, of not supporting
the Southern States in the American war of secession;" the reason being that the trade of the United
States has become a competitor of England's trade
in the subsequent prosperity of America. Even
the European situation at the present date is judged
in the same cynical light. Writing as he did,in 1911,
the author concludes his reasoning on the general
question by the statement that "neither France nor
Russia nor England need to attack in order to further
their interests"; that "so long as we shrink from
attack, they can force us to submit to their will by
diplomacy"; and that, therefore, "if we wish to bring
about an attack by our opponent, we must initiate
an active policy, which without attacking France
will so prejudice her interests or those of England,
that both those States would feel themselves compelled to attack us."
We do not cite these extraordinary statements as
representing the views of the German people. We
do not believe that they are thus representative.
But that they do fairly express the general sentiments
and belief of a military caste which has had an adverse influence on the whole question of the peace
of Europe, during a long series of years, appears
to us unfortunately probable. It may be the hope
of all who look to the promotion of humane and
enlightened civilization that this war, whatever its
eventual result as between the contending nations,
may at least serve as an object lesson in the monstrous
sophistry of such assertions and reasoning as we
have cited.
ECONOMY IN PUBLIC EXPENDITURES.
Representative Mann of Illinois recently wrote to
Secretary McAdoo suggesting that an appropriation
for purchasing a new post-office site in his own city
of Chicago be held in abeyance and the purchase "be
for the present postponed until the Government can
afford the expenditure of the money without resorting
to increased internal revenue taxes." Four years ago
the present Chairman of the House Appropriations
Committee(Mr.Fitzgerald of this city)declared on the
floor of the House that responsibility for extravagance
could not be lifted off the party which then controlled
the entire Government; it was, he said, "wasteful,
extravagant, inefficient," and only by a Democratic
House could expenditures be brought back to their
proper level and taxes be "collected for the sole purpose of defraying legitimate expenses of the Govern-
1097
ment, economically administered." The campaign
platforms of the minority party for the time being
always "view with alarm" the waste and other sins
of the majority party; that is good material, and very
familiar. But the minority of 1910 is now the
niajority, yet the appropriations of this session go
over thirty millions past those of last year.
The horse leech of public spending has many
daughters, always tends to quietly add to their
number, and their thirst is unappeasable. To charge
the fault upon one party is unfair. Parties have
become a matter of title. There is no definite, coherent line of broad public policy for the entire
country by which any party is willing to stand or fall;
party names have survived, but former party characteristics have not; there is one characteristic that is
not distinctive, since all have it; the intense desire
to be in control of the Government.
The pressure for widening the scope of government
and undertaking to conduct and regulate and minute-.
ly manage all private business goes swiftly on, with
no relief from it in sight short of a reaction from its
own excesses. Thus far, agriculture and organized
labor have managed to stay exempted, but they have
no warrant of always keeping so; a special message
to the Texas Legislature now recommends a law limiting every cotton-grower to twenty acres for next
season, on penalty of fine and imprisonment. This is
not worse than other propositions for denying individual liberty, only it takes a changed direction; when
Democracy, calling itself Jeffersonian or otherwise,
has bound withes about every man, there may be
revolt. Meanwhile, the process of aggression goes
from step to step, with an appeal to the partisan
spirit in the fact that it multiplies offices and increases the spoils of power to be contested.
Representative Mann is with the minority just
now, but he did oppose waste while he was with the
majority. If it is said that his personal strength at
home is great and he has no need to set forth what he
has "done for the district," this only projects into
bolder light the gradual degeneracy which suggests
to Congressmen (in both branches now) that if they
want to "come back" they must show diligence and
success in getting for home interests and labor a
goodly share of the public funds to be expended. Is
a Congressman to be rated according to his zeal
and ability for hisimmediate constituents; and ,ifso,is
it his place to represent his district's view of what is
best for the district, or the district's view of what is
best for the entire country?
We must regretfully confess that, as the country
has grown and the scope and spending of the central
Government have outpaced the growth of the country, the financial part of legislation seems to consist
more and more in raising the biggest heap by general
taxation and then a grabbing from all sections to get
the biggest "share." Rivers and harbors, for example, are at once a political asset and a political anxiety
to Congressmen who want to come back; last winter
one very sensitive member asked Mayor Mitchell why
great metropolitan journals persistently use the
terms "pork" and "pork barrel" when speaking of
that perennial appropriation bill.
Taxes are intrinsically hateful, and every party
and every legislative session desires to make an appearance of savings and tax reduction; yet taxation is
popular, in the commonest sense of that word. The
ordinary "poor" man who figures most in the count
of noses on the day after election, argues with himself
1098-
THE CHRONICLE
that he pays no tax, because owning no real estate;
by this plea taxes are paid by the rich, but when
an income tax is proposed it is said that the rich
man is a tax-dodger and it is time he bore his share in
the public burdens. These two notions are alike incorrect and mutually destructive; yet they serve
their deceptive purpose, and the deep reason for
public spending is that so many persons are directly
concerned in getting some of it. We have a possibly
large yet submissive number theoretically against
extravagance and a possibly smaller yet very active
number keenly alive to profiting by it.
So Representative Mann appears to be solitary
thus far, yet unless his stand is publicly noted and
commended, shall we get any benefit from it by
example? Here we are, imposing war taxes in a time
of domestic peace, without any systematic Government book-keeping or even an orderly "budget," and
without any really vigorous attempt to make economy concrete instead of merely abstract. Will there
ever be a more appropriate or an easier time to set
up a stop to this swelling stream of public waste, and
begin to return governing to its original and best
estate, which is, when it governs least and governs
most carefully and most gently.
THE GREAT NORTHERN RAILWAY REPORT.
The Great Northern Railway Co. report for the
twelve months ending June 30 1914 does not reveal
income results up to those of the preceding year,
but it was not expected that it would, and a glance
at the text of the report, which is replete as usual
with enlightening remarks and statistics, furnishes
the reasons why. The road had many unfavorable
conditions to contend against. These unfavorable
conditions were both general and special in their
nature. Crop yield in 1913 at the eastern end of
the system, particularly in Minnesota and the two
Dakotas, as far at least as the harvest of springwheat is concerned, was not as good as it had been
the preceding season (when the harvest was of exceptional dimensions), and accordingly only 133
million bushels of grain were handled in the year
under review, against 151,600,000 bushels in the
fiscal year 1912-13. Then the iron-ore movement
for the latest year decreased 2,246,470 tons, or
14.04%, partly because of a strike on the docks
which lasted several weeks. Furthermore, during
the latter part of the fiscal year the movement of
copper ore from Butte to Black Eagle, Mont., was
considerably curtailed. Besides all this, general
trade depression was more or less an adverse influence, particularly during the last six months.
While all these were potent factors in the year's
results, none of them are of an enduring character.
They will disappear as soon as the particular circumstances responsible for them change for the
better. Of a different nature is another set of adverse features. These have been continuously in
operation for many years and are still actively at
work. We refer to rate reductions, rises in wages,
increases in taxes, inadequate compensation for
mail transportation, lower express rates and the
inauguration of the parcel-post system to the further
detriment of the roads. It is not easy to pass these
by in considering the affairs of the Great Northern
for they are enumerated at length in the report. And
when considering their force and effect as thus
enumerated one is inclined to raise the question
VOL.i
xcix.
whether even intermittent poor crop yields and
occasional periods of trade reaction are not of minor
consequence alongside of these other influences,
which never abate in their course year by year and
keep constantly whittling down net results.
The report points out that many changes in freight
rates were made during the year, mostly to meet
requirements of acts of legislative bodies, or orders
of railroad commissions. With few exceptions,
it is stated, these involved reductions of revenue.
The list of such changes given is altogether too long
for enumeration here. Then the difficulties encountered in reducing expenses are set out. Notwithstanding increased efficiency in train operation
and a contraction of 9.22% in the tonnage movement
one mile, it was possible to effect a saving in transportation expenses (maintenance outlays increased)
of only 1.30%. This is stated to be due "partly to
increased pay rolls for employees under schedules,
principally train, engine and shopmen and telegraphers, amounting to about $225,000 for this year".
Then comes a further statement that passenger rates
had to be reduced as well as freight rates; that while
total mail revenue shows a small increase, the fact is
that there was carried "a very large volume of mail
matter for which no compensation was received;"
that "the parcel-post has taken away from the
express company a substantial part of its business
without adequately compensating the railway company for its carraige;" that "reduced express rates
ordered by the Inter-State Commerce Commission
and various State commissions were effective February 11914;" and that "the North Dakota Railroad
Commission ordered a reduction in excess baggage
rates approximating 25%, effective March 15 1914."
Finally, the subject of taxes is taken up. These
taxes, we are told, again heavily increased, and as
a matter of fact the increase amounted to $513,701,
or 12%,following an increase of $790,538, or 22.66%,
in the year immediately preceding. In the two
years combined, therefore, there was an addition
to taxes of more than $1,300,000, or over 37%.
The total taxes for the year were $4,881,881, of
which $4,792,478 is assignable directly to railway
operations. This, it is stated, is 6.35% of gross
revenue and 16.57% of net revenue. Let the reader
well ponder the significance of this fact, namely that
roughly one-sixth of the company's entire net
revenue is eaten up by taxes.
It is quite unnecessary to say that these many
different adverse circumstances and factors have
left their mark upon the results for the year. Incidentally, we may remark that it is only properties
like the Great Northern Railway,holding a position
of exceptional income strength, that can endure the
strain produced by such conditions and escape being
pushed to the wall. Again, only properties that
continue to make steady advances in operating
efficiency can hope to maintain a prosperous existence in face of such circumstances. In the case of
the Great Northern Railway, high operating efficiency has been the distinguishing feature of the
company's affairs from the first, and the record is
still being improved upon year by year. Thus, the
Great Northern was the first of American railroads
to devote particular attention to the subject of trainloads. Other roads during the last two decades
have been forced to give attention to the same subject and yet the Great Northern still occupies a foremost position in that respect, and the efforts of the
OCT. 17 1914.1
THE CHRONICLE
1099
management to bring about further improvement steady advance in
operating achievements. It must
continue undiminished. During the year under be borne in mind
that in the development and extenreview there was a decrease in freight train mileage sion of the traffic
of the system large new capital outof over 13%,notwithstanding that the falling off in lays have been made
from year to year, and accordthe tonnage movement one mile (revenue and com- ingly it has been
necessary to earn a return on a
pany freight combined) was only a little over 8%. steadily rising
capitalization at a time when condiThis means that the lading of the trains was again tions beyond the
control of the management were
increased, the average train-load of revenue freight becoming markedly
unfavorable. The report shows
having been raised another 28 tons, bringing it up new mileage aggregating
over 245 miles completed
to 662 tons for 1914 against 634 tons for the fiscal and put in operation between
Nov. 1 1913 and Aug. 1
year 1913.
1914, with 55 miles more which, while not formally
This further addition is the more noteworthy as it opened for operation, is yet handling
all commercial
follows an addition of 33 tons in the train-load in the business offered. This
makes a total of almost 300
previous year and 77 tons in the year preceding. miles of new road.
In 1912 the average load was only 601 tons, in 1911
It has been the policy to provide the new capital
it. was but 524 tons, in 1910 only 518 tons and in required in chief
part by the issue of new stock in1909 no more than 502 tons. Thus in the five years stead of by the
putting out of additional debt. Durfrom 1909 to 1914 the average train-load has been ing the late year
$7,471,000 of the company's first
raised from 502 to"ns to 662 tons, an improvement of and refunding
mortgage gold bonds, Series A,4Vi%,
considerably over 30%. This, as already stated, were issued
against construction and new acquisiis the average for merely the revenue tonnage. In- tions, but these
bonds all remain in the company's
cluding freight carried for the company's own use, treasury,
and the aggregate of bonds outstanding
the average train-load for 1914 would be 767 tons. in the hands of
the public was actually decreased by
The average rate realized per ton per mile improved $177,000. This
is a repetition of what happened in
a trifle in the late year (not because of any increase the previous year,
too. On the other hand, howin rates, but because of a diminution in the propor- ever, the amount
of stock outstanding is constantly
tion of grain, iron ore and other low-class freights being added to,
and on June 30 1914 aggregated
carried),and works out 7.94 mills for 1914 against 7.65 $230,997,700, against
$209,990,750 June 30 1913.
for 1913 and 7.688 for 1912, but compares with The $21,000,000 of
new stock, however, did not
8.096 in 1911, 8.219 in 1910 and 8.151 in 1909, show- draw dividends except
for the last quarter. On
ing a considerable decline as compared with other this account the requiremen
t for dividends of 7%
recent years except the last two. Nevertheless, wasonly $15,063,048,
whereas if dividends on the full
owing to the steady increase in the train-load ,the amount of the stock
had been called for, it would
freight trains are steadily adding to their earnings have been $16,156,203
. However, income, though
per mile run. For the late year freight trains reduced as shown above, was
ample for the purpose.
actually earned $5 26 per mile run, against $4 86 in
The income statement for the twelve months
1913, $4 62 in 1912, $4 24 in 1911, $4 26 in 1910 and shows a surplus of $3,311,572
above expenses, fixed
$4 09 in 1909.
charges and the dividends paid, and also after allowHere we have marked evidence of rising effi- ing a contribution of $1,000,000 to the
fund for
ciency and of corresponding savings. In face of it permanent improvements and betterments
and $506,all, it has been found impossible to overcome the 331 for other special charges and allowances. The
rising tendency of expenses due to higher wages maintenance outlays charged to expenses were more
and the increased cost of practically everything en- than ordinarily liberal and should revenues now detering into the operating accounts of the railroads. cline to any serious extent as a result
of trade deIt thus happens that when, as in the late year, traffic
pression or a reduced crop yield,it will be possible to
and revenues fall off, difficulty is experienced in
practice decided curtailment in that regard. Infinding even partial compensation in the way of redeed, President L. W.Hill concludes his remarks with
duced expenses. Gross earnings in the year under
review fell off $3,218,898. This was not a large loss, a significant statement, reading as follows: "The
considering the conditions prevailing and consider- season's track work was finished by the end of July,
ing also that there had been a gain the previous year a large amount of delayed bridge work was completed,
of no less than $12,494,948. But, unfortunately, heavy shop forces maintained during last winter
it was not possible to effect a reduction in expenses. have been materially decreased, so that for at least
The transportation expenses, by reason of growing the first half of the coming fiscal year the expenses
efficiency of operations, were reduced, but only of maintenance and betterments should be greatly
very slightly (the saving through increased efficiency reduced." Thus the property is strongly fortified
serving to counterbalance only in small measure the against a period of adversity and it is safe to say the
expenses by reason of other circumstances), but under company LS at least as well prepared for unforeseen
every other leading head expenses were heavier and, unfavorable occurrences as any large railroad system
with the rise of $513,701 in taxes, the total of expenses in the country.
and taxes shows an augmentation of no less than
THE LOUISVILLE & NASHVILLE REPORT.
$1,164,675, which, added to the $3,218,898 loss in
Gross and net operating revenues for this company
gross, produced a loss in net of no less than $4,383,- for the latest fiscal year differ surprisingly
little
573, or 15.28%.
from those of the preceding year. The gross a
With such conditions to contend against, it is evi- $59,682,777 compares with $59,465,699,
and the ne
dent that if the property were not very lightly capi- at $14,900,069 compares with $14,654,818.
But th
talized (the bonded debt averages only $19,059 per problem for this road is the same as for
other large
mile of road and the stock $30,684, making $49,743 systems, namely how to overcome the
rising tendency
together), it would have been no easy task to main- of expenses and meet the larger
requirement for
tain the company's prosperity, notwithstanding the interest and dividends growing out
of the veThr con-
1100
THE CHRONICLE
[VOL. xe
Nor is the company able to realize high average
siderable new capital outlays from year to year
average for 1914 having been 7.78 mills,
incurred in providing for the necessary facilities for rates, the
of business. which compares with 7.79 mills in 1913 and 7.86
handling a steadily expanding volume
mills in 1912. Under the improvement in the lading
In reviewing the report for the previous year,we called
the earnings of the trains per mile run
attention to the fact that the new capital addition of the trains,
gradually being brought to a higher basis,and for
for the 12 months had aggregated over 26 million are
against $2 29 for 1913, $2 23 for
-12 million dollars in new stock having been 1914 were $2 30,
dollars
$2 11 for 1911. But what a serious disadissued and $14,211,500 having been added to the 1912 and
company labors under as contrasted
outstanding total of bonded indebtedness. In the vantage the
other large systems will appear by referyear covered by the report now before us the cash with most
results for the Great Northern Ry.,
expenditures for additions, betterments, new con- ence to the
report for the same year we review
structions, additional equipment and advances to whose annual
page. On the Great Northern the
subsidiary companies for similar purposes amounted on another
-load in the latest year was no less than
to $20,240,093, of which $1,211,147 was charged to revenue train
with an average rate of 7.94 mills per
operating expenses, leaving therefor 19 million dol- 662 tons, and
the trains earned $5 26 per mile run, as
ars of new money that had to be raised. To provide ton-mile
30earned by the Louisville & Nashville.
in part for this, $12,201,312 of 4 and 5% bonds against the $2
Traffic is being satisfactorily and very largely inwere sold during the year, against which, however,
the only trouble is with the expenses,
$1,541,000 of bonds were retired or drawn for the creased and
inwhich,as in the case of other roads,keep steadily
sinking fund.
ing all efforts to hold them
notwithstand
We mention these facts simply to show that in the creasing
y indicated that for 1914
railroad property which meets the re- down. We have alread
case of a large
es were a trifle less for 1913, being
quirements of the times by enlarging its plant and aggregate expens
t $44,810,880, but examination of
facilities it is not sufficient that earnings shall merely $44,782,708,agains
that the saving was mainlyin the
be maintained at a certain former level, rather it the accounts shows
ts and that transportation exis absolutely necessary that they shall be increased maintenance accoun
from $19,884,015 to $20,638,428
from year to year in order that the property's pros- penses actually rose
from $1,259,701 to $1,334,264.
perity may be continued unimpaired. In the case and traffic expenses
comparison, the unfavorable tenof the Louisville & Nashville the call for interest Taking a longer
is still more strikingly refor the latest year was $7,123,933, against only dency of operating results
during the four years from
$6,417,487 in the fiscal year 1913 and $6,328,641 vealed. In other words,
gs were increased from $52,in 1912, while the requirement for dividends (on ac- 1910 to 1914 gross earnin
2,777, while net earnings actually
count of the larger amount of stock outstanding, the 430,381 to $59,68
$14,900,069. In the four
dividend rate having continued unchanged) was fell from $17,447,803 to
es to earnings rose from
$5,040,000 in 1914, against $4,618,733 in 1913 and years the ratio of expens
On a mileage basis the comonly $4,200,000 in 1912. Fortunately the Louis- 66.72% to 75.03%.
more unsatisfactory because length
ville & Nashville has always held a position of ex- parisons are even
in the four years has risen from 4,554 miles to
ceptional income strength and has had a large of road
miles. Gross earnings per mile for 1914 were
margin of yearly surplus to encroach upon, so that 4,936
9 against $11,512 per mile in 1910, but net
it is able to show a balance of income even after the $12,08
gs were only $3,018 per mile against $3,831.
earnin
increased interest and dividend requirements. For
without taking into consideration the taxes,
review the net income remaining,after This is
the year under
which have been independently rising, and have thus
providing for expenses, taxes, interest, rents and
served still further to diminish the final net. In
other charges, was $6,678,886, while the requirethe late year the taxes increased from $1,761,626 to
ments for dividends were $5,040,000, leaving there$2,600,288,and at this latter figure comparison is
fore a surplus of income on the year's operations of
with $1,602,632 in 1910.
$1,638,886. In the preceding year, however, the
With operating conditions so trying and the margin
fiscal
corresponding surplus was $3,761,565 and in the
of profit being so greatly diminished, now comes the
year 1912 the surplus for the 12 months above the
European war and impairs the value of the South's
dividend requirements was $5,360,772.
leading agricultural product, namely cotton. To
The problem, therefore, in the case of the Louisthis allusion is made in the closing paragraph of the
ville & Nashville is the same as with other large systext of the report and it is not surprising under these
tems,only that with it prevailing conditions are made
circumstances that the management should feel it
more trying, since, owing to the character of the
incumbent to say that a situation has arisen where
,
traffic and the nature of the mileage of the system
development work of all kinds
chance for the attainment of operating improvement and
there is far less
must be entirely discontinued for the time being.
efficiency than on leading Western systems, for inHere is the announcement:
stance. In other words, it is not possible to bring
on
operating results to the same high standards as
Since the closing of the books eight European
more favorably situated in that respect. The nations have become involved in a war unprecedented
roads
Louisville & Nashville has many branches and a in history. Not less than eight million men at this
rs of war, or
scattered mileage and its traffic is not of such a char- writing are dead, wounded, prisone t that for a
The facing each other in battle. It is eviden
acter as to admit of a very heavy train-load.
long time after the close of this war all the surplus
management is now doing all that can be done in that money and resources of these countries will be reregard, and the lading of the trains is being steadily, quired at home to recuperate from the awful destruceven if slowly, enlarged. For 1914 the average tion of lives and property, from the dislocation of
present
number of tons in each train was 296, against 294 industry, and from enormous war debts. Atborrow,
tons in 1911, 278 neither railroads nor other industries can ction or
tons in 1913, 285 tons in 1912, 275
additional money for new constru
tons in 1910, 263 tons in 1909 and only 234 tons anywhere,
provided
ns, and all such work not already
additio
in 1908.
OCT. 17 1914.)
THE CHRONICLE
for must be postponed for an indefinite period.
Fortunately, all important work of this character
authorized by the Board of Directors of the Louisville & Nashville Railroad Company, is practically
completed and the cash required to complete payments fully provided. No other important improvements or additions will be authorized until money
becomes again available upon reasonable terms.
THE SOUTHERN RAILWAY AND ADVERSE
CONDITIONS.
The Southern Railway Co. is the first of the great
railroad systems to take heroic measures for dealing
with the unfortunate state of things arising out of
the European war. Many industries and many different sections of the country are suffering because
of the calamitous events that are being enacted in
Europe, but the South finds itself hardest hit of all
since the European market for its main agricultural
staple, cotton, is being almost entirely cut off for
the time being. The steps taken by the management of the Southern Railway to prepare for this
unfortunate visitation and the consequences that
may follow from it, should it be prolonged,are two—
first, a cut in the dividend on the preferred shares
and its payment in scrip instead of cash, and, secondly, a cut in the compensation of the better-paid
classes of employees.
The report tells us that the loss in revenue since
the beginning of the European war and the outlook
for the immediate future demand a strict policy of
retrenchment—always a disagreeable duty. The
consequent reduction of service of employees means,
it is stated, a reduction of the opportunity of many
men to earn the livelihood to which ;they have been
accustomed and it has accordingly seemed fair to
the officers that they, too, should share the sacrifice, so that as a temporary measure the salaries of
all officers earning in excess of $2,500 per annum
have been "voluntarily and loyally reduced in fair
proportions." It was also deemed fair that the preferred stockholders should share in the necessities
of the situation. Therefore, as announced in these
columns last Saturday, although the full 5% on the
preferred stock was safely earned for the twelve
months, the dividends declared for the year have,
owing to the acute conditions prevailing, been reduced from 5% to 43
4%. Furthermore, the dividend for the second half of the year was made payable in scrip redeemable in five years and bearing
interest meanwhile at 4% per annum.
These steps are obviously wise precautionary
measures and they were rendered practically imperative
by the fact that entirely apart from the European
war, which comes as a crowning calamity, the situation in the railroad- world is becoming trying in the
extreme. In the past year the traffic and the gross
earnings were not greatly changed, speaking of the
grand aggregates, from those of the previous twelve
months, but the net earnings were very materially
reduced. Stated in brief, gross earnings increased
$1,004,207, or 1.47%, but this was attended by an
augmentation in expenses of no less than $2,297,251,
or 4.76%, producing accordingly a loss in net of
$1,293,044, or 6.38%. At the same time there was
a further increase of $199,002, or 8.02% in the taxes.
Allowing for this and a small amount of loss from
the outside operations, the loss in net income is
found to have been $1,544,757, or 8.65%. The experience of the Southern Railway in this respect has
1101
of course been no different from that of all other roads
and it gets to be rather tedious to have to repeat the
same story over and over again in reviewing one report after another. Yet the facts cannot be ignored, and in the Southern Railway case it is important to note that the record disclosed for the past
year is merely a continuation of the record of previous years. In the two years immediately preceding, gross earnings had shown a gain of $8,184,428,
but this had yielded an addition to net (after allowing for taxes) of no more than $569,874. Now,
with the 1914 results added, we have for the three
years combined a gain in gross of $9,188,635, with
the net actually reduced (alter allowing for taxes,
but not including outside operations) in the sum of
$922,172. In other words, a point has been reached
where, in face of a great increase in traffic and the
volume of transportation services rendered, net earnings are actually declining.
And the situation becomes all the more significant
when it is remembered that this lack of additional
profit (at a time when there is really need for extra
profit because of the larger capital investment)
is coincident with steadily advancing efficiency of
operation. On this last point it is surely not needful
to say more than to record the single fact that in
1914 the freight trains,by running 16,642,849 miles,
moved 5,645,468,325 tons of freight one mile, while
six years before,in 1908,in running 18,151,530 miles,
they moved only 4,142,913,656 tons one mile.
In other words, the train-load of revenue freight
in the six years has been raised from 192 to 275 tons
and the train-load of all freight (including company
material) from 228 to 339 tons.
The income account for 1914 shows a surplus above
the requirement for the 43/2% dividends on the preferred stock of $2,139,705. In the fiscal year 1913
there was a surplus beyond the call for the 5% dividend then paid of $4,078,625. A fact of interest
is that the present is the twentieth annual report of
the company and concludes the record of the administration under the voting trust which was created
on the organization of the company in 1894. The
circular issued by the voting trustees under date of
June 30 1914, in announcing the surrender of their
trusteeship is incorporated in the report and furnishes
a wonderful record of achievement in the way of
progress, not only for the railway property itself
but for the South, which it has so efficiently served.
The report is also the first bearing the name of
Fairfax Harrison as President, the late President,
William W. Finley, having died Nov. 25 1913. Mr.
Harrison reveals a keen insight into the conditions
affecting railroad property to-day, and his remarks
embody an instructive discussion of the whole subject, which is further illuminated with statistics
emphasizing the points made. He says it is the constant and unremitting effort of management under
existing conditions of operation to check the current
tendency of encroachment of operating expenses
upon operting revenues by the practice of greater
efficiency without too great demands for new capital.
This, he declares, is the most difficult, as, when
successful, it is the most admirable achievement in
the operation of a railroad to-day. He also points
out that the high level of expense of operation is
maintained not so much by any natural economic
law, not by any deliberate intention or neglect
of
management, as by general social tendencies
which
are in substantial measure abnormal and
beyond
the control of management. We think no one will
be inclined to take exception to his conclusion that
it can hardly be expected that the operation of an
American railroad shall be again on a normal basis
unless and until the question of the railroads shall
cease to be a factor in American politics.
RAILROAD GROSS AND NET EARNINGS FOR
AUGUST.
There is just one satisfactory feature in the returns
of railroad earnings, gross and net, for the month of
August, as disclosed by the tabulations which we present to-day. Speaking of the roads collectively,
they have managed to offset the loss in gross earnings by a reduction in expenses, thus avoiding loss
in net. Stated in brief, our compilation shows that
gross earnings fell off, compared with the same month
last year, $11,326,412,or,roughly,4%, but that the
saving in expenses reached $11,797,956, thus leaving aggregate net a trifle better in 1914, namely,
$87,772,384, against $87,300,840.
Of course, these results as to the net have no significance beyond showing that for this single month
the efforts at extreme economy were successful in
overcoming the shrinkage in gross revenues, but it
must always be borne in mind that, owing to the.
increased investment in railroad properties from year
to year, a considerable improvement in net earnings
is required in order that the railroads shall merely
hold their own. Where there is only a nominal gain
in the net,or an actual loss,the roads are retrograding.
August (465 roads)—
Mlles of road
Gross earnings
Operating expenses
Net earnings
(+)or Dec.(—)
1914.
1913.
%
Amount.
240.831
237.159
+3,672 1.55
5269,593,446 $280,919,858 —511,326,412 4.03
181,821,062
193,619,018
—11,797,956 6.04
587,772,384
587,300,840
+5471,544 0.54
Another fact must be borne in mind. Comparison
is with poor returns in the- corresponding month of
last year. In August 1913, while there,was still a
gain in the gross, it was of small amount and was
attended by an augmentation in expenses over three
times the size of the gain in gross. As a matter of
fact, the rising tendency of expenses, which has been
a feature of railroad returns in all recent years, was
then exemplified in a noteworthy manner. In other
words, our compilation for August 1913 recorded a
gain of only $4,342,006, or 1.50%, while the increase
in expenses reached $13,448,176, or 8.24%, thus producing a loss in net of $9,106,170, or 9.87%. It is
true that in August 1912 the results had been very
satisfactory, there having then been $25,860,384 gain
in gross and $11,425,466 gain in net. On the other
hand, this in turn had followed a falling off in both
gross and net earnings in August 1911, though not
a very large falling off in either case, the decrease
then having been $1,967,695 in gross and $595,069
in net. In August 1910 there had also been a decrease in net, and this had followed entirely from the
increase in operating expenses (so strongly in evidence even then), the addition to the gross having
been no less than $18,279,972, but expenses having
risen $18,939,835, hence causing a loss in net of
$659,863. In August of the year before (1909) we
had material improvement in both gross and net,
but here again the improvement was related to an
unfavorable showing in the preceding year. In
other words, the improvement followed from the
circumstance that in 1908, succeeding the panic of
1907, there had been tremendous losses. According to the tabulations of the Inter-State Commerce
Commission, the gain for August 1909 reached $29,
[VoL. xcix.
THE CHRONICLE
1102
682,863 in gross and $15,065,001 in net. In August
1908 the decrease in gross by the figures of the InterState Commerce Commission was $34,366,578, and
in net $9,222,389. In the table we now present we
furnish the August comparisons back to 1896. For
1910, 1909 and 1908 we use the Inter-State Commerce Commission's totals, but for the preceding
years we give the results just as registered by our own
tables each year—a portion of the railroad mileage
of the country being always unrepresented in the
totals, owing to the refusal of some of the roads in
those days to furnish monthly figures for publication.
Net Earnings.
Gross Earnings.
Year.
Year
Given.
Inc. (-I-) or
Year
Preceding. Dee. (—).
August.
$
1896 _
_ 52 240.197 55.319,991 —3,079,794
,
1897_ _ 66,842,723 58.687,815 +8,154,908
1898._ 77,846.913 76,324,949 +1,521,964
1899_ _ 81,952.795 70.965,451 +10,987,344
1900_ _ 92,007,423 85,191,125 +6,876,298
1901_ _ 108,575,332 96,440,67 +12,134,654
1902_ __ 105,390,629 102,111,428 +3,279,201
1903_
121,050,739 105,267,446 +15.783,293
1904_
+155,892
119,821,635 119,665,743
1905_
125,099,694 114,112,603 +10,987,091
1906_ __ 137,589,560 122,898,468 +14,691,092
1907_ _ 144.913,337 128,178,064 +16,735,273
1903_ __ 206,755,864 241,122,442 34,366,578
1909_ __ 236,559,877 206,877,014 +29,682,863
1910 _ 254,005,972 235,726,000 +18,279,972
1911... 213,816,594 245,784,289 —1,967,695
1912... 276,927,416251,067,032 +25,860.384
i913 - 259,835,029255,493,023 +4.342,006
1914_ __269,393,446280,919,858 11,326,412
Year
Given.
Inc.(+)or
Year
Preceding. Dec. (—).
17,418,959
24,228,620
27,942,601
29,730,968
33,216,118
40,548,771
35,928,409
41,282,319
43,168,250
43,201,744
48,074,911
45.629,104
75,028,707
90,384,539
89,517.074
86,224,971
99,143,971
83,143,024
87.772.384
$
19,023,398 —1,604,439
19,592,169 +4,636,451
—247,221
28,189,822
25,200,009 +4,530,959
31,032,360 +2,183,758
34,210,061 +6,338,710
37,776,146 —1,847,737
35,747,474 +5,534,845
40,913,469 +2,254,781
40,480,712 +2.721,032
42,719,708 +5,355,143
+779,119
44,849.985
84,251,096 —9,222,389
75,319,538 +15,065,001
—659,863
90,176,037
—595,069
86,820,090
87,718,505 +11,425,466
92,249.194 —9,106,170
+471,544
87,300,840
Note.—In 1896 the number of roads included for the month of August was 127: In
1897, 135: in 1898, 138; In 1899, 113: In 1900, 129; in 1901. 116; in 1902, 105: In
1903, 114; In 1904, 100: In 190.5, 95; in 1905, 91: In 1907, 86: In 1903 the returns
were based on 231 220 miles; In 1909 on 235,987 miles; In 1910. 00 238.403 miles: In
1911. on 230,530 miles: In 1912, on 239,230 miles: In 1913,on 219,492 miles: In 1914,
on 240,831 miles.
In the case of the separate roads, the results are
decidedly irregular this time. In the gross the losses
decidedly predominate, though there are a few roads
distinguished for gains. In the net, increases and
decreases are pretty nearly evenly balanced. It
deserves to be noted that the fact that the saving in
expenses in the general totals overtops the
loss in gross is due mainly to the rigid cutting down
of expenses by a few prominent companies. Thus
the Pennsylvania Railroad, through a paring down
of the expense account, has converted a loss of $1,294,706 in gross into a gain of $399,020 in net, and
the New York Central has changed a loss of $854,437
in gross into $230,648 gain in net. This last is for
the Central proper. Including the various auxiliary
and controlled roads, the whole going to form the
New York Central System, the result is yet more
striking, the loss in the gross in that way reaching
$2,063,363, with $1,094,758 gain in net.
Some of the Western systems have distinguished
themselves in much the same way. Thus the Great
Northern Ry., with $197,413 loss in gross, has $702,895 gain in net. The Southern Pacific, ivith $560,999 loss in gross, has $532,318 loss in net. The
Atchison is able to show $669,366 gain in gross and
has succeeded in carrying forward $632,408 of this
to the net. The Union Pacific, while having added
only $26,526 to gross, has increased this to $189,656
in the net through reduced expenses. The Milwaukee & St. Paul, with $116,565 increase in gross, has
$295,035 increase in net. The St. Paul & Omaha,
with $154,101 gain in gross, has $229,751 gain in net.
The Illinois Central, with $148,229 gain in gross, has
$284,348 gain in net.
On the other hand, there are quite a number of instances where the results as to net are more unfavorable than those as to the gross, and still a few other
cases where a large loss in gross has been attended by
a considerable paring down of expenses, but not sufficient to wipe out entirelythe shrinkage in the gross.
THE CHRONICLE
OCT. 17 1914.1
The Baltimore & Ohio is of this latter type, it reporting $921,106 decrease in gross, but only $232,275
decrease in net. Among the New England roads,
the Boston & Maine has $271,997 decrease in gross,
with $324,332 decrease in net, and the New York
New Haven & Hartford $411,378 decrease in gross
with $242,927 decrease in net. In the South the
Southern Railway furnishes an instance of decreased
gross attended by increased expenses; it reports $69,137 decrease in gross with $280,573 decrease in net.
The Northern Pacific has $145,548 loss in gross but
only $30,290 loss in net;the St. Louis & San Francisco
has $358,314 loss in gross and only $154,068 loss in
net, and the Missouri Pacific has turned $160,561
loss in gross into $71,252 gain in net. The Rock
Island,like the Atchison, has a gain in both gross and
net-$287,259 in the former and $142,693 in the
latter. In the following we show all changes for the
separate roads for amounts in excess of $100,000,
whether increases or decreases,and in both gross and
net.
1103
-Mileage1914. 1913.
Group No. 1
No.2
.3
Group
7,601 7,708
26,377 25,643
25,084 25,096
40,519
67,128
56,554 55,205
:8
15,860
grg3:i2,N
g::g & 9 4RIi
L
Groups
Group
1914.
$
3,559,583
21,992,830
12,163,809
8,279,026
23,300,124
12,740,448
5,736,564
Net Earnings
1913.
Inc.(-Hor Dee.(-)
$
5
%
4,101,963
-542,380 13.22
21,926,118
+66,712 0.30
10,803,511 +1,310,298 12.08
8,819,650
-540,624 6.13
22,503,613
+796,511 3.61
12,900,834
-160,386 1.24
6,195,151
-458,587 7.40
Total
210,831 237.159 87,772,384 87,300,840
+471,544 0.54
NOTE.
-Group 1. includes all of the New England States.
II. Includes all of New York and Pennsylvania except that portion wen
Group
Of Pittsburgh and Buffalo: also all of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia.
Group III. Includes all of Ohio and Indiana: all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV. and V. combined include the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI. and VII. combined include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois: all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City; also all of Montana, Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
passing through Denver.
Groups VIII. and IX. combined Include all of Kansas. Oklahoma. Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City: Colorado south
of Denver the whole of Texas and the bulk of Louisiana: and that portion of
New Mexico north of a line running from the northwest corner of the State
through Santa Fe and east of a Uns running from Santa Fe to El Paso.
Group X. includes all of Washington, Oregon, Idaho, California. Nevada. Utah
and Arizona and the western part of New Mexico.
SECRETARY McADOO VETOES WILD SCHEMES.
In a rejoinder to Representative Henry's assertion that
the power to set in motion the machinery to "rescue the
PRINCIPAL CHANGES IN CROSS EARNINGS IN AUGUST.
Increases.IDecreases. South from ruin and a wild orgy of bankruptcies" rested
Atch Topeka & Santa Fe $669,366 Cleve ('in Chic & St L..- $254,856 with Secretary McAdoo through
the shifting of Government
287,259 Pittsburgh & Lake Erie..
252,325
Rock Island
205,485 Delaware Lack & West__
Chesapeake & Ohio
227,278
151,101 Philadelphia & Reading_
226,206 deposits, and the sale of $200,000,000 of Panama Canal
Chicago St Paul M & 0_ _
148,229 Denver & Rio Grande._
215,318 bonds, Mr. McAdoo on the 9th inst. sharply criticised
Illinois Central
116,565 Great Northern
197,413
Chicago Milw & St Paul113,280 Colorado & Southern__ _
Bessemer & Lake Erie__
184,212 the contentions of Mr. Henry and pointed out the im112,388 Internet & Great North_
168,568
Pere Marquette
St Louis Southwestern_
168,209 practicability of the proposals made by the latter on behalf
Minneap St P & S S M- _
Representing 8 roads in
163,974 of the Southern cotton planters. Secretary McAdoo
shows
163,014
our compilation_ -_.. $1,806,673 Erie
Decreases. Missouri Pacific
160,561 that not alone cotton, but tobacco, naval stores, copper,
a$1,294,706 Chicago & Alton
c154,550
Pennsylvania
921,106 San Antonio & Aran Pass
146,803 silver, lumber and other things have been hurt by the
Baltimore & Ohio
b854,437 Northern Pacific
145,548
N Y Cent St Hudson Riv
560,999 Lehigh Valley
139,129 European War, and all have applied to the Treasury for
Southern Pacific
545,418 Trinity & Brazos Valley_
135,947 relief. "If", he says, "we disregard every suffering interest
Duluth & Iron Range__ _
502,138 San Pedro Los Ang & S L
119,781
Lake Shore & Mich Sou_
493,939 Atlantic Coast Line
117,950 except cotton, and make it the sole beneficiary of Government
Duluth Missabe & North
411,378 Wabash
106,353
N Y N IL & Hartford__406,850 Western Pacific
105,087 favor, what becomes of the Democratic principle-`equal
Louisville & Nashville__
403,108 Seaboard Air Line
103,570 rights for all, special privileges to
Chicago Burl & Quincy__
none?' If we enter upon
358,314 Michigan Central
Francisco
101,949
St Louis & San
307,672
the course you suggest, we must help every disitressed inElgin Joliet & Eastern271,997
Representing 38 roads
Boston & Maine
269,497
in our compilation- -511,624,362 dustry impartially. To do so would necessitate the issue
Wheeling & Lake Er e
264,206
Missouri Kansas & Texas
above are on the basis of the returns filed of many more than $400,000,000 in bonds and greenbacks
-All the figures in the
Note.
with the Inter-State Commerce Commission. Where, however, these and dangerously involve the credit of the Government."
returns do not show the total for any system, we have combined the
separate roads so as to make the results conform as nearly as possible to Mr. McAdoo added: "I am firmly convinced that neither
those given in the statements furnished by the companies themselves.
additional nor unlimited issues of paper money will help the
a This is the result for the Pennsylvania RR.. together with the Pennsylvania Company, and the Pittsburgh Cincinnati Chicago & St. Louis. the cotton planter. I am equally convinced that the inevitable
Pennsylvania RR. reporting $16,856 decrease, the Pennsylvania Company
$872,146 loss and the P. C. 0. & St. L. $405,704 loss. Including all inflation which such issues would cause would hurt him and
lines owned and controlled which make monthly returns to the Inter-State hurt the country. What is really
wanted is a restored
Commerce Commission, the result is a loss of $1,349,112.
b These figures cover merely the operations of the New York Central market for cotton at a profitable price. . . . It is imIncluding the various auxiliary and controlled roads, like the
itself.
"&c. possible by legislation to create a market for cotton or to
Michigan Central,the Lake Shore,the"Big Four," the "Nickel Plate,
the whole going to form the New York Central System, the result is a loss
establish a price for it." Secretary McAdoo in his letter
of $2.063,363.
c These figures are furnished by the company.
also dwells upon the measures of relief adopted to prevent
PRINCIPAL CHANGES IN NET EARNINGS IN AUGUST.
financial strain, saying that since the outbreak of the
Decreases.
Increases.
$532,318 European war he has authorized the issuance of additional
$702,895 Southern Pacific
Great Northern
421,932
632.408 Duluth & Iron Range_ _ _ _
Atch Topeka & Santa Fe_
387,042 national bank circulation, aggregating $348,795,210, that
a399,020 Duluth Missabe & North_
Pennsylvania
324,332 a large part of this currency has found its way to the South,
Michigan Central
366,864 Boston & Maine
Cleve Cin Chic & St L___
280,573
298,982 Southern
Chicago Mllw & St Paul__
242,927 and that the report§ of the New York national banks show
295,035 NYNH& Hartford
Illinois Central
284.348 Baltimore & Ohio
232,275
Pere Marquette
277,762 Philadelphia & Reading- 177,589 that they are lending to Southern banks more than $40,N Y Cent & Hudson Riv_ 1i230,648 Pittsburgh & Lake Erie__
176,595
Chicago St Paul M & O._
163,193 000,000. We give the Secretary's letter in full below:
229,751 Internet St Great NorthUnion Pacific
c189,656 San Antonio & Aran Pass_
Chicago & Eastern Illinois 165,409 St Louis & San Francisco..
Norfolk & Western
153,758 Central of New Jersey..Bessemer & Lake Erie.... 153.396 St Louis Southwestern.-Erie
148,724 Delaware Lack & West_
Rock Island
142,693 Minneap St Paul & S S M
Grand Trunk Western.... 103,550
Representing 17 roads in
our compilation
$4,774,985
161,051
154,068
130,748
118,855
108,782
101,292
Representing 16 roads in
$3,713;572
our compilation
a This is the result for the Pennsylvania RR.,together with the Pennsylvania Company, and the Pittsburgh Cincinnati Chicago Sz St. Louis. the
Pennsylvania RR. reporting $530,265 increase, the Pennsylvania Company
$190,765 loss and the P. C. C. & St. L. $59.520 gain. Including all lines
owned and controlled which make monthly returns to the Inter-State
Commerce Commission, the result is a gain of $520,415.
b These figures'merely cover the operations of the New York Central
Itself. Including the various auxiliary and controlled roads, like the
Michigan Central, the Lake Shore, the "Big Four." the "Nickel Plate"
&c., the whole going to form the New York Central System, the result is
a gain of $1,094,758.
c These figures are furnished by the company.
Arranging the roads in groups or geographical
divisions, it is found that all the divisions record
diminished gross, but that three of the seven show
increased net as a result of reductions in expenses.
SUMMARY BY GROUPS.
--Gross Earnings
1914.
Seaton or Group.
1913.
fnc.(+)orper.(-)
August
12,431,634 13,231,157
Group 1 (17 roads), New England.
-799,523 614
roads), East & Middle_ _ _ 67,013,086 70,001,907 -2.983,821 4.26
Group 2(84
37,459,766 40,180,942 -2,721,176 6.77
Group 3(66 roads), Middle West
Groups 4& 5(87 roads), Southern_ _ _ _ 32,516,596 33,403,282
-861,686 2.58
Groups 6.4 7(76 roads), Northwest_ _ _ 63,058,173 65,072,719 -2,014,546 3.09
Groups8& 9(90 roads), Southwest_ __ 42,143,732 43,285,230 -1,141.498 2.64
•Group 10(45 roads), Pacific Coast_ _ _ 14,935,459 15,739,621
-804,162 5.11
Total (465 roads)
269,593,446 280,919,858 -11,326,412 4.03
TREASURY DEPARTMENT.
Washington, October 9 1914.
My Dear Mr. Henry.
-I have your letter of the 2nd inst.
You say that the "Secretary of the Treasury can announce that within one
week he will deposit in the national banks throughout the South several
hundred million dollars. * * * You have this indisputable right
under Section 5153, Revised Statutes, which gives you plenary powers."
You are entirely mistaken. The Secretary of the Treasury cannot do
this because
(1) The Government hasn't got several hundred million dollars in the
Treasury; and,
(2) If it had, the Secretary of the Treasury has no "indisputable right"
to deposit them exclusively in the South. The Secretary of the Treasury
is explicitly required by Section 5153, Revised Statutes, to which you refer,
when making deposits of Government funds, to distribute such funds as
far as practicable "equitably between the different States and sections."
If the Government had "several hundred million dollars" in the Treasury. the Congress would not be engaged now in passing a new tax bill to
repair the loss in revenues occasioned by the European war.
Your further suggestion that "the Secretary of the Treasury shift the
Government deposits, now about $74,000,000, to the South" is utterly
impracticable because
(1) Section 5153, Revised Statutes, to which you refer, makes it unlawful; and
(2) The transaction of the Government's business as well as the just
needs of the other sectionsofthecountrymakeit essential that Government
deposits shall be kept in banks in all of the States of the Union. When the
Federal reserve banks begin business these deposits may, by law, be
transferred to them.
(3) Already $27,402,500 of the $74,000,000 to which you refer is on
deposit in national banks in the Southern States.
You say "sell $200,000,000 Panama Canal bonds * * * and utilize
our cotton as security for the Government loans" and you suggest the
issuance, in addition, of $200,000,000 "of United States notes" to be
loaned on cotton.
1104
THE CHRONICLE
Your proposition is, in essence, to issue $400,000,000 of Government
bonds. $200,000,000 of which are to be deferred obligations bearing 3%
interest, and $200,000,000 are to be demand obligations, or greenbacks,
and to deposit the proceeds in the cotton States exclusively, to be loaned
on cotton exclusively, through some method too vaguely outlined in your
letter to admit of judgment.
It is extremely doubtful if so large an amount of 3% Govermnent bonds
could be sold at par in the present condition of the money market. The
rate of interest would in all probability have to be increased.
Moreover, the Secretary of the Treasury has no power, under existing
law, to do this. You admit his want of power because you suggest that if
he needs "a little more legal authority" he can get it from Congress.
I cannot believe that this is true. You have been a member of Congress
for seventeen years; you are the head of its powerful Committee on Rules,
which determines what legislation may be specially considered and advanced
by the House of Representatives. If you think the necessary "legal
authority" can be had, why do you not prevail upon Congress to give it?
Is it not because the Congress itself thinks the Constitutionality of such
legislation is open to the gravest doubt and the policy of it even more
questionable ? Is it wise to issue $400,000,000 of Government bonds
and greenbacks merely to lend on cotton ? Tobacco, naval stores, copper,
silver, lumber and other things have been hurt by the European war.
All have applied to the Treasury for relief. If we disregard every suffering
interest except cotton and make it the sole beneficiary of Government
favor, what becomes of the Democratic principle "equal rights for all,
special privileges to none ?"
If we enter upon the course you suggest we must help every distressed
industry impartially. To do that would necessitate the issue of many
more than $400,000,000 in bonds and greenbacks and dangerously involve
the credit of the Government. It would be a hopeless undertaking in
defiance of every sound principle of finance and economics, with certain
disaster at the end.
What I have said is for the purpose of pointing out to you how impracticable are the remedies prorosed in your letter. We are all most anxious
to do any sound or practicable thing within our lawful powers to help the
cotton producers and the people of the South. We feel the deepest sympathy for them and I think I may say without exaggeration that, while
there has been a vast amount of talk about the cotton situation, the National Government, through the Treasury Department, stands alone in
having extended substantial and practical aid: all the rest has been talk.
On the 7th of August a conference of loading shipping men and bankers
was called to meet at the Treasury Department on the 14th of August, to
devise means of shipping of grain and cotton to Europe and for restoring
the market for foreign bills of exchange, so that our exports of these great
commodities, then practically stopped by the European war, could be
resumed. This conference was productive of excellent results.
On the 24th of August a special conference of representative men in the
different sections of the country interested in the production, manufacturing and financing of cotton, assembled in Washington upon invitation of
the Secretary of the Treasury. At the conclusion of that conference the
Secretary of the Treasury announced that he would accept from national
banks through currency associations notes secured by warehouse receipts
for cotton, tobacco and naval stores at 75% of their face value. This left
the bankers free to lend such amount as they thought safe upon the securit
of cotton and made it possible for them to convert 75% of the notes so
received into national-bank currency. Since the 1st of August there has
been issued to national banks in the Southern States, including Missouri
and Maryland, $68,000,000 of additional national-bank currency. The
national banks in these same States may, by complying with the law,
receive $151,443,000 of additional national-bank currency.
The national banks of the State of Texas alone have received $15,161,000
of additional currency and may draw $40,000,000 more upon compliance
with the law.
There is held by the national banks of the same Southern States $16,065,000 of regular Government deposits and, since August 1st 1914, $11,337,500 of crop-moving deposits, making a total of $27,402,500.
You will, therefore, see that the Treasury Department has issued to
national banks in the Southern States since the outbreak of the European
war:
$68,000,000
Additional national bank notes
It has deposited with national banks in the Southern States
11,337,000
during the same period crop-moving funds aggregating
It has on regular deposit with national banks in the Southern
States
16,065,000
[VOL. xc nc.
The Secretary of the Treasury has exercised, and will continue to exercise.
all the lawful powers he possesses, consistent with sound economics and
safe financing, for the assistance of the cotton producers of the South,
and all other industries which have been injured by the European war or
which are entitled to assistance for any cause.
I am glad to state that the Federal Reserve banks throughout the country
are now practically organized, and that all of them should be ready to
begin business within a few weeks. The resources of these banks will be
available in the very near future for the further relief of the financial situation, and for the benefit of all kinds of business.
Believe me, with kind regards,
Sincerely yours,
W. G. McADOO.
HON. ROBERT L. HENRY,
House of Representatives.
The letter which occasioned the above response was
written by Representative Henry on the 2nd inst., and was
as follows:
October 2 1914.
Hon. William G. McAdoo,Secretary of the Treasury. Washington, D. C.:
My Dear Mr. Secretary: The Secretary of the Treasury can announce
that within one week he will deposit in the national banks throughout
the South several hundred million dollars and very largely dispel the gloom
overhanging the Southern States on account of the prostrated and paralyzed
cotton market. You have this indisputable right under Section 5153.
Revised statutes which gives you plenary powers.
,
In March 1913 a terrible storm flood swept over the Ohio Valley. In
your annual report of 1913. in the very front page, with apparent exultant
pride, you recite: "The banks of that city were afraid to reopen their
doors because of the temporary impairment of confidence." You further
add: "The citizens' relief committee asked that a representative of the
Department be sent right away to see about financing our banking institutions. • * * A national bank examiner was immediately dispatched to Dayton. and within 24 hours after his arrival the Department
designated every national bank in Dayton as a Government depositary,
and announced that "it would deposit in said national banks $2,000,000
of Government funds, to be secured by State, municipal, or other local
bonds acceptable to the Secretary of the Treasury. The effect of this
action was to restore confidence at once. The banks reopened their doors,
and instead of the anticipated need of $2,000,000, the Treasury was called
on for only $182,000." If you will use this example of depositing millions in a small locality like Dayton and spread out public funds in the
same proportion over the entire South, you can promptly save our people
from the impending disaster now upon them. A simple announcement
of your intention would preserve your native land from bankruptcy.
You have unquestioned authority to say to every national bank in the
South:"Take cotton as security at 8 cents per pound, require the farmer's
note running for six months, bearing 3% interest. Do this as the fiscal
agent of the Government under Section 5153, Revised Statutes. The
Government will at once place in your hands the public funds to finance
those transactions." Thus, as you saved Dayton. Ohio, last year you
can rescue 30,000.000 of people in the South.
You can deposit the money, make terms with every national bank in
the South as trustee, persuade them as fiscal agents to gather in warehouse receipts on cotton and utilize those receipts as security for the loan
of Government funds at a very low rate of interest, as you did when you
scattered the crop funds throughout the States in 1913. You justly glory
in that on page 2 of your report, and are proud that you stretched the
precedents. You say: "The Secretary announced that as security for
such deposits "high-class commercial paper" would be accepted at 65%
of its face value," &c. You add: "This was an unprecedented step, because commercial paper had never before been accepted as security for
Government deposits." And: The moment it became known that the
Government stood ready to assist, the tension was relieved, business
resumed a normal aspect, and the fall movement of crops, trade and
commerce proceeded upon an easier and safer basis than for many years
past."
As Secretary of the Treasury, shift the Government deposits, now
about 874,000,000,to the South,sell two hundred millions of Panama Canal
bonds to those getting up gold pools for Europe and on New York City
loans, and utilize our cotton as security for the Government loans, as you
did "commercial paper" last year, and in one short week you can rescue
the South from.ruin and a wild orgy of bankruptcy soon to ensue.
If you need a little more legal authority to do this, you can win the
Total
$95,402,000 President in an instant to help you,and the message from both the President
And there is available to the national banks in the Southern
and yourself to Congress can strengthen and free your hands in an hour to
States, upon their compliance with the law, additional
do just as you please to find a way to save a billion-dollar cotton crop.
national-bank currency amounting in the aggregate to
151,000,000 Aye, if you wish it and will say the word, we can instantly add to those
Government deposits and the proceeds from the Panama Canal bonds
Making a total of
$246,845.000 combined $200,000,000 more by the issuance of United States notes.
It is with you. Congress can provide the additional funds when you
Aside from the foregoing, I may say that the Secretary of the Treasury
brief
has authorized the issuance, since the outbreak of the European war, to and the president say go forward, and we can authorize you in a few
national banks throughout the country of additional national-bank circu- words to use our cotton this year as security instead of bonds and comWill our
lation, aggregating $348,795,210. A large part of this currency has found mercial paper, as you did last year, and the glorious deed is done.
Its way to the South. Recently the Comptroller of the Currency, at my Secretary of the Treasury rise to the occasion? You can.
attitude on these points at the earliest practicPlease let me have your
request, called on the national banks of New York City for a statement
Representative
of the amount of loans which they had made to banks in the Southern able moment, as it will determine my official conduct as a
from August 1 1914 to date. These reports show that the New in Congress.
States
With cordial regards. I am.
York City national banks are lending to Southern banks more than $40,Sincerely yours.
000,000.
R. L. HENRY.
authorizes the Secretary of the Treasury, in
Moreover, existing law
his discretion, to issue more than $1,000,000,000 of additional currency
That it was not the purpose of Mr. Henry to suffer the
to national banks throughout the country. The banks, therefore, have
ample opnortunity to get more than enough currency to meet every con- defeat of his proposal without further agitation on his part,
ceivable demand, if more currency is, as many seem to think, the remedy
was evidenced this week when he addressed a reply (on the
for the cotton situation. I do not believe It is. I am firmly convinced
which he insisted that the
neither additional nor unlimited issues of paper money will help the 12th) to Mr. McAdoo's letter, in
that
cotton planter. I am equally convinced that the inevitable inflation latter "has the indisputable right to deposit public moneys
and hurt the country.
which such issues would cause would hurt him
throughout the South in any manner
for cotton at a profitable price. in the national banks
What is really wanted is a restored market
real truth in the situation. It is impossible by you may deem `equitable,' to the extent of the funds in your
This is the real fact—the
to establish a price for it. The hands or that may be supplied you by Congressional action."
legislation to create a market for cotton or
by the European war. This
value of cotton has been injured this year
letter in part herewith:
restored by legislation any We print Mr. Henry's
injury can not be retrieved nor the market
First, in reply, I still insist that you have the indisputable right to deposit
caused by the drought last year in
more than the injury to corn which was
in the national banks throughout the South in any manner
public moneys
been repaired by legislation.
the great corn States of the West could have
disposition everywhere to look you may deem "equitable," to the extent of the funds in your hands or
Up to the present time there has been a
for assist- that may be supplied you by Congressional action. It would not, under
National Government
exclusively to and rely wholly upon the
States and the people the present law, be "inequitable" for you to deposit in the national banks
ance. There are many things which the cotton
National Government can of the cotton and tobacco States $50,000,000 of the $74,000,000 now duo
of the South can do for themselves which the
Southern States should the Treasury.
not do for them. The powers and resources of the
You deposited $50,000,000 for crop-moving purposes in the agricultural
National Government
be employed for the benefit of their people, and the
States last year, and with justifiable pride flaunted the fact in the faces of
should not be expected to do things which are beyond its power.
OCT. 17 1914.]
THE CHRONICLE
the New York bankers, coupled with the statement that if said New York
bankers menaced the money market you would cause $500,000,000 additional, under the Aldrich-Vreeland Act, to be taken out by the banks in
the Southern States to thwart the menaces of the bankers in the money
centres. You were right then and you would be right again to pursue
the same course, even if you had to use the just and influential prestige
of your high office to induce Congress to furnish you with all the public
moneys you need for the present crisis, which far surpasses our difficulties
last year.
Second, you assert your disinclination to sell Panama Canal bonds or to
issue additional United States notes. You doubt that you can sell Panama
Canal bonds. Permit me to remind you that I now have in my hands a
special rule to bring up for consideration the Alexander bill "to purchase,
construct, equip, maintain and operate merchant vessels in the foreign
trade of the United States.dm.." and you not only request the immediate
appropriation of $10,000,000 from the Treasury, but in addition provide
that you be allowed to call into requisition the Acts authorizing the Panama
Canal bonds and that you be empowered "to issue or sell or use for such
purchase or construction" any of those bonds now available to a total
amount not to exceed $30,000,000.
Undoubtedly you need help from Congress, and you should come and
aid those of us in that body ambitious to do this work right in order to secure public moneys that will certainly go into the depositaries of the South
to become absolutely available to the farmers upon fixed conditions.
You must allow me here to mention the "direct loan" of 81,400,000 you
recently found and inspired for Tennessee. Perhaps I can afford to call
it a "directed loan," and solve the very slender doubt in your favor, inasmuch as the papers indicated that you "directed" Senator Lea and Secretary Snead to the National Park Bank of New York City, where they
could find 81,400,000 available to take up the notes of the State of Tennessee after you had lodged in the hands of that bank the sum of 8400,000
of the "public money." besides other deposits going before this, so that these
gentlemen would notfind themselves at the end of a false rainbow when they
walked through the doors of that bank and into its vaults.
In the old-fashionedparlance,these gentlemen, in their quest of fundsfor
distressed Tennessee, through the good offices of almost magical financing,
"found the gold at the end of the rainbow." It was not a rainbow of hope'
but one of reality. I see nothing wrong or dishonorable in this loan so efficiently directed by you, according to newspaper accounts now in my hand,
coupled with your letter to Major E.B. Stahlman.
Hence my source is fixed, and I shall go forward and contend for leg'sation treating the farmers of the South as we have done with Tennessee,
with the Dayton banks during the great flood in Ohio and as was done in
New York during 1907, when over 840,000,000 of public moneys were de
posited with the banks to relieve the stock market and finance the needs o
Wall Street speculators.
RAILWAY CREDIT AFTER THE WAR.
Speaking on the subject of "Credit and Railways" after
the War," James J'. Hill, of the Great Northern Ry., in an
address before the Business Men's League in St. Louis
on the 7th inst. presented facts in support of the contention
of the roads for authority to advance freight rates, by picturing the higher rates which cash and credit will command
with a cessation of hostilities abroad. We take the following
extract regarding his remarksfrom the St. Louis "Republic":
One common factor will enter into any adjustment after hostilities have
ceased, no matter who may be the victors. This is the relation of the
supply of capital to the demand for it; and the effect of a changed situation
in this respect upon the larger interests of the country, in common with
the rest of the world.
Before the outbreak those warring countries had already strained their
credit to the breaking point, to provide for internal development and at
the same time maintain their enormous military and naval establishments.
As soon as peace approaches, not only will all these expenditures and
forced loans have to be consolidated and secured on some basis to avoid
national bankruptcy, but the financial strain will really only have begun.
Cash and credit will, therefore, in the United States, as elsewhere, command higher rates and be more difficult to obtain, probably, than within
at least any recent experience.
It should be obvious to every one that the
railroads must be so treated
that they can at least earn in part and borrow in part
the vast sums which
they are going to require. Unless
they can earn, and earn more liberally
than in the past, they could scarcely borrow
even in such a market as that
of the first six months of this year. In the
financial market created as a
consequence of this war, they will not
be able to borrow at all, or only
on unfavorable terms and to a limited extent.
With pressure upon them from all sides for
more
facilities, more kinds of costly service and more wages, more taxes, more
money to pay
of State and national agencies charged with the never-ending the salaries
task of Investigation and inquisition, they cannot even maintain
the unsatisfactory
rate of earnings of their recent past. This is not the
argument of an advocate for a cause; it is the conclusion drawn from official facts.
According to the latest figures given out by the Inter-Sta
te Commerce
Commission, which are those for the year 1913, the
total par value of outstanding railway capital in the United States is only a little
short of $20,000,000,000. Of the total capital stock, almost exactly
one-third paid no
dividend whatever. On over 10% of the total funded debt no
interest was
paid. It will take some unusual inducement to tempt capital, even
if
overabundant and seeking for investment, to loan in large volume
in employment showing such a rate of return. For even the stock that
paid
dividends averaged only 4.28%, and it will be a long time before anybody borrows money again in the open market at any such rate as that.
What are likely to be the effects at home of conditions which surely approach. if no preventive is provided? There are probably fifteen to sixteen
billions of American railroad securities held at home and three to five
billions held abroad. What must happen to these securities if nothing
is
done? To look only at the probable action of the foreign holder, so soon
as the exchanges are opened once more, what is he likely to do with property
averaging him a return of 4 or 5%, in another country, when the reconstruction of industry at home is calling for all available capital at a much
higher interest rate? What is likely to be the effect upon the railroads,
upon the credit of the country, upon the gold supply and the whole financial
system, if the holders of these securities are virtually compelled,as
sound
business men looking for the highest average rate of profit, to dump
any
such quantity of their holdings upon the markets of the United States.
What must be the effect upon business, credit and banking of so
profound
a disturbance in the basis of such an enormous financial and industrial
interest?
1105
CITIZENS MAY ISELL7TO BELLIGERENTS.
Citizens of the United States are not prohibited from
selling to a belligerent government any article of commerce, even if designed exclusively for war purposes, according to Acting Secretary of State Robert Lansing, who, in
response to inquiries in the matter, issued a statement to
this effect on the 14th inst.; for the Government of the
United States, however, to sell to a belligerent nation, he
states, would be an unneutral act. The statement follows:
"The Department of State has received numerous inquiries from American merchants and other persons as to whether they should sell to governments of nations at war contraband articles without violating the neutrality
of the United States; and the Department has also received complaints that
sales of contraband were being made on the apparent supposition that they
were unneutral acts which this Government should Prevent.
"In view of the number of communications of this sort which have been
received, it is evident that there is a widespread misapprehension
among
the people of this country to the obligations of the United States as a neutral
nation in relation to trade in contraband, and as to the powers of the
executive branch of the Government over persons who indulge in it. For
this reason it seems advisable to make an explanatory statement on the
subject for the information of the public.
"In the first place it should be understood that, generally speaking, a
citizen of the United States can sell to a belligerent Government or its agent
any article of commerce which as pleases, lie is not prohibited from doing
this by any rule of international law, by any treaty provisions or by any
statute of the United States. It makes no difference whether the articles
sold are exclusively for war purposes, such as firearms, explosives. Szc., or
are foodstuffs, clothing. horses, &c.,for the use of the army or navy of the
belligerent.
"Furthermore a neutral government is not compelled by international law, by treaty or by statute to prevent these sales to a belligerent.
Such sales, therefore, by American citizens do not In the least affect the
neutrality of the United States.
'It is true that such articles as those mentioned are
considered contraband and are, outside the territorial jurisdiction of a neutral
nation, subject'
to seizure by an enemy of the purchasing government, but It
is the enemy's'
duty to prevent the articles reaching their destination, not the
duty of the
nation whose citizens have sold them. If the enemy of the
purchasing nation happens for the time to be unable to do this, that is for him one
of tam
misfortunes of war; the inability, however, imposes
upon the neutral government no obligation to prevent the sale.
"Neither the President nor any executive ffepartment of
the Government
possesses the legal authority to interfere in any way with
trade between
the people of this country and the territory of a belligerent.
There is no
Act of Congress conferring such authority or prohibiting traffic
of this sort
with European nations. although in the case of neighboring
American
republics. Congress has given the President power to proclaim
an embargo
on arms and ammunition when, in his judgment. It would tend
to prevent
civil strife.
"For the Government of the United States itself to sell
to a belligerent
nation would be an unneutral act, but the right of a private
individual to
sell to a belligerent any product of the United States is neither
unlawful nor
unnatural, nor within the power of the Executive to prevent
or control.
"The foregoing remarks, however, do not apply to the outfitting or
furnishing of vessels in American ports or of military expeditions on American
soil in aid of a oelligerent. These acts are prohibited by the neutrality
laws
of the United States."
It was reported yesterday that the Government had
modified its policy with regard to loans by American banking
institutions to belligerent governments. Apparently there is
no basis for these reports. The Government's position as to
the floating of loans in this country for any of the warring
nations was indicated by Secretary of State W. J. Bryan in
August, at the time an opinion was sought by J. P. Morgan
& Co. after they had been approached by private interests
on the question of entertaining negotiations for a loan for the
French Government. The Secretary, in making known the
attitude of the Government, said: "There is no reason
why loans should not be made to the governments of neutral
nations, but in the judgment of this Government loans by
American bankers to any foreign nation which is at war is
inconsistent with the true spirit of neutrality."
COTTON NOT CONTRABAND.
Neither cottonseed products nor cotton can be regarded
as contraband by the belligerent powers, according to an
opinion of Cone Johnson, Solicitor for the Department of
State at Washington. A statement setting out his views
in the matter was issued on the 10th inst. as follows :
The
Department has received a number of complaints from parties interested in the exportation of cottonseed products—cotton oil, cottonseed oil
and cottonseed cake—which appear to result from the reported action of
the Holland-America Steamship Line which, it Is said, declines to accept
shipments for Rotterdam unless consigned to the Netherlands
Government.
The Department has not received any official advice of the
seizure or
detention of shipments of cotton oil from the United States
to purchasers
In neutral countries.
A shipment of cottonseed cake was detained by the British Government
at an English port, but the Department is advised by the Consul-Ge
neral
at London that the shipment will be released and permitted to go forward,
and that the Board of Trade has ruled officially that no steps would
be
taken to prevent this cake from reaching its Dutch destination.
I am of the opinion that cotton oil is, at most,to be ranked as
conditional
contraband, being of the nature of a foodstuff, and that our
trade in
cotton oil with neutral countries is entirely legitimate and is not
rightfully
subject to seizure or detention by any belligerent power when
carried in
neutral bottoms and, as for that matter,shipments of cotton oil
to German
territory, if having a neutral and not a belligerent destination,
as destination is defined in international law, as, for instance, in the
London Convention, are permissible under interntionai law and should
be free from
seizure.
11o6
[Vol, xcrx.
THE CHRONICLE
trans
The trouble with the cotton oil situation appears to me to be one of Line
action of the Holland-America
portation, growing out of the reportedThe Netherlands Government disshipments.
in declining to acceptwith this action of the steamship company, which
claims any connection
is a private-owned line.
ofany
The Department has inquired of exporters of cotton oil if they knowBritish
or detained by the
shipment of cotton oil which has been seized nt with the circumstances.
Government and,if so,to furnish the Departme
The British Ambassador has notified the Department that his Governthat
ment intends to revise its proclamation respecting contraband andfoodmeanwhile shipments to Holland in neutral vessels of goods, such as an
Government has placed
stuffs, respecting which the Netherlands be
would not considered contraband of
embargo against re-exportation, account.
war or interfered with on that
products situation
The Department keenly appreciates the cottonseedthe
subject
as
consideration,
and has given it extended ports. That as well as may generalbe seen,
easily
question,
of trade with the Holland than the mere right of neutrals to deal with
involves considerations other
cotton,there is no impediment
neutral ports. While on the subject ofnot excepting the belligerents. to
any country,
the shipment of cotton tond for the manifest reason that in its raw state it
Cotton is not contraba
cannot be used for purposes of war. In order to be available for use by
long
the armies, navies or forcesof the belligerents,it has first to undergo a
process of manufacture. It is ranked as a non-contraband in the London
Convention.
escape
Of course, shipments of cotton to foreign countries, if they are to
detention, must be shipped in American or other vessles flying neutral
flags. There is no legal impediment to a shipload of cotton going direct
hope to
personall
spinners,
to Hamburg consigned to Germancountries atand,increase. y, I English
The
war
to the
see the exportation of cottond, to Egyptian cotton, but the otheicountries
give preference. I understan of raw
need
cotton. Apparently, the American
at war, no doubt, are inif they have not already done so, seek out these
cotton interests should,
markets.
continued free, protested vigorously to the Commission
against any charge being exacted.
An advance of 10 cents a ton in the freight rates on coal
proposed by the Southwestern railroads was filed on the
9th with the Inter-State Commerce Commission. Unless
suspended by the Commission the increase will become
effective Dec. 1. The increase is to apply on shipments
of coal from points in Arkansas, Oklahoma, Louisiana,
Mississippi, New Mexico and Texas to all destinations in
the Southwest and South. These increases are understood
to be the first filings of the lines west of the Mississippi River
of a proposed general advance in commodity freight rates
which the Western roads contemplate submitting to the Commission.
THE GOLD FUND.
Coincident with the request for the turning in of the first
installment of 25% of the contributions to the $100,000,000
gold fund, made on Tuesday to the Clearing-House committees of the various cities contributing to the pool, the plan
was declared operative by Albert H. Wiggin, Chairman of
the Gold Fund Committee. On the 2d inst. the Chairmen
of the various clearing houses were asked to call upon the
contributors to make immediate payment of the initial installment, and they were advised that the payments so contributed should be transmitted to the Gold Fund Committee
upon receipt of telegraphic advices from the latter. In its
telegrams sent out on the 13th the Committee said:
"Referring to this Committee's letter of October 2, please forward imCommittee,
mediately on receipt of this telegram to Gold Fundfirst call of this city, in
our letter,
accordance with method suggestedinstitutions your Associatitwenty-five
on. Please
per cent of amount contributed by
twenty-five per cent, and when and how
wire confirmation amount suchalso, if not already forwarded, statement
send
shipment made. Please
your
Committee showing list
on form already sent by thisYork City correspondents,contributorsComso that this
city and their designated New contributors as listed and lodge same with
mittee can issue its certificates to
such correspondents."
The local banks were formally asked to send in their contributions on Wednesday. It is understood that out of this
first payment it is intended to reimburse the nine New York
banks and trust companies which supplied the 810,000,000
remittance sent to Ottawa two weeks ago. Altogether 117
banks and trust companies of the city will provide the
$45,000,000 which the New York institutions will contribute
to the fund; those subscribing thereto, and the amounts
contributed by them, are follows:
A WOMAN'S WISE THOUGHTS.
R. R. 1 Santa Barbara, California, Sept. 28 1914.
To the Editor of the "Commercial and Financial Chronicle":
-I am greatly struck by two thoughts in recent
Dear Sir.
of your journal. First, in the issue of Sept. 12, in
numbers
the article,"The Plea of the Railroads and the Answer," you
say: "We are sometimes half tempted to wish it were
possible for all the roads in the country to simultaneously
cease operations for a few days, because the inconvenience
and suffering thus produced would have a compensation in
teaching a greatly-needed public lesson as to our dependence
upon these public servants."
This has been my own unexpressed wish again and again
during this long period of anxiety when the investor is
obliged to stand by and watch his dividends dwindle through
the indiscriminate persecutions of an ill-advised Administration. By all means let dishonestly-run railroads be
punished, but does the President ever stop to consider
what he is doing when he punishes the just and the unjust
together? Can he know what it means so to impair the
Subscriptions.
honest road's credit that the woman who has neither strength
BanksSubscriptions.
Ban.to1,898,020
Trust Co
nor ability to earn her own living and who has confided her American Exchange National $970.230 Guaranty Trust Co
80,120
207,380 Hamilton
Astor Trust Co
2,178,570
1,692,820 Hanover National
capital into its hands must see her only means of sup- Bankers Trust Co
small
228,910
718,270 Harriman National
Bank of America
5,710
10,430 Hillside Bank
port vanish? Does the Administration not realize that a Bank of Coney Island
6,770
24,850 Homestead Bank, 13rooklyn.
24,670
8,170 Home Trust Co
victim may be so crushed that his recovery is long and pain- Bank of Europe
572,850
71,680 Importers St Traders' Nat.- _
his first Bank of Fiatbush
Bank of Long Island
28,690
al Bank
ful and even in some cases he may never rise again to
Bank of the Manhattan Co... 1,124,780 Internation
1,101,710
s.
Irving National
207,480
Bank of the Metropolis
vigor? So it may be with many railroad
Co
157,240
Frank- Bank of New York. N.B. A. 598,080 Kings County Trust& Trust_ 184,110
62,430 Lawyers' Title Ins.
Secondly, in the issue of Sept. 19, in Mr. Lewis B.
Bank of United States
440,680
18,850 Liberty National
of the War on Bank of Washington Heights.
428,510
28,860 Lincoln Nations"
lin's interesting address, entitled "Effect
Battery Park National
124,310
83,170 Lincoln Trust Co
the words,"I believe Bowery Bank
of American Railroad Bonds," are
Prices
2,870
7,560 Mariners' Harbor National _
Broadway Central Bank _ _
.
98,190
185,580 Market & Fulton National's action was inspired by causes internal rather Broadway Trust Co
that Germany
208,140
17,230 Mechanics' Bank, Brooklyn_
I believe future informa- Bryant Park Bank
291,330 Mechanics' & Metals Nat... 1,604,050
than external." This is an opinion
Brooklyn Trust Co
535,730
17,080 Merchants' National
I have seenit expressed Bronx Borough Bank
186,270
16,200 Merchants' Exchange Nat
tion will justify. It is the first time
Bank
Bronx NationalCo
378,530
677.030 Metropolitan Bank
give it myself timidly not long ago.
Central Trust
although I ventured to
192,060
84,890 Metropolitan Trust Co
on at the end of his Century Bank
's suggesti
89,250
2,703,600 Mutual Bank
Chase National
In reference to Mr. Franklin
136,091)
417,120 Nassau National,Brooklyn_ _
National.
for complete disarma- Chatham & Phenix Bank. _
25,630 National Bank of Commerce. 2,615,220
address that we all work unceasingly
Chelsea Exchange
27,790
577,760 National Butchers & Drovers
movement be begun and Chemical National
4,990,960
500,190 National City Bank
ment, I would ask, How shall the
Citizens' Central National _ _
52,300
City, Brooklyn__
03,910
one do? Mr. Franklin may have some Citizens' Trust, Brooklyn._ _ 190,880 National Park Bank
1,860,040
what should each
National
Coal & Iron National
40,780
141.800 New Netherlands Bank
in mind.
Colonial Bank
plan
179,590
90,330 New York County National.
Very truly yours,
Columbia Bank
426,640
York Trust Co
535,340 New
Columbia Trust Co
39.440
CLARA HINTON GOULD.
North Side Bank
Commercial National, Long
THE EFFORT TO ADVANCE RATES.
10th inst.
The Inter-State Commerce Commission on the
forty-nine
suspended until April 29 the proposed exaction by
east of the
railway systems and individual lines operating
a miniMississippi River of charges of 53 cents a ton with
car "for switching freight to and from points
mum of $2 a
al plant tracks,"
located on private siding and industri
as "car spotting." These tariffs were
commonly known
originally suspended from July 1.
d in
The proposed charge for spotting cars was embodie the
by the railroads, practically upon
the form of traiffs
however,
suggestion of the Commission itself. Shippers,
enjoyed this free service for a quarter of a century,
having
ted
and many of them having erected plants and construc
railroad sidings with the assurance that the service would be
2,980
Island City
22,160
Commercial Trust Co
1,711,670
Corn Exchange Bank
2,130
Cosmopolitan Bank
20,850
East River National
115,590
Empire Trust Co_
408,580
Equitable Trust Co
900,790
Farmers' Loan & Trust Co._
17,660
Fidelity Bank
118,910
Fidelity Trust Co
381,370
Avenue Bank
Fifth
72,660
Fifth National
2,144,100
First National
37,090
Brooklyn
First National,
3,500
First National, Corona
2.440
_
First National, Jamaica _ 3,820
First National, Ozone Park_
1,330
National, WhltestoneFirst
137,470
Franklin Trust Co
101,220
Fulton Trust Co
188,660
Garfield National
"
German-American Bank- ¶ 115,280
84,540
German Exchange Bank
133,340
Germania Bank
ivt" 52,710
Gotham National
.3:1: 245,580
Greenwich Bank
11,190
Greenpoint National
People's Bank
People's National Bank
People's Trust Co
Port Richmond National__
Public Bank
Queens County Trust Co__ _ _
Richmond Borough National
Seaboard National
Second National
Security Bank
Sherman National
State Bank
.
Title Guarantee & Trust.. _
Tottenville National
Transatlantic Trust Co
Twenty-third Ward Bank._ _
Union Exchange National...
Union Trust Co
United States Mortgage &
Trust
United States Trust Co
Westchester Avenue Bank
West Side Bank
Yorkville Bank
Total
47,330
18,830
207,970
9,850
112,210
18,570
3,010
705,800
312,440
360,950
23,470
502.540
333,850
2,340
10,850
28.410
193,340
674,020
406,710
441,860
8,220
115,670
93,580
$45,000,000
Ocr. 17 1914.]
THE CHRONICLE
In addition to the cities mentioned in our issue of Oct. 3,
the following are some of the localities contributing to the
gold fund: Springfield, Mass., $100,000; Louisville, $500,000;
Seattle, $750,000; Omaha, $250,000; Washington, D. C.,
$750,000;Savannah,8100,000; Dallas,$100,000; Fort Worth,
$50,000.
1107
for the year 1917 this rate would increase to one cent a pound,
unless all expenses of the entire cotton transaction had then
been paid.
Another amendment offered by Senator Smith of Georgia
would force a curtailment of cotton through the imposition of
a tax of two cents a pound on lint cotton of all cotton grown
by any person or corporation in excess of 50% of the amount
raised by the same person last year.
On the 15th Senator Smoot offered an amendment to issue
$50,000,000 in Government bonds to purchase copper bullion
if it falls below 10 cents a pound, and Senator McCumber
of North Dakota sought to extend the provisions of the bill
to the grain crop.
Revised estimates on the revenue bill sent to the Senate
on the 14th inst. by the Secretary of the Treasury indicated
that the bill, on last year's trade conditions, would bring in
a total of $107,400,000; he pointed out, however, that if the
production of fermented liquors continues to fall off as it
has in the past two months the revenue would be cut to
$92,498,286. Unanimous consent for a vote on the bill before twelve o'clock to-night was given by the Senate yesterday.
THE WAR TAX BILL.
The debate on the war revenue bill was formally begun by
the Senate on the 10th inst.; although nominally before that
body, the Senate Committee on Finance has continued its
work of amending certain provisions of the bill, and some of
the changes adopted by it this week have been accepted by
the Senate. One of the Committee changes which the Senate
has agreed to consists of an amendment to the section requiring newspaper publishers, in connection:with the bill-oflading tax, to affix a stamp of one cent on every bundle
of papers shipped. The amendment provides that no billof-lading will be required on express and freight shipments,
and that all bundles in any single train or other conveyance
shall be considered as one shipment, publishers to issue
monthly statements as to such shipments and to attach the
necessary stamps to these stipulations. The amendment
FEDERAL RESERVEMATTERS.
exempts from tax newspapers shipped within the county of
The Federal Reserve Board on Thursday decided to call
publication. As agreed to by the Senate, the provision
the first installment of subscriptions to the Federal Reserve
reads as follows:
That a consignment of newspapers to any one point or to different points banks,payment to be made November 2. The amount which
by the same train conveyance when inclosed in one general bundle at the the banks are required to pay under this call is 1%of the paidpoint of shipment shall be considered as one shipment, and in lieu of a bill
of lading therefor the publisher of such newspaper shall file on or before the up capital and surplus of the subscribing banks. At Thurs15th day of each month, with the Collector of Internal Revenue for the dis- day's meeting the Board also decided to open the twelve
trict in which such newspaper is published, a report under oath showing the Federal Reserve Banks
simultaneously, the plans connumber of such shipments during the preceding month, to which report such
publisher shall affix and cancel stamps equal in value to 1 cent for each ship- templating the starting of the banks by November 15. A
ment so reported; Provided further, that the report herein required shall not conference of all of the directors of the twelve banks is to
include shipments of newspapers delivered to points within the county in
be held in Washington next Tuesday,when definite concluwhich the same are published.
sions with regard to the opening of the banks will be reached.
The Senate also agreed, in accordance with the action of
The statement issued by Secretary McAdoo in the matter
the Committee this week, to strike out the tax on proprie- says:
tary medicines, as originally proposed by the Committee.
At the meeting of the Federal Reserve Board to-day it was determined
The taxes on perfumeries, cosmetics and chewing gum are to call the first installment of the capital stock of the Federal reserve
banks, the
retained. It was estimated that the tax on proprietary medi- tors of eachsame to be payable on the second of November. The direcof the twelve Feceral reserve banks have been
cines would have yielded about $2,000,000. An amendment the Federal Reserve Boara in Washington on October 20called to meet
for a general
has been inserted in the bill exempting call loans from discussion of the final detahs of the organization of the several reserve
banks. After that conference the definite date when the Federal reserve
the tax of two cents. This action, it was stated, was taken banks will be established for business will be announced. It is the
purpose
in the interest of those dealing in call loans which are renewed of the board to have all of the Federal reserve banks open simultaneously.
from day to day. Under the House bill each renewal of a
note would have been subject to a tax of 2 cents for each
The first meeting of the full board of directors of the New
$100 or fraction thereof. Under a revision of the tobacco York Federal Reserve Bank was held at the temporary
section, tobacco manufacturers making 100,000 pounds of offices of the bank,27 Pine Street, yesterday. In accordance
tobacco a year would pay $6, the tax being graduated up to with the requirements of the law, the board took up the mat$2,496 on annual sales exceeding 20,000,000 pounds. Cigar ter of classifying the directors as follows: Messrs. Locke,
manufacturers selling 100,000 cigars would pay $3, while Palmer and Peabody, their terms to expire on Dec. 31 1915;
those selling 40,000,000 or more would pay $2,496. Manu- Messrs. Woodward, Towne and Jay, their terms to expire
facturers selling one million cigarettes would be taxed $12, Dec. 31 1916, and Messrs. Treman, Thompson and Starek
and sales exceeding one hundred million $2,496. A substitute to expire Dec. 31 1917. Wednesday was designated by
for the section imposing a tax on domestic wines was reported the directors as the regular meeting day, but no session will
by the Committee on Thursday and adopted by the Senate be held next week, owing to a conference of directors of all
yesterday. The substitute proposing a tax of 8 cents a Federal Reserve banks with the Federal Reserve Board in
gallon on all domestic wines sold in bottles, and in addition
Washington, beginning next Tuesday.
a tax of 55 cents a gallon on wine spirits.
The Senators from the cotton States, headed by Hoke
Alfred L. Aiken, President of the Worcester National
Smith of Georgia and Senator Overman of North Carolina,
in their efforts to secure legislative relief for the cotton States, Bank of Worcester, Mass, has been elected Governor of
have introduced legislation on the subject in the nature of the Federal Reserve Bank of Boston (District No. 2).
Mr. Aiken was formerly engaged in the insurance and
amendments to the war tax bill. One of the amendments
proposes that the Secretary of the Treasury be directed to banking business in Boston. From 1899 to 1904 he was
issue $250,000,000 in bonds, and these bonds would be given Assistant Cashier of the old State National Bank and for
directly to the cotton planters in return for cotton to the five years prior to that he was assistant manager of the New
extent of 5,000,000 bales at not more than 10 cents a pound England department of the New York Life Insurance Comor $50 a bale for middling cotton. The bonds would bear pany. In 1904 he became Treasurer of the Worcester
interest at 4% and would be payable in three years or less. County Institution for Savings, and in 1908 was made PresiAccording to the New York "Times," none of the cotton dent of that institution. Two years ago he assumed the
bought by the Treasury Department would be sold before presidency of the Worcester National Bank. He was
Jan. 1 1916, unless in the opinion of a board to be com- President of the Massachusetts Bankers' Association in
posed of the Secretary of the Treasury, the Secretary of 1909 and 1910, and also served as chairman of the Executive
Agriculture and the Postmaster-General, the cotton was Committee of the Savings Bank Section of the American
needed for manufacture, when it would be sold for not Bankers' Association. Mr. Aiken is forty-four years old.
Temporary quarters for the Federal Reserve Bank have
loss than 11 cents a pound. During the year 1916 the
cotton might be sold in blocks of 100 bales or more, but been secured in the Converse Building at 101 Milk Street.
at a price not less than cost, including interest on the bonds,
The Reserve Bank of Philadelphia (District No. 3) has
storage cost and the like. After Jan. 1 1917 so much
of the cotton as was still on hand would be disposed of within obtained temporary quarters in the Lafayette Building at
six months. The money received from the sale of the cotton Fifth and Chestnut streets.
would be kept separately in the Treasury and be used for
James B. Forgan, president of the First National Bank
redeeming the bonds. For the year 1916 the amendment
would levy a tax of M cent a pound on all cotton grown and of Chicago and a class A director of the Federal Reserve
1108
THE CHRONICLE
1VoL. ac
Bank of Chicago (District No. 7) has been elected to represent the local district on the Federal advisory council at
a meeting of the district Federal Reserve Board. All the
members of the Chicago district board will go to Washington
next week to attend the joint meeting of members of the
various district boards with the Federal Reserve Board.
In an open letter to American cotton manufacturers,
R. L. Thompson (formerly Hause & Thompson) of Greensboro, N. C., points out that the only class that can efficiently and permanently assist the producer of cotton is the
manufacturer, and the latter has offered to him an opportunity for service to himself, his stockholders and his country.
We print the circular herewith:
Theodore Wold, President of the Scandinavian American
National Bank of Minneapolis has been elected Governor
of the Federal Reserve Bank of Minneapolis (District No.
9). C. T. Jaffray, Vice-President of the First National
Bank of Minneapolis has been appointed a member of the
advisory council to the Reserve Board.
An extensive investigation leads us to believe that there is hardly a
cotton manufacturer in America who does not clearly recognize the fact
that when the market price for cotton goes below, and for any considerable period remains below, the cost of production, not the producer merely,
but the nation at large, including the manufacturer himself, suffers
serious loss—oftentimes directly and, in all cases, at least indirectly.
This truth is so thoroughly established, and the reasons on which it rests
are so generally and clearly understood, that it may be taken for granted.
Now, who is the most logical and efficient co-operator to work shoulder
to shoulder with the cotton farmer in the effort to overcome the economic
crisis which threatens us all? Not the druggist, or the doctor, or the
general merchant—not even the banker. To such people, and to every
other class save one, a bale of raw cotton, being quite valueless as such,
would be a veritable white elephant on their hands. No need of theirs
could it supply, and if they should, through excessive enthusiasm, be
led to "buy a bale." their misguided philanthropy would, in the end, result in much more harm than good; for we may be sure that so soon as
their own real needs began to pinch, they would "sell a bale" with as
great haste and as little judgment as they exercised in buying it.
The one and only class, then, that can efficiently and permanently
time
assist the producer of cotton in bringing us all safely through this
and buys it to
of trial is that which has an actual need for his product
consume—or, rather, to convert into a form available for general use—
and not to re-sell in its raw state. To that class, and to that class alone.
cotton has an intrinsic, as well as a market, value.
The manufacturer who secures his raw material at a cost below the cost
not
of its production has, beyond question, an asset on which he can, if
immediately, at least eventually, realize a certain and probably a large
profit; and for this reason the banker can do for him, with all conservatism, what he cannot conservatively do for those holders of cotton for
whom it as no intrinsic value, and to whom its only worth is the price
that it will bring on a market upset by conditions without precedent in
the history of the world.
now,
On these grounds. we believe that, with cotton selling, as it is
every American
at more than $10 per bale below the cost of its production,
business
manufacturer is fully Justified, not as a philanthropist, but as a
care for, be it one
man, in buying all the cotton that he can arrange to
banker Is Justified on the
Year's supply or five; and that every American
liberal credit,with
same groundsin extending to manufacturers afar more
other class of
cotton as security, than could properly be extended to any
holders, not even excepting the producers themselves.
manufacturers have
In this hour of the nation's need, American cotton
themselves, to their
an opportunity offered them for splendid service to
of men
stockholders and to their country. It Is beyond belief that a body
they will let it
so forward-looking, far-sighted and broad-minded as are
R. L. THOMPSON.
pass unheeded.
Archibald Kains, San Francisco Clearing House examiner
has been chosen Governor of the San Francisco Federal Reserve Bank (District No. 12). Mr. Kains was formerly
manager of the Canadian Bank of Commerce branch.
The Bureau of Printing & Engraving at Washington has
been directed to begin the printing of Federal reserve notes
in preparation of the opening of the new banks. It is estimated that the banks will open with a total of about $250,000,000 in the new money.
The brief of counsel representing the Baltimore interests
who are seeking a hearing on the protest against the selection
of Richmond as the location of the regional bank for that
district, has been printed in pamphlet form. The brief
makes a comparison of all the leading business interests
of the two cities, and seeks to show that Baltimore is the
natural commercial, financial and industrial capital of the
Fifth District.
Copies of a brief asking a review of the assignment of
northern New Jersey banks to the Philadelphia district
have also been filed with the Federal Reserve Board by the
banking and currency committee of the New Jersey Bankers'
Association. The document urges the reserve board to alter
the district lines so that banks in North Jersey will be included in the Now York Reserve District (No. 2), instead
-of District No. 3, the Philadelphia section.
The Oklahoma bankers in the southern part of the State
have likewise lodged an appeal with the Reserve Board to
have that section included with the rest of the State in the
Kansas City Reserve District instead of being aligned
with Dallas.
MEASURES FOR RELIEF OF COTTON PLANTERS.
A statement issued this:week by:thelDepartment of Agriculture at Washington says:
In order to increase the demand for cotton, one of the largest flourmilling firms in America has directed its managers and salesmen all over
the country to urge its customers to accept deliveries of flour that are
shipped in cotton instead of Jute sacks. Hitherto jute imported from
India has been used extensively for shipments of flour, both to home and
foreign markets. The sacksemployed hold 140 pounds each. Ifthe trade
can be induced to accept shipments in cotton sacks holding 98 pounds
each, there will be a marked increase in the demand for home-grown cotton, and the action of the flour-milling firm is regarded as a long step
condition of
in this direction. Anything that will improve the financial
their
the cotton growers, it is pointed out, will increase the volume of
this
cash purchases, and thus benefit general business conditions. For
sacks used
reason. it is believed that the trade will not insist on the jute
hitherto.
In commenting upon the announcements of several sugar
refiners that they would help Cotton States as much as possible by using cotton bags instead of the usual burlap variety,
Claus A. Spreckels, President of the Federal Sugar Refining Co., declared that such action amounted to nothing
more or less than "making a virtue of necessity." Mr.
Spreckels is quoted as saying:
The use of cotton-seed meals and hulls as parts of a balanced ration for dairy cows and for fattening cattle for market was characterized as "a silver lining to the cloud which
hangs over the market for cotton and cotton-seed products"
by President Harrison of the Southern Railway on the 8th
inst. In pointing out the advantages thus offered in the
present situation, Mr. Harrison says:
One of the great advantages of the South for the production of beef and
as parts of
for the dairy industry is in the use of cotton-seed meal and hulls
market. Una balanced ration for dairy cows and for fattening cattle for
der normal conditions a very large proportion of the cotton-seed meal and
hulls produced in the South Is exported—Germany. Belgium and Holland
being particularly large users of these products. The war in Europe will
greatly diminish exports to these countries, and as a result prices of both
meal and hulls are now abnormally low.
This condition offers the Southern farmer an opportunity to recoup himself for some part of his loss due to the low prices paid for cotton and cotton seed. By feeding meal and hulls in proper proportion with other feeds
to dairy and beef cattle, he can secure a direct profit from these cattle and
at the same time have a supply of manure for building up the productivity
of his farm.
It has long been apparent that the weakest point in agriculture in the
Cotton Belt has been the neglect of live stock. The farmers of that region
have an unusual opportunity. If they are to make the most of it, as long
as present conditions continue, there should be no shipments of cattle from
the Cotton Belt of the South to other localities, either for feeding or for
dairy purposes, and many farmers may find it profitable to buy beef or
dairy cattle in other parts of the United States.
The Federal Reserve Board on Oct. 10 formally approved
the principle of the plan of the St. Louis bankers for the
raising of a 8150,000,000 fund to finance the cotton crop.
This action followed the report of the sub-committee after its
conference with representatives of the St. Louis bankers.
The Board instructed Governor Hamlin to write a letter to
Festus J. Wade expressing its attitude. This letter makes it
clear that the Board gives simply its moral support to tho
plan and does not express itself as to details. The letter to
Mr. Wade is as follows:
One hundred pound cotton bags cost sugar refiners at present prices
reabout 2c. more than those made of burlap. Nevertheless, some of the
finers are using cotton bags, and if there is any public demand for them.
fortunate in havthe Federal Company will do likewise, although it is
weeks.
ing enough burlap bags on hand to take care of its trade for many
must,
This is not the case aith most other refiners, however, and they
war in
therefore, use cotton, or second burlap, If they can get it,as the
of supply.
Mr.—The Federal Reserve Board has given careful consideration to your
Europe has shut off all imports from India. the only source
cargoes
Thus far, half a dozen or more steamers bound from Calcutta with prac- suggestion that a fund of $150,000,000 be raised by subscription of the
cruisers, and as a result, there is
banks, trust companies, bankers and merchants for the purpose of rendering
of burlap have been sunk by German
quoted so assistance to the cotton growers and merchants of the United States until the
tically a famine in the trade. What burlap there is avallableis
claimed that present abnormal conditions caused by the European war have been
high that no business is being done. In the circumstances it is
motive of phil- terminated and normal conditions restored.
those who are using cotton bags are doing so, not from any
I am directed by the Board to state to you that while it cannot, very
anthropy, but because of firm necessity.
There are several steamers now on the way to Cuba with burlap bagging naturally, express itself upon the details of the plan of personnel. of manageis ment,commission. &c., it is of the opinion that the raising of such a fund for
on board, which have managed, so far, to escape destruction, but there
port. the amount indicated and its administration Justly and fairly upon reasonstill plenty of room for speculation as to whether they will ever make
serious than it is here, as the able terms would go far toward the restoration of normal conditions and
The sugar bag situation In Cuba is even more
would redound to the benefit not only of those interested in the movement
planters have absolutely no substitute for burlap.
and manufacturing of cotton, but as well to the entire people of the country.
Om 17 1914.]
THE CHRONICLE
1109
We note with gratification your assurance that a large number of Southern
banks and commercial firms have already signified their willingness to
contribute to such a fund and your expression of confidence that the entire
amount will be promptly subscribed.
The problem involved is not local; it is national and international as
well in its scope and importance, and we venture to express the hope that
subscriptions to such a fund will be made by banks, trust companies and
merchants throughout the country.
Very respectfully yours,
C. S. HAMLIN, Governor.
syndicate would co-operate with the St. Louis bankers who
are organizing the $15,000,000 cotton loan fund. The local
syndicate has changed its plan, which originally contemplated loaning its money on cotton on a 7
-cent middling
basis and will substitute a 6
-cent basis, the figure adopted by
the St. Louis bankers. The following officers of the Dallas
Cotton Syndicate were also made public: Henry D.Lindsley,
Conferences were held this week among the New York President; Nathan Adams, Harry L.Seay, J. S. Kendall and
bankers on the question of joining the pool, and Mr. Wade, John V. Hughes, Vice-Presidents; J. C. Duke, Treasurer;
who has been here in the interest of the plan, was assured that J. B. Babcock, Secretary.
the local bankers would do their part towards helping the
After a meeting of the Dallas Clearing-House Association
South, provided that several changes in the plan were made
approval of the Federal Reserve on Oct. 8, it was announced that it is anticipated that
and that these receive the
$45,000,000 will be available for the Texas cotton situation
Board. The first of these changes provides that the Federal
under the St. Louis plan, provided that Texas raises $15,000,Reserve Board be consulted and asked to take charge of
fund as it did in the case of the pool 000 of this amount. In other words, Texas would receive
subscriptions to the
raised to finance foreign exchange operations with Europe. three dollars for every one it subscribes. Three million
It was also thought to be more feasible to make loans to dollars of the amount to be raised in Texas was apportioned
groups of banks rather than scattered banks. New to Dallas. Two-thirds of this is to be provided by the banks
York financial institutions are expected to subscribe and the other third by the merchants, manufacturers and
$50,000,000 toward the fund, provided the balance of the business men. Pledges for the $3,000,000, it is said, have
country subscribe not less than $100,000,000. It is reported already been received.
that St. Louis banks and business concerns have pledged
Fort Worth banks composing the Fort Worth Clearing$7,500,000.
House Association voted Oct. 9 to support the St. Louis
The Little Rock, Ark., Clearing House decided Oct. 9 to plan. Fort Worth's share in the pool is stated to be fixed at
subscribe 2% of the assets of its member banks as its share $2,000,000.
of the St. Louis pool, and a telegram to this effect was sent
The executive committee of the North Carolina Bankers'
Mr. Wade. It is estimated that this will amount to $350,000 Association,
in a resolution, has approved the St. Louis plan.
and, with what it is expected will be raised from other banks
Further action on the plan was left to a suggested meeting
and business houses throughout the State, Arkansas will furof the Association in Richmond, while the members are
nish $2,000,000 or more.
attending the Bankers' Convention there. The estimated
Georgia banks at a meeting in Atlanta on Oct. 14 voted to portion of North Carolina in the pool is $3,500,000.
join in the St. Louis plan and subscribe $10,000,000 as the
Under the "buy-a-bale" movement the committee in
State's proportion. Savannah's proportion of the amount is St. Louis is
reported to have received to date orders for
$2,500,000.
understood to be
4,523 bales. The Louisville "buy-a-bale" committee reThe executive committee of the Mississippi Bankers' ports orders for 756 bales of cotton at $50 per bale as the reAssociation and other prominent bankers of the State held a sult of the first week's canvass. Included in this are sevmeeting at Jackson, Miss., on Oct.9 and adopted resolutions eral hundred bales which local manufacturers and wholesale
endorsing the St. Louis idea. That part of the plan which merchants are taking in settlement of accounts.
makes it necessary for one-third of the amount of the pool to
The International Life Insurance Co. of St. Louis, a large
be raised in the cotton-producing States meets their approval.
They suggest as a basis of assessment to the fund among the amount of whose business is reported to be in the so-called
cotton-producing States that the amount to be subscribed cotton States, has decided, it is stated, to aid its policyholders in that section of the country by accepting wareby each State be fixed in the ratio that the banking capital
house receipts for cotton in payment of their premiums.
and surplus of a State bear to the total banking capital and
The St. Louis "Globe-Democrat" says:
surplus of all the cotton-producing States.
According to the plans outlined, the company will accept the note of the
policyholder for the amount of the premium payable. The note will be
At a meeting of Oklahoma bankers called by D. N. Fink, made payable on or before twelve monthsfrom date. Attached to the note
will
President of the Commercial National Bank of Muskogee, The be a warehouse receipt for an amount of cotton equal to the premium.
value of the cotton will be fixed on a basis of 6 cents a pound on the
one of the bankers to confer in St. Louis over the plan, held middling product. The warehouse receipts will be accepted by the comin Oklahoma City on Oct.9,resolutions were passed endorsing pany as security in place of cash. The company will designate a local bank
the St. Louis plan. The Oklahoma bankers stipulated, to act as its agent to determine the reliability of the warehouse issuing the
receipt for the stored
The bank
will be expected
however, in their resolution that the amount raised in their the cotton is properly cttoon. insured andalso premiums paid. to see that
stored,
the
State, together with the amount to be apportioned to OklaThe company will also employ the same method to collect
homa,shall be loaned in Oklahoma. They also ask that they interest on its farm mortgages.
be given representation on the syndicate, and that the syndicate devise marketing rules and regulations. These resoThe Commission of Banking of Texas granted on Oct. 6
lutions were submitted to Mr. Wade and his associates.
licenses for the establishing of State warehouses for the storage of cotton under the emergency warehouse Act at the
South Carolina bankers are practically unanimous in their following places:
approval of the St. Louis plan, and E. W. Robertson, PresiLa Grange,Fayette County,H.Letserich, manager; capacity 1.000 bales.
dent of the National Loan & Exchange Bank of Columbia, Royse City, Rockwall County. W. F. Gardner, manager; capacity 1,0013
bales. Linden, Cass County, R. P. Fant, manager; capacity 500 bales.
who was one of the Southern bankers to confer with Mr. This brings the total number of warehouses licensed under the new Act
Wade, has notified the latter of the approval of the plan, first to date to five, the others being located at Brady and Tyler.
by the Columbia Clearing-House Association, then by the
bankers of Charleston, then by the South Carolina Currency
The South Carolina Legislature met in extraordinary
Association, and finally by the executive council of the South session on Oct. 6 at Columbia to act upon a program of
Carolina State Bankers' Association.
emergency legislation to relieve business conditions in the
State. Among other things contemplated is a State system
T.0. Vinton, President of the Bank of Commerce & Trust of cotton warehouses.
Co. of Memphis, and one of the Southern bankers at the
conference in St. Louis, announced Oct.8 that arrangements
What is apparently the first move in the matter of actually
were practically completed by Memphis banks and trust restricting the acreage to be given to cotton in 1915 was
companies to subscribe $1,000,000 to the cotton loan pool. made when Governor Colquitt on Oct. 7 sent a message
to
It is understood that the institution will subscribe this the Texas Legislature recommending that a bill be passed
amount outright and will take chances on obtaining subscrip- limiting the acreage to be devoted to cotton in 1915 to twenty
tions later from the manufacturers and business men. Nash- acres for each grower. The principal provision of
the bill
ville bankers are also in line in the movement. Mr.Vinton prepared and submitted to both branches of the
Texas Legishaving made arrangements for them to take part.
lature reads as follows:
Following a meeting of the executive committee of the
Dallas Cotton Syndicate on Oct.6,it was announced that the
Section 1. That from and after Jan. 1 A.D. 1915 the
maximum quantity
of land which it shall be lawful for any family or
household, or the immediate servants, or employees of such family or household
for them,to plant.
cultivate:or:grow in cotton within thidState, or for any
person not a con-
1110
THE CHRONICLE
stituent member of any family, or household, or for his servants, or employees for him, or for any corporation, or its servants, or employees for it,
this State for one year from
to plant, cultivate or grow in cotton within
Jan. 1 A. D. 1915, shall be twenty acres; provided, this limitation shal
apply only to the family, household or immediate servants thereof, or to a
person not a constituent member of a family or household and his servants
and employees, or to any corporations, its servants and employees, and not
to the quantity of land which may be cultivated on any one farm or plantation.
For a person to violate the law the penalty is a term in the penitentiary
of from one to five years, or by a fine not exceeding $5,000, or by both
fine and servitude, also that the suspended sentence law shall not apply.
For a corporation to violate the law, Its charter, permit or franchise is to
be forfeited and be subject to fine not exceeding $5,000.
Governor O'Neal of Alabama following conferences with
Governors of Southern States, has expressed the opinion
in a signed statement that it would be unwise to call an extraordinary session of the Legislature to consider measures
for the relief of the cotton situation. He says that until
some practical plan has been submitted this action would
only encourage a MASS of impracticable suggestions which
would intensify the present chaotic condition and put the
State to heavy expense without any benefit accruing.
[VOL. xcix.
Lee County Cotton Growers' Association, above referred
to, has passed resolutions asking that the bankers and farmers
supply merchants co-operate with the farmers to see that
funds and supplies are granted to the farmers only for the
purpose of growing the prescribed amount of cotton as the
pledge and contract of each farmer demands.
INCIDENTS OF THE SITUATION.
A movement to re-establish credit relations between Great
Britain and the United States is under way, and in furtherance thereof Sir George Paish, formerly Editor of the
London "Statist," and Basil Blackett, representing the Brit-ish Treasury, arrived in this city yesterday to confer with
the American Government in the matter. An announcement made by Secretary McAdoo on the 10th inst. with regard to the forthcoming conference said:
It is true that Sir George Paish and Basil Blackett, representing the
Britsh Treasury, are coming to America to discuss the international exchange and cotton problems. Their visit is the result of informal suggestions made by me through diplomatic channels to the Chancellor of the
Exchequer in London, because it is believed that a discussion of certain
phases of these problems on the ground here may be productive of beneficial results. This is simply another one of those instances where the
Government is using its good offices in every possible way to help the business situation.
Governor Slayton of Georgia has issued a statement in
which he gives his reasons for not calling an extraordinary
With his arrival here yesterday on the "Baltic" Sir George
session of the State Legislature to consider measures for the said:
am here in the capacity of adviser to the British Treasury on financial
relief of the situation. He holds it unconstitutional to
subjects. I am
enforce curtailment of production of cotton by law and thinks and economic British Treasury.accompanied by Basil H. Blackett, a high
We are coming to get information and to
official of the
any legislative aid at this time should come from Washing- discuss the whole financial situation with Treasury officials at Washington and financiers in New York. I am not aware of any plan for the estabton.
The special committee appointed by the South Carolina
House of Representatives to draft a bill for the reduction of
acreage to be devoted to cotton in 1915 have reported to
the House. The bill as prepared provides for a reduction
in acreage to be planted to cotton to one-third the arable
lands of the State, and further provides that in no case shall
any person plant or cultivate more than six acres to each
regular work animal. It is proposed that the bill shall
become operative in South Carolina only upon the enactment
of similar legislation by other states in the cotton belt.
Judging from the reports from the various cotton-growing
States, the movement to restrict cotton acreage or eliminate
entirely the planting of cotton during 1915 is arousing widespread activity. The plan had the endorsement of nearly
every one of the 200 delegates to the recent convention of the
Southern Cotton Association held at New Orleans. The
Dallas "News" says that "arousing public sentiment in favor
of greatly reduced acreage or total elimination of cotton planting next year through the medium of county organizations
with the ultimate aim of having State legislators enact laws
regulating planting, was the decision of the convention today as the best method of meeting the situation caused by
the European war."
lishment of a gold clearing-house in America, in fact, we have no specific
plan, but we hope to arrive at some definite conclusion after conferences
with the Treasury officials and the clearing-house officials, J. P. Morgan
& Co. and other financiers in New York.
We don't want to commit ourselves to any definite time for the reopening of the London Exchange, but the moratorium will be off on
Nov. 4 and the general expectation is that before that time some plan will
have been arranged whereby the London Exchange may be opened.
As for the reopening of the New York Stock Exchange, I could not expect
that now.
You ask me whether there will be much liquidation here. I see no
reason to expect heavy liquidation of American stocks held abroad. The
financial condition of London now is almost normal. When war was declared we were taken unawares and had to adopt extreme measures. I
consider that we are now ready to weather any storm. We do not expect
any trouble when the moratorium ends in about two weeks; that is exactly
what we have been preparing against. The Govermnent will protect
those who are unable to pay their debts because debts from Germany
and Austria have been unpaid. The accepting houses are accepting freely
and discoUnts are being freely extended.
On Thursday (Oct. 15) the banks in the $100,000,000
syndicate formed to meet debts of the city maturing in
Europe paid into J. P. Morgan & Co. the fourth installment, amounting to $7,678,850, bringing the total furnished
by the syndicate members up to $24,741,554. Of Thum- •
day's payment, $6,044,850 in gold and $1,634,000 in exchange. There was withdrawn from the Sub-Treasury for shipment to Ottawa by the firm $6,000,000 gold.
The remainder of the balances due in connection with
the city maturities is to be provided for by the exchange
turned in by the various institutions who were members of
the syndicate. The payment of the $7,678,850 provides
for all of New York City's maturities abroad to the close
of the current month. It is not expected that another call
will be made for at least a week or so.
Delegates to the Southeastern Cotton and Food Product
Conference held in Atlanta on Oct. 5 adopted resolutions
asking the Governors of the cotton-producing States to call
special sessions of their legislatures to enact laws restricting
the cotton acreage to be planted in 1915 to at least 50% of
the acreage planted this year. They also agreed that the
The modification of the rule allowing trading in listed
cotton crop problem was one for the individual States to
bonds so that transactions may be made at moderate consolve rather than the Federal Government.
cessions from the closing prices of July 30, has now been
Cotton Exchange urges a campaign by the followed by similar action with reference to one class of stocks.
The Houston
U. S. Department of Agriculture for the reduction of cotton The Special Committee of Five announced this week that
acreage by half during 1915, advocating the use of the school transactions in listed guaranteed stocks at moderate concessystems and post offices and other agencies to bring about sions from closing prices of July 30 would be allowed. The
committee's ruling follows:
the desired reduction.
26.
At a meeting in Dothan, Ala., on Oct. 3 of the farmers
and bankers it was agreed that cotton produced in that section (Southeastern Alabama)should be upon a much smaller
scale in 1915. It was the sense of the bankers present that
financial assistance should be refused the farmers unless they
diversified crops in order to plant less cotton.
October 13 1914.
The Special Committee of Five rules that so much of Rule No. 13 as
applies to dealings in Guaranteed Stocks is hereby rescinded.
The Special Committee of Five rules that members wishing to buy or
sell Listed Guaranteed Stocks at closing prices of July 30 1914. or at moderate
concessions therefrom, must submit their proposed transactions in writing
to the Committee on Clearing House before consummating the same.
The Committee of Seven of the Bond Dealers has consented to supervise
transactions in Unlisted Guaranteed Stocks.
The following communication, signed by George W. Ely,
Through the Georgia State Chamber of Commerce a
for a mass meeting to-day (Oct.17)in every Secretary of the Stock Exchange, was also sent out this week:
call has been issued
New York, October 13 1914.
county of the State for the purpose of passing resolutions To Members of the Exchange:
I am instructed to call your attention to the following:
the Governor to call a special session of the Legisasking
23.
lature to consider reduction of cotton acreage in 1915. It
'The Special Committee of Five rules that members wishing to buy or
is also planned to have these meetings form farmers' associa- sell Unlisted Stocks must submit their proposed transactions to the 'Comtions to be incorporated in accordance with the "Lee County mittee on Unlisted Stocks' and act in accordance with their regulations."
Members are instructed to see that this rule is strictly complied with.
Plan," in order that agreement by members be enforceable
by law.
OCT. 17 1914.]
THE CHRONICLE
The Governors of the New York Stock Exchange on
Wednesday voted to form a committee on quotations, a new
standing committee, to consist of five members and have
charge of all matters relating to quotations. Rudolph Keppler, for many years a Governor of the Exchange, resigned
because of ill-health.
1111
Canadian Pacific Ry., Twin City, Mackay common and preferred,
Duluth Superior, Duluth SS. & A. common and preferred, Detroit United.
and Minneapolis St. Paul & S. S. M.common.
The following mining stocks may also be traded in:
Coniagas, Crown Reserve, Hollinger, La Rose, Nipissing and Trethewey.
The following statement ooncerning the manner in which
the Bank of England will provide the necessary funds to pay
The Committee on Unlisted Stocks issued a ruling this at maturity approved pre-moratorium bills on behalf of
week allowing trading in unlisted stocks which were selling acceptors was issued by the Bank on the 1st inst.:
1. All applications to the Bank of England from acceptors to provide
at $10 or under on July 30. This ruling is an amendment to funds necessary to pay approved pre-moratorium bills at maturity in terms
the one made some time ago, which placed the limit at $3. of the Government announcement of September 5 last must be lodged In
duplicate at the Bank of England not less than eight days before the
Following is the ruling:
advance is required. The name of the drawer, the amount, and the date
New York, October 13 1914.
The Committee on Unlisted Stocks rules as follows:
13. Rule No. 11 is hereby amended to read as follows: The Committee
rules that it will not require orders in stocks, which were selling at $10 per
share and under at the close on July 30th, to be filed with them. Trading
will be permitted, provided no transactions or quotations are made public.
14. Attention is again caded to Rules Nos. 9 and 10: It is imperative
that all bids or offerings be filed with the Committee, and it is the duty of
the firm giving an order to a broker to insist that the bid or offer be so filed
by such broker.
The Committee on Clearing House of the New York Stock Exchange has
supplied the men necessary to do the clerical work of the Committee.
of maturity of each must be stated in the application. If the Bank does not
approve a bill, notice will be given to the acceptor at least three days before
the date of maturity.
2. Applications from persons and firms unknown to the Bank must be
submitted through their own bankers with a satisfactory letter of introduction.
3. The Bank of England, provided they agree to make the advance, will
pass to the credit of the applicant as required the amount necessary to meet
the acceptances, which the acceptor will arrange to have referred to the
Bank of England at maturity. The bills will then be held by the Bank
until the advance is repaid. Applicants who have not already an account
with the Bank of England will be required to keep an account for this
purpose only with the Bank of England through which the money advanced
will be passed.
4. The acceptor can arrange, if he prefers,that his own bankers should
provide the required amount, to refer the acceptances (if previously
approved) uncanceled on the day of maturity to the Bank of England, who
will pay the bills to the acceptors' bankers.
As practically all the mining shares and several important
industrial stocks listed in the New York "Curb" market come
under the above rule, this led to a partial re-opening of the
"Curb" market on Oct. 14, the first trading there since
July 30. So far from business of any moment being done,
An explanation as to the working of the English morahowever, the trading lasted but a short while and had practically ceased by noon. It was stated that only about 300 torium in so far as bills drawn before Aug. 4 are concerned
shares had been traded in. The New York "Times" reports has been furnished by the English Treasury to Walter
Speakman, Secretary of the Manchester Chamber of Coma list of the issues traded in as follows:
Bid. Ask.
Transactions,
merce. The information was supplied in response to the
434 434 Sold 434, about 100 shares.
Kerr Lake
following query from Mr. Speakman:
Riker-Hegeman
734 734 Sold 7% • about 100 shares.
434 534 No sales.
Sterling Gum
Sold at 8.
United Cigar Stores_ __ _ 734 8
734 834 Sold at 8.
Profit Sharing
No sales.
World Film
5% 534 Odd lot (25), sold at 5.
Braden Copper
5
534 No sales.
Nipissing Mines
134 234 No sales.
Yukon Gold
5
No sales.
Intercontinental RR_ _ 4
10 shares sold at 11%
12
11
.
Maxwell Motors
Rose Consolidated-. _11-16 13-16 200 shares sold at %.
La
34 No sales.
%
Manhattan Transit
Maxwell shares were admitted to the list by reason of the fact that they
were selling under $10 when trading was suspended.
The Consolidated Stock Exchange committee on listing
petroleum pipe line certificates decided at a meeting Oct. 14
to send representatives to the oil fields of Oklahoma to conclude arrangements for placing oil certificates on the board.
"With regard to the moratorium on bills drawn before the 4th August
last, there appears to be considerable divergence of opinion as to the
meaning of the respective proclamations. Are we right in assuming—
"1. That under the first proclamation all bills drawn prior to the 4th
August of any usance can be extended for one month, I. e., that not only
may August bills be extended to September and September to October, but
even, say, six months bills, due in January, can be extended to February?
It is suggested in some quarters that this proclamation for extension
terminates in October, I. e., that moratorium bills due in October and
afterwards cannot be extended even for one month.
"2. That the later proclamation regarding bills only extends re-accepted
August bills to October. In regard to this paragraph it is further suggested
by some members that the extension granted by the later proclamation
applies to extended bills due in October and subsequently."
The reply received by him says:
1. The first proclamation of the 2d August applies to all bills accepted
before 4th August, whatever may have been the date of maturity,and consequently a six months' bill due in January can, if re
-accepted in accordance
with the proclamation, be extended to February, unless, of course, the
proclamation of the 2d August has before January been revoked.
2. The "later proclamation," by which presumably.iyou mean the proclamation of the 3d September, only extends bills re-accepted in August to the
corresponding date in October. It does not apply to bills re-accepted on
or after the 4th September. Yours, &c.,
F. F. LIDDELL.
The unofficial or "gutter" market which has been in operation in New Street ever since the closing of the Exchange,was
forced to move this week. It seems that the brokers in
transacting business have been using the telephones in the
lower hallway of the Columbia Trust Co. building and on
Thursday morning it was discovered that these telephones
The following concerning the issue of emergencylcurreney
had been discontinued. The fact was announced by a sign
in England appeared in the "Wall Street:Journal" of Sept. 30:
which hung over the disconnected switchboard, which said
There appears to be a misconception in regard to the:issue of emergency
"Service discontinued at the request of the building manage- currency in England. The Bank:of England did not take advantage of the
ment." After scurrying around for a few moments,however, suspension of the Bank Act to issue unsecured:circulation as was generally
it was found that telephones were available in the basement supposed. Its issue is secured by gold, with the exception of the statuagainst the Government
of the building at 42 Broadway, and the brokers moved a tory limit issue, as heretofore. debt and the expired issues of defunct
banks of
block further south and resumed their inconsequential busiemergency currency, consisting of El anc1110 shilling notes, is issued
The
by the Government, and according to the last detailed statement to hand—
ness.
Trading on the Boston "Curb" was resumed on Wednesday, Oct. 14, as announced in these columns last week. It is
stated that there was a good volume of business, comparing
favorably with that when the market closed. The daily
sheet reporting sales and bid and asked prices will not, it is
stated, be published for the present.
Chicago advices state that the various committees which
have been working on plans for a freer trading in bonds
have failed to agree on a method of resumption. We reported in these columns last week that the plan contemplated
suggested the selection of five leading listed bonds, trading in
which was to be allowed at minimum prices of three points
under the July 30 closing figures. This plan, it seems now,
has not met with full support.
It is reported that resolutions providing for a re-opening
of the Toronto Stock Exchange on a limited basis have been
passed and that actual operations in inter-listed stocks were
begun:on Thursday, Oct. 15. Trading in a limited number
of securities and at minimum prices will be permitted, subject to the rules and restrictions of the managing committee.
The stocks in which trading will be allowed are as follows:
that of Sept. 16—the account stands like this:
Notes Outstanding—
£1
lOs
sd
g
21.092,608 0 0
6,324,323 10 0
27,416,931
Advances—
Scottish and Irish Banks of Issue
1.514.200
Other bankers
2.250,000
Post-Office savings banks
1.350.000
Trustees' savings banks
Currency note redemption account—gold:coin:and]bullion_ 3,500.000
10,913,545
Government securities
7,879,185
Balance at the Dank of England
10 0
s d
0 0
0 0
00
0 0
17 5
12 7
27,416.931 10 0
The amount of notes paid over to banks:hasitbeen considerably reduced
since the issue was first made. The amount againstrother bankers" at
one time stood at £6.071,650. This is due to the:fact-that a large amount
of the notes was issued to the banks in certificate form. but subsequently,
when the demand in the money market subsided, there;was no occasion
to use the full quota applied for.
The notes issued to bankers, through the Bank of England, were limited
to a maximum for each bank of 20% of its liabilities on deposit. The notes
were treated as an advance by the Treasury to thelbanks, bearing interest
at the current Bank of England rate and became a charge:upon the banks
up to the amount of the notes issued.
Sums received by the Bank of England:in re-payment of these Treasury
advances to the banks are applied to the cancellation of any:emergency
notes that may be in the hands of the Bank of England, or are kept there
to cancel notes as they return from circulation.
The advances to the banks and the savings institutions are, therefore,
secured by their obligations to repay the amount at the Bank of England,
and in due course these issues will disappear. The only really
unsecured
1112
THE CHRONICLE
part of the whole issue is apparently the £10,923,545 designated as "Government Securities." This no doubt represents the extent of Government
disbursements for one thing and another. As the Government accumulates
gold through the sale of Exchequer bills, Zrc., this balance will in time
disappear, and the whole issue of notes be wiped out. It will be noticed
that to date £3,500,000 gold has been credited to this redemption of the
notes.
According to the Liverpool "Post" the Deutsche Bank,
the Dresdner Bank and the Direction der Disconto-Gesellschaft announce that they have received from the British
Government an amended license,signed by Secretary McKenna, permitting them to carry on banking business in the
United Kingdom, subject to the following limitations:
1. The permission shall extend only to the completion of the transactions
of a banking character entered into before the 5th day of August. 1914.
so far as these transactions would in ordinary course have been carried
out through or with the London establishment. The permission does not
extend to any operations for the purposes of making available assets
which would ordinarily be collected by or of discharging liabilities which
would ordinarily be discharged by establishments of the bank other than the
London establishment. No new transaction of any kind save such as may
be necescarx or desirable for the purpose of the completion of the firstmentioned transaction shall be entered into by or on behalf of the London
establishment of the bank.
2. Business to be transacted under this permission shall be limited to
such operations as may be necessary for making the realizable assets of
the banks available for meeting their liabilities as far as may be practicable.
3. All transactions carried out under this permission shall be subject
to the supervision and control of a person to be appointed for the purpose
by the Treasury. who shall have absolute discretion (a) to refuse to permit
any payment that may appear to him to be contrary to the interests of
the nation; (b) to permit any such new transactions as are in his opinion.
necessary or desirable for the purpose of completion of the transactions first
mentioned paragraph 1; (c) to permit or to refuse to permit the completion
of any particular transaction whatsoever.
4. Any assets of the banks which may remain undistributed after their
liabilities have so far as possible in the circumstances been discharged shall
be deposited with the Bank of England to the order of the Treasury.
The permission granted on the 10th August is revoked.
A dispatch from The Hague to the Exchange Telegraph
Co. at London on the 10th inst. states that Field Marshal
Baron von der Goltz, Governor-General of Belgium, has, in
the name of the German Emperor, ordered the Belgians to
accept German currency on the same quoting as Belgian currency. This is causing trouble at Brussels, it is said.
A news agency dispatch received at Paris from Petrograd
on the 13th inst. said: "The moratorium expired on Oct. 9,
and all the accounts of the banks were paid as punctually
as in time of peace."
Advices reported from Lima, Peru, on the 14th inst. state
that Provisional President Benavides has signed a decree
promulgating a new moratorium for Peru.
The Nicaraguan Senate is said to have passed a bill declaring a moratorium. The measure is in the hands of the
House of Representatives for action.
Reports from Havana on the 13th stated that the Cuban
House of Representatives has passed several of the provisions
of the National Eeonomic Defense Bill. The provisions
passed include those authorizing the issue of a national coinage, to include $12,000,000 in silver; the giving of premiums
for the cultivation of tobacco; authorizing the President to
issue 6% bonds to the amount of $5,000,000; providing for
the relief of agricultural laborers, particularly those engaged
In tobacco growing, and the consolidation of the regular army
and the rural guard.
It is reported that plans for limiting the crude oil production in Oklahoma are being perfected, and it is expected that
the State Corporation Commission will announce the method
of limitation in a few days. Conferences, it is stated, are
being held between the Commission, the oil producers and
the pipe line companies to this end. A mass meeting of
more than 600 Oklahoma oil producers held last week voted
unanimously in favor of restricting production of crude oil,
the plan to be carried out under orders from the Commission.
The Corporation Commission has postponed the hearing
of the application of the Magnoila Pipe Line Co. to fix the
price of Healdton oil at 40 cents a barrel to Oct. 24, the hearing to be held at Ardmore. In the meantime, the price remains at 50 cents.
Of more than ordinary interest in dividend reductions was
the announcement from London last week of the passing
of the dividend on the ordinary shares of the Rio Tinto Co.
The mines of this company are considered among the richest in the world, and in recent times the company has paid
large dividends. An evidence of the demoralized state of the
copper industry here was furnished in the announcement of
[VoL. xcrx.
the reduction of the dividend on Amalgamated Copper Co.
shares to 50 cents. This is a reduction from $1 50 a share,
the previous payment. The Miami Copper Co. omitted the
usual quarterly distribution of 50 cents a share, due Nov. 15,
owing "chiefly to the unsettled conditions which now prevail in the copper trade."
Other recent dividend omissions or reductions attributed to
the present world-wide business depression continue. The
U.S. Realty & Impt.decided this week to defer the usual quarterly distribution of 1%%,due Nov.1,owing to "prevailing
unusual business conditions." The American Rolling Mill
Co. declared a quarterly dividend of 2% on the common
stock, comparing with 3% in the previous quarters, the reduction being "in response to the spirit of economy and conservatism now in evidence, due to the unprecedented worldwide financial conditions existing." The Brown Shoe Co.
has omitted the dividend on the common stock, due Nov. 1.
The Emerson-Brantingham Co., "owing to the abnormal
business and financial conditions now prevailing," has passed
the quarterly dividend of 14% on the preferred stock, due
Nov. 1, and also has omitted the annual preferred stock
sinking fund due the same time. The Steel Co. of Canada
has deferred its quarterly dividend of 1%%,due Nov. 1.
BANKING, FINANCIAL AND LEGISLATIVE NEWS.
While'the Fortieth Annual Convention of the American
Bankers' Association, held the past week in Richmond, Va.,
was not so large in point of attendance as usual, it holds
distinction by reason of the importance of the subjects
discussed. In good fellowship and the genial hospitality
of the bankers.and citizens acting as hosts, the meeting just
closed has never been surpassed. The diminished attendance
at this year's convention is accounted for by the conditions
incidental to the European war, which demand the attention
of the bankers at this time at their home cities. A detailed
account of the proceedings of the convention will appear in
our Bankers' Convention Supplement to be issued next week.
The principal speakers of the week were men of national
prominence, including the Governor of the State, Henry C.
Stuart; Charles S. Hamlin, Governor of the Federal Reserve
Board; Carter Glass, Chairman of the Committee of Banking
and Currency of the House of Representatives; Martin W.
Littleton, Congressman from New York; N. Parker Willis,
New York,and James M.Beck,formerly Assistant AttorneyGeneral of the United States. Naturally, the subject which
is of vital interest to the bankers of the country, "The Regional Reserve Bank," was the principal topic under discussion, and the addresses of Messrs. Hamlin, Glass and
Willis on this important topic were listened to with a great
deal of interest, the Auditorium being crowded to its capacity
on the occasion of the delivery of their addresses.
In fact,it might be said that the overshadowing importance
of the Federal Reserve Bank and its far-reaching effect, not
only on the bankers, but on all classes of citizens, was
thoroughly discussed in every detail in the main convention and its various sections.
At its concluding business session on Thursday the Association endorsed the resolution adopted at the joint meeting
of the Trust Company and Savings Bank sections on Tuesday providing for a committee to be appointed from the
American Bankers' Association to go to Washington and
study the rules governing the membership of the new Federal reserve bank, with a view to determining the advisability
of amending the Reserve Act so as to make it easier for the
entrance of State and savings banks and trust companies into
the system. At the joint meeting Sol. Weider, President
of the Whitney Central National Bank of New Orleans,
presented an argument in favor of the adoption of the resolution, and Breckinridge Jones, President of the Mississippi
Valley Trust Co. of St. Louis, Mo., advocated the amendment of the bill to make it easier for State and savings banks
and trust companies to gain membership in the reserve
system.
$1,The Association also adopted a resolution in which it
declared that, in its opinion,"a prompt and liberal increase in
railroad rates throughout the United States is essential in
order to enable the railroads to finance their maturing obligations and to provide the money with which to operate,
maintain and improve their properties, and that such increase
in rates must be made before we can hope to secure the confidence of the investing public, both at home and abroad."
The resolution also petitions the Inter-State Commerce Commission "to act promptly and favorably upon pending applications for increase of railroad rates, and in the exercise of its
OCT. 17 1914.]
THE CHRONICLE
1113
broad powers and in the dischargeof its obligations to protect
elected President;TJno. H.TMason, Vice-President of
the
the interests of the railroads under its control."
Commercial Trust Co., Philadelphia, was elected First ViceThe convention saw the launching of a new organization President
, and Uzal H. McCarter, President of the Fidelity
known as the Credit Men's Association, made up of the Trust
Co., Newark, N.J., was elected Chairman of the execcredit men of the various banking institutions of the country. utive committe
e.
It is expected that practically every bank in the country
In the Savings Bank Section, W. E. Knox, Comptroller
will become a member of this auxiliary to the American of the Bowery Savings Bank,
New York City, was elected
Bankers' Association. The officers elected were: Oliver J. President; N. F. Hawley, Treasurer
of
Sands, Richmond,President; E. S. Kennard, Rumford, Me., chanies' Savings Bank of Minneapol the Farmers' & Meis, Minn., was elected
Vice-President; and 0. E. Doty, Springfield, Mass., Chas. Vice-President.
E. Meek, New York, Geo. L. Tickler, Syracuse, N. Y.,
In the Clearing-House Section, A. 0.
E. M. Wing, La Crosse, Wis., and J. H. Pulieher, Mil- President State National Bank, St. Louis, Wilson, ViceMo., was elected
waukee, Wis., were elected members of the Executive Council. President; J. D. Ayres, Vice-President of
the Bank of PittsThe entertainment provided for the delegates and their burgh, N. A., was elected Vice-President,
and W. D. Vinladies during the week was such as only a city of such his- cent, Cashier of the Old National Bank,
Spokane, Wash.,
torical prominence as Richmond could command. Naturally was elected Chairman of the executive committe
e.
such points of interest as the White House of the ConfedColonel Fred E. Farnsworth was re-elected General Seceracy (containing the Confederate Museum), the residence of retary of the Association, and Wm.
G. Fitzwilson, Assistant
Robert E. Lee, now the home of the Virginia Historical So- Secretary.
ciety; the John Marshall House, the residence of one of the
earliest Chief Justices of the United States Supreme Court,
The Clayton Anti-Trust bill, adopted by the Senate and
and the Valentine Muesum,were visited by scores of bankers. House
last week, was signed by President Wilson on the 15th
While Southern hospitality has been known to the world inst.
This completes the trust legislation, the Federal Trade
every since the settlement of the first white man in the Old
Commission bill having been signed by him on Sept. 26.
Dominion, yet the bankers who were so fortunate as to be
able to attend left Richmond with a fuller understanding of In the case of the third bill, providing for the Federal reguits true meaning. The committees appointed worked un- lation of railroad securities, action has been postponed indeficeasingly to make the week a memorable one; even the wives nitely. The text of the Trade Commission bill as enacted
into law was published in our issue of Oct. 3; the text
of the
of the bankers, where the latter were too busy to go themClayton Anti-Trust bill in its final form appeared
in these
selves, acted as guides for the numerous auto-trips which
columns last Saturday.
were taken in and around the city, explaining the various
points of interest and its quaint old landmarks.
An investigation into the production, transportation and
There were several banquets during the week; the principal
two being on Monday night, one to the Executive Council marketing of crude petroleum was instituted on the 9th inst.
and officers of the association, and the other by the Associa- by the Inter-State Commerce Commission, in accordance
tion of Reserve City Bankers, of which Edward A. Seiter, with the resolution adopted by the Senate on Sept. 28 and
Vice-President of the Fifth-Third National Bank of Cincin- published in these columns Oct. 3. The resolution authornati, is President. At this affair about one hundred and izes the Commission to "make a thorough investigation of
fifty bankers sat down to dinner and enjoyed the musical the conditions prevailing and that have prevailed in the
program provided. On Tuesday night the biggest and most States of New York,Pennsylvania, West Virginia, Oklahoma
brilliant of the entertainments which had been arranged in and Ohio, or elsewhere," respecting oil production and trade;
honor of the bankers was held, this being the reception and how,to what extent and by whom the oil market is controlled;
grand ball given in Gray's Armory. The huge hall was elab- financial inducements offered in the development of oil
orately decorated with palms, flowers and flags. The re- fields; the operation of pipe lines, and whether "the charge
ceiving party consisted of Governor Stuart, the Comptroller is true that substantially the same interests have operated
of the Currency, John Skelton Williams, the President of the the pipe lines, made the market, bought the crude oil, reAssociation,Arthur Reynolds, the Mayor of the city, George fined it, and fixed the price of the refined products."" The
Commission also is directed to ascertain whether any pipe
Ainslee, also a committee of prominent bankers.
Of the many entertainments provided, probably none so line companies have stopped taking all or any part of the
appealed to those in attendance (particularly the music crude oil produced by independent operators. Much of the
lovers) as did that of Wednesday night, when a grand con- information requested, it is said, is already in the hands of
cert was given in honor of the bankers, at which such in- the Commission as a result of its hearings of the so-called
ternational favorites as Miss Alma Gluck, Antonio Scotta, pipe-line cases. The Senate particularly desires, however,
and Efrem Zimbalist, the Russian violinist, appeared. All the facts concerning the recent reported refusal of certain
day Friday was given to a trip down the beautiful James pipe lines to accept for transportation to refineries oil proRiver, with a landing at Jamestown, the historical settle- duced by independent operators. The Commission expects
ment of the first English colonists in the New World. On the to direct particular attention to that phase of the inquiry
way an elaborate luncheon was served, and upon arrival at with a view to ascertaining whether there has been a violaNewport News further evidences of Richmond's hospitalit tion of law and collusion between pipe line and refining
iny
were provided, and there the
bankers entrained for their re- terests. It is stated that no dates have been fixed for hearturn to Richmond.
ings, and it is not expected that, pending preliminary inDuring their stay the bankers
were welcomed by many of quiries, public hearings will be held before some time next
the leading industrial plants of
Richmond, which included year.
the Federal Cigar Co., one of the
largest cigar and cheroot
factories n the world; the Standard
.i
Paper Mfg. Co., claimed
The Now York City Post Office (covering Manhattan and
to be the largest manufacturers of
blotting paper in the world, the Bronx) again broke its record in postal savings receipts
and the Southern Mfg. Co., large
manufacturers of baking for September when there was a net gain in deposits of $1,powder. The Richmond Cedar Works,
the
of the American Locomotive Co., Liggett Richmond branch 006,347. This is the first time in the history of the United
&
Co., the Tredeger Company, the Albemarle Myers Tobacco States Postal Savings System that a single post office has
Paper Co. and reported a gain of more than a million dollars in any one
the C. F. Sauer Co., large makers of flavoring
extracts also month. The September gain was $79,505 more than the
received, and the trip through their plants
proved very in- net gain for August. Postal savings was established in
teresting and instructive.
New York City on August 1 1911 and up to the end of July
William A. Law,First Vice-President of the
First National 1914 the office showed a net balance standing to the credit
Bank, Philadelphia, was elected President
of the Association of depositors of $4,439,702, the net gain for the two months
for the ensuing year. James K. Lynch,
Vice-President of of August and September, therefore, was nearly half as
the First National Bank, San Francisco,
Cal., was elected much as the balance on deposit in that city from the beginVice-President of the Association, and J. W. Hoopes
was re- ning of the service or during three years of operation.
elected Treasurer.
Brooklyn is also keeping up her record for enormous gains
The election of Mr. Lynch to the Vice-Presidency was a which began in August.
Station B of the New York Post
most popular one, as he has always been most ready to give Office, located in Grand
Street, on the East Side, leads all
his time and good counsel to the interests of the Association the other depository stations
in this city, with $242,536 50
and to the bankers of the country as a whole.
for theTmonth of September.
In the Trust Company Section, Ralph W. Cutler, Presi- also7on'the East Side, comes Tompkins Square Station,
next with $157,827 50, while
dent of the Hartford Trust Co., Hartford, Conn., was the old down town post office
follows with the goodly sum
1114
THE CHRONICLE
[VOL. XCIX.
George H. Stuart 3d, has been chosen Treasurer.
of $113,289 30. Station U, further up town on the East Treasurer,
Assistant Secretary, has beenfmade
than any of the three depositories mentioned above, Samuel Wheeler Morris,
Side
Secretary, and Thomas S. Hopkins, loan clerk, is now
amounting to $104,703.
received deposits
Assistant Treasurer. Mr. Stuart has been connected with
the Girard Trust Co. twenty-three years, Mr.
Francis M. Lowry,former Secretary of the John F. Jelke Morris,twenty years,and Mr.Hopkins thirteen years. Mr.
Co., oleomargarine manufacturers of Chicago, was sen- Rhoads continues on the directorate of the Girard Trust Co.
tenced on September 15 to serve one year and one day in
the Federal penitentiary at Leavenworth, Kans., and to
At a special meeting of the stockholders of the Northern
pay a fine of $2,500 for conspiring with several others, as
alleged, to defraud the Government by evading the tax on Trust Co. of Philadelphia on the 8th inst. the proposal to
oleomargarine. He was convicted on March 18,along with reduce the number of directors was approved by a vote of
several other employees of the Jelke firm, but because of 4,002; 389 shares voted in opposition. A resolution was also
his ill-health at the time was not sentenced with the others. ratified by a vote of 4,004 to 328, to divide the board into
four classes—for one, two, three and four-year terms; to
He is 70 years of age.
conform with these proposals provision for a change in the
President of the Fulton Trust Co., 149 by-laws was likewise made at the same time, this proposal
Henry C. Swords,
the negative votes
Broadway, this city, comments on financial conditions in the having carried by a vote of 3,997 shares;
numbered 325. A protest against these proposed changes
monthly investment circular as follows,
company's
,
A French proverb is, "If you would know the value of money, try to was made by Edward B. Wilford, a stockholder who filed
borrow it." The author must have had a foresight of the money market a suit on the 6th inst., asking the Court to grant an injuncof 1914. A recent financier
for dealers in securities during the summer
the company, its officers and members of the
more interested in making money than platitudes, said. "Money always. tion against
sooner or later, becomes fashionable," and kept a good supply on hand. board of directors, to restrain them from holding the proAll over the world, money and bank credit have been wanted, hence, for posed meeting or from taking any action reducing the
the time being, the supply of securities being much greater than the dedirectors, or classifying them so that portions shall
mand,for various reasons given fully in the daily papers,the markets of the number of
world where securities are sold have been closed. The date when the Stock be elected for terms of more than one year, or from altering
exchanges will reopen is beyond the knowledge of the writer. This circular
the by-laws of the company, as proposed. It is stated that
Is published for our friends, to have before them a list of securities at the
minority
prices before the closing of the Stock Exchange,so they can figure from this he objected to the changes on the ground that the
point their ideas of what the new prices should be. The operation of the shareholders would be deprived of representation. Judge
new Federal Reserve law, as to its bearing on the money market of the fuStaake, in the Common Pleas Court of Philadelphia, disture, and hence the bond market, is an interesting study. Will we have a
piling up of money here in the future, with the attending low rate? Also, missed the proceedings on the 7th.
will it be popular with one section of the public, perhaps the majority, to
Injure the earnings of corporations? Perhaps the big enterprises will be
fostered; unemployed labor may help to this end. Out of the troubles of
the world we shall emerge. Pope said.
Hope springs eternal in the human breast;
Man never Is. but always to be, blest."
The New York agency of the Anglo-South American Bank,
Ltd.,at 60 Wall Street, this city, has been advised by cable
from the London office of the corporation that the board of
directors has declared a final dividend of four shillings per
share, making,with the interim dividend of six shillings per
share declared in March last, 10% per annum for the year
ended June 30 1914. In addition a sum of £9,500 has been
placed to staff pension and guaranty fund, and the sum
of £110,164 carried forward to next account. The sum of
£160,000 has been taken from reserve to write down securities to current quotations.
John S. Scully, for many years one cif Pittsburgh's leading
business and banking men, died on Oct. 5 at Washington,
D. C., at the age of seventy years. Mr. Scully was born at
Scully's Springs, Allegheny County, but located in Pittsburgh
at the age of seventeen years, and became connected with the
old Pittsburgh Trust Co., which later became the First
National Bank. He helped organize the Diamond National
Bank and the Diamond Savings Bank of Pittsburgh, and
was President of both until 1903, when he sold his holdings
to William Price, then Vice-President. Mr. Scully was one
of the organizers of the First Pool Monongahela Gas Coal Co.,
which was absorbed by the Pittsburgh Coal Co., and also
the West Side Belt Railroad Co., now controlled by the
Wabash RR. He was a director of the Columbus Life
Insurance Co. and the Adirondack Electric Power Co.
William Ingle has resigned as Second Vice-President of the
Merchants-Mechanics' National Bank of Baltimore, Md.,
following his election as Reserve Agent and Chairman of the
Board of the Zichmond Federal Reserve Bank. The vacancy
has not yet been filled. An additional assistant-cashiership
has been created in the institution, and C. Bradley Hays,
head of the correspondence department, has been appointed
to the position. Mr. Hays has been with the bank about
The stockholders of the Prudential Insurance Co. of fifteen years.
America on the 7th inst. formally ratified the plan for the
mutualization of the company. Out of the total capital of
The resignations of W. Bernard Duke and J. Albert
40,000 shares, the holders of 30,889 shares voted at the meetHughes, both Vice-Presidents of the National Bank of Baling—all in favor of the proposal. There are several processes
at Baltimore, Md., were announced this week.
yet to be gone through before the conversion of the com- timore,
pany from a stock corporation to a mutual concern will be
accomplished. The policyholders have still to pass on the
The proposed consolidation of the Wayne County & Home
matter, and their meeting is expected to be held about a Savings Bank and the Michigan Savings Bank of Detroit
month hence. The report of the appraisers fixing the value was ratified by the stockholders on Oct. 7. The plans were
of the stock at $455 per share of $50 was approved by Chan- referred to in our issue of June 6 last. The consolidated
cellor Walker last July, as was indicated in our issue of institution will retain the name of Wayne County & Home
ifs identity
Aug. 1.
Savings Bank, the Michigan Savings Bank losing
Savings Bank
in the union. The Wayne County & Home $2,500,000; it
At the annual meeting of the directors of the State Bank & will increase its capital from $2,000,000 to
profits of about
Trust Co. of Hartford, Conn., held Oct. 7, George H. Burt, will have a similar surplus and undivided
the merger, the Michigan
Cashier, was elected to the newly created office of Vice- $600,000. As a preliminary to capital from $400,000 to
President; and Assistant Cashier Charles A. Lillie was made Savings Bank will increase its
n, which is expected to be conCashier to succeed Mr.Burt. George F. Hills was re-elected $500,000. The consolidatio give the resultant institution
summated about Nov. 1, will
President.
fourteen branch offices.
Charles J. Rhoads, Vice-President and Treasurer of the
Bell Weatherly MerW. H. Weatherly, President of the
Girard National Bank of Philadelphia, resigned his dual
President of
following his election as Governor of the cantile Co. of Anniston, Ala., has been elected
office this week,
Bank of that city, to fill the vacancy caused
Federal Reserve Bank for the Philadelphia district. His the First National
Wellborn as Chairman of the
leaving has occasioned several important changes. Edward by the appointment of W. B.
company,is elected Vice-President Board of Directors and Federal Reserve Agent for the Atlanta
S. Page, Secretary of the
after a service of twenty-five years, and the Assistant Reserve District.
The last published statement of the Newark Trust Co.of
Newark, N. J., showed a surplus and undivided profit of
$69,525 on a capitalization of $100,000. The statement
contains the certificate of Fergus, Lamb & Co., certified
public accountants, who made the examination, as well as
the signature of Watters V.Day, President of the Company.
THE CHRONICLE
OCT. 17 1914.
1115
REVENUE RETURNS OF UNITED STATES RAILROADS
FOR FISCAL YEARS ENDING JUNE 30 1914 AND 1913
-GROSS EARNINGS, OPERATING EXPENSES AND NET EARNINGS.
Gross Earnings.
Miles of Road.
1914.
Group I.
Atlantic & St Lawrence
Bangor & Aroostook__
Boston & Maine
Can Pac Lines in Maine
Central Vermont
Grafton & Upton
Hoosae Tunnel & Wllm
Maine Central
NIontpeller dc Wells Riv
NYN11.1c Hartford.._
Newport & Richford
Portland Terminal
Rutland
St Johnsbury & L Ch
Sandy Rlv & Rangely L
Sullivan County
Union Freight
Vermont Valley
Total (18 roads)
1913.
Group 111.
Akron Cant & Youngs.
Aliquippa & Southern....
Ann Arbor
Bessemer & Lake Erie
Boyne City 0 & Alp......
Chicago & Erie
Chic Det & Can G T
Chic Indianap & Louisv
Chicago River & Ind _
Chic Ter Hau & S E._
Cin Georgetown & P
On Ham & Dayton_ - _
cin Saginaw & MackDayton & Union
Delray Connecting
Detroit & Mackinac
Det& Tol Sh Line
Dot Or Hay & Milw_
1913.
1914.
1913.
Net Earnings.
(+) or
(-).
Inc.
Dec.
1914.
1913.
(+) or
(-).
Inc.
Dec.
$
1,739,091
3,252.421
48,513,508
1,476,484
4,199,048
114,243
113,775
11.331,406
271,604
68,613.503
209,576
91,182
3,706,981
385,450
176,267
548,603
128,349
538,885
$
--81,584
+542,991
--1,099,602
-87,179
--58,757
+4,598
-13,140
+354,563
+17,784
-1,995,810
-10,030
+11,462
+7.808
+1,014
-1,898
-1,322
+9,069
-25,732
$
1,411,263
2,401,960
38,296,679
1,384,587
3,857,578
71,865
97,305
8,487,420
226,754
48,515,350
274.876
36,319
2,825,317
329,328
132,342
420,259
99,058
394,978
$
1,568.700
2,219,096
38,101,425
1,372,608
3,365,537
92,883
80,493
8,246,998
206,390
47,227.339
262,870
33,331
2,891,183
304,282
131,735
384,785
85,882
394,111
$
--157,437
+182,864
1-195,254
+11,979
+292,041
-21,018
+16,812
+240,422
+20,364
+1,288,011
+12,006
+2,988
-65,866
+25,046
+607
+35,474
+13,176
+867
5
$
248,244
170,391
1,393,452 1,033,325
9,117,227 10,412,083
4,718
103,876
482,711
833,509
46,976
21,360
3,330
33,282
3,198,549 3,084,408
62,634
65,214
18,102,343 21,386,164
6e175,330 def53,294
57,851
66,325
889,472
815,798
81,168
57,136
44,532
42,027
127,022
163,818
42.467
38,360
144,774
118,175
$
+75,853
+360,127
--1,294,858
-99,158
-350,798
+25,616
-29,952
+114,141
-2,580
-3,283,821
-22,036
+8.474
+73,674
-24,032
-2,50.5
-36,796
-4,107
-26,599
167
631
2,252
233
411
18
25
1,207
45
2,003
21
31
468
98
105
26
2
25
167
631
2,252
233
411
18
25
1,207
45
2,113
21
31
468
98
105
26
2
25
3
1,657,507
3,795,412
47,413,908
1,389,305
4,140,289
118,841
100,635
11,685,969
289,388
66,617,693
199,546
102,644
3,714,789
386,464
174,369
547,281
137,418
513,153
7,766
7,878
142,984,609
145,410,374
-2,425.765
109,063,238
106,969,648
+2,093,590
33,921,371 38,440,726
-4,519,355
97,411,441
92,077
88,775
1,605,502
492,920
10,709,535
246,845
3,764,255
177,448
116,335
905,836
135,793
23,090,061
39,819,284
192,649
113,805
333,844
47,619
52,344,668
101,558,132
139,231
107,057
1,838,673
643,842
10,947,246
153,856
3,708,971
240,851
119,636
927.928
116,209
23,999,532
40,518,045
193,723
169,998
335,509
48,247
53,971,813
--4,144,891
-47,154
-18,282
-233,171
-150,922
-237,711
+92.989
+55.284
-63,403
-3,301
-22,092
+19,584
-909,471
-698,761
-1,074
-56,193
-1,665
-628
--1,827,145
72,054,892
123,071
57,591
1,375,760
586,344
7,938,063
181,053
2,515,403
98,942
83,322
714,325
123,664
15,309,780
25,621,409
181,905
142,122
145,564
50,381
37,084,158
73,779,638
127,273
71.378
1,326,855
794,678
7,665,891
123,356
1,965,243
105,166
75,192
659,955
100,780
14,656,690
25,283,232
168,430
155,135
145,953
38,340
35,279,885
--1,724,748
-4,202
-13,787
+48,905
-208,334
+272,172
+57,697
+550,160
-6,224
+8,130
+54,370
+22,884
+653,090
+338,177
+13,475
-13,013
-389
+12,041
1-1,704,771
25,356,549
def30,994
31,184
229,742
de193,424
2,771,472
65,792
1,248,862
78,506
33,013
191.511
12,129
7,780,281
14,197,875
10,744
def28,317
188,280
def2,762
15,260,512
27,778,494
11,958
35,680
511,818
def150,836
3,281,355
30,500
1,743,728
135,685
44,444
267,973
15,430
9,342,842
15,234,813
25,294
14,862
189,556
9,907
18,592,428
--2,419,945
-42,952
-4,496
-282,076
+57,412
-509,883
+35,292
-494,876
-57,179
-11,431
-76,462
-3,301
-1,562,561
-1,036,938
-14,550
-43,179
-1,276
-12,669
--2,331.918
986.877
988,323
205,046
183,465
114,552
132,891
137,590
139,266
616,068
659,976
262,114
256,695
643,003
633,095
193,489
215,259
1,774,792
1,849,436
2,255,800
1,793,78.5
39,783,564
43.043,372
254,368
232,70
532,416
506,861
251,006
273,20
99,035
106,97
964,736
1,111,45
301,412
292,98
846,602
844,244
102,371
101,45
112,705,211 115,087,95
III,
9,040,812
9,454,349
2,978,174
2,926,926
165,973
208,658
83,976
96,922
Erie
178,963,562 181,830,904
130,798
139,065
366,620
318,657
311,374
414,019
3.511.897
3,521,448
12,625,29
11,641,883
156,58
152,954
1,426,965
1,681,861
3,812,820
3,781,500
13,124,530
13,334,943
IV and V.
21,103,724
20,656,989
249,354
174,865
1,833.774
1,797,641
130.856
135,280
6,351.136
6,397,733
roup III.
-1,446
+21,581
-18,339
-1,676
-43,908
+5,419
+9,908
-21,770
-74.644
+462,015
-3,259,808
+21,665
+25,555
-22,201
-7,937
-146,721
+8.430
+2,358
+918
-2,382,741
494,772
88,445
55,797
132,829
338,314
124,833
353,819
115,925
1,293,130
1,257,280
27,609,162
216,613
409,088
252,118
73,961
78.5,898
608,936
664,706
88,311
85,718,343
498,086
78,074
63,907
134,662
357,313
134,860
327,990
128,621
1,242,607
29,107 818
9 ,
63
111,195
364,526
257,242
64,520
845,979
246,552
588,563
86,058
84,120,197
490,237
492,105
-3,314
105,391
116,601
+10,371
68,984
68,755
-8,110
4,603
4,761
-1,833
302,664
277,754
--18.999
121,835
137,281
-10,027
305,105
289,184
+25,829
86.638
77,564
-12,696
606,828
481,662
+50,523
9 85
9 02
4
; 40 12,17 :420 13,983350:574525
65
28
- 294
+ 9
1,4 8
121,508
+105,418
37,755
142,335
123,328
+44,562
15,964
def1,112
-5,124
42,452
+9,441
25,074
265,478
178,838
-60,081
46,430
+362,384 de1307,524
255,681
+76,143
181,896
15,395
14.060
+2,253
+1,598,146 26,986,868 30,967,755
+1.868
+11,210
-10,229
+158
--24,910
+15,446
-15,921
-9,074
-125,166
+167775
-1,761,150
-83,753
-19,007
-17,076
-17,378
-86,640
-353.954
-73,785
-1,335
-3,980,887
-413,537
+51.248
-42,685
-12,946
6,692,924
2,045,150
182,371
53.888
6,499,040
1,981,257
201,500
55,510
+193,884
+63,893
-19,129
-1,622
2,955,309
945,668
7,158
41,412
-607,420
-12,644
-23,556
-11,325
-2,867,342
-2,267
+47,963
-102,645
-9,551
+983,408
+3,635
-254,896
+31,326
-210,407
134.049.848
62,645
279,819
276,019
2,400,808
9,043,773
185,892
594,313
3,100,747
11,695,071
133,755,028
87,923
246,799
288,473
2,355.376
8,358,027
167,975
674,385
2,842,513
11,368,579
+294.820
-25,278
+33,020
-12,454
+45,432
+685,746
+17,917
-80,072
+253,234
+326,492
44,913,714 48,075,876
51,142
74,153
86,801
71,858
35,355
125,546
1,111,089 1,166,072
3,581,519 3,283,856
def29,304 def15,022
832,652 1,007,476
712,078
938,986
1,429.465 1,966,364
-3.162,162
+23,011
+14.943
-90,191
-54,983
+294382
17 66
:2
-446,735
-74,489
-163,867
-4,424
+46,597
17,109.807
122,617
271,309
108,923
5,097,875
17,072,965
120,036
227,015
109,675
4,952,986
+36,842
+2.581
+44,294
-752
+144,889
4,030,758
129,318
1,570,627
25.605
1,398,150
-483,576
-77,071
-208,161
-3,672
-98,293
2,205,125
254,484
28,405.757
244,255
255,755
143,520
711,329
50,582,717
160,350
1,606,037
390,781
196,63
2,003,276
253,186
241,207
92,585
219,688
975,591
285,784
807,244
301,140
1,138,053
4,708,718
547,680
7,632,679
663,145
130,912
+156,879
-41,401
-1,033,442
-38,261
+13,404
-4,788
-80,216
--3,439,347
+5,995
-270,081
-3,172
--41,215
+96,698
-48,253
+12,825
-18,010
-13,402
-281.935
+7,560
+11,439
-40,422
-61.836
--631,352
+17,658
+635,057
+97,570
+6,136
1,823,712
125,987
17.783,045
97,744
196,646
139.239
327,574
31,793,209
191,456
625,390
323,056
147.335
1,779.947
178,523
132.216
51.621
180,669
448,668
247,901
521,941
269,47
835.487
3,774,002
343,371
7,848,630
450,637
111,420
1,734,450
109,487
16,404,861
98,155
248,167
114,782
304,131
30,547,341
170.624
560,712
281,546
170,425
1,506,828
139.176
141,732
57,957
157,212
526,031
264,278
549,899
248,449
825,801
3,363,418
338,516
6,019,147
403,295
95,050
+89,262
+16,500
+1,378,184
-411
-61,521
+24,457
+23,443
+1.245.868
+20,832
+64,678
+41,510
-23,090
+273,119
+39,347
-9,516
-6,336
+23,357
-77.363
-16,377
-27,958
+21,023
+9,686
+410,874
+4,8.55
+1,829.483
+53,342
+16,370
538,292
470.675
87,094
144,997
9,589,27 12,000,896
108.249
146,100
72.514
7,589
def5OS
28,738
407.198
303,53
15,330.162 20,015,377
6e125.11
def10.273
710.506 1,045,325
04.553
109,235
26,211
8.086
320,027
496.448
26,410
114,010
121,816
99,475
22,954
34,628
25,717
62.476
244,988
449,560
45,443
21,506
296,742
257,345
def8,754
52,691
240,730
312,252
303.274 1,345,301
221,967
209,164
419,106 1,613,53
304,078
259,84
25,628
35,86
+67,617
-57,903
-2,411,626
-37.851
+64,925
-29,246
-103,659
--4.885.215
-14,837
-334,759
-44,682
-18,125
-176,421
-87.600
+22,341
-11,674
-36,759
-204,572
+23,937
+39.397
-61,445
-71.522
--1,042,027
+12,803
-1,194.426
+44,229
-10,234
772.468,751 -21,892,678
549,198.714
Group II.
Baltimore & Ohio
4,478 4.456
Benwood & Wheel Con..
2
2
Bloomsburg & Sullivan _
29
29
Buffalo & Rugg RR
253
265
Buffalo & Snag Ry
91
91
Buffalo Roth & Pittab576
586
Cambria & Indiana._
26
26
Central New England
304
277
Cornwall
13
13
Coudersport & Pt Alleg
42
83
Cumberland & Penn.__
64
64
Delaware & Northern
46
46
Delaware & Hudson
881
854
Delaware Lack & West960
958
Sussex
31
31
Donors Southern
3
3
E Broad Top RR& Coal
46
46
East Jersey RR & Term .
___
Erie
1,988 1,988
Chicago & Erie-See Group 111
Fonda Johns & Glovers
89
88
Genesee & Wyoming
19
19
Greenwich & Johnsonv21
21
Hoboken Manufacturers
1
1
Hunt & Broad Top Mtn
72
72
12
12
Ironton
23
Lacka & Wyoming Vail
23
7
Lake Champlain di Mor
7
97
Lehigh & Hudson River
97
Lehigh & New England
293
272
1,444 1,439
Lehigh valley
Ligonier Valley
16
16
Maryland ,k Penna
80
80
McKeesport Connect5
. 5
Morristown & Erie__ -13
13
Monongahela Connect6
6
Montour
18
18
New Jersey & NewYork
48
48
N Y & Pennsylvania......
56
56
N Y Cent & Bud River 3,757 3,751
For lines west of Buff alo see Group
NY Ontario & Western
566
566
N Y Susq & Western_ 141
154
Northampton & Bath
7
7
Norwood & St Lawrence
18
18
Pennsylvania-Lines E sat of P itts &
Pennsylvania RR
4,084 4,032
Balt di Sparrows Pt
5
5
Balt Ches & Atlantic_
88
88
Cornwall & Lebanon_
26
26
Cumberland Valley
102
162
Long Island
39
399
Maryland Del& Va.8
84
Monongahela
67
67
N Y Phila & Norfolk.
112
112
Northern Central
472
472
Pennsylvania Terminal
-See Groups
Phila Halt & \Vash..1
717
713
Slum Bloomsb & Berw • 42
42
Union RR of Balt
10
10
Waynesburg & Wash
28
28
W Jersey & Seashore_
356
356
For Lines West of pit ts & Erl 0 see
G
Reading Company
Atlantic City
167
167
Catasauqua dr Fogies
31
31
Cent RR of New Jere
678
676
Chester & Del River_
6
5
Gettysburg & Harrisb
41
41
Northeast Pennsylv_
26
26
Perklomen
42
42
Phila 24 Reading
1,020 1.020
Phila Newtown & N Y
22
22
Port Reading
21
21
Reading & Columbus
59
59
Pitts Aileg di McK Rock
2
2
Pitts Shawmut & North
282
279
Potato Creek
54
35
Raritan River
22
22
Reynoldsv & Falls Crk_
25
25
St Clair Terminal
8
8
South Buffalo
36
36
Staten Island
13
13
Staten Island Rap Tran
11
11
Susquehanna dr N 1t_ _
.
68
77
Ulster & Delaware
129
129
Union RR Co, Penn
31
31
West Side Belt
22
22
Western Maryland.....
661
543
Wilkes-Barre & Eastern
92
92
Williamsp & North Brch
56
.56
Total (85 rinds)
1914.
°Deriding Expenses.
Ino. (+) or
Dec. (-).
28.929 26,684
7
7
292
204
90
270
60
617
37
375
54
1,015
54
47
2
411
79
191
7
5
292
204
90
270
60
617
29
351
54
1,015
53
47
2
411
79
191
2,362.004
213,080
27,372,315
205,994
269,159
138,732
631,113
47,188,370
166,345
1,335,956
387,609
155,421
2,099,974
204,933
254,032
74,575
206,286
693,656
293,344
818,683
260,718
1,076,217
4,077,388
565,338
8,267,736
760,715
137,048
760,570,073
111,893
273,854
2,096,169
8,488,074
292,094
5,460,145
1,016,606
6,944,004
314,747
2,162,057
180,080
10,084,217
253,772
141.630
139,656
1,210,333
1,544,330
2.558,130
22.093
327,930
2,072,696
9,012,362
263,302
5,493,371
984,227
6,985,944
358,494
1,929.552
171,648
10,071,297
255,572
143,736
151,264
1,242,327
1,354,559
2.516,327
+89,800
-54,076
+23,473
-524,288
+28,792
-_33,288
+32,379
-41,940
-43,747
+232,505
+8,432
+12,920
-1,800
-2,106
-11,608
-31.994
+189,771
+41,803
72,97
213,822
1,455,001
5,790,187
180,280
5,751,191
879,947
5,184,728
241.929
1,775,928
147,374
9,737.841
315.985
134,588
171,099
852,880
768,136
2,271,261
2,347,889
933,024
def16,398
30,087
3,547,182
52,247
1.362,466
21,933
1,299,857
-174,824
-226,908
-536,899
539,090,914 1-10,107,800 201,371,359233,377,837 --,32,008.478
55,910
263,381
1,435,084
5,109,388
185,479
5,325,790
860,945
5,103,937
240,661
1,501,630
144,652
8.061,990
308,502
121,857
168,27
846,69
639,655
2.405.45
+17,063
38,920
-49,559
60,032
+19,917
641,168
+686,799
2,691,887
-5,199
111.814
+425,401 def291.046
+19,002
136,659
+80,791
1,759,276
+1.268
72,818
+274,298
386,129
+2,722
32,707
+1,675,851
346,376
+7.483
def62,213
+12,731
7,042
+2,822
def31.443
+6.184
357,454
+128,481
776,194
-134.197
2RR aao
def33,817
64,549
637,613
3,902,974
77,823
167,581
123,282
1,882,007
117,833
427,921
26,997
2,009,307
def52,930
21.879
def17.013
395.631
714,904
lin son
+72,737
-4.517
+3,555
-1,211,087
+33,991
-458,627
+13,377
-122,731
-45,015
-41,79.2
+5,716
-1,662,931
-9.282
-14,831
-14,43(
-38,171
• v.. ....
0
THE CHRONICLE
1116
Gross Earnings.
DflIes of Road. I
1914. I 1913.
I
,.
3
1
350,703
1,542,734
100,175
7384,566
7,021,145
128,961
3.110,148
562,302
130,988
327,437
560,090
105,043
215,737
1914.
Group III (Con.)- I
14
,
18
Detroit Terminal
441
441
Det Toledo St Ironton
40
40
Frankfort & Cincinnati
347
347
Grand Trunk Western352
352
Hocking Valley
51
51
Hai Lake Sh & Chic
177
177
Kanawha & m ic Mean _ _ ,
10
•10
Lake Terminal
7
7
Lakeside & Marblehead
35
35
Lorain & West Virginia
190
190
Manistee & Nor East_ _
48
48
Marietta Col & Cleve.106
106
Michigan Air Line
NY Cent & Bud Itiv-,SeeGro up II.
359
359
4,329,897
Chic Ind & Sou
205,333
45
45
Chic Kai & Rag
245
246
1,459,278
Cincinnati Northern36,027,653
c C C& St Louis.._ 2.361 2.365
78
43
94,929
Detroit & Chart
91
91
380.805
Dunk All Vail & Pitts
-See Growth VI & VII.
Ind Harbor Belt
906
906
5,743,649
Lake Erie & West
1,854 1,872
53,344,157
Lake Shore & M S
1,800 1,817
34,268,454
Michigan Central
565
567
11,757,111
NY iCtdc& St /mils.
223
224
17,622,031
Pittsb & Lake Er1e
443
446
5,336,893
Toledo & Ohio Cent90
90
403,290
Zanesv & Western 13
13
597,494
Newburgh & So Shore
112
112
225.793
Ohio River & WesternPennsylvaniaLines Wee t 01 Pit in & Eri e
127
127
214,131
Central Indiana
46
46
571,127
Cln Lob & Nor1h- _ -575
578
5,538.484
Grand Rap & Ind_ -1,750 1,751
60,779,683
Penna Company
22
22
357,834
Pitts Char & Yough42,096,662
,
Pitts Cin Chic & St L 1.472 1,472
Toledo Peoria & Wee.-See Groups VI. dr VII.
910
910
11,255,235
Vandalla
Waynesb & Wash- See Group II.
2,322 2,330
16,431,939
Pere Marquette
1011
101
253,058
Pontiac Oxford & Nor
13
17
149,153
Pullman RR
2
2
347,771
St Clair Tunnel
87
87
215,783
Tionesta Valley
116
116
172,957
Toledo Sag & Musk
451
451
4,588,121
Toledo St Louis & W
31
31
427,691
Toledo Terminal
30,022,495
2,515 2,515
Wabash
63
870,282
Wabash-Pittsb Term
631
50
50
163,788
Western Allegheny
459
459
7,637,346
Wheeling & Lake Erie
37
37
256,898
Youngstown & Ohio
Total(66 roads)
Groups IV & V.
Alabama & Vicksburg
Alabama Tenn & North
Appalachicola Northern
Ashland Coal& Iron
Atlanta & St And Bay
Atlanta & West PointAtlanta firm & ALL Atlantic Coast Line--Birmingham & Nor W.
Birmingham Southern_
CaroUna Atian & WestCarolina & North WestCarolina Clinch!& Ohio
Caro Clinch &0of 13 C_
Central of Georgia
Charleston & W Caro
Charleston Terminal Co
Charlotte Har & NorthChattahoochee Valley
Chesapeake & Ohio_._
Chicago Memphis &..
Chic NO & Texas Pac_
Coal & Coke
Colum Newb & Laurens
Durham & Southern
Eastern Kentucky
E Tenn 3m W Nor Caro_
Fernwood & Gulf
Florida East Coast__ _ Gainesville Miditual
Georgetown & Western_
Georgia & Florida
Georgia Fla & Alabama
Georgia Northern
Georgia
Georgia S W & Gulf _ _ _
Gulf& Ship Island
Harriman & North East
Inter-State
Kan Glen Jean & East_
Kentucky & TennesseeKentwood & Eastern
Lancaster & Chester
Live Oak Perry & Gulf.
Louisiana Southern
Loubtville & Nashville
Loulsv Bend & St L_
Macon & Birmingham_
Macon Dublin dc Say_
Mississippi Central__ _ _
Nashv Chatt & St L_
New Orleans & N E
New Orleans Grt Nor
NO Mobile & Ch
NO Natalbany & NatNonf & Ports Belt Line
Norfolk Southern
Norfolk & Western.-N W of South Carobs&
Ocilla Southern
Pennsylvania Terminal
Rich Fred & Potomac
Savannah 3m Northwest
Seaboard Air Line
South Georgia
Southern
Ala Great South_ _ _ _
Augusta Southern-.
Blue Ridge
Danville & WesternGeorgia Sou 3m Fla
Mobile 3m Ohio
Northern A1abama
South Ry in Miss.._ _
Tallulah Falls
Virginia 3m Southwest
Standard 3m Hernando_
Tampa Northern
Tenn Ala 3m Georgia
Tennessee Central
Tidewater 3m Western_.
Union RY.(MemPh1s).Virginia & Carolina So_
Virginia Carolina
I
Operating Expenses.
Die.(+) or
Dec. (-).
1914.
a
1913.
I
Du.(+) or ,
Dec. (-).
Net Earnings.
1914.
977,463
86,025
201,140
7,926,650
8,435
73,028
-398,764
-10,100
-179,403
-3.771,037
+163
+8.787
+05,409
+2.273,643
+1,962,479
+367,152
+916,515
+495,155
+59,399
-42,636
+24,519
1,014,421 1,429,508
12,526,897 19,728,43.
7,399,772 10,473,295
2,078,741 3,311,955
6,723,204 10,058,196
768,715 1,599,710
de178,488
37,736
70,846
146,141
17,814
33,230
-414,087
-7,201,538
--3,073,523
-1,233,214
-3,334,992
-830,995
-116,224
-75,295
-15,416
+15.618
+19,152
+56,040
--3,600,525
+21.844
-1,779,921
def5,235
def15,879
152.892
167.514
1,112,382 1,149,01
15,071,523 17,264,667
197,381
146,814
8,894,876 9,529,193
-10,644
-14,622
-36,630
-2,193,144
-50,567
-634,317
202,230
2,376,833
79,449
6.038,874
4.803,746
93,339
2,219,790
548,709
111,587
101.854
426,165
91,928
296,551
3
138,467
1,846,831
86,472
5,657,080
4,983,843
93,019
2,185,419
561,671
103,034
78,997
419,554
87,123
256,357
$
+63,763
+530,002
-7,023
+381,794
-180,097
+320
+34,371
-12,962
+8,553
+22,857
+6,611
+4,805
+40,194
4,407.457
211,016
1,416,922
37,551,799
91,203
371,262
-77,560
-5,683
+42,356
-1,524,146
+3,726
+9,543
3,751,198
129,408
1.437,541
31,872,040
86,331
298,989
3,429,995
124,990
1,215.782
29,625,149
82,768
298,234
+321,203
+4,418
+221,759
+2,246,891
+3,563
+755
6,062,327
58,272,052
35,379.498
12,623,144
20,040,508
5,672.733
460,115
715,425
216,690
-318,678
-4,927,895
-1,111,044
-866,033
-2,418,477
-335,840
-56,825
-117,931
+9,103
4.728,228
40,817,260
26,868,682
8.678,371
10,898,827
4,568,178
481,778
526,648
207,979
4.632,819
38,543,617
24.906,203
9.311.189
9,982,312
4,073,023
422,379
569,284
183,460
209,157
566,597
5,519,074
66,573,352
386,557
44,510,900
+4,974
+4,530
+19,410
-5,793,669
-28,723
-2.414,238
230,010
415,235
4,426,102
45,708,160
211,020
33,201,786
214,392
399,083
4,370,062
49,308,685
189,176
34,981,707
578,699
75,925
21,737
4,155,613
8,598
81,815
+50,830
8,842,199
8,715,378
+126,821
2,413,036
-974,816
+12,221
-59,817
-51
-28,399
-2,018
+252,954
+24,221
-1,746,792
+55,964
+36,606
-194,602
+13,254
17,426423
283,764
106,762
107,675
172,418
261,961
3,138,146
390,764
24,403,832
701,249
163,194
5,274,541
130,989
13,906,422
288,701
119,794
96,622
176,986
232,715
2,900,257
316,973
24,693,489
734,111
136,606
5,884,811
130,980
+3,519,701
-4,937
-13,032
+11,053
-4,568
+29,246
+237,589
+73,791
-289,657
-32,562
+26,588
-610,270
+9
de1994,184
def30,706
42,391
240,096
43,368
def89,004
1,449,975
36,927
5,618,663
169,033
594
2,362,804
125,909
418,759,021
442,663,001 -23,903,980
335,292,593
143
1;830,544
185
472,012
102
216,768
30
163,558
82
234,350
93
1,277,668
645
3,399.361
4.616
36.832,898
49
127,941
43
1,161,830
79
268,736
134
495,535
248
2,520,306
18
158,902
1,924
14,210,742
341
2,095,812
2
116,140
111
409,865
33
102,517
2,338
36,690,021
52
206,571
337
10,872,691
197
989,716
355,891
75
326,844
59
53.084
361
36
211,388
32
138,728
5,347,819
642
187,082
74
312,817
101
851,131
352
609.622
193
68
238,143
3,327,444
307
133,720
35
1,995,766
308
106,796
20
135,152
35
109,181
14
153,140
11
231,516
55
109,645
29
151,611
81
147,020
65
59,682,778
4,923
1,371,798
200
156,298
105
541,192
93
945,742
164
12,778,334
1,231
3,975,710
203
1,873,613
283
2.204,370
404
86,971
29
231,587
14
3,990,020
788
44,470,619
2,035
122,925
71
121,027
72
514,679
5
2,977,081
88
226,547
109
25,291,755
3,082
239,995
82
69,533,697
7,037
5,385,307
309
83
185,936
44
181,669
83 . 343,044
2,596,548
395
1,122
12,975,431
113
582,371
281
1,289,586
ss
149,154
as
240
240
1,939,104
34
34
77,957
60
180,453
60
97
92,505
95
294
294
1,707,339
93
93
89,279
21
211.
118,306
57
57
109,948
301
101.212
30
-31,393
1.861.937
+123,322
348,690
261,740
-44,972
-695
164,253
-2,732
237,082
+38,742
1,238,926
+156,315
3,243,046
36,123,072
+709,826
+31,097
96,844
-114,798
1,276,628
+73,815
194,921
+2,267
493,268
+39,910
2,480,396
+4,663
154,239
+355,870
13,854,872
+199,813
1,895,999
+11,235
104,905
+18,112
391,753
+435
102,082
35,085,278 +1,604,743
+8,446
• 198,125
+427,522
10,445,169
-6,248
995,964
+33,121
322,770
-24,561
351,405
50,410
+2,674
-22,925
234,311
115,673
+23,055
+310,762
5,037,057
+24,949
162,133
-34,612
347,429
+18,442
832,689
592,254
+17,368
+25,107
213,036
+209,679
3,117,765
114,130
+19,590
-118,854
2,114,620
114,305
-7,509
115,187
+19,965
-6,123
115,304
180,358
-27,218
-3,704
235,220
+2,452
107,193
+36,991
114,620
131,324
+15,696
59,465,699
+217,079
+140,315
1,231,483
155,889
+409
490,226
+50,966
968,536
-22,794
13,317,162
-538,828
3,764,458
+211,252
1,801,344
+72,269
-285,682
2,490,052
+38,223
48,748
-4,963
236.550
3,870,464
+119,556
' +730,698
43,739,921
+11,320
111,605
+12,901
108,126
+37,553
477,126
+8,469
2,968,612
+48,416
178,131
+763,893
24,527,865
+17,743
222.252
68,529,490 +1,004,207
+153,322
5,231,985
+4,205
181,731
+5,460
176,209
+11,466
331,578
+29,658
2,566,890
+597,781
12,377,650
+41,282
541,089
+193,514
1.096,072
-23,151
172,305
+132,478
1,806,626
-33,222
111,179
190,908
-10,455
-44,606
137,111
+23,005
1,684,334
106.535
-17,256
+11,136
107,17.
-13,113
123,061
-20.072
121.284
1,482,657
272,751
164,716
118,478
141,727
962,806
2,766,954
26,212,088
65,191
835,856
190,145
359,153
1,185,829
69,458
10,745,268
1,600,467
89,440
491,957
56,523
25,653,937
136,204
7,706,720
806,846
239,730
162,080
62,481
112.528
106,823
3,653,221
142,097
241,792
736,740
519,618
148,198
2,632,073
84,798
1,375,842
60,815
152,329
61,003
82,744
157,751
149,340
114,816
108,688
44,782,708
1,017,076
134,052
411,266
609,246
10,079,439
3,05,5,530
1,129,951
1,451,157
111,610
170,423
2,926,906
29,935,842
92,290
73,200
300,238
1,896,123
203,756
17,311,395
148,712
50,571,175
4,227,464
143,518
145,377
207,937
2,111,962
10,075,827
410,085
1,040,554
117,911
1,370,868
75,320
122,216
102,530
1,299,249
88,709
92,533
69,157
48.114
324,475,313 +10,817,280
1,404,598
192,207
172.790
135,531
152,532
918,940
2,676,744
24,635,532
47,563
809,349
132,005
346,806
1,053,609
65.021
10,324,964
1,472,594
86,984
415,407
59,833
24,451,560
178,397
7,036,482.
743,953
233,408
165,419
59,821
114,519
122,807
3,554,604
142,651
288,403
733,653
489,311
150,826
2,759,904
76,120
1,372,383
59,987
122,665
54,256
81,538
169,785
62,913
95,490
97,677
44,810,880
1,029,415
145,759
415,298
610,397
10,438,783
2,866,047
1,073,324 •
1,761,975
97,363
164,335
2,488,652
28,565,813
82,547
53.993
301,122
1,812,001
153,132
16,725,613
143,141
48,273,924
3,815,905
150,933
144,877
191,505
2,039,138
9,070,197
409,951
1,032.924
126,991
1,254,268
80,243
120,535
131,466
1,238,922
89,997
57,001
69,46.5
54.469
Inc.(+) or
Dec. (-).
$
+63,112
-660,554
+2,569
--673,735
-616.402
-14,743
-227,451
-82,511
-50,042
+59,562
-21,346
-9,033
-18,139
$
+126,876
-130,552
-4,454
-291,941
-796,499
-14,424
-193,081
-95,473
-41,489
+82,419
-14,734
-4,228
+22,055
17,406,755
240,837
208.970
347,822
244,185
174,975
4,335,167
403.470
31,769,257
814,318
127,182
7,831,948
243,644
143
1831
102
30
82
93
646
4.673
49
44
202
134
248
18
1,924
341
2
115
33
2,367
52
337
197
75
59
36
36
32
696
74
110
352
193
68
307
35
308
20
35
14
16
48
29
82
65
4,941
200
105
93
164
1,231
203
283
403
29
14
860
2,037
71
72
5
88
109
3,098
82
7,010
309
83
44
83
395
1,122
113
281
1913.
3
$
148,472
8.5,360
de1534,099 0ef173,545
20,726
18,157
1,145,684 1,819,419
2,217,399 2,833,801
35,622
50,365
890,359 1,117,810
13,593
96,104
•19,401
69.443
225,583
166,021
133,925
155,271
13,115
22,148
def80,814 def62,675
$
223,827
1,673,286
104,629
7,476,500
7,817,644
143,385
3,303,229
657,775
172,477
245,018
574,824
109,271
193,682
11,204,405
25,979 25,945
1913.
[Vol.. me .
+78,059
+80,544
-8.074
-17,053
-10,805
+43,866
+90,210
+1,576,556
+17,628
+26,507
+58,140
+12,347
+132.220
+4,437
+420,304
+127,873
+2,456
+76,550
-3,310
+1,202,377
-42,193
+670,238
+62,893
+6,322
-3,339
+2,660
-1,991
-15,984
+98,617
-554
-46,611
+3,037
+30,307
-2,628
-127,831
+8,678
+3,459
+828
+29,664
+6,747
+1,206
-12,034
+86,427
+19,326
+11,011
-28,172
-12,339
-11,707
-4,032
-1,151
-359,344
+189,483
+56,627
-310,818
+14,247
+6,088
+438,254
+1,370,029
+9,743
+19.207
-886
+84,122
+50,624
+585,782
+5,571
+2,297,251
+411,559
-7,415
+500
+16,432
+72,824
+1,005,630
+134
+7,630
-9,080
+116,600
-4,923
+1,681
-28,936
+60,327
-3,288
+35,532
-308
-6.353
2,489,02
3,500,33
de147,864
89.17
251,200
67,199
de/57,740
1,434,91
86,49
7,075,79
80,20
def9,424
1,947,13
112,66
-75,991
-4,494,517
+17,158
-46,785
-11,104
-23,831
-31,264
+15,065
-49.571
-1,457.134
+88,826
+10,018
+415,667
+13,245
83,466,428 118,187,688 -34,721.260
347,887
199,261
52,052
45,080
92,623
314,862
632,407
10,620,810
62,750
325,974
78,591
136,382
1,334,477
89,444
3,465,474
495,345
26,700
def82,092
45,994
11,036,084
70,367j
9701
,
3 165,
182,870
116,161
164,763
def9,397
98,858
31,904
1,694,598
44,986
71,026
114,391
90,004
89,945
695,372
48,922
619,923
45,981
0e117,176
48,178
70,396
73,765
def39,695
36.795
38,332
14,900,070
354,721
22,246
129,926
336,496
2,698,894
920.180
743,662
753,213
de124,639
61,164
1,063,114
14,534,777
30,636
47,827
214,443
1,080,958
22,791
7,980,363
91,283
18,962,523
1,157.844
42,417
36,292
135,107
484,586
2,899,603
172,286
249,032
31,243
568,237
2,637
58,237
def10,025
408,090
2,570
25,773
40,791
53.098
457,339
156,483
88,950
28,722
84,550
319,986
566,302
11,487,540
49,281
467,279
62,916
146,462
1,426,787
89,218
3,529,908
423,405
17,921
06123,654
42,249
10,633,718
19,728
3,408,687
252,011
89,362
185,985
def9,411
119.792
def7,134
1,482,453
19,482
59,026
99,036
102,943
62,210
357,862
38,011
742,236
54,318
def7,478
61,048
98,820
65,435
44,280
19,130
33,648
14,654,819
202,068
10,131
74,928
358.139
2,878,379
898,411
728,019
728,077
def48,615
72,215
1,381,812
15,174,107
29,058
54,133
176.004
1,156,611
24,999
7,802,252
79,110
20,255,567
1,416,081
30,798
31,332
140,073
527,752
3,307,452
131.138
63,148
45,314
552,358
30,936
70,373
5,645
445,412
16,588
50,169
53,598
66,815
-109,452
+42,778
-36,898
+10,358
+8,073
-5,124
+66,105
-866.730
+13,469
-141,305
+15,675
-10,080
-92,310
+226
-64,434
+71.940
+8,779
-58,438
+3,745
+402,366
+50,639
-242,717
-69,141
+26,799
-21,222
+14
-20,934
+39.038
+212,145
+25,504
+12,000
+15,355
-12,939
+27,735
+337,510
+10,911
-122,313
-8,337
-9,698
-12,870
-28,424
+8,330
-83,975
+17,665
+4,684
+245,251
+152.653
+12,115
+54.998
-21,643
-179,485
+21,769
+15,643
+25,138
+23.976
-11,051
-318,698
-639,330
+1,578
-6,306
+38,439
-75,653
-2,208
+178.111
+12,173
-1,293,044
-258,237
+11,619
+4,960
-4,966
-43,166
--407.849
+41,148
+185,884
-14.071
+15,879
-28,299
-12,136
-15,670
-37,322
-13.968
-24,396
-12,805
-13,717
OCT. 17 1914.]
1
Gross Earnings.
Miles of Road.
1914.
Groups IV &V (Con.)
Virginian
Wadley Southern
Washington Southern._
Western Ry of Alabama
Winston-Salem Southb _
Wrightsv az Tennille_
Yazoo & Miss Valley
THE CHRONICLE
503
90
36
133
93
104
1,372
1913.
503
90
36
133
92
104
1,372
1914.
$
6,340,080
125,794
1,297,291
1,485,849
515,871
352,119
12,535,499
1913.
$
5,842,584
103,926
1,318,390
1,412,153
438.712
306,5841
10,999,673
1117
Operating Expenses,
(+) or
(-).
Inc.
Dec.
1914.
$
5
+497,496
3,533,221
103,531
+21,868
-21,099
927,366
1,131,351
+73,896
+77,159284,842
238,904
+45.535
+1.535,826
0.688,698
Total(91 roads)
1913.
$
3,374,158
96,015
897,138
1,055,587
242,393
249,431
8,624,819
Nei Earnings.
(+) or
(-).
Inc.
1 Dcc.
$
+159,065
+7,516
+30,228
+75,764
+42,249
-12,527
+63,879
1914.
$
2,806,859
22,263
369,925
354,498
231,229
115,215
3,846,801
1913.
S
2,468,428
7,912
421,252
358,588
196,319
57,152
2,374,854
(+) or
(-).
Inc.
Dec.
$
+338.431
+14,351
-51,327
-2.088
+34,910
+58,063
+1,471,947
.024,555 296,285,815 285,153,381 +11,132,434 115,890,600 117,004,479 -1,107,879
41,553 41,190 412,182,415 402.157.860 +10
Groups VI & VII.
101,632
Ahnapee & Western _ _
118.525
34
• 83,418
+16,893
34
83.892
-476
+17.370
55,110
37,740
1.794,351
B az0 Chic Term
1,594.454
77
-199,897
77
1.271,433
1,403.444
-132,011
-87,886
323,021
390.907
3,193,207
3,064.677
Belt Ry of Chicago__
21
21
1,877,280
-128,530
2,031,200
-153,920
1,187,398 1,162,008
+25,390
131,544
132,809
Big Fork & Intern Fall
34
34
85.292
+1,265
71,435
+13,857
-12,592
47,517
60,109
1,495,391
1.330,940
+164,451
Butte Anaconda & Pee.
90
90
1,004,893
1,075,175
+234,733
-70,282
255,765
490,498
15,254,865 -1,098,633
14,158,232
Chicago & Alton
1,033 1,032
11,987,900
12,840,072
-852,172
-246,481
2,168,332 2.414,793
15,544,285
16,214,972
1,282 1,275
Chicago & East Ill
12,989,011
-870,687
12,884,668
+84,343
2,575,274 3,330,304
-755,030
187,640
25
135,058
25
Chicago & Ill Midland_
155,401
+52,582
121,554
+33,847
32,239
+18,735
13,504
176,786
169.740
14
14
Chicago az III Western..
149,085
+7.048
144,648
+4.437
27.700
+2.608
25,092
83,877,051
83,035,921
Chicago & North West_
8.035 7.976
59,405,141
+641,130
58,252.780 +1,152,361 24,271.909 24,783,141
-511,232
Ind__ _
260,712
17
17
Chicago dz West
144,409
+116,303
204,885
136,454
+88.431
55,827
+47,872
7,955
Chicago Burl & Quincy_
9,204 9,128
92,750,934
94,374 485 -1.623,551
82,148,398
,
62,842,891
-694,493 30.602,536 31,531,594
-929,0.58
Quincy Omaha & KC
288
263
912,040
968.647
885,490
-54,607
890,280
-4,770
-49,837
26,550
76,387
14,260,522
Chicago Great Western 1,496 1,498
14,000,619
10,831,188
+259,903
10,260,143
+571.025
-311,122
3,429,354 3,740,478
Chicago Junction
12
2,029,764
12
2,003,913
1,545,013
+25,851
1,360,283
+184.730
-158,879
643,630
484,751
130
Chic Milw & Gary
129
410,646
465,132
422,028
-54,486
421,852
-54,862
+178
de:11,382
43,280
91,782,891
'Ehic Milw & St Paul_ _
94,034,055 9,690 9.592
61.330,061
2,301.384
62.883,988 -1,553,907 30,452,630 31,260,087
-747,457
Chic Mil & Pug Sd-Chic Peoria & St L
255
255
1,676,617
1,697,793
1,688,511
-21,176
1,600,449
-109,238
+88,062
97,344
def11,894
Ch St P Minn & Om_ _ _
1.753 1,744
17,
992,
371
+999,386
12,632,570
16 993 005
. .
11,887.461
+254,256
+745,109
5.359.800 5.105,544
Chicago Short Line._ _
12
12
152.832
198,624
113,674
-45,792
138,359
-22,685
-23,107
62,26.5
39.158
Chicago River AL Ind__ _
37
29
314,747
358,494
241,929
-43.747
240,661
-45,015
+1,268
117,833
72,818
Chic W Pull az Sou_ _ _ _
10
10
266,725
329,745
194,876
-63,020
212,611
-17,735
-45.285
71,849
117,134
Copper Range
138
138
508,990
768.640
392,331
-259,650
493,411
-101,080
116,658
275,229
-158 571
.
Day R I & Northwest_ _
49
49
118,215
135.191
134,944
-16.976
138.935
-3,991
-12,984
def18,729
def3,745
Denver Laramie & N W
57
57
102,262
100,149
117,215
125,321
-8,106
+10.220
+2,1131
def14,953 def25,173
Denver& Salt Lake._..
255
215
1,215,361
1,156,952
916,812
+58,409
888,324
+28.488
298,549
+29,921
268,628
Des Moines Union
5
5
407,831
373,328
300,093
+34,303
270,893
+29,200
+5,103
107,538
102,435
Duluth & Iron Range._
292
272
6,518,528
_603,193I
7,121.719
3,458,919
3,324,108
+134,811
3,059,607 3.797,611
-738,004
Duluth & Nor Minn._
120
115
357,362
387,700
285.389
-30,338
275.071
+10,318
112.629
-40,658
71,973
Duluth Missabe & Nor_
384
358
7,311,844
8,476,105 -1,164,261
4,040,361
3,803,358
+237.003
3,271,483 4,672,746 -1,401,263
Duluth Winn & Pac_
181
165
1,743,894
1,339,393
1,378.570
+404,501
874,093
+504,477
365,324
-99,976
465.300
_
Duluth So Sh 6c
627
828
3,412.575
_256
3,412.831
2,763,997
2.724,490
+39,507
-39,763
688,342
648,579
East St Louis Connect_
3
3
482,337
478,643
389,402
+5.694
331,896
+37,506
-31,812
144,747
112,935
Joliet& Eastern. _
777
Elgin
11,252,392
824
13,350.782 -2,098.390
7.755,239
7.511,495
+243,744
3,497,154 5,839,288 -2,342,134
Escanaba & Lake Sop..
143
143
359.202
360,931
243,096
-1,729
210,702
+32,394
-34.123
150.229
116.106
Farmers Gr'n & Ship Co
66
66
87,021
128,744
68,383
-41,723
72,841
-37.245
-4,478
55.903
18.858
51
Gallatin Valley
73
107,377
128,758
83,795
-21,381
90,841
37,917
-14.336
-7,046
23,581
75,441,386
78,654,591 -3.213,225
Great Northern
7.803 7,752
46.519.273
45,828,640
+690,833 28,922,093 32.825,951 -3.90 ,858
3
57
57
Great Western
242,396
218,856
156,224
+25,540
137,048
+6.364
+19.176
88,172
79,808
248
248
776,377
Green Bay & Western..
757,994
521,295
+18,383
501,899
+19,598
258,295
-1,213
255,082
6
6
Hannibal Connecting..
108,308
124,152
105,641
-15,848
112,913
-7,272
-8,573
11,238
2,685
IllinoisCentral
65.873,700
4,783 4.763
64,280,903 +1,592,797
50.775,328
50,048.912
+728.418 15,098.373 14,231,992
+866,381
8 .
6
380,852
Illinois Northern
403,654
243,237
-22,802
232,171
+11,088
171,482
137,615
-33,867
136
137
Illinois Southern
566,911
434,012
543,000
+23,911
409,750
+24,262
132,899
-351
133,250
19
19
Illinois Terminal RR...
291,034
215,961
294,505
-3,471
226,136
-10,175
75,072
+6.703
68.369
105
105
Indiana Harbor Belt_ _
3,284,687
3.232,225
2.533,676
+52,482
2.314,923
+218.753
751,011
-166,291
917,302
W._
37
Kewaunee Gr B &
37
212,247
179,230
115.559
+33,017
103.559
+12.000
96.688
75.671
+21.017
35
Lake Superior & Ishpem
35
524,511
421.565
375,171
+102,946
388,087
-10.916
149,340
35,478
+113,862
44
Litchfield &
44
221,698
150,593
199.001
+22,897
153,919
-3,326
71,105
45,082
+26,023
Madison..
Maniatique & Lake Sup
68
68
188,019
136.524
138.588
+29.431
106,975
+29.549
31,498
31,814
-118
Manufacturers Junction
17
20
95.686
78,811
104,980
-9.274
78,384
18.875
-1,573
28,576
-7,701
Mineral Pt& Northern_
31
31
90.806
74.795
95.347
-4,541
50.180
+24,635
18.010
45,188
-29.176
Mineral Range
122
122
514,458
446.028
844,457
-329,999
880.004
-233,978
88.433
164.453
-96.020
Minneap & Rainy Rio.
88
88
141,142
106,030
+32,724
108,418
102,301
35.112
+3.729
+28,995
6,117
Minneap & St Louis..
1,586 1,586
9,620,884
9,707,004
-86,120
6,891,814
6,707.388
+184,426
2,729,071 2.999,616
-270.545
Iowa Central
Minn St P & S S M
4,102 3,976
28,775,634
18.941,938
-2.988,153
31,783,787
18,891,257
9,833.896 12,872,530 -3,038,834
+50.681
Wisconsin Central
Minnesota AL Internat..
197
194
700,350
976,182
+48,214
611,780
927,968
275.832
+88.570
316.188
-40,356
Missouri & Louisiana..
65
66
126,129
102,375
145,075
129,617
+15.458
18,946
+23,754
27,242
-8,298
Mont Wyom & Sou_ _ _
29
100,952
29
105,951
179,386
179,742
78,434
-356
-4,999
73,791
+4,843
Munising Mare &13 B..
393,181
137
137
366,889
+26,492
544,874
524,219
131,038
-20,655
178.185
-47.147
NorthernPacific
44,873,298 -3,201,245 27.072,749 28.002,841
41.472,053
6,354 6,313
68,544,802
72,878,139 -4,131,337
-930.092
806.995
Peoria & Pekin Union_ _
18
711,307
+95,688
127,188
18
934,163
-3,484
226,340
937.847
-99,172
Peoria Ry Term Co_ _
200,194
204.5911
12
+4,397
12
51,987
25,906
+30,478
228,100
256,578
+26,081
258.610
222,809
Pierre Rap City &
+35,801
165
51,885
17,602
274,694
165
276,213
-34,283
+1,519
Minneap_
97,504
110,018
Ry Trans of
96,829
+12,514
12
109,921
12
-13.092
207,425
206,847
-578
202,347
174,209
+28,138
61
123,119
Rock Island Southern
140,197
81
325,466
-17,078
+11,080
314,406
220.418
+7,276
213,142
24,265
St Louis az Hannibal...
103
103
23,579
+7.983
236.721
+686
244,884
123,610
110,892
101,832
St Louts& O'Fallon_ _ _ _
164,659
9
+12.718
225.442
-50.109
-62.827
275,551
9
197,421
St Louis Troy & East
188,171
58,551
+9.250
58.612
26
-2,061
26
253,972
+7.189
248,783
St Paul Bridge & Term.
126,101
113,586
70,534
+12,515
49.508
196,635
+21,026
163,094
+33.541
South Dakota Central_
243,030
191.231
92.341
+51.799
115,459
103
103
335,371
-23.118
306,890
+28,881
Stanley Merrill& Phil_
130,150
52
cle123,864
96,238
+33,912
9.267
-33,131
52
106,285
105,505
+780
Toledo Peoria & West_ _
_00,352
1,236,155
248
1,135,248
57,453
+100,907
248
257,713
-200,260
1,293,609
1.392.961
Union Pacific
3,616 3,581
29.498,632
28,414,626
+1,084.006 21,578,884 23,171,604 -1,594.720
51,586,230
51,075,516
-510,714
Oregon Short Line See Gro up X.
Oregon-Wash RR & Nay- See Gro up X.
St Jos ,Sz Grand Isl.. _
319
1,407,073
319
-4,564
1,411.637
1,810,060
202,987
+61,159
141,828
+56,595
1,553,465
Union Stk Yds Omaha.
35
35
354,552
138,668
+15.645
345,711
493,220
468,733
+8.841
123,023
+24,487
Wabash Chester & West
85
85
121,281
130,338
120,950
+13,333
9,386
def3,947
-331
+13,001
117,335
Wisconsin & Michigan.
124
122,295
138
-1.568
113,076
122.921
2,194
115,270
+9.219
826
+7,651
Wyoming az Northwest_
148
-972
148
208,747
236,884
194,70
207,775
+42,181
403,449
444,658
+41,209
Total(78 roads)
67 9
+842,463 222,447,408 240,271,730 -17.824.322
. 71 67.303 693,175,794 710.157,853 -18,981,859 470,728,386 469,885,923
Groups VIII & IX.
Abilene & Southern....
97
97
-21,6.52
75,402
144,955
53.750
91,205
164,718
+1,889
89,316
-19,763
Ark Louisiana & Gulf..
62
62
-8,149
93.564
def41,596 def33,447
135,160
100,363
133,810
+1,350
-6.799
Arkansas Central
46
46
+3,705
114,104
30.734
34,439
80,574
79,865
111.308
-909
+2:796
Atch & Eastern Bridge.
146,627
_3,655
+3.680
107.881
111,561
146,602
35,066
38,721
+25
Atch Top & Santa Fe.. 8,5413 1,231
93.540,268
-892,505
98,090.754 -4.550,486
60,172,701
63,830,683 -3,657,982 33,367,567 34,260,072
Grand Canyon-See Group X
Gulf & Inter-S of Tex
72
72
326,909
385,906
285,395
-7,218
48.732
317,174
41.514
-38,997
-31,779
Gulf Cob & Banta F
1,596 1,596
12,882.258
13.701,533
9,959,733
-819,275
-583,012
2,922,525 3,505,537
10,195,996
-238.263
Pecos & North Texas
570
482
2,396.037
2.513,173
1,584,338
781,082
1,750.112
-117,136
811,701
+50,839
-167,776
Rio Gr El P & S Fe..
20
20
251,262
251,131
221,118
185,511
-35,475
+131
65,620
30,145
+35.607
Panhandle& S Fe
179
125
1.350,819
1,503,704
911,653
937,096
-152,885
-127,443
566,609
439,166
-25,443
Texas & Gulf
127
126
320,652
368,290
293.478
349,064
-47,638
+7.948
27,174
-55.586
19,226
Brimstone RR & Canal
8
8
95,752
120,662
62,082
-24,910
61,571
-25,421
33,670
.59,091
+511
Butler County RR_ _ _ 42
35
115.956
'
124,177
119,029
105,919
-8.221
-21,331
+13,110
18,258
def3.073
Colorado & Sou East
21
21
81.617
115,041
81,882
-53,424
70,379
-8,497
44,881
-44.927
def268
Colorado dr Southern.. 1,127 1,127
7,608,120
8,827,773 -1,219.644
5,582,173
6,203,734
2,025,956 2.624,040
-598.084
-621,561
454
Ft Worth & Den City
454
4,738.723
5,334,558
3,533,661
-595,833
3,745.405
-211,744
1,205,062 1,589.151
-384,089
Wichita Valley
257
257
656,791
898,288
444,979
499,133
-41,495
-54,154
211,812
199,153
+12.659
Trinity & Brazos Vail
483
463
2,302.879
2,835,818
2,388,502
-533.139
2.851,120
184,698
def83,823
-264,618
-268.521
Colorado & Wyoming..
53
55
734.730
918,550
492,583
542,488
-18.3.8201
242,147
-49,903
376.064
-133,917
Colorado Midland
338
338
1,781,982
1,828,335
1,729,612
-66,3531
1,657.828
+71.784
-138.137
32,370
170,507
Denver & Rio Grande_ _
2,585 2,560
23,167,051
24,452,065 -1,285,9141
16,018.196
17,047,172 -1,028.976
7.148,855 7,405,793
-256.938
Flor & Cripple Creek
87
129
1,228,512
1,228,941
703,305
-429
662,560
525,207
+40,745
566,381
-41.174
Fort Smith & Western_
221
221
667,149
728,308
657,954
-59.1591
805,933
+52,021
9.195
120.375
-111.180
Fort Worth Belt
18
3413,745
18
215,729
205,787
+33.0161
189,897
42,959
+35.890
45,833
-2.874
Galv Hoes & Render_ _
50
50
319,146
321,931
253,689
-2,7851
253,127
+542
65,477
68,804
-3,327
Galveston Wharf
12
II
526,123
558,999
-32,8761
451,404
508,420
-55.018
74,719
52,578
+22,141
Gulf & Sabine River_ _
30
26
133,1146
115,545
162,938
+is,ioil
147,818
def29,292 def32,273
+15,120
+2.981
Gulf Texas& Western..
130
130
117.444
140,612
+23,11181
177,646
109,896
+67,750
det37,034
7,547
-44,581
Internet & Great North 1.160 1,160
11.280,585 -1,310.191
9,941,374
8,021,579
8.527,479
-505,900
1,919,795 2,733,085
-813.290
Jonesb Lake C & East..
98
96
268,486
285,511
238,446
+17,0251
193,343
+45,103
47,065
75,143
-28,078
X C din & Springfield.
154
154
402,998
381.778
-21,222
292,360
291,078
+1.282
89,416
111,920
X C Mexico & Orient
-22,504
260
260
928.428
868,424
-60,0041
934,974
868,608
+66,366
de186.550
59.820
-126,370
K C Mex & Or't of Tex_
477
477
+64.1921
970,541
1.203,189
1,034,733
872.932
+330,257 def168,457
97,608
Kansas City Southern_ _
-286.065
827
827
+287.1451
10,993.454
6.910,321
10,708.309
8,747,157
+183.164
4,083,133 3,959.15
Kansas City Terminal_
+123,981
10
10
-32.0761
462,616
430,540
449,706
462,384
-12,678
det19,166
232
Louisiana & Arkansas..
279
-19,398
255
+28.7491
1,673,459
1,7902051
1,135,865
1,059,718
,+78,147
564,344
813,74
Louisiana & Nor West_
121
-49,397
121
503,4611
331,128
-22.6671
339,391
287,940
+71,451
sieI30,930
Louisiana & Pacific...
63,188
79
-94,118
73
261,3021
238.904
223,781
207,682
+22 3981
.
+16.099
37,521
Louisiana Ry & Nay Co
31,222
351
+6,299
351
1,971,7181
1,891,824
1,545,600
+79,894
1,425,428
+120,172
426,118
Manitou &Pike's Peak_
466,396
9
9
-40,278
93.255
100,901
+7.646
82.740
60.282
+2,458
38,161
trg Ry-of-St-Lents: _
32,973
17693&2*4,szt
+5,188
--77:3
1P;4 .
159:661+25.124
deel • •
I
[VOL. xmx.
THE CHRONICLE
1914.
1913.
Operating Expenses.
Gross Earnings.
Miles of Road.
1914.
1913.
Inc. (-I-) or
Dec.
(-).
$
$
$
Gro pa VIII& IX(CO 8.) 93
93
183,384
-37,786
221,170
MarshaII & East Texas_
80
334,812
220,885
94
+113,927
MemphiIs Dallas & Gulf
29
111,692
+9,949
101,743
29
M idlan 1 Terminal
1,617,566
373
+106,400
1,511,166
380
Midlan 1 Valley
679,111
65
777,118
65
-98,007
Miss R v & Bonne Terre
365
385
1.293,618
+57,473
1,236.145
MIssou 1 & North Ark_ _
31,521,188
-825,070
32,346,258
1
MIssoul Han & Texas- 3,865 3,817
19
19
120,913
+2,246
118,667
Mo Okia & Gulf of Tex_
332
1,171,787
332
+92,891
1,078.896
MIsso 1 Okla & Gulf._
26,622,041
28,018,909 -1,398,868
3,920 3,920
Miss.% 1 Pacific
3,365 3,365
33.171,860
34,136,598
-964,738
St L Iron Mt & Sou
66
173,359
66
-11,371
184,730
Missou1 Southern
102
102
134,552
+13,864
120,688
New I aria & Northern
60
135,542
60
+36,353
99,189
New OrI Sou & Gr Isl._
136
136
252,807
-39,622
292,429
Oklaho ma Central
63
66
184,956
+2,944
182,012
Ouachl a & Northwest_
37
51
158,506
80,126
+78,380
Paris & Mt Pleasant
41
36
92.372
110,758
-18,386
Prescott& Northwest
43
191,748
80
224,621
-32,873
Quana • Acme & Pacific
33
117,354
33
+5,201
112,153
Rio Gilin & Eagle Pas5_
180
646,021
180
664,179
-18,158
Rio Giltide Southern
Rock I dand477
477
2,819,779
3,395,974
-576,195
Chic Rock 181 & Gulf
68,388,224
67,962,961 -2.580,627
Chic Rock 181 & Pao- 7,852 7,573
4.742 4.742
42,458.880
43,401,716
-942,836
s& San Fran
St Lo
235
235
833,123
-53,142
886,265
Ft orth & Rio Gran
17
17
143,680
239,098
-95,418
Paris & Great North_
244
244
1,480,212
1,513,087
-32,875
St L San Fran & Tex
118
119
629,207
708,140
-78,933
Bea m S L & West
Louisliana South-See Groups IV & V
286
286
1,581,020
+48,317
1,532,703
New Orl Tex & Mex_
62
62
192,093
182,841
+9.252
Ora Xe & Northwest_
2,660,633
518
2,930,692
518
-270.059
Brownsv & Mex
St L
9
9
1,921.263
2,080.438
-159,175
St L arch Bdge Term
106
106
218,301
213,724
+4,577
St L R icky Mt & Pac
906
8,212,255
943
8,596,110
-383,855
St Lo a Southwestern704
4,532.301
811
4,700,840
-168,539
St LS iV RY of Texas
6
6
434,094
420,469
+13.625
St Louls Transfer
4,648,197
724
5,109,279
724
-461,082
San Ant & Aransas Pass
244
316
398,357
305,611
+92.746
San A t Uvalde & Gulf
Southe-n Pacific-See Group X
Ariz •na Eastern-See Group X
Corvallis & Eastern- See Gmo up X
11,824.091
12,065,516
-241,425
Galv Harris & San An 1,338 1.338
40
40
380,974
347,154
+33,820
Rollston & Shrevep't
789
830
6,551,983
6,828,648
-276,665
Rollston & Texas Cen
191
191
1,443,373
1,403,271
+40,102
Ho ton E& W Tex_
65
65
230,414
181,807
+48.607
Lake Charles & Nor_
208
2,314,284
208
2,315,374
-1,090
Louisdans Western
Tex
Mon can's La &
404
405
4,700,887
4,657,947
+42,940
t& SS Co
RI
458
458
4,174.321
4,269,376
-95.055
Teasa & New Orleans
-S
Coos Bay Rose]'& Ea st RR& Nay 34 ee Group X
2,811,293
34
2,983,590
-172,297
tlt Assn of St L..
Term
1,885 1,885
18,652,685
+573,902
18,078,783
Texas k Pacific
28
28
104,880
-9.710
114,690
Texas k Southeastern
6
6
182,455
+22,256
160,199
Texas 31ty Terminal__ _
162
162
333,087
-37,026
370,113
Texas II/text=
125
125
727,201
-80,503
807,704
Texas 41dIand
24
24
221,215
+8,403
212,812
Texas iklahoma & East
83
83
233,956
+37.265
196.691
Tremorit & Gulf
68
68
229,762
-140,149
360,011
hints]'
171
171
+70,859
1,776.777
1.705,918
Vicks hreve & Pacif1c_
56
56
139,474
-12,404
151.878
Victori% Fisher & West_
41
41
143,449
-32.035
175,484
Min Wells&NW
West]'
TotsI (98 roads)--- 57.852 56,930
479,173,615
CROUP X.
109
109
966,678
Arizon i& New Mexico_
64
64
331.205
Bellingham & Northern
27
27
1,775,538
Binxham & Garfield
45
45
74,704
Boca Loyalton
83
83
84,973
Bullfrog-Goldfield
32
32
140,587
County
Butte
5.5
55
486,772
Colum ta & Puget Sd_
1,029
982
9,057,553
El Pasci & S W Co
64
64
264,304
Canyon
Grand
150
150
491,700
Idaho z Wash Northern
194.883
200
200
Volias & Tonopah
Las
341,593
82
84
McClo ad River RR Co_
112.253
18
18
Moren 1 Southern
367,260
239
239
Nevad .-Callf-Oregon
166,774
21
22
Nevad 1 Co Narrow Gall
1,761.197
165
165
Nevad e Northern
92,741
116
116
Central__ _
New axle°
97,988
47
47
North Yakima & Valley
401
3,745,805
401
'astern Pacific
North
188,342
157
157
Oregon Trunk
187,758
90
90
Pacific & Idaho North187.402
103
103
Pacific Coast
304,969
112
91
Pac R & Navigation
494,636
7
7
Gila Valley
Ray &
65
200,902
63
Salem rails City Sz W
99,118
15
15
Salt La ke & Los Angeles
365,703
76
75
San Di .go & Southeast_
181,206
56
56
San Jo Quin & Eastern_
10,626,703
1,132 1,132
San PeeI Los A & Salt L
11
93,770
11
Shannon-Arizona
382.853
76
76
11Cy of CaliforniaSierra
Southern Pacifico-92,038,088
6,493 6,380
Pact(lc System
104,725
28
28
Coos B Rose &E RR & N 367
2,797,811
367
Arizo na Eastern
317,696
141
141
Lilts & Eastern
Cory
VIII & IX
For r amainder of syst em see groups
4,901,740
556
556
Spokanei Port& Seattle_
1,020,069
161
163
International_
Spokanei
316,237
79
79
Sumac r Valley
476,497
63
63
Sunset _
581,266
92
92
Tacoma Eastern
688,850
111
110
Tonopa li & Goldfield
340,428
181
181
Tonopa 1& Tidewater
7
183,094
7
Tooele Talley
'acifIc-See Gro ups VI & VII
Union
22,005,594
2,120 1,972
Oregon Short Line_ _ _
17,227,641
Ore- rash RR & Nay 1,915 1,917
222,003
26
26
United Terde & Pacific_
270,654j
67
67
.
Virginia & Truckee_
49
49
0 891
4 2,3
Wash I laho & Mont
6,099.5731
934
943
Western Pacific
273,880
79
79
Yosemite Valley
Total (60 roads)._
18.305 18,009
Group 1 -New England 7,768
Total (18 roads)_ _ _ _
Group 2 -East&Middle(85 roads)... _ _ 26,929
Total
-Middle WestGroup 3
Total (66 roads)__ _ _ 25,979
-SouthernGroups de 5
41,553
Total (91 roads)_ _
Groups l& 7-Northwe it
67,971
Total (78 roads)__
Groups I & 9-SouthwetTotal (98 roads)._ 57,852
Group 1 1-Pacific Coas 1-18.305
Total (50 roads)
Gran
7,878
498,762,530 -19.588.915
1913.
•
Or
1914.
1913.
IAA. (÷) or
Dec.
$
206,129
168,653
62,074
1,266,433
504.342
1,200,129
22,808,412
126,078
1,008,083
22,031.385
22,667,611
89,132
135,211
109,564
250,315
124,276
42,650
94,971
102,794
81.067
435,262
$
+9,272
+22,730
+8.182
+77.518
-96.401
+25,025
-86,293
-15,906
+175,073
-255,303
-1.321,321
+28,645
+9,931
+4,429
+5,351
+67,170
+63.543
-6,239
+6.225
-2.857
-10,361
$
$
def32,017
15,041
143,429
52,232
41,437
39,669
273.615
244,733
271,170
272.775
68,464
36,016
8,799,069 9,537,846
10,741
def7,411
def11,369
70,813
4,845,958 5,987,523
11,825,569 11,468,986
95,598
55,581
def10,590 def14,523
21.550 def10,375
42.114
def2,859
57,737
def6,490
37.476
52,313
15,788
3,640
121,827
82,729
39,143
31,085
221,120
228,917
$
-47,058
+91,197
+1,768
+28,882
-1,605
+32,448
-738,777
+18,152
-82,182
-1,141,565
+356.583
-40,017
+3,933
+31.925
-44,973
-64,227
+14,837
-12.148
-39,098
+8,058
-7,797
2,106.808
48,893,139
31,073,710
678,821
183,018
1.321.907
608,565
2,187.525
50,316.578
28,599,620
725,190
140.296
1,234,974
611,861
-80,717
-1,423,439
+2,474,090
-46,369
+42,722
+86,933
-3,296
712.972 1,208,450
16,495,195 17.652.383
11,385.170 14,802,096
154,302
161,075
98.802
def39,338
278.113
158,305
96,280
20,642
-495,478
-1.157,188
-3,416.926
-6.773
-138,140
-119,808
-75,638
1,466,805
185,284
2,107,944
1,610.068
198,681
5.160,890
4,606,827
333,438
3.984,756
370.606
1,263,317
181,061
2.342.660
1,640,995
305,216
4,881,571
4,334,226
326,837
3,775,657
216,023
+203,488
+4.223
-234,716
-30,927
-106,535
+279.319
+272,601
+6,601
+209.099
+154,583
114,215
6,809
552.689
311,195
19.620
3.051,365
de174,527
100,656
663,441
27.750
269,386
1,780
588,032
439,443
def91,492
3.714,538
366,614
93,632
1,333,622
89,587
-155,171
+5,029
-35,343
-128,248
+111,112
-663,173
-441,141
+7,024
-670.181
-61,837
9,722.026
176.167
5,555,615
1.061,696
133,301
1,663,597
9,571.535
162,343
5,483,129
1,059,432
109,333
1,573,056
+150,491
+13,824
+72,486
+2,284
+23,968
+90,541
2,102,065
204,807
906,368
381.677
97,114
650,687
2,493,081
184,811
1,345,520
343,839
72.474
742,318
-391.916
+19,996
-349.152
+37,838
+24,640
-91,631
3,614,123
3,794.693
3,921,687
3,758.387
-307,564
+36,306
1,086,764
379,628
736,260
510.989
+350,504
-131,361
1,873,483
14,238,007
108.202
128,785
262,901
603,226
200,279
201,901
171,893
1,373,417
111,784
93,821
1,898,673
14,772,781
112,101
149,273
270,034
644,788
169,686
177,407
194,906
1,303,813
143,076
96,276
-25,100
-534,774
-3,899
-20.488
-7,133
-41,562
+30.593
+24,494
-23,013
+69,604
-31,292
-2,455
037,810 1,084,917
4,414,678 3,306,003
2,489
def3,322
10,925
53,670
70,187 8 100,079
162,916
123,975
43.126
20.935
19,284
32.055
175,006
57.870
402.105
403.360
8,802
27,690
79,208
49.628
-147,107
+1.108.675
-5,811
+42,745
-29,892
-38.941
-22,191
+12,771
-117,136
+1,255
+18,888
-29,580
350,558,814
356,264.041
-5,705,227 128.614,801 142,498,489 -13,883.688
-93.6131
-16,244
+639.175
-17.730
-14,061
+284
-108,552
+399.837
-29,278
-190,846
-1,830
-44,491
+11,900
-36,719
+37,408
+116,608
-18,067
-7,187
+36,039
-5.689
-10,028
-39,089
+28,379
+114,127
+57,202
+1,692
-62,991
-524,316
+388,653
-23,345
-41,894
473,324
196,010
672.685
65,670
91,306
84,114
298,615
5,596,630
244,488
361,196
189,529
252,094
158.122
298.195
116,262
925,708
99,328
67,782
2,653,359
195,827
133,777
152.594
384,796
112,879
164,059
75,601
340,035
146,905
7,214,978
38,801
211,975
488,301
214,097
504.464
71,486
92,788
82.094
364,184
5,118,284
271,402
501,035
191,506
246,553
113,567
283.633
98,136
797,534
89,503
61,348
2,594,845
178,672
138,291
172,423
427,829
94,643
113,210
71,849
377,820
265,781
6,810,511
58,075
238,285
-14,977
-18.087
+168,221
-5,816
-1.480
+2.020
-65,539
+478.346
-26,914
-139,839
-1,977
+5,541
+44,555
+14,562
+18,126
+128.174
+9,825
+6,434
+58.514
+17,155
-4,514
-19.829
-43,033
+18,236
+50,849
+3,752
-37,785
-118,876
+404,465
-19,274
-26,310
571,990
493,354
133,352
135.196
631.899
1,102,8.53
20,948
9,034
6,248
def6,334
58,209
56.472
231,170
188.157
3,460,924 3,539,433
22,180
19,816
181.510
130,504
5,207
5,354
139,530
89,498
def45,869 def13,214
120,347
69,065
31,230
50,512
847.055
835,489
def6,587
21,305
43,827
30,205
1,092,446 1,114,921
def7,485
15,359
53,981
59,495
54,068
34,808
de179,827 def151,239
381,757
285,866
36,843
30,490
23,517
25.577
25,669
50.874
34,301
439,741
3,411,727 3,427,539
54,969
59.040
186,462
170,879
-78,636
+1.844
+470,954
-11,914
-12,582
-1,737
-43,013
-78.509
-2,38.4
-51,006
+147
-50,032
-32,655
-51,282
+19,282
-11.566
-27,892
-13,622
-22,475
-22,844
-5,514
-19,260
+71,412
+95,891
+6,353
-2,060
-25,205
-405.440
-16,812
-4,071
-15,583
95.354.888
103,787
2.692,035
350,080
-3.316.800
+938
+105,776
-32,384
54,991,140
71,009
1,644,852
520,748
54,710,692
73,307
1.480,504
362.806
+280,448
-2,298
+164,348
+157,942
37,046,948 40,644,196
33,716
30,480
1,152,959 1,211,531
def203,052 def12,726
-3,597,248
+3.236
-58,572
-100.326
5,341,466
1,148,050
302,577
735,980
669,997
696,398
328,240
129,773
-439,726
-127,981
+13,660
-259,483
-88,731
-7,548
+12,188
+53,321
2,808,642
591,933
239,923
259,445
442.704
410,874
204,737
124,982
2.696.545
686.598
233,741
373,443
470,669
371.085
191,691
113,465
+112.097
-94,665
+6,182
-113.998
-27,965
+39.789
+13,046
+11.517
2.093,098
428,136
76,315
217.052
138,562
277,976
135,691
58,111
2,644.921
461,452
68,836
362,537
199.328
325,313
136,549
16,308
-551,823
-33,316
+7.479
-145.485
-60,766
-47,337
-858
+41,803
22.019,856
18,204,220
232,134
299,808
457,327
6,173,628
278,355
-14,262
-976,879
-10,131
-29,154
-54,938
-74,055
-4,475
12,167,048
11,725,239
219.800
206,248
234,101
4,995,892
139,814
11,429.802
12,253,139
229,337
212,812
242.447
4,478,835
127,604
+738,146
-527,900
-9,537
-6,584
-8.346
+517,057
+12.210
9,837,646 10.590,054
5,502,402 5,951,081
2,797
2,203
86.998
64,406
214,880
188,287
1,103,682 1,694,793
150,751
134,066
-752,408
-448,679
-594
-22,590
-46,503
-591,111
-16,685
188,841,135
-4,705,030
114.016,673
111,870,639
+2,146,034
70,119,432 76,970,496
-6,851,064
184,136,105
142,984,609
145,410,374
-2,425,765
109,063,238
106,969,648 +2,093,590 33,921,371 38,440,726 -4,519,355
539.090,914 +10,107.800 201,371,359233,377,837 -32,006.478
324.475,313 +10,817,280 83,466,428 118,187,688 -34,721,260
26,684
750,570,073
772,468,751 -21,898,678
549,198,714
25.945
418,759,021
442,663,001 -23,903,980
335,292,593
412,182,415
402,157,860 +10,024,655
296,285,815
285.153,381 +11,132,434 115.896,600 117,004,479
41,190
(-).
$
215,401
191,383
70,256
1,343,951
407.941
1,225,154
22,722,119
110,172
1.183,156
21,776.082
21,346,290
117,777
145,142
113,993
255,666
191.446
106,193
88,732
109,019
78,210
424,901
1,060,291
347,449
1,136,363
92,434
99,034
140,303
595.324
8,657,716
293,582
682,546
196.713
386,084
100,353
403,979
129,366
1,644,589
110,808
105,175
3,709.766
194,031
197,786
226.491
276.590
380.509
143,700
97.426
428,694
705,522
10,238,050
117,115
424,747
-1,107,879
67.303
693,175,794
710.157,653 -16,981,859
470.728,386
469,885,923
56,930
479,123,515
498,762,530 -19,588,915
350.558,814
356,264.041
+842,463 222,447,408 240.271.730 -17.824,322
13.883,688
-5,705,227 128,614.801 142,498,489 -
184,136,105
188,841,135
-4,705,030
114,016,673
111.870,639
+2.146,034
18.009
Antal (AAA Ma% 94A /117912020 20520021 A292 1(1(1 4(11 2114
1914.
Net Earnings.
I
(+)
(-)•
Inc.
Dec.
/0 A/0 A/9 9 9911 IAA 929 2
70.119,432 76.970.496
-6,851.064
-110.914,046
103.709.859 +31.434.374 855,837.399 966.751,445
THE CHRONICLE
OCT. 17 1914.]
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Oct. 1 1914:
GOLD.
The Bank of England continues to increase its gold reserves, and a net
influx of £2,346,000 has been notified during the week. Receipts were as
follows:
geld coin.
Sept. 24_ _ £71,000 In U.S. gold coin. Sept. 28_ _ 237,000 In U.S.
28._ 103,000 " bar gold.
24__1,002,000" bar gold.
41,000 " U.S.gold coin.
29__
25._ 273,000 " U.S. gold coin.
13.000 " bar gold.
29._
25__ 79,000" bar gold.
30._ 118,000 " U.S. gold coin.
26_ _ 746,000" U.S. gold coin.
151,000 " bar gold.
30
26
14,000 " bar gold.
There have been no withdrawals for abroad, but a further sum of£500.000 was set aside yesterday for Treasury Currency Note Redemption Fund,
raising the total of that fund to £4,500,000.
Dominion of New Zealand
The Minister of Finance and Defence of the
England deposits of gold,
having agreed to receive on behalf of the Bank of
gold tendered in New Zealand, and will
the Bank is prepared to purchase
make advances to the extent of 97% of the value on the basis of 77s. 9d.
on the delivery of the
per ounce standard. The balance will be adjusted
gold in London.
and trust companies of New York has agreed not
The syndicate of banks
to facilitate the export of gold abroad for the present, except in connection
with the arrangements which are being made to meet the city of New York
and other foreign obligations maturing during the next four months.
The West African gold output for August amounted to £150,386, an
increase of £24,296 as compared with that for August 1913.
Sept. 30 1914
June 30 1914
Mar. 31 1913
Dec. 31 1913
Sept.30 1913
June 30 1913
Mar. 31 1913
Dec. 31 1912
1 119
Tons.
166,344
128,880
191,828
185,427
255.945
436,675
623.816
626,996
Sept. 30
June 30
Mar. 30
Dec. 31
Sept.30
June 30
Mar. 31
Dec. 31
1912
1912
1912
1911
1911
1911
1911
1910
Tons.'
569,9771Sept. 30
564,990 June 30
401,475 Mar. 31
289,971 Dec. 31
189,898iSept. 30
218,291 June 30
244.561.Mar. 31
226,103Dee. 31
1910
1910
1910
1909
1909
1909
1909
1908
Tons.
261.931
379,836
43,232
467,533
406,862
384.984
291.560
205,236
gommercial andMiscellartenasglevas
NICARAGUA CUSTOMS RECEIPTS.
-We append a
statement showing the Nicaraguan customs receipts for the
first seven months of 1914, compared with 1913:
1914.
$158,251 36
Increase(+)or
Decrease(-)•
+88.30538
+29,953 39
-21,298 34
February
150,91064
March
118,220 40
1913.
$149,945 98
126,957 25
139,518 74
5433,382 40
$115,087 24
118.306 40
105,549 52
$416,421 97
$154,767 38
150.718 94
150,006 12
+516,96043
--$39,680 14
--32,412 54
--44,456 60
5338,943 16
5455,49244
-$118,54928
5772,325 56
595.973 52
5871,914 41
5181,629 84
--$99,588 85
-$85,656 42
January
First quarter
April
May
June
Second quarter
Half year
July
STOCK OF MONEY IN THE COUNTRY.
-The followSILVER.
During the week prices have ruled steadier than for many weeks past, ing table shows the general stock of money in the country as
and have fluctuated to the extent of only Xd., and on each day the quotawell as the holdings by the Treasury, and the amount in
tion has been fixed at either 24d. or 24
It is now more than two months since there has been a market in silver circulation, on the dates given.
for forward delivery, and the amount of forward silver contracts now re-Stock of Monty Oct. 1 '14- -Money in Circulation
In U. S. Held inTreas.a Oct. 11914. Oct. 1 1913.
maining uncovered must be necessarily very small. At the moment, therefcre, the market has to rely for its principal support on the immediate reGold coin and bullion
1,861,838,264 230,116,202 657,944,193 610,735,030
quirements for coinage purposes.
Gold certificates b
42,387,610 931,390.259 1,029,828,159
A shipment of 178.000 ounces has been made from San Francisco to Standard silver
. 565,878,478
1,787,167
70,724,311
73.284,490
Silver certificates b
Hongkong during the week.
10,474,879 482,892,121 478.735,722
183,059,092 21,493,978 161,565,114 157,787.867
Throughout the whole of September no quotations were fixed for silver Subsidiary silver
Treasury notes of 1890__2,394.000
5,211
2,388,789
2,602,750
for delivery in two months. Statistics for that month are given below:
United States Notes
346,681,016
9,706,776 336,974,240 339,826,454
25 3-16d. cash
Highest price
National bank notes
d1,077,884,776 27,015,60751,050,869,169 709,677,098
23 9-16d. "
Lowest price
Total
4 037,735,626 342.987,430 3,694,748.196 3,402,477,570
24.269d. "
Average price
Population
To-day's quotation for cash delivery is .id. below that fixed a week ago. culation per of continental United States Oct. 1 1914 estimated at 99,451,000; circapita, $37 15.
per ounce standard:
Quotations for bar silver
Oct. let 1914.
No
a This statement of money held in the Treasury as assets of the Government does
Sept.2&.24fi cash.
Bank rate
quotation
5% not include deposits of public money in national bank depositaries to the credit of
28_ _24 yi "
"
28.24
"
29.24
30..2
"
Oct. 1_24
Average for the week
fixed
for
forward
delivery.
24% cash.
Bar gold per ounce standard_ _ _ _77s. 96.
Nominal
French gold coin per ounce
German gold coin per ounce..._Nominal
U.S. A. gold coin per otmce__ Nominal
the Treasurer of the United States, amounting to 565.887.138 76.
b For redemption of outstanding certificates an exact equivalent In amount of the
appropriate kinds of money is held in the Treasury, and is not included in the account of money held as assets of the Government.
d Includes additional Circulating notes issued under authority of act of May 30
1908, as amended by Acts of Dec. 23 1913 and Aug.4 1914.
TRADE AND TRAFFIC MOVEMENTS.
UNFILLED ORDERS OF STEEL CORPORATION.
Canadian Bank Clearings.
-The clearings for the week
The United States Steel Corporation on Saturday, Oct. 10, ending Oct. 10 at Canadian cities, in comparison with the
issued its regular monthly statement showing the unfilled same week of 1913, show a decrease in the aggregate of
orders on the books of the subsidiary corporations at the 15.0%.
close of September. From this statement it appears that the
aggregate of unfilled orders on Sept. 30 was 3,787,667 tons,
Weelc ending October 10.
recording a decrease of 425,664 tons from last month, when Clearings at
Inc.or
This
1914.
1913.
Dec.
1912.
1911.
the amount of orders outstanding was 4,213,331 tons.
is the lowest since Oct. 1911, when the amount of outstanding
Canada
-64,002,547 --14.1
55,000,644
60,745,808
Montreal
51,906,863
orders was 3,694,328 tons. In the following we give the Toronto
38,856,187
46,644,615 --17.1
42,972,948
35,424,209
42,869,571 --6.1
40,244,232
31,230,895
Winnipeg
26.973,197
comparisons with previous months:
Tons.
April 30 1913_6.978,762
Mar. 31 1913-7,488,956
Feb. 28 1913...7.656,714
Jan. 31 1913-7,827,368
Dec 31 1912...7.932.164
Nov. 30 1912_7.852,883
Oct. 31 1912_7.594.381
Sept. 30 1912...6,551,507
Aug. 31 1912_6.163,375
July 31 1912_5.957,079
June 30 1912_5,807.346
May 31 1912_5.750,983
April 30 1912._ _5.664,885
Mar. 31 1912_5.304.841
Feb. 29 1912_5,454,200
Jan. 31 1912_5.379,721
May 31 1913_6,324,322 Dec. 31 1911_5.084,761
Tons.
Sept. 30 1914_3,787,867
Aug. 31 1914_4,213,331
July 31 1914-4,158.589
June 30 1914...4,032,857
May 31 1914_3.998.160
Apr. 30 1914...4.277.068
Mar. 31 l914...4,653,825
Feb. 28 1914...5,026,440
Jan. 31 1914...4.613,680
Dec. 31 1913_4,282,108
Nov. 30 1913-4,396.347
Oct. 31 1913_4.513,767
Sept. 30 1913_5,003,785
Aug. 31 1913_5,223,468
July 31 1913_5,399,356
June 30 1913-6.807.317
Tons
Nov. 30 1911_4,141,955
Oct. 31 1911_3,694,328
Sept. 30 1911_3.611.317
Aug. 31 1911__.3.695.985
July 31 1911_3,584,085
June 30 1911_3.361,058
May 31 1911_3,113,187
April 30 1911_3.218.704
Mar. 31 1911_3.447,301
Feb. 28 1911_ 3,400.543
Jan. 31 1911_3,110.919
Dec. 31 1910...2.674.750
Nov. 30 1910...2,780,413
Oct. 31 1910_2.871,949
Sept. 30 1910_3.158,106
Aug. 31 1910_3.537,128
July 31 1910_3.970.931
Prior to July 311910, reports of unfilled orders were issued
only quarterly. In the following we show the totals at the
end of each quarter or period for which the figures were made
public, back to the organization of the Steel Company.
June 30
Mar. 31
Dec. 31
Sept. 30
June 30
Mar. 31
Dec. 31
Sept. 30
June 30
Mar. 31
Dec. 31
Sept. 30
Tons.
1910-4,257,794
1910-5,402.514
.
1909-5,927 031
1909_4.796,833
939
1909-4.057.
1909...3,542.59
5
527
1908-3.803,
977
1908-3,421,
1908-3.313.876
1908-.3,765.343
1907_4,624,553
0
1907-.6.425.0 8
June 30
Mar. 31
Dec. 31
Sept. 30
June 30
Mar. 31
Dec. 31
Sept. 30
June 30
Mar. 31
Dec. 31
Sept. 30
Tons.
1907_ 4
.7.803.878
1907_08.043.858
1906...8.489,718
'7,936,884
1906_ 4
1906...6.809,589
1906...7,018,712
1905...7,605,086
1905...5,865.377
1905..4,829,855
1905...5,597.580
1904...4,698,203
'3,027,436
1904_ 4
June 30
Mar. 31
Dec. 31
Sept. 30
June 30
Mar. 31
Dec. 31
Sept. 30
June 30
Dec. 31
Nov. 1
Tow
1904...3,192,277
1904_04.136,961
1903...3,215,123
1903...3,728,742
1903_.4,666,578
1903...5,410,719
1902...5,347,253
1902_4.843,007
1902_ 1
'4,791,993
1901_04,497.749
1901_02.831,692
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
Calgary
London
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_ _ _ _
New Westminster
Medicine Hat__ _
Peterborough
8,086,677
4,334,300
4,151,068
1,768,341
3,501,637
1,743,830
3,858,759
1,909,203
2,008,313
2,559,845
2,280.383
683,853
386.882
1.312,722
1.032,264
735,818
1,099,150
386.396
415,043
11,969,840 ---32.4
4,519,472 --4.1
3,412,072 +21.7
2,440,047 --27.
3.446,909 +1.
1,698,543 i-27.7
6,119,033 --36.9
i-4.3
1,831,665
3,531,828 --43.1
4,034,656 --36.6
3,273,634 --30.3
753,004 --9.3
618,838 --37.5
1,772,859 ---25.9
/3.174,667 ---12.1
753,197 --2.3
1,139,722
633.786 -39.0
571,024 -27.3
Not included In total
13,468.603
4,428,783
3,584,576
2,673,289
3,311,434
1,825,459
5,676,647
1.808,364
4,169,210
4.434,958
2.831,482
656.759
536,148
2.540,280
1.325,409
684,304
823,579
12,164,737
4.499,879
2,701,188
1,797,129
2.680,711
1,482,064
4,475,845
1,450,087
2,803,830
2.403.525
1,603.705
643,236
615.918
1,480.445
916,818
525.824
554,119
Total Canada_
176,155,327
207,209.529 -15.0
189,729,023
157,003.329
-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department.
CHARTERS ISSUED TO NATIONAL BANKS SEPT 30 TO OCT. 6.
.
.
-The Farmers' National Bank of Cooper. Tex. Capital. $50,000.
10,626
C. A. Larson. Pres.; L. E. Stell. Cashier. (Conversion of The
Farmers' State Bank of Cooper. Tex.)
-The First National Bank of Blue Jacket, Okla. Capital, 825,000.
10,627
James E.Coats,Pres.; G.I. Hopson,Cashier.
-The First National Bank of Van Buren, Me. Capital. $25,000.
10,628
Joseph Martin, Pres.; J. Adolphe Hebert, Cashier.
-The First National Bank of Mount Olive. N.C. Capital.$25.000.
10,629
W. E. Borden, Pres.; M. T. Breazeale, Cashier. (Conversion of
Dec. 31 1907 are on the old basis. Under the present
•The figures prior to
The Bank of Mount Olive. N. C.)
method only orders received from sources outside of the company's own Interests 10.630
-The National Bank of Rocky Mount, N. C. Capital, $100,000.
above as 3,027,436
are shown The amount as of Sept. 30 1904, shown that now employed.tons, th•
Thos. H. Battle, Pres.; Fred F. Fagan. Cashier. (Conversion of
on
former basis, would. it Is stated. be 2.434.736 tons
The Bank of Rocky Mount, N. C.)
-The First National Bank of Canso. Mich. Capital, $25,000.
10,631
A. H. Medbury, Pres.: A. R.
UNFILLED ORDERS OF LACKAWANNA STEEL CO. 10.632-The Michigan National Bank ofNiles, Cashier.
St. Clair Heights,Mich.
$25.000. Matthew Finn, Pres.; W.H. Fowler, Cashier. Capital.
-The statement of the Lackawanna Steel Co. for the quarVOLUNTARY LIQUIDATION.
ter and the 9 months ending Sept. 30 is given in our "Investment News Department" on a subsequent page. The 7,925-The First National Bank of Overton, Neb., Sept. 21 1914. Liquidating Agent, Carl F. Grim. Overton, Neb. Succeeded
by The
unfilled orders of that company are shown below:
Farmers State Bank of Overton. Neb.
-The State National Bank of Jackson. Miss., Oct. 3 1914. Liqui10,463
dating Agent, L. M. Gaddis, Jackson, Miss. Consolidated with
The Jackson National Bank, Jackson, Miss., No. 10,523.
-The
Breadstuffs Figures brought from page 1155.
statements below are prepared by usfrom figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
Flour.
1Vheat.
Corn.
Oats.
Barley.
Rye.
bbls.1961bs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.48lbs. bu.56 lbs.
88,000
214,000 1,683,000 1,288,000 5.170.000 1.154,000
Chicago__ - 158,000 1,398,000
468,000
671,000 160.000
87,000
Milwaukee_
3.322,000
798,000
234,000 281,000
Duluth
4,948,000
83,000 1,079,000 1,134,000 242,000
Minneapolis.
335,000
18,000
1,000
67,000
1,000
Toledo
58,000
56,000
68,000
8.000
Detroit _ _ _
23,000
15,000
52,000
25,000
Cleveland
567,000
335,000
81,000
9,000
417,000
89,000
St. Louts
27,000
136.000
13,000
256,000
53,000
47.000
Peoria
137,000
1,815,000
122,000
Kansas City.
381,000
337.000
457,000
Omaha
Tptal wic.'14
Same wk.'13
Same wk.'12
468,000 13,617,000
315,000 9,179,000
397,146 10,358,617
2,573,000
2,781,000
2,605,617
9,884,000 3,330,000
4,994,000 3,509,000
5,169,706 2,810,099
794,000
389,000
484,194
Since Aug. 1
4,475.000 137,268,000 36,524,000 86,015,000 24,333,000 6,126,000
1914
4.016,000 99.163,000 40.089,000 65.8214,000 25,165,000 4,616,000
1913
3,492.678 103,786,680 34,640,421 59,534.845 18.213.149 5.093.819
1912
Total receipts of flour and grain at the seaboard ports for
the week ended Oct. 10 1914 follow:
Corn,
Wheat,
Flour,
Rye,
Oats, Barley,
bush.
bush.
bush.
-bbls.
bush.
bush.
Receipts at
444,000 1,310,000 305,000 176,000
308,000 2.336,000
New York
4,000
131,000
55,000
177,000
1,000
11,000
Boston
Portland,
18.000
22,000
302,000
50,000 1,094,000
Philadelphia
648,000
50,000 1,998,000 471,000 43,000
31.000
Baltimore
Richmond
724,000
10,000
96,000
109,000
New Orleans•
44.000
1,000
Newport News
1,000
Norfolk
1,322,000
Galveston
5.000
9,000
Mobile
165,000 140,000
94,000 2,030.000
Montreal
531,000 4,048,000 949.000 220,000
658,000 8,323,000
Total week 1914_
Since Jan. 1 1914_17,417,000 181121,000 21,162,000 49,100.000 10291000 4096,000
424,000
480,000 6,108,000
47,000
863,000 199,000
Week 1913
SinceJan. 11013.17.263.000 147191,000 45,418.000 43,430,000 16434000 2587,000
* Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Oct. 10 are shown in the annexed statement:
Oats,
Rye, Barley,
Corn, Flour,
Peas,
1Vheat,
bbiS,
bush.
bush.
bush.
bush.
bush.
bush,
Exportsfrom2,418
799,113 210,763 78,799 350,687 26,139 91,502
New York
Portland, Me-800
9,155
118
29.941
215,157
Boston
22,000
676,000
Philadelphia
41,245 1,885.621 272.350
120,000
Baltimore
63,000 112.000 205,000
666,000
New Orleans- _
500,000
44,000
Newport News
17,000
1,717,000
Galveston
5,000 9,000
Mobile
35,000
14,000
60,000
1 798,000
Montreal
1.000
Norfolk
2,418
208,489 156,443
.
Total week_ _ _ 6,035,270 278,881 350,699 2,456,108
330
126,000
76,250
29.715 273,914
3 493,359
Week 1913
for the week and since
The destination of these exports
July 1 1914 is as below:
-CornWheat
Flour
Since
Since
Since
July 1
Week
July 1
Week
July 1
Week
1914.
1914. Oct. 10.
1914. oa. 10.
for week and Oct. 10.
Exports
bush.
bush.
bush.
bush,
bbls,
bbis.
since July 1 to45,490
United Kingdom___170,280 1,574.574 3,287,463 47,039,367
732,877
102,244 904,135 2,404,870 48,451,115 204,994
Continent
726,883
57,870
Sou. Sr Cent. Amer_ 6.853 541,047 342,000 2,287,009
13,670
920.902
17,328
39,464 517,406
West Indies
4,250
118
26,935
455
Brit. Nor. Am.Cols.
13,950
2,229
25,385
937
94,149
Other Countries_ _ _ _ 31,403
350,699 3,658,248 6,035,270 97,820,204 278,881 2,144,332
Total
29,715 1,468,670
273.914 3,238,981 3,093,359 63,905,408
Total 1913
The world's shipments of wheat and corn for the week
ending Oct. 10 1914 and since July 1 1914 and 1913 are shown
in the following:
Corn.
Wheat.,
Export:.
1913.
1914.
Week
Oct. 10.
Since
July 1.
Since
July I.
1913.
1914.
Week
Oct. 10.
Since
July 1.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
639,000
North Amer. 8,825,000 124,264.000 89,378.000 235,000 1,371,000
a
11,022,000 45,182.000
a
1,531,000 5,452,000
Russia
2,347,000 8,068,000
9,431.000 4,992,000
Danube_
3,514,000 9,322,000 3,766,000 44,184,000 88,356,000
Argentina_
Australia_ _ 464.000 7,152.000 9.848,000
800,000 10,376.000 21,664,000
India
Oth.countr's 208,000 2,248,000 2,418.000
Total ____ 10297000 161,823,000 185.880,000 4,001,000 56,517,000 99,439,000
a Available only in part since Aug. 1. *Not available since Aug. 1.
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Corn.
Wheat.
United
Kingdom. Continent.
Total.
United
Kingdom. Continent.
Total.
Bushels.
Bushels.
Bushels.
Bushels.
18,351,000
35,052,000
Oct. 10 1914_
16,465,000
33.504.000
Oct. 3 1914_
Oct. 11 1913_ 14.288,000 20.464,000 34,752,000 13,608.000 13,821,000 27,429,000
Oct. 12 1912__ 17.028.0041 18,040.000 35.068.000 11.207.000 19.950.000 31,247,000
Bushels.
Bushels.
DIVIDENDS.
The following shows all the dividends announced for the
APPLICATIONS TO CONVERT APPROVED.
The First State Bank of Clarksville, Tex.,into "The City National Bank
of Clarksvllle." Capital. $125,000.Mont.,
into "The First National Bank
The Denton State Bank, Denton,
of Denton.'! Capital, $25.000.
Receipts at-
xcrx.
THE CHRONICLE
1120
future by large or important corporations.
Dividends announced this week are printed in italic.
Name of Company.
Per
When
Cent. Payable.
Books Closed,
Days Inclusive. -
Railroads (Steam).
135 Dec. 1 Holders of rec. Oct. 30a
Atchison Topeka Sr Santa Fe, coat.(qu.)_
23( Dec. 31 Holders of rec. Nov.30a
Boston & Albany (quar.)
Nov. 1 Holders of rec. Apr 250
3
Cuba RR., common
Delaware Lackawanna & Western (guar.) 235 Oct. 20 Holders of rec. Oct. 3a
2.26 Nov. 2 Oct. 21 to Nov. 1
Elmira dc Williamsport, common
Oct. 31
2
Grand Trunk, guaranteed
134 Nov. 2 Holders of rec. Oct. 15a
Great Northern (guar.)
434 Nov. 2 Holders of rec. Oct. 15a
Nashua & Lowell
Nov. 19 Holders of rec.. Oct. 31a
Norfolk de Western, adj. pref. (quar.)
134 Nov. 2 Holders of rec. Oct. 8a
Northern Pacific (quar.)
Nov. 12 Holders of rec. Oct. 27a
2
Beading Company, common (quar.)-21
(i)
Holders of rec. Oct. 31
Southern By., pref. (payable in die. ca
Street and Electric Railways.
(quar.) 134 Nov. 1 Sept. 24 to Oct. 22
Aurora Elgin Sr Chicago RR..prof.
34 Nov. 2 Holders of rec. Oct. 19
Bangor fly. & Elec., com.(qu.)(No.3)- Nov. 2 Holders of rec. Oct. 19a
Cape Breton Electric Co..cons. (No. 10)--- 3
3
Nov. 2 Holders of rec. Oct. 19a
Preferred (No.17)
,com (qu). 1
Nov. 2 Holders of rec. Oct. 16a
Commonwealth Pow.,Ry.&Lt.
134 Nov. 2 Holders of roe. Oct. 16a
Preferred (qua?.)
East St. Louis cfC Sub.. peel. (qu.)(No. 3). 134 Nov. 2 Holders of rec. Oct. 17
Havana Electric Ry.,Light& Pow., corn. 235 Nov. 14 Oct. 25 to Nov. 14
3
Nov. 14 Oct. 2.5 to Nov. 14
Preferred
Jacksonrille Traction,corn.(qua?.)(No.15) 134 Nov. 2 Holders of rec. Oct. 20a
134 Nov. 2 Holders of rec. Oct. 20a
Preferred (guar.) (No. 15)
Lewiston Augusta & Watery. Si., 72.1. (qu.) 134 Nov. 2 Holders of rec. Oct. 17
(No•60) 134 Oct. 31 Holders of rec. Oct. 20a
Milwaukee El.Ry.& Lt..Pf (qu.)
234 Nov. 2 Holders of rec. Oct. 15
Montreal TranneaYs (guar.)
g134 Nov. 2 Holders of rec. Oct. la
Philadelphia Co.,corn.(guar.)(No.
3
Nov. 2 Holders of rec. Oct. la
cumulative preferred (No. 4) 132).6%
Public Service Invest., pf. (qu.)(No. 22) $1.50 Nov. 2 Holders of rec. Oct. 15a
Sierra Pacific Elec. Co., pref (qu.)(No.21) 134 Nov. 2 Holders of rec. Oct. 17a
134 Oct. 20 Holders of roe. Oct. 60
Virginia Railway & Power,common
131 Nov. 2 Oct. 24 to Nov. 2
1Vest Penn Railways, preferred (quar.)_ _
Banks.
Nov. 2 Oct. 14 to Nov. 1
Pacific (guar.)
Trust Companies.
135 Nov. 2 Oct. 22 to Nov. 1
Broadway (quar.)
Miscellaneous.
Nov.30 Holders of rec. Oct. 24a
Amalgamated Copper (qua?.)
Oct. 20 Holders of rec. Oct. 15a
American Chicle, common (monthly), - 1
1
Oct. 20 Holders of rec. Oct. 150
Common (extra)
154 Nov. 2 Holders of rec. Oct. 170
American Cigar. common ((Mar.)
136 Nov. 2 Holders of rec. Oct. 21
Amer. Gas dc Elec. pref..(qu.)(No. 31)_
American Light & Traction, corn. (quar.) 235 Nov. 2 Oct. 16 to Nov. 1
Common (payable in common stock).. 2341 Nov. 2 Oct. 16 to Nov. 1
135 Nov. 2 Oct. 16 to Nov. 1
Preferred (guar.)
Oct. 21 Sept. 22 to Oct. 21
American Locomotive, preferred (qua?.).
Nov. 4 Oct. 17 to Nov. 12
American Malt Corpora'n, pref.(No. 13) 1
62o. Nov. 2 Oct. 17 to
American Malting, preferred
134 Nov. 1 Holders of rec. Oct. 240
Brown•Shoe. preferred (quar.)
135 Nov. 16 Holders of rec. Nov. 1
American Soda Fountain (guar.)
13‘ Nov. 16 Holders of rec. Nov. 2
Burns Brothers, common (qua?.)
134 Nov. 2 Holders of rec. Oct. 17
Preferred (guar.) (No. 7)
Oct. 26 Oct. 16 to Oct. 26
Chicago Pneumatic Tool (guar.)
Nov. 2 Holders of rec. Oct. 20a
Cluett,Peabody & Co.,corn.(qu.)(No.4) 1
Nov. 2 Holders of rec. Oct. 15
2
Commonwealth Edison (quar.)
Gas ck Elec. Cos., pf. (qu.). $13734 Oct. 15 Holders of rec. Oct. la
Commonwealth
135 Oct. 20 Oct. 11 to Oct. 20
Consolidated Ice, Pittsburgh, pref. (guar.)_
134 Oct. 31 Holders of rec. Oct. 240
Consolidation Coal (guar.)
134 Dec. 15 Holders of rec. Nov. 30a •
Diamond Match (guar.)
34 Oct. 31 Holders of roc. Sept. 300
Distilling Co. of America. pref.(guar.)-Dominion Steel Corp.. pf. (qu,)(No. 11) 135 Nov. 2 Oct. 16 to Nov. 2
13d Oct. 26 Oct. 16 to Oct. 26
du Pont(E. I) Nem.Pow.. pref.(qu.)
de
3
Nov. 2 Holders of rec. Oct. 15
Edison El, III., Boston (qu.)(No. 102)_
$4 Nov. 2 Holders of rec. Oct. 150
Edison El. Ill. of Brockton (No. 54)._
Electrical Securities Corp., pref. (guar.). 131 Nov. 1 Oct. 27 to Nov. 11
Oct. 15 Holders of rec. Oct. 14a
Electric Bond ct Share, corn. (qu.)(No.22) 2
135 Nov. 2 Oct. 22 to Nov. 3
Preferred (quar.) (No. 38)
Nov. 2 Holders of rec. Oct. 15
6
Eureka Pipe Line (guar.)
Federal Sugar Refining. prof. (qua?.).,. 134 Nov. 2 Holders of rec. Oct. 300
Fort Worth Pow.& Lt.. V.(qu-)(N0.13) 151 Nov. 1 Holders of rec. Oct. 200
334 Nov. 1 Holders of rec. Oct. 15a
General Motors, preferred
Harbison-Walker Refractories. pref.(au.) 134 Oct. 20 Holders of rec. Oct. 10
151 Nov. 15 Nov. 6 to Nov. 15
Hercules Powder, pref. (guar.)
65c. Oct. 26 Holders of rec. Oct. 200
Humestake Mining (monthly)(No. 479)_
Houghton County El. Lt., corn.(No. 19) 6235c Nov. 2 Holders of rec. Oct. 164
75c. Nov. 2 Holders of rec. Oct. 160
Preferred (No. 24)
134 Nov. 2 Oct. 21 to Nov. 1
Illinois Northern Utilities. prof.(guar.)
12.50 Nov.14 Holders of rec. Oct. 17
Indiana Pipe Line (quar.)
3
Nov. 2 Oct. 16 to Nov. 2
International Banking
International Nickel, common (guar.),- 235 Dec. 1 Nov. 15 to Dec. 1
135 Nov. 2 Oct. 15 to Nov. 3
Preferred ((War.)
4
Nov. 16 Holders of rec. Nov. 50
Int. Smokeless Pow.& Chem.,pref
50c. Nov. 2 Holders of roe. Oct. 23
Island Creek Coal. common (guar.)
Kayser (Jullus)& Co.,1t& 2nd pf.(qui- 13‘ Nov. 2 Holders of rec. Oct. SA
81.50 Nov. 2 Holders of rec. Oct. 20
Keystone Telephone, preferred
234 Oct. 20 Oct. 1 to Oct. 18
La Rose Consolidated Mines (quar.)._._
$1.25 Oct. 17 Holders of rec. Oct. 8
Lehigh Valley Coal Sales (guar.)
Loose-Wiles Biscuit,2nd pf.(qu.)(No.10) 151 Nov. 2 Oct. 16 to Nov. 1
Nov. 2 Holders of rec. Oct. 170
I.ozcell Elec. Light Corp.(guar.)(No. 74)._
"
$1.25 Nov. 2 Holders of rec. Oct. 15a
Massachusetts Gas Cos.. corn. (quar.)
Nov.18 Holders of rec. Nov. 2
McCall Corporation, common (guar.)._
Oct. 20 Oct. 1 to Oct. 18
5
Niplsaing Mines Co.(guar.)
Nov. 2 Oct. 24 to Nov. 3
1
Pacific Coast Co.. common (guar.)
134 Nov. 2 Oct. 24 to Nov. 3
First preferred (guar.)
Nov. 2 Oct. 24 to Nov. 3
1
Second preferred (quar.)
Nov. 16 Holders of rec. Nov. 50
1
Penmans, Ltd.. common (Qum.)
134 Nev. 2 Holders of rec. Oct. 210
Preferred (guar.)
Nov. 25 Holders of rec. Nov. 2a
2
People's Gas Light & Coke (guar.)
lea
13‘ Oct. 26 Holders of rec. Oct. 23
Pittsburgh Coal, pref. (guar.)
Nov. 1 Holders of roe. Oct.
134
Portland (Ore.) Gas & Coke, pref. (guar.)_
of roe. Oct. 150
131 Nov. 2 Holders
Public Serv. Corp. of Nor.III.,com.(qu.)
150
134 Nov. 2 Holders of rec. Oct. 20
Preferred (quar.)
Nov.
134 Nov. 30 Holders of rec. Oct. 31
Quaker Oats, preferred (quar.)
1)1 Nov. 16 Holders of rec. Nov. 1
Stars. Roebuck & Co., common (quar.)
to
234 Oct. 31 Oct. 27 to Oct. 19
Standard Milling. pref.(No. 23)
Oct. 19 Oct. 9
10
Stewart Mining (qttar.)
Oct. 19
234 Oct. 19 Oct. 9 to Oct. 15
Extra
Oct. 24 Holders of rec.
1
Trenton Potteries, n-c. pref. (On.)(No.52)Nov. 2 Holders of rec. Oct. 260
1
United Cigar Mfrs.. cOMM° NW
4 "
Nov. 3 to Nov. 16
(N0-8) 135 Nov. 16 Holders of rec. Oct. 140
,com.(qu.)
United Cig.Storesof Am.
53.50 Nov. 2
United Electric Securities. preferred
Holders of roe. Oct. 15a
134 Oct. 31
United States Rubber, corn.(guar-)
Oct. 31 Holders of rec. Oct. 150
2
First preferred (qua?.)
134 Oct. 31 Holders of rec. Oct. 15a
Second preferred (War)
Oct. 31 Holders of rec. Oct. 15a
3
Vacuum Oil
Nov. 15 Holders of rec. Sept. 300
(No.76-) 2
Virginia-Caro, Chem..pt.
Oct. 22 Holders of rec. Sept. 300
Warner(Chas.)Cool Del..18td2d pf.(qu) 1,‘ Oct. 30 Holders of rec. Sept. 300
Mfg., corn.(guar.) 1
Westinghouse Elec. &
134 Nov. 1 Holders of rec. Oct. 22
White
G.) Co.,Inc., pf.(qu.)(No.46) 134 Nov. 1 Holders of rec. Oct. 22
WU:ye-Overland. common (guar.)
134 Dec. 1 Holders of rec. Nov. 100
Woolworth (p. r.). common (guar.)
income tax. d Cora Transfer books not closed for thls dividend. I) Lem British
g Payable In scrip.
rection, e payable in stock. fPayable in common stock.
certificates maturh On account of accumulated dividends. t Payable In dividend
rate of 4% per annum.
ing Nov. 1 1919 and bearing Interest from Nov. 1 1914 at
payable semi-annually, sold certificates to be mailed on Dec. 10.
l'HE CHRONICLE
OCT. 17 1914.1
1121
For definitions and rules under which the various items
Statement of New York City Clearing-House Banks
and Trust Companies.
-The New York Clearing House are made up, see "Chronicle," V. 98, p. 1661
has discontinued for the present issuing its detailed stateSTATE BANKS AND TRUST COMPANIES.
ment showing the weekly averages of condition of the sepSlate Banks
Trust Cos.
State Banks
Trust Cos.
arate banks and trust companies, both the member and the
Week ended Oct. 10its
outside of
outside of
In
Greater N. Y. Greater N. Y. Greater N. Y Greater N. Y
.
"non-member" institutions. The reserve items "Cash reserve in vault" and "Trust companies' reserve with C. H. Capital as
of June 30_
23,850,000
11,300,000
67,300,000
10,758,000
members carrying 25% cash reserve" are separately stated Surplus as of June 30__
38,502,800 155,158,200
11,702,800
13,894,100
as to banks and trust companies in the summarized state- Loans and investments__ 326,044,200 1,102,307,500 134,771,100 191,760,300
+388,500
+2,300
ment furnished by the Clearing House; but with these ex- Change from last week_ -4,477,400 --12,617,800
ceptions the figures are for banks and trust companies to- Gold
50.247,500
82,988.700
Change from last week_
+412,800
+411,700
gether and are not apportioned between the two classes of
notes
37,316,700
24,518,000
The publication of the statement in the usual Currency and bank week_ +2,827,400 -2,244,200
Institutions.
Change from last
form, it is stated, will not be resumed until all outstanding Deposits
412,645,600 1,189,296,800 139,459,900 197,8.56.400
Change from last week _
Clearing-House loan certificates are retired. The last
1-598,700 -16,914,800
+553.900
+752.400
statement issued, that for August 1 1914, will be Reserve on deposits
oomplete
105,182,200 234,609,400
25,026,500
24.321,300
Change from last week_
+612,900
+4,299,200 --2,204,600
+446,900
found in the "Chronicle" of August 8 on page 398.
We show below the figures as given out by the Clearing P. C. reserve to deposit&
28.8%i
24.7%
15.0%
19.2%
Percentage last week
27.8%
14.7%
24.7%
19.0%
House and also print the totals reported by the State Bank+ Increase over last week. -Decrease from last week.
ing Department for the State banks and trust companies
Boston and Philadelphia Banks.
In Greater New York not in the Clearing House. In addition
-Below is a summary
we combine,as has been our custom,each corresponding item of the weekly totals of the Clearing-House banks of Boston
In the two statements, thus affording an aggregate for the and Philadelphia:
We omit two ciphers (00) In all these figures.
whole of the banks and trust companies in Greater New
York.
Capita
Banks.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Week ended Oct. 10.
Clear.-House Clear.
-House State Banks At Total of all
Members
Members
Trust COL not Banks & Tr.
Actual Figs. , Average.
in C.
-H., Av. Cos., Aver.
Capital as of June 30_ _ _ 3175,300,000 5175,300.000
Surplus as of June 30_ _ _-296,930,800 298,930.800
328.950.000 1204.250.000
70,887.900
367,818.700
Loans and Investments..
Change from last week
2,175,936,000
-26,195,000
563,468,100 2,739,404,100
-6,075.100 -32,270,100
Deposits
Change from last week
1,935,239,000
-31,044.000
a557,950.000 2,493,189,000
-5,603,400 -36,647,400
Specie
Change from last week
330,952,000
+1,698,000
b42,598,400
+1,282,800
373,550,400
+2,960,800
ACTUAL
Legal-tenders
Change from Iset week FIGURES
NOT
Banks: Cash In vault._. GIVEN.
Ratio to deposits
97,495,000
+1,993,000
c13,040,900
-593,400
110,535,900
+1,399,600
363,436,000
Not given
13,217,300
13.82%
376,653,300
Trust Cos.:cash In vault_
65,011„000
42,422,000
107,433,000
Aggr'te money holdInga-Change from last week
428,447,000
+3,691.000
55.639,300
+689,400
484,086,300
+4,360,400
Money on deposit with
other bks. & trust eon_
Change from last week
52,801,000
+874.000
84.358,300
+765,600
and
Surplus.
Boston.
Aug. 22_
Aug. 29.
Sept. 5_
Sept. 12_
Sept. 19
Sept. 28_
Oct. 3_
Oct. 10
!MIS.
Aug. 22.
Aug. 29_
Sept. 5.
Sept. 12_
Sept. 19_
Sept. 26.
Oct. 3_
Oct. 10_
Loans.
No state
No state
No state
No state
No state
No state
No state
No state
ment issu
ment issu
ment issu
meat issu
ment issu
ment issu
ment ban
ment lean
103.884,3
103,684,3
103,884,3
103,684,3
103,684,3
103.884,3
103.684,3
103,684,3
399,898.0
399,8.30,0
400,801,0
401,833,0
402,276,0
401,256.0
401,899,0
401,912,0
137,159,300
+1.839,600
481,248,000
+4,585,000
Surplus CASH reserve
Banks (above 25%)--Trust coe.(above 15%)
139,997,600
+1,435,000
621,245,600
+8,000,000
Legal*.
ed.
ed.
ed.
ed.
ed.
ed.
ed.
ed.
109,922,0
96.427,2
106,788.1
91.840.1
118,484.6
102,639,7
130,921.8
124.433,2
85.451,0
84,017,0
85.851,0
86.457,0
89,669,0
90.428,0
94,029,0
90,049,0
0421.292,0
0418,421,0
*422.326.0
*422,596.0
.428,773,0
*425,477,0
.434,394,0
'428,208.0
13,179.0
13.441.0
13,723.0
14.084.0
15.018,0
15,358,0
15.504,0
15,683,0
FOREIGN IMPORTS AT NEW YORK.
Dry goods
General merchandise
Total
Since January 1.
Dry goods
General merchandise
def.7,791,350
+10,195,300
Total
Change from last week
Total 41 weeks
% of cash reserves of trust cos
Cash in vault
Cash on as& with bke_
Total
Not given
Not given
I Not given
.
9.93%
18.74%
26.67%
+ 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 5638,881,500, a decrease
of 85,184,500
from last week. In the case of the Clearing-House members,
"legal net deposits" both for the average and the actual figures. the deposits are
b Gold. c Currency and bank notes.
CIRCULATION.
-Circulation of national banks October 10 reported at $144,139,000: Oct. 3, 3138,801,000: Sept. 26, 5137,281,000;
Sept. 12. 3124,516,000: Sept. 5, $114,362.000: Aug. 29. Sept. 19, $129.716,000:
$88,539,000: Aug. 15, 574,017,000; Aug. 8, 151,093,000: 1103.157.000: Aug. 22.
Aug. I, 541,578.000.
131.801,2
125,425.7
148.758,1
109.702.9
135,785,7
124,985,4
154.615.9
143,371,3
Imports and Exports for the Week.
-The following are
the imports at New York for ,the week ending Oct. 10; also
totals since the beginning of the first week in January:
1913.
1914.
$3,622,631
15,019,438
54,224,508
15,385,446
1912.
1911.
$2,982,492
15,002.054
Not given
Not given
Marines.
Ctreu-
Deposits.
•Includes Government deposits and the item "due to other banks."
'"Deposits" now include the item "Exchanges for Clearing House," which were
reported on October 10 as 511.817,000.
For Week.
Total reserve
Change from last week
Specie.
33.089,200
15.918,800
$18.642.069( 319.809,954 317,984,546 519.008,000
8138,336,589 8121,311,115 5117,844,365 5110.940,258
642,789,6861 650.550,167 670,744,406 572.932.728
8781.126,275 5771,861.282 3788,588.771 3683.872,982
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. 10 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
1914.
For the week
Previously reported
Total 41 weeks
1913.
1912.
1911.
$17,512,914 513,121,933 $15,582,718 314,092,116
653,324,580 678,726,279 837.473,444 598,267,800
5670,837.494 $691,848,212 $053,050,162 $610,359,916
The following table shows the exports and imports of
The averages of the New York City Clearing-House banks specie at the port of New York for the week ending Oct. 10
and trust companies, combined with those for the State banks and since Jan. 1 1914, and for the corresponding periods in
and trust companies in Greater New York City outside of the 1913 and 1912:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Clearing House,compare as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES
IN
GREATER NEW YORK.
We omit two ciphers in all these figures.
Loans and
- Investments
Week Ended
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
1&..
22_ _
29____
5---12_ __ _
19_ __
20....._
3..._
10...
$
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
2.771.874,2
2.739.404.1
Deposits.
Specie.
$
2,472,122,6
2,477,574,6
2.474.555,6
2.461,583.5
2.461,728.7
2,485,101.8
2,564,916,9
2,559,999,7
2,529,836,4
2.493.189,0
$
355.460,5
352.248,9
354.200,1
359,257,6
357.901,2
382.38.5,3
381.945,1
366,920,0
370.589,8
373.550.4
Tothfoney Entire Res
Legal,. 'Holding, onDeposit
$
85,558.5
85,578.9
87.069,5
88,792.6
87,221.7
89,770,9
101,720,0
103,382.5
109,136,3
110,535.9
$
441,017,0
437.827.8
441,289.6
448,050.2
445,122.9
452.156,2
463,665,1
470,302.5
479,725,9
484,086,3
563,381.5
558.181.6
568,329,9
577.78.5,6
588,788.1
574.424,9
589,099,4
600,095,6
615,245,6
621,245.8
Exports.
Gold.
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1914
Total 1913
Total 1912
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
1Since Jan. 1
$
$
3300,500 $37,971,960
85.540,015
1,018,913
935.049
400 1,105,524
130,920 1,120,407
16,400
355,300
Imports
Week.
525,624
520
49,252
38,141
Since Jan. 1
517,366
124,195
3.602
1,624,940
997.638
3,020.501
1,533,727
$448,220 $128047168 $111.537 57.321,969
88,778,546
653,894 17,461,036
40,100 32,983,485 4,148,753 22,089,153
5534,087 $28,079,072
3,204.408
$9,305
13,226
18,267
44,560
35
. 47.150
2,382,499
1, 03,198
2
202.895
21,420
We add herewith the weekly returns furnished by the Stat,?
91,346
85,353
27,906 1,357,269
Banking Department of the State banks and trust eompan. 1J
26,994
141,100 1,124.169
793
under its charge. These returns cover all the institutio Is
Total 1914
3703,093 834.0.59,159 $114,560
87.198,203
of this class in the whole State, but the figures are compile I
Total 1913
1,010,702 39.379,641
143,132 8,041,875
Total 1912
1,124,989 44,914,672
88,709 7,267,279
so as to distinguish between the results for New York City
Of the above imports for the week in 1914, $24,626
(Greater New York) and those for the rest of the State, as
were
American gold coin and $586 American silver coin.
per the following:
THE CHRONICLE
1122
Vaulters'
Wall Street, Friday Night, Oct. 16 1914.
The Money Market and Financial Situation.—War
news had a depressing and discouraging effect in the financial
district during the early part of the week. The fall of Antwerp was regarded as increasing the probability that the war
will be a longer one than had generally been expected. Later
news is somewhat less disturbing and there is now a more
cheerful feeling, accompanied by increasing activity and some
progress in restoring an equilibrium in international finance.
The latter is, however, a problem fraught with a dood deal of
uncertainty.
When foreign moratoria are ended and our claims in Europe beome collectible, the matter will doubtless adjust itself automatically in due course. In the meantime, the
banking situation on both sides of the Atlantic is steadily
working out of the unuusal conditions into which it was
thrown by the outbreak of war.
The Bank of England added $12,300,000 to its gold holdings this week, making the latter $158,000,000 more than it
held in August and its percentage of reserve is now 263/i
as against 14.6.
The Imperial Bank of Germany has reported a weekly gold
increase since Aug. 1 averaging $10,000,000.
Saturday's statement issued by the New York ClearingHouse banks showed a decrease in the deficit of over 10 millions, and we have this week a more active money market
at substantially lower rates. It is reported, moreover, that
Clearing-House certificates are voluntarily being retired,
and commercial paper is finding a readier sale to out-of-town
as well as to local banks.
The work of the Gold Fund Committee goes steadily forward„283,562 gold having been shipped to Ottawa this
week for credit of the Bank of England. Rates for sterling
exchange have not materially declined at any time, however,
and are higher at the close than at the beginning of the week,
although the demand for bills can scarcely be called urgent.
Government reports of international trade show that exports
are increasing and wheat has advanced on this foreign demand.
The old "Curb Market" opened for business on Wednesday,
as previously arranged, but the trading was limited to shares
the quotations for which were not over $10 per share at the
close on July 30. No record of these transactoins is available and quotations are not given out. The Boston "Curb
Market" seems to be less restricted in several particulars.
The open market rates for call loans on the Stock Exchange
during the week on stock and bond collaterals have ranged
.
c,
fron46%to 8%. Friday's rates on call were 6Q77 Com% for sixty to ninety-day
mercial paper closed at 6@7
[VoL. xclx.
autte.
.
endorsements and prime four to six months' single names
and up to 8% for good single names.
The Bank of England weekly statement on Thursday
showed an increase of £2,478,478 in gold coin and bullion
holdings and the percentage of reserve to liabilities was
26.46, against 24.53 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.
1913.
1914.
Averages for
week ending
Oct. 10.
Differences
from
previous week.
1912.
Averages for
week ending
Oct. 11.
Averages for
week ending
Oct. 11.
$
$
8
175,300,000
179,900,000 174,900,000
Capital (June 30)
296,930,800
305,760,200 296,821,300
Surplus (June 30)
Loans and investments 2,175,938,000 Dec.26,195,000 1,935,968,000 1,936,596,000
144,139,000 Inc. 5,338,000
44,750,000
46,171,000
Circulation
1,935,239,000 Dec.31,044,000 1,770,186,000 1,777,624,000
Deposits
330,952,000 Inc. 1,698,000 330,775,000 322,280,000
Specie
97,495,000 Inc. 1,993,000
76,212,000
81,329,000
Legal-tenders
Cash reserve held
Cash reserve required...
Surplus
428,447.000 Inc. 3,691,600
436,238,350 Dec. 6,564,300
406,987,000
400,254,000
403,809,000
398,943,400
def.7.791,350 Inc. 10,195,300
6,733.000
4,665,600
Foreign Exchange.—The market for sterling exchange
has continued firm during the week, the demand being well
in excess of the supply of bills. The necessity of remittances
in connection with the City of New York's London maturities
,
.,...•taseldili
was one distinct influence.A .•i Is!R
3 0
rates
n To-day's (Friday's) actual 98 forfor sterling exchange were 4 93/
cheques and 4 98)©4 99 for cables.
494 for sixty days, 4 97©4
Commercial on banks nominal and documents for payment nominal.
Cotton for payment nominal and grain for payment nominal.
There were no rates for sterling exchange posted by 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 Berlin on London, not quotable.
The range for foreign exchange for the week follows:
.
0,Cables
Cheques.
Sixty Days.
Sterling Actual—
4 99
4 98
4 94
High for the week__4 973
4 963
4 92%
Low for the week___
Paris Bankers' Francs—
504
505
High for the week_
5_05
5 05%
Low for the week_
Germany Bankers' Marks—
92%
92
High for the week..
925i
92
Low for the week_
Guilders—
Amsterdam Bankers'
423i
42%
a
High for the week_
42%
41
Low for the week..
,
--Chicago, par. Boston. par. St. Louls,K60c.
Domestic Exchange.
per 81,000 premium. San Francisco,30c. per $1,0001premium. Montreal.
Minneapolis. 30c. per $1,000 premium Cincinnati,
15c. per $1,000 premium..
$13.42% discount.
Owing to the fact that the New York Stock Exchange has
remained closed since the afternoon of July 30, that business is
also suspended at the Stock Exchanges at Boston, Philadelphia,
Baltimore, Pittsburgh, Chicago, and nearly everywhere else in the
United States, and that security dealings are carried on in only a
very limited way, even the customary auction sales of securities
at New York, Boston and Philadelphia having been discontinued
for the time being, we are compelled to omit the 10 pages of stock
and bond prices ordinarily appearing in this department.
July 30 prices of every stock and bond quoted on theNew Yolk Stock Exchange.]
lin the Oct.3 issue of our"Bank and Quotation Section" will be found the
THE CHRONICLE
00T. 17 1914.]
1123
Anuestraent and fathead intelligence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
July 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
S
S
S
Ala N 0& Tex Pac$
942,412 1,045,251
291,531 327,776
N 0 & Nor East_ September
410,493
457,102
137,651 155,334
Ala & Vicksburg_ September
400.027
446.073
128.653 145,669
Vicks Shr & Pac_ September
509,820
45.385
504,318
50.205
2d wk Sept
Ann Arbor
August -_- 10166489 9.731.956 19,775.731 18,874,941
Atch Top & S Fe
504,406
516.819
Atlanta Birrn & Atl August --- 243.735 254,853
Atlantic Coast Line August _-- 2.213.766 2,331.716 4,751.905 4,788.868
301.697
Chariest & W Car August --- 146,022 155,237 • 289,084
124,709
124.709 109,438
109.438
Lou Hem!& St L July
8,700.376 9,629.267 16,847.064 18,661.887
it Baltimore & Ohio_ August
286.032
147,371 158,684
318,160
B &0 Ch Ter RR August
475,190
232,846 228.439
442.914
Bangor & Aroostook August
1.150.608 1,037,328 2.269,070 2,130,535
Bessemer & L Erie_ August
174.696
84,038 111.833
Birmingham South_ August
230,623
4,384.0014,653,998 8.606,987 8,997,283
Boston & Maine_ _ _ August
Buff Roch & Pittsb 1st wk Oct 204,286 275,017 3,044,153 3,546.324
August _ _ 143,936 154.672
Susq__
259.521
Buffalo &
307.797
Canadian Northern. 1st wk Oct 563,900 575,600 5,635,800 6,324,100
1st wk Oct 2,273,000 3,145,000 33,151,736 38.459,521
Canadian Pacific
Central of Georgia_ August
1,031,504 1,013.009 2.197.875 2,029,028
Cent of New Jersey July
2,724,602 2,947,826 2,724.602 2,947.826
591,870
Cent New England_ August
314,877 312.940
589,644
698.057
August
Central Vermont
361,957 396,526
770,671
Ches & Ohio Lines- 1st wk Oct 709,375 705,283 10,924,463 10,131,959
1st wk Oct 310,054 322,798 4,186.549 4,546,634
Chicago & Alton
8,742,382 9,145,490 16.603.955 16,968,550
Chic Burl & Quincy August
"'Chic & East Ill_ _ _ August_ - 1,385.512 1,461.630 2.700,965 2,836,350
p Chic Great West_ 1st wk Oct 289,362 287,594 4,007,592 4,184,604
/3111c Ind & Louisv_ 1st wk Oct 137,822 147,322 1,966,181 2.015,292
8,189,201 8,072.636 16.014.187 15,993.470
Chic Milw & St P_1 August
Chic Mil &Pug Sf
8,378,082 8,520,420 15.740.894 16,116,439
oChic & North West August
1,708,324 1,558,294 3,289,313 3,028,072
°Chic St P M & Om August
388,944
198,671 176,429
Chic Terre H & SE August _
326.674
977,456 969,432 1,916,194 1,852,025
Cin Ham & Dayton August
201.686 173,783
336.710
303.155
Colorado Midland_ August __
b Colorado & South 1st wk Oct 265,552 270.398 3.749,956 4,181,242
12.519 . 17,058
24,974
August
34,961
Cornwall
35.299
61,789
33,067
64.577
Cornwall &Lebanon August
343.488 360,873
726,031
August
685,060
Cuba Railroad__
1.997,294 2,086,708 1.997.294 2,086,708
Delaware & Hudson July
Del Lack & West August- 3.715,617 3,942.895 7,467,622 7,796,0213
Deny & Rio Grande 1st wk Oct 503,300 547,300 6,847,787 7,332.179
Western Pacific 1st wk Oct 124,000 158,200 1,835,643 2,077,048
526,394
17.627
38,302
442,850
Denver & Salt Lake let wk Oct
344,950
282,190
193,360 146.240
Detroit Tol & Iront August
358,451
326,172
24,250
22.604
Detroit & Mackinac 1st wk Oct
August
685,699 1,231.116 1,497,952 2,404,556
Dul & Iron Range
939,307 1,083,952
74,191
59,658
Duluth So Sh & Atl 1st wk Oct
831.572 1,139,245 1,631.920 2.240,518
Elgin Joliet & East_ August
704,910 671,560 1,445.069 1,375,956
El Paso & Sou West August
5.488,767 5,651,031 10,908.347 11,189,254
Erie
August
570,430
591,159
299,293 281,260
Florida East Coast_ August
201,670
180.434
90,198 102,786
Fonda Johns & Glov August
480,067
506,652
251,226 251,009
Georgia Railroad August
Grand Trunk Pac 4th wk Sep 222,837 289,498 1,618.034 1.741,989
Grand Trk System_ let wk Oct 1.008.265 1.088.759 15,257,583 16,155.711
Grand Trunk Ry 4th wk Sep 1,162,293 1,245,075 11,674,104 12.552.34E
Grand Trk West_ 4th wk Sep 182,683 187,063 1,903,522 1.876,121
640,928
Det Gr H & Milw 4th wk Sep
674,012
63,318
61,668
Great North System September 8,144,947 8,814,541 21.902.049 23,623.422
366,789
300.446
Gulf & Ship Island_ August
150.765 185,283
Hocking Valley
711,035 810,673 1.162,450 1,514.688
August
Illinois Central_ _ September 5,533,413 5,855.044 16,774.886 16,910,079
Internat & Grt N- August
or
727,346 895,918 1,466,283 1,659,429
a Interoceanic Mex. 1st wk Aug 42.403 181.276 225.474 910,778
616,116
604.881
Kanawha & Mich
325,488 312,337
August
Kansas City South- August
885.643 912,991 1.830,909 1,724,491
278,961
458,606
Lehigh & New Eng- August
225,263 141,721
Lehigh Valley
3,770.347 3,909,476 7,352.428 7,605,181
August
296,431
336.539
Louisiana & Arkan_ August... 180.762 152.888
August
a Louisv & Nashv 1st wk
1,053,860 1,321,335 15,200,883 16,699,741
Macon & Birm'ham September
34,97:
40,899
12,322
13,523
Maine Central
August ___ 1,066.624 1,088,477 2,081,492 2,115,33
Maryland & Penna. August ...48,067
93.19
88,410
49,011
a Mexican Railways 4th wk Sop 224,100 266,900 2,484.400 2.576.601
Mineral Range... 1st wk Oct. 16,044
104.611
228,285
3,560
Minn & St Louis_ 1 1st wk Oct( 213,090 202.302 2,873,654 2,669,28
Iowa Central_ _1
Minn St P & S S S4_ 1st wk Oct 763,253 658,068 8,662,377 8,892,77
Mississippi Central_ August181,87
160.193
.754
91,539
u Mo Hans & Texas 1st wk act 652,435 686,179 8.733.406 9,247,64
z Missouri Pacific_ 1st wk Oct 1,189,000 1,237,000 16,916,771 17,216,98
Nashv Chatt & St i August
985,872
2.077,94
a Nat Rys of Mex_t 1st wk Aug 208,408 1,050.74. 2,057,652 3.327.25
603,778 1,583.461
Nevada-Cal-Oregon 4th wk Sept
18.206
14,370
120,037
114,07
New On Great Nor_ August
141,759 158,890
296,828
322,07
e N Y 0& Hud Riv August
8,691,381 9.399.660 16,764,661 18,331,67
Boston & Albany August
1.487.009 1,633.165 2.957.189 3,179,89
Lake Shore & M S August
4,800,087 5,302,224 9,392.327 10,424,44
nLake Erie & W. August
566,603 546,895 1,074,559 1,042,53
Chic Ind & South August
349,679 364.45
681.433
688.08
Michigan Central August
3,021,357 3.123.306 5.859,699 6,147.74
Clay C C & St Li August ___ 3,367,000 3.621.856 6.514,147 6.924,74
Peoria & Eastern'
Cincinnati North. August ___ 157,402 138,412
287,622
251,37
Pitts & Lake Erie August __ 1,518,102 1,770,427 3.021.763 3.516,915
NY Chic & St L. August ___ 967,114 1,032,704 1.887.772 1,991,151
Tot & Ohio Cent_ August _..44,932 576,907
861.3391,164,887
- • -4re 10(510 2(010012
63,443
--° a
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
July 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
$
S
$
$
NO Mobile & Chic_ August -__ 160.265 178.747
342,357
364,715
NY N 11 & Hartr__ August ___ 5,756.909 6,168,287 11,512.543 12,012,222
NY Ont & West... August ___ 1,000.730 996.677 1,993,291 2,004,974
NY Susq & West__ August ___ 315.072 335,468
627.486
604.704
Norfolk Southern__ :July
365.997 338,435
365.997 • 338,435
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
833.244
842.444
Pacific Coast Co___ August
649,792 710,645 1,239,262 1,439,238
zPennsylvania RR__ August
17001206 18191528 33,069,793 34,643,462
Balt Ches & At!.. August
166.760 154.066
341,524
313.715
Cumberland Vail. August
282,482 298.463
522,736
586.869
Long Island
August
1.505,277 1,435,331 3,025,083 2,984,738
Maryl'd Del & Va August
121.574 121,285
233.679
233,785
N Y Phila & Nort August
363,123 356,723
805,742
769.285
PhilaBalt & Wash August
1,905.048 1,884.005 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 C C de St L. August-3,585.2593,990.983 7,061.469 7,808,750
Vandalla
August
1,004,976 1,032,133 1.961,438 2.013.016
Total lines
East Pitts & Erie August
23011 495 24213884 44,823,078 47.637,125
West Pitts & Ede August _ 10784046 12095765 21,030,182123,815,546
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 OoPhila & 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 12,251,54012,852,979
Rich Fred & Potom August
207,916 217,060
465.829
451,457
Rio Grande June..... July
83,516
78,505
78.505
83,516
Rio Grande South- 1st wk Oct15,002
158.304
188,668
Rock Island Lines August
6,668:450 6.380.773 12,704,590 12.219.664
Rutland
August
632,187
325,279 363,452
711.244
St Jos & Grand Isl. August
140,171 137.128
312.476
336.279
St L Iron Mt & Sou August
2.735,464 2,867,228 5,470.530 5,546,389
St L Rocky Mt & P August
353,257
238,445 166.470
456,825
St Louis & San Fran August
3,844.985 4.203,299 7.660.935 8,132.697
St Louis Southwest_ 1st wk Oct 229,000 251,000 2,997,309 3,537,722
San Ped LA & S L. August
770,008 889.788 1.648,799 1.774.207
Seaboard Air Line 1st wk Oct 428.869 563,144 5,491.303 6,078,693
Southern Pacific... August
11672 159 12254090 23,305,1.77 24.015,101
Southern Railway 1st wk Oct 1,295,422 1,541,290 18,238,752 18,822,213
Mobile & Ohio 1st wk Oct 191.322 259.779 3,244,733 3,443,070
CM N 0 & Tex P 1st wk Oct 177,142 206.048 2,631.646 2,808,841
Ala Great South_ 1st wk Oct
91,216 1,361,612 1,418,688
78.331
Georgia Sou & Fla 1st wk Oct
49,429
647,765
55.125
657,173
Spok Port!& Seattle August
461,246 483,459
960.241
931,940
Tenn Ala & Georgia 4th wk Sept
2,103
25,147
21.563
2.462
Tennessee Central_ August
140.625 147,153
295,552
294,778
Texas & Pacific.... 1st wk Oct 357,713 383,496 4,703,709 4,828,213
Tidewater & West_ August
8,012
15,553
6.370
13,978
Toledo Poor & West 1st wk Oct
19.350
362,235
20,332
384.450
Toledo St L & West 1st wk Oct
90,354
98,879 1,281,723 1,307,618
Union Pacific Syst_ August .. 8,468.027 8,441,501 16,027,264 16.264.110
Virginia & Sou West August
178,076 174,403
329.045
347,378
Virginian
August
572,604 578,919 1,042.115 1.076.313
Wabash
September 2,626,076 2,765,862 8,068,159 8.420,466
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
Wrightsv & Tennille August
19,245
18.217
34,782
37.863
Yazoo & Miss Vall_ September
829,114 1,007,828 2,607,416 2,706,037
Various Fiscal Years.
Current
Year.
Period.
Jan 1
Delaware & Hudson
NY Central & Hudson River_e- Jan 1
Boston & Albany
Jan 1
Lake Shore & Michigan South Jan 1
Lake Erie & Western_n
Jan 1
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
Jan 1
sPennsylvania Railroad
Baltimore Chesap & Atlantic_ Jan 1
Jan 1
Cumberland Valley
Jan 1
Long Island
Maryland Del & Virginia_ _ Jan 1
N Y Philadelphia & Norton Jan 1
Phila. Baltimore & Washing n Jan 1
Jan 1
West Jersey & Seashore
Jan 1
Pennsylvania Company
Jan 1
Grand Rapids & Indiana
Pitts Cin Chic & St Louis _ Jan 1
Vandatia
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.
$
$
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 40.065.720
31 3,759,821 3,918,781
31 2,755.629. .
31 22,121,986 24,155,94/
31 23,097,992 24,716,507
868,409
925,222
31
31 11,017,340 13,487,242
31 7,450,674 8,138,558
31 2,917.288 3.900.331
31 182121350 201952947
31 124856342 134610201
808.982
842,866
31
31 2.231,197 2,357,550
31 8,980,336 8,998,455
622,685
626,054
31
31 2.598.804 2680739_ . .
31 13,575.991 13,996,293
31 4,557.932 4,655,491
31 37,156,520 44.190,280
31 3,588,388 3,651.018
31 26.095,711 28,985.442
31 7,092.146 7,288,421
31 161438262 172497 521
31 74.945,401 85,145,344
31 236383663 257642874
609,012
563,485
31
31 2,312,238 2,422,990
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.
3
$
$
week July (39 roads)...- 19.122.365 19.809,127
December -243,322 241,180 254.218,891 266.224.678 -12.005.787 4.51
--686.762 3.47
week Aug (36 roads)____ 12,937,673 13.778.005 January__ -.243.732 241.469 233.073,834 249.958,641 -10,884.807 6.75
840.332 6.10
February_ - _244,925 242.928 209.233,005 233.056.143 -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
week Aug (38 roadsi
13.037.906 14,034,147 996.241 7.09
+660.166 0.27
Jg31
r1
,
243,513 241,547 236.531.600 245 048,870 -8,517.270 3.48
week Aug (36 roads -- 17,581,257 19.019,926 -1,438.669 7.56
246.070 243,954 239,427.102 265,435,022 -26,007,920 9.73
12.517.613 13,573.362 1,055.749 7.78
week Sept (37 roads
roads)____ 13,565,225 14.138.352
June
222,001 219,691 230,751.850 241.107.727 -10,355,877 4.30
week Sept (36
-573,127 4.04
July.
--847,724 5.76
235.407 231,639 252.231,248 261,803,011 -9,571,763 3.67
week Sept (37 roads)---- 13,863,558 14,711.282
1,991,765 9.90
August
240,831 237,159269,593.446 280,919,858 -11.326.412 4.03
week Sept (36 roads).... 18.115,984 20.107.749 1,904,498 12.50
September
91.124
89,503 75.704,8441,452,681 -5,747.837 7.05
week Oct (35 roads)____ 13.328,596 15,233.094 a Mexican currency. b Does not include earnings of Colorado AprInp & Cripple Creek District Ry.from Nov. 1 1911. e Includes the New York &
Ottawa, the St. Lawrence & Adirondack and the Ottawa & New York Ry., 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. g Includes the Cleveland Lorain & Wheeling
By. in both years. 71 Includes the Northern Ohio RR. p Includes earnings of Mason City & Fort Dodge and Wisconsin Minnesota & Pacific. S Includes Louisville & Atlantic and the Frankfort & Cincinnati. 1 Includes the Mexican International. u Includes the Texas Central and the Wichita
Falls Lines. v Includes not only operating revenues, but also all other receipts. z Includes St. Louis Iron Mountain & Southern. z Includes the Northern Central beginning July 1 1914. * We no longer include the Mexican roads In any of oar totals.
4th
1st
2d
3d
4th
1st
2d
3d
4th
1st
THE CHRONTCLE
1124
[VoL. xclx.
-In the table which ELECTRIC RAILWAY AND TRACTION COMPANIES.
Latest Gross Earnings by Weeks.
separately the earnings for the first week
follows we sum up
Latest Gross Earnings.
Jan. 1 to latest date.
Name of
of October. The table covers 35 roads and shows 12.50%
Week or
Current Previous Current
Road.
Previous
Month.
Year.
Year.
the aggregate under the same week last year.
decrease in
Year.
Year.
1914.
First week of October.
Alabama Great Southern
Buffalo Rochester & Pittsburgh
Canadian Northern Canadian Pacific
Chesapeake & Ohio
Chicago & Alton
Chicago Great Western
Chicago Ind & Louisville
Cinc New Orl & Texas Pacific__
Colorado & Southern
Denver & Rio Grande
Western Pacific
Denver & Salt Lake
Detroit & Mackinac
Duluth South Shore & Atl
Grand Trunk of Canada
Grand Trunk Western
Detroit Grand Hay & Milw
Canada Atlantic
Georgia Southern & Florida_-Louisville & Nashville
Mineral Range
}
Minneapolis & St Louis
Iowa Central
Minneapolis St Paul & S S M__
Missouri Kansas & Texas
Missouri Pacific
Mobile & Ohio
Rio Grande Southern
St Louis Southwestern
Seaboard Air Line
Southern Railway
Texas & Pacific
Toledo Peoria & Western
Toledo St Louis & Western__
Total (35 roads)
Net decrease (12.50%)
1913.
Increase. Decrease.
$
$
78,331
91,216
204.286
275,017
563.900
575,600
2,273,000 3,145,000
709.375
705.283
310,054
322,798
287,594
289,362
137,822
147,322
177,142
206,048
265,552
270.398
547,300
503,300
158.200
124.000
17,627
38,302
24,250
22.604
74,191
59.658
$
4,092
12.744
1.768
9,500
28.906
4,846
44,000
34,200
20,675
1.646
14,533
1.008,265 1.088,759
55,125
49.429
1,053.860 1,321,335
16,044
3,560
213,090
202,302
763,253
658,068
652,435
686,179
1.189.000 1,237,000
191,322
259,779
14.502
15,002
229,000
251,000
428,869
563,144
1,295.422 1,541,290
357,713
383,496
19,350
20.332
90,354
98,879
13,328,596 15,233,094
$
12,885
70.731
11.700
872,000
80.494
5,696
267,475
12,484
10,788
105,185
33,744
48,000
68.457
500
22,000
134,275
245.868
25,783
982
8,525
154,992 2.059,490
1.904.498
Net Earnings Monthly to Latest Dates.
-In our "Railway Earnings" Section or Supplement, which accompanies
to-day's issue of the "Chronicle," we give the August figures of
earnings of all steam railroads which make it a practice to issue
monthly returns or are required to do so by the Inter-State
Commerce Commission. The reader is referred to that Supplement for full details regarding the August results for all the
separate companies.
In the following we give all statements that have come in
the present week covering a later or a different period from
that to which the issue of the "Railway Earnings" Section
is devoted. We also add the returns of the industrial companies received this week.
Roads.
-Gross Earnings- -NetBeaming
-Current
Previous
Previous
Current
Year.'
Year.
Year.
Year.
Bellefonte Central-b_-Sept
9,012
8,115
Jan 1 to Sept 30
67,839
62.954
Chicago & Alton_a
Aug 1,328,562 1,483,112
July 1 to Aug 31
2,607,999 2,820,168
Toledo Peoria & West.b.Sept 108.899
126,238
July 1 to Sept 30
340,447
364.118
3,015
13,434
71425,042
/1719,958
14.743
58,399
1,144
12,820
5429,156
/1739,135
12,385
34,240
INDUSTRIAL COMPANIES.
-Oros:Earnings- -NetEarnings
-Current
Previous
Current
Previous
Companies.
Year.
Year.
Year.
Year.
$
Amer Tel & Tel (Holding Co)
Jan 1 to Sept 30
34,602,915 34.199.982 34,490,430 30,349,622
Amer Tel & Tel and Assoc Cos
Jan 1 to Aug 31
149,669,237 141,963,035 38,903,954 39.108,195
Keystone Telephone-a__Sept 111,135
107,310
56.772
52,496
Jan 1 to Sept 30
991.397
944.417
503,582
465.112
Montana Power (Ind all sub cos)
July 1 to Sept 30
908,864
866.680
627,339
605,094
Jan 1 to Sept 30
2,812.766 2,573,989 1,973.099 1,797,325
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
It After allowing for miscellaneous charges to income for the month
of
Aug. 1914, total net earnings were $375,206, against $367,775 last year,
and for the period from July 1 to Aug. 31 were $619,980 this year,
against
$633,269.
$
American Rys Co___ August ___ 492,894 506
3
.832
3
Atlantic Shore Ry___ August ___ 183. 77 18 : 8 3.604.9601 3.437,526
5 75
3
6.0 6 2 6
0 3
47 3
248,784
265.013
cAur Elgin & Chic By June
938,710
905,236
Bangor By & Electric August
72,661 74.248
58
Baton Rouge Elec Co August
14,158 13.862
Belt LRyCorp(NYC) May
67.092 65.721
Berkshire Street Ry_ August
100,431 111,090
Brazillan Tree, L & P August
1691,872 2038,340 15,117A 15 67:
1 ,0 9
1 113
8 4
2 11
Brock St Plym St Ry
15,694 16.883
Bklyn Rap Tran Syst May
2482,243 2,356634 10.734.655 10,298.201
Cape Breton Elec Co August
32,742 33,454
231.529
240,623
Chattanooga By & Lt August
91,032 99.752
Cleve Palnesv & East July
46,695 46,001
242 988' 237111
,
Cleve Southw & Col August
123,058 129,052
837.571
824.768
Columbus(Ga) El Co July
53,827 48,875
380.228
337,408
Comwth Pow,Ry & L August _
210,585 201.221 1.928.591 01.324,056
Connecticut Co
August ___ 802.418 839.002 5,404,250 5,543,939
Consum Pow (Mich)_ August ___ 269,856 237,209 2.208,837 2,009,145
Cumb Co(Me)P & L August ___ 272,799 251.278 1,668,389 1.531,505
Dallas Electric Co_ _ _ August
174.775 180,734 1.467,881 1,384.288
Detroit United Lines 4th wkSept 281,701 293,720 9,070,049 9,545,441
DDED& Bat(Rec) May
44.205 53.001
212,260
248,877
Duluth-Superior Tree August
116,829 117.097
876,489
834.294
East St Louis & Sub_ August
219,250 228,532 1.768,801 1.718.106
El Paso Electric Co__ August
86,433 65,590
685,675
570,152
42d St M & St N Ave May
170,715 166,869
737,674
771.491
Galv-Hous Elec Co__ August
228,733 223,139 1,651.631 1,564,297
Grand Rapids By Co August
114,380 116.159
851.155
859.834
Harrisburg Railways. August
89,959 97.924
666,107
661,955
Havana El Ry,L & P
Railway Dept____ Wk Oct 11 53,934 56,861 2,178,175 2,218,154
193,034
Houghton Co Tr Co_ August
24.573 25.115
205,507
S Hudson & Manhat_ August
424,660 430,291 3,704,591 3.619,891
Illinois Traction__ August
656,864 655.684 5,351,512 5,071,614
2429,356 2348,78922.456,468 21.451,316
Interboro Rap Tran_ August
55.798 55,255
Jacksonville Trac Co August
495,919
443,883
Key West Electric_ _ _ August
91,124
11,388 11.719
88,805
Lake Shore Elec Ry_ July
151,999 154,483
810,105
788,183
Lehigh Valley Transit August
179.055 175,964 1,212,227 1.132,828
Lewis Aug & Watery_ August
76,293 81,048
452,778
457,900
Long Island Electric_ May
23.452 21,169
85.065
83,406
Louisville Railway__ August
261,034 274,139 2.121.641 2,127,429
Milw El By & Lt Co_ August
479,262 508,894 3,990.523 3,952,978
Milw Lt, lit & Tr Co August
947,460
151,649 150,026 1,013,475
Monongahela Val Tr_ June
90.857 78.737
442,066
494.717
NY City Interboro_ May
262,984
238,686
61,662 54.233
N & Long Island __ May
145,822
151,451
38.658 37,057
NY & North Shore__ June
75.090
76.740
15.799 15,504
N Y & Queens Co_ __ May
523.732
537.650
133.647 128.681
New York Railways_ May
1199.849 1232.152 5.509.710 5.878.534
NY Westches & Bos_ August
237,642
269,008
36,139 34,570
N Y & Stamford By.. August
263,387
265,671
52,391 50.050
125.481
123.583
Northampton Trac__ August
17,785 19.450
Nor Ohio Tree & Lt_ August
343,543 339,306 2,416,002 2.155.676
North Texas Elec Lt_ August
174,662 185,885 1,402.163 1,376.110
250,441
Northw Pennsylv Ry August
241,806
40.508 47,190
Ocean Electric (L 1)_ May
30,547
35,592
9,919
12,217
Paducah Tr & Lt Co_ August
199.311
189.126
24,804 26,312
Pensacola Electric Co August
185.546
188,064
22.669 24,953
Ptah' Rap Transit Co August
1912,970 1970.032 15.880.506 15.967,696
Port(Ore)Ry,L&PCo. August
487.264 556,152 4.269,928 4.418,046
Portland (Ms) RR__ August
705,499
708,429
121,027 130,854
Puget Sound Tr.L &P July
726,373 736,695 4.963.018 4.884.981
Republic Ry & Light August
256.524 261,648 2.013.294 1,942,441
Rhode Island Co_ ___ August
535,817 557,850 3,616,872 3.663,565
Richmond Lt & RR_ May
135,405
133,047
36.345 32,753
Stioseph(Mo)Ry.Lt.
Heat & Power Co_ September 101,596 106,445
921,169
958.5£40
Santiago El Lt & Tr_ August
309,984
302.452
38.624 38,418
Savannah Electric Co August
545,105
71,339 70.985
568,360
86.127 02,230
410,942
Second Avenue (Bee) May
349,645
20,778 19.359
76,539
Southern Boulevard _ May
85,423
29.868 26,110
102.843
97,617
Staten Isld Midland_ May
gust _ _ _
y
650,814
538.730
71,624
Tampa Electric Co__
May
351.298 354.363 1,619,115 1.642,213
Third Avenue
507.912 538.322 4,059,097 3.932.186
Toronto Street Ry___ August
Twin City Rap Tran_ 4th wk Sep 228.615 222,049 6,936,975 6,561.981
261.552 246,884 1.061,739 1,048,503
Union Ry Co of NYC May
1028,439 1076,174 8,391,773 8.363,824
United.Rys of St L.._ August
446,197 438,927 3,426.944 3,297.010
By & Power August
Virginia
74,839 84,825
527,567
557,306
Wash Balt & Annap_ August
212.176
5-5,818 50,450
220,488
Westchester Electric_ May
170,109
166,906
27,734 2226046126
Westchester St RR__ August
1,767,348 1,665.736
231,007
Western Rys & Light August
498,967
480.125
54,374 62,109
Wisconsin Gas & Elec August
280,454
261,794
67,206 66,898
Yonkers Railroad__ May
583,472
558,460
62,958 62,142
York Railways ____ September
170,921
164,473
25.461 25,564
Youngstown c Ohio:. August
129.417
16.564 15,861
133,869
Youngstown & South September
additional stock acquired May 1 1913.
a Includes earnings on the
b Represents income from all sources. c These figures are for consolidated
company.
-The following table
Electric Railway Net Earnings.
gives the returns of ELECTRIC railway gross and net
earnings reported this week:
Roads.
-Gross Earnings- -NetEarnings
-"'Yellows
Current
Current
Previous
Year.
s
s
Year.
s
Year.
Year
1 3
978,721 1, 37,082
Brazilian Tr Lt & Pow_ _Aug 1,691,872 2,038,340
15,555,488 15,624,438 8,914,964 8,367,429
Jan 1 to Aug 31
Hudson Valley Ry-b
65.922
71,002
Apr 1 to June 30
193,193
194,955
107,863
122,792
355,946
Jan 1 to June 30
383.832
Interest Charges and Surplus.
269,760
350,424
714,425
July 1 to June 30
_907,386
19,
520
Jut., Rentals, Ac.- -Bal. of Net
12,961
47,190
40.508
Earns.
- Northwestern Penna-b-Aug 241.806
70.863
55.719
Current
250.441
Previous
Jan 1 to Aug 31
Current
Previous
Roads.
Year.
43,142
Year.
46,672
106,445
Year.
St Jo Ry,Lt,Ht&Pow_a_Sep 101,596
Year.
391.038
410,997
3
921.169
958,580
Jan 1 to Sep 30
$
50,198
Bellefonte Central_ __ _Sept
38.331
235
84,825
74,839
240
2,780
904 Wash Balt & Annap_ b_ _Aug 527,567
279,645
229.541
Jan 1 to Sept 30
557.306
2,115
2,160
Jan 1 to Aug 31
11,319
10,660
30,929
32,813
62,142
62,958
Toledo Peoria & West__Sept
25,242
Sept
York Railways_ b
24,722 zdef8,500 zdef9,404
311,825
313,840
626,636
657.408
July 1 to Sept 30
Dec 1 to Sept 30
75.558
73,127 zdef12,091 zdef23,481
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
INDUSTRIAL COMPANIES.
Roads.
Int., Rentals, Ac. - But. of Net Earns.
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
Amer Tel & Tel (Holding Co)
6.241,562 5,706,358 24,248.868 24.643,264
Jan 1 to Sept 30
Amer Tel & Tel and Assoc Cos
12,547.139 10.994,010 26,356,815 28,114,185
Jan 1 to Aug 31
26,119
26,184
30,653
Keystone Telephone__ __Sept
26,312
228,966
233.972
269.610
Jan 1 to Sept 30
236,146
Montana Power (incl all sub cos)
222,751
226,607
400,732
July 1 to Sept 30
382.343
669,402 1,253,883 1,127,923
719,216
Jan 1 to Sept 30
x After allowing for other income received.
Interest Charges and Surplus.
Roads.
-Jut., Rentals, eic.- -Bat, of Net Earns.
Previous
Current
Previous
Current
Year.
s
Year.
Year.
Year.
$
$
Hudson Valley Ry82,226 zdef11,965 zdef15,712
83.855
Apr 1 to June 30
163,714 zdef43.335 zdef54.746
167,523
Jan 1 to June 30
z10,513 zdef31,767
304,528
343,254
July 1 to June 30
20,133
25,838 :4.-123,009
20,833
St Jo Ry,Lt. lit & Pow_Sep
225,194
180,862
210,179
185,801
Jan 1 to Sep 30
z15,320
24,327
24,838
z26,459
Wash Balt & Annap_ __ _Aug
192,067
z49,304
195,808
z91,951
Jan 1 to Aug 31
21,396
x11,053
Sept
22,200
rz9.930
York Railways
212,2482 x98,870 .7;x103.657
218,488
Sept 30
Dec 1 to
z After allowing for other incomereceived.
r
OCT. 17 1914.]
THE CHRONICLE
ANNUAL REPORTS.
• Annual Reports.
-An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the "Chronicle" in which
it is published. The latest index will be found in the issue
of Sept. 26. The next will appear in that of Oct. 31.
Louisville & Nashville Railroad.
(Report for Fiscal Year ending June 30 1914.)
The annual report of the board of directors (Mr. H.
Walters, Chairman, and Mr. M. H. Smith, President), is
given at length on subsequent pages; also the income account and balance sheet.
The usual comparative tables were given in the "Chronicle"
-V. 99, p. 1052, 1046.
last week.
Southern Railway.
(Report for Fiscal Year ending June 30 1914.)
The remarks of President Fairfax Harrison, together with
the detailed comparative balance sheets for two years and
the profit and loss account, are published on subsequent
pages. Below are given comparative statistics and income
account for several years.
TRAFFIC STATISTICS, &c.
1913-14.
1912-13.
1911-12.
1910-11.
Aver. miles operated__7,033
7,036
7,088
7,042
*Equipment
Locomotives
1,663
1,632
1,611
1,588
Passenger equipment_ _ _
1,i32
1,157
,
1
.
Freight equipment
47.900
49.420
51,741
51,846
Road service equipment
1,340
1,342
1,335
1,209
Marine equipment
22
22
22
23
Operations
Passengers carried
19,634,498 19,032,397 18,119,253 17,137,450
Pass. carried 1 mile_ -888,312,962 844,801,198 786,621,787 740.411,290
Av.rev, per pass. p. mile 2.139 eta. 2.157 eta. 2.153 eta. 2.169 eta.
No. tons car. (rev. fr't)_ 29.650,456 29,449,589 27,214,751 26,091.061
Tons car. 1 m.(rev. rt)4584338,858 4577486,801 4206785,057 4088496,793
Av.rev, per ton p. mile.. 0.983 eta. 0.982 eta. 0.987 cts. 0.966 Os.
Av, rev. tr. load (tons)275.45
259.52
250.04
240.51
Rev, per pass. tr. mile_ $1.18223
$1.19335
$1.15510
51.18146
Rev, per fr't train mile_ $2.70849
$2.54811
52.46716
52.32352
Operating rev, per mile..
$9,887
$9,740
$8,972
$8,569
* Includes narrow-gauge equipment.
INCOME ACCOUNT.
1913-14
1912-13.
1911-12.
1910-11.
Miles or crated, average
7,033
7,036
7,088
7,042
Revenues$
Freight
45,077,048 44,943,748 41.508,300 39.498,964
Passenger
19,412,343 18.551,037 17,266,014 16,348,404
Mail, express & miscel_ 5,044.306 5,034,705 4.816,015 4,497,695
Total oper. revenues_ 69,533,697 68,529,490 63,590.329 60,345,063
ExpensesMaint. of way & struct_ 9,098,912 9,275,553 7,841,220 7,464,916
Maintenance of equip
11,974,089 11,290,337 10.108,673 9,460,757
Traffic expenses
2,243,557 2,094,010
1,745,353
1.549,404
Transportation expenses 25.051,780 23,605,046 22,081,654 20,662,086
General expenses
2,202,836 2,008,977
1,919,337
1.789.627
Total oper. expenses.. 50,571,174 48,273.923 43,696.237 40,926,790
Net operating revenue
18,962,523 20,255,567 19.894,092 19.418,273
Outside operations (net)
27,825 sur.80,536 sur.64,755 def.42.028
Net revenue
Taxes
18,990,348 20,336,103 19,958,847 19.376,245
2,679,390 2,480,387 2,452,328 2,212,968
Operating income_ _ 16,310,958 17,855,716 17,506,519 17,163,277
340.912
Rents
383,791
387,404
31,207 20,965.795
Hire of equipment
5,073
Div.& int. received_
2,843,834 2,923,160 3,026,810
181,513
Miscellaneous income
36,168
53,946
Total gross income
19,578,364 21,221,686 21,086,961 20,965,795
Deduct
Sou. Ry. In Miss. deficit
34,440
50,951
39,682
48,214
Other road rentals
1.865,927 1,887,749
1,790,637 1.783,328
Hire of equipment
601,714
Rent of track, yards,&c. 1,090.339
859,079
934,687
1,005,140
Separately oper. prop's..
189,216
176,396
180,701
167,633
Discount on securs. sold
125,815
60.043
12,017
Int. on funded debt_ ___ 16,
011,1525 10,105,357 10,204,482 10.234,565
hit. on equip. oblig'ns_ _
660,565
712,414
667,229
706,810
Divs. on M.& O. stock
trust
226,008
226,808
226,808
226,808
Preferred dividI454)2,700.000(5)3,000,000(4%)2700000(2)1,200,000
Additions & betterments
91,929
44,989
48,660
66,046
Miscellaneous
87,474
87,754
87,831
83,710
Total deductions_ 17,530,587 17,191,721 17,068,833 15,561,837
Balance,surplus
2,047,777 4,029,965 4,018,128 5,403,958
•Includes 2% paid in scrip Oct. 1914.-v. 99. p. 1053.
970.
Erie Railroad.
(Report for Fiscal Year ending June 30 1914.)
Extracts from the report of President Underwood,together
with the income and profit and loss accounts and the comparative balance sheet for two years, will be found on subsequent pages. Below is published the usual comparative
statement for several years of the earnings, charges, &c.
OPERATIONS AND EQUIPMENT.
1913-14.
1912-13. 1911-12.
1910-11.
Miles operated
2,257
2.257
2,257
2,265
Equipment
Locomotives
1,501
1,461
1,429
1,403
Passenger equipment..,...
1,247
1.243
1,218
1,179
Freight equipment
52,970
49,461
49,758
47.433
Service cars, &c
2,906
2,647
2,193
2,101
Floating equipment_ _ _ _
206
171
166
166
Operations
Passengers carried
27.628,242 27,362.836 26.205,266 25.454,161
Pass. carried one mile_651,393.355 647,026.127 611,548,871 626,835.771
Rate per pass. per mile_ 1.573 eta.
1.579 eta.
1.574 eta. 1.566 cts.
38,125,409 40,987,993 36,961,686 37,570,662
Freight (tons) carried
Fgt. (tons) carried 1 m_ x7,428,035 7,730,675 6,823,560 6,825,582
Rate per ton per mile._ _ 0.576 eta. 0.574 eta. 0.583 eta. 0.585 eta.
Av. train-load(rev.)tons
597
590
527
521
Earns, per pass. train in,
51.324
$1.317
51.247
51.285
Earns. per fgt. train mile
$3.400
$3.423
53.076
53.049
Gross earnings per mile..
$25,607
$26,342
523.789
523,762
1125
EARNINGS AND EXPENSES.
1912-13. 1911-12. 1910-11.
1913-14.
$26 770.218 $27.458,445 $25.182,784 524,071,522
985,665
902.
937,110
964,243
16,009,360 16.887,294 14,608.742 15,865,027
10.248,572 10,215,256 9.623,116 9,817,956
453,964
431.348
412.164
421.820
1,651,773
1,444,556
1.736.683 1.533,596
1,685.262
1,286.875
1,401,301
1,791.100
Earnings. Railroad., $57,804,814 $59,465,185 $53,708.469 $53.820.050
Earnings, Outside oper_ 3,178,761
3.182,174 2.783,901
2,829.858
Total earnings
$60.983,575 $62,647.359 356,492,370 556,649,908
ExpensesMaint. way & structures $6.998.746 $6.269.059 $5.929.926 $5.720.900
Maint. of equipment_
11,314,881 10,799,070 9,612.450 9.164,917
Transportation expenses 21.523,449 20,918.674 19,561,599 18.467.380
Traffic expenses
1,516.897
1,453.909
1,393,544
1.400,210
General expenses
1.481,375
1,264.463
1,204.169
1.096,484
Taxes
1.865,727
1,935.118
1.817.326
1,390,380
Expenses-Railroad _$44,701,075 $42,640.293 $39,519,014 $37,240,271
Expenses
-Outside oper. 3,522,932 3,506,466 2.989,239 3.005,030
Total expense
548.224,007 $46,146,759 $42,508,253 $40,245,301
Ratio of exp. to earns_ _ _
(79.08)
(73.66)
(75.25)
(71.04)
Net earnings-Railroad.$13,103,739 $16,824,892 514,189,455 $16.579,779
Net earns.
-All opera'ns 12,759,568 16,500.600 13.984,117 16,404,607
Int.& dive. on securs__ _ 1,797,509 5.147.900 3,799,697 3,183,774
Rents,&c.,received_ _ _ 1.055,145
985.911
945,742
757,288
Earnings- •
Freight
Milk
Coal
Passenger
Mail
Express
Miscellaneous
Total net income_ -$15.612.222 $22.634.411 $18,729.556 $20,345,669
Deductions
Interest on bonds
57.729,358 $7,757.896 $8,670.766 $9,749,801
Interest on notes
1,509,917
1,501,500
1,033,125
747,039
Rentals of leased lines.._ 2.226,702 2,252.223 2.251,799
998,868
Hire of equip.
-balance.
49,134
745.988
693.878
512,862
Joint facilities
777,229
733,988
688.058
668,295
Miscellaneous rents_ _
761,323
781.057
860,426
810,499
Interest on car trusts_
760,367
643,097
586,002
509.716
Sinking. &c., funds and
miscellaneous
1.135.926
878,506
568,299
958,177
Additions & improv'ts
502,743
657,588
582,452 1.339.737
Total
$15,452,699 $15.951,843 515.934.805 516,294.994
-ian9e
Ba . c9
v
:
$159.523 $6,682,568 $2.794,751 $4,050.675
New York New Haven & Hartford RR.
(Report for Fiscal Year ending June 30 1914.)
Extracts from the report of President Howard Elliott will
be found in next week's issue of the "Chronicle". Below are
the usual comparative tables showing the company's operations and the balance sheet.
OPERATIONS AND FISCAL RESULTS (ROAD PROPER).
1913-14.
1912-13. 1911-12.
1910-11.
Average miles
2,046
2,092
2,091
2,041
Equipment
Locomotives
1,308
1,349
1,244
1.227
Passenger cars
2,360
2.361
2,354
2.528
Freight cars
35.713
36.185
38,053
38.441
Other cars
1,410
1,221
1.210
1,178
Operations.
-Revenue passenger and freight only.
Passengers carried
87.183,541
86.813,807 84.534,214 83,193,164
Pass. carried one mile_ _1600476,736 1605902,772 1558915,823 1534301,064
Rate per pass. per mile_ 1.712 eta. 1.737 eta. 1.720 eta.
1.708 eta.
Freight (tons) carried.... 24,996,838 26,266,327 24,675,469 23,257.041
Fgt. (tons) carried 1 m_2294783,942 2532746,840 2343040,109 2181557.124
Rate per ton per mile..._ 1.415 eta. 1.345 eta. 1.351 eta. 1.390 eta.
Pass, earn. perm. of road.
$15,957
$15,730
$15,063
$15,046
Pass. earn, per train m_
$1.91
$1.91
$1.87
$1.86
Fgt. earn. perm.of road
$16,301
$16,815
$15,634
$15,131
Fgt. earn, per train mile
$4.30
$3.91
$4.03
$4.03
Av.No.pa.ss.per train m..
96
95
95
95
Av.No.tons per train m_
304
291
292
290
Earnings$
$
$
$
Freight
32,476,373 34,071,975 31,654.186
Passenger
27,400,673 27,896,300 26,816,435 *62,153,435
Other transp n revenue.. 4,772,209 4,776,865 4,412,329
Other than transport 'n_ 1,968,438
1.868,363
1,573,408
Total
66,617,693 68,613,503 64,456,359 *62,153,435
ExpensesMaint. of way & struct_ 8,831,064 7,893,090 6.745,883 *6,980,036
Maint. of equipment.
10,389,458 9,600,669 7.983,858 *7,193,425
Traffic
502,020
582.310
412,880
351,999
Transportation
26,868.688 27,203,271 24,833,727 *24.526,959
General
1,924,120
1,947,999
1.650.965
1,846,213
Total
48,515,350 47,227,339 41.627.312 *40,898.633
P C. of exp. to earnings
(64.84)
(65.80)
(68.83)
(72.83)
Net earnings
18,102,343 21,386.164 22,829,047 21,254,802
Net rev, outside oper'ns
645,447 1,388,155 1.399.793
85,480
Total net revenue.. _ __ 18,187,823 22,031,611 24,217.202 22,654.595
Taxes
3,568,219 3,714,756 3,719,548 *3,578,363
Balance
14,619,604 18,316,855 20.497.654 *19,076.232
Dividends on stocks_ _ _ _ 3,521,761 6,487.517 6,565,241
5.487,150
Interest on bonds
1.092.972
217,065
241.344
273,244
Miscellaneous income
1,832.316
2,297.696 2,385.758 2,419.523
Rents received
445,570
502,317
708,879
.356.688
Hire of equipment
244,181
472,409
230,631
409,802
Sink., &e.,reserve funds
183,300
202.229
216,218
Total net income-- 21,867.594 28,380,640 30,800,762 28,255.160
DeductInt. on bonds. deb., &c_ 11,839,723 11.029,129 10,478,744 10,710,389
Rentals of leased lines__ 4,658,542 4.545,794 4,474,347 4.478,324
Recitals other than above 2.684.177 2,391,143 2,182,520
1,874,135
Dividends
(134 %)x2,356,769(734)13486563
(8)14315,540(8)12454,852
Separately oper. props.. y2,078,081
1,238,438
166,901
Miscellaneous
338,408
253,899
112,699
5,000
Total
23,955,700 32.944.966 31.730,751 29,522,700
Bal., deficit, for year....., 2,088,106 4,564,326
__
929,989 1,267,540
x Dividend of 1%7 paid Sept. 30 1913 was charged against profit and
s
loss, but shown here for the sake of simplicity.
y Separately operated properties include in 1913-14 guaranties for Boston
RR. Holding Co.,$1,118,756, and N.Y.Westchester & Boston Ry. guaranty (bond int.), $864,000, and Boston & Albany RR. operating
guaranty,
$95,325.
Note.
-The operating revenues and expenses in the 3 late years
exclude
arbitrary allowances for hauling company freight used in
operation under
ruling of Inter-State Commerce Commission, the 1912 figures
being changed
for purposes of comparison.
•Figures so marked are inaccurate, comparison
being changed in later
years, the general results for the year, however, remaining
unchanged.
BALANCE SHEET JUNE 30.
1914.
1913.
1913.
1914.
LiaMildes-$
$
$
$
Assetsequip.s193,757,792 192,229,190 Capital stock__180,017,000 180,017.000
Road &
Prem.on capital
Secure. of prop.,
46,367,690 39,678.601 stock sold____ 19,282,888 19,282,888
&c., cos
Debs.. &c.,incl.
Adv. to prop.,
1,625,992 1,104,731 merged roads
&c., cos
157,964,450 143,065,450
8,331,679 8,343,680 assumed
Physical prop
Mtge. bds.,incl.
Miscell. invests.
unpledged __- 95,736,312 123,702,443 merged roads
assumed
58,929,000 59,779,000
Miscell. secure.,
Collateral notes 19,927,000
33,954,797
pledged
Obligations for
Invest. Grand
Cent Term__ 5.358.362 3,782,572 advs. rec'd for
474,804
474,804
Securs. In treas. 22,901,450 23,132,450 construe., &c_
Marketable sec's 1,863,205 4,528,313 Liab. (half) for
Material & supp. 5,642,340 5,980,491 B.& A. equip_ 2,438,000 2,610,000
Agts. & conduc_ 2,826,408 3,034,849 Equip. & pers'l
Ace.int.,div.,&c. 1,298,729 1,660,247 property leased 9,474,943 9,389,683
319,259
234,065 Traffic,&c.,bals. 3,277,919 2,836,894
Traffic,dtc.,bals.
Miscell. accts__ 5,828,271 5,489,585 Vouch. & wages 4,813,961 6,402,200
Loans& bills rec 34,420,522 51,919,344 Loans&bills pay. 4,251,957 42,598,750
207,731
435,919
6,066,958 12,275,430 Miscell. accts__
Cash
1,983,355 Int., diva., &c..
Insurance fund_
1,291,598 3,948,688
1,698,666 due
Accident fund
884,152
746,406 Accr. int., &c.._ 3,000,062 3,037,967
Sink.,&c.,funds.
1,042,597 3,344,277
18,192 Oper. reserves
24,018
Prepaid ins.,&c.
1,175,571 Def. cred. items 67,769,167 4,964,728
Advances
528,442
Approp. surplus c623,188
Betterments on
leased lines.... 3,526,506 3,059,719 Profit and loss__ 1,822,246 7,916,557
Other advances 3,031,388 1.194,510
Spec. depos.,&c. 1,713,598 2,376,828
Other def. debit
1,375,271 1,055,821
Items
Total
[Vol, xc rx
THE CHRONICLE
1126
476,834,699 490,405,059
Total
476,834,699 490,405,059
a Road and equipment in 1914 (5193,757,792), consists of road and
equipment, $195,903,526; less 82,145,734 reserved for accrued depreciation
or equipment.
b Deferred credit items include reserves against corresponding assets
representing possible credits to income account or profit and loss, $6,860,651 and other deferred credit items, miscellaneous, $908,515.
c Appropriated surplus represents Connecticut fly. & Ltg. Co. sinking fd.
CONTINGENT LIABILITIES IN HANDS OF PUBLIC.
Boston Term. 3145, Joint gu.$14,500,000 zBoston RR. Holding Co.
247,000 4% pref. stock
$2,800,000
N.Y.& Stamf.Ry.Ist ref. 4s_
Cent. New Eng. Ry. 1st 45.. 12.012,000 eN . Connecting RR. 1st
16,000,000
xN.Y.West.& Dos.Ry.lst 434s 19,200.000 4Sis (joint)
300,000
Springfield fly.4% pref. stk_ 3,387,000 Housatonic Pow. 61' notes_
Harlem River & Port
°Chester
New Engl. Invest. St Sec.
10,000,000
RR. 5% notes
4,000.000
4% pref. stock
z Interest not earned; paid under guaranty.
y The N. Y. Connecting RR. not yet being in operation, the interest
($720,000) guaranteed jointly with the Penna. RR. Co.. is charged to
-V.99 p. 1052. 970.
construction.
Boston & Maine RR.
(81st Annual Report-For Year ended June 30 1914.)
Pres. James H. Hustis, Boston, Sept. 11, wrote in subst.:
-The gross operating revenues were 547,413.906, a decrease of
Results.
$1,099.602. Revenue from freight decreased $826.591; from passengers
$197,559, and from mails, express. &c., $75,452. The net revenue from
outside operations decreased $1,674, and income from other sources increased $159.781. Operating expenses increased $195.254. taxes $33,388.
rental of leased roads $174,929, interest on debt, 770,634, and annual proportion of discount on notes 5199.358; hire of equipment and other rentals
decreased 8220,618. The net corporate loss was $2,044,742, as compared
with a surplus of $49,697 in the previous year.
The decrease in freight and passenger revenue reflects in a measure the
general depression in business which has existed during the past year.
Express revenue has been further affected by the increase in the parcel
post weight limit and by the reduced express rates prescribed in February
-S. C. Commission.
by the I.
An earnest effort has been made to reduce expenses. Transportation
expenses show a decrease of $903,615, or 3.9%. As the decrease in operating revenue is 2.3%, these figures indicate increased efficiency in lower
transportation costs. The revenue freight train-load shows an increase
of 7.8% (from 291.56 to 314.41 tons). The increase in maintenance of way
and structures of 81.121.726, or 20.7%. reflects the policy of your directom in maintaining the physical integrity of the property. The increase
is accounted for entirely by the more extensive renewal of ballast, ties.
rams and bridges,and other structures, all of which are in the interest of
safety in operation.
-The 426,549 shares of capital stock is owned by 8.200
Capital Stock.
stockholders, 5,393 of whom. owning 377,081 shares, reside in Mass.
-There has been no change in the funded debt.
Bonds. 8.c.
a
-Holders of the $10,000,000 57 one-year notes. due on
Floating Debt.
basis
2 1914
Feb. 3 1914, were requested to extend them to Junebanker'son the
commission
a
of interest paid in advance at 6% per annum plusJune 1 1914 88.815,000
of 34 of 1%. equivalent to 0.1% per annum. On On June 2 the holders
of these notes had been extended (V. 98. p. 385).
notes due on
of all these notes. and also of the $17,000,000 one-year 6%
option of extending them to
June 2. in all $27,000,000. were given thein interest payable in advance.
on the basis of6% per annum
March 2 1915
same terms and accepting
or of extending 60% of their face value on the
coupon gold notes of
in settlement of the balance, of 40%. five-year 5%
Companies at par.
the Maine Railways
notes had been taken up; on acOn June 30 1914 824.354,000 of these
Companies notes had been
count of these $2,690,000 Maine Railways
had been extended. At
issued in exchange, and the balance. $21,664,000, amount to $25,381,000.
up
date of this report the total notes taken out have been 52,858.000.
the
Railways Companies notes put
The total Maine
of Judgments obtained
Included in the amount taken up are the payment
$350.000. Suits are 5t8l
by noteholders on four verdicts, aggregatingto $583,000 brought by 12
amounting
pending for non-payment of notes
noteholders(V.9L p. 1535, 1765)•
-By vote of stockholders March 30 1914 the
Sale of Maine Central RR.
-159,601
company
capital stock of the Maine Central RR.Co. held by your
sold to the Maine Railways Companies for 515,162.099, or
-was
shares,
being made in the five-year 5% gold notes
at $95 per share, settlement
par for 812.162.000,
of the Maine Railways Companies due May_1 1919 at
Companies, enand note of the Maine Central RR.Co. to Maine Railways for
1914)
$3,000,000.
dorsed to the Boston & Maine RR. (paid April 18of the company at $16.
cash. This stock was carried on the books
with $100
298.998. or 5102 12 per share, and the loss resulting from the sale amounting to $1,136,898. was charged to profit and loss (V.98. p. 154. 911, 912.
I1,1245).
N
-The lease of the Suncook Valley RR., which expired Jan. 1 1914,
Lease.
was extended for two years to Jan. 1 1916 at the same rate, being $10,551
per annum,or 3% upon the outstanding capital stock, and an allowance
for organization expenses of $300 per annum.
-The rolling stock of the company and its leased lines has
Appraisal.
ledger
been appraised at a value which as of June 30 1913 exceeded the
,
,
values 63 $2.131,993.
the system
The Government officials began the work of valuation of 1916. The
on March 4 1914 and are expected to complete the same during
cost of this work to the company will be between 8250,000 and $300.000.
re-These expenditures on the property
Additions and Betterments.
gated (net) 54,363.135. including chiefly: Equipment, 8686.299; bridges,
trestles and culverts, 5201,088; track fastenings and appurtenances. $1 9.495; additional main tracks,$465,314;terminal yards.$368.208; elimination
of grade crossings, $421,897; station buildings and fixtures. $163,994;
shops, engine houses and turntables. 5923.064; shop machinery and tools.
3733,223; water and fuel stations, 8135,980.
Of the 84.363,134. there was charged to capital account $2,526,888;
to leased roads, $1,697,110; and as additional rental of leased roads, 8139.136.
The grade separations at Lynn. Mass.. are finished as planned, but the
completion of the four-track work has been deferred and only such work
done as is necessary to meet the present Operating requirements. The
operation of trains on inbound elevated track was begun Aug. 10 1913
and on outbound track on Aug. 17 1913 and the new waiting room under
the viaduct was opened to the public Feb. 15 1914. The railroad has
Joined with the city in reducing the grade of Mt. Vernon St.
The sale of the East Boston dock property to the Port Directors of the
city of Boston was authorized by the board on Dec. 13 1913 for $725.000.
and was paid for on Jan. 22 1914. The estimated original cost. 3264.400,
has been credited to property account and the profit, estimated at $460.600, has been transferred to credit of profit and loss.
The new motive power and car repair shops at Billerica, which have been
under construction during the past three years, are practically completed
at a cost of about $2,500,000. Operation of the locomotive shops began
in February and the carshops in April 1914. These shops are fully equipped
for repairing and rebuilding locomotives and passenger cars.
The Mechanicsville. N. Y., terminal, which has been under construction
for over two years. has been practically completed. It comprises a reEnd. capacity 750 cars; a hump for classifying
ceiving yard at the Westclassification tracks, capacity 2.450 cars; a westeastbound freight into 35
bound receiving yard of 10 tracks, capacity of 700 cars: two transfer platforms, each 800 ft. in length; car repair yard and shop and a stock yard
and icing plant; 25 stall engine house, &c.
A new double-track steel bridge has been constructed at Bow Junction.
N. H. The work of rebuilding the bridge over the Hudson River at Mesteel bridges are
chanicville, N. Y., has been commenced. Three new Junction. Vt., rebeing built between Concord. N. H., and White River
replacing light structures
placing wooden structures. New steel bridegs
at
on account of heavier motive power being used have been erected
12 places.
crossings;
Work has been completed on the elimination of nine grade
have
$615,915 has been expended on this work during the year. Accounts
charged
been closed amounting to $592.859, of which 8266.265 has been$175,682
to construction. 8150,912 has been charged to leased roads, andThe total
has been reimbursed to the company by others participating.
net expenditure on the B. & M. RR. and leased lines to June 30 1914 has
been $6,926,204.
-There have been laid during the year 16.967 tons of new rails.
Track.
11,864 tons of relay rails. 1,699.528 ties and 19.204 rods of fence have been
built.
See report of Railroad Commissioners. &c., as to property. V. 98,
p. 1818, 1820, 1731, also see V. 98. p. 234.
OPERATIONS AND FISCAL RESULTS.
1910-11.
1911-12.
1912-13.
1913-14.
2.243
2,244
2,252
2.252
*Miles operated June 30
Operations
47,032,535 49,918,103 49,284,076 48,666,086
Passengers carried
Pass. carried one mile_ _896,081.331 904,059,166 880,741,536 862.472,977
1.801 cts.
1.782 cts.
1.775 cts.
Rate per pass. per mile- 1.769 cts.
24.752,884 25.473.568 23.694,987 23.064,301
Freight (tons) carried
(tens) carr. 1 mile_ _2635138719 2721196.610 2460990,977 2365046.613
Fr't
1.095 cts.
1089 cts.
1054 cts.
1.057 cts.
Rate per ton per mile
$19,982
$20,493
$21,545
$21,057
Gross earnings per mile*Does not include street railways (50.21 miles in 1913-14 and 1912-13.)
INCOME ACCOUNT.
1910-11.
1911-12.
1912-13.
1913-14.
Earnings516,425.312 516,610,446 $16,178,431 $15,929.378
Passenger
27.866.098 28.692.689 26,811,513 25,891.481
Freight
1.368.075
1.334,482
1.409.306
Express & extra baggage 1,335,182
444,849
445,309
447,392
492.479
Mails
1.181.301
1.220.629
1,353,674
1,294,834
Miscellaneous
•
547.413,905 848,513,507 845,990.364 544,815.084
Total
Expenses86,545,830 $5,424,104 85,823,545 $6,066,121
& struc
Maint. of way
6.248.435
6,411,596
7.769.904
Maint. of equipment.._ _ 7,733,871
500,351
475.938
454,537
465,058
Traffic expenses
22,189,351 23,092,966 21,317,653 21,229.175
Transportation expenses
1,104,621
1.058.563
1.359.914
1,362.568
General expenses
838,296,678 $38,101,425 535,087,295 535,148,703
Total
(76.29)
(78.43)
(78.54)
(80.77)
P.c. of op. exp.to earns.
$9,117,227 510,412,082 $10.903,069 $9,666,381
Net operating revenue
143,423
68.238
x187.914
-net x186.240
Outside operations
89,303,467 510,599,996 $11,046,492 59,734.617
2,086,864
2.025,629
2,089,905
2,059.017
Taxes accrued
S7,244.449 $8.574,367 $8.959.628 $7,644,712
Operating income.- 8309,809
$291,497
8321.592
$261,400
Income from rents
377,227
492,711
813,069
896,751
Inc.from stocks St bonds
204.642
107,393
221.568
309,450
Interest & miscellaneous
$8,760,459 59.930,596 89.832.994 58,506,216
Not income
Deduct
55,194,379 85,385,054
Rentals of leased roads_ $5,487,629 55,312.700
848.581
1,063.995
1,748.315
1,535.404
Hire of equipment
53,637
171,884
169,038
161.330
Rent of tracks,yards.&c. 3,317,945 2,547,311
1,834,171
2,083,703
Interest accrued
74.750
274,108
Discount on notes
28,785
28,785
28,785
28,785
Sinking fund payment_ _
188,988
188.988
188,988
Divs. on pref. stk.(6%)
(3)1,185.150 (4)1.578,963(534)1769983
Divs. on corn. stock_
Balance, deficit
52.044,742 51,324,441
$477.703 51,602,983
x Includes net earnings of electric street railways. 50.21 miles in 1913-14
and 1912-13. The earnings of these roads were: In 1913-14, $262.194,
against $256,436 in 1912-13; net. $88,134 in 1913-14, against $80,411 in
1912-13.
COMBINED INCOME ACCOUNT.
Includes the Boston & Maine RR., Vermont Valley RR., Sullivan County
Harbor & Beach RR., Mt. Washington fly., St. Johnsbury
RR., York
& Lake Champlain RR., Montpelier & Wells River RE., Barre &
Chelsea RR. and Conway Electric St. fly., with inter-co. transactions
eliminated.]
1911-12.
1912-13.
1913-14.
$
$
Revenues$
29,156.812 29,997,615 28,015,774
Freight revenue
16,358,909 16,558,116 16,206,544
Passenger revenue
474,296
475,619
Mail revenue
525.817
1.240,164
1,317,860
1,242,785
Express revenue
1,129,127
Other transportation revenue
1,277.236
1.249,038
760,185
832,114
815,546
Other revenue
Total operating revenue
Expenses
Maintenance of way, &c
Maintenance of equipment
Traffic expenses
Transportation
General expenses
49,348,907 50,458,560 47,826,090
6.129,201
5,732,071
6,983,094
(g
1
6.1(&7
7,981,249
7,940,784
465,743
476,253
:
23.020,074 23,947,271 22 18V41
1.101:724
1.402.847
1,404,445
Total operating expenses
Net operating revenue
Outside operating revenue
39,824,650 39,529,181
9,524,257
186,240
Total net revenue
Taxes accrued
Operating income
Other income
Gross corporate income
Deductions
Rentals on leased roads
Hire of equipment
Other rents
Interest accrued
Discount on notes
Sinking fund payment
Total deductions
Balance
36,426,123
10.71WIR "MIE
9,710.497 11,117,292 11,543,390
2.155,963
2,100,723
2,170,130
9,387,427
9,016.569
7,540,367
836,814
1,288,561
1,447,661
10,305,130 10,224,241
8.988.028
5,194.379
5,321,500
5,489,656
1,151.570
1,869,248
1,842,217
189,321
179.114
171,364
2,305,008
2,725,991
3,551.462
74,750
274,108
28,785
28,785
28,785
8,869,063
11,157,582 10,199.385
def.2,169,554 sur.105,7428ur.1,355,178
Our. 17
THE CHRONICLE
1914.1
BALANCE SHEET JUNE 30.
1913.
1912.
1914.
Assets
a$85,684.680 $83,944„741 $80,916,874
Road and equipment
7,495,142 23,794.090 11,955,066
Stocks of controlled, &c., companies_
545,619
545,619
545.619
Bonds of controlled, &c., companies_
Maine Rys. Co. 5% 5-year notes_ 9,522,000
214,572
218,087
200,178
Real estate
2,207,573
1,865,832
Leased roads for betterments, &c.. _ _ 2,414,820
4,898,223
7,868,034
3,510,836
Cash
2,307,014
2,998,380
1,013,606
Loans and bills receivable
112,855
58,112
144,022
Traffic, &c., balances
1,860,930
1,663,294
1,881,453
Agents and conductors
4,655,189 3,874,811
5,702,135
Materials and supplies
2,301,231
1,614,720
1,853,183
Miscellaneous accounts
2,098,767
1,757,787
2,145,863
Advances to leased roads
1.169,868
1,098,281
1,243,707
Sinking fund
904,310
Prepaid note interest
117,965
Int. on Maine Rys. Cos.5% 5-yr note
1,198,217
1,093,655
953,154
EMI,grade crossings in process, &c
991,062
499.913
557.713
Other deferred debit items, &c
14,296
c3,153,376
Profit and loss
129,043,762
Total
Liabilities
39,505,391
Common stock
Installment rec'd on shares not issued
3,149,800
Preferred stock
6,501,620
Premiums on common stock sold
43,338,000
Funded debt
24,310.000
Loans and bills payable
1,548,299
Traffic, &c., balances
3,180,951
Vouchers and wages
45,747
Matured interest, &c
Common dividends July 1
1,511,939
Interest and rents July 1
577,416
Miscellaneous accounts
1.413,518
Accrued interest, rents, &c
1,852,346
Sundry lease accounts
673,688
Other deferred credit items
131,435,048
Appropriated surplus
Profit and loss
Total
131.823,098 118,519,614
39,505,391
39,503,391
2.000
3,149,800
3,149,800
6.501,620 6,501 ,620
43,338,000 43,849,000
27,000,000 12,000,000
1,598,992
1,373,500
3,465,628
3,063,644
38,657
31,883
395.050
1,463,890
1,454,109
691,617
715,841
1,714,602
1,423,455
1.852,346
1,852,346
141,346
102.262
1,361.210
1,289,622
1,812,091
129,043.762 131,823,098 118,519.614
a Includes in 1914 investment in road, $59,927,508, and in equipment
$30.726,332 (excluding leased road equipment inventories at the inception
of leases at 58.194,708), less reserve for accrued depreciation of equipment
54.969.160. b Appropriated surplus in 1914 includes additions to property
since June 30 1907, through income.$191,341, and sinking fund for redemption of improvement bonds, $1,243,707. c After deducting depreciation
accrued prior to July 1 1907 on equipment retired during the year. $70,059,
and loss on sale of Maine Central RR. stock, 51,136.898, and adjustment
of old accounts, $347,982, and adding profit on sale of property at East
Boston, $460,600.-V. 99, p. 1051. 673.
Wabash Railroad.
(Statement for Fiscal Year ending June 30 1914.)
1913-14.
1912-13.
1911-12.
1910-11.
Operating revenues_ __ _$30,035.750 $31,769.286 $28.354,764 529.884.037
Operating expenses_ _ _- 24,322.695 24.693,489 23.150.484 22.366,183
$5,713,055 $7,075,797 55.204.280 57.517,854.
Net earnings
$54,683
533,176
855,780
$23,895
'Outside oper., deficit.1,044,309
905.892
851.630
920,873
Taxes accrued
Operating income---- $4,612.966 $6,115.222 54,319.475 $6,573,087
756,733
643,995
770,270
714.018
Other income
$5,383.236 86,871,955 $4.963,470 $7,287,105
Gross income
$1,113,684 $1.081.169 51,055.512
$918,876
Hire of equipment
1,552,347 1.601.504
1,525,603
Joint facilities rents-- 1,575.749
Int. on unfunded debt
7.000
61,771
84,628
and miscellaneous_ _ _
7,400
Balance (for underlying
bonds.&c.)
$2,608.975 $4,257,783 $2.348,611 $4,704,954
$118.750
Int. on receivers' certfs_
$844.513
$679,861
4.123,820 54.854,305
Interest on funded debt_ 133.157,623
3,396,171
61,260
60,140
Sinking fund, &c
57.760
58,680
192.809
268,458
Additions & betterm'ts_
903,632
480,652
Disct. on receivers' cert_
18.750
229.535
Total deductions_
Balance, deficit
- $5.193.062 54,634,115 54.571,168 55,108,375
$403,421
$376,332 $2,222,557
$2.584,087
a Interest on funded debt as above includes in 1913-14 interest accrued
on underlying mortgage bonds, 52.988.605 and interest on equipment
obligations, $169,018.-V. 99, p. 271.
Atlantic Coast Line Co. of Connecticut.
(Balance Sheet of June 30 1914.)
This company owns $18,590,600 of the $68,558,000 common stock of the Atlantic Coast Line Railroad Co. and sundry other securities (See list below). It will be noted that the
company now has a profit and loss surplus of $13,500,389.
We have been favored with the balance sheet of June 30
1914, which we compare with those of June 30 1913 and 1912:
BALANCE SHEET JUNE
Assets1914.
Securities deposited with Safe Deposit
& Trust Co. of Baltimore
a$5,562,360
Railroad bonds
b532 381
Other bonds
C3,098,365
Railroad stocks
d20,025,533
Other stocks
e35,063
Other assets
f540,597
Bills receivable and advances
165.000
Notes secured by Washington prop
Deposits for interests and dividends65.144
Cash
34.219
Dividends accrued
650.671
Atl. Coast Line RR.corn. stockz_ 75,900
Income tax retained from int. on cart_
1.140
Total
530.786,373
Liabilities
Capital stock
$8,820,000
Certificates of indebtedness. 5%- _ _ 5,000,000
Certificates of indebtedness. 4% _
61,800
Debenture certs. of indebtedness,4% 3.000.000
Bills and accounts payable
Div. on stock & int. on certs. unpaid..
65,144
Reserve acct. Prairie Pebble Phos.Co. g262,000
Profit and loss, surplus
13,500,389
Atlantic Coast Line RR. corn. stock z
75,900
Income tax from int. on certificates
1,140
30.
1913,
1912.
a$5,552,360 55,562,360
b532,381
13532,381
3,160,005
2,942.685
38,948,151 36,127,601
185,063
175,000
540.413
ta8 8
4
0
20,000
10,000
2,807
63,415
20,034
2,009,335
1.268,071
1,165,521
550,364,420 $49.148,711
517.640,000 517.640,000
5,000,000
5,000,000
61,800
61,800
3,000.000
3,000.000
800.000
64,044
63,415
g262,000
062,000
23,536,576 23.121,496
Total
$30,786,373 $50,364,420 $49,148,711
*575,900 Atlantic Coast Line RR. common stock deposited with Safe
Deposit & Trust Co. of Baltimore, fiscal agents, for distribution among the
stockholders of the Atlantic Coast Line Co.who have not exchanged their
$100 shares for $50 shares. z See (*) above.
1127
Securities Owned June 30 1914.
a Securities deposited with Safe Deposit & Trust Co. of Baltimore as
security for $5,061,800 certificates of indebtedness of 1897-1900:
Book Value.
Par.
Atl. Coast Line RR.1st cons.4% bonds_$1.250.000 51.245.000
Atl. Coast Line RR.of S.0.4%'bonds
1,550.000 1,550,000
Atl. Coast Line RR.4% unified bonds__ 3.008,000 2,767,360-55.562,360
b Railroad bonds
South Carolina Pacific Ry. Co. 1st 6%_ _
$65.751
$81,600
Colum. Newb.& Lam. RR.Co. 1st 3% _
318.000
201,958
North Western RR.Co.4%
261,000
285,000
Atlantic Coast Line RR.consol. 4% _ _
3.672- 5532.381
4,000
c Other bonds
Dutton Phosphate Co. 5%
5415,000 5232.200
International Agricultural Corp.5% _ _ _ _ 2,167,500 2,059.125
Amalgamated Phosphate Co. 5%
812,000
747.040
Sisal Hemp & Development Co.6%- 60.000-$3.098.365
60.000
d Railroad Stocks
Northwestern RR. Co. of South Caro
550,000
$50,000
Atlantic & North Carolina RR
1.100
1.100
Atlantic Coast Line RR.Co. class "A"_
158,100
158.100
do
do
do
do common_ _ _18,432,500 19.772.727
Nashville Chattanooga & St. Louis Ry
43,606-320025533
48.000
e Other stocks
Westinghouse Air Brake Co
70,000
35,063
$35.063
f Other assets
Charleston & Western Carolina Ry.secur.
$467.250
Colum. Newb.& Laur. 5% certificates__
1,272
127,250
Sundry securities
72,075 $540.597
g Reserve against stockholders' liability for claim to certain lands of
Prairie Pebble Phosphate Co.
-V.98, p. 1243.
St. Louis Southwestern Ry. ("Cotton Belt Route").
(23d Annual Report-Year ended June 30 1914.)
Chairman Edwin Gould, N. Y., Sept. 15, wrote in subst.:
Additions. &c.
-The property has been well maintained and substantially improved, and additienal rolling-stock has been acquired, mainly
under 10
-year equipment trust agreements. Expenditures for additions
and betterments to roadway and track and for terminal facilities, aggregating $522,721, have been advanced from the treasury, for which it has
not yet been reimbursed and these remained unfunded on June 30.
Under existing Government regulations, bonds for additions and betterments can only be issued for the actual expenditures. excluding discount on
the bonds as a charge against the property. During the past five years the
discount on funded debt charged off against "profit and loss" amounted to
$2,276,250. The equipment trust notes also represent only partial payment for the equipment,as they require initial cash payments of about 15%.
which during the jaast five years aggregated $921.027; this sum was Timid
out of current funds. There has also been paid out of the treasurY, from
current funds,on account of equipment trust notes matured during the past
five years, the sum of $1,046.893
-these payments having served to reduce
the book liability on account of such notes. Thus a large portion of the
expenditures for additions and betterments has not been capitalized.
Your company has no floating debt. At the close of the fiscal Year its
current assets were largely in excess of its current liabilities.
Bonds. &c.
-Thefunded debt has been increased 54,345.000,as follows:
First Terminal and Unifying Mtge. bonds, on account of additions, etc. (incl. Dallas Term. Ry. & U. D. Co.. $158,000)_ _$1.482,000
To acquire $125,000 First Ref. & Ext. M. bonds of Gray's
Point Term.By.and $184.000 1st M.Steph.N.& S.Tax.By. 309,000
Equipment trust obligatons issued:
Dated June 1 1913. covering: 3 steel underframe dining cars.
2 steel underframe parlor cars, 200 general service steel underframe coal cars, 10 consolidation locomotives and 10 tenwheeled locomotives
660,000
Series "D," dated Feb. 1 1914. covering: 205 general service
steel frame coal cars.8 gas-electric motor cars
340,000
Series "E." dated April 1 1914 (V. 98,0. 913). covering: 1,500
steel underframe box cars. 400 steel underframe flat cars.
100 steel underframe and steel frame coal cars
1,700.000
Deduct
-Equip,trust obligations matured and paid_ _ _ _$146.000
None of the Series "E" equipment was received during the current fiscal
year; however, at date of this report the following has been received:
400 steel underframe flat cars, 100 steel underframe and steel frame coal
cars; 716 steel underframe box cars and delivery of the full complement will
be completed at an early date.)
The company holds in its treasury, unpledged. $3,867,000 mortgage
bonds, viz.: St. Louis Southwestern Ry. Co. First Term. & Unifying Mtg.
5% bonds, 52,756.000; Southern Ill. & Mo. Bridge Co. 1st M.4% bonds,
000; Paragould S. E. By. Co., First & Ref. Mtg. 5% bonds,5511,000,
5600,
-Effective Jan. 1 1914. the ParaParagould Southeastern Ry. Co. Lease,
gould Southeastern By, Co., having a total main-track mileage of 37.26
miles, was leased by the St. Louis Southwestern By. Co. for 30 years. and
on and after that date was merged into, and operated as a part of. your
company's lines. All of the stock ($100,000) and all of the bonds($511,000)
are now held in our treasury. unpledged (V.97, p. 1824. 1025).
-Three quarterly dividends. aggregating 2%%. were
Pref. Dividends.
of
declared, payable as follows: 1% Oct. 15 1913, 1% Jan. 15 1914 and
1% on April 15 1914 (V. 98. p. 1073). No dividend was declared for the
the board did not feel justified in approving
last quarter of the fiscal year, as
a dividend for that period in view of the results from operations and prevailing financial conditions(V. 98. P. 1921)•
Digest of Statement by Pres. P. H. Britton, St. Louis, Mo.,Sept.1'14.
-The average mile:u.e.operated was 1,734.9 miles.
Main Track Mileage.
an increase of 125.6 miles. The main track operated June 30 1914 was
1.753.8 miles, increase 145.3 miles, due to acquisition, through leaser, of
Stephenville North Sc South Texas Ry. Co.. 106.9 miles, and the Paragould
Southeastern Ry.Co.. 37.3 miles,and mileage adjustment. 1.1 miles.
Freight revenues decreased $569.346, or 5.77%. The general depression
in business which prevailed throughout the entire country. in connection
with unfavorable weather conditions in the Southwest territory, adversely
affected the freight traffic movement on these lines. Droughts,floods and
early frosts occurred at intervals during the year, resulting in an almost
complete failure of the fruit and vegetable crops in Eastern Texas and a decreased yield of other products of agriculture. The tonnage of lumber and
other forest products, which constitutes a large percentage of our traffic.
decreased 11.47%.
Passenger revenue increased $43,374. or 1.66%, which is attributable
principally to an improved local passenger movement in Texas. The reduction in passenger rates in Missouri and Arkansas.following the decisions
of the U. S. Supreme Court on .111110 16 1913, resulted in a substantial decrease in the company's revenue. The estimated loss by reason of the reduced passenger rates resulting from these decisions is $340,000. A decrease in express revenue of $18.471. or 6.18%. resulted from an enforced
reduction in express rates effective Feb. 1 1914, and to the inroads made on
the express business by the parcels post. Non-transportation miscellaneous
revenue decreased $45,527,or 75.06°/ , which is explained by the abnormally
large receipts in the preceding fiscal year for detouring trains of other carriers over this line during the high-water troubles in the spring of 1913.
Results.
-The total operating revenues decreased $552.394 35, or 4.15
. The total operating expenses show an increase of $551,920, or 5.99%.
The per cent of expenses to revenues was 76.64. as against 69.31% for 19127,
13. or an increase of 7.330 due principally to the large outlay for heavy
repairs and renewals of freight-train cars, made necessary in a large measure
by the age of such cars. As prescribed by the I. S. C. Commission. effective July 1 1907, there has been included in "maintenance of equipment"
during the current fiscal year, and also during the preceding six years, adequate charges for depreciation and obsolescence, based on the average life.
-Reference was made in the report last year (V. 97. p.
Rate Litigation.
1140) to the decision of the U. S. Supreme Court on June 16 1913, adversely
affecting the passenger and freight tariffs of the company and other carriers operating in Missouri and Arkansas (V. 96.0. 1664, 1773). In pursuance of this decision, both the Missouri and Arkansas rate cases were remended to the respective district courts, with instructions to dismiss the
bills therein without prejudice.
In the Missouri rate case, the U. S. District Court for the Western District of Missouri dismissed the complaint and refused to appoint a Master
in Chancery to hear the claims for alleged over-charges on intro-State traffic. The Attorney-General of Missouri, in the name of the Statet
instituted suits against all carriers involved, seeking to recover
upon in
the
alleged over-charges both on freight rates and passenger fares, covering
intra-State business, during the pendency of the injunction.
In the Arkansas case, the U. S. District Court for the Eastern District
of Arkansas appointed a Special Master in Chancery to hear and report
on all claims for alleged overcharges on intra-State traffic, during the time
the rates were enjoined, and fixed a time within which the claims should be
presented. A large number of claims have been presented to the master,
who is now engaged in investigating the same, but he has not yet made a
report to the Court.
The reduction in intra-State tariffs has forced a reduction in inter-State
tariffs, but the carriers will avail themselves of all proper means to secure a
restoration of the tariffs previously in effect, or an increase in the present
tariffs. In view of the expressions of the Inter-State Commerce Commission
relating to passenger fares, in its recent decision in the matter of the application of the Eastern lines for a 5% increase in freight rates, a petition has
been presented to the Commission, which, if granted, will enable the carriers to increase inter-State fares in Missouri and Arkansas, and favorable
action on this petition is anticipated (V. 99, p. 390. 378, 817). Negotiations are also pending with the Missouri P. S. Commission looliing to an
increase in Missouri intra-State passenger fares, and altogether the outlook
for increased passenger fares is now more favorable than at any time since
the U. S. Supreme Court's decision was rendered.
Additions and Betterments.
-Such expenditures on road amounted to
$898.079 [chiefly $273,053 for ballast and $148.897 for additional main
tracks], and for equipment, after allowing for value of equipment retired,
$715,755; total. $1,611,835.
New Bridge over the Mississippi River at Memphis, Tenn.
-In the last
annual report (V. 97, p. 1140). announcement was made of the organization of the Arkansas & Memphis Railway, B
Terminal Co. V. 99,
Bridge & Term
968),for the purpose of constructing, maintaining and operating a doubletrack railway and highway bridge over the Mississippi River at Memphis.
Tenn. The capital stock of this company is owned equally by the Chicago
Rock Island & Pacific Ry.
St. Louis Iron Mountain & Southern Ry.
Co. and this company. Work has progressed on this bridge during the
Co.'
current fiscal year, and at the date of this report the sub-structure work is
practically completed. The prevailing stringency in the financial market
due to the disastrous European war may result in temporarily suspending
Work on the bridge, but it is hoped that matters will be so adjusted that it
can be completed without extended delay.
-The work of constructing the
New Passenger Terminals at Dallas, Texas.
new union passenger station and facilities of the Union Terminal Co. at
Dallas, Tex.,is now under way (V.97,P. 1140)•
Miles.
1914
1913
1912
1911
.
Miles.
1914
1913
1912
1911
xcIX.
THE CHRONICLE
1128
Hocking Valley Railway Co.
(Report.for Fiscal Year ending June 30 1914.)
191243.
1913-14.
1911-12.
1910-11.
Operating revenues____ $7,021,145 $7,817.644 $7,303,679 $7,172,731
4,983.843 4,579,042
Operating expenses...._ 4,803.746
4,600,047
$2,217,399 82.833.801 52,724,637 52,572,885
772,478
448,920
694,156
765,176
Gross corporate inc_ - $2,666,319 53,606,279 $3,418,793 $3,337,861
31.148,503 $1,114.170 $1.071,313 $1,101,322
Bond,etc.,interest
477,900
451,136
414,188
Taxes, etc
345.435
97,805
110,939
102,456
Rentals, &c
58,373
1,264,943
770,000
879.960
Dividends on common
440,000
7%
11%%
4%
Per cent
8%
Net
Other income
Balance,surplus
-V.99, p. 1052, 816.
$75,781
$651.461
$1,060,838 $1.392,731
Pullman Company.
(Report for Fiscal Year ending July 31 1914.)
RESULTS FOR FISCAL YEARS.
1912-13.
1911-12.
1910-11.
1913-14.
544,725,515 542,860,891 $40,219,748 $38,994,610
Total revenue
Disbursements
Operating expenses_ _ $23,047,338 $22,833,919 $22,608,178 $23,043,701
7,552,546
5,729,099 4,859,098 4,477,434
Deprec'n of cars &c
deReserve for further
3,000,000
2,000,000
preciation of cars, &c_ 3.000,000
Paid other sleeping-car
356,766
324,014
280,714
333.443
associations
9.599,506
9,599,460
9,599,336
8% div. on capital stock 9,599,564
Total disbursements_$43,480,162 $41,319,290 $39,390.750 $37,453.914
81,245,353 81,541,601
$828,998 $1,540,696
Surplus
BALANCE SHEET JULY 31.
1914.
1913.
1913.
1914.
Liabititles3
Assets
Capital stock_ _120,000,000 120,000,000
Cars, real est. &
Character of Steel Rail in Main Track June 30.
oper. supplies_ 95,636,007 121,632,435 Mail. payable_ 7,939,815 5,624,201
85
-lb.
75
-lb.
70
-lb. 60-lb. 56-lb.
Total.
8,077,917 5,461,968 Reserves for de8.95 1,051.01 30.67 43.27 378.46 1,512.36 Cash
8,369,184 9,163,910 preciation ____
28,210,451
8.95 1,050.83 30.67 6.15 271.84 1,388.44 Securities
20,136,408 20,136,408 Other reserves__
306,111
283,138
8.95 1,036.49 30.67 8.15 287.14 1,369.40' Mfg. dent
Accts.receivable 1,697,746 2,149,052 Surplus July 31_ 5,671,336 4,425,983
8.95 1,024.25 30.67 6.15 254.01 1,324.03
133,917.262 158.543,773
Total
133,917.262158,543,773
T.9
v 7
- otal
Ballast and Bridges in Main Track June 30.
, p. 1902.
Rock. Gravel. Cinders Soil. &A Edges. Trestles. Total.
*904.42 678.67 74.89 512.55
1.53 55.28 *1,527.34
Pittsburgh (Pa.) Steel Co.
188.98 719.44 68.82 340.66
1.53 49.01 1,368.44
190.69 721.65 69.20 337.57
1.50 48.79 1,369.40
(Report for Fiscal Year ending June 30 1914.)
190.69 678.26 69.20 336.93
1.49 47.46 1,324.03
*Includes 14.98 in second main track.
OPERATIONS, EARNINGS, EXPENSES,CHARGES, &C.
1912-13.
1910-11.
1913-14.
1911-12.
1,735
1.609
1,487
Average miles operated_
1,548
Operations
2.487,970
3,080,323
2,586,534
2.380,366
Passengers carried
Passengers carried 1 mile113,572.192 100,170,761 87,700,576 94,397,308
2.34 eta.
2.61 cis.
2.54 cts.
2.62 cts.
Rate per pa.s.s. per mile_
3,857.964
3,356,722
3,495,537
3.408,053
Tons freight moved_x
I rnile_830,028,078 871,985,756 835,722,979 824,246,732
do
do
1.13 ets.
1.08 eta.
1.07 eta.
1.12 cts.
Rate per ton per mile_x_
31.3374
51.4588
$1.3946
51.3085
Earn, per pass. train m_
$3.4233
*2.9857
53.1359
*3.3308
Earn. per fght. train m_
$7,995
$8,262
$7,778
$7,346
Gross earnings per mile_
x Not including company s freight.
INCOME ACCOUNT.
1910-11.
1911-12.
191243.
1913-14.
Operating Revenue$2,714,053 $2,667,123 $2,346,244 52.439,004
Passenger
8,866,848
8,971.114
9,864,489
Freight
9,295,143
472,071
541,142
691,189
Mail, express, &c
603,569
110,116
184.042
171.149
Rev.0th.thanfrom train
131.790
$12,042,543 $11.888,037
Total oper. revenues_$12,744.555 $13,296.950
ExpensesMaint. of way & struc__ 51,920,035 $1,899,484 $1,477,069 $1.799,916
2,064.046
2,172,269
Maint. of equipment.._ _ 2,035,700
2,219,390
445,783
479,154
Traffic expenses
508,894
505,802
3,798,103
3,744,143
Transportation expenses 4,116,729
4,039.413
470,307
General expenses
546.780
548,616
589,451
Total oper. expenses_ $9,767,717 $9.215.797 58.419,415 38,578.155
Net operating revenue__ $2,976,838 $4,081,153 $3,623,128 $3,309,882
Outside oper.-net def.
10.470
14,545
12.639
18,734
Total net revenue___.. 52,958,104 54,068,514 $3,608,583 $8,299,412
Taxes accrued
369,292
458.511
601,886
468,697
Total oper.income.._ 52.356,218 *3.599,816 $3,150,072 $2,930,120
Hire of equip.
-balance $586,442
$199,326
3531.747
3628,058
Joint facilities
180,322
221,169
213,391
206,633
Interest on invest., &c
147,236
191,057
202,876
159,463
$998.668 31.044.325
$526,884
$897,843
Total net income_ _ _ _ 53.354,886 $4,644,141 *4,047,915 *3.457.004
Deduct
Fixed bond Interest.... $2.098,190 52.070,327 51,728,836 51,690,440
Int. on 2d mtge. income
bonds held by public_
121,700
121.700
121,700
121,700
Other interest and misc.
90,954
37,549
165,138
88,850
Rents
-leased roads_ _ _ _
259,279
105,208
25,000
65.945
Rents
-joint fact's., &c_
448,992
423.166
315,191
348,677
Total deductions_ _ _ _ 53,019,115 $2.757,950 52,430,296 *2,241,181
Balance, surp. for year
$335.771 51.886.191 51,617.619 51,215.823
Preferred dividends__(23)5497,341 (5)5994,682(43)5895,214 (4)5795.746
CONDENSED BALANCE SHEET JUNE 30.
1914.
1913.
1914.
1913.
Assets-5
3
Liabilities
Road & equip_ _a88,899,063 87,580.623 Common stock. 16,500,000 16,500,000
Securities
615,434,932 15,114,532 Preferred stock. 20,000,000 20.000,000
212,616
MIAC.investmls.
11,103 Bonds (see "Ry.
957,021
1.554,658 & Ind." Sec.) 71,799,533 67,454.583
Cash
See. held in treas 3,006,250 1,215,250 Vouch.& wages. 1,259,224
947,205
758,334 Traffic bal.
Marketable sec's 1,121,660
(net)
29,553
Material & supp 1,645,994 1,551,710
,due
398,746
343,700
37,429 Misc. accounts_
Traffic bal.(net)
327,397
257,891
3,385
209,399 Int.,(11v.,&e.,acer 202,899
Loans & bills rec
480,487
911,251 Taxes accrued..
699,790
Misc. accounts_
266,281
214,193
38,725 Def.credit Items
Acc.int.,divs.,&e
50,106
164,058
208,827
358,514 1,964,397 Additions since
Advances
June
1907,
Special deposits. 2,086,900
through Inc__
Other deferred
163,111
163,111
500,182 Profit and loss._ c3,839,909 4,873,539
628,530
debit items._
Total
115,010,761 111.443,596
115,010,761 111,443,596
Total
Pres. Wallace H. Rowe, Sept. 30, wrote in substance:
Profits.
-In common with other concerns in the steel business, your
management has to report for the year an unsatisfactory result of operations.
The net profits were $416,551, as compared to $1.193,669 for year 1912-13.
The prices of all products manufactured by your company, namely pig iron,
steel billets, bars, hoops, bands, skelp, cotton ties, wire rods, smooth wires,
wire nails, barbed wire, fence staples, fabricated fencing, &c., reached
probably the lowest level in 15 years. While, therefore, your tonnage
output shows no great change compared with the previous year, (the shipments being 292,554 tons, against 306,377 tons the previous year), the margin of profit has been much smaller.
-Since June 30 1914 a large tonnage of iron ore has been
Iron Ore Supply.
shipped directly from your mines on the Cuyuna iron ore range in Minnesota to the company's blast furnaces at the Monessen, Pa., Works. The
quality of this iron ore has proven highly satisfactory and is being used in
the manufacture of pig iron and the various forms of finished products
therefrom. The using of our own raw material should be reflected in our
next annual statement (V. 97, p. 884)•
Dividend.
-In view of the outbreak of the European war and the uncertainty as to the extent to which it would affect your company's business.
your directors on Aug. 12 1914 decided that it was prudent to conserve the
cash resources, and therefore decided to defer payment of the dividend on
the pref. stock usually paid on Sept. 1.(V. 99, p. 541.)
Prior to the breaking out of tbe European war, the outlook for business
was excellent, owing to the abundant crops, but it is too early to state
whether and how it will be affected by the situation abroad, although at
this time there is a good demand and inquiry.
INCOME ACCOUNT YEARS ENDING JUNE 30.
1910-11.
1911-12.
1912-13.
1913-14.
$10,824,763 $11,654,888 $11,417.869 $11,567,748
Sales
1.046,698
1,277,978
1,143,932
1,310,252
Inventory end of year
$12,135.015 512.798,820 $12,695,847 $12,614,446
1,046,698
840,091
1.277,978
Inventory beginning yr. 1.143,932
$10,991,083 $11.520,842 511,649,149 811,774,355
Materials & oper. cost
$9,277,785 $9,193,760 $8,967,870 $9,297,549
(incl. repl., &c.)
1,209,554
1.369,726
1,186,339
Selling & general exp.. 1,168,299
Net profits
Misc.income (net)
$544,999 $1,140,743 $1,311,553 $1.267,252
5,924
10,019
a84,922
a73,271
Total net income____
5618,271 $1,225,665 $1.321,572 $1,273,176
De
$116,626
$21,184
$31.995
Int.on 1stSr gen. M.bds1 $201,720
_
Miscellaneous interest.... 1
(8 0)496,779
(8 )
Common dividends_ -*( %)140,000*(8) 560,000 % 541,117
(3 )245,120
(7
Preferred dividends_ _*(7%)735,000*(7) 735,000 %)490,000
$933,568
Total deductions_ _ _ - $1,076,720 $1.326,995 51,052.301 sur$339.608
Bal., sur. or deficit_ ___def$458,449 def$101.330 sur$269,271
shown in
a Includes also interest in 1914 and 1913. •Dividends not the usual
company's statement, but believed to be correct, the payments atin balance
and loss surpluses
rates accounting for the difference in the profit on pref. stock duo Sept. 1
sheet. As to deferring of quarterly dividend
1914, see V. 99, p. 541.
BALANCE SHEET JUNE 30.
1013.
1914.
1913.
1914.
8
Liabilfgles-8
5
S
Assetst17,451.764 Preferred stock__ _10,500,000 10,500,000
422
*Real est.,plant,&018,534,
415,500 Common stock... 7,000,000 7,000,000
Stocks of sub. cos. 419,000
30,000
974,828 Chica,go real est. NI
1,137,540
Cash
941,000
496,434 Time & dent,loans
53,979
Notes receivable__
1,797,964 1,524,910
Accts. recelv.(net) 2,539,157 2,084,811 Accounts payable- 3,463.587
Bills payable
Materials & mop. 3,225,642 2,223,073 Profit and loss.... _ 3,192,081 3,650,530
43,886
Prepaid charges__
25,953,612 23,646,440
25,953,612 23,646,440 Total
Total
-V.99, p. 541.
rights are not valued.
*Patent
GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
Southern RR.
-Earnings.
---
Alabama Great
a After deducting reserve for accrued depreciation of existing equipment,
Pf.Div. Corn.Div. Bal..
Operating Net (ofler Other Interest, .
$2,568,737. b Including securities of proprietary, affiliated and controlled
t
-pledged. 52,882.996, and unpiedged. $47,603, and St. Louis June 30. Revenue. Taxes). Income. Rents.c c (6%). (5i). Surplus.
companies
$
$
$
$
$
Year$
securities pledged, $12,504,333. c After deducting $72,041 exting,
So. Ry.
202,821 391,510 62,868
961,380 377,502
of discount on funded debt sold, 5221,811 loss on retired road and equip- 1913-14_ _ 5,385,307 1,232.664 486,433 581,695 202,821 391.5C0 40,209
584,477
:5.231,985
ment, $550.621 Stephenville N. & S. T. By. general a account written off, 1912.13_.
-V.98, p. 1534.
and miscellaneous items (net), $27,537.-V. 99. I). 817.
OCT. 17 1914.1
THE CHRONICLE
,
Arkansas & Memphis Railway, Bridge & Terminal I
See St. Louis Southwestern Ry. under "Reports" above.—V.99, p. 968.
Birmingham Ensley & Bessemer R R.—Examination—
The independent bondholders' committee as of Oct. 9 states that A. R.
Patterson, General Auditor of the Stone & Webster Management Association, whom they had employed to investigate into the affairs of the company, had been informed by the General Auditor of the road that as the
books are now being examined by certified public accountants in the employ
of other interests, he is unable to give any definite information regarding
the company's vouchers.—V. 99. p. 894. 814.
Boston Elevated Ry.—Resignation.—Charles P. Hall has
resigned as a director on account of his appointment as a
trustee, or liquidator, of a majority of Boston & Maine stock
7
under the decree in the Govt. suit.—V. 99, p. 894, 74 .
Boston & Maine RR.—Annual Meeting Adjourned.—
The annual meeting has been adjourned to Oct. 28,
F. A. Farnham, Massachusetts, counsel for the New Haven road, who
voted the Boston Railroad Holding Company's stock in favor of the adjournment. says: "It is expected that a final decree will be entered by
consent of all parties in the soi-called 'dissolution suit against the New
Haven within a few days. This will be followed by the transfer of the
voting power of the Boston Holding Company's Boston & Maine stock to
the liquidators, who will then be in a position to vote for Boston & Maine
directors. Under these circumstances the New Haven management will
not vote the Holding Company's stock for directors at this time. A postponement for 2 weeks is believed to be ample". Of the 315,937 shares
represented at the meeting, an but 11 voted for the adjournment.—V.99,
p. 1051. 673.
Brazil Railway.—Receivership.—The U.S. District Court
at Portland, Me., on Oct. 13 placed this company (the management assenting), and also its subsidiary, the MadeiraMamore Ry., in the hands of receivers, on application by
Deane Mann of London,who owns $116,800 of 53' %bonds of
the Madeira-Mamore Ry. Co., the interest on which, due
Oct. 1, guaranteed unconditionally by the Brazil Ry. Co.,
remains unpaid. A press dispatch from Portland says:
The receivers are W.Cameron Forbes of Dedham. Mass.,former Governor-General of the Philippines, for the Brazil Ry. Co.. and Mr. Forbes and
David T. Davis of N. Y. City for the Madeira-Mamore Ry. Co., both of
which are Maine corporations. The companies, which own or control more
than 5,000 miles of railroad in Brazil, were financed larg_ely abroad.
Mr. Mann alleges: "As a result of the war now raging in Europe and the
disturbance of international trade and commerce and the world-wide
paralysis of credit incident thereto, a temporary but intense prostration of
business has resulted in Brazil. This has brought about a severe shrinkage
in the earnings of the railway company and its subsidiary, has curtailed
their credit and has delayed or prevented payment of moneys due them.
Among the moneys of which they have been temporarily deprived are sums
to the amount of upward of 810,000,000, due and owing by the Republic of
Brazil to the defendant company, or its subsidiaries, payment of which has
been postponed on account of the financial paralysis. The financial condition is further weakened by heavy depreciation in Brazilian currency."
The floating debt of the corporation appears to amount to more than
$12.000.000. according to the complaint. The Brazil Ry. Co. has an auth.
capitalization of $60,000,000 (including $20.000,000 pref.), of which
$52,000.000 is outstanding. It owns an extended and comprehensive system of railroads in Brazil of more than 3,000 miles, and holds a controlling
interest in other railroads with a mileage of more than 2,000 miles. It also
owns the entire capital stock of the Southern Brazil Lumber & Colonization
Co.. which has acquired about 560.000 acres of timber-land in Brazil.
Approximate Funded Indebtedness.
50
-year 5% gold debentures. dated Jan. 1 1907
51.510.000
1st M.4% 60
-year gold bonds, dated July 11909. authorized £15.000,000. outstanding
(7)
-year gold bonds,(French Series) dated
1st Mort.4% 60
Aug. 1 1913
86,500,000 fr.
Convertible 5% debentures, 10 years, dated Aug. I 1912._ 2 000.000
6% 10
-year notes. dated Oct. 1 1913
150.000.000 fr
Madeira-Mamore Ry. Co.60
-year 1st M.6% bonds,guaranteed, authorized £3,000,000. issued
(?)
See also V. 95, D. 360, 480. 1039.
Buffalo & Susquehanna Ry.—To Take up Track.—
The order granted by Justice Herbert P. Bissell of the State
Supreme Court at Buffalo on Sept.29,on motion of the U.S.
Trust Co. N. Y. says:
Ordered that said receiver be and he hereby is authorized and directed
to discontinue the operation of the mortgaged property of the Buffalo &
Susquehanna Ry. Co., including the line of railway from Wellsville to Buffalo 186 miles), on and after Nov. 11914. and to take up said railway and
to do all other acts as may be reasonable and necessary for the preservation
and conservation of said property, and that he hereby is instructed to collect all accounts receivable of said railway company and out of such collections to pay, in so far as may be possible out of said collections, all accounts and bills payable incurred by said receiver in the operation
of said
railway and to hold such property and the balance of
proceeds of
collections until the further order of this Court. [It the understood such
is
that
the salvage from the property will be
about $290,000, but to what extent
this may be counterbalanced by
certain!. See also V. 99, 1). 969.bilLs and accounts payable is wholly un-
Canadian Northern Ry.—Extension of Time.—Tho Provincial Treasurer of Saskatchewan, Mr. Calder, at the recent
session introduced bills to extend the time for the construction of guaranteed lines of the Canadian Northern system
and of lmes and terminals of the Grand Trunk Pac. system.
The bills
provide for the extension to Jan. 1 1917 of
which lines under construction must be completed, and the period within
on which work has not yet been undertaken must be within which lines
begun. The money
market during the past year, it was stated, had been in
an
state, and since the war broke out it had become hopeless. unsatisfactory
The effect of
the war on the money market must be felt for a considerable
time. The
Canadian Northern Ry. was more than anxious to build •
condition existed that it was impossible to carry outbut such a financial
their plans. The
railroads were strongly desirous of completing the branch lines
which were
feeders of the main systems,
Listed.—The London Stock Exchange has listed scrip
for £3,000,000 4% guaranteed debenture stock, guaranteed
by Government of Dominion of Canada.
Lazard Brothers & Co. give notice in London to the holders of partlypaid scrip certificates and allotment letters of the aforesaid 4% debenture
stock, 1931, who have not paid the installment of 69% due Aug. 19, but
have availed themselves of the moratorium that should they desire to take
advantage of the further extension of one month, I. e.. to Nov. 19, under
the terms of the Royal Proclamation of Sept. 30, they must within three
days from Oct. 19 pay interest at 5%,due from Aug. 19 to Oct. 19, as otherwise the benefit of the moratorium is not obtained and the installments
previously paid will be liable to forfeiture. See V. 99. p. 341; V. 98.
p. 1600, 1607, 1844, 1918.—V. 99, p. 969, 747.
1129
In order to participate in the plan outstanding bonds must be deposited
with Central Trust Co. of N. Y., 54 Wall St., the depositary, in transferable form, accompanied by the coupons maturing on and after May 1 1914,
and any tax in connection with such deposit. Holders of certificates of
deposit for the bonds who within 30 days shall not withdraw, paying their
share of the expenses of the committee, will be bound by the plan.
Committee: James N. Wallace, Chairman: Bernard M. Baruch, James
Brown, Henry Evans, Charles Hayden and Frederick Strauss. with C. E.
Sigler, 54 Wall St., as Secretary, and Jenne, Larkin & Rathbone and Cravath & Henderson as Counsel.
Digest of Statement by Committee, New York, Oct. 10.
The Chicago Rock Island & Pacific Railway Co., which owns and operates the Rock Island System, has a capital stock of $75.000,000. Of this
stock, $71,353.500 is pledged to secure $71,353.500 Collateral Trust 4%
gold bonds of 2002 of Chicago Rock Island & Pacific Railroad Co., and constitutes practically the sole assets of that company. The operating company having discontinued dividends, default was made by the railroad
company on the interest due May 1 1914. and a decree of foreclosure has
been entered [by Judge Mayer in U. S. Dist. Court in N. Y. City on Oct.
101 directing the sale of the pledged stock.
The trust indenture can be enforced, in case of default, only by sale of
the pledged stock, and requires that unless 60% in amount of the bondholders shall otherwise require, any sale at public auction shall be in one
block or parcel. No distribution of the pledged stock to bondholders is
possible except through purchase under foreclosure pursuant to a plan.
Concerted action by the bondholders is therefore essential.
The plan submitted herewith is based upon the purchase of
stock at foreclosure and its distribution at the earliest possible the pledged
time to the
depositing bondholders complying with the plan, of stock of the operating
company of a par value not less than 100% of the face of their deposited
bonds. This is the solo object of the plan. It does not attempt to deal
with the financial needs of the operating company, or with its management
or control. When the distribution of the pledged stock shall have been
accomplished, these matters can be dealt with by the stockholders of the
operating company as they may deem expedient.
If all of the outstanding bonds be deposited, then upon the consummation of the plan each depositor will receive 81,000 par value of stock of the
operating company for each $1,000 bond deposited by him upon payment
only of his pro rata share of the expenses under the plan and in the foreclosure suit. If less than the entire amount of outstanding bonds assent,
then provision must be made in case of the purchase of the pledged stock
to supply also the cash necessary for payment to the non-depositing bondholders of their share of the proceeds of sale. This amount will be charged
pro rata against depositing bondholders, who will, upon payment thereof
(as well as of the expenses), receive their pro rata also of excess stock. The
committee, however, may sell the excess stock, and in such case the depositors will receive, upon the consummation of the plan, stock of par value
equal to their deposited bonds, and will be required only to meet the expenses under the plan.
There is no underwriting or syndicate commission under the plan.
In the present disturbed financial conditions it is impossible for the committee to provide any considerable amount of cash to be paid to non-depositing bondholders. The only way, therefore, that the committee can
safely bid for or can be sure of acquiring the pledged stock, is by having
deposited with it practically all of the outstanding bonds. If the plan be
abandoned or if the pledged stock be purchased at the foreclosure sale by
others than the committee, depositors will be entitled to the return of their
bonds upon the payment of their pro rata of the expenses under the plan.
Plan—Treatment of Deposited Bonds.
Holders of certificates of deposit for collateral trust 4% bonds who shall
pay their proportionate share of the cash requirements under the plan
are to receive:(A)51.000(10 shares) stock of Chicago Rock Island & Pacific
Railway Co.(the operating company). (B) Their proportionate
much of the pledged stock acquired by the committee as shall bepart of so
in excess
of the face amount of the deposited bonds and as shall not have been disposed of towards meeting the cash requirements under the plan. (C)
tificate entitling the holder to the return of $1,000 of deposited bonds A cerwhen
stamped to indicate the payment of the amount credited thereon out of
the proceeds of pledged stock [and therefore of little or no value.—Ed.1
Provision for Cash Requirements.
The plan imposes no personal liability upon depositors but to participate
they must pay in cash their pro rata of the cash required (1) to defray the
expenses of the plan and (2) to provide so much of the purchase price of
the pledged stock as cannot be paid by use of the deposited bonds. In
order to obtain the cash needed for said purposes, the committee contemplates borrowing the same on pledge of the deposited bonds or the stock
acquired. Any such pledge will be limited, however, so that depositing
bondholders complying with the terms of the plan shall have the right to
receive the stock deliverable to them under the plan on its consummation.
The committee shall also have the right, if deemed advisable, to provide
in whole or in part, for such cash requirements by the sale of so much of
the pledged stock, if any, as may be in excess of the face amount of the
deposited bonds for not less than the amount sufficient to provide so much
of the purchase price of the pledged stock as cannot be paid by use of the
deposited bonds, and in that case depositing bondholders complying with
the provisions of the plan will be relieved to the extent of the net proceeds
of any such sale from contributing towardsthecash requirements of the plan.
Mr. Amster's Proposition.—N. L. Amster of Boston, in
pursuance of his plan for independent action, has issued another appeal to the bondholders (see adv.), saying in part:
As the owner of 3350,000 of these bonds, and as now authorized to speak
for approximately $3,000,000 of bands, and supplementing my previous
circulars, I advise against depositing our bonds with the present committee. (V. 99, p. 747, 815, 894.) By the terms of the decree that has
now been entered upon the instance of the trustee against my protest, the
stock is to be sold with the co-operation of the committee in one block, with
no opportunity to bondholders to bid independently upon and acquire
shares representing their bonds or otherwise to adequately protect themselves. The Court has denied us the right to intervene to review this action. and I have already taken steps to appeal from this decision in the
interest of all the bondholders, and the important questions affecting our
protection will, if necessary, be carried through the courts.
I am endeavoring, as an incident of this contest, to secure a meeting of
bondholders under the auspices of the Court, so as to enable us to manage
our own affairs through our own committee. The interests I represent
want this stock actually distributed, and as promptly as possible. We do
not believe that any such result can or should be accomplished through this
committee, and we are not willing to give them the extraordinary powers
they ask. To place ourselves in their hands would, in my belief, tend to
perpetuate the old management, under whose control the company has
come to its present plight, notwithstanding the fact that the past year's
business and gross earnings were the best in the company's history.
I am advised that the Court can and eventually will provide a method
of sale of the stock that will either require the trustee to buy it for equal
distribution among all bondholders, or will permit each bondholder separately to bid upon his stock, without placing it in the power of any committee. It is important to bondholders to secure a tearless scrutiny of all
past transactions and to place in
directors
that will be able to recover such office an independent board of diverted
other sums as may have been
from the railway company. The Inter-State Commerce Commission is
about to begin an impartial investigation of the entire subject and I suggest
that you take no action until the conclusion of this inquiry.
it may be possible for us to secure the names and addresses ofMeantime,
the bondholders with a view of calling them together to select a committee of their
own choice in open convention.—V. 99. p. 969, 895.
The decree of foreclosure was handed down only last
Saturday,and Monday was a holiday. Since then the deposits of bonds have been heavy, the committee reporting
its holdings yesterday afternoon as over $24,000,000, which,
with the $7,000,000 deposited in Holland, places in the conCentral Ohio RR.—Merger.-See Baltimore Sz Ohio RR. in last week's "Chronicle," p. 1051.
trol of the committee about $31,000,000 bonds out of a
Chicago Rock Island & Pacific RR.—Plan Dated Oct. 1. total of $71,353,500.
—The Wallace committee of holders of collateral trust bonds
Chicago Rock Island & Pacific Ry.—Plan.—
of 2002 has adopted a plan designed to secure at the earliest
See Chicago Rock Island & Pacific RR. above.
possible time the distribution among the depositing bondInvestigation.—The Inter-State Corn. Commission on
Oct.8
holders of the pledged stock of the operating company. announced that hearings
would belbegunion Oct. 16 before
See committee's advertisements on another page.
Commissioner Clements in connection with the
inquiry or-
THE CHRONICLE
1. 130
[VOL. xont.
Hocking Valley Ry.-See "Annual Reports."
dered by resolution of the U. S. Senate into the affairs of
-The company has applied to the Ohio P. U.
Application.
the company. The Commission's accountants have for
some time past been going over the books and papers of Commission for authority to issue $4,000,000 one-year 6%
gold notes to retire the same amount of 5% notes due Nov. 1
-V.99, p. 815, 673.
the company.
Kuhn, Loeb & Co. and the National City Bank are ex,
Cincinnati Hamilton & Dayton Ry.-Committee. Gorpected to take the new notes.
don Abbott, Chairman of Old Colony Trust Co., Boston, has
The new notes will probably be dated Nov. 1. The present noteholders
may be given the option of exchange. The Equitable Trust Co. of N. Y.
been added to the general M. committee.
The committee now consists of Charles H. Sabin, Chairman; Harry
Brenner, Samuel L. Fuller, J. H. McCiement and Gordon Abbott.
V. 99. p. 1051. 969.
will probably be trustee.
-V.99. P. 1052, 816.
Illinois Central RR. -Authorized.-The Illinois P. U.
company to sell $13,348,100
Cities Service Co., N. Y.-Slatus.-Pres. Henry L. Commission has authorized the
additional joint 1st & ref. M.(Southern lines) 5s for equipDoherty Oct.10 wrote in substance:
The machinery of credit in this country is gradually being adjusted to ments. There are now outstanding $15,000,000 Series "A"
overcome the sudden strain caused by war conditions, but there have been and £1,000,000 Series"B" bonds.
-V.99, p.963,974, 196.
no developments to warrant any change in our policy of deferring dividends.
Since July 30 action has been taken by various corporations in this country
Kansas City Terminal Ry.-Opening.-The opening of
discontinuing, deferring or reducing payments of interest and dividends on
with 3 days of festivities,
approximately two billion dollars of capital and to the extent of practically the new station will be celebrated
$100,000,000 in annual payments to security holders. Every action of beginning Oct. 29 and lasting until 1 minute after midnight
this character is depressing, but should not be interpreted as an indication on Oct. 31, when the first train will enter the new terminal.
of added difficulties. Many recent events were inevitable as a part of the
work being done to correct a financial and business situation which had come V.98, p. 1316.
about almost in a day as a result of the war.
Kentucky Securities Corporation, Lexington, Ky.On the whole, the properties of Cities Service Co. are making a satisfac-
tory showing, with encouraging news from time to time of added improvement. Curtailment of oil exports and consequent restriction of purchases
by the pipe line companies at lower prices have unfavorably affected the
revenues derived from sales of crude oil, but this situation should show improvement in the not distant future. Otherwise, there has been no marked
effect to lessen the earnings of the various properties. Here and there
minor reductions in revenue have been experienced, due to shutting down
of factories dependent upon foreign markets. At Galveston, where all
shipping ceased for some time after the declaration of war, conditions are
rapiaiy improving. Some apprehension was felt for the hat industry of
Danbury, in anticipation of a shortage of dyes, but in view of recent developments there now seems to be no fear on that score,and a marked stimulation in business is anticipated due to the supplying of markets heretofore
controlled by European hat manufacturers.
Practically all European zinc smelters are in the war zone, and a great
impetus to the zinc industry in this country, It is thought, will result.
Prices of zinc ores have already advanced, stimulating production. This
will add materially to the prosperity of our gas and electric properties in
Missouri, Kansas and Oklahoma. The ores also now being shipped from
Australia to be smelted in this country will enter by Galveston, and will be
smelted in the district supplied with gas and electric service by subsidiaries
of Cities Service Co. Negotiations, moreover, are in progress for the purchase of large quantities of natural gas from subsidiaries for carrying on
these smelting operations.
On Sept. 12 an injunction was granted by the U. S. Dist. Court restraining the City of Toledo from any attempt to enforce the so-called Schreiber
three-cent fare ordinance. This order will substantially increase the earnings of the Toledo Street Ry. lines. It also is significant that this decision
was received with general approval by the Toledo public.
Earnings for Periods ending Aug. 31 1914 and 1913.
[Includes only from Nov. 1 '13,1. e., for 10 mos. In '13-'14, the income from
securities formerly owned by UHL Imp.Co.and Cons. Cities L.,P.8tTr.Co.1
-12 Months Ending- 10 Mos. End.-Month of
Aug. 31 '14. Aug.31 '13. Aug.31 '14. Aug. '14. Aug.'13.
Gross earnings-$3,671.480 $1,540,691 $3,361.316 $264,880 $137,137
100.015
Expenses
78,872
82,089
9,554
12,300
Net earnings43,571,465 $1,461,819 $3.279,227 $252.580 $127,583
Int. on notes.... 346.443
33,286
315,000
15382
40.833
711,880
Pref. dividends- 1.495,419
1,368,327 f136,833
63:539
Divs. on com___
669.126
341.602
601,998 l*Accr'd.
33,600
Net to surplus$1,060,478
$375,051
$15,102
$993,002 $74,914
Stock outstanding, pref., $27,368,426; common. $15,718,380.-V. 99
P. 673, 466.
Cleveland Lorain & Wheeling Ry.-Merger.See Baltimore & Ohio last w?..alc, p. 1051.-V. 87, le. 1416.
-Merger.
Cleveland Terminal & Valley RR.
See Baltimore & Ohio last week, p. 1051.-V. 8. p. 232.
-Merger.
Columbus & Cincinnati Midland RR.
See Baltimore & Ohio RR, last week p.1051.
-V. 70, p. 76.
-Controlled Co.
Commonwealth Power, Ry. & Light.
See Central Illinois Light Co. below.
-V. 90. p. 969. 533.
See Kentucky Traction & Terminal Co. below.
-V.99. P. 538.
-Chand-Status.
Kentucky Traction & Terminal Co.
ler Bros. & Co.,Phila., in circular dated Oct. 1 say in subst.:
We took active charge in Jan. 1911 and provided the company with
about $1,800,000, of which $800,000 was spent upon the physcial property
and the balance to clear up floating debt. It is due to this expenditure
and further sums from surplus earnings since 1911 that the remarkable
showing of increased net earnings has been made possible. These increases
fully confirm the estimates on which the now power plant was built. The
actual surplus available for dividends on Kentucky Securities pref. has increasedfrom 894,000 in 1912 to $156,000 in 1914, and his estimated that for
the year ending June 30 1915 these properties willearn a net surplus of
5201.000. or about 10% on the Kentucky Securities Corporation pref. stock.
which is equivalent to 6% on the preferred and 4% on the common stock.
The earnings for July and August show a net surplus of $38,548, as against
the budget estimate of $36.953.
To guard against any sacrifice of physical condition, after the complete
rehabilitation in 1911,a stipulated maintenance charge has been set aside,
rising from 125' in 1911 to 1635% for the year 1914-15. The expectation
of an increase of $50.000 in surplus for the coming year is based on:(1)Comparison with strike period of last year. (2) Increased rates on interurban
lines. due to legislative provision. (3) Taking on of large power contracts
for supplying plants controlled by Instill and J. G. White interests at Frankfort, Nit. Sterling, Winchester. Lawrenceburg. Midway and other points.
(4) Increased capacity of ice plant. No new railway lines are being built:
and all capital expenditures are carefully directed to remunerative
channels. For the coming year $80,000 has been appropriated for construction, largely in the lighting department. As no dividends are being
paid on Kentucky Securities Corporation common stock, the entire
construction requirements can be taken care of without additional borrowing.
Expenditures out of earnings have already built up a large equity for
Traction &
the bonds and pref. stock of the two companies. Kentuckyand net over
Terminal Co. bonds show a surplus of 80% over fixed charges
6% at current prices, and the Securities pref. stock at 75 nets 8%.
Kentucky Traction it Terminal Co. and Lexington Utilities Co., Years Ended
June 30, Estimate 1914-15.
1914--- 1915.
1912. -1913
Actual. Budget. Actual. Budget. Actual. Budget.
Total revenue
$814,293 $886,468
(all sources)- -$714,533 $745,494 $772,825 5813.483
Net (after oper.
$324,342 $348,418 $360,798 5372,144 $418.585
exp. & taxes_ ..$264,996
215,544 216,955
Int., chges., &c_ 171,061 203,256 202,369 209,755
$146,049 $151,043 5156.600 5201.630
Sur.for divs__ $93,935 5121,086
-V. 97, p. 237.
f
-Merger.
Lake Shore & Michigan Southern Railway.
-The shareholders will vote Dec. 22 on ratifying the agreement dated April 29 1914 (compare V. 98, p. 1393, 387;
V. 96, p. 1424) for the consolidation of Lake Shore & Michigan
Hudson River RR. Co., The
Now York Central &
Co., The Terminal
Southern R. Co., Genova Corning & Southern RR.
Railway of Buffalo, the Dunkirk Allegheny Valley & Pittsburgh RR. Co.,
RR. Co.. Detroit & Chicago RR. Co., Detroit
Chicago Indiana & Southern Northern Central Michigan RR. Co.. KalaMonroe & Toledo RR.. the
mazoo & White Pigeon RR. Co., and the Swan Creek Ry.Co. of Toledo.
See also New York Central below.
Copper River & Northwestern Ry.-Possible Sale.
Press dispatches dated Oct. 13 announce that J. P. Morgan
has expressed to Secretary of the Interior Lane on behalf of
-An appeal has been taken from the decision
the syndicate controlling the road its willingness to arrange, of Appeal.Killits dismissing the suit brought by Charles J.
Judge
if desired, terms of sale or lease as part of the Alaska railway Spencer of Elizabeth, N. J., to restrain the consolidation of
system the Government proposes to build.
the company with the New York Central & Hudson River
Engineers are surveying routes for the Government line and nothing furRR. (V. 99, p. 342).-V. 99, p. 1052, 816.
-V. 94, p. 1382.
ther can be done until their report has been made.
-Investigation.
-A dividend of
Little Kanawha RR.
Cuban Central Rys.-Dividend Reduced.
-V. 98, P. 155.
See Banking, Legislative and Financial News.
2% (4s. per share), less income tax, has been declared on
-Equipment Notes Authorized.
Long Island RR.
-The
ordinary shares for the year, payable Nov. 12, comparing
P. S. Commission has authorized the company to issue
with 3% (6s. per share) last year and 2% in 1912.
£15,000, and £13,054 carried for- $1,000,000 gold 5% equipment trust obligations, series "A."
There was carried to general reserve,
renewal
The total issue is limited to $1,060,000, to be sold at not less than par
ward. Last year £10.000 was carried to general reserve; to
way
in to be made under an agreement with the
and casualty fund, £3.000: £7.000 was appropriated for permanent 364; and accrued interest, and
-V. 97, p.
Fidelity Trust Co. and Edward P. Gest as trustees. The proceeds, plus
suspense account, leaving £13,383 to be carried forward.
a cash payment of $125,000, will be used in the acquisition of equipment
V. 98, p. 762.
The car trust certificates are to be guatanteed principal and interest, by the
-Bonds.
Light Co.
-V.98, p. 1240, 1071.
Eastern Wisconsin Ry. & Ry. & Lt. Co. bonds outstanding Long Island and are to mature in ten ann. payments.
amount of Fond du Lac Street
The
Madeira-Mamore Ry.-Default-Receivership.Is $187,000. not $18,700.-V. 98, p. 999.
See Brazil Railways above.
-New Directors.
Empire United Rys., Rochester, N. Y.
-Seizure-Strike.
Mexico Tramways Co.
-The Carranza
Government on Oct. 12, according to newspaper dispatches,
seized the property of the company,taking over all the books,
--See "Reports." Mitchell rolling stock and other property excepting cash in the vaults,
-Report-Directors.
Erie RR.
and placed Tomas Ramos in charge as Acting Gen. Mgr.
D. Follansbee, Chicago, and Robert W. Pomeroy, Buffalo,
The act is explained by the Government as a provisional one, taken in
been elected directors to fill two vacancies. A third. the interest of the public. The conductors, motormen. inspectors and
have
shopmen on Oct. 8 demanded 100% increase in wages, an 8
-hour day and
remains unfilled.
vacancy
giving four hours limit to accept, and
-The special meeting of stockholders to act recognition of their union,refused. The Government intervenedthe strike
Adjourned.
began when the company
with the
week suggestion that the increase be 50%. The company declined to entertain
upon the new refunding mortgage was adjourned for a
this and placed the property in the hands of the British Minister to Mexico.
p. 969, 815.
from Oct. 13.-V. 99,
The principal owners are English, French and Belgian, with some American stockholders. The management has made a vigorous protest to the
Grand Trunk Pacific Ry.-Extension of Time.
Newark and J. M. Gilbert,
C. W. Seamans of New York, W.A. Jones ofhave been elected directors
Syracuse
E. I. Edgcomb and A. H. Cowie ofacted as temporary directors. E. D.
other Syracuse men who
to succeed
-V. 99, p. 119.
Metcalf resigned as Vice-President and a director.
-V. 99. p. 674. 342.
See Canadian Northern Ry. above.
-Earnings.
Guantanamo & Western HR. Fixed Amort.of
Balance,
Cross RR. Net RR. Net OutJune 30
t. S
Disc'
Year- Earnings. Earnings. side Op. Charges. $35,069 sur.$64,3 0
$147,593 527,177 $75,341
1913-14 -__$465,222
def. 10.105
66,276
62,900 def.6,728
440,740
1912-13
$25.388, against
The debit balance to income account June 30 1914 was
$33.001 in 1913.-V. 97, p. 1500.
--Earnings.
Ship Island RR.
Gulf &
Balance.
Dios.
Operating Net (after Other Int.. Sink. (2%).
June 30
Surplus.
Taxes). Income. Fund,&c.
Year- Revenue.
5188,406
$529,193 $6,616 $33
1913-14___$l.995,766
45
360,327 $137•000 $186.5
654.952 28,920
1912-13___ 2.114.619
-V. 97. p. 1498.
Brazilian, British, French and Belgian legations and a formal protest has
also been made to General Carranza.-V. 99, p. 891.
Midland Continental RR.
-Pa ments.-The semi-annual coupons due Oct. 15 on the $26,000 collateral trust 6%
notes have been paid at the office of Spitzer, Rorick & Co.,
N. Y. The company deposited the full amount required at
Spitzer-Rorick Trust & Savings Bank, Toledo, trustee under
the mortgage. The Midland Continental Construction Co.
informs the bankers that there will, however, be some delay
in the payment of the principal of the series of $133,000 which
matured on Oct. 15, pending the issuance of new refunding
1
OCT. 17 1914.j
THE CHRONICLE
notes it is contemplated to put out. The payment is expected to be made within 60 or 90 days and will include interest
at the rate of 6% to the date of payment.—V.95, p. 1608.
Minneapolis & St. Louis RR.—Adjourned.—The special
meetings of the stockholders of the company and of the Des
Moines & Fort Dodge RR., to ratify the proposed consolidation of the physical properties of the two companies, which
had been postponed to Sept. 17 and 16, respectively,
have been further postponed to Nov. 10 and 9, respectively.
—V. 99, p. 538, 197.
Nashville Chattanooga & St. Louis Ry.—Earnings.—
lot. Taxes Dividends Balance,
1131
Northern Electric Ry., California.—Receiver.—Judge
Dooling in the U. S. District Court at San Francisco on
Oct. 5 decided to appoint as the receiver for the company
under the recent application John P. Coghlan, attorney for
the Pacific Gas & Electric Co.
The Cal, RR. Comm. on Oct. 3 intimated that the request for authority
to issue $150,000 renewal notes must await developments in the bankruptcy proceedings. See V. 99, p. 1052, 970.
Northwestern Elevated RR., Chicago.—New Officer.—
Arthur S. Pierce, formerly Assistant Treasurer, has been
elected Treasurer to succeed M. B. Van Zandt, deceased.—
V. 98, p. 1920.
Other
Net
Gross
Oakland Antioch & Eagtern Ry.—Bonds—Note.—The
Earnings. Earnings. Income. & Rents. (7%). Surplus.
June 30
$
S
Calif. RR. Commission has authorized the company to
Year—
12778,334 2.698,894 600,871 1,450 ,135 1.118,930 730,700 pledge $105,000 of its 1st M.5% 30-year
,
1913-14
bonds as collateral
317,161 2.378,378 522.036 1.850,227 698,932 851,255
13,
1912-13
for a note of $62,500, provided that the bonds be
New Director.—V. E. Schwab of Nashville has been elected the treasury upon the collection of the assessmentreturned to
delinquent
a director to succeed Henry Evans of New York.—V. 99, Oct. 8 1914. See V. 99, p. 408, 347.
p. 343, 269.
Ohio & Little Kanawha RR.—Merger.-National Railways of Mexico.—New Director.—The
See Baltimore & Ohio RR. last week p. 1051.—V. 73, p. 1264.
Wednesday:
following changes were made on William Edmond
Ohio River &,Columbus Ry.—Receivership.--The ComCurtis,Ignacio
New Members N. Y. Board.—H. Brown,
mon Pleas Court at Georgetown, 0., on Oct. 8 appointed
Enriquez, James H. Perkins, Roberto V. Tesqueira and Felix Warburg.
New Members of the Mexican Board.—Manuel Aguirra Berlanga, Juan See. and Gen. Man. Charles J. Finger as receiver
of this
N. Amador, Carlos Basave, Rafael Nieto, Alberto J. Pani, Modesto C.
24-mile road (Ripley to Sardinia, 0.), interest on the $85,Rolland and Rafael Zubaran.
Retired from the New York Board.—D, P. Bennett, Vice-President; Wil- 000 1st M. 5s of 1903 due July 1 1933 being long overdue.
.
liam H. Nichols, Henry W. Taft, H. H.Welutane and Ricardo Buena.
Retired from the Mexican Board.—E. N. Brown, (President), William Ex-Gov. Judson Harmon filed the receivership petition.—
B. Mitchell, Guillermo Brockmann, Isaac Dustamante, Adolfe Christlieb, V.81, p. 1493; V.78, p. 1447.
Lendro Ferandez, Andre Guiew. Edwardo Lobaton. J. L. Moctezuma.
Ohio Service Co.—Merger.--This Ohio corporation is
Press dispatches state that the new Mexican board on
Thursday decided to turn the road over to the stockholders. consolidating with itself these companies operating in Ohio.
The New Midland Power & Traction Co.. operating the electric light and
The following officers were chosen:
railway in Cambridge, the interurban line from Cambridge to Pleasant
Chairman of the board, Carlos Basave, an attorney; Vice-Chairman,
E. A. de Lima. Manager of the Mexican branch of the Bank of Commerce
& Industry; Secretary Juan Tamez, an attorney; Executive President,
Luis Cabrera; First Vice-President. Alberto Pant, and Second Vice-President, Charles R. Hudson.
The board, which re-assembles on Oct. 23, decided to consult with the
N. Y. board electing the executive committee.—V. 99. p. 1052, 969.
New York Central & Hudson River RR.—Consolidation
Approved.—The P. S. Commission at Albany on Oct. 9
approved the consolidation of the company with the Lake
Shore & Michigan Southern and other companies already
controlled by them into a single corporation.
The opinion is written by Chairman Van Santvoord and concurred in
by the other four members of the Commission. The opinion says: "We find
nothing to indicate any intent to over-capitalize either in stock or bonds.
The proposed stock issue of about $250,000,000 by the new company is
some $50,000,000 less than the combined capital stock of the constituents
while the outstanding bonded debt of the new company on account of the
New York Central-Lake Shore collateral trust bonds can at no time and
under no circumstances exceed the precise amount at that time unpaid of
the original debt, whether represented by the original bonds or by the
The Commission also concurs "in the opinion of the Inter-State
new 4s.
Commerce Commission that from the standpoint of economy and operation
and facility in financing, the proposed consolidation is warranted' (V. 98,
p. 1393).
The Commission overrules the five principal objections made by minority
stockholders of the Lake Shore company and stockholders of the New York
Central, and states that the action of the Federal courts on three applications for restraining orders and of the Inter-State Commerce Commission
confirm it in the belief that the objections are not valid. The Commission
finds that the increase in interest rates from 3t5% on Lake Shore collateral
bonds to 4% on the new bonds to be issued in exchange therefor, does not
constitute a violation of the prohibition contained in the Section 141 of the
Railroad Law against the issue of "additional securities in connection" or
"in consideration for" the consolidation; also that the views of the InterState Commerce Commission favoring the consolidation and of the Federal
Court in denying an injunction restraining the consolidation are sufficient
answer to the allegation that the consolidation is in violation of the Sherman
Act,and,further,that there is no evidence that the consolidation is in violation of the New York State anti-trust Act. It is stated that "we do not
find that the net result of the present and prospective indebtedness of the
New York Central and of its earning capacity under the new conditions
will, under the proposed consolidation, prove unfair and inequitable to the
Lake Shore minority interests."
There are involved in the consolidation the $533,500 pref. guar. Lake
Shore stock originally issued by the Michigan Southern St Northern Indiana
RR.in 1857. on which a 10%, preferential dividend was guaranteed. When
the road was acquired by the Lake Shore,it still maintained,in accordance
with the law. this 10% preferential dividend. The Commission finds that
the record does not contain evidence sufficient on which to base a definite
order, but suggests as a solution of the difficulty that as five shares of the
consolidated company are to be issued for one share of Lake Shore stock, the
stock of the new company to be Issued to the holders of this "preferred'
stock shall be indorsed with a guaranty of payment of a 2% preferential
dividend, thus assuring the same
to holders of the guraanteed stock. If the petitioners dopecuniary return suggestion, they will be
not accept this
obliged to submit further evidence on this point.
Offering Price.—The syndicate which underwrote the
340,000,000 Refunding and Improvement Mtge., Series A,
4%% bonds, has reduced the offering price of the remaining
,000,000 bonds to 89
at which price the yield is about
5.03%. The original offering price of the bonds taken by the
bankers in April was 953 on a yield basis of 4.70%.—Nt. 99,
%
p. 1052, 970.
New York New Haven & Hartford RR.—See"Reports."
Resignation of Directors.—William Skinner of Holyoke,
Mass., and Morton F. Plant of New London, Conn., have
resigned as directors.
This reduces the board to 18, as against 27 a year ago, and opens the way
to a reorganization of the board when the contemplated reduction in the
board is voted on Oct. 28.
Mr. Skinner,who has been a directorsince 1902 is a largestockholder,and
his personal interests were, it is stated, identical with those of the company
and for that reason he has remained a director longer than he otherwise
would, considering other large interests demanding his personal attention.
Mr. Plant was elected a director in Jan. 1913, and is also a large stockholder, but during the past year it has been difficult for him to participate
In the numerous meetings because of absence from New York on account
of his health, which, however, is improving.
City, with lighting in the various towns along the line. Also has an artficial ice plant in Cambridge.
The County Electric Co.. operating electric light in New Philadelphia.
Canal Dover, Dennison,and Uhrichsville.and steam heating in New Phila.
The Lafayette Light & Power Co.. which is building a transmission line
connecting up all these properties.
The Twin City Traction Co.. operating a trolley line through Dennison
and Uhrichsville.
These companies are now all subsidiaries of the United Service Co. of
Scranton. in which Brooks & Co. of that city are interested. The Commission of Ohio has sanctioned the merger, for which it has authorized
to be issued out of the treasury of the Ohio Service Co. $630,000 in capital
stock and $929.807 96 in bonds For 6% convertible notes] of the same
company. The consolidation at last accounts was still in progress-V. 97. p. 1754.
Pacific Gas & Electric Co., San Francisco.—First
Public Offering of 1st Pre/. Stock.—The company, office
445 Sutter St., San Francisco, is for the first time making
a (local) public offering of a block of its immediate issue of
$12,500,000 new 1st pref. cum.6% stock at the original price
of $82 50, yielding 7.27% per annum on the investment.
About $9,000,000 of this stock (which precedes $42,109,300
of junior issues) has already been sold to more than 3,500
purchasers. Compare V. 99, p. 538, 408, 199, 121.
Earnings for July 31 Year.—The company reports:
Year ending
Gross
Net
Bond Int.& *1st Pref.
Bal.for
July 31—
Revenue.
Revenue.
Discount. Dividends. Deprec.,&c.
1913-14
$16,883,780 87.815,101 83,997,591 $750.000 $3,067,510
1912-13
15,512,376
3.870,452
6,404,307
750,000 1,783.855
1911-12
14,600,748
6,336,919
3.513,491
750.000 2,073,428
1910-11
14,425,705
6,316,250
3,130,569
750,000 2.435.681
*Amount required to pay dividends on the $12.500,000 1st pref. stock
only now being sold.—V. 99, P. 817, 970.
Pittsburgh Cleveland & Toledo RR.—Merger.—
See Baltimore & Ohio RR. last week p. 1051.—V. 76, p. 49.
Pittsburgh Painesville & Fairport Ry.—Merger.—
See Baltimore & Ohio RR.last week p. 1051.—V.72,p. 1188.
Railroad Securities Co.—No Dividend.—No action has
been taken on the usual semi-annual dividend paid on Oct. 1
on the $1,936,900 4% cum. pref. stock, all of which is owned
by the Union Pacific RR. Payments were made in full fro,m.
1902 to April 1 1914.
Rates.—Applications for Increases.—
See Wabash RR-above; also St. Louis Southwestern Ry.report.—V.99:
P. 817. 675.
Rock Island Company.—Plan for Sale of Stock.—
See Chicago Rock Island & Pacific RR. above.—V. 99. p. 817. 271.
San Diego (Cal.) Electric Ry.—Authorized.—The Cal.
RR. Commission on Oct. 9 authorized the company to make
a mortgage to the Union Trust Co. of San Francisco to secure
an authorized issue of $10,000,000 General First Lien 5%
40
-year sinking fund gold bonds, and to issue thereunder
$4,497,000 bonds and sell the same at 85.
The last-named amount is to be used to refund outstanding bonds and
other debt, to return the sum of $302.438 26 to income and to pay for
necessary additions and betterments.
The Commission's order provides that bonds shall be sold so as to net not
less than 85% of their face value, together with accrued interest. Corn
pare V. 99. p. 675. 122.
Sandusky Mansfield & Newark RR.—Merger.—
See Baltimore & Ohio RR. last week p. 1051.—V. 94,9. 69.
Southern Pacific RR.—Application Amended.—The
company has amended its application for authority to issue
$2,789,153 First Refunding M. gold bonds, and has asked
permission to issue bonds in an amount which will net the
company $2,789,153, when sold at a price not less than
$91.0388.--V. 99, p. 970.
Southern Ry.—Report.—See "Annual Reports."
Decree.—Formal resolutions were adopted on Thursday
New Directors.—The following are new directors:
authorizing the delivery of certain securities held by the New
Dr. Edwin A. Alderman, President a the University of Virginia;
John
Haven Co. and the New England Navigation Co. to the Herr Branch, banker, of Richmond; Dr. John C. lingo of Durham, N. C..
Bishop of the Methodist Episcopal Church
trustees, in accordance with the decree in the Government son of Birmingham, Ala., capitalist, to fill of the South, and Robert Jemivacancies caused by the
of W. W. Finley and li. C. Fahnestock,the resignation of George E.deaths
suit which is expected to be filed shortly.—V. 99, p. 1052.
Jr. and the declination of Judge E. H. Gary of New York to accept Baker
New York Susquehanna & Western RR.—Report.—
tion. Charles Steele of New York was elected to succeed himself. re-elecOper.
June 30
Net (after
Fixed
Add's & Bal.,
Other
Revenue.
Year—
Taxes). Income. Charges. Bet., &c. Surplus.
1913-14____$3,974.796 81,061,781 $287,404 $1.118,801 836,869 $193,515
1912-13_
3.787,146 1,010,480 179,199
981,583 88,223 119,873
—V.97,- 1498.
D.
A majority of the board is now Southern men. Owing to
the
tion of the voting trust, the stockholders had an opportunity for dissoluthe first
time to take a hand directly in the management of the
company's
A large number of stockholders attended the meeting in Person affairs.
and over
90% of the total capital stock,it is stated, was represented.
1132
THE CHRONICLE
-The declaration last week of a semiSalaries, etc., Reduced.
annual dividend on the pref. stock at the reduced rate of 2%,
payable in scrip, was accompanied by a reduction in the salaries of the officers of the co., an official statement saying:
In view of the current depression of business and the consequent reduction of the opportunity of many hundreds of employees to earn their accustomed wages, President Fairfax Harrison has reduced h s own salary 20%
and all the other officers receiving salaries in excess of $2,500 per annum
have consented to accept temporary reductions on a descending scale,
salaries as high as $2,500 being reduced 2%. While the saving to the
company is relatively small, the principle of common interest of all those
who draw their livelihood from the company is the controlling motive.
Owing to material and progressive decreases in the volume of its traffic
and the consequent necessity for retrenchment, the company has also found
it necessary temporarily to decrease its passenger-train service.
-V.99.
p. 1053. 970.
Spokane & Inland Empire RR.
-Earnings.
--
Taxes
June 30 Gross Op. Net Op. Other
Interest Other Balance,
Year- Revenue. Revenue. Income. Acced.
Paid. Deduc. Deficit.
1913-14--$1,531,651 $468,946 $3,840 $150,000 $452,940 $425 $130,579
1,616,781 516,267 4,936 147,000 451.732
999
78,529
1912-13_-V. 97, p. 1025.
[VOL. xc rx
From 1906 to 1910, inclusive, freight transportation contributed an average revenue over cost of 1 34 mills for each ton carried one mile. Under
existing cost conditions, revenue from freight transportation only exceeds
its cost at the rate of one mill for each ton carried one mile
-a decrease of
33 1-3% in the space between revenue and cost.
Passenger rates have been broken down and freight rates have been held
rapid advance in the cost of everything
stationary or reduced in an era of
entering into the requirements of railway operation. During the last few
years one-third of the space between revenue and cost has closed.
Briefly, passengers are now carried on the Wabash RR. at the rate of
one-tenth of a cent per mile less than it costs the railroad to run its passenger service; freight is carried at a revenue of only a little over one-tenth of a
cent per ton per mile over the cost of carrying it. Under these conditions,
no Increase in the volume of either class of business will offset the proportions of cost. Economies have been carried to a limit where they have become more than doubtful, and costs cannot be materially or permanently
reduced. Improvement and equipment programs have been necessarily
discontinued. Credit has been definitely terminated. The situation of
the Wabash is not unique. Its position is in the path which all the railways of this country are following in varying stages of progress.
The recent decision of the I. S. C. Commission, while almost barren in
its bearing on the present emergency, is full of promise for an ultimately
Just solution of the railway problem, and that Commission has resumed its
inquiry in view of the urgent demand for immediate relief. We have asked
the receivership officials to present to you the situation in respect of local
freight and passenger rates, in the hope that the action by your States will
harmonize with the like relief in respect of inter-State rates sought to be
obtained from the I. S. C. Commission.
Temiscouata Ry.-Income Interest.
-The Bondholders'
Committee, Ltd., give notice that the company has decided
to pay interest at the rate of 1 Yi% for the year ending
New Director Elected.
-Henry Miller of St. Louis has
June 30 last on the Consolidated M. Income Bonds, pay- been elected a director to succeed Frederic A. Delano.
ment to be made on or before Dec. 31 next.
Vice-President Edward B. Pryor, who is also the receiver,
The actual date of payment has been left indefinite on account of the
present conditions of exchange, but so soon as the date is fixed and the will, it is reported, be elected President.
committee has received the dividend on the bonds which they hold,a similar
Report.
-See "Annual Reports."
payment will be made on the committee's provisional certificates, notice
-Judge Adams, on receipt
Application for Increased Rates.
of which will be duly advertised and sent to the certificate holders.
- of the
report of receiver E. B. Pryor, for the year ending
V. 97, p. 1287.
Toronto Hamilton & Buffalo Ry.-Merger.-The share- June 30 1914, on Oct. 10 referred to above, authorized him
holders will vote Nov. 11 on authorizing "an amalgamation to apply to the Railroad and Public Service commissions
between this company and the Erie & Ontario Ry. Co." through which the road passes, for an increase in passenger
and freight rates.
See V.99, p.468.
applicable to
The report
United Light & Railways Co., Chicago.-Status.-Te- fixed charges shows that the surplus earnings of the property
are less than the interest on the underlying mortgage bonds
the earnings are the second largest in the history of
gazding the decision of the directors on Sept. 8 to defer ac- by $380,000, although
of
the road. This
tion on the common stock dividend, Pres. Frank T. Hulswit certificates issuedleaves nothing for the payment forfnterest on receiver's
improvements, addiand sold during the receivership
in circular of Sept. 15 says in substance:
tional equipment and other purposes.
directed to place before the commissions the facts and
The receiver is
The subsidiary companies :pended during the cal. year 1913 $2,027.144
such other facts as may be necessary to advise
for additions and extensions. For the seven months ending July 31 1914, data stated in his report and operating conditions of the property in his
them fully of financial and
expended for similar purposes, and it is estimated that $250.- charge "to the end that they may grant such relief in the way of advancing
$532,462 was
000 additional will be required to complete the work now in progress. All rates and fares as they may deem proper." The report was accompanied
construction expenditures to date have been financed and paid for and suf- by a copy of the recent opinion and decision of the Inter-State Commerce
ficient funds will be available to complete the work now in progress. Until. Commission in advanced rate case, which states that the greater part of the
however, better financial conditions exist, it is doubtful whether arrange- coinpany's system is operated through a territory of abnormally and disments can be made for the sale of additional securities, and therefore we proportionately
rates, and that the freight and passenger rates of the
must rely on its cash on hand and to be received from earnings to pay for roads operating low that territory should be comprehensively revised and
in
these requirements.
-V. 99, p. 271.
Wherever possible, expenditures for construction have been curtailed or readjusted.
eliminated, but in several instances this was impossible, due to franchise requirements and the demand for increased service. It is substantially in our
INDUSTRIAL, GAS AND MISCELLANEOUS.
interest to complete a large part of the work now in progress, which includes
the building of auxiliary water-gas plants at Iowa City and Muscatine. Ia.,
-A divi-Dividend Reduced.
Amalgamated Copper Co.
the enlargement of gas-holder capacity at Mason City, Ia., the completion
of a modern electric light and power station at Mason City, and the exten- dend of 50 cts. per share (M of 1%) has been declared on
sion of electric service to Clear Lake, Iowa,under a new 10
payable Nov.30 to holders of record
-year contract.
The current obligations (all companies) had been reduced to July 31 the $153,887,900 stock,
1914, compared with Dec. 31 1913, as follows: Accounts payable, from Oct. 24. This compares with $1 50 (13/2%) quarterly
$459,321 to $315,046; notes payable from $1,661,186 to $1,069,863, and the from Nov. 1912 to Aug. 1914.
notes issued in part payment of purchase of properties from $920,000 to
the decrease of the Anaconda Copper
$620,000 ($120,000 of these last-named notes mature Jan. 1 1915, balance
The reduction was foreshadowed by 25 cts. for the last quarter.
dividend from 75 cts. to
Jan. 1 1916). Furthermore, your company has available in its
treasury Mining Co.
In excess of $2,000,000 of its First & Ref. M. 5% bonds, and
Previous Dividend Record (Per Cent).
additional
1914.
bonds can be certified against construction work now in progress, when '00. '01. '02. '03. '04. '05. '06. '07. '08 to '11. '12. '13.
6
completed. These bonds can be sold when general financial conditions
2 2 4% 7 7 2 yearly 4
7}5 23
8
improve, thus placing the treasury in ample funds.
-V.99. p. 750. 468.
-V. 99, p. 896. 409.
United Rys. of Havana & Regla Warehouses.-Divs.
The directors recommend a dividend of 5%, less tax, on the
stock, to be paid on Nov. 27 in 5% debenture stock (1906) at par, ordinary
carrying
interest as from Jan. 1 1915, fractions of £1 being paid in cash on the same
date. The payment depends upon the sanction of the stockholders to
the necessary alteration In the company's articles. The same amount was
paid, but in cash, last year. There is to be placed to reserve
£50,000;
to general renewals reserve, £50,000 to insurance fund, £5,000 to a pension fund, £20,000, and E40,000 is charged off extraordinary expenditure
on works (in addition to the amount charged in the accounts),
£14,218 to be carried forward. Last year £125,000 was carried to leaving
£50,000 to general renewals reserve, £20,000 to a pension fund, reserve,
E15,000
was charged off extraordinary expenditure on works and
E5,000 carried to
insurance reserve, leaving £16,331 to be carried forward.
A dividend of7%,less income tax, is also payable for the
year on
date on the 110.000 shares of the Western Railway of Havana, thesame
most of
which has been exchanged for shares of the United Rys. In
7% was also paid, in 1901 to 1904 6%,in 1900 10% and 1905 to 1913
in 1899 670.
V. 99, v. 50.
Virginia-Carolina Ry.-New President.
-
George P. Johnson, who resigned recently as
Chesapeake & Ohio, has been elected President ofGeneral Manager of the
the company and of the
New River Holston & Western, succeeding W. E. Mingea, who
resigned.
-V.95, p. 681.
Gas Co. of Philadlephia.-Payment.-
American
maturity Oct. 1 the remaining $1,500,000
The company retired at its notes were provided for by the new 5%
6% collateral trust loan. The 525).V. 8,p.9
1069.
issue due June 1 1920 (V. 98,p.
-Earnings.Shipbuilding Co.
American
Balance,
Depreciation, Pref. Divs.
Net
June 30.
Surplus.
(7%)'
Meant., &c.
Earnings.
Year$2,804
$276,500
$432,757
$712,061
1913-14
53,474
553,000
243.400
849,874
1912-13
27,699
553,000
221,829
802,528
1911-12
84.218
553.000
317.644
954.862
1910-11
Edward Smith have been elected directors
J. N. Wade. M. E. Farr and
-V.99, p. 896, 200.
deceased.
to succeed R. C. Wetmore.
--Change of Name-Div.
American Soda Fountain Co.
stockholders that the reorganization
Treasurer Isaac F. North notifiesand at the annual meeting to be held
been completed
of the company has
is proposed to change the company's name
at Portland. Me., on Oct. 20, it
of Maine to American Soda Fountain
from the American Soda Fountain Co. 1 % has been declared on the $1.An initial quarterly dividend of
Co.
company
payable Nov. 16 to holders o record Nov. 1. The company
028,000 stock,
successor of the New Jersey
was incorporated Oct. 21 1911 as 287.-V.99, p. 540.
same name, per plan v.93, p.
of the
-Sale of Beet Sugar InterAmerican Sugar Refining Co.
-The following is confirmed as substantially correct:
ests.
Wabash RR.
-Reorganization Plan Withdrawn.
-The
company has, in accordance with its plan to retire
In the last 5
committee of holders of First Ref. & Extensions Mtge. bonds gradually from years the sugar field, sold about $15,893,780 of beet stocks
the beet
The $2.from its
(Winslow S. Pierce, Chairman), which in May last submitted and has received not far from $10.000,000 cashCo. stocksales. last week
sold
Amalgamated and Utah-Idaho Sugar
a plan for the reorganization of the company, has notified 963,100 than book values brought about $2,200,000 (V. 99, P. 1053)• In
at
The big
the P. S. Commissions of Missouri and Illinois of the with- themore
aggregate the prices realized represent a substantial profit.
it has effected in the
situation and the
drawal both of that plan and the application for approval change in the world's sugar in producing the revival sale, which Mormon
recent
beet industry were factors
few
thereof. The committee on Oct. 10 wrote in substance:
interests in Utah have acquired, the cash to be paid within the next
In reaching this decision, the committee has not treated as a
months.
-v. 99, p. 1053. 750.
decisive
condition the unparalleled catastrophe of the war which now
devastates
Hearings Ended in Government Suit.
Europe, although, with the great sources of credit
entered into a
discontinued and the
exchanges of the world closed, plans for such reorganization would naturally
be held in abeyance. In the definite withdrawal of its plan, the committee
has been further controlled by conditions which pertain to this country
alone and which of late have grown vastly in their disturbing significance.
The plan was formulated with the guidance of operating results to
1914, and in the confident belief that the declining conditions then Jan. 1
recognized were in process of prompt correction.
About Jan. 1 1914 the adverse conditions affecting the property reached
a point of absolute dominance. Increase of operating costs has now definitely outrun all practicable economies. With the largest gross earnings
realized in any year, except one, in the history of the property, with completed expenditures of $10,500,000 in improvement and equipment, the
operating income was for the year ended June 30 1914 the smallest realized
in any year, save two, during the period of ten years last past.
Increased operating costs, increased taxes and reduced rates have produced the result that for this year of large business the earnings applicable
to fixed charges fell over $375,000 short of providing for the interest on
underlying mortgages and provided no return whatever on the large capital
expenditures during the receivership. Since 1908 taxes have increased 44%.
Under existing passenger rates, as reduced by law, revenue from the
transportation of passengers is at the rate of one mill per mile per passenger
carried below the actual cost of operating passenger service, and the margin
above cost of operating that service is, therefore, represented by an amount
less than the net earnings from mail and express business alone. From
1905 to 1911. inclusive, passenger transportation contributed an average
net profit of about two mills per mile per passenger carried.
Counsel for the Government and the company on Oct. 13
suit. It is
stipulation closing the taking of testimony in the Government which have
agreed that no more witnesses are to be called in the hearings, B. Brice.
Examiner Wllson
been going on for about two years before Special examination of the docuThe few remaining sessions will be devoted to the
heard
mentary evidence. Final arguments of counsel are expected to be
-V.99, p. 1053, 715.
shortly, possibly before the end of the month.
-Authorized.
Atlas Portland Cement Co.
$10.The stockholders on Oct. 14 authorized an issue of not exceedingin
increase
000.000 General Ref. Sinking Fund 6% gold bonds and an 99, p. 469.the
$3,000,000. Compare V.
pref. stock from $1.500,000 to
The company on Oct. 15 filed notice of increase of stock from $12,500,000
$14,000,000, and
($11,000,000 common and $1.500,000 8% cum. pref.) to
-year 6s, $4,200.000 outstandof increase of debt from $5,000,000 (1st M.20 $9,000,000.-V. 99. P.469.
ing, due March 1925, callable 101 and int.) to
-New Bonds-Exchange of
Central Illinois Light Co.
-This company, has recently
Peoria Light Co. Collateral 58.
limiting the
filed for record a supplemental deed of trustMortgage 30total
-year
authorized issue of its First and Refunding
Princi5% gold bonds, dated April 1 1913, to $15,000,000. on any
pal due April 1943, but redeemable at 105 and int.
nthrest date on 60 days' notice.
OCT. 17 1914.1
THE CHRONICLE
Holders of the $2,500,000 collateral trust5% 30
-year bonds
dated1906 of the Peoria Light Co. have the option, which is
now being exercised, of exchanging their bonds for the new
issue,$for $,at the office of Drexel & Co.,Phila.,from whom
they also receive 3% in cash and an adjustment of interest.
Digest of Letter from Pres. B. C. Cobb, Dated July 22 1914.
[Addressed to Drexel & Co.. E.W.Clark & Co.. Hodenpyl. Hardy & Co.]
Territory Served.
-Central Illinois Light Co. furnishes gas, electric light
and power, and steam for heating purposes in the cities of Peoria and
Pekin, also electric light and power in East Peoria, Peoria Heights, Barronvile and Averyville, and electric light and power in Washington, Eureka,
Roanoke, Elmwood, Farmington, Cuba and many other towns in Illinois
within a radius of 40 miles of Peoria. Total population of communities
served (1910 Census), over 94,000; present population estimated at
100,000. Peoria is the second largest city in Illinois and noted for the
quantity of grain handled and the value of its manufactured products.
Franchise situation excellent. Franchises for gas in Peoria extend until
1998, and in Pekin are without limit of time. Electric franchise in Peoria
runs until 1947. Franchises in smaller communities expire at various dates.
Capitalization-Stock and Bonds.
Capital stock (common,$5,000,000; pref.6% cum.,$2,500,000) $7,500,000
First & Ref. M. Total, $15,000,000; outsg.. inclg. this issue__ 3,265,000
Reserved to retire Peoria Gas & Elec. Co. 1st M.5% bonds__ 2,500,000
Reserved to retire Citizens' Gas & Elec. Co. 1st M.5% bonds 170,000
Reserved for extensions. &c.. under restrictions__$9.065,000
,
First and Ref. Mtge. bonds are secured by a mortgage on all property
now owned or hereafter acquired, subject to S2,500,000 Peoria Gas & Elec.
Co. 1st M.5s maturing 1923. and $170.000 Citizens' Gas & Elec. Co. 1st M.
5s maturing 1922. to retire which at or before maturity (with n3 right of
extension of ;principal), bonds of this issue are reserved. Denom. $100,
$500 and $1.000. Int. A. & 0. Trustee, Bankers Trust Co.
The $9.065.000 bonds reserved for extensions, additions, &c., can be
Issued only as follows: (1) To an amount not exceeding 85% of the actual
cash cost of permament extensions, enlargements and additions; nrovided,
(2) the annual net earnings are 1U times the interest charges on the aggregate of the bonds issued and outstanding, including those reserved to retire
underlying bonds and the bonds about to be issued; but (3) After said
aggregate of bonds shall exceed $10,000.000, then the annual net earnings
must be twice said interest charge. "Net earnings" here mean the surplus
available for interest charges after deducting all operating expenses, taxes
and insurance premiums. and at least 10% of the gross earnings for maintenance, renewals and depreciation. Illinois laws forbid the issuing of bonds
in excess of outstanding cardtal stock, and no additional bonds or stock of
this company can be issued except with the approval of the Illinois Public
Utilities Commission. [The$3.265,000 new bonds has been thus approved.]
Sinking fund, beginning April 1 1917, annually an amount equal to ;.5 of
1% of the total bonds of this issue outstanding, and of all underlying bonds
for purchase of these bonds (or call at 105) or for acquisitions, extensions
and additions (at cash cost), against which no bonds may be issued.
Earnings 12 Mos. ending May 31 1914
-Present Interest Charge.
Gross earnings
31,359,924'Int. on underlying bonds__ _$133,500
Net, after taxes
679,616 Interest on these bonds__ 163,250
Balance, surplus, on basis of present interest charge
382,866
The mortgage requires that 10% of the gross earnings be deducted for
maintenance, renewals and depreciation prior to dividend payments.
-A subsidiary of the Commonwealth Power, By.& Light
Ownership. &c.
Co.(see "Electric By. Section") controlling various operating properties in
the five North Central States, and having outstanding $16,000,000 6% pref.
stock and 115,500,000 common stock; 6% per annum has been paid regularly on its pref. since organization in 1910, and 4% per annum on the
common since May 1 1913. Property is under management and supervision
of Hodenpyl, Hardy & Co. of N. Y. and E. W.Clark & Co. of Phila.
-Sale of Notes.
-Gavin
Citizens' Gas Co., Indianapolis.
L. Payne & Co., Indianapolis, have purchased $100000 of
an issue of $200,000 1-year 6% collateral notes, which are
secured by pledge of $250,000 of the company's "First &
Ref. M." sinking fund gold bonds, a first lien on the entire
property. Secretary J. D. Forrest, Oct. 10, wrote in subst.:
The company has done no financing since Jan. 1913, and now has in its
treasury 1495.000 of its First & Refunding Mtge. Sinking Fund Gold Bonds,
also $142,000 First Consols of the Indianapolis Gas Co.. taken down on
account of betterments since Oct. 1 1913.
Prior to lease of Indianapolis Gas Co.. the company had about 11.000
consumers; it now has over 53,000. For betterments and enlargements
it had expended up to July 1 1914 1172,978 in excess of the amount provided
for 1913, while similar expenditures for the Indianapolis Gas Co. between
Oct. 1 1913 and Sept. 1 1914 amounted to $158,117. Additional working
capital. Oct. 1 1913 to July 11914, called for 1248.000. These three items
aggregate $579,000. Compare V. 99, p. 1054, 893.
Corporation for Riker & Hegeman Stock.
-Stock Div.
-
The directors will, It is stated, meet on Monday next and declare a 10%
stock dividend. The company owns $3,589500 of the $7,000,000 common
stock of the Riker & Ilegeman Co., on which a 10% stock dividend was
declared in August last, forming the basis for the present distribution
V. 98. p. 1319.
Edison Electric Illuminating Co., Brockton.
-Stock.
-
1133
International Mercantile Marine Co.
-Shareholders'
Committee.
-The company, having deferred payment of interest which matured Oct. 1 1914 on its 41 % Mtge. and
A
Coll. Trust gold bonds of 1902 (V. 99, p. 897), and a bondholders' committee having been formed (V. 99, p. 897, 973),
the committee named below urges holders of preferred and
common stock trust certificates to unite for mutual protection by depositing their certificates, endorsed in blank, with
the Metropolitan Trust Co., depositary, 49 Wall St., or the
Land Title & Trust Co., of Phila., agent for depositary.
Committee: George C. Van Tuyl Jr., N. Y. Chairman; Joseph Walker
Jr., N. Y.; George A. Huhn, Phila., and Vernon C. Brown, N. Y., with
Carter, Ledyard & Milburn as counsel, 54 Wall at.. and H. M. DeLanole
as Secretary, 66 Broadway. N. Y.
Rates.
-The U. S. District Court in this city on Oct. 13
rendered a unanimous decision in the suit brought by the
Government on Jan. 4 1911 (V. 92, p. 191) against the company and others included in the membership of the North
Atlantic Passenger Conference, holding that such combines
are not within the prohibition of the statute as defined by the
U. S. Supreme Court in the Standard Oil and Tobacco Trust
cases, and do not, with the exception of the practice known as
"fighting ships," constitute "unreasonable restraints of trade
and commerce." The effect of these two decisions, the
Court says, would seem to be that contracts and methods of
business which do not in fact restrain or interfere with competition are not obnoxious to the provisions of the Act unless
such restraint or interference is "unreasonable "or "undue."
An Injunction is granted against the continuance of the "fighting ships'
(which, it was generally conceded, was not an essential part of the conference method, and has been abandoned). As the Allan Line Steamship
Co. and the Canadian Pacific Line withdrew from the "fighting ship" agreement before the bill was filed, the complaint is dismissed as against them.
As to all the other allegations against the North Atlantic
operating
under rate-fixing and proportionate-allotment agreementslines
on steerage or
third-class passenger traffic between European and North Atlantic ports
of the United States, the Government's bill is
tion is upheld as beneficial in many respects to dismissed and the combinaall
concerned. As
the Government has not prevailed on the main partinterests
is
of
granted without costs. Judges Lacombe, Cox. Wardthe case, the decreein
Rogers unite
the decision. The opinion, written by Judge Lacombe,and
is given at length in
the "Journal of Commerce and Commercial Bulletin" of this city. Henry
A. Guiler, special assistant to U. S. Attorney-General Gregory, announced
that an appeal will be taken directly to the U. S. Supreme Court.
Judge Lacombe says in the opinion: "In view of the peculiarities of ocean
transportation, the method adopted-if purged of
the 'fighting ship.' is a reasonable one, which so farits obnoxious feature
from restraining trade,
really fosters and protects it by giving it a stability which insures more
satisfactory public service for all concerned. Without this method or
something like it there would be, in the language of the committee (report
of Alexander committee to the House of Representatives on shipping conferences) one of two results: 'The lines would either engage in rate wars.
which would mean the destruction of the weak and
survival of the
strong, or, to avoid a costly struggle, they would the
common ownership-either would mean monopoly tutorconsolidate through
as effective, and it is
believed more so than can exist by virtue of (this) agreement.'
therefore, that this comes fairly within tne exception to a liberal It seems.
tion of the statute which is indicated in Standard Oil and Tobaccoconstruccases."
Referring to the matter of "fighting ships," the Court says that, upon
occasions when steamship owner or charterer, not a member of the combination, has put a vessel on a berth adjoining one from which vessels of a
member of the combination were about to sail, and has offered to carry
passengers at a lower rate than that asked by such member, an extra vessel
has been put on, ostensibly by one of the lines in the combination, but
really by the combination itself, at the same or a lower rate, and all have
co-operated to furnish such a "fighting ship," and thereby keep out the
competitor. This, it is stated, seems clearly to be within the Iprohibition
of the Act. the case being analogous to that presented in United States vs.
Eastern States Retail Lumber Dealers' Association, The Court says
further: "In that case some wholesale lumber dealers, learning the names
and addresses of the customers of retail dealers who bought from them, had
taken away such customers by offering to sell them direct at wholesale
prices. An individual retail dealer, who had thus lost customers, was,of
course, free to give information of his experience to any of his business
associates, but an association of retail dealers which gathered such information and circularized the retail trade with a list of the names of the
wholesalers, was held to be a combination to boycott or blacklist, and a
decree was entered in this court enjoining the further preparation and issuance of such circulars, which decree was affirmed on appeal; (20 F. R. 581;
U. S. Sup. Court, June 22 1914, not yet reported).
"The testimony (which is voluminous) fails to satisfy us that the defendants, or any of them, have charged excessive or exorbitant rates for the
transportation of passengers of any class, especially when it is considered
that vastly more in the way of safety, speed, sanitary conditions, physical
comfort. &c., is now given to the passenger than was given to him before
these agreements and conferences were entered into."
-V.99.13. 973,897.
The shareholders will vote Oct. 20 on authorizing the issue of 3,162 additional shares of stock, which will be offered to stockholders as of record
Oct. 20 for subscription on or before Nov. 10
at $130 per share (par $100).
in amounts equal to 33 1-3%.
The
Pay a portion of the floating debt of proceeds ($411,)60) will be used to
$565,000 incurred for
International Steam Pump Co.
-Receivers' Certs. Sold.
extensions. Subscriptions are payable in four installments additions and
of $32 50 each
Nov. 10. Jan. 11.March 10 and May
The receivers have sold $300,000 one-year 6% certificates of the $500,000
1 1915.-V. 97, p. 447.
authorized by the Court, the proceeds of which will, it is stated, furnish
Electric Light & Power Co., Abington & Rockland.- all the funds required at present. The Court granted authority to dispose
The shareholders were to vote
of $500,000 in the first lot, but the transaction as carried through took
yesteray
capital stock, pprobably at $140 a share, on issuing an additional $94,500 only 1300.000. The plants are, it is said, running about 70% of capacity,
par $100. The former authorization from the (Jas & Electric Light
against 85% last year. The protective committee has been having exCommission to issue $47,200 new stock
at 140 was allowed to lapse on
aminations made as to the condition of the properties, their earning power,
account of the war. The proceeds of
would be used to retire
theisu
for &c., but have not yet taken up the details of reorganization plans. They
additions and improvements andthe floating debt of $125,000 in
the retirement of $20.000 bonds of the expect the reorganization to be completed promptly, however, when the
Cohasset Electric Co.
-V. 99, p. 471.
preliminaries have been arranged.
----V.99. p• 898, 820.
(John R.) Perrier.
-Bonds
Undisturbed.
See Hudson Iron Co. below.
-V.81. p. 1613.
Hilton-Dodge Lumber Co.,
Savannah.-Receivership.
On Oct. 15 1914 the U. S. District Court
(North. Dist. of Ga.)
receivers of the property with the approval
appo
mittee, which now holds more than 90% ofof the Adams protective comthe
bonds.
time for deposit of bonds has been extended to
outstanding
Keith is now on the committtee. See V. 98, p.Nov. 16 1914
harlesTS;
1770. 1848. *
Receirers.-The receivers of the company are
R. II. Knox and George
-V.98, 1: • 1848.
S. Lewis.
0
(S. S.) Kresge Co.-Sale8.1914-September-1913
31,284,026
31,079,549
-V.99, p. 751. 612.
Increase.
Increase. 1914-9 Mos.-1913.
$204.4771$10,634,634 $8,663.269 11,971,634
Lackawanna Coal & Lumber Co., Scranton, Pa.
Funding Interest.
-
In view of the "unprecedented financial conditions" produced by the
war and the "vital importance that all cash resources of the company be
conserved to complete the improvements now in progress," the company on
Sept. 30 requested the holders of coupons due Oct. 1 not to present them for
Hudson Iron Co., Secaucus, N. J.
collection at any bank, but, instead, to forward them to the company at
-Sale Oct. 23.
-This property is advertised to be sold at Goshen,
N. Y. on Oct. 23 un- Scranton in payment for an equal amount of short-term 6% notes, a subderforeclosure of "First and Ref. M.' dated
scription for an additional amount of notes
Issue notes are dated Oct. 1 1914 and due April 1 to be paid for in cash. The
$1,000,000, V. 82, p. 808), as ordered by U. S. Feb. 1 lk)i
ta oeN.
. h
on Aug.21 in suit brought by Columbia Trust Dist. Court (DiststJ.) of extending payment thereof for a further 1915(with privilege to company
six months), and if desired, the
Co.,SUCC08901. of Knicker. Tr.
Co., tge. trustee. The upset price is
holders of a large amount of the bonds,it wasstated. had already agreed to
sold subject to the prior lien of 1st and$500,000 and the property will be subscribe. (Compare Coal Land Securities Co., V. 99, p. 345.)-V• 97.
'
2d mtge,
Oct. 1 1901 and Jan. 3 1902 by John R. Ferrier to executed. respectively, p. 363, 1826.
Standard
t Co.and
Robert
Campbell, respectively, trustees.
J.
-V.99, p. 410. Trug
Lackawanna Steel Co.
-Combined Results.
Navigation Co.
Earnings for 3 and 9 Months ending Sept. 30.
-Plan Authorized.
The stockholders on Oct. 15 adopted the plan to divide
Int. On Eds. S.F.&Ex- DepreciaTotal
Three
Balance
stock (80,000 shares) into 20,000 6% non-cum. pref. the present capital
Income.
& Notes. haustion, lion. ex.
Sur. or Def.
corn., effective Jan. 1. See Manhattan Navigation shares and 6 ,000 Months$437.425 $106,073 3217,547 def. $457.210
Co. below. °
$303.835
Also 1914
see V. 99, p. 897.
2,007,724
437,417
113,495
1913
347.609 our. 1.109.202
Nine Men.
International Harvester Co.
-Re-instated in Missouri.
- 1914
3920,017 11,312,275 $188,260 3660.372 def31.240.890
The Missouri Supreme Court on Oct. 13 granted the company
5,521,193
1.312,328
permission 1913
345,200
999,266 sur.2.864.398
to resume business in the State on condition that it comply with the
There was also a special profit on sales of assets of sub, companies for the
State
laws. The company was ousted by a decision of the Court rendered
ate nine months ended
In 1911 and fined $25,000 for violation of the Anti-Trust Law. (Nr. 93, period $3,131,599. Sept. 30 1913 of $267,201, making the surplus for the
The unfilled orders on Sept. 30 1914
p. 1399, 1536). It has paid the fine and promised to comply with
the law. gross tons, against 255,945 in 1913. See "Trade and Traffic were 166,344
-V.99. p. 1054. 611.
Movements"
on a previous page.
-V.99, v. 123.
THE CHRONICLE
1134
-Status-Financial ReLake Superior Corporation.
-The statement by Pres. J. Prater Taylor, prequirements.
sented at the annual meeting Oct. 7,says in substance:
-The aim of the management since 1909 has been to
Present Property.
concentrate the company's resources in its largest earner, Algoma Steel
Corporation, Ltd. (all of whose issued share capital, $10,000,000 pref. and
$15,000,000 common stock, is owned) and in the allied industries essential
thereto. All outside assets, with certain exceptions indicated below, have
been sold and the proceeds applied to improvements and to reduction of
$5,708.your company's 1st M. bonds from $10,000,000 on June 1 1910 tothe City
000. The Tagona Water ,Sc Light Co. has just been acquired by of about
will receive a net
of Sault Ste. Marie, and your companyused to pay Tagona sum
1st M.bonds.
to be
$450,000 for same,$160.000 thereof
Negotiations are in hand for an extension of the street railway franchise in
the Canadian Soo and also for the disposal of the assets of the two street
railway co's. [International Transit Co.and Trans-St. Mary Traction Co.]
Lake Superior
Corp.Owns.
Issued.
Cap.Stock.
Corporation's Interest in Bus.Algoma Central & Hudson Bay Ry___'Preferred $5 000 000
Common
5,000,000
5,000,000
Preferred
800,000
800,000
Algoma Eastern By
Common
2,000,000
1,000,000
-------- All owned
Preferred
Algoma Central Terminals
100,000 Alg•Cen.&
Common
_____ _I Hud. Bay
Algoma Eastern Terminals
100.000 Railway.
Common
The bonds of the railways (see p.8 of "Ry.& Indus. Section") are guaranteed by the corporation. The Algoma Central is not yet fully in operation, but under present conditions neither railway can earn as expected.
The Algoma Steel Corporation, Ltd., as developed since 1909, owns:
(1) A modern steel plant comprising 110 coke ovens, 3 blast furnaces, Bessemer plant (mixer and 2 four-ton converters), an open-hearth plant con-ton mixer, representing a steel-ton furnaces with a 250
sisting of seven 40
making capacity of 500.000 tons; rolling mills, capacity 400,000 tons of
rails; merchant mills capacity 80,000 tons of steel products per annum.
(2) Power plant, viz., (a) gas-engine plant developing 19,800 h. p. and two
Mesta steam blowing engines, 8,000 h. p.;
turbo-electric sets and four at Sault Ste. Marie, about
15.000 h. p., all
hydro-electric power station
for sale to town of Sault Ste. Marie and local industries;
under contract
total,
hydro-electric plant of 2,000 h. p. to supply power to the ore mines; Pocadevelopment, 44,800 h. p. (3) Raw materials, (a) Cannelton and
hontas coal properties, supplying coal exactly suited for the company's
needs at a very low cost; (b) all its own coke manufactured at a saving of
over $2 per ton; (c) over 100,000,000 tons of limestone of best quality:
By.,
(d) large deposits of iron ore on the Algoma Central & Hudson Bayalone
continuously used in the blast furnaces. Cannelton Coal & Coke Co.
bonds outstanding. viz.. $526,000 sinking fund Ss.
of above has
-June 30 Yrs.
(1) Tonnage Produced by Properties Owned; (2)Earnings
Steel
Pig
Iron
Coal
Coal
LimeFiscal
Iron. Rails.
Coke.
stone. Cannel. Pchnts. Ore.
Year135.852 142,958
150.623
1907-08
153,528 201,615
107,978
160,000
1904-10
166.362 358,185 258,979 241,729
220,436 374,023
1911-12
252,563 544,720 30,250 55,801 406,156 326.073 289,343
1912-13
300,828 560.181 140,425 114.782 433,679 311,904 325.680
1913-14
Balance,
All
Governm't Coal,&c., Total Net
Net
Fiscal
Surplus.
Year. Earnings. Bounties. Cos. Net. Earnings. Charges.
$950,133 $495,439 $454,694
1907-08-- $457,300 $492,833
950.708
474,847
3,500
475,861
316.460
1909-10-_ 630,748
963,518 1.042.939
101,975
1911-12__ 861,543
808,522
152,084 1,900,305 1.091,783
1912-13__1.748,221
696,151
172,856 1,934,966 1.238,814
1913-14__1.762,110
European war is affecting operations, particularly those of
Out
have been inthe Steel Corporation, in two ways. Orders already booked
definitely postponed, and,in many cases, canceled; while on the other hand
there is a serious money stringency and some difficulty is being experienced in the collection of accounts due by certain large customers. future
The results in the past have been progressive and satisfactory, but
progress depends upon development in other lines than the manufacture of
steel rails. The plant was in full operation until the end of August, from
which time it has been operated at half capacity. The prospect is that for
to keep
the next year, at lease, there may be an insufficiency of rail orders account
the works full, and that insufficiency will be more acutely felt on should
of the war. The range of our procuction must be increased. Mills
be installed for the manufacture of other steel products and structural steel
and sheets, and the number of open-hearth furnaces increased, especially as,
with the completion of the three great trans-continental lines, rail orders
are likely to fall off. For the years ending Mar. 31 1914 Canada imported
(almost entirely from the U. S.) structural steel (1. e., beams, channels,
&c.), 321,327 net tons; sheets and plates, 365,194 net tons; total, 686,521
tons, against 713,871 in year 1912-13.
Unfortunately, it is impracticable at present to look for assistance from
London, from which source financing has hitherto been done. Development must continue, but in connection with the new moneys required, serious consideration must be given to the company's bonded debt. Full consideration must be inuniately given to the steps necessary to complete
the steel plant,as well as to the providing of further working capital. Compare V.99, p. 814. 820.
ç
-Foreign Shoe Order.
(W. H.) McElwain Co.
,
taken
It is understood in Boston that the company hasthe an order for about
shoes, it is supposed, from
150,000 pairs of army
-V. 99. p. 194.
French Government.
Mackay Companies.-Favotable Decision.
[VOL.
xcrx.
$300,843, $291,028 and $300,301, respectively, at the office of the trust
company until 10 a. m. Nov. 4. Proposals at the lowest price, not exceeding 105 and int. will be accepted proportionately and paid for Nov. 16.
V.99, p. 273, 125. 1116.
-Circular.
-Suit.
Miami Copper Co., New York.
Referring to the omission of the usual quarterly dividend of 50/cents per
share next month,a circular says: "In view of the unprecedented conditions
of the world's business and finance resulting from the general European
war, the directors determined to defer consideration of the payment of the
regular quarterly dividend which otherwise would have been paid on
Nov. 16 1914. Your directors have been actuated in this course entirely
the necessary curtailment of production, the very low price at which by
copper metal is selling, and the necessity of conserving the company's
the
finances.
The Minerals Separation, Ltd., has brought suit against the company
in the U. S. District Court at Wilmington, Del., charging infringement of
three patents by two acts of infringement, one following the procedure of
the licensees of Minerals Separation. Ltd., and the other being known as
the Callow pneumatic flotation process. The third patent involved,
No. 1,099,699, was issued June 9 1914.-V. 99, p. 1054. 606.
-Sale.
Monongahela Water Co. Pittsburgh, Pa.
'
The shareholders will vote Oct. 26 on authorizing the sale of part or all
of the property and the distribution or division of part orall oftheproceeds
-V.94, p. 1768.
among the stockholders.
-New Officers.
New York Dock Co.
v, S. Landstreet, formerly Pres., has been elected Chairman of board
and William E. Halm, President, effective Nov. 1.-V. 97. p. 1355.
-Earnings for Fiscal Year.Ogilvie Flour Mills Co.
.
Other Pref. Divs. Com.Divs. Balance,
Bond
Trading
Aug_. 31.
Surplus
(8%).
Profits. Interest. Interest. (7%).
Year0 0
1 4 :0 0 2 :00 0 1011 5
00
44
1913-14_ _ _ 4581,944 $105,000 $27,000 $14000 $200 0 0 0 $139 3
105.000
19l2-13__576,735
Total profit and loss surplus Aug. 31 1914, $582,466.-V. 93, p. 308.
-Sale of Gas.
Old Colony Gas Co.
E. M. Farnsworth & Co. Boston, report sales for the quarter ending
Sept. 30 1914 as 18,401,500 Cu. ft., against 15.363,900 cu. ft. for the same
period in 1913. a gain of 20%.-V.99, p. 123.
-Favorable Decision.
Omaha (Neb.) Gas Co.
Judge Munger in the Federal Court at Lincoln. Neb., on Oct. 12 held that
providing for $1 25 gas less 10
the franchise of 1893, which expires in 1918,that
the dollar gas ordinance
cents for cash, is binding on the city, and
therefore invalid. The Court holds that the contract
passed in 1911 is
made in 1893 is not now open to attack by the city, and that the latter
"may not enforce the provisions of the new ordinance until the terms of
-V. 93. p. 526; V. 84, p. 163.
the first contract have expired."
--Judgment.
Pay-As-You-Enter Car Corporation.
Judge Learned Hand in the U. S. District Court on Oct. 15 directed a
Jury to return a verdict of 840,000 against Douglas Robinson, receiver
by the comipany and
for the Metropolitan Street Ry., in the suit brought purchase
0(400 cars
the Prepayment Car Sales Co., growing out of the
the
for the railway company,and, refusal to pay $100 for each car demanded
"Pay-As-You-Enter' company, as holder of the patent. The
by the
will,
amount of the Judgment with interest and costs"The it is stated., be about
claim of the plaintiff
$52.000. Judge Hand in a long opinion says:
The devices adopted by the defendant were
has been fully sustained.
-You-Enter
clearly infringement on the patents owned by the Pay-As
-V • 98.P. 391.
Corporation.''
-Exchange of Bonds.Peoria Light Co.
-V. 95, p. 822.
See Central Illinois Light Co. above.
Realty Syndicate, Oakland, Cal.-Int. to Be Paid.
Charles Remington in San Fran. "Chronicle" of Oct. 9 says: "The F. M.
affairs
Smith advisory committee, which has been straightening out the on the
interest due Nov. 1
of the Realty Syndicate, has announced that the
which "Syndicate Sixes" were exchanged, would be paid,
"B" bonds, for
interest would be defaulted. The
thereby setting at rest the rumor that the
$3,500,000, out of an authorized
amount outstanding is approximately
of this interest depends on the earnings, which
$4,750,000. The payment
estate. While the market for the propin turn depend on the sale of realof the committee have put forth unusual
erty has been slow, the members success." Compare V.99, p. 752,898.
efforts to effect sales, evidently with
-Decision.
(Cal.) Natural Gas Co.
Sacramento
Sept. 29 held unconstitutional the city
The U. S. District Court on
1,000 Cu. ft. The ordinance is
ordinance fixing the rate at 95 cents per company without a reasonable
and unfair, leaving the
declared arbitrary
company has $429.100 outstanding stock;
return on its investment. [The 30-year gold 6s ($1,000 c5). due Nov. 1
par $50. Bonds, 3200,000 1st
Bank. Sacramento; subject to call
1914, Mt. M.& N. at California Nat.
after 1916 at 105.
-Dividends.
Flour Mills.
St. Lawrence
to resume dividend payments
The directors have, it is reported, decided
dividends that accumuon the $525,000 7% cum. pref. stock and to pay in April 1913. The
discontinued
lated since the disbursements werewholly in cash, the board having depayment, however, will not be made
and the remainder
cided to distribute 10% of the 15%% due in prof. stock
in November to holders
in cash. The dividend will, it is said, be paid early
Holders of less than 25 shares of preferred stock
of record Oct. 31 next.
number
will receive the full amount in cash, but owners of more than thatThe new
will be asked to accept part payment,as above,in preferred stock.
stock up to $600,000, the auth.amount.
issue wlli bring the outstanding pref.
The U.S. Circuit Court of Appeals has affirmed the judgment of the U. S.
-Earnings.
Standard Milling Co., New York.
District Court in Oregon enjoining the Western Union Telegraph Co. from
Balance,
Common
interfering with the proposed grant of right of way by the Southern Pacific Aug. 31. Total Net Retirement
Preferred
Co. in Oregon. For over 24 years, it is stated,
Surplus.
Dividend.
Dividend.
Co. to the Postal Telegraphon the railroad right of way, and
Income. Pref. Stock.
Yearrecently when 1914
the latter has had its poles replace some of the decayed
$1,053,637 (1%)$66,815 (5%)$334,370 (3%)$137,817 $514,635
poles,the railroad 1913
it attempted to repair and
835,151 (1%)67,935 (5%)339,450 (2%)91,870 335,896
prevented it. After taking the matter into court
companyan understanding with the railroad company to the Postal Co. - 99. P. 54.
V.
canto to
grant the usual
company, however, objected on the
-Investigation of Industry.
Standard Oil Co. of N. J.
right of way. The Western Union on the railroad right of way and forright
See Items on "Banking. Financial & Legislative News"-V 99, p.905, 412.
ground that it had an exclusivethe Postal company. The Postal company
grant to
bade it to make such a
-Decision.
enjoined the Western Union company
Standard Oil Co. of Ohio.
then brought suit. The lower Court
Southern Pacific to execute the contract.
The Ohio Supreme Court on Oct. 13 dismissed the suit brought by George
from interfering and ordered the
H. Phelps, an independent oil producer of Findlay and former Prosecutor
98, p. 1396.
of Hancock County, to oust the company and three subsidiary oil com-Suit.
from the State on the
Co.
Manhattan Navigation the U. S. District Court against Charles panies brought by Mr. Phelpsground of violation of the anti-trust laws.
to mandamus Attorney-General Hogan to
A salt
The company has filed a suit in
is still pending in the Franklin County courts.
institute ouster
and the Hudson Navigation Co. to recover triple ($1,050,000) - 98, p.615.proceedings
W. Morse
V.
anti-trust law for damages alleged to have
damages under the Sherman having "unlawfully and corruptly combined
-Syndicate Extended.
Sterling Gum Co.
been sustained by it by their monopolize the transportation of persons
The syndicate which underwrote $2,000.000 stock,and which was to
and conspired to restrain and
trade and commerce by steamboats operated expire Dec. 15, has been extended to June 15 next. Notices to this effect
and property in inter-State 91. p. 521.
-V.
-V.99. p. 54.
will be sent out in a few days.
on the Hudson River."
-No Extra Dividend.
ts Breweries Co.
Massachuset
the extra dividend of $1 usually paid in
The company will not declare earned, as it Is deemed wise to conserve
October, which, it is stated, wasrate is $2 a year, but since 1907 two extra
The regular dividend
resources.
-V.91, p. 1775.
declared each year.
dividends of $1 each have been
-Extra Dividend.
Stewart Mining Co.
A quarterly dividend of 10% and an extra distribution of 2)-' % have been
declared on the 31.238,362 stock, payable Oct., 19 to holders ofrecord Oct.8.
See advertisement in last week's' Chronicle, poage iril. On June 16, Oct. 31
and Dec. 29 1913 and April 25, June 30 and Aug. 25 10% each was paid
Oct. 3 1913 236% extra.
- and onnet earnings of the Stewart Mining Co. for the first half of the cur-Annual Earnings.
Massachusetts Gas Companies.
The
Common Balance,
Preferred
InterExTotal
rent year were $537,230, from which two quarterly dividends of 10 cents a
30.
June
Dividends. Dividends. Surplus. share each, calling for $247.672, have been paid' leaving $289,558 to be
est.
Earnings. penses.
Year$2,818,567 $88.218 $441.767 $1,000,000 $1,250,000 $38.582 carried to surplus, which now amounts to $1,105,365.
1913-14
2.807,976 66,389 440.018 1,000,000 1,250,000 51,569
1912-13
-New Officer.
Union Tank Line Co.
-1r. 99, p. 1054, 273.
William A. Barstow. until recently with the Imperial Oil Co.. Ltd., of
-D. C. Muhleman Canada, has been elected First Vice-President until April next.
-New Directors.
-V.99. P
Maxwell Motor Co.
fill vacan- 542.
and Henry V. Poor have been elected directors to
-V.99, p. 1069, 1049.
cies in the board.
--Proposals.
Co. of Delaware.
Mexican Petroleum'successor trustee under deed of trust securing
The Guaranty Trust Co. as M.6% sinking fund gold bonds, series "A,"
Lien and Refunding
the First
that sealed proposals for the sale of these bonds
"B" and "C," gives notice over 105 and int, will be received in the sums of
to the sinking fund at not
-Stock.
United Illuminating Co., New Haven, Conn.
The stockholders on Oct. 15 authorized an increase in the capital stoc%
last
from $2,500,000 to 33.000,000. Par of shares $100: outstanding at
accounts, $2,100.000. V. 95. P. 1750.
For other Investment News see page 1150.
THE CHRONICLE
OCT. 17 1914.]
1135
ports anti. Pomutents.
PUSLMMED AS ADVERTISEMENTS.
LOUISVILLE & NASHVILLE RAILROAD COMPANY
SIXTY-THIRD ANNUAL REPORT-FOR THE FISCAL YEAR ENDED JUNE 30 1914.
Louisville, Ky., October 7 1914.
To the Stockholders of the Louivsille & Nashville Railroad
Company:
The Board of Directors of your Company respectfully
submits the following report for the fiscal year ended June
30 1914:
MILEAGE.
I. Lines Owned and Operated.
Miles.
3.797.47
(1) Owned-Property deeded
rated
(2) Operated but not owned_
Operatedas owner of entire Capital Stock_ _758.77
119.05
b Operatedunder lease
38.92
c) Operated under contract
"14.12
(d) Operated under trackage arrangements
1,130.86
(3) Owned, leased to N. C. & St. L. Ry.-operated under
trackage arrangements
5.46
(4) Owner of entire Capital Stock, property operated separately-operated by this Company under trackage arrangements
6.46
Total operated
4.940.25
Average mileage operated during the year, 4,936.73.
II. Lines Operated Under Their Separate Organizations in
r.
which this Company Owns All or a Majority of the Capital
Stock or is Interested as Joint Owner or Lessee.
Nashville Chattanooga & St. Louis Railway (a majority
of the Capital Stock owned)
Central Transfer Railway & Storage Co., Louisville (onehalf of the Capital Stock owned)
Georgia Railroad and Dependencies (interested as joint
lessee)
Chicago Indianapolis & Louisville Railway (a majority of
the Capital Stock owned jointly with the Southern Railway Co.)
Louisville Henderson & St. Louis Railway, less mileage of
Louisville & Nashville Railroad operated under trackage
arrangements (a majority of the Capital Stock owned).Woodstock & Blocton Railway (one-half of the Capital
Stock owned)
976.32
.67
571.00
617.94
181.70
7.73
2.355.36
-Mileage used by this Company under trackage
Less
arrangements:
Woodstock & Blocton Railway
7.73
Nashville Chattanooga & St. Louis Railway
50.41
.26
Louisville Henderson & St. Louis Railway
58.40
2,296.96
III. Lines Owned by this Company but Operated by other
Companies.
Paducah & Memphis Division (leased to Nashville
Chattanooga & St. Louis Railway at 5 per cent
on cost of Road)
251.20
Less-Mileage operated by this Company under
trackage arrangements
5.46
248.74
Clarksviile & Princeton Branch-Gracey, Ky., to Princeton, Ky. (leased to Ohio Valley Railway Co. at $12.039 70 per annum)
20.71
269.45
Total mileage
Total mileage June 30 1913
7,506.66
7,889.77
Decrease
Accounted for as follows:
Deductions
New Orleans Mobile & Chicago Railroad
Additions
Tennessee Western Railroad
Sundry net additions
383.11
402.24
Bonds MaturedRedeemed
Equipment, Series
5% Gold
$830,000 00
2,000 00
$828,000 00
650,000 00
1.478.00000
Net increase over last year
19,996.000 00
Bonded Debt June30 1914, total issues(see Balance
Sheet, Table III.)
$184:441,339 94
Less
Bonds Owned
In Treasury
Deposited in Trusts as Collateral_ _ _ _ $10,644,339 94
Deposited account of Georgia Rail- 3,929,000 00
road Lease
500,000 00
Held in Sinking Funds
1,027.000 00
16,100.339 94
Total Outstanding Bonded Debt in hands of public
June 3() 1914
Total Outstanding Bonded Debt in hands of public$168,341.000 00
June 30 1913
150.290,000 00
Increase in Bonds outstanding in hands of public._ $18,051.000
00
Accounted for as follows:
Bonds Sold
Unified Fifty-year 4% Gold
South & North Alabama RR. Co. Gen- $2,900.000 00
eral Consolidated 5%
South & North Alabama RR. Co. Con- 7,400,000 00
solidated 5%
2,000,000 00
South & North Alabama RR. Co. Con-512,300,000 00
solidated 5% outstanding, endorsed by
Louisville & Nashville RR Co
7,292.000 00
Deduct
Bonds matured
Bonds drawn for Sinking
Funds, including Redeemed and Unredeemed Bonds
Bonds purchased for
Sinking Funds
-Less
Bonds withdrawn from
Treasury and canceled
for Sinking Funds_ _
$19.592,000 00
5650,000 00
830,000 00
63,000 00
$1,543,000 00
2,000 00
Increase as shown above
383.11
BONDED DEBT.
Bonds Drawn for Sinking Funds
Redeemed:
Evansville Henderson & Nashville Div. Gold $108.003
Gen. Mtg. Gold 512,000
Pensacola & Atlantic RR. 1st
Mtg. Gold _ _ _ 88,000
Pensacola Div.
1st Mtg. Gold 25,000
Newport & Cincinnati Bridge
Co.(lea. Mtg. 11,000
744,000 00
Deduct
Henderson Bridge Co.
1st Mtg. Bonds, drawn
for Sinking Fund-Unredeemed June 30 1913,
Redeemed During this
Fiscal Year and Paid
Into SinkinglFund
1.541,00000
17.50
1.63
19.13
Bonded Debt June 30 1913, total issue
Bonds Issued
Unified Nifty-year 4 per cent Gold
Bonds Assumed-South & North Ala. RR.
Co. 5% Consolidated
Mortgage Gold_
110.000.000 00
South & North Ala. RR.
Co. 5% General consolidated Mortgage Gold._ _ 10.677,000 00
Brought forward
4744,000 00 121.474.000 00 $164.445,339 94
Unredeemed (Not Presented
for Payment)
Evansville Rendez:son & Nashville Div. Gold $2,000
(len. Mtg. Gold 75,000
Pensacola & Atlantic RR. 1st
Mtg. Gold- __
9,000
86,000 00
$164.445.339 91
$797,000 00
2(1 677.000 00
121,474,(}00 00
18,051,000 0)
GENERAL RESULTS.
The General Results, as given in detail in Table No. 1,
on a later page, are here summarized:
Operating Revenues
Less Operating Expenses. 75.03%
559,682.777 77
44,782.708 27
Net Operating Revenues, 24.97%
Taxes
914.900.069 50
2.600.288 42
112.299,781 0
-8
Other Income
From Rents
$981,733 02
From Investments
1,070,141 29
From Interest
691,149 82
From Outside Operations
25,118 61
From Securities held under Georgia Railroad
Lease
69,953 00
2,838.095 74
15,137,876 82
Total Income
Deductions from Income
Interest on Bonded Debt
Other Interest
Rents
Sinking Funds
Reserve for Doubtful Accounts
Operation of Georgia Railroad-Loss
$7,123,932 90
13,605 88
799,153 53
292.754 93
204,252 08
25.291 00
8,458,990 32
Net Income carried to Profit and Loss Account
The balance to credit of Profit and Loss
Account amounts to678,886 5- , $40, .
"
0680
746 18. For details see Table No. 11 on a later page.
GROWTH OF TRAFFIC.
The growth of traffic for the past ten years is shown by the following table:
Average
Miles
Operated.
Net
Operating
Operating
Operating
Revenues
Expenses.
Revenues.
Per Mile.
1904-1905
3,826.31
138,517,070 72
126.490.020 97
112,027,019 75
310.066 37
1905-1906
4.130.91
43.008.99623
30.933.463 71
12.075.532 52
10.411 50
1906-1907
4.306.33
48,263,945 20
35.781.302 54
12.482,642 66
11,207 67
1907-1908
4,347.80
44,620.281 16
*33.594,291 0.5
11.025.990 11
10.262 72
1908-1909
4,393.11
45,425 891 45
*29.627.499 48
15.798.391 97
10,340 26
1909-1910
4,554.30
52.433,381 94
*34.985,578 78
17.447,803 16
11,512 94
1910-1911
4,598.39
53,993.740 78
*38.479,822 61
15.513.918 17
11,741 88
1911-1912
4,709.93
56,211,788 30
*39.626.327 44
16,585.460 86
11,934 74
1912-1913
4.819.86
59,465,699 li
*44.810,880 41
14.654,81873
12.337 64
1913-19144,936.73
59.682,777 77
*44,782,708 27
14.900,069 50
12.08954
• Does not include Additions and Betterments heretofore Included In Operating Expenses.
YEARS.
Operating
Revenues.
Operating
Expenses
Per Mile.
$6,923 12
7,488 29
8.30900
7.726 73
8.744 08
7,681 88
8.368 11
8,413 38
9,297 13
9.071 33
Net Operating P. C. of EzRevenues
penses to OperPer Mile. Wing Seventies.
I
13.143 25
2,923 21
2,89867
2.535 99
3.696 18
3.831 06
3.37377
3,521 38
3.040 51
some 91
68.77
71.92
74.14
75.29
65.22
66.72
71.27
70.49
75.36
mE AO
xc
THE CHRONICLE
RAILS.
The rails in main track operated, except trackage rights,
are shown below.
Miles
94.38
361.84
308.55
5,571.00
1.302.70
1.938.17
25.85
625.08
1.32
-4,713.60
•61
Steel Rails
Under 58( pounds per yard
yard
ssg pounds perper yard
60 to 65 pounds
68 Pounds per yard
70 pounds per yard
80 Pounds per yard
85 pounds per yard
90 pounds per yard
141 pounds per yard
Iron Rails
Total
To which add
Operated under trackage arrangements
Total mileage owned and operated (see preceding page)
4,714.21
226.04
4.940.25
The rails in main track owned, operated by other companies, are shown below:
Steel Ranc2.90
h() pounds per yard
22.35
58 pounds per yard
55.30
60 pounds per yard
9.81
68 pounds per yard
.04
75 pounds per yard
161.30
80 pounds per yard
23.21
85 Pounds Per Yard
274.91
Less portion of Paducah dc Memphis Division used by L.& N.
5.46
Railroad under trackage arrangements
Total mileage operated by other companies(see precedingpage) 269.45
-ROAD.
ADDITIONS AND BETTERMENTS
During the year there were charged to Property Investment, Road, expenditures for additions and betterments as
follows:
$212,71500
Right of way and station grounds
2.50000
Real estate
206,36742
Widening cuts and fills
34,73907
Protection of banks and drainage
2,375.35299
Grade reductions and changes of line
39,445 19
Tunnel improvements
64.23906
Bridges, trestles and culverts
216.428 57
Increased weight of rail
2,66
Improved frogs and switches
26.023 01
Track fastenings and appurtenances
-31,10788
Ballast ---------------------------------------------- 1,85,298 83
Additional main tracks
375,835 65
Sidings and spur tracks
520.315 47
Terminal Yards
41,084 14
Fencing right of way
13,84825
Improvement of crossings under or over grade
56.337 62
Elimination of grade crossings
24,978 29
apparatus
Interlocking
106.590 24
Block and other signal apparatus
133,768 61
Telegraph and telephone lines
321,087 46
fixtures
Station buildings and
16,550 37
Roadway machinery and tools
206.818 44
Shops, enginehouses and turntables
108.882 53
Shop machinery and tools
54.231 41
Water and fuel stations
15,606 95
Dock and wharf property
105.374 25
Other additions and betterments
Total for the year ended June 30 1914 (see Table VI, page$7,098,190 01
27, pamphlet report)
7,806,614 86
Total for the year ended June 30 1913
$708,424 85
Decrease
-EQUIPMENT.
ADDITIONS AND BETTERMENTS
The following expenditures for additions and betterments,
equipment, were charged to Property Investment, Equipment, during the year:
Charges:
Locomotives
$626.726 44
Thirty-nine(39) bought or built
Equipping twenty-one (21) with smoke
981 56
abatement device (Nashville Terminals)_
Equipping with glass water gauges, second
air pumps. Chicago flange-oilers and
4.051 47
changing safety appliances
Passenger-Train Cars
$306,920 32
Twenty-nine (29) bought or built
15,087 59
Expenditures on new cars not complete&
2,970 50
Overhauling private car "Louisville"
6.582 23
Remodeling pay car No.361
Changing safety appliances and overhaul1,20381
ing mall apartment cars
Freight-Train Cars-Four thousand six hundred (4.600) bought
$4,571.851 67
or built
1,93539
Expenditures on new cars not complete& _ _
Changing safety appliances. applying Farlow draft gears and equippWg with air199.427 32
brakes
Work Equipment-.
One (1) second-hand steam shovel. one (1)
second-hand coach.&c
One(1 wrecking crane No.41350
One(1 Bucyrus pile driver No.41217
Three hundred and twenty-two(322)freight
train cars changed to work
Nine (9) passenger train cars changed to
work equipment
Changing safety appliances .equipping with
air brakes and Farlow draft gears
e
$3,11676
14,63456
11,27390
$631,75947
332,76445
55,868,876 38
Brought forward
Credits:
Locomotives
Five (5) destroyed or sold
362.829 14
Las
Adjustment of erronesous credit on account of one (1) Lexington & Eastern
Railway locomotive destroyed 1912-13
2.000 00
$60,829 14
Passenger Train Cars
Eight (8) destroyed or sold
Nine (9)changed to work equipment
23,683 64
34,887 76
58,571 40
Freight Train Cars
Three hundred and twenty-two (322) cars
changed to work equipment
Three thousand and twentythree (3,023) destroyed or
$1,519,704 54
sold
Less
of erroneous
Adjustment
credit on account of
twenty-six (26) Lexington
& Eastern Ry. freight
train cars destroyed in
6.665 00
1912-13
151.337 13
1,513,039 54
Work Equipment
One hundred and sixty-nine (169) destroyed or sold
1.664,376 67
49,874 44
$1,833,651 65
Net charges to Additions and Betterments, Equipment, for
$4,035,224 73
the year
Cost of equipment as of Dec.31 1913 acquired with the South
North
& Nor Alabama Railroad. taken into the system duri
this year, excluding four (4) freight train cars destroyed
903,273 34
prior to that date
54.938.498 07
Total charges for the year, see Table VI
RESERVE FOR ACCRUED DEPRECIATION
EQUIPMENT.
Credits:
Depreciation
Locomotives
5494,564 60
89,58862
Passenger Train Cars
Freight Train Cars
1,653,472 59
66,647 39
Work Equipment
71 04
Floating Equipment
52,304.344 24
* Renewals
For five (5) Locomotives destroyed or sold- $16,806 50
deFor eight (8) Passenger Train Cars
11,167 00
stroyed or sold
For three thousand and sixty-six (3.066)
Freight Train Cars destroyed or sold, including thirty-nine (39) cars of the Lex534,233 64
ington & Eastern Ry. Co.
For one and eighty-six (186) units of Work
24.943 59
Equipment destroyed or sold
587,150 73
Total charges to Operating Expenses for Depreciation
$2.891 A94 97
and Renewals
-Dining Cars,
Depreciation on Dining and Special Cars
4,780 66
charged to Outside Operations
Total amount charged to Operating Expenses and to
2,896.275 63
Outisde Operations
Balance June 30 1913 (including Depreciation to June 30
17,680,273 70
1913 on South & North Alabama RR equipment)
$20,576,549 33
Total Credits to Reserve for Accrued Depreciation
Charges:
For original cost of equipment destroyed or sold,credited to
Additions and Betterments
$62.829 14
Locomotives
1.532,32424
Freight Train Cars
23,683 64
Passenger Train Cars
52,874 44
Work Equipment
51,671.711 46
Accrued Depreciation on Equipment changed
to another class:
$20,551 58
Passenger Train Cars
106,822 79
Freight Train Cars
127,37437
Amount of entries made during
this fiscal year to adjust Reserve for Accrued Depreciation
to June 30 1914:
Locomotives- _3972,943 22
Freight Tr'nCars 645,703 43
1,618,646 65
Less Credits:
Pass. Tr'n Cars$236,640 08
Work Equip't. 43,878 47
280.518 55
1,338,128 10
3,137.21393
4.773,21438
Balance to credit of Reserve for Accrued Depreciation
817.439,335 40
Equipment. June 30 1914
The above balance, $17,439.335 40, includes depreciation on equipment
of the Lexington & Eastern Ry. Co. since Dec. 31 1912.
* The difference between these credits and the amounts shown as Renewels in Table IX is due to credits to Renewal Accounts for salvage from
locomotives and cars destroyed, and on account of charges to other compan5.59368
ies for cars destroyed on their lines: also to debits and credits to Renewal
Accounts occasionedby adjusting the difference between depreciated value,
1.98630
131.138 08 according to the Superintendent of Machinery's appraisement, of cars
one class to another, and the depreciated value shown by
55,868.87638 changed from
Equipment Depreciation Register.
94,532 88
MAINTENANCE OF EQUIPMENT.
for the past ten years has been as follows:
average cost per mile for repairs to equipment
-
Locomotive repairs, per mile
Passenger Car repairs, per mile
Freight Car repairs, per mile
1904-1905. 1905-1906. 19064907. 1907-1908.
Cents.
Cents.
Cents.
Cents.
9.090
7.771
9.102
6.747
1.542
1.546
1.646
1.290
.918
1.049
.865
.820
All equipment of the system in revenue service is provided
1908-1909. 1909-1910. 1910-1911. 1911-1912. 1912-1913. 1913-1914.
Cents.
Cents.
Cents.
Cents.
Cents.
C'ents.
8.092
1.190
.745
7.884
1.292
.739
8.492
1.591
.835
8.770
1.531
.914
8.802
1.401
1.113
with both air brakes and automatic couplers.
8.957
1.413
1.154
OCT. 17 1914.]
THE CHRONICLE
1137
EQUIPMENT OWNED.
L0001730-
lives.
Passenger
Cars.
Freight
Cars.
Work
Equipment.
Locomotires.
Louisville ct Nashville RR.:
On hand July 1 1913- _ 971
44,688
Lexington cit Eastern fly.:
641
2,428
Bought and built
4,600
29
4
39
Acquired by purchase of
On hand July 1 1913-14
other roads
231
Changed
50
Changed
___331
-----1.060- 670 --=49,519
Changed
2,763
Changed
9
322
Destroyed or sold
Destroyed or sold
3,023
8
leo
5
17
3.345
5
169
On hand
On hand
46,174
1.055
653
2,594
* Includes one 0.) second-hand steam shovel transferred to Louisville & Nashville Railroad Company.
Passenger
Cars.
14
_14 ----___
___
14
14
___
Work
Equipment.
Freight
Cars.
67
1
346
----
346
1
39
68
-i§
40
*18
306
14
5(
The following table shows the equipment on hand at the close of each of the past ten fiscal years
LOUISVILLE & NASHVILLE RAILROAD AND OPERATED LINES.
1904-1905. 1905-1906. 1906-1907. 1907-1908. 1908-1909. 1909-1910. 1910-1911. 1911-1912. 1912-1913. 1913-1914.
Locomotives
Passenger Cars
Freight Cars
Work Equipment
705
515
33.241
1,149
745
535
36,633
1,289
865
559
39,528
1.452
PAYMENTS TO BE MADE ON ACCOUNT OF SINKING FUNDS, 1914-1915.
Henderson Bridge Co
August 1 1914
$8,400 00
Pensacola Division
September
26,250
Evansville Henderson dr Nashville Division December 11 1914-- 121,000 00
1914..__
00
Pensacola & Atlantic Railroad
February 1 1915- -- 111.100 00
General Mortgage
June 1 1915
679,800 00
Newport & Cincinnati Bridge Co
July 1 1915
13,760 00
Total
$96031000
896
572
40.589
1.503
899
573
41,720
1,421
928
590
43,019
1,429
971
611
44.564
1,648
998
620
44,727
1.884
1,069
667
46.480
2.644
1.035
655
45,269
2,495
LEXINGTON & EASTERN RAILWAY.
The improvements to the old line of the Lexington &
Eastern Railway, mentioned in last year's report, are nearing
completion, including the construction of a connecting track
near Lexington with the Paris & Lexington Branch.
LEWISBURG & NORTHERN RAILROAD.
That portion of this line between the connection with the
Second Division of the Main Stem at Maplewood and the
GUARANTIES.
north end of Radnor yard, has been completed. About
The Company has guaranteed, by indorsement or by eighty (80%) per cent of the grading for the yard at Radnor
agreement, the following obligations of other Companies:
has been completed and a part of the terminal buildings
Louisville & Nashville Terminal Company First
erected. The grading of the line from the south end of
Mortgage 4% Gold Bonds
-Issued. Annual Charge Radnor yard to connection
with the Nashville & Decatur
Endorsement, made jointly and severally with
Division at Mayton has been completed. The remainder
Nashville Chattanooga & St. Louis Railway, covers principal and interest of bonds
this line, extending from connection with the Nashville
of
Issued
Louisville et Nashville-Southern, Monon Collat-$2.535,000 00 $101,400 00 & Decatur Division at Brentwood to the Alabama State
eral, Joint 4% Gold Bonds
Line via Lewisburg, has been completed and will be placed
This Company and the Southern Railway
in operation early in July.
Company are each liable for one-half of the
principal and interest of bonds issued, $11,827,00000. One year's interest, $473,080 00, this Company's liability one-half.
Should either Company default in its obligations to the other,in respect of the bonds of
this issue, the pledged shares of stock belonging to such Company so in default shall
become and be the property of the Company
not in default, which thenceforth shall be
liable in severalty upon all covenants contained in the bonds
5,913,500 00 236,540 00
Nashville & Decatur Railroad, Rent Dividend
Under lease of this property the payment of
73";% annual dividend to stockholders is
guaranteed as rent. Amount of Capital
Stock. $3,553,750 00
266,531 25
Terminal Railroad Association of St. Louis
One-fifteenth of interest on $22.312,000 00
General Mortgage 4% Gold Bonds now outstanding--one year's interest, $892.480 00
L.& N. RR.Co.'s
59.49867
Georgia Railroad Lease proportion, one-fifteenth
This Company Is liable jointly with the Atlantic Coast Line Railroad Company for the
yearly rent, under the lease of the Georgia
Railroad, amounting to $600,000 00. This
Company's liability, per annum
300,000 00
Memphis Union Station Company First Mortgage
5% Gold Bonds
Endorsement, made jointly and severally with
Nashville Chattanooga & St. Louis Railway,
Southern Railway Company, St. Louis Iron
Mountain & Southern Railway Company
,
and St. Louis Southwestern Railway
Company. covers
bonds issued principal and interest of the
2,500.000 00 125,000 00
SECOND TRACK AND REDUCTIO
N OF GRADES, COVINGTON
TO WINCHESTER.
NASHVILLE & DECATUR DIVISION.
The grade reductions, construction of second track, &c.,
on this division are practically completed and the new line,
Athens, Ala., to Tennessee State Line, will be placed in
operation early in July.
SOUTH & NORTH ALABAMA RAILROAD.
In accordance with action of the Stockholders of this
Company at the annual meeting on October 1 1913, a full
statement of which is included in report for last year, and of
the stockholders of the South & North Alabama Railroad
Company at their annual meeting on November 29 1913,
s full statement of which is included in last year's report of
that Company, all of the property, rights, franchises and
privileges of the latter company (except its franchise to be
or to continue to exist as a corporation) were conveyed to
the Louisville & Nashville Railroad Company, by deed
dated January 21 1914. This line extends from Decatur
to Montgomery, Ma.,a distance of 183.06 miles from Hogeland Junction to El Tista, Ala., 0.98 miles, Fedora to Indio,
Ala., 2.95 miles, Helena to Acton, Ala., 7.60 miles, and
Elmore to Wetumpka, Ala. 6.23 miles, a total of 200.82
miles. The operations of tliis mileage for the entire fiscal
year have been included with those of the system.
The revision of line and double track between Decatur
and Birmingham, except that portion through the Haydon
Mountain Tunnel have been completed. It is expected
that the work at this point will be finished and the whole
The work on the second track and reduction of grades
on
the Kentucky Division between Covington and Winchester of the revised line and double track,84.4 miles, put in opera,
91.5 miles, referred to in previous annual reports, has been tion by October first.
TENNESSEE WESTERN RAILROAD.
completed and the track is now in operation.
During the year the Louisville & Nashville Railroad ComAbout seventy-five (75%) per cent of the work in connection with the enlargement of the yard at DeCoursey, author- pany constructed for the Tennessee Western Railroad Company a line of railroad from a connection with the Nashville
ized during this year, has been completed.
Florence & Sheffield Division, in Wayne County, Tenn.,
NEW LINE, WINCHESTER TO IRVINE.
in a northwesterly direction, 17.5 miles to Collinwood.
Of the grading and structures for roadbed for this line Under the terms of the contract
approximately ninety-five (95%) per cent has been com- of this line the latter company covering the construction
furnished the right of way
pleted. The grading work has been considerably delayed, and cross-ties and prepared the roadbed
for the
due to immense slides which developed during the progress Louisville & Nashville Railroad Company track. The
of the work. The construction of the large viaduct at rails, splices, &c., provided suitable station furnished the
buildings and
Howards Creek is under way, and it is contemplated that necessary equipment for proper handling
of the traffic, and
the erection of the Red River viaduct will be started Septem- is to maintain and operate the road for a period
ber 1st. The mileage of this line is 26.1, of which 18 miles years from the date of its completion, unless of twenty
operations
of track have been laid. It is expected that the whole line should prove unprofitable.
will be'completed and ready for operation during the month
SALE OF SECURITIES.
of December 1914.
The following securities have been sold during this
REVISION OF LINE. IRVINE TO MALONEY.
fiscal
year:
This work was completed and the reduced grade line $2,900,000 Unified Fifty-Year 4% Gold Bonds,
yielding_ $2,626,312 50
placed in operation early in the spring of this year. The 2,000,000 South & North Alabama Railroad Consolidated
5% Gold Bonds, yielding
length of the original line was 36.59 miles, the revision thereof 7,400,000 South & North Alabama
Railroad General Con- 2,101,000 00
causing a reduction of 0.48 miles.
solidated Fifty-Year 5% Gold Bonds,
yielding_
NEW LINE, MALONEY TO TALLEGA.
7.474.000 00
$12.201.312 50
This line, referred to in report for last year as "New Line,
ADDITIONS AND BETTERMENTS.
Beattyville to Athol", 5.14 miles, has been completed and
Cash expenditures during the fiscal year for
will be placed in operation early in July.
additions,
betterments, new construction, additional
equipment, and
[VOL. xc rx.
THE CHRONICLE
1138
The Board acknowledges the fidelity and efficiency with
advances to subsidiary companies for similar purposes,
amounted to $20,240,093, of which $1,211,147 77 was which the officers and employees of the Company have
served its interests.
charged to Operating Expenses.
For the Board of Directors,
FINANCIAL SITUATION.
H. WALTERS, Chairman.
Since the closing of the books eight European nations have
M.H.SMITH,President.
become involved in a war unprecedented in history. Not
less than eight million men at this writing are dead, wounded, prisoners of war, or facing each other in battle. It is
HASKINS & BELLS,
evident that for a long time after the close of this war all
CERTIFIED PUBLIC ACCOUNTANTS,
the surplus money and resources of these countries will be
30 BROAD STREET, NEW YORK.
required at home to recuperate from the awful destruction
New York, September 28 1914.
of lives and property, from the dislocation of industry, and Henry Walters, Esq. Chairman of the Board, Louisville &
from enormous war debts. At present neither railroads
Nashville Railroad Company, 71 Broadway, New York.
nor other industries can borrow, anywhere, additional
We have examined the books and accounts of the Louismoney for new construction or additions, and all such work ville & Nashville Railroad Company for the fiscal year ended
not already provided for must be postponed for an in- June 30 1914, have verified all cash and security balances
definite period. Fortunately, all important work of this by count or
with receipts and certificates of
character authorized by the Board of Directors of the Louis- deposit, and by comparison carefully all details of revenues
examined
ville & Nashville Railroad Company is practically com- and expenseshave all charges to capital accounts, and
and
.
pleted and the cash required to complete payments fully
We hereby certify that the accompanying General Balance
provided. No other important improvements or additions Sheet and statements of Income and Profit and Loss are
will be authorized until money becomes again available correct, and truthfully set forth, respectively, the financial
upon reasonable terms.
condition June 30 1914 and the results from the operation
for the period shown.
Attention is called to the report of the Comptroller for
HASKINS & SELLS,
the details of the year's business.
Certified Public Accountants.
TABLE NO. 111.—GENERAL BALANCE SHEET.
PROPERTY INVESTMENT—
Dr.
Road and Equipment—
June 30 1913.
Investment to June 30 1907—
Road
$139,471.342 11
Equipment
36.072,004 83
$175,543,346 94
ASSETS.
$139,471,342 11
36.072,004 83
3175,543,346 94
Investment since June 30 1907—
Road
Equipment
23,964,894 73
11,392,528 62
$49,943,854 36
16,331,026 69
66,274,881 05
.
$35,357,423 38
Table VI
Reserve for Accrued Depreciation—Credit—
Way and Structures, etc
Equipment
$210.900,770 29
5,541,560 65
17.421,81640
$241,818,227 99
$9,974,264 55
17.439,335 40
27,413,599 95
$22,963,377 05
$214,404.62804
3187.937.393 243250,728 48
1,200.000 00
$1.450,728 48
3,929,000 00
3,094,488 90
1.900.282 83
172,276 00
Securities—
Proprietary, Affiliated and Controlled Companies—Pledged—
Stocks (Table V.)
Funded Debt (Table V.)
$250,728 48
1,200,000 00
Issued or Assumed—Pledged—Funded Debt (Table V.)
Proprietary, Affiliated and Controlled Companies— Unpledged—
$3.030,592 65
Stocks (Table V.)
$1.900,282 83
Funded Debt
172,276 00
Miscellaneous
2,072,558 83
Table V
$2.072,558 83
31.450,728 48
3,929,000 00
5,103,151 48
$5,167,047 73
10,482,879 96
$10,546,776 21
14,539,862 10
2,890,480 10
14,662,477 37
33.666.691 33
13,126 26
Other investments—
Advances to Proprietary, Affiliated and Controlled Companies for Construction. Equip18.912,919 28
ment and Betterments
Miscellaneous Investments—
$3,220,078 08
Physical Property
14,662,472 37
Securities—Pledged (Table V.)
Securities—Unpledged (Table V.)—
Stocks_________________________________________$4,288,753 08
16,442 44
Miscellaneous __________________ _ _____
4,305.195 52
$3.679,817 59
$21,232,775 06
22,187,745 97
$35,772,637 16
41,100,665 25
WORKING ASSETS—
Cash
$14,514,407 97
9,264,339 94
Marketable Securities (Table V.)____________________________ _
10,686,725 99
Loans and Bills Receivable _____
423.537 11
Traffic and Car Service Balances bite from 6ther _____________
548,454 78
Net Balance Due from Agents and Conductors
1,189,385 32
Miscellaneous Accounts Receivable
3,733,020 61
Materials and Supplies
7,183.109 13
____________________
815,564 10
.
10.644,339 94
6,786.768,75
496,297 44
988,523 58
3,174,412 88
7,086,383 22
847.542,980 85
$149,993 33
34.849.628 24
39,460 31
$4,889.088 55
25,252 58
5,206.085 54
962.000 00
58.263 19
31.020,263 19
1,658,543 62
312,799.233 48
7,292.000 00
2,500,000 00
2,100,000 00
4,770,000 00
43,206.524 76
ACCRUED INCOME NOT DUE—
Unmatured Interest, Dividends and Rents Receivable
DEFERRED DEBIT ITEMS—
AdvancesTemporary Advances to Proprietary. Affiliated and Controlled Companies_ -Working Funds
Taxes Paid in Advance
Sendai Deposits
Cash and Securities in Sinking and Redemption Funds—
Company Bonds (Table V.)
Cash, etc
50,872 90
6927.206 49
191.417 27
$1,118,623 76
28,25827
500,005 00
51.027.000 00
79.629 86
Other Deferred Debit Items ____________________________________________________________
CONTINGENT ASSETS—
South & North Ala. Rd. Co. 5% Consul. Gold Bonds outstanding, endorsed by Lou. & Nash.
RR.Co____________________________
L. & N. 'fermi ____ __________ear -- bolif _______ oui;tancii______ mai- iecc __________ __ Kaai.
4'2,
v Co. and Nash. Chatt. & St. Louis Ry ___________
Memphis Union Sta. Co. 5% Coll. Gehl - tots guaranteed
lsr
Of. Co. and
- - LOUtite
.
other interested Railroad Companies
Memphis Union Sta. Co. First Mortgage 5% Gold- ifolicis gilarantie«11,3tilie
;
Co. and other interested Railroad Companies
South & North Ala. RR. Co. Interest Dividend on Preferred Stock
-
1.106,62986
1,301,191 65
4,054,708 54
2,500,000 00
2,500,000 00
$16,662.000 00
5,000.000 00
$311.411.014 27
3318.300,27945
Ocr. 17 1914.1
$71,878,500 00
729 00
82,080 00
2,500 00
THE CHRONICLE
1139
LIABILITIES.
STOCK
Capital Stock
Common Stock
Full shares outstanding
Fractional shares outstanding
Original stock and subsequent stock dividends unissued
Receipts outstanding for installments paid
571,963.800 00
Cr.
571.917.200 00
720 00
82,080 00
372,000,000 00
12.116 76
Premium realized on Capital Stock
S71.963.80000
$72.012,116 76
MORTGAGE, BONDED AND SECURED DEBT
Funded Dent
Mortgage and Collat.Tal Trust Bonds (Male IV.)
314,155,33994
Owned by Company
Outstanding in Hands of Public
150,290,000 00
5164.445.339 94
23.257 00
Plain Bonds. Debentures and Notes
$16,100,339 94
168,341,000 00
8184.441,339 94
21,857 00
5164,468,596 94
5287,989 45
5,627,708 54
497,318 17
1,893,428 83
80.000 00
768,401 44
184,463,196 94
WORKING LIABILITIES
Traffic and Car Service Balances Due to Other CompaniesVouchers and Wages Unpaid
Audited
Miscellaneous Accounts Payable
Matured Interest, Dividends and Rents Unpaid
Matured Mortgage, Bonded and Secured Debt Unpaid (Table IV.)
Other Working Liabilities
$288.551 54
4.682.527 38
541,189 92
1.968,580 88
95,000 00
472,310 28
59.154.846 43
53,350,444 91
855,093 88
8.048.160 00
ACCRUED LIABILITIES NOT DUE
Unmatured Interest, Dividends and Rents Payable
Taxes Accrued
83,496,321 88
1,191,425 77
34.205,538 79
$396.754 65
1,298,884 19
4,687.747 65
DEFERRED CREDIT ITEMS
Operating Reserves
Otner Deferred Credit Items
$439,254 65
934,56.3.78
31.695,63884
1,373,818 43
APPROPRIATED SURPLUS
Additions to Property since June 30 1907, through Income or Surplus
Reserves from Income or Surplus
405.28901
Invested in Sinking and Redemption Funds
160,683 77
For doubtful accounts
82,356,039 41
32,356.039 41
$471.312 18
290,454 08
3565,972 78
761.766 26
$2.922,012 19
3.117.805 67
PROFIT AND LOSS
Balance
CONTINGENT LIABILITIES
South & North Albania Railroad Co.5% Consolidated Gold Bonds outstanding, endorsed by Louis57,292,000 00
ville & Nashville Railroad Co
L.& N. Terminal Co. Fifty-year 4% Gold Bonds outstanding, endorsed by Louisville & Nashville
2.500,000 00
Railroad Co. and Nashville Chattanooga & St. Louis Railway
Memphis Union Station Company 5% Collateral Gold Notes guaranteed by the Louisville & Nash2.100,000 00
ville Railroad Company and other interested Railroad Companies
Memphis Union Station Company First Mortgage 55' Gold Bonds guaranteed by the Louisville &
Nashville Railroad Company and other interested Railroad
4.770,00000
Interest Dividend accrued on South & North Alabama RailroadCompanies
Co. Preferred Stock
816,662.000 00
$40,338,581 08
39.597.434 00
2,500,000 00
2,500,000 00
S311,411,014 27
5,000.000 00
3318.300,27945
TABLE NO. 1.
-INCOME ACCOUNT.
June 30 1913. Railway Operating Income
Rail Operations-Revneues
559,465,699 14
44,810.880 41
Rail Operations-Expenses. 75.03 per cent
814.654,818 73
Net Revenue-Rail Operations. 24.97 per cent
Outside Operations
372.316 90
-Revenues
Outside Operations-Expenses
351,888 84
$20,428 06
314,675,246 79
1,761,626 20
$236.830 12
502.432 00
32,401 00
65,583 00
814.900.069 50
$402,523 22
377,404 61
25.11861
Net Revenue-Outside Operations
Net Railway Operating Revenue
Railway Tax Accruals
Railway Operating Income
$12.913.620 59
Other Income
Income from Lease of Road
Clarksville & Princeton Branch
$12.039 70
Paducah & Memphis Division
206,506 20
3218,545 90
623,269 56
299,851 97
28.466 78
78,050 34
559,682.777 77
44,782.70827
014,925,188 11
2,600,28842
$12.324,89969
312,039 70
206,506 20
8218,545 90
Hire of Equipment
-Credit Balance
393,218 19
Joint Facility-Rent Income
259,555 56
miscellaneous Rent Income
28.450 79
Net Profit from Miscellaneous Physical Property
81,962 58
Dividend Income
Chicago Indianapolis & Louisville Railway Stock
$157,149 06
Nashville Chattanooga & St. Louis Railway Stock
Sundry stocks---------------From stocks held wider Ueorgla fialfriia- lease
d----------------------------- 639'..37529 00
6 63 3503
553 1 3
3837.246 12
313,080 95
620 00
$313.700 95
637,972 49
$3.037,104 11
Income from Funded Securities
Sundry bonds and notes maturing more than one year after date
From bonds held under Georgia Railroad Lease
915.313 89
$224,160 40
620 00
224,78040
691,149 82
Income from Unfunded Securities and Accounts
Total Other Income
Gross Income
Deductions from Gross Income
Deductions for Lease of Other Roads
Guaranteed dividend on Nashville & Decatur Railroad stock
$118,061 25
Rents of other roads
39,888 78
2.812,977 13
S15,950,724 70
5157,950 03
540,678 05
46,700 98
185,953 24
6,417,486 83
1,448 73
79,500 00
57.429,717 86
Joint Facility-Rent Deductions
Miscellaneous Rent Deductions
-Loss
Separately Operated Properties
One-half of loss from operation of Georgia Railroad
Interest Deductions for Funded Debt
Interest Deductions for Unfunded Debt
Miscellaneous Deductions
Accrued premiums on bonds drawn for Sinking Funds
Total Deductions
$15.137,876 82
5118.709 68
44.666 59
$163.376 27
588.267 00
47.510 26
25,291 00
7.123,932 90
13,605 88
91,731 76
8.053,715 07
$8.521,00684
109,937 14
7.084.161 75
South & North Alabama Railroad Company deficit for year included in above
--------------------------------------------------------------------------------------Net Income
58.630.943 98
$7,084,161 75
Disposition of Net IncomeAppropriations of Income to Sinking Funds
$189,261 14
$201.023 17
Reserve for Doubtful Accounts
61,384 44
204.252 08
5250,845 58
$8.380.298 40
405.275 52
Income Balance transferred to Credit of Profit and Loss
86.678,386 50
THE CHRONICLE
1140
xcix.
TABLE NO. II.
-PROFIT AND LOSS ACCOUNT.
CREDITS.
Balance to credit of this account June 30 1913
Credit Balance Transferred from Income Account
Delayed Income Credits
Amount received from the Georgia Railroad on account of overcharges on coal furnished at Atlanta. Ga.,
July 1 1910 to January 31 1913 inclusive
Amount collected from the Illinois Central Railroad Company for use of tracks between Anion and
Leewood. Tenn.,from March 22 1905 to June 30 1913. inclusive
Net amount collected from the Chesapeake & Ohio Railway Company on account of overcharges in bills
of Covington & Cincinnati Elevated Railroad & Transfer and Bridge Company,prior to March 1 1911
Sundry amounts
$40,743,870 09
6,678,886 50
$20,998 43
31.756 06
34.019 91
8.444 85
Miscellaneous Credits
For net cost of South & North Alabama Railroad Company Preferred and Common Stock, heretofore
$1,047,672 64
charged to this account, transferred to "Cost of Road Purchased"
1.338,128 10
Adjustment of Reserve Accounts for Accrued Depreciation on Equipment to June 30 1914
140,350 00
Sinking Fund Payments for which no bonds are to be received. Charged against Net Income
Interest accrued on Company's bonds in Sinking Funds, and on uninvested deposits with Mortgage
60.673 17
Trustees, etc
15,092 09
Unpaid amounts on Audited Pay-rolls and Vouchers prior to July 1 1909. closed off
54,350 96
Sundry amounts
DEBITS.
95,219 25
2,656,266 96
$50,174,242 80
Dividend Appropriations of Surplus
$2,520,000 00
Cash Dividend, 3;5% payable February 10 1914
0
2,520,0000
Cash Dividend, 33 %,payable August 10 1914
$5,040,000 00
Debt Discount Extinguished through Surplus
Discount on bonds sold during the year
-Year 4 per cent Gold Bonds
$273,687 50
Unified 50
Less
Premium realized on bonds sold during the year
Alabama Railroad Company 5% Consolidated Gold Bonds_ __ _$101,000 00
South & North
South & North Alabama Railroad Co. General Consolidated 5% Gold Bonds__ 74,000 00
175,000 00
98,68750
Miscellaneous Debits
Adjustment of Reserve Accounts for Accrued Depreciation on Ballast, Ties, Rails, and certain items of
$4,949,599 13
other Track Material, to June 30 1913
Sundry amounts
4.966.809 12
Balance Credit
$471,312 18
-Amount invested in Sinking and Redemption Funds
Appropriated Surplus
39,597.434 00
Profit and Loss Account
40,068,746 18
$50,174,242 80
SOUTHERN RAILWAY COMPANY
-FOR THE YEAR ENDED JUNE 30 1914.
TWENTIETH ANNUAL REPORT
Richmond, Va., October 13 1914.
ToTthe Stockholders of Southern Railway Company:
The Board of Directors subniits the following report of
the affairs of the Company for the year ended June 30 1914:
This is the twentieth annual report of the Company and
concludes the record of the administration under the Voting
Trust, which was created on its organization in 1894. It is,
therefore, a fitting time for retrospect, and the Board of
Directors deems it appropriate to submit again to the stockholders, as a part of this report, the circular issued by the
Voting Trustees under date of June 30 1914, announcing the
surrender of their trust. It will be found on a subsequent
page. This circular is not only a history of what this Com.
pany has accomplished, but, as it illustrates the growth of
the industrial South during the past twenty years, serves
also as an earnest of the future which may reasonably be
expected for this Company.
The actual Inuit of the operations for the year, and the
financial condition of the Company at the close of the
year, will appear by reference to the Income Statement
and the .
General Balance Sheet (given on subsequent
pages) which are part of this report. It will be observed
that the operating revenues continued to increase during
the year, but that the rate of such increase (1.47 per cent)
was less than in recent years, while the rate of increase of
operating expenses (4.76 per cent) continued undiminshed.
general volume of business done in
The slackening in the .
the United States, which has been so marked during the
past year, was felt last of all in the South, but had become
part of the problem of management of this Company with
the opening of the calendar year 1914. The high level of
expense of operation is maintained not so much by any
natural economic law, not by any deliberate intention or
neglect of management, as by general social tendencies
which are in substantial measure abnormal and beyond the
control of management. It can hardly be expected that
the operation of an American railroad shall be again on a
normal basis unless, and until, the question of the railroads
sha I cease to be a factor in American politics. To state
this fact is but to repeat the statement of the contemporary
plight of the railroads which has been so frequently urged
upon the American public in recent years. It is mentioned
here simply to illustrate its application to the fortunes of
Southern Railway Company.
An intelligent appreciation of what is meant by the Income
Statement of a railway company is obscured for many people
talk
by the very size of the figures which make it up. To to
in millions, even of expenses and debts, seems to some
results
be riches. It is, therefore, illuminating to reduce the
more compreof such a company as this to a smaller andown affairs by
hensive unit, such as that applied to their
many of those who do business with a railway company.
To that end we have adopted for the following statement
the unit of $100, and submit it here to show what have been
the results for the year just closed and in order to demonstrate general tendencies. There are added similar units for
the two three-year periods included in the past six years
of the history of the Company.
OPERATING RESULTS REDUCED TO BASIS OF $100
Three Years
ended June 30.
1914.
Year
ended
June 30
1914.
$94.77
From Operations
From Interest, Dividends, Rents, Privi5.23
leges, &c
$95 18
$95 51
4.82
4.49
8100.00
$100.00
$100.00
$67.22
3.59
$69.44
3.68
Income
-
Gross Income
1911.
Disposition of Income
$64.20
For Operating Expenses
3.41
For Taxes
For Rents of Roads Leased, Trackage
4.24
Rights, Equipment, Privileges, &c_
For Interest on Bonds, Notes, Equip18.70
ment Obligations, &c
For Discount on Securities Sold, charged
.52
to Income
For Additions to Property through In.11
come
8.82
Surplus
$100.00
Investment in Property
$592.41
Per $100 of Revenue
Average return on Investment in Property- 1.49%
Dividends Paid
$0.67
Per $100 of Income
0.67%
Average Rate of Dividends
Discount Charged to Profit and Loss
Per $100 of Income
$5.02
4.72
5.22
15.62
15.02
.04
.09
8.72
.12
6.52
$100.00
$100.00
$528.68
1.65%
$518.48
1.26%
$3.96
4.67%
$3.71
4.05%
$0.92
$0.26
The most significant item in this statement is the marked
decrease in the average return on the investment in property,
accompanied by constant additions to property through
income and through new capital. This has resulted despite
an increase in operating revenue and a decrease in the fixed
charges and discount, and has been brought about chiefly
by the increase in operating expenses and taxes.
TAXES.
It may be assumed that the stockholders and those of the
intelligent public who may read this report are generally
familiar with the causes and conditions which have contributed to the increase in operating expenses, but it seems
appropriate to say a word here on the subject of the increase
in taxes.
For the year the Company paid out for taxes $2,679,389 67,
an increase of $199,002 39 over the previous year, or 8.02
per cent, as compared with an increase of 1.47 per cent in
operating revenues. Special attention would not, under
ordinary circumstances, be called to the question of taxes,
but the growth of the item is becoming serious. The nature
and use of railroad property make its earning power the
obviously fair test of its duty to contribute to the support
of government. It is expected that reasonable increases
may be looked for as the revenues increase, but the current
practice of arbitrary assessment of nominal value upon railroad property for the purpose of taxation and the ease with
which such assessed values can be increased have made such
property a main source of securing additional Governmental
revenue for purposes upon which the owners of railway
property are not consulted. That the taxes of this Company
have been increased out of proportion to the increase in its
Oar. 17 1914.]
THE CHRONICLE
1141
revenues will be apparent from the following statement of The most striking item in the year's accounts is the adverse
balance in the item of hire of equipment. The increase.of
a ten-year tendency:
44.42 Per Cent the debit to this account was $606,786 69, as compared with
Increase in revenue 1914 over 1905
50.06 Per Cent the previous year. For several years past the account of
Increase in expenses 1914 over 1905
93.90 Per Cent hire of equipment
Increase in taxes 1914 over 1905
has contributed to the income of the ComTHE ADDITIONS TO CAPITAL ACCOUNT AND TO pany, but, beginning with September 1913 the balance began to turn against us and so continued throughout the year.
PROPERTY INVESTMENT.
This is explained by two conditions:
Equipment, exclusive of deThe investment in Road and
(a) The actual reduction in
of which $3,090,698 08 ment owned by the Companythe items of freight car equippreciation, increased $4,137,859 79,
and by it contributed to the
$1,137461 71 in Equip- general car pool of
was in Roadway and Structures and
the United States; such decrease
ment. This increase represents net additions made during from retirement of old freight cars which had passed resulting
the stage
the year.
of economical maintenance, or,
their original
There was an increase of $11,225,700 in outstanding standards of construction, had by reason ofobsolete
type.
Mortgage and Collateral Trust Bonds and Notes and $3,238,- This accounts for the fact that thebecome of
average number of freight
000 in Equipment Trust Obligations.
cars in service decreased 2.93 per cent, while the average
On February 13 1914 there were sold $1,250,000 Southern capacity of freight cars in service increased 2.52 per cent.
.
Railway Company First Consolidated Mortgage Five Per The result is that while the carrying capacity of the Comtheretofore held by the Company.
Cent Bonds
pany's equipment has not been materially diminished, the
On March 2 1914 there were sold $10,000,000 Southern car hire account, which is based on a per diem per unit of
Company Three-Year Five Per Cent Collateral Gold equipment, without regard to capacity,
Railway
has suffered.
Notes, issued, pending a market for the sale of long-term
(b) The heavy movement throughout the year
bonds, to provide funds for Additions and Betterments, foreign cars on the home route. Such a movementof empty
is always
chiefly terminals.
an acute symptom of a general
There were retired, at maturity July 1 1913, $34,300 measure of self-defence to whichbusiness depression and is a
every railroad has recourse
Charlottesville & Rapidan Railroad Company First Mort- under such
gage Six Per Cent Bonds and $5,000 Franklin & Pittsylvania by the lines circumstances. Its effect is felt most heavily
like
Railroad Company First Mortgage Six Per Cent Bonds; prosperity have those of this Company, which in times of
$39,400 First Consolidated Mortgage Five Per Cent Bonds their ladings in handled large numbers of cars originating
other territories.
were drawn on account thereof and placed in the treasury.
With
By reason of these and previous drawings for similar purposes, pression steady confidence that the prevailing business deis temporary, the Board of Directors has dealt
and the sale of $1,250,000 Southern Railway Company First courageously during
the year with the first item of this conConsolidated Mortgage Five Per Cent Bonds, there remained
free in the treasury on June 30 1914 $154,200 of these bonds. dition. To keep up and refresh the car supply normally required
During the year there were drawn and taken into the treas- count, by the Company, and so to balance the car hire acury $5,000,000 Development and General Mortgage Four as wellorders were placed for 4,945 items of new freight cars,
as for
Per Cent Bonds, which, under the terms of that mortgage, The total cost additional power and passenger equipment.
of this equipment was $7,828,688, a figure
could be drawn for the calendar year 1914 for Additions and actually
large but representing an investment at a most forBetterments. There were also drawn and taken into the
treasury $1,131,000 of such Bonds representing the propor- tunate tune for the pprchaser, for, because of lack of other
business,
tion of Equipment Trust Obligations paid during the year prices. the equipment manufacturers made unprecedented
The result was that for the same money the Comand charged to capital account.
The total amount of Development and General Mortgage pany secured a largely increased number of items of equipcompared with any previous purchase, and, as the
Four Per Cent Bonds owned by the Company on June 30 ment as.
1914 was $32,123,000, of which $16,667,000 are pledged as new equipment is of contemporary type and construction,
to
collateral under Southern Railway Three-Year Five Per Cent was so enabled. make substantial progress in raising the
Collateral Trust Indenture, dated March 2 1914, leaving general level of its equipment to modern standards.
The constant and unremitting effort of management under
$15,456,000 free in the treasury.
existing conditions of operation is, of course, to check the
DOUBLE TRACK.
current tendency of encroachment of operating expenses upon
Negotiations were concluded during the year with The operating revenues by the practice of greater
efficiency,
Atlanta & Charlotte Air Line Railway Company by which without too great demands for new capital. This is the most
that Company undertook to issue its First Mortgage Bonds difficult, as, when successful, it is the most admirable,
to the authorized amount of $20,000,000, of which$5,500,000 achievement in the operation of a railroad to-day. This
of 43' per cent bonds were issued and sold on July 1 1914 Company's results have shown steady improvement and warto retire a like amount of outstanding bonds of that Company rant cordial approval by the stockholders of the faithful and
heretofore acquired and pledged under the First Consoli- resourceful work of the technical operating officers.
dated Mortgage of Southern Railway Company, but subThe elements of efficiency gained in operations during the
ject to call, as they were called, by the obhgor. The pro- past six years, by reason of increased operating efficiency, as
ceeds of the Atlanta & Charlotte Air Line bonds so sold well as by what it has been possible to do in the way of the
thus made available to this Company a sum sufficient to elimination of grades and curves, enlargement of yards, concomplete the additional track on all of the main line between struction of double track, additions to and lengthening of
Washington and Atlanta (except the Atlanta & Charlotte passing tracks and the substitution of heavier power, may
Air Line), and this work is now in progress. The remainder be briefly stated as follows:
of the $20,000,000 of bonds authorized by the Atlanta &
Comparing 1914 with 1908:
Charlotte Air Line mortgage are available for sale at any Increase in ton miles
36.3 per cent
time and the proceeds will be applied to complete the double Decrease in freight-train miles
8.3
"
in
25.6
"
track on the Atlanta & Charlotte Air Line. With the com- Increase in freight car miles mile
Increase
net tons per train
48.6
"
pletion of the work for which this plan makes financial pro- Increase in tons per loaded car
8.2
"
vision, the entire main line from Washington to Atlanta, 649 Increase in locomotive tractive power
12.3
"
Decrease in coal consumed per 100 ton miles
31.4
"
miles, will be double track.
By reason of its many branch lines over which,of necessity,
The total double track in operation at the close of the year
was 402.64 miles, of which 17.25 miles were put in operation arbitrary train service must be maintained, the average tons
during the year, viz.: between Amherst and Monroe, Va., per freight-train mile is relatively low. This disability, howCross Keys and Armour, Ga., between 27th Street, Birming- ever, is being largely overcome through the systematic rating
ham, and east end of the Finley Yard at North Birmingham, of engines and loading of trains between termini on the main
lines Substantial progress has been made during the year
:
Ala., and short stretches elsewhere.
in this respect,as will be noted from the following comparison:
YARDS AND TERMINALS.
Oct.-Nov.
July
Substantial progress was made during the past year in
1913.
1914.
mile:
construction of important and long-needed additional Gross tons per train heavy traffic
the
In the direction of
1.301 tons 1,442 tons
Per cent of locomotive efficiency utilized
terminal yards at Richmond, Va., at Spencer and Winston92.1
97.4
In the direction of light traffic
721 tons
881 tons
-Salem, N. C., at Mobile and at Finley (near Birmington
Per cent of locomotive efficiency utilized
65.4
73.4
In both directions
Ala., and at Forrest (near Memphis), Tenn. Other
ham),
1 017 tons 1,163 tons
Per cent of locomotive efficiency utilized
80.7
86.7
work of this character is planned and will be undertaken with
While the tonnage transported during the year was practhe proceeds of the note issue made during the year. New
tically the same as that transported during the preceding
and additional spur and side tracks, aggregating 42.70 miles,
year, the mileage made by freight trains decreased 5.31 per
were constructed.
cent and the tons handled per train mile increased 5.74 per
AUTOMATIC BLOCK SIGNALS.
signals were completed and put cent.
Electrical automatic block.
MAINTENANCE.
operation on the main line between Cameron Run and
in
The maintenance accounts reflect the continuance of
Orange, Va., a distance of 75 miles, making a total of 189.5 policy of keeping the physical condition of the property the
up
miles of such signals in operation at the close of the year. to a constantly increasing standard. The management would
Similar signals are under construction on all other double be glad to apply more money than has ever yet been spent on
track.
these accounts. The actual appropriations have been liberal,
OPERATING CONDITIONS.
considering the revenues from which the funds are derived,
The effort has been made to supply in the report of the and a review of what has been accomplished during the year
Vice-President and General Manager, and in the tables mak- brings the comforting assurance of substantial progress.
ing up the report of the Comptroller, which are hereto at- There is great need of a reliable unit for measuring the effitached, all the details which are necessary for a comprehen- ciency of maintenance of railway property. The accepted
sion of the problem arising in current operations, but it is units, based on dollars alone, may mean efficiency, or, when
fitting to call attention here to some of the more salient facts. compared with the similar units of other companies having
1142
THE CHRONICLE
different physical conditions and maintenance equipment,
they may mean parsimony or they may mean extravagance,
but in no event do they reveal-any of these things. It may
be said that the management of this Company believes that
under its conditions it has got a dollar's worth of work for
most of the dollars disbursed in these accounts,and with that
statement the following figures are submitted, viz.:
COST TO MAINTAIN.
(Exclusive of renewals and depreciation.)
1914.
1913.
31,413 68 31,387 86
A mile of track
2,729 58
2,621 17
A locomotive
76 44
64 29
A freight-train car
786 20
739 11
A passenger-train car
The ratiosofthe total of such expenses to revenues have been:
13.09
13.54
Maintenance of Way and Structures
17.22
16.48
Maintenance of Equipment
Total Maintenance ratios
30.02
30.31
[VOL. xca.
so that as a temporary measure the salaries of all offcers
earning in excess of $2,500 per annum have been voluntarily and loyally reduced in fair proportions. Under these
circumstances the Board has deemed that it was fair also
for the preferred stockholders to share the necessities of the
situation. Accordingly, although the full five per cent on
the preferred stock was safely earned for the year before the
current acute conditions were apparent, the dividends declared for the year were reduced from 5 per cent to 43/i per
cent. Furthermore, the dividend for the second half of
the year was declared payable not in cash but in scrip, redeemable in five years and meanwhile bearing interest at
the Tate of 4 per cent per annum.
SERVICE OF EMPLOYEES.
The faithfulness, loyalty and ability of its officers and employees constitute one of the prime assets of the Southern
Railway Company. In tendering its thanks to each officer
and employee for the faithful and intelligent service rendered
during the past year, the Board desires to express its gratf
cation at the high morale that obtains among the great number of individuals in the rank and file, and to record its confidence in, and its appreciation of, the men making up the
organization. Not only departmental unity, but individual
loyalty exists. As a result co-operation among the officers
and the men and between the men themselves has been developed to an extraordinarily high degree. This growing
spirit of cohesiveness and unity of purpose is a source of
pride to the management and foretells for the future better
results both for the public and the Company. Individual
membership in an organization of such generally recognized
ability and high character may well be, as it is, considered a
badge of honor.
While the charge to expenses on account of Maintenance of
Way and Structures showed a nominal decrease of 1.90 per
cent, the actual expenditures for upkeep, as shown in detail
in the Vice-President and General Manager's report, were
$197,696 85 greater than for the previous year. This is
explained by a modification of the technicality of accounting.
TRAFFIC CONDITIONS.
It will be noted from the statistics that while the revenue
derived from the transportation of passengers increased
$784,293 27, or 4.30 per cent, the passenger-train miles in.
creased 5.63 per cent. This increase in the Company's
passenger trains reflects its policy and desire to provide adequate passenger-train service. This policy has been liberal
to the point of daring, and it has accomplished much for the
upbuilding of the South. It'has, however, an effect on income which should not be overlooked. Passenger-train miles
for the year aggregated over 52 per cent of the total revenue
ACCOUNTS AND STATISTICS.
train miles and exceeded the mileage made by freight trains
by 2,607,216 miles, while revenue from passengers was only
Statements of the accounts and statistics of the Company
27.62 per cent of the total revenues from transportation.
in detail will be found in the tables hereto annexed.
The general depression.in business conditions that preThe accounts have been examined, as usual, by Certified
vailed throughout the United States and more particularly Public Accountants Messrs. Patterson, Teele & Dennis, and
during the last six months of the fiscarperiod, while less acute their certificate is made a part of this report.
in the South than in other parts of the country, was responsimilimmanimoommimmi
ble for decreases in important items of this Company's freight
traffic, as follows:
Appended to this report is a minute of the resolution
Pig iron, steel rail and fastenings, manufactured iron and
December 1 1913, following the
108,698 tons adopted by the Board on
structural steel
48,527 tons death at his home in Washington, D. C., on November 25,
Cement, brick, lime and fire clay
tons
staves, headings, etc
Lumber, shingles,
99,466
1913, of William Wilson Finley, late President of this Com256,691 tons pany.
Abundant grain crops in Southern Railway territory resulted in
It has also been the sad duty of your Directors to record
a decrease In the movement of grain, grain products and hay,
on
principally from the West, of
228,489 tons the death, which occurred at his home in New York,
The failure of the Georgia peach crop resulted in a decrease in
June 4 1914, of their esteemed associate, Mr. Harris C.
45,013 tons
the movement of that commodity of
Fahnestock, who had been a faithful and valuable member
530.193 tons of the Board since the organization of the Company.
Total
That there should have been an increase of 200,867 tons
in the total movement and an increase of $133,300 02 in
Respectfully submitted by order of the Board,
revenue from Freight Traffic, regardless of the heavy deFAIRFAX HARRISON,
creases in these five important items, indicates the rapid
President.
development of diversified industry and general business
throughout the South,and the strong position of the Southern
Railway with relation to it.
VOTING TRUSTEES' CIRCULAR.
BUSINESS CONDITIONS.
New York, June 30 1914.
The effect upon business in the United States of the Euro- To the Holders of Voting Trustees' Certificates for Preferred and
pean war, coming on top of a period ,of general business
Common Stock of the Southern Railway Company:
hesitation, has been apparent in the rdvenues of the ComSince October 15 1894 the Voting Trustees, under the
The South particu- Voting Trust Agreement, have represented certificate
pany since the close of the fiscal year.
larly has been hard hit, for it is peculiarly dependent upon holders primarily in the nomination of the Board of Directors
the stability of the price and market for its cotton crop. and in voting on propositions recommended by the Board of
While the tonnage of this staple represents a comparatively Directors for the provision of new capital for the Company.
small percentage of the total tonnage hauled by this Company, In view of the Company's present financial strength, conany disturbance which affects its sale has far reaching in- servative management and excellent physical condition, the
fluence on business generally, as it limits the purchasing Voting Trustees believe that the time has now come when
power of the producer.
they may properly and safely terminate the Voting Trust.
While the Company may be expected to suffer alike with In surrendering their trust to the stockholders,the Voting
the South, it behooves it to set Trustees have the satisfaction of reporting a gratifying
other forms of industry in
an example of patience and fortitude, which qualities, to- development of the system of railroads coincident with the
gether with faith in the future, are most needed in this period extraordinary and steadily increasing growth in population,
of distress.
industrial development and wealth of the territory served,
In such a crisis, when more than ever it is apparent that a development largely due to the activities of Southern Railwith those way Company in promoting the commerce and industry
the interests of the Railway Company are identical
of the public it serves, and that it can prosper only as the along its lines.
communities which it serves develop and grow, it is
A few statistics will illustrate the prosperity of this terrigratifying to be able to state that there has never been a time tory in the twenty years since Southern Railway Company
Railway was organized. The States principally served by the
within its history when the relations of Southern
Company were more close and cordial with the people of Southern Railway are the nine States, Virginia, North
• the South than now. The determination of the management Carolina, South Carolina, Georgia, Florida, Alabama,
has
at all times to deal frankly and fairly with the public The Mississippi, Kentucky and Tennessee, and the figures
been instrumental in bringing about this condition. seems showing the development which has taken place in these
era of suspicion and distrust on the part of the public Com- States will at the same time serve as an indication of the
to be nearing an end, and the purposes and ideals of the No growth which may be expected hereafter.
pany are beginning to be understood and approved. than
In 1910 the population of the South, as so defined, was
17,554,940, an increase in 20 3rears of 4,471,933, or 34.18%.
• better omen for the future of the Company can be found
mind.
that discernible in the growing good will in the public
The last available Census figures of the value of property
in the South compare 1904 with 1890, and show an increase
DIVIDENDS.
European in wealth in those 14 years in these Southern States of
The loss in revenue since the beginning of the demanded $2,373,242,026, or 38.12%.
future have
war and the outlook for the immediate
Farm property in the same States increased in value,
. a strict policy of retrenchment, always a disagreeable duty. comparing 1910 with 1890, in the amount of $2,505,340,373,
employees means a
The consequent reduction of service of
or 128.08%, while the capital invested in manufactures in
reduction of the opportunity of many men to earn the liveli- the same States in 1909 shows an increase, as compared
it has seemed
hood to which they have been accustomed, and
of $1,075,325,534, or 278.71%.
fair to the officers that they, too, should share the sacrifice. with 1889,
OCT. 17 1914.1
THE CHRONICLE
1143
The value of farm crops grown in the South in 1909 was
$1,199,424,319, an increase, as compared with 1899, of
$605,580,746, or 102%.
The value of products of manufactures in the South in
1909 was $1,455,927,000, an increase, as compared with
1889, of $939,113,553, or 181.71%.
The Comptroller of the Currency reports that bank deposits in the South in 1910 were $677,483,913, an increase,
as compared with 1900, of $435,316,983, or 179.76%.
The share which Southern Railway Company has had in
this prosperity is notable.
000,000, of which $5,500,000 have been issued and sold to
retire a corresponding amount of outstanding bonds of that
Company, now pledged under the Southern Railway Company's First Consolidated Mortgage. The amount so paid
to retire such bonds will be available for the completion of
the double track on all of the main line between Washington
and Atlanta, except the Atlanta & Charlotte Air Line.
It is expected that the balance of the $20,000,000 of bonds so
authorized will be sold from time to time during the next
five years and the proceeds applied to complete the double
track on the Atlanta & Charlotte Air Line, so that the entire
At the close of the first year of its operations on June 30 1895
main line from Washington to Atlanta, 649 miles, will be
Southern Railway Company operated
4,391.94 miles, double-trac
ked.
including the lines (principally within these nine States)
owned directly, those controlled by ownership of securities
During the same period the proceeds of the $10,000,000 of
and operated by the Company, those
those onershort-term notes issued by the Southern Railway during the
ated under agreements, and those on which trackage
rights were exercised.
current year will be applied to the provision of increased
On June 30 1913 the miles so operated were
7,036.53
An increase of
2,644.59 miles. yards, shops and other terminal facilities, so that it may now
In the same period the revenues of the Company have increased as follows: be stated that provision has been made to equip the Southern
Railway with a complete double-track main line from Wash1895.
Gross Revenues
517.114,71 2 00 $69,676,720 00 ington to Atlanta and
,
with adequate shops and terminal
Average per mile of road operated
$4,135 00
39.903 00
Equal to an average annual increase each year over the preceding year facilities at its principal terminals.
of 7.7%.
The acquisition of additional rolling stock has been fiIncome has increased as follows:
nanced chiefly through equipment trusts.
1895.
1913.
Gross Income
55,141,615 05 $21,221,685 74
Average per mile of road operated
51,242 10
$3,016 32
PHYSICAL DEVELOPMENT.
Increase
143%
The deductions from Income, excluding
As the result of the financial plans outlined above and the
dividends, were
$4,245,870 24 $14.191,721 05 policy followed
Per mile of road
during the early years of the history of the
1.02571
2,017 12 Company
Increase
of making additions and betterments to the prop96%
Net Income
$895,744 81 $7,029,964 69 erty through operating
Per mile of road
expenses and income, expenditures
$216 39
$999 20
Increase
have been made for additions to the Company property from
361%
July 1 1894 to July 1 1913 as follows:
The increase in the service performed in attaining these
results is shown by the following statistics of the density
Betterments Through New Capital—
New Equipment
of freight and passenger traffic:
$35,539,826 71
Additions and
Freight—
1895.
1913.
Ton Miles Revenue Freight
1,098.932.884 4,577,486,801
Ton Miles per Mile of Road
265,479
650,617
Increase
145%
Freight Revenue per Mile of Road
32,612 92
$6.388 04
Increase
144%
Passenger—
Passenger Miles
178,015.925
844,801,198
Passenger Miles per Mile of Road
43,005
120,075
Increase
179%
Revenues from Passenger Trains per Mile of
Road
$1,349 41
$3,118 17
Increase
131%
FINANCIAL PLANS.
The plan for the reorganization of the properties
controlled
prior to 1894 by the Richmond Terminal Company
for the creation by Southern Railway Company of provided
Stock in the amount of $120,000,000 and of Non Common
-Cumulative
5% Preferred Stock in the amount of
360,000,000,and also
for the creation of a First Consolidated
a total authorized issue of $120,000,00Mortgage to secure
-Year
Bonds. All of the stock, so created, 0 of 5% 100
and $21,911,000 of
said First Consolidated Mortgage bonds
were issued under
the plan, at or immediately after the
organization of Southern
Railway Company, to the Reorganizat
ion Committee, in
exchange for, or were sold for the
or securities of old companies andacquisition of, properties
for a limited credit for
improvements. Provision for new capital was made only
by the reservation of $20,000,000 of such First Consolidated
Mortgage bonds to be issued, and subsequently they were
issued, at the rate of not exceeding $2,000,000 per annum
for additions and betterments which have been made. The
remainder of the First Consolidated Mortgage bonds were
reserved to acquire and refund underlying bonds of the old
companies, and during the period
such underlying bonds have been retired to under review amount of
the aggregate
$16,621,900. As those old bonds bore various rates of interest, many exceeding 5%, there has
an annual
saving of 1.31% in interest charges on theresultedrepresented
capital
by the bonds so retired.
The growth of the property soon outstripped
financial plan, with the result that the lines of this original
railroad acquired during the period from 1894 to 1906 were largely
financed through the creation of prior lien and
purchase
money bonds issued upon the properties acquired. To
meet the growing needs for the development of theproperty,
the Development and General Mortgage was created in 1906
to secure a total authorized issue of $200,000,000 of 50
-Year
Bonds, to bear interest at a rate not to exceed 4%,and such
bonds were appropriated by the terms of the mortgage to
refund Divisional Prior Lien Bonds upon properties acquired
since the First Consolidated Mortgage was created, and to
provide new capital for additions and betterments at a rate
of not exceeding $5,000,000 per annum. There have been
marketed, and are now eutstanding in the hands of the public, Development and General Mortgage Bonds aggregating
$61,333,000, while $26,557,000* additional of such bonds
have been taken into the Treasury of the Company to represent expenditures made for additions and betterments to
the property out of current revenues of the Company.
Pending the marketing of these bonds, various issues of
short-term notes have been made, all of which have been retired except $5,000,000, which will mature in 1916, and $10,000,000, recently issued, which will mature in 1917.
Negotiations have also been concluded under which the
stockholders of The Atlanta & Charlotte Air Line Railway
Company have consented to the issue by that Company of
its First Mortgage bonds to the authorized amount of $20,•$5,566.000 were drawn and taken into the treasury subsequent to the
preparation of this circular.
Betterments, such as double
tracks, side and passing tracks, terminals.
yards. stations heavier rail, bridges and
Improved buildings
44,263.175 89
Real Estate—Right of Way
Construction of new lines and extension of 3.869.041 04
existing lines
10.731.421 52
$94,403.465 16
Betterments Through Income—
various improvements, additions and betterments, the cost of which was charged
against operating expenses or income, representing the expenditures, over and above
ordinary maintenance expenses,of approximately
30.000,00000
Total(say)
$124.403,465 16
These expenditures have secured results of physical development which may be stated generally as follows:
On June 30 1895 the entire operating mileage was single
track. On June 30 1913 385.39 miles of double track,largely equipped with automatic signals, had been provided on
grades and alignment substantially revised in the interest
of economical operation, and in addition the ratio of side
track mileage to total main line miles operated, excluding
trackage rights, had increased from 16.52% in 1895 to
35.02% in 1913.
All the old iron rail in track has been replaced with steel
of modern section and increased weight.
Wooden bridges have been generally replaced with steel
structures.
Many of the principal terminals, both passenger and
freight, have been enlarged and reconstructed, and modern
freight classification yards and terminals have been provided
at several places.
Modern shops have been constructed at Coster, Tenn.
and at Spencer, N. C., and existing shops at other point;
have been enlarged and modernized.
There is much more work of this general character to be
undertaken to keep the plant abreast of the commerce which
it may be expected to handle.
The rolling stock equipment has been increased as shown
by the following statement:
Locomotives
Passenger-Train Cars
Freight-Train Cars
Freight
-Train Cars per mile of road operated
1895.
623
487
18.924
4
1913.
1.632
1,157
49,512
7
The new equipment provided is of largely increased power
and.capacity, and of modern construction.
FINANCIAL RESULTS.
The growth of the investment and of the financial resources
of the Company is indicated by the following figures:
Property Investment—
1895.
1913.
Road
$228.639,979 20 $307,962.970 19
Equipment
6,010,802 52
65,502,223 78
Securities
68.151.36685
Material and Supplies,including rail leased 7,609.801 00
919,429 85
5,744.876 85
Advances to proprietary companies
408.234 86
$243,180,012 57 $447,769,672 53
Per mile of road:
Owned
$85,564 70
3103,480 79
but in view of the fact that much of
the property investment represents
the securities of lines included in
the operated system, but not owned
directly, this can be stated more
fairly as
Owned,Controlled and Leased
355,992 39
367.331 05
The current or working assets and liabilities of the Company for the two periods, not included in the above investments, were:
1895.
Current assets, including bonds issued or
assumed. in Treasury unpledged
$33,851,022 20
Current Liabilities
3,172,39 46
Balance Current Assets
$678,642 74
1913.
$40,826.417 87
13,665,016 73
$27,161,401 14
[VOL. xcix.
THE CHRONICLE
1144
In considering these figures it may be.noted that the Company has, since its organization, pursued the policy of statmg its operations, both revenues and expenses, on the basis
of accruals and of making provision in its operating results
for all direct liabilities, so far as known. To this end, it
created, and during its life has maintained, a system of reserves through the medium of which all known but unmatured operating liabilities have been currently charged to
either revenues or expenses.
$445,314 27
The credit balance in this account on June 30 1895 was
On June 30 1913 it was
53.172,18995
In addition to which there has been written off to operations
depreciation on equipment to the extent of
$14,321,746 67
And provision has been made for unmatured interest, rents
and taxes to the extent of
$2,554,226 26
A fire insurance fund has also been created, which consists of
an accumulation of net premiums and interest accrued on
the fund's investments, aggregating
5989,354 41
Represented, as of June 30 1913, by current
interest-bearing securities
$868,290 35
Cash
121,064 06- $989,354 41
The credit balance in Profit and Loss, after making provision
therein for the reserves above referred to and after charging off 512,502967 44, representing the entire net discount on securities of the Company sold, was:
$895,744 81
On June 30 1895
$17,374,558 20
And on June 30 1913 it was
During the period the Company has paid aggregate dividends on its Preferred Stock amounting to $30,758,904,
equal to an average of 2.76 per cent per annum.
CO-OPERATION IN THE DEVELOPMENT OF THE
SOUTH.
The Southern Railway Company maintains a Land and
Industrial Department the purpose of which is to check
emigration from and to influence immigration to the South,
and at the same time to serve as a clearing house of information of industrial opportunities and to promote the establishment and development of manufactures in the Southern
States.
Under the influence and co-ordinated effort of this Department the movement of people into the South has reached
is
substantial proportions and. steadily on the increase.
On the purely industrial side, the records of the Land and
Industrial Department show that, during the years from 1900
to 1913, inclusive,8,337 new manufacturing plants of various
TABLE (-INCOME
kinds, representing an investment aggregating $500,000,000,
were located on the lines of Southern Railway Company.
During the same period additions were made to 2,486 factories already located on those lines at an aggregate outlay
of additional capital amounting to $100,000,000.
Southern Railway Company maintains also a Department of Farm Improvement Work the rn purpose of which is
service to those engaged or interested in farm management
in the South, who use or could use its lines. The intention
is by co-operation to promote better and more profitable
agriculture and increased and more valuable live-stock in
the South, resulting in products greater in value as well as
volume, and more traffic for the railways.
The purpose of the Agents of the Department of Farm
Improvement Work is to find out what the Southern farmer
hhimself wants to know, and to impart or make available
such information; not to expound any preconceived theory
of what the farmer should want or to exploit any fad.
It is believed that this work has been a substantial factor
in the agricultural regeneration of the South.
In surrendering our trust, we do so with confidence that
the territory served by the Southern Railway Company will
continue to increase in population, industry and wealth, and
that the Company will share in such prosperity. From a disjointed collection of incomplete single-track lines, the system
will have been developed into an efficient double-tracked trunk
line for the entire main line from Washington to Atlanta, with
adequate shops and terminals at the principal cities of the
entire territory served by the Company, all well adapted to
meet the requirements of the prosperous and growing communities which Southern Railway Company serves. We
commend, therefore, to the stockholders the continuance of
the policy of progressive betterment which has been constantly urged by the management since the organization
of the Company, and to that end that there shall be liberal
provision of new capital. It is the true policy of the Company to lead, rather than to follow, in the future development of the South, and to maintain its reputation and its
past achievements in such leadership.
CHARLES LANIER,
GEORGE F. BAKER,
Surviving Voting Trustees.
STATEMENT FOR YEAR ENDED JUNE 30 1914 COMPARED WITH YEAR ENDED
JUNE 30 1913.
1914.
1913.
OPERATING REVENUES
Freight Revenue
Passenger Revenue
Miscellaneous Passenger-Train Revenue
Mail Revenue
Express Revenue
Other Transportation Revenue
Revenue from Operations other than Transportation
$44,943,747 82
18,220,489 43
330,547 81
1,379,165 00
2,008,008 99
924,656 90
722,874 25
$45,077,047 84
19.004,782 70
407,560 71
1,443,151 58
1,902.563 25
978.043 76
720.547 40
TOTAL OPERATING REVENUES
OPERATING EXPENSES
Maintenance of Way and Structures
Maintenance of Equipment
Traffic Expenses
Transportation Expenses
General Expenses
TOTAL OPERATING EXPENSES
48,273,923 55
$69,533,697 24
568.529,490 20
$9,275,553 17
11,290,337 19
2,094,009 69
23,605,046 02
2,008.977 48
520.255,566 65 NET OPERATING REVENUE
-NET REVENUE
80,53587 AUXILIARY OPERATIONS
$20.336,102 52 NET REVENUE
2.480,387 28 TAXES
$17.855.715 24 OPERATING INCOME
OTHER INCOMERents from Lease of Roads
$65,000 00
-Balance
Hire of Equipment
5,072 83
Joint Facility Rent
210,696 09
Miscellaneous Rent
108,095 03
Net Income from Rail Leased
27,396 19
Dividends on Stocks
1,318.235 55
Interest on Bonds and Notes
1.390,49035
Interest on Unfunded Securities and Accounts
214,434 38
Miscellaneous Income
26,550 08
3,365,970 50
$21,221,685 74
$48,213 72
1,783,327 58
969,219 82
35,920 74
167.633 10
12,017 04
244 56
87,509 61
$9,098,911 83
11,974,089 80
2,243,556 47
25,051,780 30
2,202,836 14
50,571,174 54
$18,962,522 70
27,824 78
$18,990,347 48
2,679,389 67
$16,310,957 81
$65,000 00
212,112 35
110,291 69
26,123 Si
1,331,794 24
1,380,317 26
131,722 78
10,044 53
TOTAL OTHER INCOME
TOTAL GROSS INCOME
DEDUCTIONS FROM TOTAL GROSS INCOMEIncome from Operation, Southern Railway Company in Mississippi, Alabama State
Line to Columbus, Miss
Rents for Lease of Other Roads (See Table 2, pamphlet report)
--Balance
Hire of Equipment
Joint Facility Rent
Miscellaneous Rent
Separately Operated Properties
Amortization of Discount on Funded Debt
Interest on Unfunded Debt
Miscellaneous Deductions
3,267,406 36
$19.578,364 17
$39,682 45
1.790,637 01
601,713 96
1,052,062 Si
38.276 45
189,215 84
37 93
87,436 05
3,799,062 20
TOTAL DEDUCTIONS
$15.779,301 97
$10,053,022 78
518,117.599 57 TOTAL AVAILABLE INCOME
2, pamphlet report)
INTEREST ACCRUED ON FUNDED DEBT (See Table (See Table 2, am. report)
660,565 59
OBLIGATIONS
$10,105,356 65
INTEREST ACCRUED ON EQUIPMENT RAILWAY
-MOBILE ez OHIO STOCK
706.809 75
226,008 00
DIVIDENDS ACCRUED ON SOUTHERN
TRUST CERTIFICATES
10,939,596 37
226,808 00
11.038,97440
$4.839,705 60
BALANCE OF INCOME OVER CHARGES
$7,078,625 17
PREFERRED STOCK
$1,500,000 00
FROM WHICH DEDUCT DIVIDENDS ON
Nos.25(234%)and 27 (2Si%)paid in April
51.500,000 00
paid in October. 1913
1,200,000 00
No.26 (25i%)
1,500,000 00
No. 28 (Scrip Dividend-2%)
2,700,000 00
TOTAL DIVIDENDS
3,000,00000
$2,139,705 60
PREFERRED STOCK
91,928 91
$4,078,625 17 BALANCE OVER DIVIDENDS ON
ADDITIONS AND BETTERMENTS
48,660 48 APPROPRIATION OF INCOME FOR
$2,047,776 69
CARRIED TO CREDIT OF PROFIT AND LOSS
BALANCE
54.029.964 69
3,104,086 17
THE CHRONICLE
OCT. 17 1914.]
1145
-PROFIT AND LOSS FOR YEAR ENDED JUNE 30 1914.
TABLE 3.
$17,374.558 20
2,047.776 69
88,764 18
$19:511.099 07
$189,320 00
Deduct
-Discount on Securities charged off during the year
21,870 01
Property Abandoned ------ ------ - --- -- - ------ - -- --,
----- 7--- - ------- =
---- 7- ---,
Damages to Property occasioned by explosion or dynamite at relaco, Tenn., September, 1906, and ---------- for claims
565.765 87
-and damages not yet docketed ---down
57,238 68- 834,194 56
Advances to Delta Southern Railway written
Credit Balance June 30 1914------------------------------------------------------------------------------------------------818,676,904 51
Balance at Credit of this Account June 30 1913
Add-Credit Balance of Income for the Year
Net Miscellaneous Credits
-GENERAL BALANCE SHEET JUNE 30 1914 AND JUNE 30 1913.
TABLE 4.
ASSETS.
June 30 1913.
June 30 1914.
PROPERTY INVESTMENT
Road and ElUipMerit
Investment to June 30 1907:
Road
Equipment
$287,434,900 33
46,672,108 87
3331,107,00920
$20.528,069 86
18,830,114 91
39,358,184 77
$373.465,19397
14,321,74667
$359,143,447 30
$287.434,900 33
46.672,108 87
Total
Investment since June 30 1907:
Road
Equipment
$334,107,009 20
$23,528,767 94
19,967,276 62
Total Investment since June 30 1907
43,496.044 56
Total Road and Equipment
Less: Reserve for Accrued Depreciation on Equipment
$377.603,053 76
14,995,466 18
Total Net Road and Equipment
$362.607,587 58
Securities:
Securities of Proprietary, Affiliated and Controlled Companies, Pledged:
Stocks
Bonds
$2.487,58626
21,508,92074
$23,996,507 00
2,000,00000
$116,88721
678,41875
Bonds Issued or Assumed, Pledged
Securities of Proprietary. Affiliated and Controlled Companies, Unpledged:
Stocks
Bonds
$2.505,086 26
21,508,920 74
$24,014,007 00
18,667,000 00
$116,887 21
673,416 75
790,303 96
795,305 96
$26.791,81296
$408,23486
$401,844 24
33,640.943 91
9,283,027 94
Total
$43.471,310 96
Other Investments:
Advances to Proprietary, Affiliated and Controlled Companies for Construction,
Equipment and Betterments
Miscellaneous Investments:
Physical Property
Securities, Pledged
Securities, Unpledged
$416,592 14
8431,019 64
33,650,943 91
9.320,594 28
43,402,557 83
43,325,81609
843,734,05095
88,295,92823
27,148,80000
$256,522 00
179,060 04
435,58204
398,40285
826,707 66
449,96874
2,932,361 60
5,343,03261
774,24879
846,605,03252
$695,737 86
255,034 61
986,782 28
1,48668
29,089 11
2,718,164 33
39,29880
989,354 41
1,432,770 97
Total
$43,819,149 97
WORKING ASSETS
Cash
Securities Issued or Assumed, Held in Treasury
Marketable Securities:
Stocks
Bonds
$15,392,707 51
15.652,200 00
$256.52200
179.06004
435,582 04
820,074 75
785,793 91
300,384 25
3,465.942 13
5,080,699 04
686,347 05
Loans and Bills Receivable
Traffic and Car Service Balances due from other Companies
Balance due from Agents and Conductors
Miscellaneous Accounts Receivable
Material and Supplies (See Table II.)
Other Working Assets
$42,619.730 68
Total
ACCRUED INCOME NOT DUE:
Receivable
$962,243 79 Unmatured Interest, Dividends and Rents
DEFERRED DEBIT ITEMS
Temporary advances to Proprietary, Affiliated and Controlled Companies
Working Funds
Other Advances
Insurance Premiums Paid in Advance
Taxes Paid in Advance
Unextinguished Discount on Securities
Special Deposits
Cash and Securities in Sinking and Redemption Funds
Cash and Securities in Insurance Reserve Fund
Other Deferred Debit Items
7,147,719 05
$484,384,306 57
$984,400 61
$954,707 21
264,430 35
845,950 41
869 89
31,887 07
190,166 84
7,331,247 35
4.948 80
920,208 73
1,914.392 04
12.458,80869
Total
8505,960,988 49
Grand Total _
LIABILITIES.
CAPITAL STOCK
Common
Preferred
$120,000,000 00
60,000.000 00
$180,000,000 00
$195,276,30000
29,356.80000
$224,633,100 00
Total
MORTGAGE, BONDED AND SECURED DEBT
Mortgage Bonds, Outstanding.,
Mortgage Bonds, Held by Company
$180,000,000 00
$196,492,000 00
34,277.200 00
$230,769,200 00
Total
Collateral Trust Bonds. Notes and Certificates:
Outstanding
Held by Company
819.790,700 00
42.000 00
$120,000,000 00
60,000,000 00
$29,800.700 00
42.000 00
29,842.700 00
Total
5,107,000 00
Other Notes, Outstanding
$249.572,800 00
$265,718,900 00
Total (See Table 5, pamphlet report)
15,146,000 00
18.384,000 00
Equipment Trust Obligations (See Table 6, pamphlet report)
284,102,900 00
264,718,800 00
Total
WORKING LIABILITIES_
$455,000 00
Loans and Bills Payable
$455,000 00
1,071,555 36
1,189,414 73
Traffic and Car Service Balances due to other Companies
6,945,724 58
7,462,688 21
Audited Vouchers, Accounts and Wages Unpaid
270,825 39
237,830 09
Miscellaneous Accounts Payable
2,933,534 68
2,796,932 42
Matured Interest, Dividends and Rents Unpaid, including amounts due July 1
38,673 80
4,673 80
Matured Mortgage Bonds not presented for Redemption
92
1,949,702
1,745,800 04
Other Working Liabilities
13,892,339 29
13,665.016 73
Total
ACCRUED LIABILITIES NOT DUE$1.571.82765
$1,803,379 34
Unmatured Interest and Rents Payable
982,39861
1,045.011 58
Taxes
19,832,700 00
5,107,000 00
2,554,226 26
$1,286,086 33
1,886,103 62
3.172.189 95
$1.500,000 00
410,161 02
989,354 41
Total
DEFERRED CREDIT ITEMS
Operating Reserves
Other deferred Credit Items
Total
APPROPRIATED SURPLUS
Dividend No. 26,236 Per Cent,on Preferred Stock, paid in October, 1913
,
Scrip Dividend No. 28 on Preferred Stock-2%
Additions to Property since June 30 1907 through Income
Insurance Reserve Fund
2,899,515 43
Total
17,374,558 20 PROFIT AND LOSS
$484,384,306 57
GRAND TOTAL
2,848.390 92
$1,747.071 73
2.072.841 35
3,819.913 08
$1.200,000 00
500,331 96
920.208 73
2,620,540 69
1 ,676.904 51
8505.960.988 49
[VOL. xcix.
THE CHRONICLE
1146
ERIE RAILROAD COMPANY
NINETEENTH ANNUAL REPORT
-FOR THE FISCAL YEAR ENDING JUNE 30 1914.
New York, October 13 1914.
The number of tons hauled one mile was 7,428,034,970, a
decrease of 302,640,080 ton miles, or 3.91 per cent.
To the Bond and Share Holders of the Erie Railroad Company:
The total revenue derived from haulage of freight was
The following report of the operations of your Company
for the year ending June 30 1914 is respectfully submitted $42,779,577 90, as compared with $44,345,739 10 for the
year 1913, a decrease of $1,566,161 20, or 3.53 per cent.
by the Board of Directors:
The average freight revenue per ton per mile was .576
MILEAGE.
cents, as compared with .574 cents the last year, an increase
Table No. 1 shows in detail the mileage of road operated of .002 cents, or .35 per cent.
In addition to the above, 4,748,906 tons of Company's
June 30 1914,from which you will note that the Company:
tonnage 42,874,315 tons.
Miles. freight were hauled, making the total
Owns in fee or controls by ownership of entire capital stock
In hauling this tonnage,12,583,346 train miles were run, a
I 673.40
Controls by ownership of a majority of capital stock
180.31 decrease compared with the last year, of 371,187 train miles,
Leases
276.96
Has trackage rights over
146.73 or 2.87 per cent.
The average distance each ton was hauled was 194.832
Total mileage operated
2,257.40
Has restricted trackage rights over
131.20 miles, an increase of 6.224 miles, or 3.30 per cent.
Owns and leases to other companies
15.12
• The revenue per freight train mile was $3 40, as compared
Leases and re-leases to other companies
2.35
Controls lines operated Independently
37.87 with $3 42 the previous year, a decrease of 2 cents, or .69
per cent. The average train load of revenue freight was
Total mileage controlled but not operated
186.54
InGrand Total
2 443.94 590.31 tons, a decrease of 6.44 tons, or 1.08 per cent.
cluding Company's freight, the average train load was 641.32
-of which 1,205.96 miles, or 49.34 per cent, have second tons, a decrease of 5.82 tons, or .90 per cent. The average
track, 18.47 miles have third track and 18.42 miles have carload of revenue freight was 21.27 tons, a decrease of .17
fourth track.
tons, or .79 per cent. Including Company's freight, the
The increase of 96.84 miles in second track is due to the average carload was 23.11 tons, a decrease of .14 tons,or.60
construction of additional track, as follows:
year.
At Newburgh Junction, N. Y., .09 miles; between Red per cent less than last
PASSENGER TRAFFIC.
House and Steamburg, N. Y. 4.50 miles; Concord and SaeThe total number of passengers carried during the year was
gertown, Pa., 21.99 miles, and between Marion, Ohio, and
27,628,242, an increase of 265,406, or .97 per cent.
Wilders, Ind., 70.26 miles.
The number of passengers carried one mile was 651,393,OPERATING REVENUE AND EXPENSES.
355,an increase of 4,367,228 passenger miles, or .67 per cent.
The increase in gross revenue therefrom was $33,316,49,
The following statement shows the gross operating revenue,
operating expenses and operating income of the system for or .33 per cent.
The average fare received from each passenger per mile
the fiscal year:
REVENUE.
was 1.573 cents, a decrease of .006 cents, or .38 per cent.
Inc. (+) or
The average distance traveled was 23.58 miles, a decrease
1914.
1913.
Dec.(-).
Merchandise
526.770.218 39 $27,458,445 40 -$688,227 01 of .07 miles, or .29 per cent.
Coal
16.009,359 51 16,887,293 70
-877,934 19
The average fare received from each passenger was 37.09
Passenger
10,248,572 08 10,215,255 59
+33.316 49
Mail
cents, a decrease of .24 cents.
453,963 63
412.164 53
+41,799 10
Express
1,651,772 88
1,736,683 02
-84,910 14
The passenger train mileage was 10,170,532 train miles, a
Milk
985,664 98
964,243 20
+21,421 78
decrease of .59 per cent.
Miscellaneous
1.685,262 17
1.791.099 60
-105,83743
The passenger train revenue per train mile was $1.324, an
Revenue-Rail Operaincrease of .53 per cent.
tions
857,804,813 64 $59,465,185 04 -$1.660,371 40
Revenue-outside OperThe average number of passengers in each train was 64.05,
ations
3,178.761 26
3,182,174 08
-3.412 82 an increase of .81 passenger, or 1.28 per cent.
Gross Operating Revs
The average number of passengers in each car was 16.91,
flue
560.983,574 90 $62,647,359 12 -$1,663,784 22 an increase of .14 passenger, or .83 per cent.
Of the total number of passengers carried, 26,896,144 were
EXPENSES.
(+) or local and 732,098 were through passengers, the local traffic
1914.
Dec.(-).
1913.
showing an increase in number of passengers carried and a
Maintenance of Way and
revenue received perpassenger
Structures
$6.998.746 35 $6,269,059 48
+5729,686 87 slight decrease in the average
passengers decreased,
Maintenance of Equipper mile. The number of through per passenger per mile
ment
11,314.881 41 10.799.069 79
+515,811 62
revenue received
Traffic Expenses
1.516.896 70
1.453,909 28
+62,987 42 while the average
Transportation Expenses
21,523.448 44 20,918.673 77
+604,774 67 shows a slight increase.
General Expenses
1,481.375 06
1,264,463 46
+216,911 60
Operating
ngegaironises- $42.835,347 96 $40,705,175 78 +52,130.172 18
es
Outside Operations__ _ 3.522.93227
3,506.466 08
+16,466 19
Total Operating Expenses
$46.358,280 23 844.211,641 86 +52.146,638 37
Taxes
1.865.726 74
1,935.118 11
-69.391 37
Total Operating Expenses and Taxes_ _$48.224.006 97 $46,146,759 97 +$2.077,247 00
Operating Income_ _$12,759,567 93 $16.500,599 15 -$3,741.031 22
Ratio of Operating Expenses and Taxes to
Gross Operating Revenue
Ratio of Operating Expenses
to Gross Operating Revenue
MAIL.
transportaA partial adjustment of the compensation for
resulttion of United States Mail was made during the year, cent.
ing in an increased revenue of $41,799 10, or 10.14 per
EXPRESS.
The reduction in rates by the express companies and loss in
volume of business due to Parcel Post, is reflected in the revenue from transportation of express, which shows a decrease
of $84,910 14, or 4.89 per cent.
MILK.
79.08%
73.66%
+5.42%
76.02%
70.57%
+5.45%
Revenue from transportation of milk was $985,664 98, an
increase of $21,421 78, or 2.22 per cent.
MISCELLANEOUS.
Revenue from miscellaneous sources was $1,685,262 17, a
The merchandise tonnage for the year was 20,306,275 tons, decrease of $105,837 43, or 5.91 per cent.
a decrease of 1,673,283 tons or 7.61%.
OPERATING EXPENSES.
The decrease in revenue from haulage of merchandise was
MAINTENANCE OF WAY AND STRUCTURES.
$688,227 01, or 2.51% less than the last year.
The expense of Maintenance of Way and Structures was
A detailed statement of the commodities hauled is shown
$6,998,746 35, an increase of $729,686 87, or 11.64 per cent.
in Table No. 18.
The details of this account in Table No. 10 show that among
COAL AND COKE.
Rails, Track Maintonnage for the year was 17,819,- the principal items increased are Ties,Ice, and Signals and
The total coal and coke
Sand and
1,189,301 tons, or 6.26% less than tenance, Removal of Snow,
134 tons, a decrease of
Interlocking Plants.
the last year.
60 bridges were reconstructed or are in the course of reThe anthracite tonnage was 9,882,781 tons, a decrease of construction, 303 repaired and 91 re-painted.
year.
259,686 tons, or 2.56% less than the last
-pound, 12,737 tons of new 90
25,098 tons of new 100
-pound
The bituminous tonnage was 6,821,387 tons, a decrease and 2,417 tons of new 80
-pound steel rails were laid, with the
year.
of 829,013 tons, or 10.84% less than the last
necessary frogs, switches, etc.
The coke tonnage was 1,114,966 tons, a decrease of 100,602
1,206,993 cross ties and 2,791,211 feet of switch timber
tons, or 8.28%.
were used in the track, with 839,086 tie plates.
The revenue from haulage of coal and coke decreased
146.05 miles of track were fully ballasted and 15.35 miles
$877,934 19, or 5.20%.
of track were partially ballasted.
coal and coke tonnage was 46.74% of the total revThe
79 miles right-of-way fences were built.
enue tonnage hauled.
31.74 miles of passing and other sidings and 7.68 miles
TRAFFIC.
GENERAL FREIGHT
industrial side tracks were constructed.
Stations at Huntington and Rochester, Ind., were en-.
The total revenue freight traffic of the Company during
the year, including merchandise, coal and coke, was 38,125,- larged, and the stations at Hutchins and Rasselas were rebuilt. At West Nutley, Horseheads, Mount Morris,
409 tons, a decrease of 2,862,584 tons, or 6.98 per cent.
MERCHANDISE.
OCT. 17 1914.]
THE CHRONICLE
Rochester, N. Y., Buffalo and Warren the stations were remodeled.
MAINTENANCE OF EQUIPMENT.
1147
$1.495,603 33
Brought forward
Less credits account of property destroyed
or sold, as follows:
Maintenance of Equipment expenses were $11,314,881 41, Locomotives
$133,776 83
Freight-Train Cars
624,383 54
an increase of $515,811 62, or 4.78 per cent more than last Passenger-Train Cars
37,566 67
year. The details are shown in Table No. 10.
Floating Equipment
37,000 00
Work Equipment
The total tractive power of locomotives is 49,007,245 Buildings
93;53 43
4 85 5 26
6 7
pounds, an increase of 3,030,646 pounds.
Miscellaneous
20,010 83
The total number of locomotives at the close of the fiscal
992.86056
year was 1,501, an increase of 40. 68 new locomotives were
Total
$502,742 77
received, 18 old locomotives were scrapped and 10 were sold.
EQUIPMENT TRUSTS.
The average age of locomotives is 13 years 11 months.
outstanding June 30 1913 on
The average mileage made by steam locomotives was The balance Trusts
Equipment
created prior to this fiscal
22,214 miles, a decrease of 1,474 miles, 6.22 per cent.
year was
$14,108,000 00
The average mileage made by motor cars was 29,467miles, Payments made during the year
2,642,000 00
an increase of 601 miles, 2.08 per cent.
Leaving a balance of
$11.466,000 00
One tug-boat was purchased and two condemned, one
steam barge built, six covered barges built and twenty-four Equipment Trusts were made during the year
purchased, two open barges and three car floats purchased. covering:
}$3,670.000 00
the floating equipment in New York Harbor and on the 3.000 Box CarsCars
1.000 Gondola
Great Lakes was fully maintained.
1,000 Gondola Cars
1,000.000 00
50 Locomotives
during the year are shown in
The changes in equipment
1.120,000 00
10 Locomotives
218,948 94
Table No. 14.
25 Express Cars
230,000 00
TRAFFIC EXPENSES.
Traffic expenses increased $62,987 42, or 4.33 per cent.
TRANSPORTATION EXPENSES.
Transportation Expenses were $21,523,448 44, an increase of $604,774 67, equal to 2.89 per cent.
Table No. 10 indicates that the increases are quite general,
two of the principal items being increase in the price of fuel
for locomotives and settlements for loss and damage-freight.
GENERAL EXPENSES.
Payments made to June 30 1914
86.238,94894
487,491 49
Leaving a balance of
Equipment Trusts outstanding June 30 1914
Total Payments made during the year
5,751,457 45
817,217.457 45
88,129.491 49
CAPITAL STOCK.
The Company's outstanding Capital Stock remains unchanged.
General Expenses were $1,481,375 06, compared with
Authorized.
Issued.
Non-cumulative
$48.000,000 847.892.400
$1,264,463 46 for last year, an increase of 17.15 per cent, Non-cumulative 4% First Preferred
4% Second Preferred
16,000.000
16,000,000
Common
as per detail shown in Table No. 10.
153,000,000
112.378,900
TAXES.
Total
$217,000.000 $176,271,300
The Taxes for the year were $1,865,726 74, a decrease of
BONDED DEBT.
$69,391 37, or 3.59 per cent.
Of the Prior and General Lien bonds secured by the First
ADDITIONS AND BETTERMENTS
Consolidated Mortgage Deed, an additional $2,000,000
-ROAD.
The Capital Account Additions and Betterments for the General Lien Bonds have been issued during the year. There
has been no increase in the amount of bonds secured by the
year is charged with $5,438,378 79, as follows :
General Mortgage.
3327,348 35
Right of Way and Station Grounds
Total amount of bonds issued under these mortgages
Protection of Banks and Drainage
1,657 51
Changes of Line
Grade Reduction and
245 19 now outstanding:
Tunnel Improvements
Bridges, Trestles and Culverts
Additional Main Tracks
Sidings and Spur Tracks
Terminal Yards
Elimination of Grade Crossings
Interlocking Apparatus
Block and Other Signal Apparatus
Telegraph and Telephone Lines
Station Buildings and Fixtures
Shops, Enginehouses and Turntables
Shop Machinery and Tools
Water and Fuel Stations
Grain Elevators and Storage Warehouses
Dock and 'Wharf Property
Electric-Power Transmission
Total
3.264 38
14,049 83
3.957,633 26
96.118 64
180,473 12
164.143 22
1.365 54
555,027 36
8.251 93
54,059 19
20.404 34
39,351 14
44,135 46
Cr.41, 67 65
957 94
8
11.740 04
35.438.378 79
ADDITIONS AND BETTERMENTS
-EQUIPMENT.
Capital Account has been charged during the year with
$8,534,581 77 for additional equipment as follows:
Prior Lien Bonds
General Lien Bonds
Convertible Bonds
$35,000,000
51.724.000
32.000,000
INCOME STATEMENT.
Gross Operating Revenue
Operating Expenses and Taxes
860,983,574 90
48,224.006 97
Operating Income
Other Income
312.759.567 93
2,852.654 26
Gross Income
Deductions from Gross Income
315.612.222 19
14.189,246 99
Net Income
31,422,975 20
Appropriated to Sinking Funds
$760.709 33
Appropriated for Additions and Betterments_ _ _ 502.742 77 1.263,452 10
Surplus
$159,523 10
FINANCIAL.
The financial condition at the close of the fiscal year is
shown by the General Balance Sheet, Table No. 4.
During the year your Company has received from the
Trustee $2,000,000 General Lien Bonds, being the fourteenth and fifteenth millions of the $17,000,000 of General
Lien Bonds reserved for construction purposes.
On April 1 1914 $13,500,000 three-year five and one-half
per cent Collateral Gold Notes and on April 8 a special note
maturing October 1 1914 for $1,000,000 were issued, the
proceeds thereof being applied toward the payment of $12,500,000 Collateral Gold Notes and $2,500,000 short-term
notes maturing April 8 1914, $500,000 of the last-mentioned
notes being retired.
38.534,581 77
Special promissory notes for $5,000,000, due October 1
ADDITIONS AND BETTERMENTS-INCOME.
1914, were issued on March 2 1914 to cover amounts thereDuring the year $502,742 77 has been appropriated from tofore expended from current funds for construction purIncome for additions and betterments to the property as poses.
follows:
Statements of charges to "Additions and Betterments"
Right of Way and Station Grounds
39.430 91 shown herein explain the increase in the account "Investment
Real Estate
521 60 Since June 30 1907."
Grade Reductions and Changes of Line
825 26
Bridges. Trestles and Culverts
Depreciation on equipment during the year, was $1,234,108.110 61
Increased Weight of Rail
236,537 62 .163 44, as shown by the increase in the account "Reserve
Improved Frogs and Switches
2,39004 for Accrued
Track Fastenings and Apputenances
Depreciation-Cr."
231,631 30
Ballast
The increase in the account "Securities of Proprietary,
321.194 55
iainl
ilas a a%ur Tracks
16,425 63 Affiliated and Controlled
Vg
Companies-Pledged," "Funded
1,69388
Fencing Right of Way
475 21 Debt," is caused by including Erie & Jersey Railroad bonds
Elhnination of Grade Crossings
766 60 and Genesee River Railroad bonds with the
Interlocking Apparatus
securities pledged
8,644 89
Block and Other Signal Apparatus
55.033 83 under the indenture of April 8 1914, securing payment of the
Telegraph and Telephone Lines
37,351 26 special $1,000,000 note mentioned above, less
Station Buildings and Fixtures
Chicago &
26,380 33 Western
Roadway Machinery and Tools
Indiana Railroad bonds released from pledge and
928 52
Shops, Enginehouses and Turntables
3.762 25 sold.
Shop Machinery and Tools
2.220 25
$336,000 Erie Railroad Company Pennsylvania Collateral
Water and Fuel Stations
758 33
Dock and Wharf Property
93.137 50 Bonds pledged under the Collateral Indenture of
Other additions and Betterments
April 8
1911 were released and sold; $2,000,000 General Lien
2 Harbor Barges
12112 20
Bonds
50 Caboose Cars (balance)
10.619 05 were pledged under the new Collateral Indenture
350 Caboose Cars (partial payment)
dated
7,943 26 April 1 1914, which items
explain the increase in the account
259 Cinder Cars (partial payment)
34,438 67
1 Dynamometer Car (balance)
10,589 99 "Securities Issued or Assumed-Pledged"
"Funded Debt."
Miscellaneous Equipment
260,727 77
The decrease in "Securities of Proprietary,
Affiliated and
$1,495.60333 Controlled Companies-Unpledged," "Funded
Debt," is
60 Locomotives
3,500 Box Cars
2,000 Gondola Cars
25 Express Cars
I Locomotive Cranes
1 Ballast Spreader Car
3 Harbor Barges
2 Tug Boats
1 Steel Car Float
2 Wooden Car Floats
40 Wooden Lighters
1 Steam Lighter
50 Locomotives (partial payment)
80 Refrigerator Cars (partial payment)
5 Caboose Cars (partial payment)
25 Passenger Cars (partial payment)
3 Tugs and 2 Car Floats (partial payment)
Total
$1,58.5.390 04
3,606.423 94
2.426.955 12
237.870 46
28,633 62
5,140 00
19,860 80
125,560 23
46,105 00
74,551 27
113,552 51
28,185 32
75,566 84
96,130 60
1,695 03
8.326 42
54,634 57
1148
THE CHRONICLE
----- due to the pledging of the bonds of Erie & Jersey Railroad
and Genesee River Railroad heretofore mentioned, and sale
of $174,000 Chicago & Western Indiana Railroad bonds, less
a slight increase due to miscellaneous securities acquired.
"Advances to Proprietary, Affiliated and Controlled Companies for Construction, Equipment and Betterments,"
increased $68,100 24, representing amounts advanced to the
Long Dock Company, Penhorn Creek Railroad Company
and the Industrial Center Land Company.
Elmira Corning & Waverly Railway bonds valued at $686,875 acquired during the year, bonds of the same company,
$100,000 heretofore shown as unpledged, and New Jersey &
New York Railroad Company capital stock, were pledged
under the Indentures of April 1 1914, and Mutual Terminal
Company and other miscellaneous securities were acquired,
which explains the changes in the accounts "Miscellaneous
Investments," "Securities Pledged" and "Securities Unpledged."
The decrease of 14,562 12 in the account "Temporary
Advances to Proprietary, Affiliated and Controlled Companies," is principally explained by credits account securities
received from the Southern Tier Development Company
and the Erie Land & Improvement Company, in reimbursement for advances made in previous years.
"Working Funds" decreased 9,232 75 account of reduction in advances made to the Erie Despatch Fast Freight
Line.
There is an increase of $765,051 64 in the account "Cash
and Securities in Sinking and Redemption Funds," representing increased balances in Akron & Barberton Belt Railroad, Chicago & Western Indiana Railroad and Pennsylvania Collateral Sinking Funds."
The increase in "Mortgage Bonds," "Collateral Trust
Bonds" and "Equipment Trust Obligations" has been heretofore explained.
The decrease of $55,465 89 in "Miscellaneous Funded
Obligations" is due to the payment of real estate mortgages,
reduction in obligations issued for construction work, less
amount of mortgages assumed on property acquired during
the year.
The account "Loans and Bills Payable," 16,000,000, represents special notes maturing October 1 1914, heretofore
mentioned.
The increase of $861,425 99 in the account "Reserves from
Income or Surplus," represents 10 cents per ton on coal
mined from the mines of the Pennsylvania Coal Company
during the fiscal year, together with interest on the Erie
Railroad Company Pennsylvania Collateral Bonds purchased by the Trustee and held in the Trust Account.
All of the securities for construction purposes turned over
by the Erie Reorganization Committee have been converted
into cash, as follows:
Cash
Value as Placed
Realized
on the Books
from Sale.
January 1897.
$115,200 00 Buffalo & Southwestern RR.2d Lien Bonds.. $1126,720 00
414,000 00
405.000 00 Erie RR. Company Prior Lien Bonds
364,055 22 New York & Greenwood Lake Ry. Prior
385,570 22
Lien Bonds
1,214,908 93
1,034,400 00 Erie RR. Company General Lien Bonds
& Hudson Exclusive Car Trust
630,000 00 Delaware
630.000 00
Certificates
•
202.00000
202.00000 Car Trust of New York Certificates
$2,973,199 15
$2.750,655 22
In addition to these securities there have been certified
by the Trustee of the Erie Railroad Company First Consolidated Mortgage Deed and turned over to your Company
in reimbursement for expenditures already made, $5,000,000
Erie Railroad Company Prior Lien Bonds and $15,000,000
Erie Railroad Company General Lien Bonds; and by the
Trustee of the Erie Railroad Company General Mortgage
$32,000,000 Erie Railroad Company Convertible Bonds.
Of these securities the following have been converted into
cash:
Cash Realized
from Sale.
Par Value.
$5,000,000 00 Erie Railroad Company Prior Lien Bonds_ _- $4,539.884 27
2,484.111 11
3,000,000 00 Erie Railroad Co. General Lien Bonds
19.215,000 00
21,015,000 00 Erie Railroad Co. Convertible Bonds
$26,238,995 38
$29,015,000 00
leaving still owned by the Company:
Lien Bonds
Erie Railroad Company General
Erie Railroad Company Convertible Bonds
$12,000,000 00
10,985,000 00
From December 1 1895 to June 30 1914 the Company has
received cash from all sources for Construction and Equipment purposes as follows:
8500,000 00 Sale of Erie & Wyoming Valley Railroad Co. Capital Stock.
500,000 00 Settlement of account with the National Transit Co.
4,343,850 13 From the Erie Reorganization Committee.
2,973,199 15 Proceeds of sale of securities received from the Erie Reorganization Committee.
7.023,995 38 Proceeds of sale of securities received from the Farmers'
Loan & Trust Co., Trustee.
19.215,000 00 Proceeds of sale of securities received from the Standard
Trust Company of New York, Trustee.
9.382,081 23 Proceeds of sale of Collateral Gold Notes.
230,227 05 Proceeds of sale of securities received for the purchase of
Erie & Wyoming Valley Railroad Equipment.
2.500 00 Sale of Pittsburgh Chartiers & Youghiogheny Railroad Co.
Bonds acquired from the Receivers of the New York
Lake Erie & Western Railroad Co.
457,867 50 Sale June 1 1899 of Capital Stock of the Northern Railroad
Company of New Jersey, originally paid for by the Erie
Reorganization Committee from Construbtion Funds.
740,000 00 Sale of Union Dry Dock property and franchises.
107,989 22 Special Tax deposit made by Erie Reorganization Committee, returned June 14 1901 by the British Government.
[VOL. /tax.
$457,867 50 Purchase of Northern Railroad Company of New Jersey
Capital Stock.
1,729,611 68 New York Lake Erie & Western Car Trusts.
65,000 00 Payment of Mortgages on Real Estate.
348,377 50 Disbursed on account of Union Steamboat Company In
Liquidation of its affairs and in building or acquiring
additional property.
111,241 84 Liquidating Receivership New York Lake Erie & Western
Railroad Company.
30,437,216 62 New Construction.
44.740,64862 New Equipment.
$77,889,963 76
Your Company has expended from current cash for construction and equipment purposes from Dec. 1 1895 to
June 30 1914 $32,413,254 10, for which it is or will be entitled to be reimbursed from the sale of either Erie Railroad
Company General Lien Bonds or Erie Railroad Company
Convertible Bonds.
The amount shown as expended for "New Equipment"
includes payments aggregating $18,233,086 33 for cars and
locomotives covered by equipment trusts.
GENERAL REMARKS.
Additions and Betterments to the property and equipment
of the Company, aggregating $14,475,703 33, have been
made during the year, as per tables shown.
On March 2 1914 special promissory notes for $5,000,000,
due Oct. 1 1914, were issued to cover amounts theretofore
expended from current funds for construction purposes.
On April 8 1914 the Company's notes aggregating $15,000,000 matured, of which $500,000 were retired, the balance being paid from the proceeds of $13,500,000 Collateral
Gold Notes maturing April 1 1917, and a special note for
$1,000,000 maturing Oct. 1 1914.
The special notes, $5,000,000 and $1,000,000, mentioned
above, have been renewed on favorable terms to March 1
1915, and the Company's three-year Collateral Gold Notes
$4,550,000, due Oct. 1 1914, have been renewed for one year.
The double-tracking, grade reductions and changes of
alignment between Marion, Ohio, and Lomax, Ind., is completed, with the exception of about two miles near Laketon,
Ind., and four miles near Akron, Ind., the completion of the
work at these two points having been deferred in February
1914. It is expected that the uncompleted portion will be
finished by January 1915.
With the completion of the work between Lomax and
Griffith, Ind.,for which surveys have been made,the doubletracking of the Chicago & Erie Railroad will be accomplished.
The double-tracking grade reductions and changes of
and
alignment on the Mead1;ille Division between Red HousePa.,
Steamburg, N. Y., and between Corry and Meadville,
has been completed.
There were added to the floating equipment of the Comone
pany in New York Harbor one tug,and steam barge, thirty
one steel and two
covered barges, two open barges
wooden car floats.
During the year thirty-five hundred box cars, five hungondred drop-end gondolas, fifteen hundred hopper bottom were
dolas, sixty locomotives and twenty-five express cars
added to the equipment.
Grade crossings have been eliminated at Narrowsburg,
Barton, East First Street, Corning, Columbia Street, Corning, Main Street, Buffalo, Delaware Avenue, Buffalo, Collins and Gowanda, N. Y.
The work of eliminating grade crossings at Nanuet, Otisvine, Military Road, Buffalo, and Jamestown, N. Y., is in
progress.
The Inter-State Commerce Commission's order denying
the application of the railroads for a five per cent increase
in freight rates resulted in further stagnating the business of
your Company and the country. Attention is called to the
minority report of the Commission. The carrier's application for a re-hearing having been granted, it is hoped that a
modification of the order may be obtained which will furnish a substantial increase in revenues.
To avoid the so-called interlocking directorate feature
involved, Messrs. H.P. Davison, James J. Goodwin, Robert
S. Lovett, Charles A. Peabody and Charles Steele resigned
as Directors of your Company. Messrs. Dwight W. Morrow and Albert H. Wiggin were elected to the Board. Since
the close of the fiscal year Mr. Dwight W. Morrow resigned
and Mr. Gates W. McGarrah was elected to the Board.
Mr. D. W. Cooke was elected Vice-President and General
Traffic Manager on Jan. 28 1914.
Mr. A. J. Stone was elected Vice-President and General
Manager on July 1 1914.
IT Mr. John C. Stuart, late Vice-President in charge of Operation, died March 4 1914. He was a valued officer and had
rendered your Company intelligent and loyal service for
many years.
$28,297,226 76, equivalent to 61.04 per cent of the Total
to
Operating Expenses, was paid by the Company direct
labor, being distributed among 38,782 employees.
are
The efficient services of the officers and employees
acknowledged.
hereby
By order of the Board,
Respectfully submitted,
66
$45,476,709
F. D. UNDERWOOD,
President.
This amount has been applied to partially reimburse the
Company for the following expenditures:
OCT. 17 1914.1
THE CHRONICLE
1149
TABLE 4.
-CONDENSED GENERAL BALANCE SHEET (ENTIRE SYSTEM), COMPARATIVE-JUNE 30 1914 AND TUNE 30 1913.
June 30 1913.
ASSETS.
June 30 1914.
PROPERTY INVESTMENT
Road and Equipment
$272,239,017 24
Investment to June 30 1907
Investment Since June 30 1907:
19.179,251 32
Road--------14,758,040 95
Equipment--------
$272,239,017 24
25,712,848 21
22,700,147 39
$320,652,012 84
Cr8,062,300 35
Reserve for Accrued Depreciation
Cr6,828,136 91
$312,589 712 49
Securities of Proprietary, Affiliated, and Controlled Companies--Pledged----------------------------------------------St
ocks- ---------------------------------------------------------------- $30,683,650 00
Funded Debi
----------------------------- 46,735,200 00
Securities Issued or Assumed-Pledged
Funded Debt
30,683,650 00
45,659,200 00
25,160,000 00
Securities of Proprietary, Affiliated, and Controlled Companies-UnpledgedStocks- - -----------------------------------------------------------------Funded Debt
Miscellaneous
773,538 44
1,628,471 73
600,000 00
4,997,654 45
8,285 93
27,520,481 00
6,589,567 97
77,418,850 00
26,824,000 00
$773,538 44
161,496 73
600,000 00
Other Investments:
Advances to Proprietary, Affiliated, and Controlled Companies for Construction, Equipment.
and Betterments
Miscellaneous Investments:
Physical Property
Securities-Pledged
Securities-Unpledged
WORKING ASSETS
Cash
Marketable Securities:
Funded Debt
17,982 18
Miscellaneous
Loans and Bills Receivable
55,024 60
Traffic and Car-Service Balances Due from Other Companies
1,607,339 08
Net Balance Due from Agents and Conductors
1,629,686 93
2,680,271 44
Miscellaneous Accounts Receivable
Materials and Supplies
5.981,294 93
9,741,206 68
1.535.035 17
5,065,754 69
$21,019 81
28,691,733 37
6.118,599 48
34,831,352 66
$6,297,438 51
47,585 78
278 93
35,024 60
2,381,503 92
1,351,572 20
2,640,381 23
5,566,269 10
ACCRUED INCOME NOT DUE
Unmatured Interest, Dividends and Rents Receivable
DEFERRED DEBIT ITEMS
Advances:
Temporary Advances to Proprietary, Affiliated, and Controlled Companies
5,408,875 21
Working Funds
140,690 16
18,320,054 27
7,882 00
28,307 16
604,024 59
5,531,110 81
300 00
163,998 94
9,382 00
$4,594,313 09
51.457 41
4,645,77050
61,820 88
225,37477
6,296,162 45
300 00
282,640 54
Rents and Insurance Paid in Advance
Special Deposits __,.
Cash and Securities in Sinking and Redemption Funds
Cash and Securities in Insurance and Other Reserve Funds
Other Deferred Debit Items
$476,567,016 83
$488,106,210 42
LIABILITIES
$112,378,900 00
47,892,400 00
16,000,000 00
164,110,900 00
64.749,500 00
14,108,000 00
1,158,531 52
22,466 42
2,340,711 52
6,749,302 40
26,442 44
1,999,064 55
471,225 00
STOCK
Capital Stock;
Common
First Preferred Non-cumulative
Second Preferred Non-cumulative
$112,378,900 00
47.892,400 00
16,000,000 00
MORTGAGE, BONDED, AND SECURED DEBT
Funded Debt:
Mortgage Bonds_ -Collateral Trust Bonds--------------------------------Equipment Trust Obligations
Miscellaneous Funded Obligations
5176,271,300 00
$166.110,900 00
65,749,500 00
17,217,457 45
1,103,065 63
WORKING LIABILITIES
Loans and Bills Payable
Traffic and Car-Service Balances Due to Other Companies
Audited Vouchers and Wages Unpaid
Miscellaneous Accounts Payable
Matured Interest, Dividends, and Rents Unpaid
Matured Mortgage, Bonded, and Secured Debt Unpaid
250.180,923 08
$6,000,000 00
2,995.069 24
4,374,590 95
27,515 51
2,045,153 48
446,225 00
15,888,554 18
ACCRUED LIABILITIES NOT DUEUmnatured Interest, Dividends, and Rents Payable
DE PEERED CREDIT ITEMS4,022 18
Unextingulshed premiums on Outstanding Funded Debt
184.116 43
Other Deferred Credit Items---------------------
2.358,359 82
2,475,170 36
216,923 96
APPROPRIATED SURPLUS
4.274,594 56
Additions to Property Since June 30 1907, through Income
Reserves from Income or Surplus:
5,732,470 39
Invested in Sinking and Redemption Funds
54.777,33733
6.593,89638
11,371,233 71
PROFIT AND LOSS
31,889,199 06
Balance
31.818,915 67
5476,567,01683
$4488,106,210 42
TABLE 2.
-INCOME STATEMENT (ENTIRE SYSTEM) FOR THE YEAR ENDING JUNE 30 1914.
Operating Expenses
Rail Operations:
Maintenance of Way and Structures
Maintenance of Equipment
Traffic Expenses
Transportation Expenses
General Expenses
Outside Operations:
Water Routes
Coal Storage and Shipping Plants
Miscellaneous
56,998.746 35
11,314,881 41
1,516,896 70
21,523,448 44
1,481,375 06
$42,835,347 96
$2,637,453 03
192,557 25
692,921 99
3,522,932 27
Total Operating Expenses
$46,358,280 23
1,865,726 74
Total Operating Expenses and Taxes
$48,224.006 97
Taxes
Lease of Other Roads (see Table No. 7)---- $2,226,702 18
49,134 49
Hire of Equipment (Balance)
777,228 60
Joint Facility'Rent
Miscellaneous Rent
761,322 97
Interest on Funded Debt:
7,729,358 00
Bonds (See Table No. 5)
1.492,291 67
Collateral Gold Notes
17,625 00
Serial 5% Gold Notes
Equipment Trusts
760,366 98
Mortgages
21,541 65
Construction Obligations
16,949 32
211,959 00
Interest on Unfunded Debt
Miscellaneous
124,767 13
Total Deductions
Net Income
14,189.246 99
1.422,975 20
$63,836.229 16
Net Income for Year
Appropriated to Sinking and Other Reserve
Fnds
Appropriated for Additions and Betterments
51,422,975 20
5760,709 33
502,742 77
1,263,452 10
Balance for Year Transferred to Credit of Profit and
Loss
$159,523 10
Operating Revenue
Rail Operations:
Merchandise
$26,770,218 39
Coal
16,009,359 51
Passenger
10.248,572 08
Mail
453,963 63
Express
1.651,772 88
Milk
985,664 98
Miscellaneous
1.685,2621773
64
Outside Operations:
Water Routes
$2,180,549 11
Coal Storage and Shipping nants
347,516 25
Miscellaneous
650,695 90
3,178,761 26
Gross Operating Revenue
Other Income
From Lease of Road
Joint Facility Rent
Miscellaneous Rent
Separately Operated Properties-Profit
Dividend Income
Interest on Funded Securities
Interest on Unfunded Securities & Accounts
Release of Premiums on Funded Debt
Total Other Income
560,983.574 90
$21,033 87
683,521 50
133,436 62
213,131 01
800,320 50
572,735 44
424,453 14
4,022 18
2,852.654 26
563.836,229 16
[VOL. xcix.
THE CHRONICLE
1150
TABLE 3.
-PROFIT AND LOSS STATEMENT, YEAR ENDING JUNE 30 1914.
Debits:
Debt Discount Extinguished through Surplus$379,250 00
Loss on Retired Road and Equipment
553,296 82
Delayed Income Debits
188,149 55
Miscellaneous Debits
107,976 24
$1.228.672 61
Balance Credit June 30 1914 carried to General Balance
Sheet
31,818.915 67
Credits:
Balance June 30 1913
$31,889,199 06
Balance Transferred from Income Account_$159,523 10
Delayed Income Credits
125,718 50
Miscellaneous Credits
873,147 62
1,158,389 22
$33,047,588 28
$33.047,588 28
-ANALYSIS OF TRAFFIC, REVENUE AND EXPENSES (ENTIRE SYSTEM) FOR THE SIX YEARS ENDING JUNE 30 1909,
TABLE 16.
1910, 1911 1912, 1913, AND 1914.
1909.
Mileage of road operated__
1910.
1911.
1912.
1913.
1914.
2,257.402
2,227.032
2,264.961
Freight Traffic
Number of tons of merchandise freight carried
20,306,275
15,953,788
21,979,558
19,281,168
18,092,254
19.634,804
Number of tons of coal and
coke carried
17,819,134
16,843,417
19,008,435
. 19,128,796
19.478,408
17,680,518
Total number of tons of
freight carried
38,125,409
32.797,205
40,987,993
38,763,600
36.961,686
37,570,662
tons of
Total number of
freight carried one mile 6,008,714,174
7,428,034,970
7,730,675.050
6,414,731.680
6,823,560,318
6,825,581.956
Average distance hauled per
ton
183.208
194.932
188.608
184.612
181.673
165.483
Total freight revenue
$35,189,788.82
$42,779,577.10
$44,345,739.10
$39,791,526.24
$38,410,130.25
$39,936,548.96
Average revenue per ton per
Cents
mile
.586 Cents
.576
.574 Cents
.583 Cents
.599 Cents
.585 Cents
Freight revenue per mile of
road
$15,774.42
$18,950.80
$19,644.59
$17,625.07
$17,632.34
$17,247.23
Freight revenue per train
mile
12.74697
83.3997
33.42318
13.0757
13.0494
12.96316
Average number of tons of
freight in each train
590.31
469.05
596.75
527.43
521.17
494.87
Average number of tons of
freight in each loaded car
20.51
21.44
21.27
20.17
20.44
20.37
Average number of tons of
freight in each train,including Company's material
641.32
647.14
580.64
516.86
571.18
540.70
Passenger Traffic
No. of passengers carried__
27,628.242
27,362,836
26,205.266
25,454,161
23,684,283
25,277,283
No. of passengers carried
651.393,355
one mile
647.026,127
611.548,871
626,835.771
597.317,739
627.788.837
23.577
23.646
Av. distance per passenger_
23.337
24.626
25.220
24.836
$10,248,572.08
$10,215,255.59
Total passenger revenue__ _
$9,623,115.41 •
$9.817,956.18
$8,880,634.32
$9,459,963.21
1.573
1.579 Cents
Av. fare per pass. per mile_ Cents
1.574 Cents
1.566 Cents
1.487 Cents
1.507 Cents
913,465,451.09
$13,473,637.46
Total pass, train revenue
112.681.863.00
$12,786,155.90
$11,565,227.52
$12,368,328.25
Pass. train revenue per mile
$5,965.02
95,968.65
$5,617.24
of road
$5,645.20
$5,184.31
$5,553.73
Pass. train revenue per train
31.31695
11.3239'
31.24742
mile
11.28576
11.17402
11.25746
Average number of passen63.24
64.05
60.15
gers in each train
63.03
60.64
63.83
Average number of passen16.77
16.89
16.46
gers in each car
16.93
16.50
17.13
2,230.814
2.257.666
'2.257.402
Revenue and Expenses
$54,560,994.69
$49,414,641.65
$53,028,149.98
Freight & passenger revenue 844,070,423.14
$49,754,505.14
$47,870,093.46
Freight & passenger revenue
$24,169.82
921,887.49
$23,490.79
per mile of road
$21,967.05
$19.755.31
$21,495.02
Gross revenue all sources
$59,465,185.04
$53,708,468.68
957,804,813.64
$53,820,050.22
$47,514,858.74
Rail Operations
$51,830,719.93
$26,342.31
$23,789.38
925,606.79
$23,762.02
$21,299.34
Gross rev, per mile of road_
$23,273.45
92.57514
82.33347
5
12.5495.
12.34407
Gross revenue per train mile
12.28042
32.10273
940,705,175.78
$37,701,688.05
$42,835.347.96
$35,849,891.37
$34,454,769.34
Oper. expenses
-Rail oper_ $32,694,025.26
$18,031.87
916,699.41
$18,975.51
$15,828.04
$15,471.16
$14,655.65
Oper. exp. per mile of road_
11.76274
11.63802
$1.8893
81.5614
11.51592
Oper. exp. per train mile
31.44684
318,760,009.26
$16,006,780.58
$14,969,465.68
$17,970,158.85
$17,375,950.59
$14,820,833.48
Net oper. rev.
-Rail oper
$8,310.44
17.089,97
36,631.28
87,933.98
$7.802.29
$6,643.69
Net revenue per mile of road
81.240 Cents
69.545 Cents
66.025
78.267 Cents
76.450 Cents
65.588 Cents
Net revenue per train mile_ Cents
''We hereby express our confidence in the joint stockholders' committee
(V.98, p. 1172), headed by A. W.Anthony and C.H.Draper,and authorize
[Compared with results of United Boxboard Co., predecessor co.]
this committee to make the best possible settlement with the creditors and
Other
Interest Depre- Balance, proceed with reorganization."
Net
Gross
Years
Ending- Earnings. Earnings. Income. Charges. dation. Surplus.
Judge Harris, one of the receivers, in the course of outlining general conMay 30 1914_9508.404 $259,835 37.523 $35,769 990,000 8141,589 ditions, stated that there were about 880 stockholders. He said that the
3.714
190,871
Mar. 29 1913__ 470,902
company earned about $30,000 in August, and for no month less than
There were outstanding May 30 1914 bills payable, $272.195, and ac- $20.000 since the receivership. Indebtedness of $1.100,000 has been recounts payable, 1170.495; also $552,000 underlying liens on 4 of the mills duced approximately 8250.000, and the company holds about $750,000 in
maturing during 1919-1921, which are not liabilities of the United Paper- quick assets* The good-will account has also been largely reduced, although
-V. 98, p. 1772.
board Co.
on inquiry It developed that there had been a shrinkage of about $300.000 in
the merchandise account during the receivership, so that it was evident
-Div. Omitted.
U. S. Realty & Improvement Co.
that the amount of money raised by the company under receivership had
The following statement was issued on Tuesday: "The board of directors not been entirely from earnings.
at Its meeting to-day took no action on the question of dee taring a dividend
Negotiations between the stockholders'
on the stock [$16,162,8001 While the earnings for the period are in excess creditors' committee have been resumed andcommittee and the New York
statement to the stockholders
of the dividend requirements, yet, owing to the prevailing unusual business will probably be made in the near future. a The
property has not as yet
the company should
conditions, the directors were of the opinion that
been sold. A hearing will be held
retain for the time being the present surplus as working capital to most to the advisability of fixing anotheron the 19th inst. before Judge Dodge as
date for the sale.
-V.99, p. 412, 124.
through conservative action accumulate and maintain
unusual demands and
Western States Gas & Electric Co., Cal.
a safe amount of liquid assets."
-Notes.•
Kinnear is quoted in a newspaper interview: "The building
President
The Cal, RR. Commission has authorized the company to issue $731,000
business has fallen off somewhat, and there are indications of a further 3-year 6% notes at not less than 921 and int., In order to discharge float4
in
slackening in the near future. It was because of the uncertainty of the ing debt of $540,386 and for additions and
to the sum of
outlook that the board did not consider the dividend to-day.'
$135,000. The application to issue $120,000 of notes for working capital
,
1
was denied without prejudice.
From Nov. 1909 to Aug. 1914 13 % Was paid quarterly.
-V.99. p. 758.
Dividends Paid (Per Cent).
Western Union Telegraph Co.
-For 9 mos.
-Earnings.
1914.
1910 to 1913.
1907.
1909.
1908.
13:1, 0 ending Sept. 30 (Sept. 1914 estimated):
5 yearly.
4.34.i
4.35,
451
1914.
1913.
Earnings.
-For 5 months ending Sept. 30:
Total revenues
$33,934,918 $35,429,400
Consolidated Income and Surplus Account of the Realty & Improvement Co. Deduct-Maint.,repairs
and reserved for deprec'n $6,976,988 $6,033.000
and George A. Fuller Co.for Five Months ending Sept. 30 1914.
Other oper. expenses, incl, rent of leased lines
Gross earnings, $1,250,143; deductions, $327,433; profit, $922,0
24,322,932 24,509,00
and taxes
711; general and corporation expenses, $257,415; net earns_ _ _ 9665,296
1,002,938
1,002,938
Interest on bonded debt
Interest on debenture bonds, $248,542; quarterly dividend
450.747
(13%) paid Aug. 1, 1202,205: total
32,232,060 13,884,462
Net income
The decrease in the amount charged for maintenance and depreciation
Balance,surplus
$214.719
Total surplus April 30 1914, 31.582,559; reserve for contingencies. In the 1914 period, as against the 1013 period, is attributable in part to the
$100,000; accumulated surplus Sept. 30 1914, 31.697,378.-V. 98, p. 1684. classification of accounts by the Inter-State Commerce Commission. It
should also be noted that, as the plant is improved, repairs will presumably
1698.
be carried on at a more uniform rate of expenditure than heretofore.
-Earnings Year End. May 30'14:
United Paperboard Co.
U. S. Steel Corporation.
-Orders Sept. 30.
-See "Trade
Decision by Federal Court in Oregon Case.
and Traffic Movements" on a previous page.
See Mackay Companies above.
-V. 99, p. 474, 204.
-The argument in the suit brought by the
Argument.
-New President.
Westinghouse Air Brake Co.
Government has been set down for Oct. 20 and succeeding
Henry H. Westinghouse of New York,for many years Vice-President, has
days, until concluded, before the Federal Court at Philadel- been elected President to succeed his brother, the late George Westinghouse.
phia. Judges Woolley, Buffington and McPherson will -V.99, p. 1050, 87.
preside. Testimony has been taken for over 2 years.
-Renskorf, Lyon & Co., members Chicago Board of Trade
V.99, p. 474, 339.
and New York Stock Exchange, with offices at 33 New St.,
Walpole Tire & Rubber Co.
-Reorganization Matters.
timely and
As a result of an informal meeting of stockholders on Sept. 29, the affairs New York, have issued for free distribution a very
of this company seem in a fair way to be reorganized under the plan proposed interesting "Letter" on the "Wheat Situation' in the presStockholders' Committee, the so-called "Metzler Committee,"
by the Joint
The world's supply and demand of wheat
under whose auspices the meeting was held, agreeing to refrain from further ent grain market.
activities. A resolution was passed in substantially the following form: and the war's influence on this cereal is clearly analyzed.
OCT. 17 19141
THE CHRONICLE
The Tomutercial
Times.
COMMERCIAL EPITOME.
1151
Western buyers in the new crop, but there is a lack of animation or anything like it at the present time.
COPPER has been in only moderate demand, and Lake
is 11.50c., with electrolytic 11.35c.; offerings are reported
larger; standard in London is quoted at
electrolytic nominally £50 to £53 at European£50, with Tm has
points.
fallen to 283/Ic. under a pressure to sell. London is reported
to be offering Straits tin freely. Lead has been
demand;spot here 33/2e. Spelter is down to 4.75c.,in better
with
much business. In the steel and iron business condition not
s are
still unsatisfactory. There is a heavy falling off in steel
specifications. Also there has been a disappointing curtailment of operations in British blast furnaces, steel works
rolling mills, despite the interruption of imports from and
many, so that the outlook for trade with England is not Gersidered promising. In the past fortnight, however, 4,000 contons
of barb wire have been exported from this
tons more, it appears, are to go to France country, and 6,000
and England,
taking half. .In the cast-iron pipe trade there is keen each
competition. Prices for all finished products have been depresse
Bars, plates and shapes are 1.15c. for 1914 and 1.20c. d
1915 in Chicago and the Central West. Bar iron lc.for
1.050. Pig iron has been quiet. Cast scrap is selling to
new low levels; No. 2 Eastern foundry iron $13 25; No.at
2
Southern Birmingham $10.
Friday Night, Oct. 16 1914.
The business situation still reflects a strong leaning to
conservatism. The low price of cotton affects business at
the South. The unsettled condition of the international exchanges still affects foreign business, though general merchandise exports have improved somewhat, increasing our credits
abroad. Shipments of wheat and oats to Europe have been
large. Within the last few days Italy and possibly Germany, through Scandinavia, have been large buyers of our
wheat. Exports of cotton have increased somewhat, but
of course are far behind the normal. Unseasonably
weather tends with other things to restrict business in dry
goods. The iron and steel trade is still as a whole distinctly
unsatisfactory, with prices more or less depressed. In fact,
.
commodity markets as a rule have recently declined. The
West is favored by high prices for grain and a big foreign
demand coincident with deficient wheat crops in Europe.
i
Also some improvement is reported in the financial situation,
with call money easier. Efforts continue to be made to reopen the cotton and coffee exchanges, and it is said that the
Cotton Exchange at least is likely to resume business early
in November, with the help of the syndicate plan looking to
the financing of long holdings of cotton here on bank loans
to be repaid by a tax on trading at the Exchange.
COTTON.
LARD has advanced; prime Western 10.65e., refined for
Friday Night, Oct. 16 1914.
the Continent 11.15c., South America 11.500., Brazil 12.50c.
THE MOVEMENT OF THE CROP,as indicated by our
Lard futures have been stronger on the covering of shorts.
Stock yard interests have also been buying at Chicago. telegrams from the South to-night, is given below. For the
Packers have been buying on any setback, especially the week ending this evening the total receipts have
reached
near months. To-day prices advanced.
199,397 bales, against 162,032 bales last week and 158,124
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
bales the previous week, making the total receipts since
Sat.
Mon. Tues. Wed.
Thurs.
Fri
.
October delivery_ _cts_10.05
Roll- 9.95
10.30
10.30
Sept. 1 1914 802,021 bales, against 2,628,371 bales for the
10.50
November delivery_ _ _ 9.97
day. 9.90 10.17 10.17 10.40
January delivery
9.95
same period of 1913, showing a decrease since Sept. 1
9.85
10.10
10.07 10.00
PORK lower; mess $21 50@$22, clear $22@$25, family 1914 of 1,826,350 bales.
$24 50@$26. Beef steady; mess $23 ®$24, packet $24 ®$25,
family $29(4$30, extra India mess $40@$45. Cut meats
Sat.
Mon. Tues. Wed. Thurs. Fri.
Total.
lower; pickled hams, 10 to 20 lbs., 133/8 ®14340.; pickled Galveston
7.703 10,509 27.380 18.487 11,606 13,317 89,002
bellies, 6 to 12 lbs., 143(416%c. Butter, creamery extras, Texas City
4,073 2,729 4,309 1,684 3.946 16,741
32o. Cheese, State whole milk, colored, specials, 14% ® Port Arthur
Aran. Pass, &c
1543. Eggs, fresh-gathered extras, 31 ®33o.
362
-5U
New Orleans_ _ _ 4,145 1,758 4,874 4,602 2,234
4.916 22,529
COFFEE has remained quiet,• No. 7 Rio 63c.; No. 4 Gulfport
Mobile
714
635
638 1,385 1,195
Santos 103/i (4 101 c.;fair to good Cucuta 9 ® 93/c. Coffee Pensacola
4
466 5:655
2
futures in the unofficial trading-the exchange still being Jacksonville. &c.
1,958 f,§8A
Savannah
5,180 5,430 6,686 5,490 5,192 7.017 34,995
closed-have latterly been weak with sales of December Brunswick
623
623
at 5.40c. There has been a good deal of switching from Charleston
2,067 1.730 2,441 1,697 2,247 1,495 11.677
Georgetown
Dec. to March and May, May at 5.90c showing a decline Wilmingto
n459
280
475
719
369
773 3,67
of 165 points since July 30th. The Voluntary Committee Norfolk
1.558 3,703 1,444 1,426
1,926 2,123 12.180
has recommended that accounts be margined clown 25 N'port News,&c.
New York
294
points before the close to-day. There is an effort to clear Boston
591
up old trades as far as possible, with the idea of resuming Baltimore
928
928
Philadelphia_
business at the Exchange at the earliest possible date. The
weather in Brazil has been fine. Rio exchange declined to Totals this week 22.120 28.118 46,667 38,115 26,453 37,924 199,397
123 then rallied to 13d. The stock at Rio and Santos
,
0
The following shows the week's total receipts, the total
is 1,871,000 bags against 3,057,000 bags a year ago. The
censorship of cable despatches has been accompanied by since Aug. 1 1914 and the stocks to-night, compared with
rumors of a revolution in Sao Paulo. To-day it was an- last year:
nounced that for the purpose of further assisting liqudation
1914.
1913.
Stock.
of existing contracts the Voluntary Committee of the Coffee
Receipts to
Oct. 16.
Exchange will receive bids from buyers for new account
This Since Aug This Since Aug
Week. 1 1914. Week. 1 1913.
on and after Monday Oct. 19th, such buying to
1914.
1913.
only from sellers of outstanding long contracts.be supplied Galveston
89,002 401.540 133,083 1,077,805 138.452 176,304
Texas City
SUGAR lower; centrifugal, 96-degrees test,
16.741
21,203 21,140
84,124
10,236
7,580
4.39c.;
400
la,sses, 80
-degrees test, 3.740. Exports for the week at mo- Port Arthur &a_
Aransas Pass,
362
5,870
5,491
the New Orleans_ _ _ _ 22.529 71,612 8.247 59,303
2,081
six principal Cuban ports were 6,000 tons.
55,388 165,332
82.710
81,412
The
amounts to 78,000 tons, against 77,000 tons stock there Gull'port
Mobile
last year. Pensacola
5,033
22,579 18,267
93.511
19,270
48,625
Stocks in the United States and Cuba
141 5,500
14,209
total
against 469,416 tons last week and 273,936 457,355 tons Jacksonville, &c. 1.958
8,392 1,754
6,623
453
1,308
last year. Re- Savannah
34,995 153.981 128,580 622,073
' Brunswick
69.236 161,529
fined has been lower at 6 to 6.25c. for granulat
623
4,008 23,700 108,942
ed.
800
10.905
Charleston
OILS.
-Linseed lower; city raw, American seed,
11.677
44,843 32,001 175,228
37.369
79,728
Georgetown
500.; Calcutta, 700. Cocoanut steady; Cochin 49c.; Wilmington
3,075
18,986 26.402 122,608
15,870
31,694
15(4 Norfolk
153c., Ceylon 123'2(413c. Olive $1(441 10.
12.180
34,912 22,852
73.023
23.949
20,977
N'port News,
Castor
8,533 1,349
5.209
@8Yc. Palm unchanged at 83/2@9c. for Lagos. Cod,83i New York &c_ ____
294
394
do- Boston
__-74
70.471
17,969
mestic, steady at 330135c. Cottonseed oil lower;
1.537
226
1,789
2,609
3,158
winter Baltimore
928
3000 6,603
5.30(45.25c., summer white 5.30@6.25(4. Corn steady
18,518
4,983
2,590
Philadelphia -------- 90
at
4.508
4,469
5.45(45.500. Spirits of tupentine 48(4483/243.
Common to
Totals
199,397 802.021 485.092 2.628.371 486,407 650.329
good strained rosin $3 80(4$3 90.
PETROLEUM lower; refined, in barrels, 8©9c.;
In order that comparison may be made with other years,
bulk
4.50(45.5004, cases 10.50(411.500. Naphtha, 73 to 76 we give below the totals at leading ports for
six seasons:
degrees, in 100-gallon drums, 23Mc. Gasoline, 86-degrees,
26o.; 74 to 76-degrees, 2543.; 67 to 70
-degrees, 22c. Crude Receipts at- 1914.
1913.
1912.
1911.
1910.
1909.
prices are steady. Lawrenceville, Ill., advices state that Galveston
things are unusually quiet in Lawrence County. Cali- TexasCity,-- _ 80,002 133.083 182,064 141.155 166.263 105,307
&c.
17.103
29,387
62.278
43,028
35.215
19,453
New Orleans_
22,529
fornia oil industry is also unusually dull at this time, but Mobile
55,388
55,312
44.065
51,333
74,897
5.033
18,267
12,974
18.766
15,046 14,047
many operators, it is noticed, take a cheerful view as to the Savannah -- - 34,995 128,580 81,301 119,260
80,953 115,108
Brunswick.._ _
623
future outlook.
23.700
16.500
23,200
8,153
22.700
Pennsylvania dark $1 45 Corning
Second sand
1 45 Wooster
'Dona
1 45 North Lima
Cabell
108 South Lima
Mercer black
1 02 Indiana
1 02 Princeton
New Castle
85c.I Somerset,32 deg__ 85c.
Si 18[Ragland
65c.
96c. I Illinois. above 30
Pie.I degrees
92c.
91c.INansas and Okla92c. homa
55c.
Charlestonokc
Wilmington
Norfolk
N'port N.,Stc.
Allothers
11,677
3.075
12,180
3.180
32,001
26,402
22,852
1,349
14,083
Tot.this week
199,397
485,092
25,484
25,991
33,628
1.863
3,487
19,063
29.250
30,392
146
5.207
21.891
26,007
37.576
328
9,187
16,113
26,611
37,115
289
19,259
500,942 473,532 451,952 450,899
TOBACCO has been for the most part quiet. Manu1
facturers are buying sparingly. They feel some falling off Since Ault. 1_ 802.021 2.525.3 71 2.554 032 2 81:1 5379 MA 0519 9 .401 A.1,
.
in the demand for cigars in these times. The sales, thereThe exports for the week ending this evening
reach a total
fore, of both domestic and foreign leaf are restricted. A fair of 87,829 bales, of which 42,113 were
to Great Britain,
amount of business is .
being done in Sumatra tobacco. 400 to France and 45,316 to the rest
Cuban is dull. A certain amount of interest is shown by Below are the exports for the week andof the Continent, &c.
since Sept. 1 1913.
1152
[VOL. unit.
THE CHRONICLE
"Will you, and to what extent in dollars will you, guarantee
From Aug. 1 1914 to Oct. 16 1914.
Week ending Oct. 16 1914.
Exported to
Exported to
the banks that the tax will repay to them in three years the
Exports
money borrowed ?" The new commission rules call for $20
ContiGreat
ContiGreat
from
to non-members for the round turn, $10 to members and $1
Britain France .nent.ct:c Total. Britain. France. nent,ilbc. Total.
Temperatures in a few parts of Western
36,696 58,571 90,680 3,405 93,796 187,881 for floor business. touched 33 degrees.. The grade is reporGalveston__ 21.875
3,483 13,017 Texas have latterly
650 10,154 9,534
Texas City_ 9,534
400
400
in
Pt. Arthur_ ____
10,803 20.162 ted to be high in Texas. Copious rams have occurred has
800 9,359
8
NewOrleans
320 parts of the Eastern section of the belt. Liverpool
320
Pensacola__
i
16.381 23.233 reduced the basis on straddle settlements to 4.75d. for
ii 6 3 iii
7
Savannah.. 2,8'7.
2,650
Brunswick ---------------2,650
2,250 January-February,or equal to 8 cents for December here; no
Charleston. ____ -____ ____ 2,250
2.600 2,600 margins required below 9 cents. But Liverpool also calls
Wilmington
4.600
___ 4,100 4,600
Norfolk.... 4,100
405 14,953 27,824 upon New York to release margins on these transactions, now
3,468 5,295 12,466
New York_ 1,427
457 deposited with banks and trust companies, to the Liverpool
80
377
162 162
Boston ____ ---100
100
be stout lOpposition
Baltimore840 5,270 firms interested. It is said that there will that Liverpool is
4.430
____ 2,600
Phliadera-- 2.800
think
10.453 10.453
San Fran- ----------------10,453 12.182 to this in many quarters. Some here New York as possible,
-- -12,182
,
289 2.890
Pt.Towns'. _ ---trying to get as much money out of
of the December contracts inTotaL___ 42,113 400 45,316 87,829 143,221 3,810 166,368 313.399 even before the closing out itself when the British mora_
830,404 1,769,608 Volved in order to protect To-day Southern spot markets
Total 1913_ 155,122 46.178 177.83 379.130 699,701 239,503
torium ends on Nov. 4.
Noie.-New York exports since Aug. 1 inc ude 11,287 bales Peruvian and 25 bales
New Orleans declined 1-16c.
were generally steady, though
to Liverpool, 50 bales Egyptian to Mexico.
West Indian
others were 63' to 63%c., withGalveston
exports, our telegrams to-night also to 6 11-16c.; most
In addition to above
d.
give us the following amounts of cotton on shipboard, not 7c. Exports increase on for middling upland cotton in the
The official quotati
cleared, at the ports named. We add similar figures for
past week has been:
New York market each day for the
New York.
Sat. Mon. Tues. Wed. Thurs, Fri.
Oct. 10 to Oct. 16Middling uplands
On Shipboard, Not Cleared for
FOR 32 YEARS.
NEW YORK QUOTATION
10.31
gm
1898_c
11.25
GerOther CoastLeaving
Great
1914.c__ __*11.00 1906-c
10.56
190
•
Britain. France. many. Foreign wise. Total. Stock.
1913
Oct. 16 at
9.69
7.94 1888
10.35 1896
10.75 1904
1912
9.50
9.38 1887
9.90 1895
414 18.700
7,025
567
9.50 1903
Orleans_ _ 6.689 3.956 4.005 34,489 3,255 52.840 64,010 1911
New
9.31
6.00 1886
8.70 1894
1902
85,612 1910
14.90
Galveston _ ___ 11,140
9.81
8.56 1885
8.56 1893
68,536 1909
700
700
13.95 1901
Savannah _ _
9.94
8.00 1884
10.06 1892
37.369 1908
9.30 1900
n __ _
Charlesto
10.59
8.50 1883
7.25 1891
-338
18.647 1907
623
-186
135
11.75 1899
Mobile
9.265
14,684 14,684
Norfolk
*Aug. 17.
700
69,771
700
New York_
NEW YORK.
1,000
40,950
MARKET AND SALES AT
4.000
3,666!
Other ports..
ins...
Total 1914...20,964 4,523 4,343 43.214 19a03 92.247
Total 1913._ 64,254 48,759 98,409 23,823 17.1319 252264
Total 1912._ 97.799 38.742 104,156 51.903 26.876319:476
394,160
398,065
634.675
Spot Market
Closed.
Futures
Market
Closed.
SALES.
Spot. 1Contr'ct Total.
Speculation in cotton for friyure delivery has been absent, Saturday___ Nominal
Monday
165
-300
even informal unofficial trading having been discontinued Tuesday __ _
by request of the Exchange authorities. Meantime Southern Wednesday
spot markets have been steadily falling. Within about ten Thursday -Friday
3
days they have dropped some % to lc. Distress Cotton is
300
300
Total_
being pressed for sale more freely as the crop movement in-_
transactions in cotton
very irregular in the Southwest.
creases. Also prices are
-There have been no
FUTURES.
It is said that in different parts of Texas prices of middling for future delivery on the New York Cotton Exchange this
day something like 2 cents a pound week.
have been on the same
apart. In the absence of trading on the exchanges nobody
ight, as made
THE VISIBLE SUPPLY OF COTTON to-n
has a very clear idea of just what the value of cotton is. The
and telegraph, is as follows. Foreign stocks,
its way. All up by cable
consequently
trade is disorganized and simply groping
as well as the afloat, are this week's returns, and
sorts of panaceas have been suggested by Southern
figures are brought down to Thursday evening.
receiving no all foreign
for to-night
Governors and Congressmen, but they are
But to make the total the complete figures
encouragement at Washington. There is in fact a gen- (Friday), we add the item of exports from the United States,
the country
eral opposition among the conservative element of
including in it the exports of Friday only.
1911.
1912.
1913.
1914.
against anything like valorization of the crop. A recent
October 16to prac- Stock at Liverpool
bales. 769.000 482,000 519,000 294,000
proposal that some $500,000,000 should be devoted
7,000
11,000
5,000
19.000
Washing- Stock at London
17,000
46,000
40.000
53,000
tically this purpose has met with a decisive check at
Manchester
amount shall Stock at
ton, and now there is a suggestion that half this
841,000 527,000 576,000 318,000
of this
Total Great Britain stock
12,000
8.000
17,000
*29,000
be devoted to the same purpose. But to all schemes
to be resolutely Stock at Hamburg
*160,000 121,000 150,000 67.000
sort the Federal Government is understood
Stock at Bremen
62,000
95,000
88.000
216.000
is receiving encour- Stock at Havre
2.000
2,000
2,000
opposed. Another and a different plan
3,000
Marseilles
13,000
look to anything Stock at Barcelona
12.000
9,000
27,000
agement at Washington. This does not
Stock at
13,000
3,000
6.000
27,000
hment of a banking fund Stock at Genoa
4,000
5,000
like valorization, but to the establis
11.000
*20,000
on cotton at the Stock at Trieste
of $150,000,000 for the purpose of lending
482,000 254.000 275,000 173,000
it is suggested, is to be conal stocks
Total Continent
South, of which $50,000,000,
total fund,it is sugtributed by the New York banks. The
1,323.000 781,000 851,000 491,000
Total European stocks
18,000
54,000
94,000
79,000
by the Federal Reserve Board. India cotton afloat for Europe
gested, shall be managed
191.273 854.768 878,939 989,542
the money to the national currency Amer. cotton afloat for Europe
30,000
The Board is to lend
44,000
58,000
zil,&c..aflt.for Europe- 20,000
banks. EgYpt.13ra
reserve
Federal
70,000
the
to
*105,000 191,000 139,000
or
associations
Stock in Alexandria, Egypt
518,000 426,000 298,000 254,000
payable on or before Stock in Bombay, India
All loans are to be made
650,329 954,151 743,339
486,407
borrower is with the right of Stock in U. S. ports towns
577,653 440,472 445,118 503,157
one year, at the option of the
Stock in U. S. interior
41.809
75,596
69,150
extend any or all such loans U. S. exports to-day
17,259
the Federal Reserve Board to
six months each. The interest
3,317,592 3,564.719 3,739.804 3.131,847
made for two periods of
Total visible supply
the rate of 6 per cent. All loans
Of the above. totals of American and other descriptions are as follows:
on such loans is to be at
American6 cents per pound for cotton
are to be made at not to exceed
bales. 417,000 303,000 376,000 191,000
stock
d warehouse receipts Llverpooler stock
23,000,11,000
35,000
Manchest
middling basis to be secured by approve
135,000
*365,000 213,000 250,000 989,542
plan has not, however, Continental stock
for cotton properly insured. The
191.273 854,768 878,939
the exports thus far this American afloat for Europe
486,407 650,329 954,151 734,339
U. S. port stocks
yet been really adopted. Of course
577,653 440,472 445,118 503,157
off, even if the consump- U. S. Interior stocks
41,809
season show a very decided falling
75,596
69,150
17,259
d perhaps quite so U. S. exports to-day
in the United States has not decrease
tion
3,012,804 2,605,847
e
of the Exchang
2,143,592 2,553.719
Total American
much as had been expected. A meeting
East Indian, Brazil,
103.000
the new rules recently
298.000 179,000 134,000
will be held on Monday to consider
7,000
Liverpool stock
11,000
5,000
s. It is expected that London stock
19.000
6,000
adopted by the Board of Manager
13,000
17,000
18,000
38,000
Manchest
25.000
s will with practical unanimity approve of these Continenter stock
41,000
the member
*117.000
18,000
al stock
54,000
project has
94,000
79,000
30,000
India afloat for Europe
rules. The committee on the clearing house
44,000
58.000
20,000
70,000
139,000
legal opinion on some points in the plan and Egypt. Brazil, &c., afloat
been getting a
*105,000 191.000 298,000 254,000
a, Egypt
Finally SLOCk in AlexandriIndia
518,000 426,000
is expected to make a report in the near future.
Stock in Bombay,
e project to finance long holdings here
727,000 526.000
there is the syndicat
1,174,000 1,011,000 3,012,804 2.605,847
India, &c
Total East
Those who
2,143,592 2,553.719
and reopen the Exchange in the near future.
Total American
that the
3,131,847
ought to be well informed on this matter state
3.317,592 3,564.719 3,739,804
5.29d.
Total visible supply
ment.
7.09d.
7.64d.
5.30d.
Ian has received practically unanimous endorse
9.45c.
Middling Upland, Liverpool
10.95c.
13.80c.
quesal1.00c.
1034d.
borne further investigation of the attitude of firms on is un- Middling Upland. New York
7.808. 10.754. 10.00d. 10.®d •
Egypt, Good Brown, Liverpool
is being made but it
9.254. 10.004.
tions 4 and 5 pertaining to the plan
Good. Liverpool 8.754.
6-164.
out Peruvian, Rough
4.504. 6 5-18d. 6 1-16d. 5 6Hd.
Broach, Fine, Liverpool
derstood that the plan in any event will be carried
6.004.
7.004.
being the credit of large Tinnevelly. Good. Liverpool__.- 4.65d.
with the aid of banks, the security
*Estimated. a August 17.
concerns in the trade and the plan to levy a tax of $2 50 for
been 11,000 bales.
Continental imports for past week have
turn on all transactions at the Exchange until the
last week
the round
figures for 1914 show an increase over
The above
a decrease
total amount shall equal $7 50 per bale. Question No. 4
a loss of 247,127 bales from 1913,
bales,
bales over
put by the committee to members of the trade and to which of 218,295
bales from 1912 and a gain of 185,745
some nave not yet replied, is as follows: "How much cotton of 422,212
will you agree to take in a syndicate at 73/2c.?" No. 5 is: 1911.
1
THE CHRONICLE
1153
-that is,
AT THE INTERIOR TOWNS the movement
Galveston, Texas.
-There has been rain on two days of
the receipts for the week since Aug. 1, the shipments for the week, the precipitation reaching thirteen hundredths
the same items for the of an inch. The thermometer has averaged 69, ranging
the week and the stocks to-night, and
-is set out in from 54 to 84.
corresponding period of the previous year
detail 'below.
Abilene, Tex.
-We have had rain two days • during the
week, the rainfall being one inch and seventy hundredths.
Movement to October 17 1913.
Movement to October 16 1914.
Minimum thermometer 38.
Ship- Stocks
Receipts.
Towns.
Ship- Stocks
Brenham, Tex.
Receipts.
-Rainfall for the week, thirty-six hunmeats. Oct.
merits. Oct.
dredths of an inch on one day. Average thermometer
Week. Season. Week. 16. Weak. Season. Wee*. 17.
68,
highest 98, lowest 42.
Ala.,Eufaula__ 1,525
368 6,360 2,067 10,929 1,477 2,379
9,012
Cuero, Tex.
-We have had heavy rain on two days of the
Montgomery_ 13,325 64,991 3,787 51,468 13,327 71,786 9,269 21,995
Selma
8,709 41,169 2,676 31,215 9,191 54,243 7,809 10,046 week, the rainfall being six inches and forty-six
hundredths.
Ark. Helena
4,040 11,120 1,571 9,725 4,932 11,046 1,564 8,930 The thermometer
has averaged 70, the highest being 98
8,741 21,809 5.086 17,108 10,054 28,783 4,308 21.610
Little Rock
___ 14,269 2,200 17,164 1,955 2,138 and the lowest 42.
14,002
Ga.,Albany
2,697
6,248 17,043 2,565 12,893 8,932 23,425 5,114 8,996
Athens
Dallas, Tex.
-There has been rain on one day of the
7,681 15,486 4,036 7,573 20,176 61,375 19.049 16,147
Atlanta
25,554 106,944 3,355 77,239 26,641 122,865 21,703 34,44)0 week, the precipitation reaching two
Augusta
hundredths of an
950 15,396 3,180 17,665 2,450 8,191
Columbus_ _ - 3,637 21,061
.
2,550 13,943 3,514 12,411 5,133 17,623 4,820 1,802 inch. The thermometer has averaged 65, ranging from 42
Macon
8,573 2,186 2.883 4,549 18,626 4,775 5,059 to 88.
2,875
Rome
La.,Shreveport 9.338 34.128 1,048 33,817 10,132 40,237 5,047 19.001
Henrietta, Tex.
-Dry all the week. The thermometer
3,595
531 2.668 2,835 11,399 2,785 5,604
Mi5s.,Columb' 1,267
Greenville __ - 5,189 18,373 1,521 15.464 4.193 15,116 1,937 10,792 ranged from 40 to 96, averaging 68.
Greenwood..- 7,713 20,283 3,843 19,431 8,000 20,905 6,000 12.000
Huntsville, Tex.
-There has been rain on two days of the
5,913 1,258 4,166
3,775
184 4,453 1,437
840
Meridian
6.295
900 6,000 1,200
4.409 1,0 $ i 1,400 week, the rainfall being one inch and twenty
1.800
Natchez
hundredths.
4,591
491 4,031 1,166
4,274
1,291
Vicksburg
209 3,416 Average thermometer
66, highest 90 and lowest 42.
8.292
500 8,611 2,079
7,670 1,020 7,449
2,000
Yazoo City
Lam passas, Tex.
-There has been no rain the past week,
Mo.,St. Louis_ 7,096 20.378 5,992 14.487 12,494 33,837 10,31: 5,692
485
4,759
832
95
138
75
9$ $
N.C.. Raleigh305
4,081 1,409 13,054 2,827 15,578 The thermometer has averaged 64, ranging from 38 to 90.
0., Cincinnati_ 1,812 10,42 2,14
Longview, Tex.
-It has rained on one day during the week,
1.459 1,700 1,019 2,568 10,525 2,956 2,762
719
Okla.,Hugo_
2.522
S.C.,Greenw'd_
213 2,338
676
927
3.826
445
908
Tenn.,Memphls 45.533 121,620 15,41; 95,131 52,483 130,223 27.679 72,546 the rainfall being one inch and twenty four hundredths.
53
Nashville _
285
2,945
951
482
5$
732 1,729 The thermometer has ranged from 42 to 88, averaging 65.
7,062
11$ 5.434 1,640 17,95: 1.961 1,179
720
Tex., Brenham
Luling, Tex.
-Rain has fallen on two days of the week.
8,753 1,428 4,625 2,844 14,722 2,633 4,758
Clarksville- _ _ 1.153
5,811 20,852 6,060 4,666 3,500 19.929 2,500 6,838 The rainfall reached fourteen hundredths of an inch. AverDallas
7.544
844
5,861
659 4,085
Honey Grove_
964 1,965 age thermometer 69, highest 94, lowest 44.
716
93,080 427.841 77.712 83,308 134,136 1.027,027 118,944 115,029
Houston
Nacogdoches, Tex.
-We have had rain on one day of the
1.088 16,478 10,181 4,907 5,217 26,841 4,719 6.125
Paris
week, the rainfall being fifty-six hundredths of an
inch.
Tn.n1 51 tnoma275 1173 1.090.23s 157.896 577.653 361.141 1.868.060281.580440.472
The thermometer has averaged 64, the highest
being 90
The above totals show that the interior stocks have in- and the lowest 38.
Palestine, Tex.
creased during the week 118,077 bales and are to-night 137,-We have had rain on two days of the
181 bales more than at the same time last year. The receipts week, to the extent of ninety-eight hundredths of an inch.
at all towns have been 85,168 bales less than the same week The thermometer averaged 67, ranging from 46 to 90.
Paris, Tex.
-We have had rain on two days during the
last year.
OVERLAND MOVEMENT FOR THE WEEK AND week, the rainfall being sixteen hundredths of an inch.
-We give below a statement showing the The thermometer has ranged from 40 to 88, averaging 64.
SINCE AUG. 1.
San Antonio, Tex.
-There has been rain on one day of
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for the week, the rainfall being forty-four hundredths of an
the week and since Aug. 1 in the last two years are as follows: inch. Average thermometer 69, highest 94, and lowest 44.
Taylor, Tex.
-We have had a trace of rain on one day
-1914--1913
Since
Oct. 16.
Since of the week. Minimum thermometer
40.
Week. Aug. 1.
Week. Aug. 1.
ShippedWeatherford, Tex.
-There has been rain on two days during
5,992
31,016
10,308
Via St. Louis
40,190
12,894
4.692
12,879
35,967 the week, to the extent of fourteen hundredths
Via Cairo
of an inch.
303
303
453
Via Rock Island
613
2,487
7,407
2,784
13,090 The thermometer has averaged 64, ranging from 40 to 88.
Via Louisville
Ardmore, Okla.
287
2,200
Via Cincinnati
761
6,562
-It has rained on one day during the week
.
1,986
7,778
Via Virginia points
8,147
24,577 the rainfall being three hundredths
of an inch. The ther7.461
Via other routes, &c
31,469
9,263
37,497
mometer has ranged from 40 to 90. averaging 65.
Total gross overland
23,208
93,067
44,595 158,496
Marlow, Okla.
-Dry all the week. Average thermometer
Deduct shipments
Overland to N.Y., Boston,&c._ 1,222
5,021
6,829
20,381 61, highest 83, lowest 38.
Between interior towns
284
9.849
724
7,090
New Orleans, La.
-It has rained on two days during the
Inland, &c., from South
4.306
36,932
1,170
22,945 week, the extent of
to
two inches and thirty-eight hundredths.
Total to be deducted
5.812
51.802
8,723
50,416 The thermometer has averaged 72, the highest being 90
and the lowest 54.
Leaving total net overland •
17,396
41,265
35.872 108,080
Shreveport, La.
-There has been rain on one day of the
* Including movement by rail to Canada.
past week, the rainfall reaching one hundredth of an inch.
The foregoing shows the week's net overland move
n= The thermometer has averaged 71, ranging from 42 to 90.
been 17,396 bales, against 35,872 bales for the week last
Little Rock, Ark.
-Rain has fallen on three days of the week,
year, and that for the season to date the aggregate net over- to the extent of one inch and twenty-one
hundredths. The
land exhibits a decrease from a year ago of 66,815 bales.
thermometer has ranged from 43 to 84, averaging 64.
1914---1913
Columbus, Miss.
-We have had rain on four days of the
In Sight and Spinners'
Since
Since
Takings.
Week.
Aug. 1.
Week.
Aug. 1. past week, the precipitation reaching one inch and sixty-two
Receipts at ports to Oct. 16
199.397
802,021 485,092 2,628,371 hundredths. Average thermometer 69, highest 89, lowNet overland to Oct 16
17,396
17.265 35.872
108,080
Southern consumption to Oct. 16_ 60,000
630.000 60.000
666,000 est 45.
Vicksburg, Miss.
-We have had light rain on two days
Total marketed
276,793 1,473.286 580.964 3,402,451
Interior stocks in excess
118.077
457,514 79,561
297,014 of the week, the rainfall being twelve hundredths of an inch.
The thermometer has averaged 78, the highest being 86
Came into sight during week_ _394.870
660,525
Total in sight Oct. 16
1.930.800
3,699,465 and the lowest 47.
Mobile, Ala.
-There has been rain on three days of the
Nor, spinners' takings to Oct. 16_ 49,971
309.245 96.977
478,090 week, the precipitation reaching nineteen hundredths
of an
QUOTATIONS FOR MIDDLING COTTON AT OTHER inch. The thermometer has averaged 73, ranging from
MARKETS.
.
-Below are the closing quotations of middling 56 to 83.
cotton at Southern and other principal cotton markets for
Selma, Ala.
-It has rained on five days during the week,
the rainfall being one inch and forty hundredths. The
each day of the week.
thermometer has ranged from 47 to 84, averaging 68.
Closing Quotations for Middling Cotton on
Madison, Fla.
-Rain has fallen on three days of the week.
Week ending
The rainfall reached one inch and thirty-eight hundredths.
Saturday. Monday. Tuesday. Wed'
day. Thurscry. Friday.
Matt 8.
Average thermometer 74, highest 88, lowest 60.
7
6%
Galveston
6%
7
Albany, Ga.-It has rained on three days during the week,
-7%
New Orleans
7
7
Mobile
to the extent of two inches and seventy hundredths.
681
6%
The
7
Savannah
631
6%
634
thermometer has averaged 72, the highest being 90 and the
Charleston
7
681
681
634
Wilmington.. -- 7
681
lowest 52.
6%
6
6%
Norfolk
6%
61,4
6
6
64
6
Savannah, Ga.-We have had rain on three days of the
Augusta
7
613-16 6
Memphis
week, to the extent of twenty-seven hundredths of an
7
681
6
6%
inch.
75
St. Louis
7
716
The thermometer averaged 76, ranging from 65 to 88.
Houston
6
7
6%
6%
6N
Little Rock__ _ _ 7
Charleston, S. C.
6
-We have had rain on three days during
68
634
634
the week, the rainfall being sixty-seven
NEW ORLEANS CONTRACT MARKET.
hundredths of an
-There have inch.
The thermometer has ranged from 66 to
been no dealings at New Orleans this past week.
83, averaging 75.
WEATHER REPORTS BY TELEGRAPH.
-Our teleGreenville, S. C.
-There has been rain on three days of the
graphic advices from the South this evening indicate that week, the rainfall being three inches
and eight hundredths.
rain has been quite general the past week, with the precipi- Average thermometer 70, highest 84, and lowest
56.
Charlotte, N. C.
-We have had rain on two
tation light or moderate at most points. Temperature has
days of the week
the rainfall being seventy-eight
hundredths of an inch. The
lower. Picking has made good progress and the movebeen
thermometer has averaged 71, the
highest being 81 and
ment has been more liberal, but restricted withal.
the
lowest 61.
g4
-
1154
THE CHRONICLE
xonc.
-There has been rain on three days of the fication committee shall determine
Weldon, N. C.
value of such rejected cotton
week, the precipitation reaching fifty-one hundredths of an or off middling, and settlement shall themade on this basis
on
be
without the
inch. The thermometer has averaged 73, ranging from cessity of the return of ths cotton or the substitution of other cotton." ne57 to 89.
COTTO
Memphis, Tenn.
-It has rained on two days during the MENT N CONSUMPTION AND OVERLAND MOVETO OCT. 1.
-Below we present a synopsis
week, the rainfall being twenty-seven hundredths of an inch. crop
movement for the month of September and of the
The thermometer ranged from 48 to 82, averaging 65.
the two
months ended Sept. 30 for two2years:
WORLD'S SUPPLY AND TAKINGS OF COTTO
N.
The following brief but comprehensive statement indicates
1914.
at a glance the world's supply of cotton for the week and
1913.
Gross overland
since Aug. 1 for the last two seasons, from all sources from Gross overland for September
.
bales_
29,232
38,133
for two months
51,457
which statistics are obtainable; also the takings, or amounts Net overland for September
66,665
17,402
Net overland for two months
22,749
gone out of sight, for the like period.
13,375
Port receipts in
38,644
September
337,582 1,247,249
Port receipts in two months
387,395 1,550,401
Exports in September
112,138
816,835
Exports in two months
124.879
964,258
Port stocks on Sept. 30
Week.
Season.
Week. I Season.
343,827
502,530
Northern spinners' takings to Oct. 1
180,300
280.914
Visible supply Oct. 9
Southern consumption to Oct. 1
3,099,297
3,128,9911
490,000
Visible supply Aug. 1
516.000
Overland to Canada for two months (included in
net
American in sight to Oct. 16_ 394.870 3,176.816
overland)
1,930,800 660,525. 2,581,551
3,699,465 Burnt North and South
13,062
Bombay receipts to Oct. 15
8,198
b12.000
115.000
in two months
30,000, 150,000 Stock at
292
Other India ship•ts to Oct. 15....
62.000
Northern interior markets Oct. 1
178.000
4,000:
Alexandriareceipts to Oct. 14
72,000
5,016
17,400
b15.000
98,000
70,0001 213,600 Came in sight during September
803,352 1,668,998
Other supply to Oct. 14•
Amount of crop in sight
1.000
31.000
6,0001
72,000 Caine in sight balance of Oct. 1
1,090,770 2,205,050
season
Total supply
12.404,918
Total crop
3.524.167 5,529,616 3,899,516
6,788.616 Average gross weight
Deduct
14,609,968
of bales
Visible supply Oct. 16
51,400
521.15
3,317,592 3.317,592 3,564,719
Average net weight of bales
3,564,719
489.00
496.15
'rotal taldngs to Oct. 160
206,575 2,212,024 334,7971
3,223,897
which American
Of
167,575 1.467,024 319,797
CENSUS BUREAU REPORT ON COTTON GINNI
2,479,297
Of which other
39,000
745.000
NG
15,000
744,600 TO SEPT. 25.
-The Census Bureau
* Embraces receipts in Europe from Brazil, Smyrna, West
report on the amount of cotton ginned issued on Oct. 2 its
a This total embraces the tots estimated consumption by Indies, &c.
up to Sept. 25 from
Southern mills, the growth
630,000 bales in 1914 and 666,000 bales in 1913
-takings
of 1914 as follows, comparison being made with
-and the aggregate amounts taken by Northern andnot being available
1.582,024 bales in 1914 and 2,557,897 bales in 1913, foreign spinners. the returns for the like period of the preceding years:
of whch 837,024
bales and 1,813,297 bales American.
Number of bales of cotton ginned from the
growth of 1914 prior to
Ii Estimated.
Sept. 25 1914 and comparative statistics
to the corresponding date in
1913, 1912 and 1911. (Counting round
as half
MANCHESTER MARKET.
-bales.)
-Our report received
1914.
1913.
Alabama
cable to-night from Manchester states that the marketby Arkansas
392.655
325,735
192,310
360,24
is Florida
99,179
70,086
easy for both yarns and shirtings, with yarns selling
41,438
43,626
25,388
on the Georgia
16.367
9,770
21,510
basis of cotton prices in the United States.
769,118
491,511
272,335
765,697
Louisiana
94,175
77,865
73.992
89,069
Mississippi
NEW YORK COTTON EXCHANGE.
161,125
120,593
57,393
96,829
-Rules to Govern North Carolina
82,849
49,952
101.683
Trading under the U. S. Cotton Futures Act.
156,390
Oklahoma
-The proposed South Carolina
109.050
148,979
77,394
118,_.
changes in the rules of the New York Cotton Exchang
298,589
193,318
174,251
338,090
Tennessee
e, which Texas
16,033
18,359
990
15,541
were approved by the Board of Managers on Saturday,
1,324.778 1,727,639 2,002.975 1.667,875
will
be posted for ten days before being voted on by the member- All other States
8,924
6,251
2,740
5,395
ship in general. They go into effect on "new style"
United States
3.381,863
The number of round bales included 3,246,655 3.007,271 3.676.504
only on the day after adoption of the Exchange of contracts
this year is 3,292,
the new 26,983 for 1913. 19,574 for 1912 and 27.918 for 1911. Thecompared with
by-laws and will be effective on all contract
number of Sea
Island bales included Is
10,570
Nov. 1 1915. Following are the new rules: s on and after 11,807 for 1911. The 13,895 for 1914,the Seafor 1913 3,051 for 1912 and
distribution of
Island cotton for 194 by
States Is: Florida, 5.902 bales; Georgia,
Rule 1-"Every order, written
7,900 bales. and South Carolina
York Cotton Exchange,for the or verbal, given to a member of the New 93 bales.
purchase or sale of
delivery of cotton as agent or broker of the party a contract for the future
giving the order, shall be
agreed to be subject to the by-laws and rules of the
-Mr. Luitpold Mandelbaum, a member of the New York
New York Cotton Exchange and suMeet to the United States Cotton
Futures Act on and after Cotton Exchange, and for a consider
Feb. 18 1915.
able period active on
-The first paragraph of Rule 9 as
Rule 9
various important committees of the organization, died on
"Where notice of delivery by the seller is amended reads:
required by a
be given to the buyer before the opening of the Exchange contract It shall Wednesday of last week in the 64th year of his age.
on the fifth business day prior to the day of delivery, except when
delivery Is to be made
upon the last day of the month, in which case notice
NEW YORK COTTON EXCHANGE.
of delivery shall be
-The following
by the seller before 10 minutes after 12
given
o'clock noon on the last chty was issued yesterday by the Conferen
of the month upon which transferable
ce Committee:
The committee is in receipt of a cablegram from
that when the day as herein provided for notices may be Issued; provided,
the issuing
ery falls on a Saturday or holiday the neat precedingof the notice of deliv- Liverpool Cotton Association, stating that. in view ofthe president of the
present values being
full
.
be substituted therefor, and no notice making Saturday business day shall far below 9 cents, it is suggested that money deposited with
the day of deliv- banks or trust companies should be
designated
ery shall be issued. •
released to Liverpool
The committee feels that the request is a fair one, but firma interested.
The transferable notice form (page 110) as amended reads:
nevertheless must
leave It to the discretion of each member to do as he elects.
TRANSFERABLE NOTICE.
(9:59 o'clock).
New York.
SHIPPING NEWS.
-As shown on a previous page, the
To (H. Bros. et Co.):
Take notice that on
exports of cotton from the United States the past week have
we shall deliver you
pounds in about 100 square bales of cotton, in accordance with the50.000
terms reached 87,829 bales. The shipments in
of our contract sale to you.
detail, as made
We pledge ourselves to deliver on the day specified for delivery, to the up from mail and telegraphic returns, are as
follows:
last holder hereof, a warehouse receipt or receipts, together with a written
Total b
notice of grade or of- a certificate or certificates of grade (as provided in NEW YORK
-To Liverpool
-Oct. 14
1,4ates.27
To Havre-Oct. 10-Venetla, 400 -Celtic, 1.427
section 50 of the by-laws), upon written notice by the last holder of this
To Copenhagen-Oct. 15
notice of the holding of the same to us (not later than 4 p. m.) on the day
400
-Oscar II, 300
To Barcelona-Oct. 14
300
previous to the one herein specified for delivery of the cotton.
-Roma, 300
To Genoa-Oct. 10
3(5)
This notice is to be delivered to us simultaneously with our delivery of
-Ascot, 201; Taormina, 774_ _ _Oct.
15Regina d'Italia, 1,750
the warehouse or receipts to the holder thereof.
To Piraeus
Signed (L. BROS.)
Per
-Oct. 10--Patris, 143
2,725
GALVESTON-To Liverpool
-Oct. 10
CONDITIONS.
-Professor, 9,176_ __Oct. 15 143
-Ikbal, 12,699
consideration of $1 paid to each of the acceptors, the receipt of which
In
To Christiana-Oct. 14
21,875
-Frey, 1,700; Myrdal, 200
Is hereby acknowledged,it is agreed that the last acceptor hereof will beTo Gothenburg
1,900
-Oct. 10-0esterland, 8,650-Oct. 14
day of
give written notice of
fore 4 p. m. on the
-Frey
5.894; yrda ,
day of
the holding of this notice to (L. Bros.) and on the
17 144
To MaLmo-Oct. 10--Oesterland. 700
,
receive from (L. Bros.) a warehouse receipt or receipts, together
To Japan-Oct. 14
-City of Naples, 16,952
with a written notice of grade or a certificate or certificates of grade (as TEXAS CITY
16,952
-To Liverpool Oct. 14
-Author,9,534
provided in section 50 of the by-laws), for about 100 square bales of cotton
9.534
To Mexico-Oct. 10
-City of Tampico, 650
and pay them, on receipt of a warehouse receipt or receipts the full amount NEW ORLEANS
650
-To Mexico-Oct.15
-Mexico,800
cents per pound therefor, settling with them on the basis of SAVANNAH-To
of
800
Liverpool
-Oct. 10-Nellrose, 2,577
middling, with allowance for variation in grade in accordance with the
2,577
To Gothenburg
-Oct. 10-Nellrose, 100
established on the day previous to the date of the issuance of
quotations
100
To Barcelona-Oct. 10-Nellrose, 550
the transferable notice. It is further agreed that each acceptor hereof NORFOLK
550
-To Liverpool
-North Point, 4,100
shall continue his (or their) liability to each other for the fulfillment of the BOSTON-To Yarmouth -Oct. 13
4.100
-Oct. 10
-Prince George, 162
contract until this notice shall have been returned to (L. Bros.) and a PHILADELPHIA
162
-To Liverpool
-Oct. 9
-Merlon, 2,600
warehouse receipt or receipts for the cotton to be delivered, received by PORT TOWNSEND-To
2,600
Japan-Oct. 13
Marti, 2,890
2,890
the last acceptor hereof from (L. Bros.), at which time all responsibilities
-of intermediate parties shall cease.
Total
Per
Signed (II. Bros. & Co.),
87,829
-"All trading in the current month shall cease at noon on the
Rule 10
The particulars of the foregoing shipments for
Translast business day upon which transferable notices may be issued. minutes
the week,
that day at any time up to 10
arranged in our usual form, are as follows:
ferable notices may be issued on
after 12 o'clock noon in fulfillment of all trades. Every transfer of a notice
Great French Ger- -Oth.Europeminutes of the time of
Issued under this rule shall be made within ten
Britain. Ports. many. North. South. Mex..
&c. Japan. Total
receipt.
New York
1,427
400
300 3,168
issued under this rule shall be accepted in fulfillment of any Galveston
"Every notice
5,295
--21.875
19,744
contract for future delivery.
Texas City_ 16.052 58,571
9,534
in regard to trans- New Orleans_
"Except as herein provided, all provisions of Rule 9 rule.
10,184
issued under this
800 :--Savannah
ferable notices shall apply to notices
800
2,577
and certificates of Norfolk
100
550
"All transfetable notices on which warehouse receiptsin
4.100
grade shall not be delivered to the receiver as provided theSection 50 shall Boston
cotton
day the
162 ____
162
be settled at the quotation for middling spot cotton of
one cent per Philadelphia ___ 2.600
2,600
is due, with the addition of twenty-five one hundredths of no defaulting Port Townsend_
pound against the defaulting party; provided, however, that
2.890 2,890
party can claim settlement under this rule, except upon evidence that the
Total
42,113
400
20,144 3,718 1,612 19,842 87,829
default was unintentional and not premeditated. Nothing. however. in
this rule shall be considered to prevent a settlement by mutual consent."
The exports to Japan since Sept. 1 have
(See also Section 106 of the by-laws.)
been 22,575 bales
Rule 11-"The tare on a !agile of cotton shall not exceed 25 pounds, in- from Pacific ports, and 29,172
bales from
cluding bands and bagging."
LIVERPOOL-By cable from Liverpool Galveston.
-Strike out Rule 24 and substitute the following therefor:
Rule 24
we have the
"When cotton, delivered as provided in Section 50 of the by-laws, has following statement of the
week's sales, stocks, &c., at that
left the port of New York before final certificate of grade has been issued
and it is feuxd that one or more bales should be finally rejected. the class' port:
Cotton Takings.
Week and Season.
1914.
1913.
OCT. 17
1914.1
THE CHRONICLE
Sales of the week
Of which speculators took
Of which exporters took
Sales, American
Actual export
Forwarded
Total stock
Of which American
Total imports of the week
Of which American
Amount afloat
Of which American
Sept. 25.
15,000
Oct. 2.
24,000
200
1,000
17,000
2,000
34.000
815,000
511,000
22,000
4,000
66,000
48,000
Oct. 9.
19,000
100
2,600
14,000
3,000
38,000
786,000
485,000
9,000
4.000
107,000
81.000
Mid:Clads
Bales
American
5.30
700
700
5.30
3,700
2,800
5.30
3,300
2,800
5.30
3,400
2,600
4,100
2,900
Imports
American
4,000
4,000
1,207
100
80
SO
1,311
1.211
9,762
9.665
1155
Oct. 16.
than at this time last year. But most factors have been
regarded as bullish. Export business has been better.
1,000
Italy has bought Durum wheat heavily at Duluth. World's
17.000
2,000
5,000 shipments are decreasing. Within a few days the total
30,000
34,000 export sales are said to have reached 1,500,000 to 2,000,000
829,000
769,000
535,000
471,000 bushels. Most of the business was via Gulf ports, but also
6,000
20.000 included New York, Baltimore and Philadelphia. It is
3,000
16,000 said that over
50% of the crop in the three Northwestern
45,000
20,000
Canadian Provinces has already left farmers'
Dealings in spot cotton during the past week have been as only about 30,000,000 bushels are left tohands,and that
come forward
follows:
during the next nine months, against over three times that
quantity-100,000,000 bushels-in the same period last
Spot.
Saturday. Monday. Tuesday. Wednesday. Thursday.
season. To-day prices advanced. Some of the recent exFriday.
port business with Scandinavia is said to have really been for
Fair
German account. Italy has just bought 1,000,000 bushels.
Limited
Better
Fair
demand.
Market
demand, demand. demand.
5.30
1,100
1,100
4,000
2,000
BREADSTUFFS.
5.30
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs.Fri.
No.2 red
cts_117%
11831
December delivery in elevator____11831 /loll- 11931 11931 11931 12031
day.
12031 121 122
May delivery in elevator
124
12431 12631 12631 12631
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in elevator_cts_11031 Roll- 111
11231 11231 11331
May delivery in elevator
11531 day. 11631 11831 11731 11831
Indian corn has advanced, though not so markedly as
Friday
wheat. Still, it has felt the influence of the firmness of wheat
Flour has been quite steady, but Night, Oct. 16 1914.
domestic trade has been as a rule the demand from the and, what is more,wet weather has prevailed over much of
only moderate. Some the corn belt of this country. Country dealers have not been
export trade, however, has been
done. Early in the week selling freely. Chicago has reported some increase in the deKansas City sold 25,000 barrels for
ever, there is a !narked contrast export. In general, how- mand from the Eastern States. At the same time, farmers
now and thosswhich were almost between the transactions have shown a disposition to hold corn for higher prices.
daily
under the stimulus of the Europea reported some weeks ago They have an idea that later in the season quotations will be
n war. But some of the considerably above the present level. But at the same time
trade believe that hostilities in
that, under the circumstances,Europe will be prolonged and business has not been large. This was a noticeable drawback.
there
gradual advance, whatever skeptics is nothing for it but a The sales of new corn to arrive are so small as to excite commay think to the con- ment. Liverpool has been affected
trary. Meantime spring-wheat
sharp decline in
flour is especially firm. Argentine markets. The weather in by a
Argentina has latterly
Yet the Northwest reports shipping
directions slow and the been favorable and River Plate offerings have been liberal
home trade unusually small for October.
tion last week at Minneapolis, Duluth The total produc- at relatively low prices. Still, the available supply of Ameri395,010 barrels, against 398,315 in theand Milwaukee was can corn is only 6,036,000 bushels, against 9,845,000 a year
previous week and ago. But a good deal of attention is directed to Argentina.
463,320 barrels last year.
A dispatch from Rosario on Oct. 14 said: "There has been a
Wheat has again advanced. Some of the principa
l rea- heavy break in corn values and this has brought about a
sons are a marked decrease in the receipts at
American and meeting of brokers and outside middlemen under the PresiCanadian Northwestern markets, unfavorable crop
from France, Italy and other European countries, a reports dent of the Rosario Exchange. It was resolved to use all
renewal endeavors to stop the sale of corn until prices advance sufof export inquiry on a large scale and as a rule a lack of
pressure to sell. In France they seem to be having a drought ficiently to cover expenses; also to obtain from banks and
similar to that which has so long prevailed in the Eastern commercial creditors the postponement of due-date obligations until such time as sales become profitable. A general
States of this country, although it is true that in
it
has not been so prolonged. But dry weather overFrance of invasion of locusts is another strong reason for these measmuch
the French area is militating against preparations for a new ures." To-day prices were higher, after an early decline.
crop and seeding is said to be very backward. It is believed The Western shipping trade is better. Wet weather conin Liverpool that the next French crop will be very small. tinued, with country offerings light.
To make matters worse, an official report makes it clear
DAILY CLOSING PRICES OF NO.
2 MIXED CORN IN NEW YORK*
beyond cavil that the last crop was very short in
Sat. Mon. Tues. Wed. Thurs. Fri.
France. No. 2 mixed
cts_ 813( Holiday 8031 81
It is also officially announced that
8031 8031
DAILY CLOSING PRICES OF CORN
FUTURES
in the French war zone has not most of the harvest
been gathered. At December deliverylin elevator_c Sat. Mon. Tues. IN CHICAGO.
Wed. Thurs. F7i.
the same time it appears that holders of wheat
ts_ 67
Roll- 67g 6731 6631 67
6931 day. 69% 7031 6931- 6931
in France are selling freely, fearing another invasion. The May delivery in elevator
Oats have advanced moderately. A fair amount export
total French crop is officially stated at 296,000,000 bushels,
of
as against 323,000,000 bushels last year. The annual con- business has been done. Early in the week France bought
450,000 bushels here. Baltimore chartered room
sumption of France amounts to 360,000,000 bushels, and it
for 400,000
is estimated that that country will have to import this season bushels to be shipped to London. Exporters have been buying December freely at Chicago. It is noted, too,
about 45,000,000 bushels. The crop of Italy is officially
that
stated at only 168,000,000 bushels, against 208,000,000 quotations at Winnipeg have been strong,not only for wheat
but for oats. This fact has not been without its influenc
bushels last year. Italy usually imports
e
00
bushels in a year, but it looks as though about 65,000,0to in Chicago. Besides, country offerings have been small.
it would have
Consignment notices are comparatively insignificant. In
import more than that this year. In Russia the weather
has been bad over a large area. Crop preparations have Chicago the talk is that one house alone has sold thus far
therefore been restricted. Also the supply of labor and horses this season 10,000,000 bushels to exporters, most of it shipped
continues small in important districts of the Russian Em- by way of Canada. It is believed that a larger export
business has recently been done than has yet come to light.
pire, owing, it appears, to military operatio
Hungary the import duties on all grain ns. In Austria- Purchasers are apparently imposing secrecy on sellers. On
have been sus- a single day, however
pended, and the use of corn by distillers is forbidde
, export business was reported of
n.
Moreover, prices for all commodities are very high there 700,000 bushels; on another 500,000 bushels. Europe is
evidently still in the market. To-day prices advanced.
and are advancing steadily. In Germany,too, most cereals
Sales for export were reported of 1,000,000 bushels.
have been advancing rapidly. The weather in that
is droughty, its yield of potatoes was 30,000,000 tonscountry
DAILY CLOSING PRICES OF OATS IN NEW YORK.
against
39,000,000 last year. Liverpool has latterly been more Standards
Sat.
Mon. Tues.
Wed. Thurs.
Fri.
__
51-5131
active at rising prices, partly owing to the smallness of of- No. 2 white _ __cts_5(1)4-51 Roll- 5131-52 51-5131 4931-5031 50-5031
day.
51-5131
5131-52 50-51
51-5131
ferings from Manitoba and the lack of offerings from the
DAILY CLOSING PRICES OF OATS FUTURE
S IN CHICAGO.
Pacific coast. Liverpool is also nervous over decreasing December
Sat. Mon.
delivery in elevator_cts_ 4731 HOU.. Tues. Wed. Thurs. Fri.
receipts in this country and the fact that estimates showing May delivery in elevator
4731 4831 48
4831
5031 day. 51
5131 5131 5131
deficient crops in various countries are being officially conThe following are closing quotations:
firmed and also the fact that the progress of new seeding
FLOUR.
is slow and unpromising. Liverpool advices also state that Winter, low grades_ -_44 0O@$4 50 Spring
$4
clears
$5 2035 35
flour sales to foreign countries are increasing there, adding Winter patents
5 60 coo Kansas straights,sacks_ 5 2588 545
Winter straights
5 20 535 Kansas clears, sacks __ 4 SO® 5 10
that France continues to purchase. In the United Kingdom Winter clears
4 5088 4 75 City patents
7 05
the weather has been droughty. The same complaint comes Spring patents
56588585 Rye flour
5 251® 5 75
ts
5 25 5 40 Graham flour
from Spain as well as we have seen from France and Germany. Spring straights
5 1588 5 40
comes from Spain as well as we have seen from France
GRAIN.
N oiper e low eta.
and Germany. In Australia too the weather is un- Wheat,per bushel-f.o. b. 1 19 3e., Corn 2 yblushel
N.Spring.No. 1_
81 21g,
No. 2 mixed
80K
favorable and crop prospects are described as unsatisfactory.
N.Spring,No.2
80K
Red winter, No. 2
1 2031
On the other hand, there is no doubt that the winter-wheat
80
Hard winter,No.2
e w
erYnll ih bags
e3tiba sneln:
:
73
Ryer8p
as.
No
A
acreage in this country will be increased. One estimate puts Oats, per bushel. newStandard
New York
51 51 g
5:5 m
0 0
it at 40,000,000 acres, against 35,387,000 last year. ArgenNo. 2, white
tina, too, reports rains in parts of that country which have
No. 3. white
usuall4y9Mgiv@en5°hBeraelevse-eM,paelgtein1g120.
674
94
been complaining of dry weather. The world's wheat stock
For other tables
is put at 175,300,000 bushels, against 176,900,000 a year ago
The visible supply of grain, comprising
and 143,000,000 at this time in 1912. The American visible granary at principal points of accumulation the stocks in
at lake and
supply is 57,121,000 bushels, or 2,600,000 bushels more seaboard ports Oct. 10 1914 was as follows:
THE CHRONICLE
1156
UNITED STATES GRAIN STOCKS.
Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded
Rye. Barley. Barley.
Wheat. Wheat. Corn. Oats. Oats.
bush, bush. bush, bush, bush, bush, bush, bush.
In Thousands106
524 1,812
17
309
554
1,648
New York
29
58 -___
63
76
129
Boston
434
142
325
1,076
Philadelphia
42
215 1,262
401
26
2,780
BaMore
242
93
2.722
New Orleans
198
2,581
Galveston
503
470 2,225
69
110
3,369
Buffalo
2
87
810
1,605
Toledo
27
150
86
518
Detroit
627
76
1,428 10,805
4.783
.
sp
Ohicf
120
afloat
776
178
172
70
159
Milwaukee
20
160 1.329
30
117 ---- 1,593
8,238
Duluth
401 1,056
8 3,267
10,089 __-Minneapolis
2
525
19
45
3,279 ____
St. Louis
11
111
707
__-_
8,091
Kansas City
86 1,307
3
Peoria
205
347
664
Indianapolis
-ia
37
143 1,817
940 ____
Omaha
279
631
307
621
4,154 ---On Lakes
402
293
On Canal and River
Oct. 10 1914 57,121 1.208
715
Oct. 3 1914 51,586
Oct. 11 1913 54,494 3,291
371
Oct. 12 1912_34,417
CANADIAN
Canadian Bonded
Wheat. Wheat.
bush. bush.
In Thousands3,039 ____
Montreal
Ft.William&PLArthur. ,
17 206
2,842 ____
Other Canadian
Total
Total
Total
Total
4,727 29,226
47
30
5,488 27,285
552
8,311 32,361
3,573 9,412
35
GRAIN STOCKS.
Canadian Bonded
Corn. Oats. Oats.
bush, bush. bush.
493
71
3,175
691
71
Total Oct. 10 1914 23,087 ____
83
Total Oct. 3 1914 22,884 ____
66
Total Oct. 11 1913- _ 12.758 - ____
35
Total Oct. 12 1912 9,204
SUMMARY.
Bonded
Wheat. Wheat. Corn.
bush, bush, bush,
In Thousands57,121 1.208 4,727
American
23,087 ____
71
Canadian
4,359
3.807
7,104
854
Oats.
bush.
29,226
4,359
Total Oct. 10 1914_80,208 1,208 4,798 33,585
715 5,571 31,092
Total Oct. 3 1914_74,470
Total Oct. 11 1913 67,252 3,291 8,377 39,465
371 3.608 10.266
Total Oct. 12 1912_43,621
1,924
1,245
1,685
1,122
4,176
3,965
4,772
2,979
20
40
212
378
Canadian Bonded
Rye. Barley. Barley.
bush, bush. bush.
221
18
42
221
159
482
73
Bonded
Oats.
bush.
Bonded
Rye. Barley. Barter,
bush. bush. bush.
47 1,924 4,176
20
47
30
552
35
1,924
1,245
1,703
1,164
4,397
4,124
5,254
3,052
20
40
212
37
THE DRY GOODS TRADE
New York, Friday Night, October 16, 1914.
Business in dry goods has been quiet during the past
week, owing to the holiday on Monday and the unusually
warm weather which is tending to restrict Fall retail buying.
Jobbers however, had quite an accumulation or out-of-town
orders over the holiday, and report that demand from many
sections of the country is improving. While business in
the South has been very poor since the beginning of the war
owing to the suspension of cot ton exports, it is now reported
improving, with greater confidence displayed among smaller
merchants who foresee relief in the proposed pool for financing of loans on cotton which planters have been unable to
dispose of. In the granger states business and sentiment is
very good considering the financial stress, and salesmen
covering this territory are sending in very satisfactory
reports. In the local market commission houses and selling
agents express the opinion that the slump in finished goods
prices is about over and they look for improvement from now
on. They state that stocks have been reduced to such an
extent that no further reduction of prices can result from over
supply, and that buyers are now safe in covering their
future requirements. Many agents report a better inquiry
regarding forward contracts but state that the prices mentioned are too low to meet the approval of manufactures.
Buyers are very uncertain regarding the future course of
cotton values and cannot be induced to take any long
chances. Members of the jobbing trade are also operating
close to actual requirements and are not stocking up with
goods for which they are not sure there will be a demand.
Jobbers are unable to rely upon the continuance of retail
buying which is spasmodic and irregular. Retailers are
keeping close count on stocks and are not making any extra
preparations for business, as they are uncertain what
purchasing power of the public is going to be during the
the
next few months. Export business arising directly from the
war continues to expand and many new houses are entering
the field. Interest in export business through the old channels is completely overshadowed by the new markets which
have been opened up. The export business being done however, is of greater volume than ever before in the history of
the country, but it is very secretive and hard to estimate.
Wherever inquiries are received from new quarters they are
withheld from publication for fear of competition which
would arise to secure the business. On the other hand
manufacturers and selling agents are keeping a close watch
for any foreign agents here for the purpose of opening up
new accounts or securing temporary supplies. It is known
that large sales of towels, duck, military cloths, underwear,
hosiery and shirts have been made and that much business
is still pending.
-The exports of cotton
DOMESTIC COTTON GOODS.
goods from this port for the week ending Oct. 10 were 8,217
packages, valued at $629,680, their destination being to the
points specified in the table below:
xcric.
-----1914-----
New York to Oct. 10Great Britain
Other Europe
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Total
Week.
654
38
1,541
-7,11
1,385
44
370
2,046
2,095
8.217
-----1913
Since
Since
Jan. 1.
Week. Jan. 1.
3.990
37
1.964
2.045
30
935
49.645
2,294 58,969
17.188-10,596
9,412
:100
30,693
6.132
110 21,550
37.344
465 28.970
542
46
1,974
17.362
328 12,781
43,582
808 40.466
53,151
459 51.384
240,393
4.977 260,282
The value of these New York exports since Jan. 1 has been
$17,552,854 in 1914, against $20,294,367 in 1913.
Staple goods are quiet with a steadier undertone, the low
level of proces having resulted in a slightly better demand.
Print cloths and gray goods are believed to have reached the
low mark and buyers are taking more interest in future
business. As the decline in yarn values is thought to be over,
and the crisis passed in the Southern cotton situation, any
improvement in demand is expected to cause a much firmer
tone. Mills have kept production well in hand, and the
heavy export demand has greatly reduced stocks, with the
result that buyers are becoming more concerned in covering
their future requirements on some lines in which a shortage
could very suddenly develop. There is still a good demand
for coarse cotton sheetings in large quantities for bagging
purposes and several large inquiries are in the market for
the same goods for export. Manufacturers of cotton duck
are reported to have accepted heavy foreign orders for army
duck. Jobbers while reporting a fair demand from retailers for immediate supplies state that colder weather
is needed to stimulate buying. Gray goods,38-inch standard
are quoted unchanged at 3%c.
WOOLEN GOODS. Demand for Fall and Winter
weights continues active from buyers of both men's wear
and dress goods. The heavy demand for medium and fine
grade broadcloths has brought about a shortage of supplies
which threatens to handicap business. The late demand
for Fall and Winter is much greater than was anticipated by
manufacturers, and it is impossible in many instances to
supply the goods wanted for the short delivery dates asked.
The chief reason for the shortage is due to the fuller styles of
the coming Fall and Winter in which each garment requires
about twice as much cloth as heretofore. A heavy call is
also being experienced for gabardines and poplins and many
of the mills making these are running at their fullest capacity.
In the new Spring lines, serges are taking the lead and some
manufacturers are already heavily under order for both
export and domestic deliveries.
-Buying of imported lines
FOREIGN DRY GOODS.
of woolens and worsteds is very conservative owingtto the
uncertainty of ever obtaining delivery of the goods purchased.
American manufacturers are in the meantime turning out
lines as near to the imported fabrics as possible and en!
couraging buyers to take their goods instead. Linen importations are continuing on a larger scale than had been
expected, but the abnormally high prices are causing buyers
Buyers are confining their
to operate very conservatively. contracts, being content to
purchases to spot and nearby
await developments before purchasing for forward account.
There is much uncertainty as to the dress goods trade for
the.coming Spring and it is generally feared that dress goods
will be far short of requirements. It is expected that foreign
manufacturers will forego the manufacture of coarse linens
for dress goods in preference to the finer grades of linens
which do not consume as much raw material in the making,
but which net just as big a return in the way of profit.
Burlaps continue inactive with the undertone easy owing
to increasing arrivals. Light weights are nominally quoted
at 6.25c and heavy weights at 7.750.
Importations & Warehouse Withdrawals of Dry Goods.
Imports Entered for Consumption for the Week and Since Jan. 1.
Week ending
Since Jan. 1 1914.
Oct. 10 1914.
Value.
Pkgs.
Value.
Pkgs.
I
Manufactures of-.
423,897 73,330 20.495,148
1.492
Wool
761,126 126,988 34.233,252
2.413
Cotton
57,538 27,452,952
663.451
1,431
Silk
371.139 57,170 14,243,627
1.149
Flax
309,696 108,933 10,725.450
2.416
Miscellaneous
8,901 2,529,309 423,959 107.150,429
Total 1914
10,509 2,802,942 352,256 87.814,904
Total 1913
Warehouse Withdrawals Thrown Upon the Market.
Manufactures of
9,182,479
118,370 33,796
352
198,773 31,039 8,724,300
565
Cotton
101,337 11,646 4,959,392
271
silk
95.450 21.812 5,658,774
307
Flax
76.888 76,248 4,706.841
476
Miscellaneous
590,818 174,541 33,231,786
1,971
withdrawals
Total
8,901 2,529,309 423,959 107.150,429
Entered for consumption
10.872 3,120,127 598,500 140,382,215
Total marketed 1914
29,811 7,112,027 521,184 116.59.1,203
Total marketed 1913
Imports Entered for Warehouse During Same Period.
Manufactures of
796
264,450 27,120 8.101,833
Wool
984
333,674 28.340 8,346,535
Cotton
535
264,857
12,180 5,190,510
Silk
507
138,961
21,920 5,553,484
Flax
1.066
91,380 53,048 3,993,798
Miscellaneous
3.888 1.093,322 142.608 31,186,160
'rotal
8,901 2,529,309 423.959 107,150.429
Entered for consumption
12,789 3,622,631 566,567 138,336.589
Total imports 1914
17,623 4,224,508 554,058 121,311,115
Total imports 1913
OM 171914.]THE
STATE MO CITY
CHRONICLE
Di
3ititTIVTENT.
News Items.
Arkansas.—Constitutional Amendments Adopted.— An
amendment to Sec. 1 of Art. 16 so as to permit cities
and towns under certain conditions to issue bonds and other
evidences of indebtedness carried at an election held Sept. 14
by a vote of 54,782 to 40,441. Section 1 now reads as follows, the new portion being in italics and the words eliminated placed in brackets:
1157
declared invalid by the Kentucky Court of Appeals. The
Kenton Circuit Comt held that as the ordinance specified
the total amount of the indebtedness to be incurred and the
rate of interest to be paid upon the proposed bonds and the
date of their maturity, that there was a substanti compliance with the requirements of the Act, and upheld al validthe
ity of the ordinance (V. 99, p. 422). The Court of Appeals
held the ordinance invalid, as it did not specify that the annual assessment for the purpose of paying
creating a sinking fund should not exceed athe interest and
stated amount.
New York City.—Annual Report Department of Bridges.
—
The report on the work of the Department of Bridges for the
year ending Dec. 31 1913, a copy of which has just been received, contains a very interesting description of the Department as originally prepared for the
city of Lyons, France, to be held International Exposition,
contains a number of illustrationsin 1914. The book also
and photogra
are introduced, according to Commissioner J. phs which
in order to place on record, for future use, H. Kracke,
which is valuable and cannot be as well presented information
in any other
way.
Bond Syndicate Dissolved.—The syndicate composed
of
Wm. A. Read & Co. and Kuhn, Loeb & Co., New York,
which underwrote the 865,000,000 43% 50-year city bonds
last April, expired Oct. 15 and was dissolved. The bankers
made no statement as to the amount of bonds
that has been
placed with investors, but newspaper
saying that about 60 per cent. of themreports give rumors
have been sold.
It was provided in the syndicate
the life of the syndicate none of theagreement that during
bonds
under 102.10, as compared with 101.45, theshould be sold
price
the entire issue by the syndicate. The terminat paid for
agreement makes possible the sale of the bonds ation of the
prices may be deemed advisable by their holders.whatever
North Dakota.—Proposed Constitutional Amendmeits.—
The following six proposed amendments to the State constitution will be submitted to a vote on November 3:
Article 16 Section 1. Neither the State nor any city, county, town or
other municipality in this State shall ever loan its credit for any purpose
whatever; nor shall any county, city, town or municipality ever issue any
interest
-bearing evidences of indebtedness, except such bonds as may be
authorized by law to provide for and secure the payment of the (present
existing) indebtedness existing at the time of the adoption of the constitution of 1874, and the State shall never issue any interest-bearing treasury
warrants or scrip.
Provided, that incorporated towns of 1,000 or more popthation, as shown
by the next preceding Federal Census. or by a census taken for that purpose by
the municipal authorities of said towns, and cities of the first and second class,
may issue by and with the consent of a majority of the qualified electors of said
municipalities voting on the question at an election held for that purpose, bonds
or other interest-bearing evidences of indebtedness in sums and for the purpos3s
approved by such majority at such election as follows, to wit:
For the funding or refunding of any existing indebtedness incurred prior to
the adoption of this amendment for the acquirement, construction or maintenance of public highways, streets, alleys or boulerardx .for the purchase of
equipment of parks or playgrounds .for the construction of sewers for the
chase or construction of city or town halls, auditoriums, prisons, libraries, purhospitals,fire stations or equipment, viaducts or bridges and for any and all public
buildings, structures or grounds that may be regi.ired by said municipality
for the proper and economical administration of its government and for any
other public improvements of a general nature for the use and benefit of said
municipality.
Provided, that no municipality shall ever grant financial aid towards the
construction of railroads or other private enterprises operated by any private
person or corporation, and, provided further, that any of the aforesaid improvements may be within or without the corporate limits of said municipalities.
No money raised for a specific purpose shall be used for any other or different
purpose.
No bonds or other interest-bearing evidences of indebtedness issued under
the authority of this amendment shall ever be sold at less than par, and when
Issued by cities of the first class they shall not bear a greater rate of interest
than five (5) per cent per annum, and when issued by cities of the second class
and by such incorporated towns as aforesaid shall not bear a greater rate of
Interest than six (6) per cent per annum, in order to provide for the payment
of bonds and other interest-bearing evidences of indebtedness, and the interest
Amendment to Section 25, Art. II, providing
thereon, a special tax, not to exceed seven (7) mills on the dollar, in addition
for the initiative and
to the rate of taxation now permitted, may be levied by said municipalities on referendum as to legislation.
Amendmen
the taxable property therein and any of said municipalities issuing any bonds constitution t to Section 202. Art. XV, permitting amendments to the
to be proposed by the people.
or other interest-bearing evidences of indebtedness shall, before or at the time of
Amendment to Section 216. Art. XIX, to change
doing so, provide for the collection of a direct crime, tax. not exceeding the
the name of the State
amount limited as above, sufficient to pay the interest on such bonds or other Blind Asylum.
Amendment to Section 185,Art. XII,permitting
interest-bearing evidences of indebtedness as they fail due, and also to pay and money
the
for the construction or improvement of publicState to appropriate
discharge the principal thereof, within thirty-five (35) years from the time of
highways.
Amendment empowering the Legislature to
issuing the same. Provided further, that bonds or other interest-bearing erection, leasing,
provide
purchasing and operating terminal grain by law for the
evidences of indebtedness shall not be issued for an amount in the aggregate the State.
elevators within
of more than seven (7) per cent of the assessed valuation of all real and personal
Amendment to Sections 176 and 179. Art. XI.
properly in the municipalittrgosing to issue the same, according to the last
authorizing laws to be
passed classifying property for purposes of
general assessment. Said
and other interest-bearing evidences of intaxation and requiring uniformdebtedness shall be serial, and shall be isaid off as rapidly as the income derived ity within the various classes, within the territorial limits of the authority
from said tax will permit. Provided further, that bonds may be issued by levying the tax.
said municipalities .for the purpose of acquiring, purchasing, extending, imIn addition to these six amendments, the question of
proving, enlarging, building or constricting water works or dghting plants
with the assent of a majority of the voters of said municipalities voting on such woman suffrage will be submitted to the people on a separate
question. Said municipalities shall be authorized at any time to issue such ballot, in compliance
with Chapter 151 of the 1913 session
bonds, with the assent aforesaid, and shall be authorized to make levy of
for the purpose of paying the principal and interest of such bonds and taxes laws and Section 122 of the State constitution.
such
water works and lighting bonds or renewals thereof shall not be included in the
Norwood, Mass.—New Charter Adopted.—An election
computation of the amount of bonded indebtedness or the amount of the levy
hereinbefore permitted, but said municipalities are permitted to issue such held Oct. 6 resulted in the adoption of a new town
charter.
bonds and levy taxes therefor in excess of said limitations, and the rates of in- The vote, it
is stated, was 660 to 403.
terest on such water works or lighting bonds shall be governed by the provisions
hereinbefore set out relating to general bonds, but such bonds need not be retired
Philippine Islands.—Bill GrantingMore Liberal Form of
within thirty-fire (35) years. Provided further, that as additional security
of said additional bonds, a mortgage or other lien shall be given by said munici- Goverment Passed By House of Representatives.—By a vote of
pality on such water works or lighting plant, including its franchise and all 211 to 59, the House of Representatives on
Wednesday
other property connected therewith.
Said erection shall be held at such time as the city or town council may desig- (Sept. 14) passed the bill granting a more liberal form of
nate by ordinance, which ordinance shall specifically state the
government to the Filipinos and outlining the purpose of
for
the bonds or other interest-bearing evidences of indebtedness purposebe which
are to
issued, the United States to withdraw its sovereignty over the
and if for more than one purpose, provision shall be made in said
ordinance islands and
for balloting on each separate isurpose the sum total
recognize their independence as soon as a stable
of the issue the dates of
maturity thereof; and said ordinances shall
shall not occur earlier than sixty days after thefix the date of election so that it goverment can be established. It is the general understandpassage of said ordinance. Said
election shall be held and conducted,
ing that the measure will not be taken up in the Senate
result thereof declared, under the law and the vote thereon canvassed, and the
and in the manner now or hereafter pro- at the present session.
vided for municipal elections,
so far as the same may be applicab.e, except as
herein otherwise provided.
Traverse City, Grand Traverse County, Mich.—Bonds
by advertisements weekly for Notice of said election shall be given by the Mayor
at least
in said municipality, and having four times, in some newspaper published Declared Valid.—The Michigan Supreme Court has upheld
a
to be not less than ten (10) days priorcirculation therein, the last publication the validity
to the date of said election.
of the $78,000 school-building bonds voted
Qualified electors of said
elections. The result of municipality only shall have a right to rote at said April 7 1913. On Oct. 24 $50,000 of these bonds were sold
the Mayor, and the resultsaid election shall be proclaimed and published by to the First
as proclaimed shall be conclusive unless
National Bank of Detroit.
the courts within sixty (60) days
attacked in
after the
This amendment shall not repeal nor date of such proclamation.
Wyoming.—Proposed Constitutional Amendments.—The
affect any law relating to the organization of improvement districts.
Legislature at its last session made provision for the submisThis amendment shall be in force upon
legislative action to put it into force and its adoption, and shall not ret,uire sion to the voters on Nov. 3 of the following proposed coneffect.
All the provisions of this amendment shall
provisions of the constitution or amendment be treated as mandatory, and ad stitutional amendments:
s thereto in conflict herewith
hereby repealed.
Amendment of Sec. 4, Art. 10, Providing for workmen's compensation
are
Acts.
Other measures adopted at the Sept.
Amendment of Sec.6, Art. 3,extending the period of each regular session
14 election were of the Legislature from 40 to 60 days
as follows:
and prohibiting the introduction of
measures after the first 40 days thereof.
An Act to provide for the health,
Amendment for the addition of Sec. 15 to Art. 15 providing for levying a
safety and welfare of minors by forbidding their employment in certain occupation
s and under certain specified special tax on live stock to aid in the destruction of predatory wild animals.
ages; by regulating the hours and
Amendment adding to Sec.6 of Art. 16 relating to donations and internal
conditions under which employment
tificates may be issued and filed.
cer- improvements, the following words: "But
whenever grants of land or other
An Act to reduce the expenses of Vote, 72,313 to 25,300.
publishing measures submitted under property shall have been made to the State, especially dedicated by the
the authority of amendment No. 10
grant to particular works of internal improvement, the State may carry on
to the
publication of all general Acts of the Generalconstitution; providing for the such particular works, and shall devote
thereto the avails of such grants
Assembly; for giving publicity
to the orders of certain boards
and the expenditures of public money, and and may pledge or appropriate the revenues derived from such works in
for other purposes. Vote,
aid of their completion. Provided that the State may appropriate money
55.552 to 40,728.
in the treasury or to be thereafter raised
The"Bank Depositors' Guarant
y Law"as well as the"Law for the construction or improvement ofby taxation or the issuance of bonds
public highways."
Creating
State Mining Board" were both defeated.
Cameron County Irrigation District
No. 1, Tex.—
Bond Calls and Redemptions.
Bonds Legalized.—A newspaper
dispatch from Austin to the
Dallas "News" under date of Oct.
Denver, Colo.—Bond Call.—The following bonds are
9 says that the first issue called for payment on Oct.
of bonds to be legalized under
31:
the
that the bonds of irrigation and new law which requires
Storm Sewer Bonds.
similar districts shall be
Arlington Park Storm Sewer District Bond No, 25.
passed upon by a District Court
Washington Park Storm Sewer District Bond No.
was
134.
County Irrigation District No. 1, which that of Cameron
Sanitary Sewer Bonds.
Sub District No. 11. %Vest and South Side Sanitary
by Judge George Calhoun of the Fifty hns been approved
Sewer District, Bond
-Third District Court. No. 9.
The Attorney-General was represent
Part "A Sub District No. 14, West
the law requires that he shall be citeded at the hearing, as District Bonds Nos. 22 to 24, inclusive. and South Side Sanitary Sewer
in all such matters.
Improvement Bonds.
Covington Ky.—Bonds Declared Invalid.—The $200,000
Capitol Hill Improvement District No.
Capitol Hill Improvement District No. 6, Bond No. 35.
water-works bonds
voted in Nov. 1912 have, it is said, been
7, Bond No. 9.
East Denver Improvement District
No. 3,
Bond No. 80.
1158
THE CHRONICLE
120.
Improvement District No. 4, Bonds Nos. 119 and
East Denver Improvement District No. 5, Bond No. 75.
Denver
94.
East
District No. 1, Bond No.
East Side Improvement District No. 4, Bond No. 8.
East Side Improvement District No. 4, Bond No. 67.
Side Improvement District No. 8, Bond No. 49.
North
North Side Improvement District No. 15, Bond No. 20.
Worth Side Improvement District No. 16, Bond No. 19.
North Side Improvement
ement District No. 6, Bond No. 16.
South Denver Improv
Alley Paving Bonds.
No. 17, Bond No. 24.
Alley Paving District No. 30, Bonds Nos. Sand 7.
paving District
Alley
31. Bonds Nos. 1 to 6, inclusive.
Alley Paving District No. 32, Bonds Nos. 1 to 7, inclusive.
Alley Paving District No. 35, Bonds Nos. 1 to 3, inclusive.
Alley Paving District No. No. 3, Bond No. 48.
Broadway Paving District
Nos. 1 to 7, inclusive.
East Denver paving District No. 1. Bonds Nos. 1 to 9, inclusive.
District No. 2, Bonds
East Denver PavingSuburban Paving District No. 1, Bond No. 48.
y
Montclair Parkwa
Sidewalk Bonds.
Bonds Nos. 1 to 6, inclusive.
Hartman Sidewalk District
Surfacing Bonds.
4, Bond No. 17.
No.
Surfacing Districtof the holders of any of the above bonds received ten
Upon the request
of this call, the Treasurer will arrange for their
days before the expiration
Trust Co., New York City, but not otherwise.
payment at the Bankers
[VoL. xors.
ASBURY PARK, Monmouth County, N. J.--CORRECTION.-Using
newspaper reports we stated in last week's "Chronicle," page 1081, that
this city has sold an issue of $50,000 4;4% water bonds to A. B. Leach &
Co. of New York. We are now advised that the report was erroneous and
that the bonds referred to have been taken by the Sinking Fund.
-BOND OFFERING.
-ProASHLAND, Ashland County, Ohio.
posals will be received until 12 m. Nov. 7 by Earl Fox, City Auditor, for
Auth. Sec. 3939, Gen. Code.
$16,000 6% Ohio St. improvement bonds. M. & S. Due
$500 each six
Denom. $500. Date Nov. 7 1914. Int.
months from Mar. 1 1915 to Sept. 1 1924 incl. Certified check on an Ashland bank for 5% of bonds bid for, payable to City Treasurer, required.
Bonds to be delivered and paid for within 10 days from time of award.
Purchaser to pay accrued interest.
-BOND OFFERING.
-Bids
ASPINWALL, Allegheny County, Pa.
will be received until 7:30 p. m. Oct. 19 by S. R. Chase, Bore. Clerk, for
plant equip. and $7,000 lighting system ext. 4%%
$15,000 water and light
Int. &
coup. bonds. Denom.31,000. Date Nov.11914.Nov. M. N. Due$1,000
1 from 1916 to 1925
on Nov. 1 1915 and 1926 and $2,000 yearly on
incl. Cert. check for 3250, payable to "Borough of Aspinwall,".required.
Assess.
vainded dtt (
Bo $3,1o 86071. this issue), $84,500; floating debt. $31.037
1
ATTICA SCHOOL DISTRICT NO.8(P.0. Attica), Lapeer County,
-The People's State Bank of Imlay City has been
Mich.
-BOND SALE.
awarded an issue of $4.000 school bonds.
-Reports state that
-BONDS VOTED.
ATWOOD, Platt County, Ills.
the question of issuing electric-light bonds carried at the elecdon held Oct. 3
- by a vote of 140 to 26.
(P. 0. Denver), Colo.
Denver School District No. 1 on Oct. 31 at the office
DISTRICT (P. 0. Mineral
Al7STINTOWN TOWNSHIP SCHOOLD
-BON ELECTION PROPOSED.
-Payment will be made
Ridge), Mahoning County, Ohio.
Bond Call.
ing bonds of former It is reported that at the November election the question of issuing $40.000
Treasurer of the follow
of the District numbered 17 and 21, in the County of Ara- building and site-purchase bonds will be submitted to a vote.
school districts
-BOND OFFERING.
-Proposals
AVALON, Cape May County, N. J.
2 by E. 0. Howell, Jr., Boro. clerk,
pahoe, Colo.:
170 of the first issue of School District will be received until 8 p. m. Nov.
Nos. 166, 167, 168. 169 anddenomination of $1,000 each.
bonds. Denom. $500. Int.
Bonds
for $35,000 5% 30-year sewage disposal
20 1897, and in
No. 17, dated Dec. 50 of the first issue of School District No. 21, dated semi-ann. Cert. check for $500 payable to Boro. Treas., required.
Bonds Nos. 49 and denomination of $1,000 each.
1898 and in
Bonded debt $98,000, assess. val. est.) $1,250,000.
March 15
-PayThe official notice of this bond offering will be found among the advertisePitkin County (P. 0. Aspen), Colo.-Bond Call.
elsewhere in this Department.
rer on Nov. 1
office of the
raent will be made at theand 19, SeriesTreasudenom. $1,000, ments SCHOOL DISTRICT NO. 59 (P. 0. Ayr), Adams County,
AYR
"A,"
16, 17, 18
-This district proposes to hold an
ION PROPOSED.
Neb.of Bonds Nos.
n of
Nos. 16, 17, 18 and 19, Series election BOND ELECT vote on the
-building bonds.
to
next
and dated May 1 1901; bonds 1 1901, and bonds Nos. 16, These bonds springtake the place questio issuing school July 22 (V. 99.
of the $2,000 issue voted
are to
$500, dated May
"B," denom.
p. 359), but subsequently declared illegal because of an error in the time
. $100, and dated May 1 for posting the election notices.
17, 18 and 19, Series "C," denom
-BOND ELECTION
BALDWIN COUNTY (P. 0. Bay Minette), Ala.
1901.
-An election will be held in the near future to vote on the
-The following special- PROPOSED.
-Bond Call.
Spokane, Wash.
question of issuing $250,000 road bonds, it is stated.
-The election to vote on the
improvement bonds are called for payment at the City
BALTIMORE, Md.-BOND ELECTION.
questions of issuing the following 4%% semi-ann. reg. bonds will be held
Treasurer's office on Nov. 1:
Bonds Called Nov. 3 (V. 99, P. 555):
Name.
Bonds Called
or multiples thereof.
Name.
bonds.
Grade
-upto 80 incl. $3,000,000 sewerage-systemas follows:Denom. $100 ; 1917, $29,000; 1918,
up to & incl.
1916, $27.000
PavingDue on Mar. 1
12
Ash St. No. 535
86
;
Broadway Ave. No. 544
; 1919, $33,000; 1920, $34,000; $1921, $335.000; 1922,
4
$30,000
Calispell St. No. 477
24
1925. $42,000
Mission Ave. No. 1030
36
837,000; 1923, $38,000; 1924, $39,000; 1929, $49,000; 1926,
32 8th Ave. No. 177
1930.
Wall St. No. 881
15
$43,000; 1927, $45.000; 1928. (017,000: 1933, 859,000; 1934,
Frederick Ave. No. 668
Sewer
15
$52.000; 1931. $54,000; 1932. 56.000; 1937, $71,000; 1938,
Haven St. No.692
15
Alley No. 466
13
$62,000; 1935, $65,000; 1936, 68,000; 1941, $84,000; 1942,
Jackson Ave. No. 718
21
Alley No. 470 330
874.000; 1939, $77,000; 1940, $81,000;
Marietta (York) Ave. No.465 19
15
1946,
Bernard St. No.
34
889.000; 1943, $92,000; 1944, 197,000; 1945, $102,000:
Marshall St. No.670
13
8120,000;
Division St. No. 688
21
Nora Ave. No. 671
$105,000; 1947, *110,000; 1948, 115,000; 1949, 5142.000; 1950,
9
1954,
14th Ave. No. 706
1951, 8131,000: 1952, 136,000; 1953,
Nora and South Crescent No.
8125,000;
11
Lincoln St. No. 629
24
672
$149,000; and $156,000 in 1955.
8
Mallon Ave. No. 74695
16
harbor bonds. Denom. not less than $100. Due Mar. 1 1955.
9th Ave. No.697
14
1,500,000
Mansfield Ave. No.
-On Oct. 10
-BOND SALE.
24
Providence Ave. No. 254-- 23
BANGOR, Penobscot County, Maine.
17th Ave. No. 584 715
(V. 99,
32
Tekoa St. No. 327
16
the $100.000 4% 10%-year (aver.) coup. tax-free refunding bonds97.19Washington St. No.
at
4
Vine Court No. 852
p. 995) were awarded to Blake, Barrows & Brown of Bangor
Walk6
. Other bids were:
No. 880
a basis of about 4.337%
Neroy Ave.
Boston_95.135
11
E. H. Rollins & Sons, Boston_96.668 Nat. Shawmut Bank,
16th Ave. No. 408
Curtis, Boston___ _94.365
Merrill rusCo., Boston_ __ _96.62 Jackson & Bank, Boston
94.076
Bos.95.59 First Nat.
N.W.Harris & Co.,Inc.,
93.50
& Burr. Boston_95.52 Curtis & Sanger, Boston
Bond Proposals and Negotiations this week Perry, Coffin Bkg.Co.,Bangor 95.33
Tr.&
Eastern
s Mac-Jame
BARBS, Washington county, Vt.-BOND OFFERING. 20
have been as follows:
865.500 4% -year coup•
It is Kay, City Treasurer, is offering at private sale
-BOND
Kirksville), h10.
ADAIR COUNTY (1'.n0. issuing $25,000 infirmary ELECTION ll be tax-free bonds. Denom.$500 and $1,000. Date Oct. 1 1914. Int. A.&
'
bldg. bondswi
reported that the questio of
0. at office of City Treasurer.
-On Oct. 13 an issue
submitted to a vote on Nov. 3.
-BOND
N. Y.
BATH, Steuben County, awarded to theSALE.
-No sale has t
Bath Nat. Bank of Bath at
bonds was
ADAMS, Gage County, Neb.-BONDS NOT SOLD. ht bonds vot
•I of $30,000 pavingJ. & J.
y
-20
$7,000 5% 5 -year (opt.) electric-lig
been made of the
par for 5s. Int.
Date Nov. 10 1914. Int. annual.
-BOND ELECTION PROPOSED.
July 14. Denom. $500.
BATH, Northampton County, Pa.
to vote on the questions of
-According to reports, the
-LOAN AUTHORIZED.
AKRON, Ohio.
-An election will be held in the near future ction and 85.000 electric0
of
salaries
Council on Oct. 12 authorized the loan $103,00 to pay back
$25,000 school-site-purchase and constru
issuing
City
light bonds, it is stated.
of city officials.
D OFFERING.-Blds will be
Y.
L DISTRICT (P. 0. BedALBION, Orleans County, N. -BON by Ed. S. Eaton Vii. Clerk,
BEDFORD CONSOLIDATED SCHOONOT YET ISSUED.
-We are
reports state,
considered until 10 a. m. Oct. 26, exceeding 5% int. Cert. check for 5% ford), Livingston County, Mo.-BONDS voted June 19 (V. 99, P. 63)
0 water bonds at not
that the $2,500 high-school bonds
advised
for $165,00
issued.
not yet been
required.
-Pro- have
-BOND OFFERING.
-BOND
(P. 0. Belton), Tex.
0. Lima), 01110.
BELL COUNTY ROAD DISTRICTS
ALLEN COUNTY (P. 12 m. Oct. 27 by H.J. Lawlor, Clerk Board of
-Reports state that elections will be held in the
meals will be received until$20.000 5% Lima & Spencervllle road-improve- ELECTION PROPOSED.questions of issuing 33.000 Dist. No. 12 and $44,000
Commissioners,for
near future to vote on the
County
6956-15, Gen. Code. Denom. $1,000. Date Dist, No. 13 road bonds.
ment bonds. Auth. Sec.
M.& N. Due $5,000 on May 1 and Nov. 1 1915 and
-BOND
Nov. 11914. Int. delivered and paid for within 3 daysfrom time of award.
BELLVILLE, Richland County, Ohio. of issuingELECTION PRO-imbe
$2,500 street
1916. Bonds to
-According to reports the questions
Interest.
POSED.
Purchaser to pay accrued
water-works and &IMO town-hall-improvement bonds
-According provement. $25,000
-BONDS NOT SOLD.
er election.
County, Ohio.
ALLIANCE, Stark to receive a bid for the $34,000 5% 22
-year (aver.) will be submitted to the voters at the Novemb
,
ICT
to reports the city failedOct. 5. (V. 99.p. 766.)
BELLEVILLE SCHOOL DISTRsals(P.O. Belleville), Essex County d
for these bonds will be receive
water bonds offered on oposals will be received until 12 m. Nov. 2 by N. J.
-Propo
-BOND OFFERING.
OFFERINCL-Pr
J. Turner, District Clerk, for $120,500
assess. bonds:
BOND
for the following 5%
until 8:15 p. m. Oct. 20 by James
Chas. 0. Silver, City Aud., and $410. Due part yearly on Sept. 1 from 5% coup. school bonds. Denom. (1) $500, (120) 31.000. Date Nov. 1
$500
and $7,000 yearly on Nov. 1
$4,500 bonds. Denom.
1914. Int. M.& N. Due $1,500 Nov. 1 1927
to 1919 incl.
$1,420 yearly on from 1928 to 1944 incl. Certified check on an incorporated bank or
1915
$500. (5) $420. Due
Education,"
7,100 bonds. Denom. (10)
ind.
y for 2% of bonds bid for, payable to "Board of be made on
yearly on trust compan
Bids must
Sept. 1 from 1915 to 1919
$1,000. (5) $740. Due $2,740
required. Purchaser to pay accrued interest.
be certified as to gen13,700 bonds. Denom. (10)
forms furnished by said Board. These bonds will
1919 incl.
Sept. 1 from 1915 to $500, (5) $370. Due $370 yearly on Sept. 1 uineness by the U. S. Mtge. & Trust Co. and their validity approved
opinion will be fur4,350 bonds. Denom. (5)
by Hawkins. Delafield & Longfellow of N. Y., whose
from 1915 to 1919 incl. & 0. at office of Sinking Fund Trustees. nished purchaser. Assessed valuation 1913, 37.178,352; actual (est.),
Oct. 15 1914. Int. A. l or state bank for 3% of bonds bid for. $9,000,000. A similar issue of 4%% bonds was offered on Oct. 6 (V.
Date
nationa
Cert. check on a solvent required. Successful bidder to furnish at own 99, p. 996)•
payable to City Trustees, bonds. Bids must be made on forms furnished
-An election wil
-BOND ELECTION.
BEMENT, Piatt County, Ills.
necessary blank
expense the
n of issuing $3,500 6%
be held Oct. 20. tl is stated, to vote on the questio
by the City Auditor.
city has dis- coup. water-works-impt. bonds. Denom. $500. Date Oct. 1 1914. Int.
-This
-BOND SALE.
, Ills.
ALTON, Madison County 5% improvement bonds. Denom. $100. ann. Due $500 yearly on Oct. 1 from 1915 to 1921 incl.
posed of an issue of $35,000 in July. Due in 10 years, subject to call
-No bids
-BONDS NOT SOLD.
Int. ann.
BEREA, Cuyahoga County, 01110.
Date Oct. 2 1914.each year.
n of were received on Oct. 10 for the $5,500 4%% 6%-year (aver.) coup. genpart on Jan. 10 of
-The election to vote on the questio
ELECTION PROPOSED. (V. 99, p. 359) will probably be held eral-improvement bonds offered on that day (V. 99, p. 842).
BOND
-hall bonds
DISTRICT NO. 18, Tex.
issuing the $150.000 city or the first of December.
BEXAR COUNTY COMMON SCHOOLis at hand relative to the offer-Additional information
the latter part of November
-The ques- BOND OFFERING.
-BONDS DEFEATED.
-30-year (opt.) coup. taxable
Y, Polk County, Iowa. bonds(V.99,p. 1080)failed to carry ing to-day (Oct. 17) of the $24.000 5% 10
ANKEN
will be reBids for these
water-works
school-building bonds (V. 99. p. 1080). Vance, Districtbonds ry (P. 0.
tion ofissuing the 812,000 12.
Secreta
2 p. m. on that day by J. M.
at the election held Oct.
-BOND ELECTION. - calved until ). Denom. $1,000. Date Oct. 10 1914. Int. ann. ontApril
County, Mich.
San Antonio
ANN ARBOR, Washtenaw n of issuing the $25,000 4% fire-depart
r Nat. Bank, N. Y. No deposit required. Bonded debt,
The election to vote on the questiop. 1931) will be held Nov. 3. Due in 10 at Hanovefloating debt. Assessed valuation 1914, $865,650.
this issue; no
ment-motorization bonds (V. 98,
-An elec,
OND ELECTION.
10 annual installments.
BIBB COUNTY (P. 0. Macon) Ga.-B ions to issue the following
-BOND OFFERING.proposit
0. St. Johns), Ariz.
Nov. 3 to vote on
APACHE COUNTY (P.relative to the offering on Oct. 30 of the $125,- tion will be heldsemi-ann. bonds(V.the p.996) in the denom. of 81,000:
99,
hand
Further details are at
1080). Proposals for these 5% gold coupon
on Jan. 1 as follows: $5,000
-30-year (opt.) road bonds (V. 99, p.day by Theo. Lopez, Clerk $500,000 court-house bonds. Due yearly to 1925 incl.* $15,000, 1926 to
0005% 10
, 1921
A. &
.1916 to 1920 incl.; 310.0001935 incl.,
bonds will be received until 10 a. m. on that
'
$1,000. Date Oct. 1 1914. Int. the
, 1931 to
$25,000. 1936 to 1939 incl.;
1930 inch $20,000
of Board of Supervisors. Denom.
Bids must be made for
and $30,000 from 1940 to 1944 incl.
0. Certified check for 5% of bid required. or for $25,000, to be paid for
y,
-house bonds. Due yearly on Jan. 1 as follows: $2,000.
to be paid for on date of delivermonths thereafter.
entire issue,
150.000 school 1925 incl.; 84,000, 1926 to 1930 incl.* $6.000, 1931 to
at time of delivery and $25.000 every three
1916 to
1941 to
-We are
OFFERING.
'
1935 incl.; $8.000, 1938 to 1940 incl., and $10,000 from
ARTESIA, Eddy County, New Mex.-BONDbonds. Three issues of
1944 incl.
advised that this city is offering for sale 816.000
i
aggregating 816,000 were reported!soldlonNune 8 (V. 99. P. 63)•
,onds
OCT. 17 1914.]
THE CHRONICLE
150,000 bridge bonds. Due yearly on Jan. 1 as follows: $2,000, 1916 to
1925 incl., $4,000. 1926 to 1930 incl.; $6,000. 1931 to 1935 incl;
•
$8.000. 1936 to 1940 ind., and $10,000 from 1941 to 1944 incl.
150,000 road bonds. Due yearly on Jan. 1 as follows: $2,000, 1916 to
1925 incl.; $4,000, 1926 to 1930 incl.,• $6,000, 1931 to 1935 Incl.;
$8.000, 1936 to 1940 incl.; and $10,000 from 1941 to 1944 Incl.
100,000 hospital bonds. Due yearly on Jan. 1 as follows: $1.000, 1916
to 1920 incl.; $2,000, 1921 to 1925 incl.; $3.000, 1926 to 1930
incl.; 84,000. 1931 to 1935 incl.; $5,000, 1936 to 1939 incl., and
86,000 from 1940 to 1944 incl.
-The $23,000 wa-BOND SALE.
BILLINGS, Noble County, Okla.
-plant 6% coup. tax-free bonds offered
ter-works and $7,000 electric-light
without success on Aug. 17 (V. 99, p. 621) have been sold.
BILLINGS COUNTY (P. 0. Medora), No. Dak.-BONDS NOT TO
BE RE
-OFFERED.
-The Deputy Auditor advises us under date of Oct. 10
-year funding bonds refused
that the county will not re-offer the $15,000 10
by C. 0. Kalman & Co. of St. Paul (V. 99. P• 843)•
-BOND OFFERING.-D.W.Foster, Sec. Bd.of
BINGHAMTON,N.Y.
Estimate and Apportionment, will receive bids until 4 p. m. Oct. 28 for
$35,700 Ward School impt. bonds. Denom. (1) $700, (35) $1,000. Int.
A. & 0. at office of City Treas. Due $7.000 on Oct. 1 1944, 1945, 1946.
1947 and 1948 and $700 Nov. 1 1949. Cert. check, cash or N. Y. draft for
2% of bonds ,payable to above Sec., required. Bonds to be delivered and
paid for within 5 days from date of sale.
BLACKSBURG SCHOOL DISTRICT NO. 3 (P. 0. Blacksburg),
-Proposals will be reMontgomery County, Va.-BOND OFFERING.
celved until 12 m. Nov. 2 by J. T. Hardwick, Secretary of School Board,
-year (opt.) reg. school bonds voted March 17
for the 315.000 67c 10-30
(V. 98, p. 1012). Denom. $500. Date Nov. 2 1914. Int. ann. at office
of County Treasurer. Certified check for 2% of bid required. Official
circular states that there is no litigation pending or threatened in regard
to this or any other issue of bonds and that the district has never defaulted
in the payment of interest or indebtedness, and has never repudiated any
debt. Total bonded debt (incl. this issue) $15.700. Assessed valuation $1,477,300; actual $3,217.768.
-BOND SALE.
BLOOMINGTON, Grant County, Ind.
-On Oct. 6
-year water-works bonds voted Sept. 7 (V. 99, p. 1080)
the $15,000 5% 13
were awarded to E. M. Campbell Sons & Co. of Indianapolis at 100.68.
& D.
Denom. $500. Int.
Fletcher-American Nat. Bank, Indianapolis
$15,055
Miller & Co., Indianapolis
15,025
BOISE COUNTY SCHOOL DISTRICT NO. 54, Ida.
-BOND OF-Bids will be received until 10 a. m. Oct. 24 for $3,060 6%
FERING.
-year building and equipment bonds. Date Nov. 1 1914. Int. M.& N.
10
George Avery is District Clerk (P. 0. Roseberry, Box 116).
BOSWELL, Choctaw County, Okla.
-BOND SALE.
-The $36,000
-year coup tax-free water-works-ext. bonds offered without success
6% 25
on May 15(V. 98, p. 1931) have been disposed of.
-BONDS NOT SOLD.
BRAWLEY, Imperial County, Calif.
-No bids
-28
were received on Sept. 15 for the 835,000 6% 9 -year (ser.) water bonds
offered on that day (V. 99, p. 621).
BRECKENRIDGE, Wilkin County, Minn.
-BONDS TO BE RE-OF-The City Clerk under date of Oct. 9 advises us
FERED NEXT YEAR.
that the $12,000 5% 20-year city-hall and Jail bonds offered without success on Aug. 10 (V. 99, p. 489) will be re-offered some time next spring.
-BOND SALE.
BRISTOL COUNTY (P. 0. Taunton), Mass.
-N. w.
Harris & Co., Inc., of Boston. were awarded on Sept. 3 $50.000 4%
1-20-year (ser.) refunding bonds at par and int. Denom. $1,000. Date
Sept. 3 1914. Int. M. & S.
BROADWATER COUNTY (P. 0. Townsend), Mont.
-BOND ELEC-The election to vote on the questions of issuing the $60,000 courtTION.
house, 838.000 high-school and S22.000 road (not $20,000 as first reported)
bonds (V. 99, p. 621) will be held Nov. 3.
-BOND OFFERING
BROWN COUNTY(P.O. Georgetown), Ohio.
Further details are at hand relative to the offering on Oct. 26 of the following 5% taxable coup. bonds (V. 99, p. 1080):
$28,848 funding bonds. Denom. (57) $500,(1) $348. Due 82,000 yearly
on April 1 from 1916 to 1929 incl. and $848 Apr. 11930.
9,500 bridge bonds. Denom. $500. Due $500 yearly on Apr. 1 from
1916 to 1929 incl., $1,000 Apr. 1 1930 and $1,500 Apr. 1. 1931 incl.
Date Oct. 11914. Int. A. & 0.at County Treas. Cert. check for 10%
of bonds bid for, payable to County Treas., required. Bonds to be delivered and paid for within 10 days from time of award. Purchaser to
pay accrued interest. No bonded debt. Assessed val. 1914. 821,800,000.
BRUNSWICK, Chariton County, Mo.-BONDS WITHDRAWN
FROM MARKET.
-The City Treasurer advises us that the $12,000 paving bonds voted June 10 (V. 99, p. 2008) have been withdrawn from the
market.
BUCHANAN COUNTY (P. 0. St. Joseph), Mo.-NO BOND ELEC-We are advised that the reports stating that an election would
TION.
be held in this county to vote on the question of issuing the $150.000 countyfarm-building bonds (V. 99. p. 842) are erroneous.
BUFFALO, N. Y.
-BONDS NOT 50123.
-No blds were received on
Oct. 15 for the four issues of 434% reg. tax-free bonds aggregating $1,853,983 offered on that day (V. 99, p. 1080).
BUTTE, Boyd County, Neb.-BONDS DEFEATED.
-Reports state
that the question of issuing $35.000 railroad bonds failed to carry at the
election held Oct. 7.
CAMBRIDGE, Guernsey County, Ohio.
-130NDS NOT YET SOLD.No sale has yet been made of the three issues of 5% coup. taxable bonds
aggregating $64.311 (not $60,311 as first reported) offered without success on Sept. 22(V.99, p. 914). These bonds will be sold at private
sale.
CAMDEN, Camden County, N. J.
-BONDS
-According to local newspaper dispatches this city has AUTHORIZED.
authorized the issuance of $20,000 school-building bonds.
CAMERON SCHOOL DISTRICT (P. 0. Cameron),
Clinton
Mo.-BOND SALE.
-The $52,000 building bonds voted July County
p. 423) have been disposed of to the Harris Tr.& Say. Bank of 30 (V. 99'.
Chicago.
CAMP POINT, Adams County, Ills.
-PRICE PAID
We are advised that the price paid for the $3,500 5% FOR BONDS.sidewalk bonds
awarded to private parties on Aug. 11 (V. 99. p. 996) was par.
Denom.
$100. Date Aug. 11 1914. Int. ann. on Aug. 11. Due $7001y.
year
CANTON, Stark County, Ohio.
-BOND OFFERING.--Blds will be
received until 12 m. Nov. 9 by Emmet C. Brumbaugh, City Aud., for the
following 5% bonds:
$8,000 coupon storm-water-sewer-construction bonds. Denom. $1,000.
Due Sept. 1 1924.
5,000 coupon storm water-sewer-construction bonds. Denom. $1,000.
Due Sept. 11919.
3,800 sanitary-sewer-construction bonds. Denom.()$1.000. a) $800.
3
Due $1,000 in 2, Sand 4 years and $800 in 5 years.
6,900 sanitary-sewer-construction bonds. Denom. (6) $1,000. (1) $900.
Due $2,000 in 2. 3 and 4 years and $900 in 5 years.
-improvement (assess.) bonds.
11,900 Second St.
Denom. (11) $1,000
(1) $900. Due $3.000 in 2 and 3 years, $2,000 in 4 and 5 years
and $1,900 in 6 years.
30,000 Second St. (assess.) improvement bonds. Denom. $1,000. Due
$6,000 in 2. 3. 4. 5 and 6 years.
20,000 Fifth St -improvement (assess.) bonds. Denom. $1,000. Due
$4,000 in 2, S. 4, 5 and 6 years.
-improvement (assess.) bonds. Denom. (45) $1,000,
45,900 Eleventh St.
(I) $900. Due part yearly beginning 2 years after date.
-paving (amass.) bonds. Denom. (28) $1,000.
29,400 Woodland Ave.
(1) 81.400. Due $4,000 in 2, 3, 4, and 5 years., $3,000 in 6. 7 and
8 years and $4,400 in 9 years.
5,000 coupon sidewalk-Improvement bonds. Denom. $1,000. Due
Sept. 11924.
8,500 coupon Cook Park-improvement bonds. Denom. (8) $1,000,
(1) $500. Due Sept. 1 1922.
Date Sept. 1 1914, except on the $11,900 and $20,000 issues the date is
March 1 1914. Int. semi-ann. at office of City Treas., on coupon bonds.
Cert. check on a Canton bank for 5% of bonds bid for, payable to City
Treas., required. Bonds to be delivered and paid for within 10 days from
time of award. Purchaser to pay accrued interest. A certified copy of
the abstract showing the legality of these issues will be furnished successful
bidder. Purchaser to print at his own expense the necessary blank bonds
on special bond borders and coupon sheets to be furnished by the city.
1159
BOND SALE.
-The Sinking Fund Commissioners of the City School
District recently purchased $3,500 water-works-improvement bonds.
it is stated.
CANTON SCHOOL DISTRICT (P. 0. Canton), Stark County,
Ohlo.-BONDS PROPOSED.
-Local newspaper reports state that this district is contemplating the issuance of $50,000 school bonds.
CARBON COUNTY (P. 0. Red Lodge,) Mont.
-BONDS PROPOSED.
-It is reported that this county is contemplating the issuance of about
830.000 bonds for the construction of a poor farm.
CARROLL COUNTY (P. 0. Carrollton), Ohio.
-BOND OFFERING.
-proposals will be received until 12 m. Oct. 24, by V. G. Stoody Co.
Aud., for $10.000 5% colm, court house impt. bonds. Denom. $500.
Date Sept. 1 1914. Int. M.& S. at office of Co. Treas. Due part
six months beginning Mar. 1 1915. Cert. check for 5% payable toeach
Co.
Treas., required. Ni bonded or floating debt. Assess. val. $18,000,000.
CASCADE COUNTY (P. 0. Great Falls), Mont.
-BOND ELECTION PROPOSED.
-The proposition to issue $250.000 road bonds will
probably be submitted to a vote at the November election, it is stated.
CATHLAMET, Wahkiakum County, Wash.
-BONDS VOTED.
According to reports, the question of issuing $4,200 municipal electric-light.
plant bonds carried at the election held Oct. 3 by a vote of 96 to 24.
CHAMBERS COUNTY (P. 0. Anahuac), Texas.
-BOND
TION PROPOSED.
-Reports state that a petition was presented ELECto the
Commissioners'Court on Sept.23 asking for an election for the purpose of
voting on the issuance of 8100.000 road-improvement bonds.
CHAMPAIGN COUNTY (P. 0. Urbana), Ohio.
-BOND OFFERING.
-0. E. Eby, County Auditor, will offer for sale, at public auction at 11
a. m. Nov. 2,81,500 53% coupon Cisco Ditch No. 401 bonds. Authority
Secs. 6492 and 6493, Gen. Code. Denom.$250. Date Nov.2 1914. Int.
M.& N. at office of County Treasurer. Due $250 each six
May 2 1915 to Nov. 2 1917, inclusive. Successful biddersmonths from
required to
take and pay for bonds at time of award but may at their option have
ten days to pay for same, provided a certified check for 10% of bonds bid
for is deposited with the County Treasurer.
CHAPMAN SCHOOL DISTRICT(P.O. Chapman),Merrick County,
Neb.-BOND OFFERING.
-This district is offering for sale the $18.000
5% building bonds voted Aug. 17(V.99, p. 767). Denom.$1,000. Date
Sept. 8 1914. Int. ann. in July. Due $1,000 yearly for 18 years, subject
to call after 10 years.
CHOTEAU, Teton County, Mont.
-WARRANTS OFFERED BY
BANKERS.
-The Union Trust & Say. Bank of Spokane is offering to investors $30,000 6% coup. cement walk and curb-construction warrants.
Denom. $500. Date about Aug. 1 1914. Int. ann. Jan. 1 at the City
Treasurer's office. Due in 8 years, opt. on any interest
-payment date.
Assessed val. of District, $147,440: est. actual valuation,
$360.000.
CLEAR CREEK TOWNSHIP (P. O. Savannah), Ashland
County
Ohio.
-BOND SALE.
-On Oct. 10 the $6,000 534% 31 -year (aver.)
.
township-hall-improvement bonds (V. 99, p. 843) were awarded to
McConnel for $6,020 (100.333) and int. There were no other bids. John
CLEVELAND, Ohio.
-BONDS NOT SOLD.
-No bids were received
for the $100,000 4J4% coup, or reg. Cuyahoga River purification bonds
offered on Oct. 13 (V. 99, p. 767)•
CLIFTON HEIGHTS, Delaware County, Pa.
-BONDS
IZED.-Reports state that the Borough Council has adopted anAUTHOR.
ordinance
authorizing the issuance of $25,000 street-impt. bonds.
COFFEYVILLE, Montgomery County, Kan.
-BONDS NOT YET
ISSUED.
-The City Clerk advises us that the $4,000 incinerator-plant
bonds voted Aug. 4 (V. 99, p. 489) have not yet been issued. He further
states that if the bonds are not taken by the Sinking Fund, they will be
sold to local parties.
COHOES, Albany County, N. Y.
-BONDS PROPOSED.
-The Common Council is contemplating the issuance of $60,000 water-system-impt.
bonds, it is stated.
COLD WATER, MerCer County, Ohio.
-NO ACTION YET TAKEN.
-No action has yet been taken looking towards the issuance of the $40,000
water-works-installation bonds voted as reported in V. 99. p. 767.
COLUMBUS SCHOOL DISTRICT (P. 0. Columbus), Ohio.
-BOND
ELECTION.
-It is stated that the election to vote on the question of issuing the $2,000.000 building bonds(V.99, p. 423) will be held Nov. 3.
CONCORDIA, Cloud County, Kans.-BONDS AUTHORIZED.
The City Council has, it is stated authorized the issuance of $120,662
paving bonds.
COOK COUNTY (P. 0. Chicago), 111.
-BOND ELECTION.
-The
question of issuing $2,000,000 road bonds will be submitted to a vote on
Nov. 3, it is stated.
CONNERSVILLE, Fayette County, Ind.
-PRICE PAID FOR
BONDS.
-The price paid for the $30,000 4%V 10
-year refunding bonds
awarded on Sept. 25 to the Fletcher-American Nat. Bank of Indianapolis
(V. 99, p. 1018) was $30,013 (100.043) and int. and not 100.093 and int.
as first reported. Denom. $500. Date Oct. 1 1914. Int. A. & 0.
COON RAPIDS INDEPENDENT SCHOOL DISTRICT (P. 0. Coon
-BOND OFFERING.
Rapids), Carroll County, Iowa.
-B. N. Smith,
Secretary of Board of Education, is offering for sale an issue of $4,000 5%
10
-year school bonds dated Nov. 1 1914. Bonded debt $36,000. Assess.
val. 1913 $891,592.
CORTLAND, Trumbull County, Ohio.
-BOND SALE.
-On Sept. 10
$5,500 514% electric-light bonds were purchased by the State Industrial
Commission at par. Denom. $500.
CRITTENDEN COUNTY (P. 0. Marion), Ark.
-BOND OFFERING
-Proposals will be received until 12 m. Nov. 3 by F. K. Lashbrook,
Secy. Boardof Commissioners, for $325,000 road bonds. Cert. check for
,
2% of bid required.
CROW WING COUNTY (P. 0. Brainerd), Minn.
-BOND ELECTION.
-An election will be held Nov. 3 to submit to a vote the questions
of issuing the $150,000 5% court
-house and $45,000 4% jail-bonds (V. 99.
p. 914). If the jail bonds are voted, the money will be obtained from the
State.
DALLAS, Tex.
-DESCRIPTION OF BONDS.-Ordlnances were passed
on Sept. 25 providing for the issuance of the following 43. % gold coupob
bonds mentioned in V. 99, p. 914:
$600,000 school bonds. Due $15,000 yearly on Nov. 1 from 1915 to 1954
inclusive.
50,000 sanitary-sewer bonds. Due $2,000 yearly on Nov. 1 from 1915
to 1939 inclusive.
Denom. $1,000. Date Nov. 1 1914. Int. M. & N. at Chase Nat.
Bank. New York.
DALTON, Cheyenne County, Neb.-BOND SALE.
-The $8,000 6%
5
-20-year (opt.) water-works bonds offered without success on June
(V.99,p.283) were awarded to Jas. F. Wachob of Omaha at par on Sept.24
1.
DAYTON, Hamilton County, Ohio.
-BOND ELECTION.
-In addition to the $250,000 park and $1,000.000 grade-crossing-elimination bonds
to be submitted to the voters on Nov. 3 (V. 99, p. 996) the question of
issuing $500.000 municipal electric-light-plant bonds will also be subDESCRIPTION OF BONDS.
-The $100,000 water-ext. bonds mentioned
In V.99, p.996, bear date of Dec. 1 1914. Denom.(1,250) $20,(500) $100
and (625) $40. Int. semi-ann. Due Dec. 1 1944.
DEPEW, Erie County, N. Y.
-BONDS DEFEATED.
-The election
held Oct. 12 (not Sept. 11, as first reported) resulted in defeat of the questions of issuing the $38.000 Penora St. paving. $73,000 Transit road paving,
$42,000 Olmsted and Burlington avenues improvement and $13,000 Sawyer
Ave. improvement bonds (V. 99. p. 622).
DEPOSIT, Broome County, N. Y.
-BONDS NOT SOLD.
-No bids
were received on Oct. 13 for the $12,000 1-12-year (serial) street
-improvement bonds at not exceeding 5% int., offered on that day (V. 99,
IL 1081).
DONALDSONVILLE,Decatur County,G&.
-BONDS VOTED.
vote of 72 to 0 the question of issuing the $10,000 6% ice-plant -By a
and coldstorage bonds(V.99. p.914) carried at the election held Oct.6(not
Sept. 29
as first reported.) Int. semi-ann. Due in 1944.
DOUGLAS COUNTY SCHOOL DISTRICT NO. 53 (P.
0. Omaha)
Neb.-BONDS NOT SOLD.
-No sale has been made of
building bonds offered without success on Sept. 9 (V. 99 the $67,000 5%
.p. 843).
DULUTH, St. Louis County, Minn.
.D Local
newspaper reports state that this city is -BONDS PROPOSE contemplating the issuance of
$16,000 armory-site bonds.
1160
THE CHRONICLE
[VOL. xerx.
GEORGETOWN, Scott County, Ky.-BOND ELECTION PRO-BONDS
DISTRICT (P. 0. Duluth), Minn.
-According to reports, an election will be held shortly to submit
DULUTH SCHOOL AT PRESENT.
-The Clerk of the Board of Ed. POSED.
questions of issuing $50,000 school and $20,000 sewer
NOT TO BE OFFERED
-30
$200,000 434% 20 -year (opt.) building bonds voted to the voters the
bonds.
advises us that the p. 284) will not be offered at present.
(V. 99,
during July
GERMAN FLATTS UNION FREE SCHOOL DISTRICT NO. 2
SCHOOL DISTRICT NO. 2, Greenlee
County, N. Y.
-BOND OFFERING.DUNCAN UNION HIGH
-Proposals will be received until (P. 0. Mohawk), Herkimer
-BOND OFFERING.
County, Ariz.
are at hand relative to the offering on Nov. 1 of the $40,000
L. Terry, Clerk Board of County Supervisors (P. 0. Further details school bonds (V. 99, p. 1081). Proposals for these bonds
10 a. in. Nov. 2 by A.
Denom. 434% tax-free
-year (opt.) gold building bonds.
-20
E. B.
of Ed.
that day
Clifton), for $40.000 6% 10 Int. A.& 0.at the.
County Treasurer's office. will be received until 12 in. on 1 1914. by M. Ingalls, Secy. Bd.
& N. at Nat. Mohawk
Int.
$1,000. Date Oct. 1 1914.
Denom. $1,000. Date May
Certified check for 10% required.
Valley Bank, Mohawk (in N.Y. exchange.) Due $1,000 yearly on Nov. 1
DUNKIRK UNION FREE SCHOOL DISTRICT (P. 0. Dunkirk) from 1915 to 1954 incl. Cert. check on an incorporated bank or trust
-We are advised that the company for 1% of bonds. required.
-BOND SALE.
Chautauqua County, N. Y.
15(V. 98,
$50,000 building bonds voted JuneDunkirk. p. 2009) have been purchased
-BOND OFFERING.
-Proposals
GIRARD, Trumbull County, Ohio.
Bank of
by the Merchants' Nat.
will be received until 12 in. Nov.9 by R. L. Sanford, Village Clerk, for the
-On Oct. 6 $15,000 6% coupon fire department bonds mentioned in V. 99, p. 843.
-BOND SALE.
DURHAM, Durham County, No. Caro.
awarded, Auth. Secs.
-year sewerage bonds (V. 99, p. 489) were
3939 and 3941, Gen. Code. Denom.$500. Date Sept. 11914.
the $60,000 434% 15 banks at par.
it is stated, to the local
Int. M. & S. Due $500 each six months from March 1 1916 to Sept. 1
-Reports 1930. inclusive. Certified check on a Trumbull County bank for 5% of
-LOAN AUTHORIZED.
DURYEA, Luzern° County, Pa.
Village Treasurer, required. Bonds to be delivstate that the Council on Oct.6 decided to borrow $25.000 from a local bank. bonds bid for, payable toten days from time of award. Purchaser to pay
ered and paid for within
EAST FORK IRRIGATION DISTRICT (P. 0. Hood River), Hood
.
NOT SOLD.
-No sale was made on Oct. 6 accrued interest. Bids must be unconditional
-BONDS
River County, Ore.
-Pro..
--BOND OFFERING.
GLOUCESTER, Athens County, Ohio.
of the $25,000 6% coupon tax-free improvement bonds offered on that day.
Vii.
pose's will be received until 12 in. Oct. 26 by Reuben Wagner, Sec.Clerk,
(V. 99, p. 997.)
3939,
water-works bonds. Auth.
-TEMPORARY LOAN. for $4.000 5% electric-light and $500 yearly from 2 to 9 years hid.
EASTHAMPTON, Hampshire County, Mass.
Gen. Code. Int. semi-ann. Due
-Reports state that a loan of 350,000, issued In anticipation of taxes, has Cert. check for 5% of bonds bid for, payable to VII. Treas., required.
been negotiated with Estabrook & Co. of Boston at 5.57% •
Bonds to be delivered and paid for within 10 days from time of award
EAST MILWAUKEE SCHOOL DISTRICT (P. 0. Milwaukee), Mil- Purchaser to pay accrued interest.
County, Wis.-BONDS NOT TO BE ISSUED AT PRESENT.waukee
-BOND SALE.GRANDVIEW HEIGHTS,Franklin County, Ohio.
We are advised that the $80,000 building bonds mentioned in V. 99. p. 284, -The three issues of 5% street-impt. bonds, aggregating $41,150, offered
will not be issued at present, owing to the condition of the money market.
without success on Aug. 29 (V. 99, p. 688), were purchased on Sept. 26
-The Board of Sinking Fund by the State Industrial Commission at par. Date March 1 1914.
-BOND SALES.
EAST ORANGE, N. J.
Commissioners has purchased at par the following bonds:
-BONDS OFFERED BY
GREAT FALLS, Cascade County, Mont.
on March
325.000 4% drainage bonds Int. M. & S. 9. Denom. $1.000. Date BANKERS.
Union Trust & Say. Bank of Spokane is offering to in-The U
Due March 1 1941.
March 1 1914.
-year improvement bonds:
general bonds No. 5 on July 6. Denom. $1,000. Date vestors the following 6% 8
43,000 434%
58,000 sewer-construction Dist. Na. 203 bonds. Denom. $400. Date
July 1 1914. Int. J. & J. Due July 11934.
on or about July 1 1914. Assess. val. $53,900; actual value (est.)
% school bonds on Aug. 10. Denom. $1,000. Date Aug. 1
95.000
$110,000.
Int. F. & A. Due Aug. 1 1941,
1914.
5,100 sewer-construction Dist. No. 204 bonds. Denom. $200. Date
ELK TOWNSHIP SCHOOL DISTRICT (P. 0. Alta), Buena Vista
on or about July 1 1914. Assess. val. $14,350; actual val. (est.)
-No sale has been nmade of the
-BONDS NOT SOLD.
County, Iowa.
$57.000.
5% reg. tax-free building bonds which this district has been offering
3.400 sewer-construction Dist. No. 205 bonds. Denom. $200. Date
$10.000
f solo (Ai: 99, p. 997). Date April 1 1915. Int. ann. on April 1. Due
or
on or about July 14 1914. Assess. val. $14,350; actual val. (est.)
329,000.
in 10 years and are subject to call.
-The
-BOND ELECTION.
ELLIOTT, Montgomery County, Iowa.
GREELEY INDEPENDENT SCHOOL DISTRICT (P. 0. Hazleton),
-Up to Oct. 8 no sale
-BONDS NOT SOLD.
to vote on the question of issuing the water-works bonds (about Buchanan County, Iowa.
election
-year coupon building bonds which this
was made of the $17,000 5% 10
38.000)(V. 99, p. 65) will be held Nov. 9.
- district has been offering for sale. (V. 99, p• 997)•
-BOND OFFERING.
PLACE, Hamilton County, Ohio.
ELMWOOD
GREENE SCHOOL DISTRICT (P.. 0. Greene), Butler County,
o. W. Hammen, Village Clerk, will receive sealed bids until 12 in. Oct. 19
-The Secretary of the Board of
-BONDS TO BE SOLD LOCALLY.
for $10.000 semi-annual 5% 1934-year refunding bonds. A certified check Iowa.
Education advises us that it is expected that the $4.500 building bcnds
for 2% required.
-The voted Aug. 19 (V. 99, p. 622) will be taken by local parties.
-BOND ELECTION.
Venango County, Pa.
FJ6LENTON,
GREEN ISLAND SCHOOL DISTRICT, Albany County, N. Y.proposition to issue $5,000 street-impt. bonds will be submitted to the
BOND AWARD -The Security Trust Co.of Troy wasawarded atpar and
voters on Nov. 3. it is stated.
-BOND OFFERING..- int. on Sept.2 59,000 5% school bonds. Denom.$500. Date Oct. 1 1914.
ERIE COUNTY (P. 0. Sandusky), Ohio.
In. Nov. 1 by Hayes M. Adams. Co. Int. A. & 0. Due 31.000 yearly on Oct. 1 from 1915 to 1923 incl.
Proposals will be received until 12and inter-county
highway-improvement
-BOND
AW.,for 330.0005% Main Market
GREENLEE COUNTY SCHOOL DISTRICT NO. 19, Ariz. Terry.
Auth. Sec. 1223. Gen. Code. Denom. $500. Date Nov. 1 1914. OFFERING.
bonds.
-Bids will be received until 10 a. m. Nov. 2 13y A. L.
Int. M.& N. at office of Co. Treas. Due 33,000 yearly on Nov. 1 from Clerk of Board of Co. Supers.(P. 0. Clifton), for 530.000 6% 15-yr. gold
Board
1915 to 1924 incl. Cert. check for 5% of bonds bid for, payable to
building and equipment bonds. Denom. $500. Date Oct. 1 1914. Int.
of Co. Commrs. required. Bonds to be delivered and paid for within 10 A.& 0.at the Co. Treas. office. A certified check for 10% of bid required.
days from time of award. Purchaser to pay accrued interest. Cert. These bonds were offered but not sold on Oct. 5 (V• 99. P. 997)•
check must be unconditional.
-The
-BONDS DEFEATED.
GREENVILLE, Darke County, Ohio.
-An issue question of issuing $84,600 water-works bonds failed to carry at the elecESCONDIDO, San Diego County, Calif.-130ND SALE.
was
-40
vote of 214 "for" to 677 "against."
of 34.000 5% 25 -year (ser.) coupon gold fire-apparatus bonds
Denom- tion held Oct. 12 by a
awarded on Sept. 15 to A.F. Hubbard of Escondido at par and int.
GREENVILLE SCHOOL DISTRICT (P. 0. Greenville), Clay Coun5250. Date July 1 1913. Int. J. & J.
-No sale has been made of the 32.0005%
-BONDS NOT SOLD.
- ty, Iowa.
FAIRFAX COUNTY (P. 0. Fairfax), Va.-NO BOND ELECTION.is 10
-year school bonds which this district has been offering for sale (V. 99,
Int. A. dr 0.
We are advised that the reports are erroneous that stated that this county
bonds in the Falls Church p• 767). Denom. $500.
-BONDS TO BE OFFERED
contemplating the issuance of $80,000 highway
GROVE CITY, Mercer County, Pa.
District (V. 99. p. 688)•
-We are advised that this borough will shortly offer for sale
SHORTLY.
TOWNSHIP (P. 0. North Fairfield), Huron County, $25,000 water bonds.
FAIRFIELD
-The State Industrial Commission purchased on
-BOND ELECTION.
-An election
-BOND SALE.
Ohio.
RAMEY, Blaine County, Idaho.
t bonds at par. Denom.
on the question of issuing $35,000 10-20-yr.
Sent. 26 an issue of $40,000 5% road-improvemen
bonds were reported sold on Feb. 26 to will be held Nov. 10 to vote
$500. Date Aug. 11914. These Columbus at 101.65 and blank bonds (opt.) water-works bonds.
the New First National Bank of
HANCOCK SCHOOL DISTRICT (P. 0. Hancock), Houghton
(V. 98, p. 1183).
-BOND ELECTION NOT TO BE HELD THIS YEAR.
DISTRICT (P. 0. Lewistown), County Mich.
on the question of issuing the
FERGUS COUNTY HIGH SCHOOL
-Reports state that the proposi- We are advised that the election to vote
will not be
-BOND ELECTION PROPOSED.
Mont.
to the voters in the near 8150.000 site-purchase and construction bonds (V. 99, p. 66)
submitted
tion to issue $80,000 school bonds will be
held this year.
future.
(P. 0.Florence),
HANOVER SCHOOL DISTRICT (P. 0. Hanover), Morris County,
FLORENCE INDEPENDENT SCHOOL DISTRICT
-At the election to be held Nov. 3, the question
-No sale has been N. J.
-BOND ELECTION.
Dak.-BONDS NOT SOLD.
Codington County, So.
this district has been of issuing $20,000 building and improvement bonds will be submitted to the
-year funding bonds which
made of the $5.000 5% 15
voters, it is stated.
(V. 99, p. 490.)
offering for sale
-Ac-This town is
-BOND OFFERING.
-BONDS PROPOSED.
HARRIS, Osceola County, Iowa.
FOLSOM, Sacramento County, Cal.
- offering for sale the 37,000 20
issuance of 320,000 sewer
-year electric-transmissicn-line bonds at not
cording to reports, this town is considering the
exceeding 6% int. voted Aug. 17 (V. 99, P. 490.)
system bonds.
-We are ad-BONDS AWARDED IN PART.
FOLSOM SCHOOL DISTRICT (P. 0. Folsom), Sacramento County,
HARTFORD, Conn.
-This district has voted in favor of the issuance vised that up to Oct. 15 Harris, Forbes & Co., of N. Y. had exercised its
-BONDS VOTED.
Cal.
of $30,000 bldg. bonds, it is reported.
option on $916,000 of the $2.000,000 4% water bonds. This makes a
-This total of $16,000 taken since our last report(V. 99, p. 361). We are further
-BOND OFFERING.
FRANKLIN, Robertson County, Tex.
and informed that on Sept. 14 the Court of Common Council approved the
-40
city is offering for sale an issue of $15,000 5% 10 -year (opt.) water
recommendation of the finance board, granting an extension to Harris
Denom. $500.
light bonds.
Forbes & Co., cf their option for the purchase of the remaining water
FRANKLIN SCHOOL TOWNSHIP (P. 0. Stilesville), Hendricks bonds to Dec. 1. The firm also secured approval of its request to be
-Proposals will be received until allowed to make purchases in lots of less than 5100.000.
-BOND OFFERING.
County, Ind.
coup, tax2 p. m. Oct. 23 by T. R. Roark, Twp. Trustee, for $1,350 434%
-The
Int. J. J.
HARTINGTON, Cedar County, Neb.-BONDS NOT SOLD.
free school-bldg. bonds. Denom. $270. Date Oct. 11914. 1 from &
1916 City Clerk advises us that up to Oct. 10 no sale had been made of the 57.500
Bank, Stllesville. Due $270 yrly. July
at the Citizens State
the State of Indiana for 5% 5-20-Yr. (opt.) coup. taxable water refunding bonds offered in June
to 1920, incl. Cert. check on some bank within
including (V. 98, P. 1933).
$50, payable to the Twp. Trustee, required. Bonded debt (not
-BOND ELECTION PROPOSED
this Issue), $15,500. Floating debt, $2,200. Assess. val.. $837,885.
HASTINGS, Cambria County, Pa.
- -It is stated that an election will be held in the near future to vote on the
TAKEN.
-NO ACTION YET
PROMBERG,Carbon County, Mont.
-plant and bldg. bonds.
light
The Town Clerk under date of Oct. 10 advises us that no action will be question of issuing $35,000 municipal
-An elec- -Yr•
taken until next year towards the issuance of the 313.000 6% 15 20
HAYWARD, Sawyer County, Wis.-BOND ELECTION. of issuing
the question
(opt.) water-works bonds voted July 7 1913 (V. 99. P. 284)•
tion will be held Nov. 7, reports state, to vote on
water-works bonds.
-Bids 312,000
-BOND OFFERING.
TREMONT, Sandusky County, Ohio.
-BOND ELECTION PROPOSED.
HAZLETON, Luzeme County, Pa.
will be considered until 2 p. in. Nov. 9 by F. J. Fischer, City Auditor, for
November election the proposi-Local newspaper reports state that at the
the following 5% assessment and city's portion bonds:
bonds will be submitted to a vote.
31,200 Willow St. improvement bonds. Denom. $120. Due $120 each tio to issue $350,000 public improvement
-This
-BOND ELECTION.
N. Y.
to Oct. 1 1925, inclusive.
six months from April 1 1916
HEMPSTEAD, Nassau County,
question of issuing $250,000
1,000 tile drain improvement bonds. Denom. $100. Due $100 each town will vote Nov. 3, it is stated, on the
bridge bonds.
months from April 1 1916 to Oct. 1 1925. inclusive.
six
and
$90 each six 434% road
(P. 0. Henry),
900 Fourth St. improvement bonds. Denom. $90. Due
HENRY INDEPENDENT SCHOOL DISTRICT
-The 320,000534% school
months from April 1 1916 to Oct. 1 1925, inclusive.
Codington County, So. Dak.-BOND SALE.
A. & 0. at office of Sinking Fund Trustees. bonds offered on July 1 (V. 98, p. 2010) have been sold to Wells, Dickey
Date Oct. 1 1914. Int.
Treasurer, required. Bonds to
Certified check for $100, payable to Cityfrom time of award. Purchaser & Co. of Minneapolis.
-This
-BOND OFFERING.
be delivered and paid for within ten days
HILLSBORO, Montgomery County, Ms.
5 -year (opt.) water
to pay accrued interest.
-BONDS city is offering for sale $6.000 of the $10,000 5% -20Date July 1 1914.
Fresno County, Calif.
FRESNO SCHOOL DISTRICT, no bids were received for the $250,- bonds voted July 14 (V. 99, p. 215). Denom. 8500. .
It. S. Hargrove is Finance Commissioner
-Local papers state that
NOT SOLD.
offered on Oct. 8. (V. 99. P. Int. J. & J.
-BOND OFFER000 5% 28-yr. (aver.) gold school bonds
HILLSBOROUGH COUNTY (P. 0. Tampa), Fla.
767).
-Proposals will be received on or before 12 m. Nov. 7 by W. P. Cul-BOND OFFERING.-Pro- ING.
GAINESVILLE, Alachua County, Fla. I. E. Webster, Sec. Bd. of breath, Clerk of Board of County Commissioners, for $500,000 5% 30-year
by
ls will be received until 3 p. m. Nov. 12 adjustment bonds. Denom.
Date Oct. 1 1913. Int.
Public Works, for $52,000 5% coup. tax-free office of City Treas. Due gold coupon road bonds. Denom. $1,000.
J. at
Date July 1 1914. Int. J. & payable to above Board. required. A.& O. inN.Y. Certified check on an incorporated bank for 2% of bonds
51.000.
of bid,
July 1 1939. Cert. check for 3%
debt.$50.000. Assess. bid for, required. Bonds to be delivered in Tampa or N. Y. on Nov.20.
Bonded debt (not incl. this issue),$263,000;floating
These bends will be certified as to genuineness by the Columbia Trust Co.
val. 1914. 33.200.000.
-Up to Oct. 12 and their legality approved by Caldwell, Masslich & Reed of N. Y., whose
-BONDS NOT SOLD.
Ida County Iowa.
GALVA,
water-works-impt. opinion will he furnished successful bidder. No bld for less than 95 and
no sale had been made of Ale $5,000 20-yr. coup. taxable
bonds offered in September (V. 99. p. 688).
accrued interest will be received.
-The 813,000 5%
GENOA, Nance County, Neb.-BOND SALE. on Aug. 28 (V. 99,
.The official notice of this bond offering will be found among the advertise(opt.) coupon sanitary-sewer bonds offered
-20
5 -year
ments elsewhere in this Department.
p. 688) were sold on that day.
OUT. 171914.]
THE CHRONICLE
HIRAM TOWNSHIP SCHOOL DISTRICT(P.O.Ravenna),Portage
County 01110.-BONDS NOT SOLD.
-No bids were received on Oct. 3,
for the '
35,000 5% 14
-year (average) building-completion bonds offered on
that day (V. 99, p. 844).
-The
HOLLAND, Ottawa County, Mich.
-NO BOND ELECTION.
City Clerk advises us that the proposition to issue the swimming-pool and
skating-pond bonds at the primary in August (V. 99 I": 499) 'ell through
.
and was not voted upon."
-BOND ELECTION.
-The quesHOUSTON, Harris County, Tex.
tions of issuing the 33,000.000 harbor-impt., $200,000 school; 31,0100,000
sanitary-sewage-disposal; $1,000,000 drainage and 3250.000 _park 5%
the
bonds will be submitted to the voters on Oct. 28 (V. 99, p. 997). Due in
_
equal ann. installments from 1 to 40 years incl. on all issues except
school bonds, which matures in equal annual installments from 1 to 25
years inclusive.
-The 815,0006%
-BOND SALE.
HOWE, Le Fiore County, Okla.
10-25-yr. (opt.) road bonds voted June 30 have been purchased by Geo. W.
5: J. E. Plersol of Oklahoma City at par. Denom. $1,000. Date July 1
1914. Int. semi-ann.
-BOND OFFERING.
HUDSON COUNTY (P. 0. Jersey city), N. J.
Proposals will be received until 3 p. m. Oct. 23 by Walter O'Mara, Clerk
Bd. of Chosen Freeholders, for 8150.000 4 % 30-yr. coup. or reg. boulevard-repair bends. Date Sept. 1 1914. Int. M.& S. Cert. or bank check
or cash on a national bank or trust company for 1% of bid, payable to Frederic Rider, Co. Collector, required.
The official notice of this bond offering will be found among the advertise
ment, ,lsewhere in this Department.
-BOND SALE.
-The State InHUDSON, Summit County, Ohio.
dustrial Commission purchased on Sept. 16 33,150 6% street-impt.bonds
at par. Denom. $315. Date Sept. 15 1914.
HURON, Beadle County, So. Dak.-BOND SALE.
-The 322.000 5%
20-year filter-plant-installation bonds voted June 23 (V. 99, p. 66) have
been sold to Frank Jackson and B. C. Taber at par. Denom. 31.000.
Int. semi-ann. These bonds take the place cf the $22,000 bonds awarded
to W. M.Prindle & Co. of Duluth on Feb. 9 1914.
HURON COUNTY (P. 0. Norwalk), 01110.
-BOND SALE.
-An issue
of 368.000 5% road-impt. bonds was awarded on Sept. 10 to the State
Industrial Commission at par. Denom. $500. Date Sept. 15 1914.
-The proposition to issue $10.000 city-hall-constr.
BOND ELECTION.
bonds will be submitted to a vote on Oct. 23, it is stated.
INGLEWOOD, Los Angeles County, Calif.
-BOND SALF..-The
State Board of Control purchased on July 13 $5.000
% 1-10-year (ser.)
park bonds at par and int. Date June 11014.
-NO ACTION YET TAKEN.
IOWA CITY, Johnson County,Iowa.
No action has yet been taken looking towards the issuance of the $16,000
fire-equipment-purchase bonds mentioned in V. 99. p. 688.
JASPER COUNTY (P. 0. Newton), Iowa.
-BOND ELECTION.
The election to vote on the question of issuing the $30,000 5
-year countyhospital bonds (V. 99. p. 361) will be held Nov. 3.
JASPER COUNTY (P. 0. Paulding), Miss.
-BONDS PROPOSED.
Local newspaper reports state that this county is considering the issuance
of road bonds for the Bay Springs District.
JOHNSON COUNTY (P. 0. Franklin), Ind.
-BONDS NOT SOLD.According to reports, no bids were received for the $6.600 4 % road bonds
offered on Oct. 1. Due part each six months for 10 years.
-BOND SALE.
JOLIET, Will County, m.
-It is reported in local
papers that the city has issued the 858.800 bonds to Chicago bankers
(V. 99, p. 915). The bonds are payable $3.000 annually and bear 5% int.
KENMORE, Summit County, Ohio.
-BOND OFFERINC.-Proposals will be received until 12 m. Oct. 24 by E. J. Shook. Vii. Clerk, for
the following 6% coupon Delaware Ave. improvement bonds:
32.425 assess. bonds. Denom. (1) 8425, (4) $500. Due $425 Sept. 15
1915 and $500 yearly on Sept. 15 from 1916 to 1919 incl.
300 village's portion bond. Denom. $300. Due Sept. 15 1919.
Date Sept. 15 1914. Int. M. & S. at office of VII. Treas. No deposit
required. Bonded debt (incl. these issues) 3333.025. No floating debt.
Assess. val. 1914 $6.652,600.
KING COUNTY (P. 0. Seattle), Wash.
-BOND ELECTION.
-The
election to vote on the question of issuing the $350.000 20-yr. court-houseimpt. bonds at not exceeding 5% int. (V. 99, p. 768) will be held
Noy. 3.
It is stated.
KNOX COUNTY (P. 0. Vincennes), Ind.
-BOND OFFERING.
Bids will be received !until 2 p. m. Oct. 22 by W.E.
the following 4%% highway-improvement bonds: Ruble. Co. Treas.,for
88,700 Thos. B. Thorne et al road-improvement bonds in Palmyra Twp.
Denom. $435.
6,250 Chas. Ruby et al road-impt. bonds in Vigo Twp. Denom.$312 50.
6.000W. S. Keith et al road Impt, bonds in Vigo Twp. Denom. $300.
Date Oct. 6 1914. Int. M.& N. Due one bond of each issue each six
months from May 15 1916 to Nov. 15 1925 Incl.
LAKE COUNTY (P. 0. Crown Point), Ind.
-E. M.
-BOND SALE.
Campbell's Sons & Co. of Indianapolis were awarded on Sept. 3 the following 435% 3-10-yr. (ser.) Kankakee River Bridge constr. bonds (V. 99.
p. 424):
825.000 Issue for 825,017
-equal to 100.068.
43.000 issue for 343.107
-equal to 100.248.
Denom. $500. Date July 1 1914. Int. J. & J.
LAKELAND, Polk County,
-Reports state
-BONDS VOTED.
that at the election held Oct. 6 Fla.
light plants impt., $20,000 fire the questions of issuing$130,000 water and
-dept. Impt. and $15,000 Morrell Memorial
hospital bonds carried.
LAKE PARK,
County, Iowa.
-BONDS TO BE OF'FERED SHORTLY. Dickinson Clerk
-The Town
advises us that the 310.000 electriclight bonds voted Sept. 4 (V.
99, p. 768) will be offered for sale in about
60 days.
LAKEWOOD, Cuyahoga County, Ohio.
-BOND OFFERING.
Proposals will be received until 12 m.
Oct. 19 by B. M. Cook. Director of
Finance, for the following
5% bonds
35.090 Magee St. improvement (assess.) bonds.
Denom. $509. Due
$509 yearly on Oct. 1 from 1915 to 1924 incl.
16.500 street
-improvement (city's portion)
3.500 Oct. 1 1916 and 31,000 yearlybonds. Denom. $500. Due
thereafter.
30.000 street
-improvement bonds. Denom. $1,000. Due
$2,000 yearly
on Oct. 1 from 1916 to 1930 incl.
16,590 sewage-disposal-works4mprovement
bonds. Denom. 8500. Due
$500 Oct. 1 1916 and $1,000 yearly thereafter.
Date "day of sale." Int. A. & 0. at Cleveland
Tr. Co.. Cleveland.
Cert. check for 5% of bid required. Purchaser
to
Official circular states that there is no litigation pay accrued interest.
against this issue and that the city has never pending or threatened
defaulted. Total debt
(Oct. 2 1914) 21.467,076. Assess. val. 1914
(est.) $40.000,000. Real.
(est.) $42.000,000.
SOND ELECTION.
-The question of
and $100,000 park bonds (V. 99, p. (188) issuing the $450.000 water-works
will be submitted to a vote at the
election on Nov. 3.
BONDS AWARDED IN PART.
-Of the three issues of 5% bonds, aggrrting $31.360, offered without success on Aug. 4
(V. 99, p. 623), the
fol owing two issues were disposed
$7.330 53.5-year (aver.) Mars Ave.of at private sale:
1.870 2 ti-year (aver.) Riverway water-impt. bonds.
Ave. paving impt. bonds.
The $22.160 5).-year
bably be re-offered next (aver.) Hilliard Ave. paving 'rapt. bonds will prospring.
LARCHWOOD,Lyon
-BONDS NOT YET
We are advised that the County,Iowa.
•
$10.000
log 5% int. voted Sept. 7(V. 99, 20-year electric-light bonds at not ceedISSUED
p. 688) have not yet been issued. ex
LA SALLE TOWNSHIP (P. 0.
La Salle), La Salle County Ill
BOND OFFERING.
,
-It
to sell 38,000 Deer Parkis stated that the Twp. Clerk has been authorized
bridge (township's share) bonds.
LAUDERDALE COUNTY (P. 0.
-BOND ELECTION-It is stated that the election to Meridian), Miss.
850.000 Road District No. 1 bonds (V. vote on the question of issuing the
99. p. 915) will be held Nov. 3.
LAWRENCE COUNTY (P. 0.
Bedford), Ind.
-BOND SALE.
-On
Oct. 12 the $4,800 435% 5M-yr. (aver.)
,
road-impt. bonds (V. 99, ID. 1082)
were awarded to Thos. A. Holland at par.
1914. Int. M.& N. There were no other Denom. $240. Date Sept. 15
bidders.
1161
LAWTON SCHOOL DISTRICT (P. 0. Lawton), Woodbury County,
Iowa.
-BONDS NOT YET ISSUED.
-10-year (opt.)
-The $25.000 5% 5
building bonds voted Aug. 22 (V. 99, p. 623) have not yet been issued.
Denom. $1,000. Int. J. & D.
LE FLORE COUNTY (P. 0. Poteau), Okla.
-BOND ELECTION.
According to newspaper reports, an election will be held Nov. 3 to vote
on the proposition to issue $60,000 5% 20-yr. bridge bonds.
LEWISTON, Fergus County, Mont.
-BONDS OFFERED BY BANKERS.
-The Union Trust & Say. Bank of Spokane Is offering to investors
37.000 6% 1-8
-year (opt.) municipal-improvement District No. 9 bonds.
Denom. $1.000. Date on or about
ann. Jan. 1 at the
City Treas. office. Assessed value Sept. 1 1914. Int. actual value (est.)
of district 818.800;
395.000.
An issue of $17.000 6% 1-8
-improvement District
-year (opt.) municipal
No. 8 bonds is also being offered to investors by the Union Trust & Say.
Bank of Spokane. Denom. $1.000. Date on or about Sept. 11914. Int.
annual Jan. 1 at the City Treas. office. Assess. val. of District $121,085;
actual val. (est.) $600,000.
LIGONIER, Westmorland County Pa.
-An
-BOND ELECTION.
election will be held Nov. 3 to vote on tl:e issuance
of $9.500 water bonds.
LIMESTONE TOWNSHIP (P. 0. Limestone), Alger County, Mich.
-BOND ELECTION PROPOSED.
-This township proposes to hold an
election to vote on the question of issuing road-improvement
bonds will take the place of the $15.000 issue votetfin August.bonds. These
(V.99.P.558)
LINCOLN COUNTY (P. 0. Toledo), Ore.
-NO BOND ELECTION.
We are advised that there will be no
election to vote on the issuance of the
road-construction bonds. (V. 99,
p. 768)•
LINCOLN COUNTY SCHOOL DISTRICT NO. 19 (P.
0. Eureka),
Mont.
-BOND SALE.
-On Sept. 26 31.500 6% bldg. bonds were awarded
to the Union Bank & Tr. Co. at par.
Denom. $500. Date July 1 1914.
Int. J. & J. Due in 1924, subject to call after
1922.
LINN COUNTY (P. 0.
-NO BONDS OFFERED.
The County Auditor advises Marion), Iowa.
us that the reports stating that this county is
offering for sale 311.000 Drainage Dist. No.
1 bonds (V. 99, p. 558) are
erroneous.
LINN COUNTY SCHOOL DISTRICT NO.
-BONDS NOT
SOLD.
-No bids were received for the $50.000 5% 5, Ore.
Central School building
bonds offered on Oct. 1 (V. 99. p• 689)•
LITTLE FALLS, Herkimer County, N. Y.
-BOND SALE.
-On Oct.
10 the issue of $15,000
% school bonds
to Isaac W. Sherrill Co. of Poughkeepsie(V. 99. p. 916) were awarded
at
Pate July 1 1914. Int. ann. on July 1. Due 101.02. Denom. $1,000.
$1.000 yearly.
LIVERMORE, Alameda County,
-BOND SALE.
81.000 % sower bonds, dated July Calif. were awarded-On Oct. 1
1 1914.
to the State
Board of Control at par and interest.
LOCKPORT, Niagara County, N. Y.
-BONDS NOT SOLD.
were received it is stated. for $16,898 Walnut St. pavement -No bids
and $1.000
small contract bonds offered on Oct. 10.
LONG BEACH,Los Angeles County, Calif.
-BONDS DEFEATED
.The questions of issuing the $700,000 property-purchase and
$400,000
auditorium-construction bonds(V. 99, p. 491) failed to carry at the
election
held Sept. 30 by a vote of 3.497 "for" to 4.115 "against.
NO BONDS VOTED UPON.
-We are advised that the election
was held Oct. 2 (V. 99. p. 916) was not to vote on the issuance of which
$30,000 harbor-improvement bonds but to vote on a special tax.
LOUISVILLE, Jefferson County, Ky.-BOND ELECTION.
question of issuing 3100.000 bldg. bonds will be submitted to a -The
rote on
Nov. 3. reports state.
McCURTAIN COUNTY (P. O. Idabel), Okla.
-BOND ELECTION.
Reports state that an election will be held Nov. 3 to vote on the question
of issuing bridge-constr. bonds.
McMINNVILLE, YamhUl County, Ore.
-BOND SALE.
-On Sept.22
$12,500 and $27,000 6% 1-10-yr. (opt.) street
-paving
to Montague O'Reilly Co. at par. Denom. $500. bonds were awarded
Date Oct. 1 1914.
N
IEMAD & 0 COUNTY (P. 0. Huntsville), Ala.
L ILISO.
-BOND ELECTION
PROPOSED.
-Reports state that the question of issuing $70,000 5% bonds
will shortly be submitted to a vote.
MASONING COUNTY (P. O. Youngstown), Ohio.
-BOND BALE.
-on Oct. 17 the $10,000 5% 536-Yr. (aver.) Inter-county highway No. 88
impt. bonds (V. 99. P. 844) were awarded to the State Industrial Commission of Ohio at par and int.
MANGUM, Greer County, Okla.
-BONDS TO BE OFFERED EARLY
-The City Clerk advises us that the $100.000 municipal
NEXT YEAR.
electric-light. water-pumping and Ice-plant bonds voted Aug. 4 (V. 99,
p. 491) will not be off:wed for sale until about Jan. 1 1915.
MANZANITA SCHOOL DISTRICT, Butte County, Calif.
-BOND
-On Oct. 6 the $12.000 5% 20
SALE.
-year building and equipment bonds
(V.99, p.998) were awarded,it is stated,to the Rideout Bank of Gridley.
MANSON SCHOOL DISTRICT (P. 0. Manson), Calhoun County,
-BONDS NOT YET ISSUED.
Iowa.
-The school-site purchase bonds
voted July 29 (V. 99, p. 285) have not yet been issued.
MARINETTE, Marinette County, Wis.-BONDS AWARDED IN
-According to Milwaukee papers, this city has awarded 870,000
PART.
of an Issue of $120,000 high-school-building bonds to the Lawyer-Goodman
Co., a local lumber corporation, as 5s. The remaining $50,000, it is expected, will be awarded to the State of Wisconsin.
MARION COUNTY (P. 0. Marion), Ohio.
-BOND OFFERING.Bids will be received until 12 m. Oct. 31 by the Road Commissioners of
Kern Free Turnpike (care Hayes Thompson. attorney), for $10,000 6%
coup. road bonds. Auth. Secs. 7232 and 7321. Gen. Code. Denom.
(1) $300. (8) $400, (8) 5500, (3) $600 and (1) $700. Date Oct. 31 1914.
Int. A. & 0. at office of County Treasurer. Due each six months as follows: $300 Mar. 1 1915, $400 from Sent. 1 1915 to Mar. 1 1919 incl..
$500 Sept. 1 1919 to Mar. 1 1923 incl., $600 Sept. 1 1923 to Sept. 1 1914
incl. and $700 Mar. 1 1925. Certified check (or cash) on a Marion bank
for $100. payable to Road Commissioners. reit..uired. Bonds to be delivered and paid for within 10 days from time of award.
MARSHALL SCHOOL DISTRICT,(P. 0. Marshall), Saline County,
Mo.-BOND SALE.
-An Issue of $10,000 5% 5-10-Yr. (opt. )bldg. bonds
was issued on July 1.
-BOND OFFERING.MARSHALLTOWN, Marshall County, Iowa.
We are advised that this city has for sate an issue of $7.000 fire equip.
bonds.
-On Sept. 28 214.000
MASON, Warren County, Ohio.
-BOND SALE.
554%, electric-light bonds were purchased by the State Industrial Commission at par. These bonds were reported sold on July 28 to Well. Roth
& Co. of Cincinnati at 104.27 (V. 99. p. 425)•
-Reports state that this city
MEMPHIS, Tenn.
-BONDS PROPOSED.
is contemplating the issuance of $6,000 street-improvement bonds.
-BONDS
DISTRICT, Mich.
MICHIGAMME TOWNSHIP SCHOOL
-According to a Houghton newspaper this district on Oct. 5
VOTED.
voted in favor of the issuance a $35.000 bldg. bonds.
MIFFLIN TOWNSHIP (P. 0. Mansfield), Richland County, Ohio.
-It is reported in local newspapers that
BOND ELECTION PROPOSED.
the question of issuing $30,000 road-improvement bonds will be submitted
the voters at the November election.
to
-BONDS AUTHORIZED.-Resolutions were
MINNEAPOLIS, Minn.
1
200 sewerlsrover
Passed on Sept. 25 providing for the issuance of $100
ment, $75,000 street-improvement and $75,3021
bonds.
13 a
9
$50, $100. $500 an tlocal-. interest mot se 74.
coup. bonds. Denom.exInt. 4% except on $75,000 street-improvemen
ceed 4%,payable A.& 0.
MITCHELL, Davison County, So. Dak.-NO ACTION YET TAKEN.
Under date of Oct. 9 the City Auditor advises us that no action has yet
fe
of
e one on
d
1
00
1
0
0-0
been taken lookitis Twals tAeofe-Zeritglont Ihn:e
260ess
t P
(pt.) mnic
.a
1)
99.p.68) e tthe matter is still in the ands of the Supreme Court and
a decision is expected this year.
MONROVIA, Los Angeles County, Calif.
-BOND ELECTION PRO-An election will be held In the near future, reports state, to :cote
POSED.
on the question of issuing $15,000 street-improvement bonds.
Breenovg. 1
1162
THE CHRONICLE
MONTAGUE SCHOOL DISTRICT, Siskiyou County, Calif.
-There were no bidders for the $12,000 6% 1-12-year
BONDS NOT SOLD.
(ser.) school bonds offered on Oct. 6 (V. 99, p. 844).
-This city
MONTROSE, Henry County, Mo.-BOND OFFERING.
Is offering for sale the $6,000 5% electric-light bonds offered withoutsuccess on Aug. 19 (V. 99, p. 624).
MORRISTOWN SCHOOL DISTRICT (P. 0. Morristown), Morris
-BONDS VOTED.
-Reports state that this district reCounty, N. J.
cently voted in favor of the issuance of site-purchase bonds.
JOY SCHOOL DISTRICT (P. 0. Mount Joy), Lancaster
MOUNT
-BOND ELECTION.
-The question of issuing $10,000 imCounty, Pa.
provement bonds will be submitted to the voters at the November election. It is stated.
NAMPA MERIDIAN IRRIGATION DISTRICT, (P. 0. Nampa),
-NO BONDS VOTED.
-We are advised that the election which
Idaho.
was held on Oct. 10 was not to vote on the question of isssulng of $3,304.50
Impt. bonds as mentioned in V. 99, p. 844.
NAPOLEON, Henry County, Ohio.
-On Oct. 10 the
-BOND SALE.
$11,300 5.4% 534-year (aver.) coup. taxable street-improvement bonds
(V. 99, P. 916) were awarded to J. C. Mayer & Co. of Cincinnati at 100.41
and interest. Other bidders were:
Seasongood & Mayer, Cin__$11,3121Spitzer, Rorick & Co., T0l_$11.300
NARBERTH, Montgomery County, Pa.
-BOND ELECTION.
-An
election will be held Nov. 3, reports state, to vote on the propositions to
issue $54,000 school-building and playgrounds and $8,500 funding bonds.
NEVADA, Story County, Iowa.
-BOND ELECTION PROPOSED.
An election will be held in the near future to vote on the question of issuing
$15,000 water-works bonds.
NEW BREMEN, Auglaize County, Ohio.
-BOND SALE.
-On Oct. 9
the $7,500 5% 8%-year (aver.) coup. refunding bonds (V. 99, p. 845) were
awarded to the First City Bank of New Bremen for $7,505 (100.066) and
int.-a basis of about 4.99%. The Atlas Nat. Bank of Cincinnati bid
$7,501.
NEW CORDELL (P. 0. Cordell), Washita County, Okla.
-BONDS
-This city has authorized the issuance of $75,000 6%
AUTHORIZED.
coup. water-works-ext. bonds. Denom. $1,000. Int. semi-ann. at fiscal
agency in N. Y. Due in 1939, sublect to call after 15 years. Bonded
debt (incl. this issue). $133,500: no floating debt. Assessed valuation
1914, $952,596.
NEW HARTFORD (TOWN) UNION FREE SCHOOL DISTRICT
-BOND OFFERING.
-Proposals will be
NO. 8, Oneida County, N. Y.
received until 7 p. m. Oct. 26 by C. B. Brooks, Clerk(P. 0. Chadwick),
for $31,000 57 registered site-purchase and construction bonds. Denom.
(20) 31.000, (20) 3550. Date March 1 1914. Interest annually at First
Nat. Bank, Utica. or. upon request of registered holder, will be remitted
In N.Y. exchange. Due $1,550 yearly on March 1 from 1915 to 1934 incl.
Certified check for 1% of bonds bid for, payable to E. M. Griffith, District
Treasurer. required. A similar issue of bonds was sold on Aug. 20 (V.
ee, p. 624).
-The following are the other bids re-BIDS.
NEW HAVEN, Conn.
-year coupon or registered tax-free _park
ceived for the $100.000 4 % 30
bonds awarded on Oct. 9 to H. C. Warren & Co. of New Haven at 105.40
and int.-a basis of about 4.1837.
Nat. Shawmut Bank.Boston 102.135 Harris. Forbes ,Ss Co., N.Y_ _100.012
Perry, Coffin & Burr, Boston 96.82
Union & New Haven Trust
101.799 Yale Nat. Bank, New Haven
Co.. New Haven
(for $10,000)
100.00
Chas.W.Scranton&Co..N.H.101.00
Clark, Dodge & Co.. N. Y100.26
-BOND OFFERING.NEW PRAGUE, Lesueur County, Minn.
Bids will be received until 7.30 p. m. Nov. 9 by John F. Bruzek. City
Clerk, for $15.000 5% coup. bonds to defray all contingent expenses.
Denom. $1,000. Date Dec. 31 1914. Int. ann. Due $1,000 yrly. on
Jan. 1. from 1916 to 1930 incl.
-BONDS PROPOSED.
NEWPORT, Washington County, Ohio.
Local newspaper reports state that this place is contemplating the issuance
-improvement bonds.
of $100,000 street
NEW PROVIDENCE SCHOOL DISTRICT (P. 0. New Providence),
-This district is offering
-BOND OFFERING.
Hardin County, Iowa.
for sale an issue of $12,000 school bonds.
Eddy County, No. Dak.-PRICE PAID FOR
NEW ROCKFORD,
-We are advised that the price paid for the $80,000 7%
WARRANTS.
-year (ser.) water-works warrants purchased by the First Nat. Bank of
1-10
New Rockford for T. L. Beiseker was par. Denom. $500. Int. ann.
-On
-BOND SALE.
NEW STRAITSVILLE, Perry County, Ohio.St.
-year (ser.) Railroad
improvement (vilOct. 12 the $3,000 5S5% 1-10
lage's portion) bonds (V. 99. p. 845) were awarded, it is stated, to local
people at 100.30.
-BOND ELECTION
NEWTON COUNTY (P. 0. Newton), Tex.
circulated calling for an
-Reports state that a petition is beingbonds
PROPOSED.
.
$15,000
election to vote on the question of issuing
-BOND SALES.
-The State InNILES, Trumbull County, Ohio. 50 5% street
$3,216
-improvement bonds
dustrial Commission purchas
Date Aug. 1 1914.
on Sept. 10 at par. Denom. $321 65.Commission
purchased $10,500 5%
On Sept. 26 the State Industrial
street-improvement bonds at par. Denom. $1,050. Date Aug. 1 1914.
-BONDS AWARDED IN PART.
NORMAL, McLean County, m.
-improvement bonds offered without success on
Of the $18,000 5% street
been
Sept. 7(V. 99, p. 768) $5,000 hasAug. disposed of to local investors at ipar
1 1914. Int. ann. March. Due
Denom. $500. Date
and in
$9,000 March 31 1919 and 1920.
VIEW (P. 0. Clarksburg), Harrison Countr, W. Va.NORTH
until
-Proposals will be receivedtil 12 m. to be opened
BOND OFFERING.
m.) Nov. 10 by H. W. Poynter, Town Recorder, for $ 6,000 water-30
$5,500 sewerage-system 6% 10 -year (opt.) bonds
works-system and
Date Oct.
voted Sept. 22. Denom. $500.Bonds must 1 1914. Int. ann. at the
be delivered and iiaid for
Bank at Clarksburg.
Farmers'
within 20 days from day of sale. Cert. check for 5% of bid, payable to the
"Town of North View", required.
-BOND SALE.-Geo. St
NOWATA COUNTY (P. 0. Nowata), Okla. on
awarded at 101.075
Aufc21 the $20,000
J. W.Plersol of Okla. City were Indian Homestead Tax V. 99, p. 492).
-year bonds to repay the
5% 5
.
Denom. $1,000. Date Oct. 11914. Int. payable in N.
-BONDS NOT
NUTBUSH TOWNSHIP, Warren County, No. Caro.
-year road
-No bids were received on Oct. 5 for the 320.000 5% 40
SOLD.
Date Oct. 1 1914.
bonds offered on that day (V. 99, p. 624).
IRRIGATION DISTRICT (P. 0. Oakdale), Stanislaus
OAKDALE
-The question of issuing the $400.000
-BONDS VOTED.
County, Calif.
V.
irrigation-system-completion bonds 5. 99. P. 845) carried, by a vote of
held Oct.
494 to 129, at the election
-BOND OFFERING.
-Bids
HARBOR, Ottawa County, 01110.
OAK
Louis L. Carstensen, Vii. Clerk, for
will be received until 12 m. Nov. 2 by Denom.$500. Date Nov. 11914.
coupon electric-light bonds. Nov. 1 from
84,0005%
1915 to 1918 incl.
yearly on
Int. M. & M. Due $1,000 bid for payable to Vil. Treas.. required.
Cert. check for 5% of bonds for within 10 days from time of award.
delivered and paid
Bonds to be
Purchaser to pay accrued interest.
-BOND OFFERCanandaigua), N. Y.
ONTARIO COUNTY (P. 0.
m. Nov. 1 by Peter R. Cole,
INC.-Proposals will be received until 10 a.
road-improvement bonds, Series A-7.
County Treasurer, for $27,000 5%
Int. J. & J. at the First Nat. Bank
$1,000. Date Nov. 1 1914.
Denom.
check for 2% of amount bid for,
Geneva. Due July 1 1925. Certified
required. Bonds to be printed by purpayable to the County Treasurer,
or before Dec.1 1914. Purchaser
chaser and payment and delivery made on
the printed form of proposal furto pay accrued int. Bidders must use
debt, $237,000. Assessed
nished by the County Treasurer. Bonded
valuation of real estate, $36,952.450.
among the advertiseThe official notice of this bond offering will be found
ments elsewhere in this Department.
-Burns, BrinkORCHARD, Antelope County, Neb.-BOND SALE.
$18,000 6%
er & Co. of Omaha recently purehased at par an issue of
-year water-works bonds dated July 1 1914.
20
-BOND
County, Calif.
ORDENA SCHOOL DISTRICT, Kern
SALE.
0
-The $3.500 67 coup. school bonds offered on Sept. 10 (V. 99. p.
Security Trust Co. of Bakersfield.
624) were awarded on that day to the
xcix.
ORIENTAL SCHOOL DISTRICT (P.0. Oriental), Pamlico County,
-An issue of $7,000 6% 20
-year school-building
-BOND SALE.
No. Car.
bonds dated July 1 1913 has been awarded at par to Sidney Spitzer & Co.
Denom. $1,000. Int. ann. Using newspaper reports, we
of Toledo.
stated in V.99, p. 999. that the district had sold $10.000 bonds.
ORLEANS, Harlan County, Neb.-BONDS DEFEATED.
-The
question of issuing the $12,500 electric light bonds (V. 99. p. 68) failed to
carry at a recent election.
-BONDS DEFEATED.
-The
OSAKIS, Douglas County, Minn.
question of issuing the $10,000 village-improvement bonds (V. 99, p.
287) failed to carry at the election held July 28 by a vote of 84 "for" to
124 "against."
OSAK/S INDEPENDENT SCHOOL DISTRICT (P. 0. Osakis),
-BONDS VOTED.-AccordIng to reports, the
Douglas County, Minn.
question of issuing $45,000 building bonds carried by a vote of 257 to 43
at a recent election.
OSCEOLA SCHOOL DISTRICT (P. 0. Osceola), St. Clair County,
-20
-On Oct. 9 the $10,000 6% 10 -year (opt.) building
Mo.-BOND SALE.
bonds voted Aug. 15(V.99, p. 624) were awarded to the Fidelity Trust Co.
at par. Date about Oct. 1 1914.
OSHKOSH, Winnebago County, Wis.-BONDS AUTHORIZED.
An ordinance has been passed providing for the issuance of the $20,000
voted Sept. 1 (V. 99, p. 845). Denom (100)
4;.(% coup. cemetery bonds
3100.(20) $500. Date Oct. 1, 1914. Int. A.& 0., at office of City Treas.
Due $5.000 on Oct. 1, 1916. 1917. 1919 and 1920.
OSKALOOSA SCHOOL DISTRICT (P. 0. Oskaloosa), Mahaska
-An issue of $10,000 5% school bonds
-BOND SALE.
County, Iowa.
has been awarded to Mrs. G. E. Fraker of Oskaloosa at par. Int. J. & J.
Due in 1924.
OTERO COUNTY (P. 0. Alamogordo), N. Mex.-NO BOND ELEC-We are advised that,because of the manner in which the petition
TION.
was gotten up,the County Board declined to call an election to vote on the
question of issuing the $100,000 road-construction bonds. It is not expected that another petition will be presented in the near future.
-The 312.000
-BOND SALE.
OTTUMWA, Wapello County, Iowa.
5% fire equip. bonds authorized on Aug. 11 (V. 99, p. 559) were awarded
to local investors at par on Aug. 15. Denom. (6) $1,000 (12) $500.
Date Aug. 15, 1914. Int. F. & A. Due $3,000 yrly. from 1915 to 1918
incl.
-The $10,000 6%
PALMYRA, Otoe County, Neb.-BOND SALE.
-20
5 -year (opt.) water and light plants improvement bonds voted July 10
(V.99, p. 217) were awarded on July 31 to two local banks at par. Denom.
$500. Date July 1 1914. Int. ann. on July 1.
-Re-BONDS AUTHORIZED.
PARSONS, Luzerne County, Pa.
ports state that an ordinance was passed on Oct. 7 providing for the issuance of $60,000 5% bonds in the denomination of $1,000.
-On Oct. 1 the Sinking Fund
-BOND SALE.
PATERSON, N. J.
Commission purchased the following bonds at par:
$45,000 4% City yard bonds. Due Oct. 1 1944.
20.000 4% street paving bonds. Due Oct. 1 1924.
15,000 4)% street and sewer funding bonds. Due Oct. 1 1914.
Date Oct. 1 1914. Int. A. & 0.
-The question of
-BONDS VOTED.
PATOKA, Marion County, 111.
Issuing $4,000 electric light plant bonds carried, it is stated, by a vote of
118 to 99 at a recent election.
-BOND SALE.
PHILLIPSBURG, Montgomery County, Ohio.
-year (ser.) Main St. impt. bonds (V. 99, p.
On Oct. 10 the 32,500 6% 1-5
845) were awarded to H. H. Tensing. M. D., of Phifilpsburg, at 100.50
and int. Other bids were:
J. C. Mayer & Co., Cin__ _$2,505 50 j Charles E. Becker, Phil'b'g $2,500 00
PIGEON TOWNSHIP (P. 0. Evansville), Vanderburgh County,
-WARRANT OFFERING.
Ind.
-According to reports,proposals will be
received until 10 a. m. Nov. 5 by Wm. Atkins, 'Township Trustee, for
-year school warrants.
$17,000 6% 15
PINELLAS COUNTY,
(P.O. Clearwater), Fla.
-BONDS DEFEATED
-The question of issuing $60,000 5% 30-yr. road and bridge bonds failed
to carry at the election held Oct. 10.
PIONEER, Williams County, Ohio.
-BOND OFFERING.-Preposals
will be received until 12 m. Oct. 27 by W. W.Coulon, Vii. Clerk, for the
following 5% coupon street
-improvement (assess.) bonds:
$7,200 First St.-impt. bonds. Denom. $200. Due yearly on Nov. 1 as
follows: $600 from 1916 to 1919 incl. and $800 from 1920 to 1925
inclusive.
bonds. Denom. $200. Due yearly
7,200 cl
on Nov. 1 as follows: $600 from 1916 to 1919 incl. and $800 from
5 elVement bonds. Denom. (26) $500, (1) 3600.
9t-2imPro
0
ot 1
19t
S a2t0e tS ree
Due $l,O0 Nov. 1 1916 and 1917. $1,100 Nov. 1 1918 and $1,500
yearly on Nov. 1 from 1919 to 1925 incl.
Date Sept. 1 1914. Int. M.& N. in Pioneer. Cert. check for 214% of
bonds bid for, payable to VII. Treas., required. Bonds to be delivered and
paid for within 10 days from time of award. Purchaser to furnish at own
expense necessary printed or lithographed bonds with coupons attached.
Assess. val. 1914 8655,000.
-BONDS VOTED.
-AcPIPESTONE, Pipestone County, Minn.
cording to reports the question of issuing $10,000 sewer-improvement bonds
carried at the election held Sept. 25 by a vote of 139 to 12.
-On Oct. 6 the $100,000 434%
-BOND SALES.
PORTLAND, Ore.
-year gold dock bonds (V. 99. p. 999) were awarded to the "City of Port25
land" at par and int. E. H. Rollins & Sons bid 90.
-year (opt.) gold coupon improvement bonds
On Oct. 2 $50.500 6% 1-10
were awarded as follows:
$1,000 dated November 1 1912, denomination $1,000 to United States
National Bank. at 100.5625 and accrued interest.
1,000 dated October 11913, denomination $500 to R. E. Carpenter, at
101 and accrued interest.
25,000 dated January 1 1914, denomination $500, to Henry Teal at
101.57 and accrued interest.
21,500 dated January 1 1914. denomination $500, to United States
National Bank. at 101.125 and accrued interest.
1,500 dated August 1 1914, denomination $500. to United States National Bank, at 100.5625 and accrued interest.
100 dated August 1 1914. denomination $100, to United States National Bank. at 100.5625 and accrued interest.
400 dated August 1 1914. denomination $100 to Mrs. H. L. Boyd.
at 101.05 and accrued interest.
The$50,500mentionedabovearenot new bonds but securities which were held
by the City as an investment of sinking fundsfor the redemption of dock bonds.
-Reports state that C. A. Bigelow, Commissioner
BOND OFFERING.
of Finance, will receive bids until 2 p. m. Oct. 22 for $162, 918 6% impt.
bonds. Cert. check for 2% required.
-BOND OFFERING.
PORTSMOUTH, Rockingham County, N. H.
This city is inviting subscriptions at par, it is stated, until 11 a. m. to-day
bonds offered without success on Oct. 7 ("1.
(Oct. 17) for the $57.000 49
99. p. 1083). Due $3,000 yearly from 1916 to 1934 incl.
-At the election
POWELL, Park County, Wyo.-BONDS VOTED.
held Sept. 23 the question of issuing 361.150 6% 15 to 30 year (ser.) waterworks bonds carried.
-LOAN OFFERING.-Blds will
QUINCY, Norfolk County, Mass.
be received until 12 m.Oct. 20. reports state by the City Treas.,for a loan
of $75,000 maturing Mar. 31 1915 and issued in anticipation of taxes.
-BOND OFFERING.
RAPIDES PARISH,(P. 0. ALEXANDRIA), LA.
-Bids will be received until 12 m. Nov. 4 by D. B. Showalter, Supt. B'd.
of School Directors, for $200,000 and $15,000 3% 1-20 yr. (ser). school
bonds. Int. ann.
RED LAKE FALLS INDEPENDENT SCHOOL DISTRICT NO. 15
-BOND ELECTION.
(P. 0. Red Lake Falls), Red Lake County, Minn.
-An election will be held Oct. 23 to vote on the question of issuing $16,300
4% funding bonds.
-The City Clerk adROANOKE, Va.-NO ACTION YET TAKEN.
vises us that no action will be taken towards the issuance of the $150,000
of 1915.
43i% city-hall bonds voted Mar. 3(V. 99. p. 559) until early part
-On October 9 3100,000 school-NOTE SALE.
ROCHESTER,N. Y.
Genesee River notes due three months
construction and $25,000 deepening
13.600
OCT. 17 1914.]
THE CHRONICLE
from Oct. 15 were awarded as follows: the School Construction notes to
East Side Savings Bank, Rochester, on its bid of interest, 5.75 and the
deepening Genesee River notes to A. G. Moore, Rochester, on his bid of
5.50. Other bidders were;
Interest. Premium.
6
$50 00
Equitable Trust Co. of New York, entire issue
6
Lincoln National Bank of Rochester, entire issue
6%
Alliance Bank, Rochester, $100,000
ROCK RIVER TOWNSHIP SCHOOL DISTRICT (P.O. Chatham),
-year
-On Oct. 1 the 320.000 5% 2
Alger County, Mich.
-BOND SALE.
(aver.) coup, tax-free schoolhouse bonds (V. 99. p. 218) were awarded at
par to the Marquette Nat. Bank of Marquette.
0
ROLLA SCHOOL DISTRICT (P. 0. Rolla) Phelps County, a/ ._._
'
BONDS NOT SOLD.
-Up to Oct. 8 no sale had been made of the $27,500
which this district has been offer57 site-purchase and construction bonds
ing for sale (V.99. p. 625).
-BONDS VOTED.
-The
ROSEBURG, Douglass County, Ore.
-20
question ef issuing the $500.000 10 -year (opt.) railroad-aid bonds at
not exceeding 5.7., interest (V. 99, p. 999) carried, by a vote of 610 to 241
at the election held October 5.
-BONDS NOT SOLD.
-Reports
ROYALTON, Niagara County, N. Y.
state that there were no bidders for the 315,000 6% highway bonds offered
on Oct. 1 (V.99. p. 845).
ROYALTON TOWNSHIP (P. 0. Cleveland), Cuyahoga County,
-An election will be held Nov. 3 to vote on
-BOND ELECTION.
Ohio.
the question of issuing $30,000 highway-improvement bonds.
-BONDS VOTED.
-According to
RUSK, Cherokee County, Tex.
reports, this city at a recent election voted in favor of the issuance of
water-works-extension bonds.
-DESCRIPTION OF
ST. CHARLES, St. Charles County, P40.
-We are advised that the 390,000 taxable public-park bonds voted
BONDS.
23 (V. 99. p. 363) are in the denom. of $1,000 and bear interest at the
July
rate of 5%. Date Oct. 151914. Int. A.& 0.at Nat. Bank of Commerce,
N. Y. Due $330.000 in Oct. 1919. 1924 and 1929.
ST. CLOUD SCHOOL DISTRICT (P. 0. St. Cloud), Stearns Coun-No action has yet been taken
-NO ACTION YET TAKEN.
ty, Minn.
-15
looking towards the issuance of the $15,000 5% 3 -year (ser.) high-school
site-purchase bonds mentioned in V. 98. p. 1937.
-BONDS TO BE PURST. JAMES, Watonwan County, Minn.
-The City Recorder advises us that the $30,CHASED BY THE STATE.
-year funding bonds at not exceeding 5% int. offered but not sold
000 20
on Aug. 17 (V. 99. p. 493) are expected to be purchased by the State of
Minnesota.
ST. JOSEPH COUNTY (P. 0. South Bend), Ind.
-BOND SALE.We learn that on Oct. 8 Breed, Elliott & Harrison of Indianapolis
purchased at par and int. the $100,000 4% 151 -year (aver.) gold coup.
Imidge bonds offered without success on Sept. 25 ((T. 99. p. 999).
-BOND SALE.
ST. PAUL PARK, Washington County, Minn.
-On
Oct.9 an issue of 32.0006% refunding bonds was awarded to the Nat. Bank
of Commerce of St. Paul at par. Denom.$500. Date Oct. 15 1914. Int.
A.& 0. Due $500 on Dec. 1 1914 and 1917 and $1,000 Dec. 1 1916.
-WARRANTS OFFERED BY BANKERS.
SALT LAKE CITY, Utah.
-year (ser.) municipal improvement (District
-An issue of $42,000 6% 1-10
No. 91) warrants IS being offered to investors by the Union Trust & Say.
Bank of Spokane. Denom. $100. $500 and $1,000. Date July 23 1914.
Int. ann. July 23 at the City Treasurer's office. Assessed value of District.
$114,265: est. actual value. 3419.000.
SANDUSKY COUNTY (P. 0. TREMONT), OHIO.
-BOND SALE,
An issue of 325,000 5% road-lmpt. bonds was purchased on Sept. 14
by the State Industrial Commission at par. Denom. $500. Date Aug.
29 1914.
SAN FERNANDO SCHOOL DISTRICT (P. 0. SAN FERNANDO),
-BONDS VOTED.
LOS ANGELES COUNTY, CALIF.
-The question of
issuing $150,000 high-school bonds (V. 99. p. 690) carried, it is stated.
at a recent election.
-BOND OFFERING.
-Proposals will be reSAN FRANCISCO, Cal.
ceived until 3 p. m. Oct. 26 by J. S. Dunnigan, Clerk Board of Supervisors,
for the following gold coup. tax-free bonds:
$660,000 5% city-hall bonds. .Denom. $1,000. Date July 1 1912. Due
$15,000 yearly from 1917 to 1960 lncl.
857,500 5% municipal railway bonds. Denom.(2.625) $100,(700) $500.
(245) $1,000. Date Dec. 1 1913. Due $24,500 yearly from
1918 to 1952 ine1.
225,000 4%% water bonds. Denom. $1,000. Date July 1 1910. Due
$5,000 yearly from 1920 to 1964 incl.
Int. semi-ann. at office of Treasurer or at office of fiscal agency of San
Francisco in N. Y. City. Certified check (or cash)for 5% of bonds bid for.
payable to above Clerk, required. No deposit need exceed $10,000 and no
deposit is required with a bid from the State of California. Bids must
be unconditional, but the State of California may submit a bid conditional
upon the subsequent approval of the legality of the bonds. The legality of
the bonds will be approved by Dillon, Thomson & Clay of N. Y. City, a
copy of whose opinion will be furnished purchaser. Purchaser to nay accrued interest and all bids must be on forms furnished by the above Clerk.
SCHLEISINGERVILLE, Washington County, Wis.-BOND SALE.
-Reports state that the $6,000 5% electric-light-plant bonds offered on
Sept. 15 (V. 99, p. 769) have been sold to B. C. Ziegler of West Bend for
36.016
-equal to 100.266.
SCOTT COUNTY, (P. 0. Forrest), Miss.
-BONDS AWARDED IN
PART.
-We are advised that of the 375.000 Dist. No. 2 bonds voted June
30 (V. 99, p. 142) 325,000 was disposed of on Aug. 1.
SEATTLE, Wash.
-BONDS OFFERED OVER THE 00UNTER.-The
$404,000 5% light ext. bonds offered but not sold on Sept. 12 (V. 99,
p. 1000) will be offered to the public in blocks of $100 or ;more,
according
to local papers.
SERGEANT BLUFF, Woodbury County, Iowa.
-BONDS NOT
SOLD.
-Up to Oct. 9 no sale had been made of the
5% tax-free
electric-light-plant bonds which this town has been $10.000 for sale (V.
offering
99. p. 917).
SHARONVILLE, Hamilton County, 01110.
-BOND OFFERING.
Proposals will be received until 12 m. Nov. 14 by Joseph Wright. VII.
Clerk. for $720 65 Main St.. $567 60 Walnut St., $327 60 Oak St., $351 40
Hagerman St., $142 20 Main St.. $262 80 Orchard St. and $226 40 Jefferson St. impt. 6% assess. bonds. Auth. Sec. 3914, Gen. Code. Denom.
5 bonds of equal amounts to each issue. Date Oct. 26 1914. Int. ann. at
Sharonville Bank, Sharonville. Due one bond of each issue yearly from
1 to 5 years, incl. Cert.check for 5% of bonds bid for,payable to "Vil.of
Sharonville,' required. Bonds to be delivered and paid for within 10 days
from time of award. Purchaser to pay accrued interest. The village reserves the right to reduce the total amount of each issue of bonds by the
amount of cash assessments received on account of each respective issue
on or before Oct. 26.
SHELBY COUNTY (P. 0. Shelbyville), Ind.
-BOND OFFERING.
Bids will be received until 10 a. m. Oct. 21 by W.A. McDonald,Co. Treas.,
for the following 4)4% highway-impt. bonds:
59.960 W. G. Bush et al. road-impt. bonds in Brandywine Twp. Denom. $498.
960 O. T. Williams et al. road-impt. bonds in Hanover Twp. Denom. $48.
Date Oct. 15 1914. Int. M. & N. Due one bond of each issue each
six months from May 15 1916 to Nov. 15 1925 incl.
SHENANDOAH. Page County, Iowa.
-BOND ELECTION NOT
-The City Clerk advises us that no date has yet been set
YET CALLED.
for the election to vote on the question of issuing the electric-light-plant
bonds at not exceeding $40,000 (V. 99. 13. 690)•
SIDNEY, Cheyenne County, Neb.-BONDS DEFEATED.
-The
question of issuing $15,000 water and light bonds failed to cafry at the
election held Oct. 6 by a vote of 155 "for" to 115 "against." A twomajority was necessary to authorize.
thirds
-BOND SALE.
SLATER, Story County, Iowa.
-This town disposed
of $10,000 water-works bonds during June.
SONOMA, Sonoma County, Calif.-BONLS VOTED.
-According to
reports. the question of issuing $20,000 East Washington St. impt. bonds
carried at the election held Sept. 29.
SPENCER COUNTY, (P. 0. Taylorsville), Ky.-BOND ELECTION
PROPOSED.
-Reports state that the question of issuing $20.000 road and
330.000 court house and jail bonds will be submitted to the voters in Nov.
1163
SPRINGFIELD, Greene County, Mo.-NO BONDS PROPOSED,
The City Clerk advises us that the reports stating that this city is contemplating the issuance of municipal-incinerator and sewer-improvement bonds
(V. 99, p. 493) are erroneous.
SPRINGFIELD, Mass.
-BOND SALE.
-The following bonds have
been sold to N. W. Harris & Co., Inc. of Boston at 100.567:
$200.000 4% 1-40 yr. Municipal-Bldg. Loan dated Nov. 1 1914.
150,000 43% High School of Commerce bonds dated Nov. 1 1914.
Due $8,000 yrly. 1915 to 1924 incl. and $7,000 yrly. 1925 to 1934 inch
400.000 45% 1-20 yr Fulton Street bonds, dated Nov. 1 1914.
250,000434% bonds dated Nov. 1 1914 and duo $13.000 yrly. 1915 to
1924 incl. and $12,000 yrly. 1925 to 1934 ine.l.
SPRINGFIELD, Clark County, Ohio.
-On Oct. 7
-BOND SALE.
the five issues of 4, % tax-free bonds, aggregating $22,605 60 (V.
4
99. D.
1000) were awarded to Seasongood & Mayer of Cincinnati for $23,786 bU
(105.224) and int. The above are not new issues. but securities which were
held by the Sinking Fund as an investment.
SPRINGFIELD TOWNSHIP, Ross County, Ohio.
-BOND SALE.
An issue of 32,500 5% school-bldg. bonds was purchased
the State Industrial Commission at par. Denom. $500. on Sept. 26 by
SPRING LAKE, Monmouth County, N. J.
-BOND ELECTION.
Reports state that the proposition to issue $10.000 fire-apparatus
-purchase
bonds will be submitted to the voters on Nov. 11.
STRONGHURST, Henderson County, Ill.
-BONDS VOTED.
-The
question of issuing the 312,000 6% coupon municipal water-works-system
bonds (V. 99, p. 1083) carried by a vote of 149 to 90 at the election held
Oct. 10. Denom. $500. Date Jan. 1 1915. Int. J. & J. at the Village
Treas. office. Due $1,000 yearly Jan. 1 from 1918 to 1929, incl.
SUMMIT COUNTY (P. 0. Akron), Ohio.
-BOND ELECTION
POSED.
-An election will be held in the near future, it is stated, toPROvote
on the question of issuing $60,000 fair-grounds-impt. bonds.
SWAMPSCOTT, Essex County, Mass.
-NOTES NOT SOLD.
-Reports state that no bids were received on Oct. 14 for the $20,000 4Si%
coup. Humphrey St. impt. notes offered on that day. Denom. $2.000.
Date Oct. 1 1914. Int. at First Nat, Bank, Boston. Due $2,000 yrly. on
Oct. 1 from 1915 to 1924 incl.
TALIHINA TOWNSHIP (P. 0. Talihina), Le Fiore County, Okla.
-BONDS NOT YET ISSUED.
-The Twp. Clerk advises us that the $20.000 road bonds voted Aug. 22 (V. 99, p. 625) have not yet been issued.
TEXAS.
-BONDS REOISTERED.-The State Comptroller registered
during the week ending Oct. 10 the following 5% bonds:
Amount.
Place.
Purpose.
Option.
Due
$25,000_.Sch. Disk 5%
20-40 years
475,000__Ward Co. Irrigation Dist. No. 1 5%
$10,000 every 2 years
2,000„Coleraan Co. Cora. Sch. Dist. No. 11 5%
5-20 years
2,500__Delta Co. Com, Sch. Dist. No. 22 5
10-20 years
8,000Nueces Co. Corn. Sch. Dist. No. 2 5%
10-40 years
8.000-Burkburnett Water-Works 5%
10-40 years
700--Rusk Co. Corn. Sch. Dist. No. 37 5%
10-20 years
8,000--Mabank Ind. Sch. Dist. 5%
10-40 years
1,600-Haskell Co. Corn. Sch. Dist. No. 16 5%
10-20 years
700„Hopkins Co. Corn. Sch. Dist. No. 30 5%
10-20 years
1.500-Erath Co. Corn. Sch. Dist. No. 45 5%
5-20 years
8,000--Midlothian Ind. Sch. Dist. 5%
10-30 years
12,000-Milan Co. Corn. Sch. Dist. No. 50 570
$300 every year
5,000-Robertson Co. Corn. Sch. Dist. No. 23 5%
5-20 years
1,500_ _Titus Co. Corn. Sch. Dist. No. 18 5%
1-20 years
2,000--Titus Co. Com. Sch. Dist. No. 19 5%
1-20 years
7,000__Sand1a Ind. Sch. Dist. 5%
10-40 years
1,000--Brazoria Co. Corn. Sch. Dist. No. 37 5
5-20 years
1,000-Brazoria Co. Corn. Sch. Dist. No. 39 5
5-20 Years
6,000--Brazoria Co. Cora. Sch. Dist. No. 7 5
5-20 years
4,000_Denton Co. Corn. Sch. Dist. No. 70 5
10-20 years
2,000-Concho Co. Cora. Sch. Dist. No. 26
10-20 years
8,000__Kaufman Co. Impt. Dist. No. 1 5% 5%
$2.500 every year
1,000_ _Fannin Co. Com,Sch. Dist. No.43 5%
5-20 years
THIEF RIVER FALLS, Pennington County, Minn.
-BONDS
NOT TO BE RE
-OFFERED SHORTLY.
-The City Clerk,under date of
Oct. 8,advises us that the $10.000 5% 20-year coup. water-works bonds
offered without success on Sept. 15 (V. 99. p. 918) will not be re-offered
again this year.
TOBACCO TOWNSHIP (P. 0. Gladwin), Gladwin County, Mich.
BOND SALE.
-Reports state that the. State Bank of Beaverton has
purchased an issue of 310,000 bonds.
TOOLE AND TETON COUNTIES SCHOOL DISTRICT NO. 53
Mont.
-BOND OFFERING.
-Bids will be received until to-day (Oct.
by C. A. Begin, Clerk of School Trustees (P. 0. Demers), for $2,000 17)
15
-year coup. building bonds. Denom. $100. Date "when issued.
Int, ann. at Demers. Certified check for 3100, payable to District Clerk.
required. Assessed valuation 1914, 3180.000.
TOOLE AND TETON COUNTIES SCHOOL DISTRICT NO. 54
(P. 0. Fowler), Mont.
-BOND OFFERING.
-Proposals will be received
until 2 p. m.Nov. 14 by Mrs. C. H.Jarvis, Dist. Clerk,for 31.0006% 6
-10year (opt.) coup. tax-free bldg. bonds. Denom. $500. Date Nov. 20
1914. Int. M. & N. at office of County Treas. Cert. check for $100,
payable to County Treas., required. No bonded or floating debt. Assess.
val., $200,000. These bonds were offered without successs on Oct. 12.
TOPPENISH, Yakima County, Wash.
-DESCRIPTION OF BONDS.
The $30,000 6% coup. water-revenue bonds awarded on Sept. 7 to C. H.
Green Co. of Spokane at par (V. 99. p. 846) are in the denom. of $500
Int. A. & 0. at Toppenish or at the Washington State Fiscal Agency at
N. Y.,at the option of holder. Due on Oct. 1 as follows: 31.000 1916 and
1917, $1,500 1918, 1919, 1920, 1921 and 1922: 32.000 1923, 1924, 1925
and 1926. $2,500 1927. 32.000 1928, 32.500 1929. $3,000 1930 and $2,500
1931.
TRUMBULL COUNTY (P. 0. Warren), Ohio.
-The
-BOND SALE.
$160,000 5% road-impt. bonds offered without success on Aug. 10 (V. 99.
p. 560) were awarded on Aug. 18 to the State Industrial Commission at par.
TURLOCK, Stanislaus County, Calif.
-BOND ELECTION PROPOSED.
-An election will shortly be held to vote on the proposition to
issue park bonds. These bonds, if voted, will take the place of the
$16.000 park bonds declared illegal as mentioned in V. 99, p. 918.
TURLOCK IRRIGATION DISTRICT (P. 0. Turlock), Stanislaus
County, Calif.
-NO BOND ELECTION.
-We are advised that the election which was held Oct. 9(V. 99, p. 1000) was not to vote on the issuance
of bonds, but to vote on a special tax.
UEHLING, Dodge County, Neb.-BOND OFFERING.
-This village
18 offering for sale the $4,000 6% 2 -year (opt.) electric-light bonds
-20
voted July 2 (V. 99. p. 288). Denom. $500. Date Aug. 1 1914. Int.
ann. on Aug. 1.
UNION ACADEMY INDEPENDENT SCHOOL DISTRICT (P. 0.
Dallas), Dallas County, Tex.
-BOND ELECTION PROPOSED.
-According to reports, a petition Is being circulated asking that an election
be held to vote cn the question of issuing 310.000 bldg. bonds.
UNION COUNTY,(P. 0. Elizabeth), N. .7.
-BOND SALE.
Oct.
15 the $35,000 434'7 20-yr. bridge rebuilding bounds (V.99, p. -On were
0
1000)
awarded at par as follows:
Union Co. Sink. Fund
$1,000[ElizabethportBk.Co.Eliz._ - $33.000
Nat. State Bank. Elizabeth
10,000 City Natl. Bk. Plainf'd__
Union Co. Tr. Co., Eliz._ _ _ 5.000 Westfield Tr. Co., Westf.__ 2.000
Rahway Nat. Bk., Rahway-. 5,000 Peoples Nat. Bk., Westf.__ 2.000
2.000
Plainfield Tr. Co., Plainfield- 5.000
The County Sinking Fund bid for 310.000, but was only awarded $1.000.
URBANA SCHOOL DISTRICT (P. 0. Urbana), Champaign
County, Ill.
-BOND SALE.
-On Oct. 3 the $25,000 5% high-schoolbuilding-completion bonds (V. 99, p. 918) were awarded, it is
stated, to
N. W. Halsey & Co. of Chicago at par less an allowance of
$467.
VAN BUREN STORM SEWER IMPROVEMENT DISTRICT
(P. 0.
Van Buren), Crawford County, Ark.
-BOND SALE.
-Reports state
that I. H. Nakdimen on Oct. 5 purchased $10,000 sewer bonds.
VANDERBURGE COUNTY (P. 0. Evansville), Ind.
-BONDS AUTHORIZED.
-Reports state that the Co. Commrs. on Oct.
issuance of 335.000 bonds to meet the unpaid assessments 8 ordered the
of bondholders
on the Wiegand Kneer drainage ditch.
1R. VENICE, Los Angeles County, Cal.
-BOND ELECTION.
-The question of issuing $35,000 sewer and water-systems-impt
bonds will be sub..
muted to a vote on Nov.6. it is stated.
THE CHRONICLE
1164
-BONDS
VETERAN (P. 0. Mill Port), Chemung County, N. Y.
-It is stated that the question of issuing the $50,000 highway and
VOTED.
bridge-constr. bonds (V. 99. P. 918) carried at the election held Sept. 30.
WARREN CITY SCHOOL DISTRICT (P. 0. Warren), Trumbull
-On Oct. 3 the $110.000 5% 12-yr. (aver.)
-BOND SALE.
County, Ohio.
public-school-impt. bonds (V. 99, p. 846) were awarded to the Union Says.
dc Tr. Co.. Second Nat. Bank and the Western Reserve Bank. all of Warren, on their joint bid of par and int. There were no other bidders.
WASHINGTON TOWNSHIP, Marion County, Ind.
-BONDS DE-An election held Oct. 10 is said to have resulted in the defeat
FEATED.
of a proposition to issue $325,802 road bonds.
WATERFORD. Saratoga County, N. Y.
-BOND OFFERING.
Reports state that bids will be received until 8 .p m. Oct. 20 by Fred. B.
Steenburg, Town Sup., for $31.600 5% 2231-yr. (aver.) town-hall bonds.
Int. semi-ann. Cert. check for 1% required.
WEST HOBOKEN, Hudson County, N. J.
-BONDS NOT SOLD.
No sale was made,it is stated, of the $205,000 5% 25%-yr.(aver.) coup. or
reg. school bends offered on Oct. 14 (V. 99. p. 1000). It is further stated
that the bonds will be offered to the State school authorities, and in the
event of that body declining to accept them the issue will then be sold to
the Hudson Trust Co. at par and int.
WEST CARROLLTON, Montgomery County, Ohio.-130ND SALE.
-The State Industrial Commission purchased on Aug. 28 $2,600 streetimpt. and $3.200 sewer-impt. 5 % bonds at par. Date Sept. 15 1914.
WHITE PLAINS (Village), Westchester County, N. Y.
-BOND
OFFERING.
-Proposals will be received until 8 p. m. Oct. 26 by W. H.
Carpenter, Village Clerk, for $20,000 6% registered tax-deficiency bonds.
Denom. $1,000. Date Oct. 1 1914. Int. A. Sc 0. Due April 1 1919.
Certified check on an incorporated bank or trust company for 2% of bonds
bid for, payable to Village Treasurer, required. Purchaser to pay accrued
interest. The validity of these bonds will be approved by Hawkins.
De!afield & Longfellow of New York and a duplicate original of their opinion
will be tarnished purchaser.
The official txotice of this bond offering will be found among the advertisements elsewhere in this Department.
WICHITA, Sedgwick County, Kans.-BONDS TO BE OFFERED
NEXT YEAR.
-We are advised that the $15.000 concrete-bridge-construction bonds voted Aug. 4 (V. 99. p. 494) will not be offered before the
early part of 1915.
WILLOUGHBY TOWNSHIP SCHOOL DISTRICT (P. 0. Willoughby), Lake County, Ohio.
-BOND OFFERING.
-Proposals will be received until 12 m. Nov. 6 by C. C. Jenkins, Clerk Bd. of Ed., for $40,000
534% site-purchase and construction bonds in sub-district No. 8. Denom.
8500. Date Oct. 1 1914. Int. A.& 0. Due $1,000 each six months from
April 1 1916 to Oct. 1 1935 incl. Cert. check for 10% of bonds bid for,
payable to Treas. of Bd. of Ed., required. Bonds to be delivered and paid
for within 10 days from time of award. Purchaser to pay accrued interest.
These bonds were offered without success as 5s on Oct. 1 (V. 99, p. 1000)•
WILLOW LAKES, Clark County, So. Dak.-BOND OFFERING.
This city is offering for sale the 810,000 city-hall-construction bonds at
not exceeding 5% int., voted during July (V. 99, p. 364). Date "when
issued." Int. semi-ann. Due serially for 20 years.
WILLS SCHOOL TOWNSHIP,La Porte County,Ind.
-BOND SALE
-On Oct. 3 an issue of $2.000 school-bldg. bonds was awarded to the First
Nat. Bank of La Porte. it is stated.
Wm-
WINSTON COUNTY (P. 0. Louisville), Miss.
-BOND ELECTION.
-An election will be held Oct. 27, reports state, to vote on the question
of issuing District No. 2 bonds.
WOODBURY COUNTY (P. 0. Sioux City), Iowa.
-NO ACTION
YET TAKEN.
-The County Auditor advises us under date of Oct. 9 that
no action has yet been taken looking towards the issuance of the $500,000
court-house bonds voted June 1 (V. 99, p. 71)•
WOODLAND SCHOOL DISTRICT (P. 0. Woodland), Yolo County,
1Reports state that this district proposes to
Calif.
-BONDS PROPOSED.Issue $100,000 grammar-school-bldg. bonds.
-BOND OFFERING.
WRIGHT COUNTY (P. 0. Buffalo), Minn.
Bids will be considered until 1 p. m. Oct. 27 by the Board of County
Commissioners, J. A. Berg. County Auditor, for $6,000 6% coup. tax-free
drainage bonds. Denom.$500. Date Nov. 11914. Int. M.& N. Due
$500 in 1, 3. Sand 7 years and $1,000 in 2, 4, 6 and 8 years. No deposit
required. Bonded debt (incl. this issue) $12,022; floating debt about
$14,000. Assess. val. 1913, $10,487,685.
-BOND SALE.
p.WYAND OTTE COUNTY (P. 0. Kansas City), Kan.
49 )
5.
-We are advised that the Kansas City Structural Steel Co. will take at
par the $500,000 bridge bonds offered without success on Aug. 8 (V. ee,
YALE SCHOOL DISTRICT (P. 0. Yale), St. Clair County, Mich...-The question of issuing $10,000 building bonds
BONDS DEFEATED.
to
at not exceeding 5% int. failed , carry at the election held Oct. 5 by a
vote of 64 "for to 94 "against.'
YANKTON, Yankton County, So. Dak.-BONDS NOT TO BE REOFFERED AT PRESENT.
-The City Auditor advises us that the $60,000
5% water-works bonds offered without success on Aug. 5 (V. 99, p. 428)
will not be re-offered at present.
Canada. its Provinces and Municipalities.
-An election
BROOKE TOWNSHIP, Ont.-DEBENTURES VOTED
held Sept. 12 resulted, it is stated, in favor of a loan of $10,000 for the
erection of bridges.
-By a vote of 1.099 to
CHATHAM Ont.-DEBENTURES VOTED.
162 the proposition to issue $90,000 5% 30 equal annual installment hydroelectric- install, debentures carried at the election held Oct. 12.
-On Oct. 23 a vote will be taken
GALT, Ont.-LOAN ELECTION.
on a loan of $55,000 for making permanent additions and improvements
to the water-works system.
-It is
KITLEY TOWNSHIP, Ont.-DEBENTURES DEFEATED.
reported that a by-law providing for a bonus of $25,000 to the Gananoque
Arnprior & Ottawa Ry. was defeated on Sept. 30.
-Bids will be received
-DEBENTURE OFFERING.
LUCAN, Out.
until Oct. 24 by Geo. A. Stanley, Vii. Clerk, for the $7,500 44% debentures for the installation of hydro-electric power. Due in 30 equal ann.
installments of principal and interest.
-According to reports,
RAINY RIVER, Ont.-LOAN ELECTION.
an election will beheld Oct. 28 to sanction a loan of $5,000 to pay the balance of the cost of constructing the system of water-works and the sewagedisposal plant.
-By a vote of 21
WALKERVILLE, Ont.-DEBENTURES VOTED.
debento 2 the proposition to issue $26.000 street-lighting-system-muchase
held Oct. 10.
tures carried, It is stated, at the election
NEW LOANS.
NEW LOANS.
NEW LOANS.
$150,000
$20,000
HUDSON COUNTY, N. J.,
VILLAGE OF WHITE PLAINS, N. Y.,
$27,000
ONTARIO COUNTY, N. Y.,
BONDS
TAX DEFICIENCY BONDS
PUBLIC NOTICE is hereby given that
sealed bids or proposals will be received and
=at the meeting of the Board of Chosen
lders of the County of Hudson. N. J.. to
be held in the Court House,Jersey City, N.J ,on
FRIDAY, OCTOBER 23, 1914,
at 3 O'Clock P. M.,
for the sale of $150,000 BOULEVARD REPAIR
BONDS, issued under authority of Chapter 69
of the Laws of 1908. to run for a period of thirty
years, and the further authority of Chapter 19
of the Laws of 1908.
This issue is to bear interest at the rate of
FOUR AND ONE-HALF PER CENTUM
(454%) per annum, payable semi-annually, and
to bear date the FIRST DAY OF SEPTEMBER,
1914. Said bonds are to be COUPON bonds,
with the privilege of registration, both as to
principal and interest.
Each bid must be accompanied by a bank or
certified check, drawn upon some National Bank
or Trust Company, payable to the order of
Frederic Rider, County Collector, or cash to the
amount of ONE PER CENT (1%) of the bid.
and enclosed in a sealed envelope, endorsed
"Proposals for Bonds."
Biiders may bid for the whole or any part of
said issue of bonds.
The Board reserves the right to reject any or
all bids if it be deemed for the best interest of
the County so to do.
By order of resolution of the Board of Freeholders, adopted at a meeting held October 8,
1914.
WALTER O'MARA, Clerk.
Sealed proposals will be received by the Board
of Trustees of the Village of White Plains at the
Corporation Rooms, Grand Street, White Plains.
N. Y.. until OCTOBER 26TH, 1914. AT 8
O'CLOCK P. M., for the purchase of an issue of
Tax Deficiency Bonds of said Village aggregat
ing $20.000 00. Said bonds will be registered
bonds of the denomination of $1,000 each. dated
October 1. 1914, payable April 1, 1919, bearing
interest at the rate of six per centum per annum.
Payable semi-annually.
All proposals must provide for the payment of
accrued interest by the purchaser from the date
of said bonds to the date of delivery, and must be
accompanied by a certified check upon an incorporated bank or trust company. payable to the
order of the Treasurer of the Village of White
Plains for 2% of the par value of the bonds bid
for, the amount of said check to be retained as
Part Payment for the bonds if accepted, and to be
returned forthwith if not accepted.
The right is reserved to reject any and all bids.
Bonds will not be sold for less than par and accrued interest.
The validity of the bonds will be approved by
Messrs. Hawkins, Delafield 8s Longfellow, attorneys, of New York City. and a duplicate priginal
of their opinion will be furnished to the purchaser.
Dated October 5, 1914.
W. H. CARPENTER Jr,
Village Clerk.
$500,000
Hillsborough County, Florida,
ROAD BONDS
$35,000
Borough of Avalon, N. J.,
SEWAGE-DISPOSAL BONDS
Sealed propoeals will be received by the Common Council of the Borough of Avalon, New
Jersey, at 8 P. M.,on MONDAY,THE SECOND
DAY OF NOVEMBER. NINETEEN HUNDRED
AND FOURTEEN. at the Council Chamber,
for the purchase of sewage-disposal bonds to
the amount of Thirty-Five Thousand (635.000)
Dollars, of the denomination of Five Hundred
($500) Dollars each.
The bonds will bear interest at the rate of five
per cent, payable semi-annually. Said bonds shall
be payable at the First National Bank of Ocean
City.
Each bid must be accompanied with a certified
check for $500, payable to the order of the Borough Treasurer.
E. 0. HOWELL Jr.,
Borough Clerk.
Road Improvement Bonds.
Sealed bids will be received by the undersigned
until Ten 0 clock A. M., NOVEMBER 1. 1914,
for the purchase of $27,000 Ontario County Road
Improvement bonds. Said bonds were authorized
by vote of the Board of Supervisors of Ontario
County, Sept. 24, 1914, and are to be of the
denomination of $1,000 each, dated November 1,
1914. to bear 5 per cent Interest; payable January 1 and July 1, and to mature as follows:
Series A 7, denomination $1,000, due $27,000
July 1, 1925.
Principal and interest _payable at the First
National Bank, Geneva. N. Y.
Bids will be received for the whole or any part
of said bonds, and the right is reserved to reject
any or all bids. A certified check for two per
cent of the amount bid for, payable to the Treasurer of Ontario County, must accompany each
proposal. Bonds to be printed by purchaser,
and payment and delivery made on or before
December 1st, 1914. At the time of delivery of
bonds the purchaser will be required to pay the
accrued interest in addition to the amount of bid.
Bidders must use the printed form of proposal
furnished by the undersigned.
The bonded debt of Ontario County is 9237,000
($25,000 of which will be paid July 1st. 1915.)
Ontario County's obligations have always been
promptly met.
$36,952,450
Assessed Valuation of Real
County
Current Tax Rate,State andEstate_- .004,657,497
Population of County (1910 Federal
52,286
Census)
PETER R. COLE,
County Treasurer.
Canandaigua, N. Y., Oct. 10, 1914.
The Board of Commissioners of Hillsborough
County will receive bids for the purchase of the
above bonds, or any part thereof, at the office
of the undersigned. in Tampa, on or before noon
NOVEMBER 1, 1914. Bonds dated October 1.
1913, due October 1, 1943, without option of
prior payment: Denomination $1,000. Principal and semi-annual interest at five per cent
per annum (April 1 and October 1), payable in
gold coin in New York City, matured coupons
detached. Bonds have been engraved and will
be certified as to genuineness by the Columbia
Trust Company, of New York, and the approving
opinion of Caldwell, Masslich & Reed of New
York will be furnished to the successful bidder
or bidders without charge. Each bid must be
accompanied by a certified check upon an incorporated bank for Two Per Cent of the par
value of bonds bid for. Delivery will be made in
Tampa or Now York on November 20th, 1914.
Payment to be made in current money. Further
information will be furnished upon application
to the undersigned or said trust company. The
right to reject any and all bids is reserved. No
bid for less than ninety-five and accrued interest
will be received.
W.P.CULBREATH,
Clerk Board of County Commissioners,
BLODGET & CO.
BONDS
60 STATE STREET. BOSTON
30 PINE STREET. NEW YORK
STATE, CITY & RAILROAD BONDS
Bolger, Mosser & Willaman
MUNICIPAL BONDS
Legal for Savings Banks.
Postal Savings and Trust Funds.
SEND FOR LIST.
29 South La Salle St., CHICAGO
@FedFRASER