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INCLUDING
Quotation Section
Railway & Industrial Section
Electric
Railway Earnings Section
Bankers* Convention Section
State and
Bknk &
VOL. 97
Railway Section
City Section
NO. 2522
SATURDAY, OCTOBER 25 1913
Week ending October 18.
Clearings at—
<ppe <&hxmitU.
Inc.
Terms of
Subscription—Payable in Advance
Tor One Yc&r.......$10 00
For Six Months....
6 00
-
13 00
7 50
postage)....^..:.£1 lis!
Six Months Subscription in London (including
Canadian Subscription (including postage)
$11 50
Detroit
321,827,627
26,816,100
26,965,849
31,413,435
Milwaukee
; 16,732,708
Chicago
Cincinnati,.
Cleveland
Columbus......
Toledo
Grand
Railway Earnings
(monthly)
state and City (semi-annually)
Terms of
railway and Industrial (3 times yearly)
Electric Railway (3 times yearly)
Bankers'Convention
(yearly)
Chicago Office—Geo. M.
WILLIAM
gixMontlm118 (26tS!)!:."
Twelve Months (52 times)...
B.
DANA
Kalamazoo.....
111..
Akron..
29 00
Rockford
50 00
Youngstown:
87 00
South Bend-
Shepherd, 513 Monadnock Bid k; Tel. Harrison 4012.
.......
Lexington
by telegraph, &c.. indicates that the total
of the United States for the week
ending to-day have been 33.475,484,836, against $3,481,435,800 last week
and $3,657,350,400 the corresponding week last year.
Per
Clearnings—Returns by Telegraph.
York
New
$1,611,"013,223
142,107+65
150,144,759
32,997,304
275 + 10,985
75,371,150
.....
Boston...
......
Philadelphia
Baltimore. ..I.
Chicago .1.
St.
Louis...
New
\
1913.
Week ending Oct. 25.
§2,305,352,721
611,214,768
Other cities, 5 days.
Total all cities, 5
All
days.....
T._
cities, 1 day...
Total all cities for week.....
§2,916,567+89
558,917,347
'
—13.0
51,100,935
17,546,432
—4.9
....
595,189
300,000
23,000,000
12,910,510
13,005,755
4,827,419
7,126,457
3,567,462
3,601,326
1,486,250
2,600,000
994,146
1,269,812
1,193,560
751,139
526,330
—27.4
379,720
$76,353
594,628
290,290
Total Pacific..
139,201,266
157,584,432
—H.7
132,507,944
117,743,192
65,103,877
31,000,000
20,298,006
9,488,384
10,000,000
7,438,370
6,665,265
5,624,673
3,800,000
3,565,481
1,596,043
1,813,327
2,118,033
1,798,475
630,268
739,500
817,881
336,763
1,702,851
1,192,114
500,000
203,339
579,796
63,124,224
34,797,330
23,655,470
14,548,260
10,234,713
7,002,114
8,604,155
5,056,050
3,456,782
+ 3.1
—10.9
58,509,107
28,276,974
—14.2
16,409,839
12,543,015
10,365,925
6,704,025
5,792,416
57,605,633
25,799,407
17,767,874
11,659,638
11,397,468
6,327,260
4,677,888
3,970,816
3,011,277
3,341,362
1,369,385
1,595,979
Los Angeles
Seattle
.
.....
Portland
Oakland..
'140,906,881
+ 6.6
32,696,872
272,040,175
66,867,622
19,371,627
+ 0.9
San Diego
+ 1.2
Fresno
Spokane
•*._
.Salt Lake City..
Sacramento.....
m
1,200,000
+ 2.0
Reno...
—5.5
$3,657,350+00.
—5.0
—2.2
,
$3+75+84,830
North
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 th e
clearing houses at noon on Saturday, and hence in the above the last day
of the week has to be in all cases estimated, as we go to press Friday night.
We present below detailed figures for the week ending with Saturday
noon, Oct. 18, for four years:
Yakima.
_
Kansas
City....
Minneapolis __l_.
Omaha..
St. Paul........
Denver
St. Joseph......
Duluth
Des Moines
Sioux City.'.
Wichita.
Topeka
Week ending October 18.
Davenport
Lincoln
Cedar Rapids...
Clearings atInc. or
1913.
1912.
Dec.
1911.
1910.
Fargo
Colorado
S
Philadelphia—
Pittsburgh-....
Baltimore.
*
—
Buffalo..
Albany.
S
■
1,919,226,147 2,545,125,686
197,262,465
160,737,583
57,910,724
67,015,093
40,272,480
48,034,354
16,041,124
12,475,919
7,787*922
7,041,650
7,618,135
7,412,7.44
4,964,678
5,927,566
2,700,000
2*868,574
3,289,939
3,156,684
2.258.269
2,011,519
1,930,084
1,888,927
1,800,526
1,590,440
2,460,115
2.696.270
933,950
1,121,300
1,674,098
2,193,358
1,056,611
1,190,643
550,000
570,000
718,067
724,490
749,100
698,100
640,578
775,381
1,813,838
1,783,082
419,084
397,593
New York.....
...
Washing ton..
Rochester
Scranton.
'
Syracuse
Reading..
Wilmington^...
Wilkes-Barre...
Wheeling......
York
Trenton
Erie
Greensburg
Chester
...
Binghamton
...
Altoona..
Lancaster
Montclair..
—
Total Middle.. 2,237,413,005 2,914,102,885
174,631,208
10,749,600
4,944,922
3,401,269
3,161,818
2,001,913
3,482,906
1,429,103
1,283,892
514,129
635,462
Boston. I
Providence
-----
Hartford
New Haven
Springfield
*.
Portland
Worcester
Fall River
New Bedford
Lowell—------
Holyoke
Bangor..
Tot. New Eng.
,
503,839
231,211,895
12,976,000
5,933,093
3,803,797
3,718,172
2,208,016
3,445,439
1,422,614
1,273,816
686,857
788,558
592,231
206,740,061
268,060,488
%
Pueblo
,
—24.6 1,912*535,183
—18.5
152,634,308
—13.6
—16.2
49,284,905
37,989,936
+ 28.6
12,424,313
+ 10.6
8,519,255
6,871,316
+ 27.8
—16.3
—23.7
4,788,182
2,747,939
2,387,613
1,624,624
1,563,793
1,648,195
2,141,736
1,016,772
1,682,864
+ 3.1
9S4.690
—3.5
525,000
592,153
539,600
566,167
1,035,448
+ 6.2
4.0
—10.9
—2.2
,
+13.2
—8.8
—16.8
—0.9
+.7.3
—17.4
+ 1.7
2,111,199,'819
.160,592,476
54,652,408
35,288,464
11,233,962
7,597,124
7,126,645
3,839,964
2,674,429
2,456,653
1,513,315
1,244,482
1,305,493
1,854,083
940,026
1,460,696
881,719
553,221
534,723
531,500
530,741
1,014,111
—5.2
—23.2
2,204,108,992 2,409,026,054
—17.2
—16.7
—10.6
—15.0
—9.4
+ 0.5
+0.8
—14.9
-22.9
186,367,582
11,191,000
4,390,125
3,047,556
2,620,631
2,101,802
3,275,200
1,217,649
1,168,100
673,260
.623,408
538,067
194,487,646
13,487,700
3,884,369
3,237,533
2,469,218
2,278,199
2,621,641
1,365,643
1,713,350
601,626
;il
550,082
217,214.380'
226,697,007
.
+ 1.1
—19.7
.
.....
Helena
Aberdeen
,
__
Hastings
Billings.
Tot. Oth.West.
St.
Louis
New Orleans..i.
Louisville.......
Houston........
Galveston
Richmond.
Atlanta..
Memphis.
Savannah
Fort Worth
Nashville.
Augusta..
Norfolk
Birmingham
Charleston
...
Knoxville.
Jacksonville
....
....
Vicksburg
Tackson,
...
Meridian........
Muskogee-..
Tulsa.....
+ 6.5
+ 19:1
+2.5
+30.7
—78.4
—4.8
—0.3
—2.6
—15.9
—7.5
—28.21
—19.7
+ 11.2
—15.5
—6.8
—14.2
:
—6.3
—20.7
—2.3
+ 6.2
—22.5
+ 11.2
+2.9
+ 19.5
—2.7
+ 0.1
+21.8
+9.2
—$.3
+ 7.3
—29.5
—4.5
86,953,265
20,175,925
14,191,696-
$1,444,869
22,137,650
—8.9
15,666,646
—9,4
246,067,041
228,854
j In
—15.9
1,400,000,
+ 32.4
+8.3
+26.2
—2.0
+ 10.6
—26.7
+20.4
'
+34.0
—10.1
+ 18.3
—13.7
+ 18.6
+ 7.2
+8.3
+ 1.5
—2.0
+ 16.8
—8.4
—8.3
439,454j
+20.0
384,603: —12.1
1,171,958;
+ 8.2
787,0681
+$4.9
237,719:143;
374817435300 +276+09^900
Outside N. Y.
17562,2097653■' 1773+2841214'
12,11$,942
12*013,303
4,500,000
6,473,403
3,724,986
3,131,699
1,559,553
-
1,330,000
1,060,291
773,031
654,346
1,724,158
1,352,929
$26,395
650,116
-.689,537
316,961
1,158,970
940,531
493,418
185,000
126.981
115,009
156,994,983
83,242,884
20,049,171
13,733,800
83,797,896
21,668,297
13,499,853
12,725,000
7,882,502
17,789,044
10,519,500
7,065,000
16,320,182
9,448,156
8,924,127
8,711,046
4,291,974
3,976,335
3,600,022
2,810,826
2,305,292
2,773,304
1,661,120
2,270,464
1,780,261
1,525,603
2,729,069
total
14,155,000
8,312,630
17,973,066
11,645,162
8,820,250
12,702,736
7,206,619
2,558,011
4,708,452
3,124,992
3,278,564
2,724,270
1,923,717
3,150*000
2,610,710;
Total all
"
399,524
162
+6.8
2,781,396
5,179,418
2,079,838
374,472
i
720,631
325,406
1,612,106
1,105,597
379,691
+ 7.4
187,809,211
4,298,188
2,498,927
3,536,810
1,868,627
1,745,305
1,623,224
1,447,147
1,040,761
688,913
+15.5
177,012,446
Not Included
.«•
+ 10.0
—5.7
11,415,051
•
—34.8
—21.9
11,906,500
9,000,000
22,678,960
11,412,758
9,757,546
9,310,368
8,674,545
3,428,440
4,231,026
3,696,376
2,829,436
3,232,194
2,062,613
3,410,994
c
+ 6.4
—10.5
1,853,349
2,725,636
6,047,064
1,905,963
343,462
527,718
338,063
1,267,252
1,455,441
Austin
+ 7.8
—10.1
742,501
2f7d0,451
Macon....
1,864,561
2,115,006
1,476,692
577,215
764,275
762*047
313,396
1,473,301
1*691,033
523,365
—12.7
227,158
Chattanooga
Oklahoma
3,464*525;
1,335,038'
'
Mobile
Total Southern
Nofe.—For Canadian .clearings see "Commercial and Miscellaneous News."
.....
Fremont.......
Waterloo
Little Rock
—24.5
—25.2
Springs
«
953,479
997,109
780,979
Stockton..
San Jose........
—7.3
§3,085,865,129
571+85,271
—15.6
405,354,600
Tacoma
.
+ 3.1
+ 12.9
—10.7
55,268,058
—13.9
§2+86,888,855
598,976,274
+5.6
+ 16.1
+ 0.2
427,493,012
Pasadena.......
Seven cities, 5 days....
—35.3
—15.3
—10.0
——5.5
—22.1
66,039,612
28,033,907
15,792,607
15,359,888
5,815,046
7,737,376
3,234,467
4,547,738
2,282,724
3,252,952
1,288,088
1,111,257
1,064,391
984,484
626,686
413,179
§1,789,811,389
165,194,289
+ 12.7
.
55,968,234
24,389,520
15,743,603
14,965,990
4,888,901
7,156,678
2,323,515
3,650,027
2,537,530
2,749,512
Cent.
18,307,835
Orleans.......
+ 12.4
San Francisco...
...
________
1912.
.
+ 18.2
+ 10.4
—6.9
Adrian.
up
+ 5.0
—2.1
510,110,463
Danville.
Ann Arbor
table, made
—3.6
+ 16.8
475,001,981
Ill-
Lansing
The following
+ 14.1
Tot.Mid.Westi
Lima
bank clearings of all the clearing nouses
+ 3.7
+ 29.2
283,409,724
25,123,450
20,825,287
18,796,938
13,166,962
8,602,112
6,397,800
4,677,749
3,387,309
2.707.892
2.420.893
2,308,220
724,059
1,086,960
1,089,980
1,115,400
774,514
762,076
1,335,011
632,255
571,598
676,905
1,025,074
454,238
525,301
487,755
393,750
252,131
430,505
379,610
388,144
177,214
22,323
326,461
Owensboro......
...
Vice-Presidents;
CLEARING-HOUSE RETURNS.
—13.5
+ 12.9
430',595
435,174
530,448
204,058
49,415
424,556
...
Jacksonville,
Addresses of all, Offlee of the Company.
1,299,175
1,262,785
2,041,000
1,018,156
981,043
1,551,200
690,000
679,914
765,443
1,550,002
294,724,139
27,341,250
23,716,992
21,6$0,933
13,996,141
$,637,079
5,551,400
5,124,519
3,455,714
2,923,909
2,388,961
2,490,008
693,180
1,156,838
1*092,637
2,020,000
964,115
822,370
1,399,842
569,767
709,476
682,567
1,341,609
419,431
520,166
470,839
527,278
254,270
400,201
396,985
372,166
212,729
28,961
405,540
—12.4
458,602
518,807
543,719
266,798
10,693
404,056
Mansfield
every Saturday mornipg by WILLIAM B. DANA COMPANY.
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana,
Arnold G. Dana. Sec.
—12.2
1910.
344,709
....
Springfield, Ohio.
Jackson..
Pnblished
$
560,411
686,723
456,518
586,968
324,126
Decatur
New York.
.1911.
%
—12.4
■
1,801,723
691,729
700,670
864,552
1,400,000
473,769
599,726
492,191
527,976
Bloomlngton....
Qulncy
or
Dec.
366,365,185
30,607,150
24,088,091
24,321,261
14*661,081
8,766,909
6,947,600
5,482,892
3,600,000
3*258,069
2,158,852
2,545,536
780,127
1,036,217
r.
Canton
COMPANY, Publishers,
Front, Pine and Depeyster 8ts.»
Evans ville
$4 20
22 00
London Office—Edwards & Smith, 1 Drapers' Gardens, E. C.
P. O. llox 958.
Rapids.
Dayton
Fort WTayne
Transient matter per inch space (14 agate Lnes)
r Two Months
(8 times)...
(.
...
Springfield,
-Per Inch Space
Advertising
Standing Business Cards <
•
-
8,447,038
7,295,900
6,386,325
3,525,000
3,851,013
2,426,164
2,811,765
683,572
1,124,443
1,309,764
1,590,000
659,341
Indianapolis
Peoria.
Subscription includes following Supplements—
Bank and quotation (monthly)
1912.
1913.
PUBLISHED WEEKLY.
•
9,905,382
8.872.885
8,716,277
4,992,674
3,783,063
3.828.886
2,832,348
2,151,765
2,483,469
1,945,787
2,846,398
2,071,922
1,512,098
2,467,118
5,461,197
1,667,901
323,008
478,274
315,854
949,474
529,681
1,480,000
2,463,236
488,562
689,940
317,381
+2.7
223,567,382| 215,117,446
—18.6;3,3677606,419 3,511,03+282
—9.8
174^+7+236
1+197833,463
'S>
1162
_
itONICLE
THE
.
But this is
''RAILWAYAND INDUSTRIAL
.
A
nuriiber of
new
our
SECTION."':
"Railway and Industria.
subscribers
Bection," revised to date, is sent to our
to-day.
found
the editorial columns of the same will be
articles on the following subjects: "Railway
Agriculture," "Re¬
frigeration in Transportation," and "Revision of Ac¬
Development of Industries and
count
Classification of Steam Railroads."
taking
constrained view of the
should not be
a narrow,
Considerations of that kind
matter.
in the slightest
stand in the
of doing justice to the banks and of keeping
permitted
way
Congress
influence
to
Nothing should be allowed to
degree.
It is not keeping faith
faith with the bondholders.
for
[Vol. xcvii.
J
r
;
Congress to enact
fears of such
a
law which will induce
or
induce
circulation
of
surrender
wholesale
the
a new
It may be
result.
v
banks must
admitted that the
a decline in
risks of
the ordinary
assume
loss
price, but it is unjust to ask them to bear a
SITUATION.
THE FINANCIAL
specific enactment of Congress over
banks themselves have no control and
growing out of
a
the price which the
of Government bonds the present week, and this is against which, indeed, they are launching vigorous
a
decidedly reassuring feature.
The two per cent protest. Secretary McAdoo has written a letter in
consols are now quoted at 96H;bid, with the asked which he deals at length with the position of the
Government bonds, and indicates the course that the
price 98*/£. A week ago the bid price was 95 and
There has been
of
modification of the
rency
bonds and 97
The rise is to be ascribed to
bonds.
hopeful view taken regarding the prospects
more
a
distinct improvement in
price 96 for the registered
the a,sked
for the coupon
the
a
insist
depreciation that has occurred and for which he
professes to be unable to find any warrant.
is
It
pending Banking and Cur¬
It is known that the Senate will
Bill.
reference to
Treasury Department will pursue with
the
contention of
the
Government is under
Mr.
legal
no
or
"the
McAdoo that
moral obligation" to
leading provisions maintain the 2s at par. For ourselves we are not
What he says,
of the bill—in particular those viewed with gravest inclined to endorse such a statement.
however,
regarding
the
difficulty
of
maintaining
concern—and reports also have it that the Presi¬
them
at
par
cannot
be
controverted.
He argues,
dent is ready to consent to a revision of the bill in
with much force, that there is only one way in which
some
essential respects.
A feeling has therefore
this could be done, namely by the Government
gained ground that it is quite among the probabili¬
ties that in the end very few banks may after all going into the market and buying the bonds whenever
on
important changes in some of the
bonds
on
the pressure of
sustained
be
If this view
they
Government
such
the national system.
withdraw from
should
the market from banks contemplating re¬
be
He well
offered.
are
an
prepared to take all
outstanding.
ther to
sound and correct:
anxiety
would
possible further big decline
a
">'■
question how to give adequate protection to
The
the
regarding
disappear.
outstanding issues of Government bonds is one
of the most difficult the
legislator will have to
tend with in the framing and enactment
of
a new
that to carry out
or any part
of the $700,000,000
He adds the following, which is also
tirement from the system,
and therefore unable fur-*
avail, of the bonds, would be relieved and
says
undertaking the Government would have to
-
.
Obviously, no government or corporation can
guarantee the holder of its bond against market
fluctuations.
The very purpose of financing its
.
by the issue of long-time obligations would be
defeated if the Government had to use the proceeds
needs
con¬
of the sale of its
law.
sustain the market
bonds,
or
the current
revenues,
to
influence the price of its
The present price of the Government 2s is wholly bonds.
No State, municipality or corporation would
artificial, as every one knows, and follows from the consider doing or attempting such a thing, much less
circumstance that the bonds possess availability contracting to do such a thing.
While what Mr. McAdoo says in the foregoing is
as security for bank notes and that the banks must
or
to
-
have them if
they would keep their circulating notes
Until within the last few months these 2%
afloat.
consols
have
commanded
par
and above, and the
2% issues is
anomalous nature of such a price for
evident from the fact that British Consols
2interest
are
selling 30 points lower,
bearing
or
in the
true, the "moral obligation"
not suffer
by
reason
take
away
for
any
It is obvious that if
considerable amount of these bonds should be
on the market, a serious break in price would
thrown
be inevitable.
It is plainly the duty of Congress to
render it of very
little use—certainly not at the start.
ditioned
amount of the bonds
Oh the other hand, assuming that any considerable
national
with the terms of the
into
the
at
a
banks
should feel dissatisfied
pending bill after it
law, and be disposed to liquidate
inability to sell the Government
otherwise they
this standpoint
or
enacted
convert,
bonds except
for the time being at least, where
would withdraw immediately.
of their holdings of 2s.
From
it is to the interest of the Govern¬
ment not to make it very easy
pose
was
great loss might incline them to remain in the
national system
in the aggregate being offered
exchange in any one year.
But in event of
tensive withdrawals of banks from the
sarily result from such circumstance.
for the banks to dis¬
But
privilege of conversion is accorded, but is con¬
on not, more than 5% of the outstanding
The
for
of
the right to exchange them
right of conversion is so circumscribed as to
the direct and the indirect harm that would
number
the pending bill does not
3% bonds without the circulation privilege.
this
try to avoid any such possibility, both because of
neces¬
the
the circulation privilege, and that bhe
bonds
for national bank circulation.
amount
of their investment in the bonds.
Mr. McAdoo contends that
holders of the 2s are g ven
are now
no
duty of the Government to see to it that the banks do
neighborhood of 73.
Close to $700,000,000 of 2%
held by the Government as collateral
remains, and
argument can change the plain fact that it is
of
tem, the offerings
national
of bonds might be two
or
ex¬
sys¬
three
times the
5% allowed, and the excess would weigh
down the
price.
years
interest.
since
Not until the end of the twenty
will all the outstanding 2s be paid at par and
it
It is true that the bill has been amended
was
originally introduced, and
stands it does not take away
If
a
as
it
now
the circulation privilege.
bank does not have outstanding the full amount
of notes
allowed under existing law, there is nothing
prevent it from buying more bonds and increasing
its circulation to the maximum.
to
Oct. 25
1913.]
of the contract under which the
the terms
But
-
originally acquired the bonds is, nevertheless,
banks
materially altered, and this, too, to
as
to make it a
Government
such
an
extent
"moral obligation" on the part of
to
the
In the first
the bonds.
protect
1163
CH RONICLE
THE
.
>r
operating between Missouri River points pro¬
riers
posed to advance a number of commodity rates,
but upon
protest of commercial bodies at Kansas C\ty,
Mo., Omaha, Neb., and St. Joseph, Mo., the
^pjied-
until
suspended
May 1 1913 and later re-suspended until Nov. 1
Rock
Island, the Missouri Pacific with the Iron Moun¬
ules
increased rates
the
naming
were
existing for
1913.
The roads involved were the Chicago Bur¬
entering the national system are taken away and
very little is given in return.
Where before there lington & Quiticy, the Chicago Great Western, tjhe
most of the inducements now
place,
there will
unlimited market for the bonds,
and
wide
a
was
now
In the second
same.
restricted demand for the
be only a
place,new banks will not have
beginning
business, as is now the case, that section of the exist¬
ing law being repealed.
We observe, too, that this
very week Secretary of State Bryan, in expatiating
upon the merits of the pending bill, took pains to
say that "heretofore it has been necessary to put
up bonds to secure Government money, but by the
provisions of the new bill the Government loans
to
buy bonds at all as a preliminary to
money
without requiring bonds."
In all these various
bonds is weakened
and thus there is
>
particulars the position of the
through
plainly
no
fault of the banks,
"moral obligation" resting
a
to the
those
A
striking illustration
week of the value
furnished the present
and in¬
was
between the protestants and respondents shall
been made."
The amount involved in dollars
and cents
was
way
On Tuesday morning prices of leading
properties quite [unexpectedly opened up 1@3
points higher than the closing sale prices the day be¬
The
fore.
from
only
reason
for the advance was advices
Washington saying that the Inter-State Com¬
advances in
Commission had given consent to
merce
The matter
proved
on
River points.
Missouri
commodity rates between
investigation to be quite in¬
investing public hailed the
indication of a change in the policy and
but to
of
and
certainly
a
on a
eral increase in rates
As
much
more
prospects
roseate aspect,
could be
slight gen¬
great change for the better
confidently counted
,
Railroad
Commission.
the
upon
were
if only
a very
allowed.
.
.
already stated, in the present instance the in¬
creases
permitted
however, carries
are a very
an
small matter.
The case,
instructive lesson which can be
through its provi¬
for the railroads not only to
the income tax of 1% upon^inter-
assume
withheld
from
all
in the large majority Jof
that the 1% tax shall be
The law requires
cases.
interest
or
payments,
coupon
entirely irrespective of whether the person receiving
the money
is in receipt of
income of $3,000 a year
of the tax through fraud or evasion.
any
Where it may
subsequently be found that the recipe
was not liable for the tax, the
of the interest
amount of the deduction can be
will be
are
The object
provision is to prevent the Government from
losing
ent
an
liable for the tax.
not, and thus
of the
attitude
This income tax law,
and coupon payments
est
income'tax
places considerable additional burdens upon
will make it necessary
pay
-
collecting tax at the* source' of the incoipe,
sion for
event
immediately took
^
^
improvement in rates becomes all the more[im-
Some
pr
an
co-operation between the
shippers.
portant now that Congress has enacted an
consequential, but the
as
except that it points the
to increases in rates by
the railroads.
share
comparatively small and the case would
devoid of importance
railroads
ating cost.
the modifications agreed
to become effective when
vesting community to slightly better rates for the
part compensation for the rise in oper¬
^
v
„
what has been done, and
protesting shippers did not back up their ob¬
law which
as
furniture and linseed oil
City.
jections to the items still in dispute and adduced
no evidence in support of the same, the Commission
finds itself "constrained to allow the increased rates
railroads and
attached by the financial
and the protest withdrawn as
blue vitriol,
upon
the
as
law that the Government will redeem the 2s at par,
dispose of them.
agreed that certain of the pres¬
some modification made in a
The Commission approves
be
if
was
to and from Kansas
have
twenty years, but immediately
confer-
practically all of the other increases excepting
the Government to protect these institutions
the banks want to
a
continued,
few of the advances,
to
against loss from the shrinkage 'n the value of the
bonds.
It shou d be an essential feature of the new
not at the end of
hearing, it
ent rates be
result of
a
protestants and carriers, held prior
between the
ence
upon
upon
As
tain, and the Wabash RR.
a
tedious and
a
that the Government
the tax upon
recovered, but this
difficult process.
The chances
will, in the long run, get
practically the whole outstanding in¬
debtedness of the railroads, even
though the interest
In
the deduc¬
action of the Commission as of agreement between tion in the first instance, and, as already stated, it
the carriers and the shippers most immediately con¬ would also appear that they will have to assume the
cerned.
We have upon many occasions in the past full burden themselves by reason of the provisions
urged upon the railroads the desirability of taking contained in the bonds.
We
have
examined
at
random
the
mortgage^
of
up negotiations directly with the shippers.
It is
easier to convince these shippers of the necessity a dozen different railroads and find that the bonds in
all cases contain a stipulation reading something
to the carrier of advances in rates than it is to con¬
vince the Commerce Commission.
The latter con¬ like the following, which is the language found on the
applied to advantage in other cases t inasmuch as the
step has followed not
so
much
as-a
result of the
paid to small holders will actually be exempt.
any
event, the railroads will have to make
•
siders itself the champion and
guardian of shippers,
and is loath to sanction higher rates
where objection
is raised by any considerable number
On the other hand, if the shippers are
to be to take up
case
of the Northern Pacific Ry.
prjor
4% bonds due Jan. 1 1997: "Both the principal
payable without deduc¬
and interest of this bond
are
satisfied, the
tion for any tax or taxes
of the United States, or any
objections.
therefore, would appear
proposed revisions of rate schedules
directly with shippers.
lien
of shippers.
Commission stands; ready to wave its
The surest road to success,
bond in the
In the present instance par-
State
or
municipality thereof, which the railway ppip-
pany may
be required to
der any present or
slightly in other
retain therefram un¬
The language vajips
but the effect is the same..
pay or
future law."
cases,
1164
In the
in
THE
of the Atchison
case
general mortgage 4s due
1995, the provision is that the
sume
present
Territory thereof," while in the
Central Pacific first
"or
case
any
exports—$48,622,694, increasing to $407,499,456—
of the
the balance for the nine months—which stands second
only to the result in 1908,
refunding 4s due 1949 the lan¬
much the volume of imports.
The respective balances in 1912 for
September and
the nine months
.
the
Government
undertook
collect
to
road.
But
such holder and not
upon
Gold-mining
of
the rail¬
it undertakes to collect at the
as
with
quoted.
the
has
concern
No
tax*
bonds
of
contain
the
United
like
a
States
Steel
and
this
provision
already announced that it will
pay
doubt, similar announcements will
from the
railroads, which will thus have
burden to bear.
of
from
the
month
outside of the
'
instance,
a
cotton
to
result.
In
increase
over a
alone
having been
instance
the
an
important
11 million dollars,
change
in
the
tariff
is
lowering
also because it is
that the October
the
to the
presumably
Cereal
flour
being
corn
and
A
1912.
marked
cotton-seed oil is also to be noted.
falling
off in
But meat and
dairy products, mineral oils and cattle and hogs
shipments Showed moderate augmentation in value
over
a
year ago,
and in cotton the gain
million dollars.
figures
$107,568,978, which
the month last year.
export
18%
showed
20
These several
for which advance
imately
was. over
compare
•
Here
million
a
are
we
items, embracing all
issued, give a total of
with $88,869,611 for
have
dollars.
a
gain of
approx¬
Other' articles
of
nominal decline from last year's
heavy total—$110,616,473, contrasting with $110,The grand aggregate
of merchandise
808,451.
exports in September was, therefore, $218,185,451,
against $199,678,062 in the period a year ago.
For
the nine months of the Calendar
year exports value
have been $1,733,367,608, against
$1,616,024,491—
the
previous high mark.
The
September merchandise imports were $169,562,757 and contrast with $144,819,493, the former
record
for
the
period; but the total for the nine
ounces
in 1912.
a
year ago
These various
aggre¬
furnished nearly 60% of the
9,892,624
ounces
ponding nine months of 1912.
for
the
corres-"
The decrease indi¬
cated is, of course, very small, but it is a
.
decrease,
and will most likely be augmented in the last quarter
of the year,
It may
owing to the lack of labor in the Rand.
be that better results in the United States,
Canada and Russia for the full year will
serve
to
wipe out the above indicated diminution in yield, but
as
there is
no
authentic information
as
to
the pro¬
making in the countries named, the contrary
is just as apt to be the case.
It seems, hence, not
gress
unsafe to
full year
assume
that the world's gold yield for the
1913 will fall
a
little under that of 1912, but
exceed all earlier years.
It is to be
hoped that the march of events will show
that recent press accounts in respect to the Mexican
situation
there
are
not
appears
entirely accurate.
At this writing
conclusive evidence that the strain
could hardly be greater without reaching the break¬
ing point:
sued
a
General Huerta yesterday (Friday) is¬
declaring that he will carry on the
statement
affairs of Mexico without interference of
any sort
from outside Powers, and added that what he does
months falls a little under that for
1912, comparison
being between $1,325,868,152 and $1,332,894,727.
is of
NotwithstandingUthejfswellingSof^theJmonth^s import
clare
hand, Australasia continues to report
against
ounces,
oats, the
millions in
yield this
world's gold product, give a grand total of 9,848,741
stuffs exports at 17% million dollars
comparing with
20%
last
(for Africa, Australasia, and India), covering
countries that
increase in
than offset by decreases in wheat,
combined value of the bread-
more
gave
'
•
gates
ago, an
we
as
1,901,457 fine
/
a year
which
Wales, leaving the total output for the period, as we
compile it, only about 1,876,453 fine ounces, against.
products, in the aggregate, went out less
freely in September than
ounces
But these returns, combined
being more than offset
by losses in Victoria, Queensland and New South
transferred
were
252,527 fine
for the nine months of 1913
law the importations during
days of the month
to 514,280 fine
ounces
from
diminishing results in the aggregate, from all the
workings, small gains in Westralia and New Zealand
abolition of duties, but
September "totals.
Africa
ounces.
On the'other
import statement might begin with
new
1912, Rhodesia increasing
year, but only to a very
the respective. figures for the nine
(438,122 ounces and 434,006 ounces) clearly
show.
In this
officially announced that in order
operation of the
the first three
or
289,794 fine
months
,
responsible for the bulk of the increase, not only
because of the
West
slight extent,
ago—the addition at New York
over
year
Transvaal, it is true, have done better
has increased its
largely to that
was
be obtained
week, give totals of 7,534,166 fine ounces for 1913
and 7,557,161 fine ounces for
1912, or a falling off
of 22,995 fine ounces.
The Colar.field of India, too,
high record is set.
very
imports, also, there
year
a
can
for the nine months, |
ago.
Districts of Africa
with those for the larger field
ex¬
noticeable increase in
shipments contributing
do
was,
from 482,759 fine
and
ounces
The merchandise exports were much heavier than in
the month of last year, a very
month
thus far this year than in
new
Transvaal
the
reliable information
to
somewhat less than
come
compared with the corresponding period of
In each
than
trary, the aggregate production of other localities
one more tax
expansion in both the country's imports and
1912.
other
the idea that the decrease there for
from which any
foreign trade statistics for September 1913,
public yesterday, furnish indisputable evidence
as
fields
period, as compared with 1912, has been offset
by augmentation in yield elsewhere. ; On the con¬
The
ports,
returns at hand for the nine months
from
its output
made
$54,858,569 and $283,129,764.
the
requirements of the language here
The
Corporation
1913
not encourage
source
the railroads will have to stand the tax in accord¬
ance
were
the
in
first instance from the holder of the bond, the tax
would fall upon
when depression here
served to restrict
very
"or of any State or county or municipality
States
therein."
xcvii.
October, as above explained, the net result of our
foreign trade in September was a large balance of
present or future law of the United
guage says any
[Vol.
aggregate by the inclusion of the first three days of
must as¬
future law of the United States
or
or
If
company
tax it may be required to pay under any
any
State
CHRONICLE
no
Power.
to the United States or
any other
Meanwhile, reports from Mexico City de¬
concern
that
the
Provisional
President
has
directed
-
Oct. 25
himself be elected President
he
that
CHRONICLE
THE
1913.]
and General
Blanquet Vice-President at the election to be held
This is declared to be false
(Sunday).
to-morrow
General Felix Diaz, nephew of the for¬
dictator, Porfirio Diaz, after his arrival this week
by Huerta.
mer
Vera
at
Cruz,
was
aboard the Mexican
ordered to return to Havana
The Mexi¬
gunboat Zaragoza.
constitution provides that a candidate for Presi¬
can
dent must be
on
Mexican soil at the time of his elec¬
General Diaz is in
Thus
tion.
General;of the Mexican
army
dilemma.
a
will
be
and if he obeys
disqualified for the Presidency.
value for the
of anybody's
debts, and, as the United States is by its proximity
the only country which can enforce the will of a for¬
eign Power on Mexico, by troops, the result would in
the long run mean that the people of the United States
would
If he
involved in
be
conflict which would cost
a
them, in addition to at least 250,000 lives, more
money than the entire foreign investment in Mexico*
There can be no sufficient reason given for permitting
such a calamity to occur." How
absolutely uncompromising is Huerta's posi¬
tion may
be judged from the fact that
Thursday
on
night he caused the arrest of all members of his
own
refuses to obey the order to leave, he renders himself
personal staff, including Col. Carral, formerly his
liable to arrest and court martial for insubordination.
private secretary, fearing internal treachery.
At the
same time lie is reported to have issued orders for
Every member of Diaz's party is
a
prisoner awaiting
court martial for insubordination.
.
a
of the ports of Mexico will be of any
collection of the interest and principal
in active service, he
is under orders to leave the country,
he
As
1165
All had been
dered to remain in Havana and accompany
cisco Leon
their
they
de la Barra to France.
gave
to
Mexican
exchange
284, which suggests
an
on
on
the
part of foreigners to get funds out of the disturbed
Republic.
Exchange should normally be about '200.
It reached 280 last
week,
on
Friday, but subsequently
reacted to
265, which it touched
Since that
day, however, there has been
President
Huerta
diplomatic
them
that
candidate
under
at
a
further
the
in
Washington
both
grave.
Wilson to
the
in
a
Sunday's election
would he
Such
be"
action,
a
he
While his Government
equally determined that the af¬
declined
selves, without outside interference.
"Should'the
which
Government," he continued, "it will
of
precipitating in Mexico
a
crisis
might bring the Government in Washington
face to face with
to
bind
In his dis¬
Page, the American Ambassa¬
the
British
Government
to
matters should be left alone until after the
that
that
foreign governments, and which
any
The
.attitude, according to Sir Edward, is that
future
action
should
be
elections,
based
their
on
It developed in the conversation, however,
the
views
of
the
British
and
United States
governments largely co-incided and that both
by Mexicans them-, greatly desirous of
.United States fail to recognize the establishment of
risk
not successful.
was
cussion with Walter H.
British
fairs of Mexico should be settled
the
co-operation of Great Britain
circumstances
determined to protect the lives and interests of
incur
secure
as
A movement by President
decision to refuse to recognize the results of next
result.
Mexican
physical and international aspects
being exceedingly
reject all votes for himself.
the
regards the Mexican situation
particular policy after the elections in Mexico.
Sunday's election.
was
its
secret is made of the fact that
no
Administration
and
foreigners, it
a new
at Mexico City and informed
no
in¬
papers
general military conspiracy to start
polls.
At
averred, would be unconstitutional and he would
was
a
" dor, Sir Edward Grey, the British Foreign Minister,
'
Thursday night summoned
on
corps
Monday last.
on
steady upward movement.
the
the
New York has risen
Cruz, owing
alleged discovery of compromising
uprising in the event that Diaz failed of election at
state
a
excited movement
the arrest of General Felix Diaz in Vera
to the
dicating
as
without sufficient funds for further travel.
Meanwhile, business in Mexico is virtually in
of chaos.
Fran¬
for accompanying Diaz to Mexico that
reason
were
They
or-
a
settlement which would
were
assure
permanent peace in Mexico. Sir Lionel Carden, the
new
British Minister to Mexico, presented his creden¬
tials
On
the
on
day after Huerta dissolved Congress.
Tuesday last, in
an
interview with Mexican
reporters, he said that he had made
paper
news¬
no repre¬
sentations to his Government regarding the advisa¬
might result in the setting aside of the Monroe Doc¬
bility of intervention by the United States in Mexico,
trine."
but he intimated that he
He further intimated that the result of such
a'clash of interests
are now
very
to President
"might bring two nations which
friendly to
a
rupture."
After referring
Wilson in terms of great respect and
ex¬
was
foreigners to constitute themselves
he
institutions of the United
not intend to withdraw its
emphasis that the difference between the people of
Mexico and the people of the United States was
difference
so
inherent
character of the two
to
and
races
fundamental
as
to make it
to
a
the
impossible
apply to the people of Mexico American methods
in the evolution of
for his country.
a
democratic form of government
He continued
as
"The best government Mexico
a
as
follows:
ever
,
had has been
government by the few, and it will be
a
long time
also expressed
Huerta.
as
He did not
recognition of President
regard the troubles in Mexico
revolution, properly speaking.
a
in my
with
opinion," he said, "is
leader and fixed
a
an
ideals; this is merely
a con¬
glomeration of outbreaks here and there, unrelated,
except
as
they
are
all the outgrowth of general social
I do not believe that the United States
unrest.
fully
realizes the seriousness of the situation here".
The
present revolt, he said, has no leader whom all
point where millions of men will be able
to go to the polls and cast an intelligent ballot and
abide by the result of the ballot.
"Washington can give no sufficient answer to the
people of the United States nor the people of Europe
if, through its conduct, a consequence so repugnant
to the universal sense of justice is brought about.
If
such a crisis is forced upon Mexico, no blockading
this situation could not continue
"A revolution
organized movement,
recognizing
a
right for
committee of
his belief that Great Britain did
before Mexico is able to have any other kind of gov¬
ernment.
It will require many years to bring the
country to
a
investigation into the internal affairs of Mexico and
pressing unbounded admiration for thq people and
States, he pointed out with
opposed to such action.
He made it plain that he did not consider it
could
and
speak.
that he
saw
When the opinion
no
reason
was
expressed that
indefintely, he said
why it could not
as
it took
long time for social unrest to be remedied.
needed punitive and remedial methods—it
strong
man
and Statesman of
ridiculous," he said, "to
can
be
found
in
are
with whom foreign governments
a
no
needed
small ability.
suppose
a
Mexico
that such
a
"It is
a man.
haphazard election under the
-
-1166
,
1
THE
circumstances."
saw
reason
no
It
He
further
said
that
he
whose abilities
man
paration for
to another continu¬
one man
He believed that
a
behind the
Government, whatever its politics, and
gave
support to devise
remedy for the
a
struction
effort
an
.
French
had
there
Minister
a
meeting of all foreign ministers in the hope that
some
plan might be quickly found to stave off the
grave
possibilities that seemed impending.
that whatever
plan is decided
upon
to the American Government
Evaristo
Madero,
and Daniel
at
but have not, so
capital.
far
up
that city to the rebels.
train bound for Mexico City
a
is known, yet arrived at the
as
It is reported that the train
hand, there
are
murdered.
Latest reports
that
the
defences
outer
Additional
certificates
and
merchants
are
cost of these certificates
In this
Vera
at
would
could
been
Dr.' Francisco Vasquez Gomez, who
Hoff's vessel.
to clear
yesterday after
'hitri•'«'
:
/
left
The•' Morro Castle"
a
ago
' '
,:
—
not
seem
on
naval
just
as
,
then
not building
was
not the slightest
was
other
the
same
three
likely that this would produce
construction in
the
United
■
great
"Does it
thing.
effect
an
States"?
the naval policy of Japan?
.
he
reper¬
At the end
might have all these great countries
safe and just
as
strong as they will be if they
ships which they have in mind, and the
vast treasure of scores of millions of
pounds which
.
Once again has Winston Spencer Churchill, First
Lord of the British
very
build all the
they
;
Triple Alliance
and
war,
of the year you
permitted
\/'v
■v.:-;-
of
cussion upon
at the time
was
and the Italian abstention from
asked, "and that that again would produce its
of
peremptory, demand from
.Washington had been made./
v>--
months,
some
if they
naval holiday that
a
ships would show that there
danger
Captain Hoff of the steamer had
flight from the country
all-powerful,
European Powers could do the
gun¬
subpoenaed to give testimony in an investigation
of the
on
any
The, action in holding up the steamer was based
the pretext that
on
perhaps
Great
He said it
building would relieve France and Great Britain.
aboard,
Mexican
a
and
Italy of the duty of duplicating the
The fact that the
by
the influence
upon
Germany
the other Powers.
on
powerful,
Austrian program,
for urgent
revenue
be
enlarged
between
persuade Austria to take
would relieve
the Government hopes
Cruz
then
agreement
by
"Morro Castle" of the Ward Line,
detained
Churchill
an
the
on
negotiations with the other great
1
'
:'
/' %
our
been informed
with Mrs. John Lind and other Americans
boat.
such
///'\'U"''/%A/-/
..
The steamer
was
been
by purchasing them before
way
promptly much needed
current needs.
the result of.
persuaded to do like¬
were
agreement could only be contingent
an
Britain would have
10% rebate
year,
.
payable in special
have
decree that they can secure a
November 6.
Such
Mr.
They
He
holiday which
introducing the naval estimates this
'
/ '*//" ' %//
'
'■
Powers.", \
import duties have been levied by the
Huerta Government.
to secure
have
already
could be
guns
by international agreement.
unless the other Powers
wise.
indicate that Monterey
/;/... v-///'-"
captured.
a
On the other
fierce attack by the rebels
a
one
con¬
absolutely unchanged.
But it would not
possible for Germany and ourselves, even if we
agreed to stand still a whole year, to carry this out
reports that the prisoners have been
subjected to
pre¬
only
was
be
on
is being
There
would be
attacked
was
by the rebels and the escort captured.
and
arrested
were
Wednesday morning charged
on
put aboard
were
will be submitted
to-day.
brother of the slain President,
plot to deliver
a
They
It is expected
Madero, another relative,
Monterey early
with
a
expenditure of the
battleships and larger
was
the
was
the British Government for
on
called
it
keep within the
"The proposal which I put forward in the name of
a naval holiday is
quite
simple. /Next year, apart from the Canadian ships
or their
equivalent, and apart from anything that
may be required by the new developments in the
Mediterranean, we are to lay down four great ships
to Germany's two.
Now we say-in all sincerity
and friendship to our
great neighbor: Tf you will put
off beginning to build
your two ships for twelve
months we will put off in absolute
good faith the
building of our four ships for exactly the same period.
That will mean a complete
holiday for a year so far
as big
ships are concerned. ;rBy this spread of the
appropriations Germany would save nearly $30,000,000 and Great Britain
$60,000,000, and the relative
strength of the two countries at the end of three years
Wilson's ap¬
proval of the Mexican President to be elected
Sunday the
to
*
and continued:
obtain President
to
continued,
of defence./
a war
of
he made in
dispatch from Mexico City late yesterday stated
that in
he
Government
then recalled his
proposals for a naval
their
of unrest,
causes
the
reduced; this
following punitive methods.
,
xcvii.
by which the annual expenditure for the
way
remedy would be found
when the better elements of Mexico got
of
narrowest limits the serious
yet to be
were
Nevertheless,
intention
impossible for the situation to solve
was
by changing from
A
[Vol.
.
period.
why General Huerta should be dis¬
placed for another
tried.
ally.
1
_
present
tself
CHRONICLE
•'11
'
Admiralty, made to Germany in
would
have
spent
increased armaments
on
would have been saved and used for the progress and
enlightenment of mankind." "
•
(
'
.
the
to
name
of the British Government
This
same.
invitation
at Manchester before
a
was
Liberal
night.' He confessed that he
if Gertnany will do
made in
meeting
was
Advices from Berlin state that the present indica¬
specific offer
delay the fulfillment of Great Britain's naval
construction program next year
the
a
on
aware
a
speech
Saturday
that
some
are
received
coldly
as
introduced
he
Liberal
refer to the
anxious
over
the
expense
for
This expense,, he continued/ is now
higher than the highest point it ever reached before
armaments.
and next year
it will be higher still.
out that the increase in the expense
While pointing
of naval
arma¬
ments in. the last ten years was
$60,000,000, Mr.
.Churchill said that the sea-borne trade had advanced
more
than
$1,750,000,000 and the general income of
the population more than
$2,500,000,000 in the
same
his previous
British
naval
be taken of the suggestion,
Chancellor,
were
as was
the
one
ma£le when
estimates.
It
is
considered doubtful whether any official notice will
of the best and most trusted of the members of the
'Party
that Mr.,Churchill's proposal will be
tions there
von
although the Imperial
Bethmann-Hollweg,
subject later in the
course
may,
perhaps,
of debate in the
Imperial Parliament.
'
^
_____
Official announcement
the
was
made
on
Monday of
appointment of Sir Rufus Isaacs to succeed Lord
Alverstone
as
Lord Chief Justice.
Sir Rufus is the
first Jew to be Lord Chief Justice and
of his
race
to be
was
the first
appointed Attorney-General.
principal objection to the appointment
was
his
The
con-
*
Oct. 25
•
nection with the
tally it
speculation by certain members of
press as a
whole approves the appointment,
"Morning Post."
the authority of the Peking
on
immediately, recognize the
Mongolia and
virtually the only large paper to oppose him being
the
be stated
may
Russia has presented a new demand that China shall
managing director of the Marconi Co.,, (The
English
1H>7
corresponded of the London "Daily Telegraph" that
Sir Rufus's .brother
the-Cabinet in' Marconi shares..
is the
CHRONICLE
THE
1913.]
section,
^
7
■
-
;■
,'
•
The.British Chancellor of the Exchequer,
v
Fears of
David
based
are
Ministry
The
A
by. the State of the control of the land monopoly.
■
which
but will have
arranging for newissues of securities
These bills
Monday.
development of land,, both urban and
financial crisis in India exercised
The
Ministry of Land will have undefined
ence
rights of supervision and control
of
over
differences
settle
other
laborers,
dition
lands" and
will /establish
confined
living
hours
their
regulate
a.,
wage,*
which closed
The
on
formal
Since that date very serio,U3
been
made,
indicating
securities listed
Other
tified with
will a}so have
it being almost exclusively; iden¬
on
The failure of the,native banks restricted the
a
claim, the policy of the Government being to induce
India.
stream of
credit of the Indian bazaars and
emigration to flow from the towns to. the
The London "Times" regards the
campaign
the gravity
broker.
It declares
problems of rural England are of the
of wild
Minister who deliberately
such problems while Ireland
ments.
of the situation in Ireland.
that while the
any
concentrates attention
on
steadily draws
the
The
mad.
-
nearer
"Times"
verge
adds:
.
Jehangir
It
a
panic followed the
Byaramji Dalai,
prominent
a
that there had been
appears
On
Thursday
spread to of her depart¬
dealer in pearls failed .for
a
approximately, $1,350,000 while another
chant failed
of civil-war must be
"Mr.
Lloyd-George
for: $100,000.
also exerted
has
.
period
a
speculation in mill shares, but the trouble at
close of the week had
the
t
deepest interest to all,
of
failure
Chancellor's
effort to distract, attention from
as an
close
corporations in its immediate section of
a
land
its
association with speculation in stocks. /, The Bombay'
The housing will not' Stock Exchange is largely a local institution, the
.
workers who wish to live in the country
land.
con
closing followed ;several
the Credit Bank of India,
was
Oct. 3.
have
disclosures
for farm
agricultural laborers alone.:
to
Wednesday the Stock
result of the demoralized,financial
there.
and Ranks, chief of which
build suitable
and
depressing influ¬
a
days of panic, due to the recent, failures of native
appointed who
.regarding', rent, tenure
houses, with moderate rents.
be
waste
managers as a
questions arising between landlord and tenant.
State
The
of
Comm issioners will be.
afforestation.
will
reclamation
purchase,
On
at the British centre.
Exchange at Bombay remained closed by order of its
the registration
title, land transfer^,valuation of small holdings,
land
intended to meet
are
falling due during the next two months..,, A
control and
rural.
•
referred last week, of English underwriters
we
on
issues
and large powers for the
new
mar¬
for this has been the agreement, to
only issue of importance that has been reported
bills
merely only absorb the function of the Board of Agri¬
culture
7*,•;,'/!
\:r.
by cable this week wa^ that of £3,590,093 in treasury
which willv not
of Land will be, created
reason
to abstain from
the principle, of the resumption
on
^
developed in the London
,
One
ket.
In brief the pro¬
dealing with the land. problem!.
:
higher Bank rate in London have been
a
conditions that have
Thursday, detailed the Government's.-proposals
posals
■
7;.. .'•//< 77.
allayed somewhat this week by the easier monetary
;Lloyd-George, speaking, as he himself expressed it,
for an "absolutely unanimous Cabinet,? at Swindon
on
<&
v
■*'. I*
:
*
v
/■ •'/;/.
•••••
"
'
■
_
/
independence of Outer
Russia garrisoning that
consent to
gem
mer¬
The'.Mexican] situation
depressing influence in London,
a
yesterday resembles a man who continues to dig his.
where reports were
garden when his house is on the point of bursting
of
into flames."
respect to our attitude toward the Huerta Govern¬
V
■
-
-
the
appointment
was
announced
the British Government of
a
on
t
These reports,
companies of Great Britain and the State in respect
to matters other than the safety of workingmen and
conditions of employment
the
changes, if
In
some
and to.report what
desirable in that relationship."
this is interpreted as a move toward
any, are
circles
nationalizing 4he British railways,
is the Chairman of the
which
a
will
Lord Loreburn
Commission, the members of
be prominent y men.
Nationalization
favorite scheme of Lloyd-George, his followers
the Socialists.
that the
is
and
The London "Daily Mail", contends
appointment of such
don
Royal Commission "to
inquire into the relationships between the railway
a
commission is inten¬
•
during the week.
London Stock
changes.
points
besides
at hand.
Several
nationalization,, including., working
seems
Turkish 4s
•
the
at
change yesterday
Greek
were
Servian
unified
■
loan of
Telegraph's"
Peking correspondent cables that the Cabinet has
4s
remain
no
net
at
80}^.
changd for the week.
sian 4s have declined 2
near,
Money rates
a
British consols
week
ago.
Rus¬
points during the week to 87
Imperial 3s continue without change at
£800,000 South African bars offered at the
the greater part
on
Oct. 21, £200,000
Continent and
i In 7Paris
were
£100,000 for.India,
of the remainder, it is understood,
going to the Bank at the mint price.*
the
tone
is
French
strain because of the loans at
is
•
72^, against 72 11-16
Five-Power group
Inciden¬
exacting
have advanced 1 point to 54.
decided to, negotiate a loan of that amount with the
for industrial purposes.
Austria's
day-to-day loans closed in London at 3J^@3^%,
secured for the
a new
the
without net change, from 100, and
are
weekly auction in London
"Daily
on
without change from 80 and
Commission.
London
7,7.77,
•.
the London Stock Ex-
on
lines, will/ it is believed, be investigated by the
The
7 7
„
monopoly 4s
Bulgarian 6s
for
close
"
a
and German
China, it is stated, is negotiating
/
to indicate that the latter's
74... Of the
<■
,;
of
acceptance
Servia
agreemeiits and pooling arrangements of the various
$100,000,000.
7
attitude of defiance has ended and that peace
showing
near
:/
Exchange have not shown important
The
demands by
finished at
be
authoritatively
situation, and quotations of Balkan securities
ded to flatter the Conservatives in the view that the
may
were
Very little has been heard this week of the Balkan
next
general election
happily,
Paris has been quite a heavy seller in Lon¬
denied,
Thursday by
during the latter part
week, of friction >■ with the United States.: in
ment.
/ The
circulated
banks and bankers'.
one
are
,of
......
>.
nervousness.
under considerable
high interest they made
to the
belligerent States during the
Balkan States and
it will be
Turkey.
recalled,
ceased to pay
not carried
49.53%
soon
after hostilities
of
loans out of the proceeds
This program,
States
week
a
however, was
a
de¬
of
in loans and
tion.
against Turkey to a strife
and compares with
ago,
The statement showed
ago.
the proceeds of treasury
the .Balkan States themselves having com¬
among
a year
xcvii.
£440,000 in ordinary deposits, an increase
£611,000 in public deposits (partially representing
crease
out, the sudden change from a contest
Balkan
the
war
[Vol.
56.25% from 54.30%
between the
war
Tentative arrangements,
begun
were
off these
of formal State loans.
of
CHRONICLE
THE
1168
bills),
decrease
a
The total
of
reserve
an
increase of £156,000
£171,000 in note circula¬
stands at £26,601,000,
now
and compares with
£27,501,122
£27,211,293 the
preceding.
one
and
ago
year
The most favorable
pletely upset calculations.
When this influence had
been overcome, the French
bankers found themselves
comparison in the return continues to be in the item
confronted
obstacle
of loans
another
with
of
even
greater
year
(other securities), which aggregate £24,929,-
000, and
compare
Minister of Finance that the Government could not
905,256
in
permit exterior loans until the national loan that is
nishes
This
strength.
was
needed to carry out
program
the intimation by the French
the country's ambitious military
equivalent to
a
An intimation of this character is
that
have
the
not
of
Parliament will meet about Nov. 11, and it is
stood that prompt action will be taken in
placed successfully, it is probable that
of Balkan issues will be announced in
sion
at
prices that will make them
One effect of this
attractive.
finances
French
secure
has
been
banks
on
to
the
a
order
the
mines.
French
News of
increase in
an
Hamburg-American Line caused
London
and
Montreal
market in other respects.
also
strain that will develop among the joint-stock and
private banks
ments
as
refusing to
silver
result of embarrassing commit¬
a
in the form
pay
circumstances.
of Balkan loans.
3)4%> which
compares
The Bank is
out gold except under most urgent
Its
gold and bullion holdings
were
during the week 3,796,000 francs, while
increased
3,988,000
francs.
There
,
was-
the
large decrease of 110,450,000 francs in note circula¬
rentes
tion.
pressure
capital of
a
unsettled
Russian oil shares
the
were
Money in Berlin closed at
persistently sold.
reported by cable accounts
eagerly seeking gold, owing to the possible
increased
sharp decline
steamship shares, while heavy selling of Canadian
by
be
of
Discounts, .however,
with 4J4% last week.
showed
expansion
an
25,150,000 francs and general deposits increased
Treasury deposits expanded 70,-
70,925,000 francs.
most of the week.
Pacific
The Bank of France is
4o
to
week ago.
the
Gibraltar), and receipts of £279,000 net from
by
87.4734 francs, comparing with 87.45 francs
selling
exports, £275,000 (of which
result
pressure as a
The Berlin market has been under
in
highly
securities
London market in
difficulties at
labor
succes¬
Rio Tintos especially have been
liquid funds.
closed at
of
sales
cause
series
a
seem
market);
open
unde~*
strain in French
severe
sold, having been under particular
of
quick
Imports, £835,000 (of which £300,000 from
the interior of Great Britain.
authorizing
After these have
both the French loans referred to.
been
to
Government.
the
into and out of the Bank for the Bank
£15,000 to Ecuador, £250,000 to Egypt and £10,000
the Paris Bourse securities
on
sanction
correspondent fur¬
movement
in the
,
command, for it is impossible under
the French law to list
special
following details by cable of the gold
Argentina, £50,000 from Brazil and £485,000 bought
the Moroccan loan has been
French investors.
Our
the
week:
has been successfully floated and until also
successfully placed with
with £32,725,986 in 1912 and £27,-
1911.
900,000 francs and the Bank's advances decreased
9,200,000 francs.
000 francs in
The Bank
A
gold.
now
year ago
holds 3,467,497,-
the total
was
3,232,-
050,000 francs, and in 1911 3,140,225,000 francs.
A year ago
1911
the total
was
3,140,225,000
3,232,050,000 francs, and in
francs.
The
silver
stock
is
636,779,000 francs, against 756,975,000 francs one
and 791,600,000 francs in 1911.
year ago
The out¬
At
standing circulation totals 5,670,180,000 francs.
No
change was made in official Bank rates in
Europe,
but private rates
were
well maintained.
this date in 1912 it
.1911
5,388,079,185 francs, and in
was
5,331,097,880 francs.
Discounts this week
are
Sixty-day bankers' acceptances in London closed at
1,485,904,000 francs and compare with 1,593,6J2,329
4%@4 13-16% (against 4%%
francs in 1912 and 1,470,957,467 francs in 1911.
a
week ago), while
ninety-day bills finished at 4%@4 15-16% (without
change).
In Berlin 4^% is the closing quotation,
3J4%.
paring with 4%%
6%, which is the
not
Increasing
The private bank rate in Paris remains at
a
week
same as
the Bank rate.
changed from 4 7-16%,
com¬
Vienna remains at
ago.
Brussels is
while Amsterdam is
has been evident in
ease
circles
money
this week, rates
counts for
for time maturities as well as dis¬
commercial paper having been fractionally
unseasonable
This
modified.
at least, to be
some measure
situation
in
seems,
reflecting something of
a
reactionary tendency in the general business situa¬
3-16% lower at 4,13-16% for commercial bills, with
very little doing in finance bills.
Official rates at
tion, applying virtually without exception to the,
the
entire
leading foreign centres
4%; Berlin, 6%;
London,,5%; Paris,
are:
Vienna, 6%;
Brussels, 5%, and
There has recently been
country.
of sustained
liquidation
has in turn released
Amsterdam, 5%.
of
England is shown to have gained
additional strength by this week's return.
According
to London cabled
centre is that the
accounts, the expectation at that
5% Bank rate will
now prove
ade¬
case
urgent.
of
caution
Street.
The gold and bullion item increased £838,-
over
800, and
now
with
1911.
The
proportion
reserve
to
increased
liabilities
£1,010,000 and the
advanced
this
week
to
money
the
clearly
market
are
in neither
severely by crop failure,
plaint is heard that collections
continue
stands at £36,826,328, which compares
£37,586,372 one year ago and £37,430,543 in
the
From the West, especially in the sections
that have suffered most
quate for protecting the gold supply of Threadneedle
period
a
the stock market, which
funds, while mercantile and indus¬
trial demands upon
The Bank
on
seems
until
to be
the
operation, has had
since
a
slow and
a
com¬
spirit
spreading that is likely to
renewed
feeling of uncertainty
possible effects of the
developed
are
the
new
new
tariff, that has
Act
went
chance to settle down.
so
into
Bankers
have deemed the easing-up of the money situation
a
favorable development and have shown increased
Oct. 25
in
interest
demands
an
period of
a
direction.
in this
idleness
noticeable
after
securities
new
Among
the
through Kuhn, Loeb & Co. of $10,000,000
issue
first morgtage
St. Louis Peoria & Northwestern Ry.
5% gold bonds, principal and interest guaranteed by
the
J. P. Morgan & Co.
Chicago & North Western Ry.
have sold $2,000,000
dated mortgage
& Nashville
to
South & North Alabama consoli¬
5% bonds guaranteed by the Louisville
a syndicate that will offer them to
of
Saturday last
responsible in
some measure
Bank
The
investors.
statement
has undoubtedly been
for the easier situation of the
While the cash supply
$48,000,
the
The banks
the
:
ooo.
The
2which
week.
On
the lower
was
the
3%
was
a year
ago.
Loans
contraction of $24,580,-
money
Monday the
this week has been
with 2%@3%% last
compares
range was
figure the ruling rate;
3J/£@3p2%> with
Tuesday 33^%
on
highest figure anjl also the
Thursday's maximum
renewal basis and
renewal basis
3%;
respectively,
was
renewal
figure.
3%, minimum 234% and
was
Friday the highest and lowest,
on
and 2J4%, while 3% was the
3
Time
closed at 4^@4%%
money
sixty days (unchanged for the week), 5% for
ninety days (unchanged), A%@5% for four months
5%)', 4%@5% for five months
(against
(against
5%) and 4%% for six months (against 4^4@5%).
Commercial
for
and
closed
paper
53which
at
5J^@6% last week,
sixty and' ninety-day endorsed bills receivable
for four to six months' single names of choice
with
compares
a
Others
character.
of
range
quoted at 6@634%-
are
ling finished at 20.48 marks, which is an advance of
closed at 123.4234 francs, as
last week.
With free offerings of grain,
cotton and merchandise
bills, rates have been held
down within measurable distance of the
basis.
But the easier
eliminated the
tine
gold-import
tendency of money here has
necessity of importations of the prec¬
Thus transactions have been of a rou¬
ious metal.
character.
has
There
been
no
•..4
;;
change
Saturday
on
fers to48570@4
On
Monday
a
was
as
very
4 8520@4 8530,
important at¬
large part of Saturday's decline was
firm, chiefly on short
recovered and the market ruled
a
8535@4 8545, cable transfers to 4 8575@4 8585
and
by
took
place in demand rates, but at the close the
been
The failure of the
fully lost.
Active buying
sixty days to 4 8110@4 8125.
prominent financial concern brought about
a
pronounced rise early Tuesday, when cables ad¬
about
a
40
points above the low level of last
week's final trans¬
actions); later, however, a weaker tone became evi¬
dent
result of large supplies
as a
and the final range was
4
of commercial bills,
4 8545@4 8550 for demand,
8580@4 8585 for cable transfers and 4 8115@4 8135
for
Sterling
days.
sixty
irregularly
moved
on
Wednesday, with the trend downward; a decline of
about 15
points brought demand to 4 8530@4 8540,
cable transfers to 4
8575@4 8585 and sixty days to
4
Thursday
On
81@4 8115.
rates
ruled
within
limits, with trading dull and featureless; the
narrow
unchanged from Wednesday's close. On
was heavy and weak.
Closing
quotations were 4 8090@4 81 for sixty days, 4 8520
@4 8535 for demand and 4 8565@4 8580 for cable
transfers.
Commercial on banks closed at 4 78%
range was
Friday the market
@4 803^8, documents for payment finished at 4 8034
@4 81K and seven-day grain bills at 4 84@4 8434•
Cotton for payment closed at 4 80J4@4 80%, grain
for payment 4 81@4 8134*
•
with
Clearing-House banks, in their op¬
banking institutions, have
interior
gained $7,282,000 net in cash as a result of the cur¬
movements for the week ending Oct. 24. Their
receipts from the interior have aggregated $14,364,000, while the shipments have reached $7,082,000.
Adding the Sub-Treasury operations, which occa¬
sioned a loss of $5,842,000, 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 $1,440,000, as follows:
rency
Banks' Interior movement
■
Sub-Treasury operations
Total
Net Change in.
Out of
§1
gradual rise, extending to about 25 points,
had
advanced
covering by speculative interests; demand
to 4
Week ending Oct. 24.
week
advances
cable trans¬
8580andsixty daysto 4 81@4 8110.
During the earlier part of the
tempt at speculation.
'•
Compared with Friday of last week, sterling ex¬
The New York
peculiar condition has presented itself in ster¬
ling exchange circles.
Berlin exchange in Paris
against 123.47}4 francs
134 pfennigs for the week.
erations
A
with
In Berlin, demand ster¬
ago.
vanced to 4 86 and demand to 4 8560 (this was
the lowest; Wednesday's highest and renewal
was 33^%, while 3% was again the minimum;
rate
for
by
vv
for call
week
low
.
range
a
reported
as
compares
as
companies gained $510,000.
a
25.2734 francs
evening,
francs, which
25.29
at
on
the total $12,671,350, which
of all institutions showed
by cable,
demand went
during the week lost $462,000 in cash
trust
check rate in Paris closed last
eagerness
The sterling
gold.
quite sharply
with $9,408,950 at this date
compares
of the Bank of France to obtain
market.
money
surplus above requirements
making
$4,714,100,
exchanges have continued to rule
London, notwithstanding the
increase of only
requirements to the extent of $4,666,10C
increased the
and
an
in favor of
weak and declined
heavy offerings of commercial bills;
decrease of $18,372,000 in deposits lessened
a
reserve
and
general
indicated
The Continental
some
the capital market this week have been
on
1169
CHRONICLE
THE
1913.]
Bank Holdings
Banks.
114,364,000
18,786,000
$7,082,000 Gain
24,628,000 Loss
$7,282,000
5,842,000
$33,150,000
$31,710,000 Gain
$1,440,000
Lancashire strike to materialize to the extent feared
a
few weeks
ago
was
responsible for
movement of cotton bills.
an
On the other
The following table indicates the amount of bullion
increased
hand, the. in the principal European banks.
favorable
statement
the report
that the advance in the Bank rate that has
recently been
so
by the Bank of England and
confidently expected in London will
probably be avoided,
off in the
was
responsible for the easing
sterling exchange situation during the later
days of the week.
The
news
that English under¬
writers had taken steps to conserve the money
was
also
a
factor in keeping down foreign
supply
England
__
France
Germany
Russia
..
.
_
Aus.-Hun.
Spain
Italy
Neth'lands
NatBelg..
exchange
Sweden
__
Switz'land
rates.
Importations
chandise
are
as
well
increasing.
•
as
We
shipments of mer¬
have
reviewed
September foreign-trade statement above.
the
Oct.
Oct. 23 1913.
24
1912.
Banks of
Norway..
Total week
Prev .week
Gold.
Silver.
£
£
Total.
Gold.
Silver.
Total,
£
£
£
£
37,586,372
36,826,328 37,586,372
36,826,328
138,700,320 25,499,520 164,199,840 129,281,760 30,278",920 159,560,680
59,795,950 13,175,000 72,970,950 44,327,950 15,574,050 59,902,000
6,753,000 162,701,000
166,196,000
5,907,000 172,103,000 155,943,000
50,882,000 10,563,000 61,445,000 51,933,000 11,060,000 62,993,000
18,787,000 29,373,000 48,160,000 17,254,000 29,579,000 46,833,000
3,533,000 46,045,000
45,771,000
3,075,000 48,846,000 42,512,000
553,700 13,590,700
626,600 12,990,600 13,037,000
12,364,000
3,861,000 11,583,000
7,722,000
8,323,333
4,161,667 12,485,000
5,413,000
5,413,000
5,699,000
5,699,000
7,005,000
7,005,000
6,899,000
6,899,000
2,142,000
2,142,000
2,503,000
2,503,000
552,746,931
549,694,625
92,380,787 645,127,718 514,157,082 101,197,670 615,354,752
92,542,933 642,237,558 512,547,246 100,610,620 613,157,86*
}•
1
j1
'*•
1170
CHRONICLE
THE
to their
:
POLITICAL "EMOTIONALISM."
t
•
v
We
have
frequently had occasion
pdint to the
his
-0.*
• ,1.5...
...v.
-
,
.
V
'ji
extent to which what may be called
emotionalism has tended of late to become
force in popular
a
dominant
The
discussion of public affairs.
Sulzer in that
this
by the arts of public
or
emotional
tendency to
rffih which existed in 1896, on the supposition that
tiie free-silver-coinage campaign might be successful
at the polls.
Sidhs
cerned
In that
the
tfte less
case,
although such apprehen-
undoubtedly overdrawn,
were
immediate
actual
the
exaggerated
so
far
as
probabilities,
prevailing popular
con¬
never-
sentiment
merely
undoubted truth.
an
O'h other occasions extravagant hopes, based on
eXcited political discussion, have foreshadowed dis¬
appointment, reaction of feeling and political confulibh when the inevitable discovery should come of the
jffobMlessnesS of the earlier expectations. This is
true, even nowadays, of sUch matters as tariff reduc¬
tion, in which wholly unreasonable ideas
quences in the lowering of the
entertained
frhiCh
to conse¬
cost of living have been
by large parts of the electorate, ignoring
the fact that
relatively
as
cost of
living is affected, not only by
a
high price for woolen and cotton clothing—
rhight
be
easily
modified; through
tariff
r$ciu6tion-*-but by the cost of foodstuffs, in which
tfee United States determines
wX>rld, ahd by the
dependent
the
price for all the
cost of rent, which is in
no
respect
fact.
More
than
may
this,
be
Mr.
on
same
trial.
Yet
Judge
Cullen,
though
he
purely technical grounds against Sulzer's
removal from office as
a
result of the
charges brought,
said, in explaining this attitude:
"I find that the
respondent did take advantage of
candidacy for office to personally
enrich himself, by
diverting the contributions which
he might receive for
campaign purposes.
"I find that he did
verify that by his oath, knowing
it to be false.
:
The question whether these
acts of the respondent constituted crimes is not
his nomination and
.
.
.
decisive
of the issues before us.
They displayed
turpitude and delinquency that, if they had been
committed during the respondent's
incumbency of
office, I think they would require his removal."
such
In the face of all these
quite undeniable facts, the
removed Governor has been nominated for the State
Assembly in
ceived
on
New York district, and has been
a
re¬
his personal arrival in New York with an
outburst of enthusiasm such
as
been exceeded if it had been
tribute to
a
could
hardly have
an
eminent
and
upright statesman driven from Russia, let
say,
because of his championship of public liberty.
If it be asked how this
extraordinary demonstration
should have been possible under the
the sole and
the whole
to
Only
answer
circumstances,
is that Sulzer has claimed
impeachment proceedings to have been due
Tammany's wish for political
That such
the tariff
us
revenge.
motive entered into the
or on foreign competition.
Similar ideas have manifested themselves during the
entirely possible, but just how far does that affect
$eeht discussibn of
the facts
on
reform.
currency
The notion
a
proceedings is
disclosed in the proceedings themselves?
that, under a new banking system, borrowers whose Mr. F. W. Whitridge, in a witty letter to the "Even¬
prefebnt credit is doubtful, in the light of ordinary ing Post," describes the attitude of Sulzer's present
fe&hking judgment, would have no difficulty in Se¬ enthusiastic adherents as that which would insist
curing loans,
or
that borrowers in Arizona
Mexico would have to pay no
thah
an
brought
oi
New
that
a
higher rate of interest
who
caught him had been discovered to be unfaithful
established New York
peatedly disclosed itself.
upon
or
merchant, has
Naturally,
any
re¬
measure
the Statute books through the help
expectations would be a target for
jthis kind of
M6p unpleasant criticism when its tangible
effects
It is not these
sneak
especially to refer.
again
to
political
we
wish in this article
We have in mind, in referring
emotionalism,
the,
very
extra¬
ordinary phenomenon of the present week which the
feWspaperS Mve called the ovation to ex-Governor
Bnizer.
Of
Mr.
question whether
Sulzer *s
personality,
and of- the
wife.
own
did not
go
so
Even
far
as
Mr.
thief, under such circumstances, should be
of
inspector of hallways, hat-racks and family silver.
should include
this
week's
popular emotionalism,
the fact that
(possibly because of the larger simul¬
attraction
taneous
the attempt at a
shape of
a
offered
were
by the Sulzer ovation)
Madison Square Garden
turned out pretty much of a failure.
we
by the Immigration Bureau;
are
it not for
popular tribute to This lady in the
by his chara'cter and achievement,
The salient fact is that, under
our
illustration of
demonstration of popular enthusi-
nothing.
reception of the
English militant suffragette, Mrs. Pankhurst, in
a
shall say
'Whitridge, however,
to suggest that the captured
Sshi \Vas warranted
we
man
promptly elected by the voters to the official position
We
particular manifestations of popular
sentiment, however, to which
sneak thief should be released because the
his
to
had become matters of record..
glad that Mrs, Pankhurst
mass
meeting
For ourselves,
was
our reason
not deported
for this feel¬
here and in
belief in the unhappy political effect,
England, which such deportation would
trial conducted by eminent judges, Mr... Sulzer was
convicted by competent and uncontradicted testi¬
have had.
But the fact remains that under strict
diverted to his own private purposes
liaohey contributed to help his campaign for Gover¬
nor;
of having knowingly signed a false affidavit
hurst
accusations
properly drawn, and after
a
perfectly fair
mony of having
>
by Mr. Sulzer, in
impeachment, it
statement took pains to thank
Presiding Judge Cullen for his attitude in the im¬
voted
Sometimes
after
established
an
peachment
exaggeration has had good ulterior results, as in the
agony of apprehension of immediate and general
.
deemed
the feelings of an electorate have been deeply stirred
by the issues of the campaign
.
statement
own
phenomenon is of itself by no means new: it has, in
fact, been familiar to all political campaigns in which
speakers.
Since this somewhat question¬
able conduct has been admitted
his
xcvn.
private residences to consult theixi regarding
public policies.
■ \
heretofore to
[Vot.
ing being
our
construction
of
a
was
of
the
immigration
law
Mrs. Pank¬
cleUrly inadmissible, since her conviction
"crime
involving moral turpitude" lay
on
the
record under the strict definitions of the law.
t6 prhcure false/statements
regarding these operations; and of having endeavored
regarding their contribu¬
with almost Unanimous public approval, similar ap¬
tion's, from people whom he had victimized ih this way.
proval was conferred
i.
By hin oWh cUnfes'sloh, Mr. Sulzer dickered with
Tammany leaders
over
his appointments, and
came
Yet while the release of Mrs. Pankhurst
on
the action of the
was
greeted
Immigration
Bureau in detaining, arid admitting only under bond
insuring
her
early
departure;
an
English
actress
<
OCT. 25
'
Sk
.
ment
accompanied by
a man
husband but who had
How
extraordinary
law. and
that
would have
and
in
K>
,,-r
which
Sarah
or
which
and in
law,
created
when
lawyer of
done,
the
sense
to be
seem
If
what
emotionalism in
the
to
mean
is,
answer
the
lines
always
crisis
acted
as
a
fact
The
his
human
tions,
the
strations
the
of
gance
and
inference,
is
The
the end the
doubt
dull
lated
But
papers.
the
with the
even
proletariat,
invariably brings
and
tants have
subjected the entire British community.
Even
career
his
in
as
the
as
of
case
singular
so
ex-Governor Sulzer's,
record,
as
roads, just
are
the
their
owners
railway securities
institutions, it is
and
all
are
common
not more complete and
people.
to
loyalty,
co-operation of the
Commission."
He
Inter-State
perceives,
fairly proportioned
to
viously indulged in.
the
opposite
of
knows,
Meantime, however, the
hearing
only
one
a
pre¬
owners,
par¬
a
the
controversy
can
users,
hitherto
whom
they talk
behalf and in behalf of those with
heads, to refuse to be
and
swung
away
wages
from old ideals
dispensable by past experience, to insist
or
and
against
rational
preached
leaders."
and to await the inevitable reaction of
judges
upon
Federal commission, but
public senti¬
conditions
and
safety,
paid by the
loyalty;
have
and
.
been
o
.
.
pitted
economic
and
disloyalty to the railroads has been openly
private conduct and morality,
on a
working
discipline
financial
principles which have been tried and found in¬
judgment of public
a
attention whatever has been
no
Federal authorities to this matter of
public questions, to keep their
on
much
wide co-operative basis is surely one of the most
important functions of
own
so
the representatives
rsays Mr. Fagan] to bring the
ting effort should be made by all
good citizens,
as
and the employees together
ticularly essential fact is that constant and unremit¬
both in their
Com¬
other careful
party, pamely the complaining shipper.
"To do what it
the reaction,
extreme
as
observers have perceived, that the temper of that
body has been too much that of the advocate, as if
Public tem¬
every one
Mr. Fagan,
says
sadly handicapped without the active
set to
As
consume any¬
transportation instrumen¬
pending mayoralty campaign is
is fickle in this country.
are owners
The community of interest
body
movement
cordial
merce
figure
no mere
all the people who
as
users.
its members conceived themselves not
it is very apt to go to an extreme, on
same
Fagan,
.
to the list, since/
overtake him when the immediate excitement of the
per
and
interdependence of the members and the
"is going to be
it is impossible that
over.
come
precisely the
are
that nearly all the people
say
thing
Yet
admissions, should not
own
might have added the
talities and the
unfolded both by the impeachment
testimony and by his
people who operate roads
,
demogagic
a
The railway
of related and interdependent
group
unalterable than between
it of personal
on
such
a
of the
that to which the English mili¬
annoyance,
agricultural schools, all bent towards
trunk of the human
and a strong disgust at the practicing of deceit
the public and the inflicting
upon
Railway
work to do
more
employees have been urged to
speech to
and
attaining the millenium through promises of dema¬
gogues,
especially, to get
cial and educational
of
news-
strong distrust of the notion of
a
and
lying almost at the foundation of the assets of finan¬
ignorant part of
more
co-operative basis."
bonds in private hands and with
a
believe that sober second thought
we
users
hand, to the end of general public betterment.
a
and he
enough, and such action is obviously stimu¬
by the utterances of irresponsible cheap
th§:
as
through the wide distribution of railway stocks and
pleasurable experience to people whose ordinary lives
are
"Owners,
kind of peopLe as those who use them, says Mr
in which
no
courage
industries; farmers, manufacturers, shippers, labor
people, seem to rush to the wildest extrava¬
assertion
>
together with trustful inten¬
come
wide
a
is the centre of
similar test to vagaries in public
excitement of the moment,
The
of
masses
fairness.
goal of efficiency in industry.
one
lend
affairs.
.
by increasing production through practical demon¬
relations of individuals in the community, must be
determined through that test, ensures in
employed by them.
have long been endeavoring, in the Middle
unions and
a
for
and Western States
day
every
them not less than
use
are
a very
upon
affairs of life, the conduct of business, and the mutual
application of
them and
instinct
managers
is
sense
mean
comprehensive railroad loyalty^
plan being to publish the truth and trust to the
champion of
hysterical
common
indispensable
an
He does not
men.
(as he certainly did in his address in Boston)
In the United
that
i
upon transporta¬
ward, with evident sincerity and optimistic
that their permanent
plain and ordinary,
„
to add to the formula for
any
of orderly government, the
slight indeed.
now
by those who
own
employees must
of
P
*
A
was
part of our people
exhibitions
V
_
Mr. Howard Elliott, says Mr. Fagan, comes for-;
rate, return of public sentiment to
probable.
railroads
to
.
opinion,
very
problems, writes
those who
serve
politics and public affairs actually
our
any
of
these
progress
in
significance is
States, at
large
ready to resort.
asks
one
so
i"
merely efficiency in individual employees, but loyalty
and knowledge of the law would have
point of view, to which
"
.
solving those problems another and
further illustration of this extraordinary
was a
"•
;
remarkable signalman, Mr. James 0,
factor, that of the loyalty of
Act"
Slave
Attorney-General
.
Monthly" and other publications
tion
in
case,
•
and made to
actual Cabinet
an
'
Fagan, author of several articles in the "Atlantic
Act
dreamed of by the enactors of the
never
purposes
-
OF EMPLOYEES.
Bernhardt
"White
Federal
so-called
the
wrenched from its meaning
was
1171
J '
v
That very
from
of the
the Caminetti
of
approval
public
A
of
light
practically all of her recent professional visits.
The
>
TRANSPORTATION PROBLEMS AND LOYALTY
her
as
shores George Eliot
our
Lewes,
Henry
*
engage¬
the
construction
excluded from
George
A.
be judged
may
was,
similar
a
theatrical
a
'
who registered
pretext,in
a
5
claim to that distinction.
no
policy,- this
fact
the
fill
New York to
coming to
CHRONICLE
THE
■
1913.J
and
practiced
by
irresponsible
labor
-
According to
a
statement by the New Haven line,
ment
against the delusions and hallucinations which
in
for
time may seem to control popular
operation have been introduced in 42 legislatures,
a
through the activities of people whose
have been unsettled
own
progress
as
re¬
is, to cut loose
altogether from, the lessons of the past.
>
present year
three times
minds
by the idea that the first
quisite for normal political
discussion,
this
many as
as
1,395 bills affecting
many as
in 1911 and nearly five, times,
in 1912; in 1911 there
were
14 bilL per.
legislative session, but in 1912 this number
!
15
and in 1913 to 33.
railroad
The bills
on
ro*o
tp
behalf of epi-
ployees
426
largest in number, 107 of the total of
were
being "full-crew," and of those 14 were enacted.
Congress exhibits the
same
tendency, steel cars and
signal systems being favorite subjects, and as for
comparative passion for legislation in general
the
the English and ourselves, Mr. Elliott lately
among
said that at Westminster,
with
in the ten years ending
1909, 6,251 bills had consideration and 3,882
became
laws; but at Washington in the same period
146,171 bills
With
considered and 16,000 became laws.
were
flood of propositions
concerning railway
operation, it is impossible that much practical wis¬
dom can be in them, and it is certain that some of
them represent only the selfish desire of persons
interested in headlights and other devices to obtain,
a
by statutory compulsion, under the pretense of zeal
for
public safety,
And
bearing
as
market for their wares which
a
through considerations of merit.
found
be
cannot
upon
the degree in which real business
ability and experience have hitherto been deemed
in regulation by public authority, an analy¬
necessary
given at the recent convention of the American
sis
Electric
last
Railways Association made out that of the
appointments
twenty-five
public-service
to
lawyers, 6 were
commissions in this country, 12 were of
of
in
politicians and only 3 were engineers.
The common ground of ownership and interest
railways must obtain general recognition, and the
fact that they cannot
[Vol.
CHRONICLE
THE
1172
render effective service unless
after foreclosure sale at the
and
cepted
of
permitted to live and to grow must be ac¬
are
as
beyond further question before* theproblem
trapsportatioMcan have
a
lasting settlement.
■
is the
enormous
sums
of
ment
the
P.
Edward
of
Ripley
Atchison
the
Topeka & Santa Fe Railway Co. has rendered an
important public service in directing attention to the
small return that this
important railroad property
(and which presumably
be taken
may
as
typical of
railroad
properties generally) is earning on its total
investment.
The usual course is to figure the return
the
on
share
interest
charges
debt
of the
capital alone, after allowance for the
on
incurred years ago
was
relatively low, using the share capital
interest
were
alone
the basis of the
as
As most
when rates of
the outstanding debt.
computation makes the result
seem
better than it actually is
total
capital investment, including both stock and
debt-, y
:
present
•'
;
y
especially
inasmuch
juncture,
\-
than
$640,263,756,
This is the
rates
as
of
at
the
interest
on
result of the hostile treatment accorded the
1198093245—
and that in the years
$16,077,421
the carriers
It appears
also
obliged to
maturing indebtedness at
renew
greatly increased rates.
The Atchison is
road system
total investment
on
that
in
and it also
well managed rail¬
possesses
location and traffic which
class than many
a
advantages
place it in
a more
as
territory by
were
other large railroad systems.
It is,
hence, surprising to find how small is the actual
return earned
rates
and
on
under
the total investment
present
uiider
present
railroad conditions by
a
was
covered
6.31%, namely in 1907, and
of the bounteous
reason
than
Moreover, the
5.64%.
total investment for the whole
on
crops
Atchison
harvested
unusually favorable, the rate of return
more
period
return
only
was
because of its conclusive character and its
the grave
on
was no
average
We reproduce the statement in full here
4.88%.
bearing
question which is the subject of such
wide discussion
as
allowed to make
a
to whether the railroads shall be
moderate increase in freight rates.
Ii&ome
applicable
Per Cent
to Bond interest.
Income
Dividends, Improve¬
ment of Property
Property
'
Property
Investment.*
and
Strengthening
of Credit.
1896 (6 months)1897--—--
-
J
—
-
:
—
1902——
1903
-
1906——
1907.
—
—
—
$372,104,262
387,957,477
392,169,842
399,527,444
407,187,811
419,541,440
439,911,035
454,290,057
466,273,139
473,020,998
496,782,342
77
68
02
30
22
17
33
89
34
79
35
519,004,129
541,727,328
548,251,270
579,793,768
609,287,764
621,869,989
640,263,756
48
96
97
$2,432,870
6,070,364
8,871,947
11,409,315
17,064,850
21.196.714
23,921,018
23,032,814
24,778,541
21,353,856
28,355,393
32,724,274
25.633.510
33,523,437
32,387,712
34.102.511
33,321,100
36,086,013
23
18
29
10
$487,164,658 84
Annual Average.
|
of
_
Invest¬
ment.
■,
06
45
26
36
91
38
14
51
31
15
34
07
34
28
39
86
75
36
$23,786,642 62
.65
1.57
2.26
2.86
4.19
5.05
5.44
5.07
5.31
4.51
5.71
6.31
4.73
6.11
5.58
5.59
5.36
6.64
4.88
NOTE.—The amounts above shgwn as "Property Investment" do not
include anything for necessary working capital, such as materials and sup¬
plies and cash.
Ordinarily such necessary working
exceeds $35<000,000.
/
President
Ripley's comment
decidedly to the point..
on
capital considerably
►
these figures is
After noting that the figures
emphasize the striking fact that the earnings on the
total investment are now not much in excess of 5%
he observes that they continue on that
an important consideration to bear
per annum,
basis—and that is
mind—notwithstanding the increase in efficiency
and the increase in the volume
son, as
share
of traffic.
The Atchi¬
is well known, is paying at present 6% on its"
capital and Mr. Ripley says that the ability
of the company
the
common
average
debt- and,
under such circumstances to pay 6%
stock is due to the fact that it pays
of substantially less than 5% on its bonded
indeed, much of the bonded debtt
created when money
could be borrowed at
The very
was
or near
4%
following further observation, the
force of which cannot be
to
favored
years
1913, when traffic conditions in
He then makes the
admittedly
that in all the
by the statement the highest rate of return earned
an
much higher interest charges than formerly and
are
aggregating $21,066,685
1910 to 1913 sums aggregating
ruling of the Inter-State Commerce
a
Commission.
obliged to
pay
are now
$268,000,000.
deducted for depreciation of equip¬
were
under
ment
on
as a consequence,
over
less
was no
addition, too, notwithstanding that in the
duced by writing off sums
railroads) ;
and,
addition of
an
On
$372,104,262.
at
investment
1901 to 1908 "property investment" was re¬
years
in
important
railroad property in particular, have
rising rapidly in recent years (in good part as a
generally, and
been
is
distinction
The
with reference to the
stood
June 30 1913 'the aggregate
1900—
President
in¬
On June 30 1896 the total
system.
investment
property
1898
RAILROAD CONDITIONS.
of money that had to be
vested in the interval in the extension and develop¬
1901
THE ATCHISON AND
A striking
significant fact in connection with the tabulation
Year end. June 3Oth.
they
end of 1895.
xcvii.
gainsaid.
moderate return which is realized upon
especially when considered in con¬
the investment,
nection
with
the increased rates which
must
now
be
paid for new capital, indicates that in order to
preserve and strengthen the credit of even the most
successful railroad companies, to the end that they
since the reorganization of the
be able to develop and improve their property
to promote the public safety and the public
convenience,
the Government ought to increase,
rather than to reduce still further, the rates, for
original Atchison Topeka & Santa Fe Railroad Co.
transportation and ought to be exceedingly slow about
property so-well situated.
The tabular statement
presented by President Ripley covers the- whole of
the seventeen years
may
so
as
Oct. 25
THE
1913.]
increasing still further the costs of operation.
It is
very clear from the foregoing statement that the mere
growth of business and the mere increase in efficiency
will not afford adequate protection against further
reductions in rates for transportation and further
increases in costs,
especially in view of the increasing
demanded for the use of money.
rates
1173
CHRONICLE
In the products of
animals.
products of animals from 1,551,256 to 1,636,379
the
Thus, the gains here were really
tons.
ate
agriculture there was
4,690,671 to 5,236,712 tons and in
increase from
an
On the other
.
quite moder¬
hand, the mineral tonnage j umped
6,546,940 tons to 9,334,347 tons; the
from
;
traffic in
products from 2,164,685 tons to 2,626,858
and the traffic in manufactures from 3,742,812
forest
which it seems
particularly important to emphasize is the statement
The
point in the foregoing remarks
that "the Government
ought to be exceedingly slow about increasing
further the
costs
of operation," and that
and
still
"the
tion"
ness
business and the mere in¬
efficiency will not afford adequate protec¬
mere
crease
The
ought to increase, rather than
still further, the rates for transportation,
to reduce
in
of
growth
against continued unfavorable developments.
experience of recent years confirms the correct¬
of this statement and it is of general application
to all the
railroads of the United States.
It is in the
that all those
authority and all those charged with the duty
enlightening the public should give heed to it.
As to the showing made by the present report,
must be regarded as being fully as satisfactory
could be looked for under prevailing conditions.
degree important,
highest
too,
in
of
it
as
4,398,667 tons.
tons to
f
Coincident with this marked
there
was
a
„
expansion in traffic
further development of operating
effici¬
The number of tons of revenue freight carried
mile in 1913 was 7,802,544,667, against 6,-
ency.
one
This great increase in the
1912.
970,719,824 in
transportation services rendered was
only
a
effected with
relatively small addition to the freight-train-
mileage, the miles run by the freight
trains in 1913
1912 19,644,860.
As a consequence, the average freight-train load in
1913 was brought up to over 425 tons, as against not
having
been
20,031,564 and in
quite 400 tons in 1912 and less than 395 tons in 1911.
mile was 10.02 mills in
The rate received per ton per
and 10.28 mills in
being strongly down¬
ward.
Nevertheless, owing to the larger train-load,
the freight trains earned $3 48 per mile run in 1913,
against $3 26 in 1912 and $3 19 in 1911.
It is
"increase in efficiency" of this kind to which Presi¬
1913, against 10.26 mills in 1912
1911, the trend of rates thus
A
of the system
goes to show that growth is the main element in the
company's affairs. In bad years traffic and revenues
dent Ripley undoubtedly alludes in his remarks
merely stand still.
Any important retrocession is
very rare, even under adverse conditions.
On-the quoted above.
The company enjoys the distinction of having
other hand, in good times the upward movement is
made no addition to capitalization during the year—
immediately resumed.
In the previous fiscal year
of having
as a matter of fact, actually decreased its
the company had suffered to some extent from the
outstanding
funded debt because of the conversion
fact that crops in the Southwest had been damaged
of convertible bonds into stock.
Through conver¬
to some extent over important areas, but the only
sion or purchase $23,498,866 of the funded debt was
effect was to keep revenues stationary for the time
retired, reducing the outstanding amount of such
being, the gross earnings for 1912 having been $107,debt (deducting bonds in the treasury) from $342,752,359, against $107,565,115 for 1911 and the net
645,015 to $319,146,148.
On the other hand, the
$36,479,157, against $36,796,864. In 1913, on the
amount of common stock issued in exchange for
other hand, the company had the benefit of the
convertible bonds retired was only $20,707,000..
exceptionally bounteous harvests of last year, and
The outstanding amount of stock, common and
as a consequence we find a rise in the gross revenues
preferred, was thereby brought up to $305,010,230
from $107,752,360 to
no less than $116,896,252
June 30 1913.
It will be observedr^h^^tlie-aggregate
and in the net earnings from $36,479,157 to $39,of the stock closely approaches that of-the bonds, .
253,717.
"
'
■
-"'.v.. .
r;
showing that the capitalization is now pretty nearly
The net, as here given, is before the deduction of
study of the traffic and revenue returns
..
tons
„
,
latter keep steadily growing more
burdensome, so the final net result is much less favor¬
able than indicated by the figures given.
President
taxes, and these
Ripley in the previous report
crease
30
in taxation
1912
had
showed that the in¬
during the five years ending June
been
over
68% and in the present
that there has been no
diminution of this burden, but on the contrary the
taxes have further increased,
having risen from
report he is obliged to say
$4,206,454 in 1912 to $4,662,152 in 1913.
Jt is also
pointed out that this sum is equivalent to 11.8% of
remaining after the deduction
evenly divided between the two.
•
The conversion of such a large amount of bonds
.
prevented
as a
any
thtf
sum
charges, and
available out of the year's
earnings, after allowing for expenses, taxes
months
was
and fixed
substantially larger than for the twelve
against $19,remaining is usually
preceding, being $22,153,734,
The
660,241.
treated
.
great increase in interest
consequence
charges,
,
as
amount
if it
were
to the shareholders.
so
so
much left * for distribution
The truth is, it is never
able to its full extent for this purpose
avail¬
in the case of
and the Atchison report
circumscribed character by
saying it represents "amount available for dividends
We have referred to the large crops of the previous
and surplus and for necessary but unproductive or
season having been an important influence in the
improved results of 1913. Only a small part, how¬ only partially productive expenditures." As a
matter of fact the management have disposed of the
ever, of the total gain in tonnage was in the agri¬
whole amount in precisely the way indicated.
Out
cultural tonnage.
That is important, because this
of the $22,153,734 available on the year's operations,
year's crops, which will count in the 1914 results, have
been
of much smaller
dimensions.
The report $5,708,690 went to meet the 5% dividends on the
preferred shares, $10,398,780 went to meet the 6%
before, us shows that while the revenue freight
dividends on the common shares, $461,105 was
increased from 21,149,984 tons in. 1912 to 25,061,711
appropriated for fuel reserve fund, $10,726 was ;,
tons in 1913, only 631,164 tons of the increase came
contributed to the California-Arizona lines ,bonds
from the agricultural traffic and the shipments of
the entire net earnings
of expenses
and taxes.
any
railroad
expressly
company,
defines
its
.
CHRONICLE
THE
1174
sinking fund, and the whole remainder of $5,574,433
was
Though the
during the
as
year,
its
in other years.
twelve months
capital outlays were large,
new
Aggregate expenditures for the
account of the construction and
on
equipment, for
betterments, and for other similar items,
acquisition of new mileage and for
additions and
reached
bond issues
company put out no new
new
It has been the practice of
$24,268,418.
the .management to keep the company
well supplied
A year ago
with cash in advance of current needs.
ifc
held
available $3,780,000
quite
exceptionally large and yet still aggre¬
so
$3,780,000 general
besides the
$30,096,205
gates
of general mortgage bonds in its
For June 30 1913 the cash on hand is
treasury.
not
$41,906,233 in cash and had
less than
no
represent, it is noted,
than
appropriated for additions and betterments.
[Vol;
operating
expenditures,
freight
that
we
passenger
V;\ ^/'
train
$3,437 for
car
and $90 63
v/v
.•
what savings
see
the
to
study the transportation expenses'
we
and economies have been
effected through the attainment of greater efficiency
of
The transportation
operation.
only $1,260,133,
5.92%
or
preceding and the traffic
than
$67,154,
number of tons of
increased
thos,e of the year:
increased
expenses
At the
same
no more
time, the
freight carried ope mile
revenue
18,23%
representing
874,036,129,
increased
expenses
over
4.94%.
or
more
service rendered than in the
transportation
mortgage bonds held in the treasury.
told, equaled
are
we
car.
applied
at the beginning of the year,
as
locomotive, $1,241 for
It is when
When
revenue.
equipment owned,
for
outgo for upkeep of more
an
$19,000,000 and equal nearly to 31% of the
total
the
xcvil
year
preceding and the total number of tons of freight
carried one mile (including company freight) in¬
REHABILITATION
THE
MISSOURI
THE
OF
PACIFIC.
An
and
condition
prospects of the Missouri Pacific Railway prop¬
the
in
transformation
important
erty has been worked since President Bush has been in '
charge of affairs and
new
operating methods have be en
The great change for the better which
applied.
has been effected is
pithily expressed in the statement
that whereas in the fiscal year
Pacific
the Missouri
fixed
ending June 30 1912
system* failed
its
meet
to
charges in amount of $1,979,091, in the year
ending June 30 1913,
fixed
above
shown.
great
charges
But
'
many
.on
the other hand,
in
amount
the
improvement
other
statements
of
a
or
is expressed in
a
and figures in the
not the result of chance
good luck, but of careful planning and of the
producing just such
view to
outcome as has actually been
an
Last season's excellent crops
reached.
a
in the terri¬
tory tributary to the lines of the system were, of
advantage, and served to bring about
course, an
increase in traffic and revenue;
the extent of the
and the
freight
also bestowed in
that much attention
developing entirely
traffic.
:■
Total gross
an
but it is evident from
gain recorded in the freight traffic
revenues
with
16.08%.
or
The extra work
addition of only 5.78%
an
to the
freight-train mileage and with the mixed-train mile¬
over
The
train-load
of
and company freight combined was raised
10%, bringing it
40 tons, or
This
of 437 tons.
increase in the
we
unchanged.
practically
age
revenue
comes
preceding
find that in 1913 the
on
up to an average
top of
As
year.
larger
an even
a
consequence
train-load was 437
averag^
tons, whereas two years ago it was only 348 tons,
showing
It
is
$1,562,734
application of system and method with
919,557,275,
done
improvement in these two
an
years
of
over
surplus
report, all going to show that the change in income
position of the company is
creased
was
was
new sources
of
pany,;
also
which has,
been
as
indicated in
developing
a
previous article,
operating
great
efficiency.
The Missouri Pacific's train-load at 437 tons averages
little
a
year,
higher than that of the Atchison for the
which
was
425
In
tons.
Missouri Pacific's average was
Atchison
than that
for the Atchison is
son's average
The
lower
efficiency of operations, for the Atchi¬
is based
system the mileage ofwhich
on a
extends all the way to the
the Missouri Pacific lines
a
now
of the Missouri Pacific signifies nothing
to relative
as
same
when the
348 tons, that of the
1911,
decidedly higher at 395 tons.
was
fact that the average
Pacific
cover
a
coast, whereas
compact mileage
Kansas, Missouri, Arkansas and Louisiana, with
in
.
earnings from rail operations increased
natural to compare these achievements
seems
with the similar achievements of the Atchison Com¬
mileage in Oklahoma and in Colorado.
little
On
from
$54,503,250 in 1912 to $62,155,506 in 1913,. the corresponding part of its mileage the Atchison
being
a
gain of $7,652,256, or
over
14%.
The most
gratifying feature of all, however, is that, through
efficiency of operations,
greater
more
the addition to the gross revenue was
in
expenses
$4,233,851
from
saved
as
was
the
year
of
over
the deduction of the taxes,
32%.
which
on
an
improve¬
This is before
this road,
as on
others, keep rising, but this will subtract only $96,330
the
from
liberal
too, after
out
of
amount
the
$2,136,992
The
gain remains,
maintenance outlays.
$3,418,405
was
given.
total
*
In fact,
increase in
expenses,
in the maintenance outlays.
The
report points out that the charges to repairs and
newals
cars
re¬
of locomotives, passenger and freight train
were
greatly increased, all classes of equipment
requiring
very
heavy
repairs
or
reconstruction.
The two accounts of maintenance, of way and struc¬
tures
and
maintenance
of
equipment
combined
undoubtedly show
than for the system as a
a
much higher train-load
a
"whole.
It is, nevertheless,
showing the
notable circumstance, as
progress
made
by the Missouri Pacific in operating economy, that
its train-load has
It is
not
passed the Atchison
now
where two years ago
the gain in net and raising the latter
single
a
gain
only $3,418,405, leaving
$13,222,658 to $17,456,509, giving
ment in
as a
With $7,652,256 addition to gross,
for the net.
increase
than half of
would
it
was
same.
generally recognized that the Missouri
Pacific realizes much smaller average rates
This
Atchison.
average,
much below the
follows
from
the
than the
circumstance
already noted that the Missouri Pacific mileage lies
so
largely in the more settled parts of the country,
there is closer rivalry and competition is
where
keener.
Doubtless,
also,
a
greater portion of the
Missouri Pacific's traffic must be carried
on
through
hauls, there being relatively little branch-line mileage,
and in
addition, also,
the Missouri Pacific's
an
unusually large portion
of
freight consists of lumber, this
coming in great part from the St. Louis Iron Moun¬
tain & Southern
mileage.
Pacific in the late year
8.07 mills
per
At all events, the Missouri
realized
an average
of only
ton per mile, whereas the Atchison
Oct. 25
obtained
an
average
of 10.02 mills per ton-mile.
Accordingly, while the Atchison freight trains earned
$3 48 per mile run
per mile
with but $2 49
which indicates what rapid
train-load, earned only $3 01
better average
This last, however, compares
run.
only two
ago,
years
be free to go home,
strides forward the Missouri Pacific is making, even
Pacific and
interest
holders
of
of the public: as well
the
two,
As a result
weeks after the report is made.
I do not
attempt1 to dolay its passage by dilatory
both sides realize that the business of thejcountry
at the most three,
or,
believe that there will
Senators
on
be any
most
more
being kept in suspense, and display a
The passage of the
public-spirited desire to dispose of it promptly.
bill is assured.
confer with you, as you so kindly
"In these circumstances I should like to
suggested,
as
to the action the House
should take while awaiting the result.
j
"Cordially and sincerely yours,
"WOODROW WILSON."
the security
as
Republicans.
I feel confident that a report on the bill may be
keenly aware of the disadvantage to the country of any unnecessary delay.
"I believe that the action of the Senate on the bill will follow within
Following the receipt of the foregoing letter, Representa¬
We observe that President
roads.
Committee, both Democrats and
expected not later than the first week in November.
Most of the members
of the Committee with whom I have conferred have shown themselves
demanded in
considerate treatment of the carriers is
the
I have had conferences with the Senate Banking
"As I then promised you,
and Currency
of these conferences,
awaits this legislation, impatient of
both the Atchison and the Missouri
tive Underwood endeavored to secure the support
like President Ripley, feels called upon to
allude to the matter.
It is obvious that the needful
Bush,
capital cannot be obtained for the future develop¬
ment of the railroads unless those who will be called
new
to supply the funds can have assurance
upon
the investment will be
properly protected.
what Mr. Bush has to say on
that
Here is
the subject:
sentative Mann, minority leader
of
joint resolution providing for a recess of the House
After consulting with the Republicans in the
a
and
House
a
deficit last year of approx¬
continuation, of this development largely rest with
the
peoples served by the Missouri Pacific System.
Ordinarily, the expression "density of traffic"—
meaning in this instance the average number of
revenue tons transported one mile per mile of operated
railroad—conveys little, but to state that this meas¬
ure of quantity increased
17.8 per cent over that
obtaining last year, and 28 2-3 per cent compared
with two years ago, can not fail to impress both users
of the road and the public in general, not only with
the tremendous increased wear and tear which must
currently restored, but also and more particularly,
necessity of making the way clearer
be
with the absolute
for
an
securing adequate funds, properly protected as
investment, so that the patent facility and service
requirements of the growing communities may be
competently met.
Action—and action there must
be—looking to the accomplishment of that end,
constitutes good citizenship and carries a nation-wide
nfluence in the common cause of our country and
obligation from which no geographic section
?can exempt itself.
Wholly apart from and in addition to enormous
payments for purchases, the System dispensed this
last year in wages alone a sum in excess of $29,000,000* It is obvious that the beneficiaries of such
is
f
an
ardent
be
should
disbursement
progressors
defenders in the solution of all those
which go to
make for
and
complex factors
mutual and inseparable
our
success.
quoted by the "Journal of Commerce"
of the House, and is
having made the following statement in the matter:
as
There is no chance of the passage of the
helped matters at all.
"We
No
bank
stocks
sold
were
week and only 2 shares at
pany
Shares.
stock
was
the
at
NEWS,
Stock Exchange
this
One share of trust com¬
auction.
of the
agreement
Senate under which the Banking and
Currency Committee could report out the
Low.
2 Bank of Manhattan Co
High.
business
of
Senate, to be pushed to
the
321
321
1000
1000
321
Sept. 1913— 320
TRUST COMPANY—New York.
1 N. Y. Life Insur. & Trust Co__1000
Apr.
1913—1036
before February.
"But if the President forces Congress to remain in
through into the regular session, he will find that
of the Senate, whom the
tering against it, but the impatient members
President has treated like school-boys, will
bill to pass
Washington straight
it will take until next
This does not mean that there will be any filibus¬
the bill.
June to pass
find it necessary to sidetrack the
appropriate measures and other important legislative items
"As far
having
as
I
in
>
the meantime.
am
gone as
the President,
concerned, I have made up my mind that
far as he has, both Houses of Congress
of the regular session
ought to stay here
the work
In that way, possibly, we could clean up
and work from now on.
by some time in next October."
Wilson as willing
the bill in the hope
of securing quick action by the Senate committee, some of the
amendments which it is stated he will not oppose being
Newspaper reports describe President
accept substantial amendments to
to
outlined
as
follows:
A reduction in the number of reserve
banks, fixed by the Administration
and the removal of the Secretary
Bill at twelve,
of Agriculture and the
Comptroller of the Currency from the Federal Reserve
control
the new
currency
Board, which would
system.
Reserve Board as a
provide that it shall be
composed of seven members, six to be appointed by the President, and to
devote their entire time to the work of the Board, and the seventh to be
The proposed
strictly
the
amendments would retain the Federal
Governmental
institution, but would
Secretary of the Treasury.
the question of reducing
The Senate Committee has not yet taken up
the number of reserve banks, but
putting the
suggestions have been made
number all the way from three to ten.
Senator Weeks (Republican) has a
proposal that the number be reduced to one, a
single Federal bank to be
controlled absolutely by the Government.
Victor Morawetz of New York
,
appeared before the Senate
20th and had a
pending
legislation.
He favors the creation of five or six regional
banks in preference to twelve, as provided in the bill.
In
admitting that the demands of different sections of the
country would best be administered to by regional banks,
Banking and Currency Committee on the
number of
bear upon
conflict
suggestions to make,with regard to the
•'
•
,
bank, the South, for
.
example, will want money to
political influence will be brought to
If there are not less,than five banks,
Each lection will look
the Board.
of interest will n'bt arise.
needs."
-
*
Morawetz also
Mr.
.
of the bill, according to the
'
■
made the following
this sectional
after its own
.
„
.
observations in
New York "Sun":
allowing the banks to redeem the
large amount
of goldo ut|of this country and substituting notes in its place, and this
result would occur without any fault or lack of conservatism on the part
provision in the pending bill
notes in lawful money
inevitably would result in driving a
of the banks or of the
Federal Reserve Board.
"The bill
*
it into law
Even at that I doubt if it would be possible to write
possible.
"The
Close. Last Previous Sale.
bill on Dec.T, the first day of the
be made the unfinished
final enactment as quickly as
regular session, and the measure would at once
his analysis
also sold at auction.*
BANK—New York.
I think he could obtain the unani¬
here willing to make terms.
are
consent
mous
"If you have but one
LEGISLATIVE AND FINANCIAL
bill and
the President knows it.
hold its cotton for better prices, and
BANKING,
he will permit it to adjourn has
Currency Bill must become a law before
not
he knows nothing about
Keeping Congress here on a wild threat that the
Mr." Morawetz said:
•
.
Representative Mann announced on
Senate,
Tuesday his determination not to agree on an adjournment
"The President is making no headway because
imately two millions of dollars to a "net income"
credit of $1,562,734, is but a corollary to the persist¬
ent and economic application of energy directed
toward the further development of that recognized
unit—the welfare of the public and the integrity of
the carrier.
As the curtailment, so also does the
of Repre¬
of the House, to the passage
until Nov. 15.
legislative methods.
The transition from
'r
prospects were with regard to the Banking and
Currency Bill in the Senate.
mentioned.
higher freight rates are desirable for
Somewhat
when they might
if only for a brief Interval of adjournment, asked me
what I thought the present
tactics.
with the handicap
Washington
continuously in
them
keep
to
necessary
in the year under review, those of
Pacific, notwithstanding the slightly
Missouri
the
1175
CH
THE
1913.]
provides that national banks which
fail within a year to come in
shall be dissolved.
If any considerable number of the
national banks should be dissolved in this way, a very disastrous result
under this plan
That the Senate
Banking and Currency Committee will
contemplated or considered
There would be an enormous contraction
because the national bank notes of these dissolved banks
be taken up in lawful money.
The contraction of the
report the Currency Bill during the first week in
November,
might ensue which appears not to have been
and that within three weeks thereafter action
the bill will
by
be taken
by the Senate is the conviction of President Wilson.
He has thus
expressed his belief in
a
letter to Majority Leader
Underwood of the House of Representatives,
and
on
reading
as
follows:
dated the 20th,
desire
Representatives to know why it seemed
"Last week you called upon me,
of the currency
would
have to
currency
in my
and
of this bill.
which would occur if only a third of these banks
and in view of the very natural
failed to come in,
stringency
that this
fail to come in under this
judgment, would very likely result in a very severe money
possibly
a
great panic.
For that reason it seems to me
provision dissolving such of the national J)anks as
.
"My Dear Mr. Underwood:
of the members of the House of
the authors
plan should be stricken out of the bill.
"This threat of dissolving these banks is not really a
great injury to the banks themselves.
threat of doing a
The pistolfis not
pointed at the
1176
banks but at the country.
say to the banks:
The effect of that provision is practically to
'You must
in under this plan;
come
country is going to suffer from
panic.'
CHRONICLE
THE
a
if
Mr. Gilbert contended that
don't, the
you
as
to whether such
by the issue of
come
Morawetz in
stringency might be
bill, the country doesn't understand
under the bill, Mr.
currency
it.
You know only the surface features of the
bill.
A great deal of study
and deliberation will be
necessary to make sure that when this vast ma¬
chinery is put into operation it will work right.
If the banks stay out, the reserve banks, if
they can be
right annoyance and
formed at all, won't be strong
enough to issue the requisite amount of these
new notes to
you
will observe that for
in lawful money equal to 33 1-3%
reserve
a
to work out the details of this biU to
Mr. Gilbert went
of
the notes.
The fact ought; to be recognized that the
co-operation of the
banks is essential in order to make this
plan a success.
as
opposed to permitting banks which refuse to join the
tem
to
avail of the re-discount
saying:
as
Only the banks which
have these privileges.
come
come
a
required to
new
Clearing-House Association and its conduct
circulating notes instead of 33 1-3%
'
proposes.
be done with safety to the country.
new
•
currency
controlled
City Bank of New York.
And it cannot be done
before
the
Senate
that if
Tlairsday, and they
pulsory but make it permissive merely, there will be established at the outset
only three or four of these reserve banks.
Under a permissive plan I am
sure, I am confident, a strong reserve bank would be established in the
Eastern part of this country, New York, Boston,
Philadelphia and the
neighboring cities.
There would be enough banks there to form a strong
regional
reserve
bank.
out the compulsory
derlip
cago;
one
for the Northeast,
one
for the Central West, including Chi¬
for the Pacific Coast, one in St. Louis for the Southwest and
Tuesday, Mr. Morawetz voiced his objection to the
vision giving the Federal Reserve Board power to force
on
for
for
any
of
the
regional banks.
Mr.
of the country in various banks,
the system under the domination of
a
President
of
As}
scatter
The
Market
&
Fulton
attempting the organization of twelve banks
on
$33,600,000, for the Southern
the* centre
States
$11,000,000,
for
including the Rocky Mountain regions, $7,200,000, and for the
Pacific Coast $8,900,000.
no
these figures/' said Mr." Gilbert,
"that twelve
circumstances could be established
on
re¬
the capital
basis provided in the pending bill."
He then produced other figures to show that in the
development of the
financial system there must.be produced a vast increase in the
amount
of re-discounting business, else the regional banks would be
unable to make
sufficient profit to pay more than the
running expenses of the institutions
re-discounting business.
*
•
the
development, there is
an
a
Increase
with proper re-discounting banks
established, but he doubted if the regiona
banks would pay dividends for some time.
was
given
a
second hearing
when he urged study and deliberation
workable.
His comments
were
on
on
Wednesday,
the bill to make it
made after Senator Hitch¬
cock, in alluding to the provision in the bill calling for the
appointment of a receiver for any Federal reserve bank
which might violate the
of the
appointment of
law, had declared:
"In the event
receiver and the bank's closing its
doors, the reserves.and funds of perhaps thousands of banks
$
a
hroughout the district covered by the
be tied up beyond hope..
purchase of their pro rata
no
rights of
any
kind shall
There need, therefore, be no re¬
its purchase or. sale or accumulation either
by banks or indi¬
liability
*
seven
will attach to the stock.
reserve
bank will} be wholly under the management of a
directors, to be appointed by the President with the advice
the
members
should
be recognized
to
reserve
bank would
What would be the result?"
every two years.
have had
banking experience.
wide
financial
\
Appointments are to be distributed
and
.
geographically t
as
so
to give
.
due
weight to the commercial sections of the country.
The President, with
„
director
one
as
the
advice and consent of the Senate, will designate
governor and another as
deputy
governor, and the governor,
in his absence, the deputy governor, shall act
chairman of the board
as
and be the chief executive officer of the bank.
Members of the board shall automatically retire at the age of
seventy.
The Board of the Federal
executive committee of
reserve
seven
general directive clauses
bank shall appoint for each branch an
members.
The bill will
to their character
as
in the
as
contain the
utive committee shall be recognized to have had wide
experience.
same
of the board
case
itself, including the provision that at least three of the members of
the exec¬
banking and financial
The terms Of office of the members of the executive committee
seven
be classified
years,
so
that
but in the case of the first members appointed, they shaU
one
director shall retire each year.
One member of the
executive committee will be designated chairman apd one vice-chairman;
and the chairman, or, in his absence, the vice-chairman, will act as chair¬
man
of the committee.
the board" of the bank.
'
.
•
•
.
subject to the approval of
Each executive committee will elect
a
president
and other executive officers to conduct the business of the
branch, the men
filling these offices to have
official
or
financial relation with any other
The earnings of the bank shall, in case
theGovernmentgsubscribes to all
no
bank.
re-discounting of paper."
He acknowledged that in the nature of things there would be
Gilbert
voting power, and
no
All actions of the executive committee will be
a
and the fact that the country is in the
process of
Mr.
of
-
tQtal of only $108,000,900 in annual re-discounting at present
in the United States," he said.
"Of this, $63,000,000-, nearly three-fifths
of the total, is in the Southern States,
where, by reason of inadequate capita.!
need for
have
expire
will be
new
"There is
of such subscription to be insured by
to be liable for the
The
.
the
$25,000,000, for the Western
States,
obvious from
success
stock not taken by the public.
bill should provide that the President will select men
qualified by
experience and training for the proper discharge of the duties imposed, and
make no appointments in order to confer
political rewards.
At least three
He said he had prepared a table
showed that the capitalization for the regional bank for
New England will be $10,000,000, for the Middle States with
New York
gional banks under
shall
The Federal
or,
as
any
.
double
board of
the
These figures
out of
of
and consent of the Senate, with terms of fourteen
years: but the first board
to be classified and the term of one director to
paper
report.
Chicago
bank, and generally be charged with
.
A
could have been averted
panics
showing just what capital would be available in the six great subdivisions
of the United States used by the
Comptroller of the Treasury in his annual
with
on
viduals.
powerful central institution, with the
basis provided by the Glass-Owen bill.
"It is
stock
striction
.
West
reserve
attach to it except to receive dividends.
on
Gilbert
centre
branch of the Federal
The stock
produced figures to show what effect the organization of
the projected regional bank system would have.
He urged on the commit¬
its
a
subscription, the
requiring all national banks
and the stringency relieved Without the terrible losses in
money and credit
that have come with them."
as
passage of the Act, the President is to
five, tp bed.esignated as the 'Federal Reserve Bank
for public
appointed
legal right to issue currency upon the collateral of good commercial
Middle
{practicable after the
as
a committee of
'
a
re-discounted therein, every one of these
tee the unwisdom of
organization committee, and
an
the Federal reserve bank
may either be subscribed for
entirely by the Government with funds raised by the sale of bonds, or offered
but would leave
panic since the Civil War—1873,1893
1907, and the minor panics and financial stringencies intervening be¬
crises—and with
by
by the Board of the Federal Reserve
the responsibility of organization.
the
"I have weathered every financial
Mr.
soon
seat of
the bill to the committee this week, and the "Sun''
gives the
following account of his testimony on Tuesday:
tween these great
Washington, and twelve branches
This committee will divide the country into
twelve commercial districts, and
designate one city in each district as the
also
National Bank of New York, also made known his views
and
in
Organization Committee.'
Morawetz
central board
the
be located
to
wherever designated
proportion of
Gilbert,
is
.
appoint
by the President."
Alexander
the views of
'
office
Bank.
provides for "a central bank .shorn of many
„of its advantages," and added that "it would
reserves
of
many
to be favored by Senators
years.
head
sub-branches
bank.
He argued that this provision would lead to
sectiopal political demands for re-discount and result'in bad
stated that the bill
embody
to be located in the cities selected
are
other regional
any
fifty
The
pro¬
reserve
management
to
(Republican) and
The
Continuing his discussion of the bill before the committee
paper
majority
Government is to grant a charter to the Federal Reserve Bank of
the United States, with
capital stock of $100,000,000, the charter to extend
another one in the South for the old Southern States.
regional bank to re-discount
a
The plans submitted by Mr. Van¬
Reed, O'Gorman, Nelson, Hitchcock and Weeks.
The.
following statement outlining his proposal has been prepared
by Mr. Vanderlip:
care 6f the Central West and another one on the Pacific Coast.
I
should start with authorizing the Central Board to
organize five of these
one
understood
are
Senator Bristow
take
'banks,
on
are
of the Senate committee.
could
one
laid
were
Currency Committee
apposed to the pending bill, and who represent
I believe that another bank could be formed with¬
provision in and around Chicago; another
Vanderlip's ideas
said to be approved by the Demo¬
cratic and Republican members of the committee who are
do not make this plan com¬
you
Mr.
Banking and
plan.
it is probable,
,
plan, providing for a central bank operated
by the Government, was brought forward
this week by Frank A.
Vanderlip, President of the National
and
into this
come
with safety to the country until after
you have established the reserve banks
and assured the success of the
It is possible,
the bill
as
V-
A
plan, but I think that requirement should not be proposed by Congress
can
absolute certainty."
with the committee the activities
doubt practically all of them, par¬
in contact with, will gladly come into
this plan at considerable sacrifices if it is made
economically sound.
I agree that all the national banks should be
until it
essential
the country
against
the
Into the plan and become members should
I have not
ticularly the big banks I have
sys¬
privilege, and he is quoted
V:'
■
an
pay
in the 1907 panic.
He recommended that to avoid any in¬
flation of the
currency under the new system, the bill be
amended to require a 50% gold reserve to be held
Mr. Morawitz, according to the "Sun," expressed himself
.
!
of the New York
over
an
No evil portents appear In
gentlemen and it will
be issued the reserve banks must
put up an equal amount of the prescribed
collateral and in addition
Time is not
The old system is working well.
the financial sky.
It will pay you
of these notes that may
every one
Because, if it doesn't work
disaster may result.
even
element.
take the place of the national bank notes which must be with¬
drawn, because
result "disaster would be
"And that point
emphasizes the fact that you gentlemen should not
hasten the consideration of this bill.
There are many points of that kind.
You gentlemen don't understand this
over¬
said:
answer
It cannot be.
asset
a
as a
xcvh.
general," and said:
great money stringency, and possibly a
Now I do not think that is permissible legislation."
Questioned
[Vol.
the stock, be first devoted to an accumulation of a surplus of
20% and {there¬
after one-half of the earnings will be devoted to a further increase of the
surplus until it reaches 50%, and the other one-half to
go to
the Government.
After the surplus has reached 50% all the earnings will go to the Govern¬
ment.
.
5
.
•
'
In case the public subscribes to the stock, the net earnings will first be
devoted to paying a 6% cumulative dividend, then to
a
an
accumulation of
surplus equal to 20% of the capital, after which one-half of the earnings
and one-half bejdevoted to the accumulation of
will go to the Government
a
further surplus until the surplus reaches 50% of the capital, and thereafter
all tfjfo earnings beyond the dividend requirement will go to the Govern¬
ment.
All earningss received
ment of the
by the Government will be devoted
Government debt.
The customers of the bank shall be the Government and
ber
banks,
to the retire¬
,
qualified mem-'
which will include all national banks and may include State
banks and trust companies.
1
..
Oct. 25
The Government shall deposit
Washington, Oct. 18 19 13.
all of its general fund with the bank and
inclose copy
for national banks will be so changed as to
ultimately 12 %.
discount for
in any one year
paper
irredeemable
conditions demand.
the same at all branches
equal to a fixed percentage of its capital and sur-
bank up to an amount
uniformly, progressively in¬
amounted
creasing rate upon discounts, until said discounts shall have
maximum permitted by
numbers of the national banks
that the market will be too narrow
of the United
of Redemption in the office of the Comptroller of the
States and the Bureau
Currency of the United States in respect to
national bank notes and the redemption of
measure
of the reserve of the bank.
Reserve Bank shall be authorized to
The Federal
issue its circulating
the
outstanding notes of the bank are not fully covered by
extent that the
and by a reserve in
par,
States
and
up
to
It shall pay for these bonds by
'
'
years. •
'
■
■
The present
provide for
the largest
Bank shall receive from
a
it would result in advancing the
increasing the price, just as any pressure for
amount, when no demand happens to be
pressing the price.
I have had some suggestions
abroad and to exercise
they
in which they are located, to estab¬
National banks shall have the right to accept
drafts of a character to be
equal to one-half of their capital.
trust companies may be admitted to membership by
and
State banks
,
requirements that
The Federal Re¬
examine any member bank.
of the Federal Reserve Bank shall be a first lien
national banks are obliged to meet in
serve
any
or
circulating notes
The Federal Reserve Bank shall have a first lien upon
as
holder of the bond is secured in all the
The Government is doing this literally.
far
as
feasible, the stock
real estate.
of the Federal Reserve Bank and the
Advices from Washington yesterday
#
.
such
a
thing.
ground for apprehension by the banks about the currency bill
I
am
confident that the measure, when passed, Will be accept¬
of enduring benefit to the banks,
general business interest, and to all of the people.
This is not a time to take counsel of foolish and unfounded fears, but
to the
is
time
a
when
every
citizen,
regardless of class or occupation,
should
patriotically support the Government in its efforts to correct the manifest
Vanderlip plan.
•
.
,
can see no
its effects.
defects and abuses of
and
it
sustain the market or to influence the price of its bonds.
to
able to the country, and that it will prove
dividends
stated that President
Wilson is uncompromisingly opposed to the
proceeds of the sale of its bonds, or the current
municipality or corporation would consider doing or attempting,
or
As
The very purpose of financing its
of long-time obligations would be defeated if the Gov¬
to use the
No State,
"
thereon shall likewise be free fron all Federal and State taxes.
Government or corporation can guarantee the holders of
no
revenues,
I
payment of all Federal and State taxes, except taxes upon
.
the principal at par at maturity, to pay the interest in
much lesS contracting, to do
from the
When a corporation, pub¬
the meantime, and to see that the
ernment had
the assets of mem¬
feasible, the Federal Reserve Bank shall be exempt
outstanding.
part of the $700,000,000
rights guaranteed by the contract.
ber banks for any indebtedness due from them.
As far
made to me that the Government ought to
private, finances its requirements by the sale of long-time obligations,
needs by the issue
all the assets of the bank.
small
de¬
.
but the Government is under no legal or mora
its bond against market fluctuations.
similar localities.
Board shall have power to
The
on
•
or
lic
Obviously,
conforming to the same capital, reserve and inspection
\
It would have to be prepared, therefore, to take all
offered.
are
it contracts to pay
be defined in the Act.
defined up to an amount
sale of a comparatively
it, and that is to go into the market and buy these bonds whenever
do
general trust company functions to
told that even
There is only one way in which the Government could
obligation to do this.
permit
am
in the market, may.result in
„
maintain the 2s at par,
national clearing house.
I
comparatively small demand for these bonds would result in materially
'
at various periods during a calendar
purchase at the market price
price several points.
a
banks to have branches within the city
lish branches
He said that he was assured by New
of the 2s.
York bankers that if he gave this order to
v
The President of one of
Southern banks was in my office recently, and told me that he
desired to buy $185,000
The Federal
of national banks should be, so enlarged as to
It leaves it
full amount of its
market quotation for Government 2s should not be taken
It does not indicate real value.
seriously.
too
the Federal Reserve Bank
shall pay to the United States out of its earnings, and before any dividends
are paid upon the stock, a tax of 1)4 % on an amount of circulating notes
equal to the amount of exchequer notes outstanding.
..
The charter rights
the circulation privilege.
Every national bank may continue to buy the 2 per cent
capital stock, as provided by existing law.
for national bank note cir¬
So long as these notes are outstanding
The bill should
Government 2s to meet
bonds, and take out circulation against them to the
exchequer notes at maturity for twenty
These notes will be made to mature
year.
of bonds to supply the deficiency
retire, it is reasonable to believe
may
The bill does not deprive the 2s of
undisturbed.
undertaking to the United States Government
that it will renew such one-year
those which
the needs for circulation.
decide
United States in?exchange for the 2% bonds an equal
Reserve Bank shall give an
will undoubtedly remain in it, and, since the banks
of circulation caused by
2% bonds of the
exchequer notes, bearing 3% interest.
amount of one-year
large volume
number of the banks should recede from the system, a very
a
that remain will require a larger amount
gold,
assuming the responsibility for
Upon acquiring these bonds the Federal Reserve
the Government of the
-
Even if
much larger number
retirement of the national bank notes secured by them
the redemption and
the mere apprehension that
market, he is simply taking counsel of unreasonable
fear.
deposited to secure circulating notes of national banks at
an amount equal to one-half of such bonds deposited with
the Treasurer of the United States as security
culation.
banker sells his 2 per cent bonds upon
a
that there will continue to be a large demand for
the Federal Reserve Bank shall offer to purchase
United
If
of these bonds on the
gold equal to 50%.
Gradually, and over such period as the Federal Reserve Board may
upon,
They express themselves
Department.
Treasury
freedom.
enough national banks will go out of the system to force a
100% in re-discounted paper or exchequer notes
they shall be secured by
Every day bankers from different parts of
I have yet to find one who has determined to quit
national banking system if this measure is enacted.
the
of such notes outstanding, or
hereinafter
provided for, and by a reserve in gold equal to 50%.
The notes shall have
the same qualities as the present national banknotes, shall be redeemable
at any branch on demand in gold, and shall be the obligation of the bank.
There shall be no restriction upon the issue of notes by the bank when the
notes are fully covered by gold coin or bullion, it being intended that to the
exchequer notes of the United States Government,
visit the
country
the new currency
and I think it is a reflection upon the bank¬
that they will not.
with great
re-discounted pa-
described in the Act, equal to 100%
per, as
one-year
if it becomes law,
to say
ers
Such notes shall be secured by the segregation of
and patriotically accept the provisions of
will loyally
to
I am quite certain that every national bank
danger of this eventuality.
•no
special trust fund, and shall be held intact,
the Federal Reserve Bank as a
and shall not count as a part
The 5% redemp¬
the Treasury shall be transferred
tion fund now in the general fund of
to absorb all the offerings and that the,
price may, therefore, go very low.
A reasonable amount of reflection should satisfy any one that there is
the custody of bonds securing
such notes.
of 2s will, as a result, seek a market;
passed, and that a large amount
be
the Federal Reserve Bank shall be
As fiscal agent of the Government
charged with the duties now imposed upon the Treasurer
:
of a few nervous people that the currency measure is so bad that
will go out of the system if the bill should
the part
the Act, fully equal to the capital and surplus
of said bank.
notes.
sell its bonds at
Certainly there is nothing in the pending legislation
My attention has recently been called to items
appearing in various newspapers, and to statements in circular letters
privately distributed, calculated to cause apprehension about the 2% bonds.
I do not charge that this is done for a malevolent purpose.
Perhaps it is
due to ignorance or to the undue zeal of persons or interests opposed to the
currency bill.
I am not, however, interasted in motives.
I am concerned
with effects.
The effect of all this seems to be the.creation of a belief on
minimum rate will only apply to the rediscounts of
,plus;>thereafter such bank shall be charged a
*
v>
justify such action.
to
shall be
discount rate
minimum
and to all banks, that
..
understand why any national bank should
cannot
present quotations.
Federal Reserve Bank shall establish a minimum rate
which shall be uniform at all branches and sub-branches, and
the
While
claim that this injures
I
No one would be so rash as to
definite due date.
their value.
The bill gives them a
possessions.
which shall be changed from time to time as
all the outstanding 2s shall be
As it now stands, the 2% bonds are redeemable
the pleasure of the Government only.
They are, therefore,
so long as the Government does not choose to pay them.
after 1930 at
and
bankers' bills.
The bank may also
gold coin and bullion and in obligations of the United States Govern¬
The board of the
This is a privi¬
which they may or may not exercise, as their
paid at par and interest.
buy in the foreign markets prime
of discount,
bonds
privilege, provided the entire amount exchanged
Second—That at the end of twenty years
ment and its insular
'
.
Certainly it is not a disadvantage to have this privilege.
interest dictates.
in the domestic market from
in the Act, bearing the indorsement of a member bank,
to be defined
'
of the 2s may exchange them for 3%
shall not exceed 5 % of the ouststanding 2s.
lege granted to the banks
defined by the Act.
member banks nonbanks and individuals self-liquidating paper, under conditions
member
.
The bill contains the
,
-
re-discount for member banks
It shall not re¬
amount exceeding the capital and surplus
bank an
one
any
The bank may buy
a
holders of these securities.
First—That the holders
of such bank.
to
than fairly with the
following provisions:
without the circulation
'
Reserve Bank may
Federal
self-liquidating in character, to be
a
pending measure you will see that the Government is dealing
have read the
lawful
Reserve Bank may, in an emergency, suspend
periods of fifteen days.
deal in
I think you may take it for granted that no currency
which deals unjustly with the 2% bonds.
If you
is going to pass
measure
for thirty days, and continue such suspension for
all reserve requirements
may
I am surprised that a reputable banking house
circular disclosing such a lack of information upon such an
.
The board of the Federal
The
would sponsor a
important matter.
more
money.
this circular are inconsistent with the provisions of the
pending currency bill.
t
demand liabilities, including note issue, in gold or
than 50% of its
a
The statements of
Federal Reserve Bank shall never be less
The reserve to be held by the
of
2% bonds.
from the correspondent banks now
acting as reserve agents, and, after this gradual transfer has been fully
accomplished, all reserves will be held in the vaults of the banks and with
the Federal reserve bank.
The reserve requirement will be the same for
gradually to transfer all reserves away
all member banks and shall be
letter of the 13th inst., in which you
circular issued by bankers of St. Louis in reference to the
My Dear Mr. Duncan —I have your
constitute the bank its fiscal agent.
The reserve requirement
1177
CHRONICLE
THE
1913.]
•
—
!
our
financial system, and to give it greater stability
security.
I have
no
*
sympathy with those who say that the bankers are so lacking in
patriotism that they will refuse to accept and obey a law enacted in the in¬
In
seeking to allay
any
existing fears with regard to the
the depreciation
suffered in their market value, Secretary of the Treasury
2
%
Government
bonds
McAdoo has written
a
incidental
to
lengthy letter to R. D. Duncan, Vice-
President and Cashier of the State National Bank of Little
Rock, Ark., in which he asserts that there is nothing in the
pending
of the bonds at
not
legislation which would justify the sale
the present quotations.
Mr. McAdoo does
currency
charge that the statements calculated to create apprehen¬
sion with respect to
a
to
the 2% bonds have been circulated for
be due
interests
follows:
malevolent purpose, but suggests that they may
ignorance
or
undue zeal
opposed to the bill.
on
the part of
persons or
We print the letter in full as
of all the
terest
upon
people of the country.
Such statements are a reflection
I believe that they will be the first to come forward and
the bankers.
help the Government make the new system a success as soon as the Senate
and House act finally and the
President approves the measure.
I send you under separate cover a copy
of the House
information.
on
of the report of the Committee
the Currency Bill, containing much
I hope that you may
I have written you quite
useful and valuable
find time to study it carefully.
fully, and have touched on some phases of this
question not raised by your inquiry, but I thought it was just as well_to
cover
the ground.
Very sincerely,
W.
R. D. Duncan, Esq.,
Little Rock, Ark.
In
G.
McADOO.
Vice-President and Cashier, State National Bank;
'
justice to the St. Louis financial institutions, Mr. Dun¬
can has stated that the circular which brought about the
above letter emanated not from a bank but from a St. Louis
1178
CHRONICLE
THE
brokerage firm.
The 2% consols have latterly somewhat
improved in market value, the quotation yesterday being
963^ bid and 98h£ asked, against 95 bid and 97 asked on
Friday of last week.
:
bill
bill and the tariff
Whereas, We
the subject of
.discussion by Secretary of State William Jennings Bryan
before the convention of the Iowa State
Dairy Association
the Congress of Cattlemen at Waterloo, Iowa, on the
and
17th inst.
* In his laudation of the
Administration currency
bill, he said:
The people are now free from that influence.
And in giving that freedom,
the Democratic
like this
Party will also give the
means
'
again..
which
prevent any bond¬
can
had.
ever
It gives the bankers enough to make them happy, and
enable them to take enough to make
the people miserable.
Whereas, We believe that the
embraces in
bonds to
the
Heretofore it has been necessary to put up
Government money, but by the provisions of the new bill,
secure
Government loans
gional bank take collateral from the banks within the
banks put their guaranty on
to put
into
It lets the
without requiring bonds.
money
and the
zone
re¬
zone
"This enables the Government
the collateral.
The Government asks
'
pending in the Senate of the United
now
States
considerable degree the recognition of those principles, and
a
industry of America; and
In strong sympathy
we are
for the enactment
of
adequate
an
;
Resolved, That the Chamber of Commerce of the State of
recommends the enactment of the
present measure
been made as banking and commercial
York
New
after such changes have
experience may indicate to be neces¬
for the practical working of the law, and that this body specifically
recommends:
The reduction
1.
of the number of Federal
That
2.
a
in
loss
a
banks to not
reserve
than four (4);
strong effort be made to
numbers
the national
save
more
-
.
.
•
•
banking system from
through national banks taking out State charters, by
making the provisions of the
measure
sufficiently satisfactory to banks to
obtain their co-operation, and, if
possible, to secure the accession of State
banks and trust companies to the Federal reserve
organization,
measure
3.
community more money than it takes out.
a
elastic bank note
an
which has passed the House of
measure
with the desire of the Administration
feature about this bill that should win the support of every banker doing a
legitimate banking business.
principles governing
with necessary amendments
may, if enacted into law, be of untold value
to the commerce and
doesn't
There is one
present banking system
v :7-V
Representatives and is
sary
:/(
■
The currency bill is the most remarkable currency measure that we have
our
and industry that will certainly
commerce
law recognizing the correct
centralization of banking reserves and the creation of
It is won.
'
a
currency; and
law; therefore, be it
Seventeen years ago the fight was begun to whip Wall Street.
age
advantages to
re¬
give below:
we
keenly alive to the defects of
are
and to the great
follow the enactment of
were
xcvii.
recommended in the resolutions embodied in the
are
port, the text of which
a
Both the currency
[Vol.
so
that the
will tend to unify our banking system.
That provision be made for
a
speedier retirement of the present bond-
willing to concede, namely, that the Government should issue the money it¬
secured national bank note circulation
by the redemption of Government
bonds now securing circulation, in
self.
room
in return something that every
Why let the banks issue the
ernment
issue it in
must
in times of peace, when the Gov¬
money
time of trouble?
I also believe the banks
President has taken the
The
position that the Government should issue the
right.
banker should be
and I think he is
money,
well,concede this point, when they
can very
order,
for
security; and they will have to concede this point whether they want to
offices.
is
There
point
one
which
on
the bankers
divided.
are
whether the board that controls the issue shall consist of bankers
ment officials.
*
*
*
' '
The bankers want the
Do you know
■;
that
respectable business?
a
railroad
a
man
claim that
controls
Isn't it
"We must control the Inter-,
us
in
the railroad
big business?
a
is
You
never
heard it.
or
Do you know of any other business that
thought you did, Write it down and
'months.
late the banks
for?
For
their own
people who do business with them.
the
people's money.
The
people's.
ever
few
a
v' I
benefit?
What do
you regu¬
No, for the benefit of the
Whose money have the banks ?
Why,
Whose money do they get from the Government?
Then who say^that the banks shall control themselves while
they handle the people's money and regulate themselves and make them¬
selves do what the people want done?
■
It is presumptious, impertinent, audacious, and the bankers themselves
7
ought to be ashamed of it.
*
*
V
*
/a,7.'v:V'
v
We are*to have twelve or more regional banks and no central bank.
Aldrich cpmplained the other day that he did not like this bill.
the reason it
this way—so he wouldn't like it.
written
was
suited him, it wouldn't be fit to print.
be bad.
He prepared a
bill, and after he had taken
As to his remarks
I have been called
an
an
thing I have
anarchist for
ever
exemption of $4,000, and
That is
If the bill
look through the
a
as
saying:
Because I favored
graduation, they called
me a
a
more than
2% tax with
demagogue and
disturber of the peace, and accused me of trying to stir up the poor people
a
against the rich,'
changed.
7
That is what they did 19 years ago, but this country is
A,
:
'
:
'r'\:
'
■
•
' '
;•
the
have
we now
We have
people.
Democratic Senate,
a
an
a
Senate that
comes
from
income tax ranging from 1% to .7%—-7% on
an
income of $500,000 or more.
advocated
to
give
a
an
income tax who were willing to keep 89%
on
woolen goods
old
Payne-Aldrich bill rather than to join with the Democrats
lower tariff and an income tax.
I realize that, while Western Re¬
publicans voted for the, extortion rates of
a
higher tariff,
an
Eastern Demo¬
crat, Woodrow Wilson, right by Wall Street and the manufacturers, cast
his lot with the
iife.
.
'
plain people and
y
gave
them
Because his heart is
not come down and scare him.
factories and wanted
a
a
low rate
on
the necessities of
'■ .V V...'.
■
Why did he do it?
The
on
man
his people's side.
in his
own
They could
State who had great
high tariff could not persuade him to.take'his stand
You have been shirking
your
duties and making the poor people bear
you ought to bear.
Now we will help them to reduce the
taxation and you must take some of that load upon yourselves.
Secretary Bryan
the Democrats of the country to communicate
immediately with the Senators from their States and
prompt action on the currency bill.
Wire
or
of the
The
measure
public and should be passed without delay.
to bear on the United States Senate
defeat
or
He
urge
emasculate the
is drawn in the interest
Pressure is being brought
by the money interests in
The
measure.
an
effort to
party has put its hand to the
plow; it cannot turn back.
'
.
-4
;
The report of the
on
'
the Administration currency bill
was
presented to the Chamber
and
was
unanimously adopted.
,
special committee of the New York
Chamber of" Commerce
reserve
further profits shall be paid into the Treasury of the United
That the proposed note issue be the obligations of the Federal
6.
Resolved, That if the pending
measure
be amended
so
reserve
to conform in
as
fundamental
principles and administration to the approved practices of
world banking in security and flexibility, we urge upon the
management of
national banks
lieving that
a
any
broad and unselfish view and
a
hearty co-operation, be¬
temporary inconvenience arising from changed methods
will be far more than compensated by
advantages which will flow from
sound banking and currency system that will benefit the
whole country.
'
commerce
a
of the
"
submitting the above recommendations the Committee
in its report says:
'
w
7.
•
The ideal solution, in our judgment, would be one central reserve
asso¬
ciation, dealing only with member banks and the Government; issuing cur¬
rency against commercial notes having a definite and limited maturity,
redeemable in gold and protected by an adequate gold reserve, this
currency
to be the obligation of the central reserve association
issuing it, and not in¬
volving the credit of the
Government
for
its
guaranty
redemption;
or
other outstanding forms of currency to be gradually retired; the Government
to use the reserve association as its
adequately represented
depositary and fiscal agent, and t,o be
its board of management; its operation generally
on
to be under Government
supervision, but not under aboslute political
con¬
trol.
If this solution is not obtainable at this time, recognizing that the
present
bill contains
some
features greatly superior to the existing system, your
committee urges amendments to
on
the proposed Act in the
ticulars.
7.;
sented.
One
came
glad when Mr. Vanderlip said,
was
accepted
as pre-'
from Jacob II. Schiff,'who
a
few days
ago,
that 80% of the bill
I would perhaps go further and make it 82M%-
good.
par¬
7-;-'-/V,
•
was
following
7:V;;77^.'7'v..
suggested, but it
were
suggestion
said:
I
^:-'\77'7W
adoption of the report by the Chamber several
changes thereto
There is
paragraph which I would urge the committee, without proposing
an
one
amend¬
ment, to change, and that is Paragraph 4, the last part of it, where it says
that the two members to be
appointed by the President shall not hold other
We know that that is impracticable and
executive offices.
impossible of
We know, even if the President would not decide it, since the
people will insist that the Secretary of the Treasury and the Comptroller
of the Currency,
and perhaps the Secretary of Agriculture, be members of
We know that these executive officers
the Central Reserve Board.
busy
men,
most
and we all know that generally it is the busiest
are
all
man who has the
experience—at least that is my experience—and the Secretary of the
Treasury and the Comptroller of the Currency ought to be
Reserve Board.
Chamber
we
of
on
the Federal
I believe it will strengthen the recommendation immeas¬
leave this out, for it will be criticized, and I believe that the
Commerce is
probably should not be.
would urge the
going too far in demanding something which
For reasons stated I offer
committee, if they
can see
their
way
no
amendment, but I
clear, to take this out*
The committee appointed to report in the matter consisted
„of Frank A.
Vanderlip, Chairman;
Alexander J. Hemphill,
Joseph B. Martiridale, Mortimer L. Schiff,
Albert H. Wiggin, H. B. Claflin, Cornelius N. Bliss Jr.,
Ralph L. Cutter, Otto L. Dommerich, Samuel W. Fairchild,
D. Juilliard, E. H. Outerbridge, William Jay
Augustus
Sehieffelin, William Sloane,
man
says:
write your Senator at once, urging him not to permit the
currency
bill to be delayed or emasculated.
•.,./^77V
7.
the capital of the Federal
on
Francis L. Hine,
In his October issue of the "Commoner"
calls upon
dividend
banks issuing the notes, and not of the United States; and be it further
urably if
with them, and let them collect tribute from the rest of the people.
the burdens
any
attainment.
When that bill came.to be passed there were men in this
country who had
and the
be
executive
banks, that
was
When this bill passed the House, it provided for an income tax.
running
from 1% to 4% , and when it got to the Senate, the Senate said it was not
enough, for
to
Reserve Board shall
7';;
-v:
v
Before the
advocating the income tax
advocated.
no
possible, to make
•
the tariff and the income tax, he is
on
quoted in the New York "Times"
for any one
Mr.
If he \yas pleased with it, it would
country, he resigned from public life.
least two members of the Federal
5. That after paying 6%
In
board that the banks select ?
a
If you
how foolish you were after
see
^.
Regulate the banks by
you ever
member of
one
demanding to control the regulating board?
regulated,
business."
But did
they should control one-half of the Commerce
Commission, one-third of the Commerce Commission,
the board?
board of bankers.
a
as
give true elasticity
States Government.
'v.'K
system to be controlled by
Commerce Commission
State
Isn't it
Govern¬
-V"/.'
.
is
of any other class of society that wants to control itself?
What would you think of a railroad that said:
hear
or
It
promptly
notes to
elected by the member banks of the Federal Reserve
banks, and that the
to be appointed by the President shall not hold other
members
not.
as
new
,
That at
4.
consider the benefits they receive through not having to purchase bonds as
or
sufficient amount of the
a
the currency.
Monday, the 20th inst.,
Six specific changes in the
and Walter E. Frew.
the last named, who
other members,
James Talcott, Clarence
Whit¬
The report was signed by all but
is said to coincide with the views of the
but his departure for Europe prevented his
attaching his signature.
The actual drafting of the report is
understood to have been the work of
a
sub-committee
con¬
sisting of President Claflin and Messrs. Sloane, Outerbridge,*
Bliss and Juilliard.
■
—:—♦
7'
According to the New York "Times" four phases of the
new income tax law have just been passed
upon by William
H. Osborn, Commissioner of Internal Revenue.
His viewk
Oct. 25
presented in answer to questions propounded by the
were
Scott & Sons of Baltimore.
banking house of Townsend
One of the questions raised
corporation paid
a
an
by the firm of Baltimore bankers was whether,
especially as most of these coupons read to pay the bearer in
be exempt,
question was:
The Commissioner's answer to this
*
'
the holder shall be required to pay.
corporation pays a tax on its net income does not have the
The fact that a
from taxation, and, regardless of
any stipulation in the Coupon that it shall be free of tax, the paying cor¬
poration mxist withhold the tax or be liable for it. "
Another question which the Baltimore firm raised was whether the income
exempt the coupons on its bonds
effect to
stocks
derived from either dividends on
or coupons on
bonds of
any cor¬
poration paying their own taxes would be exempted. "
"The income derived from dividends on the stock of a corporation paying
its
tax
own
is
exempt from the normal tax," said Commissioner Osborn,
"provided such dividends
answering this question,
to
exempt."
political subdivisions" in the income tax section.
term, "States and
the
obligations
of
whether Baltimore City
this
new
•
law."
'
7.
:
Does this
districts, incorporated
school
counties,
Since Baltimore City is not in
cities, &c. ?
V--7
/•
'
" :;.;7 .<
'political sub-division' is what causes the doubt.
"The term
mean
7,:.••
■' /■■'.'
;/
•
They
stock would be exempted from the income tax under
'77'
77
■
,
the net income of
such
a
municipality
a
may
the interest received on the bonds of
be canceled."
"collection of the tax
bondholders would pay the income tax direct and deduct it
mailed
replied that the definition of "collection at the source"
Osborne
Mr.
regulations
tion.
-
now
in course of prepara¬
'
appears," he wrote, "that under the specific provisions of the Act, a
"It
corporation having registered bonds would be required to withhold the nor¬
mal tax
the interest
on
suggestion
There is no
however,
There is,
the
for
sceond
collateral
income
the
bonds will make
trust
tax,
The clause in the law
tax at the source will go
will
but
pay
no
.the interest
governing the collection of the
into effect
the 1st
on
nating agency which is impartial and disinterested
exempt from the payment of Government taxes.
is likewise stated that many,
It
parties, one a city, or a State,
Two
bonds regardless
regarded
as
of where they
the simplest
the income
of
tax
way
the income tax
held, This plan is
pay
are
of satisfying the technicalities
law.
question is a technical one, and upon
The
all
State
American
in
5% discount in the duties of goods imported
a
ships is printed in "Treasury Decisions" for
October 16.
information in regard to
order that they may act
To Collectors and Other Officers of the Customs—
are
8 1913.
„
hereby instructed to make no allowance of discount on duties
under the provisions of Paragraph
of Oct. 3 1913,
V
J, Sub-section 7, Section 4, Tariff Act
pending further instructions from the Department.
'
BYRON R. NEWTON, Assistant Secretary.
—"—♦
*
.
'
good information in the hands of the public service
The
of the public service
above
utterances
made
under the plea of necessity for retrenchment by reason of the
new
tariff was made clear by Secretary Redfield of the
Department of Commerce this week.
Secretary Redfield's
declarations were made before the Flint (Mich.) Board of
the 22nd inst., when he said:
on
wa3
su??03tei
some
months
ago
that the inquiry powers of
the
Department might under certain conditions be used to learn whether con¬
ditions in any general industry were such as* to justify a
when
reduction of wages
alleged to be made because of tariff changes, there appeared very
general comments
on
the alleged action, which comments were chiefly re¬
markable for their vigor in dealing with an assumed state of facts
not exist.
in the telling of it as to put
individuals and
so
°
the Department in the position of menacing
if excuse could be
doing.
which
prophets of evil foretold did not occur,
the facile imaginations of some editors led them to say that the
Commerce had withdrawn from his attitude.
had done no such thing.
the 23d, announced that the
on
facturers
subject Mr. Redfield said:
The decision of the Supreme
the
new
law and the economic profit or loss by the
There
tled.
Court making it unlawful for manufacturers
prices settles the present law, but the wisdom or
imwisdom of
practice are not yet set¬
who incline to the
who are sincere foes of monopoly
are men
belief that under economic laws, which are greater than statutes,
the broad
prohibition of the right to fix retail prices by manufacturers tends to create
monopoly instead of being a movement toward
relief from monopoly.
President Wilson is said to have commended in its entirety
of Secretary Redfield for a reorganization of the.
the plan
Foreign and Domestic Commerce for the purpose
of which it
is asked
the annual
that
appropriation for its
maintenance be increased from $323,300 to
Mr.
$760,000.
provide that the Bureau shall
tariff division which would investigate, whenever
Redfield's recommendations
contain
a
in
it essential,-the cost of pro-,
This
comparative
leading countries where such articles' are produced.
division is to seek details in
costs of
regard to
wages,
living and general business operations abroad. In
carrying out
his program
of investigation, Mr. Redfield stated
that at the present moment
dustry, "which is
Secretary of
vagarious re¬
•'
♦
was
as
Senate
carries the provision
law
a
the Judges of the Commerce Court for
retaining
consent to
be given only on
its Judges,
condition that
This
was one
the conference report on
some
the bill, but the House agreed to
Another provision in the
the amendment oh the 11th inst.
bill
as
signed by President Wilson exempts deputy collectors
of internal
revenue
a
memorandum
"I
of
am
and deputy
marshals from civil service
With regard to this provision, the President in
regulations.
accompanying the bill said:
convinced after
a
careful examination of the fact that the
deputy collector and deputy marshal were never intended to be
concerns
provisions of the Civil Service Law.
a
reform
is
it
to
this bill
appointment of these officers is no less entirely in my
before
was
known
the
the bilj
became law;
whole country;
my warm
advocacy and
fide practice of civil service
and there is no danger that
spoils principle will creep in with my approval or
mistake.
wages
had become
A discussion
as
to
why business halts, was entered into by
President of the American
semi-^
meeting of the Association at the Blackstone Hotel,
few of late, and attributing this directly to the declaration
JElbert H. Gary in his address as
of the Administration that it would act
Iron, & Steel Institute of New York, delivered at the
promptly where such
werejcarried out, Secretary Redfield continued:
the
counivance."
—'
Asserting that the threats of reduction in
threats
offices
included
The control of the
spirit of the administration of the proviso in
the
support both of the principle and of the bona
that it might make
provision be made for
of the points in disagreement in
hands than
into action which would have for the sole basis of its existence the hope of
of;
The President is said to have ntimated that his
the discontinuance of the Commerce Court would
Appeals.
it necessary.
wish to
inserted by the
assignment to Federal District Courts and Circuit Courts
taken if the circumstances suggested therein should arise and seem to make
who
-
The bilk
signed by President Wilson on the 22d inst.
it becomes
which
Meanwhile, the Department will not be "bluffed" by those
'
deficiency appropriation bill, legislating the
United.States Commerce Court out of existence on Dec. 31,
whole method and
suggested in that address will be'
of
•
7
not been changed and the action that
and which they would
was
:.
*
The views expressed in the address, because of which all the dust arose, have
say
important and intended to be a very'
The urgent
The Secretary of Commerce
He accepts no responsibility for the
they would have had him
a very
incidentally
the inquiry into the pottery in¬
helpful investigation, is almost at a standstill for lack
under the ordinary
some
during
year
like to criticise.
err
another,
by
into the fixing of retail prices by manm
if sufficient funds are available.
In dealing with
coming
concerned, was so altered
establishments with hostile intrusion
When the direful results
marks
that did
An attitude of courteous candor, which was not for a moment
misunderstood by the gentlemen who were directly
found for
supplemented
were
Department of Commerce will conduct an inquiry
•
That the Government has not altered its plans with re¬
When it
commissions as there
companies.
by the Secretary, who, in speaking, before the
Lansing Board of Commerce
the
just
If the public is to have a square deal there must be
and the public.
is in the hands
funds."
.
spect to investigating any general reductions of wages
Commerce
which they are required to regulate in
utilities
intelligently and justly as between utility companies
his remarks this week anent the need of funds for
Treasury Department, Oct.
.
You
municipal commissions
and
ducing articles at the time dutiable in the United States
following notification anent the provision in the tariff
allowing
It is of the greatest importance
should possess full technical
inquiry will the court base its action?
industrial changes shall make
•
law
the^ other a public service company,
You say the court, but the
what standard of technical knowledge
Who is to be the arbitrator?
disagree.
may
Bureau of
if not all, of the large
Chicago corporations will themselves
on
-
it is hard, if not imprac¬
ticable. to secure such uniformity.
under
prox.;
provision in the Steel Corporation's bonds the holder is
a
Uniformity of
co-ordi-
and of requirement is greatly needed, and without some
process
to fix retail
in full.
of establishing standards and methods that may be
purpose
adopted generally by State and municipal commissions.
Corporation
paying the semi-annual interest, due November 1, on its
$187,000,000
it
standardizing work.
wide field for the activities of this scientific bureau
a
publishing investigation^ of a purely technical charac¬
in carrying on and
this
♦"
.
It is announced that the United States Steel
deduction for
legal authority whatever; no more so than
any
does in its other scientific
paid to its bondholders."
7\\
in
idea that in this connection the Bureau of Stan¬
cr
exercise
dards would
statement
will be clearly stated in the rules and
'
of Standards to carry on
would fix standards of service for public utility com¬
panies that would assist the Public Service Commissioners of the States and
cities and other authorities in regulation and control of these utilities.
from the inter¬
bondholders.
the
,
This fund would be used to enable the Bureau
such investigations as
source," particularly as to whether a corporation having registered
at the
arguments.
In explanation of this he made the
begin the work.
000 to
as
The fourth point raised concerned the meaning of
est
In computing
in which it is located.
taxable person,
political
their
following remarks:
that
municipality in the exercise of its governmental functions is held to be
political sub-division of the State
a
to
and
Here is Commissioner Osborn's answer:
"A
who would make the wages of the laborer a fulcrum on
poise
to
utilities corporations, according
the Secretary, is a line of inquiry his Department proposes
undertake.
Congress is to be asked to appropriate $100,-
to
towns,
county, we would like to know
a
will then use them
Investigation of public
ter
The Baltimore brokers wanted to know also just what was meant by the
wrote:
which
payable and paid
Coupons on the bonds of such corporations are not
natural person.
a
are
use, and
conservatively and considerately, if at all, seems to have had a sobering
income tax direct, the coupons on their bonds would
lawful money, free of any taxes which
exist in hands that will use them if, and only if,
The fact that powers
general and sufficient cause shall appear for such
effect upon those
The "Times" says:
if
ll<9
CHRONICLE
THE
1913.]
annual
1180
CHRONICLE
THE
Chicago,
yesterday.
We
following
the
present
excerpts
from his speech:
of other nations
for
are
investment.
asking this question; especially those who have money
There
has caused distrust
exceptional
are
dissatisfaction
or
time
on
reason
foreign and domestic
for hesitancy at the present
the part of these capitalists in making investments in our
They wonder why it is that with
and
our
why
we are not more stable in
securities.
great and growing wealth and resources
our
superior advantages we are not more continuously prosperous;
why there is
ever
any
industries.
Every
on
the part of
any one
the development of
to interfere with
who travels extensively abroad is confronted with
one
commercial
our
conditions and success; and we assembled in this room are
asking ourselves the
same questions.
J venture the assertion that it is largely because of much
Thursday,
7p.m.
The
banquet
slinging.
The
demagogy,'
too much mud-
out of office criticises the one in office and the
man
office in turn seeks to advance his
own
one
business
Co., Chicago;
to be held in the Gold Room of the
-"
follows*
program
>.,"
,
;'
Addresses
J
"
-
"Railroad
.
-
of
Financing
the
Future", James J. Hill, St. Paul; "The Effect of the Proposed Banking
Legislation
Corporation
on
Securities",
Frank
Vanderlip,
A.
President
National City Bank of New York; "The Effect of the Proposed Monetary
Indiana.
much
Second Annual Banquet
Hotel.'
Congress
best interests
too
Third
m.
"Public Utility Bonds", John E. Oldham, Merrill, Oldham & Co., Boston;
Rev.
is
a.
"Timber Bonds", Clark L. Poole, Clark L. Poole & Co., Chicago.
ental
There
10
Commonwealth Edison Co., Chicago; "The Financing and Development of
Hydro-Electric Power", Delos A. Chappell, Los Angeles; "Railroad Bonds",
agitation and ill-considered criticism by those who have not the nation's
heart.
At the Garrick
William Hodge in "The3 Road to Happiness".
30.
John E. Blunt Jr., Vice-President Merchants' Loan & Trust
unnecessary
at
October
"Postal
session, election of
officers, receiving of invitations for third annual convention, unfinished
business, addresses, "Electrical Securities", Samuel Insull, President of the
Legislation
.
.
"Investment Bankers' Association Night".
Theatre and their guests.
and its
our country
inquiries by foreigners friendly to and interested in
and financial
Should
Contain", Silas H. Strawn, Chicago; Address,
Savings Bonds", Representative of Post Office Department.
prices and values and in general conditions;
disposition
the normal and natural
progress in
these
the part of
on
capitalists; but this is not the principal
which mismanagement
in
cases
xcyii.
Deed
8:15 p. m.
In view of the great advantages presented to our people, why Is it that
business prosperity is frequently and seriously interrupted?
The people
[Vol.
General Business", George M. Reynolds, President Contin¬
on
Commercial
&
John
,';.m
in
Chicago;
Bank,
•
;r;
'y
interests regardless of the effect upon
National
"The
Investment",
Best
Cavanaugh, President Notre Dame University, Notre
i'
:-
"
•
.V'. .-//V'
V
Dame,
'
v
•
"r"'-
—■—♦
speeches and in magazine articles the author
The writ of habeas corpus sought on behalf of David Lamar,
is influenced by motives of selfishness or
cupidity.
Appeals are made for
the purpose of creating a feeling of dissatisfaction and unrest when this is
following the issuance of the order calling for his removal to New
all others.
In many public
and unjustified.
unnecessary
conservative attitude of
increasing.
Fortunately this is partially offset by the
some
of the leading
and
journals;
the number is
>'
It is not
in public discussipns to treat success as an offence;
possession of wealth, however honestly acquired, as wrong.
uncommon
to consider the
Legislation calculated
create classes is
to
urged persistently; also laws to
impose unnecessary and unreasonable burdens;
to. forcibly take from one
something which he has and is entitled to have, and turn it
to prevent or to lessen the
success
over to
another;
of legitimate enterprise and endeavor.
,
Capital, always timid, has been seriously affected by this unreasonable
and uncalled-for agitation and attack.
Confidence has been shaken.
fair terms,
on
It is
Indeed, it is becoming frightened.
becoming almost impossible to
good security and at
on
secure
reasonable rate of interest, the
a
necessary capital to equip or liberally maintain going and successful prop¬
erties, to
nothing of the additions and extensions which the interests
say
of this great and
growing country demand.
and
population
success,
has
been
interfered
preme
Court, of the District of Washington,dismissed the appli¬
cation for the writ
York to
answer
with.
Our
and growing
great
on
to
the 21st inst.
Lamar is wanted in New
indictment for having
an
Riordan and Palmer.
Congressman
opposed his removal
on
code he is charged with
His
of
Congress.
Justice
will
be
have
violating in dealing with the imper¬
Clabough,
Representative in Congress is
within the
impersonated
attorneys
the ground that the Federal criminal
sonation of Government officers does not
„
The stability of business, which is essential to its proper and reasonable
growth
York in the extradition proceedings begun in Washington in
September, has been denied; Chief Justice Clabough of the Su¬
apply to members
holds
however,
that
a
officer of the United States
an
meaning of the law.
It is stated that
appeal
an
taken.
V/v V;
—
products; it needs food and clothes and material to
can use our
"
build, and it is willing and anxious to buy them.
and ships with the best equipment to carry those products from one
point to another and it is willing to pay fair rates for the service.
Laborers
are
willing to work at
furnish work
reasonable wage and employers
a
The report on the currency
It is in need of railroads
and to pay liberal compensation.
anxious to
are
The carrying companies
of the New York
-have been
tion
Clearing-House Association which
was
to
presented at the annual meeting of the Associa¬
7th inst.
the
on
bill by the special committee
has not yet been
completed and is,
desirous of providing necessary facilities for adequate transportation!
Producers in all departments of industry wish to satisfy the demands for
therefore, to be submitted later.
their products at fair prices and to that end they would make the
necessary
Manager Sherer accompanied his report with
increases in capacity.
the distribution of loans and discounts among the
are
the necessary
loss
And those who
capital provided they
are
able
quite ready to furnish
are
be certain of protection against
can
risk.
or
In short, gentlemen, this country, though hesitating, is eager to do busi¬
The volume
ness.
country is
of business
is not half
so vast,
this time,
at
so
great as it ought to be
or as
in competition with other countries, who by every means in their
power are
that it is not difficult for
supremacy;
to reach the greatest measure of success in
by good management,
us,
competition with other nations
of the world and yet that it is just as easy to fail if our vision is
act without due
we
narrow or
companies, each having approximately $20,000,000 Or
of
intended
$1,226,974,500.
Wall
To
Other
welfare and
pecuniary interests.
honestly and properly advance his
But at the
same
Street
loans,
brokers.
discounts
Southern
Western States
est
Foreign
considerations lends
an
unwilling
whom it is sought to influence by these
ear
unless, at the
same
There is placed upon those in power and authority at the present time
No doubt they will
measure up
more or
less enveloped in clouds of doubt and distrust and
we are
arriving at
a
better understanding; that
a
nature
dis¬
—$617,830,800
!
174,140,500
-
167,720.600
»
banks'
ents
perhaps, been
hesitancy, but
we are
approaching
Apparently, the leading, most thoughtful and fairest-minded
own
$1,226,974,500
account
—.
.
—
-
account form but
own
the
$1,200,000,000
$342,000,000
was
$174,945,900
—
by the banks for their
20% of the total, and that nearly $1,000,000,000 of
was
loaned
outside
of Wall
Street, of which nearly
loaned to points in Southern and Western States.
The total Clearing-House transactions for the year ending
statesmen
of the country of all political parties are at present showing a
disposition
Sept. 30 1913
to
520,297 exchanges and $5,144,130,385 balances.
bring about and maintain industrial
reason
for-hope.
So far
as we can,
let
peace and
us
do
our
hands of those who have the greatest power and
progress.
Therein lies
part in holding up the
therefore, the greatest
held at the Blackstone Hotel,
America, which will be
Chicago,
on
the 28th, 29th and
30th inst., has just been announced as follows:
Tuesday, October 28. 9
Room,
11
a.
Blackstone
Registration in Secretary's office in English
a. m.
Hotel.
First business session called to order by President
George B.
m.
Caldwell, Ball Room, Blackstone Hotel.
President
of the
Roll call,
an
nual address of the
Association, report of the Secretary and report of the
Treasurer.
•
transactions
House
of
$103,265,650,862, made
were
sixty
years
Francis
balances.
the
ago
L.
are
organization
Hine
of
The
aver^
has
and
The
the- Clearing
$2,531,942,189,037,
exchanges
consisting
$112,668,492,955
been re-elected
President
Association; Stuart G. Nelson has been re-elected
Secretary;
Walter Sherer is continued
William
Gilpin remains
H.
of $98,121,-
$340,810,728, of which $323,833,-
since 'the
$2,419,273,696,082
of
up
represented exchanges and $16,977,328 balances.
total
The program for the Second Annual Convention of the
were
daily transactions
age
400
responsibility concerning these most important questions.
Investment Bankers' Association of
2,898,800
— —.
It will be noted that the Wall Street loans made
despondency.
prosperity.
the dawn of the greatest
every
Loans made to Wall Street brokers for account of correspond¬
it.
to
What I have said has not been uttered with any feeling of
On the contrary, there is ground for optimism.
We have,
I think
of
advances
(Canada, &c.)_
Total
responsibility.
fol¬
time, his material
wants are satisfied.
very great
as
—$264,383,800
...
and
States..
adversely affects the whole body;
that while the application of the principle of good morals is of the
high¬
man
,
summarized
are
;Eastern States (east of the Ohio)
unnecessary destruction of one or a few
importance, nevertheless the
account
own
tributed geographically as below:
time it should not
be forgotten that the people of a nation prosper or fail together; that the
and dis¬
*
lows:
those intended to prevent oppression or wrong; or such as may furnish full
every one to
discounts and aggregate loans
loans and
counts of
The loans for bank's
are
based
are
of thirty of the largest banks and
trust
fair equilibrium as to the rights of all classes of
people; or
a
New York
Sept. 24, intended to show
more
and equal opportunity to
own
transactions
the
upon
regard to the results.
We would not discourage honest, sincere movements which
to maintain
if
close of business
analysis of
According to Mr. Sherer's statement the figures
it could be.
we are
the
an
the extent of loans to Wall Street brokers.
although large because the
It is high time for all of us to wake up to a realization of the fact that
striving for
banks at
At the meeting on the 7th
J.
as
as
Manager,
Assistant Manager.
and
Albert
Wiggin has been elected Chairman of the Clearing-House
Committee, succeeding Walter E. Frew.
+
I
«r
2 p. m. to 5 p. m.
Meetings of standing committees.
All meetings will
W.
be held in the Blackstone unless otherwise arranged by committee chairmen.
H. Maeintyre, local agent of the Standard Bank of
2:30 p. m.
Automobile ride for visiting delegates and ladies.
South Africa, Ltd.* has just received notice from the head
5:30 p. m.
Meeting of Board of Governors.
8:30 p. m.
"Get-together" smoker and vaudeville in the Ball Room
office in London of the appointment of the Right Hon. Lord
of
the Blackstone Hotel.
Wednesday, October 29.
10
committees in Blackstone ball
a.
m.
room.
Second business session: Reports of
Address entitled "Municipal Financ¬
ing", by Edmund D. Fisher, Deputy Comptroller of New York; Address
"Investment
vs.
Commercial
University of Wisconsin;
Banking",
Address,
Professor
William
A.
Scott,
"Some Covenants which Every Trus
Sydenham, G. C. M. G., G. C. S. I., G. C. I. E., to
on
the Board of the bank.
in 1848,
seat
entered the Royal Engineers in 1868 and served in
the Egyptian
Soudan
a
Lord Sydenham, who was born
expedition of 1882.
campaign,
was
He also took part in the
subsequently engaged at the War
Oct. 25
held by the bank was an
Office until 1892 and acted as Secretary to the Royal Com¬
mission
he
Navy and Army Administration.
on
made
was
member of the Committee on
a
National Bank of Pittsburgh had a serious effect on the financial condition
of
and naval subjects.
tors may
According to
pairment by an assessment on the stockholders, or to place
the bank in voluntary liquidation. ' Under the law the bank
had three months in which to do either of these things.
Jennings S. Cox, member of the Stock Exchange firm of
twenty-five years, died at the home
Mr. Cox
in this city the past week.
son
was
in his
in
year
ciated with Jay Gould and Rufus
expired Oct.. 17 and the bank examiner
The three months
and began his business career as a banker
Baltimore, later coming to New York.
He became asso¬
seventy-eighth
National Bank was shown to be
badly impaired and a formal notice of impairment was served
on its directors.
This notified them to make good the im¬
John H. Davis & Co. for
ef his
statement from Washington three months
a
the capital of the Traders'
ago
:
-
deemed it wise in protec¬
Deposi¬
be assured that their interests will be fully protected.
depositors to suspend the further transaction of business.
tion of
the author of many well-known
as
ence
These conditions resulted in the impairment of the
capital stock of the bank and the directors have
Lord Sydenham has also achieved promin¬
works on military
of Bombay .
number of firms and corporations, previously well rated, whose notes
a
Were held by the bank.
Imperial Defense, and in 1907 became Gov¬
Matters of
on
important factor.
The suspension of the Atlantic
and later the closing of the First-SecOnd
of Providence
Bank
National
In 1900-01
War Office
reorganization, and in the latter year was appointed Governor
of Victoria.
In 1904 he acted as Secretary to the Committee
ernor
1181
CHRONICLE
THE
1913.]
reported that the capital had not been restored and that the
bank was insolvent.
The Aug. 9 statement of the Traders'
Hatch, being sent to San
National showed
Francisco by the former to represent
him in the Pacific Mail
Steamship Co., and later was made agent of this company
there, which position he held for several years.
Upon his
a
capital of $200,000, surplus and profits
♦ -
Cox, his
Trust Co.
son,
Pittsburgh for
Keystone National Bank of
is Vice-President of the Guaranty
'V,;:
many years, was
given the additional position of Vice-President at the recent
sW'-'
V'
Beymer, who has held the. office oL Cashier of the
A. S.
He retired from the firm several years ago.
Davis & Co.
William
York he identified himself with John H.
New
to
was
organized in 1892.
.
return
The institution
and deposits of $2,975,452.
of $81,763
meeting of the board.
'
♦
George La Monte, President of the First National Bank of
Bound
N. J.,
Brook,
E
and senior partner in the firm of
E. Lewis has tendered
.
the Real Estate Trust Co. of
George La Monte & Co., 35 Nassau St., New York, died on
Mr. La Monte,
urer
eighty
was
vention
of
of
years
safety
a
widely known for his in¬
age, was
paper
used for bank checks, and
the removal of their offices to the new
Jersey.
Following
pended
a
grand jury investigation into the affairs of the
R, I., which sus¬
National Bank of Providence,
the present
and John W. De Kay, who are said to have
ing to the
newspaper
Metcalfe issued
One of the "counts, accord¬
on
The daily
the Eliot National
as
Bank of Boston to the order of the Traders' National Bank
of Lowell, in connection
Securities Co., as a
holding company, to secure control of
Metcalf then discounted or pur¬
Atlantic National Bank.
to cover this amount in the
These six notes, which make the
first six counts in the indictment, are
In addition to the
reported by cable, have been as follows the past
week:
.
Wed.
TTiurs.
Fri.
Silver, per oz
d- '2834
28 15-16 28 34
28 3-16 27 13-16 27 J4
d Consols, 234 per cents
72 9-16 7234
72 9-16 72 11-16 72 9-16 72 34
d For account.,...
72H
72 11-16 72 11-16 72 13-16 72 11-16 72%
d French Rentes (In Paris) Ir. 87.60
*87.2734 87.1234 87.30
,87.1734 87.4734
Amalgamated Copper Co
74 34
76
77 34
77%
76 34
77
Am. Smelt. & Refining.
6334
65
66
6734
6634
64#
6 Anaconda Mining Co
734
7%
7J4
734'
734
734
Atch. TopekaA Santa Fe— 9434
9534
96
9634
96 ....
96
Preferred.———101
101
10134
10134
101
101
Baltimore & Ohio
9534
96
96
'
9634
96
96
Preferred
8234
'8234
8234
8234
8234
8214
Canadian Pacific.
23034
23134
235
23534
23334
23434
Chesapeake & Ohio..,,
5734
58)4
58)4
59
5834
58)4
Chicago Great Western
12
12
12
12
...
12
12
Chicago Mllw. & St. Paul..102
103
104
105
104
104
Denver & mo Grande
1834
18 34
18 34
1934
19 34
19
Preferred
3034
31 '
31
33
81)4
81)4
Brie—
2634
27H
2834
2834'
2834
2834
*
First preferred
!
4234
43 J4
44%
44%
44
44
Second preferred—
3434
35 * ■
35)4
3734
37
3534
Week ending Oct. 24.
the Lowell bank, and that
*
closing quotations for securities, &c., at London,
London,
with the efforts of the Columbus
chased six promissory notes
•
English Financial Markets—Per Cable.
reports, alleged that on Oct. 19 1910
check for $140,200
a
.
^Xjouctavij|©DtuuxcrciulgtiolisTt|Jjeurs
result of the note transactions concerned in the
indictment would be $150,000.
wiU be made with them so that invitation
will be extended to the stockholders
of the Southern National.
$200,000, although it was stated that the
was
stockholders of the Murehison, it is understood
to become shareholders
charged
having aided and abetted Metcalf in the misapplica¬
tion of funds.
The total amount mentioned as having been
as a
The Wilmington "Star"
(capital $200,000).
that arrangements
with
misapplied
The issuance of
Sept. 25.
on
that, while the proposed issue will be taken largely by
states
Allen, of the banking firm of James F. Allen & Co.; Henry
actual loss
the question of increasing the capital
capital by the Murehison National has been expected,
National Bank
formerly President of the Columbus Securities Co.; James F.
floated the Mexican National Packing Co.; they were
on
$1,000,000, in accordance with the recom¬
following the consolidation with it on Sept. 12 of the Southern
included with him in the indictment—Orrion R. Farrar,
De Kay
of acting
new
misapplying the funds of the bank. Four bankers of New York
E.
Wilmington, N. C., is to be held on Nov. 4 for the
purpose
mendation of the directors
against Edward P. Metcalf, former President of the insti¬
tution,
On the 10th inst, he was arraigned on a charge of
were
meeting of the stockholders of the Murehison National
Bank of
from $825,000 to
April 14, several charges have been preferred
on
location in the Munsey
-
A
Atlantic
.
Building, Calvert St., corner of Fayette St.
Commissioner of Banking and
Insurance for the State of New
Treasurer of
Middendorf, Williams & Co., Inc., of Baltimore, announce
ex¬
George
clusively by the Government for money orders..
Mason La Monte, his son, is
as
Pittsburgh to become Treas¬
Savings and Trust Co. of Indiana, Pa.
of the
the 19th inst. at his home in Bound Brook,
who
his resignation
Mon.
Sat.
Tues.
.
,
alleged to be valueless.
,
handing down of two new indictments
—
of the counts in the'
original indictment has been nolle prossed.
This is the
by the grand jury
on
the 16th,
one
seventeenth count, which charged
John W.
The
*
Henry E. De Kay and
De Kay with aiding and
Providence
abetting Mr. Metcalf.
says:
.
The nol pressing of the seventeenth count of the first
DeKays out of that charge altogether,
concerned, but they
covers
are
indicted
on
so
far
indictment takes the
the original presentment is
indictment which .not only
as
another
that point but seventeen other counts as well.
Farrar and Allen
are
-
—
"Journal"
Messrs. Metcalf,
•
Great Northern,
Illinois Central
Louisville & Nashville— —135
Missouri Kansas & Texas—
Preferred
left to face three indictments.
Of the three indictments
and the other two
Missouri Pacific
one
is said to charge
conspiracy
misapplication.
Nat. RR. of Mex., 1st
Second preferred-
at the instance of the
20th inst.
Comptroller of the Currency on the
As stated above,
ments which
Providence, the
name
of the Lowell insti¬
tution figured in one of the note transactions in the
statement
as
Provi¬
A
involving the control of the Lowell bank.
follows has been issued by
H. Nelson of the Traders'
President Clarence
National concerning the closing
*
of his institution:
The closing of the Traders' National Bank of this city
fcion of circumstances.
The
is due to a comblmarked decline in the market value of bonds
58
58
29
29
pref—
11034
«
12734
HI 34
136
21J4
13534
2034
58
31
58
2934
12 34
9634
12 34
9734
1334
9834
13
99
28
2834
2834
2834
10534
10534
10534
Western
&
Northern
Pennsylvania
Reading
Company
a
First preferred
a
Second preferred
Island
—
Railway
—
22
77
PreferredUnion
5634
82
42
46 34
1234
8834'
Southern Pacific
Southern
10934
5634
82 34
42
46 34
13
8934
2234
10834
Pacific
a
a
Rock
87
87
Preferred
78
15434
15234
Pacific
106
U. S. Steel
84
Corporation
Wabash-
———-——
Preferred
Extended
Price
5734
5534
10834
334
934
4s
334
934
5034'
5034
/
a
84
108
Preferred
'
per
flat prices.
o
13534
21
127
HO
13534
2034
5734
2934
58
30
share." 6 £ sterling,
.
H134
57
84
43
10934
56 34
83
4234
46 34
1334
9034
2334
1434
9034
2334
78
15534
5934
109
4
934
5034
Ex-dividend,
28
10634
-
HI
H034
56 34
82 34
42)4
47
1334
89
2234
7834
7834
15634
15434
84
84
.
c
1134
9834
1234
9834
28
10634
86
88
'
Preferred
,
127
10934
—
N. Y. Central & Hud. Riv-
ip the reference to the indict¬
developed with the suspension of the Atlantic
National Bank of
dence bank
closed
2034
126
N. Y. Ontario & Western—
Norfolk
The Traders' National Bank of Lowell, Mass., was
125.34
110
13534
2034
preferred.,12434
——10934
56
83 34
4234
1334
8934
2234
79
155 34
8434
84
6034
5834
110
434
1034
52
10934
434
1234
5134
5834
109
,
"
-
434
1134
5134
"
d Quotations here given are
1183
THE
CHRONICLE
Commercial amT^IisceHaiieowsflews
>yWVW>^<VWVVVVVWVVWftiVVVWWVWW»WVWWVVyS/VWVVVWVVyWVWVVVW^VW^WWWWMWMI
DIVIDENDS.
"
The following shows all the dividends announced for the
future by large or
important corporations.
Dividends announced this week
are
Per
Name of
Company.
Cent.
Elmira &
Willlamsport,
common
printed in italics.
Books Closed.
Payable.
Days Inclusive.
Dec.
2
Nov.
3
Nov.
1
1
: rec
1
21
Nov.
1
21
to
Oct.
2X
Nov.
6
26
to
Nov.
2
Nov.
7
2X
Nov.
7
IX
Nov.
1
First and second preference
Northern (quar.)
18
Oct.
23
Oct.
23
to
Nov.
Nov. 10
,
Dec.
19
,
Nov. 19
.
Northern
IX
Nov.
75c.
Pitts. Cln. Chic. & St.
L., com.&pf. (qu.)
Reading Company, common..—•
Reading Co., 1st pref. (quar.)
Seaboard Air Line, preferred
Southern Railway, preferred.
1
,
Nov. 29
IX
Oct.
25
,
2
Nov. 13
.
1
Dec.
1
Nov. 15
2X
11
.
6
2
27a
Oct.
Nov. 30
Oct.
31a
Oct.
10a
Nov.
1
Oct.
15a
Oct.
28a
,
7
Oct.
Street and
Electric Railways.
American Railways, pref. (guar.)........
Brazilian Trac., Lt. & Pow., Ltd. (qu.)
Cape Breton Elec. Co., com. (No. 8)____
Preferred (No. 15)
Columbus (O.) Ry., pref. (qu.)
(quar.)
Cumberl'd Co.( Me.)Pow.&Lt., pf. (qu.)
Easton (Pa.) Consolidated Electric
*
East St. L. &
Sub., pf. (qu.) (No. 30)..
Grand Rapids Ry., pf. (qu.) (No. 52)._
Havana Elec. Ry., Light & Power, com.
Preferred
_
Jacksonville Trac., com.
(qu.)
(No. 11)
Preferred (quar.) (No. 11)
Lehigh Valley Transit, preferred.
Lewiston Augusta AWat. St.
Ry., pf. (qu.).
(guar.)
Lincoln (Neb.) Traction, pref.
Mexico Tramways (quar.)
Milwaukee El Ry.&Lt.,
pf.(qu.) (No.56)
Monongahela Valley Traction, common..
Montreal Tramways (quar.)
Philadelphia Co., com. (quar.) (No. 128)
Cumulative
Nov. 15
i a
Nov. 20
of rec. Oct.
31
Nov.
of rec. Oct.
21a
S3
(No, 56)
Com'wealth Pow., Ry. & L., com. (qu.)
Preferred
IX
S3
preferred
__
Public Serv. Invest., pf.
(qu.) (No. 18).
Railways Co. General (quar.)
Rio de Janeiro Tram., L. & P. (quar.)...
Sao Paulo Tram., L. & P. (qu.) (No. 47)
Sierra PaC. Elec. Co., pref. (qu.) (No. 17)
Toledo Bowling Green A Sou. Tr., pf. (qu.)
Nov.
1
of rec. Oct.
21a
IX
Nov.
1
of rec. Oct.
15
1
Nov.
1 Holders of rec. Oct.
IX
IX
Nov.
1 Holders of
Oct.
17 a
Nov.
1 Holders of rec. Oct.
20a
rec.
17a
2
Nov.
3
of rec. Oct.
23
IX
Nov.
1
of rec. Oct.
15
IX
2X
Nov.
1 Holders of rec. Oct.
15
Nov. 15 Oct.
26
to
Nov. 15
3
Nov. 15 Oct.
26
to
Nov. 15
IX
IX
Nov.
1 Holders of rec. Oct.
15a
Nov.
1 Holders of
15a
rec.
Oct.
1
Nov. 10 Holders of rec. Oct.
IX
Nov.
1 Holders of rec. Oct.
15
IX
Nov.
1 Oct.
31
IX
IX
IX
2X
-
31a
of rec. Oct.
1
Nov.
Oct.
1 Oct.
22
to
23
31 Holders of
31
Oct.
to
Oct.
31a
rec.
Oct.
20a
Nov.
1 Oct.
Nov.
3 Holders of rec. Oct.
IX
Nov.
1 Holders of rec. Oct.
3
Nov.
1 Holders of
rec.
Oct.
la
Nov.
1 Holders of
rec.
Oct.
15 a
nx
28
to
Nov.
2
15a
la
i
Nov.
1 Oct.
Oct.
31
IX
Nov.
1 Holders of rec. Oct.
15
2X
nx
Nov.
1 Holders of rec. Oct.
15
Nov.
1 Holders of rec. Oct.
15a
IX
IX
Nov.
1 Oct.
21
to
Oct.
31
Nov.
1 Oct.
25
to
Nov.
American Exchange National.
5
Nov.
Bowery (quar.)
Extra
3
Oct.
31 Oct.
28
to
3
Oct.
31 Oct.
28
to
West Penn
Rys., pref. (quar.) (No. 32)..
22
to
2
Banks.
,
_
Corn Exchange (quar.)
Fidelity...
•
;
Germania
•
_
(quar.)..
Oct.
Oct.
21
31
31
4
Nov.
1 Holders of rec. Oct.
31
3
Nov.
1 Holders of rec. Oct.
29a
10
Extra
Pacific
1 Holders of rec. Oct.
1 Holders of rec. Oct.
23
2X
Nov.
1 Holders of rec.
23
2
Nov.
Nov.
1 Oct.
2
Nov.
15
to
Oct.
Oct.
31
Trust Companies.
Astor (quar.)
Broadway
Miscellaneous.
to
Oct.
Lowell Electric Light (quar.) (No. 70)..
2
Nov.
Massachusetts Gas Cos., common
(quar.)
Massachusetts Gas Cos., preferred
McCall Corporation, common (guar'
Mexican Light & Power, pref
Miami Copper (quar.) (No. 7)
National Carbon, preferred (quar.)
National Lead, preferred (quar.)
1
Nov.
1 Holders of rec. Oct.
25
1 Oct.
31
Nov.
Nov. 15
rec.
12
to
Nov. 15 Holders of
Oct.
rec.
Oct.
2X
2X
Nov. 15 Holders of rec. Oct.
16
Nov.
1 Oct.
Nov.
1 Holders of rec. Oct.
26
Nov. 15 Nov.
6
to
31a
2
Nov.
to
IX
IX
31
Oct.
to
la
Nov.
35
31 Oct.
15
Oct.
Nov. 30
to
25
Nov. 16
Dec. 15 Nov. 22
to
Nov. 25
Nov.
1 Oct.
29
to
Nov.
Nov.
1 Oct.
18
to
Oct.
31
Nov.
1 Oct.
25
to
Oct.
31
Osceola
...
Yarn, pref. (qu.)_.
B.) Coal, 1st pref
Consolidated Mining
Pacific Coast Co.,
First
preferred
Second
(quar.)
(quar.)
»-
com.
$2
(quar.)
preferred
Pacific Power &
(quar.)
...
Light, pref. (qu.)(No.l3)
Packard Motor Car., common.
Oct.
9a
1 Oct.
21
to
Nov.
2
Nov.
1 Oct.
21
to
Nov.
IX
Nov.
1 Oct.
21
to
Nov.
IX
Nov.
1 Oct.
24
to
Oct.
31
Oct.
16
21
15)
Pressed Steel Car, pref. (qu.) (No.
59)
Procter & Gamble, common (guar.)
Nov.
1 Holders of
rec.
Oct.
Nov.
1 Holders of
rec.
Oct.
18a
25a
Oct." 24
IX
Nov.
IX
Nov. 19 Oct.
1
30
Oct.
Nov. 15
Nov. 15 Holders of rec. Oct.
XX
Nov.
1 Oct.
IX
Nov.
1 Oct
Pullman Company (quar.)
2
...
*
...
Stewart-Warner Speedomet .Corp.,com .(qu.)
Preferred (guar.)
Taylor-Wharton Iron & Steel, pref. (qu.)
Texas Power & Lt., pref. (qu.) (No. 6).
Trenton Potteries, non-cum.pf.(qu.) (No.55)
United Cigar
Mfrs., common (quar.)
United Cigar Stores of Am.,com.(qu.) (No A
United Dry Goods Cos., com. (quar.)..
United Equities Corp., pref. (No. 2)
United Fruit (extra)
*
U. S. Bobbin & Shuttle, pref. (quar.).
U. S. Realty & Impt. (quar.)...
U. S. Rubber, common (quar.).
First preferred (quar.)
Second
...
preferred
(quar.)
Utah Consolidated Mining:
Vacuum Oil
Vulcan Detinning,
Washington
Oct.
31
e
Nov.
2
g
Oct.
31a
rec.
Oct.
15a
IX
Nov. 15 Holders of rec. Nov.
Oct.
Nov. 15 Holders of rec.
31 Oct.
24
to
IX
Nov.
IX
Nov. : 1 Holders of
IX
IX
Nov.
Nov.
1
Oct.
1
Nov.
xx
Nov. 15 Nov.
8a
Oct.
31
fl [Oct.
31
1 Holders of rec. Oct.
20
rec.
Oct.
1 Oct.
16
to
Oct.
31
1 Oct.
26
to
25 Holders of
1 Holders of
Nov.
la
1
20
Oct.
31
rec.
Oct.
16a
rec.
Oct.. 24a
Nov. 16
to
1 Holders of rec. Oct.
25a
3X
Nov.
1 Holders of
rec.
Oct.
20
2
Nov.
1 Holders of
rec.
Oct.
20a
IX
Nov.
1 Oct.
21'
to
Oct.
31
23a
xx
Nov.
1 Holders of
rec.
Oct.
XX
Oct.
31 Holders of
rec.
Oct.
15a
2
Oct.
Oct.
15a
Oct.
31 Holders of
31 Holders of
rec.
xx
reo.
Oct.
15a
Nov. 25 Holders of
rec.
Nov.
Nov.
1 Holders of
rec.
Oct.. 15
Nov.
1 Holders of
rec.
Oct.
15
31 Holders of
rec.
Oct.
15a
Oct.
h
1
Nov. 20 Holders of rec. Nov. 6a
Nov. 15 Nov.
$4
Oil
1 Holders of
XX
2X
4
Willys-Overland, common (quar.);
Woolworth (F. W.) Co., common (quar.)
Worthington (Henry R.), preferred
to
rec.
Nov.
21
Westlnghouse Eiec. & Mfg., com. (quar.)
White(J.G.)&Co., Inc., pf.(qu.)(No.42)
31
Nov. 29 Holders of rec. Nov.
3
..........
Nov. 15 Holders of rec. Oct.
Nov. 15 Holders of
X
prefernd.m.m
Warwick Iron A Steel
31
IX
1-6
'
....
31
Oct
to
to
IX
50c.
Utilities Improvement, com. (monthly)_.
Preferred' (monthly)
31
Oct.
19
19
IX
2
_
15a
31
to
to
4
Quaker Oats, preferred (quar.)
Sears, Roebuck & Co., com. (quar.)
Sicgel Stores Corporation, pref. (guar.)
Silversmith's Co. (quar.)
Southern Cal. Edison, com. (qu.) (No. 15).
Standard Milling, preferred (No. 21)____
2
Nov. 25 Holders of rec. Oct.
Oct. 25 Holders of rec. Oct.
W
Public Service of Nor. 111., com. (quar.)..
Preferred (quar.)...__
(No. 187)
2
rec.
IX
IX
rec.
Holders or
w.
2
Pittsburgh Coal, preferred (quar.)
Gas&Coke, pf. (qu.) (No.
31 Holders of
Nov.
IX
2X
.
P'tland (Ore.)
Oct.
2
IX
40 g
....
Penmans, Limited, pref. (quar.)
Pennsylvania Steel, preferred
People's Gas Light & Coke (quar.)..*...
to
IX
Nov. 24 Holders of rec. Oct.
IX
Nov. 15 Holders of rec. Nov. la
Nov.
1 Holders of rec. Oct. 15a
IX
1
Oct.
IX
Nov.
30 Holders of
31
rec.
Oct.
rec.
Sept. 30a
1 Holders of rec.
20
Oct.
XX
Nov. 10 Oct.
to •
ct.
xx
Dec.
1 Holders of
rec.
Nov.
3X
Nov.
1 Holders of
rec.
Oct.
26
.
,
Nov. 16
to
1 Holders of
Dec.
1
*
;
28
8a
20
a
Transfer books not closed for this dividend.
6 Less income tax.
.
At rate of 7% per.annum for period Apr. 15 to Nov.'30 1913.
Payable in common stock,
d Correction.;
/ Payable in stock.
h On account of accumulated dividends.
25a
30 Oct.,
30 Oct.
15
Oct.
15
to
Oct.
29
IX
Oct.
30 Oct.
15
to
Oct.
29
2
Nov.
3 Holders of rec. Oct.
16
Nov.
3 Holders of rec. Oct.
16
com. (quar.)
American" Malt Corporation, preferred..
American Malting Co., preferred.
Glass, preferred
$1.24
29 Oct.
19
tp
Oct.
1 Oct.
22
to
Nov.
2
Nov. 15 Holders of rec. Nov.
1
Oct.
to
Oct.
7
Nov. 25
Bond & Mortgage Guarantee (quar.)
Brill (J. G.), pref. (quar.).......
4
Nov. 15 Holders of rec. Nov.
IX
Nov.
1 Oct.
Brown
IX
IX
IX
IX
IX
Nov.
1 Holders of rec. Oct,
...
Shoe, Inc., pref. (guar.)
Bros., common (No. 1).__
(quar.) (No. 3).
Cambria Steel (quar.)
■
Canada Cement, Ltd., pref. (qu.) (No.15)
Canadian Car & Foundry common.
Canadian Car & Foundry, pref. (quar.)
,
Canadian
Nov. 16 Nov.
IX
Oct.
29
same
to
Oct.
1
rec.
to
1 Holders of rec.
25 Holders of
rec.
Oct.
31a
Nov. 10
Oct.
31a
Sept. 30a
Vancouver
Dec.
Nov.
IX
IX
X
Oct.
Cuyahoga Telephone Co., pref. (quar.).
Distilling Co. of America, pref. (quar.)..
Dominion Bridge
2
Nov. 15 Holders of rec. Oct.
IX
Nov.
Consolidation Coal (quar.).
....
(guar.)
DominionSteelCorp.,Ltd.,pf.(qu.)(No. 7)
duPont(E.I.)deNemours Powd., pf.(qu.)
Edison El. Ill of Boston (quar.) (No.
98)
Edison Elec. 111. of Brockton (No.
52)..
Elec. Securities Corp., pref. (quar.)
Electric Bond & Share, pf. (qu.) (No. 34)
Emerson-Brantingham, pref. (quar.)....
Eureka Pipe Line (quar.).....
Fall River Gas Works (quar.) (No.
76).
Federal Sugar Refining, com. (quar.)
(quar.)
Worth Pow. & Lt., pf. (qu.)
(No. 9)
General Chemical, common (quar.)
General Motors, preferred
Goldfield Consolidated Mines
Extra
(quar.)
pref. (quar.)
Illuminating A Pow. Secur.,pf.(qu.)(No. 5)
Indiana Pipe Line (quar.)
Corporation
Hamilton
24a
Calgary
1 Holders of rec. Oct.
24a
1 Oct.
16
25 Oct.
16
to
Nov.
to
St. .John..-
-------
Edmonton
15a
Reglna
11a
Brandon------
31
Lethbridge
—
-------
Oct.
Oct.
26
1 Holders of rec. Oct.
15
Brantford—
Nov.
1 Holders of rec. Oct.
15a
Fort William
IX
IX
Nov.
1 Oct.
26
to
Nov. 12
New
Nov.
1 Oct.
19
to
Nov.
Medicine Hat
IX
Nov.
1 Oct.
18
to
Oct.
$10
Nov.
$3
Nov.
1 Holders of rec. Oct.
1 Holders of rec. Oct.
IX
IX
IX
IX
3X
2X
»
29a
Oct.
31 Holders of rec. Oct.
29a
Nov.
1
Dec.
1 Holders of rec. Nov. 19
Oct.
21
to
Nov.
1 Holders of rec. Oct. 15a
31 Holders of rec. Sept. 30a
Oct. 31 Holders of rec. Sept. 30a
Nov. 13 Holders of rec. Nov. 11a
to
to
65c.
Oct.
1 Oct.
18
Nov. 25
Nov.
25 Holders of
—2.2
Moose Jaw
-
Westminster
2
Auction
not
auction in New York, Boston and
Co
Percent.
-
lOOTroetel
Burglar Alarm-Lock
-..$25 lot
1 N. Y. Life I. & Trust Co. —1000.
Nov. 15 Holders of rec. Oct.
31
1 N. Y. Soc. Library
Nov. 15 Holders of rec. Oct.
18
16
to
Nov.
4-16.6
1,670,911
+ 10.3
598,781
799,209
1,622,963
924,384
549,582
—8.4
—23.4
+ 1.0
—23.9
648,285
—3.5 165,258,833 140,402,140
15a
2
were
recently sold at
Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Shares.
31
1 Oct.
—17.8
1,827,761
2,862,259
5,589,165
1,596,541
2,881,877
1,449,246
3,732,817
—9.2
43,707,771
36,875,837'
26,654,905
9,987,485
4,176,766
2[,322,090
1,848,219
2,365,088
3,113,ai9
1,473,175
2,169,192
1,378,758
1,860,207
1,252,920
687,231
529,177
Sales.—Among other securities, the following,
15a
Nov.
—7.8
—13.2
usually dealt in at the Stock Exchange,
1 Holders of rec. Oct.
1 Oct. 19
to
Oct.
Nov.
—0.4
3,423,033
2,209,397
4,029,187
5,458,000
1,885,421
4,104,608
1,710,947
4,93?,151
2,632,624
686,340
794,870
2,427,843
1,460,228
665,077
694,164
198,433,658 205,735,460
Total Canada
20
Nov.
50,877,148
37,092,194
31,469,571
11,445,658
4,821,252
2,799,229
—4.4
+ 23.3
—18.8
1,970,384
—21.4
1,147,183
706,351
+ 6.2
1,165,907
+ 67.4
535,083 Not incl. in total
605,589 Not incl. in total
rec. Oct.
1 Holders of rec. Oct.
62 He. Nov.
2X
31
Oct.
Nov.
$4
Oct.
—12.0
4,471,29.2
757,500
604,851
—-
—12.3
18a
Oct.
Nov. 25 Nov. 12
XX
IX
15a
31 Holders of
rec.
1910.
31
Oct.
IX
75c.
2
— -
Saskatoon
Nov.
1911.
68,192,936
47,847,475
34,618,685
13,491,182
4,957,216
1,726,259
3,142,612
1,728,588
4,056,732
3,068,060
—
Victoria----
25a
1
or
Dec\
1912.
59,787,975
45,726,234
42,700,787
11,868,547
4,371,716
3,411,170
2,036,242
3,499,344
London——-
IX
10c.
.
Oct.
15
31 Holders af rec, Oct.
31 Holders of rec. Oct.
31 Holders of rec. Oct.
- -
i
3
50c.
Guanajuato P.&E., pf. (qu.) (No. 21)..
Homestake Mining (monthly) (No. 467)
Houghton Co. Elec. Lt., com. (No. 17).
Preferred (No, 22)
Oct.
*
--i-
Quebec
1 Holders of rec. Oct:
1 Holders of rec. Oct.
15 Holders of rec. Nov. 30
1 Holders of rec. •Oct. 18a
j,—
Ottawa—
$4
30c.
j.
Nov.
--
Winnipeg
2
v_
,
■'
%
Montreal.--Toronto
Nov.
.......
the aggregate of
•
Canada—■
IX
IX
(e)
Commonwealth Edison (quar
in
.
Inc.
1913.
Nov.
<
decrease
-
26a
X
(monthly)
Claflin (H. B.), first pref. (quar.).
Second preferred (quar.).......
Colorado Power, preferred.
a
Clearings at-
8
Halifax
Preferred
1912, shows
31
Oct.
5-i2
week of
3.5%.
Nov. 15 Holders of rec. Oct* 31
25 Oct.
16
to
Oct. 26
Nov.
1 Holders of rec. Oct.
15
1
Clearings.—The clearings for the week
ending Oct. 18 at Canadian cities, in comparison with the:
Week ending October 18.
26
Nov. 15 Holders of
Dec.
Bank
Canadian
28
Nov. 15 Holders of rec. Nov.
1
Nov.
1 Holders of rec. Oct. 21
2
A
Converters', Ltd. (quar.)
Chicago Pneumatic Tool (quar.)
Cities Service, common (monthly)
1
IX
3X
26
(quar.)...
International Banking
24a
3 Holders of
Dec.
IX
29
Common (payable in common stock)..
Illinois Northern Utilities
1 Holders of rec. Oct.
Nov.
2
1 Oct.
Elec,, pref. (qu.) (No. 27).
Gorham Mfg. Co., common
Great Northern Ore Properties
31
31
New England Cotton
Newton (Geo.
1 Oct.
Preferred
Preferred
16
Oct.
New Central Coal...
Nov.
Oct.
Ft.
to.
XX
50c.
Municipal Gas, Albany, N. Y. (quar.)
Municipal Service, pref. (guar.).....
22
2
3X
_
Milwaukee & Chicago Breweries, Ltd.__
Light, Ht. A Pow. (qu.) (No. 50)
Montreal
Nov.
Nov.
Preferred
24
31 Oct.
.
1
Burns
5 Holders of rec. Oct.
Nov.
31
IX
IX
2X
2X0
*'
31
1 Oct.
25a
Graphophone, pref. (qu.) (No. 62)
American Window
20a
Nov.
1 Holders of rec. Oct.
Amer. Dist. Teleg. of N. J. (quar.)
Traction,
15a
rec. Oct.
1 Holders of rec. Oct.
3 Holders of rec. Oct.
IX
1 Oct.
Amer. Gas &
Amer. Light &
1 Holders of
Nov.
Nov.
Nov. 29
Nov.
Amalgamated Copper (quar.)
American Bank Note, com. (quar.)
American Cigar, common (quar.)
Amer.
Nov.
IX
rec.
Nov.
4
IX
3
1 Holders of
Nov.
Oct.
1
Dec.
Dec.
IX
to
to
IX
$1.50
(quar.)
1 Nov. 15
Oct.
12 X
3
26
Dec.
Nov.
1 Oct. 15
2
to
NOV.
Nov. 15 Holders of rec. Nov.
5
Nov.
1 Holders of rec. Oct. 22
Nov.
1 Holders of rec. Oct.
15a
X
IX
1 Holders of rec. Oct. 27a
1 Oct. 22
to
Nov.
2
(quar.)
Farmers' Loan A Trust (guar.)
Hamilton, Brooklyn (guar.)...
.■
Kings County, Brooklyn (quar.).......
Nassau, Brooklyn (quar.)
Books Closed.
Days Inclusive.
Lackawanna Steel, preferred,
(guar.).:
Loose-Wiles Biscuit, 2d pref. (qu.)
Nov. 25a
Nov. 15
to
30
Oct.
6
to
1
(guar.)__
31
to
XX
(quar.).,.
2
Nov.
to
2
Pennsylvania
24a
Oct.
Missouri Kansas A Texas, preferred
Norfolk A Western, common (guar.).
Norfolk & Western adj. pref. (quar.)__..
Pacific
31a
Nov. 10
to
When
Payable.
50c.
(No.6)
Oct.
Nov. 10
Per
2X
IX
Island Creek Coal, common
(quar.)
City Stock Yds. of Me., pf. (qu.)..
xcvii.
Cent.
4
Kansas
La Belle Iron Works, common
When
ix
2X
Great
Miscellaneous (Concluded).
International Nickel, common
(quar.).—
Preferred (quar.)
Internat. Smokeless P. &
C., pref
City Stock Yds. of Mo. (quar.)
Kayser (Julius) & Co., 1st & 2d pf: (qu.)
Kellogg Switchboard A Supply (quar.)
Keystone Telephone, preferred (No. 1)..
2.26
Georgia Southern & Florida, 1st & 2d pref.
Grand Trunk, guaranteed stock
Name of Company.
Kansas
Railroads (Steam).
Atchison Topeka & Santa Fe, com. (qu.)
Atlantic Coast Line RR., pref
Central RR. of N. J. (guar.)
Cincinnati Sandusky & Cleveland, pre!..
[Vol.
right,
50 Born
Cafe
Co.
11 Lehigh Val. Coal Sales
Mg.
Co.,
$5
...46c. per sh.
6,000 Stewart Mg.
Co.;
$1
each,
$1 56 per sh.
J
20 Venetia Co.—*—-
-$5 lot
"
par
.<
*5
$25
•
Per cent.
Copper
each-.
-
200 Maryland Coal Co. of W. Va.
SH
2 Bank of Manhattan Co
321
.
Shares.
4,634 Ohio
..$5 lot
209 X
•
.
Bonds,
,
'
'
•
'
i
■
■
*
I
'
'
-
,
't. 1
i
Per cent.
$10,000 Maryland Coal Co. of W.
Va. deb. income 5s, ,1941
65
-
Ocis.
1183
CHRONICLE
THE
1913.]
25
OF TRUST COMPANIES.
DETAILED RETURNS
& Co., Boston:
By Messrs. Francis Henshaw
"
Mares.
-.
Shares.
5 Merrimack Mfg.
-
By Messrs. Barnes &
75,
Lofland, Philadelphia:
bonus
4 Internat.
Telegraphophone Co.,
---<22^
$10
Fhlla., $10 each.
25 Belmar Co. of
200 Salisbury,
332 Glen
CRCtl
60
Md., Wat. Co., $25
Willow
•»
L
Ice
Col.-Knicker__
People's
«•
10
10
59
10
4
53
22
100
22
1948.
20
—
12
6s, 1917
13 Interstate Rys., com
A. Schweyer Co., pref
20 Henry
15 Amer. Pipe & Constr.
29)4
1
6,959,0 15.3 + 11.0
8,478,0 15.2+ 9.5
12,042,0 15.1 + 12.7
11,447,0 15.2 + 10.2
The capital of the trust companies is as follows: Brooklyn, $1,500,000; Bankers',
$10,000,000; United States Mortgage & Trust, $2,000,000; Astor, $1,250,000; Title
Guaranty, $10,000,000; Fidelity, $1,000,000;
$4,000,000; Columbia-Knickerbocker, $2,000,000;
$5,000,000;
Trust,
&
Guarantee
Lawyers' Title Insurance A Trust,
People's, $1,000,000; New York, $3,000,000;
000,000; Metropolitan, $2,000,000; Broadway,
Franklin, $1,000,000; Lincoln, $1,-,
$1,500,000; total, $46,250,000.
BOTH BANKS AND TRUST COMPANIES.
SUMMARY COVERING
On Dep.
Week
1
$
Averages.
with C.H.
Net
Banks.
Deposits.
$
$
$
$
Legal
Tenders.
Specie.
Loans.
Surplus.
Capital.
ending
Oct. 18.
'
%
$
1,332,242,0
419,805,0
Trust cos.
133,650,0 210,134,2 1,346,468,0 271,289,0
570,509,0 56,860,0
46,250,0 95,626,0
f
70,909,0
6,610,0
48",987",0
Total...
179,900,0 305,760,2 1,916,977,0 328,149,0
77,519,0
48,987,0 1,752,047.0
1,336,456,0 268,761,0
568,580,0 59,111,0
71,690,0
1,905,036,0 327,872,0
78,233,0
Banks
f
»
,
Banks
Per cent.
Trust cos.
1,320,198,0
422,561,0
48,686~0
6,543,0
$1,000 Springfield Water 5s, 1926.. 91H
Total
...
48,686,0 1,742,759,0
Co...... 45
national banks is from the office of the
Currency, Treasury Department:
VOLUNTARY
"
-
•
.
.
.
..
•
.
regarding
Comptroller of the
Banks.—The following information
National
15.0+10.1
Actual.
Philadelphia:
Bonds.
Oct. 18.
Actual figures
$3,000 Colo. Gold. M. Smelting 1st
$ per sh.
15.3 + 10.5
14,960,0 15.0+10.8
30,147,0 15.2 + 10.2
6,543,0 48,686,0 422,561,0 15.5 + 10.3
By Messrs. Samuel T. Freeman & Co.,
Shares.
15.2+9.8
15.7 + 11.3
568,580,0 59,111,0
330-330^
..242
50
15.0+13.0
14.5 + 10.1
14.8 + 10.9
5
...
Co
9.7
15.0+10.0
6,610,0 48,987,0 419,805,0 15.1 + 10.4
....
1 2d & 3d Sts. Pass. Ry
1,252,0
4,266,0
1,861,0
3,432,0
870,0
897,0
1,755,0
1,310,0
15.0+
18,941,0
97,995,0
27,310,0
13,454,0
21,398,0
102,610,0
5,772,0
10,623,0
37,669,0
Totals, average 95,626,0 570,509,0 56,860,0
.
Broadway
$1,000 Union Canal Co. of Pa. 6s,
Nov. 1857 coupons on.±......_$1 lot
$5 lot
$1,000 Southern RR. Co. 6s, due
280
1867
$1 lot
Union Transfer Co., $25 each., 45
S1,000 E. St. Louis & Sub. Co. coll.
Stand. Ice Mfg. Co., pref..—, 50
tr. 5s, 1932^....
92
Stand. Ice Mfg. Co., com.,— 10
$1,000 Rochester Ry. & Lt. Co.
Corn Exch. Nat. Bank.
.280
cons. 5s, 1954.
987A
Fourth St. Nat. Bank
---.295
$1,000 Standard Ice Mfg. Co. 1st
Market St. Nat. Bank
.181
5s, 1929..
60
Miners' Nat. Bk., Pottsvllle,
$1,000 Jenkintown & Cheltenham
$50 each....
95
Gas Co. 1st & ref. 5s, 1933...... 99)4
Phlla. Nat. Bank.
450)4-450^
$200 Sun. Haz. & W.-B. 1st 5s,
Franklin Tr. Co., $50 each.
54
1928..
102-102
Guarantee T. & S. D. Co., 150-15034
$100 City of Phila. 4s, 1940.
..101y8
Rlttenhouse Tr. Co., $50 each. 55
$100 Peoria Wat. Wks. deb. 4s,
.
Fire Assoc. of Phil., $50 each,
10 Amer. Pipe & Constr.
2,638,0
995,0 11,156,0
256,0
808,0
339,0
720,0
431,0
198,0
138,0
224,0
9,0
531,0
%
$
$
704,0 2,056,0
199,0 10,937,0
643,0 4,180,0
90,0
1,569,0
1,133,0
Reserve,
Metropolitan
.
„
7
24
Average.
$2,000 Berwyn Wat. Co. 1st 6s, *20 101
$2,000 Harbor Mills Co., Egg Har¬
bor, N. J., 6s, 1921............ 85
$250 Clev. & Erie RR. Co. 1st 5s_„ 50
$5,000 Statesville, N. C., Gas Co.
1st 6s, 1937..........
M~fg" Co","$10
Lincoln
Deposits.
Banks.
$2,400 Sun. Haz. & W.-B. Ry. 2d
6s, 1938
........114-113
34 Bank of North Amer
10
:
New York....
Per cent.
.
Chester""vail".""rr7"do""§50
each
......
Franklin
lot
$1 each
Guaranty
LawyersT.I.&T
10
.....
Title Guar. &T.
Fidelity
Young-Smyth-Field Co., pref.
$10
Bonds.
$1
Gold M. Co.,
100 Columbus Cons.
Co...'
each
Co., com.,
$50 each
5 Am.
5
140
95
_
33 Blalsdell Paper Pencil Co.,
36 H
3 Internat. Ed. Pub.
Camden Ferry
6 De Long Hook & Eye
pref.,
Ed. Pub. Co.,
$50 each
&
$50 each
d224
—...
Astor
% per sh.
Co.,
Shares.
5 Phila.
Bankers
U.S.Mtg.&Tr.
Net
withC.H.
$
$
3,699,7 23,782,0 2,143,0
14.860.0 119,972,0 14,519,0
4.376.5 36,266,0 3,456,0
1,869,0
1.266.6 19,047,0
11.437.1 34,060,0 2,047,0
14,682,0
156,669,0
23.672.2
651,0
7,435,0
1.330.5
5,614,0 16,198,0 1,295,0
7,125,9 45,750,0 4,933,0
1,821,0
1.543.6 16,059,0
11,993,2 43,651,0 4,414,0
928,0
8,784,0
1,197,3
9,718,0 1,068,0
528,4
1,820,0
6,156,6 21,159,0
1,214,0
824,4 11,959,0
Brooklyn
On Dep.
Average. Average.
$
$
Legals.
Specie.
Loans.
Average.
$ per sh
$5,652 lot
S per sh.
Tippecanoe Secur. Co., pref.,
$25 each with 14 common stock
14
Boston:
229 Bertelsen & Peterson Eng. Co.,
Shares.
Surplus.
Trust Cos.
00s omitted.
Shares.
S per sh.
Co., pref— 85
Co
101)4
|$6,000 Lynn & Boston 5s, 1924
60
By Messrs. R. L. Day & Co.,
2 Kinney Mfg.
PerCent.
§ per sh.\Bonds,
■
Co__.
19 Realty
State
The
of the
returns
the whole
in
Department also
State banks and
furnishes weeklj
trust companies under its
this class
These returns cover all the institutions of
charge.
LIQUIDATIONS.
10,311—-The Kiowa National Bank of Snyder. Okla., Sept. 13 1913.
To be
succeeded by the KiOwa State Bank of Snyder, Okla.
Liquidating
agent, J., E. Moore, Snyder, Okla.
9,973—The Fanners' National Bank of Sallisaw, Okla., Sept. 29 1913.
Liquidating agent, R. W. Hines, Sallisaw, Okla.
Absorbed by
the Sallisaw Bank & Trust Co.
Banking
compiled
State, but the figures are
to
so as
City (Greater
and those for the rest of the State, as per the
distinguish between the results for New York
New York)
following:
'
Clearing-House Banks
and Trust Companies.—The detailed statement below
shows the condition of the New York City Clearing-House
members for the week ending Oct.18.
The figures for the
separate banks are the averages of the daily results.
In
the case of the totals, actual figures at the end of the week
Statement of New York City
are
also
given:
-
For definitions and rules under
Surplus.
$
$
00a omitted.
STATE BANKS
Trust Cos.
In
in
Specie.
Legals.
Net Depos¬
Re¬
Average:
Average.
Average.
its, Aver.
serve.
S
$
$
$
investments..
J
2,000,0
2,050,0
2,000,0
6,000,0
New York
Merchants'
Mech. & Met.
City.........
Chemical
1,500,0
25,000,0
3,000,0
Merchants' Ex
600,0
513,8
Butch. & Drov
300,0
120,7
500,0
5,000,0
25,000,0
1,080,9
4,750,3
17,129,3
America
Greenwich
American
Ex..
Commerce
Chat. & Phen.
464,0
Hanover.....
3,000,0
2,550,0
14,621,3
Nassau
Jfult
Metropolitan
.
Corn
Exch...
Imp.
& Trad.
Park
........
2.347.6
466,4
1,000,0
1,000,0
2,000,0
3,000,0
1,500,0
5,000,0
...
Market &
1.923.3
1,833,9
6.048.7
7.841.4
14,326,0
64,3
5,885,6
2.742.1
1
East River
Fourth
•
First
i
•
250,0
...
5,000,0
1,000,0
.
Second.......
■
983,3
1.333.5
200,0
Citizens' Cent.
1
-
^
People'a..
10,000,0
4,000,0
250,0
183,197,0
29,926,0
6,849,0
2,036,0
8,802,0
44,406,0
130,421,0
5,015,0
19,496,0
2,340,0
71,188,0
22,632,0
10,705,0
8,974,0
13,719,0
54,702,0
25,942,0
87,451,0
1,511,0
28,301,0
7.696.6
500,0
2,250,0
Pacific
20,710,0
31,400,0
19,848,0
55,339,0
22,005,0
4,233,7
4.993.4
2,152,7
8.932.5
6,300,9
31.734.1
-
13,360,0
108,586,0
35„675,0
22.196.2
; 5,000,0
3,339,4
784,6
1,959,9
678,3
10,096,9
Fifth Avenue.
100,0
2,172,0
12,977,0
German Exch.
200,0
825.6
200,0
1,038,6
1,790,3
3,669,0
5,066,0
Irving
.
Bowery......
:
N. Y. County.
500,0
German-Amer.
750,0
Chase
Germanla
Lincoln
...
.
M,000,0
1,297,6
Fifth
1,000,0
250,0
Metropolis
1,000,0
2.305.8
Garfield......
491.7
.
9,818,0
467,0
763,0
3,471,0
1,572,0
356,0
152,0
19,383,0
4,973,0
1,747,0
1,399,0
3,582,0
9,524,0
3,251,0
21,390,0
1,698,0
614,0
336,0
4,906,0
2,969,0
23,584,0
6,826,0
1,134,0
865,0
264,0
7,'527;0
2,353,0
1,826,0
119,0
2,000,0
163,0
1,690,0
2,290,0
67,0
204,0
21,723,0
2,640,0
5,678,0
1,118,0
558,0
1,211,0
370,0
255,0
14,375,0
8,755,0
4,018,0
2,993,0
660,0
1,910,0
337,0
536,0
11,873,0
3,894,0
23,594,0
1,049,0
9,270,0
1,884,0
887,0
5,855,0
4,146,0
2,155,0
5,589,0
2,405,0
1,028,0
1,746,0
7,879,0
1,425,0
202,0
8,950,0
State
1,000,0
491,6
Security
1,000,0
1,000,0
364,0
Coal & Iron..
18,518,0
11,581,0
6,773,0
Exch..
1,000,0
Nassau, Bklyn
1,000,0
991,0
1.144.2
Avge.
180,0
1,634,0
692,0
925,7
Actual figures
57,0
892,0
1,000,0
Totals,
205,0
800,0
22,113,0
Union
1,787,0
6,050,0
2,415,0
1,383,0
888,0
559,0
2,271,0
10,198,0
16,791,0
953,0
2,369,0
3,914,0
95,277,0
2.485.9
2,787,6
Liberty
N. Y. Prod.Ex
4,153,0
9,031,0
3,438,0
37,297,0
4,279,0
1,624,0
413,0
777,0
1,455,0
8,226,0
200,0
Seaboard
3,901,0
8,056,0
3,210,0
1,000,0
1,000,0
West Side
'
443,0
299,0
1,591,0
1,996,0
468,0
399,0
350,0
18„
*10,150,000
38,804,500
163,181,300
*12,463,100
*11,405,100
300,874,200 1,045,230,200
—3,032,200 —11,221,000
123,199,000
+239,700
177,484,000
+436,800
,
25.4
26.6
22.9
25.9
House
amounted to $44,783,000 and according to actual figures was
22,448,700
10,008,100
+ 68,300
,
'
j.-.
Legal-tender & bk. notes.
Change from last week.
;—34,000
---
.
Deposits..
Change from last week.
184,171,700
—374,100
345,744,100 1,103,777,900
—1,861,800 —13,145,100
130,014,900
+ 46,800
91,274,100
—21,600
128,784,900
+ 147,900
24,619,700
—388,000
23,264,500
—890,900
27.1%
16.4%
20.3%
16.1%
20.5%
13.6%
14.1%
•
25.6
25.4
26.3
Reserve on deposits
Change from last week.
25.4
25.0
26.8
P. c. reserve to
deposits..
Percentage last week;..
■
27.0%
.
25.1
26.1
25.3
23.7
26.7
+Increase over last week.
—
Decrease from last week.
* As of June 4.
Note.—"Surplus" Includes all undivided profits.
"Reserve on deposits" Include®
trust companies and State banks, not only cash Items but amounts due
25.8
for both
24.8
from reserve agents.
25.7
26.3
keep a reserve proportionate to their deposits, the ratio varying according
cation as shown below.
The percentage of reserve required is computed on
25.8
aggregate of deposits,
24.7
25.8
Trust companies In New
York State are required by law to
to lo¬
the
exclusive of moneys held in trust and not payable within
thirty days, and also exclusive of time deposits not payable within thirty days
represented by certificates, and also exclusive of deposits secured by bonds or
obligations of the State or City of New York, and exclusive of an amount equal to
the market value (not exceeding par) of bonds or obligations of the State or City,
of New York owned by the bank or held In trust for it by any public department.
The State banks are likewise required to keep a reserve varying according to loca¬
tion, the reserve being computed on the whole, amount of deposits exclusive of time
deposits not payable within thirty days, represented by certificates (according
to the amendment of 1910), and exclusive of deposits secured (according to amend¬
ment of 1911) by bonds or obligations of the City or State of New York, and ex¬
clusive of an amount equal to the market value (not exceeding par) of bonds or
obligations of the State or City of New York owned by the company or held in trust
for lt by any public department.
—Trust Cos.
Reserve Required for Trust
and State Banks.
Companies
Location—
Manhattan
Borough
......
Brooklyn Borough (without branches
(without branches in
Other Boroughs
,
Total
26.1
Cities of the third class and villages
24.3
Elsewhere in State—
Of
—State Banks—
Total
Of
Reserve
which
Reserve
which
Required, in Cash. Required, in Cash.
15%
15% * 25%
15%
in Manhat.) 15%
Manhattan) 15%
Brooklyn Borough, with branches in Manhattan.15%
Other Boroughs, with branches in Manhattan
15%
Cities of the first and second class
..10%
6,793,0
8,393,0
6,505,0
10%
10%
10%
15%
15%
20%
10%
15%
20%
20%
15%
15%
15%
6%
7)4%
5%
3%
25.0
25.0
1332,242,0 25.6
Circulation.—On the basis of averages, circulation of national banks
110,603,800
—-1,115,000
25.8
25.7
The Banking Department
rate
trust
In the Clearing
$44,932,000.
also undertakes to present sepa¬
the State Banks and
not in the Clearing
These figures are shown in the table below, as are
results (both actual and average) for the Clearing-
figures indicating the totals for
companies in Greater New York
House.
11
53,953,500
+ 12,300
14,081,0'
1336,456,0 268,761,0,71,690,0 1320,198,0
%
$
*9,478,000
%
1,530,0 29.7
27,552,0 25.0
12,321,0 25.4
96,110,0 26.2
35,615,0 25.5
3,340,0 25.9
8,158,0 25.4
3,771,0 29.0
106,986,0 25.6
14,621,0 25.7
3,600,0 25.7
5,784.0 25.3
14,382,0 25.4
8,817,0 2ff.4
3,823,0 25.5
11,480,0 25.5
4,664,0 25.4
27,398,0 27.1
23,884,0 25.7
10,373,0 25.2
23,809,0 25.1
1,283,0
625,0
133,650,0 210,134,2 1346,468,0 271,289,0,70,909,0
Oct
18,349,0
35,700,0
19,726,0
49,754,0
20,292,0
169,301,0
26,294,0
6,931,0
.1,849,0
9,796,0
44,142,0
105,866,0
4,708,0
19,930,0
2,139,0
78,704,0
21,553,0
11,615,0
8,800,0
14,608,0
65,983,0
22,662,0
89,750,0
outside of
Y. Greater N. Y.
68,400,000
Surplus as of Sept. 9
Change from last week.
Trust Cos.
outside of
$
$
Loans and
Loans.
State Banks
Y. Greater N.
22,950,000
Capital as of Sept. 9
Change from last week.
Manhattan CO
AND TRUST COMPANIES.
State Banks
Week ended Oct. 18.
are
DETAILED RETURNS OF BANKS.
We omit two ciphers (00) in all cases.
Capital,
rules under which the various items
"Chronicle", V. 86, p. 316.
.
which the various items
"Chronicle," V. 85, p. 836, in the case of the
banks, and V. 92, p. 1607, in the case of the trust companies.
Banks.
made up, see
Greater N. Y. Greater N.
made up, see
1
For definitions and
are
also the
1184
THE
House banks and
trust
companies.
In addition,
CHRONICLE
we
trust
xcvii.
Boston and
have
oombined each corresponding item in the two statements,
thus affording an aggregate for the whole of the banks and
[Vol.
Philadelphia Banks.—Below is a summary
weekly totals of the Clearing-House banks of Boston
of the
and
Philadelphia:
We omit two ciphers (00) in all these figures.
companies in Greater New York.
Capital
NEW
YORK
CITY BANKS AND
TRUST
Banks.
COMPANIES.
and
Loans.
Specie.
Legals.
Deposits.
Surplus.
Clear.-Home
Week ended
Oct.
18-
Clear-House
I embers.
State Banks and
Members.
ActualFigures
Trust Cos.
Total of all
Boston.
Not Banks dkTrust
in C.-H. Aver. Cos.
Average.
Average
National banks
Capital
Aug.
State
Surplus
9
and
Sept.
6.
Sept.
Sept.
13.
20.
Sept.
27.
179,900,000
179,900.000
29,650,000
209,550,000
Oct.
Oct.
11.
305,760,200
305,760,200
74,180,500
379,940,700
Oct.
18.
banks
Sept. 9—
S
30.
Aug.
Fhila.
Loans and Investments.
1.905.036.000 L,916,977,000
Change from last week —24,580,000 —18,991,000
554,454,000 2,471,431,000
—9,059,000 —28,050,000
Deposits
1.742.759.0001I,752,047,000
Change from last week —18,372,000 —18,139,000
a558,143,400 2,310,190,400
—9,491,900 —27,630,900
Specie
Change from last week
327,872,000
—
—3,085,000
Legal-tenders
78,233,000
+ 3,133,000
Change from last week
Banks:
cash In vault
340,451,000
25.78%
Ratio to deposits-
328,149,000
—2,626,000
61,974,500
—910,700
390,123,500
—3,536,700
77,519,000
68,199,900
85,718,900
+ 1,307,000
+93,400
+ 1,400,400
342,198,000
13,030,000
355,228,000
25.68%
Trust Cos.: cash in vault.
65,654,000
63,470,000
.57,144,400
120,614,400
Aggr'te money holdings
Change from last week
406,105,000
+48,000
405,668,000
—1,319,000
70,174,400
—817,300
475,842,400
—2,136,300
48,686,000
—43,000
48,987,000
+ 132,000
17,081,700
66,068,700
+ 1,005,300
+ 1,137,300
454,791,000
+ 5,000
454,655,000
—1,187,000
87,256,100
+ 188,000
541,911,100
—999,000
10,401,500
2,269,850
9,137,500
499,250
Money
deposit
on
Total reserve
Change from last week
25%)..
(above 15%)
Total
11.
Oct.
18.
on
dep. with bks.
285,069,0
9,911,0
*413,818,0
11,325,0
140.626.8
93,178,0
92,083,0
*418,260,0
*417,746,0
11,304,0
11,320,0
147.954.9
142,125,9
160,306,1
96,839,0
*425,334,0
11,316,0
93,150,0
'95,916,0
*421,884,0
*434,192,0
11,316,0
94,225,0
94,672,0
*430,735,0
*439,558,0
over
*
Imports and Exports for the Week.—The following are
Oct. 18; also
beginning of the first week in January:
the imports at New York for the week
ending
totals since the
■
For Week.
1913.
1912.
$3,254,433
16,621,748
General merchandise
1911.
$2,635,837
13,935,140
$2,688,744:
12,637,943:
$19,876,181:
$26,536,126
$16,570,977,
$15,326,687
Since January 1.
$124,565,548 $121,108,594 $113,576,093 $127,630,995.
General merchandise.......
667,171,915 694,016,303 586,867,866 614,780,82ft
Total 42 weeks.——
10.33%?
.
15.11%
10.44%
15.40%
1.48%
$791,737,463 $815,124,897 $700,443,959 $742,141,821
25.55%
16.88%
weekending Oct. 18 and from Jan. 1
EXPORTS FROM
City"; with this item included,
$12,840,500 from last week.
In
are "legal net deposits" both for
6 Includes bank notes.
Total 42 weeks
companies in Greater New York outside
follows for
a
of the
series of weeks past:
1911.
$16,318,947
653,056,162
We
omit
two
ciphers
(00)
in
The following table shows the exports and. imports of
specie at the port of New York for the week ending Oct. 1&
and since Jan. 1
1913
and for the
corresponding periods In
1912 and 1911:
AND
IMPORTS
OF
YORK.
all these
SPECIE
AT
NEW
Deposits.
Specie.
TotMon'y
Holdings.
Legals.
EntlreRes
Great
onDeposit
France.—.
Britian._—-_-—
Germany
Aug.
16—
Aug.
23
30
Aug.
Sept.
Sept.
Sept.
13
20
Sept.
27—
6
Oct.
4——
Oct.
11—
Oct.
18
$
$
2.469.038.7
2,469,329,3
2,492,013,6
2,330,546.9
2,515,225,6
2.504.670.8
2,507,269,5
2,508,386.2
2,516,894,8
,2,499,481,0
2,471,431,0
$
•
$
2.333.371.3
413.214.3
412.417.1
2.348.392.4
405.919.4
2,365,812,1
398,872,6
394,507,8
396,334,3
402,231,3
2,348,458,8
2,350,165,6
2,351,598,8
2,359,827,3 397,720,3
2.337.821.3 393.660.2
2.310.190.4 390.123.5
87,161,7
88,050,5
88,048,2
86,730,5
86.672.4
86.750.5
85,516,0
84,470,9
84,318,5
85,718,9
Imports.
Gold.
figures.
Week.
Investments
$
$
500.376.0
581.848.4
500,467,6
493.967.6
485.603.1
481.180.2
483,084,8
487.747.3
482,191,2
477.978.7
475.842.4
582,826,1
579,187,1
561,844.0
553.710.0
Since Jan. 1
————.
West Indies.
J»
_.
""$100
.....
__
Mexicq—
South
-
Week.
: ———
America
"35",000
—
All other countries.
$49,105
$43",575",270
$15",455
714,000
319,051
5,171
285,425
22,483,639
152,541
Total 1912
Total 1911....
32,100
225,281
...
$737,136 $18,198,172'
2,660,154 24,749,307
33,015,585
7,183,957
325,019
542.910.1
541,911,1
Reports of Clearing Non-Member Banks.—The follow¬
Silver.
Great
Britiam
$760,834 *34,458,826
183,700
5,459,704
————
Germany.—
——.
West Indies.
—————
on average
595
"40",237
992
""7",909
127,842
121,942
A1 lother countries.. J—
Total 1911..
We omit two ciphers (00) in all these figures.
Banks.
Legal
Tender
Capi¬
Sur¬
and
tal.
plus.
Invest¬
ments.
Specie
and
5,750
5,556
$945,129 $39,972,426
1,630,071 46,544,743
1,233,442
39,872,231
$258,746
318,072
108,364
—
——_
daily
Total 1913
Total 1912..
Loans.
"$2",414
»
South America...
results:
$18,214
64,899-
'
Mexico———————.
Disc'ts
12,273,456
548.839.5
ing is the statement of condition of the clearing non-member
ending Oct. 18, based
8,462
1,932,947
9,698,396
3,859,186
1,696,605
77,389
$35,100 $68,813,646
553,981,9
953,471
206",326
1,716,515
Totel 1913
550,864,6
Since Jan. S
——
_.....
_———— —
France
banks for the week
YORK.
Exports.
Loans and
$17,076,695.
524,710,108
$707,761,347 $669,375,109 $623,141,782 $541,786,80ft
EXPORTS
GREATER NEW
1910.
$12,781,866
610,359,916
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
.
-
to date:
1912.
$15,913,135
691,848,212
...
Previously reported
„
City Clearing-House banks
an,td trust companies, combined with those for the State banks
compare as
i
NEW YORK.
1913.
For the week
The averages of the New York
Clearing House,
1
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
last week.
Clearing-House members, the deposits
Week Ended—
1910.
$3,264,229
23,271,897
•
the average and the actual figures.
trust
153.865.6
198.727.7
164,668,9
160,737,6.
11,305,0
11,296,0
11,312,0
"Deposits" now Include the item "Exchanges for Clearing House," which were
reported on Oct. 18 as $15,185,000.
...
—Decrease from last week.
These are the deposits after eliminating the item "Due from reserve
depositories
and
9,791,0
9,932,0
9,943,0
276,743.0
Includes Government deposits and the item "due to other
banks."
At Boston
Government deposits amounted to
$1,568,000 on October 18, against $1,599,000
on October 11.
and other banks and trust
companies in New York
deposits amounted to $610,084,400, a decrease of
case of the
9,893,0
268,850,0
279,481.0
Dry goods.
9,636,750
25.86%
+Increase
9,971,0
269,935,0
a
+ 2,903,750
15.53%'
Total
a
4.
$
111.521.7
118,804,1
138,350,1
140.839.5
132,498,4
173,585,9
158.748.8
174,631,2'
93,828,0
reserves of trus t cos—
Cash In vault
Cash
27.
Oct.
Total
12,671,350
+4,714,100
Change from last week
% of cash
Sept.
Oct.
$
9,623,0
9,756,0
reserve—
(above
Trust cos.
6.
13.
20.
$
260,435,0
264,020,0
267,653,0
FOREIGN IMPORTS AT NEW YORK.
Change from last week
Banks
Sept.
Sept.
Sept.
103,684,3 372,246,0
103,684,3 375,194,0
103,684,3 378,455,0
103,684,3 377,929,0
103,684,3 380,048,0
103,684,3 382,061,0
103,684,3 384,506,0
103,684,3 386,361,0
with
other bks. & trust cos.
Surplus CASH
30.
$
$
Clearings,
.
14.39%
,
Aug.
$
60,735.4 226,250,0 27,530,0 3,877,0
60,735,0 228,581,0 26.130,0 3,863,0
60,735,0 233,075,0 26,747,0 3,806,0
60,735,0 234,266,0 27,577,0 3,583,0
60,735,0 234,562,0 27,541,0 3,563,0
-60,735,0 234,676,0 25,528,0 3,806,0
60,735,0 235,512,0 26,000,0 3,861.0
60,735,0 238,306,0 25,387,0 4,198,0
4
Circu¬
lation.
a
23,041
101,481
4,678,144
2,096,3401,318,502
$8,300,621
7,585,351
5,820,091
Of the above imports for the week in 1913, $15,945
On
were
American gold coin and $239 American silver coin.
Deposit
with
Net
Bank
C.-H.
Deposits,
Notes.
Banks.
*
on
The Custom House reports that the
now
following items should have been omitted
12, Lusitania, London, silver bars, $162,183: Sept. 15, Kaiser
Grosse, London, silver bars, $190; 161; a total of $352,344, which is-
Sept.
reports:
Wilhelra
der
deducted.
New York City.
Manhattan and Bronx.
Washington
Heights.
Battery Park Nat
Century
"
Colonial
Columbia
Fidelity.,
Mutual
New Netherland
Twenty-third Ward.
_
Yorkville
•100,0
200,0
500,0
357,3
400,0
300,0
117,9
500,3
681.8
728,3
200,0
200,0
200,0
200,0
100,0
178.3
464.4
320,6
104.4
498.5
1,722,0
147,0
1,560,0
345,0
576,0
6,503,0
6,618,0 1,071,0
5,869,0
609,0
1,146,0
58,0
4,858,0
489,0
3,322,0
420,0
1,874,0
252,0
4,547,0
583,0
116,0
.67,0
600,0
197,0
485,0
121,0
325,0
139,0
107,0
313,0
3,777,0
385,0
5,805,0;
364,0
43,0
431,0
202,0
130,0
1,471,0
1,640,0
432,0
939,0
954,0
6,090,0
6,791,0
6,925,0
1,085,0
4,870,0
142,0
475,0
186,0
284,0
572,0
Brooklyn.
First National
70fc,l
300,0
252,0
1,000,0
300,0
200,0
928,1
527.4
576.5
181.6
400,0
250,0
200,0
First National
220,0
Second National
125,0
Man u facturers' Nat.
_
Mechanics'
National City
North Side
10,640,0!1,374,0
4,563,0
2,779,0
593,0
191,0
1,398,4
825.9
433,9
4,178,0
3,100,0
2,524,0
253,0
183,0
667,8
288,8
4,382,0
220,0
218,0
585,0
146,0
203,0
648,0
832,0
1,628,0
866,0
308,0
Jersey City.
First National
Hudson County Nat.
Third National
Totals Oct.
11
Totals Oct.
4
3,073,0
5,273,0
12,740,0
4,617,0
2,890,0
115 Issues of Listed Stocks
The
issues
are classified
by us as follows:
Investment, SemiInvestment, Speculative.
Investors Interested in stocks can obtain
copy of this circular free of charge by sending for Circular
614,
"Railroad and Industrial Stocks."
*
a
Spencer Trask & Co.
43
EXCHANGE
Albany
215,0
59,0
121,0
2,144,0
588,0
2,895,0
1,531,0
1,591,0
85,0
531,0
489,0
1,602,0
1,539,0
5,847,0 10,486,3 83,303,0 8,433,0 4,419,0 12,965,0
6,097,0 10,824,6|85,242,0 8,777,014,385,0 12,840,0
6,097,0 10,824,6:85,072,0 8,556,0j3,816,0 18,635,0
77,162,0
79,194,0
77,899,0
102,0
615,0
Hoboken.
Totals Oct., 18——
3,408,0
2,059,0
5,072,0
limiting ami ^financial.
3,536,0
61,0
PLACE—NEW YORK
Boston
Chicago
White, Weld & Co.
Bonds and Investment
14 WALL STREET
THE ROOKERY
NEW YORK
CHICAGO
Securities.
111 DEVONSHIRE
BOSTON
STREET
Oct. 25
due to the
(SfeHte.
latxTuers'
Money
due, not to any new interest in the market, as was
thought to be the case, but to a decision of the InterState Commerce Commission withdrawing objections to an
This
was
at first
unimportant advance in rates between Missouri River points,]
an attempt to cover by an unwieldy short interi
8520@4 8535 for cheques and 4 S565@4 8580 for cables.
for payment 4 80%
@4 81%.
Cotton for payment 4 80% @4 80% and grain for payment
4 81@4 81%.
The posted rates for sterling, as quoted by a representative house, de¬
clined %c. on Monday to 4 82 for 60 days and 4 86 for sight and continued
at these figures during the remainder of the week.
,
To-day's (Friday's) actual rates for Paris bankers' francs were 5 24% less
1-16<S)5 24% less 1-32 for long and 5 20% less 5-64@5 20% less 3-64 for
short.
Germany bankers' marks were 94 1-16@94% for long, and 94%@
94 13-16 less 1-32 for short.
Amsterdam bankers' guilders were 40 03@
The range
projected requirement by Austria of a 30-millioii dollar loan
China of 100 millions tends to keep the large foreign
pursuing a conservative policy. " The local money
market is easier and rates have shown a softening tendency.
The open market rate for call loans on the Stock Exchange
during the week on stock and bond collaterals has ranged
from 2}/2@Zl/2%.
Friday's rates on call were 2M@3%.
Commercial paper on Friday quoted
for 60- to
90-day endorsements and prime 4 to 6 months' single names
and 6@6H% for good single names.
: .
The Bank, of England weekly statement on Thursday
showed an increase in bullion of £838,800 and the percentage
of reserve to liabilities was 58.25, against 54.30 last week.
The rate of discount remains unchanged at 5% as fixed
Oct. 2.
The Bank of France shows an increase of 3,796,000
and by
gold and 3,988,000 francs silver.
NEW YORK CLEARING-HOUSE
"
'
•
"
BANKS.
.
: V
,
limited
are
than a minor fraction lower.
On the
from 2 to 6 points higher.
•Of the exceptional features, New Haven 6s have been
notably weak in sympathy with the shares, and Distilling
Securities and Erie 4s, Series A and B, have each made a
these only 2 are more
'
Bonds.—Sales of Government bonds at
substantial advance.
United
States
the Board include $22,000 4s, coup.
represented in
our
detailed list
Week.
Adams
Express
Preferred....".
•
Merch, 1st pref..
Surplus
....
Loans and discounts.
.
_
1,346,468,000
deposits
"l4",99 LOGO
44,783,000 Inc.
Circulation
Net
Dec.
,41
1,332,242,000
Dec.
271,289,000 Dec.
Specie
Legal tenders....
70,909,000
33,000
15.019,000
2,114,000
1,242,000
Inc.
S
S
...
25% of deposits
Surplus reserve..
342,198,000 Dec.
333,060,500 Dec.
0.137.*00 Tno.
___
340,739,000
332,632,250
355,970,900
342,992,090
2.882,750
7,106,750
12.978.000
Note.—The Clearing Hoi we1 now issues a statement weekly, showing the actual
condition of the banks on Saturday-morning, as well as the above averages.
The
figures, together with the returns of the separate banks and trust.companies, also
the summary issued by the State Banking Department, giving the condition of
State banks and trust companies not reporting to
the second page preceding.
..
■
,
the Clearing House, appear on
:
•
Railroad and Miscellaneous Stocks.—As
'
'
noted above,
week, when a sub¬
stantial list of prominent issues advanced from 2 to 6 points
or more.
The trading was largely by professional operators
on the floor of
the Exchange, however, and the advance
could not, therefore, be maintained.
Prices gradually >de¬
clined until to-day, when the market was irregular, but in a
large part of the active list some recovery has been made.
U. S. Steel and Union Pacific have been leading features
the stock market
was
strong early in the
throughout the week, and both have, of course^ covered a
In this particular, however, Canadian Pacific
one exception, that of American Tobacco.
The latter we mention merely as a matter of curiosity rather
than of interest, as its gyrations, covering 14% points within
the week, have no relation to the market as a whole. Cana¬
dian Pacific sold on Tuesday over 6 points above last week's
closing price, and at the same time Union Pacific was 5 points
higher. As a result of the Week's operations, a long list of
active stocks is from 2 to 4 points higher than last week.
Foreign Exchange.—After a moderate advance in ster¬
ling exchange rates during the early days of the week, a full
reaction subsequently took place, the latter being largely
Oct
95
Oct
SI
Jan
$1%
Jan
21. 220
Oct
226%
50
Oct
24
50
Oct
Oct
21 135
'Oct
Oct
18
27
Oct
27
310
General Chemical, pref.
10 107%
20 122% Oct
Oct
pref
United Cigar Mfrs
June
23;
241
Oct
Oct
50
150%
Jan
Jan
33
104
Jan
100
Mar
May 109%
116% June 128
Mar
120%
Aug
Jan
100
14% Oct
21
14% Oct
211
13
June
23
31% Oct
23
31% Oct
23:
30
June
43%
79
Oct
21
79
Oct
2l!
75%
64 "
Oct
23
64
Oct
23!
100
..
18
Jan
July
Aug 175
Oct
23%
Jan
94
Oct 109%
200
-200
.
July
June
21l
Oct
80
50
Oct
23 107%
•
21! 130
24;
21 122% Oct
250 106% Oct. 24 107
Preferred
Jan
July
87
Jan
64
oat
69
Apr
2
July
50
2H Oct
22
2% Oct
22
300
9.0% Oct
23
91% Oct
20
200
44% Oct
21
44% Oct
22
Oct
90%
40% June
150
98
Oct
20
98
Oct
20
95
87
Oct
20
4% May
Sept
99%
50%
Feb
Oct 102%
July 101
Feb
87
Jan
27
87
Oct
20
13
99% Oct
21
99% Oct
21
96
July 105%
United States Express..
68
48
Oct
23
48% Oct
22
40%
Aug
66
Jan
U S Industrial Alcohol..
110
27
Oct
22
27
Oct
22
25
June
44
FJan
Virginia Iron, Coal & C.
Vulcan Detinning, pref.
600
40
Oct
20
42
Oct
24
37
July
54
fJan
155
68% Oct
22
68% Oct
22
49
Oct
90
160
88
Oct
20
89% Oct
2'2
86%
Preferred
•
Weils, Fargo <fc Co.
Septl 125
,
Jan.
Jan
Apr
Market.—Tuesday's market on the "curb" was
conspicuous for an expansion in the volume of business and
sharp advances in a number of the leading issues.
Subse¬
quent trading, however, was on. a much reduced scale, with
prices reactionary.
United Cigar Stores com., as usual, was
a centre of interest, and, after a drop of over 3 points to 88%,
jumped to 94% and reacted to 92.
It recovered to 93% and
ends the week at 93.
British-Amer. Tobacco, old stock, sold
point to 25%, fell to 24%, and moved upward again,
reaching 25%.
The close to-day was at 25%.
The new
stock advanced from 25% to. 26% and reacted to 25, though
up a
finally to 25%.
Stock of the Riker-Hegeman
Corp. made its appearance on the "curb" and was reported
sold up from 108 to 125, with a subsequent drop to 112.
Anglo-Amer. Oil weakened from 21% to 20% and improved
to 22%, with a final figure of 22.
Standard Oil of N. J. rose
5 points to 380 and ends the week at 378.
Consolidated
Rubber Tire com. moved down from 35% to 34 and up to 3$.
it recovered
pref. was traded in at 93.
Willys-Overland com. gained
point to 64.
In bonds Bklyn. Rap. Tran. 5% notes sold
up from 96% to 96% and subsequently on the Exchange up
to 96% and down finally to 96%.
St. Louis Peoria &N.W.
5% bonds sold for the first time and moved down from 103%
to
103%.
Copper shares improved somewhat.
Braden
Copper rose from 6% to 7% and eased off to 7%.
British
Columbia was traded in up from 2% to 2% and back to 2%.
First National improved from 2% to 3%.
Mason Valle
went up from 3% to 4.
Goldfield Consolidated fluctuat i
between 1% and 1% and ends the week at 1 7-16. ,
Outside quotations will be found on page 1193.
wide range.
The
has the record with
a
95
21
30 135
,
Great Nor subs 3d paid.
United Dry Goods.....
872,000
3,754,750
22,
S1Vi Oct
20 226 ^8 Oct
33
Outside
Reserve held
Oct
95
20
2,000
previous week.
115
22
Chic Rock Isl & Pac....
Oct. 18.
23
Oct
Ch St P M & Omaha, pf
Quicksilver Mining
100%
20 119% Oct
Oct
SI
Sou Pac rects, 1st paid..
21
Oct
220
week ending
20
20
400
Colorado & Southern...
Oct
Oct
Oct
Can Pac subs full paid..
Batopilas Mining
Jan
85
21 102
85
? 102
Highest.
Sept 150
22 122
22 122
355 117% Oct
Oct
100 95
Lowest.
Oct
Oct
•
American Express.
Assoc
Range since Jan .1/1
Highest.
Lowest.
71 122
10
American Coal Products
.
the pages which follow:
for
Week ending Oct. 24.
,
on
Range for Week.
Sales
STOCKS.
Averages for
135,150,000
133,650,000
196,020,300
199,887,600
1,336^726,000 1,356,903,000
50,029,000
46,302.000
1,334,529,000 1,371,968,000
280,509,000
265,778,000
75,461,000
74,961,000
(s. 5. f)', at 109% to 109%,
$1,000 4s, reg., at 110% and $1,000 3s, coup, at 102%,
For to-day's prices of all the different issues and for yearly
range see. third page following.
For daily volume of business see page 1193.
The following sales have occurred this week of shares not
1912.
S
$128,000 Virginia 6s, deferred trust
to
other hand, several are
week ending
S
40 1-16
receipts, at 47% to 49%.
The chiefly important characteristic of the market for
railway and industrial bonds has been its strength.
Of a
list of 25 active issues, only 7 show any decline at all and of
Averages for
133,650.090
210,134,200
94% less 1-32
.
Bonds.—Sales of State bonds at the
State and Railroad
Board
Preferred
Capital
94 15-16
94 %
Domestic
Iowa Central,
Oct. 21.
5 20%
94% less 1-32
Low for the week
from
19.
5 20 less 1-32
5 20% less 3-32
39 11-16
Long Island
Oct.
5 20%
40% plus 1-32
40% less 1-16
39 11-16 less 1-16
40 plus 1-16
Exchange.—Chicago,- 25c. per $1,000 premium.
Boston,
par.
St. Louis, 10c. per $1,000 discount.
San Francisco, 30c. per $1,000
premium.
St.. Paul, 15c. per $1,000 premium.
Montreal, 15%c; per
$1,000 discount. Minneapolis, 35c. per $1,000 premium.
Cincinnati, par.
High for the week...
Differences
for
4 8520
94 1-16
Amsterdam Bankers' Guilders—
week ending
1913.
.
-
Low for the week-.•
1911.
At era get;
''
Cables.
4 86
4 8565
94 3-16
High for the week.__
Mackay Companies....
:
,
,
Paris Bankers'Francs—
Homes take Mining
{Not Including Trust Companies.)
Cheques.
4 8560
High for the week.__5 23 % less 1-16
Low for the week—5 24% less 1-16
Germany Bankers' Marks—
with
banks
.
for foreign exchange for the week follows:
Sterling, Actual—
Sixty days.
High for the week—4 8135
Low for the week
4 8090
largely upon the more hopeful outlook for the passage of
a banking and currency law in Congress somewhat in accord
a
London, 20m. 48pf.; week's range, 20m. 49pf.
Exchange at Berlin on
high and 20m. 47%pf. low.
centred
due largely to the absence of railway buying, it is hoped that
permission may be granted to increase rates or some other
way provided whereby the roads may maintain needed facili¬
ties to meet public requirements,
The financial situation abroad continues to improve, but
.
25f. 29c.; week's range, 25f. 29%c. high
Exchange at Paris on London,
and 25f. 27 %c. low.
accumulated during several weeks of depres¬
suggestions submitted by experienced bankers and prac¬
tical financiers.
The mportance of this matter is not likely
to be over-estimated, and business interests of every descrip¬
tion the country over are anxiously awaiting the outcome.
At the same time, the Mexican situation becomes daily
more complicated and perplexing and more a matter of inter¬
national importance.
The latter, Wall Street has„up to the
present writing, practically ignored, but the question is now
being asked: How long can Wall Street continue to disre¬
gard it?
'j
--V".' ' '
The American Railway Association reports a shortage of
somewhat more than 6,000 freight cars on Oct. 15, as against
a surplus of 10,374 two weeks earlier, which illustrates the
increasing movement of crops to.market.
On the other hand,
news from the iron and steel industry shows that the output
is-steadily being reduced, and at some points hands are being
laid off.
It is reported that in England the same conditions
prevail to a greater or less degree.
As reduced orders are a matter officially announced to be
banks 4 78% @4 80% and documents
on
40 04 for short.
This being the case, the movement soon spent its
force and has been followed by a gradual return to lower prices.
Outside the matter referred to above, attention has
4 8090@4 81
To-day's (Friday's) actual rates for sterling exchange were
Commercial
sion.
francs
settled condition abroad indicated by the
for sixty days 4
which led to
est which had
more
improvement shown in the Bank of England's weekly return.
Grain, cotton and general commercial bills were in good supply.
IFaW Street, Friday blight, Oct. 24 1913.
Market and Financial Situation.—The
interesting event of the week in Stock Exchange circles has
been a sharp upward movement of prices beginning near the
close of business last week and culminating on Tuesday.
The
1185
CHRONICLE
THE
1913.]
,
1186
New York Stock
Exchange—Stock Record, Daily, Weekly and Yearly
.
PAGES
OCCUPYING TWO
^
For record of sales during the week of stocks usually inactive,
STOCKS—HIGHEST
Saturday
Oct.
9212
*9778
9858
,
114l2 114%
93
93
*78
•'
82
86U
8578
224
.
22534
320
.*290
56 U
.
Oct.
18
7' 92
;
Monday
*lx
99
20
Oct.
LOWEST
21
*290
320
*300
320
5618
5G58
57
12U
11%
11%
12%
2712
*26
29
♦300
68U
123g
29
100
12%
2834
29
*79
80
867g
865s
22914 22784
.82
.
320
*290
57
5634
1212
*1134
28l2
28*2
100*4 101*4
320
57*4
12%
*27
29
57*4
133
133U 133U
1265g 12634 *126
133
132
132
127
127
127
*170
182
*170
180
*165
180
*165
ISO
*35
40
*35
46
*35
46
*35
46
*35
46
60
*60
75
*60
70
*60
70
*60
75
GO
60
*150
159
*150
160
*394
40012 *390
30
5U
159
*151
159
401
*390
*18
19
40012 *390
*18
19*2
18U
33
*29
*5
26U
512
lll2
2658
2G58
*4U4
4112
41®4
*33
36
fil2
*9
12
28U
27
275s
27*8
10*2
27*2
4338
42*8
43
43
43
32
33U
124U
34U
*56
*56
58
10
*35
37
124
124U
577S
2412
22
*16
20
150U
150
152l2
131
*130% 132
*132
134
130
*128
130
*128
130
*128
16
*13
16
*14
16
43
*31
43
*54
128U
*135
145
20
20
20
21
*54
58
*54
68
58
.
43
128
145
1934
*19.
*31
*135
28
283s
*31
28U
29
2834
39
♦36
45
1134
9434
8512
12
12
12
95U
85l2
94U
95
83
8512
27
273g
*27
273s
10212 102l2
90
*81U
10534 108U
110U 110t2
102
102U
m
95U
*80
88
*100
117
90io
•SOU
10534 1063s
1087fl 110i2
*
*io6~
45
1234
*1H2
95l2
84U
1234
96
85U
27i2
277g
1025S 103%
85U
27U
2678
104U 104U
107l2 108U
107U 108U
10958 110U
20
1934
IIU4
86
*81
86
*80
86
120
*100
120
*100
120
*11%
95*4
12
11*2
12
95*2
96*4
833s
2734
82
95*2
8384
27
27
-
«.
106*4 107*4
108*4 109*2
♦
86
*166"
117
15878 16078
8334
8334
16078 1633S
8434
*83%
16178 163U
8434
16078 162*4
*83
•86
*86
*90
9212
14U
2034
512
*86
♦86
18
*18
II84
.7. 17%
92
12U
1834
12
125s
13
18
1934
20
5l2
*5
6
♦13
18
5i2
19
*12%
81 *s
5U
*13
92
133g
1438
1978
5i2
21
83
1278
19*4
*5U
534
20
83
92'
*13
3,110
58
-
"9",010
29*2
100
19,600
262",300
300
133s
*22%
9U
23U
*56
66i2
,
*712
8t2
22l8
2078
§60%
G0U
17
17
17
17U
4584
46U
8684
461s
46i2
8678
9034
22U
86U
S6U
91
90U
2U2
9034
2158
2134
76l2
*75U
*14
15U
*14
36
3678
36
11%
*10
*75U
11
23
*15
108
*104
*15
*104
-
1485s 1495s
81U
81U
*17
22l2
35
35
'
.
9U
*22
25
*56
C612
18U
•
17%
4G34
87U
92l2
2234
76%
147g
78
15U
37U
37U
llU
11%
23l2
95g
*15
9U
912
20
2078
207g
66U
*56
*17%
48U
8863
925s
23U
473g
76i2
1478
3812
IU4
76l2
18*2
4778
S8U
875a
9238
225g
92i2
23
76U
*14
lSU
*13
02
24", 100
1484
23U
553
*10
lll2
*18
24
9*2
9U
9*2
*20
22
*20
23
66*2
1812
*56
661*
17*2
•17
18
47
48
47
48
87*s
91*4
2212
863g
87*2
915s
22*2
7734
15*4
38
12%
86*2
91*4
22U
*76*8
*14
36*2
*7
*91*8
22*8
*76U
77
*14
15*4
3734
37*4
*9*2
12
*15
*18
23*2
9
9
*3484
*3U
4134
4l2
*10
20
12
*7
*43
7
45«4
2278
22lj
72
••
'
23
22*4
23U
74i2
43i2
76U
445g
22l2
753s
72?*
7378
46
44
44
•90
93
*85
93
•89
93
22
22
24
*43l2
§93
2312
75
*67
75
*67
2H4
1978
75
*67
.
22U
*42l2
73U
2U2
*67
23U
768s
45i2
7378
♦43*2
45
2234
727g
*43la
93
*89
93
*89
2212
2V9Z666
1,117
""560
400
2,050
*22
23%
75
*67
75
100
"""360
10
1,900
-
295s
7,250
45
200
600
200
"""loo
Ask
655
565
New YorJt
America 1
—
Amer Excb__
Battery
Park
Chat A Phen.
175
182
Fidel ityY
145
155
380
210
220
135
145
Citizens'
426
Bronx
Bronx
Boroli
225
260
Nat_.
175
190
150
Butch «fe Dr.
120
Century 1
195
Coal
A
Iron.
Ask
Banks
Ask
165
175
Mch
47
Jan
*
Jan 10
Feb 7
Jan 2
9
27i2 Jan
2
1st
preferred
preferred
Rock island
Do
Company-.
284 J 'ne 17
J'ne28
19U J'ne 12
10U J'ne 4
2778 J'ne 10
7i8J'ly 9
Do
Can
9
13
2934 Jan
G8U Jan
18
"
preferred
preferred
Dec
103
Dec
111% Sep
16234 Jan
6
15034 Dec
176% Sep
96U Dec
3978 Deo
30
J'nen
63t2Jan
J'nell
2
Aug 12
,67
2
6
46
Jan
2
334 Oct 24
8
Jan
3
J'nell
J'ly
J'ly
334 J'ne
12*8 J'ne
17U Aug 13
J'nelO
45
Dec
4
Jan
'
28U Jan 13
11
Jan
3
6
Jan
40U J'nell
68*2 Apr 23
48
Feb
$195g Sep 11
615s J'ne 10
41U Sep
5
90*2 Oct 16
1984 J'nelO
70
Aug 14
$243(j Obt
2
80U Sep 15
60
Feb
7
Oct
-
3
'
J'nell
J'nelO
33i2 J'ne 12
92i2 Sep
2
3i2 J'ly 9
15U J'nelO
J'nelO
678 J'ne 10
14
Jan
Jan
3
Jan
5o'2 Jan
2
98.
2
86
6
46i2 Dec
fcd .Nov
67
.
99
Mch
64'8 Deo
J'ly
4678Jan 31
129U Jan 30
663a Jan
2
117
Mch
6
4884 Jan
6
78U Jan
573s Jan
2
1 ID Feb
9005 Feb
49
Feb
115
Feb
30U Oct
75U Aug
45<2 Jan
2
9634 Jan 10
6»s Jan
8
95
Feb 10
20
Feb
Apr
4
18
Jan
Jan 31
Jan 3i
44i2Jan 6
106*4 Jan 2
9
28U
2734
Ills
.31'ij
20
Oct 17
27
J'nelO
94
Oct 10
5U
417#
79*2
58lj
Oct 17
Oct 24
J'ne 12
J'ne 10
97
J'ne
6
107
Feb
J'ly
9
193
Jan 22
150
16% Mch
Apr
28
6
88I4 Oct
17
preferred
J'ne
9
23
33UJ'iy 2
60U J'ne23
American Hide & Leather
8678 Oct
26i2 Not
4934 Jan
6
108
preferred
American Cotton Oil
T3~2 " Sep"
Feb
Jan
Dec
3
36U J'nelO
Cities
Jan,
68t4
20i2
33i2
10i2
3o'2 Jan
13
3
Jan
•
Feb
Mch
30
Feb
3H4 Feb
103
Jan
Jan
3
61U Jan
3
42
Jan
Jan
9
84
Deo
13
86
74*4 Jan 30
7
434 Jan
36
69i8 Dec
93.4 May
2278 Apr
64i4 Mch
1134 Oct
86l2 Oct
1712 Oct
62-2 Aug
92% Oct
63% Mch
10414 Mch
7/
Sep
IOII4 J'na
4738 Oct
120U Sep
63% Sep
120
May
60% Dec
83U Dee
eou Not
99U Feb
714 Sep
34
Sep
3034 May
I77t Apr
43
47%
U012
19%
6914
89i2
Apr
NOT
Aug
Aug
Aug
J'ne
91
66i2 Dec
1*)2«8 Jan
Sep
1093s Sep
123
203 U Dee
Mcb
QUOTATIONS.
Bid
Ask
Banks
Bid
Harriman
285
300
Mt Morris Y.
270
Seaboard-
430
Imp & Trad-
500
510
Mutual Y
290
Second
395
Banks
Feb
"leu
'
93U Jan
80*2 J'nelO
preferred
Deo
4434 Dec
103U Dec
J'nell
32
117
179!4 Apr
93U Apr
10U2 Apr
30'2 Apr
59% Apr
2912 Mch
C012 Jan
4334 Apr
4038.0ct
80% Oct
27l2 Apr
56i2 J'ne
115i2 Apr
Sep
109
s
111*2 Sep
Dec
16
21
Do
Jan
2934 Jan
126D May
Jan
Jan
Jan
J'ne
7934 J'neio
ouJ'iy
Do
Do
2034 Apr 1
493g Sep 23
110 Jan 30
99*2 Sep 13
285g Jan
2
81*2 Mch26
225g Jan
8
* 43 38 Sep 23
15U J'ne 4
101U J'ne e
13784 J'nell
Z—
preferred
American
J'nelO
35*2 Jan 13
75
Jan
9
'
preter.ed
Rys lnv't of S F
preferred.—
Maryland,——
Wheeling & Lake Erie.—
Do
1st preferred-Do
2d preferred
Wisconsin Central
Industrial
&
Miscell.
dAlaska Gold Min Par $10
Amalgamated Copper
American Agricul Cham.
Do
preferred
American Beet Sugar
Do
preferred
Do
Jan 11
887S Oct 17
Pacific
Wabash
Do
preferred
Feb 11
11914 Aug
92
Feb
13U2 Aug
22*8 Deo
42i4 Deo
17*2 Dec
68i2 Dec
26U Deo
-
11
59
72
92
2
Jan
142i4 Apr
413s Apr
J'ne
98i2
10812
148ig
87i2
10
4
29
71
36?8 Jan
12 U2 Apr
11538 Jan
11978 Dec
18
23
10
5t2 J'ne 17
2078 Oct 20
61
Sep 17
84U Oct 17
88
6
13
14U J'neio
38
J'ne 12
Dec
2978 J'ne
110734 Feb
3
7
Jan "
11
Sep
Sep
92l2 Apr
95
Apr
2478 Feb
4434 Jan
1934 Jan
115g Oct 17
17*2 Oct 17
Do
Do
104
8212 Oct 14
84
J'neio
Seaboard Air Line
Do
Oct 15
Feb
146
Feb
r cD 13
J'ne 25 5109
171
15138 j'neio
-
3
1225s Jan
12334 Jan
100
Do
Do
Union
87
«/
SOU Aug 16
129
25U Dec
6738 May
35
J'ly
C2's Oct
26is Oct
lOGia Dec
126
Dec
10934 J an 30
1297g Jan 10
OO'D
3378 UOill
Jan 11
A A
113i2 Jan
IOIS4 J'ne 10
1067s J'ne 4
ZZ.ZZ
Reading.—
1
Dec
1287s Dec
18i-> J'ly
540
Feb
7
J'ly 17
*86
138
Apr
14334 Aug
53
Sep
14 Ug Jan
22
J'ly
0738 Oct
3U4 Sep
6 5^8 Mcll
18
Apr
40
May
1S534 Jan
1/0
Aug
13834 Mcll
27i2 Jan
557
Jan
15U2 Aug
158
Aug
31*8 Mch
66
Apr
4734 Mch
Jan
15578 Feb
Jan 29
9
-
llt2 Jan
30
May
48
12058 May
16U Dec
633g Jan
22i2 May
56
May
G4i2 Apr 11
11
Dec
Jan
Jan
435s Jan
69
Mck
uv
3918 Apr
57'.'w Apr
38
142U Jan
9
Jan 22
J'nelO
23
Dec
36
J'nell 8150
W
Dec
126
J'ly 25
113.1 May
14
9
J an
1683s
14214
13258
2314
46i4 Jan
30
3
1287s Feb 5
1958 Jan 30
6538 Jan 30
283S J'ly 28
6U2Jan
7
11*8 Feb
5
35
176i2 Feb
47*2 Dec
Jan 30
41
13258 Jan
4114 Jan
35
98
Z
2
v
»
400
Filth AveY- 4500
300
Fllth
325
185
Nassau
182
Irving
177
175
First
940
950
630
New NethY
375
Liberty
615
355
Fourth
168
172
Lincoln
330
350
New York Co
165
Garfield
220
250
Manhattan
160
Dec
Jan 10
16U Jan
2
32i2 Jan
6
4912 Jan 30
93*2 Oct 17
813s Oct 24
25's J'nen
N Y
preferred200 American Malt Corp
Do
200
preferred
100 Amer Smelters Sec pref B
12,200 Amer Smelting & Refin'g
Do
895
preferred
American Snuff
Bid
597
'24
10112 Apr
—
Ask
Banks
195
200
210
225
Sherman
850
875
State Y
23d WardY
Bid
Security Y
Ash
425
115
125
180
210
135
New York
390
400
Colonial Y—.
450
140
160
Germ-Amer Y
137
143
Mark & Fult.
230
240
Pacific Y
255
265
Union
Columbia V-
240
285
Exch.
148
155
German Ex Y
375
425
Mech & Met,
223
227
Park
353
358
135
Unit
Commerce
1S3
186
450
StatesTl-
500
GcrmaniaY-r
475
Merch
Exch,
150
155
250
205
Corn Exch Y
305
310
People's Y
230
_.L_
170
Merchants'..
175
185
Prod Exch Y
165
170
Greenwich Y-
250
Wash H'ts YWestch AvU.
275
Gotham
Metropolis U.
325
350
Public^]
250
300
West
450
Hanover
620
Metropol'n H
180
190
Reserve—
84
88
•
620
•
Cen
City
Bryant Park^
Jhase
Bid
Chelsea ExYChemical
Boweryll
—
Banktt
Aug
9
8*2 Jan
11514 J'nell
Do
BANKS AND TRUST COMPANIES—BROKERS'
Bid
Dec
18*2 J'ly
34U J'ne
8
Sep
41
J neii
J nel2
Mob
6212 Apr
162
4
J'ne
Apr
198
45U Deo
630
23)8 Jan
1
Jan
Jan 13
445
J'ne
Apr
Nov
146
145
Dec
25*s J'ne 10
1,700 American Locomotive680
J'ne
Nov
Oct
Oct
95
Missouri Pacific.
Nat Rys of Mex 1st
pref.
1,300 American Ice Securities
400 American Linseed
2O0
J'ne 12
188
80I4
20U
3912
117%
9434 Jan 16
167
Jan
8
29Jan
Do
"
Oct 16
18*s J'ne 10
62
J'neio
Do
-—,
Banks
9938 J'ly
139U Dec
I34i8 Dec
133
2,450 American Car & Foundry
,
•
98fy J'nelO
116U Jan
9
13134 Sep 18
145
Jan 30
138
Jan 11
123U J'nelO
181
oi
May23 5189
mayjan
o
Jan
6
3478 Aug 26
54
Jan 21
Missouri Kan & TexasZZZ
Do
preferred
91,900 American
-
.
30u Dec
32
MarieZZ
1,000 Western
' 93
23
pref
Minn St P & S S
Do
preferred
United
10,700
7414 202,650
650
45
23
9
12
preferred
do
Texas & Pacific
100
Third Avenue (N Y)
11,250
Toledo
St L & Western350
Do
preferred
Twin City Rapid Transit
300
23
*67
23U
75
2278
75*8
Jan
127
St Louis..
Do
preferred
46,614 Southern Pacific Co
Certificates (wh. iss.)_
2,658
4,820 Southern v tr ctfs stmpd-
24
31
30®4
323g
31*8 32U
30U
31*4
305s 32
91
89U
0012
0O78
9iu
91
916s
91«4
8884
905a
90*8 91
42
42
44
4312
44
4278
44l2
447g
43?8 44*8
4334 44
114
*112
•111
114t2 5114
1143fi *112
1143s §11312 113*2 ♦112
1145s
*36
:
*36
36
36
*36
36
3712
36lg
36
*36
36U
37*2
*63
64
*63
6312 6312
66
6334
63
6384
63U 63 U
63
r
38
37%
37i2
3912
3912
*37%
*37*2
397g
*37*2 40
*3712 397g
*98
*93
99
100
*9212
•9212 96
*92*2
*9212
*4
4
4
*4
*4
♦4
4U
4U
*4
41g
4*4
4*4
22
20
*20
*187g
22
•18l2 20
20*2 *20
*20
22
♦20U
21
21
23
22
21
♦2U2
21
2078 21U
22i2
21
" 21
9
8
8
10
10
8U
*712
*8U
*8*2
9U
9*4
J'8
25
*20
21U
*1978
*1978
21U
25
21U
213s
2138
*20
25
30
31
2934
31
2984
2934
2934
31U
318s
318s
*30*2 31%
96
98
98
98
98
9578
9578
•94i2
*98
98*4
98*4
100*8
6
7
*5U
684
7
534
*5U
6*2
6%
*5*2
♦5*4
7
*41
45
*42
•42
45
*42
47
4312
42l2 42%
417S 4178
82
*81
83
*8012
81i2
8U2
*81U
83U
*81
♦81*2 83
83U
V
65
66
633s
6278
6212 6312
6434
65U
63*2
6234
62l2
6312
997g
100
9934
9978 100
•98U 100
100
100U IOOU
99*2 99l2
*156
165
160
♦160
165
*•156
165
♦156
*156
165
♦156
165
315g
29U
1,575
6,000
108
'
4U
*3U
68I4 Feb
1558 Dec
Jan
91
94i2 J'ly
Aug
395 > Apr
283
Jan
305
9
.
1st preferred
2d preferred
300 St Louis Southwestern
Do
preferred—
6
""l"t306
,
*104l2 108
♦104l2 108
♦104*2 108
*104l2 108
14734 14934
150U 1527s
151*8 152&S 14958 151*8
150*8 152i8
81
82
81U
82
8134
*80i2 82
82
81*2 82
22
*16
*18
*18
*18
2212
*18
2212
2212
22l2
*33
30
37
35
*34
35U
37
*34
40
312
3i2
35g
4
3»8
334
•334
4
*378
4*2
10
10
*8U 11
*10
12
ii% 12l2
105a
105s
35
35
36
35U
3684
30»4
353s
3538
3534 3534
5
*4
*3i2
412
*3i2
4*2
4*4
384
*384
334
*10
19
12
•10
18
*15
20
♦15
20
*lli2
*5
10 :
•5
10
*36
*5
10
38i2
*512
7
*43
46
•42
46
*43
46
44
4478
447fi
44
35
Jan 13
2
J'nelO
11134 Oct
IOH4 Feb
14 812 Aug
Ill's Apr
22oi2 Mch
Jan
7
May
2034 J'ly 23
141U J'neio
126U J'ne 11
pref
preferred
19,420
St Louis & San Francisco
1,600
20
*56
38U
3712
24
*8*2
23
9
1778 Jan
2138 J'QC
56
J'ne
Louisville & Nashville._Z
Manhattan Elevated,
2d
*
*7
SouthernZ""
Western,_ZZ
Pittsb Cin Chic & St L__
Do
preferred
117
8484
20*4
55s
80
45
46,880 Pennsylvania
1625g
*86
362
51i8 J'ly 11
10ig J'ne 4
10414 Apr
128g J'ne
.Ontario & Western1,250
Norfolk & Western
1,550
Do adjustment
pref—
"7", 305 Northern Pacific
*83
138g
275
9
J'nell
25*2 J'ne 10
2d preferred
NY Central & H R.ZZZZ
14,625
N Y N H & Hartford
900
161
1978
5*2
26634 Jan
9234 May26
10
J'ly
20h J'ue
33ij J'ne
28*4 J'ne
115*i J'ne 10
pref
Do
1~025
86
*100
Do
Lake Erie &
"
10734 109*4
*
2Q8*2J'ly
5
pref
IlO Minneapolis &
*26*2
103*2 103*2
*81*2 8512
10658 107*2
103*2 103*2
-
400
1984
45
rlOlU Feb
86i8Aug
76U Jari
Jan 10
88
133s J'ne 11
23
J'nell
"7,850 Lehigh Valley
145
*54
1068g Jan 22
J'nell
147*j J'ne 11
_
*31>
-
Do
Do
132
35
2834
»
mm
;
5734
29*8
15938 16058
84
*8212
92
20
35
.
•>
.»
mm* mm
285s
'
110
..
10
14
*3U2 43
12934 130*2
*135
90*8 J'nelO
77U J'nelS
.*8334 J'uelO
390
pref
1,400 Kansa- City
58
*13*2
145
*50
9,250
131*2 131*2
*128
Do
103i4 Feb
1013s Jan
rl3034 Dec
60
2,020 r,^r0? 9,re PropertiesZZZ
Il-inois Central2,010
Inter
5,910
boro-Metrcp y tctf ~
150*4 151*2
129
...
1934
5778
2934
29l2
86
*
129
*36
*15
43
*31*2
*135
45
9634
14
21
*50
30U
*36
130
14
43
145
'
*7l2
20
*127
130U 131
20U
*56
10
15034
131*2 13178
13U
*31%
58
150
130
*135
2412
*15
*13
145
243s
106*4 106*4
1334
1384
57*2 5734
2434 2478
*7*2
131
12778 12778 *126l2 130
1334
57*4
*56
20
I13U
107
57
pref
Duluth So Shore &
Atlan
Do pref
200
Erie
20,075
ZZIZ
Do
1st preferred__ZZZ
2,450
Do
2d preferred
410
Great Northern
4,000
pref__
3412
107
10
*16
§3412
1233s 123*2
*3212 34
1358
58
*7l2
36
,
123*2 12334
33*4
3234
5834
245s
*56
10
*9
11
*34
3334 34U
10638 10634
14
137g
58
*7i2
*9
Do
lOOSg Jan
Highest
6
100
512
275S
433s
*127
*31
-
28U
43%
36U
15112 152%
*13H2 133
*138
*5
5*2
27*8
10678 10738
1358
14U
59 U
5758
2434
24i2
14978 150
*5
410
32
4278
10612 10G34
13U
1334
58
6G34
*23«4 2S
149
5i2
m
19
♦29
31
ctfsZZ
Delaware & Hudson"""""
Delaware Lack & West""
218 Denver & Rio Grande
157
400*2
*18
27U
35
*17
*29
19
tr
Do
900
pref trust ctfs__
13,000 Chicago Milw & St Paul.
Do
300
pref
2,475 Chicago A North Western
Do
pref
Oleve Cin Chic & St L
220
42
123
22
303s.
*150
159
400l2 *390
Ohio
Chicago Gt West
Ml
11
35
*7i2
*5
*150
700
*170*4 180
*9
122U 123
32
*18l2
3038
33
*5
5l2
*34
122U 12212
3U2 3H2
107
107U
1384
13U
58
57l2
7 2314 23U
*56
57i2
10
*712
*30
10
10
i.
*17
*150
400U *390
«
«.
6,950 Chesapeake &
10038 IOI84
46
18U
«.
*1134
Lowest
10214 Jan 29
133U Jan
9
*
112
,
Year 1912.
Highest
9034 Oct 17
J'ly 9
96
RrZ
4,200 Brooklyn Rapid Transit.
75,125 Canadian PacificCentral of New Jersey—"
§87l4 .87*4
2263s 2283s
182
*10
,
80
Do
pref
Atlantic Coast Line
3,250 Baltimore 6c Onio
Do
300
pref
350
Range for Previous
100-share lots
of
Loioest
850
'
page
Range Since Jan. 1
On basis
Railroads
13,550 Atchison Topeka & S P.
9258 935s
*95
9834
11412 II484
93U 93*2
933S
60
17U
EXCHANGE
Shares
93
101U 1 '2U
NEW YORK STOCK
Oct 24
*290
5734
12
STOCKS
the
Week
Oct 23
9834
*9778
114U 114U
93U
9278
320
57U
Sales of
Friday
*35
30
.
PRICES.
Thursday
*170
517U
'
22
Oct.
99U 100
10078 10258
*13U2 132U *131% 134
*13U2 134
1263s 12634
12578 120U
126U 1263,;
.
SALE
Wednesday
92
93
93
943g
94U
93U
*98
98% 98l2
9858 ♦_
985fi
116
HSU 113% *114
11478 11478
9278
9278
9334
9412
937g
935g
80
80
80
80
*79
80U
87
86U
8Gl2
87
877s
87U
2233s 225's
227U 22978 228
229U
57
29
*26U
AND
Tuesday
preceding
see
-
-
640
'
-
..
.
Cosmopol'n !i
East
85
River-.
105
70
635
U T321
,
-
—
Side 1.
Yorkville Y-.
160
—
-
-
«
175
600
;
•
Bid and asked prices; no sales on this day.
t Ex-rights.
5 Less than 100 shares.
T) State bank3.
a Ex-dlv.
A rights.
6 New
t Bale at Stock Exchange or at auction this week,
e First installment paid. • n Sold at private sale at this prloe.'
x Ex-dlv.
I Fuli
.
- Ex
2i%
accum .
dlv
-
Oct. 25
Record—Concluded—Page 2
New York Stock
1913.]
Saturday
Tuesday
Oct. 18
Oct. 20
Oct. 21
SALE
LOWEST
AND
Monday
Wednesday
PRICES.
STOCKS
the
NEW YORK STOCK
Week
EXCHANGE
Friday
Oct. 23
Oct. 24
Shares.
basis
On
Lowest
Highest
Lowest
Previous
Year 1912
100-share lets
of
for
Range
1
Since Jan.
Ranoc
Sales of
Thursday
Oct. 22
preceding
stocks usually inactive, see second page
For record of sales during the week of
STOCKS—HIGHEST
11 &4
Industrial & Misc {Con)
♦99
105
100
100
*100
105
*100
105
♦26
27
*26
27
*26
28
*26
28
115
121%
121
22512 227
*10012 102
♦100
28
*26
110
23
80%
*77%
80
15%
*14
15%
*19
22
*77i2
80%;
*77%
♦14
15
*14
79
*73
77
41
*40
42%
105% *103 ' 105
30
29%
*28% 29%
♦36
102
§102
102
*20
23
*20
23
*77%
15%
36
77%
*76
80
15%
*13%
35%
15%
35%
35%
79
*73
79
*73
79
§40
*40
44
*40
44
*40
44
105% *103
30
303s
31
105% *103
105% *103
30%
30%
30
30
T,800
72
250
*122
128
♦69
70
*69
70
70
70
*70
71
70
124
*120
128
*122
128
*122
128
*121
127
17%
1712
•
53
*49
*
"20"
9014
16%
17%
49%
49%
*
96%
*23
27%
♦
96%
18%
2734
18%
49-
49
•
96%
"20%
20%
"21~
21%
90%
590%
3934
90%
40%
*90%
40%
413s
39%
27%
27%
128% 128%
9%
9%
*
*37
40
40
38
3S
139
139
38
33
38%
39
78
78
78
20'4
22
♦76%
22%
8734
45%
15%
89
*86
4534
45%
15%
15
45
15%
14%
15%
*101
•101
*
115
116"
•113
15
•32
35
7%
•24%
30
♦79
85
7%
7%
*23%
*78%
30
82
*77
98%
•30%
98%
38%
*98%
98
•208
215
210
•106
115%
♦7
8
*7
35
*33
45
15
*103%
115
*
85
*87
89
45%
*4434
45%
115"
'
*102% 105
115
*113
8
*14%
15%
7%
7%
*23%
*23%
30
♦78
86
*78
86
*78%
15%
*32
35
85
108
*100
30
♦79
85
107%
*100
*79
84%
*79
84%
*79
83%
*79
99%
99%
38%
97%
•98%
*30%
99%
38%
♦98%
*30%
*97
99
211
213
*97
100
♦98l4
*30%
97%
212
212
*98%
*30%
38%
210
212
110
110
*103
33
31
31
*31
32
*95
100
*95
100.
*95
100
♦156
165
*153
165"
*153
*100
111
♦1091s 111
108
213
99%
215
115%
115% *106
115% ♦107
32
32
♦30
♦30%
32
98%
*98% 100
98%
*97% 100
*86
*86
*156
165
*156
♦156
163
*109% 111
*109
113
*109
♦109
113
*86
:
■
113
*62
71
*62
71
♦64
•71
*64
*64
70
*64
70
*97
102
*97
102
*97
102
♦97
102
*97
102
*97
102
65
65
*64
65
64
66
7Q_
"
04
65
*63%
119
*118
119
*75
♦43%
•101
80
♦70
43
43
106
15-%
15%
♦118
10
10
80
10%
74%
*74
78
44
4434
19%
*19
20
30
*25
30
*25
28
125
125
20%
20%
21%
21
90
90
91
88%
89
25
2434
25
25%
25%
*96
98
*96
108
108
♦24
96
96
♦95
98
2334
*91
18%
18%
18%
18%
18*4
18%
98
*93
152% 1521a
•151% 152
19%
123
124% 124% ♦122
20
19%
20%
20^
88% 89
88%
88ty
♦25
25
25
25%
21
153" *152% 154
153"
♦96
98
153"
♦152% 154
25
*24%
26%
*23
25
*23
25
93
93
*91
95'
•91
95
*91
95
185?i
18w
18%
19%
18%
19%
18%
19
20
20
20
19%
79%
18%
1834
81
82
81
23
*20
23
•19
*23
*19
23
♦19
23
♦19
*45
52
•45
52
♦45
52
*45
50
*45
50
♦45
50
•171
173
171
173
175
178.
175
175
175
175
*26
32
*26
32
*29
30
29
29
78%
177% 177%
34
*31%
34
34
*31%
34
*31%
*31%
*59
64
*59
64
63
63
♦63
65
*60
60
*59
62%
20
*19
£0
20
20
*19
20%
19
19
*18
20
*73 r
77
*73
78
28%
29
,
♦31%
273s
109
108
108
90
*84
co
1073J ♦105
*105
5
*4%
22%
*9%
13
*43.
*
'58%
"54%
65%
105
105%
v
52%
*27
*93'
53%
54
28%
*56
58
*56
59
97%
*93%
63
64%
*61
♦107
117
*110
91
:
89%
90%
90*4 90%
*111% 113% *111% 113% *111%
"56%
29
95%
96
*94
62%
62%
6534
66
66
*110 • 114% *106% 115
117
91%
91%
91%[ 90% 91
♦110
117
91
91
59
57%
107%
54%
53%
28%
28%
97
§97
63
62%
107
,29%
97%
66
66%
200
67%
57%
106
106
52%
*28
53%
*62%
Do
U S Realty
*
Do
1st
...
66%
113%l*lll% 113% *111% 113
210
Bid
As*
Bid
Trust Co's
Ask
Banks
150
Brooklyn
National City
273
285
Central Trust
300
North Side 1[.
175
200
Columbia-
145
People's
145
•155
As*
6
51% Jan
105% Feb
$18% Jan
Coney Isl'd
First
.......
Flatbusn
280
...
'
80
88
92
300
450
465
Farm L & Tr 1100
Fidelity..... 210
1150
400
425
125
140
Aa tor
140
Bankers*
205*
220
.....
465
Empire
Mech.anlci'1.
Nassau
1000
450
Equitable Tr.
Trust Co's
Maoulact'rr.
Montauk
.
985
100
125
Hillside!)....
Homestead
Commercial
155
Greenpoint-.
Knickerboc
t
NY City
310
220
350
365
Tr.
450
465
Fulton..
270
295
B'way Trust.
150
155
Guaranty Tr.
545
555
2
8
74% Jan
16
J'ne 10
31% Jan 22
28% Deo
23
J'neil
104
J'nelO
Feb
50
4
45
Deo
12934 Sep 23
24% Jan
103
Jau
Jan
46
1634 Mch
Feb
J'neil
95
Jan
77
J'nelO
88%-J'ne 10
108
Oct 22
36
Jan
2834 Feb
101% Jan
.
118
Jan 21
Jan
22% J'neil
35
Jan
90% J'nelO
100
Jan
13
J'nelO
J'nelO
J'ne 11
22
Jan
2
5
May 1
Oct 23
Oct 23
__
10634 Feb
158% Feb
27% Feb
98% Dec
-
1534 Feb
64% Feb
89% Dec
99% Dec
92% Jan
7
9934 Jan
4
213% Jan
2
45% Jan 28
40% Jan 31
66% Feb
4
,
Feb
140
0
12684 J'nelO
-89
J'nelO
J'ne 10
J'ly 10
99% Jan
3
113
Jan 21
4% J'neil
21
Oct 16
9% J'nelO
56'4Jan 31
5584 Oct 14
53
J'nelO
77
109
J'ne 14
J'ly
Jan
95
Dec
110
J'ne
4% Jan
35% Dec
'
;
9
13
Feb
50
Jan
67
Jan
45% Feb
,105% J'ly
75
Jan
69% Apr 4
10934 Apr 9
81% Jan
9
69% Jan
2
11034 Jan 30
60% Jan
2
58% Feb
Dec
107%
$52%
40%
1147s
43% Jan
Jan
75% Jan
79% Jan
_
11984 Jan 17
112
Jan
2
115% Jan
Jan
30
81
44% J'ne „6
114
53
90% J'ne
$34%FeD
7«4 Jan
3
41% Jail
3
1684 Jan 30
J'nelO
Jan
39% Jan
16% Jan
93% Jan 13
39% Jan
4
126
Aug 29
Jan
Jan
$16
28% Jan 31
92% Sep 13
36
Feb
96
165
Sep
58% J'ne 10
53% J'ne 10
10778 J'ne 13
81% J'ne20
8
J an
Deo
Dec
71% Deo
66% Jan
1147g Jan
112% J'ly
93%J'ly
QUOTATIONS.
Bid
Trust Co'e
As*
Ask
Trust Co's
Bid
Ask
490
Brooklyn
TV Y City
TV Y City
NY City
Feb
56% Jan
Oct
*
Brooklyn
Dee
12% Feb
2
Do
Bid
Dec
88
20
39% J'nelO
22
J'ly
1
93
J'ne 30
Trust Co's
114
122
92% Jan 30
nelO
102% J'nfe 10
BANKS AND TRUST COMPANIES—BANKERS'
Bid
Bank
8
19% Jan 30
108
Do
preferred...
325 Western Union Teleg
3,800 WostiLg-ouse EI & Mfg.
Do
1st preferred
"V.966 Woofworth (F W)
Do
preferred
.
124% Jan
6
„7688 Jan 3
49% J'ne 11
United States Steel
preferred
21,150 dUtdh Copper...Par $10
600 Virginia-Carolina Chem.
2,822
26% Jan
4
Sep 18
130
Jan
98
prtferred....
2d preferred
Do
477",200
J'neil
J'ne 4
J'ne 5
81% Jan 14
fMpe & Fdy
1,820 United States Rubber...
520
Apr
Dec
82% Jan
78
Improv't..
Mch
9
104
preferred
167
10734 Jan
J'ne
73
....
U S Cast Iron
>
102% Oct
90
J'ly
8
Jai. 28
J'ly 16
19
Do
Jan
G234 Apr
S23% Feb
j
52%
Corp (The)
preferred
1567s Jan
105% Jan
36% Dec
116% Jan 23
3978 Jan
6
Jan
9
95
Mch
102% Deo
6
105
31% Apr 26
preferred
Do
100
_
113%!*111%
lr
Studebaker
200
97
Mch
4
1484 J'ly 15
J'ly
1
12,980 dTennessee Cop..Par $25
1,400 Texas Company (The)
100 Underwood Typewriter
59%
56%
58
106% 106%
5234 63%
28%
28%
59
63
65%
59%
59%
59%
Do
""20Q
104% 104% *10384 105%
29
49% Feb
2
15484 J'ne 12
23
J'ly 8
StandaM Milling
Oct
105% Jan
78% Feb
36
100 Sloss-Sheffield Steel &
Sep
60
72
preferred
1,400
Rumely Co (M)
Do
preferred
1,525 Sears, Roebuck & Co
Dec
71
100
Sep 15
Jan
102
55
17
Do
107
J'ne 10
.13
16
3,200 Republic Iron Ac Steel
50
59
*9%
934
9%
Railway Steel Sprng
Do
pre! erred
210
*44
"
100
12
49
*57
300
10,370 dRay Cons CopperPar$10
49
♦44%
83
_
69
J'ne
149
25
*21
12%
48
54%
*61
*21
25
*9%
§48
107
28%
'25
♦21
Jan
2
18-
preferred
300 Uniou Bag & Paper....
Do
200
preferred
12%
59
59%
60
60%
10412 10434 *10434 10534
56%
90
90
93
25
..59
106
109%
110
7678 Jan
100
73
_
preferred
150 Pub Serv Corp of N J
Pullman Company
1,240
10984
109.% *105
4%
4%
4%
4%
5
*412
4%
4%
♦21
97%
117
*110
v
*108
*84
♦93
64%
2s%
28%
109% 110
*104
w
64%
*71
29
93
29
*60%
64%
56
1053s
73
28%
Deo
Oct 14
14% J'neil
Do
125
74
73
110
*57
58%
104% 104%
.
*84
*9%
~58
*56%
583s
.
104
"54%
52
12
*9%
58%
*56%
57%
105.
4%
25
*21
29%
110% 111
,28%
105% 105% *104
93
49%
,
104
108% 110
*84*
K)73,ij
*4%
22
29%
29
75
75
,77
♦73%
29
♦84
;
29
*31%
•103
.
*26
Telep & Teleg
700 Pressed Steel Car
21
34
'
.
30
*26
»
34
*19
;
81%
Mail
20 Pacific
80
80
79
•19
Deo
90
104% Jan
74% Oct 21
43
Oct 20
2,450 People's G L& C (Chic).
2,350 Pittsburgh Coal..
Do
preferred.
4,650
20
*19
.•78
78
300 Pacific
153
25
95
1834
19%
79%
150
98
24
9
Lead...
*25
15%
15%
15%
16
65
116
Do
72%
21
28
89
National
"200 North American Co (new)
20
24%
1,500
__'III|New York Air Brake:
125%
89
104
.
....
4484
4484
105
§105
63
Feb
235
20% J 'ne 10
Par $5
preferred.
Nat Enarhel'g & Stamp'g
1,200
Do
preferred
345
15%
125
24%
Copper
Do
100
Dec
Jan
6
J'neil
12
18% Jan
70
J'ly 18
55
75
106
21
15% J'ly
93g Jan
r4578 Jan
94
4
106% J'ly 22
Mch
4
2
Mexican Petroleum
65
♦25
20%
89%
44%
44%
♦100
7
45sJan
19% Jan
7
12% Jan 30
48% Jan 30
116% Jan 22
♦57
18%)
26%
20
84
29% J'ne
91
J'ne
J'ne
195
7
200
*71%
124%
18%
11
*77
May 6
Oct
116
110% Sep 17
11434 Sep 19
J'nelO
75
72%
*18%
124
*10%
Mayi2
J'ne 13
65
*71
526%
11
77%
Dec
J'nelO
Mayi2
105
200 National Biscuit
120
Deo
$16% Dec
3
111% Sep 15
Aug 4
J'ly 18
*57%
75
27
77%
*118
10B
6
*71
65
*71
20
*10%
22
22%
*119% 124
Feb
70% May
60% Deo
$47
1st
1,400
dMiami
2,050
Jan
30
9
4
9
32% Oct 15
ctfs
155
7
106% Oct 10
58
j'ne 9
97
J'nelO
co
Jan
2
Aug 18
8184 Sep 30
68
Jan
2
89
preferred
84
Do
2d preferred
Lorillard Co (P)
rl50
103
Do
preferred.
65
May Department Stores.
Do
97%
preferred
Do
Deo
11% Feb
37% Jan
2038 Jan
22% J'ne 13
83
J'neil
preferred.
dNevaaa Cons Cop Par $5
4,130
15%
*57%
16%
15%|
120
*118
44%
105
105
15%
I *57%
124% 124%
20% 20%
94
♦10%
75
*25
25
1034
105
101% 5105
,120
65
70%'
♦91
*118
120
•57%
70%
*18,
•23
22
22%
22% « 22
120% 120% ♦119% 123
22%
120
74%
44%
44
5101
15%
67
*57
65%
22%
120
120
9%
10%
9%
22
120
♦117
120
65%
64%
21%
21%
21%
•116
"i00
Dec
20
53% Jan
2% J'nelO
Steel..
Jan
.05% Jan
12% J'ne
6% Oct
Laclede Gas (St
10
75
99% Dec
21s4 Jan
2
18
Jan 22
44
Jan
2
40
Jan
14% J'ly 12
95% J'ne 10
i.
_
17% Jan 31
79% Jan 31
100% Jan 16
187
Feb
231.8 Feb
13534 Dec
40«4 J'ly 11
96
Paper
Loose-Wiles Bis tr
*30%
165"
12984 J'ne 10
25
May 15
70
May 8
20
Oct 16
87
Oct 16
L) com..
700 Liggett & Myers Tobacco
Do
preferred
1
100
"400
115% *106
*86
*85
142% Jan
Int Mer Marine stk tr cts
Lackawanna
38%
*203
125% J'ne 10
Kayserdt Co (Julius)
Do
1st preferred
Kresge Co (8 S)__
Do
preferred
100
97
97
80
Mch 19
Deo
16% Feb
$25
33
Mch
9'J78 Dec
103% Feb
30% Feb
47% Jan
41% Feb
Do
preferred.
100
500 Internat Steam Pump
Do
preferred
84%
Nov
84
Jan 30
97% Mch
111
108
*100
108% ♦100
28
49% Dec
.
J'nelO
111
700 International
Feb
Feb
Feb
24% J'nelO
135 Internat Harvester Corp.
Do
preferred
...
pref stk tr ctfs
86
Deo
I0234
2734
56%
137%
30% J'nelO
Internal Harvester of N J
135
Do
preferred
3
Do
56% Feb
738 J'ne 10
Do
preferred..
600
1,325 dGuggenh Expior Par $25
a Insp'n Con Cop Par&Q
5,900
.
Aug 12
137% Jan 27
31. Feb
"
7
94% J'ly 8
984 J'nelO
13
J'nelO
4,900
200
74
61% J'ne 10
pret v t ctr's
120
Goodrich Co (B F)
6%
*23%
Aug
x 88
Iron
Do
8
Mch 27
16
J'ne 10
Par $5
Fuel &
General Electric.
""366
4
*3%
♦14%
♦7%
6
30
Copper
1,290
Gen Motors vot tr ctfs
1,000
116
*113
preferred
25
17
Deere & Co pref
14~630 Distillers' Securities Corp
100 Federal Mining & Smelt'g
Do
preferred
100
115
•
Do
41% Jan
Feb
105% Feb
105% J'ne
J'nelO
J'ly 23
95% Oct 14
Leather.
dChino
49
45
2,000
Consolidated Gas (N Y)_
1,610
Corn Products Refining.
3,100
Do
preferred
100
*102% 105
6%
6%
6%
♦
t ctfs
v
preferred
)ThreshMpftr cfs
Colorado
15%
*103% 107
35
♦32
36
18,500
15%
4
*3%
4
15%
•
89
15%
105
6%
7%
*30
*86
*87
*24
99%
38M
*30%
102
*93
98
89
30
84%
*78
15%
*6%
7%
*6%
102% *100
•100
141
140% 140% *140
*38
*38
39%
39%
78
§7634 7634
*76%
22
22
21%
21%
116
*3%
15
35
34
*32
7
*6%
15
*113
4
15
♦3%
3%
3%
*14%
116
*113
116
*113
3%
3%
•13%
7%
19%
39%
78
23%
4534
15%
♦
115
18%
102% 102% *102% 105
*101
*101
*37%
102% 102% *103
....
lis"
§115
140% 141
20%
87%
6734
98%
40
17%
140
87%
44%
*66
*37
40
17%
140
88%
28
Do
Case(J I
Centra*
133
*12834 130
10
9%
40
*37
67%
*95%
*36
44
28
141%
*11
87%
27%
141
16
43%
15%
27%
~L020
40%
♦37
♦11
21
93
15
14
20
21
*90%
3934
*11
98%
16%
*95%
16%
*76%
"20%
40%
16
98%
78
93
393s
19
*95%
16%
21
20%
*90%
♦10
97
•76%
"20%
16
•95%
38%
1,450
98
*95%
1834
69
38%
47
98%
*65
14
45%
♦_
*95%
67
16%
98
17%
69
*64
14
46
17
2,410 California Petrol
*65%
67
16
46
preferred
Brooklyn Umon Gas
Nov
Dec
25% Jan
$34
62% J'ne 10
120
Oct 17
Do
18
79
53% Jan
25
Butterick Co
2734
67%
98%
19%
•64%
♦10
45
*26
129% *128% 130
10
10
10%
10
10%
9%
16%
21%
93
41%
2938
129
129% 129%
127% 128%
9%
9%
17%
2734
16%
1003s
20%
*90%
40%
28%
29
28
28
28
16
93
*26
2634
45
20
3914
♦26
pre.eored
Bethlehem Steel
KH% Jan
J'ne 10
100% J'ne 25
Do
115% Jan
30% J'ne 10
Oct 16
74
40
Locomotive
Jan
32% Jan
41% Jan
120
Jan
15% Oct 22
Realization.
Baldwin
105%
*70
•120
*26
Assets
"""50
30
70
27%
35%
*73
16% J'ne 10
May 7
74
Feb
26
137% Jan
241% Feb
29484 Jan 10
106% Jan 27
23% Sep 27
82
Sep 19
J'ly 11
96
new
Woolen
99
llo% Dec
116% Jan 28
140
Jan
3
119% Oct 14
J'ne 6
preferred
L__
'"260
pref
\
200 Amer Writing Paper
aAnaconda Cop Par $25
6,900
Jan 21
40% Feb
3
Jan 31
118
110% J'ne 12
2,650
Preferred,
105
6
9
200
Do
77
40
American riugar Kef ning
Do
100
preferred
4,300 Amer Telepnonr At Teleg
American Tobacco
American
*14
79
25
104'4 J'ne 12
""466
48
80
15%
36%
*73
*103
♦103
*101
23
36%
3584
35%
34%
35
♦26
28
110
J'ne
J'ne
100
100 Amer Snuff pref (new) __
Amer Steel Pound (new).
105
*100% 102
*20
*20
21
34i2
*100% 102
*100% 102
*20
♦73
105
*26
*10g34
107% 107% *106% 10934 *10534 no
*113
115
*113
115
*113% 115
114% 114% *113% 115
I2IS4 122%
121% 122%
122% 123
12134 12234
120% 121%
235
234
238
239
233
238%
229
23934
225
225
107%
107
♦113
*100
*107
Brooklyn Tr.
470
Law T I & Tr
160
165
N Y Trust...
595
605
Citizens'
140
Lincoln Trust
120
130
Title Gu & Tr
405
415
Franklin
410
Transatlantic
205
220
Hamilton
Union Trust.
355
150
USMtgATr
Hudson
....
Metropolitan
130
....
140
N YLlfe&Tr tiooo
Mutual Alli¬
135
ance
Mut'l
(West¬
chester)...
135
140
120
110
530
125
135
365
People's
285
295
155
Queens Co
90
100
145
.
280
270
...
Home
345
Westchester
150
250
--
Kings County
420
1090
_
•
Nassau
365
415
United States 107U
Washington
•
„.
....
4
'
.
■■
*
Bid and asked prices; no sales on this
Stock
Exchange or at
auction
this week,
day.
§ Less than 100 shares,
t Ex-rlghts.
aEx-dlv. & rights,
s Ex-stock dividend.
U Banks marked with a paragraph (u) are
b New stock, d Quoted dollars per
State banks. $ Ex-divldend,
share,
.
* -<
*
t Sale at
,
•
1188
'^w-.v1
New York Stock
Jan. 1 1909 the
■
Exchange method
stock exchange
Week Ending Oct. 24.
u. s. Government.
tj s 2s
eonsolcoupon..
tj 8 3« registered
dl930
xj 8 3b coupon
£1918
1925
tj s 4s
coupon
1925
xj s Pan Canal
10-80-yr 2s£1936
v s Panama Canal 3s
Week's
Range or
Since
Last Sale
Jan. 1
aj4 Low
99
g_'__1961
100
Foreign Government.
fArgentine—Internal 5s of 1909. m-s i 96%
^Chinese (Hukuarig) Ry 5si£
j-d 1 87%
99
No.
90
90
1
1
822
Oct '13
86%
—-
>
t These
i960 m-s
103
1963
\ 4% Corporate stock
\ 4% Corporate stock
! 4 % Corporate stock
New 4^s...
New 4^s
1959 m-n
95
1958 m-n
95
1957 m-n
95
83
97
100
9978
9934
•
Registered
\
Registered..
{
Stamped.
v
Conv gold 4s -l
Conv 4s (issueof 1910)
10-year conv gold 5s
q-j
70%
a-o
93
Nov
hl995 m-n
—1955 J-D
"85%
1955 J-D
"93"i2
i960 J-D
93
.1917 J-D
1.01
91
1928 M-S
1958 J-J
99
Sale
9284
J-J
'*•
7034
1
iod4
99"
81%
81%
42
59
98
83
88%
Mch'13
86
86
83
88
86
85%
86
86
v
93
99
92
Oot
10312
J-J
95i2
97%
97
90
9034
90%
Oct
_92% Safe
92
92%
92
92
92
91% Sale
91%
92%
.../11948 a-o
ple& w Va Sysref 4s_.1941
; Bouthw Div 1st gold 3j^s_1025
Cent Ohio r 1st c g 4 j£s_.1930
ol Lor & w con 1st g 5s_.1933
... Monon River 1st
gu g 5s__1919
Ohio River rr 1st g 5s
1936
General gold 5s
1937
Pitts Clev& Tol 1st g 6s__1922
Pitts & West 1st g 48^
1917
Stat Isl Ry lstgu g 4 j^s—1943
Buffalo r & p gen g 5s1937
Consol 4^s
1957
v- All & West 1st g 4s gu
1998
112
Jan '12
84%
86
May'13
A-O
105
j-j
j-d
95
97
May'13
91
91
j'no'12
m-s
106
a-o
f-a
j-D
90
102
......
109
110
60
105% 106
2d
_
100
97%
86"
*89%
82%
86%
90%
97
90%
100
101
105
106%
107% 110%
108% u178
Oct '13
38
104% 106%
10
10334
106% Mch'13
Dec 'ii
102
110%
■
109
106% 106%
103
Dec
11
96
Nov'11
107
Dec '11
90
107% Jan 12
102% Sep '13
100
.90
i -j
103 1
i05"i2
100
5s_1920 j-j
n
y & Long Br gen g 4s__1941 m-s
'Cent Vermont 1st gug4s__el92Q q-f
"98" 102%
83
j'ne'13
100% Jan '13
100%1G0%
103
84
L
"99%
25
103
,
Oct '13
83
90
1st refund
gold 4s_._2002 J-J
6-year secured notes 5s
1918 J-J
Bk Oity 1st con 5s..1916-1941 J-J
Bk Q Go & 8 con gu g 5s__1941 M-N
Bklyn QOo& 8 1st 5s_._1941 J-J
Bklyn Un El 1st g 4-5s
1950 F-A
Stamped guar 4-5s
1950 F-A
Kings County El 1st g 4S.1049 F-A
Stamped guar 4s
1949 F-A
Nassau Elec guar gild 4s. 1951 J-J
J-J
No price Friday; latest this week,
85%
96% Sale
99% 101
99%
80%
96%
09*4
26
99%103%
86%
96%
46
84%
96%
18
101
101
3
92%
96%
9934 102%
■
97%
m
-■
mm
.
m
m
mm
100
81%
80
m
84
74
77
97
97%
^
,
m
m mm
m
70%
m
m
71
rnm
mm
06
.'mm
*•
98
101
m
09%
mm.'mm
J-J
M-S
(Grand Rapids Ry lstg 5s..1916 J-D
^Havana Elec consol g 5s___1952 F-A
•
99*4
85
F-A
J-J
98
107
100
Apr 13
9234
'69
J'ly '13
100
96
100
97*4 Feb '13
"97" 102"
73%
....
102%
....
....
....
105% J'ly "13
73%
74
117%
117%
102% Oct '13
91% 95% Apr 11
80% 80
J'ly 12
91
90% Aug 12
74
117%
104
~99% 100"%
"81%
93%
5s
Coil trust Series l 4s
p 4s
J'ne'11
Oct '13
102
101
A-O
A-O
A-O
A-O
a-o
A-O
205
J'ne'13
...
....
103
103
102%
102%
91
91*4
91
100% J'ne'13
J'ne'13
110
110
J'ne'13
101% 102% 101% Oct '13
10234
102% Oct '13
107
107% Sep '13
99*4
99% Oot '13
99*4
100% Aug 12
102*4
10234 Oct *13
10034
106
106
....
....
92%
92% Sale
95% May'13
92%
92%
82% Oct '13
84% Jan *13
82%
"95% "96%
95%
95%
106
Sep '13
105% Aug'13
104%..j. 1Q4
May'13
Oct '13
102%.... 102
102
102% 102% Oct '13
107
106
....
98
101
102%
m-n
100
A-O
116
Dec '12
109% Aug'13
102% 100% Aug'13
117
..
J'ue'13
90% Sep '09
J-J
J-J
108% 111% 108% Aug'13
104
107% 104
Sep '13
110%.^.. 114% Feb '13
110
113% Mch'13
92% Sale
92%
92%
115
10g78
J'ly 11
108
108% Mch'13
104% 105% 104%
104%
103
83
104
106
Dec *12
Sale
73%
7434 Sale
73%
97
""28
84
91
88
"73%
'
■
v
75
*70
75
31
Sep '11
Registered...
;
2002
r i Ark & Louis 1st
4j^s_1934
Bur o r & n—1st g 5s
1934
o r i f & n w 1st
gu5s_1921
m & St l 1st gU g 7s.
1927
55% Sep '13
J'ly '13
103% Sep '13
102%
98
101% 105% Sep li
m-s
a-o
A-O
Chic St p m & o
con
6s
52% Sale
111 *"85"
95
"75 i
"9978 May"'l3
.100
97
"9*6"
79
1930 J-D
115% 117
86
100%
1*01%
115%
115%
105% 108
106.
Jan '13
94 ■
Oct '13
.
79% Aug'13
115% Oct '13
89% Dec '12
101
101
119% Feb '13
129% May '09
106
Aug'13
107% J'ne'13
84% j'ne'13
.1952
Next
52%
85
....
F-A
North Wisconsin 1st 6s._.1930 J-J
St p & s City,1st g 6s_._.1919 a-o
Superior Short l 1st 5sgfirl930 m-s
Chic& Wesfclhdgeu g 6s._gl932
-m
on
94% J'ne'll
49
J-D
Cons 6s reduced to 3 j^s__1930 J-D
Debenture 5s
1930 m-s
Ch St p & Minn 1st g 6s..1918 MtN
50-year 4s
"li
Oct '13
82%
Sale
i iii *95%
m-n
10
....
1918 m-n
Chic r i & Pac rr 4s....2002 m-n
KOShLlst4Ms'41
13
10034
101%
102% Sep '13
102%103
m-n
1988 J-J
1934 a-o
^..1932 J-J
1914 m-n
4s
86
90
Sale
103
11
93%
98% Feb 13
82% Oct '13
83%
101%
101%
6s..1921 M-S
Registered
Refunding gold
Dec
99% Oct '13
93% Sale
j-j
Winona & St p 1st ext 7s_1916 J-D
Chicago Rock Isl 9c Pac 6s_1917 J-J
Registered
;__1917 J-J
General gold 4s
..1988 J-J
Consol
Si
Page.
Street Railway
99
conv
Chicago Rwys 1st 5s
1627
Conn Ry & L lst&ref 5g 4 Hs '51
Stamped guar 4Ks
..1951
Det United 1st cons g 4>^s.l932
•Ft Smith Lt & Tr 1st g 5S..1936
68
Sale 100*4
Ext & imp. s f gold 5s__1929 F-A
Ashland Div 1st g 6s^
1925 M-S
MISCELLANEOUS BONDS—Continued
Street Railway
Brooklyn Rapid Tran g 5s_1945 A-O
92%
*89% "90%
Choc Okla& g gen g 5s._ol919 J-J
Consol gold 5s_;
1952 m-n
Keok& DesMoines 1st 5s. 1923 A-O
.
lodg
112% 119%
112% 118%
iois4 105%
100
100
100
87ig
Frem Elk 9c Mo v 1st 6s.. 1933
Man g b & n w 1st
1941
Milw 4sl 1st gu
3^s
1941
Mil L 8 & West 1st
St Paul &
10984 May 11
100
101
Sep'13
113lg 113% 113%
113%
11212
113% Oct '13
92%
72
102
1987 m-n
•
Feb'13
66*4
pi 987 Q-F
20-year debenture
48
116"
100
91%
j-d
Mich Div 1st gold 6s
1924 J-J
Mil Spar&n w
Istgu 4s_lp47 M-S
Northw Union 1st 7s g
1917 m-s
97
100
Mobile Div 1st g 5s
1946 j-j
iCen rr & b of Ga col g 5s.l937 m-n
;Cent of n j gen'i gold 5s
1987 j-j
-j
Registered
__hl987
gen gu g
9778
91%
88%
110%
103
104*4
9534 95*4
10334
90
825„
f.
Am Dock & Imp gu 5s_—1921
89%
85% Oct '11
Chatt Div pur mon g 4s__1951 j~-d
Mac & Nor Div 1st g 5s__1946 j-j
*.Mid Ga & At! Div 5s
1947 j-j
Leh & Hud r
90%
103"
110% Mch 13
'
...
88
96%
96% Sep 12
9734 May'13
1987 m-n
Sinking fund 6s....1879-1929
Registered
1879-1929
Sinking fund 5s
1879-1929
Registered
1879-1929
Debenture 5s.
1
1921
Registered
1921
Sinking fund deb 5s
..1933
Registered
1933
g
45% Apr '13
10578
106
105
pref income g 5s_—_pl945 Oct
income g 5s stamped.
\ 3d pref income g 5s
pl945 Oct
3d pref income g 5s
stamped..
2d pref
91%
ioo34 Jan '11
a-o
Central of Ga 1st gold 5s_.pl945 f-a *10912
Consol gold 5s
103l2 104
1945 m-n
104
Registered
1945 m-n
lit pref income g 5s
Oct
._pl945
General gold 3h3___
103% 103%
10578
106
103% Apr '13
9534 Alch'13
103
j'ly '08
10734 Oct '13
108
A-O
15
88
1.13% Feb '12
9912
m-n
223
86
a-o
j-j
m-s
A-O
gu a 5s_l962
1962
88i2
86%
87% 88i4 87%
87%
95
100
Apr 13
103
105" 105 Sep '13
99%
102% j'ne 12
ioh4
103% Apr '13
98% 103
106% Apr '12
ci & Mali 1st gu g 5s
1943 j-j
Roch & Pitts 1st gold 6s__1921 f-a
Consol 1st g 6s
*
1922 j-d
Buff& Susq lstregg4s
(/1951 j-j
Canada
Sou cons
Registered
1
105 ■?
85
m-n
"35
95%
j-j
1934 J-D
.1934 J-D
General 48
29
13
"98"
j-j
7s_.1915 Q F
1886-1928 F-A
.1886-1926 F-A
Registered
12
9134
9 -j
cons
Registered
92%
J'ne
96*4 J'ne'13
95% Oct '13
gu 4s.
Mil & No cons ex 4
1st extended 4
hs.
95
86%
89% j'ly '13
Q-J
Puget Sd 1st
Chic & Nor West
Extension 4s
88%
88%
123%j*ne 12
110% May 11
:
Gold 4s.
95
93
101% Sep '13
-j
el 989
1949 j-j
Dak & Grfc Sou gold
5s...1916 j-j
Dubiique Div 1st s f 6s.._1920 j-j
Far & Sou assum
g 6s
,1924 j-j
La Crosse & d 1st 5s
1919 j-j
Wis & Minn Div
g 5s..__1921 j-j
Wis Vail Div 1st 6s
.1920 j-j
102% 10634
Aug'12
83
86% Aug 12
95%
95%
;
Chic & l
Sup "Div g 5s_..1921 j-j
Chic & Mo Riv Div 5s.._1926 j-j
Chic & p w 1st g 5s_.
.1921 j-j
107
10
—99% 106% Jau '13
Registered _i...
el989
25-year deben 4s
1934
Convertible 4 %s
1932
Convertible 4 ks (wh issued)
Gen 4)^s Ser c
e 1989
103% 103%
87
95%
06
95*4
"i6
98%
"
83
Salt
5
19
53%
108%
Registered
93%
85% 92
96% 100%
10334 Sep '13
53%
98%
...1934 a-o
1937 m-n
Gen'i gold 3^s Ser
b_._el989
9l"
103
54
...1937 m-n
1942 f-a
Chic & Ind o Ry 1st
5s__ 1936 j'-'j
Chic Great. West 1st
4s____1959 m-s
Chic Ind & Louisv—Ref 6s 1947 j-j
Refunding gold 5s
1947 j-j
Refunding 4s Series c....1917 j-j
Ind & Louisv 1st
gu 4s__ 1956 j-j
Chic Ind 9c Sou
50-year 4s .1956 j-j
Chic l s & East 1st 4
i^s...l969 j-d
Chic Mil 9t St p terml
g 5s..1914 j-j
Gen'l gold 4s Series
a___el989 j-j
c m &
Oct *13
95
Pur money 1st coal 5s
103%
105%
98
Oct
52
—
...
8834
.1934 a-o
1918 J-J
1925
_hl925
III."
Registered
09% 100
9234 105*4
93%
93
Sale
94%
Saie 10034
101%
99% j'ly '11
91
Sep '13
89
88% Aug'13
„
1st consol gold 6s
7978
98%
Oct '13
~86%
\
\
99
'99"
70
125
Debenture
General 4s
....
..1958 m-s
Chic & e hi ref &
imp 4s g 1955 j-j
80
101%
92%
92%
Sep '13
114
'
■
128
93%
95
85i2 i.—
121i2
Registered
hl948 Q-J
20-yr conv 4^s._
...1933
a Pitts June 1st gold 6s
.1922 j"j~
( p Junc& m Divlstg3Hsl925 m-n
\
j'ly *13
7034
Sale
102%
J-J
m-n
1934 a-o
sil 8p Oca & g gu g 4s
'
80*4
97
Mch* 13
95
.1927 M-N
_.
Registered
9778 101%
973s 101%
98
hl952 M-S
m-n
.
BaitRegistered
& Ohio prior 3j^s
.,
'
105%
101*4
Oct '13
74
....
gu gold 5s
1928
Bruns & w 1st gu gold 4s_1938
Charles & Sav 1st gold 7s.1936
l & n coll gold 4s
01952
8av f & w 1st gold 6s
1st gold 5s
f
102
100
87
03% Oct "13
98%
4s.
1921 m-s
See Great North
5s
1913 m-n
General consol 1st 5s
100
80
98% Sale
6
,01% Mch'13
84*4 J ah '13
86
J'ly 13
63
83
No.
.
12
60.
Joint bonds.
97%
9734
Oct '13
—
Registered
Ala Mid 1st
i
Nebraska Extension 4s...1927 M-N
Oct '13
99
1062 M-S
103
103
8 Fe Pres & Ph 1st g 5s__1942 M-S
103
103% Feb '13
St Louis 1st 6s
1915 M-S "101%
91
Itl Coast l 1st gold 4s
9034 Sale
90%
hl952 M-S
i
of $5 to £
99
~
f.'Chic &
■
85
100
09% May'13
Oal-Arlz 1st & ref 4>£s
,
83%
.1949 J-J
Registered
1949 J-J
Ipwa Div sink fund 5s_^_1919 A-O
Sinking fund 4s
...1919 A-O
9I84 9734
9978 105%
""90%
94%
9334
101%
Illinois Div 4s
97%
90%
90%
..
86%
93*4
95%
Registered
Southwestern div
98%
82*4
J-J
89%
79
79%
65% Feb 13
88% Oct
1949 J-J
90%
131
High
98% 98%
98%
105*4 105%
105%
109*5 NOV' 12
"94"" 93
93%
99% Mcii'l
79% Sale
81% 85
Greenbrier Ry 1st gu g 4s_1940 m-n
Chic & Alton rr ref a 3s. 1949 A-O
Railway 1st lien 3Hs._._1950 J-J
Chic b & q Denver Div 4s
1922 F-A
Illinois Div 3)^s
1949
Registered
Range or
Ask Low
"93 "
1989 J-J
1989 J-J
84
100
84
85%
Debentures 4s Series k...1918 f-a
lEast Okla Div 1st g 4s
; Bhort Line 1st 4s gold
■
101
Apr '13
81% Sep '1,3
47%
49%
82%
4834 Sale
hi 995 Nov
Conv 4s issue of 1909
i
6
99
1995 a-o
Adjustment gold 4s_.i..hl995
r.
17
15
r & a Div 1st con
g 4s
2d consol gold 4s
9538 100*4
99% 103
Week's
Last Sate
1992 e.t- s
90
Railroad.
Ann
g 4s
__7il996
tch Arbor
Top & 1st
s Fe gen g 4s. 19 96
i
82
Sep '13
103%
100
83
103% j'ly '10
new
settlement 3s
1913 j-j
Virginia funded debt 2-3s__1991 j-j
6s deferred Brown Bros ctfs...
.
103
101
....
97
97%
.Canal Improvement 4s...1960 j-j
Bouth Carolina 4 h s 20-40. .1933 j-j
^
10278
103% 103
Sale 10034
83% 8334
101
y State—4s
...1961 m-s
Oanal Improvement 4s—.1961 j-j
Canal Improvement 4s___ 1962 j-j
75
98%
95
95*a 9478
95
95% 95
95
95% 95
10338 103% Oct '13
103
n
the b asis
on
98%
100% 101
4m% Corporate stock...1957 m-n
4m% assessment bonds..1917 m-n
8h % Corporate stock__.1954 m-n
Term
p rices
Sale
103
1957 m-n
1917 m-n
•
are
98i2 Sale
89%
99% 102%
94%, 97%
—
Pity Securities.
92
90%
PriCi
105"%
1992 M-S
defaulted bonds.
ana
Friday
Oct. 24
1939- ,73-N
...
99%
85
1929 J-J
1939 M-N
Convertible 4^s
1930 F-A
Big Sandy 1st 4s!
1944 J-D
Coal River Ry 1st
gu 4s__1945 J-D
Craig Valley 1st g 5s
.1940 J-J
Potts Creek Br 1st 4s
1946 J-J
103%
83%
82%
75%
5?
income
Bid
Registered
General gold 4hs
Registered
114%
95%
tor
24.
1st consol gold 5s
100% 114%
109
Ending Oct.
Chesapeake 9c Ohio—
Geo funding 9c
impt 5s
95%100%
—
:n y City—4 ms
i ■ 4hs temp recta (w
i)
High
99
1
n
BONDS
exchange
stock
Week
101»4 1w%
101*4 103*4
9678
86%
n.- y.
594% 101%
595% 101%
86
85%
85"8
80
80
77
Aug'13
5s exten debt- m-s j100% 100% 10034
10034
External loan 4
94i2 94%
...1949 f-a t
94%
Ban Paulo
(Brazil) trust 5s_1919 j-j t—
06% j'ly 13
■Tokyo City loan of 1912 5s_
m-s t 83% "8*5% 84%
85
u 8 of Mexico s f
92
90
Oct '13
1g 5s of...1899
Gold 4s Of 1904
75
85
1954
83% 85
j-j
1931
Low
Oct '13
9678
all—"and interest"—except
Range
High
9678
Imperial Japanese Government
Sterling loan 4}^s
..1925 f-a 1 8534
2d Series 4^s
1925 j-j i 85%
Sterling loan 4s
Republic of Cuba
prices are now
Price
97
97i2 s94i2 Oct "13
96i2 98% 98
5ep '13
102i4 103
102% Sep '13
IO2I4 103
102%
102%
110
11034 110%
110%
110
111
109%
10978
96l2
95% j'ly '13
£1918
y s 4s registered
changed, and
Friday
Bid
jj s 2a consol registered..„dl930
was
Oct. 24
y.
i_
quoting bonds
oj
BONDS
In.
Exchange—Bond Record, Friday, Weekly and Yearly
93\
d Due April.
Apr *13
May'13
98%
99%
99% Oct '13
81% Sep '13
82
Oct '13
75% Aug'13
Oct '13
mrnmm
m
21
mm
mm
mmmm
98
98
98
101
101
98% 101%
99% 101*4
81% 82
81% 86
75
78
96
98%
"95%
09%
101% J ue'12
95% J'ne'13
70%
70%
93
Apr '12
98
J'ne *13
16
93% Aug'13
< Due
May,
1990 A-O
Stamped tax-exempt
75% Sale
104% 106
105
98% Sale
98
98%
89%
88%
91
92
Oct '13
93
90
50
64
74%
75*4
122
105
7
93
90
Metropolitan Street Ry—
2002 A-O
Refunding gold 4s_
May'12
02% Jan '13
59*4 Mch 12
Farmers Loan & Tr ctf
Stamped
Bway & 7th Av 1st
c g
5s_1943 J-D
Col & 9th Av 1st gu g 5s—1993 M-S
Lex Av & P F 1st gu g 5s_19y3 M-S
Third Ave Ry 1st g 5s
—
—102
98%
1937 J-J
104
75%
Met W 8 El (Chic) 1st g 4s_1938 F-A
Milw Elec Ry & Lv cons g5sl926 F-A
102
"9§"
98"
Refunding & exten 4Ks__1931 J-J
Minneap St 1st cons g 5s—1919 J-J
....
100
84
Sale
100
08% Oct '13
....
98% 100
08
03%
g
interboro-Metrop coll 4^8-1956 A-O
Interboro Rap Tr 5s Ser A.1952 M-N
1st & refunding 5s
1966 J-J
Manhat Ry (NY) cons g4s_l»90 A-O
97% May'13
105%
105%
93% J'ly 06
102
92
102
91
Apr '13
102
Nov'12
98
Due June,
it Due July.
* Due Aug.
0 Due Oot,
pDueNoy*.
g
Due Deo.
t
Option sale.
W«ifi
Range
Range or
Since
Oct. 24
Lam TSale
Jan. 1
Ask Lew
Bid
w 1st
C Find& Ft
86%
97%
!HI *90
—
1840
1820
11886
*1836
1825
1914] J
gold 4s
Registered
Cin 8 & CM con 1st g 5s
OOC & Iconsoi 7s
107it Dee '03
87
Sep '13
89
Sep '13
87
92»,
8712
92«,
Mch'll
90
90
89%
89q
8312
91
89
90
821*
*85
82
...
Ind B
..
102
Oct *13
*82% "84
32
27
"90 " "91
Colorado* Sou 1stg4s
^1929 F
Refund* ext 4 Ms
1935
Ft W & Den C 1st g 6s___1921
91*4
105
92
7s
1915
_1915
2000
conso. guar
Construction 5s
106
Alb & 8us
1928
1955
1939
1940
1st & refunding 5s
RioGr June 1stgug5s
Bio Or So 1st gold 4s
Guaranteed
Purchased lines 3Hs
JL N O & Tex gold 4s
25
2612
89
9478
9014
9412
Sale 103
90i2
102
961,
951,
85%
111%
103
101
1031,
103'
105%
....
84
149
Aug '04
97
97%
9634
711®
.
721,
"79"" Sale
11
79
78
Apr '13
97
•
Clev & Mahon Vai g 5s._1938 J
Long Dock consoi g 6s
1935 A-O
Coal* RR 1st cur gu 6s__1922 M-N
Dock & Imp 1st ext 5s
1943 J N Y & Green L gu g 5s...1946 M-N
N Y Sua* W 1st ref 5s— .1937 J-J
2d gold 4Mb—
..*1937 F-A
General gold 5s__
.1940 F-A
Terminal 1st goid 5s
1943 m-N
81
'0d
Jan
J'no *13
84
88
J'ne'13
82
82
98
Sep '13
10414 Mch 13
9584 998,
104U 1041,
100
100
Oct *13
981,
HI
99
1033, Feb T3
110
Aug'12
III64 111
Sep *13
1OU2 J'ne'll
103
111
104
Feb
1036, 1035,
—
lOl" II
103
Feb *13
90
100
Jan '12
109
Aug *13
83*4 Sale
84
84
Sale
70
....
70
8334
833,
Aug *13
71%
100
100
101
10318
35
82
87
84
84
73U
71
73
70
71
69
71U
76
90
36
66
108
65
8214
77i,
10334 Oot '13
1031, 104
1041, 107
1071, Se p '13
101
10912 109
1
May'12
121
J'ne'13
1221, 122
99
1071, 106
103*4 103*4
122
124
1001,102
90
IOOX4 Dec
791,
81
Aug'13
1073, Feb '13
1111, May '12
100
1942 J-D
1926 J-J
6s__.1921 J-J
1st general gold 5s
1942 A-O
Mt Vernon 1st gold 6s
1923 A-O
95
973,
9514
1938
Ferry gold 4}^s
1922 M-S
Gold 4s
Unified gold 4s
Debenture gold 5s
1932
96
IORj
81
87
Paul M & Man 4s_.
1933 j"-"j"
1st consoi gold 6a—.—.1933 j-j
Registered
1933 j-j
Reduced to gold 4 Ms-1933 j-j
Registered
1933 j-j
—
941,
98
96
~94% III
11812
115
100
...
9412
119
5s_.
Unified gold 4s
Registered
107*8 108
Collateral trust gold 5s
96%
83
99
105
110
E H & Nash 1st
Street
987, 10U2
290
5
53
al042 A-O
Portland Ry 1st & ref 5s
1030 M-N
Portland Ry Lt & Row 1st
53%
97
& ref conv s f 5s
1942 F-A
Portland Gen Elec l6t 5a_1935 J-J
101
94
Third Ave
1st ref 4s
I960
J-J
Adj Inc 5s
al960 A-O
Tri-City Ry & Lt 1st s f 5s_1923 A-O
Underground of London—
44s
1933 J-J
Income 6s
Union Elev
1948
(Chic) 1st
g
105
96
98i4
124i2
117^2 11914
99*4 104l2
96
96%
96
96%
85
..
..
5s. 1945 A-O
No price Friday; latwt bid and asked this week,
Sep *13
87% Sep '13
84
71
a
Oct
Due Jan.
110%111%
10234
105"%
105
105
101"%
Feb "'10
9984
100
Oct '13
100
1008,
107
Mch'13
107
108
...
885,
96% Mch 12
89
89
96%
99%
85% 85%
98. 104%
92
91%
97
95
90
95
100
...
86" "94 f
89
84
Oct 13
89%
Dec
"96""
89%
Sep '13
Jan
110% Nov *06
Jan
103
103
Q-J
100%
...
104
Apr'13
Aug'13
104
104
89
92%
87
111% 115
105%
86
93%
93% Sale
93%
1940 j-j
1931 m-n
92*4
93
103
104% 105
106*4 109% 105
104*4
H358 117*8 120%
10S
91
120% 130%
114% 114%
91
J'ne'13
91
m
105% 105*4
107
J'ly '13
695s Sep
87%
87%
109
111
Jan '13
110
106
Apr '11
Oct '13
"87" " "92"%
109
70
87h
^
_
87
88
98i2 10312
87
87
109
87"% "92*4
111
99% 103%
99% Oct
81
83
Sep
95
Feb '06
'
90
on
100% 100%
1035,... 100% Aug '13
971-2 .... 101% Jan '13
107 110 110% Oct '12
109% J'ly 12
104
F-A
F-A
j
J-J
F-A
F-A
F-A
F-A
M-S
83is
87*4
91%Mch '12
72%
69
Oot *13
69
Sep '13
101%101%
Next Page.
Railway
*
53%
55%
55
Va^Ry & Pow 1st & ref 5s
1934 j-j
90
95
95
s
1924 A-O
m
—
—
•»
m
-
55
May'13
15
69
73*4
69
72
51%
93%
67
95
Gas and Electric Light
103% 103%
77% 82%
63% 79
96
99%
921,
96
93%
Feb.
106
_
N Fia&S lstgug 5S.....1&37
N& G Bdge gen gug 4Hs 1945
Pens & Atl 1st gu g 6s
1921
S & N Ala con gu g 5s
1936
L& Jeff Bdge Co gu g 4s
1945
Bkiyn U Gas 1st
a Due
May'12
Mch'13
93
105
105% Mch *13
1927 A-O
83
J'ne'13
99%
1063s
109
1934 j-j
617,
93
103
105*2
f 4s
363
91%
93.%
Sep '13
Aug'13
__
United RRs San Fr
72%
71
1921
Mch'13
114% Feb
60%
8
87
111
1940 j-j
j-j
J-J
110% 1143,
110%111
111% Oct *13
79
85*4
'08
J'ne 18
lOo" 104%
100% 100%
93% 97%
101*4
88%
1980 M-S
con g
5s
Buffalo Gas 1st g 5s
Columbus Gas 1st g 5s
Detroit City Gas g 5s
Det Gas Co.
con
1st g 5,
Det Edison 1st coll tr 5s
94%
96
72
" "99 "
J'ne'12
United Rys St L 1st g 4s
St Louis Transit gu 5s
85
96
73
94
68
90
96%
101% 106%
97
10234
105
93
100%III
L & N-South M joint 4S..1952 j-j
J -J
Registered..
hl952 q-j
BONDS—Continued
95
72
United Rys lnv 1st lien coll
trust 5s Pitts issue
1926iM-N
•
927, 96
96*4 100*8
Mch *13
Sale
QQ
64%
907,
95
100% Sep '13
93% Sep
111
May'13
111% Dec *11
10234 Oct '13
" II!
84
1941,
96i4
95
73
Q9
1051, 105
m-s
Hender Bdge 1st s f g 6s..1931 M-S
Kentucky Cent gold 4s
1987 j-j
J-J
m-s
L A N & M & M lstg 4 Hs 1945 M-S
93
101
79*8
95%
102
103U
101
79%
95%
III
j-d
1946 J-D
Jan '13
103% Feb '13
Oct '00
10314
Atl Knox & Nor 1st g 5s
101
79*, Sale
Oct
63
52
m-s
1930
Atlanta G L Co. 1st g 5s
L, 11 & P lstg 5, 1937 M-n
St Paul City Cab consg 5s_1937 J-J
69
937,
102% 107
88% 99*,
....
1955 M-N
M-N
"98" NeV'08
St Jos Ry
9512 Sale
Atl Knox & Cin Div 4s
931,
11712 Aug '13
101
1013, 101
108*4 J'ne '09
64% Sale
937g
697S
St Louis Div 1st gold 6s
118
.
74%
647,
Oct '13
907, Sep
76i2
...
74%
55
96*4
96
9412
Oct *13
74%
55
72
Street
74
50
92
Railway
30-year adj inc 5s
N O & M 1st gold 6s
N O* M 2d gold 6s_
2d gold 3s
941,
85*4 Feb 13
Oct '13
m-s
.
98%
J'ne'13
83%
90
69
1919 j-d
.1931 m-n
JtJ
1930 J-J
g 6s
LCin & Lex gold 4Hs
MISCELLANEOUS
New Orl Ry & Lt gen 4 48.1935 J-J
N Y Rys
1st R E & ref 4s 1942 J-J
92
May'13
93
103
Mar'13
9484
92
91
...
Aug 10
100
98" J'ly *08
102i2 103% Aug'13
98*4
Oct '13
n
102"% 105"%
92% Aug'12
S®''* 95^2
102
M-S
A-O
72
Registered h
1921
refunding4Msser A 1961
Registered
.1961
Oct '09
Oct
92
1st*
Feb'11
90
83i4..._
1930 J-D
....1937 M-N
General gold 6s
Gold
06
94%
114
Nov'12
"plorida E Coast 1st 4Us__1959 J-D
941,
94~ "94""
94% J'ly '12
102% Aug 13
83
M-S
M-S
94*4 Sale
....
85
J'ne'12
1921 j-j
8912
105
63*4 100
92
Ci*OB*
reat North
era—
O coll
trust 4s
"77%
May'lO
J-D
95
94
77%
94" Feb~'"l3
117%
1949 M-S
...1934 J-D
1949 M-S
Sull Co Branch lstg 5s—.1930 A-O
....
83
97
95
n
General gold. 4s
Paducah& Mem div 4s...1946 F-A
Pensacola Div gold 6s
1920 M-S
IIII *70
III
...
1933 j-j
Nov'll
J-J
1928 J-J
77
93
70~ "70"
77% Sep '13
85%
1945 m-s
108
Ft W & Rio Gr 1st g 4s
J'ly '13
75% Mch '12
ioVil l0778
Aug'13
Sep 13
Xort8tUDOolstg4Ma.l941
70
661,
A-O
May 12
108
7012
106
1933 j-j
1933 j-j
105
101
106
Aug'12
May'99
M-N
A-O
con g
96%
~9"6~"
si" "81 "
May'13
83
A-O
106
cons
81
123
A-O
1007, 100
Evans* T H 1st
12
76% Nov 12
10012...
Guar ref gold 4s.._.
Registered
90
Louisville & Nashviiu
...
4
74
Sep '13
j-j
N YB & M B 1st
Dec *12
75
84
j-d
1949
5S.1935
NY&RB 1st g 5s
1927
Nor Sh B 1st con g gu 5s_ol932
Louisiana & Ark 1st g 5s.
1927
105U 111
1011, 1021, 1013,
1015,
99
10312 Aug 12
961, Oct '13
961, 97
102
75l8
88%
9478 J'ly
—
741,
"88%
88%
101% Oct '99
Nov '00
747,.... 100
1945 m-s
1914 A-O
1914 A-O
Long Isld 1st cons gold 5s_ftl931i Q-J
1st consoi gold 4s
RlQZl
85*,
94*4 Jan '11
67
Gold guar 5s
667,
94
92
"80
Registered
109" i09~
77
97U
99
El C & N 1st pref 6s
Apr '12
873, Oct. *13
721,
8334
887,
88%
77
84
j-j
1st lnt reduced to 4s„
Leh & N Y 1st guar g 4s
103'" 103"
77
"87% ~89
....
12
9078
4>£s_194Q
Registered
100
Oct *13
100%..
1013,1023, 101%
101%
109
77
....
11
90
9078
Registered
.......1940
Lehigh Vail (Pa) cons g 4s_2003
Leh V Ter By 1st gu g 5s
1941
Registered
L__
1941
Leh Val Coal Co 1st gu g 5s_
109% 115
92*4
" J'ly"09
80
90"
Sale
92
925s
10278 Oct '13
10212 103
104
100
Aug '13
1001, 104% J'ne'12
100%
10012 10078 100%
Leh Vail NY 1st gu g
11
...
Sep '11
887g Feb '13
13
93% May'09
95% Sep
j-j
impfe 5s
Apr 1950
Kansas City Term 1st 4s_
I960 j-j
T ake EFie & W 1st g 5s
.1937 j-j
Ad
2d gold 58
.1941 j-j
North Ohio 1st gu g 5s_'
1945 A-O
100
92%
100
...
*66*1® III.
Ref &
82
101
1950
1950
KanRegistered
City Sou 1st gold 3s
100* 10234
"90""
1951 M-S
Jamestown
*...1959
Clearfield Franklin
1st 4s
1061, Mch'08
1940 A-O
Mid of N J 1st ext 5s
Wilk & Ea 1st gu g 5s
Ev & Ind 1st con gu g 6s
78
84
..
99»2
.—1916 J
Buff N Y & Erie 1st 7s_„1916 J-D
Chic & Erie 1st gold 5s...1982 m-N
86I4
Sep -04
96
Du
1919M-S
1923 m-S
1920 A-O
5th ext gold 4s_
1928 J-D
N Y L E & W 1st g fd 7s—1920 M-S
Erie 1st oon g 4s prior
1996 J
Registered
,.1996 J-J
1st consoi gen lien g 4s
1996 J-J
Registered
1996 J-J
Penn coil tr g 4s
1951 F-A
50-year conv 4s A—...—1953 A-O
do
Series B—..1953 A-O
78
110
82
1,937 A-O
2d ext gold 5
3d ext gold 4 Ma
4th ext gold 5s
84%
Mar'13
"90* "»1
1931 [M-S
M-S
1950 j-j
1919 m-n
1938 j-d
Refunding gold 4s
—
SoShore&At g5s
1937 J-J
^lgin Joi & East 1st g 5s
1841 M-N
ie 1st consoi gold 7s
1920M-S
NY* Erie 1st ext g 4a...1947 M-N
67
Mch'06
79
75
100
99
6U® Apr *11
85
Dul Missabe* Nor gen 5s_1941 J-J
Dui & Iron Range 1st 5s
1937 A-O
957,
85
92"" *92*
100
1951 J-D
1951 J-D, 40?.
1951 j-d
J-D
74*2
St L Sou 1st gu g 4s.
Ind 111 & la 1st g 4s
lnt & Great Nor l6t g 6s
Iowa Central 1st gold 5s
101%
92
Apr 13
92% Apr '13
100% Dec '12
"8312 II!
Gold3Hs
Registered
1951 j-d
J-D
j-d
Memph Div 1stg4a___.1951 J-D
j-d
Registered
1951 J-D
"801, ~89%
95%
"
96
10
88% Feb
1951 F-A
Registered.
96«4 iOH,
931, 991,
83
8834
--—
83»4
1951 F-A
Chic St L& N O g 5s
"98
...
941,
85
100%
101"
100% Sep '08
2
J-J
Bellev & Car 1st 6s
1923 J-D
Carb & Shaw 1st g 4s..._l»22iM
107% 1103,
90
83
----
1951 J-J
Registered
Registered
95*4
®^2 9684
1®51 J-J
g 3J^s
Western lines 1st g 4s
97
94
Dec '12
109*
84
Spring Div 1st
111S8
136% May'06
22!* 21,2
.1951 J-J
1'951 J-J
1951 J-J
Registered
102% 10618
9684
951,
95l2
8614 Oct *13
12U, May* IE
821,
821*
90
J'ly'13
90*t Oct '12
—II "771,
•
108
no"
1®51 F-A
38.1951 J-J
Registered
96%
104%
120% J'ly '13
-xr.
.....1953 J-J
1921 F-A
GoM 3Hs
84" "84
High
92
104"% J'n"e"i§
1041,
90
80
90 Sale
1®£? J
J-J
J "J.
St Louis Div & term g
10
Oct '13
Feb 08
107*4 Aug '13
7U, Sale
Des Mol Un By 1st g 6s—1917 M-N
<<Det& Mack 1st Hen g 4s
1995 J-D
?
Gold 4s
..1995 J-D
Det RivTun-Ter Tun4^s_1961 M-N
6s
108
Ia)w
9258 Mch 11
97
Sep 12
114% Sep 12
10514
Litchfield Div 1st g 3s
l®fl
Louisv Div* Term g 3^81®?®
1] l»2i,
~00l® ~9i%
J-D
F-A
J-D
J-J
Bio Gr West 1st g 4s_
1838 J-J
Mtge* col trust 4a A
1949 A-O
Utah Cent 1st gu g 4s-Ol917 A-O
2d
;
3
124%
I®52 J" J
1»53 M-N
1953 M-N
Bridge gold 4s
No.
94%
J'ne '11
109""
195^ A-O
Middle Div reg 5s
Omaha Div lstg3s_.
10
101
84
973,
98l2
97
857,
--
1940 J
Registered
Registered
Cairo
May'10
1113, Dec
.
97
Bens & Saratoga 1st 7s
1821 M-N
Denv & R Gr 1st con g 48—1936 J-J
Consoi gold 4 Ms
1936 J
Improvement gold 5s
49*4
3614
901e
103
10612
—1946 A-O
3^«
89
35
2f
High
98
105%
1955 M-N
1st ref 4s
79
10U« 101
1077,
1917 M-S
1943 M-N
conv
Registered
3s sterling
Registered
Coll trust gold 4s
Registered
1st gold
120
827, Oct "'13
35
J'ly '13
26
Sep 'IS
26
J'ly '13
101
71
1916) J-D
--1922 J-J
1st & ref 4s
120"
108U
108i2 Sep '13
10312 105% 102% J'ly *13
94
Aug'13
9414
1923 F-A
_
Extended 1st g 3 3^s
IOOI4 101%
*2%
IO6I2 Oct '13
"84" ? "88
Term & Improve 4s
1923 M-N
"Warren 1st ref gu g SHs__2000|F-A
Del * Hud 1st Pa Div 7s
1817 M-S
Registered
10-yr conv deb 4s
1st lien equip g 4 Ma
Registered
103
102
Jan. 1
l'lo"
1937 J-J
48.1951
1961
1951
1951
1951
1951
1951
1951
Since
5
105% May'13
J-J
J-J
J-J
A-O
A-O
M-S
M-S
1952 A-O
Registered
1st gold SHs
90" "90
E
94
Low
1081®...
119 ....
83
llinois Ceotral 1st gold
16514
104%
lianye or
Last Sate
Ask
94
94%
92% 94i2
89
89
97
J-D
J-D
J-J
A-O
J-J
J-J
J-J
J -J
J".J.
J -D
J -J
J-J
J-J
J-J
A-O
Col & Toll st ext 4s
* *82~~
HousBelt* Term 1st5s
101U
100
1921 J-J
_
lstoonsg4Ms..l®®®
1®»®
1®48
Registered..
Registered
Del
Lack *&Western—
el Morris
Essex Ist7s-1914MRegistered
81
9U2
Conn * Pas Rivs 1st g 4s
1943
Cuba RR 1st 50-yr 6s g ..1952
1st ref gug 3 Ms
N Y Lack & W 1st 6s
LTock Val
1
....
1990
lst
Registered
94" J'ly'Ot
82
41938
1840
Income 4 s
Mch *13
5s—1938
5s—6l»52
Oql&H V lstextg4s.
120" Mch'ia
& W 1st pref 4s—.1940
Will * 8 F 1st gold
Gulf* 8 11st ref* t g
07
90
lOOig IOU4 101%
Col Mid and 1st g 4s
1847
Trust Co. certfs. of deposit
•
Oct
Sep '13
•1
Apr *12
1047, Oct 'IS
971* NOV 12
96
1834
O Ind & W 1st pref 5s
Peo 8c East 1st con 4s
13]
835s Sep
82
"ea * III
IOU4
Registered
89i4 Feb 'IS
84
8412
Consoi sinking fund 7s_.l»14
General consoi gold 6s__1984
R egistered
86*4
103" Dec"'12
91
1840
1st
160%
86*4
"8684
877,
80*4
83it
w
c I St L t C coosol 6s
97%
100
—
8712
1880
Spr A Coi Div lstg4s
W W Val Div 1st g 4s
87i2
Met 11
8634 Feb 'IS
97
.
_■
1937
...1937
Pacific ext guar 4s £
1940
E Minn Nor Div lstg 4s 1948
Minn Union lstg 6s
1922
Mont C 1st gu g 6s
1937
Registered
1927
1st guar gold 5a
1937
Range
Friday
Oct. 24
Bid
St P M & M {Continued)—
Mont ext 1st gold 4s
High
Low
J'aY'is
97i2
88
4sg_l»25
4s
1»W
Day* Mich 1stco»s4Hs-ltai
And Dec & W 1st g 5s
1985
1st guar goid 5s
1*85
Cleve Cin C & St L gen 4s__18»8
20-yr deb 4 Hs
;r—ltJl
Cairo Div 1st goid 4s
1*39
Cin W & M Div 1st g 4s.. 1W1
St L Divlst coll tr g 4s
1»*0MRegistered
N#.
Registered
go
Cin i & W 1st gu g
Hit*
EXCHANGE
STOCK
Y.
Week Ending Oct. 24.
ioo*4 Oct ia
90%
Hs_.-.1987
I960
1st guaranteed 4s
lf&t
Cin D & I 1st gu g is
1»41
■Gin H & D 2d gold 4
1st & refunding 4s
N.
Week?-
Prtct
BONDS
Price
Friday
bonds
STOCK
EXCBANG*
Week Sudiae Oct. 24-.
Y.
N.
1189
Record—Continued—Page 2
New York Bond
1913.]
OCT. 25
1947 j-D
1945 M-N
h Dhe July.
105
J'ne *13
1011,106%
98*4 Oct"*"13
95% Sep 08
101% 101% Sep '13
107
106% Oct 12
*98*4 idd"
103% 105
«...
m
mm**
1832 j-j
90
1923 j-J
1918 F-A
1933 j-j
98*4 100
Eq G L N Y 1st con g 5s...1932
Gas & Elec Berg Co c g 6s
1949
Gr Rap G L Co 1st g 5s
1915
Hudson Co Gas 1st g 5s.
1949
Kan City (Mo) Gas 1st g 5s 19
d Due April,
100
1947 A-O
101
M-S
99
j-D
F-A
....
M-N
101
A-O
.93%
* Due Aug.
0
101
....
....
Due Oct,
104%
64
100
Feb'13
100
Oct
*
Aug'13
Opt'on
54
"99" 102*%
lOo" lOo"
'09
102% Oct '13
94
54
ale.
lOl"
94
103%
' 94
1190
«
New York Bond
BONDS
STOCK EXCHANGE
Week Ending Oct. 24.
N.
Price
Week's
Friday
Range or
Since
Oct. 24
Last Sale
Jan. 1
Y.
Bid
TLfl"anila RR—Sou lines 4s_1936
M-N
Xnternat 1st con g 4s 1977
Stamped guaranteed
1977
Minn & St L lstgoid 7s....1027
PaclficExt 1st gold 6s
1921
1st consolgo.d 5s
1934
M-S
ex
,
Ask Low
M-S
lfo"" I!"
100% 108
M-N
90
1st and refund gold 4s
1949 M-S
Des M & Ft D 1st gu 4s__1035 J-J
M StP&SSM con
g4sintgu 1938 J-J
1st Chic Terml s f 4s
1941 M-N
M S S & A 1st
g 4s int gu_1926 J-J
93
92%
1st 5s__1949 J-J
Mo Kan & Tex
lstgoid 4s_.1990 J-D
2d gold 4s
n 1990 F-A
1st ext gold 5s
.
.
-
Kan C & Pac 1st g
4s.r
Mo K & E 1st gu g 5s
M K & Ok 1st guar 5s
v
*
1990 F-A
1942 A-O
1942 M-N
MK&TofT lstgu g 58.1942 M-S
Sher Sh & So lstgu g 5s
1942 J-D
Texas & Okla 1st gu g 5si_1943 M-S
Missouri Pac 1st cons g 6s_.1920 M-N
Trust gold 5s
stamped__al917 M-S
Registered
al917 M-S
1st collateral gold 5s
1920 F-A
Registered
40-year gold loan
.
,.
4s
at 4%
1st & ref conv 5s.
Cent Br Ry 1st gu g 4s
Cent Br U P 1st g 4s
Leroy & C V A L 1st
.
Gen
i
con
stamp
g
gu g
1st extension gold 6s
Montgom Div lstg5s
St Louis Div 5s
St L& Cairo guar
..
1919 F-A
1948 J-D
5s_1926 J-J
g
4s
Registered
Debenture gold 4s
Registered
•
.
,
.
,
.
J-J
10234
.....
May'12
13
78%
Norfolk Sou ist&
refA
87%
104%
improvement
101%
96
103
£e#?\§i£ei7stg0,ci
N& W
Ry 1st cons
101% 101%
Registered
103
Div'l 1st i&
106%
95% 100
Rutland 1st
con g 4%s
^1941
Og& L Cham lstgu 4sg 1948
,v
Rut-Canad 1st gu g 4S..1949
*8tLawr& Adir lstg 5s...1996
2d gold 6s
1996
*
Utlca & Blk Riv gu g 4s._1922
Lake Shore gold 3^s
1997
R egistered 4
;
1997
Debenture gold 4s
1928
25-yr gold 4s
.1931
Registered..
..1931
Ka A & G R lstgu c5s_.1938
*
Mahon C'l RR 1st 5s_._1934
'. Pitts & L Erie 2d g 5s_..al928
Pitts McK & Y lstgu 6s_.1932
.
.
J-J
J-J
J-J
2d guaranteed Gs.
4s
-1940
Registered..
g 6s..l933
Oregon-Wash lst& ref 4s
1961 J-J
pacific Coast Co lstg 5s
1946 J-D
ennsyivania RR—
Convertible gold
3^3...ol915 J-D
Registered
_01915 J-D
~62" "88%
Aileg Val
D 1{ R R &
Phila Bait & W
lstg 4s
Sod Bay & Sou lst
45
87
76% Oct '13
771* May'13
75
80
76
77%
98
93
98
Apr *13
May'll
99
" II"
88
...
105
"§3"%
Guar
3^s coll trust reg"~1937
Guar 3 Ms coll trust serB 1941
Trust Co ctfs gu
g 3 HS...1916
Guar 3^s trust ctfs
0....1942
Guar 3Hs trust
ctfsD... 1944
Guar 15-25-year
g 4s.
1931
Cln Leb & Nor gu 4s
g
1942
CI & Mar lst gu
Int reduced to 3
Series O 3 3^s_-.
92
131% Jan '09
105% 104%
104%
98%
97% Sep '13
...
104
82
90
....
80
80
108
J-J
J-D
J ne'09
108
Sep '12
,
J-D
....
M-N
93
M-N
Apr '13
Sep *13
92
119%
94%
95%
87
88
87%
87% 84%
91% 91%
90% Sale 90%
102
97%
J ' ne '10
92
106%
98%
84
Sep '13
Oct '13
May'13
92%
9i
Oct '12
95%
103%110
Ui% Mch'll
lu?; IIII
130% Jan '09
123% Mch'12
105
A-O
110
S3
119
98"
Apr'12
90
80
84%
..1937 A-O
1931 M-N
82%
85%
9612
97%
....
86
96%
94%
86
2361
J-J
2361
J-J
92
N Y Cent Lines
eq tr 4Hs 1922 J-J
90
87
94% Sale
93
1942 M-N
Series D 4s guar....... 1945 M-N
1949 F-A
3J^s guar g
Series F gu 4s g
1953 J-D
Series G 4s guar
1957 M-N
C St L & P 1st con
g 5s... 1932 A-O
Pere Marquette—Ref 4s
Lac Gas L of St L lst g 5s.<1919
Ref and ext lst g 5s
..1934
Milwaukee Gas L lst 4s
1927
Newark Con Gas g 5s...
1948
N
YGELH&Pg5s
Purchase money
.
Ed El 111 1st
-
g 4s
cons g
NY&QE1L& P
5s
lst con
Q-F
A-O
M-N
J-D
1948 J-D
Internat Series...
Pat & Passaic G & E
•
No price
5s
Stt Jo
& Gr
Isl lst
g 4s
Louis
& San
Francisco—:
Friday; latest bid and asked,
1947 J-J
*1931
86%
84
89
93%
9712
83%
99%
97%
94%
95
93
92
90
89
98%
97%
921*
IIII "95" " "99%
Oct
LOO
100
118
120
123
123
115% 120%
*
88
99
,
/
88%
"88 " "9*2%
5
104
99
Safe
11H*
102%
102%
14
98
107
87% Sale
100%
87%
105%
18
83
104
104
103
90
95
95
Salt
94%
6534 Sale
....
65
88
,
90
1
9434
94%
1
95
75
t t;
-
415
91%
9U2
97%
27
6312
68%
65
68
66
65
90
112
5
107
100% in
100-% 10034 101
85
101
....
" i0"2%
94
...
mr lii;
86
98%
90
92%
100% 1001*
108% 113
;
110
92.
105% 105%
84i2 95%
....
1
65%
112%
110% 111%
89%
87
99%
91%
1011*
98
....
97
99l2 101%
110
-.--104
99%
97X8 Sale
Mch'l!
9934 Aug'i:
97%
97'
90% j'ne'i;
10012 100
97%
100
1
17
98% 102%
95% 99%
"90"
99
100
101
104
jan '0; 1....
101% May'12
«*'
■m
97
>
Sep '1
99% J'ly 'li I
102
1001*
97%
95%
96%
si...
95% Oct T!
100
8734
93
99
47
1
101% Sale 101%
ic
101
L02»4 May
84% Sep
8334
83% Oct
97%
~977« 98
fi
83%
General gold 6s
1931
General gold 5s
St L & S F RR cons g 4s_. 1996
Gen 15-20-yr 5s
1927
Tr Go certfs of deposit...
.....
"95""
r
1 1 i i ii
■
95
100%
98%
1951
Jau
102
J'ly
94
96%
92%
92%
102
j
)....
91% Feb
90% Oct
2
90
i
102
....
2
May
86% Sep
90% J'ly
101% Feb
1.—
"86"% "86%
J
101%101%
109
3
....
2
....
May
....
*
m«m m
m
m
m-m
«•••■»
mmmm
98%
92
95% Sep '
10034 Oct'
100% 10034 Oct '
100
98%
95
5
96%
100% 103%
99% 103
3
i,
J'ne'
1
....
94% Oct '
J
....
88%
90
3
....
92
95% Jan 1
97% Jan
95
"96%
94%
104>4
95
100
J'ne'
106
90
95%
3.—
97%
95%
971*
3
Feb'
J
1
54
3
45
Sep '
3
90
98
Oct'
2
100% 104
91% 93
91%
100% Apr'
....
....
....
69
"94" :n:
Feb'
3
Sep !
3
83
....
80
56% Sale
60% Sale
*93%....
73
70
54.
54
45
64%
95
90%
....
65
Aug"
3....
Apr'
3.
I
m
m
m em
65
106
•*-'
83%
108
"91% *97%
92
94%4
J'ly *1 i
....
94
Oct'1 3
....
Aug'l 3
IIII
80
3
105
35
96
96%
m m m
92
91%
96%
96%
....
M-N
99
106
mmmmmmmm
—-
108
94
108
106
3.— 1001* 1001,
96
92
113% Nov'
94% Sale
106
....
.......
105%
94%
90
93% Jan '
Jan '
92%
3....
Apr '
45
108
T_
Registered
1
110
<
....
102% 102%
83% 87
83% 86%
97
97%
84% 85%
82% 82%
95
921
1
100
2
*
i....
J-J
J-J
J-J
Southw Div 1st g 5s....""
1947 A-O
1951 J-J
Refunding g4s__.._-
i...
"83%
100
7
?,
I
....
...
75
71
80
107%
99
107'
M3
73
73
105
4
72%
73
58
60%
2
60
52
82%
56%
Oct '1 3....
04
55
69%
93
84
114%
2
55%
94
8
66
•
70
J-J
67
65
100
76%
1
-
on
Next Page*
Gas and Electric Light
103
101% Oct '13
112% 112% Oct '13
Dec *12
124% 122
86%
88% Apr '13
100
Oct *13
100% 100
99% 100
99%
99%
90% 89% Sep '13
101% 10484
107
114
102
102
102% 102% 102
83
107
8234
102
102%
8234
106% Apr '13
...i
101
101
101
"88% "88"%
100
99
88%
102%
102
90
101% 102%
100% 103%
82
86%
106% 108%
99% 101%
92% J'ly '09
93%
93%
95
99
a
.
.
93%
93%
94% Mch'13
102% J'ly -12
Due Jan.
5 Due Feb.
91
96
94%
94%
• Due
May.
Peo Gas Sc O lst
1943
1947
—.1947
Ch G-L& Cke lstgu g 5S.1937
ConGCoofCh lstgug5sl936
con g
6s
Refunding gold 5s
....
..1930 F-A
1049 M-S
A-O
1097 J-J
... 1997 J-J
Jersey Cent coll g 4s..... 1051 A-O
Atlaji City gu 4s g
1951 J-J
82%
85
103
....
92
110
N Y & Rich Gas lst g 5s
1921 M-N
Pacific G& ElCoCalGA E
58
A-O
M-N
Reading
Co gen g 4s
Registered
*
Corp unifying & ref 5s
1937 M-N
'Pac Pow & Lt lst & ref 20-yr
guar 4s
F-A
Philippine Ry lst 30-yr s f 4a'
is'37 J-J
PiVts Sh& LE
1940 A-O
lstg5s_.T_.",°
lst consol gold 5s..
1943 J-J
100% J'ly '11
1949 F-A
1995 J-J
g 5s 1930 F-A
1921 J-D
Flint & P M g 6s
1020
;
lst consol gold 5s..
1939
Pt Huron Div lst g 5s_. 1-930
Sag Tus& H lstgu g4s.. 1931
MISCELLANEOUS BONDS—Continued
Gas and Electric Light
Kings Co Ei L & P g 5s
1937 A-O
Purchase money 6s
1097 A-O
Convertible deb 6s
1922 M-S
Ed E1 111 Bkn lst con g 4s_1939 J-J
.1921 Q-F
61921 M-N
b
.1955 J-J
.4955 J-J
92%
mmmm
96
98
88% Sale
...
93%
»mimm
8
100
J-J
Series E
89%
J'ne'08
Aug'13
Aug'13
Oct '13
Jan '13
Aug'13
9534
100
90%
98% Nov'11
1951 M-S
..1952 M-N
1929 A-O
89
116% 119% 118
123
Jan
116% 121
116% 120
15%
93
Sale
9234
100
Refunding
J'ne'06
98%
*81% _83%
88
100
1942 A-O
Ch & W M 5s
Apr'12
81%
11*1*83
1940
A-O
'
88%
101%.... iu" Jan'12
100%
.....
88
100%
M-l3
StLgu4HsA
85%
84%
102" "II
110
110
IIII
86%
1942 M-S
Peo & Pek Un lst g 6s
2d gold 4Ms-.
95%
126
-r~
72
A-O
...
Mch'12
87
107
"90% "90%
"1950 F-A
Series B guar
Series O guar
I
76
70
104% 107%
4
82%
90
M-N
bII104O
Series C 4s__
"90" "90"
128
1968
107
92
Series
O._:__.._._._IIl940 J-J
Gr R& I ex
lstgu g 4Hs_1941 J-J
Pitta Y & Ash lst cons 5s.l927 M-N
Tol W V &
Ogu4Ms A
1931 J-J
Series B 4^s
....1933 J-J
...
101
F-A
M-N
J-D
J-D
_1948 M-N
Erie & Pitts gu g
3Ms
98%
105% 107
92
140
110
84
A-O
UsIII 1942
Series D 3^s
98%
POC&
112%
....
J-J
Feb '13
104
102""
J-J
J-J
107
92
Sale
105
M-S
13
Oct'02
M-S
M-N
g
C1& Pgen
gug4KsserA 1942 J-J
Series B
1942 A-O
87% Deo'12
166% 104"
92
Jan"
1921 J-J
1921 J.J
4j^s
Registered
Oct '12
98%
90%...
891*
88%
80
'
87
....
1943 M-N
U N J RR & Can
gen 4s_.l&44 M-S
"76"% "83"
81
Higli
79
.
....
103%
83
Low
....
109
„„
Pennsylvania Co—
May'12
76
F-A
gru 4s S
Guar lst g
86%
80
B'ge 1st
g 5sIIIl924 J-J
l8t 8 48.1936 J-J
87
91%
.A.
No.
High
Sale 108%
Sale 10434
105
95
96%
82
109
1948 M-N
78
80%
70
4s_._1042 M-S
.
gen guar g
76%
"79"% "87%
80
Sale
100
75
83
80
70
M-N
1943
Consol gold 4s
87%
90%
1923 M-N
1919 M-S
I
111
47
76
Sincf
Jan. 1
.
1st real est g
4s...
Consol gold 58
10512 105%
82
100
J-D
1948
111
90%
78
4sIIIIHl968
Consol gold 4s
82
78
1917 A-O
1st consol gold
108%
90%
74
U
76%
9678
80'
J
-F
1st
Wash Cent lst
gold 4s
Nor Pac Term Co lst
89" "89""
Aug '13
79
Paul-Duluth Div
55
80
f
105
84
20-year debenture 4s
N Y Chic&StL
lstg 4S..1937 A-O
guar
112% 117%
112% 112%
80
85%
107% 109
90
1940 J-J
JL & S 1st gold 3^8
1st gold 3^s
96
....
76
1997
96% Feb *13
.79%
4s 1097
3s_.IHa2047
2d 5s
96
....
79% Sale
J-D
-F
a2047
-D
g 4s.. 199 6
gu 5s
1916 iM-S
Str,P5 N P «en gold 6s...1923 F-A
Registered certificates.. 1923
St Paul & D
Iluth lst 5s_.1931
106
"77"% "83%
80
Jan '13
93
"1932 M-S
"1938 M-S
g
P.ui
80
79% May'13
J-J
1932 J-D
Registered
St
85
1996 A-O
General lien gold
"78" "82%
81%
"80 " ~80%
1996 A-O
joint 4sIIIl941
Cp&T Is t guar gold 5s. 19 22 J-J
xrScl,uV
? lst
f? 4S..1939 M-N
Northern Pacific
-J
prior 1
101% 101%
~83*~ Sale"
g 4s
geng4sIIIIl944
Registered
100
47
61
1932 A-O
„^ocafaO & C
"90" "93%
102%
Feb *13
J-J
1934 J-J
....
76
Oct '12
77
A-O
■
McKees& BV lstg6s_.1918
Michigan Centra* 5s
1931
Registered1931
92
78%
78%
80% Oct '12
65
....
cons gug
.
90
76
104
69
63
_
"7778 ~88 "
10
101% 103
J'ly '04
Sep *13
F-A
10-25-year conv 4s..
10-20-year conv 4s
Convertible 4Hs
"91" ~9*9~%
102
105% Jan '13
5sIIl96l
5s
1941 M-N
gold 6s__ 1931 M-N
& ext g6s__1034 F-A
98
70%
J-D
gen
97
64
1055
?SU 1st gold
Norf&West
108
90% Aug'13
101% J'ne'13
Jan '13
Ask Low
*
Range
Bonds Sold
or
Last Sale
cons cy
General 4s
102
102
Derby
5s_.1918 M-N
New England cons
5s_.
1945 J-J
Consol 4s
1945 J-J
^ovKlence
Secur deb 4s__1957 M-N
NY O&W ref
lstg 4s
01002 M-S
Registered $5,000
only. cl992 M-S
Mch '05
113
75
Eng 1st gu 4s__1961 J-J
Dousatonic li consg 5s...1937 M-N
NY W chcs&B lstser I
4^s '46 J-J
J-J
.,.1986 F-A
2000 M-N
g 3
96% MayTl
78
79i2
91
Sep '13
76
Sep '13
10284...
...
Registered
Debenture 4s
West Shore 1st 4s
Registered
77%
94% Oct '13
111
IIII "7584
Cent New
A-O
,;R W& OTR lstgug5s..1918 M-N
•
..
J-J
4s_1993 A-O
Nor & Mont 1st gug 5s
1916 A-O
Pine Creek reg guar 6s___1932 J-D
;R W & O con 1st ext 5s.1922 A-O
Oswe& R 2d gu g 5s
el915 F-A
"•
87
90
89" J'ly" 13
105% 105% 105% Sep '13
108
...
„
79%
95
91
•;
83% Oct '13
78% Apr'13
96
102
N Y & Pu 1st
7712
113% 118% 112% Sep '13
10784 111
112% Jan '13
80%
81% Oct '13
103%
107% J'ne'13
J-J
J-J
J-J
J-J
^[s
Registered
2000 M-N
NY& Northern Istg 5s__1927 A-O
-
83
J-D
Moh& Mai lstgug 4s
1991 M-S
N J June R guar 1st 4s...1986 F-A
Registered-
.
9034
78
J-D
.N Y & Harlem
.
89
80
.
99%
66% Oct '13
92
1993 F-A
F-A
F-A
F-A
JtJ
Registered
1993
Mich Cent coll gold 3^8.1998
Registered
1998
Beech Creek 1st gu g 4s..1936
Registered
1936
2d guar gold 5s__
1936
Registered
1936
Beech Cr Ext 1st g 3Hs.bl951
Cart& Ad 1st gu g 4s
1981
Gouv& Oswelstgug5s__1942
67
IIII ~80%
A-O
1997 J-J
Lake Shore coll g 3Hs
„
81%
67%
82
"78*" "79""
1947 F-A
1927 J-D
1931 J-J
1934 M-N
1934 M-N
..
i
74
97%
Oct '13
101
"88% II11
1st consol 4s
1951 A-O
N O Mob & Chic 1st ref 5s_1960 J-J
NO&NlS prior lien gGs_^pl915 A-O
New Orleans Term 1st 4s_.1953 J-J
N Y Central & H R g 3 ^s_1997 J-J
.
Oct '13
Sep '13
70
Mav'13
97%
101% 104
Guaranteed general 4s
1977 A-O
Nat of Mex prior lien 4^s.l926 J-J
t
95%
110
1933 M-N
1926 M-S
1927 J-D
,ATashville Ch & StL 1st 5s 1928
Jasper Branch 1st g 6sl923
McM M W & A11st Gs
1917
T & P Branch lst.Gs.
.1917
N at Rys of Mex
pr lien 4
s 1957
i
86%
Oct '13
1956 J-J
1948 J-J
debenture3^s
N H &
Apr'13
~79% Sale"
1959 M-S
hl927 Q-J
1938 M-S
General gold 4s
.
May'12
Mch '11
87%
82
....
5s__1931 A-O
1929 J-J
1929 J-J
Unified & ref gold 4s
Registered
Riv& G Div lstg4s
Verdi V I& W 1st g 5s
Mob & Ohio new gold Gs
•
"9l" "97"
92
J'ne'12
97
Conv
20-yrc onv deb 6s (wh iss)
Harlem R-PtChes 1st 4s.1954 M-N
B& NY Air Line
1st 4s_. 1955 F-A
62%
97%
96%
98%
86%
74%
98%
97
1955 J-J
1956 M-N
Conv debenture 6s
88 ■> 100
54
100% 101% 102
97
1945 M-S
1938 M-N
Bid
Non-conv deben 4s
Non-conv 4s.
xcvii.
Week's
Range
24
N Y New Haven & Hartf—
102% 106~ 103%
r03%
99% 101%
99% Oct 13
Oct '13
96% 100% 99
96
98% 104
May'13
98
9934 101% Mch'13
103% 104
103%
104
*94" "9434
Pac R of Mo 1st ext g 4s_.1938 F-A
2d extended gold 5s
1938 J-J
8tL Ir M&S gen con g 5s_1931 A-O
v
.
75
Price
Friday
Oct.
High
1920 F-A
3d 7s extended
;
91%
87% Sale
72i2
95
98i2
68% 69
84%
,.2004 M-S
1936 J-J
St Louis Div 1st ref g 4s__2001 A-O
Dai & Wa lstgu
g 5s
1940 M-N
93
94
....
1944 M-N
lst&refund4s
Gen sinking fund 4 J^s
,
79Xo
54%
54%
79% Dec '12
"96% III-
Mississippi Central
Low
124% Oct '12
110% Aug *11
90
Sep *13
64
'
No.
N.
Nov'10
79
J-D
A-O
,
•
High
BONDS
Y. STOCK EXCHANGE
Week Ending Oct. 24.
Range
"77" Mch'lo
75
(Vol.
Record—Continued—Page 3
Registered
....
111
99
s
# Due July.
99%
102
Saii
Oct'13
99%
Sep '13
102
99
100
"92
Mch'12
"95
Aug *13
Sep *13
05
06
*94%
f 6S..1926 J-D
J-D
101
....
100
Feb'01
97
J'ne'13
J'ne'13
112
116%
99% 101%
99
L09
98
103%
99% 102
99
99
95
97%
93
98
92% 100%
Dec'11
85% J'ne'12
101
1933 M-N
# Due ©ot.
94% Oct '13
100
J-J
M-S
M-S
Utlca El L & P 1st g 5s
I960 J-J
Utica Gas & E ref 5s......1957 J-J
Westchester Ltg g 5s
1950 J-D
0 Due June.
112
1947 m-N
1919 F-A
.....1922 M-N
Syracuse Lighting lstg 5s
1951
Syracuse L & P 5s—.....1954
Trenton G & E lst g 5j
1949
Union ElecL A P lstg 5s_.1932
Ref & ext 5s
99%
99
conv 5s
Conv deben g 5s
Stan Gas & Elconv
118
5s *36 m-N
Ind Nat Gas & Oil 30-yr
Mu Fuel Gas lst gu g 5s
Philadelphia Co
A-O
M-S
M-S
J-J
J-D
92
97
102
92
93
101
100% Dee '11
102
103
v Duo N«v.
_
102
Oct *13
t Option sale.
101% 106%
BONDS
EXCHANGE
STOCK
Y.
N.
So,
Week Ending Oct. 24.
St L &
San Fran (Con)
IC O Ft S & M
con *
..
„
Gs__.1928
M-N
Week's
Range or
Last Sale
s<£01
4s_l93G A-O
1936 A-O
K C & M K & B 1st gu 5S.1929 A-O
Ozark & Ch O 1st gu 5s g-1912 A-O
St L S W 1st g 4s bd ctfs_..1989 M-N
2d g 4s inc bond ctfs
pl989 J - J
Consol gold 4s
1932 J-D
Gray's Ft Ter 1st gu g 5s_1947 J-D
SA& A Pass 1st gu g 4s
1943 J-J
KC Ft S& M Ry ref g
•
Price
Friday
Oct. 24
High
110
70
71
g5s___1919 J-J
Seaboard Air Line ? 4s
.1950 A-O
Gold 4s stamped
1050 A-O
Registered
.•—1950 A-O
Adjustment 5s
yl949 F-A
Refunding 4s
1959 A-O
Atl-Birm 30-yr 1st g 4s
cl933 M-S
S F&
N P 1st sink
99
"85 '
77%
70*4
NO.
Low
High
105
113%
2
7034
1
8534
85*4 Oct '13
78
78
78
78
"79" "80 "
99% 100%
84%
78
10H8 Apr 07
79
7978
Oct '09
Oct '13
80
76
8J
79
" "85%
83
" "85"%
.
"83 " "85"
.83
827S
79%
.......
1949 J-J
1918 J-J
Car Cent 1st con g 4s
Fla Cent & Pen 1st g 5s
1st land gr ext g 5s
1930
Consol gold 5s
1943
Ga & Ala Ry 1st con 5s__ol945
J-J
J-J
J-J
5s__1929 J-J
Ga Car& No lstgu g
Seab & Roa 1st 5s
1926 J-J
Southern Pacific Co—
,
Gold 4s (Cent Pac coll)_£l949
£1949
q 1929
Cent Pac 1st r©f gu g 4s__1940
Registered
1049
Mort guar gold 3^s_.£1929
Through St L 1st gu 4s_1954
Registered
20-year conv 4s
Gila V G & N 1st gu g 5s_1924
Hous E & W T 1st g 5S..1933
M-N
M-N
1st guar 5s red
1933 M-N
H&TO 1st g 5s int gU—1937 J-J
Gen gold 4s int guar
.1921 A-O
Waco& N \Y div 1st g 6s 1930 M-N
A & N W 1st gu g 5s
1941 J-J
Morgan's La & T 1st 7s„1918 A-O
1st gold 6s
1920 J-J
No of Cal guar g 5s
1938 A-O
Ore & Cal 1st guar g 5s__1927 J-J
So Paeof Cal—Gu g 5s„1937M-N
So Pac Coast 1st gu 4s g_1937 J-J
San
Fran Terra!
Tex &
N O
"83""
80
So Pac RR 1st ref 4s
7234
7378
72% Oct '13
82% Oct '13
•
90
100%
10034 10278
IOH2
10234
10134
1013a
J'ne'13
104
N ov' 12
107
J'ne'12
A-O
1943 J-J
1955 J-J
Sale
90
93
92%
1994 J-J
J-J
A-O
M-S
J-J
1'051 J-J
1918 J-J
Registered
..1994
Develop & gen 4s Ser A„1956
Mob & Ohio coll tr g 48—1938
Mem Div 1st g 4H-5s.—1996
8t Louis div 1st g 4s
Ala Cen R 1st g 6s.
Atl & Danv 1st g 4s
1948
J-J
1948 J-J
2d 4s—
Yad 1st g guar 4s—1949 A-O
Col & GreonvTst 6s
1916 J-J
E T Va & Ga Div g 5s.—1930 J-J
Atl &
Con 1st gold 5s
E Ten reor lien g 5s
Ga Midland 1st 3s
1956 M-N
1938 M-S
.1946 A-O
Ga Pac Ry 1st g 6s
.1922 J-J
Knox & Ohio 1st K 6s
1925 J-J
Mob & Bir prior lien g 5s_1945 J-J
Mortgage gold 4s
1945 J-J
Rich & Dan con g 6s
1915 J-J
Deb 5s stamped
1927 A-O
Rich & Meek 1st g 4s
1948 M-N
So Car & Ga 1st g 5s
1919 M-N
Virginia Mid ser O 6s....1916 M-S
1921 M-S
Series D 4-5s
Series E 5s_
.1926 M
....
1931 M-S
1936 M-N
Series F 5s
General
5s
...
*
Va & So'w'n 1st gu 5s_.2003
J-J
1st cons 00-year 5s
1958 A-O
W O & W 1st cy gu 4s...1924 F-A
West N C 1st
con
1914 J-J
g 6s
Spokane Internat lstg 5s
1965 J-J
"
90%
83
"9034
87
105
Mch
Western Div 1st g 5s
1935 A-O
General gold 5s
1935 J-D
Kan & M 1st gu g 4s....1990 A-O
.
2d
...1927 J-J
20-year 5s
Tol P &
W
102
13
105
102
107U 109
108
93
Oct '13
103
9512
108
"
115
Aiiis-Chalxuers 1st 5s
108
Trust Co ctfs deposit....
Am Ag Chem 1st c 5s
1928
Am Cot Oil ext
4^s ____pl915
94
106*
106%
Oct '13
108
110
105% 107
Feb '07
101% ioi
101% 101%
91% Sep
12
Oct '13
87
897#
Sale
90%
89%
93
87
" "94%
103*8 Sale 103%
103%
Aug'13
7378
81
8H2 81%
81%
10412 Sale 104%
104%
83
86
83%
83-%
TolStL& W pr
lien
50-year gold 4s
;
g
3Hs_1925 J-J
1950 A-O
Coll tr 4s gSer A.
...1917 F-A
Tor Ham & Buff 1st g 4s._7H946 J-D
Ulster
Del 1st
con .....1952
g 5s_1928 A-O
J-D
1st &
refund
g 4s
37
100
'7334 Sale"
10134
8434
....
73%
"47
8
3
10
105% Sep '12
87% Jan *13
107%
Baidw Loco Works 1st 5s__1940
10484
Beth Steel 1st ext s f 5s
1st * ref 5s guar A
86%
"87%
82% Feb'12
103
105
99l2
....
105
10534
Dec'Il
103
J'ne'13
103
104% Oct '13
105% J'ly '12
64% 64% May* 13
106
104% 109%
....
63
" "64%
100
106
108%111
108% Oct '13
107%112
105% Nov 12
79
Mch *13
79" "79"
99
68%
100i4 102
100%102
70
103% 103%
73
101
100
....
112
....
Sep
12
101
102
20
...
92
...
103%
102U
83
....
55*
105"
...
104% Oct '13
88
NOV 12
99% Apr '11
106% Nov'04
103% Oct '13
101
Aug '13
102% 103% Sep '13
85
85
Sep '13
95% 95% Oct *13
84
85
Aug'13
85
84
Dec '12
Sale
53
59
68
55
Dec *12
101
84
1st RR <& land grant g
Registered
X
—
20-year conv 4s
4s.l947 J - J
.1947 J-J
1927 J-J
1st & ref 4s
02008 M-S
Ore Ry & Nav ;on g 4s__1946 J-D
Ore Short Line 1st g 6s__1922 F-A
1st consol ; 5s...
1946 J
Guar refund 4s
1929 J-D
;
Utah & Nor gold 5s..
1926 J-J
; 1st extended 4s_^
1933 J-J
VTandalia cons g 4s Ser A.1955 F-A
»
Consol 4s Series B
1957 M-N
'Vera Cruz & P 1st gu 4^s_1934 J-J
i
96% Sale
90%
92
91
Sale
90%
92
"
91%
109%
92
90%
Virginian 1st 5s Series A
92%
Oct '13
90
97*4 Sale
93
Mch'13
94
Oct '12
9734
98
O0IF& 1 Co gensf g5s
Col Fuel gen 6s
Ool Indus 1st & coll 5s gu
Cons Ind Coal Me 1st 5s
10-30-year 5s
LTenn Div 1st
g 6s
■'
1919 M-N
1934 F-A
1935 J-D
1917 J-J
al917 A-O
T922 J-D
1931 M-S
Cah O M Cu 1st gu z 6s
Utah Fuel 1st g 5s
Victor Fuel 1st s f 5s
1953 J-J
Va Iron Coal&Coke 1st g 5s 1949 M-S
*
98
s
f
The Texas Co conv deb 6s_1931
Union Bag & Paper 1st 5s. 1930
1st
5s
86%
.77
84%
65
99
Sale
99*4
88
99% Sale
....
113
117*2
'13
94
97*2
81
90%
103
103*2
9684
Oct
14
94
53
96% Feb '13
Oct '13
59
65*4
232
281
84%
85
92% Aug'13
77
Oct '13
84
85
99
82
92%
25
96
54%
70
79%
92%
75%
95»4
90
82
100
1
82
2f
69%
88%
91%
96%
71
80%
93
96
9234
Oct '13
31
__
105
91«4
110% 122%
94
99*4
14j 115
122%
94%
99%
Oct T3
95
85%
85
95%
88% Feb '13
88*2
96
94
88*|
99%
95
98
96
98
Oct '13
91
Sep '13
99%
100
Feb '131
103
95%
Oct"'13
88
100
12
13
97%
103
102
88%
8334
92%
89%
94% 101%
92
89*|
807«
91%
85
20
30
27
May'13
25
102% Sale
102%
9978 Sale
99%
99%
102%
67
100%J
10
98% 102
95%
32
90%
101 ^
91*d
17
99% 102%
20ft 87%
96% Sep '13
96*2
94
967,
82
90
93
87%
87%
87
87*2i
35
95
9978 102
Sep '13
96%
97%
113
887,
95%
Keystone Telephone 1st 5s_1935
Metropol Tel&Tei 1st s f 5S.1918
Mich State Telep 1st 5s
1924
N Y & N J Telephone 5s g_1920
N Y Telep lst& gensf 4Jis 1939
85
96% Sale
"32"% Deo
91% Sep '13
J'ly '13
9978 102 "
99%
99%
98% 100
103% May'll
97%
"97% Sale 97%
98%
9734 Sale 9734
97%
967» 97% 9678
97% Oct T3
98
100
....
91
92
98
97%110%
95% 104*4
'12
83% NOV'11
963g
97
89
90
103%
96% 102
91
77
89
27
100
204
100
91%
96%
"78 "III
1950
93%
94*4
84
Cumb'd T & T 1st & gen 5s_1937
Mut Un Tel gu ext 5s
1941
Northwest Tel gu 4>js g.1934
90
90
"94% "96
1938
95%
97*4
96%
25
-
65
95%
120%
97%
118
9638
8634
97
19
9878
102%
65
92*4
79%
91%
95%
101%105%
97% 100
2
81% 89%
11
98% 101%
1033g
"
90
104
J'ne'll
"90%III
93
Jan '13
75
76
75
90
Sale
"16
96
100%
91%
100
91%
101%
101%
97
"95% "98%
95
101
967, ioi
96
1021f
88*2 96%
"93" "93 "
BONDS—Concluded.
90*4
90
Sep '13
90
90
75
75
J'ne'13
Sep '13
75
75
95
104
80%
98
98
106% 107% J'ne'12
.81
80%
76
"II ~92%
"of"::::
86
78
Sale
93
80*2
Aug'13
Oct '12
102% Apr '06
98
Jan '13
85*2 Oct '13
78
78
99
98*8
99
100% 101% 101% Sep '13
100%
100% Sale 100%
103
J'ly 13
....
92%
80
93
80
93
May'13
93
93%
99%
Adams Ex coll tr g 4s..
1948 M-S
Armour & Co 1st real est4Hs '39 J-D
Bush
Terminal
1st 4s
Consol 5s
"77% "85 I
7fe
76
98
98
85
8778
1952 A-O
1955 J-J
1960 A-O
1921 J-J
Inspir Cons Cop 1st 6s (rects)..
Bldgs 5s
guar
tax ex
Chino Copper 1st conv 6s
Int Mercan Marine 4Hs... 1922 A-O
Int Navigation 1st s f 5s
1929 F-A
99
102
Mge Bond (N Y) 4s ser 2
1966
10-20 yr 5s series 3..
1932
Morris & Co 1st s f 4Hs
1939
N Y Dock 50-yr 1st g 4s.__1951
Niag Falls Pow 1st 5s_-.--1932
103
103
Ontario Transmission 5s
73
80*2
98% 103
100% 103
79%
92
80
98
92
85
87
85
85
165
140
Sep '13
93
98
96
97
60
62%
601,
61
78
77
77
74
89%
88
89%
82%
92
89%
96
85
94
122
190
94%108%
66*2 66%
75*2 79%
A-O
J-J
J-J
F-A
1939 J-J
99% May'13
99%
86*2 j'ne'13
31
82
May'13
81
101% 100*2 Oct '18
82
88%
....
J-J
1945 M-N
Pub Serv Corp N J gen 5s_.1959 A-O
RayConsCopper 1st conv 6sl92i J-J
Wash Water Pow 1st 5s
88
75
90*2
88
Aug'13
9134 Oct '13
897,
90
89% Sale
105
106
87
87
90
106*2
89%
1047,
—.103% 102
100
87
99%
89%
84
102%
87
88% 98
97%121
Deo '12
No price Friday; latest bid and asked, a Due Jan. 'd Due April, e Due M*w« 0 Due June. 8 Due July, k Due Aug. 0 Due Oct. v Due Nov. g Due
13
Oct '13
97
98*4
Oct '13
84
86%
93
99%
93%
91% Jan '13
20-yr convertible 4^s
1933
Chicago Telephone 1st 5s_.1923
Commercial Cable 1st g 4s.2397
Registered
2397
96
105
90
v09%
96% 98%
93
80
101
120%
100% Sale 100%
Dec 1922
West Union col tr cur 5s.
Fd and real est g 4Hs
95
70
85.
97% Sale
94
92%
88
....
s f 5S.1931
10-year coli tr notes 5s
1917
Telegraph & Telephone
Am Telep & Tel coll tr 4s..1929
Convertible 4s
...1936
93
97%
91
85%
91%
9478
9384
95
116
118
95% 96
88
91
102% 103% 103 "
90%
90% Sale
1940
West Electric
63
101%
99*2
J'ly *13
96
62
94
98% 103*1
96% Oct '13
Milling 1st 5s....,1930 M-
91%
104%
93
85
96
5s_.1931
99
"47% "60
100
Miscellaneous
._1932 J-D
al92G M-S
1943 F-A
,Cons Coal of Md lst&ref 5s 1950 J-D
Gr Riv Coal& C 1st g 6s__/il919 A-O
Kan & H C & C 1st s f g 5s_1951 J-J
Pocah Con Collier 1st s f 5s.l957 J-J
St L Rock Mt& P 1st 5s
1955 J-J
Terra Coal-gen 5s
1951 J-J
Birm Div 1st consol 6s
&
85%
Pac Tel & Tel 1st 5s.:
1937
S6uth Bell Tel & T 1st sf 5s 1941
7
46%
95
Repub I & S 1st & col tr 5s_1934
Coal & Iron
Bufi & Susq Iron s 1 5s
Debenture 5s
f 5s.. 1921
f
91%
MISCELLANEOUS
;
s
s
80
108% 112%
103% 109
86% 93%
"93" Apr *13
62
Oct '13
9Q78
96%
117% 118% 117%
96% Sale 96%
1951
04
01
106%
89%
May'll
Sep '13
49
94% 95% 95«
120% Sale 120%
97%
97% Sale
1944
5s
85
'99"
•
1962 M-N
106%
89%
108
100%
85
34
109*4 Oct, '13
108
88%
92
91%
62
50
Sale
92% Sale
74
74%
1951
103%
95
97*4
96% Oct *13
90*»
64
1915
101
85% J'ne'12
96%
91%
88
.....
1923
100
100
Oct '13
84
88*4
84
;_1950
101
106%
"84% "89"
84% Oct '13
84
101
86%
88*4
987g
98% 99
102% Sale 102
86% 82
WestinghouseE & M
10
86
101% 102% 103
98% Sale 98%
...
102
87%
88%
76
..1929
Stamped
1930
U S Realty & I conv deb g 5s_'24
U S Red & Refg 1st g 6s
1931
U S Rubber 10-yr coll tr 6S.1918
U 8 Steel Corp—Jcoup ..dl963
S f 10-60-yr Ssjreg
dl963
Va-Car Chem 1st 15-yr 5s.l923
Union Pacific—
•
f 5s
s
"91*
85%
92
1952
Lackaw Steel 1st g 5s
1st con 5s Series A
Standard
lOO" 107"%
86%
88
94% Sale
Gen'l Motors 1st lien 6s...1915
111 Steel deb 4 3^s__
1940
Indiana Steel 1st 5s
1952
Latrobe Plant 1st
lnter-ocean P 1st
104
8734 Oct '13
82%
82%
103% Oct '13
102% 103
95%
195% Sale 94% .
I 82 SMc 8D4
82
Railway Steel Spring—•
104% 104%
88
89*4
Oct '13
106% Sep '12
101%
101%
61
92
99% 101
99""
.89%
86
Debenture 5s
80%
98% Feb '11
...
~&2 ~
1930
92
105
108%
102% 108%
90% 9578
Oct '13
101*2
74
70
E I du
Nat Starch 20-yr deb 5s
1930
National Tube 1st 5s_;
1952
N Y Air Brake 1st conv 6s_1928
99
100
99
Sale
102
102
95
Oct *13
66
_
100% 11)3
74
94% Feb '13
_
103% 107%
13
91
J'ly'13
"98*
13
3
Feb
96
102
92
07
95
94
Lorillard Co (P) 7s
J'ne'13
Feb
Oct
90
10114
10212
91%
92
34
103
92%
Mexican Petrol Ltd env 6s A_'21
Nat Enam & Stpg 1st 5s_.1929
91%
121
91
Pon^owder 4 Lfs
61
78%
Oct
3
95% J'ne'12
Liggett & Myers Tobac 7s_1944
101
10434 104*4
10Q
Aug'13
102% Apr *11
83%
78
1st 25-yfUr s f 5s„_
1934
Cuban-Arotv Sugar coll tr 6s 1918
Distil Sec CVT conv 1st g 5s.l927
104
94
75
9478
95% J'ly '13
Mch '13
85
82%
98
104
100
13
12
95
100
102*2 J'ne'13
.81% Sep
100
Sep
%
81%
116
1942
5s
103-% Nov'12
104% Jan *13
'13
i iii ~98 ~
1926
5-year convertible 5s
"98%
100
Oct '06
28
1 K.-w
Cent LnSather 20-year g 5s.1925
Consol Tobacco g 4s
1951
Corn Pr<M Ref s f g 5s
1931
Int St Pump 1st
100% 102%
27%
11%
118
Int Paper Co 1st con g 6s_.1918
Consol convs f g 5s
1935
103% Jan '13
100
100
110
100% Sep *13
100
100
106
Aug'13
11%
99
-£
General BakThg lst25-yr 6s. 1936
Gen Electric deb g
3^s__.1942
....
17%
16%
99
;_1951
100
72% 78%
78% 86%
102% 107
79% 88%
26%
16
96%
9634
92% 92%" Aug '13
100%
101
100% 101
79
79% 79%
79*21
103
103
103% 103
99*2 Jan '13
Writg Paper 1st s f 5s_1919
101
"76 " III1
99U
Am
80
13
1
96%
91%
1944
1951
Registered
65
76
1
1944
;
Gold 4s
101% May'11
65
May'13
d'ne'l<
J'ne'13
100
1919
61*4
102% 107
95
....
1915
6s
g
Registered
"£<j
86%
Spirits Mfg
Am Thread 1st col tr 4s
Am Tobacco
40-yr g 6s
51
45
...
87
Debenture 5s
1931
Am Hide & L 1st s f g 6s
1919
Amer Ice Secur deb g 6
1925
Am Smelt Securities s f 6s.1926
Am
54
47%
13
1936 J-J
102
...
103% Sep '13
90
'36
108
6478
45
Oct '13
" l"6l%
95
4s..1949
102
Jan '13
87
gen
80
46%
Oot
Manufacturing & Industrial
102
119% MohviO
101% May'13
100
Wis Cent
term 1st 4s
80
13
86
91%
50-yr 1st
10
77
82%
10434
Sup&Dul div &
99%
"t)8% "98"%
1
7834
77%
10334
1943
._dl943
83
106
101% J'ne'13
"i6""l7"
88" "91
108
112
...
104
107
10212
100i2
101l2
65
65%
73
73%
92%
106% 105% J'ly '13
Aug 12
95%
1013s 104
104
Oct '13
15%
1st consol 4s
106%
94%
271
47
-
80
1954 J-D
gold 4s_
High
101
11
Nov'12
47
72
g 5s
1926
Wheel Div 1st gold 5S...1928
Exten & Impt gold 5s
1930
RR
50%
50% Aug '13
48
Aug 13
105% 107% 105
1949
96%
"
50
47%
20-year equip s f 5s
1922
Winston-Salem S B lsfc4s__1960
100
80
'50%
Imw
10
'
Wheeling & L E 1st
90
100*4
1917 J-J
1st gold 4s
1939
Gen
91%
Mch
79
May'13
Mch'13
64
Wash Terml 1st gu 3]^s__.1945
1st 40-year guar 4s
.1945
West Maryland 1st g 4s.__1952
West N Y & Pa 1st g 5s
1937
93*4
12
Sep '13
Sep '13
Sep '13
8814
101% 105
La Div B L 1st g 5s
1931 J-J
WMinW& N W lst gu 5s_l930 F-A
Tol& O O lstg 5s
.1935 J-J
1941
4s
9178
84
102% J'ly
104% 105
J-D
5s
g
2d gold 4s.
Trust Co certfs
102*4 103%
9078 Sep '13
88
Aug'13
104
J-J
A-O
'
g
Columbia Tr Co ctfs_._.
95%
100%
100%
J'nel2
Jan. 1
No
103%
95%
99
46
Des Moin Div 1st
High
90
—
Det & Ch Ext 1st
88
98
94% J'ly '12
9078
49%
Since
11
97
—
82%
86%
891?
Ter A of St L 1st g 4Hs_.1939 A-O
F-A
1st con gold 5s
1894-1944
.■I Gen refund j f g 4s
1953
St L M Bge Ter gu 4 5s._1930
Tex
Pac 1st gold 5s
2000
2d gold inc 5s
?2Q00
;
79
Southern—
1st consol g 5s
Stamped
Equit Truct Co 2tfs
Do
Stamped
"77"%
88*2
85%
Ask Low
103% Sale 103%
95
94% 96
50%
72%
93%
92%
86%
857s Salt
90
9H2
Last Sale
g
66%
102
J'ly '13
102*4 Apr *13
105
May'12
F-A
Um Div 1st g 3 Hj8
1941
Tol & Ch Div 1st g 4s...'-1941
Wab Pitts Term 1st g 4s..1954
Cent and Old Col Tr Co certs
103% 103%
102
fd
s
Do
86
90
103% Jan '13
equip
Income 5s
93
1st 4s_.1950
gold 5s
con
75
59
Range or
Cent Trust Co ctfs...
_
J-D
J-D
M-S
F-A
F-A
J-D
A-O
GH&SAM&P 1st 5s-1931 M-N
-
73% Sale
90
78
.
-
83
1939
M-N
1939 J-J
5s_
1921 M-S
1st lien 50-yr g term 4s_.1054 J-J
1st rei and ext g 4s
1956 J-J
1st lien
Oct '13
104
78
65
7712 J'ly 12
103% J'ly '12
9914 May'13
1939
2d gold 5s
Debenture Series B
YV
Range
Friday
Oct. 24
Rid
\X7abash 1st gold 5s
Week's
Price
St
-5 a.
Week Ending Oct. 24.
Jan. 1
110
Registered
Y.
N.
Since
^
BONDS
STOCK
EXCHANGE
Range
5"S
Low
108% 10934
1191
Record—Concluded—Page 4
New York Bond
oct. 25 1913.]
Dee.
f Option
talfe
'
!
1192
CHICAGO STOCK EXCHANGE—Stock Record.
STOCKS—HIGHEST
AND
Saturday
Monday
Tuesday
Oct 18
Oct 20
Oct 21
LOWEST
SALE
Thursday
Friday
Oct 22
Oct 23
Oct 24
i
cf On
STOCKS
Chicago rrooK
Wmk
EXCHANGE
Amies
PRICES
Wednesday
Range for Previous
Rente for Year 1913
Lccmi
Yerr (1912)
Lowest
Highest
Highest
Rail reads
*25
30
*25
30
*25
30
*25
85*2
*75
85*2
*75
85*2
93
*93
95*2
*93
85*z
95*2
*75
93
*93
95*2
287S
2878
29*2
»7*2
7*4
3*4
7»4
734
8
*2*2
3*4
*2l2
♦22i2
•75
*2l2
31
*20
30
*20
30
*30
40
*30
40
6
*4l2
*30
*30
2934
8
3U
;
25*4,
♦2212
25*4
*38
35
*30
2934
28*2
29«4
7*2
7«4
7*2
2%
Ofehxt*o JElev Rye com 100
Do
praf___*
100
Rye port ctf "1"
3,038 Ohie Rye iwrt cfef
146 Ohic Ry* pork ctf
15 OWc R/» part etf "4"___
....
Sept'13
Kaneae
Last Sale 41
Nov'12
Do
Last Sale 4%
Last Sale 31
35
Oct'13
31&8
89
400
•
305s
90
91*4
*375
400
135
130
130
35
*31
33
*30~
92
121"
31*4
90*4
*375
♦
3214
9U4
91*4
400
*
130
83
*31
92
51
76
76
*75*4
77
"7 5*4
76
*49
64
*49
54
*49
64
'
♦
52
30*2
mi
mm
mm
3034
90*4
31*8
91
91
400
400
9134
'
400
13~0~
....
-
122% 122U
76
757gj
76
52
52
*51
52
52
52
51
51
*210
215
*210
215
*210
215
*210
212
134*4 135*2
.9*8
9*8
13434 135
9
*884
135
13434 135
9*2
9*2
52
135
10*4
10
10*4
<H -» <
"
-
•
98"
"97*2
*97*2
98
*20
21
*20
21
99*2
*98*2
99*2
99
*60
97*2
61
60
•;
"97
97*2
22
2U2
*98*2 100
*60
60*4
60
•
«. mm
10
97*4
97*4
23*4
22
22
99
93*4
98*4
CO
60%
m mm
mm
96
9678
98*2
77
*74
*74
77
•74
77
♦117
120
*117
120
120
120
*118
122
*116
120
*116
120
*116
120
117
117
s
_
_
113
113
*113
115
*113
115
116
116
119
126
112
*110
115
*110
115
*110
115
*110
115
*36
37*2
37*2
124*8
I25"
78*4
*94
7834
96*2
12412
*7834
94*2
*20
23
♦20
*47
*47
54
171
172*2
♦121U 124
47*2
*36
125""
*36
37
12434 125*4
*77*2
79%
046S
125*4 125*2
*77*2 79*2
•94*2
95*2
*94l2
95*2
23
*20
23
*20
23
64
*47
54
*47
172
178
173*2 173
*121*8 124
*121*8 124
123
123
82
Last Sale
124*4
125"
78*2
78*2
94%
95*2
174
176*2
122*2 122*2
*20
22
*20
22
*74
76
♦74
75
*74
75
*74
75
Last Sale 92
104*4 105
1045a 10434
10434 105
10434 10434
*255
205
*265
265
260
260
*104
105
105
105
105
188
190
188
189*8
190
105
*104*2 105
190
19078 *186
*»-.<*•»
mtm
+ m
mm
1
"54*8
*109
_6578
.mmmmrnmrn
—
1
55*4
109*2
934
934
*186
-
56%
405
May
131
Jan
50
45
Aug
2
100
Feb
Oct 14
139*4 Jan
Dec
5
138,
3
39
Mch
70
Dec
77
Mch
95
J'ne
Jan 29
49
Feb
65*8 May
55*2 Oct
221
155
103
J'ly
53
Feb 13
63
Dec
97
Dec
55
Jan
J'ne 12
117
Oct
2
100
113
J'ne
2
100
11U2 J'ly 14
Carbon
pref
pref
35
com.
67
Ma4
130
Sep 15
114
Dec
123
Jan
122% Oct
14
122*2 Feb 17
Jan 25
J'ne 27
Jan 27
63
J'ly 10
90t2 J'ly 23
19
Aug 29
40% AUK 4
85
Aug 14
101*8 Jan 1-3
155
J'ne 11
97*8 Feb
21434 Jan
May 19
12434 Feb 17
100
22
Sep 24
ioi" J'ne
Quaker Oats Co. 100
pref
6
Sep
120
Jan
61
J'ly
67
Apr
x
80
Dec
x
x
98
Dec
xl07% Apr
Jan
1
..100
com
50
Ward, Mootg'y & Go pref
140
Jan
221% Nov
121*2 Jan
307a J'ly
12534 J'ne
Western
Stone
Wool worth, com
6
15
206% Jan 10
6i2 J'ly
9
98*4 Jan
215
Jan
105*2 Jan
213534 May
100
100
87% Ucb 24
112
Jan
397
NOV
110
Jan
234
Nov
i7. J an
80% Sep
May
2
6834 Jan
Sep 17
2
14*2 Jan
111
49
Aug
97*2 Aug
109% Apr
Dec
1% Feu 10
17
J'ne 11
105% Feb 19
9
J'ly 22
94i2 Apr
987g NOV
4*2 Dec
99% Apr zl03% Oct
x
Feb 15
108% Feb
t
103*2" Jan" '122% Oct"
Feb 13
280
99*4 J'ne 24
148i2 J'ne 10
5U J'ly 31
100
130% May
135
Feb
x
2
10778 Moh
J'ne 12
195
100
Co
11
763s Aug
161*2 Apr
Mch
92
100
102i2 Mch
73*2 Sep
1267a Sep
115
..100
Co
HD4 Feb
80i2 Sep
S>
117
34
21*2 Oct
87
Oct
103
Feb 21
69
100
Do
rights
Unit Box Bd St P Co.100
Aug'13
105% Dec
118
65
100
pref
Jan 23
"loi"* J'ne id 'i30"~Sep 23
_100
^
common
1,925 U 8 Steel
Last Sale 9134 May'13
ch22
105
Do
Mch
3
99ia Oct
76l2 Jan 31
Oct 24
100'
*
J'ne
150
21% Oct 21
__100
Do
222
94
pref
Do
Mch
Jan
135% Jan
96
115
Do
,44
184
Sep 29
100
Oct 20
40 The
83
55i2 Sep 16
Sep 11
Apr 26
125is J'ne 10
.
Oct
3
55
471* J'ne 12
Apr
61
6
J'ne 12
1:7
109*4
8
135
106*8 Oot
19878 Mch
Jan
71
60
Do
J'ne
8978 Jan
com, 1C0
Marx pflOO
307 Union Carbide
Aug'13
Last Sale 10
....
13
65
100
283 Swift
265
109
1
Jan
103i2 Jan
J'ly
'
109*4 109*4
135
22
J'ne
40
(B.F.)
Studabeker Corp
Do
pref
July'13
56%
58
Feb
100
73
188*2 18978
57%
126
325
73i2 J'ne 10
Do
pref
100
4,506 Seara-Roebuck com__100
*104% 105
190
Feb
Feb 11
Internet Harvester Col 00
Knickerbocker Ice pf.100
Rum©!/
Last Sale. 1*8
1
587g
"5734 58%
109*4 *109
109*4
*
934
9*2
*
*260
*104% 105
91
500
120
75 Pub Servof No 111 com 100
104% 10434
265
*260
Diamond Match
60
Dec'12
Last Sale 6
*
1
"6634
100*4 109*4 *109
*
265
mm**- —
*
56
*260
104% 10434
129U Jan 30
Oct 16
110*8 Sep 12
—
22
J'ne 10
Oct
94*2
*11
Oct
Sep
J'ly
81
400
v
87
75
22
47
Feb 11
460 National
*21
11*2 Jan
77
85 Hart Shaft &
177
4612 Jan 31
Feb 11
Oct'13
175
1178 Apr
52
77
145 National Biscuit
122% 122%
Last Sale 22
Sept'13
Mch
Feb
"447
Last Sale 45% Sept'13
54
176*2 179
Oct
Jan
10
Do
preferred
100
1,395 Peopto'e Gas LACoke.100
■»-
50% Jan
6
35
16l2 Jan 31
12314 124*2
94%
40
3
Mchl8
J'ne 10
Oct'13
Last Sale 20
45
21% J'ne 10
100
com
Pacific Gae it El Co. .100
36*2
Jan
14*4 Aug
57s Jan
25
Sep •
8
1
112
11
Oct
300 Corn Prod Ref Co coml 00
l>o
pref
100
122
113
Jan
J'ne
200
Aug'12
115
38
6
Chicago Title & Trust 100
Commonw'th- Edison. 100
«
113
*36
Sep 22
Teleg„_100
PtalMriee
1.16 tlinoi* Brick
*110
25
Apr
3
Sep 26
"lh Oct" "7 '""91*2" Jan
300 Arner Teton it
July'13
*118
122
37
40
93*4 J *
1043a Jan
19*4 Nov
"953
....
Last Sale 76%
*118
5
J'ne 11
450 Goodrich
mm
6
2
4*8 Apr
rui
Feb'13
98*2
3314 Sep
9
Sep
Nov
Do
let pref
100
Cal Si OMc Canal & D 100
Ohic Pneumatic Tool_ 100
.«...
..k.
Last Sale 107
77
136*4
Dec
9
Oct 15
Oct'13
135
23*4
98*2
*74
....
....
Last Sale 77
'
mmmim
r---
62
135*4
May
83
6
33
Sept'13
Last Sale 210
!
136*2
25
90
J'ne 28
no 10
91% Oct
Booth
3
Jan 20
J 'ne
130
""115
■
J
100
Shipbuilding
Do
Jan
91
5*2 J'ne
100
Oct'13
....
Last Sale 52
53
18
14
praf__
Araer
"~"io
....
Last Sale 52
61
7578
*49
....
Oct'13
»m mm mm mm
12134 12134
1225# 122%
*
mm*'
mm mm
Jan
m»US
100
1,840 America* Gm
Do
830
pref
100
89 Am«rioui
Radiator. .100
Do
65
ptxf
_100
32
9034
400
Last Sale 33
34
91*8
91*8
122U 1224t
51
121*2 12U2
•
91
*390
130
*31 "
32
313s
400
♦
92
121
*50
1
30
J'ly IB
88
16% J'ly 24
pc*f
100
Scraete W Stable O L_100
Do
1*«f
100
Oct'13
30
102
4
70
2
C»f Ry A Lt. 100
imlla
297a
24% J'ne
10 dale
95*2
Last Sale 25
6
*4l2
*30
July'13
*93
95*2
29*2
7*2
2*2
8
*2*2
*4i2
35
June* 13
♦93
30*a
8
i
3*4'
*38
6
*412
35
31
30*2
Last Sale 28
Last Sale 70
30
58% Feb
9
"is" ""Nov
Sep
3
.
DiPidcna Record
Chicago Banks and Trust Companies
Capital
NAME.
Stock,
Disidend Record
Capital
RiMB.
American
Profits t
(00« em Uted.)
In
In
Per¬
1911.
1912.
iod.
1200,0
1206,7
Caitnaet National
100,0
62,6
Capital State
200,0
20,9 Org. J
to
2X
6
393,9
57,8
10
10,000,0 7)12149 6
12
233.3
12
760,0
200,0
Englewood State.
Firet
National
FlretNatEnglcw'd
Foreman
160,0
Bros...
Hyde Park State.
Irving Park Nat-Kaepar State
'13.
View State.
Lawn dale State..
200.0
Lire 8tk Exch Nat
6K
12.5
217.5
7,9
159.4
Q-J
200,0
Nat Bk of Repub.
2,000.0j ftl.515,3
National City
National Produce
2,000.0
250,0
200,0
Ave State-
North Side St Sav
200,0
300,0
North West State
Ogden Ave State.
People's Stk Yds St
200,0
600,0
200,0
•eeond Security.
us
Orga
n.
10
10A2*
8
Q-J
6
6
750.8
Q-J
6
6
114.9
Q-J
7
7
1101,2
Q-J
6
6
14,4
Q-J
6
6
63.3
Q-J
10.6 Org. N ov. 27 •12.'
109.6
10
9X
Q-J
ll8,9 Beg. b uaNov I'll
12
Q-J
State Bank ol Italy
Stock Yards Sav
200,0
Union Bk of Chic.
500.0
WaMUngt'nPkNat
12
2.661.8
149,8 Beg. 1
8
247.1
6
166.1
100,0
Central Tr Co of 111
Chicago Titlo A Tf
Colonial Tr A Sav
US
.Aug
10
6
Drovers Tr A Sav
e
note
2
Ft Dearborn Tr A 8
Franklin Tr A Sav
6
8
f*
10
10A2e
J-J
6
6
Q-J
8
8
Q-J
Sons
200,0
152,0
Harris Tr A Sar.
1,500,0
2,410,5
265
130
136
(H)
Heme Bank A Tr.
82,2
300,0
5,000.0 S107062
200,0
09.6
mtnoLs Tr A Sav.
Haawood Tr A Sav
Lake VtewTr ASav
2200,0
La Salle BtTrASav
1,000,0
Liberty Tr A Sav.
250,0
Market Tr A Say.
200,0
Mere'ntileTrASav
Merchants' L A Tr
260,0
8,000,0
hilehlgan Ave Tr.
200,0
Mid-City Tr A Sav
600,0
Northern Tr Co
1,600,0
250,0
Nor-Weet Tr A 8.
Colony Tr A S
94,6
292.7
»27,9
t»30,5
147,0
*7,287,7
73,0
112,5
Beg. b
13,
A*p
2,908,5
151.4
8
8
8
8
224.5
Pullman Tr A Sav
800.0
280,4
Sheridan Tr A Sav
200.0
51,0
....
RmS
t-' invJ
y'
258
IJ^ne f' m£
^^949/
n
y
"a
3
Q-J
«««
oo
'
,
h
^ pivldenda
i
inii
^
Aug. 22 1913.
,
t
5s
-----
90
Sale
97%
93%
92%
82
81
94%
93
Mil El Ry A Lt 1st g 5S..1926 F
do
ref A ext 4H9..1931 J
-
-
Nor Shore K1 1st
Nor 8h Get of 111 1st 5s._1037 F-A
do
g
55.__.1922 A-O
let A ref g 5s
North Weet El 1st 4s
190
-
-
-
1911 M- S
290
322
298
1947 M- 5 {99%
148
'13
---.
99%
*1017t
2
1
July'13
93
mm
Sep *13 J-
-
98*4
100%
90
94%
77%
84
....
'12
79
104%
94%
86%
Oct
-
93
-
mm
-
w«»
72
75
45
58
'
2
G
99% 1017s
..
^
17
9978 103%
10
99% 102%
99*4 100*8
15
....
_
_
.
IO2S4 108%
--
mmmmrn
--
99
.
----
*12
*
99
.—
Oct *13
April'12
86% Oct'13
10034 May '12
----
Sale
Sale
----
96
Aug '13
95% Sept '12
100% July '11
100
Sep'13
Mutual Fuel Gaa 1st 5s 1947 M-N t 99
101
Pub Berv Co 1st ref g 5s. 1956
t.—
9078
South Side Elev 4His
1924 r-j t 91
92
Swtft A Co 1st g 5s
1914 j-J t 9S7g
100
92
Ry
A
Lt
mm
-----
96
mmmmm
11
6
Oct *13
....
Oct'13
....
Oct'13
—
Western Etoc Co 5a
1923
— — —-
1945
1922 J
-
-
Note—Accrued Interest
mualt be
(<^ose.of, huMneas) for national banks and Aug. 11
-
-
—
----
98% Aprll'12
....
1100% 102
added
to all
mm
97
103
91
973s
90*2
93%
09% 100%
mmmrnm
....
mmmmm
....
mm
Chloago price
m
93%
85
—
———'
"100%
100
Aprll'12
May *12
99% July'13
'mm
99% 100%
99% 100%
coll
trust lien s f 5s
mm
99% 102
....
99%
rnrnrnm
*100
99%
100
....
91%
——
—
mm
rnmmm
3
89
w
mrnmrn
rnrnmm
—
86
mmrmm
mm
81
mmmmrn
mmmmm
----
101
Aug '13
Sep *13
Trl-Oty
----
82
70*i
mrnm^mm
9634
96's
115% Sept *12
99%
99%
101
78
——
1047a Aprli'12
95 "
""75" .*87""
7
80*8
103% AprllT2
100
mm mm
Sep* 13 Jmmm
100
°
IS
96
100*8
180
142
80
1943 A-O
Refunding gold 5s
Cbio Gas LAC 1st 5s. 1937 J-J uoi
Conaum Ges 1st 5a
1936 J -D t
75
7934
99
----
'
80%
----
NWGL4 Coke Co 5e._1928 Q-M $ 99
Ogden Gee ha...
...1945 M-N t 967„
Peop Gas LAC 1st 6s
----
----
1940 A-O t 98
185
135
—
7934
105
163
99
917g
mm
7
105*8 April'12
....
»
97*4
92%
90% Dec '12
100%
100%
100%
100*2
99*4 June'13
104*2
104*2
9934 April'12
rnmm-
—
89
100
172
436
Jau
91
mm ■
94
100
99
mm
High
91
8»7S
88
Sale
-
mm
81
Sep
Low
-
7
1
.50
96
—
90
50
—
for
78*4.
92*8
'Sale
---
Range
5
50
102
119
'13
74
-mm**
No.
High
74
1939 J-J L...
1952 M-N
167
152
222
Year 191$
65
A U03
J t 94
155
490
100
----
90
1928 J-J
Metr W Side El 1st 4s...1938 F-A t
Extension g 4s
1938 J-J
Morris A Co 4Hs
Nat Tube let g 6a
148
78-%
9478
.-1913 M-N
Lake St a—1st 5s
...
480
150
mmmrnm-
■
City Ry A Light Co
U S Gypsum let g 5s....1922
11w
80
9534
Sale
'
— — -
Kan
Union Klee (Loop) 5a
Q-J
96%
99%
Sale
'
51943 M- 8 1100%
116c
8
97
Sale
5«
305
4
92, p.1537
Oct. '13, 2X
Oct.
*13. 2
Sopt 30*13,112
80
82%
to* O O
12ec
110
V
99 %
77
Dia Match Con deb 6s
1920
104%
Gen Mot 6% 1st L notes. 1915 A -O
$ 98
Int Bar 8-yr 5% g notes.1915 F - A
Inland Steel 1st M g 6a..1928
Commonw
Sold
90%
April'12
May '12
9934
78%
9478
145
450
163
•
2X215
B'dt
Feb
141
(U) " •
_
300
Week's
90
Cudahy Pack 1st M 5s.._1924 M- N J100%
180
'13,
91
135
150
Oct
_
'13, 3
....
396
182
*13. IX 160
145
3
Sale
130
300
125
July 13,
Last Sale
393
298
July '13,
A
1923 J -D tioo
Cicero Gas Co ref G m_.1932 J-J t 92
Commonw-Edlson 5s
Y943 M- 8 iioo%
J-J
11
-
Chic RyPrmMf 4s.cl927 J-J t
Chic Ry Adj Inc 4s
«1027 Mayl
220
Q-J
mmmmmm
mm
99% 101
3.
(opening of business) for State institutions,
t No
not pututahed; stock all aoqulred by the Continental A Commercial National Bank, a Doe Dec. 31.
5l'02°;000' tho Oot- 1913 dlv- 01
^ dlv. on new capital. V. 07, p. 155,
® Sept- 13 1913- x Sa,<Je reported beginning April 18. tf Diva, are paid Q.-J., with extra payments Q.-F.
dividend,
to Increase In capital to 5400,000 authorised-Sept. 24, a cash dlv. of 75% to be declared la connection thM»Capital increased to $300,000; V, 97.
p. 705.
A Oct. 21 1913.
* Oct. 22 laia.
^
?A?e
DlflU
1927 F
10'1 l.V.92,p.l004 212
Q-J Sep. 30T3.2
316
I
75
Chicago Telephone 5s
215
Oct/13,
222
2X 218
300
July '13, 6
330
Oct. '13, IX 142
147
Oct '13,
212
2X 210
Oct/13. 1^1 £175 180
8
t
109
255
Org. D ec. 6
•12.
176
Org. S apt. 6 •12.
V. 95, p. 593 117
Beg. b us J'ly 1 '12 V. 94. p. 484 160
16
16
Q-J Oct. *13, 4
429
Q-J Oct/13,
1% 130
Com .b us.
4
Oet* 13.
Ma y'10
t
Chlo Rye 4a._.__eerles "B" J -D
Chic Rye 4s
series "C" F - A
Chic Rys 00U Gs____._1913 F - A
135
190
Q-J
Oct.
1928
Cal Uae A El unlf A ref 5s 1937 M-N
142
260
18. 120
p.
Range or
•.
•
Ask Low
95%
Chicago City Ry &e
Q-J
July
Q-J
Price
Friday
Chic City A Coo Rye 6e_fl927 A - O t
78%
Chicago Kiev Ry 5e
1914 J-J t
Chic Pneu Tool let 5s—«1921 J-J
90
Chicago Rye 5s
1927 F - A
97%
Chic Rye 5e.__..eerles 'A" A - O t 92%
253
3 * 178
2X 225
95.
Q-M Oct.
10
Oct. 24.
258
172
185
Oct'13,
2 X
V.93,p. 1235
Oct. '13, 2
Oct.* 13,
2
Oct'13,
IX
Oct. '13, 3
2 V. 96, p.523
Sep.30' 13,4
J-J
600,0
ioi9
Atk.
% Bid.
V.
Q M Sep.30'13,2
8A2«
OX
225
172
Q-J
us.
116
'13, IX 168
Oct. '13,
IX 136
'Oct. '13, IX 130
1H
V. 95,,p. 1944 100
J-J
8
Bid
1929 J-J
1939 J -D
Oct.
'13,
'12.
6
6
8A2«
est
Am Tei A Tel coU 4a
Sept30T3/2
Sept30'13 IX 165
6
J/52,8 Beg. b ua.J'ne
innn
Hi
V. Q7
97, p. 1000, 674.
Lasi Paid.
Q-M Oct.
0
period
Armour A Co 4X'
Auto Klec 1st M Be
135
Oct
J uly
8A2«
Inter¬
Oct. 24.
136
220
p
Week ending
120
242
217
12
200,0
.
iod.
BONDS
(IF)
132
p
*13, 3
*13, 3
Beg. b us.Apr 10 '1 1.V.92.P.1004
16*4#
IBAto
9
Oct. '13, 4
7
7A2e
Q-J Oct. '13, IX
6
6
Q-J Oct. '13, IX
"ii"
49,1
1,631,3
116,0
107,8
CHICAGO STOCK
693 130
M-N Nov
23,2
toe Tr A S
Per¬
1912.
Chicago Bond Record
260
250
rt
First Trust A Sav
i
Oct"l3",
8A2*
400,5 3A2fl
i600,0
Q-J
8,000,0 s1.972,8 Not pu blished —se e note (H)
250.0
10
171.2
8X
Q-J Oct. '13, 2 X 257
16
Nohe Q-M Dec30TL4
6,000.0 *3,441,7
250,0
15.9 Beg. b us .Apr 3 '11 V. 92, p..929
800,0
"118,7 Beg. b us .Apr 8T2 V. 94, p. 1030 163
10
1,500,0
286,2
tx
Q-J Oct. '13, 2X
Ooat AComTr AS
v
33
2.115.9
500.0
379,5
1,000,0
1311,7
5.000.0 12,263,2
4,500,0
Chicago City BAT
Chicago Sav B AT
In
1911.
1$ 25,7 Org.
421,0
EXCHANGE
US.Aug 26'1 2 V 96,
8
1,500,0
a.
412
465. 116
237
July '13, 5
Q-J Oct *13,
IX 110
215
Q-J Oct. *13, 2
Q-M Sep.30'13,3
255
Skate Bank of Chic
Jnno
408
'13, 4.
*13, IX 215
'13/2^ 250
V. 96, p. 273.
Q-J
Q-J
With.
Oct.
V. 94,
Q-J
250,0
In
144
286
Feb •12;
J-J
6
b Due June.
*110
285
3
Au« *12.
10
8
k New stock;
1586 105
180
6
-
p.
V. 95, p.944 139
Oct. '18.
437
6
P-
200.0
V.96,
6
8
6
l'
Woodlawn Tr A 8
'13,
150
17
8
nricc
400,0
Oct.
25.4
People's Tr A Sav
200.0
1,200,0
West Side Tr A Sav
Oct.
166.5
138,5
Old
Standard Tr A Sav
Union Truat Co..
Q-J
200,0
an
Alt.
Jan
Q-J
400,0
200,0
....
iued J
$200,0
1.000,0
8tockmen's Tr A S
6
Son th Chicago Sav
Qreenebaum
Bid.
10
South Side State.
Gua
Southwest Tr A S
175
Q-J Oct. '13, 2
Q-M Sep 30*13, 4% 435
12 X Q-M Sep 39 *13, 21Z 330
10
623,8
55.7 Beg.
1,250,0
Mech A Trad State
r
Q-J
18
41.6 Beg. b
200,0
100,0
400,0
200,0
Security
27
10
Prlv ate Ba nk
545,9
8
8
892.4
Q-J
200,0
1912
27.8 Org. N ov 25
2,000,0 Si,197,4 Not pu blished
se
Hlbernlan Bk A ssn
cm
Sep30'13,l%tc 220
Oct 7 '12'
us.
2,000,0
Haleted St Stato.
North
An
Last Paid.
1,000,0
Ft Dearborn Nat.
Lake
None
an.
Central Mfg Diet.
250,0
031.0 Beg. b
Coat A Com Nat- 21.500,0 A107518
10
Corn Exch Nat..
IB
3,000,0 A6.568.7
Drexel State
6
300,0
118,9
Drovers' National
ft
Surp. Jk
t
State..
(00s
Surp.
t Profits, t
98
Oct. 25
Volume of Business at Stock
Exchanges
YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
TRANSACTIONS
THE NEW
AT
Railroad,
Stocks.
Shares.
24 1913.
Oct.
Telegraph and Telephone
t Anter Teleg 4 Cable—100
Central 4 South Amer. 100
101
104
Comra'l Un Tel (N Y).„25
100
110
Empire 4 Bay State Tel.100
Franklin
100
60
73
Tuesday
Wednesday. .....
Thursday
-Frklay —r—
Total
21,981,075
50,460,550
24,078,350
26,794,800
24,385,850
State
Bonds.
e
Bonds.
*
e
$22,000
Preferred
Northwestern Teleg
Pacific 4 Atlantic
e
Pac Telep 4 Teleg
$24,000
118
Amal
Week ending Oct. 24.
Sales at
1913.
Exchange.
1,890,215!
3,506,559
$163,285,225 S313.149,500
•Stocks—No. shares
Par
value
—
Bank shares, par
j
$500
$24,000;
$4,000
—
Bonds.
Eta to
bonds
RR. and misc. bonds..
bonds.
Total
.
484,500
8,711,000
9,457,500
336,391,600
$9,199,500'
$9,775,000'
$412,032,520
$585,517,500
314,600
EXCHANGES.
K C Ry 4 Lt 6s 1912—M-S / 88
Bond
Listed
Unlisted
Bond
Shares.
Sales,
Shares.
Shares.
Sales.
10,485
18,095
10,362
10,895
8,337
$12,600
86,900
51,900
23,600
36,700
50,500
65,931!
$270,200'
7,757'
5,934
Saturday...
9,652
12,636
7,178
Monday
Tuesday
....... ..
.
9,185
Thursday...
8,172
Friday...
2,377
5,497
9,320
4,991
4,331
3,038
Minn & St L g fes 1914—F-A
Mo Kan & Tex 5s 1915.M-N
94
97
4,686
18,933
9,693
14,930
63.300
52,757
4.90
41^8 Jan 1914-1927—J-J b 5.20
99%
M-S
4.90
1913-22
prices
are
now
"and Interest" except where marked 4 f *'
Street
Bid
Ask
stk._100
16
20
J-J
..100
64
66
155
165
Railways
United Lt & Rys
.100
com..
1st preferred.
New
2d
York City
Bleeck St & Ful Fy
1st mtge 4s 1950
B'y & 7th Ave stk
2d mtge 6s
1914.____.J-J
Broadway Surface lilt—
1st 5s 1924.
100% 102
_.J-J
Cent Croestown
stock..100
1st mtge 6s 1922
115
Christopher A 10th St stklOO
Dry Dock E B & Batt—
1st gold 5s 1932
J-D
9912
F-A / 30
100 280
_F-A / 99
100 220
Scrip 5s 1914—
Eighth Avenue stock
Scrip 6s 1914
_
42d A Gr St Fy stock
42d St M & St N Ave-__100
*
125
Electric, Gas & Power Cos
101%
New York City
Cent Un Gas 5s 1927
40
e
310
_J-J
So Fer 1st 5s 1919
A-0
100%
240
J-J
1st consol 5s 1948
101
66T
80
28 4 29th Sts 5s '96 ctls A-O /
7
15
220
260
100
103
Westchester 1st 5s "43.J-J
88
92
Yonkers St RR 5s 1946. A-O
90
95
100
102
—A-O
95
98
Brooklyn City RR_,
10
Bklyn Hgts 1st 5s 1941-A-O
Coney Isl 4 Bklyn
100
167
170
99
102
08
102
eon
5s '31 A-O
Preferred
100
104
.50
60
*75
77
...
*46
48
100
333
...100
104
100
67
69
-.100
76
77
...
Am Lt & Trac com
Preferred
.__•,
Amer Power & Lt
Preferred
com..
......
85
80
77
§2
100
101
103
92
95
99
1.01;
Nassau Elec 1st 5s 1944 A-O
N Wmsburgh 4 Flatbushlst
4^s July 1941—F-A
Stelnway 1st 6s 1922....J-J
,103
55
Con GaS Of N J 5s 1936—J-J
Consumers' L H & Pow—
95
—
95
mm
5s
1938—
Loulsv St 5s 1930—
*78
0N Y State Rys com....100
cNor Ohio Tr A Lt com. 100
Pub Serv Corp of N J—See
Tr ctfa 6% perpetual
No Jer St 1st 4s 1948 M-N
Cons Tract of N J
100
•
103
—
-
—
104l2
■
mmmm
6312
mm
70
—
MMM
Stk E
72
77
127
No Hud Co Ry 6s 1914 J-J
100
•MM
100
MMMM
J-J
M-N
95
108
2d 6s 1914 opt....A-O
100
Republic Ry 4 Light
mm
mm
mm
mm
mm
mm
mm
mm
-
....100
100
1..—100
1st A ref g 6s 1941
op-J-D
mm
mm
mm
-
mm
m
mm mm
•
.»
u any,
a
And accrued dividend,
0 Ex-dlv.
will be found
on a
J^J
42
MaoAndrews 4 Forbes.. 100
Porto-Rican-Amer Tobr100
Reynolds (R J) Tobacco. 100
com..
143
150
83
90
55
65
16%
3534
35%
,
95
10
M MM M
55
e
30
100
....
Realty
American
—
Book—
91
93
100
92
100
TonopahMtn (Nev) -SeePblia Stk
235
250
Trow
100
120
87
90
*42%
46
Preferred
e
102
U S
102
165
160
100
....
48
•50%
52
48
100
9
33
36
..J-J
90
95
J-J
69
100
,20
29
83
90
U S Steel Corporation—
Col 91 Apr 5s 1951 op 1911
113
114
113
114
U S Indus Alcohole
Preferred
100
160
170
Col s f Ajm" 5s 1951 not opt
135
140
U 8 Tit Gu A Indem—100
208
209
e
Virginia Iron C A C
—100
97
100
e
Wells Fargo A Co——_ 100
.100
118
119
Wwtchester
American Express
Am
Graphophone com—100
30
56
American
23
26
Amer Malting 6s 1914
J-D
Amer Press A89oc'n..,..100
Preferred
100
Hardware.—100
k listed on Stock Exchange but usually inactive.
y Ex-rights, t Includes all new stock dividends and subscriptions.
preceding page.
A Ex-300% stock dividend.,
•
4
MMMM
•
--M
120
80
9934 100%
30
35
&
Bronx
100
MM
MM
V
73
75
41
48
88%
90
Title
3,100 165
Air Brake.50 *133
63
com.._ 100
134
100
85
02
Worthington(HR)Co pf.100
70
75
50
126
U
100
«
,
50 V
.—.100
American Brass..—....100
American Chicle com... 100
Preferred
104% 106
——100
1st g 5s 1919
Con g 53 1929
127
*48
%
6
90%
200
140
50
%
3
t
97
100
75%
6
155
Preferred
110
list
55
12
190
U S Express..
U S Finishing
100
••
100
120
122
x
Casualty
100
Envelope 00m......100
300
100
.100
...
U S
110
J-D / 74%
7
.....100
United Dry Goods
e Preferred
E
3%
45
Directory....
—100
United Copper....,—..100
225
..50
76
90
100
100
40
111
74
Texas Pacific Land Tr.100
Preferred
Adams Express
Col tr g 4s 1947...
35
Trenton Potteries com. .100
Preferred new—.,—100
93%
•
105
180
Weyman-Bruton Co—100
25
•99% 100%
Standard Coupler com.. 100
Preferred
...100
230
92%
•
•
Sears, Roebuck&Co—SeeN Y Stk E x list
e Preferred—Sec Chic Stk
Ex Us t.
300
Singer Mfg Co.—....100 297
200
98
105
109% 110%
180
116
Preferred
•••
160
111
Young (J S) Co
e
MM
Preferred
-
290
100
«
MMMM
100
00m
•
215
....
Preferred
'
preferred....
e
•'50
b Basis,
2d
Royal Bak Powd
180
Ferry....100
M-N
1st preferred
42
115
1st mtge 5s 1919.
J-D
Union Ferry stock......100
1st 6a 1920
175
2200
109
Alliance
•
30
95
16%
95
148
e
93
10th A 23d Sts
6
95%
85
100
270
50
45
16l2
94
25 '
MMMM
100
100
Preferred
71
100
com
.100
com..
96
M-N
148
26*
49%
15
69
50 *
....
Pope Mfg Co
•
25%
90
105
•
*25%
Industrial AMlscclI a neo u •
12
-
*25%
38%
75%
16%
05
*
Pittsburgh Steel pref.. 100
Preferred
—100
Johnson Tin FoilAMetal 100
"79%
102
N Y A N J 53 1946
share,
95
J-J
73
50
Safety Car Heat A Lt.-_100
e
02
m
•
Tobac.£l
Conley Foil.—..
Helme (Geo W)
"94"
stock—100
15
..100
Stern'Bros pref........100
Sulzberger A Sons Co pf.100
Texas A Pacific Coal
100
Ferry Compettiss
B A N Y 1st 6s 1911
N Y A E R Ferry
1st 5s 1922
Preferred
e
•MM
.........i...
Amer Bank Note 00m
72
*
*38
(See also Stock Exchange List)
Cigar com..
100
Preferred .1,
——1100
Amer Machine 4 Fdy_. 100
e
»•
100
jmbsidiaries.
10
100 2000
OH
Pierce Oil Corp (w i)
"New stock
99
15%
preferred
Pittsburgh Brewing
Tobacco Stocks
108
79
Preferred
10012
*
...
Watera-Pleree
British-American
85
Tennessee Ry L4P com. 100
92
M
70
100
com
elst
76
187
1st g 4a 1949—
J-D
United Gas AEiec Corp. 100
Preferred....
.100
...
Pettibone-MuUIken Co 100
%
3
73
101
8
Western Power
100
102% 104
32
N Y A Hob 6s May '46—J-D
Hob Fy 1st 5s 1946—M-N
..100
379
^.100
100
*7
20
Preferred
Stand Oil of N J
376
100
Standard Oil subsidiaries... *755
Standard Oil of N Y
146
100
•
6
79
*%
2%
,10
100%
•31
18
eToledo Rys 4 Light.,.. 100
Trent P 4 H 5s 1943.—J-D
310
Preferred
e
*4
72
99
60
100
Preferred
Stand Oil of Nebraska—100 300
Stand Oil of N J (old)—100 1155
Western States Gaa A El—
9912
mm
560
Amer
37%
74%
Ohio Copper Co...
e Ontario Silver
Otis Elevator com
20
100
99
(Del) 50
& El
Preferred
United Electric of N J
76
1924
450
list St Joseph Gas 5s 1937—J-J
123
5s
405
90
So J Gas El 4 Trac—100
Gu g 53 1953
M-S
Con M 5s 1928
391
395
T-Obacco Products
•
Y Transportation
Niles-Bem-Pond com
192
387
Preferred
.——100
•..United Cigar Mfrs com 100
« Preferred
100
United Cigar Stores com,100
—...
85
N
183
100
Pacific Gas A E 00m—100
75
373
11
100
94
95
35
180
8
.100
100
89
No Hud L H & P 6S 1938A-0
20
175
131
c Preferred
100
N Y Mtge A Security...100
N Y Title Ins Co
100
112
170
88
90
1%
*40
•
90
115
102
*1%
Washington Oil—..
mm
81
*88
55
98
20
87%
67
100
40
100
38
A-O
'44.Q-J
Newark Gas Cs Apr
Newark Consol Gas
100
110"
~42*
•MM
.
33
127
•
.
....
84
105
100
F-A
50
102
210
130
Gr't West Pow 6s 1946.. *J
Hudson County Gas
l' O
Madison Gas 6s 1926—A-O
Narragan (Prov) El Co. 50
205
112
100
88
—
200
RemlngtonTypewt'r comlOO
86
Gas
195
-
Realty Assoc (Bklyn)...100
100
.
Lawyers' Mtge Co
..100
Lehigh Val Coal Sales
50
Manhattan Shirt.
Preferred
Manhattan Transit...
110
80
80
Gas & El Bergen Co
80
108
108
295.
92
•
J-D
Internat Smelt & Refg—100
Lanston Monotype——.100
102
Solar
190
4
180
41
Standard Oil (Kansas) ..100
Stand Oil of Kentucky.. 10P
104
3
98
315
m
295
135
38
*
116
102
170
39
—25
114
..100
Mortgage Bond Co.
100
e National
Surety
...100
e New
York Dock com. .100
100 308
Northern Pipe Line Co. .100
109
Ohio Oil Co.—
—25 ♦129
Prairie Oil & Gas
367
100
36%
100
Ext
.100
86
1st 5s 1921
A-O
J C Hob 4 Pat 4s '49 M-N
Pat Ry con 6s 1931—J-D
175
85
104
9Si2
79
345
170
84
100% 10U2
230
74
340
100
—.100
1st 6s 1948..
1
62
100
110
51
1st g 5s 1951..——.A-O f 49%
125
International Silver pref. 100 115
165
Galena-Signal Oil coml.100
36
........
71
Eureka Pipe Line Co
mm
105
78
130
Preferred
1st 5b 1933.
—J-D
New'k Pass Ry 5s '30.J-J
Rapid Tran St Ry—..100
102
*58"
m.
100
285
100
10312 104% Standard Gas
76
Crescent Pipe Line Co
50
Cumberland Pipe Line. .100
100
m
65
x
185
Pat & Pas Gas A Elec—100
mmmm
74
.
85
Jackson Gas 5s g 1937..A-O
cLaclede Gas preferred—100
M---
x88%
J-J
«New Orl Rys 4 Lt com. 100
e Preferred —.100
27
180
...
Preferred
m
6% "8
100
290
Essex A Hudson Gas
1st g 5s 1952
75
120
100
100
95
100
com
45
mmmrnrn
Union Tank Line Co.:
100
Vacuum Oil
—100
89
68
77
115
Oil.—
Continental Oil
40
120
Standard Oil of Ohio...100
Swan 4 Finch
100
••
325
petrolt United Ry
100
Light 4 Trac.. .100
75
660 <
Colonial
Preferred
4
J-J
100
mm mm mm
•
Elizabeth Gas Lt Co—100
Indianapolis
25
300
com
Preferred
'
Pratt & Whitney pref
Producers Oil
Denver G A El 5s 1949.M-N
75
.100
100
—J-D
71
.
-
12
73
7712
cHavana Elec Ry L 4 P 100
6 Preferred ———100
4
1U2
75
_.—
Borno-Scrymser Co.
100 280
Buckeye Pipe Line Co.—50 *161
Chesebrough Mfg Cons. 100 650
153
72
69
Preferred
660
5s 1961
International Salt
22%
650
100
g
Internat Banking Co
(International Nickel
share
*21%
£1
Oil
238
1927——J-J
68
Federal
Per
Standard Oil Stocks
148
76
...100
Preferred...
e
234
72
Indiana Lighting Co.
4s 1958 opt
e
4
101
x53
XutercontlQ Rub
78%
—100
70 :
Consumers Power (Minn)—
1st & ret 6s '29 opt '14MrN
Other Cities.
Buff St Ry 1st con 6s '31F-A
Com'w'lth Pow Ry 4 L-100
Preferred _a
..—.100
4 Conn Ry 4 Ltg com
100
78
77
1st
Ingersoll-Rand
100%
3
Hocking Val Products. .100
Railroad Securities Co—
Sou'WCst Pa Pipe Lines. 100
Standard Oil (California) 100
Stand Oil of Indiana....100
73%
1st 5s
98
cons g
III C stk tr ctfs Ser A
;
West Pac 1st 5a 1933—M-S
e
South Penn Oil
100
Columbia Gas & Elec
48 1948-.—-J-J
1st
e
107
100
com
103
63
335
Cities Service Co
15
100
32
242
4
5
104
239
3
98
100
1st 6s 1922
102
215
Xt
M-S
Hoboken Land & Improvo't
1st 6s Nov 1930
M-N
Herring-Hall-Marvin
*57
208
*%
g
*28
Refining—..
100
Southern Pipe Line Co—100
Bay State Gas
50
Buffalo City Gas stock—100
Preferred
Con g 4s 1955—
-J-J
Brk C 4 N 5s 1939—..J-J
88
5
10
68
_loo
50
;
Preferred
Other Cities.
....
B B 4 W E 6s 1933
65
D#
86
5s June 1 1922—J-D / 63
Hecker-Jones-Jewell Milling
1st
,
—
National Transit Co
New York Transit Co
Am Gas & Elec com—.
Brooklyn
•
108*|
*1%
5
70
•
preferred
Preferred
65
mm
80
Standard G L 1st 5s *30 M-N
98
mm
106
97
52
mm
l'OO
92
50
M
183
2
64
preferred
33
1 170
1
Havana Tobacco Co.—.100
100
1st
13
26
100
35
100
e
85
'•'•'•
30
N Y Chic & St L com..100
preferred
26
78
92
e
1st
23
8g
28
2<1 preferred
MMMM
100
com
27
e
13<
128
100
Kilburn
Colo 4 South com.....100
e
10
90
,
,.100
A
e
128
89% 100
—
—
Goldfield Consol M .....10
140
.....
145
50
Preferred
e
84
k Hackensack Water Co—
Ref g 4s '52 op 1912...J-J
130
Preferred
com.
35
80
86
100
..100
100
e
140
101
Preferred
General Chemical
e
MM«
33
124
100
.
98
•
*1%
..100
com
"go"
89
100
Empire Steel & Iron
list
x
Indiana Pipe Line Co—50 *124
99
Preferred
MM
MM
15%
100
Emerson-Bran tlngham.
97
95
55
30
Preferred
e
98%
99% 100
9884 99%
160
70
67
■
97
45
100
60
/
—100
...
Preferred
150
Preferred
95
Davis-Daly Copper Co^_.10
duPont(EI) de Nem Pow 100
•MM
•
100
North'n Un 1st 5s 1927.M-N
35
90
e
09%
N Y A Q El L A Pow Co. 100
cNY Mutual Gas L
32
125
Atlantic Refining—
99
70
118
65
99% 99%
10U2 103
97
100
Heating
100
Anglo-American
J-J
...100
Rubber Tire....100
Preferred
100
1st preferred...
20
N Y A Richmond Gas...100
75
Atian Ave RR
__
112
90
Twenty-third St stock.. 100
Union Ry 1st 5s 1942..F-A
81%
_
.
N Y & E R Gas 1st 5s '44 J-J
MM
mm
/
Tarry WP A M 5s *28—M-S
90
80%
100l2 102%
118
118%
J-J
Kings Co El L A P Co. 100
Consol 5s 1946
103
.
89
New Amsterdam Gas—
MMM
M
100
_
58
2d
Pitta Bess 4 Lake Erie—50
100
-Preferred
1st 6s 1910...
M-S /—
180
150
Ninth Avenue stock
100
3
1
Seoond Avenue stock.100
"30
Consol 6s 1948 ctfs—F-A f 25
eSlxth Avenue stock
Sou Boulev 5s 1945
100
....—J-D
1951
com 100
Crucible Steel com....100
—
MMM
80
Hale
74
96
MM
80
Preferred
e
80
100
preferred
Preferred
99%
9934 100
99% 100
M
com..
.
—.100
1st
35
78%
10%
35%
70
20
72
10%
35L
93
100
Claflin (h B) Co
18
77-
94
32
87
10
81
Q
1
Cen Pk N A E R Rstock.100
...100
100
West Penn TrAWatPow 100
104
100
M-N
4s
10
mmmm
100
Preferred.
Wash Ry A El CD
Preferred
133
28
100
Preferred
...
e
99%
98%
100
100
preferred....
United Rys of St L—
Common
128
100
..100
Preferred
Chic St P M 4 Om
e
79
Ask
100
100
Consol Car
Railroad
Chic 4 Alton com..
....100
c2d preferred
.....100
Northern Securities Stubs.
Bid
Street Railways—(Con )
Celluloid Co..
City Investing Co
Consol
99
M-N
A-021
Apr 21 1914
Westlngh'se El 4 M 6s 1915
5% notes Oct'17—See N Y Stk e
i
bond
120
Cluett.PeabodyA Co
9934 100%
§229,300
Inactive and Unlisted Securities
110
Debenture 4s 1951—A-O
Continental Can com
100
4M3 Jan 1914-1925...J-J b 5.20
42,900
8,933
63,3861
29,554
Casualty Co of America.100
e
95
4.90
Southern Ry 5s 1916— F-A
West Maryland 5s 1915.J-J
e
All
94
b 5.20
N Y C Lines Eq 5s
Seaboard Air L Ry5sT6 M-S
South Pac Co 5s J'ne 151914
e
Total.—..
92
Preferred
97
96
Missouri Pacific 6s 1914. J-D
e
St L & S F 5s 1913 opt. J-D
6s Sept 1 1914 opt—.M-S
$12,100
28,400
36,900
45,700
6,211
89
M
99%
99%
5s
Unlisted
M
99%
N Y N H A Harti 5s '13-J-D
Listed
Shares.
•
99%
Michigan Central 4%s_ 1914
Philadelphia.
Week ending
Oct. 24 1913.
•
Lake Sh & Mich So 4i2s.'14
4%s 1915...
Wednesday
09%
2%
53
100
...
c2d preferred
Harvester 5s '15.F-A
106
*2%
50
e
N Y Cent 4^8 1914
Boston
105
115% 116%
100
com
97%
99%
Inter
84
Preferred
...100
British Col Copper Co..-.5
9984
J-J
1914
•
130
97
4J4s
-
290
99%
Cent
Int 4 Gt NOT 5s 1914—F-A
•
80
122
98%
BOSTON AND PHILADELPHIA
TRANSACTIONS AT THE
DAILY
$1,678,720
23,962,200
$1,006,000
22,928,000
561,493,500
bonds—
Government
107,559,429
$9,713,462,325
$672,500
-
285
Preferred
list.
15
60
•
50
Brown Shoe
100.%
1
5
Bond A Mtge Guar
.100
Borden's Cond Milk com.100
•J934
111
71,401,336
$6,396,636,400
§140,400
...100
50
...
99%
Coll 5s Oct 1 1914—.A-O
1912.
99
98
Coll 5s April 1 1915—A-O
Gen'I Motors 6s '15—See NY Stk Ex
,
1913.
1912.
|
96
100
com
Preferred)
96
100
April 8 1914— A-08
Deb « 6s 1939.
W-N
Amer Writing Paper.... 100
95
95
\
4%
45
98
Preferred
99%
99% 100
96% 96%
98% 98%
1914—.J-J
175
♦3%
42
Bliss (E W) Co com—
99%
Copper 6s 1915..M S
71
170
94
—
Barney A Smith Car
91
mm
85
k Bklyn Rap Tr 5s 1918 .J-J
Chea 4 Ohio 41*3 1914—3-D
Erie 6s
Jan. 1 to Oct. 24.
.
Stock
York
mm
68
100
Preferred
,y •' \
ChlcElev Rys 5s 1914... J-J
New
mm
...50
pref
5
Amer Typefounders com.100
75
63
mm
.25
Short-Term Notes
Baito 4 Ohio 5s
$464,500
65
108
25
Southern 4 Atlantic.
"TOGO
1,000
63
-60
pref-100
American Surety
American Thread
80
77
100
Ask
99% 100%
Fdy 6s 1035.A-U
Deb 4s 1923—...... F-A
•MM
•
Steel
Am
50
40
110
Teleg—100
Mackay Cos com
.100
Bid
fndust and Misccll—{Con)
62
56%
Gold 4 Stock
U.S.
$70,000
31,000
117,500
118,000
49,500
78,500
S3,711,000
1,890,215 $163,285,225
-
e
&o..
Bonds.
$559,500
1,110,000
2,015,500
1,748,500
1,557,000
1,720,500
$15 ,584,600
176,821
279,530
676,024
278,266
301,098
278,476
^Saturday
Monday
Value.
Par
Ask
Bid
e
e
Week ending
1193
CHRONICLE
THE
1913.]
A Mtge Guar
e
Westlngh'se
Willys-Overland
Preferred
65
/ Flat price,
n Nominal,
s Sale price.
1 New stook.
u Exon Stock Exchange but infrequently dealt la; record of sales;
<
.
?
listed
1104
BOSTON STOCK EXCHANGE—Stock Record.
SHARE
PRICES—NOT
PER
CENTUM
STOCKS
Sales
PRICES
Monday
Tuesday
Wednesday
Thursday
Oct 18
Oct 20
Oct 21
Oct 22
Oct. 23
Oct.
Shares,
24
*92%
08%
92iz
98%
80%
86
•185
92*
•92*
*186
aii'jj
61*2
94
94*
98%
*98*
200* 201
94* 94*
*98*
99
200* 200*
8334 84*
*98
98*
200* 200*
84
8334
61
"
85
85
*186
61
61*
260
260
260
260
*250
260
♦250
260
*7
15
*7
15
*7
15
•7
15
*59
66
*59
06
♦59
66
•59
66
~*lva
53
"40"
40
*42*
53
*42*
53
10
•162
164
•103%
205
205
♦
*
10,
•162
164
*103*
*206
*206
62
♦250
260
♦250
260
Last Sale 7
*205
...i
102
102
100
101
101
101
101
10214
100*
100* 101
Last Sale 120
Oct'13
•1191s 12034J *_ ■
12034 ♦120
120* *119* 120*
87
87
86
87
88
*8584
*85*
*85%
87
*85%
♦85%
87
•100
101
*100* 100* *100* 100% *100* 10034
100* 100*
*12
13
"l2~ "12"
12
12
12
12
12*
11*
12
*11%
67
*67
♦67
68
68
68
68
68
67«4
67*
67*
83
81
8514
85
83*
¥534
857JS
84*
85%
82*
8434
84*
2
2
1%
1*
1*
1%
1*
1%» 1%
178
1%
1%
195
168~
•25
160"
166
*25
30
30
♦130
70
70
70*
90
90
"70*
90
*130
*130
...
*70*
72
*70
72"
*89
90
*89
90
70*
*89
Mayl4
290
Jan
pref
River...loo
Fitchburg prof
100
Ry & Elec stmpd.100
Do
90
kT
Do
Northern
N
H
16 Old
167
""175
5
130
107
Mch
107* Oct
200
260
Jan
122
Feb
126
88
Sep 20
83
Apr 29
11* net 21
67
J'ne28
110
Mch 13
125
Dec
16
Dec
79
Feb
Oct 24
130
Jan
J'ly
115
J'ne 25
J'ne21
100
153
100
25
Aug 28
139* J'ne 12
80% J'ne 10
127
Sep
71
*70*
70*
45 West End St
90
*83
90
10
Do
100
pref
Dec
165
100
Vermont & Mass
3
Dec
7
Feb 14
__
50
70
50
85
J'ly
J'ly 15
5
Aug
May
13
260
8
119
Dec
Feb 10
124
J'ne
19% Feb
1* J'ly 22
prof——...100
70
50
166
Colony
Rutland, pref
Pacific
7
6
Jan 24
Sep 29
101* J'ne20
Union
Do
•;
Men
7* Mch
65
45
81
100
Dec
Oct 16
100
pref stamped .100
Dec
Dec
10
Feb 25
98* Sep 23
Aug
82* J'ly 11
3,832 N Y N H & Hartford .100
Do
Rights
34,055
Nov
290
5
xl 15
100
Dec
94
40
162
100
_
112
202
7* Feb 19
Sep
57* J'ne
100
.
Oct'13
130
...
250
pref
5 Maine Central
746 Mass Electric Cos
150* *151% 153
151* 151* *150
82
*81
*81%
*81*
82
82*
152*
*81*
82
*130
*160
..
Last Sale 25
30
*25
30
.152
*130
•89
*166
166
*25
14884 149
*149* 14938
813S
8138
*81*
81*
Providence. 100
Boston Suburban El Cos.
5
Last Sale 115 June'13
♦166"
Jan
7
10378 Feb
101* Nov
211* Sep
_
114* Jan 30
Jan 27
97
Ga
'
205
Jan
J'nel2
1 Connecticut
...
•101
Lowest
101% Feb
215
50
Chic June Ry & USY.100
Do
pref
Oct'13
Last Sale 103* Oct'13
*205
♦205
*103*
or
J'ly
Dec
72% Dec
126
.
Dec
2% Aug 12
Feb 21
130
176* Feb 11
36
Mch25
162* Jan
6
90* Jan
9
128* Oct
fl74
81* Feb
100
Jau
Jan
Dec
si)% Sep
Feb 27
150
J'ne
41
152
8
3
ICO
Dec
80
Oct
96
Nov
filiscellaneous
•42
....
91
91
•21a
16*4
314
164*
107
108
44
44
44
44*
*44
91
91
91
91*
91
*2*
•16*
3
17
♦2*
3
17
114
79U
79*
79
79*
60
60
60
60
11484
120* 12134
44
90*
3
91
17
17
77 Amer
44*
91
90*
253
""l23
17
*16%
*96
107* 108*
1143s 114*
108
108
287 Amer
114
114*
341
122* 123
121* 122%
122
12238
*96
To"
17
1534
15*
11
10
10
264
264
*255
264
140
140*
99l2
99*
92
215
*3%
92*
♦215
3i2
20
217
20
*20
*63
10514 10514
*8
10
•16
17
♦10
11
*10
11
*10
11
263
263
263
263
262
263
140
141*
99*
92*
141
141*
*99* 100
93
216
30
*20
140
3*
92%
105
20*
30
*20
141
141
141"
30
141
153
153*
16*
152% 153*
*16
16%
104% 104%
26
*16
104* 104*
*26%
26
26*
*.99
1*
164
165
27
*
26*
1%
*
27
27*
56%
58*
105* 107
*25
66
66
140
140
153
153
27
26*
26*
39
305
163
164
49*
27*
56*
27
59
577s
10678 106%
49*
27*
57*
106
172
3
100
105
J'ne 12
110
J'ne
5
.100
10
10
Elec Ilium
145
14
Mch
Jan
7
12% Aug 22
19* Aug 25
9
J'ne
5
15
6
Feb
288* Jan 10
18634 Jan
2
104
00
87
Apr 28
Do
pref
Reece
80
100
209
J'ne 14
10
3
Jan 16
17
Apr
63% Apr
100
100
100 xl36
Torrington..
Do
10
100
7
101
J'ne 12
26
Sep 15
Sep 25
«4J'ne 6
....
pref..
9
J'ne 18
149% Sep
5
14* Apr 15
100
Button-Hole
.....
J'ne 16
100
Telephone..
26
147
J'ne 24
41* J'ne 10
26% J'ne 24
93
Deo
214* Dec
2* Mch
Jan 11
CO
Dec
90
Deo
148* Oct
158
165* Jan
2
18
Sep 27
Mch
Jan
103
Apr
288% J'ly
95% M ch24
Sep
4
3* Feb 8
50
Apr 2
91* Jan 11
108
Aug
155
Jan 13
220
Feb
1334 Jan
98* Jan
5
2/
May
28
Jau
2
Jan
.85
Jan
182
Jan
A174
28* Jan 15
28* Jan 20
Sep
46% Jan
27* Dec
68% Feb
107* Feb
55% Feb
28% Feb
J'ne 11
69
102* J'ne 10
111
50
....100,
6
10% Aug
10% J an
272% Sep
93% Jan 22
160
Nov
*90% J'ne
8
May26
Morgenthaler Lino
76
Jan 23
100
Jan
Nov
79* Nov
14
J'ne 10
MassachusettsGasCosl
22
Apr 30
837g Sep 23
75
Dec
113% Dec
114* Dec
137% Jan
21
J'ne
Corp.___._100
375
Aug
95
25
Do
pref
25
Union Copper L & M 25
"""974 United Fruit
,
100
969 Un Shoe Mach Corp. 25
Do
250
pref
25
15,189 U S Steel
106
Dec
3
130
27
163* 164
49* 49*
27* 27*
56* 58
98
257
198 Swift & Co
26
54
Jan 2
Jan 3
Jan 11
Jan 3
Feb 1
Jan 3
100
226 Pullman Co
Oct'13
Jan 11
99*
4*
23%
118*
117*
140*
100
4 N E Cotton Yarn
20
Jan 10
57
McElwain(WII)lstj>f 100
Do
39
pref
93 N E Telephone
16%
104* 104*
20
26*
9
92% J'ly 23
LllOO
Do
9
119% Oct 14
16% Feb 28
74
May 8
59
Mav27
100
pref
Mexican
*16
•
100
491 General Electric
....
Last Sale 1
165
104
49* 49*
50
49*
20
Do
103 Edison
263
141
*64
pref
__
140* 141
99*
99*
92
92*
.
16* J'ne
Sugar Refin„.„100
Do 6
pref..
10 East Boston Land
93
91
91
92*
♦215
217
*215
217
♦215* 217
Last Sale 3
3*
*3*
Sept'13
152* 153
16*
16*
104* 104%
26% 2634
106*
92%
50
6 Atl Gulf & W I S S
217
11
262
140* 141
99* 100
92% 92*
92* 92*
*63
*.99
*9%
2* J'ne 11
Amoskeag Manufacturing
Do
pref
31
Oct'13
10
16
140
152U
151* 152
16ia
16*
16*
104l2 104i2 10434 10434
•26
2612
2612 26*
i
26
26
26l2 261j
• 09
•.99
1*
1*
168
16812 *164* 160
v
4912 49l2 *49* 50
27
27ia
27*
27*
58
5434
55%1
54*
Last Sale 96
16
41
Sep
4
90* Oct 17
50
pref
American woolen
62
*8
*3*
•10
♦60
17
9212
152
60
To"
♦215
'
60
100
_
4,191 Amer Telep & Teleg.100
"""744
77*j
76*
*8
♦63
140
62
*97
92
*63
139"
139
78*
♦16
3*
*3*
77*
8
*99
99*
92*
92*
79*
16
8
15*
139* 140
93
215
To"
*8
92l2
*60
♦96
♦8
9214
92U
78*
*62
•1534
*912
•99
79%
pref
Pneu Service.
Do
107% 108
114
114*
Last Sale 17% June'13
79*
Agricul Chem_.100
Do
Amer
Oct'13
Last Sale 3
17
17
17
107% 108
114
114%
121* 123
10778 108
1141® 11434
121
121%
*44
91
*2*
Jan
Jan 30"
Mining
♦IV"
•280
134
290
22l2
•lis
34l2
723S
34I3
73is
18s4
1812
•%
1
v
3ia
30lS
3»2
6378
♦13
,
410
13V
-
72*
37*
2%
11*
*2
•15
35
73%
74*
76%
19
19
19*
5*
6%
5*
*%
1
3*
31*
,
64*
64*
2*i
28
16
16
•15
16
•15
16
*15
.531
*.40
3*
3*
47*
♦3*
47«4
4
♦3
47%
84
84
♦47*
♦83*
181S
♦3*
•1*
19*
84*
•17*
4
4
4
2
2
*3*
4
*2
3*
7*
•
*7*
22*
22%
*1
1*
*39* 40
*15*
157s
■v
*1* ' 2
8*
8*
24*
25
»
3%j
3*
•3*
2*
*2
8
7%
22*
*1*
39*
22*]
1*
-
397^
39*
49
49
15*
15*
2
*1*
8%,! ' 8*
24*
23*
1%
-*1*
1
*i2
5%
5*
49*
49*
•77
78
*77
.9q
5
19
59
18*
•32
34
.
18*
*33
33*
•1*
2
6*
28
.22
.22
*.23
.30
23*
2*
2334
23%
2*
2*
28
27*
28*
4*
23
*2%
27*
*4*
4*
4*
**
5
2
,
38
.65
.70
.
8
2
8*
24%
2
1
5*
*83
85
*18
18*
4
4
2
3%
*3%
8*
3%
3%
*2 '
2*
8
7
*40
16
16%
15%
15*
134'
*1*
f
♦83s
2*
8%
24*
2434
*1A 2
*%
1
5*
53s
58
19
19
19
34
*33
34
2
7
*1*
6%
28*
2%
29
2%
*28
4*
4*
.80
•.70
2
7
.35
23
29
.80
38
47
*2
•17a
2*
9
52*
1*
2
41
41
**
*
*
**
1*
9
%
Bid and asked prioes.
♦1*
42*
.55
e
2*
9
o
42*
.55
Asa* paid,
*2
9%
54
*1*
♦2*
4*
.70
37%
46*
.30
23
4*
.85
38
47
2
2
2
9
9*
53*
1*
*53%
*1*
1*
*1*
41%
*%
41%
41%
2
%
b Ex-stock div.
.60
♦.55
A Ex-righta.
17
Jan
2
44* J'ne 12
79
J'ly 1
59
Jan
4
1
1
1*
2
42
1
a
16
5
25
25
>
25
5
3* J'ne
3* Oct
25
2
25
5
15
;
Ojibway Mining
520 Old
Colony
Dominion Co
1,455 Pond Creek Coal
60 Quincy
325 Ray Consol Copper.
5 St Mary's Min Land.
Santa Fc Gold & Cop.
_
""356
Shannon
2
39% Oct 25
13
1934
2*
9*
34%
234
3*
J'ne 10
-21% J'ne 10
25
.99
25
25
3
May 17
% J'ne
6
Apr 30
41% JnelO
73* J'ly 12
3
8
4
2
838 Jan
5
2%
23%
1%
50*
-1.8%
Dec
J an
Jan
Deo
Jan
Jan
2
Dec
5-%
22%
2*
1*
2%
Jan
Feb
Dec
Dec
Jan
Dec
Mch
25
55
J'ne 11
80
Jan
10
25
10
15* J'ne 10
32% Oct 17
22
Jan
48
Jan
10
6* J'ly 10
25
1
J'ne 12
■
Feb 19
lA Jan
21
3
2
J'ne 10
May 15
.35
40* Jan
e4% Feb
38
Jan
6
,Jan
60
Jan
25
.90
2
Jan
25
.40
Fnel2
»
2d paid,
Deo
Jan
Jan
40
Oct 10
1
26
47
10
J'ne 10
Feb
4
3
Jan
50
s4 Sep 12
Feb
24
2
4
45* J'ly 7
1% May 6
7* May 6
40
Jan
* Deo
34
50
25
Jan
17
9
368
Do
pref
160 Utah-Apex Mining...
1,181 Utah Consolidated—
25
Dec
1
9
3* Jan 28
43% Jan
2
Oct 16
J'ne 10
J'ne 10
43
Jan 18
34
5
_
A Aug 15
13% Jan
2
31
Sep 23
.55
5
72* Deo
16* Jan
3
1
z Unstamped,
2
Mch29
J an
2
Jan
Jan
50
Exrdiy. and rights,
Apr
Jan
2234 Dfco
4% Feb
7
760 U S Smelt Ref & Min.
...
80
Jan
25
.......
.
15.
Superior
25
Superior & Boston Cop 10
70 Victoria
2
44
Aug 12
167 Wolverine.
100 Wvandott
Jau
2034 Jan
100
J'ne 10
585 Winona
85
Jan
22
Copper Co
Dec
28* Jan
,15
436 Utah
May
.70
10* Dec
Jan
Jan
16
11* Sep
40* Jan
3
Jan
68
-
Oct
2
2
Jan
107
Feb
7* Feb
22
J'ne 10
5
Copper
3
Dec
Feb
Dec
Oct
Jan
Sep
15
21
Trinity
Jan
J an
Jan
Jan
Jan
Jan
Apr
Feb
Feb
10
2$
10
710 Shattuck-Arizona
87* Jan 10
33% Jan
2
4* Sep 24
3% Feb 4
26*
5*
.10*
5*
15*
29*
33
2
Apr 28
'4 Jan
3
65
* J'ne 10
8*6 J'ne 10
25
........
4
9
4
Jan
J'ne 24
,95
Copper 25
Nipissing Mines.
5
Butte..
Oct
6* J'ne 10
20* J'ne 10
5
25
..
J'ne 10
2% Jan 14
1
Aug 14
6% J'ne 19
25
North Lake..
2
35
NevadaCon3olidated_
620 Old
2
Jan
78* Sep 16
35* Aug 29
27% Jan 10
* May 8
3
Oct 17
25
50 New Arcadian
4,397 North
Jan 27
9
Dec
J'ly
Feb
15*
25*
48*
3*
12*
678
Jan
4
15% Jan
25
Mayflower..
Copper
Michigan
Mohawk
405
10
30 Miami
170
9
Jan
...
100 Mason Valley Mines.
Mass Consol
...
660 Tuolumne
63
Jan
18
Jan
4*
216io
19*
57*
2
...
Lake.
100 Keweenaw Copper...
115 Lake Copper Co
50 La Salle Copper
180
J'ne 10
27% Oct 24
Royale Copper.. 25
.85
9
51
2
72* Jan
555
Feb
24* Feb
3
Feb
Jan
25
785 Kerr
4*
2
2
295 Isle
260
38
47
7
J'ne 19
217 Island Creek Coal
Do
68
pref
208 Tamarack
53
423g
Copper
28"
.85
J'ne10
Dec
60
5* Oct 24
45
14
Mining
"27*
37*
46%
Deo
25
50 South Utah M & S
2*
9*
2
Helvetia
50 Indiana
461
4*
25
100
Hedley Gold..
"'625
24"
2%
28
10
25 Hancock Consolidated
*23"
54%
423g
♦%
-
27
4*
47
34
*.23
23
2%
38
19
18%
18%
33*
33%
Last Sale IA
Oct'13
634
634
684
7
*28
27% 28
28*
29
47
54*
1*
18*
*33
20
3,148 Granby Consolidated.100
22 Osceola
19*
35
53
"""240
79
Dec
3634 Oct 24
2
Sep 10
9* J'ne 10
3
Sep
t.
Daly-West
527
79
10
Apr
2
2* Jan
42* Jan
80% Sep 16
32% Feb 10
5* Sep 17
5
1* J'ly 14
18* J "ne 10
50* J'ne 11
395
Aug 4
25
East Butte Cop Min.
340 Franklin
'
J'ne
300
1,125 CopperRange Con Co 100
"
8*
24
23* 24*
24*
Last Sale 1*'
Oct'13
Last Sale 34
Oct'13
5
5*
5%
5*
50
50
50
50
79
.05
5
Jan
47* Jan
195
*77
25
J'ne 10
1034 J'ne 27
2* J'ne 6
Jan
24% Oct
30* J'ne 10
15%
2*
19
38%
2
15%
*1*
8*
40
62
6
330
5
Oct'13
58
47
41
Last Sale 1*
41
40
8
22%
19*
38
*1*.
♦1*
40*
*7*
?22*
59
37*
884
4%
19*
23
2*
4
Oct'13
59
24
54
*3*
*3%
18*
4
2
8*
58
24
2*
•8
%
4
47
84*
20
47
8*
53*
18*
Hecla.
45 Centennial
Oct'13
•*
♦3%
*46%
*83*
19*
37*
*2
15%
68
47
♦8*
52*
15*
69
38
*8*
52*
1*
221%
5
283 G reene-Cananea
20
*.23
*.70
-
40
47
,
8
*1%
*.23
4*
•7*
40
29
.35
2%
28%
28
Last Sale
*21%
51
*1*
*3*
22*
1*
79
28*
27%
♦3%
•1*
*8
51
18*
4
*1*
*77
*33
%
4
47*
2
1%
8%
•
%
♦3*
8*
4
♦22%
72
29* J'ne 11
6.390 Arizona Commercial.
1~,770
3*
72*
25
25
595 Chino Copper
39%
37*
12
3*
16
♦1*
8*
*3*
3%
*7*
22*
1*
40
16
71%
19
46*
'
•
.05
8*
3%
3*
2*
*3
25
Sm_
29 Calumet &
•
14
Oct'13
12
12*
3*
72*
28*
84*
51
•
*.62
2
.
47
77
6%
28
3%
4
77
*57
•
19
4
Last Sale 2%
♦12
64*
May 12
J'ne24
10834 J'ne 10
.15
May20
20 Bos&CorbCop&SilMg
5
6.391 Butte-Balaklava Cop 10
12,665 Butte & Sup Cop (Ltd) 10
10
l,3i3 Calumet & Arizona
412
13*
3934
36%
Last Sale 30
.40
.
5034
18*
59
18*
*1*
0*
*1%
19
1884
♦57
28
16 •;
*1%
8*
24%
78
6*
27*
.
'
'1»4
♦29*
*
*.45
3ia
18*
*1
*3
"".55
473*
84%
18*
2*
12%
*29*
4
2*
18*
37*
30
4
18*
37
29
•3*
*57
72
12*
3%
73%
*2
64%
410
13*
40
1
5*
32*
1
275
10
145 Allouez
570 Am Zinc Lead &
5A
A
25
25
9,885 Amalgamated Copper 100
18%
*%
643s
415
40
30
8V
5
64
*12%
29*
16
*8*
*17A
38
*2
40%
37%
4
32
72*
2
,♦.70
38
3
•
'
40«4
%
4*
3234
415
13*
41%
38
23%
1*
33%
74*
5
4
Alimeek
18,581 Alaska Gold
100 Algomah Mining
Oct'13
33%
72%
18%
32
30
' 81a
714
64%
420
*13
13*
41*
3
3
8*
*3%
*22
•
..
30
85
•2
64
420
%
4
33
Adventure Con
Oct'13
22%
*1%
53s
1
3%
32
65
11*
"
2
*%
33%
73%
•1834
73*1
; *83*
•
34*
76*
19
5%
1%
34
7434
19
71
48
*378
34%
*1%
30
•4734
*18
1*
22%
72V
11*
♦29*
•3
1*
22*
2*
12*
3*
73*
•29ia
••40
23*
6%
421.
Last Sale 1%
Last Sale 280
1%
290
22*
7533
•18%
1
*13
!
*1*
♦280
3% 4
31* 33*
412
13*]
11%
3
29
35
1*
38
38
*2
118#
72
33%J
40
38
3
23*
1*
*12*
39%
393l|
2
290
22*
1*
410
410
39%
'■
•1*
*280
23
3*
30*
63*
307a
0414
410
290
22*
*1*
33*
•18*
5*
**
Aw*
.
1%
*1*
*280
22%
1%
Previous
Year 1912
106* Jan
91* Oct 16
95% J'ly
Apr 30
82* Oct 14
181
May
100
Do
41
Last Sale 162
100
100
Boston & Wore Elec Cos.
Do
pref
May'13
*39
41
Range
100-share 7ots
Highest
190
100
Boston & Maine
Oct'13
Last Sale 60
♦39
100
_
Albany
12 Boston &
Oct'13
Last Sale 7*
164
*162
164
*103*
55
10
10
*162
63
pref
Boston &
77 Boston Elevated
Boston & Lowell
'925
62
64*
61*
Top & Santa Fe.100
Do
10
73
Oct'13
Last Sale 186
•186
61*
of
Railroads
™
^
42 Atch
92% 92%
*98*
98%
200* 200*
84*
84*
93* 93*
*98*
98*
200* 200*
*85
85*
basis
Lowest
.
•200
On
EXCHANGE
Week
Friday
Lang; Since Jan. 1
OSTON STOCK
of the
Saturday
Jan
6
2% Sep 24
11*Jan
2
Deo
2* Deo
1
Nov
9* J'ly
52* Jan
184 Deo
3* Deo
4% Jan
Jan
65
Deo
1% Jan
1
Deo
78
to Hall paid.
Highest
OCT. 25
Price
Week's
Friday
Oct. 24
Range or
BONDS
BOSTON STOCK EXCHANGE
I
Week Ending Oct. 24.
1928 A-O
Agricul Chem 1st 5s__
lAm Telep & Tel coll tr 4s
V
/ Convertible
4s.
! Am
'
J-J
1929
87 J#
97"" "98*
1933
20-year cony 4 Ms
963s
1995
Atch Top & 8 B e gen g < s
,
Adjustment g 4s
July 1995
Stamped
*_.July 1995
1955
50-year cony 4s...
1917
10-year conv 5s
...
Atl Gui& W 1 S3 Lines 5s 1959
■
93
Nov
M-N
87^8 Nov '12
84Q Aug'13
J-D
97
J'ly '13
1105g Mch'11
J-D
J-J
1916
J-J
Boston 8c Maine 4 Ms
Plain 4s
1044
J-J
Bur & Mo Riv cons Gs
Butte El & Pow 1st 5s
1942 F-A
95
1018
J-J
101
1951
J-D
m
'A
m
i
98
F-A
1922
Denver Exten 4s
;..
1921 M-S
1949
J-J
Illinois Div 3Ms
Chic Jet Ry & Stk Yds 5s._ 1915 J-J
Coll trust refunding g 4s. 194C A-0
Ch Milw & St P Dub D 6s_. 1920 J-J
987b
84U
100
'13
'12
*12
'13
88
91
...
104U 104*4
82
Oct *13
98*4 100«8
79*2 86i2
J'ne'13
107
91
May'12
Oct *13
A-0
M-N
A-0
"75" "HI.
A-0
Mcb '13
"95" "95"
92" "*92"
1927 M-S
Fttchburg 4s__.
Fremt Elk 8c Mo V 1st 6s_. 1933 A-O
122
Feb '13
1933 A-O
122
Mcb'12
99
81
80
96
98
97
I22"
'13
New River (The) conv 5s—1934
75
Oct '13
67
75
N YNH&Hcon deb3Ms-1956
73
73
73
97
deb
6s
97*2
*9~038
9914
101*4
....1932
Sale"
1948
113U Oct '13
101
Apr '09
111^8 Oct 12
83
73
Seattle Elec 1st g 5s
1930
Shannon-Ariz 1st 6s g.__._1919
100
100's 10J
100'4
1918
1916
Gold
1917
4s
9538
90
95*2
95l2
94
94'2
92i2
100*a 10038
97
97
97
"9778
9734
.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Week
Oct 18
Oct 20
Oct 21
Oct 22
Oct 23
Oct 24
Shares
(For
and
Bonds
Stocks
108
107
108
*56
110
114
"6612 "56I2
*
*110
110
*
"lVl2
58i2
♦
108l2 108l2 *....
110
IIOI4
108l2 108l2
*108i2 110
*1412
17*2
*56
5812
*
*56»
80
109l2 *10814 109*2
110
*
17i2
*
57
*
114
115
Do
pref
Do
25lg
2514
25l8
*47i2
25U
25U
25i2
25*2
26ia
2534
2584
1,906
97
97
9934
97*8
97
12
"97*34100^5
Yearly
Jan. I
.
.
Year
(1912)
Highest
Lowest
J'ne 10
120
Jan 16
96
Jan
117
May
101
J'ne 12
Jan
116
Apr
J'ne 10
12034 Jan 31
23
Apr 4
101
14
50
.100
Do
2514
987g IOH4
99*4
100
Northern Central
48i2
.
-96U
953g
100
pref tr ctfs.100
Seaboard Air Line
25*4
93
U Flat prices.
Highest
Lowest
Houston Oil tr ctfs
"25
92
Inactive
Con Gas El L & Pow.100
15
110
15
5812
58i2
*109
17l2 *-...
90
90
98
Baltimore
107
90
IOO34 10034
9538 9588
Range for Previous
below)
see
103i|
90
9358 Feb '12
Range since
of the
j
88
98i2 Nov'11
1932
1949
ACTIVE STOCKS
Sales
100
Apr'07
Mcb '13
J'ly '13
J'ly '13
95i2
Oct *13
Oct '13
J'ly '13
97
Sale
* No price Friday; latest bid and asked.
bonds.
lllig
88
90
97
Gold debenture 43
106
'li
J'ly '13
90
96
90
5s—..1929
1927
4Ms~ -1923
1925
U S Steel Co 10-60-yr 5s Aprl963
West End Street Ry 4s
1915
Gold 4Ms
-.1914
'
70U Deo TO
3avannah Elec 1st cons 5s—1952
Western Teleph & Tel 5s
Jan
99if
113U 125*1
Aug *13
103
96
9934 102
107
Sals 105
107
93U
97
73
1924
1932
1919
Wisconsin Cent 1st gen 4s
PRICES
CENTUM
PER
*94 " *97*"
93
95*4
Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly,
PRICES—NOT
80
1013$
101
NOTE.-—Buyer pays accrued Interest In addition to the purchase prloe for all Boston
SHARE
90i|
78
95
J'ne'08
115
20-year conv 4s
United Fruit gen a f
Debenture 4 Ms
122
90l2
80
'
Oct
101
Oct '12
95
1077„ 113
7638 7638
101
'97"" *99**2
99
80
Union Pac RR & Id gr g 4s_1947
98
92i2
IOOI4 Aug'12
92
J'ly '13
8OI4 Sep '12
95
92
13
Apr li
10112
Torrington 1st g 5s
93
92
Feb
10778 Sep '13
7638 Jan '13
90*2 Feb '13
101
Terre Haute Elec g
1103j
957g
90
Conv
85's
96U
9418
903S
Puget Sd Elec Ry 1st 5s
Repub Valley 1st s f 6s
83
9934
93i8
92
91
108
Oreg Sh Line 1st g 6s
1922
Pond Creek Coal 1st 6s ...1923
100
993g
94i4 Oct '13
90
Old Colony gold 4s
100
9938 Apr '13
94i8
94i2
il7" Apr"08
Spr 1st 5s___1925
& Mem 6s
1928
-
v
I,
High
Sale
8984
"95" *98
Low
No
High
95*4
96
94i2 Oct '13
97
Aug '13
5s
9712 Sep '11
"92~" ~95~
98t2 99
94i8 Sale
9378
Since
Jan.
100
102
11358Feb '11
81
Ask Low
7S...1917
gu_1936
Kan O M & B gen 4s
...1934
Assented income 5si.
1934
Kan C & M Ry & Br 1st 5s.1929
Marq Hough & Ont 1st 6s__1925
Mass Gas 4Ms
1929
Deben 4 Ms
Dec 1931
Mich Telephone 1st 5s
T_1917
New Eng Cotton Yarn 5s
1929
New Eng Teleph 5s
1915
85
.
101
M-N
Unstamped 1st 6s
Kan C Clin &
97
50
8414 Sep '13
107
Ch & No Mich 1st gu 5s.*. 1931 M-N
1921 J-D
Chic & W Mich gen 5s
1920 J-D
Concord & Mont cons 4s
._
May'13
99
99*a
....
Ch M & St P Wis V div 6s..,1920 J-J
1949
Copper Range 1st 5s
Oudahy Pack (The) lstg 5- 1924
,1926
Current River 1st 5s
1946
Det Gr Rap 8c W 1st 4s
Dominion Coal 1st s f 5s...,1040
98
1921
Kan O Ft Scott
~85"l2
84U
97
J'ne '13
Got. '07
coll tr 4s._1921
4s
la Falls & Sioux C 1st
"59* "67
1103
Last Sale
Houston Elec 1st s 1 gen 5s_1925
Feb '12
,
Week's
Range or
K C Ft S & M Ry ret' 4s
May'13
J'ly
98J2 Meh
9812 Dec
83
J'ly
1927 M-N
Nebraska Exten 4s_.
98
IOP4 J'ne'13
83*4
84
84
1919 A-O
B & S W sf 4s...
Registered
951s Feb '12
IOOI4 Mch'09
10412Oct '08
Cedar Rap & Mo Riv 1st 7s 1916 M-N
..Cent Vermt 1st g 4s...May 1020 Q-F
C B 8c Q Iowa DIv 1st 5s... 1919 A-0
Iowa Dlv 1st 4s
104
93
64
50
Boston Elev 3 '-yr g 4s
Boston & Lowell 4s—
104
93
64
Bos & Corb 1st conv s f 6s__ 1923 M-N
1935 M-N
Gt Nor O B & Q
95i2 104i4
827g 827g
A-0
•-
•
971s
827, Oct *13
104
Sep '13
-O
General Motors 1st 5-yr 6s_1915
89\
86
102lz 106
Range
Price
Friday
Bid
102
09
1038a
.Am Writ Paper lstsf 5s g__ 1919 j"-J
1015 M-N
Am Zinc L & S deb 6s
_
1.
High
Low
High
99V Apr *18
87
87*2
Mch'13
Sale"
1936 M-S
BOSTON STOCK EXCHANGE
Week Ending Oct. 24.
Since
Jan.
Oct. 24
BONDS
Range
Last Sale
Ask Low
Bid
*
1195
Boston Bond Record
1913.)
pref
100
United Ry & Electric. 50
101
56i2 J'ly 28
114
J'ly 16
Jan
6
Feb
6
45*2 Mch
2758 Apr
3
I8I4 Jan
265s Sep
Feb
0
68
Jan
9
123
Apr
2
21
14t2 J'ne 11
4U2 J'ly 19
23
49*2 Sep 23
25*8 Nov
72*2 J'ly
130
Apr
27i4 May
5934 J'ne
Jan 30
8.I4 Jan
53 34 J an
121
Dec
18
Dec
Philadelphia
,
8814
38U
39
48
4812
47«4
39
39
39
48U
48*2
483s
4834
39
*38
39
39
48*4
48«4
*39
*48
49
27
3912
2,184
4834
American
Cement
50
2
American
Railways..
50
37
J'ne 11
50
41
J nelO
Cambria Steel.
Electric Co of America 10
46"
,"47"
35
35»4
*35
36
3512
7412
12
2318
84i2
7514
74
74
7412
•7334
♦ID4
23'8
8412
•7478
*1U4
23i2
8414
*7434
4*7"
"47'
*46*
12
2312
8414
75
18
18
18
18
*31*2
32
*3U2
32
55lg
5514
40
40
223g
223s
197a
1978
484
•45*2
4534
84
84
2312
8434
*76*8
I8I4
?32
5412 55%
40i2
*40
2214
1978
4«4
*4514
•
833s
43J
4534
84
.
Milling
Rys pref
33
♦11
12
*11
JL2
*11
12
23
23
*2234
84i4
23
8414
75'4
1834
32i4
*2234
*83*2
23
84
*7534
76
8434
76i2
19
8412
187g
19i2
I884
33
32
32
3214
76
8412
*75
76%
55
5512
547g
55iS
5414 54%
40
40i2
22V
40i2
40i2
223s
223g
20
2OI4
805s 81 %
434
47g
461s
4614
8334
80V
40i2
22l2
20ia
81
484
434
20
84
84
84
Bid
226s
2OI4
2OI4
80%81%
*434
4%
4512
46ifi
46
46
S312
8334
18*2
*3U2
*40
20
8H4
434
46
S3V
434
♦45l2
83 ia
Prices
100
101
42
43
Alt & L V Elec 4Ms'33F-A
Am Gas & Elec 5s '07.F-A
100
Bethleh
50
50
10
22
22*4
Elec &
~48
Lit Brothers
"l634
10
Little Schuylkill
60
Minohill 8c Schuyl H_. 60
Nat Gas Eloc Lt 8c P
100
100
"55"
30
80
"35*8
105
"65
"66*"
39
40
42*2
43*2
Preferred
Warwick Iron & Steel.
"80*2 "8l"
"
~7*4 "7%
225
100
10
Asphalt 5s 1916.M-S
10
11
1923
Consol 4Mb 1923.
Annuity 6s
F-A
J-D
J-D
J-D
M-N
Leh V Tran con 4s '35 J-D
1st series A 4s 193 5.M-S
1st series B 5s 1935 M-S
MarketStEl 1st 4s '55M-N
NatLH&P serB 5s *19 J-J
New Con Gas 5s 1948.J-D
N Y Ph & No 1st 4s'39 J-J
Income 4s 1939
M-N
Pa & N Y Can 5s '39.A-0
Gen
cons
100
Penn Steel 1st 5s '17.M-N
100
People's Tr tr ctfs 4s_1943
P Co lst&coll tr5s'49M-S
Preferred
York Railway
3
Preferred
'-*♦
Con & coll tr 5s '51 M-N
55
55
56
50
"lO"
11
50
34
35
l
•
1
1
I
I
I
1
1
IOO"
Un Rys tr ctfs 4s
'49 _J-J
United Rys Inv 1st coll tr
*82*2 T8"3*
Welsbach
s
M-N
f 5s 1926
s
Wil-B G&E
f 5s 1930
con
J-D
5s '55.J-J
92
91*2
«
.
BALTIMORE
Inactive Stocks
Atlan Coast L (Conn) .100
72
•-
Canton
99*4
Co
....
106
«
•
....
102
m
140
-m~
m
1
1
1
1
1
1
•
1
•
•
1
f
1
t
1
I
1
1
1
1
all
----
87
"
99*2 100
86
86*2
60
Jan
Dec
4934 Dec
|| 167g Jan
22i8 May
7414 Jan
9278 Jan
167g Sep
32iz Deo
% Apr
50i4 Feb
2434 Sep
63
29
8*4 Apr
4934 Feb
86I4 Jan
53 - Sep
923g Aug
Bid
BALTIMORE
Coal & C Ry 1st 5s TOA^O
Coal & I Ry 1st 5s'20 F-A
Col & Grnv 1st 6s 1916 J-J
Consol Gas 5s 1939..J-D
~93~
104*2
93*8
93*2
87-
87*2
85*2
99
102
1023s
41
42
81*2
ioo"
"96*2] 87";
95
"661*
30
Nor&Port Tr 1st 5s*36 J-D
Norf Ry & L 5s '49
M-N
North Cent 4Ms 1925 A-0
Series A 5s 1926
J-J
87*4
97*2
99*2
J-J
94~~
99
90
Series B 5s 1926
Ask
100
95
1*2
Sep
89*4 Apr
92*2
80
Dec
Sep
Dec
6
88
~
100
105*4
Pitt Un Trac 5s 1997..J-J
J-J
IOO""
89
Sav Fla 8c West 5s '34 A-0
10378
95
Seab Air L 4s 1050...A-0
83
J-J
A-0
102
4Ms'29M-N
(Jn Ry & El 1st 4s '£9 M-S
89
Poto Vai 1st 5s 1941
M-N
101
Anacostia & Potom 5s A-0
98
South Bound 1st 5s
Atl C'st conv deb 4s_M-N
Atl Coast L(Ct)ctfs 5s J-D
91
U El L&P 1st
100
J-J
91
5-20-yr 4s 1925
110*
8i2 Jan
23
NptN 8c O P 1st 5s'38M-N
97*2
"and
Bait City 3 Ms 1930...J-J
4s 1954-1955...Various
5s 1916
8?7g Mch
Feb
7 8*8
13
35U Sep
100
Sep
N & A Terml 5s '29..M-S
170
interest"
103'
Apr
Feb
225
Bonds
are
0
27
93*2 MaconRy&Lt 1st 5s'53J-J
Md Elec Ry 1st 5s '31 A-0
Memphis St 1st 5s '4 5.J-J
Monon V Trac 5s '42 J-D
Mt Ver Cot Duck 1st 5s..
240
.......
Prices
93
92
18
Apr
5934 Apr
101
71
90*2
100
100
preferred....
100
preferred
100
G-B-S Brewing......100
Oct
J'ly
Aug
Dec
lli2 J'ly
52\ Jan
103i4
1st
2d
28*2Jan 3
85*2 Sep 23
6*2 Jan 13
61*2 Jan 9
9U2 Feb 3
Sep
55*8
12i2
5SV
39i2
73*2
106*2
* Georgia Sou & Fla.
mum
8
2434 Feb 14
Jan
47
Ga & AJa 1st con 5s '45 J-J
Ga Car&N 1st ,-s g *29 J-J
Consolidation Coal...100
111*4
9
Jan
50
7
J'ne
7212 Georgia P 1st 6s 1922._J-J
Ga So & Fla 1st 5s '45.J-J
G-B-S Brew 3-4s '51.M-S
9lV2 Houston Oil div ctfs_.F-A
Knoxv Trac 1st 5s '28 A-0
71*2
"96" "97* York Rys 1st 5s 1937.J-D
100*4 101
577« 58
80
li 315 bald.
10Q
9
3
1
4ui2 Oct
4ilo Mch
Gen 4MS1954
A-O
100*2 Cons G E & P 4 Ms '35 J-J
100*2 Consol Coal 5s 1950..J-D
Fair & CI Tr 1st 5s *38 A-O
96
Stand Stl Wks lst5s*28 J-J
U Trac Ind gen 5s T9.J-J
10034
1949..J-J
Ex-dlvldead.
973s
4
61% Jail
■
Ask
98
M 4s 1947.A-0
r
102
P & E gen M 5s er '20.A-0
«GenM 4s g 1920
A-^O
s
Bid
«
gold tr ctfs_A-0
Trust ctfs 4s
Bid and asked; no sales on this day.
Phil Elec
80 V J'nelO
Roch Ry 8c L con 5s '54 J-J
Spanish-Am Ir 6s *27..J-J
Stan'd Gas & El 6s*26 J-D
4s 2003
Welsbach Co
100
West Jersey & Sea Sh. 50
Westmoreland Coal.. 50
Wilkes Gas & Elec,
100
Washington-Va Ry
4478 Oct 14
Read Trac 1st 6s *33..J-J
Fr Tac & H 1st 5s '40.J-J
6s
50
;. 50
'84V '85
A-O
Peoples Tr tr ctfs.
Consol
1934 Oct 14
75*8 J'ne 10
4
J'ly 22
Terminal 5s g 1941 Q-F
P W 8c B col tr 4s '21..J-J
ft
4
J'np 10
1
PHILADELPHIA
Ask
Rys tr ctfs 4s"49 J-J
Keystone Tel 5s 1935..J-J
Lake Sup Corp inc 5s°24 O
Lehigh Nav 4Ms T4.Q-J
Gen M 4 Ms g 1924.Q-B1
Leh Y O 1st 5s g 1933.J-J
105*2 Leh V ext 4s 1st 1948.J-D
6% cumulative href. 50
Phila German & Norris 50
50
1998.Q-F
Harw Elec 1st Gs 1942 M-S
Phila Co (Pitts) 6% prf 50
Railways General
10
'Tonopah Belmont Dev
1
United Cos of N J___.100
United Trac Pitts pref 50
Virginia Ry & Power..100
6s
Interstate 4s' 1943
50
100
49
Gen
100
Pennsy receipts $30 paidPennsylvania Salt^
50
Del Co
S'tl
Edison Elec 5s 1946
50
Kentucky Securities.. 100
Keystone Telep, pref. 50
Keystone Watch Case 100
Phila Traction
Union Traction.
United Gas Impt
37
20i» J'nelO
9
13
10
3
2378 Mch28
37*2 Mch28
29*2 J'ne 12
53*2 J'ne
9
9
84% Jan
4
50
Mining
933
J'nelO
1534 Jan
50
_
Reading
Tonopah
736
Am Rys 5s 1917..
A-0
Atl O Gas 1st s f 5s '60 J-J
Uh Ok & G gen 5s 1919 J-J
Con Trac of N J 1st 5s '33
Preferred
Bid
Phila R T vot tr ctfs.
Ex Imp
Huntington <fe B T
Pennsylvania Steel
700
all "and
are
Berg&EBrew lst6s'21 J-J
Preferred
50
Philadelphia Elect!.. 25
81
Ph & Read 2d 5s 1933 A-O
Consol Trac of N J
100
Harwood Electric....100
North Pennsylvania
Philadcl Co (Pittsb)..
2,399
2,175
5,601
interest"
1*2
10
Insurance Co of N A__
Inter Sm Pow & Chem
148
41
805s
934 J'nelO
J'ne 4
7,486
30
5414 J an
427S Feb
78
May
13*2 May
31*2 Jan
93*2 Jan
J'nelO
70V J'ne 10
32
20
Keystone Telephone. 50
535s Jan
12ig Jan
70 V J'ne 10
50
50
50
50
124
22l2
100
100
pref
Lehigh Valley
Lehigh Valley Transit
Do
pref.
Pennsylvania RR
174
2212
Do
22
1,007
63% 54%
n
Lake Superior Corp..100
Leh C & Nav tr ctfs.. 50
Bonds
50
Preferred
'""§26
18*2
PHILADELPHIA
Ask
—100
Preferred
Gen Asphalt
726
*74
Central Coal 8c Coke-.100
-
Elec Storage Battery.100
2,120
74i2
75
»4
Cambria Iron
""310
35l2
74i2
36
75
Amer Gas warrants
Amer
"47"
35l2
47
36
Inactive Stocks
.»•
*4612
35i2
74i2
47
3618
75
12
2312
40
PHILADELPHIA
American
47~"
353g
"47"
223s
22i2
197fi
79% S0i8
79% 80
4V
*1U4
*461*4
1U4( J'ly 29
4212 J'nelO
2
*49*2 Feb 24
102*4
Seab & Roan 5s 1926
Income
4s
1949
1021a
102
82*2
J-D
J-D
*86"
Conv notes 5s 1914 J-J
102
6s '16.M-S
100
4th ser 3-4-uS 1921 M-S
100
82V
63*|
BS P& C 1st 4 Ms '53 F-A
Bait Trac 1st 5s '29.M-N
No Bait Div 5s 1942J-D
103
Cent Ry cons 5s '32.M-N
102 84
Ext & Imp 5s 1932 M-S
10234
5th series 5s 1926..M-S
102l2 104*1
95
104
Chas City Ry 1st 5s'2* J-J
80*2 Chas Ry G & El 5s '99MS
100
City & Sub 1st 5s 1922 J-D
City&Sub (Was) 1st 5s '48
102
102*2
9 S17M bald.
100
99*21100*4
Funding 5s
Va Mid 3d
ser
1936
Va (State) 3s new '32.J-J
Fund debt 2-3s 1991 J-J
West If O con Gs 1914.J-J
& Weld 5s 1035.
J-J
Wil
100
104V
1196
CHRONICLE
THE
[Vol,
xcvii.
Smjcstraent ami itiulroaoi |HteHigc«ce.
^rfvvwwwvv^^vvvs^yMwvwwvwvvvv^«^lWA^lVvvv^vvww>^A^w^yyvw|w
RAILROAD
The
following table shows the
GROSS
*1
EARNINGS.
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 twocolums 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 railway's are brought together separately on a subsequent page.
".
7. 4;'1 ;.v"
Latest Gross
ROADS.
Week
or
Month.
N O & Nor East- September
Previous
Current
Previous
Year.
Year.
Year.
%
S
327,776
155,334
145,669
50,605
Ala & Vicltsburg- September
Vicks Shrev & Pac September
Ann Arbor
2d wk Oct
Atch Top & 8 Fe
August
9,731,956
Atlanta Birm A Atl August
254,853
Atlantic Coast Line August
2,331,716
Chariest & W Car August
Lou Hend & St L August
155,237
120,026
Baltimore & Ohio_ September
0
Bangor & Aroostook August
Bessemer & Lake E August
9,197,853
154,284
228,439
1,036,433
Birmingham South- August
111.833
B&OCh Ter KK August
Boston & Maine—BuffRochA PittsbBuffalo A Suaa
Canadian Northern.
Canadian Pacific
Central of GeorgiaCent of New Jersey
August
2d
4,580,644
263,999
201,743
593,700
3,298,000
1,002,793
2,856,867
312,940
391,601
694,796
349,985
9,059,969
330,183
147,367
7,870,612
Oct
wk
August
2d
wk
Oct
2d
wk
Oct
August
August
August
Cent New Eng
Central Vermont— August
Ches & Ohio Lines_ 2d wk Oct
2d wk Oct
Chicago & Alton
Chic Burl A Quincy August
pChic Great Western 2d
Oct
wk
Chic Ind A Louisv_ 2d wk Oct
Chic Milw A St P_ 1 August
July 1 to Latest Date.
Earnings.
Current
Year.
Ala N O & Tex Pac-
,
gross
293,346
1,045,251
931,352
145,680
446,990
457,102
134,438
412,964
446,073
48,141
712,375
683,399
9,630,813 18,874,942 18,590,783
504.652
516.820
257,351
2,437,795 4,788,868 4,905,552
129,088
301,697
257,203
108,695
228,746
196,128
8,766,371 27,479,818 25,697,527
309,347
170,924
319,933
233,888
442,914
468,832
1,043,208 2,128,610 2,071,636
93,476
230,623
178,768
4,637,784 8,857,078 8,845,669
257,179
3,768,984 3,437,216
222.426
421,678
401.104
523,700 6,917,800 6,242,400
2,957,000 41,757,521 41,348,114
1,088,318
2,008,082 2,216,943
3,074,388 5,660,947 5,888,294
323,750
589,644
627.256
391,564
761,532
751,824
672,293 10,569,000 10,233,931
372,611 4,886,964 .4,737,161
8,487,985 16,814,528 15,783,908
331,576 4,473,454. 4,179,102
149,298
2,151,663 2,104,726
8,111,277 15,611,130 15.504.824
.
Chic Mil A 1'ugSJ
8,409,803 8,140,192 15,893,582 14,890,109
1,523,734 1,481,330 2,959,118 2,774,327
175,923
164,961
325,759
300,039
Cin Ham A Dayton September
930,970
937,867 2,782.995 2,785,745
Colorado Midland
August
171,210
184.427
298,727
317,519
b Colorado A South 2d wk Oct
270,949
332.412 4,444,369 4,205,442
Cornwall
August
17,058
22,377
34,695
42,114
Cornwall ALebanon Augiist
33,067
40,322
64,577
78,571
Cuba Railroad
i August
360,873
309,308
685,060
643,702
Delaware A Hudson August
2,291,639 2,280,859 4,367,117 4,333,392
Del Lack A West— August
3,636,234 3,492,749 7,185,827 6,827,205
Denv A Rio Grande 2d wk Oct
544.300
536,100 7,697,115
7,772,498
•
.
_
Detroit Tol A Iront
Detroit A Mackinac
Dul A Iron Range.
Dul Sou Shore A Atl
wk
Oct
wk
162,400
19,509
Oct
August
146,240
151,200
2.182.460
461.672
25,754
154,380
1,945,059
422,007
282,193
279,751
21,940
382,389
364,022
1,212,159 1,060,321 2,375,182 2,129,394
2d wk Oct
76,404
67,605
1,141,172
1,067,469
Elgin Joliet A East- August
1,139,245 1,116,639 2,240,518 2,241,641
El Paso A Sou West August
668,953
643,600
1,370,924 1,310,590
Erie
August
5,651,031 5,741,689 11,189,254 11,123,247
Fonda Johns A Glov August
102,785
101,568
201.673
200,356
Florida East Coast- August
279,689
265,622
566,842
525,778
Georgia Railroad— August
480.067
251,009
26,0,200
510,133
Grand Trunk Pac__ 1st wk Oct
257,501
1,999,490
Grand Trunk Syst_ 2d wk Oct 1,083,182 1,063", 161 17,238,898
16,489",313
_
2d
Oct
wk
24,034
August
Grand Trk West- 1st wk Oct
148,695
140,695
2,024,820
1,921,354
Det Gr Hav A M 1st wk Oct
53,127
48,246
694,064
663,159
Canada Atlantic- 1st wk Oct
45.400
48,490
704,049
668,354
Great North System September 8,563,230 7,557,936 22,995,873
20,902,933
Gulf A Ship Island. August
185.283
172,226
366,777
Hocking Valley
August
810,673
764,455
1,514,688
Illinois Central.
September 5,767,603 5,556,680 16,822,632
Internat A Grt Nor 2d wk Oct
216,000
292,000
3,099,375
a Interoceanic Max. 2d
wk Oct
169.284
152,592
2,521,674
Kanawha A Micli_- August
Kansas City South. September
Lehigh Valley
312,337
320,750
616,053
878,644
910,899 2,608,078
3,585,997 3,856,023 10.705,994
September
Louisiana A Arkan. August
152,888
144,974
296,430
s Louisv A Nashv__ 2d wk
Oct 1,275,865 1,177.565 17,801,326
Macon A Birm'ham September
12,253
13,570
34,453
Maine Central
August
1,058.080
Maryland A Penna. August
49,011
a Mexican Railways 1st wk Oct
186,000
Mineral Range
2d wk„Oct
3,545
Minn A St Louis.
220,170
\ 2d wk Oct
Iowa Central
J
Minn St P A S S M\ 2d wk Oct
750,685
Chicago Division]
Mississippi Central. August
91,538
u Mo Kan A Texas. 2d
wk Oct
707,174
x Missouri Pacific.
2d wlc Oct 1,257,000
Nashv Chatt A St L August
1,050,745
a Nat Rys of Mex.f 2d' wk
Oct
690,789
N evada-Cal-Oregon 2d wk Oct
11,299
New Orl Great Nor. August
155,794
N O Mobile A Chic. August
178,582
_
-
1,074,870
47,464
152,000
17,999
229.413
2,056,862
93,191
2,756,500
108,161
2,867,876
809,238
9.643.461
335,707
1.454.491
16,240,213
3,493,118
2,498,989
617,331
2,680,447
11,389,571
291,076
16,677,476
40,724
2,035,999
85,311
2,300,400
-
eN Y C A Hud Riv. August
Lake Shore A M S August
'
•
n
Lake Erie AW.
Chic Ind A South
Michigan Central
Clev C C A St L_
Peoria A Eastern
Cincinnati North
Pitts A Lake Erie
N Y Chic A St L_
-
August
August
August
August
August
August
August
August
Tol A Ohio Cent- August
Tot all lines above August
NYNHAHartf.. August
...
1st week Aug
2d
3d
week Aug
week
Aug
4th week Aug
1st week Sept
2d
week Sept
3d
week Sept
4th
1st
2d
[41
roads)
41 roads)
42 roads)
40 roads)
41 roads)
41 roads)
Year.
$
%
14,350,345
14,798,702
15,662,277
20.699.831
14,441,753
roads)
15,101,742
15,604,935
week Sept i 39
41 roads)
week Oct
< 41 roads)
21.565.852
16.035.827
16.610.832
40
roads)—
week Oct
jtr
iihir
tho
N?
N Y Ont & West
14,789,903
15.163,178
15,866,404
22,219,247
15.102.112
15,656,692
15,809,546
20,520,726
15,875,520
16.875.113
n/f oc,
r
August
Current
Previous
Year.
Year.
Year.
8
974.550 1,023,883
1.962.453
335,468
303,868
627,486
273,233
258,169
529,205
3,933,478 3,875,822
7,779,205
6,013,758 6,035,548 12,086,259
418,907
420,215
842,444
710.645
791,872
1,439.236
16496371 15797061 32,434,151
60,292
55,986
105,870
297,295
293,523
584,497
1,395,520 1,263,915 2,902,787
22,620
23,167
41,263
356.723
342,925
769,285
1,171,513 1,117,796 2,283,228
1,884,005 1.882,952 3.670.015
1,058,766 1,025,618
1,894,452
6,293,524 6,227,837 12,507,159
559,471
551,217
1,057,065
3,989,567 3,917,983 7,805,053
1,032,132
979,456 2.013.016
...
N Y Susq & West__
August
Norfolk South em
August
__
Norfolk & Western-
August
August
August
August
August
August
August
August
August
August
August
August
August
August
August
August
August
Northern Pacific
Northwestern Pac.
Pacific Coast Co
Pennsylvania RR
Bait Ches A Atl..
CumberlandVall
Long Island
Maryl'd Del & Va
.
-
NY Phila & Norf
Northern Central
Phila Bait & Wash
W Jersey & Seash
Pennsylvania Co
Grand Rap & Ind
Pitts OCA St L_
Vandalia
..
-.
..
-.
Total Lines—
East Pitts A E._ August
West Pitts A E„ August
Pere Marquette
August
Reading Co—
Phila A Reading- August
Coal A Iron Co
August
Total both cos
August
Rich Fred A Potom August
1,472,869 1,572,373
Rio Grande June
August
Rio Grande South._ 2d wk Oct
Rock Island Lines
August
Rutland
St Jos A Grand Isl_
St L Iron Mt A So_
St L Rocky Mt A P
St Louis A San Fran
_
/ Chic A East IllTotal all lines
St Louis South west.
San Ped LAASL.
Seaboard Air Line.
Southern Pacific
_
Southern Railway
Mobile A Ohio
Cin N O A Tex P
«
Ala Great South-
Georgia Sou A Fla
Spok Portl A Seattle
Tenn Ala A Georgia
Tennessee Central-
August
August
August
August
August
August
August
2d
wk
-
Oct
August
2d
wk
Oct
August
wk
2d
wk
Oct
Oct
2d
wk
Oct
2d
wk
Oct
2d
wk
Oct
2d
96,996
104,940
1.492.454
693,632
940,989
28,501
51,840
49,039
473,513
486,437
1,758
2,727
147,153
August
149,767
295,552
Texas A Pacific
2d wk Oct
386,651
435,720
5,122,279
Tidewater A West- August
6,370
9,863
13,974
Toledo Peor A West 2d wk Oct
27,513
27,352
411,923
Toledo St L A West 2d wk Oct
96,149
1,404,468
84,457
Union Pacific Syst- August
8,441,501 8,451,437 16,204,110
Virginia A So West- August
174,403
155,498
329,045
Virginian--August
578,919
516,927
1,076,313
Wabash
;
September 2,745,570 2,962,654 8,360.146
Western Maryland. August
754,545
674,246
1,482,322
Wheel A Lake Erie.- September
820,328
735,612 2,379,063
Wrightsv A Tennille August
18,217
20,121
34,782
Yazoo A Miss Vall. September
978.451
848,514 2,676,660
wk
511,867
.7,455,672:
11,785,904
808,304
1.494.630
30,463,79696,197
554.842
2,581,779
41,527
697,8362,180,707
3,702,872
1,869,632
12,222,657
1,020,115.
7,525.994
1,860,82a
2,838,792
4,234,747 4,418,187 8,255,786
2,140,258 3.449.642 4,202,464
6,375,005 7,867,830 12,458,251
217,032
218,227
451,429
94,470
98,344
177,986
15,182
12,507
203,849
6,325,668 6,614,386 12,119,374
363,452
357,167
711,244
136,736
163,277
311,893
2,858,065 2,940,280
5,528,833
168,470
156,544
353.257
4,203;299 3,947,730 8,132,699
1,454,186 1,443,502 2,821,758
5,657,485 5,391,232' 10,954,457
276.000
295,000
3,804,254
870,817
824,277 1,736,343
489,218
486,585 6,466,796
12254090 12447187 24,015,101
1,484,730 1.407.643 19,841,701
260,493
259,163
3,661,965
213,078
201,801
3,004,989
.
August
2d
2,001,665595,498
24175970 23447824 47,558,678 45,421,48912095766 11886826 23,815,547 23,020,597
36271736 35334650 71,374,225 68,442,083.
All East A West August
Oct
Various Fiscal Years.
2,977,903
8,402,354
6,453,239
14,855.594
455.843
182,62a
186,163
12,332,268
685,481-
307,5405.780.631
305,269
7,418,090
2,745,430
10,163,520
3,845,770
1,664,053
6.262,455
24,209.578
19,468,755
3,423,443.
'2,846,408
1,405,553
681,978
941,283
39,118
275,470
4,956,566
19,83a
405,174
1,166,253
16,270,021
301,224
920,809
8,449,854
1,245,229
2,238,199
40,265
2,333,510
r
'
Current
Year.
Period.
Previous
Year.
$
Delaware & Hudson
Jan
N Y Central <fc Hudson River.e. Jan
Lake Shore & Michigan South Jan
Lake Erie & Western_n__
Jan
to
Rio Grande Junction
Dec
1
to
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
Aug
Aug
Aug
Rutland
Jan
1
to
Aug
to
to
to
Peoria & Eastern
Cincinnati Northern..
to
9,212,180
-.
to
to
Jan
Jan
to
Jan
to
New York Chicago & St Louis Jan
Toledo & Ohio Central
Jan
Total all lines
Jan
to
Pittsburgh ft Lake Erie
Pennsylvania
to
to
J an
to
Baltimore Chesap & Atlantic- Jan
Cumberland Valley---Jan
Jan
Long Island
Maryland Delaware^: Virgin a Jan
N Y Philadelphia & Norfolk- Jan
Jan
Northern Central
Jan
Philadelphia Bait & Wash
West Jersey & Seashore..--- Jan
Jan
Pennsylvania Company
Grand Rapids & Indiana
Jain
to
Railroad
'
to
to
to
to
to
to
.
to
to
to
Pitts Cincin Chic & St Louis. Jan
to
Vandalia
Jan
Total lines—East Pitts & Erie Jan
to
—West Pitts & Erie Jan
—All lines E & W_ Jan
.
Previous
Year.
July 1 to Latest Date
Previous
S
2,926,867
B
AGGREGATES OF
Weekly Summaries.
Month.
to
88,334
181,879
171,621
741,508 9,927,561 9,356,954
1,331,000 18,416,808 18,618,101
1,098,297 2,077.943 2.142.492
1,237,048 9,967,730 18,221.854
9,846
135,311
150,411
152,783
321,897
300,469
195,069
364,386
375,888
10629 957 10134028 20,734,768
19,399,935
5,134,723 5,072,476 10,095,550 9,516,646
546.896
561,807 1,042,534 1,021,563
361.301
349,230
682,295
655,177
3,057,779 2,919,182 6,023,866 5.618,418
3,259,132 3,175,445 6,261,415 6,777.515
323,013
341,104
586,750
604,341
138,411
136.986
251.377
244,439
1,766,008, 1,774,667 3,508,137 3,441,932
1,026,586 1,053,825 1,979,463
1,915,167
575,590
506,477
1,162,476
990,335
26819396 26025227 52,328.631
49,185,468
6,100,010 6,410,194 11,878,288 12,163.959
Current
Current
Year.
or
Chicago Indiana & Southern- Jan
Jan
Michigan Central
Cleve Cin Chic & St Louis
Jan
240,892
■
_
Week
S
tChic A North West August
rChic St PaulMAO. August
Chic Terre H A S E August
Western Pacific.
2d
Denver A Salt Lake 2d
Lalest Gross Earnings.
ROADS.
-'
-
to
.1
to
1
to
16,058,589 14,442,40370,597,004 69,871,808
39,129,905 34,562,5663,918,790 3,675,123
2,879,724 2,680,960
23,729.003 20,855,811
22.225.292 20,472,331
2,231,829 2,110,788
866,409
861,19+
13,456,902 11,512,368
8,103,640 7,642,438
3,891,246 3,409,391
>
197029804
121687572
234,694
2,348,888
8,276,081
101,580
2,680,739
8,784.057
13.996.293
4,541,169
43,629,809
3,636,586
28,970.251
7,288,421
172236019
177654787
112493912.
208,870
2,089,146
7,499,846
90,415
2,393,981
8,191,309
13.205,469
4,560,469
39,722,370
3,515,833
27,784.374
6,680,520
160338493
85,145,349 79,161,026
257381369 239499520
703,483
688,651
2,422,990 2,302,768
GROSS EARNINGS—Weekly and
Monthly.
Increase
or
Decrease.
%
Monthly Summaries.
Mileage.
Cur. Yr.
—439,558
2.22
December. -238.072
—364,476
—204,127
—1.519.416
—660,359
—554,950
—201,611
+ 1,045,126
+ 180,304
—264,281
2.40
January
-235,607
February-. .240,986
1.29
6.84
4.37
3.52
1.29
5.08
1.01
1.56
March---. -240,510
.240,740
.239,445
June
.230,074
-206,084
July
August
-219,492
90.097
September
April
May
..
Current
Year.
Previous
Year.
263,768,603
246.663,737
232,726,241
249,230,551
245,170,143
263,496,033
259.703,994
235,849.764
259,835,029
81,504,881
208,535,060
218,336,929
238,634.712
220,981,373
232.879,970
242,830,546
223,813,526
255,493,023
77,887,237
Increase
or
Decrease.
%
Prev. Yr.
234,146
232,179
237,756
237,295
236,515
236,619
227,242
203,773
216,709
88,450
ngs or S°T?,d0 Springs & Cripple Creek District Railway from
234,087.361
Nov. 1 1911.
+29,681.242 12.68
+38,128,677 18.28
+ 14.389,312
6.59»
+10,595.839 4.46!
+24,188,770 10.90
+30,616,063 13.14
+ 16,873,448
0.95,
+ 12,036,238 5.38
+4,342,006 1.50
+3,617,644 4.04
e
Includes the Bo*-
Vh^
it' J<awrence & Adirondack and the Ottawa & New York Railway, the latter of which, being a Canadian!
fh?,p^"linerce Commission. /Includes Evansvllle & Terre Haute and Evansvflle & Indiana RR. {/In-'
wIcmnQ^n
^ny^raA n *°Pludes the North em Ohio RR. p Includes earnings of Mason City & Ft. Dodge and!
}!e & Atlantic and the Frankfort & Cincinnati, t Includes the Mexican International, u Include#,
weipS" FfndSdffl St!b£?telron& SMtSf8 m
• begllmll« NoT- !•
• Includes not only operating revenues, but also »ll otbsr1
«
Oct. 25
THE
1913.J
we sum
of October.
crease
The table
covers
Roads.
41 roads and shows 1.56% de¬
week last
year.
1912.
1913.
of October.
Increase.
Decrease.
Bal. of Net Earns.--
Current
Year.
Previous
Year.
Current
Year.
$
$
$
Rio Grande Junction
Y
Previous
Year.
$
Aug
Aug 31-
8,333
75,000
8,333
75,000
20,008
136,045
21,170
131,595
Mt & Pac.-Aug
July 1 to Aug 31
34,804
66,719
33,074
65,440
6,129
17,039
395
10,541
Dec
week
Charges and Surplus.
-Int., Rentals, &c.
separately the earnings for the second week
up
in the aggregate under the same
Second
1197
Interest
Weeks.—In the table which
Latest Gross Earnings by
follows
CHRONICLE
1
to
St L Rocky
$
Alabama Great Southern.
Ann Arbor——
Buffalo Rochester &
Pittsburgh
Canadian N orthera
Canadian Pacific.
:
_
_
Chesapeake & Ohio.
Chicago & Alton
Chicago Great Western.
Chicago Ind & Louisville
Cine New Or! & Texas Pacific..
-
Colorado & Southern.Denver & Salt Lake
Denver & Rio Grande.
T
-
_
_
Western Pacific
Detroit & Mackinac...—
_
Duluth South Shore & Atl.
Georgia Southern & Florida-Grand Trunk of Canada.
—
,
_
_
51,840
104,940
48,141
257,179
523,700
2,957,000
672,293
372,611
331,576
149,298
201,801
332,412
25,754
536,100
151,200
21,940
67,605
49,039
1,083,182
1,063,161
96,996
50,605
263,999
593,700
3,298,000
694,796
349,985
330,183
147,367
213,078
270,949
19,509
544,300
162,400
24,034
76,404
_
Canada Atlantic.....
International & Great Northern
216,000
1,275,865
3,545
220,170
Iowa
Canton Elect
Sept
5,242
4,699
Ft Worth Pow & Light..Sept
Oct 1 to Sept 30—
7,417
77,375
5,973
57.496
61,463
6,245
Kansas Gas & Elect.—.Sept
14,754
172,007
8,200
11,200
2,094
8,799
2,801
\
750,685
707,174
1,257,000
260,493
690,789
Missouri Kansas & Texas..
Missouri Pacific
Mobile. & Ohio
National Railways of Mexico..
Nevada-Oalifornia-Oregon
11,299
15,182
Rio Grande Southern...
St Louis Southwestern
Seaboard Air Line..
Southern Railway
276,000
489,218
1,484,730
1,758
386,651
27,513
96,149
.....
Tennessee Alabama & GeorgiaTexas & Pacific<
x._
Toledo Peoria & Western
Toledo St Louis & Western
Sept 30.-
20,021
76.000
14",454
229,413
9,243
809,238
741,508
1,331,000
259,163
1,237,048
9,846
12,507
295,000
58,553
34,334
74,000
1,330
546",259
1,453
2,675
19",000
486.585
"2,633
1,407,643
77,087
11,692
16,610,832 16,875,113
719,202
9,805
175,685
8,511
209,434
*47,097
*691,582
76,267
661,751
*82,750
*894,679
3,366
6,374
4,262
Pacific Power & Light...Sept
Oct 1 to Sept 30—
24,019
324,651
24,414
311,347
41,379
279,217
32,681
296,826
I7j252
117,994
11,659
79,031
6,743
50,454
14,973
71,021
Sept
Portland Gas & Coke
Sept
21,819
243.983
16,969
187,407
29,597
383,300
33,321
380,870
Rockford Electric
Sept
Jan 1 to Sept 30—
8,163
71,663
8,000
70,574
9,810
96,022
6,401
64,070
Scranton Electric
Sept
Jan 1 to Sept 30—
17,648
145,750
12,873
111,327
23,171
240,495
22,041
197,568
60,072
*134,129
537,067 *1,141,935
*91,193
*949,343
Oct
1
to
Sept 30—
'
SOuthern Cal Edison.
Sept
Jan 1 to Sept 30—
74,876
628.984
Texas Power & Light... Sept
Oct 1 to Sept 30—
19,226
178,038
11,065
95,534
17,636
230,637
Wheeling Electric
Sept
Jan 1 to Sept 30—
5,491
48,727
8,601
42,463
7,794
59,057
,
._
*
After
"""969
2,727
435,720
27,352
84.457
13,330
149,768
3,827
•—
„
8,592
14,855
177,833
70,691
660,504
..
Penn Cent Lt & PoW
16,692
98.300
1,177,565
17,999
11,133
25,995
275,021
•
Sept
Kings Co El Lt & Pow...Sept
Jan 1 to Sept 30—
Marion Lt & Heating.
Central.
Minneapolis St Paul & S S M._
to
EXPRESS
.
COMPANIES.
—-Month of June
1913.
1912.
Net
264,281
Earnings Monthly to
following shows the
—July 1 to June 30—
1913.
-Gross EarningsPrevious
Net
c
Current-
Year.
$
$ $
3,712,144 47,849,009 43,714,874
2,197,021 23,277,072 21,076,805
1,796,518
2,109,895
1,515,122 24,571,937 22,638,067
2,125,609 23,639,867 20,926,045
One-twelfth of annual taxes-
Earnings—-
Current
Previous
Year.
Year.
Year.
.
—313,376
20,048
—610,487
25,618
—333,425
—636,105
932,069
360,192
'571,877
Ohio.b—Sept 9,197,853
8,766,371
July 1 to Sept 30-- —-27,479,818 25,697.527
1,712,021
371,605
1,340,410
—Month' of August— —July 1 to Aug. 31—
"1913.
1912.
1913.
1912.
Gross receipts from
2,744,603
8,486,191
2,631,803
7,891.466
operationi
Express privileges—Dr
£201,727
£1,700,505
£80,133
£648,400
£77,678
£745,211
Total operating revenuesTotal operating expenses—
937,867
2,785,745
136,403
424,160
262,164
761,291
def212
227
def3,050
def4,118
340,629
1,002,811
380,696
1,047,543
a?
a
Canadian Northern Exp.Co.
Baltimore &
1912.
$
Gross.receiptsiromoperation 3,891,702
Express privileges—Dr.
2,095,183
table
companies reported this week:
Roads.
American Express Co.—
and net earnings of STEAM rail¬
gross
roads and industrial
Latest Dates.—The
3,255
44,079
allowing for other income received.
161
983,483
20,259
293,239
'
49,069
.
Total (41 roads!
Net decrease (1.56%)
Previous
Year.
Year.
.
22,626
1,393
1,931
Oct 1
of Net Earns.—
Current
Previous
Irear.
Year.
S
11,277
292,000
152,592
169,284
Louisville & Nashville
Mineral Range.
Minneapolis & St Louis
Current
Mar 1 to Sept 30—
Interoceanic of Mexico
—-Bal.
—Int., Rentals, <fec.—
Companies.
_"
Grand Trunk Western.
Detroit Grand Hav & Milw_
INDUSTRIAL COMPANIES.
7,944
2,464
6,820
70,000
341,000
22,503
83,349
32,469
77,817
30,544
169,605
66,014
156,743
61,370
50,879
33,035
47,272
28,545
103,591
66,458
95,372
55,837
17,843
18,727
37,132
39,534
512
403
976
807
17,331
18,323
36,155
38,727
><
Brazil Railway....
.
Aug
£239,400
Jan 1 to Aug. 31—...£1,815,534
_
Cin Ham & Dayton_a.-Sept
July 1 to Sept 301
930,970
2,782,995
.
Net operating revenue
One-twelfth of annual taxes-
>Fairchild&Northeast, b. Aug
2,560
5,369
July 1 to Aug 31...—:
Kansas City South-b.-Sept
878,644
July 1 to Sept 30
2,608,078
Lehigh Vailey.b..--.Sept 3,585,997
July 1 to Sept 30—-10,705,994
v
2,045
4,399
,
910,899
2,680,447
3,856,023
11,389,571
1,465,254
1,225,991
3,686,862
4,345,989'
Rio .Grande Junction...Aug
Dec 1 to Aug 31.
94,470
703,483
98,344
688,651
n28,341
n211,045
W29.503
W206.595
St L Rocky Mt & Pac.a.Aug
166,470
353,257
156,544
33,469
305,269
40,933
83,758
1,454,186
2,821,758
1,443,502
2,745,430
255,614
558,790
368,216
770,135
Texas & Pacific.b——Aug 1,483,659
July 1 to Aug 31
2,866,478
1,353,369
2,630.191
319,655
582,168
156.539
130,441
July 1 to Aug 31..—
St Louis & San Francisco—
75,981
Operating income
■Month
—
'
July—
1912.
Express privileges—Dr..
311,254
141,779
292,453
138,790
Total operating revenuesTotal operating expenses
...
169,475
148,582
153,663
124,340
20,892
2,750
29,323
2,750
18,142
26,573
Net operating revenue.
"
of
1913.
$
Canadian Express Co.—
Gross receipts from operation.
'
Chic & East'n 111.b._Aug
July 1 to Aug 31-
—
One-twelfth of annual taxes
Operating
income
8
ELECTRIC RAILWAY AND TRACTION COMPANIES.
INDUSTRIAL COMPANIES.
Net Earnings——
Current
Previous
-Gross EarningsPrevious
Current
Year.
Companies.
Week
—
_
_
Electric..
Sept
Fort Worth Pow & Lt.a.Sept
Oct 1 to Sept 30
__
Kansas Gas & Elect.a—Sept
Oct
1
231,086
656,590
2,550,455
554,618
2,358,862
32,750
26,060
16,375
.13,291
58,486
612,547
43,566
488,460
33,412
352,396
20,828
235,329
21,841
359,202
68,670,
to
Sept 30-.,—985,112
Kings Co El Lt & Pow.a Sept
443,749
Jan 1 to Sept 30.
4,073,972
— —
Marion Lt &
59,866'
1,017,758
24,559
347,692
401,617
3,767,514
148,316
1,506,629
118,401
1,310,909
*
Heating...Sept
20.337
17.616
10,201
7,628
Pacific Power & Lt_a._Sept
111,953
119,419
1,255,411
1,223,769
65,398
603,868
57,095
608,173
Penn Cent Lt & Pow...Sept
Mar 1 to Sept 30
65.338
398,547
56.617
336,281
23,995
168,448
26,632
150,052
Portland Gas & Coke.a.Sept
Oct
1 to Sept 30—
100,096
1,253,842
100,119
1,147,082
51,416
627,283
50,290
568,277
Rockford Electric.
Jan 1 to Sept 30
Sept
34,605
328,030
30,388
294,073
17,973
167,685
14,401
134,644
Scranton Electric
Jan 1 to Sept 30
Sept
68,788
649,284
63,394
575,420
40,819
386,245
34,914
308,895
Southern Cal Edison
Sept
419,591
377,296
3,180,932
208,279
1,760,964
147,166
1,435,982
167,387
Oct 1 to
Jan 1
to
Sept 30..
Sept 30
3,525,020
192,659
551,677
486,826
2,152,126
1,845,920
89,125
256,443
966.645
68,798
203,471
820.752
Texas Power & Light
Oct 1 to Sept 30
99,051
1.078,620
85,328
934,161
36,862
408,675
31,324
388,773
Sept
148,568
Apr 1 to Sept 30
849,449
Oct 1 to Sept 30—
1,614,525
125,591
722,997
1,504,597
90,948
518.646
937,829
69,411
379,336
819,601
13,285
11,856
86.542
Sept
Utah Power & Light
a
Sept
21,669,
183,621
107.784
Net earnings here given are after deducting taxes,
b Net earnings herb given
n
24,910
225.704
•
These figures represent
are
before deducting taxes,
30%- of grossearnings.
latest date.
Current
Previous
Year.
Year,
$
3,874,229 3,618,152
457.683 428,771
285,114
298,090
35,733
33,077
210,926
198,145
1,324,912 1,253,439
458,875
496.159
70,418
74,248
95,754
101,979
11,767
13,862
374,48a
436,612
59,548
64,484
2038,340 1802,691 15,624,438 13,493,369
82,804
17.289
87,638
15,958
2362,389 2299,420 14,358,332 13,972,030
225,729
240,622
31,598
33,454
August
687,539
94,925 : » 790,280
99,752
August
265,362
Cleve Painesv & East August
283,526
48,985
44,928
Cleve Southw & Col- August
767,999
117,208
824,768
129,052
350,007
Columbus (Ga) El Co August
387,811
44,758
50,403
920,245
987,235
210,784 200,357
Coney Isl & Bklyn.
July
1,384,291
1,133,369
Dallas Electric Corp. August
147,352
180,735
Detroit United Ry— 3d wk Sept 246,080 243.400
9,394,207 8,306,852
D D E B & Bat (rec). July
358,544
51,828
352,620
51,961
814,591
946,519
112,225
52,837
Duluth-Superior Trac September
East St Louis & Sub. August
1,555,174
1,729,381
236,699 208,339
fcEl PasoElectric Cos
495,618
63,401
570,153
65,590
August
42d St M & St N Ave July
158,230 153,840 1,091,506 1,018,029
GaJv-Houst Elec Co. August
1,302,842
223,139 199,208 1,564,298
814,673
Grand Rapids Ry Co August
119,738
859,538
111,605
688,757
743,530
81,575
74,555
Harrisburg Railways. September
Havana El Ry, L & P
Wk Oct 19
50,137 2,272,729 2,054,228
54,575
(Railway Dept)
Honolulu Rapid Tran
& Land Co
365,102
50,894
45,688
409,281
August
203,712
205,507
28,314
25,115
Houghton Co Tr Co. August
Hudson & Manhattan July
273,349 263,948 2,178,217 2,106,060
189,313
Idaho Traction Co.. June
199,471
36.425
34,772
Illinois Traction
655.684 628,060 5,071,614 4,771,399
August
Interboro Rap Tran. September 2596,719 2442,321 24,048,033 23,438,351
399,124
Jacksonville Trac Co August
443,883
55,255
48,856
872,777
Lake Shore Elec Ry. August- 163.244
942,467
147.887
1,082,950
1,250;797
164,620 .136,192
Lehigh Valley Transit September
409,223
Lewis Aug & Waterv- August —
459,567
71.808
81,046
124,439
141,700
28,206
32,479
Long Island Electric. July
Milw El Ry& Lt Co. September
495,763 475,412 4,448,742 4,181,920
941,527
Milw Lt Ht & Tr Co. September
1,086,338
138,878 125,043
American Rys Co
Atlantic Shore Ry_
S eptember
September
August
August
August
July
August
August
July
_
_
Aur
Elgin & Ch Ry
Bangor Ry & Elec Co
Baton Rouge Elec Co
BeltLRy Corp (NYC)
Brazilian Trac, L & P
Brock & Plym St Ry.
Bklyn Rap Tran Syst
Cape Breton Elec Ry
Chattanooga Ry&Lt.
c
;
...
—
'
...
—
...
-
_
:
...
—
Southwestern Pow & Lt.Sept
July 1 to Sept 30
Oct
1 to Sept 30
Wheeling Electric
Jan 1 to Sept 30
Year.
Previous
Year.
198,123
441,148
1*264,098
5,259,001
_
—
Canton
Current
or
Month.
American Power & Lt—
Subsidiary cos.'.
482,677.
Sept
July 1 to Sept 30—
1,389,480
Oct
1 to Sept 30—
5,665,809
Jan. 1 to
Latest Gross Earnings.
Name of
Road.
Year.
Year.
Year.
—
—
—
-
CHRONICLE
THE
11.93
Latest Gross
Name of
Itoad. *
Earnings.
New
Jan. 1 to latest date.
Cvrrent
Year.
or
Previous
Current
Previous
Year.
Year.
Year.
.
Monongahela Val Tr.
Nash viae Ry & Light
N Y City Interboro.
N Y & Long Isl Trac.
N Y& North Shore.
N Y & Queens Co_
September
August
July
July
July
July
August
September
August
August
August
July
August
August
September
August
August
August
..
-
_
_
New York Railways.
Northam Easton & W
North Ohio Trac & Lt
North Texas Elec Co
Northw Pennsylv Ry
Ocean Electric (L I)
—
_
—
Phila Rap Trans Co.
Port (Ore) RyL& PCo -
—
Portland (Me) RR__
Puget Sd Tr L & P_
Richmond Lt & RR_ June
_
_
$
627,613
701,438
83,786
90,813
1,335,088
178,431
166,000
1,428,262
251,224
347,751
53,884
37,708
219,585
233,908
43,526
39,347
85,967
91,535
16,477
15,407
760,263
805,863
132,688 128,599
9,357,550 9,111,740
1185,275 1165,082
136,181
16,601
142,527
17,047
1,979,792
2,155,676
339,306 305,222
1,088.836
1,376,110
185,885 147,203
227,190
44,461
250,441
47,190
78,814
32,878
85,421
36,601
184,966
189,106
26,312
23,954
188.457
25,905
188,064
24,953
1999,343 1926,043 17,967,042 17,114,961
4,418,046 4,376,363
556,152 .543,189
660,876
708,429
130,854 118,155
5.608,510 5,478,301
723,529 680,206
167,368
174,625
38.720
41,578
,
—
Paducah Tr & Lt Co.
Pensacola Electric Co
...
St Joseph (Mo) Ry ,Lt
Heat & Power Co- August
Santiago Elec Lt & Tr September
Savannah Electric Co August
Second Ave (Rec)
July
Southern Boulevard. July
Roads.
...
—_
Staten Isl'd Midland- June
__
Tampa Electric Co-- August
Thira Avenue
Jdly
—
-
Twin City Rap Tran_ 1st wk Oct
Underground Elec Ry of London
London Elec
Ry-- Wk Oct 11
Metropolitan Dist_ Wk Oct 11
London Gen Bus.
Wk Oct 11
_
Union RyCo ofNYC. July
—
UnlonRyG&ECoGll) July
United Rys of St L-_ September
Westchester E lectric- July
Western Rys & Light August
Yonkers Railroad
July
--.
-----
York Railways
September
Youngstown & Ohio- August
Youngstown & South August
—
102,859
36,122
105,091
38,085
70,985
97,715
20,067
34,312
71,623
352,142
170,414
64,073
93,893
15,148
31,424
62,981
332,091
155,485
768,350
299,763
488,500
556,110
80,354
123,340
496,263
2,215,674
6,236,998
814,720
340,535
544,695
603,190
117,153
131,929
538,730
2,356,438
6,732,394
~£13,715
£552,060
£553,965
£14,380
£511,174
£528,786
£13,107 £13,402
£59,653 £56,270 £2,549,899 £2,068,257
269,871 245,880 .1,582,260 1,453,867
362,267 330,434 2.667,026 2,081,754
9,075,065
9,413,311
1049,487 1031,600
337,294
341,480
64,572
68,704
1,456.823
198,202
1,647,922
223,170
420,705
394,415
64,549
65,810
523,908
562,063
58,516
62,141
152,395
21,417
24,303
163,212
109,556
113,557
17,381
17,488
C146.370
1,212,734
1,059,393
9,574,654
601,334
5,844,733
516,169
5,476,749
Interboro R T (Elev) a-July 1,226,673
Jan 1 to July 31.
9,118,403
1,208,016
9,088,228
531,977
4,271,471
4,304,547
1,133,311
2,267,409
18,662,878 10,116,202
1,043,308
9,781,296
957,766
5,106,983
934,918
4,905,338
359,554
2,614,482
381,402
2,462,348
1
to
Total Interboro R T a July 2,341,827
Jan 1 to July 31- —— 19,102,525
R
Brooklyn
Jan
I
■
T_a—
2,299,420
July 2,362,389
July 31—14,358,332 13,972,036
to
New York Railways a—July
Jan 1 to July 31—
1,174,462
8,172,275
Second Avenue.a-._
July
-Gross
Previous
Year.
33,077
298,090
Duluth-Supei* Trac Co-bSep
Year.
Year.
'$-
$
2,215,674
51,828
35S.544
88,598
42d St Man & St N Av.aJuly
158,230
Jan 1 to July 31.
.» 1,091,506
1
to
July 31
112,225
946,519
52,836
814,591
49,387
392,662
15,558
346,764
Ihterboro Rap Trans_a-Sept
July 1 to Sept 30
2,596,719
7,287,335
2,442,321
7,042,882
1,409,056
3,707,197
1,239,490
3,392,886
Kentucky Secur porp—Sep
July 1 to Sep 30
73,154
216,242
73,442
207,377
37,597
33,597
105,643
87,813
Lehigh Valley. Transit.b.Sep
Oct 1 to .Sep 30.
164,620
1,739,737
136,192
1,461,503
105,022
1,009,068
83,408
825,456
MilW Elec Ry & Lt "a—Sep
495,763
Jan 1 to Sep §04,448,742
475,412
4", 181,920
147,426
1,254,715
147,658
1,220,833
to
Sep 30-
'
-
Milw Lt, Ht A Trac_a--Sep
V
Jan
1
td
Vat Trac.b.Sep
50,974
340,822
—
1,966,299
1 to June 30——
3,778,926
1,891,933
.3,620,040
729,513
1,378,393
681,773
1,283,658
Sep 30
-
ftys.b—
*
Transit— .Sep 1,999,343
July 1 to Sep 30—- 5,965,988
Rico Railway.-..Sep
Jan
56,029
406,944
53,723
376,863
Phila Rapid
Porto
125,043
941,527
'
56,829
455,173
to
Apr 1 to June 30
.Jan
1,086,338
83,786
627.613
1
New York State
-
138,878
;
— --
-
90,813
701,438
Monongahela
Jan
Sep 30-
1
to
66,089
637,123
Sep 30——
United Rys of St
1,926,043
5.758,078
L_a—Sep 1,049,487
64,016
845,277
2,463,432
798,889
2,328,732
615,546
27.229
277,510
24,277
216,529
276,181
2,650,477
322,861
2,752,728
9,413,311
1,031,600
9,075,065
Virginia Ry & Pow.b—Sep
July 1 to Sep 3.0-
414.861
1,293,476
394,964
1,211,034
197,620
633,792
201,330
598,173
Wisconsin Gas & Elec.a-Sep
Jan 1 to Sep 30
65,395
545,520
59,790
497,369
18,200
140,337
18,600
146,052
62,141
562,063
58,516
523,908
29,540
266,814
239,242
Jan
1
to
Sep 30--
York Railways.b
'■».
Jan 1 tO Sep 30
a
—-
-Sep
earnings
u
here given
Interest
are
before deducting taxes.
-Int., Rentals, &c.
Bal. of Net Earns.—
Previous
Current
Previous
Current
Year.
Year.
Year.
$
Trac:.-Sep
24,731
tq Sep 30-——
224,683
Jnterbpro Rapt Trans.
Sep.t
933,900
July 1 to Sept 302,797,328
1
..
—
7
$
920,593
£519,304
-2.758,665 £1,037,620
£352,258
61,539
19,122
51.460
Lehigh Valley Transit...Sep
47,224
547,639
43,161
495,581
461,429
65,354
61,665
567,478
£88,876
£722,677
ta Sep
30----
Milw Elec Ry & Lt
Jan 1 ,to Sep 30-
565,840
fit & Trac
Milw Lt,
Jan
Sep
1
to
Sep
Sep 3D-
52,428
467,812
Monongahela Val Trac. Sep
Jan 1 to Sep 30
8
def7,679
140,797
23,237
205,966
20',621
1
Year.
24,656
167,978
'
Kentucky Secur Corp—Sep
July 1 tq Sep 30
Oct
53,649
510,142
£723,990
£18,232
£15,439
£38,987
£47,708
.57,798
£48.757
£345,869
:.
40,247
329,874
'
£88,444
£702,502
£42,507
£264,682
25,549
220,293
24,738
186,819
31,280
234,880
28.985
190,044
429,049
852,256
372,871
749,628
£335,876
£608,265
£345,735
Sep
801,002
July 1 to Sep 30—— 2,398,647
_
New York State
Phila Rapid Transit
United Rys of St Louis..Sep
1
to
Sep 30
£619,562
762,039
2,277,321
44,275
64,785
36,850
51,411
218,491
1,993,547
223,841
2,025,126
£64,635
£721,217
£104,851
£774,338
132,720
397,926
124,537
371,389
£73,448
£260,199
£84,173
£250,678
Sep
8,901
80,140
9,234
79.351
9,849
65,661
70,700
York Railways—..--—Sep
21,395
191,156
20,931
187,776
£8,542
£.79,182
£6,809
*54,587
Virginia Ry & Power
Sep
July 1 to Sep 30——
Wisconsin Gas & Elec
Jan
Jan
x
Afte
1
1
to
to
Sep 30
Sep 30———
allowing for other income received!
69,7#
153,840
1,018,029
467,6^9
29,523
293,136
N Y City Interboro. a—July
Jan 1 to July 31——
53,884
347,751
37,708
251,224
47,942
11,320
52,711
Southern
Boulevard-a-July
1 to July 31—
20,067
117,153
15,148
80,354
6,633
8,580
2,297
13,250
Union Ry of N Y C.a..July
Jan 1 to July 31
_
Jan
269,871
1,582,260
245,880
1.453,867
58,167
333,600
76,585
351,218
July
68,704
341.480
64,572
337,294
21,343
17,824
38,028
July
65,810
394,415
64,549
420,705
19,917
445
103 473
41,054
—
Westchester
Jan
Yonkers
Jan
1
Elect.a
to
July 31
a__
1
to
July 31
65,797
'
32,479
141,700
28,206
124,439
10,961
13,561
10,200
13,057
..July
43,526
233,908
39,347
219,585
9,569
3,283
9,528
29,892
July
16,447
91,535
15,407
85,967
4,909
9,406
17,095
July
132,688
805,863
128,599
760,263
20,275
108,733
19,289
def41,302
(L I) a
July
Jan 1 to July 31——
36,601
85,421
32,878
78,814
210,784
987.235
200,357
920,245
Long Island Elect a
Jan 1 to July 31
NY&LI Trac.a
Jan
1
to
July
-
July 31
1
to
July 31-
N Y & Queens Co_a
Jan 1 to July 31
Coney Isl & Bklyn a.
Jan 1 to July 31.
July
4,718
25,776
25,504
22,803
35,061
94,827
334,606
"87,771
'
a
c
Net earnings
here given
240,355
after deducting taxes,
Other income amounted to $80,820 in July 1913, agst. $86,492 in 1912.
are
ANNUAL REPORTS,
Annual
Reports.—The following is
an
index to all annual
reports of steam railroads, street railways and miscellaneous
companies, which have been published since Sept. 27.
This index, which is given monthly, does not include
ports in to-day's ''Chronicle."
7; .p '/V\77'. 7.:. 7
re¬
.
Coast
Line
Canadian Pacific Ry.
.1109
948
1048
-.1109
Central RR. of New Jersey.. 881
Chesapeake & Ohio Ry
947, 955
Chicago Great Western Ry_ 1114
Chicago Indianapolis & Louisv. Ry.1022
Chicago Rock Island & Pacific RR..1019
Chicago R. I. & Pacific Ry... 1019, 1041
Chicago St. P. Minn. & Om.Ry
881
Chicago Terre Haute & 8. E. Ry___1110
Coal & Coke Ry..
883
Cripple Creek Central Ry._
950.
Duluth South Shore & Atlantic Ry. 883
Erie RR........
—1107, 1127
Florida East Coast Ry. (prel. state.) 1115
Great Northern Ry...
1107, 1121
Guantanamo & Western RR...
950
— -..
Central of Georgia Ry.....
—
—
—
.
1024
City Southern Ry—.1018, 1046
Gulf & Ship Island RR..
Page,
Middle-
American Rolling Mill Co.,
Conn.
Co.,
(Balance Sheet June 30)
Boston & Maine RR
Kansas
Industrials—-
Page
Railroads—
Atlantic
town, O—
I.—,
..--..--1113
American Shipbuilding Co....i
1026
Amoskeag Manufacturing Co......
952
Canadian
Locomotive
Co.,
Ltd.,
Kingston, Ont.
.1114
Canton Co., Baltimore.
885
Citizens'
Gas
Co.,
Indianapolis
(6 months ending June 30)..
885
889
Co.,Balt.lll2
Colorado Fuel & Iron Co., Denver..
Consol. Gas, Elec. Lt. & P.
.1118
Crucible Steel Co. of America
Distillers Securities Corporation....
Dominion
Ltd.,
Bridge Co.,
1110
Mon¬
treal (6 months ending April 30)..
Federal Mining & Smelting Co..—
885
953
Detroit...,949, 957
Granby Consol. Mining, Smelting
& Power Co., Ltd......
...1026
Hydraulic Power Co.-, Niagara Falls,
N. Y
.—.1118
Indian Refining Co., N. Y. and Cin¬
cinnati (6 months ending Aug. 31) 949
General Motors Co.,
<
.......
...
.
.
1025
1111
Louisville & Nashville RR. —1018,1027 Intercontinental Rubber Co
882
Maine Central RR—
949 Lehigh & Wilkes-Barre Coal Co
Missouri Pacific Ry
—1108, 1136 Massachusetts Gas Companies_____1118
National Rys. of Mex.(prel. state.). 949 Massachusetts Lighting Cos., Bostonl026
Nash. Chatt. & St. Louis Ry—— 1115 Maxwell Motor Co. (Balance Sheet
ending July*31) _1111
N. Y. New Haven & Hartford RR.1110
N. Y. Ontario & Western Ry
882 Mergenthaler Linotype Co........ 1118
1113
Norfolk Southern RR..
1020 Miami Copper Co......
1119
Northern Pacific RR—_.—,1018, 1036 Mines Co. of America
Mollne Plow Co,, Moline, 111—1111
Oklahoma Central RR...
... 1025
1119
Rock Island Co
.———1019 Ogilvie Flour Mills Co...
1045, 1019
St, Louis Southwestern Ry—U08, 1139 Pacific Coast Co..«.
884
Southern Ry.,_
H07; 1132 Pittsburgh Steel Co.
Tonopah & Goldfield RR
—1113 Pope Mfg. Co., Hartford.. ——1112
Wheeling & Lake Erie RR
—1116 Pullman Co__—,i__ —_¥_—__..1110
,.1120
Wrightsvjlle & Tennille RR. —. — -1026 Standard Milling Co., N. Y
Kanawha & Michigan Ry—
—
......
Electric
Railways— ■:
Street's Western Stable Gar Line...
891
Torrlngton Co.—.—
885
883 United Fuel Supply Co., Pittsburgh-1112
Boston & Worcester Electric Cos... 884 U. S. Express Co... —
—959
Eastern Pennsylvania Rys
...1112
....1024 U. S. Glass Co.,, Pittsburgh
Quebec Ry., Lt., Heat & Power Co. '949 Virginia Iron, Coal & Coke Co.*
Roanoke, Va__.
886
Sherbrooke (Que.) Ry. & Power Co. 952
—1111
Spokane & Inland Empire RR—— 884 Wells, Fargo & Co:..—
Western Union Telegraph Co
1023
Boston Elevated Rys.
—---
New York New Haven & Hartford RR.
(Report for Fiscal Year ending June 30 1913.)
Extended extracts from the report of President Howard
Rys-—
Apr 1 to June 30
Jan 1 to June 30
Jan
11,507
64,614
...
Puluth-$upeiW
Jan
1,025,245
10,290
—
Charges and Surplus.
&wdki>
;
27,441
Net earnings here given are after deducting taxes,
b Net
■
12,777
81,615
8,085
82,723'
35,733
285,114
r
22,131
79,537
142,219
51,961
352,620
July 31
Current
r.$■
Atlantic Shore Ry.b—Sep
Jan 1 to Sep 30
'
■Net Earnings
Previous
Earnings-
Year.
"34,143
138,046
144,147
933,565
DDE Bway & Bat. a. .July
Jan 1 to July 31—
to
8,854.
15,231
93,893
556,110
97,715
603,190
352,142
2,356,438
1
'
332,091
July
July
Jan
Third Avenue.a_
gives the returns of ELECTRIC railway gross and net earn¬
Current
16,265
99,234
59,548
374,483
64,484
436,612
Ocean Elect
Roads.
1,150,986
7,946,568
527,139
1
Belt Line a—
Jan 1"to July 31_!
Jan
ings reported this week:
Previous
Year.
C135.511
1,179,158
Jan
N Y & North Shore a
Railway Net Earnings.—The following table
Current
Year.
263,948
2,106,060
These figures are for consolidated company.
1
Net Earnings—-
Previous
Year.
a July
273,349
July 31—— 2,178,217
-
•
-----
Jan
Railways.
Yea).
Hudson & Manhattan
xcvii.
Interboro R T (Sub) a—July 1,115,154
Jan 1 to July 31——. 9,984,126
Jan
...
'■
State
Current
,
Electric
York
Gross Earnings
Week
Month.
c
[Vol.
9,815
Elliott will be found on subsequent pages of to-day's "Chron¬
icle."
In our advertising columns there is also given the
company's offer, stating in detail the terms upon which the
stockholders and holders of ZlA% convertible debentures
(convertible Jan. l 1911 to Jan. 1 1916) and 6% convertible
debentures (convertible Jan. 15 1923 to Jan. 15 1948) may
subscribe at par for the $67,552,000 new 6% debentures of
1913.
The usqal comparative tables showing the opera¬
tions and balance sheet were given in the "Chronicle" of
Oct. 11 and 18* pages 1021-2 and 1110.—V. 97> p. 1110f
1116, 1020, 1025.
■
.
Oct. 25
Atchison Topeka & Santa
Ripley
The remarks of President
Equipment*—.
Locomotives
Miscellaneous cars.
—
—
Operations—•
Passengers carried
14,615,276
Pass, carried one mile_ 1,324,881,099
»
"
♦Also June 30 1913, 2 steam and
floats,
car
10,350
1,997
1,475
64,023
1,923
1,375
57,781
817
626
.495
14,042,522
14,101,076
13,675,343
2.155 cts.' 2.144 cts.
21,149,984 20,093,719
6,970,719
6,981,467
1.026 cts.
1.028 cts.
399.94
394.72
$1.18
$1.21
$3.26
$3.19
$10,139
$10,393
2.056 cts.
19,448,590
1274188,385 1269076,390 1236975,839
mile.
"
1909-10.
9,916
1910-11
■
2.221 cts.
carr'd 25,061,711
Fght. (tons) carr. 1 mile a7,802,544
Rate per ton per mile
1.002 cts.
Aver, tons per train mile
425.41
Earn, per pass, train m.
$1.24
Earn, per fght. train m.
$3.48
Gross earnings per mile.
$10,874
Rate per pass, per
Rev. freight(tons)
sur.2,293
10,006,233
2,789,009
def.1,755
9,442,006
3,176,636
sur. 1,394
9,134,675
2,940,068
def.22,328
3,742,769
439,419
2,787,254
406,725
3,178,030
2,917,740
364,308
Income from securs., &c.
3,303,350
70,347
Rentals & miscellaneous
48,128
2,380,529
75,956
50,614
2,793,527
87,419
27,492
2,553,432
174,354
20,585
3,421,825
2,507,100
2,908,438
2,748,371
824,500
480,000
232,440
x899,534
2,195
621,664
def.26,127
5,859
10,766
591,383
173,144
General
expenses
Total
Net
—-
revenue
7,012,896
1.015 cts.
-«y.2i
$3.00
$10,588
Operating income..—
Total income.
C. G. "W. bonds.
Int.M.C.&Ft. D.bds.
Int. on W. M. & P. bds-
480,000
232,440
1,683
587,775
Cr .56,905
14,293
917,500
480,000
232,440
2,147
598,192
75,905
17,308
Other interest
paid...
equip, (bal.)—
Property rental
Hire of
Miscellaneous
deductions
Total
2,176,786
1,245.039
2,323,491
183,609
Balance, surplus
917,500
\
on
-
Includes for comparative purposes
x
Operating
$
S
Revenue?—
71,523,575
78,190,923
29,425,923
9,279,406
27,453,525
8,769,260
116,896,252 107,752,360 107,565,116 104,993,195
Total oper. revenues.
Loans & bills rec
5590,510
2,593,851
364,837
963
16,076,834
16,521,231
2,416,747
33,733,667
18,054,413
Maint. of equipment... 19,415,225
Traffic expenses..
2,455,785
Transportation expenses 35,135,649
General expenses
2,581,463
2,524,724
17,807,136
15,560,047
2,114,261
31,821,825
2,458,551
16,059,787
16,686,146
2.249.899
33,183,520
2.588.900
Agts. & conduc.
242,104
accounts.
632,357
1,131,410
Cash.:
Misc.
Material & supp.
Unexting.
Total oper. expense.,
P. C. oper. exp. to rev
77,642,535
(66.42)
Net
39,253,717
operating revenpe..
Taxes.
71,273,203
(66.15)
36,479,157
4,662,152
4,206,454
34,591,565
32,272,703
————
36,796,864
3,474,607
69,761,820
(66.44)
35,231,375
4,006,419
33,322,257
813,090
1,394,276
31,224,956
1,245,972
1,304,083
70,768,252
(65.79)
Total
Income from investm'ts
622,294
804,632
Interest, discount, &c._
1,893,330
1,765,336
37,107,189
34,842,671
35,529,623-33,775,011
13,825,325
830,280
13,660,859
780,995
12,712,319
622,910
11,984,151
,,148,498
149,351
5,708,690
10,398,780
542,568
5,708,690
10,168,185
622,491
200,835
5,708,690
9,932,460
Total income
on
bonds
Rentals of tracks, &c_
Hire of equipment
—
,
Advances to sub. cos
Preferred divs. (5%)-—
Common divs. (6%).—
198,008
Approp. fuel res've fund
461,105
..396,960
414,140
Additions & betterments
5,574,434
10,726
3,300,000
5,000,000
37,107,189
34,756,265
Cal-Ariz. Lines bds. s. f.
Total.
Balance, stu-plus
1912.
$
$
RR., Iran., Sco.,
includ. stocks,
,
new
12,098,557
invest'ts.
11,778,946
504,886
Marketable see's
Mater.
12,456,570
11,114,736
540,888
17,536,219
924,078
& supp.
Traffic balances.
Coup's not pre¬
Pay-rolls......
Pref. div. Aug. 1
416,982
495,856
Audited
Insur. prepaid..
Adv. collat. cos.
132,350
114,807
308,256
268,080
Traffic balances.
Prepaid rentals.
104,837
259,178
1,726,847
.
.
accounts.
638,105
664,520
3,932,852
3,672,236
2,854,345
6,897,440
2,854,345
3,707,949
1,060,837
33,316
1,132,407
1,218,543
952,986
Seaboard Air Line Ry.
Expend, for ad¬
bds. sink, fund
10,726
1,827,273
Profit and loss..
20,569,801
21,580,921
27,155,354
ditions &bett.
Cal.-Ariz.
'
28,813
1,979,459
368,004
Lines
subsequent page are given at length the remarks of
President Harahan.
Below are the comparative statistics,
income account and balance sheet for several years:
On
a
as
assets..697,097,750 690,835,550
10,409,242
9,406,877
8.982,191
1538446,241 1390977,614 1275651,651
mile.
1.091 cts.
1.110 cts.
1.160 cts.
Av. tons p. tr. m. (No.)
245.91
237.22
' 219.84
Earns, per fgt. tr. mile.
$2.68352
$2.63200
$2.54880
Earns, per mile of road.
$7,980
$7,494
$7,172
(No.)---—
A v. rate per ton p.
Tot. Iiabilities69,7,097,750
above, $616.386,253 —V. 97, p. 666,
886.
$24,527,865 $22,921,904 $21,782,004
$20,068,772
$3,347,359
3,212,278
$2,836,577
2,884,953
715,361
711,839
7,423,677
623,521
$2,733,961
2,757,616
689,028
6,381,397
594,071
-
Total.
-
Operating Expenses—
$3,014,957
3,338,542
Maint. of way & struc..
Maint. of equipment
Traffic expenses.
General
765,763
Income from rents.'
-
are
given
Below
subsequent pages.
give comparative statistics for several years.
on
we
NUMBER AND CAPACITY OF LOCOMOTIVES
$13,156,073
$6,912,699
al27,016
$6,825,195
$7,447,390
$7,039,715
$3,272,314
$3,146,904
______
— — -
$3,059,102 <$3,055,338
—,--141,701
Total income—$8,022,315
Locomotives
289
Tractive power
(tons)
Passenger-train
cars._
.
June30 1913.
Dec. I
June 301913.
4,821
169
*6 J
*261
31
Freight-train cars
11,029
Dec.
403
* Increase.
Receiver's certificates
328,110
Year—
Agricul.
1,423,353
1,468,759
1,365,173
1909-10. —.1,179,138
1912-13
1911-12
1910-11
Animals.
*Mines.
356,973
339,451
334,391
424,602
1,406,027
1,430,519
1,479,478
1,293,815
Forests.
409,981
356,344
342,383
325,783
♦Includes 833,942 tons of bituminous coal in
tons in 1911-12 and 889,533 tons in
Miscell.
Manuf'res.
1,299,768
1,099,657
1,121,062
1.077,545
410,672
359,748
380,592
322,219
1912-13, against 908,096
1910-11 and 840,628 tons in
OPERATIONS, EARNINGS AND
1909-10.
—
Rents other
Outside
operations
Disc, on adjust. M. bds.
deductions
Balance, surplus
mile.
Oper. revenue per mile.
Rev. per pass, per
2,500,014
143,642,671
2.042 cts.
2.013 cts.
* 9,795,074
$8,552
$
8,879,748
Mail, express & mils...
Other than transport'n.
3,144,284
962,057
99,203
2,891,153
933,364
90,977
$8,456
$
8,820,370
2,844,470
858,863
94,939
Total oper. revenue..
14,000,618
12,795,242"
12,618,642
Operating Revenue—
Freight
Passenger.:-
—
$9,357
$
2,398,685
2,651,371
149,225,662 138,735,465
1.906 cts.
1.905 cts.
»
$8,059
$
8,540,590
2,642,357
820,008
71,788
,
12,074,743
-
-
288,987
'
$6,554,382
$1,467,933
5i,000
1,259,602 a$5,918,063 a$5,409,680
$6,
$565,593
$1,529,327' $1,630,035
,
items so marked are,
year; but final results
'
•.
"
BALANCE SHEET JUNE 30.
♦
Liabilities-—
155,520,638
Common stocks
53,177,353
2,600,605
•§
398,648
1,105,900
4,512,494
1,692,896
Traffic,&c„ bals
369,143
216,644
911,674
224,229
59,516
646,540
Audited vouchers
Loans&bills rec.
245,610
1,896,756
389,321
628,197
332,767
1,367,540
Matured interest
10,631,667
10,587,737
Com.
Cash
Misc.
accts
Mat'ls&suppl'S.
Claims In susp.
Advances,
Unexting.
on
Other
debit
items..
After
sec.)_.103,630,000
6,333,000
462,176
Equip, tr. notes
Traffic, &c., bals
Wages unpaid.Accrued interest
Bonds, &cM ma.
326,406
Reserve funds.
410,964
Res'd for stk.
332,691
185,802
184,216,034
175,956,788
deducting $1,724,437
6 Securities owned include
reserve
.
•
97,830,000
5,480,000
357,688
761,188
756,531
760,233
1,469,765
718,997
1,353,386
720,514
24,000
64,000
309,750
734,559
335,410
of
proprietary cos
Accrued taxe3._
Miscellaneous
deferred
Total
a
&c_.
disc.
securities.
& Ind."
„r
I
Bonds (see "Ry.
411,083
496,600
S
37,516,000
25,000,000
37,516,000
25,000,000
Preferred stock.
1,105,900
stk. in treas.
496,600
Leased rail <fe mat'l
Pref. stk. in treas.
.
1912.
'/•
^
Road, eq., &c.al58,890,901
Securities owned
•
1913.:
1912.
1913.
287,331
a37,501-'
748,40b'
108,220:
9,177
33,356
105,000
109,116
143,874
10,250
178,637
109,239
201,098
22,686 '
248,193 '
♦Eight months' proportion,
a Comparisons of
inaccurate, the figures having been changed in late
remain unchanged.
*832,650
.
al2,309
818,000
51,000
24,835
917,000
117,963
228,627
26,314
267,920
property
Hire of equipment--"
Agents&conduct
EXPENSES.
Operations—
1912-13.
1911-12.
1910-11.
1909-10.
Average miles operated.
1,496
1,496
1,492
1,498
Tons fght. (rev.) carried
5,306,774
5,054,478
5,023,079
4,623,102
Tons (revenue) 1 mile. .1337724,849 1225238,896 1227893,035 1189185,332
Revenue per ton per mile
0.732 cts.
0.725 cts.
0.718 cts.
0.718 cts.
Av. train load,rev.(tons)
450
400
369
302
No. passengers carried..
"2,651,096
Pass, carried 1 mile
153,998,072
56,134
956,000
51,000
1,248,975
286,800
1,249,658
1,250,000-
Adjustment M. bonds
A.s$cts*~~~'
30—PRODUCTS OF
.
j
Interest: Funded debt..
Total capacity (tons),
(exclua. cabooses..375,155 2\i%
FREIGHT TONNAGE YEARS ENDING JUNE
■
•
,
Deductions
Total
& CARS IN SERVICE.
•
$16,725,613 $16,280,087 $14,480,567
$7,802,252
$6,641,817 $7,301,437
120,633 ,<
98,8941
al45,953
99,432
84,484/
Rents lease of road
(Report for Fiscal Year ending June 30 1913.)
Extended extracts from the remarks of President Felton
8,333,357
671,732
8,899,266
707,085
expenses
Taxes
*,
1909-10.
$4,251,395
13,879,059
1,938,318
1911-12.
$5,050,068
15,433,239
2,438,597
Other interest
"
222.81
$2.52460
$6,697
1910-111
$4,735,504
14,801,969
2.244,531
1912-13.
Equip, trust oblig'ns.
Chicago Great Western RR.
8,131,402
1224884,629
1.133 cts.
INCOME ACCOUNT.
$5,221,200
16,788,112
2,518,553
Operating Revenue—
Passenger
Freight
Mail, express, &c
Net earnings
20,470,116
1913 of railroad, franchises and other property,
Consists in
<
-
1912-13. ' 1911-12:
1910-11.
1909-10.
Average miles operated.
3,074
3,059
3,037
2,997
Passengers carried (No.)
4,928,125
4,870,104
4,573,532. '4,103,749
Pass, carried one mile..237,424,214 231,202,542 221,058,350 196,914,704
A v. rate p. pass, per mile
2.199 cts.
2.184 cts.
2.142 cts.
2.159 cts.
Earns, per pass, train m.
$1.16951
$1.17435
$1.17560
$1.09649
Other income
a
;
operations and fiscal results.
Total.
690,835,550
including
stocks, bonds, &c., $610,668,437, and expenditures for additions and better¬
ments, construction, &c., during current fiscal year, $21,795,238;
total,
$632,463,675; less reserve for accrued depreciation, $16,077,421; balance,
Total
30 1913.)
(Report for Fiscal Year ending June
Transportation expenses
464,585
4,010,774
41,906,233
Deposit for fuel
fund
Misc.
Def.credlt accts.
626,386
3,658,293
hand,Ac 30,096,206
accounts.
reserve
vouch.
Unclaimed divs.
def. debit
items
Cash on
'
sented
17,216,908
1,257,987
553,914
847,732
Misc.
$
$
190,836,500 170,129,500
Preferred stock.114,173,730 114,173,730
Funded debt..'.319,146,148 342,645,015
Fuel res've fund
1,726,846
1,827,273
Accrued taxes..
1,955,918
2,015,769
3,824,765
Interest accrued
3,695,031
Agts. & conduc.
U. 8. Governm't
Misc.
$302,-
$222,100.—V. 97, p. 728, 1114.
Tons carried 1 mile
'
.
acquisitions..
Other
133,408,236 131,605,866
Total
for accrued depreciation, $499,826.
physical property, $65,709; securities pledged,
701, and unpledged,
Tons carried
1912.
1913.
Liabilities—
bonds, Ac.-.0616,386,253 598,298,683
Investm'ts,
365,846
Common stock.
-
.
131,605,866
,
33,409,165
35,213,845
315,778
BALANCE SHEET JUNE 30.
1913.
133,408,236
200,671
1,407,292
187,789
2,663,963
items..Profit and loss—
.
86,406
GENERAL
44,655
5,708,690
9,648,030
703,218
4,000,000
—
...
Assets—
27,701
1,292,720
28,660
403,445
261,712
267,319
After deducting reserve
b Includes in 1913
Deduct—
Interest
W.M.&P.lst 43.
Other def. credit
523,375
Other def. items
a
Operating income
Minn.Term. 3)^8
M.C.&F.D.lst4s
630,768
617,394
869,882
bonds
on
45,246,913
41,021,402
22,500,000
500,000
12,000,000
6,232,000
253,807
1,080,100
202,545
45,246,913
Preferred stock. 41,021,402
C. G. W. 1st 4s_ 22,500,000
__
110,225
&c._
dlsc't
Advances,
$
$
,
Common stock.
500,000
12,000,000
6,232,000
234,309
2,894,092 Traffic, &c., bal.
1,192,357
360,838 Vouch. & wages.
303,446
1,110 Misc. accounts252,390
290,942 Mat. int. unpaid
475,818
555,770 Unmat. int., &c.
225,357
908,416 Taxes accrued
3S2.492
120,261 Oper. reserves..
117,805
225,190
579,567
117,803
225,190
Unpledged
1912.
.1913.
Liabilities—
'*
&c., cos.—
Pledged
Marketable sees.
Operating Expenses—
$
equip.al25,911,710 124,397,732
Other investm'ts
Maint. of way and struc.
interest on loans, equipment trust
1912.
jj£
cts
Road &
Securs. of prop.,
71,194,056
25,437,182
8,361,957
71,787,201
27,204,868
8,573,047
767,908
CONSOLIDATED BALANCE SHEET JUNE 30.
1913.
Freight
Passenger
Mail, express and misc.
568
.
2,387,835
360,536
2,1'40,531
stock, each for two months, being practically the fixed
charges for July and August 1909, the last two months of the receivership.
A.
1909-10.
1910-11,
1911-12.
1912-13.
480,000
232,440
notes and debenture
ferryboats, 1
1 river steamer, 4 tugs and
INCOME ACCOUNT.
384,503
Deduct—
Int.
000s omitted.
a
——
Taxes
2,081
1,515
63,065
.
10,260,142
3,740,476
Transportation expenses
Total net revenue
10,628
2,150
1,552
67,342
1,271
.-
Passenger cars
Freight cars.
1,604,544
1,486,732
510,447
5,124,640
408,312
Outside operations, net-
&C.
1911-12.
1912-13.
10,750
Average mileage oper__
5
on
Be¬
four
and the balance sheet for two years.
OPERATIONS, EARNINGS,
1909-10.
1,533,301
1,871,429
557,367
5,056,158
423,751
Traffic expenses
subsequent pages, together with some statistical tables.
low we give comparative figures and income account for
years
1910-11.
1,491,289
1,960,039
560,482
5,583,134
411,289
Maint. of way, &c
Maint. of equipment---
printed in full
are
1911-12.
1,688,800
2,067,288
565,649
5,524,434
413,971
1912-13.
Operating Expenses—
Fe Ry.
ending June 30 1913.)
(Report for Fiscal Year
1199
CHRONICLE
THE
1913.]
.
-
Profit & loss...
26,226
358,853
443,236
6,402,624
31,426
353,636
474,584
4,949,039"
..184,216,034 175,956,788
.accrued depreciation of equipment.^1
Total
for
in 1913 those oi proprietary,
affiliated and controlled,
pledged,
companies pledged, $605,873, and unpledged, $554,678, and other securities
$1,082,010, and unpledged, $934,792.
;
J"
A foot-note to the balance sheet shows that the company Js the guarantor
■#*_
of the
addition to those mentioned In previous reportst
$1,057,000 North & South Carolina Ry. note and $750,000 Tampa & Gulf Coast
RR. 1st M. bonds.—V. 97, p. 445, 514.
following bonds of the companies in
1200
CHRONICLE
THE
Cost
Wheeling & Lake Erie RR.
of Repairs to Locomotives, Passenger Cars and Freight Cars.
1913.
1912.
1911.
1910.
1909.
1908.
1907.
$2,755
$2,925
$2,771
$3,176
$1,941 "$1,701
On hand, No.
189
192
198
198
225
244
243
Per pass, car—
$671
$593
$607
$681
$835
$355
$434
On hand, No_
77
76
77
76
76
76
77
n
Receiver W.
M.Duncan, Cleveland, Sept. 1, wrote in subst.
was
$333,802,
or
4.45%,
than for
greater
the year 1911-12, the
following circumstances should be borne in mind.
1. Unusual floods throughout Ohio
Commerce Commission, diminishing the revenue from such traffic
approxi¬
mately $200,000 during 1913.
4. Additions and betterments
inaugurated at the beginning of the year
and planned with reference to normal
operating results, which includes the
large cash payment in connection with the acquisition of new equipment
under receiver's
equipment trust certificates.
New Rolling Stock and
Improvements.—Receiver's Certificates.—Contracts
ror the purchase of 1,500 50-ton
steel-hopper
gondola cars and 20 consolidation locomotives with 55,900 lbs. tractive
power, at a cost of $2,284,032, $265,032 thereof being paid out of income
and the balance out of the
proceeds of receiver's equipment trust certifi¬
cates dated Mar. 1 1913
(V. 96, p. 792, 137).
Since June 30 all of the loco¬
motives and 1,114 of the cars have been delivered.
There were also issued
during the year $431,000 receiver's certificates
for the purpose of
renewing bridges and providing additional facilities at
Huron, a considerable portion of which has been expended, and supplements
the amount expended on additions and betterments out of
income, the de¬
tails of which will be found in the
report of the General Manager.
Particular attention is directed to the General
Manager's report as to
requirements for the year 1914, if the road is to be properly maintained and
at the same time secure sufficient net income to
pay fixed charges, including
equipment obligations.
It is very essential that some provision be made to
March
1913
•
take care of the expenses incident to such
program and as the income for
the year 1914 will
necessarily be insufficient, the only alternative is the issu¬
ance
of receiver's certificates.
Per freight
$65
$47
hand, No. 10,235
10,773
car.
(a)
causing almost total suspension of traffic the last week of March and per¬
mitting but intermittent traffic the greater portion of April, resulting in
loss of revenue estimated at
$385,000; (b) requiring detour service and the
operation of trains under very unfavorable operating conditions, increasing
operating expenses approximately $50,000; and (c) causing considerable
damage to roadway, track, structures and equipment amounting to about
$315,000, all of which is chargeable to operating expenses and of which
approximately $173,000 has been taken care of during fiscal year 1912-13.
2. Equipment situation,
(a) Lack of equipment, requiring greater use
of foreign cars,
resulting in increased charges for hire of equipment, partly
due to an increase in the
per diem rate from about 33 l-3c. to 45c. per car
per day, resulting in an increase of $57,574; and (b) condition of equipment,
the greater portion being old,
ranging in age from 12 to 21 years, obsolete
in design, being mostly
light-capacity wooden cars, there being only 500
steel-hopper cars of modern design, resulting in increased cost for repairs
and increased charges to
renewals, being $255,099 more in 1913 than 1912.
Approximately §45 cars were dismantled and retired from service during
1913, emphasizing the necessity of acquiring modern equipment if the com¬
pany is economically to take care of business naturally tributary to it.
3. A reduction of 10 cts.
per ton in the lake coal rate, effective May 1
1912, and therefore really not felt until the year 1912-13, and also a read¬
justment of railroad fuel rates in order to meet the views of the Inter-State
made in
,
locomotive.$2,686
On
during March and April 1913,
were
,
Per
(Receiver's Report for Fiscal Year ending June 30 1913.)
Results.—While gross income
[Vol.xcvii.
"
Condensed Extracts from Report of Gen. Man. h. W. McMaster.
Requirements for 1914.—To reach
a normal maintenance basis will require
expenditure of several hundred thousand dollars for new rail, substitut¬
ing the worn rail taken put of the main line heavy-traffic tracks for
replace¬
ment on other portions of the line where traffic is
lighter, and for additional
ballast.
Bridges call for an outlay of about $492,000, notably $146,700 for
completion of reconstruction of masonry in bridges between Orrville Junc¬
tion and Bolivar, damaged
by the flood, and $220,000 for reconstruction
of other bridges between Huron Junction and
Pine Valley, in order to pro¬
vide for the operation of heavier
equipment.
The proposed straightening of the
Cuyahoga River channel in the City
of Cleveland would involve the
rebuilding of two bridges at an estimated
cost of $300,000.
It is hoped that we will not be required to do this work
an
for at least another year.
Buildings, yards, terminals, &c., need an expenditure of $577,000, of
which $135,000 for sidings.
We have approximately 7,400 revenue
freight cars in serviceable condi¬
tion with an average capacity of 38.6 tons
per car.
The 1,500 new 50-ton
steel hopper cars which are now
being received will bring the total servicea¬
ble cars to approximately
8,900, with an average capacity of 40.4 tons.
It is practically certain,
however, that it will be necessary to retire at least
500 of our existing wooden cars during the coming
year, so that a fair aver¬
age of our revenue freight car equipment available for service
during the
year, including the new steel hoppers, would be about 8,700 cars.
Present
volume of traffic handled necessitates an additional
1,300 cars, which, at
the existing per diem rate, would amount to a debit
under; "hire of equip¬
ment' of $213,525 per year.
This item of expenses should be eliminated by
the acquisition of the equipment
necessary to handle the business.
Even
with further increased
efficiency in our freight car service, we shall need ap¬
proximately 10,000 serviceable cars to take care of the business in sight.
When the 20 consolidation locomotives and 1,500 steel
hopper cars which
have been ordered are in
service, a comparison with 1908 will be as
$38
11,200
Rolling Stock—
Locomotives
Freight cars
1908.
Tons handled 1
1913.
244
__
-Inc.
209
14,000
8,904
m_-977,000,000
1,320,000,000
,
Dec.
Dec.
Inc.
or
1912-13.
Average revenue mileage
Operations—
459
Total tonnage
(revenue)
Tot. tonnage 1
11,667,451
35, or 14%
5,096, or 36%
cars,
with an aver¬
equipment to
capacity of 43.1 tons, and should give us sufficient car
equalize the car balance, effecting a saving of
approximately $90,000
age
annum
after the
per
payment of interest on the cost of the cars, as Well as ob¬
taining better results through increased
capacity and decreased maintenance.
The heavy road freight locomotives which
have been received will permit
of the retirement of a number of the older
road freight engines to local and
mine service, and a general
re-arrangement of power that will make possible
the retirement of some of the
old-light-capacity engines which are now prac¬
tically obsolete and will soon be entirely unserviceable.
Conclusions.—To prevent a recurrence of the
heavy loss in revenue ton¬
nage during the past year on account of our
inability to provide proper equip¬
ment, and to correct the lack of transportation facilities which
prevented
the handling of competitive business in a
manner satisfactory to
shippers
and consignees, to properly maintain the
property and to secure sufficient
income to pay all fixed
charges, including equipment obligations, the fol¬
lowing plan of action is essential*
1. Provide through the purchase of new steel cars
and rebuilding of the
old wooden ones, sufficient
equipment to have in serviceable condition at
all times not less than
10,500 cars, with an average loading capacity of
greater than 40 tons per car.
.
2.
Increase car-repair facilities at Brewster.
3.
Complete the office building at Brewster in order to centralize the
operating headquarters, and establish a complete telephone system.
4. Continue plan of
renewing and strengthening bridges, and put track
between
Toledo and Warrenton in
proper condition to carry the heavier
locomotive equipment already obtained and the
heavier car equipment
which is essential to economical
tonnage movement.
5. Lengthen various passing tracks between Brewster
and Adena, to
accommodate 100-car trains.
6. Install block signals between Cleveland and
Harmon (70 miles) and
about 100 miles at various
places on the Toledo Division.
With these
requirements taken care of, the increased business, with the
reduction in operating costs and
corresponding increase in net revenue,
should be amply sufficient to provide for all fixed
expenses, including pres¬
ent
equipment obligations, and should give a clear insight
regarding future
possibilities of the
property if further improvements, such as second main
track between Dillonvale and Huron Junction
and the enlargement of
freight house and team-track facilities at the larger
stations, to take care
of the increased general freight
movement, were provided for.
Addition and improvement expenditures have been
met as follows:
Receiver's Ctfs.
Year ending June 30 1913
June 8 1908 to June 30 1913-»-
$93,740
827,492
Income.
$765^,171
2,111,889
Total.
$858,911
2,939,381
In addition to the amount here shown for "additions and betterments"
under receiver's certificates, there has been expended
$1,032,644 from the
proceeds of receiver's certificates for "rehabilitation"
$35
13,890
1911-12.
1910-11.
457
1909-10.
457
457
Av. net tons per tr. m__
Revenue per ton per mile
Revenue per train mile.
789
0.539 cts.
740
0.547 cts.
$3.84
680
0.543 cts.
$3.48
640
0.539 cts.
41,859,992
1,806,767
40,004,638
1.812.055
39,219,243
1,440,980
37,681,041
1.49 cts.
1.51 cts.
1.55 cts.
1.50 cts.
$17,056
$4,240
$16,395
$5,379
$14,870
$4,497
$15,198
$4,755
$4.04
,
Passengers (No.).
Passengers 1 mile (No.).
1,754,901
Rev. per pass, per mile.
Gross earnings per mile.
Net earnings per mile
..
$3.29
INCOME ACCOUNT.
Operating Revenue—•
1912-13.
1911-12.
1910-11.
1909-10.
1,157,650
3,276,444
603,763
105,028
285,545
69,716
$2,717,782
3,037,334
607,836
98,811
270,586
68,358
$2,841,679
3,0S6,890
565,945
87,690
264,800
103,433
$7,831,948
$7,498,146
$6,800,707
$6,950,437
Maintenance of way, &c. $1,322,651
$871,515
1,402,075
$747,538
1,328,110
96,136
2,406,282
166,201
$766,714
1,389,684
85,648
2,366,947
167,061
Coal freight
Other freight
$3,145,853
3,621,977
624,376
95,917
288,958
...
Passengers
Mail and express
Miscellaneous
Other than transport'n.
Total joper. revenue.
54,867,
_
Operating Expenses—
Maint. of equipment
Traffic expenses
1,621,987
98,274
2,602,232
239,667
2,485,884
188,546
$5,884,811
$1,947,137
362,426
$5,038,335
$2,459,811
367,225
$4,744,267
$2,056,440
248,007
$4,776,054
$2,174,383
261,504
$1,584,711
Dr. 1,403
$2,092,586
1,776
$1,808,433
Outside operations.
$1,912,878
515
935
Total
Miscellaneous
$1,583,308
31,102
$2,094,362
24,157
$1,808,948
32,920
$1,913,813
86,847
$1,614,410
$2,118,519
$1,841,868
$2,000,660
$325,928
z633,030
84,791
70,853
296,766
$268,353
633,030
94,982
68,996
244,466'
$64,752
633,030
106,590
69,741
250,655
90,574
536,977
595,480
$55,486
633,030
120,298
68,250
234,112
14,280
92,753
148,658
224,000
275,000
245,000
Transportation expenses
General
expenses
______
Total oper. expenses.
Net operating revenue..
Taxes.
-
Operating income
Total income
90,315
Deductions—
Hire of equipment—bal.
Int. on mtge. bonds, &c_
Int.
on
Int.
on notes
Int.
on
Disc't
equip. obligations
payable.
__
receivers' certifs.
receiv. certifs.
on
6,465
Rents paid
Equipment
obligations
paid by receiver
Total
deductions
Balance,
surp. or
2,828
83,571
765,171
Additions & betterments
224,000
$2,490,575
def__def.$876,165
66,311
$2,161,378
$2,064,387
$1,611,867
def.$42,859 def.$222,519 sur.$388,793
Deductions of $633,030 yearly on account of mortgage bond interest
include 12 mos.' int. on the following issues: Lake Erie Division 5s, $2,000,x
000, $100,000; Wheeling Division 5s, $894,000, $44,700; extension and im¬
provement 5s, $409,000, $20,450; consolidated 4s, $11,697,000, $467,880.
COMPANY'S BALANCE SHEET JUNE 30.
1913.
1912.
Liabilities—
Road &
equlpm't.57,542,038 58,030,358
Securities issued
First
or
assum—pledged 12,000,000 12,000,000
Sees, ol controlled
cos.—unpledged
833,915
Other investments.
2,629,190
1,255
Cash....
Miscell.
360,618
3,102,489
1,730
accounts,
119,909
35,852
Recr.W.&L.E.RR.
255,234
2,654,136
Profit and loss
122,864
$
Second pref. stock. 11,993,500
11,993,500
Mortgage bonds..35,000,000 35,000,000
Loans & bills pay.
1,155,000
Vouchers A wages.
641,972
2,235
1,155,000
650,769
17,628
2,291,922
1,768,447
Miscell.
accounts.
Ac.,
due
and accrued
40,964
1,913,221
76,071,529 75,572,244|
Total.
1912.
$
stock...20,000,000 20,000,000
pref. stock.. 4,986,900
4,986,900
Interest,
advances, Ac
Def. debit items..
1913.
Common
Total.....
76,071,529 75,572,244
RECEIVER'S BALANCE SHEET JUNE 30.
343,000,000,or35%
approximately 10,200
$32
14.218
10,641,187
9,525,749
9,974,674
m.(rev.)1255097,127 1175463,368 1059785,592 1100045,300
Freight train miles
'"j
1,674,315
1.656.054
1,673,953
1,801,938
Dec-
It is therefore recommended that immediate
consideration be given to
the purchase of 1,500 steel cars for
delivery during March 1914, which
would bring our equipment up to
$61
13,039
OPERATIONS AND FISCAL RESULTS.
,
follows;
$44
11,929
of road and equip.
•
*
•
1913.
.Assets—
1912.
$
$
Road & equlp't
a8,035,719
Adv. to controlled
cos. for construe.
1,614,700
63,400
992,379
100,411
420,858
985,464
171,684
1,614,700
1,026,338
Agts. & conductors
104,459
586,401
Materials & supp.
Miscell. accounts.
1,014,178
pef'd debit items.
112,077
Profit and loss
Car trust
Equip,
M Isc. Investments.
Cash...
1913.
Liabilities—
5,369,220
f. bonds.
Receiver's certifs.
s.
Traffic, Ac., bals.
Vouchers & wages.
Miscell.
9,718,116
287,500
1,548,000
4,190,850
99,375
653,107
112,097
117,600
W.AL.E.RR.acci.
255,234
Int. & taxes accr__
512,726
557",708
Def. credit items..
149,726
180,761
2,088,718
Profit and loss
1,274,095
.13,767,967
$
1,611,500
6,640,850
194,602
967,963
accounts.
Surplus,
Total....
1912.
I
bonds..
Total
j
3,317,760
....13,767,967
9,718,116
Road and equipment (before crediting $665,676 for reserve for accrued
depreciation and equipment, viz., $8,701,395) consists of (1) road, $2,954,382, of which $1,256,878 was derived from receiver's certfs. and $1,697,503
from income; (2) equipment, $5,747,014, of which $2,515,250 was provided
a
by receiver's certificates, $414,387 from income, and obligations
standing for the remainder^ $2,817,377.—V. 97, p. 367, 1116.
Norfolk
are
out¬
Southern Railroad.
(Report for Fiscal Year ending June 30 1913.)
Pres. & Gen. Mgr. C. H.
JHix, Norfolk, Va>,
says
in subst.:
New Lines.—The 22-mile line between Varina, N. C., and Colon, N.
C.t
opened for commercial traffic on July 1 1913 (V. 97, p. 50).
Grading on the 53 miles additional of new line between Mt. Gilead, N. C.,
and Charlotte, N. C., has been completed,and marked
progress has been
made in the laying and surfacing of track, installation of
bridges, Ac.
It is
anticipated that this line will be open for traffic in Oct. of this year, at which
time through train service between Norfolk and Charlotte will
begin.
Bonds.-—On Feb. 10 1913 $6,000,000 "First & Ref. M. 6% bonds
were
sold [making $12,367,000 outstanding
to provide for the purchase of
$5,403,000 collateral trust gold notes dated Jan. 1 1912, and for various
betterments, additions, improvements, &c.
On the same date the collateral
trust indenture of Jan. 1 1912 was canceled. See V. 96, p. 487;
V.95,p.1534.
Dividends.—Regular quarterly dividends of ^ of 1% each were declared
during the year out of the earnings for the quarters ending Sept. 30 and
Dec. 31 1912, Mar. 31 and June 30 1913, respectively
[making 2% for the
year, being the same as in 1911-12 .
Industries, &c.—There were established along our lines 10 new lumbermanufacturing plants with an estimated annual revenue to the company of
$36,000; 12 other new manufacturing plants of various kinds, annual esti¬
mated revenue to the company, $26,000;
9 new storage warehouses, esti¬
mated revenue $15,000,
and 12 new special sidings at logging points for
lumber-manufacturing plants already established, to enable them to secure
additional timber, estimated revenue $36,000;
total annual estimated
income from these industries, $113,000.
was
There has been
an
increased interest manifested in the
development gt
New settlers from other States
land and the advancement of agriculture.
Oct.
locating in the territory adjacent to our lines and the home people are
displaying greater interest in better farming and general crop improvement.
Results.—The revenues from the Norfolk Southern RR. steam division
(569 miles, against 562 miles in 1911-12) increased from freight, $159,885,
7.6%, and from passengers, $84,199, or 11.8%, while total operating
revenues were $3,334,756, being an-increase of $285,562, or 9.4%.
The
earnings were adversely affected during the last two months of the fiscal
year by the very unseasonable weather conditions, which caused great
injury to vegetable crops.
Operating expenses increased $222,750 (11.7%), resulting in a net operat¬
ing revenue of $1,212,539, increase $62,811(5.5%). Increases in wages were
granted maintenance of way employees, effective July 1 1912; conductors
and trainmen, effective Feb. 1 1913, and shop employees, effective April 1.
Maint., Avg. Cost— '12-13
11-12
Maint., Avg. Cost— '12-'13 '11-'12
$48
$37
Per locomotive.
$1,969 $1,585 Per freight car...
or
192-3
------
Per passenger car
Per mile of road
459
494
...
615
706
in
renewals,
221,882,
against
183,225
in
1911-12; 5.563 miles of new 80-lb. steel rail were laid on the main line
track, replacing a like amount of 60-lb. rail; 174,105 bushels of oyster-shells
placed
as
ballast.
New Equipment.—Orders were placed for the following new equipment:
300 ventilator box cars, 160 flat cars, 6 cabooses, 9 cars for passenger ser¬
vice, 9 locomotives, 2 electric motor cars, 3 trailers and 1 steam derrick.
Electric Lines, &c.—On July 1 1912 the operation of our electric lines,
extending from Norfolk, Va., to Cape Henry and Virginia Beach, Va.,
about 46 miles, was separated from that of the steam lines, as shown below,
along with the report of the operation of the Raleigh Charlotte & Southern
Ry. Co., all of whose capital stock is owned by your company.
We also
own all the capital
stock and bonds Of the John L. Roper Lumber Co.
and report its earnings.
{Beaufort Terminal Ry., V. 96, p. 863, Carolina RR., V. 95, p. 684.J
19-23
TONNAGE
(COMBINED
NORFOLK
Agricul. Animals. Mines„
—-280,752
27,064
208,596
-271,400
26,315
160,746
1911-12
TRAFFIC STATISTICS
AND
STEAM
Forests. Manufac.
791,121
249,520
813,221
186,121
•
569
562
62
71
Misc.
247,874
191,854
(STEAM DIVISION).
1911-12.
1912-13.
Average miles..
Pass. carr. 1
1912-13.
911-12.
37,644,252
50,344,S89
2.185 cts.
2.113 cts.
1,633,795
1,497,642
1 m_.142,953,781 131,565,595
m.
Rec.p.pass.p.m.
*Equipment—
Locomotives
Passenger cars..
Freight cars....
No. tons carried
123
124
2,896
3,019
Rec.per ton p.m.
63
Av.tons per tr.m
32
Work, Ac. .cars.
Traffic—
Tons carr.
Gross
Pass, carried...
*
SOUTHERN
&
ELECTRIC DIVISIONS).
Year—
341
rev. p. m.
187.29
163.65
-"$5,859
$5,426
as above on June 30 1913 includes 15 locomotives leased and
in passenger, freight and company's service.
The company also
Equipment
cars
equipment was due to heavier expenditures for repairs of loco¬
The increase in transportation expenses includes
of locomotive engineers and firemen, but with the
resulting from the use of additional neavy power a con¬
siderably larger vloume of business was handled at a lower cost per ton.
Additions and Betterments to Equipment.—The additions to equipment
motives and freight cars.
the advance in
wages
increased train-load
aggregated $1,378,902, including 10 consolidation freight locomotives, 2
Calumet switching locomotives, 3 passenger coaches, 2 baggage and mail
cars,
100 Hart convertible cars, 1,000 all-steel drop-bottom coal cars,
2 passenger locomotives (second-hand), 10 freight cars and 9 cabooses re¬
placed and one scale-test car built.
Betterments to equipment, $4,611.
Total additions and betterments to equipment, $1,383,514; less value of
equipment retired (121 freight cars, &c.), $101,048; net, $1,282,466.
Maintenance of Way.—Fourteen miles of main track, 2 in Ohio and 12
West Virginia, were relaid with steel rail weighing 90 lbs. per yard.
The main track is now laid 143.8 miles with rails weighing 90 lbs. per yard,
1.7 miles with 80-lb. rail and 8 miles with rails weighing 70 lbs. per yard.
The renewal of ties covered 89,486 white oak cross-ties laid in the main
track and 40,454 in sidings, in addition to which 186 sets of switch timber
and 75,520 feet B. M. of bridge ties were used.
Gravel ballast to the
amount of 34 miles was applied to the main track between Corning and
INCOME ACCOUNTS
NORF.
(a)
STEAM DIVISION.
SO. R.R.
1911-12.
1912-13.
1912-13.
1911-12.
Outside oper.,net. Deb. 11,426
Taxes accrued..,
Deb.8,795
84,719
80,354
Bridge was ballasted with coke cinders.
Two steel girder bridges 140 ft.
in length were erected upon new masonry, two masonry culverts were con¬
structed replacing wooden structures and 602 ft. of wooden trestles filled.
year's expenses were greatly increased by the serious floods which
Through traffic was suspended from Jan. 12 to 16 on account
Kanawha valleys, and from Mar. 27 to April 7
on account of floods in the Hocking, Ohio and Kanawha valleys, 11 miles
of the Ohio division, 30 miles of the "West Virginia division and all of the
Hocking Valley line used by this company being under water, which was
14 ft. deep at Hobson yard and shops.
The damage was confined to wash¬
outs of embankment and ballast and to landslides, no damage being done
to bridges or permanent buildings.
Additions and Betterments to Road.—These aggregated $162,461, notably
The
Maint. of equip't.
expenses..
Transport'n exp__
expenses.
$396,824
438,323
59,366
1,059,471
168,232
Gross corp.
Deduct—
$345,749
368,679
56,671
978,822
149,545
inc.$l,465,915 $1,161,949
Rent, lease of road
$100,226
' 12,214
476,482
47,770
320,000
Hire of equipment.
Int.
on
Other
bonds, Ac.
deductions-
Dividends
(2%)..
$97,026
*46,794
$49,185 for sidings and spurs.
The alignment and grades of the main track
wrere improved for % of a mile between Dyesville and tunnel No. 3; 24 de¬
of curvature being eliminated entirely and the remaining curvature
reduced to 3 degrees or less.
grees
Equipment Trust Obligations.—Amount issued during year,
(see V. 94, p. 1695); retired, $165,150; outstanding June 30,
Year— Agriculture. Animals.
Mines.
Forests.Manufactures.Misc.
244,656
20,890
4,634,436
375,507
209,502
126,121
1911-12—211.254
20,864
4.519,131
317,250
186,529
107,789
Bituminous coal traffic in year 1912-13, 4,246,670 tons, against 4,312,555
1912-13
1911-12.
in
tons
:
-
TRAFFIC STATISTICS.
.
Total.........
mile
937
$0.9205
$3.76
$18,705
Av. tons per train mile..
Earns, per pass. tr. mile
irt. tr. mile._
Gross earns, per
mile—
are
Freight
Mail and express
—
(b) Norfolk & Sou. Elec. Div. (Miles oper. 47 in 1913 vs. 46
Fiscal
Operating
Net (after
Revenue.
Taxes).
.Year—
1912-13
$273,910
235,-630
•
1912.)
in
Interest, Dividends Balance,
Other
Income,
Rents,&c
Paid.
$22,941
46,092
....A.
......
Surplus.
$22,941
46,092
<c) Raleigh Charlotte & South. Ry. Div. (219Miles 1913 vs.222 in 1912.)
$535,708
$159,837df$59,337
$49,034
$51,466
1911-12..-
47,342
153,235 df27,000
453,997
78,893
<d) Combined Steam and Elec. Divs. (834 miles in 1913 vs. 830 in 1912.)
$4,144,375 $1,299,172 $277,970 $673,512 $320,000 $583,630
1911-12.— 3,738,821
1,259,906
27,576
620,485
320,000
346,997
1911-12
$357,592
" al90,820
Total oper .revenue
$lv327
144,132
__
equipment
Total
Per cent exp. to earns._
on
1912.
S
$
Road & equip't. _d22 ,390,202
Real est. not used
In operation
Leased rail
1913.
19,972,591
131,013
52,538
152,693
73,228
16, 000,000 16,000,000
Capital stock.
Funded
debt
1912.
$
"Ry. A Indus."
$1,298,194
$1,422,392
$1,022,767
$223,760
28,542
104,538
$223,760
23,118
Dividends
....(6%)540,000
(5)450,000
$960,630
$465,396
$829,958
$468,236
$1,420,654
$1,738
— —
....—
GENERAL
1912.
$
$
equip't. _al6,028,306
Bds.A8tk8.pledged 2,000,000
Stocks unpledged2,000
Road A
4
_
246,709
189,496
Miscell.
Traffic
pledged..
Accrued
accounts
payable.
6,428,699
■Cash.
1,730,291
Material A supp..
514,659
Misc. accts. receiv.
613,826
Accrued income..
1,725
TJnexting. disc, on
funded debt
5,342,746
6,477,949
1,211,658
229,267
416,616
1,725
rents;
860,855
Special deposits
135,000
135,000
Oth.def.deb.Items.
281,051
120,412
/
51,417
Ac...
283,104
18,899
157,958
144,228
1 ,130,343
128,886
713,055
„<
Taxes accrued
Deferred
balances..
Miscell. accounts.
Miscell's
interest,
debit
12,334
240,718
99,932
balances..
54,419
Vouchers A wages.
429,931
5,473
Traffic
Miscell.'accounts.
Matured
dividends,-Ac..
Accrued Int., Ac..
91,220
29,317
Accrued taxes
29,086
687
Oth.def.cred.items
deferred
48,054
Items!—
58,310
Appro'p.
surplus..61,068,676
Profit and loss
23,747
19,034,327 17,486,855
Total
36,026,688 34,994,740
d Includes road,
1,822,518
208
1,068,676
•1,368,050
19,034,327 17,486,855
Total
(Statement for
ColumbuSyO.,
says
in substance:
Results.—'Total operating revenues increased $157,976, but owing to an
increase of $171,858 in operating expenses there was a decrease of $13,882
in
net operating revenue.
Other income, on the other hand, increased
$141,713, due to an increase of $141,801 in hire of equipment and of $4,813
in miscellaneous, with a decrease of $4,900 in rentals received.
''Deduc¬
tions" increased $38,948, interest on equip, obligations having risen, but
the net income for the year was $1,005,396, being $87,160 more than in
1911-12.
Dividends paid amounted to $540,000, an extra 1% having been
ipaid June 30 1913, leaving $465,396 to be carried to credit of profit and loss.
'*
■
.
w,
Pres. W. J.
Half-Year ending
York.
June 30 1913.)
Buttfield, Oct. 1 1913, wrote in brief:
concluded that the company is not in a position to
The directors have
the regular dividend accruing this month on the pref. stock.
Exceptional causes have contributed to the loss shown (1) Our minimum
annual contracts made last fall for tin scrap were necessarily placed at ex¬
pav
Kanawha & Michigan Railway.
5,987
66,119
31,052
29,086
36,026,688 34,994,740
Total
(Report for Fiscal Year ending June 30 1913.)
:
361,233
130,000
40,111
417,332
After deducting reserve for depreciation of equipment. $318,029.
Appropriated surplus represents additons to property through income
since June 30 1907.—V. 97, p. 1025.
$19,563,735, and equipment, $2,645,699, and $322,988
*
$
b
pl020eraI expenditures' less reserve for depreciation, $142,220.—V. 97,
President F. B. Sheldon,
1912.
,
9,000,000
4,969,000
a
Vulca-n Detinning Co., New
Total
$534,084
$488,682
interest,
credit
Items
Surplus
1,087,993
23,062'
-
Bills
$
9,000,000
14,637,352
2,000,000 Mortgage debt... 4,969,000
2,000 Equip, obligations 1,409,000
4 Bills payable
125,000
228,801
lng A other cqs.,
pledged and un¬
tary, Ac., cos.. 2,659,691
•Secure, of underly-
13,290
1913.
Liabilities—
Capital stock
Cash, cash for cou¬
pons,
68,673
86,669
141,692
BALANCE SHEET JUNE 30.
1913.
5,500
243,452
175,759
j
^
16,889
73,718
106,262
receivable—
Section)
$1,933,283
$223,760
improvem'ts
paid, &c
Rents
Material A supp.
Traffic, Ac., bals.
"
$1,426,026
285,475
16,976
proprie¬
•
(69.80)
$836,374
186,393
Ac...
Agts. A conductors
to
$ 517,446
646,813
690,839
24,642
53,542
^09,240
.17 ,903,000' 17,373,000
61,925
63,124
Vouchere A wages.
290,877
397,403
193,875
63,525
Interest, Ac., due.,
Adv.
552,193
867,169
27,502
82,785
Add'ns and
Physical property.
(see
570,346
27,675
928,427
81,165
$1,897,900
(61.00)
$1,213,152
—
Assets—
Liabilities—
641,444
$2,013,560
(64.02)
$1,131,692
138,5561
27,946/
(incl. equip.).
Taxes
Total
Balance, surplus
1913.
$2,769,657
$223,760
37,543
94,036
452,623
13,692
239,000
(4)360,000
Raleigh Charlotte & Southern Ry. division include interest on funded debt,
$44,310 in 1912-13, against $44,196 in 1911-12, and other deductions,
$4,724, against $3,146.
*
a Taxes of the
Roper Lumber Co. are not stated separately in the 1911-12
report, but are assumed to be the same as ($6,000) in 1912-13.
Assets—
33,818
14,061
8,166
$368,251
$2,185,419
(66.16)
funded debt
Eq.tr. oblig'ns retired. _
SHEET JUNE 30.
9,864
Deduct—
The details of the item of interest, rentals, fee., of the Norfolk Southern
RR. steam division are given above.
Similar deductions in the case of the
BALANCE
39,069
19,300
$3,111,052
operating revenue._ $1,117,810
Hire of equipment—__
280,357
Rents and miscellaneous
27,859
.....
20,625
." 10,406
$405,947
Net
Total income...
$319,463
2,394,148
$3,145,252
28,823
958,671
78,212
Transportation
Traffic..!
General expenses
1909-10.
1910-11.
"$354,172
2,688,647
$478,269
$3,303,229
Expenses& struct.
Other int.
$70,155 $320,000
a76,945
$33,890
30,257
19,114,684
1.85 cts.
,1911-12.
$346,360
2,732,888.
34,973
37,985
25,334
8,849
from trans._
Maint. of way
Int.
(e) John L. Roper Lumber Co;
$1,962,451
1,904,706
Other than
Maint. of
correctly given.
1,120,755
,17,166,309
1.86 cts.
5.287,117
4,698,829
677,137,798 671,442,265 461,142,238
0.404 cts.
0.400 cts.
0.519 cts.
761
703
552
$0.8172
$0.9l7l
.
$0.8413
$3.07
$2.81
$2.87
$17,861
$17,717
$15,773
18,596,362
1.86 cts.
5,362,817
1912-13.
$372,311
2,858,750
__
$222,011
Other income in 1912-13
176
•
1,195,993
INCOME ACCOUNT.
Earnings—
$939,938
($349,521) includes $9,099 from leased rail;
$320,000 from John L. Roper Lumber Co. dividends, which includes $170,000 dividend earned during year ending June 30 1913 and paid July 23 1913;
$11,570 from interest on loans and accounts and $8,852 miscellaneous.
*
Items so marked in 1911-12 are approximate, not being stated in report;
•
19.527,336
1.91 cts.
freight (No.)_.___
5,611,112
Tons freight 1 mile
712.246,180
A v. rets. p. ton p. mile.
0.401 cts.
Tons
Earns, per
1,206,356'
1,269,783
Miscellaneous
all other items and final result
176
176
Operations—•
Passengers (No.)
Pass, carried 1 mile
12,947
$956,692
$509,223
Balance, surplus..
•
1909-10.
1910-11.
1911-12.
176
Average miles operated.
463,170
320,000
$1,200,000
$1,409,000.
(TONS).
CLASSIFICATION OF FREIGHT—PRODUCT OF
Passenger
$2,122,217 $1,899,467
to earns.
(63.64)
(62.29)
revenue.$l,212,539 $1,149,728
,
occurred.
of floods in the Ohio and
Av. rets. p. pass. p.
Oper. income...$1,116,394 $l,06p,579
Other income
a349,521
*101,370
...$3,334,756 $3,049,195
Expenses—
Maint. of way,Ac.
P. c. exp.
Net oper.
12 miles of main track between Charleston and Gauley
Charleston, and
1912-13.
_
Total
Total
In
.
Revenues—
a
tenance of
floats, 1 steamboat and 1 tug.
Freight..^.......$2,264,314 $2,104,429
Passenger
795,581
711,383
Mail, exp. & misc.
219,609
180,771
Oth.rev.from oper.
55,252
52,610
General
Kanawha and Hocking
1.599 cts.
1.584 cts.
1,134,500
1,270,180
owned 9 barges, 4 car
Traffic
in the main
sents
«
used
cross-ties
of
Number
were
in the cost of maintenance of way and structures repre¬
the damage done by extraordinary floods of the Ohio,
rivers and their tributaries.
The increase in main¬
The increase
are
"
1201
CHRONICLE
THE
251913.]
tremes
high prices due to competitive
purchase*, by the Republic Chemical
which had been formed to engage in the chlorine detinning business.
Republic company passed into receiver's hands the price dropped
sharply.
Action has been begun to enforce our rights against Adolph Kern
Co
When the
until Sept. 1912), who with associates became interested in
(2) The loss by fire of our electrolytic plant at ^ewaren
deprived us of this plant during the period of rebuilding, sub¬
jecting us to ah almost unprecedented decline in the market prices of tin
and detinned steel.
(3) Abnormal overhead and operating expenses in.
cidental to the rebuilding and the installing of the new chlorine detinning plantThe capacity of the new chlorine detinning plant has been greatly in¬
creased during the past few months and the rebuilt electrolytic plant is
(our manager
said company.
last winter
»#•
1202
THE
CHRONICLE
now
working at its fullest capacity.
The plant at Streator, although some¬
what hampered by labor
conditions, has continued to operate satisfactorily.
Construction and equipment for the 6 months amounted to
1
*
,
1
[Vol.
xcvii
With such violent
fluctuations in the volume of the business, it has been
so operate as to
compare favoarbly with years of steady busi¬
is it to be expected that prices under those conditions would
contain
satisfactory margins of profit.
It should also be borne in mind
that, with plants of the present; capacity, $30,000,000 of
gross business
means running at half
capacity, whereas in 1903 $30,000,000 of gross busi¬
ness represented about maximum
output, with all of the advantages inci¬
dent thereto.
As to the wisdom of the
policy of expansion, or the extent
to which it has been
carried, it should be stated that our present capacity
bears approximately the same relation to the
total building capacity in
impossible to
$103,731, in¬
cluding $90,000 for rebuilding and! a new unloading trestle;
against this
is to be set
$82,176 insurance collected on the fire loss.
No depreciation
has been written off since Jan.
1 last, but there has been charged to opera¬
tions $14,721 for maintenance and disuse.
Steps are being taken to re¬
ness, nor
the
the New York office staff to Sewaren.
The statement presented herewith is based
upon most conservative figures
a period of exceptional conditions and does not furnish
any cri¬
terion as to future earning
power.
Our prospects are bright and we be¬
lieve that good results can now be
confidently looked forward to.
[As to declaration this week of 21% overdue pref. dividends out of
pro¬
ceeds of settlement with American Can
Co., see a following
move
covering
same
the country as it did a decade
ago.
The criticisms also
charge the officers with
incompetency and mismanage¬
integrity and honesty.
Had the directors been
indifferent in discharging their duties, they might haye failed to
consider these charges
seriously, but they have undertaken to inyestigate
ment and lack of personal
careless
page.]
STATEMENT OF PROFIT AND LOSS FOR 6 MOS. END. JUNE 30 1913.
Sales, $319,420; increase in inventories of finished products, $24,157; total production
;
„_$343,577
Deduct (a) Cost of tin scrap, &c., used,
operating expenses, repairs (exclusive of depreciation) and adjustment of inventories,
$460,777; (b) directors' fees, interest, &c., $14,842; total, $475,- ■
619, less royalty received, $339-----"—
475,280
them
you
or
thoroughly and know
for themselves the true state of affairs, and as
have already been advised,
a
special committee has been appointed for
that purpose and is still
engaged in the work assigned to it.
The work of
that committee will be
thorough, and the board can be relied upon to act in
the best interests of the
company when the findings of that committee is
before it.
See V. 97, p.
1026,3591.
■
__
.
—
Net loss
Mergenthaler Linotype Co., New York.
operations for period before deducting div.(see below)$131,703
The total
surplus Dec. 31 1912 was $478,796.
Deduct the loss as above,
$131,703i also loss on securities, $1,062, and reserve for loss on 1912 tin
scrap contracts at prices above the current market, $30,000; total, $162,766.
Pref. dividend, l%%, paid April 21 1913, $26,250; total, $189,016.
Total surplus June 30 1913, $289,780.
on
(Report for Fiscal Year ending Sept. 30 1913.)
Pres. Philip T. Dodge, N.
Y., Oct. 15, wrote in substance:
,
This statement
takes
into
scrap on hand
of deliveries of
July 1, also
sameduring 6
consideration
in value of tin
offsetting the decreased value
ending Dec. 311913 under contracts of 1912.
mos.
BALANCE
Assets—
June 30
Dec. 31
1913.
1912.
$
$
*
..
SHEET.
'
,
June 30
Dec. 31
1913.
1912.
Liabilities—
Plants & equip't
570,038' 3,666,307
Patents, proc's, &c. 3,200,000]
Cash
j.
13,206'
Accts. receivable21,056
407,969
Inventory
156,586
Miscellaneous
3,469
Preferred
$
■
.'.
tin scrap contracts
...
26,250
30,000
289,780
.
....
Total .1
few months
a
parties whose patents this company
declined to purchase have appeared on the market with a
machine
an imitation of the earlier linotype, but
lacking many modern
features.
This outside machine is in no sense a
competitor of the more
highly developed machines of the company.
Actions have been commenced
in the Federal Court against the
producers to restrain the infringement of
numerous linotype patents, and our counsel believe
that such actions are
well grounded.
(V. 97, p. 668; V. 96, p. 1301; V.. 94, p. 915.
mainly
c.2,000,000 2,000,000
Accts. & notes payable 141,106
Reserve agst. loss on
4,077,745
Patent Suit.—Within
had
§
stock.....1,500,000 1,500,000
Common stock
Dividend payable...
Surplus
Total ---....-...3,960,886
-V. 97, p. 1120, 303;
The net profit for the
year is $2,767,936, being somewhat larger than
that of 1911-12 and the largest in the
past five years.
The number of ma¬
chines built was the largest in
any year of our history.
There are now in
existence in various parts of the world about
30,000 linotype machines.
Our Brooklyn works now contain
343,000 sq. ft. of floor space, almost
entirely of the latest fireproof construction.
the shrinkage
reserves toward
72,699
Allied Companies.—'The operations ot the German
company have been
very satisfactory and those of the English company somewhat better than
in the previous year, although materially affected
by Continental wars and
other disturbing influences.
The value of the Canadian business has in¬
478,796
_..r3,960,886 4,077,745
creased
during the year, largely because of the removal of the Canadian
duty.
Duty Removed.—The newly-enacted tariff law places linotype machines
on the free list, although protection of
20% is extended to general machin¬
ery and as high as 45% to special classes of machinery, which are
largely
.
"
American Locomotive Company, New York.
(Statement by President at Annual Meeting.)
•:
"
exported from the United States.
What will be the effect of this tariff,
bringing an American company, forced to pay high prices for labor and ma¬
terial, into direct competition with Europe and its cheap labor, remains to
At
the annual meeting on Oct. 21, President
Vlarshali,
replying to the charges of stockholder Isaac M. Cate of
Baltimore, said in substance:
Those who
'
V
be seen.,
"
.
\
In a number of the European countries the American machines are com¬
pelled to pay duty and charges of one kind or another, which are. ultimately
borne by the manufacturers.
are
criticizing the affairs of the company, in addition to many
other things, tell you that financially it is in an unsound
condition.
These
statements
are in error, and the stockholders can feel
assured that the con¬
dition is exactly as stated in the annual report.
That report shows that
the company did a gross business of
oyer $54,000,000, and had net earnings
of
RESULTS
•
>
;
common
stockholders
were
entitled
to
some
return
BALANCE
Fluctuations, June 30 Years—
Percentage of capacity
do
do
do
do
do
1997-08
1908-09
-
do
'
do
do
do
do
r—1909-10
1910-11
1911-12"
1912- 13
Opening.
Reaching.
100%
16%
25%
' 80%
-35%
70%
12%
50%-25%
50%-25%
40%
Closing. Aver.
12%
26%
95%
40%
20%
70%
—nearly 1.00%-.
.
<
70%
35%
60%
65%h
45%
■
■
..
(15%)
Accounts receivable....
Canadian Linotype, Ltd.
Raw materials, &c
Plant, &cLinotypes
Office fixtures, &c
-Rights, priv., franch.,
patents & inventions..
Total assets—
—
.
1911.
$
859,417
4,282,612
3,418,618
1,315,775
359,296
2,216,229
2,782,782
497,150
58,392
974 522
«
_
Stock and bond account
Bills receivable
;
4,332! 169
4,077,454
1,526,990
416,033
2,320,683
2,561,291
255,430
63,742
1910.
$
1.198,622
3,801,516
3.373,507
$
'
536.391
3,092,800
3,379,387
1.332,133
590.392
1,531,346
421.468
2,080,357
2.738,896
496,950
55,971
2.126,247
2,550,704
757,625'
51,814
•
4,000,000
4,031,987
4.000,000
5,000,000
20,528,314
19,822,158
19,693,633
19,717,493
12,799,200
46,616
12,798,400
34,367
223,099
12,797,800
129,579
334,759
12.787,700
115,948
■
Liabilities—•
Capital
stock.________
Creditors' open acc'ts..
Bills payable
^
Dividends unpaid
Surplus
...
Total liabilities..
—V.
97,
are at the present moment
outstanding $6,800,000.
The criticism is made that between June 30 1907 and June 30
1912 the
Business
■
_
there
The net results from the company's operations in recent
years Is aiso
criticized, and comparisons made with the years preceding 1906.
In mak¬
ing comparisons, it should be borne in mind that from the formation of the
company until the end of 1907 this company suffered no interruotion to
its prosperity except for a few months in the fiscal
year ending "June 30
1905.
During all of that time, except the short period mentioned, it had
a large volume of business on its books and was
producing all the output
of which the plants were capable.
"With that condition of affairs, delivery
was the most important consideration on the
part of the customer, and the
prices obtained were of the best.
Since that time the business has been
subject to violent fluctuations, as shown approximately by the
following
[tabulated by the "Chronicle" for opening and closing periods, &c.]
1909-10.
$2,763,869
$1,917,630
1.
1912.
$
Cash
their holdings,
even though at the same time
capital for expansion must be provided by
borrowing.
It was decided that, in view of the number of consecutive
years of good business which the company had enjoyed, the common divi¬
dend should be paid.
working capital was reduced $5,107,191|«
That amount, however, is ob¬
tained after deducting the gold notes, which in 1907 were
$5,000,000 and
in|1912, with the floating debt, $8,600,000.
During this interval there
was also added to surplus
$1,710,645, which, with the other figure men¬
tioned, makes $6,817,000.
During that period $4,122,741 was added to
the cost of property account; most of this sum
being the $4,000,000 spent
upon the enlargement of the plants already mentioned.
There was also
spent upon the property $1,891,118 which was not charged to oapital ac¬
count, but which was paid for out of the cash resources or working capital.
There was also redeemed during the same period $685,500 of
outstanding
bonds, making a total on these three items of $6,710,359, a very close
ap¬
proximation to the total of the other two items mentioned.
That the reduction in working capital is more apparent than real Will
be
evident if it is borne in mind that had the.money required for
improvements
to the plants or working
capital been furnished by the issuance of bonds,
instead of notes, the amounts of $5,000,000 and $8,600,000,
respectively,
would not have appeared in current liabilities at all, and then the
apparent
sprinkage in working capital in that period would have been $1,507,191,
while at the same time the company had
spent $6,701,359 upon its property
and in the retirement of bonds.
After payment of $2,000,000 of notes ma¬
turing on Oct. 1 1913, there was on hand in the treasury $3,154,000 in cash:
the bills receivable and accounts receivable stood at
$11,335,000 and bills
payable $1,090,500; and material on hand and work in progress of ab >ut
$6,500,000, or a total in these assets, after deducting bills payable of about
$20,000,000.
,
$2,111,109
(16Hi %)
SHEET OCT.
1913. '
Assets—
upon
At the time the first $5,000,000 of gold notes was issued
(Oct. 1906). the
company's borrowings to provide itself with ready cash necessary to
carry
on the business was $3,550,000.
In the latter part of 1908 your directors
decided it was wise to increase the capacity of the plants, and
authorized
for that purpose the expenditure of nearly
$4,000,000, which was obtained
by the further issuance,of gold notes.
These notes on June 30 1913 tstale 1
$8,800,000, but $2,000,000 of them have since
been
paid, so that
30.
1910-11.
$2,733,2,70
$848,176
$818,762
$622,161
$846,239
Dividends as shown above in 1912-13 and 1911-12,
15%, consist of 6%
paid in Dec. (2^% regular and 3)4% extra) and 2)4 % regular and Hi %
extra each in March, June and Sept.; in 1910-11,
16H%, consist of 7H%
paid in Dec. 1910 (2)4% regular and 5% extra) and 2Hi% regular and
)4% extra each in March, June and Sept. 1911.
(Compare V. 93, p. 137.)
'
earnings which
the company had in those years, and after their
paytnent (except in the
last quarter of the fiscal year ending June 30
1908) left considerable sur¬
plus from earnings to be applied to your properties.
The directors were
called upon to decide whether all the earnings above those
necessary to pay
preferred dividends should be turned back into the property, or whether the
SEPT.
$2,738,522
$1,919,760
(15%)
Balance, surplus
.
It is also intimated that the dividends paid on the common stock in
1906
and 1907 and 1908 were unwise and even unlawful.
The dividends paidat that time Were perfectly legal; they were
paid out of large
ENDING
1911-12.
$2,767,936
$1,919,760
(15%)
Dividend rate.
?rour
plants
are splendidly
equippedincluding
and in first-class
for the
builclng of
all classes
of locomotives,
those ofcondition
the largest
and most
special Construction.
YEAR
1912-13.
Total net profits
Dividends (about)
$6,000,000.
In its first year, the company had a gross business of
$26,000,000; the
next year its gross earnings were
$33,000,000.
At present the capacity
of the locomotive-building
plants is sufficient for a gross business of $60,000,000 per year; in other words, in ten years the capacity has
practically
been doubled.
In the entire period up to June 30 1913 there has been soent
on maintenance a total of
$13,568,220, and there has been charged off as de¬
preciation $9,793,918, and both sums have been included in expenses.
In
the same period the company has added to its
property $17,593,589, of
which $10,452,662 has been paid for out of
earnings and $7,140,927 has
been charged to capital account.
The practice of depreciating all drawings, patterns, portable tools and
other loose property 20% per annum still prevails.
In the last decade the
size of locomotives has greatly increased and the details of
construction
have materially changed; yet this situation has been
squarely met, and
over
■
FOR
p.
.
111,405
-■
856
7,570,237
.
20,528,314
811
766
716
6,765,481
6.435,729
,6:813,129
19,822,153
19,693.633
19.717,493
1118.
GENERAL
INVESTMENT
NEWS.
...
"
RAILROADS, INCLUDING ELECTRIC ROADS.
Alabama
•
%
Great
Southern
RR.—Earnings.—
Operating
Net Softer
Other
Interest, Pf.Div. Com.Div. Bat.,
Taxes).
Income. Rents,&c. (6%).
(5%). Surplus.
Year—
$
■
$
$
$
$
$
$
1912-13
5,231,985 1,232,664 486,433 584,477 202,821 391,500 540,299
1911-12—4,775,891 1,209,211 395,922 592,537 202,821 391,500 418,275
—V. 95, p. 1038, 1199.
'
"
'
June 30.
Revenue.
■
.
American Cities Co., N. Y.—Over 70% Assents—Time
for Deposits Extended till Nov. 10.—
.
'
Over 70% of the com. stock having been tendered for sale to the United
Electric Corp., and that company having agreed to purchase the
Gas &
same pursuant to the recent offer, further tenders of said stock, it is an¬
nounced, will be received on same terms if deposited with the Pennsylvania
Go. for Insur.
Nov. 10.
on
Lives & Granting Annuities in
Philadelphia
on or
before^
See V. 97, p. 594, 952.
Atlanta Birmingham & Atlantic RR.—Sole Receiver.—
Judge Pardee in the U. S. District Court has accepted the
resignation of II. M. Atkinson as co-receiver with E. T.
Lamb, effective Oct. 31.
This leaves Mr. Lamb sole re¬
ceiver.
Mr. Atkinson says that the road has be9:i completed and its
only
a
success
is
question of good management, and that he finds it necessary to give
& Power Co., which is in process
most of his time to the Georgia Railway
of development.—V. 97, p. 363, 116.
Atlantic
Northern
RR.—In
Possession.—
Receiver W. A. Follett on Oct. 9 delivered to the company a deed to the
north end of the former Atlantic Northern & Southern RR., extending from
Atlantic to KimballtO)yn, la., and began to operate the line.—V.97,p.442.
Bangor & Aroo3took RR.—Earnings—■
Fiscal
Other
Interest,
DiviBalance,
Taxes).
Income.
Dis., &c.
dendsDeficit
$921,417 $212,362 $1,218,086 (3%)$95,958 $180,265
1911-12- 3,345,241 1,073,725
154,033
1,164,201 (4%> 127,944
64,387.
Dividends were paid out of profit and loss surplus, but are shown above
for the sake of simplicity.
■Year.
Operating
Net (after
Revenue.
1912-13—$3,252,421
.
OCT. 25
THE
1913.]
CHRONICLE
New Director.—Charles A. Milliken of
elected
succeed
to
Arthur
Holland
Augusta has been
of Concord, Mass.—
1203
The sale of 100 shares of Toledo Southern RR. stock owned by the
will be held on Oct. 29.
Judge Killits in the U. S. District Court at Toledo, O.,
com¬
pany
on
Oct. 20 granted
V. 97, p. 116, 49.
germission
olders' protective
to Receiver
Johnson for
to accept
a loan ofand
$250,000
from
the bondcommittee
the northern
southern
divisions
to
Brooklyn Rapid Transit Co.—Listed—The New York
Stock Exchange has listed $39,999,000 six-year 5% secured
notes, with authority to add $20,000,000 notes prior to July
1914 on notice of sale, making the total amount authorized
to be listed $59,999,000.—V. 97, p. 594, 520, 442.
meet the
Bryan,(Tex.) & Central Interurban Ry.—New Line
See Houston & Texas Central
House, Coudersport, Pa.
Payments having been made upon some or all of the bonds and mortgages
Co. and of the Buffalo & Susquehanna Coal &
of the Powhatan Coal & Coke
Coke Co., the sale will be made subject to such payments.
The Medix
Run branch railroad was released from the mtge. and sold.—Y. 97, p. 442.
Central Park North & East River RR., N. Y.—Suits—
The shareholders' committee Oct. 18 wrote in substance:
the losses suffered prior to Aug. 1908. when you
possession, took the form of an action for an accounting and dam¬
against the directors, respectively, of the Central Park Co., the N; Y.
City Ry. Co. and the Metropolitan St. Ry. Co.
The Court recently dis¬
missed the complaint as against the directors of thei last-named companies
on the ground that they could not be sued in this action, although holding
generally that a good cause of action was stated against the directors of the
The litigation to recover
resumed
ages
Central
We have decided to appeal.
Park Co.
The service of process
3 director^ was set aside for non-residence and we are seeking ways to
hold them liable.
In the suit of the receiver against the Metropolitan St. Ry. Co., Judge
Lacombe has allowed claims of over $900,000 and has suggested the proba¬
upon
bility that this award should be increased by $1,200,000, the face of the
mortgage which was foreclosed.
To what extent the stockholders will bene¬
fit by this decision is uncertain, chiefly because it is not yet known how
large a fund the receivers of the Metropolitan and New York companies
will have for the allowed claims.
We
are
much encouraged by these decisions and are pushing matters
While the deposit of stock has been very considerable, the
committee urges all stockholders to deposit with the Equitable Trust Co.,
37 Wall St., under agreement of Nov. 25 1912, limit of assessment $3 per
share; to be paid at deposit, $1.
Signed: Anson B. Moran, Chairman,
25 Broad St.; Henry N. Curtis and George F. Morgan.
[See Belt line
Ry. Corp., V. 97, p. 520,174.]—V. 95, p. 1744.
energetically.
Chicago Great Western RR.—Report.—See "Reports." 1
Listed.—The New York Stock Exchange has authorized
the listing of $3,116,000 preferred stock trust certificates and
$3,116,000 first M. 50-year 4% bonds due 1959 as issued in
exchange for Wisconsin Minnesota & Pacific RR. 1st M. 4s
under the company's offer (V. 97, p. 51).
Up to Oct8 8 $5,967,000 of the $6,232,000 outstanding W. M. & P.
bonds have been acquired and deposited with the Guaranty Trust Co. of
N. Y., trustee under the first mortgage dated Sept. 1,1909 and the holders
given the privilege of turning the same in
on the same terms of exchange, viz.: 50% each in C.G.W.pref. stock and
1st M. bonds.—V. 97, p. 1114, 728.
of the remaining $265,000 are
Chicago & North Western Ry.^-Sale of Bonds.—Kuhn,
Loeb & Co. have sold at 103 and int. $10,000,000 St. Louis
dated July 1
1st M. 5% gold bonds,
1913 and due July 1 1948.
Par $1,000 (c*&r*).
Data Furnished by Vice-President S.
These bonds are guaranteed as to both
A. Lynde, New York, Oct. 23.
principal and interest by endorse¬
ment by the Chicago & North Western Ry. Co., which company will further
imptly acquire the property of the St. Louis Peoria & North Western
Co. and assume the payment of the principal and interest of said 1st
bonds, thus making them the direct obligation of the Chicago & North
Western Ry. Co.
The principal and interest (J. & J.) will be payable
in gold, without deduction for any taxes which the company may be re¬
quired to pay or to retain therefrom under any present or future laws of
the United States, or of any State, county or municipality therein, except¬
.
ing Federal income taxes.
.
These bonds are a first mortgage, limited to $10,000,000, on about 115
extending southerly from Peoria, HI., and connecting
our main lines with extensive coal fields and mines in Southwestern Illinois,
-from which the C. & N. W. Ry. Co. draws its main coal supply.
The surplus earnings of the C. & N. W. Ry. Co. for the fiscal year ending
June 30 1913, after pavment of all charges, amounted to $14,675,023.—
V. 97, p. 816, 799, 666.
*
miles of our system,
Chicago Railways.—Trustees Re-elected.—At the annual
meeting this week the retiring board of trustees was elected
with the exception that John A. Chapman was chosen to
succeed Charles L. Hutchinson, who resigned.
The proxy committee reported the vote as follows: Ticket headed by
HenTy Blair and others, 128,147; Joseph Beifeld and others, 41,567; not
voting, 42,809; total number participation certificates,
212,523.—V.
97, p. 1114, 1023.
Co., Ltd., Hamilton,
Ont.—Pref. Stock Offered.—Nesbitt, Thomson & Co., Mon¬
treal, Can., are offering at par ($100 a share) $100,000 7%
cum. pref., part of $5,100,000 outstanding.
See V. 97, p. 886*
Eighth Avenue RR.f New York.—Certs, of Indebtedness.
—The P. S. Commission will
Cooperstown & Susquehanna Valley RR.—-Stock Sale'.
City" department.—V. 22, p. 305.
City Tramway.—New Officer, <fec—Claude K.
Denver
on
Nov. 3 hold
a
hearing
on
the
company's application for permission to issue $750,000
6% 20-year certificates, to be dated Feb. 1 1914, to replace
the same amount of 6% certificates issued in 1884 and due i
Feb. 1.—V. 86, p. 108.
V,
,
Erie
Trust 5s.—White, Weld & Co.,
Brown Bros. & Co. and Harris, Forbes & Co. have sold the
entire issue of $2,350,000 5% equipment trust certificates,
series "U," recently offered by them at prices ranging from
99.9358 to 97.7537 and int., yielding 5.30%.
Dated July 2
1913 and due semi-annually (alternately $117,000 and $118,000 from Jan. 1 1914 to Jan. 1 1923, inel.).
Interest J. & J.
in New York.
Par $1,000 c*.
A circular says:
RR.—Equipment
Issued by the Bankers Trust Co., N. Y., trustee, and guaranteed, prin¬
cipal and interest, by the Erie RR. Co.
To be secured until the last ma¬
turity is paid by 1,500 40-ton steel frame box cars, 500 50-ton steel-hopper
cars and 500 50-ton composite gondola cars, the total cost of which will be
$2,829,377; of this, the Erie will pay before delivery of the cars $479,377,
or 16.9%.
This equipment is leased to the Erie RR.for rental payments
equivalent to the maturing principal and interest of the certificates, taxes
and expenses of the trust.—V. 97, p. 1115, 1127.
Greenville & Knoxville
RR.—Receivership.—Judge Rice
on application of creditors,
appointed W. H. Pattern, President of the road, receiver,
preparatory, it is said, to reorganization.
at
Greenville, S. C.,
on
Oct. 16,
Asa G. Candler of Atlanta, Ga., some time ago, it is said, acquired
trolling interest in the road.—V. 95, p. 297.
a con¬
Gulf Florida & Alabama Ry.
(Deep Water Route).—
Progress)."—Megargel & Co., New York, who
financing this enterprise, have issued an attractively
"Ten Months'
are
illustrated booklet for the enlightenment of bondholders and
others regarding the progress that is being made in the con¬
struction, of this company's system.
The road starts at deep water at Pensacola, Fla., and is projected to run
north to the coal and iron fields of Alabama, making connections at differ¬
ent
points with severaUtrunk line railroads, and thereby affording direct
connection from the Middle West to the Gulf of Mexico and the Panama
Canal.
Up to the present time about 107 miles have been put in operation
all protected by block signals.
Data from V.-Pres. & Gen. Man. G. A. Berry, Pensacola, Oct. 4 1913.
Earnings.—Since the commencement of operations, monthly gross
reve¬
has shown a most satisfactory rate of increase, the earnings for Septem¬
ber being over twice those for January.
For the first six months of the
calendar year, the ratio of expenses to gross income was 46 %»and on June 30
nue
the net
earnings were sufficient not only to meet the interest charge on
provide a substantial surplus. Gross earnings
point {exceeding $100,000 a yearj where we are re¬
quired to make monthly returns to the Inter-State Commerce Commission
so that from now on these statements will be a matter of public record.
'
This year's northerly extension, 20 miles, lies wholly in a well-devel¬
oped and thrifty farming community, and puts us in touch with a large tract
of virgin timber and taps a number of important naval stores operations
the entire output coming to our line.
It will be opened this month.
all outstanding bonds, but to
have now reached' the
Branches.—Work on the extension of the Gateswood branch to
Bay
Minette has been commenced and 4 miles of grade are ready for the track.
At Goulding, the manufacturing suburb of Pensacola, a branch line
2M
switches
being built to the cotton pompress, rosin yards, fertilizer'
factory and other industries in this territory.
| miles in length has been placed in operation, with which branch
have been or
are
Marine Terminals.—Extensive additions to our marine terminals are
already under way.
A bulkhead with frontage of 700 feet on the bay and
enclosing 30 acres of our property under water, is being filled, under a con¬
tract with the Atlantic Gulf & Pacific Co., which is now dredging a channel
to provide access to our piers for deep-draught vessels; using the material
so pumped for the filling of the larea behind the, bulkhead.
This work, on
its completion, about Nov. 1, will provide us with 31 feet of water at low
tide.
Upon the 30-acre tract so reclaimed we will construct at once a
500-car yard, materials for which are now on hand; also a naval stores yard.
and, when needed for next year's business, a large cotton warehouse.
Rapid progress is now being made in the construction of another pier 100 ft.
in width by 1,225 ft. in length, upon which will be erected a steel-frame shed
comprising a floor area of 85,000 sq. ft., for the storing of general mer¬
chandise.
plans
are
terminals
See Otsego in "State and
prior lien against
.
,
Peoria & North Western Ry. Co.
a
Dominion Power & Transmission
RR. below.
Buffalo & Susquehanna RR.—Sale Dec. 4.—The fore¬
closure sale has been set for Dec. 4 at the County Court
pay-rolls and taxes, the advances to constitute
97, p. 802, 298.
the property.—V.
Construction of
completed.
on
a
modern coaling pier will start
as soon
as
the
By Jan. 1 we shall have one of-the finest marine
the Gulf of Mexico.
'/■
„
.
New Construction,—Within the past few days a contract has been closed
for the next important northerly extension of the main line, comprising the
grading of 50 miles cf road by not later than Aug. r 1914.
shortly be let for the Alabama River bridge at Yellow Bluff.
Contracts will
It is expected
Boettcher of Boettcher, Porter & Co., Denver, has been
elected Chairman of the board.
It is announced that all
that the linq can be opened for traffic by Sept. 1 1914, in ample time for
the fall cotton business from the Central Alabama territory,, giving us a
connection with the Southern Ry. near Pine Hill and direct communication
real estate except that
with the trunk-line roads of the Middle West.
,
Outlook -—The approaching date for the opening Of the Panama Canal
has produced in the Alabama coal fields a great deal of activity among ship¬
actually necessary to the operation
railway will be sold and the Denver & InterMountain Ry. will be disposed of as soon as the matter can
be arranged, so that the company's operations„ may berestricted to operating a street railway.—See V. 97, p. 1115.
of
a
street
&
Denver
«
See Denver
Inter-Mountain
Ry.—Proposed Sale.—
City Tramways above.—V. 94, p. 207.
Detroit & Mackinac Ry.—Earnings.—
uneZO
Gross
Year—
Earnings.
Net
Earns.
Other
Inc.
Charges, Pf.Div. Com.Div.
Imps.,&c. (5%).
(5%).
1912-13 —$1,242,327 $395,631 $49,704 $203,111 $47,500
1911-12
1,248,102 349,989 22,176 224,429 47,500
—V. 95, p. 1398.
-
Bal.for
Year.
$100,000 $94,724
100,000
235
Detroit Toledo & Ironton Ry.—Sale Confirmed.—Judge
Arthur J. Tuttle has confirmed the sale of the Northern and
Southern divisions to the Bannard
reorganization committee
in the interests of the General Lien and Divisional first mtge.
for
a
consideration of $1,650,000, of which
$100,000 was paid
to-day and the
with the bid, $150,000 was to be paid before
remainder before Jan. 20 1914.
Negotiations between the Bannard committee and the
Wallace committee, representing the Ohio Southern (Central)
division, for an agreement on a new plan of reorganization
of the combined properties are, it is understood, progressing
favorably, and an announcement may be made shortly.
ping interests looking to the control of bunker coal from this territory.
Al¬
ready one English concern has arranged for a minimum annual shipment of
300,000 tons to move through the port of Pensacola.
With Pensafcola the
only port on the Gulf with sufficient depth of water, protection and anchor¬
age facilities to accommodate battleships of the first class, it seems inevita¬
ble that the Government's requirements for coal at this
port will result in
a greatly increased tonnage.
Our early connection with the Southern Rail¬
way, therefore, nuts us in ideal position to share substantially in this coal
tonnage, through modern coaling facilities.—-V. 97, p. 950, 1115.
Hocking Valley Ry.—Earnings.—
June 30.
Year—
OperaVg
Net (after Other
Interest,
Taxes).
Income. Rents,&c.
Common
Dividends.
$
$
$
$
1912-13-.7,817,643 2,355,901 772,478 1,211,975 (11^)1.264,943
Revenues.
$
1911-12.-7,303,679 2,310,449 694,1561,173,769
(7)770,000
Balance
Surplus.
$
651,461
1,060.1836
Notes Authorized.—The company has applied to the Ohio
P. U. Commission for permission to issue $4,000,000
5%
one-year notes dated Nov. 1 to retire the $4,000,000 2-year
4H% notes due on that date.—V. 97, p. 521, 298.
Houston & Texas Central RR.—New
Trackage Arrange¬
fee.—The company, we are officially informed, has
arranged with the Bryan & Central Texas Interurban Ry.
for the use of the entire length of its line (about 11 miles)
already constructed and 20 additional to be built) for freight
service .and detour passenger service.
ments,
*
1204
This
*
THE
CHRONICLE
line, when completed, will extend from Bryan, Tex., west
Brazos River and south from that
point approximately
present town of Wilcox,
or„near
32 miles.
a
across the
20 miles, terminating
total, when completed, of about
New York New Haven & Hartford
RR.—Offer to Sub¬
New Convertible 6% Debentures.—The company's
advertisement giving in detail the terms of the offer to the
holders
£*• & T. C. has constructed
ible Jan.
San Antonio & Aransas Pass at
Giddings.
Under trackage arrangements
the Houston & Texas Central will use the San Antonio & Aransas
Pass
tures
west, including Brazos River bridge.
tracks from
ton &
The
a new line about 39 miles in length, connecting
City, the old terminus of the Houston & Brazos Valley, with the
Giddings to Flatonia, about 38 miles, and the Galveston Hous¬
San Antonio tracks from Flatonia to San Antonio, about 90 miles,
a much shorter through line between San Antonio and North Texas
Construction of the line between Giddings and Stone City is
making
points.
practically completed, and in shape for local service, and through service
H)89PeC
Idaho
t0 be inauafurated over tIlis division at
a later date.—y. 96, p.
Railway, Light & Power Co.—Plan
stock, 3XA% convertible debentures (convert¬
1 1916) and 6% convertible deben¬
(convertible Jan. 15 1923 to Jan. 15 1948) to subscribe
at par for the
$67,552,000 new 6% convertible debentures
°f 1913, is given on a
preceding page of to-day's issue. Ex¬
p.298.
Mortgage—Merger of Subsidi¬
aries—Supplemental Lease.—In connection with the proposed
new
mortgage for not exceeding $120,000,000 to be made
on the Southern
lines, the stockholders of the Chicago St.
Louis & New Orleans RR. will on Dec. 15 act on the following:
<
(1) To purchase the railroads of the following five companies; Canton
Aberdeen & Nashville RR. in Alabama; Mississippi & Alabama RR. Co.;
Kentucky Valley RR.; Alabama Western RR., and Jackson & Southeast¬
ern RR., and certain
properties located in the parishes of Jefferson and
Orleans, State of Louisiana, and in the County of Jefferson, State of Ala¬
bama, and the railroad located in the County of Shelby, State of Tennessee,
formerly known as the Memphis & State Line RR.
(2) To authorize the Issuance by the company of bonds to an amount
limited to $120,000,000 or such other amount as the stockholders may
mortgage to secure such bonds on the lines
of road now owned or which may hereafter be owned by it.
(3) To authorize a supplemental lease to the Illinois Central RR. covering
In whole or part the lines of the Chicago St. Louis & New Orleans RR,
.
a
subsequent
little time the question of re¬
financing our Southern lines, and we feel that we should be in position to
market securities covering them when opportune time arises.
With this
end in view, a refunding mortgage on our Southern lines is under considera¬
tion which will result in eventually refunding about $51,000,000 of bonds
outstanding and in making available to the Illinois Central RR. about
$42,000,000 bonds to which it is entitled on account of advances made for
purchases, construction and improvement of these lines, and would also
provide about $27,000,000 for future additions and betterments and the
acquisition of additional lines.
1
•
Negotiations are in progress contemplating the creation by the Chicago
St. Louis & New Orleans RR., or by said railroad company and one or more
other companies, of a mortgage on all or part of their respective properties
and franchises, now owned or hereafter acquired, to secure an issue of bonds
limited to $120,000,000, or such other amount as may hereafter be deter¬
mined, either bonds of said railroad or of this company, or of said railroad
and this company as joint and several obligators.
In case this company
shall not become a joint and several obligator upon said bonds, it is con¬
templated that this company shall guarantee all or part of said issue.
It is contemplated that this company shall become a party to such mortgage
or trust deed and that this company may sell
portions of its properties and
franchises south of the Ohio River to said railroad or subject the same to
the lien of said mortgage.
,
As it is possible that to complete the financial arrangements some action
by the stockholders may be necessary, I shall be pleased to entertain a mo¬
tion that this meeting adjourn until Friday, Nov. 14.—V. 97, p. 1115.
•
now
.
Louisville
&
James
RR.—Bonds'[Offered.—White,
Weld & Co., Kissel, Kinnicutt & Co. and Blodget & Co. are
offering at 107H and int. South & North Alabama RR. 5%
consols of 1886, now a closed first mtge.
Due Aug. 1 1936,
already guaranteed, prin. & int. (F. & A.), and fcfbe a direct
obligation of the L. & N. whenever the anticipated merger
is completed.
The bankers say in brief:
Auth. issue, $10,000,000; outstanding (inch bonds now offered), $9,292,000; held in treasury (L. & N. R R. Co.), $208,000; deposited under G eorgia
RR. lease, $500,000.
Central Trust Co. of N. Y., trustee.
Par $1,000c*.
Guaranteed as to principal and interest by endorsement by the Louisville
& Nashville RR. Co., and secured by a closed first mtge. on 200.53 miles
of the main North and South trunk line, including the line from Decatur,
Ala., southerly through Birmingham, Ala., to Montgomery, Ala., 184 miles.
The company reports that 121.68 miles of double track will be completed
between Decatur and Montgomery by June 30 1914.
The Louisville & Nashville RR. Co. owns the entire issue of pref. and
86% of the com. stock of the South & North Alabama RR. Co. • On Oct. 1
1913 stockholders of the L. & N. authorized the purchase of the remaining
14%, or $200,000, com. stock, in anticipation of merging the two properties.
In the event of this merger being effected, these bonds will become the
direct obligation of the Louisville & Nashville RR. Co., which for the past
over
$8,000,000
dividend^ averaging
per annitm.
Called Bonds.—See advertisement
on
another page giving
numbers of $110,000 Evansv. Hend. & Nashv. Div. bonds,
called for payment at the office, 71 Broadway, at 110 and
interest,
on
Dec. 1.—V. 97,
p.
1027, 1025, 1018.
Marion Bluffton & Eastern Traction Co.—Foreclosure.
'—The Marion Trust Co. of
has brought
Indianapolis, mortgage trustee,
suit to foreclose the mortgage.—V. 95, p. 297.
Mobile & Ohio
year ending June 30:
Other
■ Interest,
Dies.
Balance,
Income.
Rents, &c.
(4%).
Surplus.
$274,619 $2,564,500 $240,824 $401,046
229.973
2,524,961
240,324
183,247
From the balance as above in 1912-13 was deducted $19,803 for additions
and betterments, against $10,751 in 1911-12, leaving $381,243 in 1912-13,
against $172,496.—V. 97, p. 521.
Fiscal
1
Operating
RR.—Earnings.—For
Net (after
Year—
Revenue.
Taxes).1912-13
$12,377,650 $2,931,751
1911-12-. 11.207,732
2,719.059
■
.
New Jersey
& Pennsylvania RR.—Operations Cease.—
The road ceased operations on Oct. 20 by order of the P. U.
Commissioners, who had granted a week's stay, by request
of customers.—V. 97, p. 887, 729.
Orleans Texas & Mexico RR.—Receiver's Certifi¬
Authorized.—Judge Foster in the U. S. District Court
at New Orleans on Oct. 18 entered an order on the supple¬
mental petition of Receiver O'Keefe granting permission to
issue not over $2,000,000 certificates for year end. Sept. 14
1914, of which $850,000 to be issued at once.
Of the pro¬
ceeds Frank Andrews, receiver of the St. L. & S. F. proper¬
ties, is to receive $375,000 and Mr. O'Keefe the remainder.
New
cates
Receiver O'Keefe is directed to prepare
1,500 certificates, to be known
as
"Series A," dated Oct. 13 1913, due one year from date, for $1,000 each,
payable in United States gold coin, or at the holder's option, in sterling
(£205 15s. 2d. each).
They are to bear 6% interest (payable semi-annually)
and at 8% per annum if not paid at maturity and are to be payable at the
office of the receiver in Neyr Orleans, or.'at the holder's option; at the
Columbia-Knickerbocker Ti-ust Co., N. Y., or at any agency in London,
Eng., which the receiver may designate.
The certificates are to be sub¬
ject to call at par and interest on 30 days' notice.—V. 97, p. 803.
L.
on
the change-
Richards, Newtonville;
jL' "ust*s» and John
The
Galen L. Stone, Brookline, Mass.;
T. Pratt, N. Y., have been elected directors.
new
executive committee consists of: William Rockefeller and J. P.
Morgan, N. Y.; Charles F. Brooker, Ansonia, Conn.;
William Skinner,.
Holyoke, Mass.; Arthur T. Hadley, Howard Elliott and James S. HemingRobert W. Taft, Providence, R. I.; Thomas
Cuyler, Philadelphia, and W. Murray Crane, Dalton, Mass.
Thomas E.
Byrnes, one or the Vice-Presidents, has decided to withdraw
^ay\,£^Ha,ven•
C°nn.;
De Witt
from active service on Jan.
1.
Mr. Mellen Declines Retainer.-—^Former President Charles
S. Mellen this week addressed a letter to the New Haven
directors in which he stated that he would not
salary
No
or
accept any
retainer of any kind whatsoever from the road.
Strike.—The
company
of the demands of the
The terms, it is
stated,
'
annual
uphold
settlement
a
every
vision tests and physical examinations.
Dividend
Reduction.—Chairman
Elliott
the
at
meeting Oct. 22 said:
"You have a magnificent
that
the
directors face a
falling off and the expenses
devise
this week arranged
engineers.
principle embodied in the company's
issue4 Sept. 14 last, in the following order of precedence—fitness and
ability, seniority,
property, but
there is no disguising the fact
problem.
The gross earnings are
going up.
We hope it will be possible to
by which the two ends may be met.
If it should be necessary
4% dividend, as many fear, I trust we can maintain at least that
difficult
are
means
to go to a
4% and hope to do better than that within
1116, 1020, 1025.
a
few
years.—V. 97,
.
Norfolk Southern
1110,
p.
.
RR.—Report.—See "Annual Reports."
Listed.—'The N. Y. Stock Exchange has listed $6,530,000
"First and Refunding" M. 5% bonds, series A, due 1961,
^making the total amount listed $12,367,000.
Purposes for
Which $6,597,000 Bonds (Incl. $67,000 Canceled by
Fund)' Have Been Used.
To purchase 5 locomotives and 500 box cars
To purchase Raleigh Charlotte & Southern Ry
For construction, extension & impt. of
Compare V. 96,
p.
Sinking
$544,000
2,734,918
Raleigh Char. & Southern
Ry. properties, except as to approximately $720,000 cash
proceeds therefrom remaining on deposit with the trustee for
expenditures for purposes specified in the mtge_
.
Nashville
8 years (1906-1913) has reported surplus available for
are
.Wew Officers, &c.—Vice-Pres. J. H. Hustis has been elected
Possible
some
.
President Elliott
pages.
President to succeed Howard
Elliott, who, under
by-laws, becomes Chairman of the Board.
President Markham at annual meeting Oct. 15 1913 said:
We have had under consideration for
1 1911 to Jan.
tended extracts from the
report of
Illinois Central RR.—New
and the creation of
of
in the
—
See Idaho-Oregon Lt. & P. Go. under "Industrials" below.—V.97,
determine
xcvii.
scribe for
The Bryan & Central Texas Interurban
Ry. is granted the use
of the H. & T. C. tracks from a
point a short distance east of the Brazos
River to a point about 5,800 feet
Stone
[Vol.
■
3,318,082
487.—V. 97, p. 1020, 50.
Oakland (Cal.)
ers'
Railways.—New Notes.—The sharehold¬
meeting to be held Dec. 11 will vote on propositions:
(1) Tq confirm the indebtedness of said Oakland Railways represented
by its $2,500,000 collateral trust 6% gold notes, dated Aug. 12 1912, and
its liability under its matured and subsisting guaranty of $1,100,000 notes
of Oakland Terminal Co., dated Aug. 20 1912, and to increase such indebt¬
edness to $4,100,000; that is to say, to the sum of $3,000,000, in addition
to the said liability of Oakland Railways as guarantor of such Oakland
Terminal Co. notes, such increase of indebtedness to be represented by
obligations of Oakland Railways in the form of notes of the same general
character as the $2,500,000 collateral trust 6% now outstanding, andto be
payable Sept. 12 1914, and bear such rate of interest and be secured
in such
manner as
the stockholders
or
the directors shall prescribe.
To authorize an agreement for the renewal or extension of time for
payment of said $2,500,000 collateral trust 6% gold notes to Sept. 12 1914,
such renewed or extended notes to bear such rate of interest and to be
(2)
•secured in such
as may be agreed on;
and to authorize any agree¬
corporation and the holders of said notes of Oakland
parties for the purpose of extending or renewing the
same; upon such terms as may be agreed upon.
See San Francisco &
Oakland Terminal Railways Co. in V. 97, p. 1116.—V. 97, p. 1116.
manner
ment between this
Terminal Co.
or
other
Ocean 'Shore RR., California.—Favorable Decision.—
Judge Seawell on Oct. 15, in the suit brought by John McGinty and others, decided against the plaintiffs the suit to
compel the trustees of the new company to give them bonds
of the new company instead of stocks for bonds of the old co.
The holders of the bonds of the old company, the Court says, could have
foreclosed under the trust deed against the assets, but instead of doing this
they assigned their securities to the reorganization committee and permitted.
the latter to go ahead ^yith the reorganization.
They thus, it is stated,
became parties to the reorganization and were barred from exercising their
original rights as bondholders.
They cannot now, says theCourt, be per¬
mitted to have their claims secured by bonds since the reorganization has
been carried into effect.—V. 97, p; 237.
Orange & Northeastern RR.—Mortgage.—The company
a mortgage to the Commonwealth Trust Co.
of
Houston, as trustee, to secure an issue of .$1,000,000 1st M.
has made
5% bonds to extend and complete the line from Port Orange
to Natchitoches, La., 130 miles, 40 miles in operation.
.
Ed. Kennedy of Houston, President
of the company, is quoted as saying
Shreveport & Calcasieu Construction Co. will begin, within 30 or
days,tracklaying from Vinton, La., northward 10 miles to a connection
that the
40
with the Sabine & Red River RR.
There are now 10 miles of line graded,
in, between Vinton and Stark, while between the latter
point and Port Orange, which is on the Louisiana side of the Sabine River,
opposite Orange, Tex., a survey is completed.
Track is laid from Stark
to Turpentine, and some grading has been done between the latter station
and Lees ville, La.
A survey has also been made through to Natchitoches.
Connections will be made at Vinton with the Texas & New Orleans RR. at
Lees ville with the Kansas City Southern, at Merry ville with the Atch. Top.
& Santa Fe and at Cypress and Natchitoches with the Texas & Pacific.
Construction is to be done in 15-mile sections.
The officers are:
President, Ed. Kennedy: Vice-Prests., W. H. Stark,
with culverts put
J. G. Gray and G.
Pacific
M. Sells; Treasurer, F. H. Harwell.
Railways of Nicaragua.—Sale of Control.—
See Nicaragua in
'
"State and City" department.—-V. 95, p. 48.
Pennsylvania RR.—Official Statement.—President Sam¬
Rea,'in answer to inquiries of stockholders, said yester¬
day that the finance committee and the board of directors
were considering the creation of a general mortgage as a basis
for the company's financing for many years to come.
Under this mortgage it is contemplated to issue bonds in
such amounts from time to time as may be required to pro¬
vide for necessary additions, betterments and improvements
uel
oct. 25
to railroad
CHRONICLE
THE
1913.]
equipment, property and facilities, and the funds,
that may be needed to meet maturing obligations and for
such other corporate purposes as may now or hereafter be
duly authorized by law.
The aggregate amount of the bonds that may be issued
is not at any time to exceed the outstanding capital stock.
When
approved by the directors the whole question will be
laid before the stockholders
for their consideration at the
annual
meeting next March.
has no expenditures that require immediate
financing, but it desires to announce the contemplated prep¬
arations for the necessary refunding and capital expenditures
in 1914, 1915 and later years, which it will be able to meet
through the issuance of either capital stock, consolidated
first mortgage bonds, the new general mortgage bonds
or
such other form of financing as will produce the best results
for the company and meet the monetary conditions pre¬
vailing at the time of issue.—V. 97, p. 887, 803.
The company
President
stock is
authorized, it is proposed to offer stockholders of
ending Aug. 31 1913 gross earnings are stated as $8,400,734, net earnings
$3,497,605 and surplus after charges $1,462,207.—V. 96, p. 1153.
Rapid Transit in New York City.—Contract.—
The P. S. Commission
contract for Section
on
•
Oct. 21 approved the form of the construction
The route is to be an extension of West
2, Route 18.
Farms branch of the present subway from 180th St. north in White Plains
Road to 241st St.
Section 2 extends from a point just south of Gun Hill
Road to the terminal.
The form for the southerly section was approved in
August last.—V. 97, p. 1116, 1025.
Rates.—5% Increase Asked by Eastern Lines.—
See items
on
Banks, Bankers, &c., on page 1082 in last week's issue.
Oregon Initiative Rate Law Declared Invalid.—
The 17. S. District Court at Portland, Ore., in a decision by 3 judges
(Judge Wolverton writing the opinion), held unconstitutional the rate law
adopted by the people of Oregon under the initiative at the general election
in last November, which prescribed a percentage relationship between the
classification ratings of freight and minimum carload weights.
The Hlil
arid Harriman lines several months ago obtained a temporary injunction,
which was made permanent.
The Act is declared not only violative of the
right of the carrier to manage its own affairs and exercise its own judgment
respecting the spread between carload and less than carload rates, but, it
is stated, would compel the carriers in many instances to
accept unreasona¬
bly low rates in order to comply with its provisions and
avoid criminal
prosecution.
The first 3 sections of the Act are also held to be irreconcila¬
ble and incongruous and the Act is said to be an attempt under the guise of
the exercise of the police power of the State to make exceptions in favor of
particular places and communities.—V. 97, p. 366.
Rutland
RR.—New
Directors.—Howard
Elliott, T De
Witt Cuyler and J. P. Morgan have been elected directors
to succeed Charles S* Mellen, Lewis Cass Ledyard and the
late J. Pierpont Morgan.—V. 97, p. 1025.
St. Louis & San Francisco RR.—Receiver's Certificates.—
The receivers have applied to Judge Sanborn in the U. S.
District Court at St. Paul, Minn., for permission to issue
$10,000,000 certificates to pay preferential claims and car
trust obligations.
The protective committee for the 1st M.
bondholders of the New Orleans
Texas & Mexico RR., it
reported, has withdrawn its objections to the proposed
Earnings, it is stated, are sufficient to pay current
operating expenses.
The Court, it is expected, will on Mon¬
day next pass on the application for the issuance of receivers'
certificates and also the question of paying the interest on
the general lien bonds due Nov. 1.
,
St. Louis Committee —A. T. Perkins and S. W. Fordyce,
both of St. Louis, at a meeting last week were continued as a
committee to represent the St. Louis stockholders and James
Campbell
was
added to the committee.
The committee will endeavor if
an agreement
New Orleans
Texas
&
Mexico
that company above.—V. 97, p.
the
Receivers'
Certificates —See
1025, 951.
Seaboard Air Line Ry.—Report.—See "Annual Reports."
First Dividend.—The directors have, by unanimous action,
declared a dividend of 1 % on the $23,894,000 4% non-cum.
Eref.
olders
stock,
payable
out5.of surplus earnings
of record
Nov.
on Nov. 15 to
Chairman Warfield Oct 23 issued the following:
The directors at the meeting to-day declared the initial dividend on the
pref. stock.
In the opinion of the Board the time had arrived when, in
view of the
satisfactory earnings of the past 12 months and the present
outlook, a distribution from the surplus earnings should be made to the
stockholders who bave patiently contributed to the upbuilding of the
The 3 months of the present fiscal year ended Sept. 30 (Sept.
estimated) indicate earnings in excess of those for the same period last year.
The question of the
yearly basis of dividend on the pref. stock of the
Seaboard Air Line Ry. was not acted
upon by the board.
The policy of the
directors in this regard Will,
obviously, be to retain for the improvement
of the property such
portion of its earnings as in their judgment is conserva¬
tive and wise.
Naturally, the directors should be inclined, after providing
for the proper requirements of the
property, to distribute to the stockholders
a fair proportion of the
earnings of the property.
The outlook for the present
year indicates earnings in excess of those for
the past 12 months.—V. 97,
p. 514, 445.
South & North Alabama RR.—Bonds
97,
p.
Offered.—
730.
Southern Ry.—Listed.—The New York Stock Exchange
has listed $1,500,000 additional first consolidated M.
5%
bonds due 1994, making the total amount listed $60,643,000.
The
$1,500,000 bonds
issued, $ for $ to, retire underlying bonds,
viz.:
$277,000 Charlotte Columbia & Augusta RR. 2d 7s, due Oct. 1 19101
$500,000 Richmond York River & Cheaspeake RR. 2d 4Hs, due Nov. 1
1910, and $723,000 Virginia Midland Ry. Series B 6s, due Mar. 1 1911.
—V. 97. p. 1132, 1107, 888.
were
#•
Southern Traction Co.,
Texas.—Operator?..'—Owing to
washout on a small section of the road, the
opening of the
line between Waco and Dallas, about 100 miles, for regular"
a
service
was
postponed till Oct. 18 when operations began.
operating the Southern
Exchange has listed $3,112,000 additional
general M. refunding 4% bonds, due 1953, issued for expendi¬
tures Dec. 1908 to June 1913, making total listed$23,112,000.
Purposes for which Said $3,112,000 Bonds Listed were Used:
purchase real estate for right of way and yards
'----$1,001,707
purchase additional side tracks, spur tracks, additions and
improvements of road terminals, &c__
996,931
To purchase additional switching locomotives and cars
378,212
To acquire $170,000 St. Louis Belt & Terminal Ry. stock
170,000
To acquire $1,112,700 St. Louis & Merchants' Bridge Terminal
Ry. stock..
„537,043
—V. 96, p. 1774,
To
To
—
Virginia & Southwestern Ry.—Earnings.—For
June 30
Net (after
Taxes)'.
$479,097
554,953
402,193
292,410
Operating
Year—•'
Revenues.'
Other
Income.
$250,647
122,431
77,888
85,564
year:
.
Balance,
Interest,
Rentals ,&c.
Surplus.
$415,205
$314,539
410,432
266,952
370,793
109,288
263,361
114,613
From the balance as above in 1912-13 was deducted $1,111 for additions
and betterments, against $3,259 in 1911-12, leaving a balance of $313,428
in 1912-13, against $263,692.
The dividend paid June 24 1913 (5%) called
for $100,000.
Total accumulated surplus June 30 1913, after paying same,
was$781,730.—V. 95, p. 1041, 1399.
1912-13—$1,806,626
1911-12-1,757,924
1910-11— 1,393,448
1909-10— 1,196,194
'
r
INDUSTRIAL, GAS AND MISCELLANEOUS.
Adams Express
June 30
Year—
Co.—Report
Filed in Massachusetts
as
Gross
Net
Other
Fixed
Dividends
Earnings.
Earnings.
Income.
Charges.
Paid.
$
$
$
$
Balance,
Sur.orDef.
$''■''$
171,966 1,959,639 1,126,126 1,210,080 def.204,601
1912-13-35,182,127
1911-12.34,191,955 1,205,390 1,927,083 1,255,044 1,210,080 sur.667,348
The results of outside operations in 1912-13 were (def.) $229,978, against
(def.) $117,877 in 1911-12, leaving a total deficit from operations of
$434,567 in 1912-13, against a surplus of $785,267 in 1911-12.
Total
surplus June 30 1913 was $26,292,107.—Y. 96, p. 1703.
American Express
Co.—Earnings.—
Gross
Net
Other
Dividends
Balance.
Fiscal Year—
Earnings.
Income.
Income.
(12%).
Surp.or Def.
$47,849,010 $571,877 $1,341,579 $2,160,000 def.$246,544
43,714,8741,340,415
1,536,114
2,160,000 sur. 716,529
Total surplus June 30 1913, $19,298,461, against $21,499,301 in 1912.
—V. 97, p. 1026.
..
American Gas Co.,
Philadelphia.—Plants—Earnings.—
See Rockford Gas Light & Coke Co. below and Phila. Suburban Gas &
Electric Co. in V. 97, p. 1049.—V. 97, p. 952, 888.
American Hide & Leather
3 Mos. ending
Sept. 30—•
1913
—
1911
* Net
Earnings.
-$193,263
331,700
167,029
1910
*
After
1,910'
Co.—Earnings.—
Sinking
Bond
Interest.
$81,225
Int.
86,145
90,810
Fund.
$37,500
37,500
37,500
95,190
37,500
Balance for
on
S. F. Bonds.
Period.
$46,650
41,730
37,065
32,685
sur.$27,888
sur.166,325
sur.
1,654
def.163,465
charging replacements and renewals and interest
on
loans.
Net current assets Sept. 30 1913, $9,168,834.
Bonds in hands of public,
Pres. Thomas W. Hall and Treas. Geo. A. Hill say: "This
statement has been prepared on the same accounting basis as the annual
$5,415,000.
statement of June 30
1913, and finished leather has been taken at the same
prices, which are below those now prevailing.
If this higher range of val¬
ues continues, effect will be given thereto in the accounts at the end Of the
current fiscal year."—V. 97, p. 663.
American Window Glass
Co.—Earnings.—
Net
Other
Fixed
Royalty
Balance,
Profits«
Income.
Charges.
Charges.
Sur. or Def.
1912-13
$2,035,623
$19,746
$237,615
$987,325
sur.$830,429
1911-12
437,346
55,355
233,304
814,856
def.. 555,459
The total profit and loss deficit June 30 1913, after crediting $159,203
profit and loss charges applicable to previous year's operations (net), wa«
$4,138,660.
There were produced 2,316,416 boxes of single and 942,877 boxes of
double strength and 5,671,932 sq. ft. of 3-16 crystal sheet and dry plate
glass.
As to the 7% dividend declared on the $4,000,000 7% cumulative
pref. stock, payable Nov. 25, see V. 97, p. 1117. • ■
•
Year—
—
The 100% stock dividend recently declared is to be distributed about
Nov. 1.
Holders of stock will be asked to turn in their stock certificates
to the
Guaranty Trust Co.
owners,
together with
new
These will be stamped and returned to their
certificates for an equal number of shares.—
V. 97, p. 598, 301.
Ann Arbor
'
(Mich.) Water Co .—Sale to City Completed.—
See "Ann Arbor" in "State and
City" Dept.—V. 97,
p.
1118, 804.
Barney & Smith Car CO;—Dividend to, Unsecured Cred¬
itors.—Judge Snediker in the Common Pleas Court at Day¬
ton, Ohio, has ordered the payment of a dividend of 25%,
amounting to $468,000, to holders of unsecured claims and
;
accounts.
c.
The receiver's report cash on deposit, $744,716; good accounts receivable,
$527,592; claims of unsecured and general creditors, a part of which has
not been fully adjusted, $1,870,178.
Orders on hand amount to $4,701,505, sufficient to keep the plant in operation, it is stated, until April next.—
V. 96, p. 1841.
Bristol
company.
See Louisville & Nashville RR. above—V.
begin about
Anglo-American Oil Co.—100% Stock Dividend.—
with
on
would
Terminal RR. Association of St. Louis.—Listed.—The
/
possible to bring about
the New York shareholders' committee and obtain representation
board to be elected at the annual meeting to be held on Nov. 10.
construction
New York Stock
Aug. 31.
new
both classes the right to subscribe for one share of new stock for each share
held.
Earnings are showing fair increases and for the 12 months
now
that
(which is now supplied from Dallas), it will distribute elec¬
tricity for lighting and power, through a large part of Central Texas.—
V. 97, p. 1116.
issue.
If the
increase
on an
stock.
announced
Traction line
is
of $2,686,200 in the pref.
Nov. 3
on
Strickland
Jan. 1 on the steam power plant of the Texas Power & Light Co., of which
he is also President, to cost about $1,000,000, and generate 25,000 or more
horse power.
In addition to furnishing power! for
119922--3.
Puget Sound Traction, Light & Power Co.—Stock In¬
crease.—The stockholders will vote
1205
(Conn.) Water Co.—Sale to City.—
See "Bristol" in "State and
City" Department.—V. 97, p. 730, 637."
Buffalo Gas Co.—Favorable Decision.—
Justice Woodward in the Supreme Court on Oct. 21 decided that if the
pay the amount due (about $286,000) within the next 30 days,
city does not
make some satisfactory settlement with the
company pending the de¬
termination of the city's suit against the company, the injunction secured
by the city, enjoining the turning off of the city's gas supply is to be va¬
cated.
The Court finds that the city failed to take steps in time to review
the determination of the P. S. Commission fixing the price of gas at 90 cts.
a 1,000 cu. ft., and says that a competent tribunal
having passed upon the
merits of the case, and fixed the price of gas, the city must pay
up or take
the consequences.
The 30 days' grace is given on the ground that it would
be in the nature of a public calamity for the city's gas supply to be shut
off.
Compare V. 97, p. 888, 804, and report, Y. 97, p. 296.
or
Canadian Cereal & Milling Co.,
Ltd.—Meeting, &c.—
The Investment Trust Co., trustee for the bondholders, has called a
meeting to be held at Montreal, Can., on Oct.28 to "consider the present
position of the security of the bondholders, and to give such instructions
to, and to authorize such proceedings and arrangements by, the trustees
as may be thought to be best in the interest of the
bondholders, and for the
purpose of appointing, if thought advisable, a bondholders' committee,
and of conferring upon such committee such powers as
may be considered
expedient."
The company was reorganized last year per plan V. 95, p. 1209, but a
second reorganization, it is said, will probably be necessary, and a
plan,
it was stated, was presented at the annual meeting of stockholders, which
was adjourned from Oct. 15 to Oct. 22.
The plan will await the attitude
.
of
the
bondholders, who meet next week.
Although
there
was
a
sub-
,
1206
bonds is to be decided after the sale
tributed.
See V. 97, p. 1118.
stantial reduction of capital a year ago and other economies have been
exercised, the company has had a very poor year.
No dividend has been
paid on the $750,000 pref. stock since the beginning of the year.
Two writs have been issued against the company, one for $7,661 by the
Canadian Bag Co, and another for $2,773 by the Smart-Woods, Ltd.
/
W. W. Thompson, R. K. Mcintosh and W. S. Andrews have been elected
directors.—V. 95, p. 1209.
Iowa-Nebraska Public Service Co.—Adjudged Bankrupt.
Case
Sales shown for the first eight [not nine] months of 1913 were $8,197,554,
or more than 10% ahead Of the same periodof 1912.
An average propor¬
tion of gross saved for net would indicate net earnings for this year of about
Knox Hat
took place on June 19 last.
Mr. Knox remains, it is said, the largest indi¬
vidual stockholder in the companies (retaining about 20%) and has been
made Chairman of the board of directors.
1
3 & 9 Mos. end. Sept. 30.
Laclede
Tot. net
all prop's *..$2,107,704
earns,
Less
1913
1912—
1912
1913
1912
—V.
$2,968,725 $6,768,358 $7,760,025
«
739,479
The
862,824
2,447,919
2,227,030
issue
Total
Deduct—Int.
on
1st M. 5s._
debentures.
Preferred dividends
Interest
on
$1,368,225 $2,105,901
896
6,824
$4,541,328 $5,312,106
13,902
20,976
$326,838 $1,030,241 $1,383,850 $2,085,630
earnings are stated after deducting operating expenses,
cluding those for repairs and maintenance, approximately $270,171
the quarter and $808,018 for the nine months.
.
Total surplus Sept. 30 1913, $6,560,261.—V. 97, p. 240.
in¬
for
Dividend—Earnings
—
♦Total
net
Colorado Power Co., N. Y.—First
shareholders
co
mon
on
Oct.
20
voted
to
authorize
Minnesota
Gas
&
no
Electric Co.,
are
$212,023
placing at
and int. $325,000 1st M. sink. fd. 6% goldall or any, on and
1918 at 103 and interest.
par
Balance,
basis $116,206.
ending Profits
Sept.30.Sub. Cos.
Capitalization—
C.-T.-R.
Res. for
Deprec.
23,308
Earnings.Expenses-
Balance, Exp .(less
Bond
Divs.Paid Balance,
Avail'le. Int.Rec.). Interest.
(3%).
Surplus.
Earnings for Cal.
Monmouth
Newark, N. J., are offering a further$30,000
bonds.
Present earnings stated to be in excess
charges, and showing a healthy increase.
Capital
stock issued, $16,000;
bonds outstanding, $61,000.
Pres., Capt. Peter
Vredenburgh, Freehold.
See also V. 96, p. 290. >
1st M. sinking fund 5%
twice
Nevada-California-Oregon Ry.—Earnings.—
Oper.
Net •
Outside
Other
Int.,
Preferred
BaL,
Revenue.
Earns.
Op.{Net). Inc. Tax.,&c. Dividend. Surplus
1912-13-.$403,979 $120,347 def.$359 $3,442 $87,426
$36,004
1911-12.. 386,590
124,845
1,139
4,377
74,904 (2)$15,000
40,457
—V. 95, p. 750, 1201.
/
:
,
June 30
Year—
.
North
does the entire gas business in Detroit (population about
600,000) under franchises which extend to 1923.
The modern equipment,
with low transportation rates for coal, permit very low charges for service,
the existing net rates ranging from 35 cents to 75 cents?per 1,000 cu. ft.
The prosperous American Light & Traction Co. is in control, owning
a large proportion of the outstanding capital stock.—V. 97, p. 731, 179.
(Mich.) Water Co.—Successor.—
Co. below.—V. 94, p. 1319.
—
succeed Eugene Barney.
The
end Dec. 31 instead of Aug. 31 as heretofore.
therefore, be held about the second Monday
April 1914.—V. 97, p. 953.
Great Northern Iron Ore
Properties.—Dividend 50 Cts.
share on the
—The trustees have declared a div. of 50c. a
$1,495,720 certs, payable Nov. 25 to holders of rec. Nov. 11.
Dividend Record {Per Share).
Sep'07. Mar'08. Sep'09. Mar'10. Sep'10. Dec' 10.
$1
$1
$1
50c.
50c.
50c.
—V. 96, p. 1554.
■
Hendee
Mfg.
Co.
.
("Indian"
'
•
Mar' 11. Dec'12. Nov'13.
50c.
50c.
Motorcycles),
Spring¬
y:^
Co." was incorporateed inMass. on Oct. 11
$12,500,000 of auth. cap. stock in $100 shares, of which $2,500,000
is 7% cum. pref.,'p. & d. (with no funded or floating debt), as successor
of "The" Hendee Mfg. Co., whose outstanding stock was $2,600,000
($600,000 pref. and $2,000,000 common).
The old common shareholders,
it is understood, received in exchange for each share held 3 A shares of
new common and (on
Oct. 11) a 50% cash dividend.
The issue of $2,500,000 pref. stock was recently sold with a stock bonus, it is said, of $900,000, the proceeds to be applied partly to said cash dividend and partly as
additional working capital.
.
.
"Springfield Republican" Oct. 7 said:
"The new pref. stock, with 7%
dividends, payable quarterly, is convertible into common stock at par if
the whole issue is called in at $125.
It is further provided that, until net
The "Hendee Manufacturing
quick assets are $3,000,000, there shall be no payment of dividends on com¬
also that $150,000 a year shall be paid into a [cumulative] sinking
fund for the retirement of the pref. stock in case it can be bought at $110
a share.
If the company earned no more this year than it did last* when the
mon;
profits were about $1,300,000, it would be earning 10% on the $10,000,000
has been greatly enlarged and the company ex¬
pects a big year of business."
In the year ending Aug. 31 1913 the output
is said to have been 32,000 motorcycles (representing net profits of $1,300,000) while for 1913-14 it is estimated at between 50,000 and 60,000.
Directors:
George M. Hendee, Pres.; F. J. Weschler, Treas.; Robert
Winsor, of Kidder, Peabody & Co., Boston; Albert H. Wiggin, Pres. Chase
Nat. Bank, N. Y.; William B. Thompson, of Thompson, Towle & Co.,
N. Y. and Boston; Henry H. Skinner, Edwin A. Carter and
William E.
Gilbert, Springfield; Charles F. Ayer, N. Y. City.
Compare V. 91, p.
1773; V. 96, p. 283; V. 97, p. 53, 953.
of common; but the plant
Idaho-Oregon Light & Power Co.—Statement.—
protective committee of First and Ref. M. bonds, Samuel L.
issued a statement to the bondholders discrediting
Fuller, Chairman, has
allegations of the Chicago committee.
More than 75% of the issue has
been deposited with the New York committee, and the Court has set Dec. 1
s the date for the foreclosure sale.
The regularity of certain issues of the
Pa., at $345,132, and on
this showing the Mich. RR. Comm. permitted the
stock at par as part payment for the property.
issue of pref. and common
50c.
with
the
Cap. stock auth. and issiied ($125,000 6% cum. pref. p. & d.;
non-voting; callable at 110 and divs. at any time)—_
$250,000
Bonds, 1st M. 6s, auth., $250,000; held by trustee, issuable under
restrictions of deed of trust but only with consent of State RR. .
Commission, for impts. and extensions, l$150,000.
Present issue 100,000
Owns water-works plant, new filtration plant, etc., at Escanaba, popu¬
lation 15,000 to 20,000.
A 6,000.000-galIon capacity-per-day Allis-Chalmers pump and two additional Springfield type boilers, 250 h. p., are being
installed as auxiliary to the present equipment.
In July 1913 the entire
assets and rights were apprised by L. E. Chapin, engineer, of Pittsburgh,
Earns
for Cal. Yrs. (4 Mos.
Gross earnings
field^ Mass.—Re-incorporation—Dividends.—•
The N. Y.
Michigan Water Co., Escanaba, Mich.—Bonds
Offered.—Brooks & Co., Wilkes-Barre and Scranton, are
placing $100,000 1st M. 6% gold bonds dated Sept. 1 1913
and due Sept.l 1933, but callable on any interest date upon
20
days' notice at 105 and int. Par, $100, $500 and
$1,000 (c).
Int. M. & S. at Lackawanna Trust & Safe De¬
posit Co., Scranton, Pa., trustee.
The bankers report :
W. J. Hall has been elected a director to
of
Lighting Co., Freehold, Englishtown and
of double the interest
The company
fiscal year has been changed to
The next annual meeting will,
$19,500
$22,223
Clarence Hodson & Co.,
the total of all bonds outstanding.
Mining & Smelting Co.—New Directors,- tic
1913.
Int. oh all bonds..
Balance,
Marlboro, N. J.—Bonds Offered.—
lien upon all property, now owned or hereafter acquired, subject to $6,000,000 bonds outstanding, for the retirement of which a like amount of this issue
Federal
im¬
(1913 Has Fipe Months Estimated).
1913
$104,307
41,723
surplus
Net for 1914 estimated at not less than $45,000.—V. 95, p. 683.
Net
Auth., $10,000,000; retired, $100,000; outstanding, $1,810,000.
Of
outstanding bonds, $900,000 are due $100,000 annually July 1 1914 to 1922.
Balance outstanding and remainder of authorized issue due July 1 1923.
Interest J. & J. in N. Y.
Bonds due 1914-1922 red. at 100 and int.; bonds
due 1923 at 105 and int.
Equitable Tr. Co. of N. Y., trustee.
A direct
Escanaba
Years,
1912
City Gas Co.—Bonds Offered.—Wm. A. Read &
purchased and are placing privately $1,405,000
General Mortgage 5% gold bonds of 1903 (V. 78, p. 822),
half of the block having already been sold.
A circular shows:
See North Michigan Water
325,000
only be put out after completion of present
;A-• $95,951
37,328
Gross
have
Present replacement value of property estimated at over
600,000
*
can
Issued.
$135,000
Properties.—(1) Present electrical plant, cap. 725 k. w.
New, thoroughly
plant to be completed Sept . 15 1913, increasing capacity to
1,350 k. w. (500 k. w. direct).
(2) Gas plant, daily cap. 200,000 cu. ft.
(3) Hot water heating system, water from wells 369 ft. and 1,000 ft. deep.
(4) 16 miles electric pole line, 14 miles gas mains, 1 mile heating mains.
Customers, electric, 1,100; gas, 876; heating, 75.
Cost of property, $515,000 prior to present improvements, which add $110,000.
Franchises per-I
petual and liberal.
'
Detroit
is reserved.
Authorized.
.
modern electric
1913...$965,564 $162,287 $803,277 $31,780 $313,924 $313,719 $143,854
1912... 880,862
153,367
727,494
33,602
315,000 .......... 378,892
Adding discount on bonds purchased from sinking fund June 20 1913,
$15,360, makes a total of $159,214 added to surplus for the 6 months
ending June 30 1913.—V. 97, p. 240.
Co.
.
Stock, all common., in $100 shares.'
:$750,000
1st M. 6% (annual sink. fd. 1915-18, 1A%\ thereafter,
—
pref. stock calls for $14,875, leaving on above
See also V. 97, p. 889.
—Prop. Profits Sub. Cos.
,
2A%)
Additional bonds
on
Computing-Tabulating Recording Co.9 Mos.
1
provements, and for only 75% of cost of extensions, &c., provided annual
net earnings are twice the fixed charges, including bonds then to be issued. ,
$131,081
surplus for dividends, &C.
Full 6 months' div.
Aug.
Data from Pres. George C. Edwards, Bridgeport, Conn., Aug. 8 1913.
103,250
$108,773
Salida Lt., Pow. & Utility Co..
To
Albert Lea, Minn.—
after
Net income subsidiary company,
(a)
Bonds, &c.—P. W. Brooks & Co., N. Y., Boston and Phila.,
ferred stock at rate of 7% per annum (for period from Apr. 15;
to Nov. 30), payable Dec. 15 on stock of record Nov. 30.
Earnings for Six Months ended Sept. 30 1913.
Gross oper.
revenue,
$301,174; net, $204,778; other income,
...
trustees
par
bonds of 1913, due Aug. 1 1933, but red.,
Net income
the
cum.
stock with
The directors have declared an initial dividend on the pre¬
$7,244; total net
Bond interest.
•
,
Companies.—Change in Stocks.
pref. stock at $100 a share and 50,000
value, and to exchange the same for
the present outstanding stock, one share of new pref. and one share of
common for each share of the present outstanding stock,
(b) To issue
30,000 shares of pref. and 30,000 shares of common stock at any time,
or under any condition they see fit.
Shareholders are requested to deposit the present shares with the Old
Colony Trust Co. without delay.
The new pref. shares will be entitled
to quarterly dividends and in case of liquidation will be paid $125 and ac¬
cumulated dividends.
The trustees expect to pay on Jan. 15 1914 divi¬
dends of $1 50 per share on the preferred and 25 cts. on the common, thus
making a total quarterly dividend of $1 75, which is equivalent to the
present amount paid on the shares outstanding.—V. 97, p. 526, 1026.
$1,369,121 $2,112,725 $4,555,230 $5,333,082
$459,552
$459,552 $1,378,656 $1,378,656
40,200
44,528
120,600
582,731
582,732
1,748,196
1,748,196
'—
Surplus for period
240.
50,000 shares of 6%
shares of
Add. inc. from investments.
V
—
p.
Massachusetts Lighting
\
exp. & losses of all cos.,
incl. int. on outst'g obligations (except bonds).
—
97,
Gas Light Co.—Earningsr—
Gross
Net {after DepreciaInter- Pref .Dies. Balance,
Earnings.
Taxes).
tion.
est.
{394%). Surplus.
.$3,299,600 $1,683,162 $198,431 $786,596 $93,750 $604,385
3,224,733
1,638,872
193,229
757,177 93,750
594,716
Sept. 30—
Nine Months
Three Months
1913
Mr. Brazier has been chosen'
President and E. K. Cook Vice-Pres. and Gen. Manager.—V. 76, p. 597.
9 Mos. end.,
Central Leather Co.—Earns, for
Manufacturing Co., Brooklyn, N. Y.—Sale.
Col. Edward M. Knox, who owned about 80% of the stock, has, it is
stated, sold control both of the Knox Hat Mfg. Co. and the Knox Retail
Hat Co. to a syndicate headed by C. G. Brazier of Boston.
The transaction
See V. 96, p. 944.—V. 97. p. 952.
$2,500,000.
before proceeds of sale are dis¬
Judge W. H. Munger in the U. S. District Court at Norfolk, Neb., on
Hornblower & Weeks
.
and
xcvii.
Sept. 29 adjudged the company to be bankrupt.
Henry E. Maxwell and
George W. Johnston were recently appointed receivers.—V. 96, p. 1706.
Threshing Machine Co.—Pref. Stock.—
are offering privately at the market
price a small block of the $12,150,000 outstanding 7% cum.
pref. stock.
The firm say:
I.)
(J.
[Vol.
CHRONICLE
THE
1913 Est.)—
,..
_
1913{Est.).
— —
.$49,126
1912.
1911.
$44,949
$43,155
4 A times present int. chges.)_$26,166
$23,913 $21,174
and the two new boilers now being installed will probably
be financed by the sale of about $20,000 treasury bonds.
The net earnings
will provide interast on the bonds, 6% on the pref. stock (the initial VA%
wifl probablv be declared in December) and oVer 5% on the common.
The
common will probably start divs. around Jan. 1 1914 at 4% per ann., with,
increases later. The common will be trusteed with Brooks & Co. for 5 yrs.
The company took over the old Escanaba Water Co. property (V. 94, p.
1319), a syndiacte having purchased an old issue of about $70,000 1st 5s
with interest past due 1A years), to protect holders of about $350,000 2d
and 3d M: bonds,
Pref. and common stock was issued to reimburse old
bondholders and the new bonds were sold to the syndicate members (re¬
imbursing them for the cash provided) , and by them to Brooks & Co.
Directors: J. E. Weissenfluh, Pre3.; J. H. Richards, Sec.; F. B. Atherton;
Treas.; Judson E. Harney and C. W. Gunster. all of Scranton.
Net prefit {3% to
The new pump
O'Gara
The
Coal Co.,
Chicago.—Bondholders' Committee.—
committee formed at the request of the holders of
a majority
bonds now consists of Henry L. Cohen, Chairman; Edw. S.
of the first M.
Jones, Willard V. King and F. M. Kirby, with Wm. R. Britton, 30 Broad
St., Secretary, and Columbia-Knickerbocker Trust Co., N. Y., Scranton
(Pa.) Trust Co. or Miners' Bank of Wilkes-Barre, Pa., depositories.
An audit of the books of the company, it is stated, is now being made,
and the
committee hopes for an early appointment by the Court of impartial
coal experts to
value the property and advise as to its management and oper¬
Meanwhile, the committee will follow the present legal proceedings
action which may tend to diminish the value of the
deposited first mtge. bonds.
(V. 97, p. 822.)—V. 97, p. 1049, 890.
ation.
to
prevent any act or
Rockford (111.) Gas, Light & Coke Co.—New Plant.—
American Gas Co. is building a modern gas plant
total capacity of 1,500,000 cu. ft., necessitated by the rapid growth
company's gas business.
The operating revenues of the subsidiary
companies of the American Gas Co. for the seven months ended July 31
last, it is stated, showed an increase of $148,521.—V. 97, p. 52i.
This subsidiary of the
with
a
of the
Packard Motor Car Co.,
For Other
Detroit.—See
page
Investment News, see pages 1219 and 1220..
1219.
OCT.
1207
CHRONICLE
THE
25 1913.]
■?
i
i
' >
S&potts and
AOVERtlSfcMENTS
PUBLISHED AS
NEW YORK NEW HAVEN &
THE
ENDING JUNE 30 1913.;,
FORTY-SECOND GENERAL STATEMENT—FOR THE YEAR
FROM
ABSTRACTS
HARTFORD RAILROAD COMPANY
THE NEW YORK NEW HAVEN & HARTFORD RAILROAD COMPANY
COMPARISON WITH YEAR 1912. '
INCOME ACCOUNT OF
FOR THE
YEAR ENDING JUNE 30 ,1913 IN
.
.
' '
;
•
:
Comparison with 1912
.
"OPERATING REVENUE:
.
•
—————1913
Freight Revenue
_________.,:____._..___^____$34,071,974 75
Passenger Revenue
'.i
— _______
27,896,300 29
All other Revenue from Transportation.__
______
4,776,864 61
Revenue from Operations other than Transportation.....
___.
—
1,868,363 43 •
.
.
/
'
TOTAL OPERATING
-~
......r
Transportation Expenses
General Expenses
7,893,090
9,600,668
582,310
27,203,270
1,947,999
—
.___
...
....
._
...
___,
04
56
22
47,227,338 97 •
OPERATING REVENUE
NET REVENUE FROM OUTSIDE OPERATIONS..
NET
........
-
TOTAL NET REVENUE
,
•----
RAILWAY TAX ACCRUALS..!
:
'
•
INCOME FROM OTHER SOURCES:
Dividends on Stocks
$6,487,516
Bonds.241,344
2,222,096
Received
—
502,317
...
Interest
....
...
on
Income from Unfunded Securities............
Rents
'
Hire of
Equipment
Sinking and Other Reserve Funds
Income from Physical Property
■
....
,T—
—.—
Mixcellaneous Income—...
FROM INCOME:
on Bonds, Debentures and Other Liabilities. ...i
Rentals of Leased Lines
...
...
v..
DEDUCTIONS
Rentals other than above
..
2,391,143 05
......
.....
Separately Operated PropertiesBoston RR. Holding Co. Guarantee—
j
N.( Y. W. & B. Ry. Co. Guarantee (Bond Interest)
$1,442,882 73
742,708 23
v
$18,316,855 33
$2,180,799 00
77,72444
,
" > :
24,278 98
.
J
56,747 35
'
241,778 20
32,917 74
73,423 62
,
.
197,426 85
90,238 44
'
j
239,323 36
$2,420,122 36
$28,380,640 11
sinnn)nnnn
—$11,029,129 09
—4,545,793 58
Interest
•
$5,600,027 10
10,063,784 78
-
1
$2,185,590 96
>
4,79196
90,238 44
TOTAL INCOME
06
40
89
89
86
$22,031,611 31
3,714,755 98
230,630 82 ?
216,217 88
73,423 62
.
—______
$1,147,207
1,616,811
169,429
2,369,544
297,033
$21,386,164 11
645,447 20
66
12
19
05
TOTAL INCOME FROM OTHER SOURCES......
v
,
95
20
*TOTAL OPERATING EXPENSES..
,
$4,157,144 37
-
Maintenance of Way and Structures.
Maintenance of Equipment
Traffic Expenses
...
.
.
$68,613,503 08
EXPENSES:
OPERATING
>
REVENUE...!.
:a
•
.
Increase.
:V.'; Decrease.
$2,417,789 11 ; .
. ,
:
-1,079,864 80
-;i
364,535 17
294,955 29 /. '
.
$550,385 00
71,446 68
208,622 98
"
«
«.
$503,268 49
——_.
777,750 00
354,527 01
•
(
'
777,750 00
'
;
"
.
$1,281,018 49
a
Less, B. & A. RR. Operating
'
-
Guarantee—Cr.
42,580 87
—....
Miscellaneous Tax Accruals
Miscellaneous
*
NET
.
NO.
135,
'
----
1—
INCOME
DIVIDENDS NOS. 132 TO 134,
DIVIDEND
:
INCLUSIVE, 2% EACH
2,700,255 00
-
—,
"
DEFICIT.
——
.2
-v----
Operating Expenses and Taxes were 74.24 pe- cent
19,458,402 39
$10,786,308 00
n
1M%-^/0
,^8,769 08
132,430 57
,
$8,922,237 72
—1._
,
♦The
82,093 48
171,805 57
FROM INCOME
DEDUCTIONS
TOTAL
~
...... ——
—
60,74080
,
1 238 437 62
_
the first few months of the fiscal
highly encouraging, being the greatest in the his¬
tory of the Company for a similar period, the net results for
the year compared with 1912 show a large decrease, due, to
heavier operating expenses, which reflect principally the
expenditures made by the Company to put the property
and equipment in better condition to handle business safely
and promptly, and to pay increased wages.
The unfortunate
accidents at Westport, Conn., on October 3rd 1912, at
Stamford, Conn., on June 12th 1913, and at North Haven/
Conn., on September 2nd 1913, the continued investigations
for several years,of the Company and its operations, and the
resulting demoralization and expenditures made the year
one of unusually heavy outlays.
From the standpoint of
gross earnings, much better results were expected, but were
not realized because of the conservative policy in manufac¬
turing and consumption which restricted output and orders
to actual necessities, so as to be prepared for any legislation
that might injuriously affect the business of the New Eng¬
While the earnings for
.
„
>
•
■
•
.
,
<
for the deplorable
accidents referred to, the management did not attempt to
evade its full responsibility, and the efforts of the officers and
employees were and are being systematically devoted to
raising the railroad and service to higher standards of effi¬
ciency and discipline, all necessitating larger expenditures
and higher wages.
In maintenance of way and structures
the increased expenses were not only for wages, but for rails,
ties, ballast, cross-overs, signal and inter-locking plants and
station improvements.
The increase in maintenance of
equipment expenses was due to higher wages, to-placing
the rolling stock in sound operating condition, the installa¬
tion of superheaters on engines, the additional work and in¬
spection necessary to meet Federal and State regulations
as to equipment, and the larger number of electric locomo¬
tives and
cars
was
one
to be maintained.
c^use
•
$4,564,325 28
$3,634,335 88
.
'
.
.
allowances for hauling company freight
•
•
is due to increased train mileage' to handle increased
business, especially in the freight service, higher wages, fuel
costs and claims for loss and damage.^ This increase in
penses
the cost of
operating is
a
general condition affecting all of
should arise
expenditures
due to improving your railroad and equipment, from which
better operating results are anticipated.
All of these conditions, however, made it necessary to
reduce the dividends of the Company from 8% to 73^% per
annum, the dividends for,the first three-quarters of the fiscal
year being, at the rate of 8% per annum and the last quarter
the railroads of the country, but no question
as to the wisdom of that part of the increased
at the rate of
6%
per annum.
marks the completion of a period in which
your directors and management deemed it essential, for the
protection of its lines and the enlargement of its business and
to serve effectively th£ public and develop the New England
States by a comprehensive transportation system operated
co-operatively with your railroad, to adopt the policy of
acquiring an interest in various transportation lines adjacent
to and serving the"territory in which your railroad is located.
These acquisitions, in the opinion of your Board, were legally
made, and after due consideration that they were for the best
interests of the Company and the public, which is the only
source from which its revenues are derived, but your com¬
The past year
pany has no desire to retain these investments except in con¬
formity with law and sound public policy.
During the same
period the Company was also confronted by very .large re¬
construction outlays for the electrification of the important
section of the system terminating in Grand Central Station,
New York City, for new equipment and facilities, larger and
heavier bridges and other structures, as shown in the annual
statements to the stockholders.
In the opinion of your man¬
agement, all of these steps were necessary and advisable for
the internal development of the territory in which your lines
are located and to handle increased local and through traffic
with safety, economy
and expedition/and enable your Com¬
pany
tion regarding the increased train service and summer re¬
on your system.
The increase in transportation ex¬
this Company, or any
v..
.
828,977 00
\
Traffic expenses were increased by extensive advertising
and the wider circulation of time tables and general informa¬
sorts
u
'
of the Total Operating Revenue.
year were
$4,463,312 88
■
13,486,563 00
NOTE.—Operating Revenue and Expenses are made comparative by eliminating from 1912 figures arbitrary
operation; 1913 figures excluding such allowances under ruling of Inter-State Commerce Commission.
While the human factor
"
-
used in
land States.
$2,043,190 52
to properly discharge its duty to the shipppers and the
public.
It could not with any certainty be expected that
other,
can
make expenditures of this
CHRONICLE
THE
1203
extraordinary character produce immediate results in the
shape of increased profits, but undoubtedly they will have
the effect of attracting more traffic to your tines, strengthen¬
ing the Company's position and utility as a large transpor¬
tation system, and eventually will produce satisfactory anc
permanent returns.
Your
Company owns and operates a well-established rail¬
very valuable traffic-producing territory, and the
shareholders and its officers and employees have every reason
to retain their confidence in the earning capacity of the prop¬
erty and give their aid and influence to the management in
strengthening it in every possible way.
The following is a statement of the construction, improve¬
ment and maintenance work undertaken during the year and
is the best evidence of the important re-construction and im¬
provement work in progress on your lines:
pm Harlem River Branch.—The construction work of the New
York Connecting Railroad has now reached a point where a
modification of this Company's tracks will soon be necessary
and the work will probably be carried out this year.
At Van Nest, the new repair shop, inspection shed, black¬
smith shop, and appurtenant facilities for handling electric
locomotives, are complete and ready for service.
At Oak Point the new office building, storehouse and in¬
road in
a
spection pits for electric locomotives are complete and ready
for service.
New mooring cribs for car floats are in service,
relieving the former congestion at the 112th Street moorings.
At Westchester Yard the construction of
to relieve the
receiving tracks
crowded condition at Oak Point Yard, the in¬
stallation of three 1,200 feet
freight-transfer platforms, and
•office building, are completed.
At Pelham Bay the filling of
■
.
the six-track timber trestle
approach to the lift bridge is progressing and will be com¬
pleted this year.
Cos Cob Extension of Power Plant.—This work, undertaken
to supply electric propulsion power to your Harlem River
Branch, electrified section Glenbrook to New Haven, when
•completed, also the New York Westchester & Boston Rail¬
way, consisting of the installation of four additional genera¬
tors, making a total of eight, with the construction of new
and improved coal-handling apparatus, is complete except
some
minor detail's.
*
Hawleyville-Shelton Double-Tracking:—Has been completed
and provides a double-track railroad from
Naugatuck Junction to Hopewell Junction, 68.44 miles.
Berkshire Junction-New Milford Dopble-Tracking
From
Berkshire Junction to Brookfield
Junction the work is com¬
plete; and the entire work, involving the'elimination of four
grade crossings by building two overhead bridges, line changes
at Brookfield and Still River, new railroad bridge at Still
station at Brookfield, and re-modeling and re¬
location of the present Still River station will doubtless be
new
finished before the close of 1913.
\
-
Ansonia-Bridge Street Bridge.—The four-span reinforced
•concrete bridge over the Naugatuck River at this point and
the elimination of Bridge Street grade crossing has been com¬
pleted and opened for public travel.
New Haven and Cedar Hill.-*—The excavation for change of
alignment in connection with the proposed New Haven
station, change in sewers, wires and gas mains, new wood¬
block pavement in new Union Avenue and Meadow Street,
fence and granolithic walks around the General Office
new
Building and concrete retaining wall
have been
on new
Union Avenue
The lowering of tracks in* the west
sufficient overhead clearance for electrification,
completed.
cut to obtain
involving the underpinning of existing walls and piers and
installation of new highway bridges at Cedar, Lamberton,
Dewitt Streets and Howard Avenue, will be finished by the
•
.
•
close
the
of
year
1913.
.
■
a
steel
Pawtucket and
Albany tracks
now pass over your
Central Falls.—Under the
provisions of an
Legislature, and with supervision
by a Special Commission created by it, the Company has
undertaken the elimination of five extensively used grade
crossings in Pawtucket and Central Falls on a revised align¬
ment, removing the present objectionable reverse curves.
The scheme includes re-construction of freight yards, new
passenger station over the tracks to serve both cities, eight
overhead highway bridges, a foot-bridge and third and fourth
tracks.
The work is progressing favorably, grading being
done by Company forces and it is expected to complete
early in 1915.
East Junction—Readville Four-Tracking.—Surveys for third
and fourth tracks and elimination of grade crossings are sub¬
stantially complete.
Hearings are being held on the • 13
proposed crossing eliminations in the towns ofWestwood,
Canton, Foxboro, Sharon and Mansfield.
In connection
with the proposed electrification from Boston to East Provi¬
Act of the Rhode Island
.
dence^ investigations have been made
the feasibility of
on
operation for suburban traffic of the terminal loop underthe
South Station and also for electrification via Forest Hills,
Dedham and Readville.
Readville,
Mass.—The
200-feet
of locomotive
extension
shop has been under construction during the year and will
soon be ready for service.
Clinton, Mass., Elimination of Grade Crossings.—This
work, including elimination of four highway and one railroad
grade crossing is being done under decree of the Court and
should be finished during the ensuing.year.
The most important pieces of Work that have been under
prosecution by the Electrical Department during the past
fiscal year are as follows:
*
(1) Electrification of Oak Point, Harlem River, West¬
.
chester and Van
Yards.
Nest
(2) Building of electrical shops at Van Nest.
(3) Extension of electrification from Stamford
Haven.
to New
:
.
*
(4) Elimination of electro-magnetic induction on foreign
wires in the electric
zone.
.
(5) Electrical equipment.
'
Electrification of Oak Point, Harlem River, Westchester and
Van Nest Yards.—The electrification of Oak Point and West¬
,
Yards has been completed and electric switching
inaugurated in those two yards.
The Harlem River
Yard electrification is practically completed and it is antici¬
pated that Van Nest Yard will be completed in the course
chester
service
of
a
few months.
Your
Company was the pioneer in adopting the overhead
single-phase system of electrification on a long-distance
steam railroad for freight as well as passenger traffic.
It
has constructed the first important freight "yard in the world
for electrical operations, this being essential for the freight
as well as the passenger traffic, because of the legislation re¬
quiring your Company and others to electrify their tracks
and stations in the City of New York.
While the operation
of freight trains by electricity has many problems still to be
solved, in order to demonstrate beyond a doubt the adapta¬
bility of electricity for freight-yard and" shifting service, these
large electrification outlays have been beneficial not only in
relieving passenger terminal congestion in New York City,
but in making it possible for your Company to move more
and heavier passenger
trains
on
its main line between that
City and New Haven.
Building of Electrical Shops at Van Nest.—The buildings
have been finished and the installation of machinery so far
advanced that the work is practically completed.
of • Electrification from Stamford to New Haven.—
electrifying the main line tracks from Stamford
New Haven is being actively prosecuted^ the date of its
Extension
The enlargements and extensive
creased
completion having been seriously delayed on account of strike
and flood conditions at the point
wrkere steel bridges for
to
1,511 cars.
obtain
Improvement.—The filling of Lyman Viaduct to
double-track roadbed has been actively prosecuted
a
during the year.
The work, which is being done by Com-
pany forces, is now about sixty per cent completed
be finished before the close of the year 1913.
The
and will
also be finished during the .ensuing
Rapallo
year.
Westerly Improvement.—The. comprehensive revision and,
improvement of facilities at Westerly, R. I., consisting of
passenger and freight stations, revision of alignment
and provision for future four-tracking, new freight yard,
additional passing sidings, passenger subway, three new
bridges, and the elimination of one grade crossing are sub¬
stantially complete and all facilities are in service.
Providence-Fall River Double-Tracking.-—The construction
of double-track on portions of the line, with line and grade
revision and elimination of grade crossings, has been completed
new
and is in service.
East
Providence—East
Junction
Double-Tracking.—The
negotiations which delayed progress on this work
last year have been successfully concluded and the doubletrack is complete and ready for service.
Worcester, Mass.—All the work at Worcester, including
elimination of grade crossings under decree of the Court, new
coach yard and "engine facilities, connection between the
Norwich & Worcester RR. and the Providence & Worcester
RR,, is complete except some minor details of signals arid
interlocking.
The crossing at grade of the tracks of the
Boston & Albany RR. and of this Company has been abol¬
necessary
,
viaduct.
The work of
Viaduct filling will
,
on
xcvii.
changes in the Cedar Hill freight yards have been completed
and are in service, and the total yard capacity has been inAir Line
.
ished and the Boston &
railroad
.
and is in service,
River,
[Vol.
to
he catenary
construction
were
being manufactured.
It is
:loped, however, that the work will be sufficiently advanced
;o permit of electric operation between Stamford and New
Haven early in-1914.
Elimination of Electro*Magnetic Induction on Foreign Wires
in the Electric Zone.—This work has been pushed as rapidly
possible arid it is expected that the new system of electric
distribution will be inaugurated early in 1914.
Equipment.—The following orders for electrical
equipment have been placed :
as
power
Electrical
13 AC-DC motor cars,
4 AC motor cars,
22 Trailers,
straight
passenger,
and baggage.
is expected within a few months
!rom the manufacturers and thereafter four motor cars a
month are promised until the order is completed, followed by
die Trailer cars.
The AC motor oars will not be constructed
until the order for the AC-DC motor and trailer cars has been
4 Trailers, passenger
The first AC-DC motor car
Tiled.
'
The Number
of Grade Crossings Eliminated During the Year
was—
Connecticut
Island
State of Massachusetts
State of
State of Rhode
Total
___i
3
2
1
.pe
Oct. 25
THE
1913.]"
paid the Railroad Company substantially the book value
parlor and sleeping cars owned by the Railroad
Company and has agreed to substitute for the existing equip¬
ment the highest type of all steel modern cars
and to
furnish such similar equipment as may be needed in the fu¬
ture.
The result of this agreement has been to relieve the
Railroad Company of a capital expenditure of about $4,000,000 for prospective new equipment, as well as to immedi¬
ately pay into its treasury $3,300,000 for the old equipment,
which in a very short time would have to be replaced with
modern steel cars.
Considering these advantages coupled
with an insistent immediate public demand for steel parlor
and sleeping cars, which could only be met by the Pullman
Company, the fact that the Pullman service was in use upon
other railroads in and adjoining the territory in which your
Company operates, the convenience of interchanging equip¬
ment with all connecting lines when required and the further
fact that on account of the prospective interchange of equip¬
ment with the Pennsylvania Railroad Company by the New
York Connecting Railroad Company to and from the South
and West, which will necessitate a provision for dars of con¬
struction and type that the Pennsylvania Railroad Company
will allow through its New York tunnels and in its station,
it was believed to be profitable and for the best interests of
the Company to make this agreement with the Pullman
has
stations have been provided during the year
points and improved facilities at 99 points.
New passenger stations upon which work is under way will
be completed during the ensuing year at 5 points and Im¬
proved facilities at 27 points.
'
New freight houses have been provided during the year at
7 points and improved facilities at 77 points.
New freight houses upon which work is under way will
be completed during the ensuing year at 3 points and im¬
proved facilities at 28 points.
^
New turntables have been installed during the year at
New passenger
of all the
at 8
#
#
3
points.
•
;V ;
■>/ ■'
••
'
Signal and interlocking improvements and additions have
during the year at 27 points.
134 derails have been installed on sidetracks at various
.
been made
#
points during the year.
the following work is authorized
be completed during the ensuing year:
Brookfield Junction, Conn.—Electric Interlocking Plant.
In addition to the above,
and will probably
Cedar Hill to
Springfield.—Automatic Block Signals.
Pawtucket, R. I.—New Tower and Automatic Signals in
connection with line change and crossing elimination work.
South Framingham to New Bedford, Mass.—Automatic
#
Block
Signals.
Stamford to New Haven, Conn.—Automatic Signals to be
installed throughout.
The new signals are already installed
Company.
The
between Stamford and South Norwalk.
,
t
#
ties, tie plates and screw spikes used during the year.
Thetotal number of ties (all kinds) laid during the year was
1,984,656, an increase of over 20% compared with 1912.
Total number of ties creosoted, provided with tie plates and
spikes, laid during the year between New Haven and
on the Harlem River Branch was 123,672,
over 80%.
•
Rail.—There have been laid in. main tracks during the
screw"
•
this stock held by
the New England Navigation Company
its books at the price at which it was originally acquired,
but the reduction of the book value of this stock to par would
on
improper to keep in the Company's premium ac¬
premium hitherto credited on the issue of these
shares.
After consultation with representatives of the InterState Commerce Commission and with their approval, this
render it
count
the
difficulty was met by the following adjustment: The New
England Navigation Company transferred 228,991 shares
of this Company's stock to the New York New Haven &
Hartford Railroad Company; this stock was entered on this
Company's books as an asset at par and the premium ac¬
count on the books was charged with the premium on these
shares formerly credited.
In the course of the financial
adjustment necessitated by the sale by theNew England Navi¬
gation Company and the purchase by the New York New
Haven & Hartford Company of these 228,991 shares, a trans¬
fer was made to the New England Navigation Company of
400,000 shares of the capital stock of the Connecticut Com¬
pany and to the New York New Haven & Hartford Rail¬
road Company of 23,520Yi preferred shares of the capital
stock of the Rutland Railroad Company. .* The results of
this transaction are reflected on both sides of the General
A statement of your
,
shown
Company's Contingent Liabilities is
All of the companies men¬
obligation for interest and divi¬
dends without recourse to your Company's guaranty, ex¬
cept the Boston Railroad Holding Company and. the New
York Westchester & Boston Railway Company.
The outstanding indebtedness of. the Company and its
leased lines in the hands of the public has been increased
during the year by the amount of $7,368,900, as follows:
tioned
in both maintenance and construction, 13,241 tons of
100-pound rail, an increase of 60% in the heavier type of
rail compared with 1912, and also 4,792 tons of 80 and 78pound rail and 6,228 tons of 68 and 90-pound re-rolled rail.
New equipment to the value of $4,268,385 23, an increase
of nearly 33 1-3%, has been purchased during the year,
consisting of 33 electric locomotives, 81 steam locomotives,
50 steel coaches, 2 steel dining cars, 1 steel mail car, 2 steam
shovels, 1 derrick and 1 steel car float; this amount also in¬
cludes the cost of converting 30 passenger cars into cabooses
and work equipment, 29 freight cars* into work equipment
and flat cars and 3 work cars into flat cars; also the cost cf
year,
on
subsequent
a
were
page.
able to meet their
INCREASES.
•
Five per cent notes
$40,000,000
Four and one-half per cent notes..,
500,000
Note in favor of City of New Haven dated
Jan. 20 1913, without interest
23,750
after referred to.
DECREASES.
Four per cent notes paid
Four and one-quarter per
$30,100,000 00
220,000 CO
cent notes paid
Four and one-half per cent notes paid
Three and one-half per cent convertible
1,000,000 00
debenture certificates exchanged for stock.
*
_
Contracts have been made for the
Winchester
purchase of new equip¬
ment, deliverable during the ensuing year, as
For the N.Y.N. H.&H.RR. Co.:
121 steel passenger coaches.
29 steel smoking cars.
20 steel postal cars.
15 steel underframe milk cars.
^
17 steel motor cars.
!•
22 steel trailer cars.
Avenue
Railroad
650,850 00
first mortgage
five per cent
follows:
00
00
00
—$40,523,750 00
—7
re-building 20 box cSls as cabooses.
The entire amount i
was charged to Equipment Account.
The sale of your par¬
lor, and sleeping cars to The Pullman Company is herein¬
.
Certificates of the issue of January 1st 1906.
Balance Sheet.
Woodlawn and
increase of
exchange for $650,850 of 3^% Convertible Debenture
Of the total
authorized outstanding capital
stock, 1,800,170 shares,
228,991 shares are in the treasury and 1,479 shares are owned
by the Rhode Island Company.
The recent fall in the market price of this Company's stock
made it seem undesirable to continue to carry the shares of
in
both track and overhead, bridge repairs,
strengthening and renewals, to permit heavier loading, have
been made at 28 points.
1
Additional protection against fire hazard has been provided
at 7 points.
•
'
Track scales have been installed at 25 points.
Commercial Sidetracks: Eighty-two sidetracks to serve
industries along the Company's lines have been installed
during the year.
Passing Sidings: Sixteen passing sidings installed or es*v
tended to accommodate longer trains.
™
An exhaustive study has been made by the Engineering
Department with the view of substituting long crossovers
at. all detouring points for fast trains, the total cost of the
work being estimated at $711,939.
>
An exhaustive study has been made by the Engineering
Department with the view of substituting long crossovers
at all detouring points for fast trains, the total cost of the work
being estimated at $711,939.
Crossovers having No. 20 frogs have been completed at
important points, and the work of installing long crossovers
is to be continued throughout the system where operating
conditions require them.
•
*.
"*
There was a marked increase in the number of creosoted
New bridges,
an
capital stock of the New York New Haven & Hartford
Railroad Company has been increased during the year by
the addition of 4,339 shares, $433,900, which has been issued
Stonington, Conn.—Re-arrangement of signals.
West Quincy Branch.—Automatic Block Signals.
Woodmont, Conn.—New mechanical interlocking plant.
•
1209
CHRONICLE
bonds paid
Roxbury Central Wharf Company first mort¬
gage 5% gold notes paid
—
_
Five Year 5% Debenture Notes paid
Branford Lighting & Water Co. first con¬
solidated mortgage 5% bonds paid
Branford
Electric Co. first mortgage 5%
bonds, principal and interest to maturity
deposited with Trustee—principal
»
500,000 00
290,000 00
24,000 00
307,000 00
63,000 00
33'154'850 00
4 steel combination cars.
1 steel motor car body.
1 steel underframe transformer car.
$7,368,900 00
1 steel car float.
Railway Co.:
2 steel underframe combination mail, express & baggage cars.
2 combination smoking and baggage cars.
4 unvestibuled passenger coaches.
For The Connecticut Company:
5 multiple dump cars.
There will mature between October 1st 1913 and October
For the Central New England
Effective January 1st 1913, a contract was entered into
with the Pullman Company for the furnishing and operating
period
of twenty years.
The payment to the Railroad Company
for this„ privilege is at a stated rate per annum for each car
by that Company of all parlor and sleeping cars for a
1st 1914 the
following obligations, for which
responsible:
December 1st 1913, 5% One-Year Notes!
your
Company
is
February 1st 1914, 4% Non-Convertible Debentures
Railway 5% Consolidated
$40,000,000 00
5,000,000 00
June 1st 1914, New Haven Street
Mortgage Bonds
,
250,000 00
$45,250,000 00
_
furnished and relieves the Railroad Company of all expenses
in connection with the operation of parlor and sleeping cars.
Under the terms of the agreement the Pullman
Company
To meet these obligations and to provide funds- for the
improvement of the property, including ne^ equipment, the
stockholders at a special meeting called for the purpose,
held on August 22d 1913, authorized upon the recommenda-
1210
THE
.
•
m
CHRONICLE
[Vol.
M.Yi
»
tion of the directors
$503,268 49
of "six
dividend of four per Cent
Boston Railroad
the issue to the amount of $67,552,000
pet cent convertible debentures (convertible intb
capital stock between * October 1st'1918 and October 1st
1928); to the holders of capital stock of this Company not
held in its treasury and their assigns a
right of subscription
at the rate of $100 of
principal amount'of such debentures
for every three shares of this Company's stock held
by them
respectively; and to holders of this Company's 3
% convertible debenture certificates (convertible into capital stock
between January 1st 1911 ana January 1st 1916); and to
holders of this Company's 6% convertible debentures (con¬
vertible into capital stock between January 15th 1923 and
January 15th 1948) a right of subscription at the same rate
as if holders of said contracts were holders of
stock, to the
future delivery of which they are entitled under the terms
of said contracts.
Application has been made to the Public
Service Commission of Massachusetts for approval of this
,
issue.'"
*
'
'
"
'
*
1 '
'
'The
to pay taxes,
administration
xcvii.
-X
expenses
and the
hponVthe preferred shares4 of the
Holding Company which amount was pro¬
vided by your
Company under its guaranty of such divideiid.
The income
accruing as a four per cent dividend on the
preferred shares of the Holding Company owned by your
Company was $979,756 00, which was reduced by' this pay¬
ment of $503,268
49, leaving the net credit to the income'for
the year $476,487 51 to
represent the return upon your Com¬
pany's investment in the Boston & Maine Railroad through
its ownership of the shares of the
Holding Company. ' The
,
reduction of the dividend on the common stock of the Boston
& Maine Railroad from four to three
per cent resulted in a
reduction of $219,189 00 in the income of the
Holding Com¬
Your Company's ownership of the capital stock of the
pany.
Boston Railroad
Holding Company consists of 31,065 shares
of common stock, the entire
issue, and 244,939 shares of
preferred stock out of a total of 272,939;' the Holding Com¬
pany's investment in Boston & Maine Railroad consists of
219,189 shares of common stock out of a total of 395,050
and of 6,543 shares of
preferred stock out of a total of 31,498.
capital stock of the Old Colony Railroad Company
increased during the year by tlie sale of 6,300
shares, the proceeds of which have been applied toward the
Under the agreement with The New York Central & Hud¬
reimbursement; of "expenditures for betterments by your
son River Railroad
Company.' *
Company to share equally in the net Re¬
In consonance with the policy adopted by your Board of
sults of the operation of the Boston &
Albany Railroad, there
Directors to confine the activites of the Company to the
has been a surplus of
$42,580 87 for the twelve months
business of transportation, a lease effective September 1st
ending June 30 1913.
1912 at a satisfactory rental was made to the Enfield Elec¬
An agreement has been made with The New York Central
tric Light & Power Company of the commecrial electric
& Hudson River Railroad
Company for the acquisition of a
lighting and water properties in the towns of Suffield, Con¬ one-half interest in certain equipment provided
by the Cen¬
necticut, and Agawam, Massachusetts.
tral Company for use on the Boston &
Albany Railroad
Effective May 1st 1913, a lease was made to The Shore
under "Boston & Albany
Equipment Trust of 1912" whereby
Line Electric Railway Company of the so-called New Lon¬
all advances are to be
repaid out of Boston & Albany income.
don Division of The Connecticut Company,
The
total
cost of the New Haven
extending from
Company's one-half interest
the Town of New London to South Coventry in the Town of
in this equipment thus far provided for is about
$3,000,000 00.
In the utilization of the aerial
Coventry, both in the State of Connecticut, and from Moosup
rights and of the adjacent
in the Town of Plainfield to a point in West
Thompson, in surplus real estate at the Grand Central Terminal in New
the Town of Thompson, in the State of Connecticut, con¬
York by the construction of
buildings for commercial pur¬
sisting of 104.9 miles of road, for a term of ninety-nine years,
poses, in conjunction with the New York Central & Hudson
with an option to purchase the property during the first ten
River Railroad Company, your
Company has expended dur¬
years of the lease.
The rental provided for is substantially
ing the year $1,254,069 94; the total of such expenditures to
the net earnings of the
property for the year preceding May June 30 1913 has amounted to $2,524,971 40. These build¬
first
last and the purchase price substantially the cost of
ings are covered by leases on satisfactory terms.
Y
the property to The Connecticut Company.
In addition to these
expenditures, $1,310,000 has been ad¬
The conditions of business prevailing on the New York
vanced by your Company to the New York Central & Hud¬
Ontario & Western Railway during the past year
justified son River Railroad Company on account of the office build¬
the declaration by that Company of a dividend of $6 00 a
ing located at the Terminal, which is to be repaid, with in¬
share upon the preferred stock and $2 00 a share
terest, in annual installments extending over a period of
upon the
common
stock.
The amount payable to The New York
twenty-five years; $52,400 has been thus repaid, leaving a
New Haven & Hartford Railroad Company, $583,464
balance to be repaid of $1,257,600.
00,
'•
has
been
has been credited to the income of the year.
^
'•
*•
The construction of The New York Connecting Railroad
is
proceeding actively.
The contracts
cover
that
already awarded
portion of the road extending from a connection
with The New York New Haven & Hartford Railroad in the
Borough of Bronx,
Tunnel
Extension
to
of
a
connection with
the
New
York
the
Pennsylvania Railroad in the.
Borough of Queens, a distance of 4.64 miles.
This section
of the rOad includes the large bridge over the East
River;
the bridges across Little Hell Gate and the Bronx Kills and
the viaducts " across Ward's and Randall's Islands.
.
The
under contract until next year.
Pending issue and sale of the securities hereinafter referred
to, The. New York Connecting Railroad Company issued and
sold $7,000,000 of Three-Months Five Per Cent
Notes, ma¬
turing November 21st 1913, guaranteed principal and inter¬
by The New York New Haven & Hartford Railroad
Company and the Pennsylvania Railroad Company.
This
enabled The New York Connecting Railroad
Company to
make settlement for funds previously obtained for the
acqui¬
sition of right of way and the construction of its railroad.
That Company has applied for the approval of its First Mort¬
gage by the Public Service Commission of New York for the
First District, and the issuance and sale of
$11,000,000 of
bonds thereunder, bearing interest at the rate of four and
One-half per cent per annum, the principal and interest of
which will be guaranteed by The New York New Haven
&
Hartford Railroad Company and the Pennsylvania, Railroad
Company.
The New York Connecting Railroad Company
has also applied to the Commission for its
approval to issue
$10,000,000 of Three-Year Four and One-Half Per Cent
Notes, so that if it finds it difficult to obtain a fair price for
est
.
The Notes
will
interest,by the foregoing
Companies, and be further secured by the pledge of the said
amount of First Mortgage Bonds.
The proceeds from the
sale of the Notes or Bonds are to be used to
pay off the Five
Per Cent Notes referred to, and the balance
applied to the
payment of construction and real estate expenditures.
By reason of the unfavorable business conditions, together
with the increased cost of operation due
largely to the in¬
of wages and extensive re-construction work, it was
found necessary for the Boston & Maine Railroad to pass the
dividend upon its common stock that would
crease
ordinarily have
been
paid
on
July 1 1913.
The dividends received
available cash
on
hand,,
on
" Y
the Boston & Maine stock, with
were
insufficient for the
year
by
business
of
the
New
York
Westchester
the' Westchester
revenue
coming
Line.
It is estimated
will be received from these two
year.
■
'!' ;Y.Y'YY'YVv'vY\ /Y;;:
During the past fiscal
re¬
maining portion of the railroad, consisting of the Main Line
between Bowery Bay Road and Fresh Pond Junction, where
connection will be made with the Long Island Railroad in the
Borough of Queens, a distance of 4.32 miles, will not be placed
the Bonds it will sell the Notes in lieu thereof.
be guaranteed,principal and
The
&
Boston
Railway Company during the past year has shown a satis¬
factory increase month by month, and the Company is now
handling at the rate of 3,000,000 passengers per year. Dur¬
ing the past year freight service has been inaugurated and a
contract has been entered into with the Adams
Express Com¬
pany granting the latter Company express privileges over
year
that
considerable
sources,
during the
y
the Public Service Commission
for the Second District of New York has approved a
change
of route of the extension of the line between New Rochelle
and Port Chester from a location on the
easterly side of the
tracks of the N. Y. N. H. & H. RR. Co., and at an
average
distance of one-quarter of a mile therefrom, to a location
along the westerly side of the tracks of the N. Y. N. H. & H.
RR. Co. and upon that Company's present right-of-way.
The order
provides that the right-of-way required by the
Westchester Company, now owned by the New Haven Com¬
pany, is to be sold to the Westchester Company.
This
change of route represents a saving in the cost of construc¬
something over $1,500,000.
%
vy:,Y;
Negotiations have been concluded with the Public Service
tion of
Commission for the First District of New York for the sale
to
the
City of New York of the right-of-way required for
the extension of the Lenox Avenue branch of the
Subway to
the New York Westchester & Boston Railway at 180th Street.
The property to
be sold
was
originally acquired for
a connec¬
tion between the Westhcester Line and the Subway to be
built and operated by the Westchester Company.
This
connection
will
now
be
built
and
operated by the Interborough Rapid Transit Company/representing a saving to
the Westchester Company of $1,000,000 and a considerable
saving in operation.
Plans are being prepared by the City
of New York for this connection and from present indications
the line should be completed within the next year.
Work on the Lexington Avenue Subway, New York
City,
is under way, but it will probably be about three
years be¬
fore the line is completed.
The actual construction work of
third-tracking the Second
City, also
operated by the Interborough Rapid Transit Company, has
not yet been commenced, although plans are
being prepared,
and it is probable that construction work will be commenced
at an early date.
*
'
The earning power of the New York Westchester & Boston
Railway Company cannot be fully demonstrated until these
various connections are completed.
"
'
•,
The charge to the Income Account of the New York New
and Third Avenue Elevated Lines in New York
Haven & Hartford Railroad
Company for the fiscal
year
by
.
OCT. 25
THE
1913.]
of the interest on the tonds of the
$777,750; there was also a further
sum of $357,107 51, representing interest on bonds and notes
held by the New Haven Company and on advances made by
it, which, on account of the inability of the Westchester
Company to pay, has not been credited to the Income Ac¬
count of the New Haven Company; nor has any credit been
taken therein for accrued interest amounting to $176,803 13
on notes of the Millbrook Company, held by the New Haven
Company.
The Millbrook Company is the owner of a large
amount of real estate purchased originally for proposed lo¬
cations of the route of the Westchester line; such of this real
estate as was not required for actual right-of-way is in the
market for sale, and as fast as sold the proceeds will be avail¬
able for application of payment of note for $3,536,062 56
held by the New Haven Company, and to interest thereon,
which to June 30. 1913 amounted to $324,139 07. ■ Tire re¬
sults of the operations of the Westchester and Millbrook
companies will be found in the Income Accounts of Subsidi¬
ary Companies, in the pamphlet report.
-a \v.;
On July 17 1913 Mr. Charles S. Mellen, who had been
President of the Company since October 31 1903, tendered
his resignation to become effective not later than October 1
1913, which was accepted effective September 1 1913, and
of its guaranty
reason
Westchester Company was
elected in his place. ,
covered a period of ten years,
and the Board feel that the best expression of his services
Howard Elliott
Mr;
was
Mr. Mellen's administration
conveyed by a brief recital of the Company's growth
during that period.
,
'J
Over $130,000,000 were spent for construction and im¬
will be
.
provements of the railroad and equipment.
Gross revenues
increased 45%; freight-train mile earnings 22%; ton miles
55%; the average freight-train load 33%.
The same period
witnessed
a
the
growth of 45% in the passenger revenues;
GENERAL
rill
CHRONICLE
BALANCE
electrification of
a
part of your
Railroad; terminal and sta¬
improvements on an extensive scale;
of the property and acquisition of interests
tion
and the expansion
in other companies
strengthening and permanent wel¬
railroad.
In addition to being the Chief Execu¬
tive of your .Company, Mr. Mellen also acted in a similar
capacity with the affiliated companies in which your Com¬
pany was interested.
/
The onerous nature of the duties and responsibilities which
he felt required to assume in the discharge of his duty to your
Company in that'active period required unusual ability, that
your Board could not fail to appreciate.
It is true that his
administration closed with a series of unfortunate events,
which he and the management deeply deplore and are doing
all in their power to remedy; but the Board would not be
just to him if it failed to record his constructive work for the
expansion of your property which the Board authorized to
enable the Company to better perform its duties as a public
carrier.
4
■ • ■
■ '-.'7/
Mr. J. H. Hustis was appointed Vice-President in charge
of all departments effective September 1 1913.
s.
; Acknowledgement is hereby made of the faithful and effi¬
cient service of the officers and employees during the past
year.
In so doing the Board deems it desirable to call to
their attention that the Company itself, and all actions taken
deemed essential for the
fare of your
•..
:
.
h
in
its
behalf,
are
receiving the strictest public inspection
subjected to keen criticism, : Jt is essential in the best
interests of the Company,: its owners and the employees
themselves that they should on all occasions display intelli¬
and
are
and faithfulness in the discharge of their duty, be loyal
Company and actively co-operate with each other,
so that it may not fall short in fully meeting every obliga¬
tion to the public, upon whom it relies for its continued pros¬
perity.
■■■ •
'
:
" ' ' '
■■
gence
to
the
1913.'
JUNE 30
SHEET
Comparison with June 30 1912.
Properly Investment—
Road and Equipment:
Investment to June
Road
Decrease.
Increase.
1913.
ASSETS.
■
J »
30th 1907:
-
;
$78,378,611 83
—
—
-
Equipment
35,126,455 57
—
1907:
Investment since June 30th
Road.
'
— —
----
$113,505,067 40
■
i
$52,314,048 35
$5,129,030 49
$1,239,951 98
'
Equipment
26,435,350 66
358,509 31
;
.
General Expenditures
,
Less, Reserve for Accrued
Securities-
79,107,908 32
$3,889,058 51
89,167 77
$192,612,975 72
383,785 76
Depreciation of Floating Equipment
«
$192,229,189 96
$3,799,890 74
39,678,601 34
4,310,999 80
*
Securities of Proprietary,
Stock
!
Affiliated and Controlled Companies*
(Exhibit I, pamphlet report)
—
—
Other Investments:
Advances to Proprietary,
for
Affiliated and Controlled Companies
and Betterments
—
'
'
'
Equipment
Construction,
$1,104,730 67
192,233 15
8,343,679 76
123,702,443 04
2,181,178 91
Miscellaneous Investments:
Physical Property.
- - - —
Securities (Exhibit II, pamphlet report)
/,
,
Total Property Investment....
"
Working Assets—
i--
$38,770,000 00
133,150,853 47
A—-
;
\
.
Issued
or
Assumed—Held
(Exhibit III,
Treasury
in
1
pamphlet report) :.v_-----------Marketable Securities (Exhibit IV, pamphlet report).—
Loans and Bills Receivable.__— __
Traffic and Car Service Balances due from other Companies
Net Balance due from Agents and Conductors.
Miscellaneous Accounts Receivable._ —
.— —
-----Materials and Supplies
— _.—
1—
Other Working Assets
—
<
*
23,132,450
4,528,312
51,919,344
234,064
3,034,848
4,848,811
5,980,491
640,774
33
Dividends and Rents Receivable
Deferred Debit Items—
Affiliated and Controlled
Proprietary,
to
—•—
—
-
—
...
Rents and Insurance* Paid in Advance.
-
—
Special Deposits
i
—
Cash and Securitias in Sinking and Redemption
Connecticut Railway &
Funds:
■ '
Lighting Company Sinking Fund..--..
Railway Sinking Fund.,
Cash and Securities in Insurance and Other Reserve
$17,611,823 45
1,660,246 66
$683,516 82
$100,773 79
$708,120 0d
2,247,438 43
8,253 44
96,527 76
145,175 00
i
84,753
$547,405 83
99,000 00
4l
21,000 00
746,405 83
Funds:
$1,953,883 93
1,698,666 31
29,470 74
pamphlet feport)
Accident and Casualty Fund (Page 36, papmphlet report)
Coal Insurance Fund (Page 35, pamphlet report)..
Other Deferred Debit Items.
553,727 24
106,594,527 67
—
Worcester & Connecticut Eastern
Insurance Fund (Page 35,
2 ~436,"l76" 49
18,192 44
1,390,295 62
145,175 00
------
Unextinguished Discount on Securities
.•
46,824 83
$1,175,571 80
841,357 15
4,977,081 37
—■----—
.....
Other Advances
1047490" 58
"
„
Temporary Advances
Companies.,.—
Working Funds
58,554 44
65
67
45
15
38
Total Working Assets
Interest,
$22,929,800 00
2,342,711 84
2,440,917 10
00
77
Accrued Income not due—•
Unmatured
$13,090,620 53
$12,275,430 27
Cash :i—
Securities
$28,185,697 40
$365,058,644 77
— -
3,682,020 98
4,115,539 39
— —
...
1.340,066 55
17,091,639 58
Total Deferred Debit Items
$4,550,560 80
-
$5,339,796 33
$490,405,058 68
:.
■7:
t
Stdck—
LIABILITIES.
,.
1
'
/
Pretaium realized on
'
<,.-*»,
•
n.
<j».
,s.-'
i
.
,
i
j
a
.}•
•.
i.
Obligations for .Advances received for Construction,
and Betterments
Total Mortgage,, Bonded and Secured Debt.
■
■
,
'
'
-
143,065,450 00
l
'
650,850 00
.
-
474,803 98
$1,747,850 00
203,319,253 98
half
.«
$202"844,450" 00
.
i
...
i
$1,097,000 00
$59,779,000 00
Equipment
Liability under Contract with New York Central, for this Company's
interest in Equipment of B. & A. Equipment Trust of 1912
i
».
$13,069,301 50
$199,299,887 50
July 1 1909
Mortgage, Bonded and Secured Debt—
Mortgage Bonds, including Bonds of Merged Roads assumed
*»'
(Exhibit V, pamphlet report)
_L.
—- — .-i
Plain Bonds,
Debentures and Notes, including Debentures of
Merged Roads assumed (Exhibit VI, pamphlet report)
.....
$13,503,201 50
19.282,887 50
Capital Stock Sold (Since July 1 1909)
i Total Stock and Premium realized since
•15
$433,900 00
$180,017,000 00
/.
Capital Stock
:/ 2,610,000 00
2,610,000 ,Q0
1212
THE
CHRONICLE
(Vol.
xcvn.
Comparison with June 30 1912.
LIABILITIES—(Concluded).
1913.
Brought Forward
;
Working Liabilities—
Loans and Bills Payable,.
Increase.
$42,598,750 00
2,836,893 65
6,402,199 62
...
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,
Decrease.
$405,229,141 48
—
$9,203,750 00
$475,077 25
"^050,558*75
832 43
*
Other
"31942,175" 78
Working Liabilities
Total
1,500,708 53
24,000 00
6,512 68
„
143,780" 38
207,731 42
Working Liabilities.
55,994,263 15
Accrued Liabilities Not Due—
Unmatured Interest, Dividends and Rents Payable.
Taxes Accrued
9,397,470 92
$2,857,966 75
180,000 00
$368,415 82
180,000 00
Total Accrued Liabilities Not Due.
3,037,966 75
Deferred Credit Items—
Operating Reserves,.
1
$188,415 82
53,344,276 77
—
$337,744 21
Other Deferred Credit Items—being reserves against corresponding
assets
representing possible credits to Income Account
4,964,727 90
2,389,193 91
Total Deferred Credit Items.
Appropriated Surplus—
Reserves from Income
or
Surplus:
8,309,004 67
2,051,449 70
528,442 26
9,389,683 13
7,916,557 24
$84,753 41
181,010 72
>
Invested in Sinking and Redemption Funds:
Connecticut Railway & Lighting Cp. Sinking
Fund.
Equipment and Personal Property Leased
Profit and Loss Account (Page 31, pamphlet report)
Contingent Liabilities—See below.
$4,658,913 76
$490,405,058 68
$5,339,796 33
Note.—For purposes of comparison, the 1912 groupings were rearranged to agree with the groupings on these
pages.
Contingent Liabilities:
tonic
Power Company
The New York New Haven & Hartford Railroad Company guarantees the payment of the principal, $1,138,000, and interest of Housa«
4j-£% notes, dated October 1st 1911, due April 1st 1914.
The New York New Haven & Hartford Railroad Company is liable jointly with other roads for any
deficiency on foreclosure or bonds of the Boston Terminal Co.
The New York New Haven & Hartford Railroad Company guarantees 4% dividends on preferred stock of the
Springfield Railway Companies, $3,387,900, and
193
payment of principal at 105% on liquidation.
The New York New Haven & Hartford Railroad Company guarantees 4% dividends on preferred stock of the New
England Investment & Security Company,
$4,000,000, and payment of principal at 105% on liquidation: also guarantees the payment of principal, $5,000,000 and Interest of the New England Investment <k
Security Company fifteen-year Funding Gold Notes dated April 1st 1909; also guarantees the payment of an additional $11,250,000 and interest of New England In¬
vestment & Security Company fifteen-year Funding Gold Notes dated April 1st 1909, when requested to do so
by John L. Billard, as per contract.
The New York New Haven & Hartford Railroad Company is the guarantor by endorsement of the 4%
fifty-year Gold Debentures of the Providence Securities
Company, dated May 1st 1907, to the amount of $19,899,000.
The New York New Haven & Hartford Railroad Company guarantees the payment of principal and interest of the Gold Debentures of the New England
Naviga¬
tion Company in case of termination of lease of the Old Colony Railroad Company, $3,600,000.
,V
•
*
■'
The New York New Haven & Hartford Railroad Company guarantees the payment of principal and Interest of the
4% fifty-year First and Refunding Mortgage
Gold Bonds of the New York & Stamford. Railway Company, dated November 1st 1908, to the amount of $247,000.
Tie New York New Haven & Hartford Railroad Company guarantees the payment of principal and interest of the 4% First
Mortgage Gold Bonds of the Central
New England Railway Company dated January 1st 1911, to the amount of $11,927,000.
The New York New Haven & Hartford Railroad Company guarantees the payment of principal and interest of the
4)4% First Mortgage Gold Bonds of the New
York Westchester & Boston Railway
Company, dated July 1st 1911, to the amount of $19,200,000.
'
*
The New York New Haven & Hartford Railroad Company is liable jointly with the New York Central & Hudson River Railroad
Company for any deficit in opera¬
tions of the Boston & Albany Railroad.
Under the provisions of Section 4, Chapter 519, of the Acts of the
York New Haven" & Hartford Railroad Company promises, when, they
stock, bonds, notes,
.
,
General Court of the Commonwealth of Massachusetts, .passed at its 1909 Session, the New
shall be sold, to guarantee the principal of, and the dividends and interest upon, the capital
and other evidences of indebtedness of Boston Railroad Holding Company acquired by it.
wealth of Massachusetts approved
On June 15th 1910 the General Court of the Common¬
an Act authorizing the issue of preferred stock (without voting power) of Boston Railroad Holding Company, in exchange for its
fifty-year Debentures dated November 1st 1909; and on January 10th 1911, the $20,012,000 Debentures owned by the New York New Haven & Hartford Railroad
Company were exchanged for preferred stock.
On June 30th 1913 there were held by the public 28,000 shares of preferred stock of Boston Railroad Holding Company,
on which the guarantee had been executed; and on the same date, the New York New Haven & Hartford Railroad
Company held the following stock:
4%
31,065 shares of Common Stock of
244,939 shares of Preferred Stock of
par
value
par
value
—
THE ATCHISON T0PEKA
$3,106,500 00
24,493,900 00
—-—
.
SANTA
&
FE RAILWAY COMPANY
EIGHTEENTHIANNUAL REPORT—FOR THE FISCAL YEAR ENDING JUNE 30 1913.
Office of The Atchison Topeka & SantalFe Railway System,
No. 5 Nassau St., New York
City.%%%
.
$34,842,67731
1,521,570 56
$37,107,188 83
.1,128,129 10
$33,321,100 75
$35,979,059 73
13,660,859 50
13,825,325 40
surplus and for necessary but unpro¬
or only partially productive
expenditures)
$19,660,241 25
$22,153,734 33
following report for the fiscal
year July 1 1912 to June 30 1913, inclusive.
The Lines comprising the Atchison System, the operations
of which are embraced in the
following statements, are as
June 30 1913.
June 30 1912.
8,237.55 miles
8,200.86 miles
20.21
,il
Interstate Railway
of Texas
Concho San Saba & Llano Valley Railroad,
"
■
20.21
"
"
1,595.77
"
481.79
"
1,596.06
478.67
54.24
124.92
125.49
71.33
"
54.24
60.15
10,771.45
>
124.92
125.80
71.97
60.15
.10,732.88
"
"
""
"
"
"
during
preceding fiscal
year.
In addition to lines covered by this report there were com¬
pleted on June 30 1913 155.20 miles of additional line, of
which 119.42 miles were ready for operation on
July 1 1913.
The Company also controls, through
ownership of stocks
and bonds, other lines
aggregating 63.58 miles, and is inter¬
ested jointly with other companies in 624.56 miles.
For detailed statement of present
mileage and of changes
in mileage since last Annual Report, see
pages 42 to 46
fpamphlet report].
INCOME
1912.
Net Operating Revenue
Operating Inoome
—
Income
available
for
"
(representing
dividends and
—
From the net corporate income for the year the
sums have been deducted:
Dividends
No. 29
1913.
$107,752,359 91 $116,896,251 98
71,273,202 97
77,642,534 73
$36,479,156 94
4,206,453 85
$39;253,717 25
$32,272,703 09
$34,591,564 87
4,662,152 38
following
on Preferred Stock—
(2^%) paid Feb. 1
1913
$2,854,345 00
No. 30 (23-3 %) paid Aug. 1
1913
2,854,345 00
Dividends
—
$5,708,690 00
on
Common Stock—
No.29 (1.34%) paid Sept. 2
1912
$2,559,097
Dec. 2
2,586.052
No. 31 (134%)paidMar. 1
2,613,562
No. 32 (134%) paid June 2
1913
2,640,067
-
No. 30 (134 %) paid
1912
.
50
50
.
-
50
!
50
Appropriation for Fuel Reserve Furid_:_.
Appropriated for Additions and Better¬
ments
—
California-Arizona
Lines
10,398,780 00
461,105 11
5,574,433 63
—
Bonds
Sinking
Fund
10,725 59
$22,153,734 33
Surplus to credit of Profit and Loss June 30 1912
$20,470,115 99
Additions to Profit and Loss Account (Sundry Adjustments
applicable to prior years)
99,684 82
Surplus to credit of Profit and Loss June 30 1913
Income from
sources
consisted of interest
STATEMENT.
The following is a summary of the transactions of the
System for the years ending June 30 1912 and 1913:
■***
Operating Revenues
Operating Expenses
Corporate
amount
"
Increase during the year 38.57 miles.
The average mileage operated during the fiscal
year ending
June 30 1913 was 10,750.31 miles, being an increase of 122.39
miles as compared with the average mileage
operated
Taxes
Net
Adjustment Bonds
ductive
Pecos River Railroad
Southern Kansas Railway of Texas
Texas & Gulf Railway
the
erest on
".'"'A-
Atchison Topeka & Santa Fe Railway
Rio Grande & El Paso Railroad
Gulf Colorado & Santa Fe Railway,
Pecos & Northern Texas Railway
Gulf &
Corporate Income
Interest on Bonds, including accrued int¬
Your Directors submit the
follows:
1913.
2,515,623 96
*
Rentals and Other Charges^
^
■
-
2,569,968 22
Gross
.September 23 1913.
To the Stockholders:
1912.
Other Income
on
other than
........
$20,569,800 81
earnings from operation
cash in banks and
sums collected as
interest and dividends upon bonds and stocks of companies
the operations of which are not included in the System ac¬
counts.
During the fiscal year the sum of $200,000 in cash wag
as the net proceeds of sales of land embraced in the
Santa Fe Pacific Land Grant, but this was directly written
off the book value of Railroads, Franchises and Other
Prop¬
erty, and the transaction does not appear in the Income
received
Account.
'•
:
,
.
Oct. 25
EXPENDITURES
CAPITAL
REDUCTION
AND
OF
BOOK VALUES.
Capital Account, as shown by the
General Balance Sheet [in pamphlet], at June 30 1913 ag¬
gregated $640,263 756 10, as compared with $621,869,989 29 at June 30 1912, an increase during the year of $18,393,766 81, which analyzes as follows:
Construction and acquisition of new mileage, including the acquisition
bonds and stocks of other railway and terminal companies:
of
$240,000 00
1,500 00
California Arizona & Santa Fe Ry
Concho San Saba & Llano Valley RR
Denver Union Terminal Ry— — —
11,982 64
Dodge City & Cimarron Valley Ry__
Eastern Ry. of New Mexico
Grand Canyon Ry
________
Gulf Beaumont & Kansas City Ry
Minkler Southern Ry
99,094
72,888
> 95,000
26,842
—
Depot Co. of Galveston—_i
"Western Arizona Ry
-
P9
1,266,870 83
1,036,987 19
36,806 36
—-
Union Passenger
■
.
.
,
/ :
,
Right of Way, Station Grounds and Real Estate
Widening Cuts and Fills, including Protection
Grade Reductions and
Bridges, Trestles and
Changes of Line
and
Switches, Track Fastenings
purtenances
Additional Main Tracks..
1900—
1910...-.---.
1911
250,067 84
9,502,718 09
50,351 13
—
Betterments to Equipment
Real Estate held for future use
Miscellaneous Items.
50
22
98
35
72
664,209 85
Other Investments
$99,000 00
38,649 59
200,000 00
Gulf Beaumcnt & Kansas City Ry
Gulf Colorado & Santa Fe Ry
Sales
36,613 30
3,608,667 91
...
;
■
5,874,651 83
—
:
....$18,393,766 81
Capital Account during the year
"Additional Equipment"
follows:
$3,105,306 39
637,572 25
118 Locomotives
Passenger-Train Cars
6,437,040 76
239,709 15
—•—
...
$10,419,628 55
Less—Value of equipment retired
49 Locomotives
15 Passenger-Train Cars
1,384 Freight-Train Cars...
16 Miscellaneous Cars
1
Steam Boat
during the year as follows:
$217,288 27
52,215 48
592,617 83
-
11,423 44
43,365 44
—
—
>
916,910 46
—
$9,502,718 09
MAINTENANCE OF EQUIPMENT.
*
following statement shows the sums charged to
Operating Expenses for Maintenance of Equipment during
each year since July 1 1896:
.
The
Average
ated
Year ending June 30—
1897...
1898
1899
1900
1901
1902
<l
8$33.99
1908
—
1909.
9,273.15
9,415.01
9,794.86
9,916.33
10,350.13
10,627.92
10,750.31
_
—'
■
1911:
-
8.305.40
.........
1907
-
1912
1913-------
....
Total
Expenditure.
6,936.02
7,032.62
7,341.34
7,807.31
7,855.38
7,965.13
8,179.59
....
1905......
1906
•
6.443.81
......
1903
1904
Oper¬
Mileage.
.
$3,443,884 82
4,659,277 99
4,810,795 64
5,267,832 40
6,257,456 57
7,864,951 25
8,510,543 09
10,006,135 41
10,914,864
10,720,040
11,779,846
14,246,621
13,903,897
15,560,047
16,686,145
16,521,231
19,415,224
47
43
64
44
37
44
45
41
63
Expenditure
per Mile.
$534 45
671 75
684 07
717 56
801 49
1,001 22
1,068 48
1.223 31
1,314
1,271
1,270
1,513
1,419
1,569
1,612
1,554
1,806
19
05
32
18
51
13
17
51
02
For the year ending June 30 1913 maintenance charges,
including renewals and depreciation, averaged as follows:
$4,770 08
Per locomotive-
.1772
Per locomotive mile
Per passenger-car, including
Per passenger-car mile
mail and express
The
foregoing
1,283 40
.0141
114 92
.0104
Per freight car.
Per freight-car mile
average
maintenance charges include a pro¬
portion of unlocated expenditures for Maintenance of Equip¬
ment charged to Superintendence,
Shop Machinery and
Tools, Injuries to Persons, Stationery and Printing, Other
Expenses, and Maintaining Joint Equipment at Terminals.
Beer and refrigerator cars are not taken into consideration in
arriving at the foregoing averages, such cars being operated
by the Santa Fe, Refrigerator Despatch Company, which
bears the expense, of their maintenance.
A statement of the locomotives in service and of their
tractive power will be found on page 41 [pamphlet report].
781 82
97
1,370-185
1,47918
66
02
81
20
90
75
03
1,648
1,499
1,315
1,795
1,551
1,512
1,679
42
82
43
74
65
70
43
1889090217732546
Increase ( + ) or
Year ending
ending
9,279,406 36
June 30 1912.,
$71,529,574 67
27,453,525 41
8,769,259 83
•
2,455,784 69
35,135,649 15
2,581,463 23
Decrease
+
(—).
$6,661,348 51
+ 1,972,397 03
+ 510,146 53
+$9,143,892 07
$16,076,833 75 +$1,977,579 28
16,521,231 41
+2,893,993 22
2,416,746 46
+39,038 23
33,733,667 06
2,524,724 29
+1,401,982 09
+56,738 94
$77,642,534 73
$71,273,202 97 +$6,369,331 76^
$39,253,717 25
$36,479,156 94 - + $2,774,560 31
+ .27
66.15 '
66.42
Operating Revenues
following averages are deduced from tables set forth
36 and 39 [pamphlet report].
The average tons of freight (revenue and company)
loaded car mile increased from 18.52 to 19.12, or 3.24 per centThe
pages
of freight (revenue and company) carried
freight-train mile (freight, mixed and company-supply)/
increased from 399.94 to 425.41, or 6.37 per cent.
The average freight revenue per revenue freight-train mileincreased from $3 26 to $3 48, or 6.75 per cent.
The average tons
1,811,531 50
_
5,658 Freight-Train Cars.
470 Miscellaneous Cars
824 08
1,168 20
1,121 11
per
30,069 77
50,119 76
Sunset Ry.
Ice Plant, San Bernardino.
Fuel Lands
as
865 56
Expenses.
on
$24,268,418 64
Total Charges
Reduction of Book Values:
52
1,193 97
1,090 93
Net Oper. Revenue...
Ratio of Oper. Expenses
to
$1,478,163 77
analyzes
$975 03
15
88
62
10
36
39
04
07
33
OF OPERATING RESULTS.
June 30 1913.
$78,190,923 18
29,425,922 44
*
General Expenses
Total Oper.
$402,531
3,685
23,208
966,537
82,200
—
of $9,502,718 09 for
Expenditure
per Mile.
statement of revenues and expenses of
a
Transportation Expenses
Fuel Lands and Other Properties:
Ice Plant, Belen
!
Santa Barbara Tie & Pole Co
item
$6,282,923
8,281,397
7,672,107
6,354,372
6,433,840
6,141,466
9,304,892
9,170,234
11,385,418
12,475,407
15,286,062
14,120,828
12,884,406
17,807,136
16,059,786
16,076,833
18,054,413
Revenues.$116,896,251 98 $107,752,359 91
Traffic Expenses
$19,233,072 19
The
Total
Expenditure.
6,443.81
6,936.02
7,032.62
7,341.34
7,807.31
7,855.38
7,965.13
8,179.59
8,305.40
8,433.99
9,273.15
9,415.01
9,794.86
9,916.33
10,350.13
10,627.92
10,750.31
Operating Expenses—
Mamt. of Way & Struc. $18,054,413 03
Maint. of Equipment...
19,415,224 63
134,532 58
Other Additions and Betterments
Net Increase in
is
„
Total Oper.
343,806 78
Shop Machinery and Tools
Tie and Timber Lands
Reserve for Accrued Depreciation.
——
-
Mail, Express and Misc.
34,249 62
8,896 61
1,494,374,47
Santa Fe Pacific RR.—Land
"
Passenger
.
Telegraph and Telephone Lines.?
—
Buildings, Shops, Dock and Wharf Property.
...
charged to Oper¬
and Structures
'
—
Fuel Lands
■—
-
Operating Revenues—
Freight
3,143,627 06
720,910 62
377,957 83
Track Elevation, Elimination cf Grade Crossings, and Improvements of Over and Under
Grade Crossings
Interlocking, Block and Oth^r Signal Apparatus
Additional Equipment
.
Year
693,252 17
....
———.....
Sidings and Spur Tracks.
Terminal Yards
sums
the System for the fiscal year ending June 30 1913, in com¬
parison with the previous year:
Ap¬
_ _
,..T
—
The following
678,463 24
238,946 06
-
1904...
COMPARISON
506,956 83
spreading and putting
under track—. ——....—
Increased Weight of Rail
Frogs,
——
1908
519,480 20
240,467 85
Culverts
Ballast, including cost of
1932—-.*
.....
-
1907.
$294,013 21
of Banks
.-
1906...-—.
Lines:
shows the
Average Oper¬
ated Mileage.
30—
Year ending June
1905....
,
90
58
00
33
ANDJ.STRUCTURES.
WAY
ating Expenses for, Maintenance of Way
during each year since July 1 1896:
1903..
<s;2 892 972 83
Additions and Betterments—System
11989072
OF
MAINTENANCE
The following statement
The total charges to
Belt Ry. of Chicago-,
1213
CHRONICLE
THE
1913.]
The average passenger revenue per revenue
passenger-train
mile increased from $1 18 to $1 24, or 5.08 per cent.
The average passenger-train revenue per revenue passen¬
ger-train mile increased from $1 47 to $1 54, or 4.76 per cent..
The tons of freight carried one mile (revenue and company)
increased 803,362,748, or 9.03 per cent, while miles run by
freight cars (loaded and empty) in freight, mixed and com¬
pany-supply trains increased 37,223,924, or 5.49 per cent, and
the mileage of such trains increased 557,001, or 2.50 per cent.
The number of passengers carried one mile increased
50,692,714, or 3.98 per cent, while miles run by passenger
cars in passenger and mixed trains increased 3,691,588, or
2.68 per cent, and the mileage of such trains increased.
428,69-9, or 1.84 per cent.
The following is a consolidated statement of the business
of the System for each fiscal year during the period since
January 1 1896:
■
Gross
Fiscal Year
Ending
June 30—
Average
Revenues,.
Including
Miles
Income
Sources.
_
1903...
1904...
1905
1906..'.
...
1912...
1913.
*
and Other
Net
Interest
Rentals
Operated. from Other
1897 (18 mos.)
1898---
Expenses,
Including
Taxes,
'
Corporate
on
Income.
Bonds.
Charges.
6,443.81 $44,532,628 $38,038,455
6,936.02 39,396,126 30,513,553
7,032.62 40,762,933 29,332,964
7,341.34 46,498,899 29,414,427
7,807.31 54,807,379 34,502,039
7,855.38 60,275,944 36,272,432
7,965113 63,668,390 40,635,576
8,179:59 69,419,975 44,641,434
8,305.40 69,189,739 47,835,883
8,433.99 79,390,749 51,035,355
9,273.15 94,436,574 61,779,916
91,289,770 65,031,582
9,415.01
9,794.86 95,424,091 61,458,019
9,916.33 107,543,250 75,133,314
10,350.13 109,772,481 75,689,094
10,627.92 110,322,328 77,001,227
10,750.31 119,411,875 83,432,816
$8,440,387
7,045,988
7,241,972
7,345,166
7,830,810
8,438,985
9,134,485
0,418,770
9,611,510
10,622,184
11,487,934
12,579,301
13,548,081
11,984,151
12,712,319
13,660,859
13,825,325
$53,785
1,836,584
4,187,997
9,739,304
12,474,52915,564,526
13,898,329
15,359,771
11,742,346
17,733,209
21,168,723
13,678,886
20,417,990
20,425,784
21,371,067
19,660,241
22,153,734
The following statement shows the gross operating reve¬
nues of the System (exclusive of income from other sources)
per
mile of road operated for each fiscal year since July 1 1896:
Gross Operating
Revenues.
Year ending June 30—
....
,
910.
911
912...
913...
....
.1
—
$30,621,230
39,214,099
40,513,498
46,232,078
54,474,822
59,135,085
62,350,397
68,171,200
68,375,837
78,044,347
93,683,406
90,617,796
94,265,716
104,993,194
107,565,115
107,752.359
116:896,251
10
24
63
23
61
53
28
18
25
25
91
38
87
67
62
91
98
Average per
Mile
of Road.
$4,752
5,653
5,760
6,297
6,977
7,527
7,827
8,334
8,232
9,253
10,102
9,624
9,624
10,587
10,392
10,138
10,873
04
60
80
40
41
97
92
31
70
55
65
82
OO
91
63
61
7S
1214
11899004217--
THE
CHRONICLE
The following statement shows the development of the
freight and passenger revenues of the System since July 1
Common
1896:
Issued
-
1903-*---———
1905
1906.
—
—
-----
-
-
1908---.
1909.--.
——
1910
1198093762--,.——
1911.-1912-1
Freight
Passenger
Revenue,
Revenue.
$22,067 686
28,588 716
29,492 ,586
33,729 ,332
39,052 ,557
41,815 ,607
44,622 ,438
47,762 ,653
47,408 ,982
54,598 ,902
65,500 ,3C9
61,848 ,638
64,212 ,638
71,194 ,055
71,787 ,200
71,529 ,574
78,190 ,923
1898.
_—-----
—
$5,574 ,288 31
76
7,347 ,361
8,126 ,141
9,334 ,661
11,678 ,017
13,439 ,384
13,469 ,985
15,433 ,773
16,045 ,380
18,013 ,988
21,171 ,629
21,643 ,427
22,734 ,505
25,437 ,181
27,204 ,867
27,453 .525
29,425, 922
65
83
43
05
71
23
36
82
42
51
10
59
89
67
18
'
*•
■
y
amount of the investment.
'
>«
59
85
■.[
; y
'
$372,104,262
387,957,477
392,169,842
399,527,444
407,187,811
419,541,440
439,911,035
454,290,057
466,273,139
473,020,998
496,782,342
519,004,129
541,727,328
548,251,270
579,793,768
.
-
1904
1905.
a
1908
1909---
—
77
68
02
30
22
17
33
89
34
79
35
48
96
97
23
$487,164,658 84
♦The amounts above shown
necessary
Ordinarily
as
56
08
49
32
98
66
of the System
the
(deducting
Bonds,
Debt
Funded
-
~ •
.
;; /
44
//./•■/
/
;
'
.
,
$785,000 00
—
1,903,000 00
14,241,000 00
6,466,000 00
—
-
v..
Re-
funding MortgagedBonds._____
Miscellaneous Divisional Bonds
41
occurred
-
,
Convertible 4% Bonds...
Convertible 5% Bonds
California-Arizona Lines First and
v,vV-..t:,
4,866 50
99,000 00
*
,
23,498,866 50
—
.
Interest charges for the year ending June 30 1914 will be
approximately $12,900,000, or an average monthly charge
of about $1,075,000.
In making this approximation, ex¬
changes of Convertible Bonds for Common Stock made since
June 30 1913, aggregating $3,574,000, are considered.
TREASURY. V
as
sums
which part are earned in the balance sheet as Investments
and part are included under Railroads, Franchises and Other
Property.
The. "Income" shown
as
been
are
/
-
./•
Amount to credit of Fund June 30 1912
Added during the year
Invest¬
ment.
.65
In Fund June 30 1913—
2.86
sums
\
5.05
DODGE
5.44
5.07
This
deducted
from
determined
eration of the
5.58
tem
5.59
5.36
began
This company was
formed to construct certain new lines
through rich orchard country in the "San Joaquin Valley of
California.
Of the projected lines about 49 miles/between
Wahtoke, Cutler and Exeter, are now under construction.
4.88
exceeds
by
.
excluded
,:.,t
line by your company as a part of its Sys¬
July 1 1913 under lease of that date.
new
on
MINKLER SOUTHERN RAILWAY COMPANY.
<
5.64
;
CITY & CIMARRON VALLEY RAILWAY.
line, which
6.11
5,71
6.31
the amount shown
after
.
—$1,726,846 19
—
4.73
4.51
-
WEST TEXAS CONSTRUCTION.
-
..-.The. lines in West Texas, the construction of which
was
commenced in 1909, and reference to which was made in the
annual reports for that and subsequent years, are completed,
-
with the
exception of the extension of, the Coleman-Lubbock
to Texico/New Mexico.
This
extension, 89 miles in length, is about three-quarters com¬
pleted and will probably be fully opened for business about
January 1 1914.:: /J (
s,/:
line from Lubbock, Texas,
as
excluded in the above statement.
above is
through profit and loss.
-
-was under construction at the date of
last annual report, extending from Dodge City, Kansas, in a
southwesterly direction to Elkhart, Kansas, a distance of
about 120 miles, was completed during the year.
The op¬
5.31
are
<
461,105 11
$2,288,377 69
561,531 50
4.19
reduced
was
$1,827,272 58
Deduct Sums paid for fuel properties
1.57
2.26
-
above stated,
.
during the year by earnings
derived from sundry fuel properties and decreased by cer¬
tain payments for fuel properties, as follows:
•
'•
Cent
In the years 1910 to 1913 sums aggregating $16,077,421
48, consisting of
depreciation of equipment accrued pursuant to the ruling of the Inter-State
"Property Investment" and
.
-
Income
considerably
aggregating $21,066,685 78, which
Commerce Commission have
/'
•
Company nor any of its auxiliaries has any
notes or bills outstanding.
The Company held in its Treasury on June 30 1913
$30,096,205 59 cash and had available $3,780,000 General
Mortgage Bonds, including bonds not yet certified by the
Trustee.
The Company also has in the treasury unpledged
a large amount of stocks and bonds of other
companies, of
materials and supplies and
capital
working
1901 to 1908 the "Property Investment"
"Property Investment"
f"
Neither this
'
In the years
a
in
Retired:
or
Serial Debenture 4%
Series K
Series L_
"Property Investment" do not include
necessary
$35,000,000.
ments made
changes
during the year:
!■,
Obligations Purchased
of
Properly
$23,786,642 62
working capital, such
such
Interest,
$2,432,870 06
6,070,364 45
8,871,947 26
11,409,315 36
17,064,850 91
21,196,714 38
23,921,018 14
23,032,814 51
24,778,541 31
21,353,856 15
28,355,393 34
32,724,274 07
25,633,510 34
33,523,437 28
32,387,712 39
34,102,511-86
33,321,100 75
36,086,013 36
621,869,989 29
640,263,756 10
Annual Average.
from the
following
The fund has been increased
Dividends, Improve¬
ment of Property
and Strengthening
Of Credit.a
609,287,764 18
—
"writing off"
...
bonds in the treasury) amounted on June 30 1912 to—_$342,645,015 00
The
•
Applicable Per
to Bond
Property
1902.
cash.
Debt
f
•'
$190,836,500 00.
114,173,730 00
j
$305,010,230 00
—
The outstanding Funded
57
25
57
78
63
27
,
20,707,000 00
___
FUEL RESERVE FUND.
Investment *
30.
1896 (6 months)_i.
1897. ——-"—
anything for
-
.
Income
Year ending June
1903-
,
,
Total System Funded Debt outstanding Juno 30 1913—$319,146,148 50
i
.
.
Preferred
growth of the business of your Company indicated by
the foregoing three statements, and also the increased effi¬
ciency suggested by the averages immediately preceding those
statements, are due principally to the very large expenditures
(over $270,000,000) which have bem made in the extension
and improvement of the property since January 1 1896.
-In
order to .make such expenditures your Company has raised
since 1896 over $217,000,000 of "new money" by the sale
of bonds which are now outstanding or which
(in the case
of many of the convertible bonds issued) are represented by
cpminon stock now outstanding.
The following statement
shows, for each year, the amount of investment, the amount
of net income applicable to bond interest, dividends, im¬
provements of property and strengthening of credit, and the
rate of return which such net income represents on the
...
/.
,
exchange for Convertible Bonds
Common
77
The
—
year:
Capital Stock outstanding June 30 1913:
PROPERTY INVESTMENT AND RATE OF RETURN.
1900-
during the
—
1897
1913
$284,303,230 00
.
Common Stock issued in
retired
Year ending June 30—
xcvii
$170,129,500 00
114,173,730 00
Preferred
.
,
[Vol.
allowing for adjust¬
„
"
«; The last statement emphasizes the striking fact that the
/earnings on the entire.investment are now not much in excess
of five per cent /per annum and continue on that basis not¬
withstanding, the increase in efficiency and the' increase in the
volume of traffic.
It may be explained that the
ability of
your. Company under such circumstances to pay six per cent
.
on
the
common
stock is due to the fact that it .pays
an
aver¬
of substantially less than five.per cent on its bonded debt,
and, indeed/much of the; bonded debt'was created when
money could he1 borrowed at or near four per cent.
r. The, ;very moderate return which is realized upon the in¬
vestment especially when considered in connection with the
increased rates which must now be paid for new capital, indi¬
cates that in order to preserve and strengthen the credit of
even the most successful railroad companies, to the end that
they may be able to develop and improve their property so as
to promote the public safety and the public
convenience, the
Government ought to increase, rather than to reduce still
further, the rates for transportation, and ought to be exceed¬
ingly slow about increasing still further the costs of opera¬
tion,
It is very clear from the foregoing statement that the
mere growth of business and the mere increase in
efficiency
will not afford adequate protection against further reductions
in rates for transportation and further increases, in costs,
especially in view of the increasing rates demanded for the
age
.
,
use
of money.
:
•
v//;
VERDE.,VALLEY RAILWAYu
During the year this line, extending from Cedar Glade to
Clairkdale, Arizona, a distance of about 38 miles, has been
completed. ..The line is operated by your Company under
lease and was opened for traffic February 1 1913.
NORTHWESTERN PACIFIC RAILROAD.
; .;ii;
luicj of this company (whose capital
stock is .owned/, one-half .by your Company and one-half
by the Southern Pacific Company) between Willetts and
Shively, California, referred;to in* the last annual report, has
been actively prosecuted throughout the year, 24.95 miles
having been completed, leaving only 41.20 miles still to be
M<>(
.
/The construction of the
constructed.
The
construction
of
UNION
-
A
PASSENGER
new
opened for
very
STATION, KANSAS CITY«
.
station and extensive passenger facilities
nearing completion, and will probably be
before the expiration of this fiscal year; the
use
and is
one
as
by all the roads entering Kansas City
complete passenger terminals in/the
one of the most expensive,owing to local
of the most
well
as
topography and other conditions.
/ The {Outstanding Capital Stock (deducting stock in treas¬
ury) on June 30 1912 consisted of:
involves
terminal is to be used
country
CAPITAL STOCK AND FUNDED DEBT.
line
passenger
at Kansas City are
.
:,o
this
heavy work through a mountainous country, so that progress
is: necessarily slow; however, a large amount of-grading for
the remaining mileage has already been done and the work
will be pushed to completion as rapidly as conditions
permit.
ties will bo
an
.The
use
of the
new
facili¬
convenience to the public and will
large expense on the part of the railroads. On the
other hand-the conditions at the old station had become in¬
entail
enormous
a
tolerable to both parties.
>
"
•
.
Oct. 25
construct their case, as
OF CHICAGO.
THE BELT RAILWAY
During the year your Company acquired an interest in the
Belt Railway of Chicago, the capital stock of which was in¬
creased so as to permit of ownership in equal parts by twelve
of the railway companies entering Chicago, all of which have
paid in cash at par for the stock acquired by them.
The
Belt Company leases from the Chicago & Western Indiana
Railroad Company what is known as the Belt Division of that
company's property, comprising about 21 miles of main line
and branches, and also the freight distributing or clearing
yard and facilities formerly owned by the Chicago Union
Transfer Railway Company, which was acquired by the Chi¬
cago & Western Indiana Railroad Company as of September
2 1912.
The lease in question is dated November 1 1912 and
runs until September 1 1962, with option of purchase at the
expiration of that period.f j The enlargement of this company
and-the revival of the freight clearing yard will tend to
facilitate materially the interchange of freight traffic between
all railways entering Chicago.. •
">■
ADDITIONAL MAIN-TRACK MILEAGE.
mileage of second track in operation on June 30 1913
898.32 miles as compared with 801.90 miles at the close
The
was
of the
preceding fiscal
being
year,
an
increase of 96.42 miles.
SECOND TRACK WORK IN PROGRESS.
Missouri
Division:
Floyd to Sibley, Mo
Lines West of
•
.____
_
__.
Cactus to
.
3.63 miles
Albuquerque:
22.55
"
"
"
10.69
"
9.16
Rito to Laguna, N. M
,;
_43.32
Flagstaff, Ariz____
Ash Fork to Pan, Ariz
Summit to Keenbrook,
Cal
„
.89.35
Total.
It is
will
that
expected that all the second track work in progress
be completed by January 1st next, making a total on
date of 987.67 miles of second track in operation.
Pursuant
STATE RATE CASES.
decision of the United States
DECISIONS
RECENT
to
the
IN
recent
The
GENERAL
possible, within the limitations
decisions in the Minnesota
compilation of statistics indicating the confiscatory
these low rates is now in progress and upon its
completion these cases, in which your Company is interested
will, it is expected, be carried to a final adjudication.
; 'I
:
TAXES.
In the last annual report
attention
the fiscal year covered by this report, but, on the contrary,
the increase has continued, the taxes for the year aggre¬
gating $4,662,152 38.
This sum is equivalent to li.8 per
operating income for the year and exceeds the
taxes of the preceding year to the extent of 10.8 per cent.
cent of the
During the year
Geo. T. Nicholson,
the
the Company suffered the loss of Mr.
Vice-President, who died in Los Angeles,
Mr. Nicholson had been in the service of
March 30 1913.
Company almost continuously for thirty years.
He
man of ripe judgment and fine executive ability, and,
a
of an engaging personality and much beloved
by all of his associates.
~
'
■ ;
r'
; r
"
moreover, was
Your Directors again take pleasure in recording their ap¬
preciation of the loyal and efficient service rendered by of¬
ficers and employees.
EDWARD P. RIPLEY, President.
GENERAL BALANCE SHEET—EXHIBIT A—RAILROADS, FRAN
CHISES AND OTHER PROPERTY.
'
*
Construction
for
Expenditures
$597,245,162 33
published in Annual Report
Amount June 30 1912 as
and
during
Equipment
13,522,274 47
1912
Fiscal Year ending June 30
$610,767,436 80
Deduct:
Par
>
•
bonds
of
amount
of
controlled
included in
lines
"
-
by pur¬
System obligations as of July 1 1906 retired
chase during the year:
G. B. & K. C. Ry. Co. First Mortgage 6%
$91,500 00
Bonds
G. B. & K. C. Ry. Co. Second
Bonds
G. B. & K. C. Ry. Co.
Bonds
Mortgage 6%
Second Mortgage 5%
4,500 00
:
v,
J
3,000 00
....
99,000 00
>.
$610,668,436 80
CONSTRUCTION AND
SHEET—EXHIBIT B.—EXPENDITURES FOR ADDITIONS AND BETTERMENTS,
CAPITAL PURPOSES DURING FISCAL YEAR ENDING JUNE 30 1913.
BALANCE
called to the stead¬
was
ily increasing burden of taxation, and a table was submitted
showing that the percentage of increase in taxation during
the five years ending June 30 1912 was slightly over 68 per
cent.
There has been no diminution of this burden during
"
the enforcement of the 2cent provision of the State Constitution, had not been seri¬
ously opposed pending the outcome of the other State rate
cases before the United
States Supreme Court, the 2-cent
fare was re-established July 3 1913.
The case, however,
by mutual consent is being held open for a reasonable period
to enable your Company and other interested carriers to re¬
District of that State, restraining
as
nature of
Supreme Court in the Missouri Rate Cases, your Company
put into effect in that State the 2-cent passenger fare as well
as the reduced freight rates, but the tariffs covering these
rates have been filed under protest.
In Oklahoma, where
the order of the United States Circuit Court for the Western
far
laid down in the Supreme Court
and other State rate cases.
was
'
-
1315
CHRONICLE
THE
1913.]
OTHER
Other
Additions and
Construction.
Betterments.
Atchison Topeka & Santa Fe
Atchison Topeka & Santa Fe
Ry
Ry. (Coast Lines)_____—
Belt Ry. Co. of Chicago
California Arizona & Santa Fe
Cane Belt RR.
—
__£
i
._«
5,000 00
"L266,870* 83
Dodge City & Cimarron Valley Ry
,
Eastern Ry. of New Mexico System
Gulf & Interstate Ry of Texas.
Gulf & Interstate Ry. of Texas—Santa Fe Dock
Gulf Beaumont & Great Northern Ry
Gulf Beaumont & Kansas City Ry
Gulf Colorado & Santa Fe Ry
Jasper & Eastern Ry
Minkler Southern Ry.
Southern Kansas
269,842
87,527
15,784
Cr. 8,008
5,221
490,149
10,602
& Channel Co
^
15.784
8,008
104,315
451,500
10,602
72,888
2,914
99,094 90
68
Cr. 38,649 59
75
"r
91
53,890 32
14,311 29
_■_
95,000 00
of Galveston
"26",842
—
33
91
32
29
00
33
$21,995,237 95
$385,243 78
$2,376,921 98
$19,233,072 19
41
24
91
09
75
58
64
150 00
-
10,127,200
53,890
14,311
95,000
26,842
I6~127,200
1
34
08
06
00
83
26
87,527 30
Cr.
150 00
_____—
Co__i_
Ry. of Texas
Texas & Gulf Ry
■
"27914" 64
______
Union Passenger Depot Co.
Western Arizona Ry
1,036,987 19
07
30
41
24
01
"72",888" 58
—
Rio Grande A El Paso RR
Santa Fe Pacific RR
Santa Fe Land Improvement
335,000
22,580
12,476
5,000
1,266,870
1,306,829
$11,982 64
493 42
Concho San Saba & Llano Valley RR__»_
Denver Union Terminal Ry
,
240,000 00
1,500 00
333,500 34
22,580 08
Ry
$2,082,675 45
5,668,885 64
240,000 00
Cr.$55,501 12
$2,138,176 57
5,668,885 64
;
Total.
Expenditures.
DEDUCTIONS.
200,000 00
Land Sales during Fiscal Year
$21,795,237 95
BALANCE
GENERAL
SHEET—EXHIBIT
NEW
C—INVESTMENTS-
GENERAL
Expenditures to June 30 1912, as shown in Annual, Report.
Deductions during the Fiscal Year ending June 30 1913:
_$12,456,570 16
Co.:
Chanslor-Canfield Midway Oil Co____-__$l,811,531 50
Ice Plant, San Bernardino..
50,119 76
Tie and Timber Lands
36,613 30
Sunset Ry
■__
30,069 77
Real Estate held for future use
32,658 26
General Mortgage—
Due Oct. 1 1995.
DEBT
E—FUNDED
In
Int.
Outstanding.
Treasury.
Issued.
Rate.
Class of Bond.
Santa Fe Land Improvement
;
SHEET—EXHIBIT
JUNE 30 1913.
BALANCE
ACQUISITIONS.
$152,562,500 $1,928,000 $150,634,500
4%
,__
Adjustment MortgageDue July 1 1995
Convertible—
Due June 1 1955
$1,960,992 59
Convertible—
Expenditures:
& Pittsburg
Mining Co
Cherokee
Coal
$402,531
Ry__
36,806
Santa Fe Land Improvement Co.:
Ice Plant, Belen____
3,685
Oakland Wharf Property.... 999,195
Santa Barbara Tie & Pole Co.
23,208
Rails and Fastenings leased to
Grand Canyon
)
various
parties.
Due June 1 1917
.__
Due July 1 1958--.
California-Arizona lanes—•
Due March 1 1962
Due Feb. 1 1914
Eastern Oklahoma Division—
137,551 84
,
Due March 1 1928.
8HEET—EXHIBIT
JUNE 30 1913.
Preferred
_.__$190,881,000
114,199,530
D—CAPITAL
In Treasury.
$44,500
25,800
STOCK
Outstanding.
$190,836,500
.
114,173.730
$305,010,230
Not including $17,286,470 Preferred Stock placed in special trust for
certain purposes by the Reorganization'Committee and not used.j
> :
—
$305,080,530
8,747,000
8,747,000
4% ;
17,000,000
17,000,000
4H%
18,299,695
5%
Y
i
,
18,294,828
4,866
♦290,000
♦290,000
4%
;
'
_
.
9,603,000
9,603,000
5%
6,000,000
6,000,000
6%
1,500,000
1,500,000
.
:
Chicago & St. Louis Ry.—
Due March 1 1915
Santa Fe.Prescott & Phoenix
Ry.—•
—
,,
7
(t.
.
; Due Sept. 1 1942_____^___
Miscellaneous
$70,300
Divisional
5%
•
4,940,000
1,685.850
1,030
4,940,000
1,684.820
$322,439,045 $3,292,896) $319,146,148
*
16,858,(k)0
32,248,000
San Joaquin
Due Oct. 1 1940
Common
32,248,000
4%
Valley Ry.—
$12,098,557 08
Issued.*
4%
51,346,000
Serial Debenture—
San Francisco &
-
977,000
Transcontinental Short Line—
/
22
61
98
$358,013 08
BALANCE
382,000
17,835,000
Convertible—
50
36
$1,602,979 51
GENERAL
; .
•
51,728,000
4%
<
Due June 1 I960
&
4%
♦
Includes $5,000 which matured Feb. 1 1913,
1216
THE
CHRONICLE
CHICAGO GREAT WESTERN
[Vol.
xcyh.
RAILROAD COMPANY
EXTRACTS FROM FOURTH ANNUAL REPORT FOR FISCAL YEAR ENDED
JUNE 30 1913.
To the Stockholders of the
Chicago Great Western Railroad Co.:
The Board of Directors submit herewith their
report for
At Northfield,
Minn., the Northfield Iron Works
g* toJheir P^nt adjacent to our tracks.
At Red Wing,
made extensive
Rail Operations:
■
y
Operating revenues
114,000,618 42
Operating expenses.... 10,260,142 08
Int.
Net operating revenue $3,740,476 34
Outside
Operations
(net
surp.)_
on
Chicago
Great
Western RR. Co. bds.
Int.
on
Ft.
bonds
2,293 14
Int.
on
Minn.,
$917,500 00
pany's right of way.
At St. Paul, Minn.,
Mason
Dodge
City &
RR. Co.
(see note)....
•.
$3,742,769 48
439,418 99
Co. bonds (see note).
Other
Interest
232,440 00
1,683 35
Rentals paid for tracks,
Operating
income
$3,303,350 49
118,474 94
Other Income
yards & other facilities
587,774 53
Hire of Equipment (bal.) Cr. 56,904 52
Miscellaneous
14,292 62
$3,421,825 43
Note.—The interest on the bonds
Co. and of the Wisconsin Minnesota
of the Chicago Great Western RR.
and as provided in the leases of the
Total charges
$2,176,785 98
Surplus
$1,245,039 45
properties.
The total
Operating Revenue of the system for the year
$14,000,618 42, against $12,795,242 13 for the
year 1912; an increase of $1,205,376 29, or 9.42% over the
preceding year.
The Freight Revenue for the year amounted to
$9,795,074 38, as compared with $8,879,747 62 for the
preceding
year, an increase of $915,326 76, or 10.31 %.
Of this increased revenue,
$208,460 44 came from transpor¬
tation of Products of Agriculture, including grains, flour and
other mill products, hay, tobacco, cotton and
vegetables
(fresh, canned and dried),
$42,736 02 of tbe increase came
from Products of Animals,
including horses, cattle, sheep,
hogs, dressed meats and other packing-house products, wool,
hides, leather, &c; $104,345 22 of the increase came from
Products of Forests; $378,435 31 of the increase came from
Manufactures; $185,466 14 of the increase came from Mer¬
chandise and Miscellaneous traffic.
The aggregate of the revenue
tonnage carried during the
past year was 5,306,774 tons, as compared with 5,054,478
tons in the previous year—the increase
being
252,296 tons,
4.99%.
The tons-onermile of revenue freight increased
from 1,225,238,896 in the year
1912, to 1,337,724,849 in
1913, an increase of 112,485,953, or 9.18%.
The revenue per
ton per mile in the year 1913 was 7.32
mills, as compared with
7.25 mills in the previous year, an increase of .07
mills, or
.97 of 1%.
The revenue per freight-train mile in the year
1913 was $3.29, as compared with $2 90 in the
preceding
year, an increase of 13.45%.
p
or
from passenger
traffic during the past year
was
$3,144,283 86, which is $253,130 43, or 8.76%, more
than that of the preceding year.... /
The number of passengers carried increased
151,082, or
0.04%, the total number carried in 1913 being 2,651,096,
against 2,500,014 carried in the previous year.
The reve¬
passengers carried one mile increased from 143,642,671
in the preceding year to
153,998,072 in the past year, an
increase of 10,355,401, or 7.21%.
The revenue per passen¬
nue
ger-mile for the
1913
2.042 cents, as compared with
2.013 cents for 1912, an increase of .029
cents, or 1.44%.
year
was
Express Revenue:
The
toy-manufacturing plant, until recently located in Wisconsin, has trans¬
source
for the year 1913
759 64, as compared with $346,370 05 for the
increase of $3,389 59.
was $349,preceding year,
an
J8j[On Jan. 1 1913 the Parcels Post service of the Post-Office
Department was put into operation, and since that date
packages of merchandise, weighing eleven pounds or less
have been transported in the United States mail at
rates
under those previously charged by the
Express companies
for similar service.
On August 15
1913 the weight of
packages permitted to be transported by the Parcels Post
was increased to
twenty pounds.
The result of this inno¬
vation has been that the volume of United States mail
ried on the company's trains has increased
car¬
largely and con¬
tinuously, and the volume of Express traffic has decreased
correspondihgly; and while the company has received no
increased compensation for transporting the United
States
mail, and there is at this time no prospect of its
receiving
adequate increased compensation in the future for the addi¬
tional services thus rendered, it is
very probable that the
withdrawals of such parcel traffic from the
Express companies
will
so reduce the traffic and revenues of
those companies
that this company's revenue from
transportation or traffic
for the Express Company will
probably not exceed the con¬
-
Fredericksburg, Iowa,
a
cheese factory has been established along
right-of-way.
At Omaha, Neb., a
company dealing in live and dressed poultry, eggs,
&c., have erected a substantial building adjacent to our termnals.
A
retail coal yard, located on our
property, is being enlarged.
At Kansas City, Mo., a
brewing company of St. Joseph, Mo., have erected
a large
cold-storage warehouse on this company's tracks, in which they in¬
tend to handle their
supply for distribution.
'
The Standard Oil
Company has established several new distributing
stations at different points on the line.
.
RE-CONSTRUCTION AND MAINTENANCE
Y;
;
STRUCTURES.
have
year
as
been
located
along the company's line
follows:
At Austin, Minn., a large warehouse has been erected for
storage and
of agricultural implements,
and the HormeL Packing Co.
have enlarged their plant to accommodate their
growing business.
At Douglas, Minn., a new cheese
factory has been established
distribution
adjacent
company's tracks.
At Faribault, Minn., a new four-story furniture warehouse and a
three¬
's tory shoe factory have been erected
along this company's tracks.
to the
WAY
AND
#
ended June 30 1913 and 1912
Ballast:
"
4
was
follows:
as
Y
1913.
Miles of track re-ballasted with gravel
Miles of track re-ballasted with rock
Miles of track re-ballasted with other material
Total miles of track re-ballasted
replaced
9.24
7.42
10.28
9.71
208.83
Bridges, Trestles and Culverts:
Lineal feet of bridges, trestles and culverts re-built
123.90
or
.
7,506.50
_______
Roadbed:
1912.
106.77
189.31
_____
»
'
■
Miles of roadbed widened and grades rectified
Miles of ditching for roadbed drainage
(track
15.588.00
.•
35.69
55.20
18.76
miles)
Number of cuts widened
;
Cubic yards of material moved
Miles of right of way fencing re-built (track
miles)_
Cross Fences and Cattle Guards
_
16.79
34.00
66.00
145,762
62.76
87,000
161.00
240.00
__
40.44
Rails:
Miles of track re-laid with new 85-lb. steel rail
Miles of track re-laid with 75-lb.
re-laying steel rail_
,
Total miles of track re-laid
.
123.51
Cross-Ties Put in Track:
Total number treated cross-ties
54,400
*
Total number of cross-ties put in track
Equal to miles of continuous track
-
Equal to miles of continuous track
rail joints.
;
AND
MAINTENANCE
J
-
53,919
216,245
270,164
156.09
95.82
146,926
29,009
25.33
24,185
14,983
81.83
41.20
Equal to miles of continuous track..
RE-CONSTRUCTION
5.39
23.32
391,988
446,388
Tie-Plates and Rail Joints:
Total number of new tie-plates
new
'
136.13
Total number untreated cross-ties.
Total number of
17.93
12-62
_.
OF
5.12
EQUIPMENT.
The rehabilitation of equipment acquired with the railroad
September 1 1909 has been continued throughout the past
on
year.
There have been
purchased during the year: 10 Mikado
1 „dining-car, 1 well-drilling outfit, and
there was built at the Oelwein shops 1 steel motor inspection
car. ' Of undesirable equipment there have been sold
during
the year 2 locomotives and 256 freight-train cars.
There
have been dismantled also 2 locomotives, 3
passenger-train
cars
and 131
freight-train
cars.
'
•
179 locomotives received
heavy repairs and 35 locomotives
received light repairs, at the average .cost of $2,119 55 for
the former and $430 80 for the latter.
61 passenger-train
heavy repairs or re-building and 44 received
light repairs, at the average cost of $1,401 84 for the former
and $229 86 for the latter.
Of freight-train cars, 14,339 re¬
ceived heavy repairs and 129,048 light repairs during the
year.
The number and capacity of locomotives and cars in service
June 30 1913 and June 30 1912, respectively, were as follows:
cars
received
,
On June 30
1913.
Locomotives
289
Total weight, exclud. tenders (tons)
Total weight on drivers (tons)
25,987.65
20,646.23
4,821.27
On June 30 Inc. (-f)or
Per
1912.
Dec.(—). Cent.
283
+6 2.12
24,537.30
19,548.03
+1,450.35 5.91
+1,098.20 5.62
+260.92 5.72
Passenger-train cars
169
172
—3 1.74
Total seating capacity
6,358
6,518
—160 2.45
Freight-train cars (incl. cabooses)__ 11,029
11,432
—403 3.53
Total capac. (tons) (excl. cabooses) .375,155
385,210
—10,055
2.61
Avge. capac. (tons) (excl. cabooses)
34.45
34.11
+.34 1.00
Road service cars
692
687
+5
.73
Total tractive power (tons)
ADDITIONS AND
INDUSTRIAL DEVELOPMENT.
-during the
OF
The re-construction of the line has been vigorously con¬
tinued during the present year.
The work done op the roadbed and track
during the years
tract minimum in the future.
Industries
Dubuque.
Iowa, a fruit company have recently cotnpleted a twostory fire-proof warehouse along this company's right-of-way.
type locomotives,
from this
revenue
this
ferred its entire plant to
At Fort Dodge,
At
amounted to
revenue
in
this company's
OPERATING REVENUES.
The
A
of the Mason City & Ft. Dodge RR.
& Pacific RR. Co. are not obligations
Co. unless earned under the terms of
two
cheese factory has been located near the com¬
oil company has established
Six new grain-storage
capacity, have been added to an elevator
company's East Minneapolis yard, making the present
capacity of that elevator 600,000 bushels.
'
At Council Bluffs,
Iowa, an oil company have built a storage plant on
this company's terminals.
located
income
a
an
number of their linseed oil crushers
from 24 to 48.
tanks, each of 25,000 bushels'
....
Total
build-
a storage and dis¬
tributing station on this company's tracks; two storage tanks, each of 12,000
gallons' capacity, have been
erected, and additional facilities will be pro¬
vided as needed.
An elevator company has increased its elevator
capacity
to 100,000
bushels; and another company, dealing in creamery supplies,
has established a new
warehouse on this company's tracks.
At Minneapolis,
Minn., an oil company has added seven storage tanks to
their plant on the
company's tracks; another company has increased the
480,000 00
Wisconsin Min¬
nesota & Pacific RR.
Total net revenue...
Taxes
a new
a
At Varco,
Minn., a cement plant, destroyed by fire in 1912, has been re¬
built with an increased
capacity of 25%.
At Waterville,
Minn., a power company has located a sub-station ad¬
jacent to the company's tracks.
At Zumbrota,
v
Charges:'
,
have added
tannery, located on the company's tracks, has
enlargement of its plant.
At Rochester,
Minn., a wholesale grocer has located a warehouse along
the company's right of
way.
the year ended June 30 1913:
v'
income;,
.y;y'
The Income results for the year were as follows:
Minn.,
4,560.35
IMPROVEMENTS.
[The Road additions and improvements" during the
$1,611,710, the leading items being: Ballast, $129,457;
and
year
aggregated
trestle
bridges,
culverts, $358,772; re-construction of roadbed and track, $243,852;
increased weight of rail, $96,217; terminal yards,
$68,631; stations, &c.,
$83,426;
shops, engine-houses, &c.. $99,352.
Improvements, &c., to
equipment amounted to $261,144.—-Ed.]
Automatic Block
Signals.--^-The automatic block signal in¬
Division, extending from St. Paul
to Randolph, a distance of 30 miles, described in last
year's
annual report, is now being extended from
Randolph to
stallation
on
the Northern
Oct. 25
THE
1813.]
Dodge Center,
a
CHRONICLE
distance of 38.48 miles, and between Mc-
Intire and Alta Vista, a distance of 20 miles, or a total of
58.48 miles.
This installation is being made on that por¬
tion of the Northern Division which involves the most
curva¬
ture, and train movements in this
assisted by this installation, which
territory will be greatly
will also reduce the cost
of operation.
This installation will be entirely completed
by December 31 1913.
Mississippi River Bridge, St. Paul.—A new single track
bridge over the Mississippi River at St. Paul, replacing the
former bridge built in 1885, which had become too light for
modern locomotives and traffic, has been
completed during
structure consists of steel superstructure
on masonry foundations, and has a total length of 1,129 feet*
including the pile trestle approaches at the ends, 384 feet in
length, which will ultimately be filled.
There is one movable
span of 192 feet, operated as a vertical lift, 55 feet in height.
The remainder consists of seven 175-foot deck plate girders.
The superstructure is designed according to the most modern
standard specifications for steel bridges, to carry the heaviest
types of locomotives.
The lift span is operated by electric
motors with great economy and dispatch.
The new bridge
was opened for traffic on April 21 1913.
the year.
The
new
1217
the report that the gross revenue for the last year ex¬
to
ceeded
$14,000,000; so that substantial progress is being
earnings above referred to.
In previous reports the improvements in the operating
efficiency have been referred to.
Efforts have been contin¬
ued during the past year towards still greater efficiency;
and the following tables and deductions show what has been
accomplished:
made towards the
In 1909.
In 1910.
In 191L
In 1912.
In 1913.
Freight train miles 3,814,296
3,935,939
3,324,432 3,065,876 2,973,434
mile
283.44
302.13
369.35
399.64
449.89
Freight revenue.._$7,434,148 $8,540,591 $8,820,370 $8,879,748 $9,795,074
Freight revenue per
train mile
$1.95
$2.17
$2.65
$2.90
$3.29
Tons per train
_
This table indicates that, as compared with four years ago,
the train mileage has decreased 22.05 per cent, while, at the
time, there were increases in tons per train mile of
in freight revenue 31.76 per cent and in reve¬
nue per train mile 68.72 per cent.
The average direct or
running cost of freight engines and crews is approximately
80 cents per train mile, and the amount saved by the reduced
freight train mileage in 1913, from that of 1909, is, in round
figures, $673,000.
V
Similar improvement of efficiency in handling the passen¬
ger traffic also is indicated by the following table:
same
58.72 per cent,
r
.
CAPITALIZATION.
Pass, train miles..
The
capital stock outstanding at the beginning of the year
remains unchanged.
The funded debt of the Company and its Proprietary Lines/
also remained unchanged during the year.
WISCONSIN MINNESOTA & PACIFIC RAILROAD.
Reference is hereby made to the last printed Annual Re¬
port for
a
statement of the facts concerning the lease of the
above mentioned railroad and of the limited
liability of your
Company for the payment of interest on the bonds of the
Wisconsin Minnesota & Pacific Railroad Company.
Since
the last Report, as a result of negotiations with the holders
of a very large part, nearly all, of the above-mentioned bonds,
the same have been acquired by your Company and have been
deposited by it with the Trustee of its First Mortgage dated
September 1 1909, to be kept alive and held under such
Mortgage pursuant to the terms thereof.
For such acquired
bonds, the holders thereof received,from your Company 50%
of the par value of such bonds in the First Mortgage bonds of
your
Company at par and another 50% in the preferred
stock of your Company at par.
It is the present intention
for a limited time, upon delivery to your Company of the
small amount of outstanding bonds of the Wisconsin Min¬
nesota & Pacific Railroad Company, to deliver to the hold¬
ers thereof a like pro rata amount of the above-mentioned
securities of your Company.
MASON CITY & FORT DODGE RAILROAD.
,
Reference is hereby made to the last preceding Annual Re¬
port for
a
statement of the facts concerning the lease of the
above-mentioned railroad and of the limited
liability of your
Company for the payment of interest on the bonds of the
Mason City & Fort Dodge Railroad Company.
Since the
last Report there has been no substantial improvement in
the situation, and'the subject is under consideration.
per
table
the
time
of
return
failed for various
stock.
These efforts have
First, because of new and most
legislation; second, from two unusual winters, one
the most severe in this territory in twenty-five years; third,
by large increases in wages, and, fourth, by the failure of the
railroads to secure any advance in their rates.
The recent
decision of the United States Supreme Court overruling the
lower courts in the Minnesota Rate Case, which is very farreaching in its effect, has established a further, serious,
obstacle to improvement in the future.
In spite of, all these obstacles, however, a point has been
reached where a return Of over three per cent on the Preferred
stock has been made in the past year;
If increased rates
be secured and if business conditions
are
not
seriously,
affected, the property in its present condition should be able
to show by the 1st of July 1914, from which date the dividend
on
to
r;
the Preferred stock becomes
the full return
on
cumulative, earnings equal
that investment.
By reference to the Consolidated Balance Sheet State¬
ment, it will be noticed that the company had $2,653,963 19
at credit of its Profit and Loss account at June 30
1913; that
nearly as much, and the Cash and Ac¬
Receivable, together, were considerably more; and
that the company had no floating debt.
The property is in most excellent condition, $16,157,310
the Cash in hand
was
counts
haying been expended
on it during the last four years, and
it is now capable of the most econom cal management.
All
that is needed is a sufficient density of traffic, with some
reasonable increase in rates, to yield a
on the value of the property.
.
Your Board have felt that if the
partial return, at least,
earnings on any reasonable
brought up to $10,000 a mile, or approxi¬
mately $15,000,000 per annum, payment of the Preferred
dividend would be justified.
You "will note from a reference
rate basis could be
$.86
$1.05
indicates,
$1.26
$1.18
$1.15
as
WESTERN
RR.
PANIES—CONSOLIDATED
MENT
PROPRIETARY
AND
BALANCE
JUNE
30
ASSETS.
SHEET
'
-
.
v •
'
..."
Property Investment
Investment
on
Investment
on
/
*
Sept. 1 1909—Road
$105,449,475
Sept. 1 1909—Equipment
7,108,772
8,298,599
5,554,687
75
85
Investment since Sept. 1 1909—Road...
Investment since Sept. 11909—Equipm't.
Less Reserve for Accrued
Depreciation..
Securities
•
96
85
$126,411,536 41
499,826 45$125,911,709 96
•;< *
,,
.
Securities of
.
Proprietary, Affiliated and
Controlled
Companies—Pledged
Securities of Proprietary, Affiliated
Controlled Companies—Unpledged
$117,803 00
and
225,189 90
342,992 90
—
Other
COM¬
STATE¬
1913.
Road and Equipment:
Investments
Physical Property
$65,708 98
Securities Pledged.
Securities Unpledged
302,701 00
222,100 00
«
'
590,509 98
Working Assets
:
.
Cash
Marketable
Securities
...
/
963 13
Due from Agents and
Balances
~
$2,593,850 92
364,837 50
Loans and Bills Receivable
Con-
.
242,103
459,954
1,131,409
124,227
______
Miscellaneous Accounts Receivable.
Material and
Supplies
Other Working Assets
Assets—Chicago Great Western Railway
Receivership Period (Estimated)
69
85
59
92
„
„
20,631 82
Car Service Balances Due from other Com¬
26,288 04
panies
4,964,267 46
.
Accrued Income Not Due
Unmatured Interest
;_i.
1,253 61
...
Deferred Debit Items
causes:
radical
can
3,104,876
.
the
the Preferred
on
In 1913.
3,088,396
GREAT
CHICAGO
.
a
In 1912.
3,106,052
.
.
organization of the new Company,
business conditions were promising.
The reorganization of
the property was on a sufficiently conservative basis to jus¬
tify the hope of a return on the Preferred stock within two
years at least.
■
Realizing this, the management has bent every effort to
earn
In 1911.
3,163,889
compared with four years ago,
a decrease of 14.01 per cent in the train miles, with increases,
at the same time, of 31.58 per cent in the number of passen¬
gers per train mile, of 25.76 per cent in the revenue, and of
46.51 per cent in the revenue per train mile.
The direct
saving in passenger train service may be conservatively esti¬
mated at 50 cents per train mile, which would amount to
$253,000, as compared with 1909.
t/;
By order of the Board of Directors,
S. M. FELTON, President.
ductors
At
In 1910.
3,610,904
train mile..
This
Net
GENERAL REMARKS.
In 1909.
Pass, per train mile
38
44
48
47
50
Pass, train revenue$3,102,549 $3,310,864 $3,557,356 $3,639,478 $3,901,858
Pass, train revenue
Advances
Working Funds
'
Insurance Paid in Advance
...
.
1...
•
Other Deferred Debit Items..
Unextinguished Discount
on
Funded Debt.
$102,646
7,578
2,347
867,535
617,394
08
60
24
55
36
1,597,501 83
"
Total..........
$133,408,235 74
•_
LIABILITIES.
.
"P~"~
"
Capital Stock
Chicago Great Western Railroad Company:
Common
-
Stock
$45,246,913 00
41,021,402 00
...
Preferred Stock
_.i
$86,268,315 00
Funded Debt
,
Chicago Great Western Railroad Company:
First Mortgage 50-Year 4% Gold Bonds.
Minneapolis Terminal 50-Year
33^%
$22,500,000 00
"
Gold
Bonds..
500,000 00
_
Mason City & Fort Dodge Railroad Co.:
First Mortgage 50-Year 4% Gold Bonds.
12,000,000 00
Wisconsin Minnesota & Pacific Railroad Co.:
First Mortgage 50-Year 4 % Gold
Bonds.
6,232,000 00
41,232,000 00
Working Liabilities
Traffic balances
due other
Companies
Audited Vouchers and Wages Unpaid
Miscellaneous Accounts Payable
Matured Interest
$234,309
1,192,357
89,493
252,390
202,574
Unpaid
Other Working Liabilities
Liabilities—Chicago Great Western Rail¬
way Receivership Period (Estimated)__
Liabilities—Chicago Great Western Rail¬
way (Estimated)
06
21
51
00
65
5,815 01
5,562 32
1,982,501 76
Accrued Liabilities Not Due
Unmatured Interest and Rents Payable
Taxes Accrued
JL
$475,817 96
225,356 61
701.174 57
Deferred Credit Items
Operating Reserves
Other Deferred Credit Items
"
.
Profit and Loss
Total
....
$382,492 46
187,788 76
—
570,281 22
2,653,963 19
..$133,408,235 74
1218
THE
CHRONICLE
SEABOARD AIR
:
'•
'<■"?
''■!
:*■■■
'
!
•!(.')
■
\ \
.t: f
[Vol.
xcvii.
LINE RAILWAY
S '■,**','■'■
|V
V;
».
*■:
.
•
f.-v
THIRTEENTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDED JUNE 30 1913.
Portsmouth, Fa., October 23rd 1913.
There was built during the year at Portsmouth
Shops,
and put in service to
replace Trust Equipment destroyed:
To the Stockholders of the Seaboard Air Line Railway:
f
The Board of Directors submits the following report
the operations of the property for the year
1913:- *
of
ended June 30
1
Steel Express Car.
were
INCOME ACCOUNT FOR THE YEAR ENDED JUNE
1913.
Gross
Revenue
Operating Expenses & Taxes.
\
30 1913.
1912.
$6,846,251 97
Dr.26,314 12
$5,724,817 17 $1,121,434 80
Dr.22,686 02
3,628 10
$6,819,937 85
220,063 88
$5,702,131 15 $1,117,806 70
Gross Income....
$7,040,001 73
Rentals & Hire of Equipment
397,589 17
$5,885,508 85 $1,154,492 88
—>
Operating Income
Other
Income
183,377 70
...
;/r
Applicable to Interest.... $6,642,412 56
Fixed Interest Charges
3,656,558 89
Balance
Full 5%
"•ment
1,250,000 00
1,249,658 34
341 66
$1,735,853 67
$813,785 97
$922,067 70
Interest on Adjust(Income) Bonds
Net Income.
The
$922,409 36
Gross
Revenue
Company's line in Florida, from Mul¬
berry to Bartow, with a branch line to the Royster Mine,
mentioned in last year's report, was
completed and put in
operation March 15 1913—11.86 miles.
MAINTENANCE
7.01
Expenses and Taxes increased 2.82
SIDE
cent and Operating
44.05 miles of
as compared with 75.02
preceding year.L'hi:h* s ^
-
MILEAGE
i-;
The mileage of the
June 30 1912 was
cent for the
per
TIE
operation
The
on
3,070.12
Extensions, etc., Constructed during the
;
tie renewals
of switch ties, and
Operating Expenses.
.
130.05
MILEAGE
OWNED.
Seaboard Air Line Railway and branches
3,016-39
...
:
LEASED LINES.
Meldrhn, Ga., to Lyons, Ga__
57165
...
'<
miles
of
.
'
2.40
__15.11
1.46
__
"
DEDUCT.
'
79.62
3,096.01
•
ballast.
189,480 cubic yards of gravel and slag ballast were put
under main line track at a cost of $155,018
59, of winch
$138,921 88 was charged to Capital Account and $16,096 71
to Operating Expenses.
:
"
.
TRESTLES
v
.____.
_______
___
CAPITAL STOCK.
There has been
year.'
no
•
MORTGAGE, BONDED AND
During the
"
--
$800,000
SECURED
\
June 30 1913.
on
'
'
■
$6,000,000 par value of Three-Year 5% Gold
Notes, dated March 1 1913, payable March 1 1916, redeem¬
able in whole or in part at par and accrued
interest, secured
•by > the pledge of 4% Refunding Bonds of the Company,
were sold during the
year for the purpose of providing funds
for additions,
betteripents and improvements to the property
and for the retirement of
temporary obligations the proceeds
of which had been similarly used.
Of said notes $5,000,000
par value were delivered up to June 30 1913,
leaving $1,000,000 for later delivery.
For further details of the Company's
■'
■
see
Table No. 4.
•',/
v
EQUIPMENT.
-
-
15
5
1
10
7
7
3
6
1,000
200
25
2
\
was
...
STRENGTHENED.
BRIDGES.
Work has been done
on thirty-nine bridges, replacing with
strengthening them for heavy power.
Of this num¬
ber, twenty-four have been completed, and the remaining
fifteen will be finished by June 30th 1914.
Fifteen of the above bridges were authorized
during this
year and two of the fifteen have been completed.
Of the bridges completed the principal ones are:
steel
or
;
Length.
,
Richmond
:<
Viaduct, Richmond, Va., replacing floor with steel
and concrete
_•
326 feet
;
A. C. L. RR. Underpass near Chester, Va.,
steel and concrete
replacing floor with
v
92
"
McAlpin Creek, near Mathews, N.C., deck plate girders____
192
Savannah River, near Clyo, Ga., trestle elimination, deck
plate
girders__
3,750
College Street, Cedartown, Ga., reinforced concrete overpass
71
Main Street, Abbeville, S. C., deck beam spans.
79
"
"
"
'
___.
"
RAIL
the
IN
MAIN
LINE
TRACK.
total
operated main line mileage of the system,
3,081.75 miles are laid with steel rails and 0.23 miles with
iron rails.
'<
:
v-
The steel rail is made up as follows:
'"l
Miles.
206.86
•
-■
Weight.
85 lb. rail.
-
104.70.
1,178.35—
169.41
220.54
18.87—
...
twenty consecutive semi-annual installments of $103,000
eaclq bearing interest at the rate of 4^2% per annum.
All
of this' equipment was received during the fiscal
year except
_
DECKED.
expenditures for bridge renewals, during the year
$192,315 46, of which $180,881 06 was charged to Capi¬
tal Account and $11,434 40 to Operating Expenses
.t
$240,581 42 was paid in cash and equipment trust
obligations aggregating $2,060,000 were issued, payable in
the
BALLAST
The total
for which
TRESTLES
Of
_
...
AND
Additional stringers were put in 107 trestles during the
year to strengthen same to carry heavier power.
entered into
Passenger Locomotives,
Freight Locomotives,
Switching Locomotives,
Dummy Locomotive,
All Steel Passenger Coaches,
All Steel Mail and Baggage Cars,
All Steel Passenger and
Baggage Cars,
All Steel Express Cars, *: .. i
?:
...
All Steel Dining Cars,
Steel Upper and Under Frame Ventilated Box Cars,
All Steel Coal Cars,
..'u
Steel Under Frame Caboose Cars,
Wrecking Cranes,
following:
V Mailjand^Baggage^Cars,
were
were
Equipment Agreement, Series ''0,"
July 15th 1912 for the purchase of: -
5
.ii
"
;
An
on
REBUILT
built
during the year "with creosoted timber
5,804 lineal feet of trestles, which have been ballast-decked
at a cost of $60,477 14, which was
charged to Operating
Expenses.
par
An issue of
funded debt
There
.
DEBT.
value 4% Refunding Bonds
were issued in reimbursement of
expenditures made to retire
equipment trust obligations and sold, making a total of
$23,800,000 par value of 4% Refunding Bonds outstanding
year
was
•
change in the capital stock during the
!
•
00.49%
/
;
filled in, and of
were
the total cost thereof, including culverts,
$42,266 09
charged to Operating Expenses..
TRESTLES
Total mileage operated June 30 19i3._
-___3,081.98
Sidings (including 19.29 miles on Leased Lines and Trackage)
817.52
Average miles of road operated during the year
.3,073.58
Average miles of road operated shows an increase over previous
year of-
FILLED.
6,432 lineal feet of wooden trestles
*
Fernandina, Fla
2.00
Gibson, N. C., branch, leased to the North & South Carolina
1-':;:
Railway
__1
—.10.13
Silver Springs,
Fla., branch, leased to the Ocala Northern Ry_ 1.90
14-03
,'Y
70, 75, and 80pound worn rail, and there was charged net to Operating
Expenses $62,857 00 and to Capital Account $101,407 05.;,
v):^
Amelia Beach branch, leased to Street
Railway Company at
RAIL.
75-pound .and 1.01 miles 75-pound
new
;
3.00
*
Y•
-
NEW
steel rail, making a total of 131.06 miles were laid in the main¬
line track, releasing therefrom 58, 60, 60.5,
TRACKAGE.
Howells, Ga., to Atlanta, Ga
Hilton, N. C., to'Navassa, N. C
In Birmingham, Ala,, and
vicinity..
Near Mulberry, Fla____
RENEWALS.
1,267,705 cross-ties and 924 sets
the cost, $533,761 70, was charged to
.3,081.98
...
TRACKS.
were
':'
Mileage in operation June 30 1913.:
Made up as follows:
11.86
year..______
STRUCTURES.
new
OPERATED.
Seaboard Air Line Railway in
AND
sidings and extensions of existing sidings
were constructed, and there were
deducted by removal and
changes of old sidings 3.79 miles, making a net increase over
previous year of 40.26 miles.
Yv;:- ; ' o'Y;:tA'.-:;;.
There were also constructed 0.14 miles of new
sidings and
extensions of existing sidings on leased
lines.;
.4 '
Income increased 19.59 per cent.
The Operating Expenses, exclusive of Taxes, were 68.19
per cent of the Gross Revenue, as compared with 71.02 per
cent the previous year; and,
including Taxes, 72.09 per cent
of Gross Revenue
WAY
Roadway, track and structures of the railway have been
maintained at a cost of $3,014,956 54, which
represents an
expenditure per mile of road of $980 93.
cent Operating
per
per
OF
ROADWAY, TRACK AND STRUCTURES.
•
increased
'
EXTENSIONS.
.
36,251 80
$2,063,444 31
1 Car Float,
1 Ferry Boat.
«
Car,
An extension to the
$5,524,171 48 $1,118,241 08
3,460,727 17
195,831 72
$2,985,853 67
Ditcher,
1 Ballast Spreader
all of which have been received.
36,686 18
361,337 37
equipment named above, the following
purchased:
1 Steam
Increase.
$24,527,864 62 $22,921,903 98 $1,605,960 64
17,681,612 65
17,197,086 81
484,525 84
Net Operating Revenue...
Outside Operations
./'.?!•:Y'.' sr-'. V' :.S-;;Y
In addition to the
•
£$
4 PassengerAnd^Baggage Cars.
.80
—
60.48
5.72
565.90
35.41—-237.33—
-
——70
-
68
—
—
—
—63.5
60.5
-
60
—-
;
—
278-18-——
60
58
-
——
"
"
65
-
—
"
75
—
___56
"
"
"
"
"
(resawed).
'
"
:
and lighter.
The above does not include 2 miles of Amelia Beach
Branch, leased to Street Railway at Fernandina, Fla.; 10.13
miles of Gibson Branch, leased to North & South Carolina
,
oot. 25
THE
1913.]
Railway Company; or 1.90 miles of
Silver Springs Branch,
leased to Ocala Northern Railway.
MAINTENANCE OF EQUIPMENT.
equipment of the Railway was maintained during the
year at a cost of $3,338,541 64.
Included in the cost of maintenance is $113,690 08, repre¬
senting value of equipment destroyed or retired from ser¬
vice during the year, and credited to Cost of Equipment.
There were also included in the cost of maintenance
The
$344,689 49 for depreciation, which was credited to Reserve
for Accrued Depreciation.
:
The cost of maintenance per article owned was as follows:
Average cost per annum per Locomotive owned
Average cost per annum per Passenger car owned.
Average cost per annum per Freight car owned
$2,557 06
808.79
69 90
__
1319
CHRONICLE
GENERAL REMARKS.
Work is
in progress on double track and revision of
now
grade from Hamlet, N. C.t northward about nine and onehalf miles, which will provide a five-tenths per cent compen¬
sated grade line thereon.
This work will fit in with and form
a part of a comprehensive plan which has been made for the
ultimate development of the line between Norlina and Ham¬
let, North Carolina.
;
T ;
Six old twenty-thousand gallon water stations have been
replaced with fifty-thousand gallon tanks and suitable pump¬
ing facilities have been provided.
;
The use of creosoted piling has been continued in mainte¬
nance work on docks, wharves and trestles.
The work on
the Maxwell lumber dock at Jacksonville, Fla., was completed
.
during the year. /
;
/
..'y, ......--v /•
Eight track scales have been rebuilt with concrete founda¬
tions and steel I-beams, replacing wood.
213 industrial sidings and extensions to industrial sidings
already existing have been constructed or are in process of
.
.
.
,
and equipment have not only been
fully maintained, but in addition thereto there has been a
betterment in condition in line with a policy which has been
adopted of steadily improving the property.
As a result
of this policy and with the completion of the extensive
bridge program, including the filling of trestles, which has
been under way, together with other similar permanent im¬
provements, it has beeen possible during the past year to
The permanent way
make
a
substantial reduction in Maintenance of Way and
Structures.
The additional terminal facilities at
Wilmington, Savannah
annual report, have
and Jacksonville, referred to in the last
been
completed.,
'y '■. ';n
■ vy
The union passenger station at Vidalia, Ga.,
in the last annual report, has been completed.
.
"
■.
'
mentioned
A union
station has been provided at Maxton, N. C.
Passenger stations have been built at Winder, Ga., and
Sarasota, Fla., and extensive additions and improvements
have been made to the passenger station at Henderson, N. C.
Combination passenger and freight stations have been
constructed during the year at Great Falls, S. C., Statham,
Ga., and Cussetta, Ga.
A brick freight depot has been built at Monroe, N. C.,
and one is now in process of construction at Charlotte, N. C.
The new yards and mechanical facilities at Norlina, N. C.,
and Cayce, S. C., referred to in the last annual report, have
been completed and put in operation.
Yard extensions are now in process of construction at
Richmond, Va., Raleigh, N. C., and Hamlet, N. C., and
at the last-named place are about completed.
Water stations and pumping facilities have been provided
at Norlina, N. C., and McKenny, Va., and work has been
started to supply suitable water facilities at Apex, N. C.
A mechanical coal
elevator is under construction at
Richland, Ga., and a coal storage plant of approximately
fifteen thousand tons' capacity is under construction at
Savannah, Ga.
The coal storage plant at Jacksonville,
Fla., is being extended in order to increase its capacity to
passenger
construction.
v
■
yV•
^
y
;
,
/
67
depots and freight stations have been constructed or
substantially added to during the year.
,
passing tracks have been constructed or extended, or
are in process of construction.
During the year there have been constructed and placed in
operation 285 miles additional telephone circuits between
Columbia, S. C., and West Jacksonville, Fla.
This aggre¬
gates 1,374 miles in operation June 30 1913.
The parcel post, inaugurated January 1 1913, has greatly
added to the volume and weight of the mail handled, thereby
adding to the cost of the handling, for which up to the close
of the fiscal year the company had received no revenue.
55
This service has also tended to decrease the normal increase
in
revenue
double
loss
done to
received from express business, thus working a
to the railway.
Everything possible is being
secure
from the Government adequate compensation
for this increase in mail handled.
The accounts for the fiscal year were
Haskins
&
certificate
whose
Sells,
examined by Messrs.
on page
10
appears
[pamphlet report].
CHANGES
IN
ORGANIZATION..
S. Meldrum having resigned as President/Mr.
W. J. Harahan was elected, effective September 26th 1912.
N.
Mr.
Mr. C. H. Hix, Vice-President and General Manager, re¬
signed, effective November 1st, 1912, to accept service with
another Company.
••
Mr. E. D. Kyle having resigned to accept service with
another Company, effective November 1 1912, Mr. L. E.
Chalenor was appointed Freight Traffic Manager.
Mr. W. L. Seddon was appointed Assistant to the Presi¬
dent, and Mr. W. D. Faucette was appointed Chief Engineer,
effective January 1st 1913.
Mr. T. W. Roby, Comptroller, died on February 7th, and
Mr. H. W. MacKenzie was elected Comptroller February
19th, 1913.
Mr. A. J. Poole having resigned, effective April 5th 19J3,
Mr. J. W. Small was appointed Superintendent Motive
.
fifteen thousand tons.
Turntables, eighty-five feet long, have been installed at
Cayce, S. C., and at Norlina, N. C.
The installation of an
eight-five foot turntable is now in progress at Hamlet, N. C.
At Hutchinson Island, Savannah, Ga., extensive improve¬
ments have been made to the Terminals. ' Two hundred and
Power.
y' " ;
.
H. W. Stanley was appointed
effective May 1st 1913.
*
i
Mr.
"
General Manager,
five thousand square feet
of additional cotton sheds were pro¬
vided, together with the necessary fire walls, two new ship
berths with necessary sheds, for accumulating cargo were
Provided
of 5,000
on Pier
Two,
and three
new brick
cotton Addi¬
warebales
capacity
each were
completed.
ouses
with
is being made
make available
for the Railway's use 135,000 square feet of additional shed
room for the
coming season, 5,340 square yards of brick
cotton platform have been laid at a cost of $3,204, which
was
charged to Operating Expenses, to replace worn-out
tional tracks
are
under construction, and, in connection
the Atlantic Compress Company, a change
in the location of the compresses which will
wooden
there is now. in course of
construction a steel phosphate elevator with two conveyors,
each having a capacity of three hundred tons per hour.
The
necessary tracks, wharf, dredging, &c., are included in this
work.
-
,
Packard Motor Car Co., Detroit.—Stock
Dividend, &c
stock from
S00
)ec.of1 new
to take up the $3,000,000 5-year 5%s due
1916pref.
(V. stock
96. p*reserved
366).
Aug. 31
Year—
1912-13
1911-12
Net
et (after
Depreciation.)
$2,157,472
Preferred
Divs. (7%).
Surplus for
$350,000
350,000
$1,807,472
1,832,376
2,482,376
Total
Surplus.
$3,006,256
Year.
1,198,782
—V. 97, p. 1119. 448.
July 31 Year—
The Board records its
during the
Net (after Pref.Div.
Depr.,&c.).
def.$152,826
(7%).
$84,000
LT.1i;p-.To93.-256:- 180J28
68«215
Southern Power Co., N.
stock will, it is
Common
Dividends.
(3H%)$28,000
B%)
Balance,
Surp.orDe
def.$264,826
66-000 sur* 55>913
C. and S. C.—Bonds—Earn¬
ings.—Paine, Webber & Co., Boston, who offer at par and
nt. some of the $5,000,000 outstanding 1st M. 5s of 1910
V. 95, p. 1625), report:
appreciation of the loyal and efficient
by the officers and employees of your Com¬
year.
By order of the Board:
.
W. J. HARAHAN,
*
[For statistical
ceding page.]
tables, see
under
President.,
"Annual Reports"
on
a
pre¬
developments aggregating 88,000 h. p.,
developments aggregating 30,000 h. p., high-tension transmission
sub-stations, &c.
Supplies power to more than 160 mills, which
operate about 2,373,000 spindles and 71,000 looms.
Also sells wholesale
electricity for commercial and municipal uses to the local distributing com¬
panies.
*
Earnings for Years ending Mar. 31.
steam
lines,
,
1912-13.
Gross
1911-12.
earnings$2,149,043 $1,673,671
Net (after tax) 1,432,982
—V. 97, p. 180; V. 96, p.
1912-13.
Bond interest
1,103,076 Balance,
surplus
$250,000
1,182,982
793.
South Porto Rico Sugar
Co.—Earnings.—
Bond
Depr., NewMach Divs.
Balance,
Int. Res.,&c.Wk.Cap.
Paid.
Sur.orDef.
Year—
$
$
$
$
$
$
$
1912-13..4,885,232 4.297,079 37,293
55,312 498,420 def. 2,873
1911-12..5,938,021 4,380,178 44,106 531,828 418,898 496.272 sur.66,737
Dividends as above include com. divs. of 6% yearly, calling for $202,260,
and pref. divs. at 8%, calling for $296,160, in 1912-13, against $294,012 in
1911-12.—V. 95, p. 1406.
Fiscal
Russell Motor Co.—No Preferred Dividend.—
1912-13
-
services rendered
Total
The dividend due Nov. 1 on the $1,200,000 7% cum. pref.
announced, not be paid at present.
The report shows:
.
.
An absolute 1st M. on hydraulic
—
Oct. 16 ratified the
proposition to Increase the capital
$5,000,000 each of common ana 7% cum. pref. stock to $8,000,00J of each class.
A stock div. of 40% ($2,000,000) has been declared on
com. stock of record Oct. 16.
The remaining $1,000,000 of new com. stock
will be held in the treasury for future purposes as
required and the $3,000,on
Thomas Walton Roby,
is recorded with deep
sorrow and regret.
Mr. Roby entered the Railroad employ
with one of the predecessor companies of the Seaboard Air
Line Railway in 1878, and was an active and efficient officer
during his entire thirty-five years of service. •
pany
platforms.
At Seddon Island, Tampa, Fla.,
The stockholders
The death of the Comptroller, Mr.
occurred February 7th 1913,
which
Receipts.
Mfg.&
Expenses.
Spring Valley Water Co., San Francisco.—Financing.
on Dec. 19 on increasing the
bonded debt from $28,000,000 to $30,000,000, the increase
to consist of 2-year 5^% notes, payable semi-annually and
secured by pledge of bonds*
•
—The stockholders will vote
1220
THE
CHRONICLE
The cgmpany on Oct. 17 applied to the California RR.
Commission for
authority to issue $300,000 2-year 6% notes, secured by the deposit of
$400,000 of the 1st M. bonds, the proceeds to be used to pay mortgages on
water-shed lands in Alameda County and for
meeting indebtedness incurred
in the construction of Calaveras Dam.—V.
96,
Standard
Roller-Bearing Co.,
p.
Cnmwjerdal
COMMERCIAL
Phila.—Receivership.—
ment
was
feared
proceedings, &c., and
96, p. 1160.
that
In
so
or a
tie
up
the company
in
frost.
Tonopah Mining Co. of Nevada.—Earnings.—
The net income for the quarter ending Aug. 31 was
$309,360, against
on May 31 1913.
On Aug. 31 there was cash on hand $249,776;
other quick assets were; Bonds and notes,
$1,135,885; certificates of deposit,
$356,189
$125,000; loans
on
collateral, $601,000; deducting quarterly dividend
paya¬
United States Finishing Co., Norwich, Conn.—Earn¬
ings, &c.—At the annual meeting on Oct. 16 the following
particulars were given out:
with
a better demand.
Refined for the Continent $11 40;
South America $11 95; Brazil $12 95.
Lard futures declined
,
v
Profit.
Loss.
early in the week, owing to falling prices for hogs; but it
turned out later that there was no
great pressure to sell.
In
fact, offerings were comparatively light and Europe showed
more disposition to
buy—especially May. Some large packers
have at times been good
buyers of Oct. and Nov. lard.
To-day prices advanced.
Increase.
ing all fixed charges and int. on floating debt).$66,447 $81,973 $148,420
Net without deducting the floating debt charges. 121,232
39,493
160,725
The results as shown in 1913 were obtained
notwithstanding the unfavor¬
able conditions resulting in a decrease in yardage finished of
12,"592,016 yds.
Larger earnings
are
expected during the busy
season from Oct. 1 to April 1
which the company is entering with considerably
larger orders on hand-
on
about 80,000 pieces—and at slightly higher values.
the company has finished 238,488,564
*
During the past year
yards, a decrease of 31,674,648
Gross income from production was
$4,356,674, a decrease of $269,667.
It will be necessary during the coming
year to re-finance the company's
bank obligations, which have been reduced from
$2,115,000 Feb. 28 1913
to $1,652,466 Oct.'l 1913, and extended for one
year. • See V. 97, p. 822,302.
United Wireless
Telegraph Co.—Liquidating Company—
The stockholders of the Wireless Liquidating
Co., which was formed as an
intermediary under the reorganization plan to turn over the assets of the
the Marconi Wireless Telegraph Co., will vote on Nov. 17 on
proposition to forthwith dissolve the company and to instruct the direc¬
possible to distribute the stock of the Marconi Wireless Tele¬
graph Co. of America, held by this company, in specie; and, in case several
company to
a
tors as far as
of the stockholders shall in such case become entitled to
receive fractions
of such shares, to transfer the shares
representing the fractional interests
a trustee of the stockholders so entitled
thereto, who shall issue
to
therefor
for
the fractional interest to the
changeable for full shares whenever
Compare V. 95, p. 301.
>
scrip
stockholders, such scrip to be ex¬
in sufficient quantities.
presented
Vulcan Detinning Co.—See "Annual
Reports."
Account of Accrued Dividends.—The American Can
Co. on Wednesday paid $617,000 in full settlement of the
infringement suit brought against it.
A dividend of 21%
(calling for $315,000) has been declared in full payment of
21%
on
the dividends which had accumulated on the
cumulative pref. stock up to April 1913,
$1,500,000 7%>
leaving unpaid only
quarterly payments of 1%% each that were omitted
in July and October 1913.—V.„97, p.
1120, 303.
the two
Warner Sugar
This
company,
Refining Co., N. Y.—Stock.—
by amended
authorized $2,000,000 7%
Incorp. in N. J.
cum.
certificate
of
,
incorporation, has recently
pref. stock to be issued for cash at par.
its present outstanding stock is $3,000,000
May 8 1906;
com.; no bonded debt.
Owns refinery at Edgewater, N. J.,
opposite West
130th St., N. Y. City, having a capacity of
6,000 bbls. of refined sugar.per
day.
C.M. Warner is Pres; C. Blaine Warner, Vice-Pres.
R.M.Bell,
Sec.—V. 83, p. 973.
on
sections.
Some commodities
.
Results for 6 Mos. ending Sept. 30 (in 1913 Under New
Management).
V- '
"W:;.
•.
1913. a 1912.
Net result (incl. Queen Dyeing Co.) after deduct¬
some
Damage, however, is reported to cotton by
are higher, including grain.
The
exports of wheat for the week, reaching 8,325,000 bushels, are
the largest for a dozen
years.
The dry goods trade is repor¬
ted in favorable
shape.
Discussion of the currency bill has a
more or less
unsettling effect and the Mexican situation, too,
is not altogether
ignored, as it has apparently entered-upon a
different and somewhat more serious
phase.
HARD has latterly been
firmer; prime Western $10 82
attach¬
that loss would be
ble Oct. 31 1913, $250,000, leaves $1,861,661 —V.
97, p. 242, 732.
branches trade is less active than it was
recently
Iron and steel have been
quieter and somewhat
Colder weather has helped retail and wholesale trade
some
year ago.
lower.
creditors might institute suits,
suffered.—V.
DAILY CLOSING PRICES OF LARD
FUTURES IN CHICAGO.
Sat.
Mon.
Tnes.
Wed.
Thurs.
Fri.
October delivery.__cts.
10.27H
November delivery
10.30
10.35
10.32^
January delivery.^
10.25
May delivery
____10.42>£
10.32>£
10.32^
10.35
10.45
10.50
by the firm to all inquirers.
A
free
.
copy
will be sent
'
—The bond firm of Sidney Spitzer &
Co., Toledo, has
recently opened a branch office in the Traction Bldg., Cin¬
cinnati, ; under' the management of Norman S. Hill and
Henry E.Poor. Mr.Hill has been identified with the bond
department of the Provident Savings Bank &
TrustCo.;
while Mr. Poor held the
National Bank.
—Having sold
same
relation with the Fifth-Third
$25,000,000 of the Interborough Rapid
refunding mortgage 5% bonds, Lee,
Higginson & Co., Harris, Forbes & Co., Kissel, Kinnicutt
& Co., Wm. A. Read & Co. and
White, Weld & Co. are
offering the balance, $4,700,000, at 98)^ by advertisement
over
Transit Co. first and
on
another page.
—Chas. H. Jones & Co., 20 Broad St., have
just issued for
distribution theii. October Quotation Sheet
and asked price and the approximate
showing the bid
yield on the leading
automobile, railway supply, public utility and miscellaneous
securities.
Bldg.,
application.,
10.47^
10.52^
10.50
10.67K
10.55
10.57J4
10.55
10.72^
#
rumors
of unfavorable weather, have been at easier
prices.
Also
European markets have latterly shown more or less
weakness, even when Rio and Santos have advanced.
To-day
prices were irregular.
Following are closing quotations:
0ctobrr___10.15@10.20
February.. 10.51 @10.531Juno
10.63@10.64[ July
_.10.4Q@10.42 May
SUGAR.—Raw
steady;
10.95@10.96
11.05@11.06
10.73@10.75|August ...ll.10@ll.il
10.85® 10.861 September 11.15@11.16
centrifugal,
96-degrees
test,
muscovado, 89-degrees test, 2.98c.; molasses, 89degrees test, 2.73c.
The receipts at Atlantic ports last week
were 18,794 tons, against 49,764 tons last year and
40,584
two years ago.
The meltings were 30,000 tons, against
20,000 in the previous week and 30,000 in the same time last
year.
The stock is now 170,074 tons, against 181,280 in the
previous week and 116,975 last year.
Granulated 4.25c.
PETROLEUM firmer; barrels 7.75@9.75c.; bulk 5.25@
6.25c.;. cases 11.25@12.25c.
Pennsylvania dark, $2 50;
second sand, $2*50;
Tiona, $2 50; Cabell, $2 07; Mercer
black, $2; New Castle, $2; Corning/$2; Wooster, $191;
North Lima, $1 39; South Lima, '$1 34;
Indiana, $1 34;
Princeton, $1 39; Somerset, ,32 degrees and above, $1 35;
Illinois, $1 30.
Naphtha,, steady; 73 to 76 degres in 100-gallon drums, 24%je.; drums $8 50 extra.
Gasoline, 86 degrees
test, 29He-; 74 to 76 degrees, 25%c.; 60 to 70 degrees, 22^c.;
stoye, 21c.
Spirits of turpentine 44@44%c.
Common to
good strained rosin $3 95.
TOBACCO.—There is quite a.good demand for filler, but
binder is slow of sale.
Trading in Wisconsin 1912 crop is
3.48c.;
retarded by the slowness of re-sampling the crop.
Packers
are still buying Wisconsin of. the latest growth from farmers.
The ordinary
demand for Sumatra is all that can be noted in
regard to this description.
In Cuban tobacco there is no
essential change.
Remedios meets with quite a good de¬
mand.
Taken as a whole, the tobacco trade during the past
week has not exhibited new features of special interest.
In
fact things practically remain in the same position as a week
this
city.
COPPER
a
Broadway Trust Co.,
Copy will
be
mailed
upon
s.
»
—At
a meeting of the directors of the
Home Life Insurance
Monday, William S. Gaylord was appointed Assistant
Secretary of the company.
'
./.
Co.
10.47)^
10.47H
10.62>6
ago.
—"A Few Facts About the Income Tax" is
the title of
little booklet being distributed by the
Wool worth
10.45
.
unchanged; mess $23 75 @$24 25; clear
$20 @$21 50; family $24 50 @$26.
Beef quiet but steady;
mess $18@$19;
packet $19@$20; family $20 @$22.
Extra
India $28@$30.
Cut meats steady; pickled hams, 10 to 20
lbs., 14%@14%jc.; bellies clear, f.o.b. New York, 6 to 12 lbs.,
14% @15>2C. rr Butter, creamery extras> 31 H@32c.
Cheese,
State whole milk colored specials,
15)^@16e.
Eggs, fresh
gathered extras, 34@36c.
> •
OILS.—Linseed firm; City, raw, American seed,
50@51c.;
boiled
51@52c.
Calcutta 70c.
Cottonseed oil steady;
winter 7@7.80c., summer white 7@7.80c.
Cochin 13%@
13%c., Ceylon 11c., Chinawood 7J^@7%e., corn 6.25@
6.30c.; cod, domestic, 41@42c.; Newfoundland, 44@46c.
COFFEE has latterly been somewhat
unsettled, owing to
a
decline in futures, and trading has been
light. No. 7
Rio, 10%c; fair to good Cucuta 13J^@14c.
Coffee futures
have fluctuated in nervous fashion, now
advancing and now
declining.
Of late, however, it has been noticeable that
bullish dispatches about the weather in
Santos, telling of
cold and droughty conditions, have had less effect than
they
did recently."
The offerings from primary markets, despite
January
United States and other bonds.
10.30
PORK quiet and
November 10.18® 10.20 March
December. 10.30® 10.32 April
—Jackson & Curtis, N. Y. and Boston, are.
distributing
copies of a brief statement prepared for them by George
McC. Sargent of the Boston Bar,
describing in concise form
the main features of the personal income tax and its
practical
working in the imaginary case of "Smith, a bachelor," whose
income from various sources is $108,000 a
year, covering prof¬
its in business, salary as Treasurer,
rental, dividends from
domestic
and
German
corporations, and interest from
EPITOME.
Friday Night, October 24 1913.
delphia, and Thomas L. Gaskill of Camden, receivers, on application of the
First National Bank of Philadelphia, a creditor for about
$3,000.
The bill
of complaint alleges that the assets are in excess of
liabilities, and, if prop¬
erly conserved, the creditors will be paid in full and a remainder left for the
It
xcvii.
1698.
Judge Rellstab in the U. S. District Court at Philadelphia on Oct. 22
appointed Pres. Robert S. Woodward Jr. and S. Lawrence Bodine of Phila¬
stockholders.
[Vol.
on
—Pouch & Co. have prepared an illustrated
booklet on
"The Age of Oil," which they are
distributing to those in¬
terested in Standard Oil Subsidiaries.
■
-
has
home and abroad.
as
to cause a
been
stronger, with a better demand at
In London the buying has been so brisk
sharp advance; Lake here
on
the spot 16J^c.,
16.75@16.80c.
Tin on the spot here 40Hc.,
with the tone stronger here and in London and Singapore
and the demand better|.
Lead on the spot here 40.35c. and
dull.
Spelter firmer at 5.40c.
Pig iron has been quiet.
No. 2 Eastern foundry $15@$15 25; No. 2 Southern foun¬
dry, Birmingham, $11 @$11 50.,; The demand for finished
iron and steeHs slackening.
Prices have declined for steel
bars, plates and sheets in the East and Central West., New
business is undoubtedly decreasing.
«•<
electrolytic
-
$
*
;
0OT. 25
1221
CHRONICLE
THE
1913.]
On
COTTON.
THE MOVEMENT OP THE CROP, as
indicated by
For the
ending this evening the total receipts have reached
488,622 bales, against 485,092 bales last week and 408,848
previous week, making the total receipts since
the
bales
Galveston
Texas
—
.
_
Thurs.
Wed.
Mon.
Tues.
Fri.
13,433
3,858
18,361
1,186
28,493
18,635
6,086
18,838
7,973
10,774
14", 150
10,854
8", 507
10,474
6,894
10,474
59,152
3", 530
4",346
2,794
3",358
4",§10
6,424
24,762
444
12,552
930
930
22",591
20", 718
27",170
22",398
17",956
5",028
8",645
6",409
3,150
~5.nl
5", 190
4", 530
5",311
2,819
8,654
5,475
6,196
5,028
5,547
6,406
"""26
""48
""50
Total.
15,911 113,671
6,445 ,17,575
Arthur.—
Aransas Pass, &c.
New Orleans
Gulfport
Mobile...—...
9,972
2,136
Pensacola
Jacksonville, &c.
22,430 133,263
13,500 13,500
4,527 32,870
Brunswick
Charleston
_____
Georgetown
Wilmington
Norfolk
.
___
—
N'port News,&c_
;
Baltimore
5,297
4,415
328
34,529
30,339
4,328
4,328
328.
""50
New York
Boston
.--Jw
...
50
100
224
-
'"75
75
85,017
66,675 102,347 488,622
Philadelphia
Totals this week.
80,343' 89,792
64,448
the week's total receipts, the total
Sept. 1 1913, and the stocks to-night, compared with
The following shows
since
last year:
Stock.
1912.
1913.
Receipts to
This
October 24.
Texas
City
This
Since Sep
1 1913.
Week.
Galveston
New
Week.
1913.
1912.
113,671
17,575
962,250 180,414 1,313,082
202,745
100,007 24,684
195,748
14,734
10,074
59,152
45,265
217,978
"2",483
24,426
35.197
227,609
"4",368
1,478
105,591
121,874
24,672
12,552
115,246
12",824
26,761
7,045
731,429
119,900
206,281
13,912
1,000
99,292
20,500
23,067
156,825
97,310
4,481
22,190
Pass, &c_.
Orleans
Gulfport
72,229
354,297
60,243
—
Mobile
Pensacola.
.
Jacksonville,
Charleston
930
&c.
Savannah.
Brunswick
133,263
13,500
32,870
...
__
62.233
17,607
3,860
437,108
89,700
34,043
45.142
"
128,162
1,277
215,275
23,840
90,857
1,032
161,114
25,802
52,111
30",928
26,217
46,524
Georgetown-....
Wilmington:
34",529
Norfolk
30,339
N'port News, &c.
328
New
50
224
York..
Baltimore.
33,159
2,078
135,624
133,397
6,395
98
27,779
""'60l
4,328
4,500
1,766
9,454
75
75
2
2
Philadelphia
488,622 2,813,841 512,935 2,828,367
120,338
2,077
5,866
16,117
2,337
4,841
3,852
"
1,450
21,440
Boston
Totals.
9,154
782,686i 1,022,168
In order that
we
comparison may be made with other years,
give below thb totals at leading ports for six seasons:1
Texas
Clty,&c
New Orleans-
Mobile.
_____
Savannah
Brunswick.
_
_
Charleston,&c
Wilmington.
_
Norfolk
1908.
168,898
3,840
92,681
19,198
1911.
1910.
153.610
24,762
133,263
,11,500
32,870
34,529
30,339
12.824
137,563
39,504
52,165
17,756
121,416
21,540
18,989
26,410
31,113
727
298
8;915
11,718
276
11,966
420,071
440,660
.
,
27,167
72,229
328
99,292
20,500
23,067
22,190
33,159
2,078
18,159
20,015
20,636
488,622
512,935
487,092
-
Total this wk.
1909.
130,518
1912.
180.414
N'port N.,&c.
All others
1
1913.
113,671
28,049
59,152
Receipts at—
Galveston
600
"""BOO
15,000
4,000
19,000
2,000
Total 1913—
98,385
Total 1912— 104,739
40,114
64,165
14,982
73,390
90,509
67,725
24,055
52,932
27,687
Charleston
Mobile
Norfolk
New York
Other ports-
2,400
40,000
86,316
98,906
183,875
75,857
23,212
6,976
13,717
46,177
7,761
11,706 247,650
26,503 338,848
17,885 214,436
535,036
683,320
553,116
18,451
2,300
""522
10,078
-
Speculation in Cotton for future delivery has continued on
fair scale, with wide fluctuations in prices.
These
violent swings have been due to trading in and out, for the
most part by big operators.
The general public has not
been in the market to any large extent, owing to the very
a
very
fact that the fluctuations have been
1,563
13,281
50,573
14,500
74,527
5,495
17,979
21,191!
30,034
The direction
wild.
the belt at
71,844
15,008
101,035
17,390
15,282
18,594
26,821
•
..
71,592
..
"
14,740
10,724
.19,113
27,632
Since Sept. 1_ 2,813,841 2.828,367 2,986,415 2,519,282 2,826,881 2,595,114
It is true that there
killing frost here and there in the belt in the past
at quite as early a date as this year—say Oct. 19 to Oct. 21.
But it is affirmed that it has not been so general.
Also, this
year the killing frost was preceded and followed by heavy
rains.
On Thursday, for instance, Galveston officially re¬
ported a rainfall of over a foot in 24 hours, i. e., 12.18 inches.
New Orleans on the same day reported about 2 inches.
These conditions are supposed to have aggravated the ef¬
fects of killing frost.
The official reports show that there
have been temperatures as low as 27 and 28 in Tennessee,
Louisiana, Alabama and Mississippi.
Killing frost occurred
in Louisiana, Tennessee, Mississippi and Alabama, as well
as
in Arkansas, Oklahoma and South Carolina.
Heavy
frosts have Occurred in North Carolina and Texas.
Heavyrains occurred in Arkansas over Wednesday night and the
reported flooded in
were
Damage
some cases.
was
also in Mississippi.
On Saturday the Census
total ginning up to Oct. 17 will appear,
and it is generally expected to show big figures.
The guesses
have crystallized around 7,000,000 bales, which would be
larger than for the same time last year, when the total was
6,874,000 bales.
There are some who think that such a ginn¬
ing total would be significant, owing to the fact that the farmer
has had to contend with bad weather m having his crop
ginned and marketed.
Also, the spot demand at Liverpool
has not seemed to be very heavy.
It is true that on Wednes¬
day the total sales there were 12,000 bales, but during the
rest of the week they were generally only 8,000 bales a day.
The idea is also advanced that this is a low-grade crop, and
that while white cotton will be in brisk demand, there, will
be a superfluity of the low grades which may ultimately be
pressed for sale, to the marked detriment of the price.
It
is also objected by some that there is too much company on
the bull side; that the trading is limited too much to the big
operators, and that fluctuations are too big and too erratic
to attract the outside public to the bull side.
Nevertheless,
killing frost has had a tendency to reduce crop estimates aiid
to increase bullish sentiment.
Last Monday owing to the
killing frosts, prices advanced 50 to 58 points.
To-day prices
declined on the eve of the ginning report to-morrow.
Spot
cotton closed at 14.50 for middling uplands, showing an ad¬
vance for the week of 70 points.
The rates on and off middling, as established Nov. 201912*
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows:
reported by
ram
Bureau report on
,
Fair
on Middling.
Basis Good mid. tinged.c. Even
1.30 on Strict low mlddling.0.35 off Strict mid. tinged.0.15 off
.1.10 on Low middling
.0.80 oft Middling tinged...0.30 off
.c.1.50
Middling fair*.
Strict good middlingO.68 on Strict good ord
Good middling.
0.46 on Good ordinary
Strict middling
♦Reaffirmed
The Exports for the week
ending this evening reach a total
of 319,208 bales, of which 64,145 were to Great Britain,
76,984 to France and 178,079 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 19X31
earlier date than usual.
an
has been
Strict mid, fair
390,83L
so
prices, however, has been in the main upward, owing
principally to killing frost, which has been quite general over
fields
Since Sep
11912.
Port Arthur
Aran.
'""866
Stock.
19,275
96,842
31,400
15,000
21,930
20,803
668
438
804
6,310
17,611
7,000
5,000
10,044
7,825
of
....
Savannah
500
Leaving
Total.
.
Sat.
City
wise.
6,038
14,975
6,600
86,157
Receipts at—
Port
Coast¬
5,455
45,367
15,500
10,000
3,663
2,900
Savannah
period pf 1912, showing a decrease since Sept. 1 1913
of 14.526 bales.
Other
Foreign
France.
24 at-
.
New Orleans-.
Galveston
Sept. 1 1913 2,813,841 bales, against 2,828,367 bales for the
same
Ger¬
many.
Britain.
Oct
our
telegrams from the South to-night, is given below.
week
Shipboard, Not Cleared
Great
Friday Night, Oct. 24, 1913.
1.40 off Strict low mid.tlng_0.85 off
2.15 off Low mid. tinged—2.00 off
0.24. on Strict g'd mid .ting. 0.35 on Middling stained..0.90 off
Sept. 10 1913.
The official
quotation for middling upland cotton in the
day for the past week has been:
New York market each
Oct. 18 to Oct. 24—
;
Sat.
•
Middling uplands
.13.80
Mon.
14.30
.
Tues.
Wed.
Thurs.
14 10
14-50
14.50
Fri.
14.50
.
*
NEW
Week ending Oct. 24 1913.
From
Sept.A 1913 to Oct. 24 1913.
Exported to—
Exported to—
Oct. 24
Exports
Great
from—
Conlt-
Brttain. France.
10,231
Galveston-
nerit.
22,618
Texas City
Mobile
Pensacola.
_
19,839
9,783
8.1,419
268,446
122,986
344,033
10,521
63,358
8,806
13,258
23,440
12,552
48,146
.
5",030 12", 342 17",372
10,517
23,978
34,495
Norfolk
6,954
Baltimore..
3,243
Philadelp'a.
2,548
San
6",378 16",465
10,087
Boston
.
495
6,449
4,944
8,187
3.24S
700
Fran..
15,752
Pt. Towns'd
4,488
Total
Total
nent.
10,521
13,657
10,092
22,167
25,979
Charleston.
York.
France.
48,570
3",995 36",674
12,840
2,460i
Wilmington
New
Britain.
225
19,227
Savannah..
Brunswick
Conti¬
Great
Total.
Ar. Pass, &c
NewOrleans
27,483
12,405
65,6*75
24,515
10,969
58,210
25,495
39,098
19,554
6,260
91,226
"s", 030
33,208
34,074
20,207
15,792
178,078
62,322
45,486
71,186
556
"
65,529
4,35i
24,259
11,324
8,693
~~2,709
5S.903
2,204
20,816
1,695
37,695
16,357
15,752
4,488
Total.
735,465
85,422
19,452
127,232
57,127
26,761
327,520
87,817
89,614
123,948
6,816
128,783
26,463
34-,849
10,388
37,695
16,357
64,145
76,984 178,079 319,208
710,618
308,204
922,887 1,941,709
1912. 157,261
51,693 184,304 393,258
876,655
281,292
723,401 1,881,348
Note.—N. Y. exports since Sept. 1 include 6,094 bales Peruvian to Liverpool.
In addition to above exports, our
telegrams to-night also
us the following amounts of cotton on shipboard, not
cleared, at the ports named.
We add similar figures for
give
New York.
The
YORK QUOTATION FOR 32 YEARS.
quotation for middling upland at, New York
for each of the past'32 years have been as follows:
1913-C—14.50
1912.
1911-
1905c—10.65
-11.05
—
.--
1910
1909
1904— 9.95
9.35 1903—10.20
14.30 1902—
8.70
14.20 1901—— 8.38
9.35 1900-- 9.44
11.10 1899
7.31
11.25 1898-5.44
—
—
1908
—
_
1907—-
—
.
1906
MARKET
AND
6.12
8-00
1895——--
8.50
1894—
5.88
8.38
8.31
8.44
—
—
on
_
—
1893---—
1892
-
1891
1890—
—
—
SALES AT
The total sa' Les of cotton
week at New York
1897-c_
1896---—
10.19
NEW
the spot
.■
on
1889-.C10.50,
1888.---— 9.81
1887—
9.62
1886-—--.
1885—
1884
1883.
1882
9.25
9.81
9.75
10.62
-10.88
YORK.
each day during the
indicated in the following statement.
For the convenience of the reader we also add columns which
show at
on
a
same
are
glance how the market for spot and futures closed
days.
Fvtures
Spot Market.
Market
Closed.
Closed.
Saturday
Quiet.
Monday
Steady, 50 pts. adv_
Tuesday
Steady, 20 pts. decWednesday. jSteady, 40 pts. adv_
Thursday J Steady
Friday
. Quiet. _i__——_
_
Total.
—
__...
'..
—
Steady.
Very steady
Steady
Steady.
Steady.
Barely steady.
SALES.
Contr'ct
Spot.
"500
±
-
_
•»
»
«•
—
—
—
Total.
"566
"800
"800
1,100
1,100
2,400
2,400
12Z2
THE
CHRONICLE
FUTURES.—The highest, lowest and closing prices
York for the past week have been as follows:
AT
at
the
ew
Tuesday, Wed1 day, Thursday,
Saturday, Monday,
Oct. 18.
Oct. 20.
INTERIOR
TOWNS the movement—that is,
receipts for the week since Sept. 1, the shipments for
the week and.the stocks to-night, and the same items for the
corresponding period of the previous year—is set out in
Friday,
Week.
Oct. 24.
Oct. 23.
Oct. 22.
Oct. 21.
THE
[Vol. xcTii.
detail below.
October—
Range
13.54-.63 13.80-.09 13.87-.05 14.00-;22 14.07-.22 14.00-.12 13.54-.22
...
13.58-.60 14.09
Closing...
13.87-.91 14.11-.12 14.14-.15 13.99-.01
—
Movement
Movement to October 25 1912.
October 24 1913.
to
Nov.—
Range
13.90-.95 13.89
—
...
—
13.71-.72 13.71-.95
13.36-.38 13.88-.90 13.63-.65 13.84-.86 13.88-.89 13.68-.70
Closing...
—
Toums.
Receipts.
i
DeCi-—
Week.
13.34-.45 13A8-.94 13.66-.85 13.79-.02 13.84-.05 13.78-.92 13.34-.05
13.41-.43 13.93-94 13.68-.69 13.89-.91 13.93-.95 13.80-.82
Range
—
—
Closing...
Ala., Eufaula..
Montgomery
—
—
-
Selma
—
Range
_
Closing...
m-
_
—
March—
13.13-.27 13.43-.73 13.44-.66 13.61-.83 13.63-.80 13.52-.67 13.13-83
...
Closing—.
April—
Range...
13.22-.23 13.71-.73 13.50-.51 13.72-.74 13.72-.73 13.52-.55
Closing...
May—
13.16-.18 13.71-.73 13.49-.51 13.71-.73 13.71-.73 13.51-.53
Range
Augusta
Columbus
13.61
...
Closing...
_r
—
13.61
—
Romfe
—
__
Greenville
13.19-.20 13.74-.76 13.52-.53 13.72-.74 13.70-.71 13.50-.51
Greenwood
10,199
2,288
4,228
7,000
2,200
1,800
1,066
2,000
16,487
Meridian
__
13.52
—
...
—
Natchez
•„
-—
VIcksburg
City..
Mo., St, Louis.
N.C., Raleigh.
O., Cincinnati.
Okla., Hugo...
S.C., Greenw'd
Tenn.,Memphis
13.03-.11 13.32-.65 13.38-.56 13.51-.71 13.54-.67 13.40-.53 13.03-.71
13.06-.07 13.64-.65 13.41
—-
;
...
Range
Closing...
—
—
Yazoo
...
Closing...
Sept.—
13.52
—
13.08-.10 13.66-.68 13.43-.45 13.62-.64 13.60-.62 13.42-.44
-
Closing
Aug.—
Range
...
La., Shreveport
Ml8s.fColumb's
13.13-.23 13.43-.76 13 4S-.66 13.61-83 13.64-.81 13.50-.65 13.13-.83
—.
Closing...
July—
Range
25,893
2,370
3,812
5,375
Macon
^—
June—
Range
9,014
...
4,749
Little Rock..
9,499
Ga., Albany
2,100
Athena
14,433
Atlanta.
V 22,488
_
,
13.18-.19 13.67-.69 13.46-.48 13.67-.69 13.69-.71 13.49-.51
—
_
—
__
_
13.60-.61 1.358-.59 13.4o-.41
13.20
m
—
_
—
__
__
—
__
__
__
—.
.—-
__
—
*
—
__
—
_
—
—
_
2,040
3,181
767
52,869
Nashville
907
890
Tex., Brenham
•
Clarksvllle
1912.
506,000
608,000
399,000
5,000
10,000
25,000
5,000
20,000
5,000
14,000
556,000
17,000
119,000
92,000
2,000
9,000
24,000
10,000
643,000
8,000
424,000
136,000
2,000
12,000
3,000
5,000
12,000
109,000
86,000
v' 2,000
11,000
17,000
4,000
431,000
10,000
102,000
86,000
2,000
8,000
20,000
2,000
273,000
357,000
241,000
230,000
829,000 1,000,000
109,000
39,000
993,900
886,487
67,000
65,000
221,000
177,000
407,000
289,000
782,686 1,022,168
522,301
485,258
41.909
93,005
665,000
18,000
960,758
661,000
63,000
751,405
68,000
142,000
191,000
688,436
471,775
2S.981
:_bales.
___
45,000
Total Great Britain stock
Stock at Hamburg
Stock at Bremen
Stock at Havre
*.
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks
Total European stocks
India cotton afloat for Europe
Amer. cotton afloat for
Europe.
Egypt,Brazil,&c.,aflt.for Europe
Stock in Alexandria, Egypt-
_
Stock in Bombay, India
Stock in U. S. ports
Stock in U. S. interior towns.
U. S. exports to-day
1911.
191,000
Honey GroveHouston..
Paris..
-
40,000
91,000
238,000
767,552
583,506
53,800
bales-
327,000
21,000
American afloat for
Europel___—
U. S. port stocks
U.S. interior stocks!
U. S. exports to-day-___
Total American
East Indian, Brazil, &c.—
412,000
179,000
London stock
1
Manchester stock
Continental stock
Indian afloat for Europe
.5,000
'24,000
-
.
51,000
109,000
67,000
221,000
407,000
—
Egypt, Brazil, &c., afloat
Stock in Alexandria, EgyptStock in Bombay, India
Total East India, &c_
Total American
140,000
10,000
9,000
26,000
39,000
65,000
177,000
289,000
102,000
5,000
7,000
77,000
5,000
3,000
36,000
32,000
18,000
40,000
91,000
238,000
63,000
69,000
142,000
191,000
up
Galveston
13 13-16
13 9-16
13H
13j|
Savannah
Charleston
13 5-16
Wilmington
13><
Norfolk
Baltimore
13 H
1334
14.05
Philadelphia
Augusta
Memphis
St. Louis
Houston
Little Rock
13 7-16
13 H
1334
...
13*1
1334
14
1334
1334
1334
1334
1334
1334
1334
14.55
1334*
1334
1334
13 15-16
1334
14
1334.
14
14
1334
1334
1334
1334
1334
1334
1334
1334
ill®*
1334
1334
14
14.75
1434
14
14.35
13 13-16
1334
1334
1334
1334
13 11-16
13 13-16
j 34%
1334
13¥
'
13,276
27,997
15,347
7,473
6,624
7,704
825
220
280
35,917
2,783
5,306
12,312
3,920
3,282
2,595
10,880
12,318
2,023
719
32,229
1,006
710
2,685
3,029
1,973
97,989
5,194
250
158
4,590
3,354
16,308
3,032
3,000
71,297
493
800
300
4,500
93,186 43,657
126,731 26,709
314
745
325
1,630
1,354
670
661
1,359
1,609
9,378
5,984
6,489
3,256
21,051
2,437
8,136
5,000
53,400
5,000 10,000
3,651
3,681
21,486
3,172
3,678
129,706 140,367 1,224,048 141,023 108,202
7,169
6,582
8,485
5,906
52,2291
FOR
give below
TRE WEEK AND
a
-1912-
—
Since
Island.
Sept. 1.
41,489
13,838
12,266
Week.
12,274
10,209
21,049
Sept. 1.
34,732
19,035
109
690
250
300
3.518
6,118
14,273
14,438
5,695
27,993
48,735
2,260
3,107
5,398
12,983
7,070
6,815
14,937
38,882
.50,997
160,089
46,481
121,771
4,677
1,149
23,063
5,018
12,381
5,103
1,275
11,222
5,186
11,144
7,075
27,552
39,406
94,219
....
875
696
.
6,522,
6,522
697
40,462.
119,627
foregoing shows the week's net overland movement has
exhibits
an
increase
over a
year ago
of 25,408 bales.
*
In Sight and
Tnlcirin^
WppIc
488,622
2,813,841
Net overland to Oct. 24
44,475
Southern consumption to Oct. 24-
60,000
119,627
470,000
.593,097
3,403,468
81,829
407,797
Receipts at ports to Oct. 24
Total marketed
Interior stocks in excess.
.
.674,926
Sept. 1.
2,828,367
94,219
440,000
608,341
40,140
3,362,586
388,222
648,481
spinners' takings tb Oct. 24 84,482
Movement into
Week.
512,935
39,406
56,000
sight in previous
Bales.
436,389
----
Since Sept. 1—27-
-.-.—562,159 1910—Oct.
.561,410 1909—Oct.
—
89,124
314,698
years.
658,671 1911—Oct.
191,1—Oct. 27.
1910—Oct. 28'..1909—Oct. 29—1
3,750,808
3,811,265
Total in sight Oct 24—
North,
Since
Since
Sept. 1;
Spinners'
'
-1912-
-1913-
28—
29
Bales.
3,915,792
—3,359.328
-.3,809,055
NEW ORLEANS CONTRACT MARKET.—The highest,
lowest and Closing
quotations for leading contracts in the New
Orleans cotton market for the past week have been as follows:
Saturday, Monday, Tuesday,
Oct. 18.
October—
Range
Closing——
November—
Oct. 20.
Oct. 21.
Wed'day, Thursd'y,
Friday,
Oct. 22.
Oct
Oct. 23.
.
24.
13.44-.58 13.81-^.06 13.81-.94 13.98-.16 14.08-.22 14.06-.13
13.55 — 14.04 — 13.80-.82 14.04-.05 14.13 — 14.06-.08
Range
13.40-.42 13.91-.93 13.65-.67 13.87-.88 13.85-.87 13.76-.78
Closing
December—
Range
Closing—January—
Range
Closing
February—
Range
Ol
13.32-.46 13.65-.90 13.61-80 13.77-.93 13.81-.95 13.71-.82
13.38-.39 13.89-.30 13.62-.63 13.85-.86 13.84-.85 13.76 —
13.34-.47 13.65-.90 13.61-.81 13.77-.93 13.80-.94 13.69-.82
13.38-.39 13.88-.89 13.63-.64 13.85-.86 13.84-.85 13.74-.75
13.78 —
13.40-.41 13.90-.92 13.65-.66 13.87-.89 13.86-.88 13.76-.78
March-
13.45-.55 13.73-.98 13.70'.90 13.86-.02 13.85-.01 13.75-.87
13.47-.48 13.97-.98 13.71-.72 13.93-.94 13.89-.90 13.78-.79
Range
Closing
May—
13.51-.59 13.79-.04 13.75-.95 13.92-.06 13.90-.04 13.78-.90
13.52-.53 14.03-.04 13.77-.78 13.97-.98 13.93-.94 13.82-.83
Range
Cli
July—
Range
Closing-
1334
1334
14
13H
8,341
65,310
47,448
14,257
55,370
16,025
28,264
44,840
113,43?
17,286
12,878
14,252
56,108
8,453
13,138
2,380
5,458 20,472
7,376
6,422
2,656 10,000
11,098 32,439
2,000
1,800
5,504 11,304
11,464 14,339
26,173 56,468
1,950
7,331
2,179
2,787
6,193
2,1?7
9,279 21,669
1,691
4,897
1,594 10,000
3,174 18,000
9,507
2,133
2,773
2,304
687
4,262
574
6,463
5,128
12,274
Since
Via Louisville
Via Cincinnati
The
14.75
13 15-16
1334
1334
15.
710
been 44,475 bales, against 39,406 bales for the week last year,
and that for the season to date the aggregate net overland
#
14 1-16
.
9,918
♦Including movement by rail to Canada.
"
1334
iifi-16
1,400
13,838
1,800
8,822
16,754
23,143
3,755
2,217
3,161
9,347
2,045
3,000
6,000
3,100
1,913
2,417
2,230
'
Leaving total net overland*...44,475
.44,475
Friday,
14
13 9-16
857
Total to be deducted
closing
middling cotton at Southern and other principal cotton
day of the week.
New Orleans
Mobile
2,045
4,000
1,800
1,400
.
markets for each
on—
21,077
9,059
2,012
Inland, &c., from South..
AT
quotations
Saturday, Monday, Tuesday, Wed'day, Thursd'y,
5,459
20,141
5,880
12,975
15,000
4,566
18,00
3,625
8,049
6,550
5,000
14,463
Wqek.
_—_
Week ending
October 24.
4,975
.
COTTON
Closing Quotations for Middling Cotton
Oct.
Deduct shipments-
.
of
41,408
8,426
2,104
Via Virginia points
Via other routes, &c
of 409,077 bales, a loss of 83,122 bales from 1912, an excess
of 555,180 bales over 1911 and a gain of 907,199 bales over
1910.
the
Stocks
Week.
from telegraphic reports Friday night.
The results for the
Sept. 1 in the last two years are as follows:
Via Rock
■;
Continental i nports for past week have been 149,000 bales.
The above figures for 1913 show an increase over last week
are
18,885
2,135
3,510
Via St. Louis.......
Vid Cairo...
,
MIDDLING!
Ship¬
ments.
1913-
—
FOR
Season.
1,018
8,156
October 24—
1,063,000
537,000
755,000
382,000
*—2,910,796 3,301,918 2,880,616 2.484,597
MARKETS.—Below
2,519
24,322
11,237
11,806
27,551
2,538
15,711
MOVEMENT
Week—
QUOTATIONS
Receipts.
Week.
1,632
9,494
7,823
1,873
3,558
1,700
7,718
17,558
Shipped—
Total visible suppl
supply—
3,973,796 4,056,918 3,417,616 3,066.597
7.74d.
Middling Upland, Liverpobl
6.16d.
5.17d.
7.76d.
Middling
14.50c.
ing Upland, New Y
York
11.25c.
9.50c.
14.75c.
13.80d.
lO.OOd.
Egypt, Good Brown, Liverpool.
10Md. 1213-16d.
9.25d.
lO.OOd.
^Peruvian, Rough Good, Liverpool
9.75d.
10.50d.
7 l-16d.
6 l-16d.
Broach, Fine, Liv
5J4d.
rerpool
734d.
5 5-16d.
Tinnevelly, Good Liverpool....
7.Hd.
6.00d.
7Md.
OTHER
24.
week and since
-.2,910,796 3,301*918.2,880.616-2,484,597
Liverpool stock
Oct.
Week.
statement showing the
overland movement for the week and since Sept. 1, as made
335,000
11,000
198,000
751,405
688,436
471,775
28,981
297,000
13,000
205,000
960,758
767,552
583,506
53,800
468,000
16,000
222,000
331,000
993,900
886,487
782,686 1,022,168
522,301
485,258
41,909
93,005
3,659
112,666
6,238
OVERLAND
American
Manchester stockContinental stock.
...
'
27,905
7,559
6,209
5,302
9,618
43,832
5,216
■»
9,578
13,706
4,141
178,411
3,842
13,163
18,633
22,903
9,520
932,696
33,079
SINCE SEPT. 1.—We
Total visible supply——
3,973,796 4,056,918 3,417.616 3,066,597
Of the above, totals of American and other descriptions are as follows:
Liverpool stock
ments.
Total, 33 towns 352,789 1,992,230270,960522,301 348,6512,157,199 308,511485,258
1910.
1913.
3,911
4,327
Dallas
to-night, as made
up by cable and telegraph, is as follows.
Foreign stocks,
as well as the afloat, are this week's returns,
and conse¬
quently all foreign figures are brought down to Thursday
evening.
But to make the total the complete figures for
to-night (Friday), we add the item of exports from the
United States, including in it the exports of Friday only.
Stock at London
19.300
—
THE VISIBLE SUPPLY OF COTTON
Stock at Manchester
13,687
—
...
October 24—
Stock at Liverpool.
49,945
740
_
13 20-.35 13 20-.38
13.35-.38
^—
12.299
78,780
60,055
15,795
37,899
18,227
37,785
83,524
144,789
19,775
21,368
23,689
Ark., Helena._
Feb.—
Range
1,772
11,821
_
13.12-.24 13.45-.71 13.44-.63 13.59-.80 13.62-.81 13.52-.67 13.12-81
I3.19h.20 13.68-.69 13.47-.48 13.68-.69 13.71-.72 13.53-.54
...
Closing...
Stocks
'
~
Jan.—
Range
Season.
Ship¬
13.84-.01
.
13.55-.57 14.07-.09
93
— 13.97-.03 13.95-.09 13.85-.93
80-.82 14.03-.04 13.96-.98 13.85-.87
Tone—
^
14 15-16
1334
'
Spot —
Options
Firm.
Steady.
Firm.,
Steady.
Steady,
Steady.
Steady.
Steady.
Firm.
Steady.
Quiet.
Steady.
OCT.
Z
251913.1
.
r
THE
(
1
■
CHRONICLE
•
WEATHER REPORTS BY TELEGRAPH.—Advices to
by telegraph this evening denote that the
us
has been lower
temperature
during the week, with killing frost in some
south as Central Texas. Rain
districts, but the precipitation has been
localities and light frosts as far
has fallen in most
light
or
moderate except in some portions of Texas and a few
Picking and marketing are active.
sections elsewhere.
fez—Light frosts occurred this week as far
freezing temperatures at scat¬
points.
This eliminates prospects of more cotton from
those sections.
There has been excessive rain on one day
of the week, the rainfall being twelve inches and nineteen
hundredths.
The thermometer has averaged 61, ranging
Galveston,
south
as
Central Texas, with
tered
from 48 to 74.
Abilene, Tex.—Dry all the week.
38.
Minimum thermometer
.
.
Brenham, Tex.—There has been rain on three days of the
week, the rainfall reaching one inch and forty-four hun¬
dredths.
Average thermometer 58,.highest 74, lowest 42.
Cuero, Tea;.—There has been rain on one day during the
week, the precipitation reaching two hundredths of an inch.
The thermometer has averaged 57, the highest being 74 and
the lowest 40.
Dallas, Tex.-—It has rained on
precipitation reaching forty-two
one
day of the week, the
hundredths
of
an
inch.
The thermometer has ranged from 36 to 72, averaging 54.
Henrietta,
Tex.—There has been rain
on one
1233
!" * 1,1
Greenville, S. C.—There has been rain
two days during
Gainesville, Fla.—There has been rain on two days of the
week, the precipitation reaching two inches and twenty-four
hundredths.
The thermometer has ranged from 39 to 87.
Madison, Fla.—We have had rain on two days of the week,
the rainfall being three inches and fifty hundredths.
High¬
est thermometer 82, lowest 40, average 63.
Dyersburg, Tenn.—There has been rain on three days of the
past week.
The rainfall reached two inches and fifty-two
hundredths.
The thermometer has ranged from 33 to 60.
Memphis, Tenn.—Rain has fallen on five days of the week,
the rainfall being one inch and eighty-three hundredths.
The thermometer has averaged 52, ranging from 36 to 72.
Heavy to killing frosts reported in this territory Sunday
night. Picking interrupted by rainy_ weather.
Charlotte, N. C—We have had rain on three days during
the week, the rainfall being one inch and forty^seven hun¬
dredths.
The thermometer has ranged from 34 to 81,
averaging 57,
Lumberton, N. C.—There has been rain on two days of the
week, the rainfall reaching forty-one hundredths of an inch.
Highest thermometer 87, lowest 31.
The following statement we have also received by tele¬
graph, showing the height of the rivers at the points named
at 8 a. m. of the dates given:
Oct. 24 1913.
day during
the week, the precipitation being three hundredths of an inch.
The thermometer has averaged 54, ranging from 34 to 74.
on
the week, the precipitation being two inches and ninety-six
hundredths.
The thermometer has ranged from 32 to 81.
Oct. 25 1912.
Feet.
Feet.
■
New
Orleans.
Above
zero
of gauge.
Memphis
Above zero of gauge.
Nashville..;
Above
zero
5.9
5.5
6.9
5.3
of gauge.
4.0
9.4
7.1
Above zero of gauge.
*1.0 '
Hunstville, Tex—It has been dry all the week.
Average Shreveport
Vicksburg..
Above zero of gauge.
3.2
6.9
*
thermometer 56, highest 74, lowest 38.
Below.
Kerrville, Tex.—Dry all the week.
The thermometer has
averaged 56, the highest being 74 and the lowest 38. ' /
.■!
RECEIPTS FROM THE PLANTATIONS.—The follow¬
Lulina, Tex.—Rain on three days of the week to the extent ing table indicates the actual movement each week from the
of one-hundredth of an inch/ Average thermometer 62,
plantations.
The figures do not include overland receipts
nor Southern consumption;
highest 82, lowest 42.
they are simply a statement of
Nacogdoches, Tex.—It has rained on one day during the the weekly movement from the plantations of that part of the
week, to the extent of. thirty-eight hundredths of an inchi crop which finally reaches the market through the outports.
The thermometer has averaged 56, the highest being 74,
and
the lowest 37.
of
^ixty-two hundredths of an inch.
The thermometer has
averaged 55, ranging from 38 to 73.
Paris, Tex.—We have had rain on one day during the week,
the rainfall being seventy-four hundredths of an inch. The
thermometer has ranged from 34 to 74," averaging 54.
San Antonio, Tex.—Dry all the week.
Average ther¬
mometer 61, highest 80, lowest 42.
Taylor, Tea;.-—There has been light rain on one day of the
past week. The rainfall reached twenty-two hundredths of
an
inch.
Minimum
thermometer
40.
Weatherford, Tex.—Dry all the week.
The thermometer
has averaged 55, ranging from 34 to 76.
Ardmore, Okla.—We have had rain on one day during the
week, the rainfall being nine hundredths of an inch. The
thermometer has ranged from 33 to 74.
Holdenville, Okla.—Rain on one day of the week, with rain¬
fall of eight hundredths of an inch.
Highest thermometer
71, lowest 33.
Alexandria, La—There has been no rain the past week.
The thermometer has ranged from 39 tq 79.
New Orleans, La.—There has been rain on three days
during the week, the precipitation peaching two inches and
four hundredths. The thermometer has ranged from 46 to 80.
"
Shreveport, La.—We have had rain on one day during the
week, the rainfall being fifty hundredths of an inch.- The
thermometer has ranged from 38 to 73.
Helena, Ark.—We have had rain on three days of the past
week, the rainfall being seventy-two hundredths of an inch.
Highest thermometer 66, lowest 30.
Little Rock, Ark — Rainfall for the week one inch and seven¬
teen hundredths on three days.
The thermometer has aver¬
aged 50.5, the highest being 67 and the lowest 34.
Columbus, Miss—There has been rain on fiVe days of the
week, the rainfall being one inch and eighteen hundredths.
The thermometer has ranged from 29 to 80.
Vicksburg, Miss.—Rain has fallen on four days of the week,
the rainfall being ninety-five hundredths of an inch.
The
thermometer has ranged from 36 to 78, averaging 57.
Mobile, Ala — Killing frosts have occurred, the top crop
is dead.
Rain has fallen on two days during the week, the
rainfall reaching one inch and forty-five hundredths. Aver¬
age thermometer 62, highest 79, lowest 41.
Montgomery, 4 la.—There has been rain on four days during
the week, the precipitation reaching two inches and eight
hundredths.
The thermometer has ranged from 34 to 82.
Selma, Ala.—We have had rain on four days the past
week, the rainfall being one inch and twenty-five hundredths.
Thermometer has averaged 54, ranging from 34 to 78.
Augusta, Ga.—It has rained on three days of the week, the
precipitation reaching one inch and fourteen hundredths. The
thermometer has ranged from 36 to 83.
Savannah, Ga.—There has been rain on two days during
the week, the precipitation being eleven hundredths of an
inch.
Average thermometer 61, highest 85 and lowest 36.
Charleston, S. C.—We have had rain on one day of the
week, the rainfall reaching one inch and seventy-mne hun¬
dredths.
The thermometer has averaged 59, the highest
being 80 and the lowest 39.
Stock at Interior Towns.
Receipts at Ports.
Palestine, Tex.—Rain on one day of the week, to the extent
Receipts from Plantation*.
Week
1913
ending.
1911
1913
1911
1912
1911
1912
1913
5 153,476 121,123 133,910 124,197 118,234 ,122,883 168,345 145,476 154,567
Sept.
"
1912
12 217,200 194,505 231,529 158,237 142,342 155,853 251,240 219,013 264,479
••
19 329,018 258,453 327,633
"
192,636 184,619 217,461 363,416 300,330 389,261
26 367,522 373,946 437,525 223,769 228,883 273,380 398,656 418,210 493,444
3 416,299 460,366 444,027 290,756 271,703 359,703 483,286 503,186 530,350
Oct.
"
10. 408,848 421,208 431,129 360,911 350,349 429,139 479,003 499,854 500,565
473,532 440,472 445,118 503,157 564,653 595,711 547,550
487,092 522,301 485,258 583,506 570,451 653,075 567,441
..
17 485,092 500,942
"
24 488,622 512,935
The above statement shows:
1.—That the total receipts
plantations since Sept. 1 1913 are 3,221,638 bales;
in 1912 were 3,216,589 bales; in 1911 were 3,469,484 bales.
2.^—That although the receipts at the outports the past
week were 488,622 bales, the actual movement from planta¬
tions was 570,451 bales, the balance going to increase stocks
at interior towns.
Last year receipts from the plantations
for the week were 553,075 bales and for 1911 they were
567,441 bales.
from the
EGYPTIAN
COTTON
CROP.—Messrs.
L.
H.
A.
Schwartz & Co. of Boston have advices from Alexandria,
under date of Sept. 27, as follows:
Zagazig.—Temperature is good but cold during the night.
Picking pro¬
normally.
Mansourah.—Weather continues to be favorable.
In
nearly all villages picking is general.
As to the quality of this season's
cotton, same is somewhat inferior to last year's.
Kafr-El-Zayat.—Tem¬
perature last week was more favorable to cotton than the previous week
on account of fewer fogs.
Picking is general and in the early districts
second picking has already started.
Magaga.—Temperature still propi¬
tious, aiding the opening of the bolls; but, on the other hand, the heavy
dews of the last few days may leave traces on the bolls of the second picking.
First picking is still on, and the yield per Feddan in general is satisfactory.
gresses
WORLD'S SUPPLY AND TAKINGS
OF COTTON.—
The following brief but comprehensive statement
indicates
glance the world's supply of cotton for the week and
nee Sept. 1 for the last two seasons, from all
sources from
which statistics are obtainable; also the takings, or amounts
gone out of .sight, for the like period.
at
a
Cotton Takings.
Week and Season;
Visible supply Oct. 17
Visible supply Sept. 1
Season.
3,564,719
..
Week.
Bombay receipts to Oct. 23
Other Indiaship.ts to Oct. 23-Alexandria receipts to Oct. 22
Other supply to Oct. 22 *
supply
30,000
3,000
65,000
4,000
Season.
3,739,804
2 ,"055*,351
674",926
American in sight to Oct. 24
Total
1912.
1913.,.
Week.
3,811,265
150,000
39,000
275,000
48,000
648", 481
5,000
5,000
63.000
3,000
2,135,485
3,750.808
37,000
40,000
214,000
46,000
4,341,645
6,378,616 4.464,285
6,223,293
supply to Oct. 24------ 3,973,796
3,973,796 4,056,918
4,056,918
2,404,820
1,942,820
462,000
2,166,375
1,813,375
Deduct—
Visible
Total takings to Oct. 24 a.
Of which American
Of which other
*
a
367,849
f—317,849
50,000
407,367
358,367
49,000
353.000
Embraces receipts in Europe from Vrazil, Smyrna, West Indies, &c.
This total embraces the total estimated consumption by Southern mills,
470,000 bales in 1913 and 440,000 bales in 1912—takings not being available
—and aggregate amounts taken by Northren and foreign spinners, 1,934,820
bales in 1913 and 1,726,375 bales in 1912, of which 1,472,820 bales and
1,373,375 bales American.
INDIA COTTON MOVEMENT FROM ALL PORTS.—
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Sept. 1 for three
years
have been
as
follows:
THE
1913.
1912.
CHRONICLE
1911.
Receipts at—
Week.
192
Since
Week.
Sept. 1,
30,000
150,000
Great
Conii-
Japan
nenl.
&China
Total.
Great
Conti-
New
Britain.
nent.
Japan
1
!<fc
23.000 40,000
r,66o
AY
1912...
1,000
41,00
16,000
l",666
II
1913
1,000
2,000
1911....
123,000
2,000
2,000
China.
Total.
69,000
3,000
7,000
194,000
46,000
23,000
4,000
4.000
1,000
1,000
1,000
2,000
2,000
5,000
5,000
6,000
5,000
1913....
2C000
1911
1,000
2,000
3,000
2,000
3,000
2,000
1,000
2,000
6,000
2,000
6,000
4,000
5,000
6,000
All otliera—
'
1913....
1
1,000
3,000
1,000
4,000
1912...J
Total
~
2^000
;
31666
1,000
23,000
2,000
1,000
1,000
29,000
35,000
28,000
31,000
40,000
Boston
Baltimore
5,954
3,243
2,548
Philadelphia
1913....;
1,000
19,000
1911
3,000
2,000
2,000
5,000
23,000
43,000
5,000
1I666
156,000
76,000
61,000
6,000
6,000
6,000
8,000
71,000
4,000
8,000
233,000
86,000
75,000
ALEXANDRIA RECEIPTS AND SHIPMENTS.;
Alexandria, Egypt,
1913,
1912.
October 22.
Total
490,000
Since Sept. 1
470,000
1,603,692
2,065,992
This
Since
1.
Week. Sept.
6,500
32,860
30,863
45,477
1,778
5,750
7,750
7,500
27,650 110,978
This
600
-
9,435
495
-
Liverpool
.'
11,250
9,000
To Continent & India
To America
Since
1.
Week. Sept. 1.
600
21,919
26,241
33,095
4,514
17,039
14,745
29,327
1,583
900
21,600
85,769
6",750
5,750
—-
500
...-
76,984 129260
exports
—
Note.—A cantar is 99 lbs.
12,500
62,694
Egyptian bales weigh about 750 lbs.
MANCHESTER
MARKET.—Our report received by
to-night from Manchester states that the market is
quiet for both yarns and shirtings.
Merchants are buying
very sparingly.
We give the prices for to-day below and
leave those for previous weeks of this and last year for com¬
parison. *
•
cable
-
11,594
14,635 2,350 20240 319,208
Liverpool
—
Sat.
30
Mon.
30
30
35 @40
30,
45 ■/>
35 ($40
30
.
Havre
—
Bremen
—
Hamburg
Antwerp
Ghent, via Antwerp.
Tues.
30,
834 lbs. SMrt-
Cot'n
inos, common
Mid.
to finest.
Upl'i
32» Cop
Twist
.
Wed.
'30
30
30
a.
d
@
s.
d,
'
3
@11
12
10 H
@
IIH 6
11% 6
d.
3.
19
10s4
@
11 A 6
26
10^
©
11% 6 5
Oct.
1
4
@11
434 @11
9
10
45
30
45
45
45
30
30
30
30
36
36
45
d.
d.
36
36
36
45
45 :.'v
40
45 v-:,
40
45
40
40
40
40
30
30
30
30
30
30
40
40
40
40
40
40
60
60
60
60
60
60
60
60
„
i...........
-
60
60
60
60
Oct. 3.
Oct. 10.
Oct. 17.
Oct. 24.
54,000
2,000
2,000
37.000
3,000
-74,000
404,000
242,0C0
70,000
59,000
403,000
46,000
54,000
2,000
1,000
38,000
3,000
—
—
—
—
-
■■■■'
Of which American.
10)4
1134
@11
d.
2
@
10% 6
7.57 10
@
10 A
@
d
8-
@11
Saturday.
10J4
(>a
17
10
24
1011-16®
9-16®
H
11M 6 4
@11 9
1134 6 334 @11 8
11A 6 4
@11 9
327,000
125,000
101,000
390,000
177,000
137,000
423,000
371,000
330,000
Liverpool market for spots and futures
Monday.
Tuesday.
Wednesday.
Thursday.
Friday.
Fair
Dull.
Good
business
Moderate
inquiry.
doing.
demand.
6.75
6
3
6.79
10%
6
2
@11
2
7.87 9^4
7.52 9 ^
@
10% 6
1
@11
6.32
(w,
1034 6
1
@11
134
134
7.64 dVs
7.74 9 7-16
@
1034 6
0
@11
I
6.09
4
@
1034 6
0
@11
134
6.16
P.
3
6.59
•
•'.< .'*»
6.30
300
Futures.
Market
1
opened
7.68.
7.82
8,000
8,000
,y.._
4,000
i.
Spec .&exp
234®H 2
11
7.85*9 13-16®
@11
7.61
d.
6.62
l
! rr
11% 6 4H@11
98.0C0
506,000
each day of the past week and the
daily closing prices of
spot cotton have been as follows: '
P. M.
3.
350,000
1,000
1,000
37,000
2,000
97,000
482,000
303,000
j: Quiet."
Easier.
Uplh
••
3
10
.320,000
The tone of the
Mid.Upl'ds
d
45
64,000
6,000
1,000
Sales, American-—.
38,000
Actual export--..
3,000
Forwarded. i
76,000
Total stock.
411,000
Of which American. —_.246,000
Total imports of the week
40,000
Of which American.
26,000
Amount afloat,.-i. i
.360,000
Sales of the week.
Of which speculators took
Of which exporters took—
Mid
10% 6
?■
port:
ings, common
@
30
45
12:15
7.35 934
7.39 9J4
30
353@40
30
35@4f
36
Sales
10 A
30
35 @40
30
Reval
Cot's
<6ept
5
Fri.
:
so
30
Barcelona——
834 lbs. Shirt¬
to finest.
Thurs.
30
35 @40
30
Market,
32* Cop
Twist.
as
100 lbs.:
per
v
'
1912.
*
15,752
4,488
past week have been
follows, quotations being in cents
Spot.
1913.
----
200
„
Total
-
----
—
To
To Manchester
,
36,674
23,440
12,552
48,146
17,372
34,495
6,449
8,187
3,248
15,752
4,488'
-
LIVERPOOL.—By cable from Liverpool we have the
following statement of the week's sales, stocks, &c., at that
" .1 1
Since
Week. Sept.
1,000
k'Wi
270,000
814,688
;■
This
Exports (bales)—•
16,465
81,419
10,521
,----
4,944
-.64,145
Japan
Bombay
week
1,350
153
Japan. Total.
The exports to Japan since
Sept. 1 have been 53,761 -bales
from Pacific ports and 500 bales from New York.
Cotton freights at New York the
Trieste
Iteceipts (cantars)—
&c.
5,421
9,014
San Francisco—
Port Townsend.
Genoa
1911.
South.
906
....
Manchester
all—
This
25,979
5,030
10,517
Wilmington
...
North.
51
2,995
13,657
10,092
21,567
12,342
14,543
9,783
2,460
...
Oth.Europe—Mex.,
many.
38,053
10,521
Orleans.-.19,839 12,840
Pensacola
Savannah
Madras—
1912...J
Ger
—-
Charleston
17,000
1911*....
-Calcutta—
French
Ports.
New York.-...10,087
Galveston.
10,231 22,618
Texas City
r_
44,000
Mobile
Great
1912....
•
10,000 1
Since September 1.
Britain,
Bombay—
1913....
:
Sepf, 1.
Britain:1
37,000
1
from—
.
Week.
Sept. 1.
5,000
For the Week.
Exports
,
'-Since
'
Bombay...—..
1
y
■
Since
The particulars of the foregoing shipments for the
week,
arranged in our usual form, are as follows:
•; y
;
October 23.
-
xcvn
500
.
J
Market,
Quiet
at
7@8 pts.
M.
decline.
pts.
pts.
decline.
pts.
'
V
pts.
Steady
3@4'pts.
adv.
decline.
Feverish,- Barely st'y, Barely st'y
434 @634
unch. to 4
1@8 pts.
134 @6
adv.
500
Steady at
3@434
1©2
Unsettled,
8,000
500
Steady at
i;pjs. adv:
7.74
7,00®.
500
■
Steady at
14@1434
Steady at
734 @17
7.84
12,000
500
Steady at Very st'dy,
6@7 pis.
634 @834
pts. dec.
pts./adv.
7.84
.
,
adv.
adv.
pts.
pts.
dec.
decline.
■
SHIPPING NEWS.—Shipments in detail:
Total bales.
•
.
NEW YORK—To Liverpool—Oct.
17—Caronia, 1,500; Georgic,
3,898
Oct. 22—Cedric, 3,552 upland, 1,137.Peruvian
To Bremen—Oct. 22—Kurfurst, 51
"
,
_
To
Antwerp-^-Oct.
17—Manhattan,
land, 106
150—-Oct.
—
—
—
Oct 22—Ivernia 550
To Naples—Oct. 17—Barbarossa, 350;
—Ivernia,
200
_
256
"
18—Kursk, 650—_
To Genoa—Oct.
17—Barbarossa,. 2,008;
650
Mendoza,
1,000
'*»
—
—
3,558
-
1,100
200
10,231
-
14,877
22,618
49,787—Oct.
21—Balgray,
4,978-.- .Oct. 22—Chemnitz, 10,030.
—
—
—
—
To Hamburg—Oct. 21—Iossifoglu, 3,258
To Rotterdam—Oct. 21—Balgray, 153
17—Lodovica, 7,914
17—Lodoyica, l00—
To Trieste—Oct. 17—Lodovica, 1,000
To Mexico—Oct. 22—Alabama, 1,350——
TEXAS CITY—To Bremen—Oct. 20—Yeddo, 1,0521
NEW ORLEANS—To Liverpool—Oct. 21—Civilian, 19,500;
cosian, 339To Venice—Oct.
—
.
To Dunkirk—Oct.
20—Virgil, 4,487-
-
—
—
—
1,790----—
—
To Mexico—'Oct. 18—City of Mexico, 1,000
..i
—•
,
MOBILE—To Liverpool—Oct. 14—Warrior, 9,783—,—;
To Bremen—Oct. 21—Moritauk Point, 13,657-.
PENSACOLA—To Liverpool—Oct. 18—Vivina, 2,460
—
—
_
-
——
_
2,460
10,092
—
—
18—Virginia,
4,131.--Oct. 23—Ben Heather, 3,526
Hamburg—Oct. 18—Virginia. 64—
21,503
600
"
To Bremen—Oct. 20—Cardiff Hall, 12,342—
WILMINGTON—To Havre—Oct. 17—Gretavala, 10,517
To Bremen—Oct. 23—Cardigan, 14,543-To Ghent—Oct. 22—Mariner, 9,435-.-:
BOSTON—To Liverpool—Oct. 15—Sachem, l,741-__Oct.
Canadian, 3.263-._Oct. 20—Arabic, 950—
To Hamburg—Oct. 16—Cleveland. 495
—
—
_
—
5,954
„_
495
3 ;243
''
18—Frankfurt 4 944—
PHILADELPHIA—To Liverpool—Oct. 17—Merlon. 2,548
91
To Antwerp—Oct. 23—Marquette, 500
20—Ancona, 200
FRANCISCO—To Japan—Oct. 18—Persia,
To Genoa—Oct.
SAN
—
Dollar,
_
14,321-i
PORT TOWNSEND—To Japan—Oct.
Total-
-
—
--—.-
------
500
200
—
1,431;
Robert
—
—
21—Awa Maru, 4,488.—
—-
4,944
2,548
-w_
—
5,030
12,342
10,517
14,543
9,435
17—
BALTIMORE—To Liverpool—Oct. 18—Quernmore, 3,243
—
U
12A
12 %'
p.m.
p.m. p.m.
d.
October J
d.
—
—
4
Wed'day,
d.
-
12M
12H
4
p.m. p.m
d.
d.
40 34 47
56 34 52.
40
ISA 28 H 3534
Nov .-Dec.
08
17
06 34 15 A
06 34 ISA
7 06 34 ISA
Dec.-Jan.
Jan .-Feb_
Mar.-Apr.
Apr .-May
May-June
June-July
July-Aug.
Aug.-Sep.
Sep.-Oct
24
22
22
22
7-0614 ISA 22
7 0614 ISA 22
7 0634
22
7 03
1734
iiH
_
Oct .-Nov.
II
It*
4
7 31-100d.
means
Thursday,] Friday.
1234:
4
4
p.m. p.m. p.m.p.mJp.m.p.m.
rf.
31
_
d..
d.
.
d.
d.
d.
57 A 58
60
158
52 A
45 A 4734 4534 41
30
35
36
38
36
32
2634 3134 32
34
32
:28«
26 33
3034 31
31
26 A
15
.
31A 25 A
'
50
<37 A
:28A
124A
23 A
30
30 A 32
30 A 26
(23
30
31A 30 ..
22A
29 34 29 A 30 A 29
'25
<22
31
24 A 29
29 34
34,
3034,2834 24 A 21A
25 A 25 A 26 A125 34 21 2734121
418
23 A 17
21A 21 Ai 2234 i
31A 25 A 29
30
|25H
25
„
7
00
09
14
6
96
6
84 A 93
60 H 67
68
6
4834 55
56
2134 17J^ 15
98 A 02 A 03 A 02 A 02 A 98
;96
70
74
76
173
71
171
57 A 62
63
'60
58 A 59
,
BREADSTUFFS. "
•
.
"
-
•
15,752
4,488
319,208
^:^:;7.
Friday Night, October 24 1913.
Flour-has latterly been in somewhat better demand.
sales, it
is
patents
are
$4 25
in
There
are
intimated, have been made
at lower
prices.
Some
Spring
understood to have sold occasionally at $4 15 to
much of it high-grade Minneapolis flour.
jute,
even
rumors
64
—
To Rotterdam—Oct. 20—Christian Michelson, 600
CHARLESTON—To Havre—Oct. 23—Bretwalda, 5,030
To Bremen—Oct.
12
p.m.
Oct.-Nov.
9,783
13,657
7,725; St. An¬
drews, ll,005--.Oct. 20—Christian Michelson, 7,249—
25,979
To
Tuesday.
to
Oct. 24.
19,839
8,353
4,487
1,790
1 205
av
1,000
To Bremen—Oct. 21—Earl of Forfar, 10,092.
SAVANNAH—To Havre—Oct. 18—Bretwalda.
To Bremen—Oct. 17—Helgoland, 13,846—-Oct.
Monday.
Thus, 7 31
—
.—-I
—
To Bremen—Oct. 18—Burmese Prince,
To Hamburg—Oct. 23—Assyria. 1,205
:
Ni-
—
8 353-
100
1,000
1,350
10,521
-
—
153
7,914
-
'
23—Mississippi
Saturday.
Feb.-Mar.
34,795
3,258
*_
To Barcelona—Oct.
To Havre—Oct.
The prices are given in pence and lOOlhs.
Oct. 18
563
—
15—Luceric,
Prices are on the basis of upland,
good ordinary
clause, unless otherwise stated, '«/Uvl/—/
Mendoza, 13—-Oct. 22
To Venice—'Oct. 21—'Argentina, 1,100To Fiume—Oct. 21—Argentina, 200
•GALVESTON—1To Manchester—Oct. 17—Olive, 10,231-.-To Havre—Oct.
17—Alston, 7,741 —Oct.
18—Eddystone,
To Bremen—Oct.
below.
51
—
21—Kroonr
—J—
—
To Libau—Oct.
r
10,087
that Sales have been made at lower
figures than these.
at
Some business is reported in Kansas flour
$4 15, but it is said to be exceptional.
Earlier in the week
the market
was
little disposition
all
noticeably dull.
on
freely unless thay
make it worth while.
In fact there is
even
now
the part of most buyers to take hold at
can
get concessions
as
to
prices that
The production last week at
olis, Duluth and Milwaukee
was
Minneap¬
444,365 barrels, against
463,320 in the previous week and 497,170 last
year.
Wheat has advanced on covering of shorts and some
buy¬
ing for a turn.
This was due in a measure to light offerings
at Chicago and the
Northwest, small receipts at the North-!
west and the firmness of corn.'
In
Chicago,
moreover,
thert.
Oct. 25
THE
1913.]
1225
CHRONICLE
little.
Cash houses and professional operators short of the
good''cash business. In five days it
bushel^, partly for export and partly market have been foremost among the buyers. The cash
business has increased.
On the bulges some of the big ele¬
for home consumption.
The world's shipments, it may be
vator houses have from time to time sold freely.
But the
.added, have decreased.
The total last week was 13,472,000
available supply of American oats decreased last week no less
bushels, against 15,344,000 in the previous week and 14,144,000 in the same week last year.
Russian shipments fell off than 3,311,000 bushel?, as contrasted with an actual increase
in the same week last year of 689,000 bushels.
It is true, on
to 3,784,000 bushels, against 5,456,000 in the previous
the other hand,"that despite a decrease in the stock at Chi¬
week.k From the Danube the shipments dropped to 960,000
bushels, against 1,632,000 in the previous week.
Argentina cago last week of 257,000 bushels, the actual supply there
now is no less than 14,257,000 bushels, against only 1,620,000
shipped only 88,000, against 712,000 in the previous
at this time last year.
The available stock in America
week. " There was also a noticeable decrease in the ship¬
ments
from
India,
Australia and
other
countries. amounts to 43,450,000 bushels, against only 13,728,000
bushels a year ago.
To-day prices declined slightly. At
In France the offerings of native wheat are small, and French
Chicago Canadian oats are being sold, it is stated, at equal to
merchants are still buying foreign wheat on a liberal scale.
lj^c. over Chicago December delivered at Eastern Lake
In Germany, although native supplies of wheat are liberal,
ports. '
the quality is generally unsatisfactory. • Actual receipts at
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Russian ports are smaller and some Southern districts need
Sat.
Mon.
; Tues. • ♦ Wed.
; 'Thurs.
Fri.
rain for seeding.
The quality of the last Hungarian crop is Standards! ...44 @45
44 ©45
44@45
44@45
44@45
44@45
No. 2 white..44%@45 44%@45 44%@45 44%@45 44% @45 44%@45
very unsatisfactory.
In Portugal the crop is not only small,
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
but the quality excites complaint.
In Italy the smailness of
'
' Sat.
Mon.
Tues.' Wed. Thurs. Fri.
the offerings of native wheat is causing, it is stated, much
December delivery in elevator.cts. 37%
38%
38%
39%
39% 39%
apprehension. In India drought is still more or less severe May delivery in elevator—— 41%- 41% 41% 42% 43% 42%;
July delivery in elevator_•
41%, 42%
42% 42%
in most sections, although the Punjab has recently had some
The following are closing quotations:
beneficial rains.
Yet the drought in the Central and United
FLOUR
Provinces has been so prolonged that they will have, it in¬
$4 10@$4 40
Winter, low grades..—$3 10@$3 50 Spring clears
Winter patents
stated, only about half their normal acreage.' While the
4 80@* 5 00 Kansas straights, sacks. 4 15@ 4 30
Winter straights
4 20@" 4 35 Kansas clears, sacks.3 75@ 4 00
world's stock of wheat increased last week 5,890,000 bushels,
;
5 85@ 6 30
Winter clears
3 80 @ 4 15 City patents
the increase in the same week last year was 11,284,000
3 50@ 3 90
Spring patents
4 30@ 4 55 Rye flour
3 80@ 4 60
Spring straights
4 10@ 4 25 Graham flour
bushels.
At Budapest there has been a sharp advance in
GRAIN.
'" * '•
•.
prices, owing to the political situation and complaints of Wheat, per bushel—f. o. b.
Corn, per bushelNo. 2
elevator Nominal
unfavorable weather for seeding in Hungary, as well as the
N. Spring, No. 1.
$0 95%
Steamer.
elevator Nominal
N. Spring, No. 2,—
I 93%
unsatisfactory quality of the last crop.
The indications
No. 2 yellow
78%
Red winter, No. 2
96%
Rye, per bushel—
'
point to an importation into Hungary of 6,000,000 bushels.
Hard winter, No. 2, new.
95
No. 2
71
Oats,
per
bushel,
new—
"
cts.
Latterly the offerings of new wheat as a rule have been at firm
State and Pennsylvania..Nominal
Standards
...—44@45
prices in the world's markets.. The decreased receipts of
68@78
No. 2, white
—44% @45 Barley—Malting
No. 3—
-43%@44%
spring wheat and the drought in India are two things on
which considerable stress is laid.
Yet, after all, North Amerr
The statements of the movement of breadstuffs to market
ica is shipping freely and the weakness of No. 1 Manitoba
indicated below are prepared by us from figures collected by
in Liverpool, has been a feature impossible altogether to
the New York Produce Exchange.
The receipts at Western
ignore.
Liverpool in fact has been weaker than other world's lake and river ports for the week ending last Saturday and
markets, owing mainly to enormous shipments from Canada.
since August 1 for each of the last three years have been:
The increase in wheat stocks in Canada amounted to 4,634,Rye:
Oats.
Barley.
Corn.
Wheat.
000 bushels.
It is remarked, too, that while the shipments
Flour.
Receipts atfrom most parts of the world have decreased, those from North
6w;56 lbs.
bbls.imbs bush: 60 lbs bush. 56 lbs. bush. 32 lbs. bvshA8lbs.
85,000
America have actually increased
The total last week from Chicago....
2,093,000 1,196,000
532,000
1,187,000
200,000 ;
24,000
183,000
63,000
6,000
36,000
12,000
Milwaukee..
North America was 7,632,000 bushels, against 6,312,000
11,000
217,000
74,000
2,160,000!
Duluth.....
in the previous week and 6,672,000 in the same week last year.
153,000
689,000
601,000
48,000
.2,338,000,
Minneapolis
34,000
56,000
52,000;
Toledo.....
Also, the world's stock of wheat of various kinds is actually
122,000
18,000
34,000
Detroit.....
6,000
341,000
182,800,000 bushels, against 154,340^000 a year ago and 175,- Cleveland
24,000
22,000
4,000
15,000
130,000
534,000
276,000
441,000!
St.
Louis
67",000
632,000 at this time in 1911.
The weather has latterly been
10,000
71,000
158,000
288,000
Peoria
22,000
35,000}
favorable in most parts of England, Germany, Russia,
393,000
438,000
476,000'
Kansas City
510,000
Roumania. and Argentina:
599,000
To-day prices declined partly Omaha
315,000'
as a natural reaction and partly because of favorable reports
298,000
2,938i000
4,606,000 2,827,000
6,423,000
Tot. wk. '13
307,000
680,589
in regard to winter wheat.
2,338,191' 6,893,321 •4,096,422
Liberal export sales at Duluth, Same wk. '12
14,662,623
462,981
326,390
3,103,053
3,608,310 2,736,201
6,721,934
Same wk. '11
324,562
however, caused something of a rally before the close.
latterly been
has
a very
.amounted to 1,250,000
•
.
"
,
— _
■
—
.
.
•
__
.
DAILY CLOSING PRICES OF WHEAT FUTURES
Sat,
Mon.
Tues,
IN NEW YORK.
Wed. 1'hUrs. Fri.
95%
95%
96%
-Jets. 95%
95%
.95%
December delivery in elevator
92%
92% .92%
93%
May delivery in elevator
95%
95%
95%
96%
DAILY CLOSING PRICES OF WHEAT FUTURES IN
Sat. .Mon.
Tues.
Wed.
No.
2 red
—
—
,
December delivery in elevator.cts.
May delivery iu elevator.
83%
88%
82%
87%
83%
88%
93%
96%
88%
89
corn
has advanced, owing
.
DAILY CLOSING PRICES OF NO.
/
2 MIXED CORN TN
Sat.
.
Cash
..cts.Nom.
corn
Mon.
Nom.
Tuesi
Norn.
NEW YORK.
Wed. Thurs. Fri.
Nom. Nom. Norn.
FUTURES IN CHICAGO.
Mon.' Tues.
Wed. Thurs. Fri.
DAILY CLOSING PRICES OF CORN
Sat.
December delivery in elevator, cts.
May delivery in elevator....
July delivery in elevator
66%
68%
68%
70%
68%
70%
68%
69%
69 %
70%
,69%
67%
69%
67%
69%
68%
69
69%
advanced, sympathizing as usual with the price
movement of other grain, especially corn." ' A cargo of 300,OOt) bushels of Canadian oats was sold in the middle of' the
week to go to Chicago, and also one to be shipped to Cleve¬
Oats have
land.
'But
things of this sort nowadays seem to count for
1912......
'3,855,405
1911.1
Total receipts
of flour and grain at the
follow:
seaborad ports for
the week ended Oct. 18 1913
Receipts at—
York.
New
Boston
Philadelphia
Baltimore..
New
Orleans*...,
Barley,
Oats,
Corn,
Wheat,
Flour,
88%
partly to bad weather
at the West, light offerings, a better cash demand and de¬
creasing visible stocks.
There has been a good deal of buy¬
ing for a rise and not a little covering of shorts.
Contract
corn in store at Chicago, which was recently at 5 cents dis¬
count under December, has latterly been up to the Decem¬
ber price.
The receipts at Chicago have been small. It is
true that a cargo of Argentina corn was sold at Galveston
last Tuesday at 70 cents e. i. f. and another of 270,000 bushels
of yellow was sold on Wednesday at 69% cents delivered at
New York, Boston, and Portland.
This was about 10 cents
under what Western corn could be laid down for at those
ports.
But this had comparatively little effect on the gen¬
eral market.
A private report on the size of the farm re¬
serves states that they are about the
same as a year ago.
They were then small.
The available stock of American
corn decreased last week 1,154,000 bushels, against a de^
crease in the same week last year of 530,000 bushels.
The
husking returns from the Southwest are in some eases un¬
satisfactory.
This, together with the smaller receipts,
scanty country offerings and stronger spot markets, have
been the salient features.
Yet despite a decrease of 510,000
bushels in the stock at Chicago last wreek the total supply
is even now 4,439,000 bushels, against 1,305,000 a year ago.
This includes a contract 'stock of 1,118,000 bushels, against
307,000 at this time in 1912.
To-day prices declined.
Husking returns were somewhat better.
Cash corn, how¬
ever, was firm.
Indian
74,569,000 28,707,000 5,138,000
69,150,392 22,533,901 5,861,481
46,658,517 26,709,643 3,157,953
4,616,000 114,077,000 45,375,000
4,220,785 114,987,492! 39,009,377
79,353,318 38,244,351
1913_L_.__
93%
96%
CHICAGO.
Thurs. Fri.
84%
84% 84
1
Since Aug.
'
V
^ve>
bbls.
bush.
bush.
bush.
bush.
push.
185,000
36,000
41,000
73,000
2,298,000
54,000
1,000
296,000
247,000
48,000
76,000
127,000
13,000
341,000
68,000
204,000
41,000
37,000
7,000
145,000
493,000
1,053,000
Mobile
~~2~, 000
Montreal
61,000
37,000
35,000
741,000
Galveston
,
47,000
~~4~ 000
2, ib~7~o66
1,000
Quebec
475,000
96,000
Since Jan. 1 1913.17,738,000
Total week 1912.
588,045
2683,000
6,832,000
427,000
698,000 392,000
154023,000 45,845,000 44,128,00016826,000
4,027,365
316,407
2,655,663; 131,128
1912.14,076,676 107065,367 28,939,677 54,522,982 3874,303
1913._
Total week
Since Jan. 1
♦Receipts do
on
include grain passing through
not
60,235
576,484
for foreign porta
New Orleans
through bills of lading*
from the several seaboard ports for
shown in the annexed statement:
The exports
ending Oct. 18
bush.
2,280
'
.
679,000
136,432
....
Baltimore.
119,000
65,000
15,000
Ill'
1,460,000
"4~, 000
New Orleans
GalvestonMobile.
—
...
..
Montreal
5,192,296
5,153,808
Total week
Week
1912
Flour,
Corn,
Wheal,
bush.
York...—'.2,067,459
Boston.
665,405
Exports from—
New
Philadelphia
the
week
are
'
bbls.
■
19,000
4,549
49,000
6,000
Oats,
Rye,
bush.
bush.
Barley,
Peas,
bush.
bush.
.
8,595
45,616 • "
6,512
135,000
1,000
2,000
88,000
141,000
167,000
21,230 221,677
150,730
131,410 269,325 1,823,346
p 167,000
The destination of these exports
6,157
59,7041111,661
for the week and since
July 1 1913 is as below:
Corn-
Wheat
Flour
July 1
Since
Since
Since
Week
Week
Week
July 1
1913.
Oct. IS.
1913.
Oct. 18.
since July 1 to—
bbls.
bush.
bush.
bush.
United Kingdom... 131,553 1,662,411 3,039,978 31,437,675
925,503 2,143,034 37,279,541 1* ...
Continent
65,694
Exports for week and
Sou. & Cent. Amer.
West Indies.
Oct. 18.
bbls.
8,063
320,338
8,000
16,367
466,523
1,284
Brit. Nor. Am. Cols.
37,959
Other Countries
47,924
.
Total
Total 1912
»1,000
338,636
21 ;852
20,00#
19,500
F*
.221,677 3.4S0.658 5,192,296 69*097,704
..—-269,325 2,698,683 5.153,808 44,023,454^
.
—
780
July 1
1913.
bush,
151,270
450,646
271,796
605,334
3,221
7,683
21,2801.1,489,950
131,410
969.177
The world's shipments of wheat andfeorn for the week
ending Oct. 18 1913 and since July 11913_and 1912 are shown
in the following:
1
' r
V ' '
1326
THE
Wheat.
Exports.
Corn.
1913.
Week
Oct.
July
Bushels.
North Amer. 7,632,000
Russia.
Argentina...
88,000
Australia
280,000
400,000
328,000
India
Oth. countr's
Total
July 1.
Bushels.
Bushels.
Week
Oct.
July
Bushels.
July
Bushels.
66,874,000
42,915,000
357,000
22,689,000
77,000
23,970,000 3,605,000
7,576,000
28,776,000
2,902,000
13472000 199,352,000
Since
1.
1.
Bushels.
639,000
5,809,000
5,069,000
91,961,000
passage
liberally.
286,000
4,804,000
8,121,000
94,338,000
DOMESTIC COTTON GOODS.—The
exports of cotton
goolds from this port for the week ending Oct. 18 were
2,968
packages, valued at $209,295.
——1913
195,702,000 4,039,000 103,478,000 107,549,000
The
Other
quantity of wheat and
afloat for Europe
on dates
' :;,; v V-
corn
follows:
was as
Week.
Wheat.
„
500
_
__
...
Kingdom.
Continent.
Total.
Kingdom.
Bushels.
Bushels.
Continent.
—
321
South America.
Total.
468
Other Countries
Bushels.
Bushels.
Bushels.
UNITED
GRAIN
STOCKS.
Amer. Bonded
Amer.
Wheat. Wheat,
Corn,
Oats.
Oats,
In Thousands—
Amer. Bonded
Amer.
Amer. Bonded
Rye. Barley. Barley,
bush.
bush.
bush.
bush.
bush.
bush.
bush.
bush.
New York—929
1,102
21
1,253
266
11
27
170
17
56
1
2
Boston
69
480
Philadelphia..........
467
917
16
107
Baltimore
324
816
128
458
91
112
_
.....
New Orleans...
Galveston
198
...
544
.......
Buffalo
1,812
1,213
Toledo..
Detroit
753
86
797
11
67
163
48
75
Chicago
*'
1,050
9,782
4,339 14,257
afloat
325
...
Duluth
....10,574
M inneapolis
13,019
St. Louis.— 2,106
Kansas City..
8,210
297
"21
...
Peoria
193
384
124
.
On Lakes..
On Canal and River...
68
1,399
3,511
1,636
1,043
1,678
334
371
286
1,582
2,462
270
2,440
67
97
152
9
306
...
Omaha
442
.
Total Oct.
18
4,954
Total Oct,
11
3,291
1913..54,401
1913..54,494
Total Oct. 19 1912..36,668
Total Oct. 21 1911..61,815
770
....
439
1,174
204
95
"275
"227
358
480
29
1,663.
1,180
Canadian Bonded
Wheat. Wheat,
bush,
Montreal
...
bush.
"20
176
552
37
987
5,762
4,772
4,110
962
4,213
Canadian
Oats.
Oats,
bush.
bush.
bush.
1,504
Ft.Willlam & Pt. Arthur.10,106
Other Canadian
4,372
..
58
....
..I.
■ ...i
18 1913. .15,982
11 1913. .12,758
58
Total Oct.
Total Oct.
19
16
Total Oct.
Total Oct. 21
Bonded
Corn.
66
1912. .11,428
1911.
7,430
339
.
353
3,683
2,767
V
428
212
50
Canadian
Bonded
Rye. Barley. Barley,
bush.
bush.
18
471
bush.
18
471
18
482
1,459
4,911
71
58
Bonded
Corn.
Oats.
Oats.
bush,
bush:
bush.
American
.54,401
1,102
Canadian
.15,982
7,352 30..755
58
6,803
Total Oct.
Total Oct.
19
1912. .48,096
Total Oct.
21
1911.
1,102
3,291
770
.69,245
7,410 37,558
8,377 39,465
3,180 10,588
3,449 26,679
761
Bonded
Rye. Barley. Barley,
bush.• '
bush.
1,755
5,762
18
471
761
1,773
552
1,703
37
1,058
6,233
5,254
4,168
4,213
....
962
bush.
428
....
428
212
50
_
#
to
a close,
and for this reason are confining purchases to
near-by requirements, selling agents are confident that values
will be fully maintained.
They hold that mills have no
that
they
poorly covered on
raw material, for which from now on
they are likely to pay
high figures.
Export business is still at a standstill and,
while prices continue at present levels, there is little
likeli¬
hood of any improvement.
It is reported that China has
offered 7%c. for certain lines of 3-yard
sheetings, but manu¬
facturers will not consider
a
moderate
Manila, but
business
none
can b^ more
independent as they are
obliged to offer concessions in order to obtain .business
to keep their machinery in
operation. There has been some
falling off, however, in the demand for cloakings for prompt
delivery.
Activity continues in dress goods with duplicate
orders
numerous.
FOREIGN DRY GOODS.—There appears to be consider¬
able confusion in the markets for linens in obtaining decisions
from the Custom House regarding the new tariff rates oncertain lines of goods which the trade is anxious to ascertain
buyers know what prices they will have to pay.,
a good demand for stock
goods
In the meantime there is
Friday Night, Oct. 24 1913.
Dry goods markets continue active and firm, with a good
demand for staple goods.
The cotton goods market is again
feeling the effect of the sharp advance in cotton, which, to¬
gether with the pronounced shortage of supplies for near¬
by delivery, is keeping prices at high levels.
Despite the
recent marking up of values on most lines, there are
many still
considered by selling agents to be too low, in view of the firm
yarn and raw material situation.
Yarns are quiet but firm,
with buyers refusing to place business beyond the end of the
year at the prices which spinners are naming.
Stocks are
light both in the hands of dealers and buyers, and the latter
while only taking supplies for immediate
requirements, are
paying full, market quotations.
Spinners realize that con¬
sumers are poorly covered and see no reason to
offer conces¬
sions in order to attract new buying.
In staple cotton goods
mills are so steadily engaged in
meeting orders on their
books that they are giving little attention to future
business.
Jobbers are making a steady call for spot
supplies of all lines,
and are complaining about the
difficulty of getting deliveries
overdue.
Neither distributers nor selling agents are willing
to do business very far into the future at
present price levels.
While buyers are hopeful of lower levels as the
year draws
and
their
in order to let
Neii) York,
stocks
and many orders have been placed on goods for next season*
including napkins, towels and crashes.
Burlaps have devel"
oped an easier undertone in sympathy with cable advices
from Calcutta.
Demand for light-weights has been mod¬
erate, while heavy-weights have been quiet.
Light-weights
are quoted at 6.40c. and heavy-weights at 8 to 8.10c.
Importations & Warehouse Withdrawals of Dry Goods.
Imports Entered for Consumption for the Week and Since Jan. 1.
Week Ending
9
Oct. 18 1913.
Pkgs.
-
Cotton—
from India
in
or
There is
from South American and
Mediterranean ports.
Busi¬
Pkgs.
-—-
Flax
-
—
Total
1913-
Total
1912.
— -
26.285
109,562
63,217
67,314
97,976
27,690,925
12,098
12,346
2,623,170
2,485,905
364,354
422,525
90,438,074
97.061,938
—
——
-
Warehouse
Manufactures of—
Withdrawals
Wool-—.
Thrown
477
91,702
*814,838
-
1,670
3,116
6,864
12,098
1,172,604
2,623,170
175,792
364,354
29,951,903
90,438,074
18,962
.16,359
3,795,774
3,096,971
540,146 120,389,977
612,884 120.506.679
-
Total withdrawals
Entered for consumption
Total marketed 1913
Total marketed 1912
Market.
3,917,172
9,926,313
4,360,636
6,508,513
5,239,269
Flax
Miscellaneous
the
16,250
34,453
11,112
30,801
83,176
1,150
i.
—451%
—
Upon
15,242,945
9,934,754
173,551
344,527
247,986
Cotton—
Silk
833,045
731,524
488,353
434,828
— —
-
Miscellaneous
•
Value.
$
6,471,665
31,097,785
2,895
2,837
1,790
3,856
—
—
1
Silk
are
anything under 7
Since Jan. 1 1913.
Value.
Manufactures of—$
Wool
720
135.420
Imports Entered for Warehouse
During Same Period.
Manufactures of—•
Wool
487
572
120,316
266,374
88,239
84,819
71,515
2,457
12,098
631,263
2,623,170
Cotton
901
Silk
228
Flax
269
Miscellaneous
—.,r-—
Total
i
Entere d for consumption
-
coming
unless
booked with business and
THE DRY GOODS TRADE.
accumulated
many com^
common
not
bush,
18 1913. .70,383
11 1913. .67,252
not
are
.
bush.
Total Oct.
.complaints,
WOOLEN GOODS.—Values for men's wear are
firmly
maintained and it would not be surprising if advances were
named on lines for spring delivery.
Many mills are well
....
6,803
7,104
Bonded
Wheat. Wheat.
numerous
difficulty in providing
requirements.
Demand, however, is confined
mostly to prompt and near-by shipment, as few buyers are
willing to contract ahead at prevailing prices, believing that
after the turn of the new year they will be able to do business
On a more satisfactory basis.
Mills, on the other hand, offer
little encouragement for concessions. * Print cloths are
firmer,
with only small quantities
reported available at prevailing
quotations.
Gray goods, 3834-inch standard, are quoted
unchanged at 5^sc. to 5 Mc.
*
^
for
SUMMARY.
In Thousands—
68,807
324,059
has usually been the case at this
period of the year for some
time past, and many buyers are having
CANADIAN GRAIN STOCKS.
In Thousands-
204
4,855
urgent need for goods exists.
There appears to be a more
active demand for goods of a staple character this season than
21
1,755
1,685
....
263,250
an
1,167
761
of
cause
ing from localities where complaints
258
29
-
60
7,352 30,755
8,311 32,361
3,164
9,129
3,110 21,768
2,915
;•
cuttipg-up trade, with some lines
capacity of mills.'
Heavy colored goods are
firm, with the demand broadening and extending to deliv¬
eries into the early part of the new
year, and some producers
reported Sold up for the first two or three months. .Supplies
of all kinds of goods continue
light, and the backwardness
of deliveries is the
56
■
242
acted in flannelettes for the
100
Milwaukee
Indianapolis
110
253
1,170
33
1.
3,462
1,637
64,601
23,140
42,227
23,729
37,218
2,630
17,172
69,436
sold up to the
147
15
1,342
—
—
—-
Jan.
The value of these New York
exports since Jan. 1 has been
follows:
was as
STATES
58,969
11,317
31,193
21,550
29,516
2,068
13,102
40,934
51,672
•
$20,503,662 in 1913, against $21,096,565 in 1912.
Markets for domestic cottons
developed more activity
during the past week, with prices firmly maintained and the
tendency higher.
Buyers appeared to have recovered the
confidence in values which was shaken
by the weakness in
the markets for the
staple the week previous.
Sheetings
and drills have been in more actlye demand and
are firmer,
while, according to reports, a large business has been trans¬
supply of grain, comprising the stocks in
principal points of accumulation at lake and
seaboard ports Oct. 18 1913
..2,968
_
visible
at
288
Total
Oct. 19 1912.. 18,256,000 18,584,000
36,840,000 11,348,000 19,975,000 31,323,000
Oct. 21 1911— 19,592,000
9,424,000 29,016,000 1,538,000 2,423,000 3,961,000
The
22
16
Bushels.
Oct. 18 1913- 15,680,000 18,504,000 34,184,000
13,081,000 10,531,000 23,612,000
Oct. 11 1913., 14,288,000 20,464,000 34,752,000
13,608,000 13,821,000 27,429,000
granary
-
546
94
_____
Mexico
Central America
United
Week.
1,977
.952
721
Arabia.
Africa
West Indies
Since
1.
17
__
—
India
Corn.'
United
Jan.
.13
European
China
——1912
Since
New York to Oct. 18—
Great Britain
—
mentioned
xcvii.
steadily improved since
of the tariff.
Clothing manufacturers and
cutters-up have concluded that little foreign goods can be
put in this market early enough to affect business for next
spring, and are placing their future requirements more
the
1912.
Since
18.
[Vol.
in woolens and worsteds has
ness
1913.
Since
1.
97,010,000
48,966,000
9,028,000
9,410,000
10,128,000
22,064,000
2,746,000
3,784,000
960,000
Danube
1912.
Since
18.
CHRONICLE
Total imports 1913——
Total imports 1912
14,555
17,365
3,254,433
3,264.229
23,466
40,480
11,788
33,378
95,147
204,259
364,354
„
,
5,399.525
11,185,883
4,578,353
7,363,997
5,599,716
34,127,474
90,438,074
568,613 124,565,548
610,040 121,108,594
Oox. 25
THE
1913.]
CHRONICLE
1221
♦'The bonds
concerned in this
opinion, it is expected, will be issued by
the Legislature of the State of Louisiana pursuant to constitutional author¬
ity for the purpose of refunding at or before maturity an issue of bonds
oity
Swi $fnt>
News
known
as the 'new consolidated bonds.'
The issuance of these bonds was
authorized by an Act of the Legislature of 1892, which Act was pursuant
to a provision of the constitution of 1879.
They become due on the first
of January 1914, and were issued for the purpose of
funding all of the
Items.
Ga.—Commission Form of
Defeated.—The question of adopting the commis¬
of government failed to carry, reports state, at an
Athens,
Clarke
County,
Government
sion form
election held Oct. 18.
Bristol, Conn.—Water Company Favors Sale of Plant to
City.—The stockholders of the Bristol Water Co. at a meet¬
ing held Oct. 22 voted unanimously in favor of selling the
water plant to the city for $483,357.
Forty-five stockhold¬
ers were present representing 2,135 of the 2,500 shares of
stock outstanding.
The purchase of the property was ap¬
proved by the voters, as stated in V. 97, p. 753, at an elec¬
tion held Sept. 8.
.
Greenville, Washington County, Miss.—Commission
Government Defeated.—The question of establishing the com¬
mission form of government (V. 97, p. 753) was defeated at
the election held Oct. 15 by a vote of 168 "for" to 173
"against."
"-.J;
;;
Kearney, Neb.—Bonds Declared Invalid.—The Nebraska
Supreme Court on Oct. 17 declared invalid an issue of $40,000
light-plant-construction bonds.
According to the Omaha "Bee,"
on
Feb. 14 1912 the Mayor and Council
of the city of Kearney submitted to the electors of the
city a proposition
to issue $40,000 bonds for the construction of a
municipal lighting plant.
1,068 votas cast, of which 618 were in favor of the bonds and
The Council declared the bonds carried, and they were issued,
registered by the State Auditor aiad delivered to the State Treasurer, when
a temporary injunction was secured
against further progress.
A hearing
There
were
468 against.
held before the District Court of Buffalo County and the injunction
dissolved.
The case was then taken on appeal to the Supreme Court by
the plaintiffs, who attacked the legality of the election, and also set out
was
that it requires a three-fifths majority vote to authorize a bond
issue, ac¬
cording to the city charter.
The Supreme Court holds that the amended
charter as it existed at the time of the election must govern, and this not
having been done, the bonds
is
are
invalid and the decree of the District Court
reversed.
Lexington,
Ky.—Park
Bonds
Upheld.—Circuit Judge
city's bond issues
of $25,000 for the purchase of
property as a public park for
white persons and $25,000 to purchase a park for negroes,
Charles Kerr
are
on
Oct. 18 decided that the
valid.
were
regu¬
lar; that the ordinance passed directing the Mayor to issue and sell bonds
to the amount of $25,000 for park purposes for white
persons was valid.
that the,portion of the bond issue authorizing the ex¬
penditure of $25,000 for a park for negroes is also valid.
The Court decided
Nebraska
City,
Neb.—Supreme
Court
Upholds
Recall
Petition.—The State Supreme Court on Oct. 17, in an opinion
written by Judge Letton anduQoncurred in by the entire
bench, affirmed the judgment of the district court directing
the Council of Nebraska City to call an election to vote
the recall of Mayor James Df( Houston.
Mr. Houston
was
elected
as
a
on
member of the City Commission in April
as Mayor by the members of the Com¬
subsequently selected
mission.
On May 10 1913 a petition for his recall was filed.
The Oity
Clerk certified that the petition contained 30% of the legal voters of the
city,
required by the Banning Act; but the Council of which Houston
was a member declined to call the
election, claiming the petition was in¬
sufficient.
A mandamus suit was brought by Paul S. Topping, who was
the candidate for Mayor against Houston, and the District Court issued a
writ directing the Council to call the election I
Houston appealed.
The
Supreme Court holds that there are only two real issues to the case, one
being the sufficiency of the petition and the other whether the petition
contained a general statement of the grounds for Houston's removal, both
as
of which the Court holds sufficient.
New York
State.—Attorney-General Rules that Louisiana
Legal Investments for New York Savings Banks.—
Attorney-General Thomas Carmody rendered an
opinion holding that bonds of the State of Louisiana are
legal investments for New York State savings banks. ' In a
previous opinion he had expressed the view that the bonds
were not
legal investments by reason of the failure of the
State of Louisiana to take up its outstanding "baby" bonds.
In reversing his former
ruling, Mr. Carmody says that it
now appears
that these "baby" bonds were not bonds for
the payment of which the credit of the State was pledged,,
but were issued against certain revenues of the State, namely
unpaid taxes, and were payable out of these revenues only.
Therefore the failure to pay the same does not, according to
Bonds Are
On Oct. 22
the
Attorney-General, constitute such
a
default
as
would
make other bonds of the State improper investments.
The
opinion, which was the result of an application by Governor
L. E. Hall of Louisiana and E. H. Farrar,
acting counsel for
the Governor, for a re-consideration of the
question, is
as
follows:
"The facts In this
case as set forth at
length differ materially from the
Department when the opinion of July 3 1912 was written.
in that opinion that the
'baby' bonds of the State of
Louisiana were legal obligations of the State,
upon which the State had
defaulted, and, therefore, under the provisions or Subdivision 3 of Section
146 of the Banking Law of this State, the bonds of the State of Louisiana
were not legal investments for the trustees of
savings banks in this State.
It now appears that these 'baby' bonds were not bonds of the State for the
payment of which the credit of the State was pledged, b,ut were issued
against certain revenues of the State, namely unpaid taxes, and were pay¬
facts before this
It
was
.
assumed
able out of these revenues only.
"Under these facts it must be held that the
'baby' bonds were not such
bonds as are contemplated by the provisions of Subdivision 3 of Section 146
of the Banking Law, and that the
non-payment of a portion of them does not
constitute such a default on the part of the State as would make other
bonds of the State improper investments for savings banks.
.
.
of."
It is insisted by the Governor and his counsel
that, notwithstanding the
that the State of Louisiana had defaulted in the
claim
payment of the
"baby" bonds, nevertheless, the consolidated bonds, having
been issued
upon which the State
default in the payment of interest upon
were legal investments for savings banks in
this State, and, therefore, under the amendment of 1913, bonds issued to
refund or pay these consolidated bonds at maturity are also legal invest¬
for
the
of taking
purpose
admits
up
liability, there being
these latter obligations, they
certain obligations
no
ments.
"After reaching the conclusion that the State did not default
the 'baby'
on
bonds, it is unnecessary to give a construction to the subsequent provision
of the statute.
My conclusion is, therefore, that the State of Louisiana
did not default upon the 'baby' bonds; that the consolidated
bonds, having
been issued prior to May 29 1895 for the funding and settlement of all
pre¬
vious legal obligations of the State, pursuant to the Act of the
Legislature
of 1892, which Act was authorized by the constitution of
1879, and there
being no default in the payment of interest since the issuance thereof, and
interest having been paid regularly, according to the facts
disclosed, they
were legal investments for the trustees of
savings banks in this State, and
that the prospective issue of bonds, if
properly authorized by the consti¬
tution and Legislature of the State, for the refunding of the consolidated
bonds, will, be, therefore, proper legal investments for trustees of savings
banks in this State, pursuant to the provisions of Subdivision 3 of Section
146 of the Banking Law."
Otsego, Otsego County, N. Y.—Sale of Railroad Stock.—
cil and Board of Commissioners with reference to the bond issue
was
.
.
The Court holds, it is said, first, that the bond question is not invalidated
by the fact that the city submitted to the voters the question of the issuance
of $50,000 in bonds for park purposes, though the Board of Park Commis¬
sioners only requested that $25,000 in bonds be issued.
The matter is held
not to be material.
In the second place, the Court decides that the bond
issue is not invalidated because'the Fayette County Board of Election
Commissioners incorrectly certified the vote on the bond issue at the No¬
vember election to be 1,914 in favor,of the question and 916 against it;
when, as a matter of fact, 1,994 persons had voted for the bond issue.
The
Court decides, in the third place, that all proceedings of the General Coun¬
1912, and
previous obligations of the State upon which the State recognized its lia¬
bility.
This, of course, did not include the 'baby' bonds, liability for
which the State never recognized except to the limited extent referred
to.
The
new
consolidated
bonds,
therefore, were legal investments
for savings banks in this State, pursuant to the
following provisions
contained in Subdivision 3 of Section 146 of the Banking Law, which
pro¬
vides that trustees of savings banks may invest in stocks, bonds or interestbearing obligations of any State of the Union which has not within ten
years previous defaulted in the payment of any part of the principal or in¬
terest of any debt authorized by the Legislature of such State:
".
and in the bonds or interest-bearing obligations of any State
of the United States issued in
pursuance of the authority of the Legislature
of such State which have, prior to May 29th 1895, been issued for the fund¬
ing or settlement of any previous obligation of such State theretofore in
default, and on which said funding or settlement obligation there has been
no default in the
payment of either principal or interest since the issuance
of said funding or settlement obligation, and
provided the interest on such
funding or settlement obligation has been regularly paid for the period
of ten years next preceding
sucb investment.
By the amendment of 1913 the Legislature added the following provision:
".
and in the stocks, bonds or interest-bearing obligations of
any
State of the United States, issued in pursuance of the
authority of the con¬
stitution or the Legislature of such State, to refund a;t or before
maturity
or within
ninety days after maturity, any of the bonds or obligations of
such State which at their maturity or at the date of their
payment, if paid
before maturity, were legal investments for savings banks under the
pro¬
visions of this subdivision, on which refunding
obligation there has been no
default in the payment of either principal or interest since the issuance there¬
Clement M. Allison, Town Supervisor, and the
Acting Rail¬
road Commissioners have given notice
that, pursuant to the
vote at a special town meeting held Oct.
6, they will sell at
public auction on Nov. 19, $2,000 shares of the Gooperstown
Susquehanna RR. Co. held and owned by the town.
&
Republic
of
Nicaragua.—Control
of Finances
hy
New
York Bankers.—Brown
man
Brothers & Co. and J. & W. Selig& Co. of New York have purchased from the
Republic
of Nicaragua
51% of the stock of the Pacific Railways of
Nicaragua (incorporated under, the laws of Maine) and of the
stock of the National Bank of Nicaragua
(incorporated under,
the laws of Connecticut).
This purchase, we are informed,
was made
substantially upon the terms of a contract executed
in 1911 and at that time approved by the United States
Government.
The remaining 49% continues to be owned
by the Government of Nicaragua.
The bankers have also
discounted at par $1,060,000 6% one-year Treasury bills
of the Republic of Nicaragua dated Oct. 1 1913.
The Treasury bills are secured by lien on the
customs, subject only/first,
existing lien amounting to about $375,000 per annum in favor of the
English bonds of 1909; and, second, to the lien on one-fourth of the customs
to the
in favor of the currency fund referred to below.
Customs revenues for the
ending Aug. 31 1913 amounted to approximately $1,683,000 (U. S.
gold).
The Customs Administration is conducted by an American Col¬
lector-General recommended by the bankers.
The Pacific Railways of Nicaragua is the only railroad in the
Republic
year
and
to
extends for
163 miles from the port of Corinto on the Pacific Coast
Managua, the capital, and Granada
on
Lake Nicaragua, with branches.
The capital stock outstanding is $3,300,000.
For more than a year the
railroad has been operated by the J. G. White
Management Corporation,
which will continue in charge. Two members of the board of directors are
to be nominated by the Minister of Finance of
Nicaragua, and the Secre¬
tary of State of the United States has the privilege of appointing one.
The
latter will also act as railroad examiner, making confidential
reports to the
governments of the United States and of Nicaragua.
The bank has been in operation for over a year.
Its capital has just
been increased from $100,000 to $300,000.
Its head office is at Managua,
with branches at Bluefields and Granada and an
agency at Leon.
The
bank is the depository of the Government, and its issue
department issues
bank notes on behalf of the Government.
Two of the members of the
are to be nominated
by the Minister of Finance of the Republic and
the Secretary of State of the United States has the
privilege of appointing
board
one.
•
,
There is an exchange fund to maintain the
gold standard and in order
to insure the permanent maintenance of this fund it is provided that when¬
ever it is depleted below a certain
point, one-fourth of the customs revenue
is to be applied to it month by month until.it is again replenished.
Each
time this process becomes effective it will by so much
permanently strength¬
en the fund.
During the years of political unsettlement recently past the commerce
of Nicaragua suffered from successive inflations of
paper currency.
A plan
of monetary reform which was recommended by F. C. Harrison of London
and Charles A. Conant of New York has been
placed in operation, the
neces¬
sary funds
being derived through various loans made since 1911 by Brown
Brothers & Co. and J. & W. Seligman & Co.
The plan provided, first of all,
the gradual retirement and incineration of all the
previous issues of
for
paper money, and during the last two years a total of 37,300,000 pesos of
paper money, out of an estimated aggregate of 48,000,000 pesos
originally
outstanding, has been bought up by the Government (or exchanged for
cordobas) and incinerated.
The present currency is on a gold basis.
Bank notes are in cordobas
(the new standard of value, equivalent to the United States gold dollar),
and such of the paper
pesos (the former standard) as are still in circulation
are received as the equivalent of 8 cents in
gold, or at the rate of 12
pesos
to the cordoba, and fractional currency in
silver, nickel and
in circulation.
The exchange
level since January 1913.
rate
has been
maintained
copper is also
at the present
The financial position of Nicaragua has been
fundamentally improved.
Efficient collection of customs during the past two years by Colonel Clif¬
D. Ham, formerly of the Philippine Revenue
Service, has, without
change in rates of duty, more than doubled the receipts.
The physical
condition of the railroad has been entirely changed.
In addition, deficits
have given place to dividends.
With the credit facilities afforded by the
national bank, and the currency, which underlies credit, established on a
firm basis, the most serious evils in the finances, both of the Governmen
ford
t
a
vV
THE
CHRONICLE
and of the country have been remedied.
Nicaragua is now in a position
to realize the progress in national welfare which has been the aim of the Ad¬
ministration of President Diaz.
In the meantime, the Government has
practically the entire use, of all revenues, both internal and customs for
Its current needs, excepting only the $375,000 annual requirements to meet
the charges on the English bonds of 1909.
"
Proceeds arising from the sale of the railroad and bank stock and the
Treasury bills have been applied to strengthening of the currency fund
,and to the payment of existing advances by the National Bank of Nica¬
ragua, Inc., and by the bankers.
The balance will, it is understood, go to
make payments on account to sundry creditors.
Should the United States
Senate at its regular session this winter ratify the pending treaty with
Nicaragua, providing for the establishment of a naval station on the Gulf
of Fonseca and granting a perpetual right to build the Nicaragua Canal,
the proposed payment to Nicaragua of $3,000,000 provided in the treaty
as compensation would put that Government in a position where it could
liquidate the greater part of the local debt and claims accumulated during
former periods of political disturbance.
The only foreign debt of the Gov¬
ernment of Nicaragua, except the $1,060,000 Treasury bills now issued, is
the English bonds of 1909 amounting to £1,200,240, and paying interest
at 5% and amortized by a cumulative sinking fund of 1 % per annum Cal¬
culated to retire the issue on or before maturity.
[Vol. Xcvii.
,
St. Paul, Minn.—Sale of Certificates of Participation in
City Bonds.—We are advised by the City Treasurer, S. A.
Farnsworth, that up to the close of business Oct. 15 there
had been disposed of pver the counter at par and interest
$833,350 certificates of participation in city bonds.
As
previously stated, these certificates are redeemable on de¬
mand at face value and accrued interest.
up
The withdrawals
to Oct. 15 amounted to $83,730.
TennessLegislature
Ends
Second Special
Session.—
The second extra session of the Fifty-eighth General Assem¬
bly adjourned Friday night (Oct. 17) after the passage of
measures recommended by Governor Hooper.
The bills passed during the five days' session were the nuisance
bill for the abatement of salpons, bawdy and gambling
houses; the bill to prohibit the shipment of intoxicating liquor
from one county to another in the State; the bill to regulate
the shipment of liquor from points outside the State to points
in the State, and the bill amending the State-debt-funding
bill passed at the regular session.
The bill providing for
the removal of county and municipal officials for non¬
performance of duty was killed.
V
The amendment to the funding Act meets the following
four of the five
recommendations contained in the call for the extra session:
(1) To authorize the exchange of new bonds for outstanding
or notes.
(2) To authorize the sale of all or a part cf
the new bonds.
(3) To authorize the issuance of new bonds,
maturing not less than 20 nor more than 40 years, in the dis¬
cretion of the Funding Board.
(4) To authorize the Funding
Board to purchase bonds privately at not more than par with
the sinking fund.
The amending Act also provides, how¬
ever, that "said bonds shall not be sold at less than par ar.d
accrued interest."
The Governor sought to haye this clause
eliminated, but was unsuccessful.
In objecting to this pro¬
vision, the Governor said in part:
bonds
In regard to this provision, designed to forbid the sale of the 4% bonds
for less than par, I will offer a few observations:
In the first place, if the bonds can be sold at par at any time within the
•.
term of the present Funding Board, they will certainly not be sold for less.
There is nobody quite so anxious to make a good sale of the State's bonds
the four .State officials whom you have charged with this onerous and
responsible duty.
We have already twice refused.to sell these bonds, be¬
the price was not what Ave believed the State was entitled to.
We
as
cause
tie bonds
Sursued
this
below
course
w hen
we same
had absolute
and unqualified
sell
par.
This
Legislature,
composed ofauthority
the sameto
men,
granted us the authority to sell the bonds under par.
Two things have been demonstrated in connection with this matter:
First, that this board has no desire to sell the bonds below par, if it can
be avoided, and, second, that the bonds up to this time could not be sold
at par.
It, therefore, seems evident that somebody is desirous that the
bonds shall not be sold at all.
The proviso forbidding the scale of the bonds below P^r is not "included
in the questions hamed ui my call relative to the refunding of the debt.
The provision is, therefore, plainly unconstitutional,, and may be designed
to vitiate the entire
bill, and destroy the other beneficial amendments con¬
tained in it.
This will be the effect of it, unless it is treated as a mere piece
of surplusage, disconnected from the other provisions of the bill, arid not
affecting their validity. ■ ■
'
It has been well understood for some time that there was a desire on the
,
part of certain members of the Legislature to prevent the bonds from being
sold by the present board.
Just here I will say* that the present board
did not seek the great responsibility of selling these bonds, and I, as Gov¬
ernor, suggested to the Legislature my cordial willingness to have the debt
refunded by a special commission.
Speaking for myself again, I am abso¬
lutely indifferent as to whether the bonds sell or do not sell, except as the
sale affects the welfare of the State.
of
I
am
likewise at
a
loss to conceive
creditable, unselfish and patriotic reason that any man could enter¬
tain for desiring to shift the sale of the bonds from the hands of one board
Into another.
'
To recur to the question of whether the bonds should under any circum¬
stances be sold below par, I submit that it depends upon various considera¬
tions and circumstances.
It might be better to sell slightly below par than
to further delay the sale and make"a second short-term loan.
•
«
On the other hand, the present board would prefer a second short-term
loan to the sale of the bonds greatly below par.
No State has been able to sell a 4% bond at par within the year 1913.
Several have tried and failed.
Tennessee never did sell a 4% bond.
Her
1883 bonds were forced oh the holders at 50 cents on the dollar and 3%
interest.
Her 1893 bonds were sold at AlA % and a commission.
If the Legislature desires to take action which probably means either
.the invalidation of the bill under consideration ,,or the failure to sell the
bonds at riven the slightest shade under par. and the procuring of a second
short-term loan, let them take the responsibility with open eyes.
anv
,,
.
After it had become apparent that
the bill would not pas®
eliminated, the Governor sen1
with the objectionable clause
the following message:
•
To the Honorable House of Representatives:—As I have stated in a message
heretofore* addressed to you upon the subject of the pending bill, which
.
froposes
to amend
refunding
Actembraced
passed atinthesaid
regular
sessionbillof which
1913,
am of the
opinionthe
that
the clause
amending
forbids the sale of the bontfs below par is unconstitutional, because not em¬
braced in my call, and is unwise from the standpoint of a successful sale of
the bonds and the protection of the State's credit.
At the same time, the
other four amendments embraced in the pending measure and asked for
are so important that I believe, upon the whole,
it Is better to enact the bill with the objectionable clause in it than to enact
no legislation upon this subject at all.
If, as I believe, the clause for¬
bidding the sale of the bonds below par is unconstitutional, it will not vitiate
the entire bill, anyway, and the other needed amendments contained in the
bill will remain intact.
I therefore, suggest that the bill be passed with
the objectionable clause in it, if it cannot be passed without it.
As I said in my first message on this subject,, "the Funding Board will
make use of such legislative power as is conferred upon them, and will
by the Funding Board
struggle against such handicaps as may be imposed.«
V
Respectfully submitted,
BEN W. HOOPER, Governor.
,
Bond Calls and Redemptions.
,
Missouri.—Bond Calls.—WJiitaker & Co. of St. Louis, in
their quotation pamphlet dated Oct. 15, include the following
list of. municipal bonds which have been
called for redemption:
BOONE COUNTY .—Columbia School District 5% bonds, to furnish the
Fred. Douglas school bldg., dated Nov. 2 1903, Nos.l and 2. each for $1,000,
have been called and will be paid Nov. 1 1913.
Columbia School District
5% bonds, to furnish Benton school bldg., dated Nov. 2 1903, Nos, I and
2, each for $1,000, have been called and will be paid Nov. 1 1913.
Colum¬
School District 5% bond, to furnish high-school bldg., dated Nov. 2
1903, No. 2, for $1,000, has been called and will be paid Nov. 1 1913.
PETTIS COUNTY 4% refunding bonds, Nos. 90, 91, 92, 118, 119, 120,
121, 122, 123, 124 and 125, dated April 1 1898, have been called and Will be
paid Nov. 1 1913.
bia
.
.
*
jK*
i
'■
I
'
*•'
•
K'".
'
f,
'
'v
*' '
*
L
-
■
-
'•
•
1
•'
Bond Proposals and Negotiations this week
have been
as
follows:
AITKIN COUNTY
(P. O. Aitkin), Minn.—BOND SALE.—According
issue of $194,000 5M% bonds has been awarded to A. B.
Chicago.
Due $11,000 yearly on Nov. 1 from 1919 to 1932,
inclusive, and $40,000 Nov. 1 1933.
to reports,
an
Leach & Co. of
ALBERT LEA, Freehorn County,
Minn.—BOND OFFERING.—
Proposals will be received until 5p.m. Oct. 31 by C. J. Dudley, City Clerk,
$26,000 bridge-construction, $25,000 sewer (city's portion), $51,000
(city's portion) public-impt. and $37,000 funding bonds at not exceeding
5% int.
Date Nov.. 1 1913.
Int. J. & J. at such place Avithin the State
of Minnesota or in New York or Chicago as purchaser may desire.
Bridge
bonds are due $2,000 yearly on Jan. 1 from 1914 to 1926, incl.
Bids are
invited on the $25,000, $51,000 and $37,000 issues on the basis of the bonds
maturing Jan. 1 1931 and also on the basis of the bonds maturing Jan. 1,
1931 and subject to call on Jan. 1 or July 1, after Jan. 1 1922.
Certified
check for 2% of bid, payable to City Treasurer, required.
for
AMBRID0E, Beaver County, Pa.—BOND SALE.—On Oct. 4 $125,000
4j^% coupon tax-free water-plant-purchase bonds were purchased by
Lawrence Barnum & Co. of Phila. at par.
Denom. $1,090.
Date June 2
1913It was
Int. J. & D.
Due $5,000 yearly Jqpe 2 from 1918 to 1942, inclusive.
previously stated that these tgppds would be taken by the Western
Reserve Investment
ANN
Co. of Cleveland.
See V. 96, p. 1715.
ARBOR, Mich.—BOND SALE.—We
are advised that the Ann
has accepted in payment for their plant the
$450,000
4% bonds voted by the city on Oct. 13 (V. 97, p. 1151).
Denom, $500.
Date Feb. 1 1914.
Int. F. & A. at the City Tress, office.
Due on Feb. 1
as follows:
$22,000, 1920; $23,000, 1921; $24,000, 1922: $25,000, 1923;
$26,000, 1924; $27,000, 1925; $28,000, 1926; $30,000, 1927; $31,000, 1928;
$33,000, 1929; $34,000, 1930; $35,000, 1931; $36,000, 1932; $37,000, 1933,
and $39,000, 1934.
Arbor Water Co.
Douglas
ARCOLA,
111.—BOND
County,
SALE.—Oh Oct. 22* the
$12,500 5% 10^-yr. (av.) coup, water-works bonds (V. 97, p. 1151) were
aAvarded to the Areola State Bank of Areola at 100-1, int. and blank bonds.
Other bids Ayere:
Bol?er, Mosser & Willaman,
jMcCoy A Co:, Chicago..
$12,451
Chicago
$12,5321John NUveen & Co., Chicago 11,990
Hanchett Bond Co., Chicago 12,527 j
ARLINGTON,
POSED.—We
are
Calhouu
Ga.—BOND
County,
advised that the election to vote
on
ELECTION
PRO¬
the question of issuing
the $16,000 seAver bonds (V. 97, p. 754)will be held in about 30 days.
ASBURY
Monmouth
PARK.
N.
County,
J.—CERTIFICATES'
WITHDRAWN FROM MARKET.—The City Clerk advises us under date
23 that the $121,773 51 6% 3-Vr. (lay.) cwp. Kingsley St. impt.
assess,
certificates offered without
success
on Aug.
11 (V. 97, p. 903)
have been withdrawn from the market temporarily;
of Oct.
Ashland County,
ASHLAND,
advised that the Provident Savings
Ohio.—BONDS REFUSED.—We are
Bank & Trust Co. of Cincinnati has
accept the $6,500 5
% 4-year (average) South Highland
relief-storm sewer-extension bonds awarded to them on Sept. 29 (V. 97
refused,to
p.
967),
'
.
•.
.
to
r/ '
the/$16,500
■/
„
BOND SALE.—On Oct. 18
Main St.
improvement bonds (V. 97,
p.
,
■.
5lA7c 5-year (average) .East
967) were awarded,reports state,
Breed, Elliott & Harrison of Cincinnati at 102.31 and interest.,
COUNTY (P. O. Ashland), Ohio.—BIDS.—'The other
ASE1 AND
„
bids received for the $55,000 5% Ashland and Olivesburg road bonis awar¬
ded to the Provident Savings Bank-& Trust, Co. of Cincinnati on Oct. 16
(V..- 97, p. 1151) were as follow^:
First Nat. Bank, Cleve. .$55,652 60
SeasongoodA Mayer. Cin. 55,576 00
Weil. Roth & Co., Cin.
55,560 Q0
__
Davies, Bertram & Co., Cin_$55,116
Otis & Co.* Cleveland--"
55,075
Ashland Bk. & Sav. Co., Ash. 55,000
ATCHISON, Atchison County,
Esn.—LGNDS AWARDED IN
PART.—Topeka papers dated Oct. 18 report that to date about $200,000
of the $266,950 refunding bonds (V. 97, p. 25J) has been sold.
ATCHISON
SCHOOL DISTRICT (P. O. Atchison),
Atchinson
County, Kan.—BOND SALE.—An issue of $24,000 6% refunding bonds
purchased by the State School Fund Commission during July at par
Derom. $1,000.
Date July 1 1913.
Int. J. & J
Due July 1 1933
su' ject to call at anyijnterest-paying period.
was
,
ATLANTIC
CITY,
Atlantic
County, N. J.—BOND SALES.—An
issue of $50,000 4 A % Absecon Impt. bonds Avas awarded to the Sinking
Fund of Atlantic City on April 25 at par and Int.
Denom. $1,000.
Int.
J. & J.
Due July 1 1942.
•
The Sinking Fund was also aAvarded an issue of $100,000 4H% 30-yr.
water bonds on July
1 at par.
Denom. $1,000.
Date Jan. 1 1913.
•'
Int. J. & J.
AUBURN, Sangamon County, JU.—BONDS DEFEA TED.—The elec¬
Oct. 21, it is stated, resulted in the defeat of the proposition to
water-works bonds.
tion held
issue $18,000
BAKER, Baker County, Ore.—BOND SALE.—On Oct. 14 the $25,000
5% 20-year gold tax-free electric-light-plant bonds (V. 97. p. 903) were
awarded to the "City of Baker" at par and interest.
Other bids were:
Harris Trust & Savings Bank of Chicago bid par less $750 for legal expenses.
James N. Wright & Co. cf Denver bid $25,025 less $1,000 for legal expenses.
Spitzer,
Rorick &
Co.,
Toledo, bid
par
less $1,200 for legal
expenses.
Farson, Son & Co., Chicago, bid par less $1,500 for legal expenses.
Causey, Foster & Co. of Denver bid par less $97 90 per $1,000 for legal exp.
BALBOA,
Orange
County,
Cel.—BONDS
VOTED.—According
to
repprts, the proposition to issue, $25,000 water-system-construction bonds
earned at the election held Oct. 8 by a vote of 138 to 5.
BARNESBORO. Cambria County, Pa .—BOND SALE.—The $35,000
,5% coupon or registered tax-free water-works bonds offered on Aug. 21
(V. 97, p.. 464) have been sold.
BARTHOLOMEW COtJNTYftP. O. Columbus), Ind.—BOND SALE.
—On Oct. 16 $30,600 4A% 10-year
road-improvement bonds were awarded,
$30,750—equal to 100.49.
it is stated, tJ the Irwin's Bank of Columbus for
BELMONT, Middlesex County, Mass.—BOND OFFERING .—-Pro¬
posals will be received until 10 a. m. Oct. 28 by Royal T. Brodrick, Town
Treas., for the following AM % coup, tax-free bonds:
$2,500 electric-light bonds.
Due $500 yrly.
on
April 1 from 1914 to 1918
inclusive.
.
17,000 water-ext. bonds.
Due $1,000 yrly. on April 1 from 1914 to 1917
Incl. and $500 yrly. thereafter.' "
Denom. $500.
Date April 1 1913.
Int. payable at Beacon Tr. Co.,
Boston.
These bonds will be certified as to genu ineness by the Old Colony
Tr. Co. and they will further certify that the legality of these bonds has
been approved by Ropes, Gray & Gorham of Boston, a copy of whose
opinion will be furnished purchaser without charge when delivered.
BELOIT UNION SCHOOL DISTRICT NO. 2 (P. O. Beioit), fcock
County, Wis .—BOND SALE.—On Oct. 1 $26,200 5% additional bldg.
bonds were awarded to the .Beioit
Sav. Bank of Beioit for $26,367 50
(100.639) and int.
Denom, $300, $500 and $1,000.
Date Aug., 1 1912.
Ipt. F. & ADue on Feb. 1 as follows: $800 in 1915 and 1916, $2,000 yrly.
froin,1917 to 1923 Jncl. and $10,600 in .1924.
*.,.■.
,
BENTLEY TOWNSHIP
(P.
O,
Estey),
Gladwin County, Mich.—
BOND SALE.—The $80,000 5% 15-year highway improvement bonds of¬
fered on Sept. 2 have been sold.
.
,
Oct. 25
THE
1913.]
CRYSTAL FALLS SCHOOL DISTRICT (P. O. Crystal Falls), Iron
County, Mich.—BOND SALE.—On Oct. 20 the $60,000 5 % 834-yr. (av.)
awarded to the Continental & Commer¬
at par and int., less$448 80.
Other
COLD WATER DRAINAGE DISTRICT, Cabarrus County,
Caro.—BOND OFFERING.—Proposals will bo received until 12 m.
BIO
No.
-
school bonds (V. 97, p. 1153) were
cial Tr. & Sav. Bank of Chicago
by C. W. Swink, County Treasurer, care Cabarrus Savings Bank,
Concord, for $18,325 6% 3-12-year (serial) gold land-purchase bonds.
Denora. (1) $325, (36) $500.
Int. semi-annual.
Certified check for 10%
of bonds bid for required.
These bonds will be delivered on Dec. 1.
Nov. 10
bids
BLACKFORD
COUNTY
(P.
O.
Hartford City).
Ind.—BOND
OFFERING.—Proposals will be received until 12 m. Nov. 4, it is stated, by
Geo. H. Newbauer, County Treasurer, for $9,200 4)4 % 10-year gravelroad
bonds.
•
Tuscola County, Mich.-;—BOND SALE.—Ah issue of $2,960
been purchased by the State Savings Bank-of
-■-» u.
_
.
^
CHAMPAIGN, Champaign County, 111.—BOND OFFERING— Pro¬
posals will be received until 5 p. m. Oct. 27 for the $17,000 5% fire-depart
ment-impt. bonds voted July 29 (V. 97, p. 390).
Denom. $500.
Date
Sept. 1 1913. ; Int. M. & S.
CHICO GRAMMAR SCHOOL DISTRICT, Butte
Countv, Cal.—,
BIDS.—Reports state that the following bids received for the $50,000 5%
1-25-yr. (ser.) school-bldg.' bonds offered on Oct. 10 (V. 97, p. 957) have
been taken under advisement:
•
■
Parson, Son & Co. of Chicago, bid $50,011, with conditions that the com¬
attorney's fees are paid for investigating the legality of the
Keeler Bros, of Denver, bid par, less $1,500 to act as fiscal agents.
bonds.
pany's
CLARK COUNTY
DAWSON COUNTY SCHOOL DISTRICT NO. 83 (P. O. Fox Lake),
SALE— On Oct. 18 the $1,009 bldg. bonds offered on
»
Sept. 18 were awarded to the State Board of Land Comm'rs at par for 6s.
Date Sept. 18 1913.
Int. ann. in Sept.
Due Sept. 18 1923, subject to
call at any interest-paying
DICKSON,
W. Va.—BOND SALE
May & Co. of Chicago advises us that
while they originally contracted for the purchase of the $35,000 5% 10-20yr. (opt.) high-school-bldg. bonds (V. 94, p. 1641), the contract was never
consummated, because the Dist. official} failed to meet with certain re¬
-NOT CONSUMMATED.—Cutter,
quirements made by their attorney.
COHOES,
Albany
City Chamberlain will offe • f )r sale at public auction at 12 m.
Nov. 8 $22,000 4>4% Viiet and Bridge streets paving bonds.
state that the
Lincoln
COKEVILLE,
ELECTION.—An
Wyo.—FOND
County,
election will be held Nov. 18 to vote on the question of issuing $20,000 wa-
ter-system-constr. bonds.
The issuance of $18,000 6% 15-30-year (opt.)
water bonds was authorized by a vote of 78 to 12 on Sept. 9. but because
of some
technicality,
a new
election
was
called,
as
period.
County,
Tenn.—BOND
banks of Dickson at par.
O.
Due Oct. 10 1918.
SALE.—On
Oct. 15
Citi¬
A. &
Date Oct. 10 1913.
Denom. $500.
Plymouth County, Mass.—BOND SALE.—-
disposed of two issues of 4 H % coup, water bonds as follows: «.
$105,000 water loan bonds of 1913 offered without success on Mar. 11
(V. 96, p. 812), awarded on Mar. 28 to Estabrook & Co. of Bos¬
ton.
Denom.
$1,000
and
$509.
Date Mar.
1
1913.
Int.
M. & S. ..Due serially on Mar. 1 from 1914 to 1943 incl.
This city has
18,000 Harmony water loan bonds awarded on April 5 to A. B. Leach
& Co. of Boston.
Denom. $1,000 and $500.
Date April 1 1913.
Int. J. & J.
Due serially on Jan. 1 from 1914 to 1925 incl.
EAST
ROCHESTER,
Monroe
County,
N.
Y.—BONDS TO BE
SHORTLY.—The Village Clerk advises us that this village
OFFERED
bonis this fall.
expects to issue $35,000 street-improvement
'i
EDEN,
Hancock
YEAR.—The
THIS
16-year
(V. 97,
County,
Town
Me.—BONDS NOT
advises
Treasurer
us
TO
that
reported above, and the
amount raised to $20,000.
COLORADO SPRINGS, El Paso Cdtinty, Colo.—BONDS AWARDED
IN PART.—Local papers dated Oct. 11 state that to date about $110,000
of the two issues of 4%
10-15-year (opt.) refunding bonds, aggregating
BE RE-OFFERED
the $19,000 4%
registered funding bonds offered without success on Aug. 28
p. 830) will not be placed on the market again before another year.
EDINBURG,
Christian
111.—BOND
County,
$5,000
SALE.—The
electric-light bonds voted Aug. 30 (V. 97, p. 608) have been sold, we are
advised, to the local banks.
v
f
ELK CITY,
Beckham County, Okli.—BONDS VOTED.—-The propo-,
bonds carried at the election held
We are advised that these bonds will be issued as soon as printed.
sition to issue $10,090 water-works-ext.
Oct. 14.
ELSIMORE SCHOOL
DISTRICT, Los Angeles County, Cal.—
BOND ELECTION PROPOSED.—According to reports, an election will be
held in the near future to submit to a vote the proposition to issue $3,000
school bonds.
Empire), Jefferson
Ohio.—BOND OFFERING.—Proposals will be received until
Oct. 30 by E. S. Minor, Clerk Board bf Education, for $2,500
534% school bonds.
Auth. Sec. 7629, Gen. Code.
Denom. $500.
Int.
A. & O. at National Exchange Bank, Steubenville.
Due $509 yearly on
County,
6
p.
m.
Oct. 1 from 1920 to 1924, inclusive.
Certified check for 1% of bid, payable
to
"Board of Education," required.
These bonds were offered without
5s on Oct. 1 (V. 97, p. 1153).
-
success as
.
ENFIELD TOWNSHIP
(P. O. Enfield), Halifax County, No. Caro.
VOTED.—Reports state that the question of issuing $60,000
road bonds carried at the election held Oct. 21 by a vote of 227 to 150.
—BONDS
ESSEX
0??E1W3.— Reports
Y.—31 YD
N.
County,
Dickson
EMPIRE VILLAGE SCHOOL DISTRICT (P. O.
O. Jeffersonvillo), Ind.—BOND SALE.—On
Oct. 21 the five issues of 434% 1-10 yr. (ser) tax-free road-improvement
bonds, aggregating $34,500 (V. 97, p. 1159) were awarded to the FletcherAmerican Nat, Bank of Indianapolis for $31,591 25 (100.264) and int., ac¬
cording to reports.
(P.
CLAY SCHOOL DISTRICT, Harrison County,
JUNCTION,
Chittenden
County, Vt.—BOND SALE.—An
Rollins
Date
issue of $7,000 4% 20-yr. village bldg. bonds was awarded to E. H.
& Sons of Boston for $6.475 74, equal to 92.51.
Denom. $100.
July 1 1913.
Int. J. & J.
,
"
...
SCHOOL DISTRICT, Humboldt County, Cal.—
14 the $150,000 5% gold site-purchase and highschool-building bonds (V. 97, p. 1061) were awarded to- the Humboldt
County Bank, Eureka, and N. W. Halsey <& Co. of San Francisco for
$150,115.(100.076) and int.
Denom. $1,009.
Date Oct. 1 1913.
Int.
A. & O. at the County Treasurer's office.
Due on Oct. 1 as follows: $4,000
EUREKA HIGH
BOND SALE.—On Oct.
yearly from 1918 to 1948, incl., $5,009 yearly from 1949 to 1952, incl., and
$6,060 in 1953.
' V'
■
.
FLORIDA SCHOOL TOWNSHIP
(P. O. Rose dale), Parke County,
1060) has been disposed of.
An additional $25,000 of the above 'bonds has been purchased, it is
stated, by the Board of Trustees of t ie International Typographical Union.
Ind.—BOND SALE.—The $15,000 4% 3-yr. (aver.) coup, tax-free bldg.
bonds offered on Aug. 12 (V. 97, p. 391) have been disposed of.
.
'
(P. O. Cuzco), Dubois County, Ind.—
BOND SALE.—The $6,000 4^% school-building bonis offered on July 31
(V. 97, p. 129) have been sold to J. P. Wild & Co. of Indianapolis.
PART.—Of the six issues of 5% improvement bonds, aggregating
offered on Oct. 20 (V. 97, p. 1061), four issues, amounting to
$210,000 (V. 97,
p.
TOWNSHIP
COLUMBIA
Gv—BONDS VOTED.—The ques¬
COLUMBUS, Muscogee County,
tion of issuing the $150,000 5% gold coupon tax-free water-works-construc¬
tion bonds (V. 97, p. 252) carried at the election held Oct. 18 by a vote of
"
Due $15,000 yearly for 39 years.
I,248 to 80.
"
COLUMBUS, Ohio.—BOND OFFERING.—Proposals will be received
12 m. Nov* 18 by J. T. Ban*, Clerk of Council, for the following
5% bonds:
$8,000 engine-house No. 16 repair-shoo bonis.
Denom. $1,000.
Date
Dec. 1 1913-- Due Sept. 1 1933.
7,500 fire and police telegraph-aoparatus bonds.
Denom. $o90.
Date
Dec. 1 1913.
Due Sept. 1 1923.
Int. M. & S.
Certifiel check for 2% of bonds bid for, payable to
City Treasurer, required.
Bonds to be delivered anl paid for within
10 days from time of award.
Purchaser to pay accrue! interest.
BOND SALE.—It was previously renortel that the above bonds, together
with several other issues* recently refused by Curtis &
Sanger of Boston
(YT. 97, p. 1060), would be offered for sale on Nov. 12.
It now appears,
however, that the $90,599 bonis refused by the Boston firm have since
been taken'by Seasongooi & Mayer of Cincinnati, wfyo raised,their original
bid (V. 97, p. 608).
•
:
until
.
,
„
.
,
COMMERCE, Hunt County, Tex.—BOND OFFERING.—S. L. Moore,
Chairman Finance Committee, is offering for sale the $10,000 5% 20-40-yr.
(opt.) coup, tax-free water-works-ext. bonds voted July 19 (V. 97, p. 311).
Denom. $1,000..
Date Sept. 1 1913.
Int» M.. & S. at First Nat. Bank,
No deposit required.
Commerce.
floating debt, $5,000;
for
street-Jmpt.
sale
are
Denom.
now
$4,000,000 4%
coupon or
Assembly approved
or
1 1911.
not
are
will
be
received
for
Auth., Act of General
lO-lOll^s amended June 6 1913.
registered bonds,
$1,000,
Denom.:
$10,000 and $50,000.
Int. J. & J. at the Treasury Department in Hartford,
checks will be mailed
Bonds
registered general bonds.
Sept.
$1,000;
bonds,
Date July
OFFERING.—Proposals
Nov, 10 by Ed. S. Roberts, State Treasurer, at Hartford
a. m.
Coupon
Or*.—BOND OFFER ING.—This city is
6% 2-10-year (opt.) gold, coupon
$503.
Date Sept. 1 1913.
Int. M. & S.
readv for delivery.
CONNECTICUT.—BOND
until II
$54,000;
of $12,500
issue
an
bonds.
These bonds
Bonded debt /incl. this issue),
bal 1913. $1,687,770.
"
Gilliam County,
CONDON,
offering
assess,
when written order is filed.
Due July 1
1936.
exempt from taxation in Connecticut, but this exemption does
apply to corporations taxed by Sec. 2331, Revised Statutes, with amend¬
Certified check for 2% of bonds bid for, payable to the Treasurer,
ments.
required.
Official circular states that the State has
that there Is
bonds
on
no
to one person,
not later than
These bonds
sold
on
litigation pending.
he
may
take $2,000,090
April 15 1914.
are
defaulted and
Dec. 21
or
more
on
sold
Nov. 12 and balance
Blank form^ for bids furnished by the State.
part of an issue of $10,000,000, $4,000,000 of which were
1911
(see V. 93, p. 1804).
The official notice of
ments
never
Purchasers must be prepared to take
Nov. 12 1913 and pay accrued interest, but should bonds be
/
'
t
this bond offering will be found among the advertise¬
elsewhere in this Department.
•
189 00
<
Mont.—BOND
EAST BRIDGEWATER,
assessment bonds has
Caro.
Pretoium.
Weil, Roth & Co., Cin
Int.
CANTON UNION SCHOOL DISTRICT (P. O. Canton), Fulton
County, 111.—BONDS DEFEATEDThe question of issuing the $19,0)9
oup. bldg. bonds (V. 97, p. 1069) failed to carry at the election held Oct. 14.
CARO,
.
Hayden. Miller & Co., Clev_$459 00
Sidney Spitzer & Co., Toledo 357 00
SALE.—An issue of $1.000 6% building bonds voted Aug. 1 (V. 97, p. 464)
was awarded on Sept.
15 to G. P. Otto at par.
Denom. $1,000.
Date
Aug. 18 1913.
Int. annually on Aug. 18.
Due Aug. 18 1923.
6%
'
.•
Seasongood & Mayer, Cin__ 870 00
Provident S.B.&Tr. Co., Cin 737 42
Cal.—BOND
County,
^
were:
Breed .Elliott % Harrison ,Cin_$977 50
Fifth-Third Nat. Bk., Cin_. 892 00
zens' Nat.
CALIFORNIA.—BOND SALE.—Reports state that the State Highway
Commissioners have accepted offers for the purchase of $250,000 highway
bonds.
$100,000 of this amount will be taken by San Luis Obispo County;
$50,000 by banks in this county, and the remainder, $100,000, by E. G.
s
Ohio.—BOND SALE.—
No. 7 (county's share)
Wolcott Co., of Cleve¬
$6,009 6% water-extension bonds were awarded to the First Nat. and
O. Lockhart), Tex.—BONDS VOTED .-r—
The question of issuing the $50,000 Road District No. 1 const, bonds (V.
97, p. 1060) carried at the election held Oct. 14. The vote, it is stated,
was
218 to 76.
Diego
(P. O. Cleveland),
Premium.
(P.
San
bids
Other
Noble County, Ohio.—BOND OFFERING.—Prooosals
will be received until 7 p. m. Nov. 15 (time extended from Oct. 25) by
H. A. Smith, Village Clerk, for $8,000 6% electric-light and water-worksrepair bonds (V. 97, p. 967).. Auth. Sec. 3939, Gen. Code.
Denom. $500.
Date Sept. 1 1913.
Interest annually on Sept. 1.
Due $1,000 yearly on
Sept. 1 from 1930 to 1937, inclusive.
Certified check for $500, payable to
Village Treasurer, required.
Bonds to be delivered and paid for within
10 days from time of award. ' Purchaser to pay accrued interest.
DISTRICT,
V
;
,
land at 101.713 and accrued interest.
CALDWELL,
SCHOOL
.
,
On Oct. 22 the $57,164 5% coup. Richmond Road
bonds (Y.97, p.904) were awarded to Tiilotson &
Lake Charles), La.—-BONDS VOTED.—
The question of issuing the $900,000 good roads bonds (V. 97, p. 679)
carried, it is stated, at the election held Oct. 14 (not Oct. 16. as first
reported) by a vote of 479 to 80.
CAMPO
.
& Co. of Detroit.
CALCASIEU PARISH (P. O.
T^wis of A185C3rd0fD»
were:
Bolger, Mosser & Willaman, Chicago
$59,400
H. C. Speer & Sons Co., Chicago
—
„—,.58,510
Bids were also submitted by the Hanchett Bond Co., C. II. Coffin,
Robt. A. Kean & Co. and Wm. R. Compton Co. of Chicago and A. J. Hood
CUYAHOGA COUNTY
O. Concord), No. Caro.—BOND OFFER¬
ING,—C. W. Swink, County Treasurer, will receive proposals until 12 m.
Nov. 10, it is stated, for $18,325 6% 3-12-year ..(serial) drainage bonds.
Interest semi-annual.
Certified check for 10% required.
CABARRUS COUNTY (P.
CALDWELL COUNTY
1239
CHRONICLE
FOSTORIA,
Seneca
County,
AWARDED
IN
$33,400,
$30,650,
Ohio.—BONDS
on that day as follows:
water-works to the Commercial Bank & Savings Co. of Fostoria
for $15,162, equal to 101.08.
.
•
5,800 Fremont St. paving (assessment) bonds to Weil, Roth & Co. of
Cincinnati for $5,815 50, equal to 100.267.
2,950 Sandusky St. macadam bonds to the Commercial Bank & Savings
Co. of Fostoria for $2,975, equal to 100.847.
6,900 general street-improvement bonds to Weil, Roth & Go. of Cincin¬
nati for $6,918, equal to 100.26.
There were no bids received for the $1,800 Walnut St. and $950 Foster St.
bonds also offered on Oct. 20, but it is probable that these bonds will be sold
at private sale.
,
were
awarded
$15,000
.
.
,
GARRETT,
Dekalb
County,
Ind.—BOND
.
SALE.—An
,T
issue of
sold,
$23,137,
$23,000 434% 3-20-year (opt.) clty-hall-construction bonds has been
reports state, to E. M. Campbell Sons & Co. of Indianapolis for
equal to 100.593.
\
w
.
GEORGETOWN,
,
Williamson County,
i
Tex.—BOND
ELECTION.—
According to local nawspaoer reoorts, an election will be held Nov. 15 to
submit to a vote a proposition to issue $13,009 bonds to sink an artesian well.
(P. O. Globe), Aris.—
awarded on April 1 the
(opt.) building bonis (V. 98, p. 985).
Int. J. & J. •
GILA COUNTY SCHOOL DISTRICT NO. 1
BOND SALE.—-The First Nat. Bank of Globa was
$75,000 5% 5-20-year
GLIDDEN, Carroll County, Iowa.—BONDS VOTED.—By a
222 to 18,the priposition .to issue $10,091 eleetric-liglit-oxtension
carried, it is reported, at t'io election hell Oct. 10.
vote of
bonis
\
CITY, Camden County. N. J .—BOND OFFERING-.-^
Proposals will be received until 8 p. m. Nov. 6 by Charles H. Fowler,
Chairman Finance Committee, for $55,009 5% 39-year coup, or reg. fund¬
ing bonds.
Denom. $1,000.
Date Oct. 1 1913.
Int. A. & O.
Cert,
check for 5% of bonds bid for, payable to City Treas., required.
Bonds to
GLOUCESTER
be delivered and paid for on or before Nov.
25.
GOLD
HILL, Jackson County, Ore.— BOND OFFERING.—Accord¬
ing to reports, proposals will be received until 7:30 p. m. Nov. 3 by B. G.
Harding, City Recorder, for the $25,099 6% 2 j-year water bonds (V. 97,
p. 310).
C ert. check for 5 % required.
Valley), Nevada
Cal.—BOND ELECTION PROPOSED.—Reports state that an
GRASS VALLEY SCHOOL DISTRICT (P. O. Grass
County,
election will be held in the
near
to issue $60,000 (not $50,000,
bonds.
Denom. $500.
proposition
high-schooi-constr.
future to submit to a vote the
as
first reported) 534%
GREGG COUNTY (P. O. Longview), Tex.—BONDS DEFEA TED.—
According to unofficial reports, the proposition to issue the $59,090 hospital
bonds (V. 97, p. 544) was defeated at the election held Oct. 18.
HARRISON COUNTY (P. O. Corydon), Ind.—BOND SALE.—On
18 the three issues of 43£% 20-year road bonds aggregating $27,320
(V. 97, p. 968) were awarded to J. F. Wild & Co. of Indianapolis for $27,420,
equal to 100.366.
Other bidders were:
V. J. Bulleit, Corydon
•_
_.^__$27,417
E. M. Campbell Sons & Co., Indianapolis
27,371
Denominations, $140, $315 and $228.
Interest M. & N.
Oct.
.
1230
THE
CHRONICLE
HARRIMAN SCHOOL DISTRICT (P. O. Harriman), Roane Coun¬
ty, Tenn .—BOND ELECTION POSTPONED .—According to reports, the
election to vote on the question of issuing $40,000 bldg. bonds has been
ndefinitely postponed.
„
received
sewer
for
the
bonds offered
Oct.
20-yr. street-impt. fire-protection and
(V. 97, p. 905.)
14
TION.—According
HAWTHORNE, Passaic County, N. J.—BID.—The only bid received
for the $30,000 5% 10-yr. (aver.) coup, or reg. road-impt. bonds offered
Oct. 17
LEWIS
was
HERKIMER, Herkimer County, N. Y.—BOND SALE.—On Oct. 18
Co., N. Y.,
Date Oct. 1 1913.
Int.
$65,127 (100.195) as 4.60s.
Denom. $500.
annually on Oct. 1,
Due $2,500 yearly.
HERNANDO COUNTY (P. O. Brooksville), Fla.—BOND ELECTION
PROPOSED.—Newspaper reports state that the propositions to issue $200,000 roads and $50,000 refunding bonds will be submitted to a
near future.
v^-
HIGHLAND
(P.
20 an issue of $3,350 5% road-impt. bonds was awarded to the
Farmers' & Traders' Nat. Bank of Hillsboro at .par.
Denom. (6) $500,
1
HILL COUNTY (P. O. Hillsboro), Tex.—BOND ELECTION.—The
election to vote on the question of issuing the $250,000 road bonds in Justice
Precinct No. 1
COUNTY
(P.
O.
p.
Tampa), Fla.-—BOND OFFER¬
LITCHFIELD, Hillsdale County, Mich.—BOND SALE.—The $7,500
electric-light bonds voted June 23 (V. 97, p. 68) have been purchased by
ING.-—Proposals will be received until Nov. 20 by W. P. Culbreath, Clerk
local
Bd, of Co. Commrs., for $500,000 of an issue of $1,000,000 5% 30-yr. gold
road bonds voted July 31 (V. 97, p. 392).
1913.
Int. A. & O. in N. Y. C.
2% of bonds bid for required.
or
N. Y.
on
Dec. 1.
Denom. $1,000.
Cert, qheck on an
parties.
LOND BEACH, Los Angeles County,
Date Oct. 1
incorporated bank for
as
LOS
to genuineness by the
on
blank forms furnished by the Clerk of
the Bd. of Commrs. or the above t^ust company.
The official notice of this bond offering will be found among the advertise¬
ments elsewhere in this Department.
bid for, required.
McDOWELL
'
COUNTY
1
;
1913.
Int.
M.
&
N.
■,
HUDSON, Columbia County, N. Y.—BIDS —The other bids received
for the $75,000 4)4 % 23-yr. (aver .) coup, or reg. high-school bonds awarded
to A. B. Leach & Co. of N. Y. oh Oct. 17 at 100.95
(V. 97, p. 1154) were
as follows:
v
Isaac W. Sherrill, P'k'sie_$75,262 501 First Nat. Bank, Hudson_$75,136 00
000 4)4% court-house-constr. bonds voted June 3 (V. 97, p. 392)
be offered until some time next year.
MADISON, Jefferson County, Ind.—BOND SALE.—On Oct.
par,
HURON, Erie County,
on
21, reports state, for the $25,000 4)4%
paving bonds offered on that day (V. 97,
p.
905).
.
JACKSON COUNTY (P.O. Jacksonville), Ore.—BOND SALE.—On
the $500,000 5% 20-year
(?iver.) coup, road-impt. bonds (V. 97,
p. 1061) were awarded to a syndicate composed of R. M. Grant & Co. of
Chicago and Wells & Dickey CoJof Minneapolis at 100.89.
Other bids were:
Wm. R. Compton Co.,St.L_$502,877 A. B. Leach&Co.and N.W.Halsey &
John Nuveen & Co., Chic.i. 501,000
Co., Chicago. ($500,000 $492,480
Com'ce Tr. Co., Kan. City. 500,150
1 200,000
199,000
Farson, Son & Co.,.Chicago 500,011 E. H. Rollins & Sons, Chic. 491,450
Harris Trust & Savings Bk.,
Spitzer, Rorick & Co., Tol__ 490,600
Chicago
495,350 Causey, Foster&Co.,Denver 485,150
Denom. $1,000.
Date Nov. 1 1913.
Int. M. & N.
no
are
MARSHALLVILLE, Macon County, Ga.—BONDS VOTED.—Re¬
ports state that a favorable vote was cast at the election held Oct. 14 on the
question of issuing $15,000 water-works and $5,000 electric-light bonds.
elec¬
(P.
O.
Kalamazoo), Mich.—NO ACTION
YET TAKEN.—No action has yet been taken towards calling an election
to submit to the voters the proposition to issue the $15,000 detention-home
construction bonds (Y. 97, p. 191).
KENNEDY
HEIGHTS
SCHOOL
DISTRICT,
Hamilton
County,
Ohio.-—BOND SALE.—The Sinking Fund Trustees have been awarded a
$1,250 4)4 % coup, school-equip, bond.
Date Sept. 10 1913.
Int. M. & S.
at the Fourth Nat. Bank of Cine.
101.292)
bids
SV.
97, p. and
969)int.
wereOther
awarded
to the Atlas Nat. Bank of Cim for $7,090 50
were:
Davies-Bertram Co., Cin..$7,077
7,075
Seasongood & Mayer, Cin_ 7,055
Prov. S. B. & Tr. Co., Cin_ 7,049
C. E. Denison & Co., Cleve
COUNTY (P. O. Bay City), Tex.—BONDS TO BE
SHORTLY.—The Co. Judge advises us that the $30,000
Road Dist. No. 4 bonds offered but not sold on Sept. 13 (V. 97,
p. 681) will not be re-offered until after Nov. 20.
MATAGORDA
MEDFORD, Mass.—TEMPORARY LOAN.—A loan of $50,000, matur¬
ing May 4 1914, issued in anticipation of taxes, has been negotiated, it is
reported, with Loring, Tolman & Tupper of Boston at 3.98% discount. '
MEMPHIS, Tenn.—BONDS TO BE OFFERED SHORTLY.—According
$1,600,0001evee-
to reports, this citylwill shortly offer for sale $500,000 of the
construction bonds voted May 28 (Y. 97, p. 1155).
MIDDLETOWN, Butler County, Ohio.—BOND SALE.—The fol¬
lowing bids were received on Oct. 16 for the two issues of 5% bonds aggre¬
gating $14,589 30 offered on that day (V. 97, p. 906):
Bidder—
reported) by H. C.
Smith, City Aud., for $15,000 5% 5-20-yr. (opt.), coup, water-works bonds.
Denom. $500.
Int. semi-ann.
Cert, check for 5% of bonds bid for re¬
quired. These bonds were offered without success on Oct. 8 (V. 97, P.1154).
KIRKWOOD
VOTED.—By
(P.
O.
Atlanta)/
Fulton
County,
Ga.—BONDS
vote of 250 to 15, the question of issuing the $5,000 school,
and $25,000 street and sidewalk bonds (V. 97,
p. 191) carried,
Amount.
,
Seasongood & Mayer, Cincinnati
KNOX COUNTY (P. O. Vincennes), Ind.—BOND SALE.—On Oct. 21
10-yr. highway-impt. bonds, aggregating $25,410
(V. 97, p. 1154), were awarded, it is stated, to J. F. Wild & Co. of Indian¬
apolis for $25,461 60 (100.203) and int.
LA GRANGE, Troup County, Ga.—BONDS NOT YET SOLD™The
City Clerk and Treas., under date of Oct. 20, advises us that no sale has
yet been made of the $15,000 school 4)4 % bonds offered on June 24.
(V. 97, p. 191.)
F LAKE COUNTY (P. O. Crown Point), Ind.—BOND SALE.—The
First Nat. Bank of Crown Point recently purchased an issue of
$33,600
bonds for $33,685, equal to 100.252.
Wild & Co. of Indianapolis bid $33,680.
The People's Nat. Bank for J. F.
Oglesby & Barnitz Co., Middletown
*
„
,
_.
Proposals will be received until 6
$12,000
water-works
and
p.m.
$13,000
st.-impt.
bonds voted June 25 (V. 96, P« 1855).
July 1 1913.
Int. J. & J.
Nov. 15 for the $45,000 sewerage,
5%
20-40-yr.
(opt.)
Denom. to suit purchaser.
Date
coup.
Cert, check for $1,000, payable]to John Craw¬
ford, Clerk and Treas., required
Successful bid.
ments elsewhere in
bond offering will be found among the .advertise¬
this Department.
'
TOWNSHIP, Mansfield County,
167 00
5 00
1,3,589 30
6
'
*
'
62 00
1 25
Ohio.—BOND OFFER¬
ING.—Proposals will be received until 12 m. Nov. 1 by Howard Koogle,
Clerk Bd. of Ed. (P. O. Mansfield R. D. No. 4), for $1,800
5% taxable
school-bldg. and impt. bonds.
Denom. $450.
Date Nov. 1 1913.
Int.
A. & O. at office of Twp. Treas.
Due $450 each six months from Apr. 1
1915 to Oct. 1 1916, incl.
Cert, check on a Mansfield bank or a N. Y. draft
for $100, payable to Twp. Clerk (or cash), required.
MITCHELL, Davison County, So. Dak.—BIDS REJECTED.—The
following bids received for the $60,000 10-20-yr. (opt.) municipal-telephone
Donds offered on Oct. 20 (V. 97, p. 969) were rejected:
Farson,Son& Co..Chicago..*$61,8001 Sid. Spitzer & Co., Toledo..$60,130
Robt. A. Kean & Co., Chic.
60,250|C. H. Coffin, Chicago
60,061
*No option.
All the above bids were for 5)4% bonds.
SALE.—On Oct.
COUNTY
(P.
O.
Crawfordsville),
20 the four issues of 414% 1-10-year
as follows:
Ind.—BOND
(ser.) gravel-road
bonds (V. 97, p. 1155) were awarded
$22,800 John H. Fletcher road bonds to Meyer-Keiser Bank of Indianapolis
for $22,860 (100.263) and int.
23,000 J. Q. Leavitt road bonds to E. M. Campbell, Sons & Co. of In¬
dianapolis for $23,062 (100.263) and int.
4,300 John C.Beebe road bonds to C. M. Crawford for $4,310 (100.232)
and interest.
The official notice of this
226 00
172 15
(11,000 00
J 11,000 00
....
_
MONTGOMERY
LANCASTER, Lancaster County, So. Caro.—BOND OFFERING.—
$228 50
11,000 00
14,589 30
•30
'
MIFFLIN
the six issues of 4)4%
Premium.
*$14,589 30
i
Weil, Roth & Co., Cincinnati
Provident Sav. Bk. & Tr. Co., Cincinnati...
Sidney Spitzer & Co., Toledo
_•
a
$5,000 sewer
it is stated, at the election held Oct. 15.
00
50
00
00
5)4%
KIMBALL, Brule County, No. Dak.:—BOND OFFERING.—Proposals
will be received until 12 m. Nov. 17 (not Nov. 6, as first
00 A. E. Aub & Co., Cin
$7,025
30 Weil, Roth & Co., Cin_-_. 7,018
00 Merch. Nat. Bk., Massil'n 7,007
90 Spitzer, Rorick & Co., Tol. 7.Q05
RE-OFFERED
Due Sept. 10 1923.
KENT COUNTY (P. O. Grand Rapids), Mich.—BOND SALE — On
Oct. 13 $100,000 4)4 % 20-year tax-free coup,
road-impt. bonds were
awarded to John Nuveen & Co. of Chicago at par and int.
These bonds
are part of an issue of $600,000 voted Apr. 1 1912, $300,000 of which has
already been disposed of (V. 96, p. 1786).
.
MASSILLON, Stark County, Ohio.—BOND SALE.—On Oct. 20 the
6^-yr. (av.) fire and police-patrol-apparatus purchase bonds
$7,000 5%
,
COUNTY
111.—
.
Miss.—BOND OFFERING.t—Proposals will be
received by W. H. Bufkin, Clerk (P. O. Laurel), for the $50,000 5% Sup's
Dist. No. 2 bonds voted June 20 (V. 96, p. 1854).
Denom. $500.
Int.
semi-ann.
Due $3,000 yearly for 5 years after 10 years and $3,500 yearly
KALAMAZOO
will not
COUNTY
MARSHALL, Harrison County, Tex.—BOND ELECTION PROPOSED
an election will be held in the near future to submit
to the voters the proposition to issue $7,000 bonds to be used for
making
impts., erecting bldg. and places of sports and amusements and in maintain¬
ing the new Craven Park..
i.-
COUNTY,
thereafter.
Edwardsville), 111.—BONDS NOT TO
County Clerk advises us that the $250,-
—Reports state that
JOLIET TOWNSHIP HIGH SCHOOL DISTRICT (P. O. Joliet),
Will County, 111.—BONDS VOTED.—According to reports the question
JONES
O.
MAROA SCHOOL DISTRICT (P. O. Maroa), Macon County,
sale has been made of the $10,000 5%
97, p. 905) carried at the
(P.
NO ACTION YET TAKEN.—No action has yet been taken towards call¬
ing the election to submit to a vote the question of issuing the building
bonds (V. 97, p. 467).
10-20-yr. (opt.) water and light bonds offered at private sale.
of issuing the $100,000 5% bldg. bonds (V.
tion held Oct. 11 by a vote of 247 to 89.
■
state that
Oct. 15
JETMORE, Horgeman County, Kan.—BONDS NOT SOLD.—We
'
MANSFIELD, Richland County, Ohio.—BOND SALE.—Reports
Seasongood & Mayer offered a premium of $251 for the $9,500
5% 1-10-yr. (ser.) general street impt. (city's share) bonds offered on Oct. 20
(V. 97, p. 905).
There were no bids received for the.remaining four issues
aggregating $39,500, also offered on that day.
The bonds will be taken bylocal banks at par.
'
1
IRVINGTON, Essex County, N. J.—BOND ELECTION PROPOSED.
—An election will shortly be held to submit to a vote the proposition' to
issue $230,000 water bonds. •
"
advised under date of Oct. 15 that
20 an
awarded to local investors at
MAD RIVER TOWNSHIP SPECIAL SCHOOL DISTRICT (P. O.
Springfield R. D. No. 8), Clark County, Ohio.—BOND SALE.—The
Clerk Board of Education advises us that the $1,750 6% coup, refunding
bonds advertised to be sold June 11 (V. 96, p.
164) were purchased on June 2
by the Farmers' Nat. Bank of Springfield.
*
"
*
>
t
was
(P. O. Anderson), Ind.—BOND SALE.—On
Oct. 16 J. F. Wild & Co. of Indianapolis were awarded, it is stated, at par
and int., the following 414%
gravel-road bonds, aggregating $27,640:
$3,500 Ed. Frank et al., $3,860 H. H. Shawhan, $8,460 W. Jeffrey, $6,600
E. Carey and $5,280 Eli Poindexter road bonds.
The first four issues were
offered without success on Sept. 15 (V.. 96, p. 681).
Ind.—BONDS PROPOSED.—According to news¬
the City Council is contemplating the issuance of $50,000
Fall Creek retaining-wall-construction bonds
refunding bonds
COUNTY
MADISON
INDIANAPOLIS,
paper reports,
$12,500 4%
it is reported.
MADISON
Ohio.—BONDS NOT SOLD.—No bids were
5)4-yr. (aver.)
Oct.
coup. Main St.
of
BE OFFERED AT PRESENT.—The
Remiek, Hodges & Co.,N.Y.76,218 25 IN. W. Coler & Co., N. Y. 75,066 00
75,209 251 Farson, Son & Co., N. Y_ 75,000 00
75,187 50 Hudson City Savs. InstiRhoades & Co., N. Y
75,162 001
tution, Hudson
75,000 00
received
the
(P.
issue
E. H. Rollins & Sons. Bos.
James R. Magoffin,iN. Y.
*
that
state
HUBBARD TOWNSHIP (P. O. Hubbard), Trumbull County, Ohio.
was made on Aug. 11 of the $35,000
5%
road bonds offered on that day (V. 97, p. 191).
We are advised that these
bonds will probably not be re-offered until next spring.
-
.
papers
O. Marion), No. Caro.—DESCRIPTION
30-yr. (ser.) township bonds, aggre¬
gating $80,000, awarded on Oct. 1 to Sidney Spitzer & Co. of Toledo a*
par for 6s (V.,97, p. 1155) are in the denom. of $1,000 and dated Nov. 1
—BONDS NOT SOLD.—No sale
»
SALE.—Local
OF BONDS.—The three issues of 10 to
HORNELL, Steuben County, N. Y.—BOND SALE.—According to
reports, the two issues of 5% paving bonds aggregating $28,850, offered on
Oct. 8 (V. 97, p. 905), have been disposed of to local banks and capitalists.
,
Cal.—BOND
LUZERNE COUNTY (P. O. Wilkes-Barre), Pa.—BOND OFFERING.
—Proposals will be received until 12 m. Oct. 31 by F. R. Hendershot, Co.
Compt., for $350,000 4)4% road, school and bridge bonds.
Due serially
from 1928 to 1943 incl.
Cert, check,on a national bank for 2)4 % of bonds
Masslich & Reed of N. Y. C. will be furnished successful bidder without
Bids must be made
ANGELES,
Pacific Electric Co. will purchase $250,000 harbor bonds.
Columbia-Knickerbocker Tr. Co. and the approving opinion of Caldwell,
charge.
Cal.—BOND OFFERING.—
Local papers state that bids will be opened Nov. 4 for the $340,000 sewersystem bonds voted at a recent election (V. 97, p. 392).
Bonds to be delivered and paid for in Tampa
These bonds will be certified
July 1 1913 have been awarded
COUNTY
LINCOLN COUNTY (P. O. Lincolnton), No. G&to.—BOND SALE.—
Reports state that the $200,000 5% road bonds offered on May 15 (V. 96,
1316) have been awarded to A. B. Leach & Go. of New York.
(V. 97, p. 1154) will be held Nov. 15, it is stated.
HILLSBOROUGH
2
tors in turn have sold the bonds to the Commonwealth Trust Co. of Hous¬
ton.
A similar issue of bonds was reported sold on Dec. 9 1912 to the City
Loan & Trust Co. of Gainesville (V. 96, p. 1040).
Due part each six months.
Int. M. & S.
"
NO.
(P. O. Groesbeck), Tex.—BOND SALE.—
On Oct. 13 $150,000 5% Road District No. 4 bonds were awarded to Cullom & Dougherty, contractors of Houston, at
par and int.
These contrac¬
On Oct.
il) $350.
Date Nov. 1 1913.
There were no other bidders.
DISTRICT
..
Ohio.—BOND SALE.—
Hillsboro),
O.
SCHOOL
LEWISTON, Androscoggin County, Me.—BOND SALE.—Despatches
LIMESTONE
COUNTY
road bonds.
INDEPENDENT
state that $83,000 4% 20-year bonds dated
to M. S. Bird & Son of Portland at 100.50.
vote in the
■
COUNTY
(P. O. Ilo), Idaho.—BOND SALE.—Wm. E. Sweet & Co. of Denver were
awarded on Aug. 4 $15,000 school-site and bldg. impt. bonds at par and
$260 for blank bonds and attorney's fees.
Denom.. $500.
Int. M. & S.
at the Dist. Treas. office or at such banking house in N. Y. as may be desig¬
nated by the Board of Trustees.
Due $1,500 yrly. Mar. 1 from 1924 to
1933 incl., subject to call on any interest-paying date after Mar. 1 1924.
the $65,000 bridge bonds were awarded to Harris, Forbes &
for
to reports, an election will be neld Dec. 16 to submit to
vote the proposition to issue $200,000
a
from R. M. Grant & Co. of N. Y., who offered 100.07 under
certain conditions.
We.are advised that no action was taken on this bid.
on
Salle),
bonds
(V. 97, p. 313) have been purchased by the La Salle Nat. Bank, La Salle
State Bank and the Peru State Bank at par.
Denom. $100.
Date Aug. 1
1913.
Int. ann. in Aug.
Due $2,000 yrly. commencing 1914, subject
to call at any
interest-paying date.
LAWRENCE COUNTY (P. O. Lawrenceburg), Tenn.—BOND ELEC¬
$10,000 5%
on
xcvii.
LA SALLE-PERU TOWNSHIP SCHOOL DISTRICT (P. O. La
La Salle County, 111.—BOND fiALE.—The $25,000 4% bldg.
HASTINGS, St. John County, Fla.—BONDS NOT SOLD.—No bids
were
[Vol.
,
-
7,700 Luther Booker road bonds to J. F. Wild & Co. of Indianapolis
for $7,715 (100.194) and interest.
Oct. 25
THE
1913.]
CHRONICLE
PASADENA
MITCHELLVILLE, Polk County,
Iowa.—BONDS VOTED.—The
proposition to issue $15,000 water-works-plant bonds carried, reports state,
at the election recently held by a vote of 196 to 132.
v
Ohio.—BOND SALE.—
According to reports, the $1,700 5% 2^-yr. (aver.) Cook Ditch impt.
bonds offered on Oct. 14 (V. 97, p. 1062) have been sold to the Dayton Savs.
to
PAULDING
(P. O. South Glens Falls), Saratoga County, N. Y.—
bonds (V. 97, p. 757) were awarded on
Sept. 25 to A. R. Wing at 100.05.
Due part yrly. on Feb. 5 from 1915
Other bids
Fla.—BONDS VOTED.-r-The question
recently czrried, it is reported.
MULLINS, Marion County, So. Caro.—BONDS NOT SOLD.—Up to
no sale was made of the $60,000 5% 20-40-year (opt.) coup, water
and sewerage bonds offered at private sale (V. 97, p. 831).
'
NASSAU COUNTY (P. O. Fernandina), Fla.—BIDS REJECTED.—
on Oct. 14 for the $180,000 5% 30-yr. road bonds offered
were
rejected.
We are advised that these
bonds will be re-advertised.
NEWARK, Essex County, N. J.—BOND SALES.—"The Commission¬
ers of the Sinking Fund 1864 City of Newark" were awarded on Mar. 1st
$500,000 30-year hospital, $200,000 20-year water and $50,000 20-year
water 4)4% bonds at par.
Date Mar. 1 1913.
Int. M. & S.
On June 1 the said Commissioners were awarded $100,000 4)4 % 30-year
•
Date June 1
water bonds.
Int. J. &
1913.
Local
County,
30-yr.
on
each $500 bond.
PITT
proposition to issue $25,000 water-mains-purchase bonds carried, reports
state, by a vote of 138 to 5 at a recent election.
received
NILES, Berrien County, Mich.—BOND ELECTION.—Reports state
an election will be held Nov. 3 to submit to a vote the
proposition to
issue $25,000 bonds to provide a fund to locate two manufacturing plants
here.
were
Rate.
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
5%
4%
4%
•
"
Place.
Purpose.
Date.
Bartlett S. D. No. 1— building
Aug. 1 1913
Coalfield Sch. Dist
building
Sept. 1 1913
Cottonwood Lake S. D.bldg.&fund Sept. 1 1913
De Mores S. D. No. 23_building
Sept. 1 1913
Devils Lake Spec^S. D.funding
Aug. 1 1913
Elm Grove Sch. Dist.-building
Sept. 1 1913
Grand Forks County.-court house May 1 1913
Kensol S. D. No. 19
refunding
Aug. 1 1913
Nekoma Sch. District--building
Aug. 1 1913
Nesson Sch. District
funding
Sept. 1 1913
New Salem Sch. Dist--building
Aug.. 1 1913
North Dakota
Capitol bldg.July 1 1893
Rosedale S. D. No. 8--buflding
Aug. 1 1913
Saddle Butte S. D.No.lfunding
" Aug. 1 1913
Sanborn
building
July 1 1913
Williston Spec. S. D
building
Aug. 1 1913
Whiting S. D. No. 15--funding
June 1 1913
Purchased
NORTH
to J.
1913.
Caro .—BOND OFFERING.—Proposals will be
N. J.—BOND SALES.—An issue o
school-house bonds has been awarded to Rhoades & Co.
and int.
Denom. $1,000.
Date Jan. 1 1913.
Int. J. A J«
1-3-year
(opt.)
street
bonds.
Denom.
$1,000.
Date July 1
1913.
awarded to the Commercial Nat. Bank of Tiffin at par on July 5.
PORTERSVILLE, Tulare County, Calif.—NO BOND ELECTION.—
The City Clerk advises us that the reports stating that an election will be
near future to submit to a vote the
question of issuing $19,000
water bonds (V. 97, p. 758) are erroneous.
Aug. 1 1933
Sept. 1 1928
May 1 1933
Aug. 1 1928
Aug. 1 1923
Sept. 1 1933
Aug. 1 1933
July 1 1923
Aug. 1 1933
Aug. 1 1923
July 1 1923
Aug. 1 1933
June 1 1933
PORTLAND, Ore.—BOND SALES.—On Oct. 14 $305,387 69 6% 10improvement bonds were sold, it is stated, at prices ranging
year municipal
from 102.56 to
On the
same
103.50.
day (Oct. 14) the City Treasurer purchased for the Street
street-extension bonds at par and interest.
Extension Fund $1,661
BOND ELECTION.—Local papers state that the City Commission on
postpone the election to vote on the -issuance of $225,0©#
park-impt. bonds from Nov. 4 to Dec. 9.
Official action was to have been
taken on this matter by the Commission on Oct. 17.
Oct. 16 decidedto
•
PORTSMOUTH, Scioto County, Ohio.—PURCHASER OF BONDS.
—Reports state that the purchaser of the $3,000 5% 5-year police-improve¬
ment bonds (V. 97, p. 1156) was the First Nat., Central Nat. and Security
Savings banks of Portsmouth on their joint bid of 100.35.
POTSDAM, St. Lawrence County, N. Y.—BOND SALE.—This village
has disposed of an issue of $18,000 water-extension bonds.
Caro.—BOND SALE.
of $8,000 6% 30-year school-building bonds has been awarded
Denom. $1,000.
COUNTY, No.
held in the
was previously reported In thei "Chronicle."
by State from bankers.
Scroops Styles of Asheville at 102.
Interest A. & O.
-
chased by the Board of County Supervisors at par.
Due.
Aug. 1 1933
Sept. 1 1933
Sept. 1 1933
Sept. 1 1933
WILKESBORO, Wilkes County, No.
—An issue
par.
POMONA SCHOOL DISTRICT, Los Angeles County, Cal.—BOND
state that the $30,000 5% 1-10-year (serial) building
bonds offered without success on Aug. 25 (v. 97, p. 906) have been pur¬
♦Sale of these bonds
a
Petersburg), Ind.^-BOiVD SALE.—On Oct. 18
SALE— Reports
purchased by the State at par:
$5,000
7,500
2,000
8,000
15,000
2,000
*50,000
3,600
6,500
17,000
7,800
*20,000
1,500
2,000
4,500
20,000
1,800
be
PLEASANT TOWNSHIP (P. O. Old Fort), Seneca County, Ohio.—
BOND SALE.—The $5,000
5% road-improvement bonds, series No. 1,
NORTH DAKOTA.—BONDS PURCHASED BY STATE.—During the
month of September the following 17 issues of bonds, aggreagting $164,200,
were
will
Int. J. & J.
Weehawken). Hudson Coun¬
.
Amount.
OFFERING .—Subscriptions
Due serially.
The City Nat. Bank of Plainfield has been awarded an Issue of $27,000
5%
ty, N. 3.—BOND ELECTION.—'The questions of iasuing $7,500 and $5,500
site-purchase and fire-house-constr. bonds will be submitted to a vote
on Nov. 4.
■>.
16 $5,200 street-improvement bonds
reg.
Petersburg, at
of N. Y. at par
taxes, and maturing Apr. 21 1914 (not April 2 1914 as first reported), was
negotiated with R. L. Day & Co. of Boston at 4.10%, interest to follow.
NORTH BERGEN TOWNSHIP (P. O.
Oct.
on
contractors.
Pa .—LOAN
.
1156), issued in anticipation of
p.
that
local
PLAINFIELD, Union County,
j
(V. 97,
or
$230,000 434%
NORTHAMPTON, Hampden County, Mass.—TEMPORARY. LOAN.
loan of $40,000
4.75%
4.90%
4.95%
5.00%
5.00%
until 10 a. m. Dec. 1 by the Board of Commissioners, W L.
McLawhorn, Chairman (P. O. Hanrahan), for $25,000 5% 40-year Green¬
ville Twp. road bonds.
Denom. $1,000.
Interest semi-annual.
Certified
check for $150 required.
*
that
a
-
20,023
20,004
20,000
20,021
20,140
20,135
PIKE COUNTY (P. O. Waverly , Ohio.—BOND OFFERING.—Pro¬
posals will be received until 12 m. Oct. 27 by W. A. Wooddell, County
Auditor, for $7,400 5% bonds, to liquidate a note.
Denom. (1) $400, (7)
$1,000.
Date Oct. 7 1913.
Int. A. & O. at office of County Treasurer.
Due $400 Oct. 7 1918 and $1,000 yearly on Oct. 7 from 1919 to 1925 incl.
Certified check for 10% of bonds bid for, payable to President Board of
County Commissioners, required.
Purchaser to pay accrued interest.
BEACH, Orange County, Cal.—BONDS VOTED.—The
—On Oct. 21
by
up
coup,
Bank of
loan
were:
less $24 85
state
papers
PIKE COUNTY (P. O.
James N. Wright & Co., of Denver, bid par, less $150 for blank bonds.
par
-
PULASKI COUNTY
(P. O. Winamac), Ind.—BOND OFFERING.—
Reports state that proposals will be received until 12 m. Oct. 27!by Phil. H.
McKinnis, County Treasurer, foF $3,240 and $2,980 434% 10-year high¬
way-improvement bonds.
Date April 1
.
NUECES COUNTY (P. O. Corpus Christi), Tex.—BONDS VOTED.—
Reports state that this county recently voted $100,000 Bishop District
road bonds.
:
v
J
BOND ELECTIONS PROPOSED.—Local newspaper reports state that
petitions are being circulated calling for elections to submit to a vote the
questions of issuing $100,000 Robstown District, $10,000 Port Aransas
and $20,000 Four-Bluff Sunshine District road bonds.
BID.—The Co. Judge advises us that an offer of par and interest has been
received for the $100,000 5% 20-40-yr. (opt.) Road
Dist, No. l bonds
offered without
success on
Sept. 10 (V. 97,
p.
832.)
,
OAK PARK SCHOOL DISTRICT (P. O. Oak Park), Cook County,
SALE.—The $30,000 434% 1534-year (aver.) school bonds
111.—BOND
(V. 96,
p.
1513)
were
sold
on
June 6.
»
<
OAKWOOD SCHOOL DISTRICT (P. O. Oakwood),
Vermillion
County, 111.—BOND SALE.—The $9,0005% 7-year (aver.) site-purchase
and construction bonds offered without success on July 30 (V. 97, p. 393)
have been sold to the Hanchett Bond Co. of Chicago.,
ORANGEBURG, Orangeburg County, So. Caro.—BOND SALE.—
The City Clerk advises us that this city has issued $20,000 4)4 % 20-year
bonds, dated July 1 1913, in aid of the Orangeburg RR., and has exchanged
the same for an equal amount of the company's stock.
i
ORANGE
COUNTY
(P.
O.
Orlando),
Fla.—BOND ELECTION.—
Local newspaper reports state that an election will be held Nov. 12 to submit to the voters the proposition to issue $50,000 school bonds for Orlando
'
District.
ORLANDO SCHOOL DISTRICT (P. O.
Orlando), Orange County,
Calif.—BOND ELECTION.—The election to vote on the question of issu¬
ing the $50,000 school-building bonds (V. 97, p. 758) will be held to-day
(Oct. 25).
PACOLET SCHOOL DISTRICT NO. 47 (P. O. Pacolet), Spartanburg County, So. Caro.—BOND SALE.—An issue of $5,000 6% 20-year
school-building bonds has been awarded to the Bank of Pacolet at par.
Denom. $500.
Date Oct. 10 1913.
Int. A. & O.
PAINESVILLE
SCHOOL
DISTRICT
(aver.)
offered
(P.
Ohio.—BOND SALE.—On Oct. 20
coup,
sanitary-drinking-fountain and
County,
on
O.
Painesville).
Lake
the
$8,000 5% 12^-year
ventilating-system bonds
awarded to the First Nat. Bank of
Oct. 18 (V. 97, p. 970) were
103.045 and int.
Other bids
Cleveland at
Breed, Elliott &
were:
|Hoehler & Cummings, Tol_$8,128 80
...$8,169 601 Sidney, Spitzer & Co., Tol. 8,124 00
A. E. Aub & Co., Cincinnati 8,142 401 Provident Savings Bank &
Seasongood & Mayer, Cin. 8 ,137 .001
Trust Co., Cincinnati... 8,120 80
"
PALM
BEACH COUNTY
(P.
O.
West Palm Beach), Fla.—BOND
SALE.—The New First Nat. Bank of Columbus, O., was awarded on
Mar. 17 $85,000 5% 40-year Special Road & Bridge District No. 1 bonds
at 95 and interest.
Denom. $500.
Date Sept. 1 1912.
Int. M. & S.
These bonds were reported sold on Sept. 10 1912 to the Bankers Trust Co.
of Jacksonville (V. 95, p. 771).
&
RALEIGH TOWNSHIP (P. O. Raleigh), Wake County, No. Caro.—
BOND ELECTION PROPOSED.—r-Reports state that this township is con¬
sidering calling an election to submit to a vote a proposition to issue $50,90©
5% coup, school-bldg. bonds.
Int. semi-ann.
RED CLOUD, Webster County, Neb.—BONDS DEFEATED.—'The
proposition to Issue $15,000 sewerage bonds was defeated at the election
held Oct.
14 by a vote of 134 "for" to 179 "against/'
RICHMOND, Contra Costa County, Cal.—BOND ELECTION PRO¬
POSED.—Reports state that preparations are being made for the calling
of an election to vote on the question of issuing $2,500,000 municipal watersystem bonds.
ROANE COUNTY (P. O. Kingston), Tenn.—BOND OFFERING.-^—
Reports state that proposals will be received until 12 m. Nov. 3 byB. H.
Evans, County Clerk, for the $110,000 5% 30-year road bonds (v. 97, p.
315).
Cert, check for 1% required.
ROCKDALE, Milam County, Tex.—BOND SALE.—On Oct. 11 the
$27,000 5% water-works bonds offered without
p. 1063) were disposed of, reports state.
SAGINAW
success on
„
Sept. 15 (V. 97,
••
COUNTY
(P. O. Saginaw West Side), Mich.—BONDS
NOT SOLD.—The County Clerk advises us that no sale has been made
of the $25,000 road bonds voted May 28 (V. 96, p. 1648).
ST. PAUL, Neosho County, Kans.—BOND SALE.—We are advised
(opt.) coup, tax-free
electric-light-plant bonds offered at private sale (V. 97, p. 832) have been
that the $10,000 (of an issue of $12,000) 5% 5-20-year
sold at par.
ST. PETERSBURG, Pinellas County, Fla.—BOND OFFERING.—
Reports state that proposals will be received until 9 a. m. Dec. 4 by W. F.
Devine, City Clerk, for the $43,500 water-front. $15,000 reservoir park,
$41,850 Bayboro harbor, $20,000 incinerator, $7,400 A. W. L. bldg.,
$20,500 paving, $41,000 water-works, $26,800 redemption of revenue bonds
and $11,000 fire-department 6% semi-annual 30-year bonds voted Oct. 7
(V. 97, p. 1156).
Cert, check for 5% required.
SALAMANCA, Cattaraugus County, N. Y.—BOND OFFERING.—
Proposals will be received until 10 a. m. Oct. 27 by E. F. Fenton, City
Comptroller, for $11,438 70 reg. tax-free street-improvement bonds at
not exceeding 5% int.
Denom. $756 58.
Date Oct. 1 1913.
Int. A. k O
in N. Y. exchange.
Due $756 58 yearly on April 1 from 1914 to 1928 incl.
Certified check for $50, payable to City Comptroller, required.
Harrison,
Cincinnati
.
ev
■
issue of $6,000 434 % 1-6-year (serial) Lee Reed rock-road bonds was
awarded, reports state, to Charles F. Boonshot, President of Citizens' State
Weston County, Wyo.—BOND SALE.—On Oct. 15
the $4,000 6% 10-yr. coup, sewerage-constr. bonds (Y. 97, p. 1062) were
awarded to Chas. W. Bur dick of Cheyenne at par and int.
Other bids
NEWPORT
-
an
NEWCASTLE,
Causey, Foster & Co., of Denver, bid
4.70%
4.70%
4.75%
4.75%
4.75%
4.75%
20,110
20,032
20,025
i.
tax-free loan authorized June 19 (V. 96, p. 1856).
Denom. $100 and multiples thereof.
Date Nov. 1 1913.
Int. J. & J. at
the fiscal agency of the city.
Cert, check (or cash) for 5% of subscription
payable to City Treasurer, required.
Mass.—TEMPORARY LOAN.—
a
Int.Rate.
$20,038
20,028
-
received at par by the City Treas. beginning Oct. 27 for the $2,200,000 4%
D.
According to reports, R. L. Day & Co. of Boston have been awarded
of $50,000, maturing April 2, 1914, at 4.08% discount.
Bid.
PHILADELPHIA,
NEW BEDFORD, Bristol County, Mass.—BOND SALE.—The New
was awarded on Aug. 1 $80,000 4)4
% municipal-bldg. bonds at 100.75.
Denom. $1,000, or multiple.
Date Aug. 1
1913.
Int. F. & A.
Due $8,000 yearly Aug. 1 from 1914 to 1923 incl.
Essex
were:
taken
were
Bedford Five Cents Sav. Bank
NEWBURYPORT,
SALE.—
PEORIA, Peoria County, 111.—BOND SALE.—On Oct. 1 $13,300 5%
street-improvement assessment bonds were awarded to various parties at
par and int.
Denom. $200 and $500.
Date Oct. 1 1913.
Int. semi¬
annual.
Due serially from 1915 to 1922.
All bids received
831)
Ohio.—BOND
N. Y.—BOND SALE.—On Oct. 22
-
Oct. 20
p.
Westchester County,
Blodget & Co.. New York
Adams & Co., New York
Douglas Fenwick & Co., New York
R. W. Pressprich & Co., New York
Kountze Bros., New York
FirstfNational Bank of Mount Vernon
Rhoades & Co., New York
J. R. Magoffin, New York.
Farson, Son & Co., New York-.
of issuing $12,000 street-impt. bonds
97,
Paulding),
Harris. Forbes & Co., New York
W. H. Cook
_■
been disposed of.
(V.
O.
Bidder—
»
MOSINEE, Marathon County, Wis.—BOIVD SALE.—The Vil. Clerk
advises us that the $10,500 5% water-works bonds (V. 97, p. 546) have
day
(P.
of 5% bonds, aggregating $15,900, offered on-July 18
132), have been sold to Weil, Roth & Co. of Cincinnati.
the $20,000 934-year (av.) reg. street-improvement bonds (V. 97, p. 1156
were awarded to A. B. Leach & Co. of N. Y. at 100.055 and int. for 4.60s.
\
MORGAN COUNTY (P. O. Martinsville), Ind.—BOND OFFERING.—
Proposals will be received until 12m.Nov.8 by W.W. Rosenbalm, County
Treasurer, it is reported, for $3,800 4)4 % 10-year gravel-road bonds.
that
p.
PELHAM,
BOND SALE.—The $20,000 5%
COUNTY
three issues
(V. 97,
MOREAU
on
of the bonds to be voted upon at the
1156) has been reduced from $191,000
$156,000.
The
Bank & Tr. Co. of Dayton at par.
MOUNT DORA, Lake County,
SCHOOL DISTRICT (P. O. Pasadena), Los Angeles
Cel.—AMOUNT OF BOND ISSUE REDUCED.—Local news¬
County,
paper reports state that the amount
election to be held Nov. 12 (V. 97, p.
MONTGOMERY COUNTY (P. O. Dayton),
to 1934 inclusive.
1331
SALEM, Columbiana County, Ohio.—BOND OFFERING.—Proposals
Will be received until 12
m. Nov. 3 by Geo. Holmes, City Aud., for the fol¬
lowing 534 % bonds:
$1,515 street-impt. (city's portion) bonds.
Denom. $505.
Date Aug. 1
1913.
Due April 1 1915.
"
2,800 disposal-plant-equip, bonds.
Denom. $400.
Date Oct. 15 1913.
Due $400 Mar. 1 1915 and $800 on Mar. 1 1916, 1917 and 1918.
"
Int. semi-ann.
Cert, check for $60, payable to City Treas., required.
Bonds to be delivered and paid for within 10 days from time of award.
Purchaser to pay accrued int.
-
„
1233
THE
SALEM,
Marion
Are advised that the
CHRONICLE
County, Oxe.—DESCRIPTION OF BONDS.—We
$480,000 5% gold sewer and refunding bonds recently
voted (V. 97, p. 907) will be issued in denom. of not less than $50 nor more
than $1,000.
Date May 1 1913.
Int. M. & N.
Due $24,000 yearly.
SALINEVILLE, Columbiana County, Ohio.—BOND OFFERING.—
_
Proposals will be received until 12 m. Nov. 24 by R. D. Smith, Vil. Clerk,
for $12,569 18 5% Main St. impt. (assess.) bonds.
Date Apr. 1 1913.
Int. payable ann.
Due part yearly on Apr. 1 from 1914 to 1918 incl. Cert,
check for 10% of bonds bid for, payable to Vil. Treas., required.
Bonds to
be delivered and paid for within 10 days from time of award.
Purchaser
to pay accrued interest.
.
'SAN
ANTONIO,
Tex—BONDS REGISTERED.—'The following 5%
97, p. 1063, were registered by the State
Comptroller on Oct. 18:
$1,500,000 paving bonds.
Due $37,000 in odd years and $38,000.in even
years beginning after 1 year.
375,000 street-impt. bonds.
Due $9,000 in odd years and $10,000 in
even years beginning aftSr 1 year.
100,000 bridge bonds.
Due $2,000 in odd.years and $3,000 in even
years beginning after 1 year.
25,000 sidewalk and curbing bonds.
Due $500 in odd years and
$1,000 in even years beginning after 1 year.
800,000 sanitary sewer bonds.' Due $20,000 yearly beginning after 1
bonds sold
as
mentioned in V.
■year." >
300,000 storm-sewer bonds.
*
Due $7,000 in odd years and $8,000 in
»
even years beginning after 1 year.
125,000 city-hospital bonds.
Due $3,000 yearly beginning after 1 year.
175,000 police and fire-station bonds.
Due $4,000 in odd years and
$5,000 in even years beginning after 1 year
50,000 garbage-incinerator bonds.
Due $1,000 yearly beginning after
1 year.
STILLWATER,
Oct.
p.
:SAN MATEO,
San Mateo
County,
Calif.—BONDS
VOTED—'The
voters on Oct. 14 authorized the issuance of $40,000 central fire station
And city-hall-construction bonds (vote 547 to 77), $10,000 "F" St. bridge-
-construction (561 to 71), $10,000 "H" St. bridge-constr, (645 to 86), $10,000 "O" St. bridge-constr. (556 to 70), $2,000 "D" St. bridge-completion
(530 to 88), $15,000 Griffith Ave. bridge-constr; (501 to 132) and $2,000
flood-protection (543 to 86).
See V. 97, p. 907.
SARASOTA, Manatee County, Fla.—BOND OFFERING.—Proposals
21
970)
Washington
County,
SALE.—On
Minn.—BOND
the $25,000
were
5% 24-yr. (aver.) coupon local-impt. bonds (V. 97,
awarded to Cutter, May & Co. of Chicago at 102.172 and int.
Other bids were:
Wells & Dickey Co, of Minneapolis bid $25,444.
Harris Trust & Savs. Bank of Chicago bid $25,395 25.
Minnesota Loan & Trust Co. of Minneapolis bid $25,395.
Union Investment Co. of Minneapolis bid $25,295.
First Trust & Savings Bank of Chicago bid $25,092
50.
Farson, Son & Co. of Chicago bid $25,008, less $250, for expenses.
Spitzer, Rorick & Co., Toledo bid par, less $240 for expenses.
Hanchett Bond Co. of Chicago bid par, less $473 for expenses.
C. H; Coffin, Chicago bid $25,026,
TAZEWELL COUNTY
!
>
less $750 for expenses.
Pekin), 111.—BONDS VOTED.—-The
election held Oct". 20 resulted in a. vote of 5,548 to 5,181 in favor of the
proposition to issue the $250,000 4 % 20-yr. (ser,.) court-house bonds
(V. 97, p. 907).
(P.
O.
TECUMSEH SCHOOL DISTRICT (P. O. Tecumseh), Lenawee
County, Mich.—BONDS DEFEATED. —By a vote of 133 "for" to 223
"against" the proposition to issue bldg bonds was defeated at the election held Oct. 14.
TINLEY PARK, Cook County, 111. -BOND SALE.—The $5,000 4%
7H-yr- (aver.) general corporate purpose bonds offered on July 7 (V. 96
1789) have been sold, we are advised.
p.
TIPPECANOE COUNTY (P. O. Lafayette), Ind.—BOND SALE.—
on Aug. 8 (V. 97, p. 315) have been
$3,800 highway-impt. bonds offered
disposed of at par and int.
The
'
J
tVOL. XCVII.
BONDS
TO BE OFFERED SHORTLY.—This county will offer for sale
an issue of $260,000 bonds.
Int. semi-ann. beginning June 15
Due 1-10 yr.y. from June 15 1918 to 1927 incl.
about"Dec. 1
1914.
TITUSVILLE, Brevard County, F1 a..—BONDS DEFEATED.—The
questions of issuing $77,000 sewerage and $3,000 street-improvement bonds
was defeated, reports state, at the election held Oct. 6 by a vote of 11 "for"
to 39 "against" and 12 "for" to 27 "against," respectively.
TOISNOT
(P.
O.
Elm City),
Wilson
County,
No.
Caro.—BOND
SALE.—On Oct. 18 the $10,000 6% 20-yr. coup, water-works and sewerage
bonds (V. 97, p. 1157) were awarded to the Toisnot Bank Co. of Elm City
The Hanchett Bond Co. and Robert A. Kean & Co., Chicago, each
at par.
will be received until Nov. 18 by J. Louis Houle, City Clerk, for $15,000
bid par.
<%% 20-year coup, bonds.
Denom. $500.
Date July-L 1913.
Int. J. & J
At city depository.' Certified check for $1,000 required.
A like amount of bonds was awarded to C. H. Coffin of Chicago, as pre¬
TOLEDO, Ohio.—BOND. OFFERING.—Proposals will be received until
7:30 p. m. Nov. 19 by J. J. Lynch, City Aud.,for $200,000 4)4% coup,
fire-dept.-impt. bonds.
Denom. $100.
Date Sept. 1 1913.
Int. M. &S.
at office of U. S. Mtge. & Tr. Co., N. Y. City.
Due Sept. 1 1928;
Certi¬
fied check on a Toledo national bank for 5% of bonds, payable to City Aud.,
required.
Bonds to be delivered in Toledo at expense of purchaser.
These
bonds were offered without success as 4Hs on Aug. 20 (V. 97, p. 548).
-
viously reported in V. 97,
p.
469.
•SAURATOWN TOWNSHIP (P. O. Walnut Cove). Stokes County,
No. Caro.—BOND OFFERING.—Proposals will be received until 10 a. m.
Oct. 25, it is stated, by W. H. Davis, Chairman of Township Commis¬
sioners, for $50,000 6% 30-year highway bonds.
Interest semi-annual.
•Certified check for $500 required.
•SEBEWAING,
County. Mich.—BOND SALE.—The $6,000
Aug. 18 (V. 97, p. 315) have been sold to the Sebe-
Huron
5% bonds offered on
waing State Bank of Sebewaing for $6,172 (102.916), less $75 for expenses
of preparing bonds.
.SIDNEY CITY SCHOOL DISTRICT (P. O. Sidney), Shelby COuntv
Ohio.—BOND OFFERING.-r-Proposals will be received until 12 m. Nov. 15
by the Board of Education, R. O. Bingham, Clerk, for $14,000 5% coupon
high-school-bldg., equipt. and ground-impt. bonds.
Denom. $500.
Date
•"day of sale".
Int. M. & S.
Due $1,000 each six months from Sept.' 1
1932 to 1938 incl.
Cert, check for 2% of bonds bid for, payable to "Board
required.
SMITH TOWNSHIP (P. O. Soaring), Mahoning County, Ohio.—
BOND SALE.—On Oct. 18 the $30,000 5%" 16H-year (av.) road-impt.
bonds (V. 97, p. 832) were awarded to Sidney Spitzer & Co. of Toledo at
101.11, int. and blank bonds.
Other bidders were:
0. E. Denisonfc Co.,Clev.$30,202
&
Cummings,
Toledo_._
*$30,531 00 First Nat. Bank, Cleve._ 30,179
Davies-BertramCo., Cin_ 30,135
Hayden. Miller & Co.,
Cleveland-- —*30,390 00 Otis & Co., Cleveland-30,lit
Seasongood& Mayer, Cin. 30,312 00 Spitzer,
Rorick & Co.,
Toledo
Breed, Elliott & Harrison,
30,100
Cincinnati
30,210 00
*
Conditional bids.
Hoehler
—
,
SNOHOMISH COUNTY (P. O.
a
UNION COUNTY (P. O.
80
80
00
00
were
an
UVALDE, Uvalde County, Tex.—BOND ELECTION.-—The questions
of issuing $35,000 sewerage and $20,000 street-improvement bonds
submitted to a vote on Nov. 15.
VAL VERDE COUNTY (P. O. Del
sition
97, p.
Wash.—BOND ELECTION
election, will be held in the near
The remaining $25,000 will be sold at pri¬
SPARTANBURG, Spartanburg County, So. Caro.—BOND SALE.—
On Oct. 20 the $100,000 4H % 30-yr. coup, street and sidewalk impt. bonds
970) were awarded to the Bank of Spartanburg at 1OO.5025 & int.
SUPERIOR,
Douglas
Wis.-—BONDS
Countv,
AUTHORIZED.-r-
Local newspaper reports state that the City Council has passed an ordinance
providing for the issuance of $1,700,000 sewer bonds.
issue $175,000
1157).
,
.
WASHINGTON COURT HOUSE, Fayette County, Ohio.—BOND
OFFERING.—Proposals will be received until 12 m. Nov. 21 by Glenn M.
Pine. City. Aud., for the following 5% bonds:
$2,250 North St. (assess.) bonds.
Denom. $225.
Date Sept. 18 1913.
Due $225 each six months, &
10,000 motor-driven-firo-apparatus bonds.
Denom. $500.
Date Sept. 1
1913.
Due $500 yrly. on Sept. 1 from 1916 to 1935 incl.
Int. semi-ann.
Cert, check for 2% of bonds bid for, payable to City
Treas., required.
Purchaser to pay accrue! int.
of the $50,000 4H% 30-yr. coup, school bonds offered on June 27 (V. 96,
p.
to
VERMONT VILLE,
Eaton
County, Mich.—BOND OFFERING.—
Proposals will be received at once for an issue of $3,500 6% bonds.
Auth¬
orized by vote of 182 to 48 at an election held Oct. 11.
Hartford County, Conn.—BONDS AWARDED;
IN PART.—The Town Clerk advises us under date of Oct. 18 that $25,000
(V. 97,
Rio), Tex.—BOND ELECTION.
stated, to submit to a vote the propo¬
(not $165,000 as first reported) read bonds (V.
An election will be held Nov. 25, it is
00
SPRINGFIELD, Mass.—BOND OFFERING —In addition to the six
Issues of geld tax-free bonds, aggregating $1,015,000, to be offered on
Oct. 29 (Y. 97, p. 1157), $500,000 4% coupon tax-free high school of com¬
merce bonds will also be offered.
Date Nov. 1 1913.
Int. M. & N. at
First Nat. Bank, Boston.
Due $25,000 yearly on Nov. 1 from 1914 to 1933,
inclusive.
will be
VALDOSTA, Lowndes County, G a.—BOYD OFFERING.—Additional
information is at "hand- relative to the offering on Nov. 5 of the $35,000
paving and $15,000 water-mains 5% bonds (v. 97, p. 1157).
Proposals
for these bonds will be received until 3 p. m. on that day by John T. Roberts,
Mayor.
Denom. $1,000.
Date Nov. 1 1913.
Int. annually on Jam. 1 in
Valdosta. - Due on Jan. 1 as follows: $1,000 yearly from 1915 to 1928 incl.:
$2,000 yearly from 1929 to 1940. incl., and $4,000 in 1941, 1942 and 1943.
Certified check for 1% required.
vote the question of issuing $1,500,000 good-road bds.
disposed of.
Y—100.151R. M. Grant & Co., N. Y-_.100.07
UNIVERSITY PLACE, Lancaster County, Neb.—BONDS VOTED.
—The proposition to issue $6,000 5% 10-yr. city-hall.bonds carried at the
election held Oct. 3 by a vote of 209 to 73.
SOUTHINGTON,
p. 1649) has.been
vate sale.
*
were:
~
.
Elizabeth), N. 3.—BOND SALE.—On Oct. 22
30-year coup, or reg. hospital bonds (Y. 97, p. 1064)
awarded to J. S. Rippel of Newark at 100.699 and int.
Other bidders
John D. Everitt & Co., N.
Everett)!
PROPOSED.—According to reports,
future to submit to
Due in 1 and 2 years.
the $125,000 4H %
.
SHELBY COUNTY GRADED SCHOOL DISTRICT (P. O.'Shelbyville), Ky.—BOND ELECTION.—An election will be held in this district
on Nov. 15 to decide whether or not school-building bonds not exceeding
^$20,000 shall be issued, according to ,reports.
«
of Education",
TOPEKA, Shawnee County, Kans.—BOND SALE.—The Prudential
disposed of for the city $44,000 4A% bonds to
$500.
Date Nov. 8 1913.
Int. M. & N.
Trust Co. of Topeka has
local investors.
Denom.
Mass.—BOND OFFERING.-^-Further details are at
tax-free
Proposals for these bonds will be received
Harry W. Brigham, Town Treas.
Denom.
(12) $1,000 and (1) $1,200.
Date May 1 19i3.
Int. M. & N. at Fourth
Atlantic Nat. Bank, Boston.
Due on May 1 as follows: $2,200 in 1914,
$2,000 in 1915 and 1916 and $1,000 yearly from 1917 to 1923 inch
These
bonds will be certified as to genuineness by the Old Colony Trust Co. and
their validity approved by Ropes, Gray & Gorham of Boston, whose favor¬
able opinion will (be furnished successful bidder without charge.
WATERTOWN,
hand relative to the offering on Oct. 30 of the $13,200 4lA% coup,
school bonds (V. 97, p. 1158).
until 3:30 p. m. on that day by
for the two issues of 4A%
WAVERLY. Mprgan County, 111.—BOND SALE .—The 83.000 5%
1-5-yr1. (ser.) sidewalk-ponstr. bonds mentioned in V. 97, p. 195 have been
offered oh Oct. 21 (V. 97, p. 1157):
sold.
SYRACUSE, N. Y.—BOND SALE.—The following bids were received
reg. local-impt. bonds, aggregating $243,000,
$220,000
$23,000
Amt. Bid A
Amt. Bid A
Acer d Int.
Bidders—
R. C. Murphy & wife, Syracuse—
J. E. Carney, Syracuse
_—
Donald T. Giles, Syracuse
Patrick Lavalle, Syracuse
May Onderdonk,
Glenn Onderdonk,
.
L,
500 00
100 00
.
L
Acer d Int.
$2,000 00
.
100 00
500 00
1,800 00
1,504 00
.
SyracuseSyracuse.
T,502" 00,
Jermairi B. Townsend, Syracuse---Sarah A. Bodell, Auburn, N. Y_
-
4,020 00
-
J
8,040 00
Devere El Smith, Napanock, N. Y—;
502 00
Mary O. Toole, Syracuse.-2.5P2 50.
Mary A. Flanagan, Syracuse.
:
2,504 00
A. M. York, Syracuse—
50100
Esther H. York, Syracuse
501 00
Patrick S. Ay1ward, East Syracuse—
505 00
Conrad L. Becker, in trust, Syracuse----502 50
Merchants National Bank5,100 00
J. Salem Snell, St. Johnsville_
2,000 00
East Side Savings Bank, Rochester-.
.220,200 00
Harris, Forbes & Co., New York--—220,420 20
White, Weld & Co., New York
220,589 60
Curtis & Sanger, New York.—
220,286 00
E&tabrook & Co., New York---—220,110 00
Floyd Walters, Antwerp
1
202 00
Josephine R. Roe, Syracuse
—
100 10
Eva Weber App, Cleveland
3,020 00
F. W. Durst, Fulton
3,045 00
I. W. SherriU, Poughkeepsie
-.220,594 00
Gelia Robinson, Syracuse
500 00
Lewis C. Shinaman, Syracuse.-City Bank of Syracuse
100,000 00
O. W. Middaugh, Syracuse
- — - —
O. W. Middaugh, Guardian, Syracuse
—
1,001 00
E; H. Rollins & Sons, Boston—
-.220,305 47
■Kissel, KInnicutt & Co., New York
220",588 60
A. B. Leach & Co., New York—
*
—.220,881 00
Remick, Hodges & Co., New. York-220,682 00
N. W. Halsey & Co., New York—--—-*220,687 80
„
.
_
—
-
'
I
-
—
*—
10,102 00 Tillotson & Wolcott Co.,
23,005 00
23,002 30
WESTVILLE (P. O. New Haven), New Haven County, Conn.—BID
REJECTED.—The only bid received on Oct. 15 fcr the $40,000 (not $4,000
as first reported) 4H% school bonds offered on that day (V. 97, p. 1158)
was rejected.
Cleveland
10.039 50
WHITE COUNTY (P. O. Monticello), Ind.—BOND OFFERING.—
Proposals will be received until 10 a. m. Nov. 1 by W. P. Cooper, Co. Treas.,
$24,000AA% 10-yr. highway-impt. bonds, it is stated.
BOND SALE.—On Oct. 6 Breed, Elliott & Harrison of Indianapolis
were awarded the following 434% 1-10-yr. (ser.) gravel-road bonds, aggre¬
gating $38,600, at par and int.; $11,000 J. S. Miller et al road, $11,000 M, G.
Dobbins et al. road and $12,000 R. C. Pugh et al. road bonds offered with¬
out success on Aug. 30 (V. 97, p. 759) and the $4,600 road bonds offered
without success on June 28 (V. 97, p. 71).
Denom. $550, $600 add $230.
Date July 15 1913.
Int. M. & N,
for
6,000 00
301*60
_
23,002
*23,043
23,016
' 23,013
30
70
10
57
23,064 40
Pressprich A; po., N.Y.; both issues or none.220,506 50
Successful bids'.
Cincinnati
Hayden,Miller&Co.,Clev. 10,080 00
—
*
Cuyahoga County, Ohio.—BOND SALE.—On Oct. 18
1,000 00
23,000 00
—
•
WEST PARK,
the $10,000 5% 10-year cemetery bonds (Y. 97, p. 759) were awarded to
the First Nat. Bank of Cleveland at 101.556 and interest.
8easongood & Mayer, Cin.$10,104 00 Weil. Roth & Co., Cin...$10,077 (H>
Otis & Co., Cleveland
Breed, Elliott & Harrison,
10,057 00
—
SR. W.
WESTFIELD, Union County, N. J.—BOND SALE.—The $30,000
(av.) dOup. or reg. general impt. bonds offered as 4Hs on June 2
(V.'97. p. 195) have been sold as 5s.
•
2.502 50
— — -
— —
,
...
WELDON, Dewitt Countv, 111.—BONDS DEFEATED.—The propo¬
sition to issue $5,000 electric-light bonds was defeated, it is stated, at the
election held Oct. 1.4 by a vote of 53 "for" to 106 "against."
5-yr.
—
—
•
WAYNE COUNTY (P. O. Waynesboro), Miss.—BOND OFFERING.—
Proposals will be receive! until 1.2 m. Nov. 3 by W. C. Dyess, County
Treasurer, for $100,000 5% 10-20-year (opt.) road-improvement bonds.
Denom. $1,000.
Int. annually on Sept. 1.
Certified" check for $100
required.
Bids must be unconditional.
A similar issue of bonds was
offered on Oct. 6 (V. 97, p. 908).
"
"
WHITMIRE SCHOOL DISTRICT NO. 52 (P. O. Whitmire), New¬
berry County, So. Caro.—BOYD SALE.—This district is reported to have
sold $5,000, 6% 20-year biilding bonds.
'
»
WILLOWS SCHOOL DISTRICT (P. O. Willows), Glenn County.
Calif.—BOYD ELECTION PROPOSED.—Reports state'that the question
of issuing $50,000 building bonds will be submitted to a vote In November^
Oct. 25 1913.]
—BONDSAWARDED.—The bid of 100.201 sub-
WILMINGTON, Del
1233
CHRONICLE
THE
the $100,000 4H % gold reg.
■municipal bldg, bonds offered on Oct. 16 (V. 97, p. 1158) has been accepted.
Denom. $1,000.
Date Sept. 1 1913.
Int. M. & S. at the Farmers' Bank
♦of Wilmington.
Due part yearly on Sept. 1 from 1923 to 1927 incl.
mitted by Harris, Forbes & Co. of N. Y. for
WITT TOWNSHIP (P. O. Witt), Montgomery County, 111.—BONDS
NOT TO BE OFFERED AT PRESENT.—The Town Clerk advises us that
July 8 (V. 97, p. 195) will not be of¬
1914.
Date Nov. 24 1913.
Int. M. & N. at office of Sinking Fund Trustees.
Cert, check for 2% of each block of bonds bid for, payable to City Aud.,
required.
Bonds to be delivered and paid for not later than Nov. 24.
Separate bids must be made for each issue.
- '
YANCEY COUNTY
Burnside), No. Caro.—BOND SALE.—
bonds (V. 97, p. 972) were awarded to
100.08 and int. for 5^s.
(P. O.
On Oct. 15 the $125,000 road-impt.
Sidney Spitzer & Co. of Toledo at
the $8,000 school-bldg. bonds voted
fered for sale until July or Aug.
(P. O. Rutherford), Bergen County, N.
WOODRIDGE
taken toward the re-offering
without success on May 27
date of Oct. 23 that no action will be
of the $20,000 5% 30-year road bonds offered
(V. 96, p.. 1575) until the early part of next
spring.
WOOD RIVER DRAINAGE DISTRICT
(P. O. Alton), Oregon
County, Mo.—BOND SALE.—An issue of $43,000 drainage-system-impt.'
it is stated, by a Chicago bank at 97.53.
bonds has been purchased,
Ohio—BOND OFFERING.—Proposals will be re¬
by Dan. J. Jones, City Aud., for the following
YOUNGSTOWN,
ceived until 2 p. m. Nov. 17
5% coup, or reg. bonds:
:$200,000 water-wcrks ext. bonds.
to
Due $8,000 yrly. on Oct. 1 from 1916
1940 inclusive.
Due Oct. 1 1915.
bonds.
Due Oct. 1 1915.
paving bonds.
Due $844 yrly. on Oct. 1 from 1915
to
>■
Due $852 yrly. on Oct. 1 from 1915
1919 inclusive.
7,045 Lansing Ave. paving bonds.
Due $1,409 yrly. on Oct. 1 from
1915 to 1919 inclusive.
11,040 Emma St. paving bonds.
Due $2,208 yrly. on Oct. 1 from 1915
to 1919 inclusive.
5,990 Fairmont Ave. paving bonds.
Due $1,198 yrly. on Oct. 1 from
1915 to 1919 inclusive.
465 Palm St. grading bonds.
Due
1919 inclusive.
685 Flemming St. grading bonds.
1915 to 1919 inclusive.
335 Coral St. grading bonds.
Due
$93 yrly. on Oct. 1 from 1915 to
>
_
DOMINION OF CANADA.—DEBENTURE
^
Due $722 yrly. on Oct. 1 from
.
^
1 from
'
Oct, 1
,
$9,000 6H%
8,000
7%
6%
4,000
6%
12,000
6%
10,000
8%
6,000
8%
5,000
to
Place.
Due.
348, Sask.
Sask.
Municipality No.
Rural
20 years
Bushville
15 years
Carrot
10
' years
Grayson Rural Municipality, Sask.
Lumsden Rural Municipality No. 189, Sask.
20 years
20 years
20 years
10 years
Sask.-
G. F. Williams.
River Rural Municipality,
„
Mayfield Rural Municipality, Sask.
Vaster School District, Sask.
Viceroy School District, Sask.
-DEBENTURE SALE.—The $15,000 6% 20-year
1 (V. 97, p. 909) have been awarded, it is stated,
*
sale an issue of $582 77 5% 10-year
GREY COUNTY (P. O. Owen Sound), Ont .—PRICE PAID FOR
DEBENTURES.—The price paid for the $20,000 5% 20-year bridge de¬
684)
A.Stimson & Co. of Toronto (V. 97,
/
v..'
awarded in August to Geo.
bentures
was
96.02.
.
I GA&S
HEW
LOANS
$300,000
OF WESTMOUNT,
CITY
$4,000,000
.
Canada
Hillsborough County, Florida,
COMMISSION
FUND
SINKING
STATE OF CONNEGTIGUT
ROAD BONDS
NO. 8,
(P.* O.
debentures,
GREENWICH TOWNSHIP UNION SCHOOL SECTION
Out—DEBENTURE OFFERING.—Thos.
H. Cuddy, Clerk
Marva), is offering for
it is stated.
p.
inclusive.
NEW
Place.
$43,500 Hanover,' Ont.
'
94,870 Kingston, Ont.
12,000 Nepean Township, Ont.
345,890 St. Boniface, Man.
100,000 St. Hyacinthe, Que.
Brighton, Ont.
Elmira, Ont.
Fort Garry Rur.Mun., Man
Debentures Purchased by Nay & James of Regina.
Rate.
Amt.
Co. of Toronto.
Amount.
Place.
AssinboiaRuralMun.,Man.
Brandon Sch. Dist., Man.
_
Due $217 yrly. on Oct. 1 from 1915 to
bonds.
SALE.—Debentures aggre¬
gating $1,373,702 have been awarded as follows:
Debentures Purchased by Brent, Noxon &
GRENFELL,
$67 yrly. on Oct. 1 from 1915 .to
M
.sewer
(not $10,000 as first
debentures offered on Oct.
^
1919
VOTED.—It is reported that
reported) fire-
C.—DEBENTURES
B.
protebtepn debentures (V. 97, p. 471), carried at a recent election.
^
2,995 Hezlep et al. streets sewer bonds.
Due $599 yrly. on Oct.
1915 to 1919 inclusive.
3.630 Madison Ave. district sewer bonds.
Due $726 yrly. on
from 1915 to 1919 inclusive.
1,085 State St.
GOQUITLAM,
theWestion of issuing the $15,000
Due $137 yrly. on Oct. 1 from
inclusive.
1919
3.610 Salt Spring St. grading bonds.
1915 to 1919 inclusive.
ELECTION.—Re¬
vote the pro¬
Ont.—DEBENTURE
ports state that an election will be held Nov. 3 to submit to a
position to issue $5,000 water-mains-extension debentures.
$502,837
15,000
21,000
30,000
154,605
1919 inclusive.
4,260 Lawrence St. paving bonds.
-
of Toronto.
TOWNSHIP,
CHAPLEAU
Amount.
900 sewer-repair
to
The $5,000 7%
McKinnon &. Co.
,
2,000 sidewalk and crosswalk intersection bonds.
4,220 Walter St.
Sask.—DEBENTURE SALE.—
20-year debentures (V. 97, p. 972) have been sold to W. L.
BAILDON RURAL MUNICIPALITY,
of Finance Committee under
man
Municipalities*
Canada, its Provinces and
J.—BONDS
NOT TO BE RE-OFFERED THIS YEAR.—We are advised by the Chair¬
Sinking Fund Commissioners of the City
of Westmount desire to purchase approximately
$30,000 of Municipal Debentures—those issued
by the City of Westmount preferred.
Sealed offers, marked
"Sinking Fund Com¬
missioners of Westmount", will be received at tb«
offices of the Montreal Trust Company until noon,
on MONDAY. THE 27TH OF OCTOBER, 1913.
A full description of bonds offered for sale ifl
essential.
Delivery of the bonds to the Com¬
missioners must be made on 1st of November,
The
Board
The
of Commissioners
of
Hillsborough
•County, Florida, will receive sealed bids for the
purchase of the above bonds at the office of the
undersigned in Tampa, cn or before
NOVEMBER 20TH, 1913.
Bonds dated October 1, 1913, due October 1,
1943, without option of prior payment; denomi¬
nation $1,000.
Principal and semi-annual inter•est at five per cent per annum (April 1 and Oc¬
tober 1),
payable in gold coin in New York City.,
Bonds will be engraved and certified as to genu
ineness by Columbia-Knickerbocker Trust Com¬
pany of New York, and the approving opinion
pf Caldwell, Masslich & Reed of New York will
be furnished to the successful bidder without
charge.
Each bid "must be accompanied by cer¬
tified check upon an incorporated bank for two
per cent of the par value of bonds bid for.
Deliv¬
ery will be made in Tampa or New York on De¬
cember 1, 1913; payment to be in current money.
Further information, together with form0 upon
which bids must be made, will be furnished upon
■application to the undersigned or said Trust Com¬
pany.
The right to reject any and all bids is
reserved.
4% BONDS.
offer
I
for
sale
rate of four per
July
State
of
cent per annum, dated
due July
and
1911
1,
$4,000,000
bonds, bearing interest at
Connecticut
1913.
.
ARTHUR F.BELL,
1936.
1,
-Secretary-Treasurer.
Semi-annual interest, January and July.
Sale November 10,1913, at 11 a. m. Pay¬
MUNICIPAL
full
Circular giving
12th.
ment November
particulars mailed
on
EDWARD S.
request.
part of a proposed issue
of $1,000,000, the remainder of which are not
•expected to be offered for sale befcre October 1st,
1914.
APPLICATION
SEAS0NG00D & MAYER
Treasurer.
,
ON
LIST
ROBERTS,
Building
Ingalls
*
The above bonds
RAILROAD
AND
BONDS
are
Hartford, Conn.
CINCINNATI
'
W. P. CULBREATH,
Clerk Board of County Commissioners.
TRUST COMPANIES.
$70,000
Town
of Lancaster, S
6% BONDS
Sealed bids will
be received
until
BANKERS TRUST COMPANY
C.,
WALL ST, NEW YORK
16
Surplus $10,000,000
Capital, $10,000,000
/
DIRECTORS
6
P.M., NOVEMBER 15TH, 1913,
purchase of $45,000 00 Sewerage, $12.000 00 Water Works Improvement and $13,000 00 Street Improvement 20-40-year (optional)
coupon bonds of the Town of Lancaster, S. C.,
to be dated July 1st, 1913, and bear interest at
5% per annum, payable semi-annually, 1st Janu¬
ary and 1st July.
Denominations of bonds and
place of payment of interest to suit purchaser.
for
the
Certified check $1,000 00,
must
any
accompany
payable to undersigned,
JAMES S.
and all bids.
New York.
President Bank of the Manhattan
Co., New Yprk.
G. BAYNE,
"
■
President
SAMUEL
.Seaboard
National
Bank, New York.
EDWIN M. BULKLEY,
Spencer Trask A Co.. Bankers,
New York.
Fourth National Bank,
New York.
Lancaster, S. C., Oct. 20th, 1913.
CUYLER, President Commercial Trust
Co., Philadelphia ' *
"
. ■
. HENRY P. DAVISON. J. P. Morgan A Co.. Bankers,
THOS. DeWITT
RUDULPH ELLIS, President Fidelity Tiust Co., Phlla.
F.
WM.
FERRY, Vice-President lianove
Na¬
tional Bank, New York.
WALTER E. FREW, President Corn Exchange Bank,
KRAFT
HAYWARD
New York.
LAWYER.
Specializing in Examination of
FREDERICK
Trust
Municipal
1037-9
and
Corporation
FIRST NATIONAL
BANK
T
HASKELL,
Bonds
FRANCIS L. HINE, President
New York." *
*
BLDG.,
CHICAGO, ILL.
Vice-President
Illinois
A Savings Bank, Chicago.
BARTON'HEPBURN, Chairman
Chase National Bank, New York.
A.
of
the
Board
First National Bank,
THOMAS w. LAMONT, J. P. Morgan A Co.
Bankers,
*
New York.
N. Y
Chemical Natlona
Mechanics
President
Vlce-Pres. First Nat. Bank,
Vice-President, New York
POMEROY, Vice-President,
DANIEL E
New York
Bankeir,
New York.
SEWARD PROSSER, President Liberty National Ban!,
New York.
O.
Vice-President
REID,
Liberty
Natloi al
Bank, New York.
BENJ. STRONG JR., Vice-President, New
EDWARD
fi&nk
F. SWINNEY,
Kansas City®
President
York.
First
National
GILBERT G. THORNE, Vice-President National Park
Bank, New York.
EDWARD TOWNSEND, President Importers' A Trad¬
ers' National Bank, New
York.
ALBERT H- WIQGIN, President Chase National Bant
Strassburger
SOUTHERN INVESTMENT SECURITIES
Vice-President
National Bank, New York,
WOOLVERTON.
MONTGOMERY, ALJL
E. C. CONVERSE. President.
BENJ.
WILLIAM C. POILLON. Vic^President
D.
W.
ty. DUANE
Vice-President.
.•
New York.
SAMUEL
Hanover
OFFICERS
B. W.
and
Metals National Bank, New York.
CHARLES D. NORTON,
New York.
DANIEL
New York
E.
Bank, New York.
GaiES
w
m uakRAH,
WILLIAM H. PORTER, J. P. Morgan & Co..
EDMUND C. CONVERSE, President, New York.
JOHN CRAWFORD,
Clerk & Treasurer.
JOS. B. MARTINDALE, President
.
WILLIAM C. POILLON,
JAMES G. CANNON, President
Right reserved to reject
bid.
EDGAR L. MARSTON, Blair A Co., Bankers,
ALEXANDER, President National Bank of
Commerce,
STEPHEN BAKER,
F.
E.
I.
STRONG
JR..
POMEROY.
KENT.
Vice-President.
Vice-President.
Vice-President.
Vice-President.
HAROLD B. THORNE, Vice-President.
F. N. B. CLOSE.
GEORGE G. THOMSON. Secretfu-y.
GEORGE W. BENTON. Treasurer.
1234
THE
CHRONICLE
HAILEYBUBY, Ont.—DEBENTURE SALE.—It Is reported that $10,388 6% ID-installment debentures have been awarded to Geo. A Stimson
& Co. of Toronto.
LOAN ELECTION.—The election to vote
Ltd.
6% debentures.
(RURAL MUNICIPALITY NO.
430). Sask.—
recently purchased
Due in 20 installments.
Alta.—DEBENTURES
PROPOSED.—According
to
SOVEREIGN, Sask.—DEBENTURES NOT SOLD.—No sale has been
made of the $1,500 debentures offered
recently (V, 97, p. 760).
LONDON,
Ont.—DEBENTURES VOTED.—'The voters on Oct. 22
ratified the questions of issuing the $700,000 electrification of the London
& Port Stanley Ry. (vote 2,820 to 2,074), $400,000 storm-sewers (3,304 to
1,378) and $25,000 West London breakwater (3,136 to 1,291) debentures.
(V. 97, p. 1065.)
MAYFIELD,
—DEBENTURE
p.
ELECTION.—Local newspaper re¬
ports state that the question of
issuing $5,000 water-mains-ext. debentures
will be submitted to the
Burgesses on Nov. 3.
•JZ?™9NT0\ P*t±T'DEMNTURE
Sask.—DEBENTURE SALE.—The $1,700 7%
(V. 97,
election will be
ceived until 6 p. m. Nov.
reports, this city contemplates issuing $250,000 debentures.
debentures
CATHARINES, Ont.—LOAN ELECTION.—An
SOURIS, Man.—DEBENTURE OFFERING.—Proposals will be re10 by J. W. Breakley, Secretary-Treasurer, for
$40,000 6^% coup, electric-light debentures.
Date Dec. 1 1913.
Due
m 30 annual
installments of principal and interest.
KINGSTON, Ont .—LOAN ELEC TION.r—An election will be held
Nov. 3, it is reported, to submit to a vote a by-law providing for a loan of
$10,000 to be granted as a bonus to Frank V. Samwell. a tube manufacturer.
LETHBRIDGE,
ST
v
by James Gough, Clerk and Treasurer, for $10,000
Due in 30 annual installments.
held Oct. 30, reports
state, to vote on a loan of $10,000 as a bonus to the
Lord & Burnham Co.
DEBENTURE SALE.—G. H. Burgess & Co. of Toronto
72).
a
as
STANLEY, Ont .—DEBENTURE OFFERING.—Proposals will
be received until Nov. 3
sidewalk debentures, reports state.
p.
(V. 97. p.
PORT
interest.
on the by-law
providing for
bonus to the Petrolia Wagon Co.,
1160). will be held Oct. 29, it is stated.
? J?ar* °" $30,000, to be granted
Ont.—BONDS PROPOSED.—'This place is contemplating the
issuance of $41,700 sewer, $11,000 cement-sidewalk and $2,000 wooden-
7% debentures (V. 97,
re¬
10 by J. M'Hattie, Town Clerk, for $7,000 5% deben¬
Due in 20 annual installments of principal and
ture*-,
HULL,
INVERGORDON
xcvn.
PETROLIA, Ont .—DEBENTURE OFFERING.—Proposals will be
ceived until Nov.
HAMILTON, Ont.—DEBENTURES PROPOSED.—According to local
newspaper reports, the issuance of $650,000 sewerage-improvement deben¬
tures is contemplated by this
place.
'
the $5,000
[Vol.
15-year
760) have been sold to W. L. McKinnon & Co. of
SALE.—On Oct. 17 this city sold
$300,000 consolidated loan debentures, it is
stated, to a local bond company.
VANCOUVER,
Toronto.
B. C.—BONDS OFFERED BY BANKERS.—Brown
are offering to
investors $1,626,000
gold coup, (with
I"?g ®oJ1"0 Prmcipal) local-improvement bonds.
Denom.
Date $828,000 June 2 1913 and
$798,000 June 27 1913.
Int.
at the Bank of British North America in Vancouver, Toronto
York
Due $259,000 June 2
1923, $499,000 June 27
Bros, of N. Y.
MELFORT, Sask.—DEBENTURE ELEC TI ON.—The propositions to
issue $16,000 sewerage-system
and
$34,000 water-works-system
tures will be submitted to a vote to-day (Oct. 25), it is stated.
MIDDLESEX COUNTY (P. O.
ILOOO.
.D.
London), Ont .—DEBENTURE SALE.
—The $25,000 5% 20-year coupon debentures offered on Oct.
p.
Si nbnge
deben¬
10
(V. 97,
io?q' •SW'VS
J^e, 2,1^?8' 5299,000
1933.
Total debt*
970) have been sold to W. L. McKinnon & Co. of Toronto at 99.27.
MIDLAND,
of
Ont.—LOAN
VOTED.—Reports state that a loan
$60,000 to the malleable iron industry carried at a recent election.
MUIRHEAD
of
^WELLAND, Out .—DEBENTURE
high-schooldebentures (V. 97,
SCHOOL
DISTRICT NO. 2032, Alta..—DEBENTURE
bldg. debentures was awarded on July 9
Supply Co. of Edmonton at par.
Int. ann. in Jan.
beginning Jan. 14 1915.
ann.
OYEN, Alta.—DEBENTURES NOT SOLD.—No sale
(V. 97,
n^/?rTArSU1?ER ^°^N£HIP lp-
909)
°
were
awarded to the Dominion
Arthur), Ont .—DEBENTURE
Treasurer, will receive proposals until
5% 15-year debentures.
:
WESTON, Ont .—DEBENTURE SALE.—An issue of $95,000 deben¬
tures was purchased by
Brent, Noxon & Co. of Toronto recently.
as
613).
p.
p.
OFFERING.
Geo. Guard, Twp.
Nov. 8 for an issue of $2,212
yet has been
made of the $3,300 street, sidewalk and well debentures offered at private
sale
Assessed valuation
SALE.—On Oct, 21 the $60,000 5%
Securities Corp., Ltd., of Toronto at
94.61.
SALE.—An issue of $1,500
to the Alberta School
Due
June 27 1928 and $259,000 June2
including this issue, $28,176,157.
$212,985,159.
property,
PARADISE HILL RURAL MUNICIPALITY
(P. O. Merrin), Sask.
SALE.—The $5,000 8% 10-equal-ann. installment per¬
impt. debentures (V. 97, p. 760) were awarded during September
to W. L. McKinnon & Co. of Regina at par.
Denom. $500.
Int. ann.
in September.
.t^wV^N?OUVE5',1B- p>—DEBENTURES
—DEBENTURE
state that a
manent
was
PROPOSED.—Reports
by-law providing for the issuance of $40,000 wharf debentures
recently given its first reading.
vw.vww
WOODSTOCK,
place
is
Ont.—LOAN PROPOSED.—Reports state that this
loan of $12,000;to the Wayne OR Tank &
Pump Co.
considering
a
MISCELLANEOUS.
NEW LOANS.
OFFICE OF THE
$173,000
ATLANTIC MUTUAL INSURANCE COMPANY.
New
York; January 22d. 1913.
The Trustees» in conformity toitii the Charter of the Company, submit the following statement of its
affairs on tlu
City of
31.H of December, 1912.
•
The Company's business has been confined to marine and inland transportation insurance. -■
Premiums on such risks from the 1st January, 1912, to the 31st December, 1912
$4,069,457 66
Premiums on Policies not marked oft 1st January, 1912—...
................
753/427 33
,
Kalispell, Montana
,
Total Premiums..
.$4,822,884 99
Premiums marked off from January 1st, 1912, to December 31st,
1912........................$4,055,834 06
Interest on the investments of the Company received during the year
$302,088 79
Interest on Deposits in Banks and Trust Companies, etc.
—....
42,787 34
Rent received lees Taxes and Expenses
...................
130,987 28
Losses paid during the year
Less Salvages
$197,204 74
544,016 02
•
195.79
Re-insurances
Discount
—-
procuring
of
Premiums
................
IN claflin
vn-uorge c. clark,
cleveland h. dodges;
cornelius eldert,
richard h. ewart,
philip a. b. franklin;
a. a. raven,
cornelius
S3ARLES
PRATT;
ALLAS B.M.
PRATT,
GEORGE W. QUINTARD;
ANTON A. RAVEN,
JOHN J. RIKER,
DOUGLAS ROBINSON,
WILLIAM J. SCHIEFimiNc
WILLIAM 8LOANE,
LOUIS STERN,
WILLIAM A. STREET'
GEORGE E. TURNURB.
President.
stEWART,
4th Vice-President.
...........
in
Deposits
.........
Banks
and
provisions of Chapter 481,Laws of 1887)
Premium Notes--—--
900.000 00
4,299,426 04
75,000 00
...........
-
615,303 16
Cash in Bank
—
Temporary Investments (payable Janu¬
1913)
........
satlon
etc
82,698 09
Certificates of Profits Ordered Redeemed",
Withheld for Unpaid Premiums
Certificates ol Profits Outstanding......
22,556 09
7,293,220 00
same are taken and paid for.
The city
the right to reject any or all bids.
"By order of the City Council.
[Seal.]
C.J. MCALLISTER,
City Clerk.
BLODGET & CO.
BONDS
30 PINE STREET. NEW YORK
400,875 00
—
Dated Oct. 8th, 1913.
60 STATE STREET, BOSTON
298,641 20
994,882 29
STATE, CITY & RAILROAD BONDS
a-balance of....... .......
—........
$11,020,590 67
.................m............$2,603,260 71
Accrued Interest on Bonds on the 31st day of December, 1912, amounted to...
$40,804 99
26,696 99
.....
accrued on the 31st day of December, 1912, amounted to
Re-insurance due or accrued, in companies authorized in New York, on the 31st day of December/
Rents due and
-
1912, amounted to _ ......
...
...
—.................
Unexpired re-insurance premiums on the 31st day of December, 1912, amounted to
Note; Tbe Insurance Department has estimated the value of the Real Estate corner Wall and
William Streets and Exchange Place in ezcess of the Book Value given above, at———
And the property at Staten Island in excess of the Book Value, at
The Market Value of Stocks, Bonds and other Securities on the 31st day of December, 1912, exoeeded the Company's valuation by—
basis of these increased valuations the
of Robert Pauline as Mayor, as a
guaranty of
good faith, and no bids will be received at less than
par and accrued interest from the date of bonds
104,322 76
110,026 19
203,735 65
Reserve for Taxes
...............
Re-insurance Premiums
Claims not Settled, including Compen-
$13,623,851 38
Thus leaving
One Hundred Ten Thousand Dollars ($110,000)
said bonds, numbered 66 to 175, both in¬
clusive, shall be redeemable on and after thei first
day of July, 1928, and shall be paid on the first
day of July, 1933; all of said bonds to bear interest
at the rate of five per centum per annum, interest
payable semi-annually, on January 1 and July 1
of each year, at the office of the City Treasurer
of Kalispell, Montana, or, at the
option of the
holder, at some bank to be designated by the City
Treasurer, In New York City.
All parties desiring to bid will be required to
deposit with the City Clerk of said city, before
the time set for the sale of said bonds, an un¬
.......
...........
hands of
European Bankers to
pay losses under policies payable in
foreign countries..—.—............
ary
Estimated Losses and Losses Unsettled
in process of Adjustment
$2,174,058 00
Premiums on Untermlnated Risks......
767,050 94
Certificates of Profits and Interest Un¬
262,924 05
2,716,53700
paid
282,520 00 Return Premiums Unpaid
592.766 69
Dills Receivable
in
$670,000 00
1,777.900 00
Trust
Companies
Real Estate cor. Wall and William Streets
and Exchange Place, containing offices
Real Estate en Staten island (held under
r ash
1923, and shall be paid on July 1st, 1926.
of
reserves
LIABILITIES.
New York City and New York Trust
Companies and Bank Stocks.....—.
Stocks and Bonds of Railroads.........
Other Securities
Special
Forty Thousand Dollars ($40,000) of said bonds
until the
BALANCE SHEET.
ASSETS.
States and State of New York
)nd8
1923.
numbered from 26 to 65, both inclusive, shall be
redeemable on and after the first day of July,
conditional certified check in the amount of Five
Thousand Dollars ($5,000), payable to the order
eldert, Vice-President.
walter wood parsons, 2<i Vice-President.
charles e. fay, 3d Vice-President.
john h. jones
Twenty-five Thousand Dollars ($25,000)
of
bonds, numbered from one to 25, both in¬
clusive, shall be redeemable on and after the first
day of July, 1920, and shall be paid on July 1st,
said
TRUSTEES.
herbert l. griggs,
anson w. hard,
thomas h. hubbard;
lewis cass ledyard;
charles d. leverich;
george h. macy.
nicholas f. palmer;
henry parish,
adolf pavenstedt;
james h. post,
and water system for
shall be redeemable and payable as follows, to-wit:
563,285 21
A dividend of Interest of Six per cent on the outstanding certificates of profits will be
paid to the holders
thereof, or their legal representatives, on and after Tuesday the fourth of February next.
The outstanding certificates of the Issue of 1907 will be redeemed and paid to the holders thereof, or theL
legal representatives, on and after Tuesday the fourth of February next, from which date ail interest thereon
wnl eease.
The certificates to be produced at the time of payment and canceled.
A dividend ©f Forty per cent is declared on the earned premiums of the
Company for the year ending 31st
December, 1912, which are entitled to participate In dividend, lor which, upon application, certificates will be
Issued on and alter Tuesday the sixth or May next.
By order of the Board,
G. STANTON FLOYD-JONES, Secretary.
iohn n. beach,
test c. bliss,
"ton h. brown,
dron p. brown;
water supply
applied
$91,649 80
..
a
upon the indebtedness incurred therefor.
Said bonds will be of the denomination of One
Thousand Dollars each, dated July 1st, 1913, and
Expenses, including officers' salaries and clerks* compensation, stationery, advertise¬
ments, etc..................
NOVEM¬
at public
City Hall
of said City of Kalispell, to the bidder
offering
the highest
price for them, $175,000 of gold bonds,
said city, to be owned and controlled by said city
and the revenues derived therefrom to be
741,416 55
51'362'840 93
Returns
KalispeQ,
said bonds to be known and designated as "Water
Bonds", the monej derived from the sale of said
bonds to be used exclusively for the purpose of
475,863 41
$2,104,257 48
—
WATER BONDS
Notice Is hereby given that the City of
Montana, will, on the 17TH DAY OF
BER, 1913, at twelve o'clock noon, sell
auction at the Council Chambers in the
257,330 00
47,650 39
450,573 96
63,700 00
Bolger, Mosser&Willaman
MUNICIPAL BONDS
Legal for Savings Banks.
"Postal Savings and Trust Funds.
„
1,695.027 24
balance would be...........$5,185,044 28
SEND FOR LIST.
29 South La Salle
St.,
CHICAGO
@FedFRASER