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oninurrizti
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
Bank & Quotation Section
Railway Earnings Section
SATURDAY, OCTOBER 3 1914.
VOL.99
Xite Thronicit.
1914.
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CHICAGO OsTyCH-Geo.IL Shepherd,513 Monadnock Blo,k;TeLHaerieon 4011
LONDON OFFICE-Edwards & Smith,1 Drapers' Gardens,E. O.
WILLIAM B. DANA COMPANY, Publishers,
New York,
P.O.Box 958. Front. Pine and Depeyster St..,
-Published every gaturday morning by WILLIAM B. DANA COMPANY
Jacob Seibert Jr.. President and Treas.: George S. Dana and Arnold G. Dana
Vice-Presidents; Arnold G. Dana. Sec. Addresses of all, Office of the Company
CLEARING-HOUSE RETURNS.
The following table, made up by telegraph, &c., indicates that the total
bank clearings of all the clearing houses of the United States for the week
ending to-day have been $2,762,856,178, against $2,242,523,563 last week
and $3,782,149,786 the corresponding week last year.
Clearings-Returns by Telegraph.
1Vcek ending Oct. 3.
Per
Cent.
1914.
1913.
New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans
$1,274,938,929
104,331,963
124,170,603
31,964,663
232,414,148
56,059.390
13,279,728
$1,878,026,905
145,294,746
169,621.769
36,230,278
299,645,699
70,527,687
12,568,725
-32.1
-28.2
Seven cities, five days
Other cities, five days
$1,827,159,433
524,692,473
52,611,915,809
607,986,984
-29.6
-13.7
Total all cities five days
All cities one day
$2,361,351,906
401,004,272
53,219,902,793
562,246,993
-26.6
-28.7
Total all cities for week
$2,762,856,178
$3,782,149,786
-26.9
-11.8
-22.5
-20.5
+5.7
The full details for the week covered by the above will be given next
Saturday. We cannot furnish them to-day, clearings being made up by the
clearing houses at noon on Saturday, and hence in the above the last day
of the week has to be in all cases estimated, as we go to press Friday night.
We present below detailed figures for the week ending with Saturday
noon, Sept. 26, for four years:
lgeet ending September 26.
Clearings at1914.
1913.
Inc. or
Dec.
1912.
1911.
5
$
$
New York
1,028,750,772 1,710,242,545 --39.9 2,016,871,986 1,948,842,303
Philadelphia_ _ _ _ 14,965,414 153,865,542 --18.8
158,782,617 141,161,463
Pittsburgh
. .
-13.2
60,298,461
48,608,528
Baltimore
33,4132,009
34,577,205 --3.2
5, 03,6 8
32,135,295
Buffalo
10,159,727
12,838,641 --20.9
11,957,155
10,602,509
6,108,842
Albany
7,368,144 --17.1
6,231,189
6,114,538
Washington
6,482,425
6,758,956 --4.1
6,271,929
6,305,418
Rochester
3,468,042
4,095,260 --15.3
4,101,793
3,660,082
Scranton
2,640,335
3,523,877 --25.1
2,500,000
2,548,905
2,728,752
Syracuse
2,986,280 -8.6
3,025,124
2,118,145
1,721,385
Reading
1,790,737 -3.8
1,555,987
1,645,679
1,828,172
Wilmington
1,943,778 -5.9
1,610,131
1,675,753
1,410,065
1,546,842 -8.8
1,543,698
1,315,892
1,787,176
Wheeling
2,104,958 -15.1
2,051,262
1,806,334
1,435,517
Trenton
1,824,334 -21.3
1,559,461
1,63
8
366:4
47
63
1
824,123
842,513 -2.2
York
998,623
1,015,099
1,096,694 -7.4
Erie
961,415
843,368
795,850
623,260 +27.7
Greensburg
562,524
400
35
56
42
6:6
4
549,200
Binghamton __ _
720,000 -23.7
534,200
660,965
687,431 -3.9
Chester
644,884542,873
560,545
588,335 -4.7
Altoona
523,207
461,127
1,618,467
1,548,599 +4.5
Lancaster
1,378,225
914,675
344,021
431,013 -20.2
Montclair
333,504
Total Middle. 1,285,231,590 2,011,783,945 -36.1 2,319,500,993 2,214,571,856
102,639,731
6,942,000
4,343,691
2,949,484
1,753,517
2,256,486
2,235,566
986,906
793,696
651,059
765,000
358,552
132,498,431 -22.5
---2.2
4,475,580 --3.0
2,537,565 4-16.2
2,051,103 --14.5
2,337,150 --3.5
2,434,558 --8.2
1,109,738 ---11.1
903,846 ---12.2
445,750 A-46.2
753,871 + .
,570 -8.7
161,914,138
6,780,600
3,941,790
2,508,021
2,503,159
2,420,914
2,462,355
1,027,986
851,604
475,820
703,238
448,400
138,341,323
6,891,600
3,724,165
2,459,611
2,257,440
1,938,096
2,151,829
958,772
710,426
514.989
564,952
492,728
▪ Tot. New Eng_ 126.675.'188 157,018.862 -18.3 188,038,025 161,005,571
Nots.-For Canadian clearings see :Vommercial and Ifistallaneoue News."
Week ending September 26.
Clearings at-
PUBLISHED WEEKLY.
Boston
Providence
Hartford
New Haven
Portland
Springfield
Worcester
Fall River
New Bedford
Lowell
Holyoke
Bangor
Electric Railway Section
State and City Section
NO.2571
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis -Columbus
Toledo
Peoria
Grand Rapids
Dayton
Evansville
Kalamazoo
Springfield, Ill
Youngstown _ _ _
Fort Wayne_-_
Akron
Rockford
Lexington
Quincy
BloomingtonCanton
Springfield, Ohio
South Bend
Decatur
Mansfield
Danville
Jackson
Jacksonville, Ill_
Lima
Ann Arbor
Adrian
Lansing........
Owensboro
Tot.Mid.West.
San Francisco_
Los Angeles
Seattle
Portland
Spokane
Salt Lake City- Tacoma
Oakland
Sacramento
San Diego
Fresno
Stockton
San Jose
Pasadena
North Yakima
Reno
Long Beach
Total PacificKansas City
Minneapolis
Omaha
St. Paul
Denver
Bt. Joseph
Des Moines
Sioux City
Wichita
Duluth
Lincoln
Topeka
Davenport
Cedar Rapids
Fargo
Colorado Springs
Pueblo
Fremont
Hastings
Aberdeen
Helena
Waterloo
Billings
Tot.Oth.Weet.
...
St. Louis
New Orleans__
Loonuisvilie
H
Houston
Galveston
8
Rl
ae
v ra
nnoati
nd
1913.
Inc.or
Dec.
1912.
1911.
$
$
264.214,845 302,901,494 --12.8 290,974,621 259,000,101
21,395,700
22,423.750 --4.6
24,137,950
22,358,700
20,016,117
23,085,160 --13.3
22,237,696
1,7688,325
23,392.421
23,776,014 --1.6
20,165,532
16,143,519
14.100.000
14,395,664 ---2.0
13,260,912
13,213,508
8,001.053
7,873,666 1-1.6
7,321,765
7,535.337
6,040,400
6,593,000 i-8.4
6,318.000
4,876,700
5,071,051
5,048.602 4-0.4
4,698.975
3,258,065
2,475,739
3,826,100 --,35.3
2,983,672
3,411,562
2,781,563
3,130,681 --11.1
2,403,284
2,755,951
1,789,838
2,162,790 ---17.2
1,757,739
1,912,850
995,702
1,148,060 --13.3
1,092,092
977,298
517,944
674,079 -,
23.3
614,026
674,750
890,441
1,111,341 --19.9
971,321
971,963
1,248,859
1,529,833 -18.4
1,471,240
923,064
1,126,260
1,167,040 --3.5
884,771
1,105,057
1.635,000
1,773,000
1,550,000
1,256,100
835,506
907,646 ---7.9
839,312
• 954,778
506,705
650,226 --22.2
760,074
805,735
768,622
695,126 A-10.2
618,899
685,963
552,018
622.568 --11.3
651,928
543,718
1,294,454
1,425,000 -J.2
,
2,000,000
1,354.547
722,397
657,625
4-9.9
449,419
576,878
598,431
551,694
A-8.5
509,913
700,000
368,531
421,569 --12.6
362,886
540,845
530,116
424,671 1-24.8
395,102
450,460
400,791
484.705 ---17.3
416,631
379,243
425,000
405,000 i-4.9
366,129.
410,000
291,088
254,314 +14.6
274,532
238,535.
400,016
483,540 ---17.3
349,079
316,7715
158,139
179,641 ---12.0
150,612
152,883
45,725
57,147 ---20.0
34,210
26,5715
481,886
414,972 +16.1
378,502
325,839
273,229
311,375 --12.2
394,340
325,250
384:345,587 431,567.093 --10.9 412,899,970 367,644,071
48,322,946
49,400,282 --6.2
52,910,044
45,244,788
19,847,378
19,828,461
4-0.1
19,988,543
15,977,579
12,450,931
13,862,057 --I0.2
11,705,983
10,755,263
11,161,793
13,937,871 --19.9
11,490,424
12,038,784
3,634,233
4,084.853 --11.0
4,214,126
4,076,443
5,287,098
5,554,005 ---4.8
4,604,145
5.758.220
2,038,901
2,416,458 --15.6
2,922,233
2,989,294
3,173,894
3,117,498
4-1.5
3,577,477
3,110,513
1,956,631
2,092,352 --6.5
1,800,575
1,322,019
1.775.812
2,372,705 --25.2
2,466,395
1,500,000
1,126,057
1,08,4898 i-4.2
1,083,011
772,655
967,268
713,982 1-35.6
872,691
812,676
851,010
4-2.4
831,448
700,000
645,000
656,248
670,725 --2.1
746,959
709,873
400,500
449,477 --10.9
393,922
405,925
292,402
280,000 4-4.4
275,000
260,000
472,117 Not included n total
111,943,102 120,693,072 --7.3 120,299,888 105,830,672
65,726,166
56,697,195 A-15.9
51,263,190
48,683,356
31,446,842 ---2.2
30.744.243
26,115,315
25,630,232
17,556,212
18,432,199
A-5.0
15,901,019
14,623,677
11,705,964
11,908,806 --4.7
10,100,193
10,004,677
8,058,222 4-5.5
8,500,395
8,358,427
8,262,235
5,845,541
7,101,100 --17.7
6,447,530
5,959,475
4,557,317
4,761,534
4,208,563
3,944,450'
2,947,730
3,565,575 --17.4
2,859,340
2,468,135
3,402,859 4-1.4
3,450,759
3,337.243
3,352,767
8,830,625 --O.
8,751,947
7,732,034
5,737,988
1,720,968 +8.
1,874,608
1,525,508
1,396,1471,550,241 -3.
1,498,665
1,241,273
1,221,568
1,689,712 -14.
1,441,797
1,609,942
1,627,380
1,766,967 -11.
1,563,588
1,358,984
1,091,620
516,522 +166.
1,378,594
376.051
738,029
573,845
553,838 +3.
633,325
700,000
545,121
563,126
554,752
573,688
311,101
329,553
+5.
254,702
249,208
241,927
173,802 +39.
180,511
180,988'
693,853
380,578 +82.
315,419
487,065
1,338,758
973,087
1,235,525 +8.
1,019,799
1,188,364
1,358,929 --12.
1,580,977
981,701
427,736
462,387 --7.
425,460
264,036
173,758,680 165,612,672 +4.
147,524,491 139,024,573.
62,894,497
13,050,073
10.017,346
7,743,465
3,600,000
7,409,800
3,399,494
6,421,050
9,944,958
3,990,871
5,728,739
3,336,648
2,447,160
1,280,437
1.921,934
2,301,020
1,713,141
.
1,787,693
1,189,874
2,157,100
3,041,782
1,540,388
165,124
73,157,640
18,652,825
12,989,118
11,256,573
4,351,500
8,077,128
7,792,253
Fort Worth
9,312,263
Atlanta
12,381,829
6,396,748
Nashville
6,483,478
Norfolk
3,482,137
3.159,764
Augusta
2,302,736
Knoxville
,898.130
Jacksonville
2,748,536
Chattanooga
2,196,787
Mobile
1,251,859
Little Rock
1,905,039
2,379,789
Gharleflitin
Oklahoma
1,760,317
Macon
3,895,517
Austin
1,665,521
Vicksburg
,
Jackson
332,061
Meridian
,
284,214
260000
1,256,107
1,156,412
Tulsa
766,390
Muskegee
1,141,109
Total Southern 160,568,916 203,541,708
.
072-42,5231-63 3,089 316 352
Total all
-t-- _
..!. '
Outside N. Y_ 1,213,772,791 1,379,096,507
-14.0
-30.0
--22.
-31.
-17.0
-56.
-31.0
-19.
-37.6
-11.
68,890,230
17,376,624
13,149,734
67,867,520
17,500,960
11,211,719
4,540,500
7,035,748
6,276,919
9,667,603
10,895,385
5,024.904
5.476,541
3,364,335
2,570,115
2,579,496
1,809,066
2,697.418
4,047.5011
6,582,889
9,720,767
6,571,135
13,337,344
6,132,175
4,349,553
3,310,953
2,318,184
3,851,544
1,641,728
2,179,917
1,926.484
1,143,881
1,446,064
2,218,740
1.7
108
80:82
491
1
4.3
49
20
4:9
18
76
8
1,266,052
-22
-44.
+1.
-15.
-22.
-24.1
1,100,000
-6.2
1,647,926
-50.0
2,163,512
+22.6
1,361.248
-21.9
3,591.510
-7.5
1,996
3387:6n8
196:588
-28.
-26.2
1518
=7
-8.5
250,000
+8.6
7
60
86
1:
3
198296
4 7,192
-32.9
705,064
-21.1 174 623,010 176,751,768
-27.43,360,gS6,377 3,162,828;6.
11
-12.0 1,344,014,391 1,213,986.208
922
THE CHRONICLE
[Void. xclx.
that it presents an unlimited executive control of
THE FINANCIAL SITUATION.
private business. Furthermore, it is urged that
The Federal Trade Commission Bill has been signed while "unfair competition" is a term that has been
by the President and is now a law. Thus the Presi- recognized by the courts and in effect covers only
dent has succeeded in accomplishing his purpose, and unfair acts tending to the destruction of competition
thus business in this country will be subjected to a —acts, that is, which would be committed only in
new set of restrictions, trials and embarrassments the effort to establish a monopoly—"unfair methods
at the very time when it should be free from vexatious of competition" is susceptible of no such construction.
restraint and wholly untrammeled except by obliga- In Mr. Reed's estimation, it is a club which can and
tions that are incumbent upon those conducting will be used against the independents struggling to
business activities in every enlightened country. establish or maintain competition; a club, also, that
Much is said of the opportunities open to American is not likely to be used against a trust established in
enterprise by reason of the fact that the energies power and "good" enough or subservient enough to
of the leading European countries are being employed enjoy the friendship of the Commission.
in a destructive war, but this will avail nothing if
The Act also, by its sixth section, confers upon
American business men are not to be left free to the Commission authority to investigate from time
prosecute industrial undertakings, thesame as citizens to time "the organization, business, conduct, pracof other countries, but must act at the behest and tices and management of any corporation engaged in
under the direction of Government officials who, in commerce . . . and its relation to other corpothe nature of things, will always be in greater or rations and to individuals, associations and partnersmaller measure amenable to popular clamor.
ships" What a prospect this opens up for political
It is to be regretted that at the threshold of the interference and the play of politics. The Commisnew era that seems to be opening up to this country sion is to make public from time to time such portions
on account of the European war, the prospect should of the information obtained by it "as it shall deem
be thus blighted by political endeavor. The Presi- expedient in the public interest"; and to make
dent, however, was determined that legislation of annual and special reports and to provide for the
this kind should be enacted. It was for this that publication of its reports and decisions in such form
Congress has been kept in session so long, when the and manner as may be best adapted for public informembers, if left to their own volition, would have mation and use.
gone home long ago. The Clayton Omnibus AntiNor will the Trade Commission Law, or the ComTrust Bill, the Conference report on which is now mission's action thereunder, free any undertaking
occupying the attention of the two Houses Of Con- from the provisions of the Anti-Trust Law, for it is
gress, is part of the same scheme of legislation. distinctly provided in the final section (Sec. 11)
Congress has been continuously in session for eighteen that "nothing contained in this Act shall be construed
months because the President so willed it, and legisla- to prevent or interfere with the enforcement of the
tive tinkering has, during all that time, been a provisions of the Anti-Trust Acts or the Acts to
source of distress to the business community. It Regulate Commerce, nor shall anything contained in
should not be forgotten that trade was depressed the Act be construed to alter, modify or repeal the
and things were going from bad to worse, even before said Anti-Trust Acts or the Acts to Regulate Comthe outbreak of hostilities in Europe. The advent of merce or any part or parts thereof."
Remember also that (as pointed out by us three
war came to deal industrial and financial affairs in
the United States a final staggering blow. It appears weeks ago) the "Springfield Republican" is authority
now that there was no special urgency, anyway, for for the statement that "the real significance of the
the enactment of the new laws, for the President has Trade Commission Bill is that it establishes a Federal
announced that he will not nominate the members machinery capable, later on, of a development that
of the new Trade Commission until December.
would make Government regulation and control of
The salient feature of the Trade Commission Act is great industrial corporations as complete as is Govthat by it "unfair methods of competition in com- ernment regulation and control of railroads to-day."
merce" are made unlawful, and that the Commission
With that the prospect, let the reader ponder well
is "empowered and directed to prevent persons, part- what is ahead of the country in Government regulanerships or corporations (except banks, and common tion and control that shall bring all our industrial
carriers subject to the Acts to Regulate Commerce) undertakings to the pass in which the railroads find
from using unfair methods of competition in com- themselves to-day, where they are forced to plead
merce." Note that it is "unfair methods" and for their very existence.
not "unfair competition" that is made unlawful.
The measure provides that "whenever the CommisTwo reports on cotton were issued by the Governto
believe
reason
that
any
have
such
shall
person,
sion
ment yesterday, but under existing conditions they
partnership or corporation has been or is using any may be said to have attracted little more than passunfair method of competition in commerce," and it ing notice, whereas, with the situation normal, one of
shall appear to the Commission that a proceeding by them at least—that on condition of the crop—would
it in respect thereof "would be to the interest of the have been awaited with much interest on the various
public," it shall proceed against the supposed cotton exchanges of the country. The first of the
reports to be issued showed the amount of cotton
offender.
of
Sept.
12
by
ginned to Sept. 25 and clearly was in the nature of a
issue
our
in
out
It was pointed
Commission
surprise.
It was anticipated, in view of the situathe
with
vests
this
Robert R. Reed that
when
it
tion
arising
out of the stupendous war in Europe,
only
appears
law
discretion to enforce the
the
public
to
do
which
has
so,
and
not
only meant a decided curtailment of
of
to it to be to the interest
OCT. 3 1914.1
THE CHRONICLE
the demand for the staple but the serious impairment of financing and shipping facilities, that the
preparing of cotton for market would proceed slowly
—much being held in the seed. The contrary, however, seems to have been the case, the aggregate
amount ginned to Sept. 25 having been in excess of
any earlier year except 1911, with the States along
the Atlantic exhibiting very considerable increases
over a year ago. Private reports have indicated
picking there as more advanced than a year ago, and
they are confirmed by these ginning returns. Specifically, the statement issued by the Census Bureau
shows that there had been prepared for marketing
to Sept. 25 this year 3,381,863 bales, against 3,246,655 bales for the like period a year ago, 3,007,271
bales in 1912 and 3,676,594 bales in 1911—the record.
The report on the condition of the crop, issued at
noon by the Agricultural Department, served to confirm the opinion that, although there had been some
deterioration during the month, the status of the
staple continued better than a year ago, indicating
that, with normal weather later and frost no earlier
than the average, a yield in excess of any season except 1911-12 might reasonably be expected,although,
in view of the current situation, it may not all be
picked. The general status of cotton on Sept. 25
is given by the Department of Agriculture as 73.5%
of normal, against 78% on Aug. 25, or a deterioration
of 4.5 points. But in 1913 the general average was
only 64.1 and that of two years ago 69.6, with the
ten-year mean 68.5. As regards the situation in the
various States, the condition practically everywhere
is better than last year. The Department figures
out that the indications at this time are for an average yield per acre of 200.2 lbs.,and this applied to our
acreage total would give an aggregate production
(on the basis of last season's weight of bales) of fully
16 million bales.
Relatively few persons participated in this State's
first direct primary election, held on Monday afternoon and evening. In the entire city the total returned on Tuesday morning was only a little over
210,000, against a total of over 610,000 for Governor
in 1912 and a total of over 609,000 for Mayor in
1913. In Manhattan and Brooklyn the Republican
and Democratic vote on Monday was 54,184 and
93,695 for Governor, which was respectively about
43% and 37% of the party enrollments. Hence the
expression "a few" is not too extravagant. We discuss certain phases of the subject in a subsequent
article.
It will be urged, of course, that the circumstances
are unprecedented, public attention being absorbed
in watching the terrible stage in Europe and the
newspapers barely mentioning the political experiment about to be tried here, whereas ordinarily the
political matters of the season would have occupied
many columns during September. Giving the utmost weight to this plea, and admitting that general
apathy about our own domestic affairs has been so
great that Congress has had even less attention than
usual in the last two months and that this season's
elections may go almost by default, it must still be
said that the indifference of voters now is not all due
to the war. There has been a like indifference before; the most important matter which can ever come
up (that of changing the constitution) gets participation by only a small fraction of the number who
are excited over the personal struggle for possession
923
of the offices, and the special election of last spring
(relating solely to the subject of the constitution)
was passed over lightly; in the country, the farmers
were busy with the season's outdoor work and had
the excuse of roads in poor condition, and in the city
people did not care.
This primary election, we must particularly observe, was held—accordine,to the scheme—expressly
to give the sovereign people opportunity to break
away from machines and bosses and select their own
candidates for public office, independently and untrammeled. They neglected the opportunity, as it
was evident in advance they would do. The usual
party nominees were chosen because the independent voter will not trouble himself, and the regular party followers adhere to their voting habit and
vote in the familiar rut. The really independent
voter, who is not many, yet does exist, was excluded
entirely; this primary is only for enrolled party voters,
and he who declines to train with any (preferring his
numerically slight position of aloofness) finds that
he is outside; this is like an election in a social or
other club, being for members only.
What do we gain, or get opportunity to gain, by
a direct primary nomination instead of one by convention? A change of method merely, and a delusion that by some change of method which does
not touch the substance of things there can be an
improvement in public affairs. The professional
politician has no objection to any change in mere
method, and he cheerfully adapts his own to it; an.
ostensible reform which serves to fool the people for
another season suits him so well that he might almost
have devised this one instead of just falling in with it.
And it must once more be said that elections are in
every respect a burden, though a necessary one, and
every increase in their number—as by primaries,
referendums, recalls, and the other recent schemes
for increasing participation by the people in governing their own affairs—increases the weariness and
indifference with which elections are regarded and
diverts from the polls the least selfish and most reflective element that ought to be induced, somehow,
to participate more instead of less in public affairs.
Following the letter of the Colorado Fuel & Iron
Company to President Wilson, forty-eight other
coal-operating companies have united in a letter to
him stating the fundamental defects of the proposed
"truce." These companies, which are said to represent over 80% of the tennage of coal now mined in
Colorado, exclusive of that by the large corporation
of which Mr. Welborn is the head, follow the same
line as did his letter, but say they have reason to believe that the men named as conciliators are partisans of the striking miners and that one of them was
an organizer and agitator in Colorado in 1904. They
find that the nearly 10,000 men who are now at work
in the mining districts are neither provided for nor
considered in the proposed plan, and, further, that
it is out of the question to agree to employ those who
have participated in violence, whether such persons
are prosecuted and convicted or not. As to extending amnesty and employment, on the presumption that the lack of conviction should govern, the
signers of the letter say that in six counties 332
strikers (including officers of the United Mine Workers of America) are under indictment for murder
and 137 for felonies, but that none has been tried,
therefore none has been found guilty.
924
THE CHRONICLE
The proposed grievance committee is objected to
as being a favorite device of organized labor, and to
turn over to a commission all questions of wages and
working conditions, including the temporary closing
of mines, would be to surrender entire control of the
business to outsiders. Beyond this, the scheme is
by its own terms a palliative and can lead only to
what its very name implies, "a renewal of trouble at
its termination"; further, the letter calls the plan
"subject to fair criticism in that it implies the helplessness of Government to maintain law and order
and secure to every citizen his constitutional rights
Subject this truce proposition to analysis, and it
is a stipulation by persons who have been engaged
in violence that, upon sundry conditions set forth,
they will refrain from further violation of law for
a term of three years; on conditions, they will keep
the peace for a limited term. Government makes
no such arrangement with any individual man, and
the suggestion of making such with any corporation
would be received with indignation; how have we
come to the pass that Government is ready to parley
and bargain with a combination of individuals for
good behavior? Yet some Washington correspondents report the President as insisting that the companies shall accept the profferred truce, declaring
that "the public interests demanded the end of the
strike and it was the patriotic duty of the mine operators to accept the proposal"; one dispatch from Denver goes further, saying that he is reported "to be
considering another recourse should the present situation continue into the winter and the people of
Colorado be threatened with a coal famine; it is said
he is determined that the people shall have an adequate supply of coal, even if drastic measures have
to be resorted to."
The President is not to be held responsible for all
the expressions put in his mouth or imputed to him
by representatives of the press, yet those representatives are careful observers of opinion at Washington
and it cannot be disputed that he has given indications of sharing the too-general disposition to bargain with organized labor for its possibly overrated
power at the polls. On the contrary, the clear and
single duty is to maintain order and enforce the rights
of separate men (not according to the demands of
organized men) to sell labor in the open market,
without violence or intimidation. Temporizing may
continue to defer the day of settlement, but permanent peace will not come until we have an end of
"truces" and the supremacy of law is established.
At the National Association of Cotton Manufacturers' ninety-seventh semi-annual convention, held
at the Hotel Aspinwall, Lenox, Mass., on Tuesday
and Wednesday of the current week, the war situation in Europe and the opportunities it offers for
extending our foreign trade was an absorbing theme
of discussion. It served to color or lend point to
the opening address of the President, Mr. Albert
Greene Duncan, and to a number of the papers read.
Referring to the critical situation in which our industries find themselves as a result of the war, Mr.
Duncan remarked that cotton manufacturers have
had to face trying problems. "They have never,"
he added, "at least in the present generation, faced
a situation so perplexing and of such world-wide
import as now,when,in common with so many other
lines, they find stagnation, disarrangement and
threatened disaster on every side." Dividing the
[VOL. XC1X.
progress of nations from savagery to civilization into
three well-defined stages—natural development, industry and commerce—he stated that while in the
first two this country stands pre-eminent and has been
the wonder of all nations, we have not taken the position in commerce to which our resources, skill and
energy entitle us.
Reviewing at considerable length the methods
employed by the Europeans to build up their commerce, Mr. Duncan remarked in effect that we should
not be satisfied to produce our raw materials, manufacture them into goods and sell merely at home or
to foreigners at our ports, but should take this
offered opportunity to avail ourselves of the avenues
of distribution represented by the great trade routes
of the world. A natural consequence would be the
added reward the financing of raw materials and
manufactured goods exchanged with other countries
must bring us. As regards South America, Mr.Duncan indicated that any material extension of our trade
would be dependent upon our willingness to follow
the European method in assisting in the development of the railroads and industries of the various
countries by furnishing financial aid. Speaking of
matters nearer home, Mr. Duncan referred at some
length to the necessity for removing the nationwide distrust of corporate aggregations of capital.
That the tide of immigration to the United States
would be decidedly restricted by the war in Europe
was a foregone conclusion as soon as hostilities began.
Not alone would this be the case on account of the
virtual embargo placed upon ocean travel from some
of the countries involved, but the fact that the departure from the fatherland of those of an age to
bear arms and liable to military duty would be interdicted, is to be taken into account. Consequently
we are prepared to learn that the influx of aliens into
the country in August of the current year was exceedingly meagre—barely one-quarter of that of
1913 and falling below the total for any month since
Jan.1912—and that at a time of year when immigration is naturally small. The movementfor September,
too, as indicated by the figures for New York as
compiled by us, make a similar showing. But even
before war was apparent a decided contraction in
the course of aliens hither was noticed; in fact, each
month of the first half of the current calendar year
had shown a decrease from the like period a year ago,
with the decline especially marked in June. This
week we have the official immigration bulletin for
July, and it exhibits a continuation of the contraction
referred to. No complete returns for either August
or September are yet available; but as in the firstnamed month, only about 20,000 steerage passengers
were landed at the port of New York, and many of
those were American citizens forced by the exigencies
of the situation to put up with any sort of accommodations available in order to return without probable
interminable delay, it can readily be conjectured how
small was the actual immigration movement; and
this applies with equal or greater force to September.
The immigrant arrivals for July were only 72,015
(made up of 60,377 immigrants and 11,638 nonimmigrants), which contrasts with 154,602 last year
and 90,518 in 1912. For the seven months of the
calendar year 1914 the arrivals reached 644,352, or
nearly 300,000 less than the high record of last year
(940,761) and some 27,000 under 1912. The de-
OCT. 3 1914.1
THE CHRONICLE
partures of steerage passengers for the period from
Jan. 1 to July 31 were in excess of any similar period
since 1908 and not materially less than then, aggregating 373,826 against 346,784 last year and 289,908
in 1912. Deducting the outflow from the inward
movement, we have for July a net gain in foreign-born
population of 17,130 and for the seven months of
270,526, this latter comparing with an increase of
593,977 in 1913 and 723,530 in 1907.
925
troops has been recalled from service in India. The
situation is described by military experts in London
as one in which the great claws, as they have been described, of the Allies continue to open out to clutch
at the outspread wings of the German army and particularly the right wing, which, forming the upright
portion of the "L," now has its back to the east and
is fighting with desperation to prevent the French
left from encircling or smashing it along most of the
front, which is estimated at 180 miles in length.
The battle of the Aisne is still in progress and There . have been unprecedented artillery duels beis now in its twenty-first day. The censorship tween the rivers Oise and Aisne and between the
has become so strict that very few official details are Oise and the Somme which have taken a heavy toll
allowed to come • through by wire; but unofficial of the opposing armies. These have been followed
reports suggest clearly that the Allied armies are by cavalry and infantry charges in which first the
pushing slowly but irresistably forward and that the one and then the other side has gained. But the
main German army is either retreating or arranging German wing has constantly been extended as the
to retire to other defences. A significant indication French have moved to work around it. On the
of the situation was the arrival of German newspapers Allies' right, in Southern Woevre, where progress is
at Rotterdam yesterday showing a complete change also reported, the French have been attempting to
in the confident tone of the German press and obvi- compel the Germans who succeeded in crossing the
ously preparing the way for the announcement of Meuse at St. Mihiel to return to the eastern side of
unfavorable news. All the German papers thus far the river. The fact that the French have occupied
received printed an official message which states that Seichetrey and Rupt de Mad suggests that that has
the fighting around Noyon had reached tremendous already been accomplished, although .such a result
proportions, and added: "We may be forced to has not been officially announced. Along the exabandon some points of small importance, but the tended front known:as the German centre,extending
people must reserve judgment until the result of the from the Oise to the Meuse nothing has happened
operation is known." The Berlin "Tageblatt" that the French staff considers worthy of mention.
openly suggests that the Germans are in a difficult Germans have begun an attack upon the outer fortiposition. "The extensive French attacks on our fications of Antwerp, but have thus far confined their
flanks," it says, "are not calculated to relieve our attack to the forts protecting the river crossing beanxiety. The influence of the English troops is tween Malines and Antwerp.
being felt more and more. They are working
As to the Russian invasion in the East, it is diffithrough by the force of their masses. . . . The cult to gather from the published reports what real
French defense deserves commendation. It has progress has been made by the Czar's troops. Actaught a lesson to everybody who expected an easy cording to a dispatch from Rome the Russian Amtask. But the victory must be ours. The more bassador in that city has issued a statement to the
difficult it is the more worthy it will be." The sig- effect that the Russians have destroyed the Austrian
nificance of such a statement is that but a very short army in Galicia and that they are now turning their
time ago any paper publishing it would have been attention to the taking of Przemysl and Cracow.
immediately suspended by the German Govern- An important battle is impending before Cracow.
ment.
Upon its result will depend the future movement of
Yesterday's official statement at the French mili- the Russian army. Victory to the Russians will
tary headquarters was confined to the laconic utter- permit a junction with the Russian central army
ance that "we continue to progress on the right and and an advance into Silesia. Further north the
left." Later this statement was amplified to read Russians have, according to Petrograd's accounts,
as follows: "First—On our left wing the battle con- checked the German advance and driven the
Germans
tinues with extreme violence, especially in the region back thirty miles to the region of Suwalki
and Miriof Roye, where the Germans seem to have concen- ampol. The Germans, however,
continue to bomtrated important forces. The action extends more bard the fort of Ossowetz. Their
operations in this
and more toward the north. The battle front district have been greatly
impeded by the marshy
actually reaches as far as the region to the south of nature of the country,
which prevents the movement
Arras. Second—On the Meuse the Germans tried of heavy guns and
transports. Austria has made an
to throw a bridge across near St. Mihiel. This immediate response to Italy's
demand for an explabridge was destroyed last night. In the Woevre nation of the sowing
of mines in the Adriatic and has
region our offensive continues and progress is being agreed to indemnify
the families of the fishermen who
made step by step, especially in the region between lost their lives by the blowing
up of their vessels
Apremont and St. Mihiel. Third—Along the rest and also to adopt measures
to prevent a repetition
of the battle front only partial operations have been of such occurrences. This seems to defer
at least
tried on either side."
the possibility that Italy will immediately join the
Press dispatches state that the German army Allies' forces. It is also denied
that relations beof Gen. von Kluck is now under attack from the tween the Allies and Turkey are as critical as
have
allied forces on three sides. It is reported that been stated from German sources. Both
the British
70,000 native Indian troops have been landed at Foreign Office and the Turkish Embassy
at London
Marseilles and have at once been sent to the firing have issued denials of friction and
have explained
line. The British war press bureau has officially that the reports do not represent the
views of their
announced that prohibition concerning reference to governments. Turkey has closed
the Dardanelles
the Indian troops has been removed. In addition to 911 navigation, according to a
dispatch from
to the Indian troops a considerable force of British
stantinople. The duration of the closure is
not
926
THE CHRONICLE
[VOL. xclx.
centre. It is suggested by London correspondents
that should the battle of the Aisne, which has now
been in progress for nearly three weeks, culminate
in a decisive victory for the allied armies, there will
be such an insistent demand for the opening of the
Exchange that the Governors of that institution will
not attempt further to oppose prompt action. The
plan for protecting the Exchange's loan position
will, there is reason to believe, be published about
Oct. 15.
It will be recalled that a Royal proclamation was
last week extending the English morapromulgated
Government
on
Thursday notified the
The British
United States that it would not interfere with the torium to Nov. 4 from Oct. 4, with the exception
shipment of foodstuffs from this country in neutral that the extension did not apply to debts due by
bottoms to Holland. In announcing this fact, the retail traders for their business or for rent and neither
State Department made the following official did it apply to bills of exchange other than checks
statement:
or bills on demand. The new arrangement became
"It is understood that the British Government the source of such active protest that on Wednesday
intends to revise its proclamation with regard to evening of this week a new Royal proclamation was
contraband, and meanwhile in neutral ships, goods, issued modifying in material respects last week's
such as foodstuffs, consigned to Holland, in respect action. The new proclamation provides an extension
of which the Netherlands Government have placed of fourteen days for all bills maturing after Oct. 4
an embargo on exportation, will not be treated as and an extension of one month for bills maturing
contraband."
before Oct. 4. It is still provided, however, that the
A denial was also issued that the British Ambassa- moratorium shall cease on Nov. 4. All interest
dor had advised the State Department that it was on loans accumulated during the moratorium is
Great Britain's intention to seize conditional contra- payable Oct. 6; if not paid, the further postponeband destined for Germany or Austria, even when ments of loans will not be permitted. It is, however,
such shipments were being:carried in American ships believed that some form of provision will after Nov.4
and consigned to neutral ports. Our Ambassador be continued for the relief of traders unable to meet
in London, Mr. Page, cabled the State Department their obligations as a result of non-payment of debts
on Thursday that he had a conference with Sir due from foreigners and due directly to the influence
Edward Grey which was "quite satisfactory." This of the war. At any rate debtors unable to pay will
was interpreted in Washington to mean that Great still have the court's protection if they can prove that
Britain had given assurances of concessions that will their difficulties are the result of the war. Followprevent embarrassing results between the two ing the modification of the proclamation the London
Stock Exchange Committee re-postponed the next
nations.
general and Consols settlements to Nov. 18. The
committee also adopted a new rule authorizing it to
Carranza
A truce has taken place between generals
the rules relative to defaults. Under the
suspend
agreedefinite
affairs.
A
and Villa over Mexican
the committee when informed of a
conditions
movement
of
new
all
reached
to
cease
been
ment has
troops and to call the greatest possible number of default may direct liquidation, notice of which shall
Constitutionalist chiefs to meet at Aguascalientes for be posted on the Exchange but shall not be given to
a convention to be held on Oct. 10. The purpose the press unless the committee decides to terminate
of the convention is to exchange ideas about settling the liquidating member's membership in the Exthe Carranza-Villa dispute and re-establish order change.
Many members of the London Stock Exchange,
throughout the republic. Gen. Villa's Secretary
under date of Sept. 30 telegraphed to a press asso- we are informed, seriously fear that if the Exchange
ciation that an armistice had been declared through- is reopened,there will be active German liquidation
out Mexico with Aguascalientes as a neutral zone. by way of Holland, Denmark and New York. In
He stated also that elections would be held,according any event, active liquidation by Germany in London
to the first agreement,from Oct.5 to 10. At Wash- is expected, as soon as possible. On Thursday the
ington it is believed that the difficulty between Manchester Stock Exchange adopted a resolution
Carranza and Villa will be bridged over by the in which it was stated that "the time is now ripe for
resignation of Carranza in favor of an ad interim the resumption of investment business." The date
for reopening the Exchange was not mentioned in
President.
the resolution, that matter being left to the discreFollowing negotiations between the London Stock tion of the committee. Trading activities on ThrogExchange Committee and David Lloyd George, the morton Street have been comparatively light during
Chancellor of the Exchequer, a tentative agreement the week, with the exception of armament shares,
has been reached for the protection of outstanding which, for obvious reasons, have displayed considercommitments when business in securities is officially able strength. According to a Central News cable
resumed. The details are yet to be worked out. dispatch, the security situation in London may be
But there seems no question that Government summarized as follows: "The open account on conaid will be furnished in the form of direct loans to tango has been reduced to £35,000,000, which is a
take up the old commitments, and that provision third of the normal average; the banks'loans to Stock
will be made for the liquidation of these loans in Exchange interests are estimated at £80,000,000;
small quarterly installments. This seems to indicate the banks' loans to the public on securities aggrethat efforts are actively under way to secure an early gate £250,000,000." The latest quotation on British
resumption of Stock Exchange business at the British Consols is 68%. Brazilian bonds have been heavy on
given nor is its purpose explained. Eighteen steamers of an aggregate tonnage of 29,581 tons have been
sunk by German warships during September, according to a British Board of Trade report, while
nine steamers were destroyed by mines in the
North Sea during the same month, seventy-six lives
being lost. It was officially announced last evening
that the British Government had decided to lay
mines in certain areas as a counter-stroke to the
German procedure.
OCT. 3 1914.]
THE CHRONICLE
continued coupon defaults. Call money in the British
centre has ruled easy at about 1%%,notwithstanding
the usual October payments. A total of £11,500,000
in dividends was disbursed on Thursday, Oct. 1, and
the October calls amounted to £6,500,000. For the
first half of the British financial year (ending
Sept. 30) the British financial revenue amounted
approximately to £76,000,000, a decrease of 0,700,000 as compared with last year, while the expenditures aggregated £132,000,000, showing an
increase of nearly £47,500,000. The British Chambers of Commerce and other organizations of merchants have invited their members to supply full
details of their German and Austrian indebtedness.
This action is believed to be preparatory to a scheme
whereby the Government will assist merchants in
difficulties through the non-payment of these debts.
A compilation of commercial debts of Germans to
British manufacturers and merchants presents an
estimated total of about £75,000,000. The Baltic,
which is the English shipping exchange, has suspended six firms from membership for alleged active
pro-German sympathies.
Advices cabled from Paris state that strong pressure is being shown for the reopening of the Paris
Bourse. But general business throughout France
except that of war munitions is still demoralized.
The French Cabinet on Sunday last adopted two
decrees. The first of these continued the French
moratorium to extend during the month of October,
but increased the amount of current bank accounts
that may be withdrawn to one-fourth the total deposits. The second decree makes all contracts
drawn since the outbreak of hostilities between
Frenchmen and subjects of the belligerents null and
void. A memorandum accompanying the decrees
explains that the French Government considers it
would be contrary to public welfare if contracts with
belligerents made prior to the outbreak of the war
were Other suspended if partly executed or canceled by order of the Court. The foregoing information is contained in press dispatches. It does not
agree entirely with the advices given out by the French
Embassy at Washington, which made public on
Thursday a dispatch received from M. Delcasse,
Minister for Foreign Affairs. The dispatch read:
"The decree of the French Government dated
yesterday (Sept. 28) confirming the moratorium increases the limit to which manufacturers and merchants may draw on their accounts to two-thirds of
their accounts as balanced on Aug. 4, the date of
the first moratorium.
"I call your attention to this disposition,which will
facilitate economic and industrial conditions."
Latest cable dispatches quote French 3% rentes
in Bordeaux and Lyons at 7432, the 33's of 1914 at
88, Russians of 1880 at 79, those of 1909 at 83.54
francs and of 1914 at 89.25. Rio Tintos are quoted
at 1,382 francs in Lyons and 1,350 francs atBordeaux.
The Paris "Temps" is quoted by cable as saying that
nearly every one agrees in demanding the reopening
of the Paris Bourse, which forms a wheel indispensable for the financial needs of the public, who in its
absence take risks by having recourse to unqualified
men for negotiating securities. The newspaper
further argues that it is a useless pretext to insistthat
the Bourse should remain closed because so many
members of the Stock Exchange have joined the
927
colors and also because so many securities have been
sent to Bordeaux. It declares that a sufficient number of both remain in Paris to enable business to be
transacted. On Thursday the French Government
published in the "Journal Officiel" a new decree
concerning the prorogation of payment and the
withdrawal of money deposited in banking establishments. According to terms of Article 5 of the
moratorium the benefit of sundry delays given to
the banking establishments by the decree cannot
be claimed by any corporation which would pay
dividends on its stock or on founders' shares. This
ruling is made for the reason that the creditors of
banking establishments and in part those who have
a checking account must have preference over that
of stockholders. M. Ribot, Minister of Finance,
yesterday informed the Cabinet that the French
financial position was satisfactory and that recourse
to public loans would not be necessary.
A wireless message from Berlin announces that an
additional 70,000,000 marks have been subscribed to
the war loan. The final figures for the Imperial
bonds are now given at 3,121,001,300 marks and for
the Treasury bonds 1,339,727,600 marks, making
a total of 4,460,728,900. The statement of the
Imperial Bank of Germany as received by cable on
Sept. 28 compared with the preceding statement
showed an increase of 54,932,000 marks in gold, a
decrease of 50,799,000 marks in note circulation, an
increase of 214,718,000 marks in deposits, an expansion of 51,699,000 marks in discounts and Treasury
transfers, an increase of 6,598,000 marks in the
"Lombard loan" and an increase of 48,357,000 marks
in total cash, including bullion, treasury notes and
bank notes. The cash holdings , now aggregate
1,727,371,000 marks, against 1,408,460,000 marks
one year ago and 1,144,820,000 marks in 1912. It
is necessary to say that we repeat these figures as
received by cable without committing ourselves to
their complete accuracy. Cable communication
with Berlin at the present time is so completely
roundabout and uncertain that it is desirable to
make this explanation.
A dispatch from Petrograd (St. Petersburg) says
that the Russian moratorium has been extended
for a month. A Royal decree issued in Rome on
Wednesday extended the Italian moratorium from
Sept. 30 to Dec. 31. Italian banks are to be permitted to limit payments to 10% of the deposits
during October, November and December, but postal
savings banks and banks issuing currency must pay
depositors in full on demand. A dispatch from
Copenhagen says that the Danish Government is
issuing a domestic State loan of 60,000,000 kroners.
There have been no changes this week in official
European Bank rates. In London private bank
discounts have ranged from 33' to 33'% for ninetyday bills, which are all that have been offered.
Dutch exchange in London has ruled weak, owing to
persistent offering by Amsterdam of low-priced
American securities in London. These offerings
have been sparingly taken because of the fear that
the stocks were being sold in behalf of German
interests. The official Bank rates at the leading
foreign centres are: London, 5%; Paris, 5%; Berlin,
6%;Vienna,8%;Brussels,7%,and Amsterdam,5%.
928
THE CHRONICLE
[voL. xcix.
The Bank of England has this week again estab- securing proper quarters and an efficient staff may
lished a new high-water mark for its bullion holdings. now be undertaken. With the Federal banks in
This week's increase is £1,243,545, bringing the total complete working order, the outstanding emergency
total up to £52,916,604, which compares with £37,- currency can promptly be converted by the issue of
597,823 one year ago and £38,937,720 in 1912. The the new Federal notes, and the banking situation
reserve showed an expansion of £472,000 and the may be expected to rapidly clear.
New York banks have not been charging their
proportion of reserve to liabilities is now 22.81%,
more than 6% for funds. Early in
correspondents
ago.
a
year
53.26%
and
week
against 23.33% last
of the Treasury, Mr. McAdoo,
Secretary
the
week
the
circulation,
note
in
£772,000
of
increase
There was an
New York banks, among
that
charges
published
£6,087,000
of
and
deposits
ordinary
in
£12,019,000
of
in other securities (loans). Public deposits decreased others, had been charging 7%. These charges were
£6,429,000 and Government securities decreased subsequently withdrawn, the Secretary finding, on
£950,000. The total reserve stands at £36,392,000 investigation, that he had been misinformed by a
and compares with £26,412,378 at this date a year Southern bank officer. New York bank executives
ago and £27,802,505 in 1912. Deposits (non-public) regret very greatly the attitude that Secretary
show the large aggregate of £113,246,000 and reflect McAdoo has recently been displaying of criticism
to a large extent the discounts by the Bank of pre- toward New York institutions. They feel that New
moratorium bills and are a good index of the plethora York has done more than its full duty in the great
of day-to-day funds at the British centre. A year crisis and that they have co-operated with the
ago the total was only £29,839,825 and two years Administration to the fullest extent possible. Under
ago £43,075,062. The item of Government securi- these circumstances it is not considered good public
ties stands at £24,732,000 and compares with £13,- policy for the Treasury Department to spread reports
288,105 in 1913 at this date and £13,338,084 in 1912. calculated to cast discredit upon the banking methods
Our special correspondent furnishes the following de- of the country's financial centre, especially when
tails by cable of the gold movement into and out of there is no real basis for such criticism. Lenders are
the Bank for the bank week: Imports, £2,846,000 asking 7@8% for loans running from sixty days to
(consisting of £1,362,000 bar gold and £1,484,000 six months. On the other hand, bidders are only
American gold coin bought in the open market), willing to pay 6@7%, according to the exigencies
£500,000 set aside and "ear-marked" currency note of their needs and actual business has thus become
redemption account and shipments of £1,102,000 very largely a matter of individual negotiation.
net to the interior of Great Britain. We add a Commercial paper may be said to be upon a 7%
tabular statement comparing for the last five years basis for well-known names. Probably one of the
most distinct indications of money conditions is the
the different items in the Bank of England return.
rates that railroads have been compelled to pay for
BANK OF ENGLAND COMPARATIVE STATEMENT.
1910.
1912.
1911.
1913.
1914.
short-term notes. Announcement is made, for inOct.
Oct. 4.
Oct. 2.
Oct. 1.
Sept. 30.
stance,that the Erie Railroad has extended at a higher
28,175,910
29,585,215
29,635,445
29,620,550
Circulation
34,974,000
rate for five months its $6,000,000 6% notes that
Public deposits
22,243,000 9,742,860 13,046,646 11,322 405 7,619,052
137,287,000 39,829,825 43,075,062 42,867,736 44,142,295 were due on Oct. 1. 'This is in addition to the
Other deposits
24,732,000 13,288,105 13,338,084 15.596,084 14,980,568
Gov't securities
notes also due Oct. 1, extension of
116.819,000 28,200,855 34,202,525 28,357,286 29,792,188 $4,550,000
Other securities_
coin
36,391.000 26,412,378 27,802,505 27,893,681 24.687,142 which was recently announced. Similarly, the New
Reserve,notes&
Coin and bullion
52,916,604 37,597,823 38.937,720 39,064,231 34,413,052
York Central is called upon to pay a higher rate.
Proportion reserve
4804%
22 13-18%
4704%
5104%
to liabilities
533%
has requested J. P. Morgan & Co. to manage a
It
4%
4%
4%
5%
Bank rate
5%
syndicate to purchase $40,000,000 six months and
In local money circles the situation has not changed one-year coupon notes divided equally between the
in any important particular. The demand for funds two maturities for the purpose of meeting the comin no instance is active, and the banks are endeavor- pany's financial requirements well into 1915. It is
ing to pursue a liberal policy in meeting all legitimate understood that the syndicate will buy these notes on
requirements. While there is still evidence of a per- approximately a 7% basis.
Last Saturday's statement of the New York Clearsistent policy on the part of lenders to get outstanding
loans on a more satisfactory basis, bank executives ing-House showing the averages of the associated
are endeavoring to show the greatest consideration banks and trust companies indicated a decrease of
and are not forcing matters beyond what they $3,576,000 in loans and of $990,000 in deposits. The
believe is the legitimate ability of lenders to streng- cash reserve increased $6,882,000 and there was a
then their loans either by the deposit of additional decrease of $7,674,700 in the cash deficit, bringing
security or by part payments. There is slight ex- the latter down to $30,709,400. A year ago there
pectation in local banking circles that conditions was a surplus of $13,215,450 and two years ago a
will show much further approach to normal until the surplus of $6,350,000. The banks alone reported an
war outlook improves, and especially until the increase of $6,885,000 in cash in vaults. The trust
Federal Reserve district banks become practical fac- companies reported a decrease of $3,000 in cash in
tors in the situation. Fortunately, there is en- vaults but an increase of $2,733,000 in cash in banks.
couragement to believe that decided progress will be A message from the United States Minister, Schmedeshown to have been made in this latter respect by man, at Christiania, states that a loan of 25,000,000
about Dec. 1. It seems futile to expect practical crowns will be arranged for in the United States by
results earlier than that date, as a great mass of the Norwegian Government. Thus far, so far as we
preliminary work must first take place before the have been able to learn, negotiations have not taken
district banks are in shape to perform the functions definite form on this side.
Referring to money rates in detail, it may once
for which they have been created. However, the
appointment of Class C directors in many of the dis- more be repeated that quotations for call loans have
a range of 6@8%,
tricts is the final step for preliminary organization. each day of this week covered
ruling
Time money
the
basis.
being
figure
Hence the work of a more detailed character of the lower
1
OCT. 3 1914.]
THE CHRONICLE
is quoted at 6@7% for sixty and ninety-day maturities, against 6@8% a week ago. Four months' and
five months' loans remain at 6@8% and six months'
at 6@7%, against 6@8% last week. Mercantile
paper is moving fairly at 7% for the best names.
Closing quotations may be repeated at 63'@7% for
sixty and ninety day endorsed bills receivable and
four to six months' single names of choice character;
names less favorably known require 73/2@8%.
929
Hine, Benjamin Strong Jr., FrankM.Fanderlip and
James N. Wallace. The committee announced that
applications would for the present be considered by
the committee daily, commencing on Friday, Oct. 2
(Saturdays excepted), at an hour to be fixed by the
committee, which until further notice will be 3:30
p. m. Applications must be filed not later than noon
of the day on which they are to be considered. Payments for amounts allotted must be made not later
than 10:30 a. m. on the following day by certified
The market for sterling exchange, after a sharp up- checks drawn to the order of the "Gold Fund Comward movement early in the week, then weakened mittee" on New York banking institutions. A
and closed anticipating the favorable influence of the later announcement will be made when the committee
$100,000,000 Gold Pool which began practical op- is prepared to sell cable transfers. The total
shiperations in the Exchange market yesterday. There ments of gold, all to Canada, this week,including the
was quite a display of real strength on Saturday and pool operations, has been $10,386,936, including
Monday. This was the result of specific influences, $1,404,221 in bars and $8,982,715
in coin.
among them the necessary arrangements for October
Thus the first allotment of bills by the committee
payments abroad, which, in view of the recent de- must be paid for at 10:30
o'clock this, Saturday,
rangement of exchange facilities, had to be financed morning. Thursday's shipment
to Ottawa reprein large measure by cable transfers. The second sented gold advanced by a group of banks in this
influence was the covering of short contracts by city, including the National
City, which advanced
operators who had counted upon the Gold Pool exert- $2,000,000, and the following
institutions, which
ing an earlier influence than has in fact developed; advanced $1,000,000 each: Chase National, Naand third, may be mentioned the uncertainty re- tional Bank of Commerce, First National, National
garding the English moratorium which, according to Park, Hanover National, Bankers
Trust Co.,
last week's Royal proclamation, was to be extended Guaranty Trust Co. and the Central Trust
Co.
only in respect to checks or bills on demand. Hence, While the committee has every assurance that the
as this ruling would require payment of bills that full $100,000,000 will be subscribed by the banks
had been under the operation of the moratorium, in the large centres, the fund has not yet been defiinterests on this side found themselves, in the absence nitely completed. Hence there has been no call for
of new credits, obliged to buy exchange in order to the 25% first installment that is proposed, and the
cover their obligations before Oct. 4. This action was action of the New York banks in providing the first
quite unexpected, and it is understood applied to a $10,000,000 gold in advance is to enable the
comlarge volume of finance bills that had been put out mittee to proceed without delay with the work
of
during the summer months with the object of covering getting the foreign exchanges in an improved
conthem on maturity with cotton and grain exchange at dition. It is expected that the full subscriptions to
low rates. The maturities of these finance bills had the Pool will have been completed on Monday or
been extended from time to time under the mora- Tuesday of next week and that a 25% call will be
torium, but the supply of grain and cotton bills had at once issued. The committee have fixed upon
not materialized. Hence a settlement was finally the time of allotment of bills and the payment therenecessary, and an insistent inquiry developed for for with a view of preventing as far as possible all
demand bills and cable transfers. Rates for the speculation in exchange. It will be observed that
latter advanced on Monday as high as 5.023I, against the rate of exchange will not be announced until late
4 973'@4 983 on Friday of last week and to 5 01 in the afternoon and the allotment must be accepted
for demand bills, against 4 963/@4 973 a week ago. and paid for before the foreign exchange market
On Tuesday quotations continued to be maintained, opens the next day. The committee have
decided
but.on Wednesday the market began to weaken and to deal direct with buyers
of exchange and not through
closing quotations show severe declines from Mon- brokers.
The forms of application that have been
day's highest rates. Aside from the influence of the drawn
up call for detailed information of the uses
Gold Pool, a sudden amendment of the English to which
the exchange is to be put; that is to say,
moratorium was responsible for the weakness later whether the
application is the result of indebtedness
in the week, since it granted an additional extension covering
imports of commodities or is the result of
of a fortnight and in some instances a full month corporate
obligations, including principal, interest
in maturities of bills of exchange. This is a subject or dividends
due abroad, or whether it is for the purwhich we have already explained in detail in our re- pose of paying
money borrowed, and must in fact
marks covering the London financial situation.
give complete details of the entire transaction,
As noted, the Gold Pool began practical operation including whether
a partial allotment of the amount
on Thursday by shipping $10,000,000 in gold to applied for will be accepted.
If not located in this
Ottawa. This amount consisted of $8,600,000 in city, he must give
the name of the New York bank
coin from the Sub-Treasury and $1,400,000 in bars that has been instructed
to make payment for the
from the Assay Office. The committee which has exchange allotted and to
whom notice of acceptance
charge of the operation of the fund announced after of application may be given.
These facts will govern.
the shipment had been made that it was prepared the committee in making allotments
.
to receive applications for checks on London. These
There has been considerable difference of opinion
applications must be made on forms which can be in New York banking circles
as to the necessity of
obtained at the office of the committee in the New the establishment of the gold
fund, quite a number
York Clearing House or from any member of the of important interests having taken
the ground when
committee as follows: Albert H. Wiggin, Chairman; the New York City maturities
in London had been
William Woodward, J. S. Alexander, Francis L. arranged for that the best
way of handling the
930
THE CHRONICLE
[VOL. xc
The following table indicates the amount of bullion
situation would be to allow it to work out without
in
the principal European banks.
decided
arbitrary conditions. Now that it has been
to
n
a
dispositio
is
Oct. 3 1913.
Oct. 2 1914.
that the Pool shall be tried, there
Banks of
Gold.
Total.
Silver.
Total.
Silver.
Gold.
withhold criticism to see how the plan will work out
in
scheme
of
the
success
the
to
e
and to contribut
52,916,604 37,597,823
37,597,823
England__ 52,916,604
-a 165,653,680 25,013,280190,666,960138,392,360 25,391,400 163,783,760
every possible way. The plan, of course, contem- France_
Germany _ 84,368,000 2,000,000 86,368,000 57,146.300 13,277,960 70,424,250
-c 172,713,000 5,711,000 178,424,000 183,552,000 7,112,000 170,664,000
plates bringing the entire exchange situation under Russia.
Aus-Hun• 51,578,000 12,140,000 63,718,000 50,739,000 10,829,000 61,568,000
Spain__ _d 21,888,000 27,164.000 49,052,000 18,656.000 29,727,000 48,383,000
the control of the committee in charge and should Italy
46,637,000 3,000,000 49,637,000 45,851.000 3,175,000 46,026,000
688,200 12,066,200
207,900 13,318,900 12,278,000
13,111,000
lead to the standardization of exchange rates in Nether'ds.
Nat.Bel_b 10,653,333 5,326,667 15,980,000 8,358,000 4,179,000 12,537,000
5.736,000 5.701,000
5,701,000
5,736,000
h
Sweden_
the near future.
8,966,700 6,785,000
6,785,000
SwitzerCd. 8,966,700
3,059,000 2,500,000
2,500,000
3,059,000
d
Norway_
sterling
week,
last
As compared with Friday of
Tot.week.637,280,317 80,562,847 717.843,164 517,556,483 94,379,550611,936,033
bills
demand
firmer,
was
exchange on Saturday
Prey.week 628,945.722 83,355.347712,301.069 552,639,197 95,035,437647,674,634
moving up to 4 9731®4 973/ and cable transfers •Data for 1914 for July 30. b For Sept.17 e Sept. 5. d Sept. 24. h Sept. 17
1@4 983/2; a marked scarcity of commercial
/
to 4 981
THE PRIMARY ELECTION.
offerings, coupled with a good inquiry, were the
Last Monday, under the hew law, New York State
dominant factors on the rise. On Monday a sudden
sharp upturn in exchange rates became evident and held the first direct primary election in its history,
demand was rushed up to 5 01 and cables to 5 0231, the candidates named being those who are to stand
an advance of 8 cents in the pound from the previous in the State election of next November. The camlow point; heavy demands in connection with the paign for this primary election had naturally been
quarterly settlements abroad, firmer London dis- overshadowed by a popular interest in the European
counts and the expected termination of the modified war; but it was marked by a few developments of
English moratorium were chiefly responsible; the considerable interest. It centred on the contest
1®5 01 for demand and 5 01® over nominations for Governor,in which three parties
range was 4 99Y
4 for cable transfers; seven-day grain bills rose were in the field. With the Republicans the con5 021
to 4 96%®4 97. The upward movement was checked test was between District Attorney Whitman, State
on Tuesday and sterling rates declined to 4 99® Senator unman and Mr. Hedges, the Republican
4 99% for demand bills and 5 003.1®5 009' for cable candidate for the same office in 1912. The persontransfers; this was due mainly to arrangements having ality of this contest was interesting because of the
been completed for the settlement of the major por- strenuous efforts, made some months ago by Mr.
tion of the maturing Oct. 1 obligations; distinct Roosevelt, to blockade the Whitman candidacy,
dulness with a tendency to await further develop- through refusing the Progressive Party's endorsements replaced the previous day's activity; bankers' ment. The result of the voting is that Mr. Whitman
sixty-day bills were nominally quoted at 4 96. On won the nomination by an apparent plurality of
Wednesday a more liberal supply of bills with a 40,000.
was
lessened demand brought about further declines and
In the Democratic contest Governor Glynn
gained
celebrity
who
,
Hennessy
1(4)4 983/i and pitted against Mr.
/
demand sterling receded to 4 973
cable transfers to 4 98%@4 993; sixty days was through his somewhat sensational speeches in the
quoted at 4 94. Demand bills went down to Sulzer episode of the Mayoralty campaign a year ago.
4 96®4 963/i on Thursday and cable transfers to Mr. Glynn was named by the voters by what seems
4 97®4 973/2, with sixty days at 4 93®4 9332. The to be fully 100,000 plurality. As for the Progressive
had
announcement by the Gold Pool Committee of the Party, which, under Mr. Roosevelt's direction,
ns,
the'
Republica
with
s
candidate
initial shipment of gold to Canada exercised a favor- refused to unite on
d
with
result,
confronte
a
as
s,
themselve
able influence on market esntiment, though active they found
buying by up-town importers caused some firmness a sharp fight to avert the nomination of the eccenbefore the close. On Friday the market again ruled tric Sulzer, who was very narrowly defeated by Mr.
easier. Closing quotations were 4 923/ for sixty Roosevelt's candidate, Davenport. Incidentally, it
days, 4 953®4 963/2 for demand and 4 96%@4 973/i may be mentioned that the vote of the Progressives
for cable transfers. Commercial on banks nomi- at the primaries fell to absolutely negligible propornal, documents for payment nominal. Seven-day tions. The party's total vote, so far as is shown by
grain bills 4 9431@4 9432. Cotton for payment returns thus far published, was hardly one-tenth of
the vote cast at the Democratic primaries, and little
nominal; grain for payment nominal.
more than one-fifth the vote cast by the Republicans.
In the nominations for United States Senator,
their
in
banks,
House
ClearingGerard, now Ambassador at Berlin, was nomiYork
Mr.
The New
have
ns,
institutio
banking
by the Democrats by a majority of nearly
interior
nated
with
s
operation
the
curof
result
a
as
cash
over Mr. Franklin Roosevelt and Mr. Mcin
net
60,000
00
$23,922,0
gained
Their
4.
Oct.
ending
In the Republican primaries Mr. Wadsweek
Donough.
the
for
s
movement
rency
$28,640,d
worth, one of the legislative leaders at Albany, was
receipts from the interior have aggregate
0.
$4,718,00
reached
successful over two other very respectable candi000, while the shipments have
gold
the
and
s
dates. The Progressives named no candidate.
Adding the Sub-Treasury operation
$11,438,of
loss
a
Taking the primary results as a whole, the most
d
exports, which together occasione
into
money
result is the fact that organization candiof
striking
flow
000, the combined result of the
appears
week
named by the voters in practically every
were
the
dates
for
and out of the New York banks
follows:
is notably true of the Governorship, but
This
as
case.
00,
$12,484,0
to have been a gain of
it applies to the other nominations as well. In this
Net Change in
result there is no reason for surprise. An• election
Out of
Into
Week ending Oct. 4.
Bank Holdings.
Banks.
Banks.
an election, whether primary or final, and in either
is
$4,718,000 Gain 523,929.000
525.640,000
Banks' interior movement
Loss 11,438,000 case an organized campaign for electioneering is
26,202,000
14.764,000
exports_
Sub-Treasury oper. and gold
It will possibly produce
543,404.000 530,920,000 Gain 512,484,000 bound to produce results.
Total
OCT. 3 1914.1
THE CHRONICLE
the greater results in a primary election, for the
reason that in such a contest there is less of public
discussion or of mass meetings, so that the voter is
largely left uncertain or bewildered as to his individual choice.
For ourselves, we cannot regard the successful
activity of the political organizations as unfortunate.
Supposing them to keep their hands off in a primary
contest, one might readily imagine a multitude of
candidates, with entirely random and ignorant voting
on them by the citizens. Mr. Sulzer's close run for
the Progressive nomination shows what might happen
in any such case. The truth .is, that the instinct
of the American people, developed by long experience, is to conduct their politics through the medium
of organized committees. Indeed, it may be said
that the same instinct governs all management of
business affairs by Americans. Our political history
gives abundant evidence of this fact. It is precisely
this instinct which created, as an institution in our
politics, the nominating conventions of the several
parties for Presidential candidates, although that
expedient was entirely unprovided for in the Constitution.
This was not a vague "happy thought" of politicians, but a correct recognition of political necessities. Before the nominating convention was contrived, Presidential candidates were selected by a
junto of Congressmen, in whose deliberations intrigue
and favoritism were extremely apt to prevail. This
was a real abuse,because it not only did not recognize,
but frequently defied,the popular will; it was swept
away by the nominating convention. But the same
political necessity lay at the root of the system of
conventions to nominate the Governor and other
important officers of the State.
There have been grave abuses in these large nominating conventions, and the recourse to direct
primaries is a result of them. But the same instinct
which created such conventions, as an engine which
should register the party's will while avoiding party
chaos, is bound even now to cling to the machinery
of party organizations as an influence, however
indirect, on the selection of nominees. It is possible
that this expedient may turn out to be our only safeguard against,complete confusion in the selection of
party candidates, or against the gaining of nominations by utterly unfit candidates with a compact
local constituency, who might easily achieve success
when the legitimate opposition of intelligent citizens
was frittered away on a number of scattered candidates.
As to how much has actually been gained by the
institution of direct primaries, we confess ourselves
doubtful. We have shown already that the results
of this primary election have been substantially the
same as would, in the natural order of events, have
followed nominations through the old convention
machinery. The sameforces which determined results
in this week's voting would have prevailed at a convention. The results have this time been secured at great
cost to the taxpayers, for the expense of primary elections is already known to run well into the millions.
Moreover,against the advantage of avoiding possible
objectionable results in the convention system of
nomination, must still be placed the possible danger
of chaotic and divided voting, and the real annoyance
of perpetual political agitation in an electoral year.
Nobody has forgotten what this meant in the Presidential year 1912.
931
In short, as regards:either the expression of popular
will or the quality of candidates selected, this week's
New York primaries indicate that the outcome under
that system will be substantially the same as under
the convention system. With regard to Senatorial
nominations, now that Senators are to be chosen by
direct popular vote, it is probably very fortunate that
party organizations are an active force. In choosing
members of the United States Senate the possibility
of selecting demagogues or obscure politicians
threatened to be very serious. It will not be disputed that very considerable evils had arisen in
the election of Senatorsiby State legislatures. Notoriously unfit men have repeatedly been chosen,
through use of ulterior personal influence. Yet we
know that the outcome of Senatorial elections
under the system hitherto pursued, and taking
the nation as a whole, have not been bad, and it is
also fairly openito argument that the real menace
of the direct nominations and election of Senators
might be the consequent filling of the Upper House of
Congress with:obscure and incompetent men, such
as might represent mere accident or popular whim.
We have, however, placed this new system of
nominations and elections on our statute books.
The experiment:must be tried out and we must make
the best of it. To our mind, the result in New York
indicates that it is at'lleast being tried on a basis of
practical common sense. The outcome indicates
that our people are not yet ready to abandon their
old-time expedients for orderly concerted action in
political affairs. If suchlregulating and organizing
action is no longeritolbe applied in one way,it will
certainly be applied in another. That faculty of
adapting availableimeansito a practical end is the
genius of American politics, and is a far more real
safeguard against political abuses than are the notions of publiclmenwhose one idea of progress and
civil liberty seems to be tinkering perpetually with
constitutions, andkulling down as fast as they
build up.
THE SOUTH'S COTTON PROBLEM.
In desperate situations men are prone to do desperate things. The truth of this observation is reflected in the wild and visionary schemes proposed
by some of the Southern leaders in their ill-conceived
efforts to relieve the situation with regard to the
cotton crop now beginning to move. The cessation
of demand from Europe, due to the war prevailing
on the Continent, has paralyzed the cotton trade,
closing the cotton exchanges and rendering cotton,
for the time being, a more or less unmarketable
staple. It is conceded, of course, that American
and Japanese mills will require more than their
usual supplies, but, naturally, they will, in these
days of monetary stringency, buy only in a hand-tomouth way, unless cotton values ultimately go to
such low levels that it will be financially prudent to
lay in large stocks against the time when economic
conditions will reverse themselves. In any event,
however, the South, where a cotton crop of well over
15,000,000 bales is promised by existing conditions,
will have a surplus of from five to six million bales to
take care of.
Prices since the European war started having
fallen from 13 cents to 8 cents for middling cotton,
the Southern producer is confronted with a situation
that spells economic ruin unless wise plans, based
upon sound principles, are adopted and made gen-
932
THE CHRONICLE
erally effective in the section affected. Inasmuch as
cotton as an article of export in times of peace
turns the balance of trade in our favor, the whole
country, in a commercial sense, is concerned over
the situation that has arisen in the South. It is
one thing to feel concerned and sympathetic, however, and another to consent to any violation of wellestablished economic principles, which might haunt
us in the future. Undoubtedly, this was the idea
that President Wilson had in mind week before last
when, in reply to an appeal made by C. S. Barrett,
President of the National Farmers' Union, in favor
of Government loans direct to cotton growers, the
President said:
"I need not say that the gravity of the situation
is very manifest, and I want you to know that I
have been giving a great deal of attention to it, with
the earnest desire to see some way by which the
difficulties could be solved without committing the
Government in principle to any action which would
plague us in the future, because the danger, gentlemen, of the present situation is that,under pressure
of what appears to be necessity, we might make
some radical departure from sound economic practice which in future years we would very much regret. We have got to make sacrifices, not to make
fundamental mistakes. Now, I am not thereby
implying a judgment as to any specific proposition,
but I feel bound myself to guard against impulses
when impulses are so strong, just as I feel it so necessary for us in an international situation to guard
every impulse and see that we do not make any
mistakes which future generations will have just
cause to blame us for. But I want you to know how
sincerely I appreciate the gravity of the situation
and how entirely willinglam to consider anything that
is laid before me by way of a practicablesuggestion."
Fitting words, these, reflecting more the welldigested thought and wisdom of a statesman than the
superficial views too often expressed by men in high
political positions.
The South, in our opinion, can and will work out
its own economic salvation in the crisis that confronts it. That section has, even in the memory
of those now living, seen harder times than now prevail. The resources of the South are too varied and
its soil too fertile for the prosperity of that section
to be long dependent upon any one staple or product.
Economic necessity, working along right lines, will
force a reduction in cotton acreage and a corresponding increase in grain acreage next year. Thus,
the South will again taste the flavor of prosperity,
based upon right principles. This condition will, we
think, be brought about even without a visionary
scheme of having the Southern States prohibit the
planting of any cotton at all next season by special
legislation on the subject. We imagine that the
Southern farmer himself will be the first to rise in
protest against any such plan being put into effect.
THE SHIP-PURCHASE BILL.
The backing and filling upon the ship-Purchase
bill is somewhat unusual. On the 24th, one Washington dispatch declared that it is going through "and
the President is determined that the opposition must
get out of the way of the measure or bear the consequences." On the 28th other dispatches said he
"declared to-day that he would insist" and that
"Democratic leaders indicated to-day that the
President would probably announce to the public
soon whether or no the so-called ship-purchase bill
will be permitted to go over" to the next session
[VOL. XCIX.
On Wednesday last Mr. Underwood was quoted as
saying that "within two or three days the two parties
in Congress may agree upon a series of recesses from
October 10 to November 15," thus permitting
Congressmen to go home and look after their political
fences; but Thursday's report said the recess plan
has been abandoned and Mr. Wilson acquiesces in
adjournment,including putting this bill forward.
These dispatches indicate that the gradual usurpation of legislative powers by the Executive has
become complete and accepted, yet the private
opinion in Congress seems to be that the bill should
be quietly dropped, being unpromising in results
from the view-point of party expediency and also
no longer apparently necessary. Sufficient ships
are said to be offered, and private capital, which is
always quick to perceive profitably opportunity, is
ready to enter them in foreign trade as fast as clearly
required. Even Chairman Alexander, who introduced the bill, has been quoted as saying that conditions have since become less urgent and that the
subject can go over without danger, an opinion
confirmed by the great increase in exports from this
port in the week ending on the 26th, which carried
the total for the four weeks past that of the like
time in 1913. So we may be permitted to hope
that we have now heard the last of this worst
of the hasty and almost hysterical propositions
of the past six weeks. In course of those some
were crying aloud that exports must go out or
the country would soon be in unendurable distress,
while others were crying as loudly that exports
(especially of food) must be impeded or even prohibited or the cost of living would rise to unheard-of
heights.
Neither contention had any other cause than an
unwarranted excitement. The ship-purchase proposition was objectionable as a piece of Government
movement towards dangers in public policy, being
also liable to involve the country in unpleasantness
or worse with some belligerent-. There were reasons
for suspecting that persons were behind the bill who
would like to dispose of some ships, and experience
indicates that purchases by the Government would
pretty surely be good bargaining for the sellers. It
was also certain that the natural laws of business
could be trusted to provide means of carriage as
fast as the things to be carried appeared. The
"South American Trade Special" train through portions of Pennsylvania and New York was received with great interest last week, and the lecturing experts it carried have been explaining that we
cannot get the major instead of the minor share in
South American trade just by adopting the shibboleth that "trade follows the flag," but that other conditions than having American ships must be complied with, such as close conformity of goods to the
needs, the habits and the prejudices of the people.
Moreover, exports have begun to move more
freely again. In the four weeks ending on the 10th
the wheat movement from American and Canadian
ports was some 40% larger than in the corresponding
time of 1913, and from this port the movement of
sugar and oats was much larger in the second than
in the first ten days of the month. The more unnatural impediments are offered before the outflow
of indispensable commodities, the larger the volume
of movement when the resistance is overcome. The
troubles of other nations may offer commercial
opportunity for our own, if we can but shake off the
OCT. 31914.
THE CHRONICLE
obsession that whenever anything is discovered
which is not just as it should be the Government must
instantly "do something" about it. Instead of
rushing about like ants in an opened hillock, we should
keep ourselves cool, remembering that, even in a
real emergency, it is better to stand and consider
what should be done than to snatch up the first
suggestion.
ILLINOIS CENTRAL RECOVERY FROM STRIKE.
The Illinois Central Railroad Company keeps
adding to the volume of its traffic from year to year
and is slowly but surely recovering from the effects
of the shopmen's strike of 1911-12. Gross earnings
for the period covered by the present annual report,
that is, the 12 months ending June 30 1914, were
far and away the best on record, indicating steady
development of the traffic of the system. Net
earnings also made substantial improvement from
the extremely low total reached during the strike
year. The fact that they fall very considerably
short of the maximum of preceding periods must be
considered in the light of the circumstance that this
impairment of the net earnings occurs in face of
marked evidence of increasing operating efficiency.
The shortage must hence be ascribed to the same
causes that have produced an impairment of the net
on other important railroad systems, namely the
rise in operating costs produced by advances in
wages and the rise in the cost of practically everything else entering into the operating accounts of the
railroads. A coincident decline in the average rate
realized per ton per mile indicates that more freight
had to be moved to earn a given amount of gross
revenue and that this also must have played its part
in swelling the expense accounts.
There was a further increase in the late year of
$1,592,797 in gross earnings and of $866,381 in net
earnings. These are obviously gratifying results,
particularly in the case of the net, though here the
usual experience is encountered and it is found that
$437,696 of the gain has been absorbed by augmented taxes. Nevertheless, the showing as to net
would have to be considered quite exceptional if the
figures for the late year could be treated by themselves. As it is, they must be regarded in the light
of the antecedent rise in expenses growing out of the
shopmen's strike. Happily, the report is able to
state that the unsatisfactory labor conditions which
were so largely responsible for the previous advance
in expenses have practically disappeared. The
several shop organizations over the system, it is
stated, are now working under normal conditions
and turning out work efficiently and economically.
With reference to the late year's further expansion
in traffic and in revenues, President C. H. Markham
takes occasion to observe that there is cause for
satisfaction in that the depressed business conditions and, in many localities, the poor crops which
resulted so unfavorably for many of the other railroads of the country did not prevail in the territory
traversed by the company's lines. It is pointed out
that the increase in traffic and revenues, though
moderate, was general over the system but more
marked on the lines north of the Ohio River and
east of the Mississippi than on either the southern
or western lines. The increased earnings on the
northern lines follow largely from a substantial increase in the tonnage of bituminous coal transported,
933
the increase here amounting to 1,657,331 tons.
No less than 12,145,045 tons out of a total freight
tonnage of 32,342,709 consists of bituminous coal,
this representing 37.55% of the tonnage, as against
34.45% in the year preceding.
The best indication, however, of how traffic is
being developed is afforded when the comparison is
extended further back. Taking a five-year record
it is found that the total tons of freight carried in
1914 at 39,186,975 (including freight for the company's own use) compares with only 30,476,494 tons
in 1909, thus giving an increase for the five years of
nearly 30%. If we take the tonnage movement
one mile, which is the true measure of the transportation services rendered, the expansion is found
to be almost equally as striking. For 1914 the tonnage movement one mile reached 9,115,135,117, as
against 7,315,620,260 ton miles in 1909, the increase
here being about 25%. In the same five years the
number of passengers carried increased from 23,314,699 to 27,522,774 and the number one mile from
603,638,248 to 718,962,391.
Aggregate gross earnings in the interval have risen
from $54,609,445 to $65,873,700 and this has occurred in face of a considerable decline in rates, the
average realized per ton per mile in the late year
having been no better than 5.63 mills, against 5.77
mills in 1913, 6.10 in 1912, 6.09 in 1911, 5.91 in 1910
and 5.98 mills in 1909. Turning to the net results,
however, it is observed that the amount of the net
for 1914 was actually somewhat less than for 1909,
the comparison being $15,098,372, against $15468,975—in other words, 113 million dollars gain
in gross revenues yielded absolutely no addition to
the net. The comparison is still more unfavorable
as against the $17,330,879 net made in 1911 just
before the strike troubles, though on the other hand,
there is important recovery from the extremely low
total of $10,605,805 net reached in 1912, when the
strike existed as an active adverse influence.
As already pointed out, the absence of any gain
in net, but actually a loss, for the five-year or the
three-year period, in face of the expansion in traffic
and in gross revenues, affords testimony to the trying
conditions under which railroad operations have to
be conducted, with rates shrinking and wages and
other items entering into the operating accounts
advancing. To the extent possible this tendency
of rising expenses has been overcome by greater
efficiency of operations, but only a small part of the
additional cost could be thus extinguished. What
has been accomplished in the direction of operating
efficiency appears from the fact that the average
train-load in the late year was nearly 488 tons as
against only 419 tons in 1909. As a consequence
of this greater train-load the freight trains earned
$2 35 per mile run in 1914 where they earned in
1909 only $2 10 per mile run.
In connection with the diminished productiveness
of gross revenues in the yield of net, there is also to
be considered the fact that constant new additions
of capital are required from year to year, in order
to furnish the needed facilities for carrying the additional volume of traffic. As a consequence of
such new capital outlays, the requirements for interest or dividends that have to be met out of the
shrinking amount of net necessarily keep growing
from year to year. There is a statement in the
report bearing directly on this point. In other
words, the report tells us that during the four years
934
THE CHRONICLE
IVot. xem
indistressing results of these adverse fact
tensified and made harder to bear by the generally
hostile spirit displayed towards railroad property.
Gross earnings during the year fell off $2,361,605,
but through saving and economy and the further
development of efficient methods, the management
was able to offset this to the extent of $1,576,624 by
a reduction in expenses, leaving the loss in net only
$784,981. Increased taxes, however, added nearly
$200,000 more to the year's loss. The decrease in
revenue from freight traffic was $1,753,242, or
3.83%. The following caustic comment by President B. F. Bush will indicate what is the real trouble under which the property labors:
The decrease in revenue from freight traffic was
$1,753,242 18, or 3.83%. Herein is recorded the
direct effect of the unfortunate, if not misguided, insistence upon reductions in tariffs, the legal right,
although not necessarily the propriety, of exacting
which was finally confirmed by the United States
Supreme Court, and which reductions were made effective during July 1913; for the number of tons of
revenue freight handled this year was but 29,533
(0.13%) less than the previous year, against which
the revenues for transporting the tonnage show a
shrinkage of 3.83%. A similar, although grosser,
presentation is found in the revenue of passengers
carried, which declined $467,846 51, or 4.02%, although the number of passengers carried increased
13.36%. Combining the returns from both freight
and passenger transportation, and striking an average, arrived at by utilizing all of the active factors
THE MISSOURI PACIFIC REPORT.
it is estimated that the enforced reductions
involved,
The unfortunate conditions which prevail in the
in freight and passenger tariffs, have caused a loss
railway world obviously bear most severely on con- in revenue, based upon the volume of this year's trafcerns that are least strongly buttressed in income fic,of not less than $1,800,000, even though the faciliand in other ways. If a company is not a dividend- ties and appointments necessary for such transportapaying property,and even in the best of years has only tion—and involving large capital expenditures—have
a moderate margin of•income above fixed charges, been substantially increased.
it is manifestly in danger of being pressed to the wall
President Bush has accomplished wonders during
under the inability to arrest the steady decline in the short time that he has been in control, but it is
rates and the rise in operating cost. If, in addition, evident from the foregoing that, notwithstanding all
as is the case with the Missouri Pacific, the company his power of achievement, he is unable to perform
is handicapped with a large volume of short-term miracles. In the previous fiscal year, through a careobligations, which can only be renewed as they ful looking after details and the application of inmature at high interest rates and upon hard terms, telligent methods, he was able to bring about a
its position must remain one of great anxiety until very substantial improvement in results and to show
the public authorities, spurred on by enlightened a balance of income above fixed charges of over one
public sentiment, can be made to see that it is to the and one-half million dollars. Gross earnings were
interest of the whole community that the railroad then increased $7,642,256, and by keeping expenses
industry shall be accorded fair and decent treat- carefully within bounds, he succeeded in carrying
ment, the same as every other industry—that the forward $4,165,369 of this as a gain in net. The
principle of "live and let live" applies here as else- feature of the statement then was that the company
increased very materially its maintenance charges,
where.
The distinctive feature of the annual report of the while the addition to the transportation expenses was
Missouri Pacific just submitted is that it shows that, relatively small, notwithstanding the greatly enwith fixed charges of $14,500,000, the amount of larged volume of business done. In the year under
these charges was barely earned, the surplus on the review, with a loss of part of the previous year's gain
operations of the twelve months being only $74,692. in gross, the feature again is the transportation
To be sure, this is the result for a year of unfavora- expenses, the bulk of the whole decrease in operatble trade and traffic conditions; and, having regard ing expenses being found under that head.
Here, then, we have evidence of true economy in
to the company's past history, the management
a conclusion which is further fortified by
operation,
being
in
well
done
having
as
considered
must be
For instance,
able to show even a small balance on the right side the operating statistics in the report.
for
train-load
1914 was 451
average
the
that
of the account. In the Southwest, where lie the we find
1913
397 tons in
in
and
only
tons
437
against
lines of the Missouri Pacific, last season's agricul- tons,
tons
years
54
has
two
been
added to
in
Thus
tural yield was very poor, as is well known, the crops 1912.
realized
The
average
rate
train-load.
average
in some of the States having proved almost an abso- the
against
mile,
per
7.99
ton
mills
per
only
was
lute failure. In addition, the communities in the ter- in 1914
mile in
per
ton
per
8.24
mills
and
1913
in
mills
ritory contiguous to the lines of the system felt the 8.07
year
latest
the
the
in
trains
earned
Nevertheless
1912.
all-pereffects of general trade depression, with its
If,
ago.
years
two
run,
74
against
$2
mile
per
the
10
$3
that
vading influence. The fact is, however,
from July 1 1910 to June 30 1914, the company
expended no less than $32,354,858 in additions and
betterments to its road and equipment, including
improvements on its subsidiary properties. Of this
large expenditure, $16,576,492 was on account of
additions and betterments to roadway and structures
and $15,778,366 on account of additions and betterments to equipment.
We have stated that the late year's increase in
net earnings over the year preceding had been $866,381, but that $437,696 of this had been consumed
by an increase in taxes. This would have left
comparatively little gain in net, but as it happened
the income from investments and other sources
registered a gain of $1,321,248, clue mainly to the
company having realized in 1914 $1,658,709 from its
holdings of Louisville New Orleans & Texas 2nd
mortgage incomes, as against $627,157 derived from
that source the previous year. As a consequence,
the income account of the Illinois Central shows for
the twelve months a balance above charges in amount
of $8,138,824, as against only $6,575,112 in the preceding year and no more than $3,466,447 in the strike
year. Dividends are now only 5% per year and
call for $5,464,800 per annum. Thus, a surplus
remained on the late year's operations over the dividend requirements in amount of over $2,500,000.
Stated in brief, 5% was paid in dividends and about
732% earned.
OcT. 3 1914.1
THE CHRONICLE
therefore, good management could lift the company
out of its trouble, its path now would be an easy one.
It is the achievement along this line that President
Bush has in mind when he indulges in the following
remark:
A reduction was accomplished in transportation
expenses equaling 5.49%; the ratio of the total of
such expenses to total operating revenue was this
year 35.61%—last year 36.25%. These figures exhibit a further refinement in these branches of the
service, which directly and largely concern the shipper and passenger; the results reflect the ardent efforts of all officers and employees.
Undoubtedly the results do reflect "the ardent
efforts of all officers and employees," but unfortunately the situation in the railroad world is such that
the efforts of the officials cannot restore the proper
equilibrium between receipts and expenditures.
In this the experience of the Missouri Pacific is no
different from that of other roads, but the company
is less prepared to endure the strain—a strain to
which no property should be subjected, and to which
none would be subjected if enlightened public sentiment guided the hands of Government and legislative officials.
THE TENNESSEE LOAN—THE TREASURY DEPOSITS
GOLD.
As already reported in these columns, negotiations were
completed last week for a loan of $1,400,000 by the National
Park Bank of New York to the State of Tennessee. The
bank paid par for one-year 6% notes. It seems, however,
that as an inducement to the institution to advance funds on
this basis, the United States Treasury Department agreed to
make a deposit of gold with the bank. This appears from
a formal statement made by Senator Luke Lea and quoted in
the Memphis "Appeal" of Sept. 26 in a dispatch from its
Washington correspondent, R. M. Gates. Senator Lea's
remarks are as follows:
"The cordial co-operation of the Treasury Department,through Secretary
McAdoo and Comptroller Williams, saved the credit of Tennessee to-day
by enabling hor to obtain in New York, at the rate to which the State was
entitled, the funds necessary to meet the State's October maturities.
"On Monday evening I was called over long-distance telephone by
George P. Woollen, Comptroller of the State of Tennessee, and a member
of the Funding Board, who stated that he and Mr. Sneed, the Secretary
of State, and ex-officio also a member of the Funding Board, were in
New York, and had been there for several days, attempting to sell the
short-term notes of the State with which to obtain the necessary funds
for financing the October maturities, but had been unable to obtain an
offer at any reasonable rate of interest. Mr. Woollen asked me to secure, if
possible, the co-operation of the Treasury Department in obtaining the
necessary loan.
"On Tuesday I had a conference with the Secretary of the Treasury,
who is regarded by many as the greatest financial genius who has filled that
position since the days of Alexander Hamilton, and was assured that,
according to the custom of the Treasury Department, he would do everything he could legitimately to assist those who were entitled to financial
credit and assistance.
"After the exchange of several telegrams, Mr. Sneed carnet()
Washington
on Wednesday, and made a written statement to me covering
the situation,
which I used in a conference that afternoon with Comptroller
Williams.
"This statement of Mr. Sneed relative to the rate of interest
was as
follows:
"'We find conditions in New York very unfavorable and
the interest rate
being demanded extremely high, all indications being that the
State will be
compelled to pay 8% for its money. In fact, I have
had no definite
proposition made to me to furnish this money at less than
that rate.'
"At the suggestion of the Treasury Department aml at the request
of Messrs. Sneed and Woollen, I returned to New York with Mr. Sneed
Wednesday night, and on Thursday had a conference with the leading
bankers of New York, including Mr. De(afield, President of the National
Park Bank. the fiscal agent for the State of Tennessee, who had previously
flatly refused to take the loan. Mr. Delafield stated that his institution
was not in the market for a loan of this character on account of the accommodations it was forced to extend to its own customers. I then proposed
for the Treasury Department to co-operate by making a deposit of gold
with the National Park Bank, and Mr. De!afield agreed to make the loan
at 6% for the purpose of assisting the State and relieving the situation, if
such a deposit was made by the Treasury Department.
"I returned to Washington and the Secretary of the Treasury agreed to
make the necessary deposit, called up Mr. Delafield, had a conference with
him over the telephone, and the matter was settled.
"A later conference was arranged between the Secretary of the Treasury,
Me. Sneed and myself, the agreement with the National Park Bank was
ratified by Mr. Sneed,acting for the Funding Board in the place of Governor
Hooper, who is in Tennessee.
"It is believed by the Secretary of the Treasury and all others familiar
with conditions of the money market that the State made a most advantageous trade. The City of New York recently floated its three-year notes
on a basis of 6%, but it was required to pay in addition to that a sum for
foreign exchange which was equal to 2%,which really made the loan on an
8% basis, while in the case of Tennessee's loan the notes were sold at 6%
Without any expense of commission.
935
"This settlement also compares most favorably to the settlement which
was made by Governor Hooper, ex-officio Chairman of the State Funding
Board, when in New York in June 1913 he sold the State's notes on a basis
of 6.90% which, with other expenses, made the rate of interest more than
7%. This settlement, made in 1913, was made during times of peace and
when no crisis was impending like that which is now present.
"As is shown by the statement of Mr. Sneed, the best
bid which the
State ofTennessee had before Mr.McAdoo became interested in assisting to
arrange for this loan was 8%. In point of fact, this bid, which was
made
by the Guaranty Trust Co., was to give 98 cents instead of par for
the
notes on a 6% basis, which meant a little over 8%, and, as it developed
yesterday, was only for 81,000,000 of the State's maturities and not for
the
entire amount.
"The result is that the State, thanks to the Wilson Administration, saved
actually 828,000 by making the loan at 6% instead of 8%.
and incalculable
thousands of dollars by preserving her credit in establishing the
reputation
of being able to borrow upon the most advantageous
terms afforded anyone.
If the loan had been placed at 8%,it would have been a
standardEwhich
every banker would quote to every borrower in the State and it would
have been unreasonable for any individual to expect to borrow, even
at
8%,much less at a lower rate, if the State had been obliged to pay that rate.
COMPTROLLER JOHN SKELTON WILLIAMS ON THE
REPUBLIC'S OPPORTUNITIES.
In an address entitled "On Mount Ararat," delivered
Sept. 29 before the Indiana Bankers' Association at Indianapolis, Comptroller of the Currency John Skelton Williams
discoursed at length on the present extraordinary situation
in the world's affairs and reviewed the steps taken by the
Government for dealing with it. He indulged in an apt figure of speech by saying: "This Republic is the Mount
Ararat of a universe overwhelmed by a deluge of blood, of
confusion and raging strife, of wild desolation."
As to the task imposed on us, he takes the view that "The
work of adjustment and of getting the machinery of business
on perfect foundations,and oiled and leveled, is not completed; but it is well started with safe and efficient methods."
We reproduce here all but the opening paragraphs of the
address which were in a personal vein:
Nowhere in the history of the world is there a record of such a situation
as that of which we hero in this room to-day are a living and potent part.
Never before has any country been in the position in which our country is.
The possibilities before us, pressing upon us ready for our thought, work
and faith to make them realities, are of immensity and grandeur almost
beyond human conception.
Never before since civilization took shape and society began to order
itself have the banking interests and directors of finance and commerceof
any country had such power to do wonderful work of patriotic and
broad,
permanent construction, or to allow confusion and failure or force ruin, as is
in your hands and the hands of your fellow bankers of America.
This Republic is the Mount Ararat of a universe overwhelmed by a deluge
of blood, of confusion and raging strife, of wild desolation. This is the
one sure, established place where hope is springing, instead of being destroyed. Everywhere else the hideous harvests of death are being gathered
by day and by night; here we are garnering the harvests of peace and life
and freedom.
We may pause a moment to recall that to the thinkers of bygone ages the
one assurance of stability was centralized, concentrated, absolute power
n the keeping of one strong man. To them,self-government by the people
meant chaos. To-day the solitary, stable, unshaken and undisturbed part
of the earth to which humanity may turn its eyes and its thought is that
governed by a hundred millicn free individual rulers; and the centres of the
horror and storm are where hereditary absolutism is accepted as the safest
and the ideal government.
Surely the majestic dream the dreamers dreamt of a powerful people
ruling and regulating themselves is vindicated. Surely the higher, wider.
sweeter dream of such a people leading and lifting up all the nations, by
methods gentle but irresistible, causing tyrannies to vanish, banishing war,
righting wrongs and sending where the four cardinal points of the compass
direct the conquering inspirations of liberty and love is nearer to realization than ever beofre. Considering our daily lives and our contact with
the small and ignoble, the base and petty things of human nature, and of
our local and State and general politics, the most hopeful of us sometimes
are tempted to discouragement and to the thcught that we have failed;
that the old dreams of the fathers and builders and prophets never can
come true. That thought is a treason of the moment, born of weakness
and weariness and the political disappointments that come to all of us.
It is treason to the time, to the facts, to the crowning events of this pregnant,stirring period, to ourselves, our fathers and our children. Such
thoughts, I say, are treason to the Flag and the traditions, the lessons and
the deathless and hallowed purposes it represents on every sea and beneath all the variant skies. They are treason to the deathless and Godcreated principle of the Republic.offree and representative self-government:
treason to ancient aspirations and present duties and new and assured
hopes.
It lathe task of us practical, money handling plain men,trained to definits action and the handling of affairs, to build to strong actualities the
visions of the best and boldest of mankind. We must work and toil with
real things. ,The Government, the bankers, and the financial leaders, the
thinkers, the men active in politics, and the masses of the people must
unite thought and effort to the ends desired by all and necessary for all.
The idealist with his high conceptions, sometimes apparently misty and
vague, is helpless without the practical man, accustomed to working with
the knowledge that two will come to four, and that no proposition will
find
lasting favor unless a prospect of substantial advantage, benefit or
profit
of some kind can be demonstrated. The practical man without ideals
and
something beyond his immediate daily concerns becomes a
sordid and useless machine. All of us Americans are hero together on this Mount
Ararat
of ours, established for us and by us, this great land of peace and
abundance
and hope,this country touching on each side another nation, with
of miles of frontier lines and not a foot of fortification on either hundreds
side.
We must work to give, as well as to take. We are, as regards
the fearfu
wars of Europe, put, almost without act or will ef our own, in
the position
of a benevolent Iago:"Now, whether he kill Cassie, or
Cassio him, or each
do kill the other, every way makes my gain,"
936
THE CHRONICLE
We have the right to use thriftily what fortune or the follies or crimes of
others may send for our advantage, but we have the plain duty to use our
peculiar conditions and the strength they give us to try to make the world
and the human race happier and better. As we do that, the reflex action
and results must make our own nation happier, better, richer anOnore
prosperous. No other people has been permitted, as we are now, to offer
rescue to mankind; to be the firm foundation for the rehabilitation of civilization and order; to deserve and win the gratitude, the confidence and the
affection of every nation, of every tongue.
Our first step and duty has been, and is, to assure our own safety, to
establish our own strength, to care for our own people. Through the years
of a long peace we have been interwoven with all the countries by commercial and social connections and ties, by association, by mutual interest and
dependence. For us the rapidly succeeding declarations of war and the
immediate consequences were like a sudden and violent amputation. Holding steadily to the maxim bequeathed to us by the far-seeing Washington,
we had avoided entangling political alliances; but in business we were in
partnership with all the countries which without warning began to tear
and destroy each other. When the history of this bewildering and fearful
time comes to be written in the tranquillity of restored peace and reasoning
resumed, one of the most wonderful facts will be the serenity and firmness
and ready resource with which the business and the Government of the
United States endured the shock of severance in a day of thousands of
ligaments and nerves and points of contact binding us to the old countries.
Yet we had thrown before us a multitude of unprecedented problems and
unexampled and unforeseen conditions. Almost automatically as a man
throws up his arms to fend his face when he sees a blow coming, the great
exchanges were closed. That was a simple, we might say, instinctive and
defensive measure, but it was heroic and effective.
As we stood, we were subject to drains on our resources and demands
on our credit by the cables under the sea and the wireless in the air, through
the heavens above and the waters which are under the earth; and along the
surface of the sea we could send nothing of our heaped-up stores of actual
substance to bring money or credits. Our money assets were assaulted
by invisible forces of suction. The closing of the exchanges here and the
moratorium declared in Great Britain were like anaesthetics to stop nerve
action and prevent death from shock and strain. The results so far have
been the striking contrast of no panic or ruin here with eight declarations
of war among powerful nations within a week and paralysis of all international traffic, whereas in 1893 dangers in no way comparable to those
we have recently faced brought a procession of failures and bank suspensions, the closing down of mercantile houses and industries and terrific
losses extending from one ocean to the other.
• Yet, while the methods used were prompt and heroic, they would have
done harm rather than good, would have spread demoralization and given
new impetus to fast sproading fright, but for one great,solemn, beautiful
fact, underlying everything and representing the real philosophy and
strength of the Republic. That fact is the confidence of the people in
themselves and in their Government. The American people naturally are
fearless in the presence of any danger they can see and face and understand. That fearlessness and dauntless courage, not to be alarmed by
any emergency. proceeds from their confidence in themselves and in their
own power and honesty. When they know they are in direct control of
their own affairs through their Government,that their interest and welfare
are the first thought of sagacious and chosen rulers, no disaster or threat
can stampede them.
I am not here to talk politics or to ask approval for the Administration.
but I think all of us business men, Republicans, Democrats and Progressives, know in our hearts that but for the clearing up we have had, the
knowledge the Republic has been given of the limitations of the power of
great corporations, financial institutions and leaders, and the conviction
that this Government of ours of the people, by the people and for the
people. Is now ready and able to protect us from unneceemay or artificially
created stringencies, we would have had dismay instead of assurance and
frantic anxiety and demoralization instead of quiet optimism.
It is not out of place, I trust, to say Just a few words of our new banking
and currency law which will go Into effect in a few days.
The Federal Reserve Act is not a measure which serves only banks and
their customers, but it is destined, I firmly believe, to exert a powerful
Influence for good on the lives and fortunes of all classes of our population. It is the instrumentality,through which the American people will
be freed from the domination of a financial oligarchy. It restores to the
channels of commerce and industry hundreds of millions of dollars of money
which was drawn from the sections where it was most needed to lie idle
in the vaults of the big banks in two or three cities, or else be loaned by those
banks largely on demand loans in the stock market.
It provides for a system to meet completely and effectively the requirements of expanding or contracting business according to the seasons and
the varying conditions, and it accomplishes along the most natural lines
the mobilization of the bank reserves, and devises the methods by which
they can be most safely and fairly utilized.
It practically removes from honestly and capably managed banks all
fears of runs or the dread of suspension or failure by providing the means
for quickly converting into currency the commercial paper in which its
funds may have been invested.
By the system of clearings which the bill provides for, it is estimated
in unthat several hundred million dollars heretofore kept in transit and
available balances will be released for the needs of business while the delay
and expense of making collections of checks will both be eliminated.
banks
It opens the way for the establishment of branches of our national
of the
in foreign countries so as to secure for this country a larger share
national
the
prevented
which
world's commerce. It removes the barrier
banks from lending on real estate and makes improved real estate acceptable
so
as a basis for loans under conditions clearly and conservatively defined
substantial of all
as to bring into active commercial use one of the most
IVOL. xclx.
Although this country had shipped abroad between May 1 and Aug. 31
1914, in payment of securities sold here for foreign account and in payment
of debts due abroad, including balances due by importers, more than a
hundred and sixteen million dollars of gold, the outbreak of the war found
us with debts falling due in European countries between Aug. 1 and Jan. 1
1915 amounting, as far as can be estimated, to between three hundred and
four hundred million dollars. The largest portion of this indebtedness due
by any one borrower was represented by the loans placed abroad by the
City of New York,amounting to some eighty-two million dollars. Had the
world been left at peace, our exports of cotton, of food products and other
merchandise between Aug.1 and Jan. 1 1915 normally would have amounted
to more than one thousand million dollars, or enough to pay off the floating debt to Europe, to settle for all imports during the same period, and
show a handsome balance due us. But when the first of August came, instead of launching our fleets of merchantmen laden with the fruits of our
most bountiful harvests of cotton, wheat and other merchandise, we faced
the forbidding clouds of war, suddenly gathered. All Europe seemed to
rush to convert our securities, offering, as they did, better hope than any
other for realization into gold; while all markets were closed against what
we had to sell. It was necessary for us to seal our exchanges against our
bonds and shares, as Europe had closed hers to our cotton, wheat, minerals
and manufactures. By this action one pressing and imminent danger was
mot and averted.
On Saturday, Aug. 1, following the dumping upon the market for foreign account of an avalanche of bonds and shares held by foreigners, the
reserves of the New York banks fell more than forty million dollars below
legal requirements. The Stock Exchange had been closed, but the drain
upon the resources of the Now York banks had set in from many directions
and there was alarm and cause for it. Responding promptly to urgent
appeals, the Secretary of the Treasury went over to New York Sunday
afternoon, Aug. 2, and held a conference that night with a score or more of
the presidents of the leading banks and trust companies of the Metropolis.
He heard their statements, analyzed the situation quickly, saw what was
necessary to enable the banks to meet the demands upon them, and to restore confidence, which had been so racked by the world-shaking events
of the week. Confidence in the Government, the people and the ultimate
resources of the country was absolute, but there was need to meet immediate
and urgent emergency. Knowing that confidence, and the soundness of
the basis for it, the Secretary announced that the Government would supply the banks forthwith with as much as one hundred million dollars of
additional currency if it should be needed. Anticipating the situation as
it was laid before him, at that conference, he had that Sunday morning.
before leaving Washington, directed the shipment by express to the SubTreasury in New York, for the New York banks, of forty million dollars.
and the Treasury forces and the express companies at that moment were
taxing their resources in hurrying the execution of the order.
The announcement that the Treasury had arranged to give the New
over
York banks a hundred millions of currency was flashed that night
that the
the wires to every section of the country. along with the assurance
New York City banks were prepared to honor all requests of their country
their balances.
bank correspondents for shipments of currency against
premium on
Therefore there was no suspension of currency payments, or
and 1907.
currency, as in the comparatively limited stringencies of 1893 Washington
A few weeks later leading bankers from New York came to
New York
to ask if the Government would lend its support in enabling
to provide
City to raise through a syndicate of bankers the funds necessary
abroad.
for the city's loans of eighty-two million dollars, just maturing
Government
They were assured by the Secretary of,the Treasury that the
would co-operate by providing the banks with a further amount of currency
bonds
and would accept a fair proportion of New York City's new notes or
out the
as the basis for such currency, in order to help the bankers carry
plan for the funding of the city's floating indebtedness; and since that time
the Treasury Department has actually furnished to the New York banks
fifty million dollars of additional currency, making the total amount accorded to the banks of that city from the Treasury since Aug. 1 more than
one hundred and forty million dollars.
• In its efforts to provide for present and to guard against further and future
demands, the country has been steering a cautious course between two
inciperils. Money enough for ordinary and extraordinary requirements
but to
dent to conditions unprecedented, and not only to move the crops
urgently
was
suspended,
was
which
for
hold some crops the normal demand
our gold
needed. Yet such inflation of the currency as might threaten
would be
reserve and impair our public credit and the value of our money
of
our
preservation
credit.
suicide. Self-preservation demands first the
With that wounded, we would be unable to maintain ourselves; miserably
powerless to help others, left impotent and feeble and shamed, while opportunity turned its back on us. If we allowed the currency supply to become inadequate for our requirements, we might inflict the penalties
of confiscation and ruin on the innocent many to the enrichment of the
designing and remorseless few.
If we should allow inflation of the currency away from safe and solid
bases of actual and irreproachable value, we would be like a man drinking
himself to frenzy and torpor while his honor and the safety of his home
depended on his steadiness and strength. Therefore, we have felt and
tested and studied and have striven to work and build swiftly but carefully; to act promptly, but with thoughtful provision for the situation as it is,
while keeping alert eyes on the pessibilities of the days and months to come.
In this work all of us have united. It is deeply gratifying to me to be
able to certify how much the country owes of its growing prospects and
increasing stability to the genius, skill and generous, patient, broad patriotism of its bankers in all sections. Those of New York, Chicago and other
large cities have been not only willing but zealous in co-operation and with
valuable and timely service. Most of them have tendered their resources
and their services to help the public interest. But the people of all grades
and sections have, as a general rule, done what they could to forward a
difficult and complicated labor.
securities.
system
new
the
of
blessings
the
of
The Administration has been given full cause to feel gratefully and
ramification
A curious and unforeseeen
of the Government's exultingly that, when the common defense and the general welfare are
was called to my attention the other day when one
the deepest involved, the free citizens of the United States have no lines of differences,
most important health officers told me that he had hailed with
"because," said he, in politics, in sections, in social grades or the distribution of the favors of
Satisfaction the passage of the Federal Reserve Act
the public Fortune. The people, regardless of party, have given cordial and cheerful
to
largely
contribute
"I feel that in its operation it is going to
he explained that sanction to every movement and act approved by their reascn as being for
health." As I was a little slow in seeing the connection,
supreme and far-reaching the good of the Republic.
his study of the measure had convinced him of its
revolution and social
The work of adjustment and of getting the machinery of business on
value and that he believed it would effect a gentle
prosperity in which the perfect foundations, and oiled and leveled,is not completed; but it is well
reorganization which would being about a stable
than
liberally
more
and
equitably
started with safe and efficient methods. We and our business machinery
masses of the people would share more
be raised and that they will be required to work not only for ourselves, but for the world. The
they ever had before: that their scale of living would
hygiene
and
of health
task is enormous, but it is in conjunction necessarily. In protecting
would be in a position to give attention to matters
exigencies and conditions our own stability, we protect the world's finance and commerce. In
more than they have been able to give under the
conto
goes
it
but
incidental.
is
That
past.
the
conserving the interests of the other nations, we conserve our own and
in which they have lived in
law blesses and helps, as a bad or
firm the teaching that a good and wise afflicts the people who must live improve the opportunities that practically are forced upon us. Along with
ill-considered or outlived law cramps and
illimitable responsibilities, the prespect of illimitable expansion confronts
under it, in every department and interest of their lives.
delivery service
a few recent us. Just now and because of tho sudden halting of our
I shall now ask your indulgence while I review briefly
closing of the markets, we are a debtor people. We are taking days
and
muting financial events of these historic times.
OCT. 3 1914.1
THL CHRONICLE
of grace because we have assets with which to pay and know that they
will be needed desperately and soon.
Europe is believed still to hold several billions of our securities. Exactly
what amount it is quite impossible to determine accurately.
If we opened the stock exchanges and allowed this indefinite mass to
be unloaded on us with the frantic purpose to get our gold at any cost, no
one can quite foretell what the consequences would be. There are only
three methods by which international debts can be paid; by shipments of
gold or silver, by shipments of merchandise, or by the sales abroad of
securities. If American securities owned abroad should amount to, say,
four billion dollars, and all holders should offer them for sale and demand
gold for them, our entire gold supply of one and seven-eighths billion dollars, by far the largest gold holdings of any nation on earth, would be insufficient to pay for half of them; therefore, it is preposterous to talk of
taking them all back at once and settling for them now in gold.
It is equally idle to talk of paying for them by the sale abroad of other
securities; therefore, it is evident that if Europe wants to send back to us
our securities, she must take payment in merchandise, in the equivalent
of gold. When the European countries bought our securities, they did
not pay for them in actual geld; they paid for them in merchandise, and
should take merchandise in payment when they sell them back.
It is not believed that the American securities owned abroad as late as
1883 amounted to as much as five hundred million dollars, probably considerably less. The securities at this time owned inforeign countries have,
therefore, nearly all been acquired since 1883.
Now from 1883 to 1914 we have brought in from foreign countries only
eleven million dollars more gold than we have sent abroad; therefore, if
Europe has accumulated since 1883,say three and a half billions of American
securities, it is evident that they could not have been paid for in gold, but
were paid for in trade balances and merchandise.
From 1883 to 1913 the figures show that the total value of merchandise
and silver exported from this country exceeded in value the merchandise
and silver imported by nearly ten billion dollars. In other words, the
net balance of trade in our favor for the past thirty years has averaged
more than three hundred million dollars per year. If we add to this the
sale and shipment to Europe of, say, an average of a hundred millions of
securities per annum, there would be a total apparent balance of trade
in our favor, arising from the movement of gold, merchandise andsecurities,
of say four hundred million dollars a year, which vast sum It is claimed
has boon offset and consumed principally by the sums we have had to pay
for ocean freights and by the huge sums spent annually by tourists abroad
and the amounts paid for interest and dividends to foreign investors. In
other words, it has taken practically our entire trade balance and the
proceeds of all securities sold abroad to recoup the annual expenditures
made by the two or three hundred thousand American tourists in Europe,
anti to pay the carrying charges to foreign ships for the transportation of
American commerce, and for foreign dividends.
My study of the problem has led me to the conclusion that we will not
find it difficult to adjust ourselves to buy back in the course of afew
years, if they should be offered to us, and pay for, all the American securities that Europe has, or which it may desire to sell. We have in abundance
the raw material for the food and the clothing that Europe, Asia and
Africa must buy. With these and other products needed and demanded
by the world, we can cancel our obligations and redeem our securities
at fair prices to their holders instead of sacrifice and panic prices.
In the eight years following our Civil War here, notwithstanding the
havoc it made in the South, there was through the North and West, as
we all know, bewildering growth, development and activity, until they
went too fast and too far and the development and business activity
culminated and collapsed temporarily in the disaster of 1873. Judging
by all experiences of the past and all the visible facts and signs of the
present, a time of growth and expansion, of creation and extension in
all directions, is just ahead of us. The Panama Canal of itself promised
us new opportunities which dazzled foresight and made prediction lose
itself in an infinity of possibilities. Now, just as we have completed this
new, short highway of commerce from one side of the globe to the other,
we are confronted with a new and endless universe of problems, and in each
problem opportunity to bless mankind and ourselves. Strong and powerful, but just and compassionate, we must be prepared to meet the rush
of people fleeing to us from war and war taxes and war ruin; the rush of
demand for bread and meat and clothing; for fuel and building materials;
the rush of demand for money for restoration and new beginnings where
war will leave chaos and emptiness.
Our task is not only to hold ourselves steady and secure, but presently
to help feed and clothe and shelter and finance the nations; because
we
are the one sure, solid, established place of peace and of
production, with
power unimpaired. We must look not only to our
foundations, but
to indefinite enlargement and elasticity of
our power and facilities for
doing business.
You bankers, you of Indiana, and of all the other
States of our Heavenrescued and maintained land, must do a very large
share of the preparation,
the adjustment, the doing and the
establishing.
We can prove ourselves honest and kindly
debtors and merciful and
considerate creditors. We will soon bo looked
up to as the storehouse of
the world. Our cotton fields already furnish
two-thirds of the cotton
which clothes the human race, while from our harvest
shipped the grain to supply bread to the millions of fields Is already being
Europe who have now
become dependent upon us for their food supply. By
the
of Peace
and the uses of commerce, we can and will.not only strengthenways
our influence
where it exists already and tighten our hold on those with
whom we have
traded and exchanged, but we will widen our sphere of operations
through
a great part of this great Western hemisphere and send our flag
and our
agencies where they are strangers now. Our conditions for doing all
of this
great work are better than over before in our life as a country.
We are correcting the tendency toward huge consolidations, to
inordinate
individual accumulations, and to isolation, and the bludgeoning and
suppression of individual enterprise and initiative. We are calling back and
restoring the dash and daring and restless alacrity that spring from free
and fair competition. We are distributing ambition among ail of our
citizenship by restraining the facilities for acquisition by small and
select
minorities. We are sweeping away many clouds of doubt and distrust.
the more dangerous because by imagination and exaggeration they are
magnified and given shapes of dread portent. We are breathing a cleaner
and more stimulating atmosphere.
I believe. andthose of you who do not agree with me now will. I think,
share my faith within a year or two, that our new banking and currency
laws give us noble and powerful machinery with which to change dangers
to blessings and enabling us to deal with the most rapidly widening demands
on our energy and resources.
We have a Government 'minded on broad, far-seeing, sagacious thought,
on the highest philosophy and noblest purposes. It is established on the
love and confidence of a free-born and intelligent people. Fast as we have
gained in wealth and strength, we have gained more and faster in breadth,
in spirit, in the true religion that recognizes human brotherhood and our
937
obligations to each other, in that purest of piety that teaches service as our
highest function and magnanimity and justice as the first and best achievements of a great people.
So we stand among the turbid surges of a troubled and stricken world
as a mountain of peace and rest and refuge, or, in the words of the Psalmist,
"as the shadow of a great rock in a weary land."
We will be the gathering place for the renewal and distribution of hope
and purpose,for the restoration and purification of a civilization drowned in
blood and wrecked and dismantled by furious and reckless passion.
Tragic and pitiful as it is, we may find gratification and hope in the
constant appeal made to us by one strong people or another on the meansand
methods used by brave men of different tongues and birthplaces in deadly
strife with each other. God forbid from us the vanity that would assume
for ourselves superiority over any of these, our brethren, at war. May
God and our memories protect us against the sin and arrogance of selfcomplacency or the Pharisee's thanksgiving that we are not as other men.
We need not look back far to know of our own sins and weaknesses and
follies, blessed and kept and led as we have been. In profound gratitude
to the Power that has delivered.us from the consequences of them, and in
deep humility, we may find our gratification in the hope that the dove of
peace, once sent winging over the deluge, may find a resting place here,
and carry from us an acceptable csive branch.
We do not invite such opportunity, but we would welcome it, and all of
us—I am speaking only for and to representatives of the conservative and
thinking people of cur country—would unite in the ambition that we might
be the means of helping,not only toward permanent peace in the world, but
toward actual justice and the betterment of mankind. We can afford to
speak for peace, because we have proved sternly that we do not fear war
when it is necessary and just.
Our voice for peace is not soprano expostulation. It has the deep,
harsh,masculine note of big guns, well served at efficient target practice.
If the time comes for us to urge or invite or help toward peace, it will be
not because our interests require it, cr because we are nervous or fearful,
but because as a community of free and peaceful people we desire very
earnestly the deliverance and advancement of our brother man. We will
talk peace as strong and prepared men talking,face to face, to strong men.
In any case we will stand a living monument to the truth that the statesmanship of peace and patience is the most successful, that the diplomacy
of mercy and exact honor is the wisest because directed by the spirit of
Eternal Wisdom.
Equipped for emergency as we never before had been, we have met this
fearful stress undisturbed. We meet opportunity, such as never has come
to a people, with purposes higher and wider and purer, we trust, than any
people ever have felt; with the power gathered of peace, the resources
derived of honest industry, and the will born of our own self-searching, to
lead the world; to be its dominating influence; and to use that influence to
bless and brighten, lift and comfort all humanity.
SECRETARY MC ADOO'S CHARGE OF HOARDING AND
HIGH INTEREST CHARGES.
Charges by the Secretary of the Treasury McAdoo that
New York banks were requiring correspondent banks to
pay 7% for loans were this week admitted by the Secretary
to be unjustified. These charges were contained in a telegram complaining of high interest rates sent on September 25
to the Clearing House Associations of New York, Boston,
Chicago and St. Louis and published in our issue of Saturday last on page 869. As a result,the Clearing House Committee of the New York Clearing House Association, through
its Chairman, Albert H. Wiggin, sent the following telegram
to Mr. McAdoo on the 25th ult.
Your telegram received. Except on some Wall Street loans and on paper
placed by brokers, the rate charged to customers and to correspondents
by New York banks does not exceed 6%. Please give us the specific instances to which you refer and, while we have no authority to control the
rates of interest charged, if there Is any action that is unjustified or unreasonable, we will use our influence to correct it. It is the desire of New
York to set an example that cannot be criticized.
This brought the following reply to Mr. Wiggin:
Washington, September 26 1914.
Replying to your telegram received last night, as a specific instance f
am informed by a large bank in the South that the (names of two banks in
New York City) havochargedit7% on loans aggregating in each case more
than $250,000. As is usual in such cases, the complainant naturally does
not wish to have identity disclosed, but if these banks deny having made
such loans at 7% interest I will take the matter up with the Southern bank
to which I refer and get further details. I am pleased with the assurance
in your telegram that the New York Clearing House wiU use its influence
to correct any unjustified or unreasonable charges on the part of its member banks, and I appreciate the spirit which is manifested in your statement
that "It is the desire of New York to set an example that cannot be criticised."
The further communications which passed between Mr.
Wiggin and Secretary McAdoo, the final one from the latter
indicating that the accusation against the New York banks
was an unjust one, are printed below. Mr. Wiggin, in
answer to the Secretary's message of the 26th, sent Mr.
McAdoo the following:
Have made investigation of matter referred to in your telegram of the
26th. First named bank states it has not charged any bank more than 6%
Interest and asks that the complainant give you particulars or withdraw
the charge. Second bank named states emphatically that they have no
loan in their institution of any kind or nature at over 6% and request name
of complainant. The Clearing House Committee in justice to its members
urge that you give us the name of the Southern bank referred to and withdrawal of the charge.
The Secretary's answer acquitting the New York banks of
the charges in question, said:
Telegram received. On Friday last, the 25th inst. (name of officer of a
bank in the South) stated to me, Assistant Secretary Malburn and Comptroller of the Currency Williams that (names of two banks of New York
City) had each charged (name of the Southern bank) 7% on loans agg re
gating large amounts. This afternoon Assistant Secretary Malburn
ceived letter from Mr.(name of Southern bank officer) in which he
stat
"I find upon investigation that the rate charged to us by (name of
one
New York banks referred to) Is 6%, the same as (name of the
othe
938
THE CHRONICLE
York bank referred to.)" I am at a loss to understand how Mr.(name of
Southern bank officer) could have made an error, as his statements to us
about the 7% rate were positive. I am asking Mr.(name of Southern bank
officer) for a further explanation. I am glad to discover, however, from
his corrected statement that the banks in question are not charging his
bank 7% on loans, as I certainly have no desire to to injustice to any one.
A list of 247 national banks which he declared were guilty
of hoarding money through the maintenance of reserves of
25% or more was made public by Secretary McAdoo on
the 25th. In making known the names of these institutions the Secretary said:
Each one of the banks in this list is required by law to carry a reserve of
only 15%. The reserves they are holding range from 25% to 74%. If
the large amount of loanable funds that is kept from active employment,
as indicated by these figures, was invested in commercial or agricultural
paper, or loaned on proper security, the present situation would be greatly
Improved.
The banks named by him are for the most part country
institutions and none is located in New York City, Boston,
Philadelphia, Chicago or St. Louis. Of the banks complained of,the Southern States contain 56; the New England
States, 33; the Eastern States, 44; the Middle Western
States,51;the Western States,45,and the Pacific States, 18.
[VoL. xclx.
the way of meeting their withdrawal of funds and the demand for loans
made upon us by them. We are at this time prepared to extend to our
depositors every legitimate request.
The attitude of the Secretary is denounced by the officers
of several of the national banks of Connecticut, according
to the Hartford "Courant"; one of those whom it quotes
in the matter is Charles W. Gale, Cashier of the Thames
National Bank of Norwich, which is charged with holding
a reserve of 30%. According to the "Courant" Mr Gale
admitted that the figure was correct at the time of the
report, and declared it an abnormal amount. The reason
for it, he said,lay in the fact that the bank had large amounts
coming due during the latter part of this month and the
first part of October, and that, when the time for calls on
this money began to approach, the natural course of the
bank was to lay by a stock of money to meet them with.
These loans were arranged for in the majority of cases by
local cotton manufacturers, who need the money in carrying on their business during the winter, and Mr. Gale pointed
out that the course of the bank in preparing funds to help
such local customers was not in support of the Secretary's
accusations of holding out money and hurting national
enterprises. Local conditions, he added, affect the amount
of the reserve to a great extent from day to day.
A number of banks included in Secretary McAdoo's
list have protested against his charges of hoarding; the protests are too numerous for us to attempt to give all of them,
but we annex a few. One of these is from E. C. Stokes,
On Sept. 30 Secretary McAdoo announced that $3,000,000
President of the Mechanics' National Bank of Trenton, of Government deposits had been recalled from banks mainwho addresses Mr. McAdoo as follows:
taining excessive reserves. His announcement was as folRon. WilUm G. McAdoo, Sccraary of the Trtasury, Wcskington, D. C.
lows:
I enter an earnest protest against publication of the statement that the
Mechanics' National Bank of this city is a hoarding institution. We were
borrowers ourselves a short time ago and are borrowers at this date, owing
to accommodations extended to those needing credit. On the date of the
statement to the Government we had a temporary deposit left here for
one week for transfer which made our reserve temporarily appear excessive,
but on the day of that statement to you we were below our legal cash reserve. It is our policy always to loan to the full limit of our reserve in
response to demands for credit. We are not forcing a single customer to
pay a loan, and will not unless obliged to. We followed the same policy
In 1907. when we borrowed 3600,000 to take care of the business needs of
our community. You have done us an injustice. We court investigation,
and will be glad to have your personal representative come and verify our
statement. If you can send us some Government deposits it will enable us
to make additional loans in this community.
E. C. STOKES,
Presider!! Mechanics' National Bank of Trenton, N.J.
E. I. Edwards, Cashier of the First National Bank of
Jersey City, to whose reserve of 41% Secretary McAdoo
takes exception, in answer to the latter's complaint, says:
Neither I nor the directors of this bank have any excuses or apologies
to make to Mr. McAdoo for carrying a reserve of 41%, as he says. It is
true we carry this reserve. We have to carry almost that much to conduct
our business. None of our customers has ever been chrged more than
6% interest on loans. We have always carried a reserve fund of about
41% in this bank and there is nothing the Secretary of the Treasury can
do to stop us.
When the Reserve Bank Association goes into effect in the near future
and we are compelled to transact our business in the Philadelphia district,
we will be forced to carry a reserve fund even larger than we are doing at
present.
I also want to state right here that this bank never carried a Wall Street
loan under its present regime, which has been in force for several years, and
the bank never carried any of the Hudson & Manhattan RR. bonds, and
so long as I am connected with this bank, it never will.
I do not know what motive actuated the Secretary to issue his statement. unless it was that he desired to embarrass cetrain institutions. I
notice with much satisfaction, however, that the list of 250 banks he has
published are really the strongest in the country.
Ernest V. Connolly, President of the Commercial National
Bank of Long Island City, which the Secretary criticised
for holding reserves of 28%, makes the following statement
in defense of his institution:
The name of this bank having been included in the list of 247 banks given
out by Secretary of the Treasury McAdoo, we desire to state the following
facts relative to our reserve:
Any intimation that this bank has been hoarding its cash is positively
contrary to the facts. We have taken care of every legitimate demand
that has been made upon us by our depositors and have not charged at
any time more than 6 %. In addition we have purchased during the past
two months considerable commercial paper In the open market, and have
taken our portion of the New York City notes and bonds recently issued
amount ot the gold fund now being
and have subscribed our proportionate
Secretary McAdoo to-day recalled from various banks throughout the
country which are maintaining excessive reserves 33.000,000 of Government deposits, to be re-deposited in theTreasury in two installments on the
10th and 20th of October, respectively. These funds will, in the Secretary s discretion, be re-depcsited in banks throughout the country which
will employ them in the movement of crops and for the benefit of the
business situation.
At the same time he stated that the outstanding crop
movement deposits amount to only $13,029,746, distributed
as follows:
Alabama.$300,000; Arkansas, $175.000: Florida,$81.250; Georgia,$368,750; Kentucky, $1,375,000; Louisiana, $700,000; Maryland. $1.450.000;
Mississippi, $150,000; North Carolina, $456,250; South Carolina, $525.000;
Tennessee, $675.000; Texas, $793,750; Virginia, $798.750; Colorado,
$499.996; Illinois, $1,200,000; Indiana, $150.000; Iowa. $250,000; Kansas
$25,000; Missouri, $1,550,000; Nebraska, $325,000; Oklahoma, $93,500:
Washington, $87,500; New York, $1,000,000.
New York State Superintendent of Banks Eugene Lamb
Richards, in response to Secretary McAdoo's telegram
asking the former's co-operation to prevent the State institutions from hoarding, declares that there is no hoarding
or charging of excessive interest rates among the institutions undor his supervision. In a statement issued on the
25th ult., Superintendent Richards said:
I have to-day sent a letter to Secretary McAdoo in reply to a telegram
from him asking my co-operation to prevent the banks and trust companies under my supervision from hoarding money and charging excessive
interest rates. Reports received by my department show that the banking
institutions under the supervision of the New York State Banking Department are carrying cash reserves far below normal; that from my own observation they are not restricting credits and that not a single complaint
against any of them for charging excessive interest or for unjust discrimination has been made to this department.
It has been my pleasure to aid Comptroller of the Currency Williams
In his efforts for the general good by furnishing him with such information
in regard to State banking institutions as he requested from time to time.
Each week since Aug. 29 he has received from my department a summary
of our weekly reports showing the average condition for the week ending
each Friday. as well as the actual condition at the close of business on each
Friday of all State banks and trust companies in Greater New York. The
New York State Banking Department, at the request of Comptroller Williams, addressed to the institutions under my supervision a communication
calling for information as to any alleged discrimination in the matter of
handling loans. Copies of these replies were forwarded to Mr. Williams.
These replies showed that the legitimate demands of customers were fairly
and justly met.
As a matter of fact, loans in banking institutions under the supervision
of this department have increased since July 31 1914, and the banks and
trust companies of Greater New York have given their full measure of contribution to the important work of raising the $100,000,000 to sustain the
credit of the City of New York, and at the same time have agreed to conribute their proportionate share to the $100,000,000 gold fund now being
raised by co-operation between the Federal Reserve Board, the New York
Clearing' House and the Clearing Houses of other cities. The ealling upon
the New York institutions for the payment of this gold will further materially lower their already low reserves. As requested by Secretary McAdoo,
I have sent him a summary of the weekly reports showing the average
condition of all State banking institutions for the week ending Sept. 19,
and for the purpose of comparison I have also sent him the corresponding
reports for the week ending July 31.
I have informed Secretary McAdoo that I shall deem it both a privilege
and a duty to furnish such further facts as he may require and to co-operate
with him and with Comptroller Williams in every way possible.
raised.
reserve cash in bank and 9%
The law requires that we maintain 6%
reserve has averaged for the
reserve with our reserve agent. Our cash
times during the past
various
last thirty days slightly over 6% and at
York correspondent all surNew
our
with
two months we have deposited
that we felt we could
plus cash and that portion of our gold certificates
general situation.
spare, feeling that in so doing we were helping the
conservative manageThe directors and officers of this bank believe in
maintaining a 9%
by
ment, and we cannot run our bank conservatively
are times when it is
reserve with our reserve agant at all times. There
of demands
absolutely necessary that we build up our reserve to take care
or for the withthat will be made upon us by our customers for loans
drawal of deposits.
take
In answer to Mr. McAdoo's telegram to him, T. P. Beal,
At the last Comptroller's call our large reserve was being held to
care of demands, loans and withdrawals that we knew would be made upon President of the Boston Clearing House, sent the following
us. Any excess reserves has not been in cash, but has been placed on dethe Secretary of the Treasury:
posit with our reserve agent in New York, and any amount so deposited, of telegram to
In reply to your telegram of Sept. 25, received too late for action last
course, may be loaned by it. We have at all times maintained only such
week.the Clearing-House Committee begs to state that to the
best of their
reserve as we believed necessary for the full protection of our depositors in
OCT. 3 1914.]
THE CHRONICLE
knowledge 6% is the almost universal rate charged by banks in Boston
to other banks for advances or re-discounts. We have impaired our reserves without hesitation in order to take care of all deserving customers,
and we do not hear of any complaints on their part. Should you have
such specific instances, please advise us.
The Pennsylvania Banking Commission declined to furnish the Treasury Department with a statement of the reserves of the State banks of Pennsylvania, basing its action
on the laws of the State. In its telegram to Mr. McAdoo
the Commission said:
We are in receipt of your telegram of 24th inst., and in reply thereto the
Conunissioner directs me to say that, owing to the restrictive laws of our
State, the information which you desire cannot be given in this way.
However, the department some time ago furnished the Comptroller of the
Currency a list of all the banks and State institutions in Pennsylvania
subject to call. If such a list is not now available for your use, we will be
pleased to furnish you with a duplicate copy.
939
Co. and the Central Trust Co. The following statement
with regard to the shipment and the rules governing sales
of exchange was issued by Albert H.Wiggin, Chairman of the
Clearing-House Committee,on Wednesday:
"In response to many inquiries that have been made of members of the
Committee, the Chairman to-day announced that it was the intention
of the Committee to adopt such rules in making sales of exchange as would
equitably meet demands from all parts of the United States. These rules
necessarily may be modified from time to time. No brokers will be used
by the Committee, and it will be its endeavor to sell exchange directly to
those having payments to make abroad, without intermediaries. Such
profits as may be realized after payment of necessary expenses are to be
pro-rated among all the institutions which contribute to the fund.
"In anticipation of the collection of the first installment cf the gold fund
of $100,000.000. the New York Cemmittee has arranged with a number
of New York banks and trust companies to advance an installment of gold
which the Committee is shipping to Ottawa. The Committee expects.
therefore, to be in position to sell exchange within a few days and to re:eive
applications for checks or cable transfers on London.
"All applications must be on forms which will be provided by the Committee, which has arranged for quarters at the New York Clearing House,
where such forms may be obtained. All applications must be made before
twelve o'clock each day,and must be accompanied by a detailed explanation
of the purposes for which the exchange is required. No applications will be
received on Saturdays.
"The Committee will meet each day (Saturdays excepted) at 3:30 p. m•
to consider applications, which, to the extent granted, will be at fair
rates for the day, as may be determined by the Committee. The Committee reserves the right, in its sole discretion, to reject any or all applications, or to allot a reduced amount, or to change the method of fixing its
rates.
"For the present the Committee will not consider applications for cable
transfers in amounts of less than 11,000, but applications from all parts of
the United States will be received. Payments for exchange must be made
by certified cheeks drawn to the order of 'Gold Fund Committee' on New
York banking institutions upon acceptance of allotment and prior to
delivery, not later than 10:30 a. m. the following day."
At a meeting of the Chicago Clearing-House Association
on the 28th ult., a report was prepared for submission ot
Secretary McAdoo in defence of the maintenance by the
Chicago banks of a minimum charge of 7% for loans. The
report states that since Aug. 1 bank deposits in the six national banks,members of the Clearing-House,have decreased
2,525,221, while their commercial deposits have increased
$1,366,585, making a net shrinkage in their deposits of
$41,158,636. During the same period their loans have increased $5,903,913, these banks having thus been called
upon for $47,062,549. The banks met this draft upon their
resources by reducing their lawful money $2,106,587, by
reducing their other cash resources $11,510,177, by using
The bulk of the $100,000,000 fund will be contributed
Clearing-House certifictaes to the amount of $12,935,000,
and by using Aldrich-Vreeland notes, costing them 3%, as follows: New York, 845,000,000; Chicago, $16,000,000;
Philadelphia„000,000; Boston, $7,000,000; St. Louis,
aggregating $20,304,172, the total of all being $46,855,936.
$5,000,000; Pittsburgh, $3,000,000; Cleveland, $1,750,000;
The letter furthermore sets out:
"The liquidation of their demand liability on deposits, which they have Cincinnati, $1,500,000; Baltimore, $1,000,000.
accomplished by assuming other demand liabilities in the form of emer•
gency notes and by the use of Clearing-House certificates, does not, under
A further statement was issued by the Committee on
sound banking practice, relieve them of the necessity of maintaining
adequate cash reserves against their entire demand liabilities. including Thursday in which it announced its preparedness to receive
these emergency notes and clearing-house certificates, as the former applications for checks on London. Yesterday afternoon
equally with their deposits are their demand obligations redeemable in
2) was fixed as the time for giving initial consideration
lawful money and the latter by agreement are payable on thirty day's (Oct.
to these applications. The statement-giveireut on 11111E.Ss1aV
notice.
"It should be remembered that the unusual conditions created by the said:
came just at the beginning of our crop-moving season, when
European war
there is always an increased demand for both bank credit and circulation.
With the demand created for the handling of the large crop now being marketed the money market in Chicago would now be close, and the prevailing
rate of discount would undoubtedly be 6% were there no European war.
The average rate in September last year was 6%, and in September, 1912,
it was
%•
"There are therefore two good reasons why the discount rate should now
be 7%. These are, first, the necessity of limiting the extension of credit
to the actual, legitimate, and urgent necessities of borrowing customers,
because in consequence of their shrinking resources the banks have been in
no position to extend credit freely: and, second, because the present extra
cost of doing business more than offsets the profit derived from the increased rate of discount. This is evidenced by the fact that irrespective of
losses the net profits of these six national banks for the current month of
September are 15% less than they were for the same month last year.
"The demand on Chicago banks for loans has been greatly enhanced by
their having to protect their customers who had placed lines of commercial paper on the open market through brokers, largely with country banks,
and to the extent which they have thus protected their customers they have
at the same time relieved the country banks of their purchased paper.
It is expected that before long the money now being realized on the large
crops in the west, northwest and southwest will flow to the centers
through the country banks. When this occurs Chicago banks should b
able to resume more normal conditions. This, however, may be somewhat
retarded should the unsettled conditions caused by the war be prolonged."
In his campaign against hoarding, a circular letter which,
according to Secretary McAdoo, was sent out by the President of a State bank in the South "to a chain of other State
banks controlled by the writer of the circular," was made public by Mr. McAdoo on Sunday. In his strictures on it the
Secretary said:
As the name of the bank was given to the Secretary in confidence, he
regrets to be unable to disclose it to the public. The circular speaks so
plainly far itself that comment is unnecessary. Nothing could be more
reprehensible than the conduct of this bank nor more clearly show how
credits are being restricted and money being hoarded by some banks. A
similar policy pursued by all the banks in the United States would produce
untold suffering and general disaster.
The Gold Fund Committee announces that it is now prepared to receive
applications for checks on London. which must be made on forms which
may be obtained on application at the office of the Committee in the New
York Clearing-House Building, or from any member of the Committee, as
follows: Albert II. Wiggin, Chairman, William Woodward,J. S. Alexander.
Francis L. Hine, Benjamin Strong Jr.. Frank A. Vanderlip, James N.
Wallace.
Applications will be considered by the Committee daily, commencing
Friday, Oct. 2 (Saturdays excepted), at an hour to be fixed by the Committee, which,until further notice, will be 3:30 p. m.,and applications must
be filed with the Committee not later than noon of the day on which they
are to be considered.
The Committee will notify promptly its decision as to applications, with
the rate to apply as to those favorably acted upon. Payments for amounts
allotted must be made not later than 10:30 a. m. on the following day by
certified checks drawn to the order of "Gold Fund Committee" on New
York banking institutions, and failure to make such payment prior to that
hour will be considered a rejection of the allotment.
A later announcement will be made when the Committee is prepared to
sell cable transfers.
ATTITUDE OF COLORADO MINE OWNERS TOWARDS
STRIKE SETTLEMENT.
In a letter made public on Sept. 27 forty-eight mine
owners operating in Colorado have signified their willingness to accept three of the six suggestions embodied in
President Wilson's plan for the adjustment of the coal strike;
a fourth they would accept with modifications, while the
other two they express their inability to agree to. In
designating those proposals with which they are in accord,
the • coal companies in their letter say:
Not as a matter of contract or "truce" with the United Mine Workers
of America or the strikers, but with a desire to meet your views so far as
possible, we will adopt and co-operate in putting into effect three of the six
suggestions in the "tentative plan," and the fourth with necessary, and, as
we believe, reasonable modifications.
1. "Enforcement of mining and labor laws of the State."
We have not wilfully violated any of the laws of the State,and will render
every possible assistance to the civil authorities in their enforcement.
3. "Intimidation of union or non-union men strictly prohibited."
We agree to this without reservation, but the "tentative plan" provides
no way of enforcing the rule.
4. "Current scale of wages, rules and regulations for each mine to be
printed and posted.
This practice is already In force in many of the mines in the State, and
we will at once put the suggestion into effect at all of our mines.
THE GOLD FUND PROPOSAL.
Arrangements for an initial remittance to Ottawa of $10,000,000 of the $100,000,000 Gold Pool devised for relieving,
the foreign exchange situation were perfected on Wednesday
and the shipment was made on Thursday. Nine New York
banks and trust companies contributed the amount repreWith regard to the proposal that all striking miners who
sented in the shipment, the National City Bank advancing have not been found guilty of violation of law shall be given
by
supplied
the
was
each
Chase
$2,000,000, while $1,000,000
employment by the employer they formerly worked for, the
National Bank, the National Bank of Commerce, the First operating companies state that—
the
Bank,
Hanover
Park
National
National Bank, The
"We are and have been willing to employ as many of the strikers as
National Bank, the Bankers Trust Co., the Guaranty Trust possible, without discrimination because of the fact that they laid down
940
THE CHRONICLE
[VOL. xclx.
Not as a matter of contract or "truce" with the United Mine Workers
their tools, and believe that we can give work to a very large majority of
those remaining in the State. But it is quite impossible for us to agree to of America or the strikers, but with a desire to meet your views so far as
employ all striking miners who have not been found guilty of violence. possible, we will adopt and co-operate in putting into effect three of the six
Whether those who have participated in violence are prosecuted and found suggestions in the "tentative plan," and the fourth with necessary, and, as
guilty or not, we cannot agree to give them employment in the mines we believe, reasonable modifications.
1. "Enforcement of mining and labor laws of the State."
operated by us. In six of the counties of the State 332 of the strikers, InWe have not wilfully violated any of the laws of the State, and will
cluding officers of the United Mine Workers of America, are under indictment for murder and 137 for felonies. None of them has been tried, render every possible assistance to the civil authorities in their enforcement.
3. "Intimidation of union or non-union men strictly prohibited."
therefore none has been found guilty, and much time may elapse before
We agree to this without reservation, but the "tentative plan" provides
they are tried."
no way of enforcing the rule.
The suggestion for a grievance committee contained in
4. "Current scale of wages, rules and regulations for each mine to be
Sections 5 and 6 of the plan is rejected by the companies, printed and posted."
This practice is already in force in many of the mines in the State, and we
which declare that the unlimited authority of this proposal will
at once put the suggestion into effect at all of our mines.
"practically puts the entire control of the most important
2. "That all striking miners who have not been found guilty of violation
department of our business in its hands. Its power to con- of the law shall be given employment by the employer they formerly worked
and where the place of the employee has been filled, he shall be given
trol the conduct of our business far exceeds any of the de- for,
employment as a miner at the same or other mines of the company."
mands of the United Mine Workers of America. A commisWe are and have been willing to employ as many of the strikers as poslaid down their
sion with such powers has never before, to our knowledge, sible, without discrimination because of the fact that they
tools, and believe that we can give work to a very large majority of those
existed or been suggested. The Inter-State Commerce remaining
in the State. But It is quite impossible for us to agree to emCommission, with all of its extensive powers for the regula- ploy all striking miners who have not been found guilty of violence.
and found
tion of railroads and railroad business, has no such authority Whether those who have participated in violence are prosecuted the
mines
guilty or not, we cannot agree to give them enployment in
as this proposed commission."
operated by us.
In six of the counties of the State 332 of the strikers, including officers
The answer of the coal companies to President Wilson was
of the United Mine Wcrkers of America, are under indictment for murder
conveyed by a committee consisting of D. W.Brown, Presi- and
137 for other felonies. None of them has been tried, therefore none
dent of the Rocky Mountain Fuel Co., and J. C. Osgood, has been found guilty, and much time may elapse before they are tried.
Chairman of the Victor-American Fuel Co. The committee The personal safety of our present employees and their families, to say
nothing of the protection of our property, demand that we exercise the greatin its letter sets out that "the forty-eight operators who have est
possible care in employing men from the ranks of the strikers, who have
signed the letter produced in August 1914 a total of 426,613 been °ended together to drive our employees from our mines and to detons of coal, as compared with 442,774 tons produced by the stroy our property.
The coal mines of Colorado last month (August 1914) employed approxisame operators in August 1913. They represent 82)
mately 9,500 men, or nearly SO% of the number employed during the corof the tonnage of coal being mined in the State at the present responding month c.f last year—the month immediately preceding the calltime, exclusive of the tonnage mined by the Colordao Fuel ing of the strike. The present force of men can probably produce sufficient
coal to meet the requirements of the Colorado public
the coming
& Iron Co., which has made an independent answer to your winter, and it is certain that no shortage can occur ifduring
the orders under
communication. The answer submitted by the Colorado which the Federal troops are acting can be so modified as to permit the
many idle men who apply for work to be given employment without the
Fuel & Iron Co. was referred to in these columns last week. limitations
or restrictions now enforced by the Federal troops.
The following is the answer in full made by the forty-eight
Some of the larger companies have closed a number of their mines, and
business conditions they will undoubtedly remain closed for
under
existing
concerns:
Denver, Col., Sept. 23 1914.
a considerable period of time.
Many of the strikers have left the State and found work elsewhere. A
The Hon. Woodrow Wilson,President of the United Slates, Washington,D.C.:
Sir: Your letter of Sept. 5 and the draft of "Tentative Basis for the Ad- considerable number have returned to work at our mines from time to
iustment of the Colorado Strike" has been submitted to us by the parties to time, ever since the strike was called, so that of those who originally went
whom It was written,at a meeting to which the operators of all the coal mines out on strike,but comparatively few remain. Many of the men now in the
strikers' camps have never worked in the mines of Colorado, but have been
of the State were invited.
We are in complete accord with.the sentiments expressed in your letter. imported by the United Mine Workers to keep up the semblance of a strike.
_
,,,astet-diFinterest-'CAI-have taken In the "Colorado situation."
5. "Each mine to have a grievance committee, &c."
This is a favorite method of the United Mine Workers' organization to
We realize that, with the multitude of more important matters constantly
engrossing your time and thought, you are, to a large degree, dependent foment trouble and provoke strife, although they have in many cases,
for your information concerning the Colorado strike on the representatives notably in West Virginia, waived this demand.
In practice it has been found that such committees have a damaging
of the Government of the United States who, you state,"have been actively
engaged in the investigation of the whole situation and in trying to roach effect on the interests of both the employee and employer. The tendency
of such conunitteess is to magnify trifling and unjust complaints into great
a dispassionate conclusion."
It is to be regretted that the character of the investigation and the pre- grievances, and interfere with the discipline necessary for the safety of the
vious records of these representatives selected by Secretary of Labor Wilson employees and company property, and to destroy the authority of the offijustify the belief that they are partisans of the men who have made neces- cers responsible for the operatitn of the mines.
Our employees have never asked for such a committee and we are
sary the presence of the Federal troops in the strike district. One of the
representatives, William Fairley, was a member of the National Executive strongly opposed to this feature of the "tentative plan."
We have always listened to and have been ready to correct any suband,
Mine
United
of
the
of
Alabama,
Workers
for
Committee
America
according to their Treasurer's report, was on their pay-roll during the year stantial grievances of our employees. There are surprisingly few comended Nov. 30 1913 and was actively engaged as an organizer and agitator plaints, except in times of strike, and such complaints are principally afterthoughts of the strikers. But to remove every possible cause for criticism
in the Colorado strike in 1904.
The utmost sought to be accomplished by the tentative plan is the estab- we have been for some time and are now working on a plan (which we had
lishement of a three-year "truce," presumably between the coal mine owners taken Up with the Governor prior to the receipt of your letter) to protect
of this State and the organization known as the United Mine Workers of our employees against any possible injustice on the part of mine bosses,
and to investigate and correct real or dissipate imaginary grievances, if
America, which instigated and has conducted and financed the strike.
For many reasons we deem it unwise to enter into engagements of any any such exist. This plan, we believe, will satisfy our employees without
character with this particular labor union, especially an agreement de- destroying the necessary authority or influence of our superintendents and
without depriving us of the reasonable control of our business.
pendent upon a cessation of armed hostilities upon its part.
Five and six provide for a commission which "shall serve as adjusters
The Governor of this State, some months since, entered into an agreeor referees in all disputes (whether individual or collective) affecting wages,
ment of truce with the leaders of this organization, and, in utter disregard
working and social conditions.' "The decisions of the commission shall
of their obligations, the striking miners, under the direction of these identi
be final and binding on employers and employees." "Willful violation
cal leaders, continued with renewed vigor to destroy our properties and kil
our workmen. It would ho imprudent to again place any reliance upon the of any of these conditions will be subject to such penalties as may be imposed by the commission."
good faith of these men.
The unlimited authority of this proposed commission of three persons
We feel, furthermore, that a mere "truce," even if it could be enforced
against this voluntary, unincorporated association and its irresponsible to be appointed by the President of the United States practically puts the
leaders, is but a palliative measure and can lead to nothing other than what entire control of the most important department of our business In its
hands. Its power to control the conduct of our business far exceeds any
the term itself implies—a renewal of trouble at its termination.
No reference is made nor consideration given in the "tentative plan" to of the demands of the United Mine Workers of America. A commission
the large body of men, some 9,500 in number, who are now peacably at with such powers has never before, to our knowledge, existed or been sugwork in the mining districts of the State, who have caused no disturbance of gested. The Inter-State Commerce Commission, with all of its extensive
itny kind, and whose only desire is that they be permitted to continue at powers for the regulation of railroads and railroad business, has no such
work without interference from any outside source. As a matter of justice, variety or scope of authority as this proposed commission, while the detheir desires should be ascertained and given full consideration. It is this cisions of the Inter-State Commerce Commission are subject to review by
body which has continued industriously at work during the last year, thus the courts under established rules of law.
The power to regulate the wages of our employees individually and colsaving the public from the loss and discomfort which would have resulted
ectively, as often as demands are made, would prevent us from making
from a scarcity and excessive price of coal.
agreement
a
effect,
or
contract
in
estimate of the cost of production on which to base our contracts for
involves,
any
proposed
Again, the plan
destroy existing competitive condibetween the operators and the strikers or their leaders that both will keep the sale of coal, and could be used to
It appears to us tions.
the peace and obey the law for the period of three years.
affecting working conditions will
questions
all
adjust
to
helplessness
the
implies
The power
that the plan is subject to fair criticism in that it
to every citizen his destroy the discipline necessary for the safety not only of the men but of
of Government to maintain law and order and secure
evilly dis- the property.
Constitutional rights without the consent and approval of those
The power to regulate social conditions would destroy the personal libposed.
Colorado agree with us erty of individuals, and is a more sweeping and comprehensive control than
of
people
the
of
majority
large
a
that
believe
We
of law and order in is claimed by either Church or State.
that the sole Issue at the present time is the preservation
The decisions of this commission could not be enforced against our emConstitutional right of every
the strike districts and the maintenance of the
ployees, who, if dissatisfied with the award, could leave our employ and
terms as he sees fit.
man to work when, where,for whom,and upon such
Government,either national or seek work elsewhere, whereas, to the extent of our financial responsibility,
It would be fatal to the preservation of
against us.
any character the terms upon the award could be enforced
of
offenders
with
discuss
State, for either to
An unwise or unjust exercise of the powers of this commission might reviolence be disconWhich the laws should be obeyed and acts of lawless
sult in the financial ruin of any operator.
tinued.
It Is unfair to place our business in a position where it can, under any
In Colorado is
Whether the responsibility for what has taken place
men
their leaders, the circumstances, be subjected to the unappealable mandates of any
chargeable to the operators or to the striking miners and
men, however well meaning and experienced. We regret our
of
body
one
the
or
on
law
and
Government
between
bargain
plan proposed involves a
inability to agree to this suggestion of the "tentative plan."
side, and violators of the law on the other.
,6%
OCT. 3 1914.]
THE CHRONICLE
6. Paragraph "D." "There shall be no picketing, parading, colonizing
or mass campaigning of representatives of any labor organization of miners
who are parties to this truce which will interfere with the working operations
of any mine.
Picketing is prohibited by State law,and that law can be enforced by the
civil authorities. The limitations placed on the observance of this rule,
as above emphasized,could be made a pretext for its constant violation.
Paragraph "G." "The suspension of a mine over six consecutive days
by the company may be authorized for a Cause satisfactory to the commission, but not pending any dispute."
This rule totally disregards possible market conditions and other Indus•
trial contingencies, which,in the ordinary courseof the business,frequently
make it necessary to suspend operations for considerable periods of time
—under some conditions for a month or even longer.
"On account of the mutual benefits derived from the 'truce.' employers
and employees should each pay one-half of the expenses of the commission."
Our present employees, who have not been considered in the "tentative
plan," should not be asked to contribute to the maintenance of such a
commission. Neither do we see how we, as operators, can agree that our
employees will contribute to this expense except by their individual consent.
It is not our purpose to take up your time with a history of the strike and
the circumstances leading up to it, nor to discuss whether the operators or
strikers were responsible for the past violence; but we wish to call your attention to the fact that since you sent the Federal troops into the strike districts there has been nothing in the attitude of the coal operators to make
the presence of the troops necessary, and, except for the attitude of the
strikers, the Federal troops could be withdrawn at any time without endangering the peace of the district or the safety of the strikers.
On the arrival of the Federal troops in the State, the coal operators
promptly complied with your proclamation by delivering up all of their
arms and dismissing their guards.
On the contrary, the strikers defied your authority, gave up only a few of
their arms and still gathered together in campswith arms readllyavailable
for the purpose of attacking our mines as soon as the Federal troops are withdrawn.
Our employees being now unarmed and our property defenceless, if the
Federal troops are withdrawn, great destruction of life and property will
surely occur.
We respectfully suggest that the Federal troops can safely be withdrawn
from Colorado when the officers and agents of the United Mine Workers
of America cease to incite the strikers to lawlessness and cease to support
them in idleness; or when the strikers surrender their arms and ammunition and the Governor of the State puts into effect by proclamation and
enforces the law passed at the special session of the State Legislature held
last May relating to the shipment, sale and possession of arms and ammunition in the strike districts.
We shall be glad to co-operate with you in any practical measures having
for their object the termination of the unfortunate labor conditions which,
to some extent, still exist in this State. It is our firm conviction that the
result universally desired can be obtained by a strict and impartial enforcement of the laws affecting alike strikers and operators. To this end
we take the liberty of suggesting that there be such concurrent action upon
the part of the Federal and State authorities as will enable the Governer to
Immediately put into effect, within the limits of the disturbed district,
by proclamation, the laws recently enacted by this State relating to the
sale and possession of arms and ammunition,and to repeat our frequent requests that the orders to the officers in command of the Federal troops in
this State restricting the mine operators in the employment of labor be
so modified as to permit the employment of workmen as in normal times.
Respectfully,
Victor-American Fuel Co., J. C. Osgood, Chairman.
Rocky Mountain Fuel Co., D. W.Brown, President.
Brooks-Harrison Fuel Co., James E. Brooks, President,
Palisade Coal & Supply Co., Henry Denman.
Primrose Coal Co., H. B. King, President,
National Fuel Co.,H. Van Mater, President.
Royal Fuel Co., H. Van Mater, President.
Gordon Coal Co., Wm. Dick, President.
New Maitland Coal Co., J. T. Thompson, President.
Williamsburg Coal Co., Simon P. Smith, President,
Royal Gorge Coal & Fire Clay Co., E. G. Bettis, President,
Empire Coal Mining Co., R. D. Marthens, Treasurer.
Big Pour Coal & Coke Co.,P. M.Peltier, President,
Hayden Bros. Coal Corporation,Lewis A. Hayden,President.
Garfield Mine Leasing Co.,E. Horstman,President.
Consolidated Coal & Coke Co., C. L. Baum, President,
Alliance Coal Co., D. A. Cannon, President,
Cedar Hill Coal & Coke Co., D. M.Harrington, President.
Patterson & Sons Coal Co.,El Paso Co., Alex. Patterson.
Pike's Peak Fuel Co., John Tait Milliken,
Santa Fe Coal Co., S. S. Murphey, President.
Turner Coal Co., James B. Dick, President.
Rugby Fuel Co., George D. Kimball, General Manager.
Walsenburg Coal Mining Co., George Furth, President.
Baldwin Fuel Co., H. E. McElwain,President.
Breen Coal Co., J. P. Breen.
Aztec Coal Mining Co., J. S. Autrey, President,
Yampa Valley Coal Co.,P.M.Peltier, President.
Frederick Fuel Co., D. M.Simpson, President,
Routt County Fuel Co.,E.L. Prentiss, President.
Chicosa Fuel Co., J. V. Sickman, President.
Union Coal & Coke Co.. Jas. V. Bowen, President.
Huerfaaio Coal Co., S. S. Murphey, President,
Sunnyside Coal Mining Co., W. F. Oakes, President,
South Canon Coal Co., H. F. Nash, General Manager.
Oakdale Coal Co., William B. Lewis,President.
Mutual Coal Co., S. S. Murphey, President.
Temple Fuel Co.. F. R. Wood, President.
Northern Colorado Coal Co., J. S. Siple, General Manager.
Grand Junction Mining & Fuel Co.,H.M.McNeil,Sec.& Treas.
New Fox Coal Co., D. E. Evans, President.
Moffat Coal Co., S. M. Perry, President.
Leyden Coal Co., S. M.Perry, President.
The undersigned operators, who have made agreements with the United
Mine Workers of America and are employing union labor, join in the views
expressed in the foregoing letter in relation to the "tentative plan" therein
referred to.
Rapson Coal Mining Co., W. W.Curtis, President.
Carbonado Coal Mining Co., J. B. Hutchinson, President.
Minnequa Coal Co., E. F. McGowan, President.
P. K. Harmon.
Black Canon Fuel Co., Talton F. Crane, Secretary.
941.
MEASURES OF RELIEF FOR COTTON PLANTERS.
The conference of Governors of cotton-growing States
which Gov. O'Neal of Alabama suggested several weeks
ago, his suggestion fixing Sept. 24 and 25 as the time and
Montgomery as the place of meeting (Atlanta was later substituted for Montgomery), was called off, partly because of
the fact that some of the Executives appproached in the matter
found themselves unable to join in the movement. This
week's gathering in Washington (on the 28th and 29th) of
Governors and Congressmen of the cotton-producing States
also operated against the proposed Atlanta meeting. The
Washington conference was attended by Gov. O'Neal of
Alabama, Gov. Park M. Trammel of Florida, Gov. John M.
Slaton of Georgia, Luther E. Hall of Louisiana, Lee Cruce
of Oklahoma, Henry C. Stuart of Virginia, and the following
representatives of Governors: Major W. A. Graham of
North Carolina, F. T. Peck of Tennessee, W. A. Stuckey of
South Carolina, besides Representatives and Senators of
the States represented. One of the main objects of the meeting was to devise plans for the curtailment of the production
of cotton next year. At Monday's session an executive
committee was appointed representing the Governors and
Congressmen to draw up a plan of curtailment; on Tuesday,
when the report embodying a taxing plan to curtail the
cotton production was submitted for action, the Governors
and Congressmen refused to bind themselves to it. Their
decision, the "Journal of Commerce" reports, "is understood
to have been arrived at after the cotton conference learned
that there were numerous complaints being received at the
Department of Justice against a conspiracy in the South to
maintain an artificial price of cotton by curtailing the acreage
next year. Rather than run counter to the Sherman antitrust law, the Governors and their conferees agreed that it
would be safer to work separately for the common cause
of curtailment next year rather than in unison, under which
circumstances they would be acting contrary to the law of
the land." The "Journal of Commerce "further says:
The Governors also discarded the plan to have the States individually
Issue bonds for the purpose of purchasing the excess part of this year's
production of cotton. It was agreed by all that this question of financing
the cotton crop should be left to the Federal Government and not be
undertaken by the States individually.
While the conferences have been held behind closed doors, it is understood that it was found impossible for the representatives of the various
States to determine the proportion of the excess cotton that should be
purchased by each State. They agreed that the cotton crop should be
considered a national problem, and therefore the question of financial
relief should be left to the Federal Government. Furthermore, the States
exhibited a willingness to shift to the shoulders of the national Government the burden of seeing that the cotton crop next year is curtailed.
A resolution was adopted at the conference calling upon
Congress and the people of the South to institute steps
toward keeping the price of cotton above 10 cents a pound,
and a committee was appointed to lay the action of the conference before President Wilson. This committee consists
of Representatives Hardwick and Lever and Senator Robinson. Another resolution adopted endorsed the proposed
amendment to the Aldrich-Vreeland Act,which would permit
the issuance of emergency currency to State banks without
making them liable to the 10% circulation tax. The conference also resulted in the appointment of a committee,
composed of Representatives Hughes and Lever and Senator
Smith of South Carolina, which is to submit to the Attorney.
General information bearing on an alleged conspiracy looking
to the depression in price of cotton seed. An investigation
of complaints of a combination in the cotton-seed industry
in violation of the Sherman law was begun by AttorneyGeneral Gregory on Sept. 28.
A declaration that the Government has done all it can do
toward the relief of the cotton growers was made by Secretary Houston of the Department of Agriculture on Sept. 27
in a discussion of the Southern cotton situation. We quote
his remarks as follows from the New York "Times":
The Government has done all it can do. Under the Aldrich-Vreeland
law and the Federal Reserve law the Treasury can issue and has issued an
immense volume of emergency currency to meet the present necessity. It
has placed this currency in the banks at the lowest rate of interest compatible with public safety. It has agreed to accept as security for the loan of
such currency well-approved warehouse receipts on certain farm products,
and it can go no further under the law. The farmer who can offer the security required by the Government can get all the currency he wants up
to the full extent of his securities. If he have none of the securities required
by the Government he cannot obtain loans from the banks through which
the Government is operating.
Under the law the Government cannot play any favorites, even
at a
time like this; it cannot fix the price of any staple crop without holding
a
monopoly of that crop. It cannot decree that the price of cotton shall
be
12 cents a pound,because the growers of the staple think that it is worth
that
much, any more than it can say that corn shall be worth $1 a
bushel or
wheat $1 50 a bushel because the farmers want that much for their
products,
or that lumber shall be $50 a thousand feet or peanuts 50 cents the
peck
- 942
THE CHRONICLE
because the sawmill people and the peanut growers would fix these prices
as fair values for what they have to sell. Then there are the manufacturers
—the men who make hats and shoes and plows—who must be considered.
It is not unlikely that many of these do not get the prices they would like
for the things they make. Yet there would be much and righteous protest
should the Government undertake to fix the prices of all these important
and necessary articles at the figures which the manufacturers would establish.
The cotton-growers cannot ask the Government to make one rule for them
and another and wholly different rule for other people engaged in other
agricultural and industrial pursuits. The Government fixes freight and
passenger rates charged by the railroads. Railroads are public carriers
and are supposed to enjoy certain privileges granted by law; but the Government cannot extend special privileges to one class of producers without
extending like privileges to all other classes of producers, to the corn and
wheat and tobacco and peanut growers as well as to the cotton growers.
The law does not make and should not make discriminations in its favor
or extend to one class of its citizens the protection which it withholds from
others. There have been many serious crop failures in this country, and
reports have been made from time to time when the prices were so low that
it would not pay to market the corn crop in the Western States; but this
is the first time when it has been insisted that the Government should buy
an unprofitable, because unmarketable, crop, and it is the first time when
the Government has gone so far as to provide special currency to alleviate a
most distressing situation. It is justified in the course it has taken by the
circumstances; but it cannot do more under the law.
It is not a question of sympathy—the cotton growers have the sympathy
of the whole world in their distress—but a question of sound business and
good government. All the efforts that are being made by public-spirited
citizens and business men to ease the burden of the planters should be commended, however far they fall short of meeting the necessities of the hour.
The acreage devoted to the next cotton crop ought to be greatly reduced.
This is very important, of course; but the acreage cannot be regulated or
restricted by the Congress or the State legislatures. They have no authority to legislate upon this subject; but the farmers, acting upon their
own initiative, or the farmers and merchants and bankers, acting together
and for the protection of all, can control the acreage; the farmers by planting food crops and making cotton their surplus crop; the merchants and
bankers by laying down the rule and sticking to it that they will not extend
aid in the way of advances to any farmer who does not reduce the acreage
devoted by him to cotton-growing, and the bankers by refusing loans to
farmers and merchants who will not make such agreement.
A farmer would like to borrow $2,500 to aid him in his farming operations.
If the banker should refuse to lend only on condition that the farmer plant
so many acres in food crops and a very small acreage in cotton, the proportion between the food and cotton acreage to be fixed by contract, the
acreage problem, which is the vital problem, would be settled. In the
absence of such agreement it is idle to talk about keeping down the next
year's cotton crop, and if it should be anything like the enormous crop of
the present year, what will the cotton warehouse receipts taken now as
security for emergency currency be worth?
What will the crop next year be worth? Unless the next year's crop is
reduced,there will be the same thing to do over again next year. There will
be demands for relief from the Government and more emergency currency
and more "buy-a-bale" makeshifts to protect the cotton grower, who has it
well within his own power to protect himself. How? Why,by cutting
his
cotton crop to suit the demand and by planting for the largest of food
crops that has ever been grown in this country.
The world will need all the wheat and corn and meat that the United
States can produce. The people in the cotton States will take themselves
an enormous quantity of such food products. Why should the State of
Georgia, for example, have spent 850,000,000 last year for Western corn?
Why should not Georgia and every other cotton State raise its own corn
and other food crops? In this way and only in this way will the farmers
of the cotton-growing States achieve their true independence.
W.P. G. Harding,a member of the Federal Reserve Board
and formerly President of the First National Bank of Birmingham, Ala., was a speaker at the banquet on Wednesday
night of the National Association of Cotton Manufacturers
held at Lenox, Mass., in connection with the semi-annual
meeting of the Association. Taking for the subject of his
discourse "The Conservation of Cotton as a National
Asset," Mr. Harding referred to the existing fear that the
Southern States have produced a cotton crop which, added
to that grown in other countries, is about 5,000,000 bales
greater than is required for the world's needs. Regardless
of all the pessimistie talk, he continued, and in spite of increasing receipts, the price has advanced during the last
three weeks 1M to 2 cents a pound. Never, he said, have
• the evils of over-production been so universally appreciated
in the South as now, nor never before has there been such
grim determination to hold cotton and to radically curtail
acreage. No well-informed man, he added, will deny that
further diversification in Southern farming is desirable, and
that more attention should be paid to cattle-raising and to the
production of foodstuffs. We give his remarks on the subject more fully below:
The cotton industry is perhaps as seriously affected by the European
war as any other, and this statement applies with equal force.to all connected
with it—the producers of raw cotton, the manufacturers and the distributers of cotton goods. The opportunity for expansion of our textile trade
which is anticipated as an aftermath of the war, while undoubtedly a potentiality does not as yet appear to exist to any appreciable degree. The
Titanic struggle between the great powers of Europe hasdisarranged credits
and has disturbed the exchange of cernmcdities throughout the world,
and, while cotton is classed as a staple crop and goods manufactured from
it are necessities, they are not as supremely and immediately necessary as
foodstuffs. Because of this fact the first effect of a great war is to advance
the price of grain and to depress that of cotton. Yet the economic law of
supply and demand, while apparently suspended at times, is never abrogated and always in the end reasserts itself. When a dam or other obstruction is thrown across a stream ,the flow below it is reduced until the water
impounded flows over the top, when the normal volume Is restored, and if
the obstruction be removed the flow becomes abnormally large. At the
present juncture the war is operating as an obstruction to the normal cur-
xc
rent of the cotton trade., Sooner or later, however, even should the war
continue, the level of the obstruction will be reached and the flow of business, except in some of the countries actually engaged in war, will again
become normal. Restoration of peace would act as a removal of obstructions and would releare a large volume of business now being held back,
so that we are justified, if we look ahead, in taking a more cheerful view
of conditions which appear at this time to be depressing.
Cotton goods are the cheapest of all textiles and should replace during
hard times finer and more expensive fabrics. Cotton can be used in considerable quantities as a substitute for jute and other materials in the manufacture of burlaps and sacks; mills in England are reported as running
double time on khaki for army uniforms, and there is no reason to doubt
that the trade will ultimately absorb the world's production. Cotton manufacturers must solve the problems which have grown out of the closing
of the cotton exchanges of this country, whereby they have been deprived
of a standardized price and of their power to hedge on contracts, and must
overcome the further difficulty, occasicned by loss of confidence and curtailment of credits, of financing purchases. Ccinpared with the prices
that have obtained for the past three or four seasons, present quotations
seem very low, but it is doubtful if large stocks of cotton could be secured
at prevailing prices, as an active buying movement would undoubtedly
enhance values. It is argued that the Southern States have produced a
cotton crop which, added to that grown in other countries, is under present
conditions about 5,000,000 bales greater than is required for the world's
needs, and the fear that this is true is causing much apprehension in the
South. There have been predictions of general bankruptcy and ruin, and
yet, regardless of all the pessimistic talk and in spite Of increasing receipts,
the price has advanced during the last three weeks 1% to 2 cents per pound;
and it is well worth while for cotton manufacturers to consider these facts,
to analyze them carefully and to anticipate the probable effects. The
cause is not hard to find. For many years the South has been gaining in
wealth and its farmers have been growing more independent, better methods of agriculture have been introduced, marked progress has been made
in the diversification of crops, large plantations have been subdivided into
small farms, and in many cases the tenant farmer has become his own landlord. There is in every normal year a certain proportion of the crop which
comes in early and which seeks the market at any level that it can find,
which is commonly called "distressed cotton." This is the cotton that is
now being sold at 734 cents to 8 cents, and it would be well for manufacturers to bear in mind that at these figures much cotton will be withheld
from the market for months to come.
Cotton production is stimulated by high prices, and, conversely, it is
curtailed when prices fall below the cost of production. This has been
particularly true in thcse years when prices were low throughout the season
and continued low during planting time in the early spring.. Never have
the evils of overproduction been so universally appreciated in the South
as now, nor ever before has there been such grim determination to hold
cotton and to radically curtail acreage. Public sentiment in many Southern States has been so aroused that there is now a general clamor for legislation by the States to regulate the production of cotton, and some farmers
have gone so far as to demand that the planting of any cotton whatever
in 1915 be prohibited. Of course extreme action of this kind is not anticipated, but it is undoubtedly true that should prices considerably below
the average cost of production, which is probably about 10 cents per pound.
prevail for the next six months, cotton will be parted with only as necessity
arises, and most serious curtailment in acreage for the next crop will be the
Inevitable sequence. Many of those who might be financially able to put
their lands in cotton would be attracted by the high prices for grain and
would plant food crops, while others less independent might be willing
to continue in cotton, but would find themselves unable to secure the
necessary advances. No well-informed man on Southern conditions will
deny that further diversification in Southern farming is desirable, and that
more attention should be paid to cattle raising and to the production of
foodstuffs. But it would be most unfortunate if by any chance the production of cotton next year should be so small as to make the trade dependent
upon the present crop for the greater portion of its two-years' supply.
Cotton goods can compete with more expensive fabrics only up to a certain
price level, and if a year hence the prevailing prices for raw cotton should
be as abnormally high as they are now abnormally low, the manufacturers
of cotton goods will have their present problems aggravated, and would
be fatally handicapped in a movement for trade expansion at the very
time when it is probable that conditions would be ripe for efforts in that
direction.
Speaking of the Federal Reserve Act and the proposal to
put it into operation the present month, Mr. Harding said:
I am violating no confidence when I state that rapid progress is now being
made in the organization of the Federal Reserve banks,and it is my personal
opinion that the system will become effective during the ensuing month.
The Secretary of the Treasury has acted with wonderful celerity throughout
the crisis, and, by his promptness in authorizing and issuing emergency
currency under the provisions of the Aldrich-Vreeland Act as amended,
has, in the face of moratoria in practically nearly all other civilized countries kept the United States not only upon a cash basis but upon a gold
basis, and he asks only the intelligent and unselfish co-operation of the
business community, which he confidently expects, to aid him in the speedy
restoration of normal financial and commercial conditions throughout this
country.
Following the receipt of advices from Secretary of the
Treasury McAdoo to Edwin Warfield, President of the
Fidelity & Deposit Co. of Baltimore, that a reasonable investment in cotton would be recognized as an available asset
by the Treasury Department in the case of surety companies
which qualify on bonds to the Federal Government,the New
York Insurance Department is said to have taken the position that no insurance company of any class whatever can
purchase and hold cotton and include it in its statement of
assets. The matter is reported to have been taken up by a
representative of the New York Insurance Department wiTh
the Fidelity & Deposit officials, and their attention called
to the fact that the laws of New York State would not permit any such assets being allowed in statements of companies operating in New York.
A series of regulations designed to relieve the cotton storage
situation in the South was promulgated by the Inter-State
Commerce Commission on Sept. 26, with the approval of
Secretary of the Treasury McAdoo. These regulations
OCT. 3 1914.1
THE CHRONICLE
943
will facilitate the obtaining of warehouse receipts by the plan- tion and attempt to devise ways and means for meeting the
ters for their cotton. These are negotiable. The regula- emergency. The meeting resulted in the adoption of the
tions cover the otton year ending:Aug.31 1915,and, accord- following resolutions:
"Whereas, By reason of the war in Europe the consumption of cotton
ing to the New York "Sun," are as follows:
has been (temporarily) materially decreased; and
I. Cotton shipped for warehousing and re-shipment must be consigned
"Whereas, We, as representative people of Oklahoma, farmers, bankers,
to the warehousing point, and freight thereto paid on basis of the full local merchants, jobbers, railroad
men and others, are here assembled for the
rate, upon which the delivering agent will give paid freight receipt, which purpose of
considering, and, if possible, adopting plans best suited to the
the holder of the coupon should retain for the purpose of securing re-shipping marketing of the present crop; and
privilege.
"Whereas, All present agree that a large part of the 1919 cotton crop
2. Upon re-shipping from the warehousing point, the shipper will be must be kept off the market for some time and that the
1915 cotton crop
required to surrender to the agent of the line bringing the cotton into the should be curtailed so as not to exceed
60% of the 1914 acreage;
warehousing peint the paid freight covering that identical cotton. The
"Therefore, be it resolved as follows:
number of bales, marks and weights of cotton as forwarded from the
"First. That we heartily indorse the "buy-a-bale of cotton" plan at
warehousing point must conform to the paid freight bill, and in addition ten cents a pound, basis middling, and urge all commercial
clubs and
the shipper will be required to certify on the back of the paid freight bill business organizations to designate the channels through
which the cotton
that the cotton tendered is the identical cotton received thereunder. The shall be purchased and to put forth their best efforts to make the movement
shipper will also be required to surrender to the railway agent at the time nation-wide, and we further recommend that each State
at once perfect
of re-shipment the bill of lading covering the movement of the cotton into State organizations for this purpose.
the warehousing point unless the bill of lading for such shipment shall have
We
"Second.
see
in
the
organization
of
local
bonded
warehouse
combeen previously surrendered to the railway.
panies throughout the entire cotton-growing country one of the very best
3. Thereupon the agent will issue a through bill of lading to the further plans for holding and caring for the present crop, and weheartily.indorse
final destination at the through rate from the point of crigin to such further and encourage such organization.
final destination in effect at the time of the original shipment into the
"Third. We recognize the importance of decreasing the 1915 cotton crop
warehousing point, plus three cents per hundred pounds, provided such fur- and we believe that
this can be furthered by prompt and positive action
ther final destination is a point to which there are established through on the part of land-owners,
merchants and bankers of the country; and we
rates In effect from the original point of shipment via the warehousing urge it on the
landlord
that he refuse to lease land to any tenant who
point (provided that at the option of any interested line the minimum
will
not
reduce
his
cotton
acreage
at least 40%, and we urge upon every
warehousing
point
plus
the
stoppage
through rate will be that from the
banker and merchant to adopt the same rule as to the extension of credit.
charge of three cents per hundred pounds). "Where the rate from the
"Fourth.
Co-operation between the grower, owner or purchaser of the
original point of shipment to such further final destination is less than the
present crop is essential to a solution of the present market conditions, and
rate from the original point of shipment to the warehousing point,thelawful
we
therefore
recommend that every owner of cotton hold as much of this
stoppage
charge of three cents
tariff rate to the warehousing point, plus the
year's crop as his financial condition will permit until after the Government
per hundred pounds, will be charged as a minimum.
acreage
report in May 1915, or until satisfactory market conditions are
4. Shipments will be way-billed out of the warehousing point at the
balance of the rate, plus the stoppage charge of three cents per hundred established, and we heartily commend the action of the present National
Administration
in aiding the handling of the .present crop through the
pounds. The distribution of revenue between connecting lines shall be
regional banks and the use of emergency currency.
on the basis of through rates and divisions except that the three-eent
"Fifth. We feel that some national action is essential to the final solution
stoppage charge shall accrue to the lino bringing the cotton into the warehousing point, it being a condition of this privilege that the line issuing of the question of acreage reduction and we urge upon our Senators and
Representatives
in Congress that they give prompt and careful consideration
the bill of lading out of the warehousing point shall be the line bringing the
to the various plans suggested, with a view to passing such action as will
cotton into the warehousing point.
best meet the conditions that confront us and which will tend to reduce the
5. All connecting line switching charges will be in addition to the through
cotton acreage in 1915.
rates and in addition to the three-cent stoppage charge, and where cotton is
"Sixth. That if Congress enacts a law taxing the cotton crop raised in
re-delivered to a carrier from a storage warehouse for delivery at a point in
1915 that such tax be used exclusively for the purpose of improving the
the same industrial zone, the established transportation chargeshall apply. country
roads in the districts in which cotton is grown.
"Seventh. We request our Senators and Representatives in Congress in
A plan proposing to guarantee warehouse receipts for such measures as are offered for the relief of the cotton situation to endeavor to secure as a basis of credit a minimum valuation of cotton equal to
cotton is suggested by the National Surety Co. In outlining the
average price of cotton of the last five years, and also to regulate the
its proposal the company says:
rate of interest that may be charged for emergency currency.
Realizing the great necessity for safeguarding the storage of cotton,the
"Eighth. We recommend that in order to secure a wider distribution
National Surety Co. has worked out a plan which it is expected will be of crop-moving funds provided by the Treasury Department of the United
well received by bankers and cotton producers throughout the South.
States, that national banks take for collateral bonded warehouse cotton
Owing to the European war and the almost entire cessation of exports receipts or surety company bonds on commercial or live-stock paper not in
of cotton to foreign countries, the 1914 cotton crop has a very restricted excess of 33 1-3% above their total deposits.
market at the present time, and, if the South is not to suffer the almost
"Ninth. We urge the next LegMature of the State of Oklahoma to pass
complete loss of the proceeds of its principal industry, some way must be a law exempting from taxation in the year 1915 all the 1914
cotton crop
found to carry the crop until the war is over and the market for cotton held over on account of depressed market conditions.
again becomes normal.
"Tenth. We recommend that land-owners do not demand money rent
The value of the crop being in the neighborhood of $700,000,000, it for 1915 where tenants prefer to pay part of the crops as rent.
became apparent early in the discussions which have taken place that
"Eleventh. It is the sentiment of this convention that we recognize the
some assistance must be secured other than that which could be rendered Interests of the farmer, merchant and banker are identical and inseparable in
by the banks of the South acting in conjunction with Northern correspond- the handling of the present cotton situation and urge hearty co-operation
ents, and an application was made to the Secretary of the Treasury which and unity of action with reference thereto.
contemplated the issuance of emergency currency under the Aldrich-Vree"Twelfth. That a copy of Secs. 5,6, 7 and 8 be forwarded by the Chairland Act against cotton stored in warehouses. The Secretary, some time man of the convention to each of our Senators and Congressmen, and that
ago,announced that he would issue this currency to banks through National they be urged to use their utmost efforts to have thc spirit of these resoluCurrency Associations formed and to be formed throughout the South, and tions enacted into law.
would accept as security notes discounted by the banks supported by
"Thirteenth. That the Governor attend or send a representative to the
warehouse receipts showing the storage of cotton, holding the assets of the meeting of Governors called for the purpose of discussing the cotton situabanks, members of the Currency Association, liable for the redemption tion and use State funds available to defray his traveling and incidental
of the currency and leaving it to the banks to arrange for the safeguarding expenses.
of the warehouse receipts. Inasmuch as by this plan every bank becomes
liable up to its participation for improperly secured loans made by other
banks, members of the Association, a change in the method of warehousing
At a meeting in Raleigh on September 11 held to consider
cotton became imperative.
It Is now proposed by the National Surety Co. that it guarantee the the cotton situation in North Carolina, Governor Craig proreceipt issued by the warehouseman for the delivery of the cotton called for posed a plan calling for the organization of a trust company,
by the receipt upon its presentation and surrender by the legal holder. the sole purpose of which would be to lend money on cotton
The National Surety Co. has had experience with warehousing plans
to the amount of seven cents a pound. The convention
covering a period of many years.
Under this plan the banks will restrict their cotton loans to notes that was called by President H. Q. Alexander of the North Caroare secured by guaranteed receipts, the cost of the guaranty to be paid by lina Farmers'
Union; those who Wok part in the conference
the owner of the cotton for whose benefit it Is being carried. The National
Surety Co. will protect itself by requiring the warehouseman to segregate included bankers, farmers, mill owners, business men and
and store In a separate compartment all cotton represented by receipts State officers together with the Governor. The features
which are guaranteed, the compartment to be so locked that access can of the
Governors' plan were:
only be had by the warehouseman when accompanied by a representative
1. Organize a trust company with an authorized capital of one million
of the Surety Co.
dollars,
to
begin business when stock has been subscribed and paid for to
It is believed the adoption of this plan will provide absolute protection
the amount of two hundred and fifty thousand dollars.
to the Government for the redemption of the currency, for first comes the
2. The sole purpose of this corporation shall be to loan money on cotton
responsibility of the individual signing the note, then the cotton forming
to the amount of seven cents a pound.
the collateral, with the National Surety Co.'s guaranty that the cotton is in
3. Each person proposing to borrow money shall subscribe and pay
existence and will be produced upon call.
Into the capital stock of the company one-tenth of the amount that he proThe National Surety Co. now has one of its Vice-Presidents in the South poses to borrow.
presenting the plan to the banks, warehousemen and owners of cotton
4. When the cotton shall be sold, if it shall bring exceeding ten cents a
and Is arranging to transact a very large business under this plan,whichit pound, one-half of all above
that amount shall belong to the company.
has created, and it is intended by the National Surety Co. to write other and one-half to the
original owner.
companies to join it.
5. If at any time any holder of the stock desire that his stock shall be
retired, he can exchange this stock for cotton at its market value, proA State-wide convention of farmers, bankers and business viding he allow in such exchange at least ten cents a pound for the cotton.
Arrangements can be made by which the company holding cotton in
men interested in the cotton situation was held in Oklahoma trust
can apply It to the retirement of such stock.
City on Sept. 16 at ,he call of Governor Lee Cruce. These
6. The notes secured by the cotton and held by the company, to run
six
months
and bear 6% interest.
interests were brought together by the Governor for the pur-
On motion of A. j. McKinnon, Governor Graig was made
pose of securing the advice and judgment of those especially
Chairman
of a committee to organize the proposed trust
interested in seeing that the cotton crop is not sacrificed, and
that adequate prices are established and maintained to give company to aid in the handling of the cotton crop. The
the farmers recompense for labor expended in producing it, resolutions adopted at the conference included the following:
Whereas, We have had many plans published and many resolutions
adoptthus averting this threatened calamity, to discuss this ques- ed to save the cotton crop,
but nothing has been done to work these
plans.
944
THE CHRONICLE
No-organized agencies with ample funds have been put to work to operate
them. Therefore, be it
Resolved, by the State Council of the North Carolina Farmers' Union
that we hereby appropriate 61,000 and urgently request the North Carolina
State Department of Agriculture to appropriate 59.000 to/establish a $10,000:fund to be administered by a marketing committee to carry on a Statewide campaign to save North Carolina's cotton crop in this great emergency.
We urge first that a thorough canvass:be made of all our cotton territory to secure petitions to Congress for needed legislation and to secure
signatures from every farmer who will agree to hold any specific number
of bales until it brings either 10 cents or 12 cents as he may direct.
Second. We urge that marketing institute parties, like farmers' institute parties, be sent to every cotton county with competent men to advise
about the construction of warehouses, operation, insurance, rules, blanks,
forms, &c.
Third. That under the same direction, co-operating with local committees, a thorough canvass of local banks shall be made to ascertain what
funds are available for lending on cotton and on what terms.
Fourth. That in the same manner a thorough canvass shall be made of
all merchants and lists published of all merchants who will agree to pay
10 cents a pound on store accounts.
Fifth. That in the same way a canvass shall be made of all business
and professional men to enlist them in the "buy-a-bale -of-cotton" movement.
Sixth. That in the same way guano manufacturers shall be approached
and the best possible terms made for extension of credit, acceptance of
warehouse certificates, &c.
Seventh. That in the same manner a campaign shall be instituted in
each county to increase to the maximum the State's acreage of all grain
and legume crops, the surest way to reduce acreage and to avoid buying
high priced foods and feeds next spring.
Resolved, Second, That we send urgent requests to all Southern governors and commissioners of agriculture to hold a conference and in the
meantime to line up every Southern State with similar appropriations in
behalf of similar campaigns in order that this whole movement may be
made South-wide.
Resolved, That we add our approval and endorsement to the plan adopted
by the Executive Council of the North Carolina State Farmers'Union.
favoring first the adoption of the Henry Bill advocated by the National
Union, and favoring a State policy and a Southern policy set forth in the
following resolutions adopted by said State Council, favoring a provision
that the merchants be asked to pay ten cents only to men in necessitious
circumstances.
Resolved, That under no circumstances should a single bale of cotton
be sold by the farmers for less than 10 cents and they are urged to hold on
to their cotton until some plan shall be devised that will make cotton sell
for at least 10 cents on the market.
Resolved, 1st. That the Attorney General of North Carolina and president of the State Union proceed to Washington at once and be urged to
insist upon the immediate enactment of a law authorizing the National
Government to lend to any State in the Union money enough to take care of
all the cotton produced in such State at 10 cents a pound. the State to purchase the cotton or advance money on it as it may deem best,and the money
advanced by the National Government to be secured by the bonds of
State to which it is issued.
Second. That the Governor of this State be requested to notify the Governors of all the States in the cotton belt of what North Carolina proposes to do in behalf of the farmers of this State and to urge all of said
Governors to accompany him to Washington and to insist on the legislation
above mentioned.
Third. That immediately upon being notified of the probable passage of
such an Act of Congress the Governor shall at once call a special session of
the General Assembly for the purpose of authorizing the bonds necessary to
secure the money to be advanced by the Federal Government,
Fourth. These resolutions are not intended to take the place of what is
known as the Henry Bill, but are to urged if it appears that the Henry
bill cannot be passed.
Fifth. That we urge the passage of a law fixing 1 cent per pound tax
on all cotton raised in the cotton-growing States, provided said tax shall
be returned to all persons who do not plant in excess of 25% of their cleared
land in cotton.
That provision made for assisting the cotton farmers throughthe help
of the United States Treasury is entirely inadequate in this State and we
urge upon Congress to provide an emergency currency to issue upon cotton warehouse receipts, or that in addition to the 125% allowed national
banks on their capital and surplus that national banks be allowed to issue,
through their respective national currency aassociations, notes secured
by warehouse receipts for cotton or tobacco at seventy-five per cent of
their face value.
That we express our great disappointment that the Federal Reserve
banks have not been put in operation, and that we strenuously insist
of the
that the Federal Reserve Board act at once under Section Thirteen
Federal Reserve Act, in order to protect the cotton crop of the South.
in the Federal Reserve
This can be done by giving member banks credit
by member banks
bank against cotton properly protected and guarded
of eight cents per
value
loan
a
say
crisis
on such basis as will bridge the
pound.
An emergency warehouse bill passed by the Texas Legislature was signed by Governor Colquitt on the 14th inst. The
bill provides for the State supervision of cotton warehouses
and the indorsement of warehouse receipts, making the paper
more readily negotiable. The measure is intended to facilitate the movement of the present cotton crop; after its
passage by the House on the 2d inst. and by the Senate (in
an amended form) on the 7th inst.,it was sent to conference,
conferees
the Senate accepting the bill as agreed to by the
11th.
on the 10th inst. and the House adopting it on the
emeran
"is
Act
the
that
declares
law
new
the
of
1
Section
gency measure made necessary by the conditions brought
about by the wars on the Continent of Europe," and adds:
citizens generally
The purpose of this Act is to preserve the credit of the
products of its inof the State; prevent the sacrifice of a large part of the
exigencies of war; to
dustry now impending, due to the calamities and
State of
assist in maintaining the solvency of the banks chartered by the
maintain
Texas, and to preserve intact the depositors' guaranty fund; to
the
during
industry
the integrity of the actual values of the products of
present period of financial disturbance, to the end that taxes may be
[VOL. xcrx.
collected and taxable values maintained; to furnish a certain,safe, authoritative and liquid security, to enable the people of the State generally to
obtain their ratable and proper distribution of currency issued or authorized
to be issued by the National Government, or other relief issues of money or
currency made by the National Government or authorized to be made
by it; and generally to preserve the credit and industrial and financial integrity of the State.
Under Section 3 of the Act it is provided:
Sec. 3. As soon as this Act goes into effect the Commissioner of Insurance and Banking,acting as trustee for the State, may establish by renting
or leasing in each town or city in this State, whether incorporated or unincorporated, and at such other places where the demand therefor is reasonably sufficient to Justify the outlay. a State warehouse for the storage of
cotton in the bale, and shall store the same and issue receipts therefor in the
manner herein provided. No liability shall be incurred on behalf of,and
no debt created against the State by reason of the lease or operation of any
warehouse in excess of the amount herein appropriated. It being hereby
declared to be the policy of the State in the enactment of this legislation
that the lease and operation of said warehouses shall be upon such terms
and conditions that the revenue derived from the operation thereof shall be
sufficient to pay the cost of the lease and operation of such warehouses.
With regard to the issuance of negotiable instruments
against cotton, the following regulations are contained in
Section 9:
Sec. 9. A negotiable receipt issued against cotton stored in a warehouse
under this Act shall be negotiable and transferable by endorsement in blank
or by special endorsement and delivery in the same manner and to the
same extent as bills of exchange and promissory notes now are, without other
formality; and the transferee or holder of such warehouse receipts shad be
considered and held as an actual and exclusive owner to all intents and
purposes of the property therein described, subject only to the lien and
privileges of the warehouse for storage, Insurance and other warehouse
charges; provided, however,that all such warehouse receipts that shall have
the words "non-negotiable" plainly marked or stamped on the face thereof
shall be exempted from the provisions of this section.
Commercial paper secured by State warehouse receipts
issued under the Act may be used as an investment for
capital, surplus and reserves of all life insurance companies,
fire insurance companies or accident insurance companies
and trust and surety companies chartered under the laws of
Texas or operating in the State, the same as if such paper
were municipal bonds or other securities in which such companies are now permitted by law to invest. It is further
provided by Sec. 31 that the Commissioner may lease wheat
and grain elevators and hay warehouses and store and issue
receipts for wheat and grain and hay in the same manner as
beprovided for cotton, and to the same extent, should it
purpose
public
general
the
of
furtherance
come necessary in
of the Act; and that in so doing all the provisions of the measure with reference to cotton shall apply, so far as practicable.
Section 19 stipulates that—
emergencymeasure,it is theintent
Sec. 19. This Act being intended as an
only aslong as the emergency which
that it shall remain in fullforce and effect Commissioner is directed to cease
caused its passage shall continue, and the
than the 31st day of August,1915;
receiving cotton under this Act not later
the receipt of cotton at any place
and he is expressly authorized to cease
public do not Justify the further
or places whenever the demands of the
places as emergency agencies; or
operation of a warehouse at such place or
trade demands render it practiand
conditions
whenever general financial
under this Act to be taken
cable for the service sought to be performed
direction of any bonded warehouse
over and discharged by and under the
the expiration of this
before
established
system which may be created and
Act on Aug. 31, 1915.
A syndicate which would loan money at 6% on cotton
warehouse receipts on the basis of seven cents a pound
middling and would also purchase cotton is proposed in a
plan drafted by's committee appointed by the Dallas, Texas,
Chamber of Commerce. In a statement concerning its
proposal the committee says:
We realize the immensity of the cotton marketing problem and to offer a
business-like solution we propose to form a syndicate the prime purpose of
which shall be to support the market for Texas cotton by making loans at
6 per cent on approved warehouse receipts for cotton on the basis of 7c.
middling and by purchasing cotton, the cotton so loaned on or purchased
to be only that cotton which is in distress, only that which is properly
warehoused and insured, and only from such persons as use their influence
to materially reduce the crop for 1915.
The management of this syndicate will serve without pay. We have
encouraging communications indicating that this syndicate will receive
large subscriptions either for loaning or purchasing cotton from concerns
who are vitally interested in Texas. We are developing a plan of handling
this syndicate, but before going to our northern and eastern concerns,
we think that the citizens of Dallas should show their faith in the proposition by subseribing liberally. After we have received their support
we can safely go to the northern and eastern manufacturers and ask their
co-operation. We urge all Dallas citizens who can help to confer with us
Immediately.
The committee offering the above proposal consists of
J. C. Duke, L. 0. Daniel, S. W. King, W. 0. Connor,
A.P. Foute, Nathan Adams and C. W. Hobson.
The Texas State Convention of the Southern Cotton
Association, at its annual meeting in Dallas on September 23,
indorsed the plan adopted by the Southern Cotton Association for the warehousing and marketing of cotton, for the
diversification of the crops and for the reduction of the
cotton acreage. Approval of this was contained in the
following report of the Resolutions Committee adopted at
the meeting:
OCT. 3 1914.]
THE CHRONICLE
Resolved, That we congratulate the people of Texas and the people of her
improvement which has taken
sister States of the South upon the marked
weeks, which improvement
place in the cotton situation within the last three
them:
among
causes,
we believe to be due to several
The evidence given by a very considerable number of our farmers, landsharply to reduce the
lords, merchants and bankers of a determination
of forage and
cotton acreage in 1915 and to plant an increased acreage
other crops.
To the "buy-a-bale" movement.
To the action of many merchants and bankers to protect cotton by taking
it upon account, and otherwise, and
To the assurance that the Federal reserve system will soon be placed in
operation.
Resolved, further, That the result of this partial concert of action encourages the belief that a very satisfactory solution of the existing difficulty
will soon be experienced through such organizations as will secure general
concert of action upon the part of all of the people of the South.
Resolved, further, That we indorse the plan adopted by the Southern
Cotton Association August 28 for the warehousing and marketing of cotton,
for the diversification of crops and for the reduction of the cotton acreage.
Resolved. That we urge upon every citizen and business man to use his
personal and business influence to have cotton substituted for everything
made of jute or other foreign-grown fibre (which takes money out of this
country never to return) and insist that all goods of every description
that he buys that is in a cloth container be in cotton sacks instead of in
jute or burlap, and that cotton twine and ropes be substituted for jute
and sisil, and also urge that everyone wear clothing made of cotton whereever possible, and by this greater consumption of cotton add at least a
spinning demand for not less than 3,000,000 bales of cotton more than are
now needed for such operation, thereby increasing the market for our cotton
on a permanent basis.
Resolved. That many retail merchants are taking cotton at 10 cents per
pound from the farmer on account; therefore, be it
Resolved. That we earnestly request all wholesale merchants and jobbers
doing business in Texas to accept the cotton from the retail merchants at
the same price.
Resolved, That to those who are contemplating the establishment of State
warehouses, we recommend that they apply for blanks and rules to the Hon.
W. W. Collier, Commissioner of Insurance and Banking, Austin, Texas.
We further recommend that those rules be published by the press of the
State.
Resolved, That we heartily indorse the co-operation of the traveling men
throughout Texas and the United States,and others,for Itheiri patriotic and
wise business movement to buy a bale. We also wish to thank the newspapers throughout the United States for their efforts in behalf of this undertaking. Also all other persons and corporations that have seen fit to help
in this great movement to the end that the South will be relieved of its
distress.
Governor Colquitt's proposal for the creation of a central
State bank was condemned, as was the suggestion for Federal
action limiting cotton acreage.
In connection with the "buy-a-bale-of-cotton" movement
the American Tobacco Co. announces that it will purchase,
at ten cents a pound, as many pounds of good middling
cotton from customers in Southern cotton States "as the
aggregate number of pounds of Red J. and Penn's natural
leaf plug tobaccos, Bull Durham and Tuxedo smoking
tobaccos and Sovereign Cigarettes (counting each thousand
of Sovereign cigarettes as equal to five pounds of tobacco),
shipped direct to such customer from September 28 1914 to
November 30 1914.
The report of the Special Committee of the Merchants'
Association of New York to which the details of carrying
out the "buy-a-bale-of-cotton" movement was referred,
was adopted by the Association on Tuesday. It has been
decided that the grade of cotton to be purcahsed at 10 cents
a pound shall be middling grade or better, and that such
cotton as is subscribe d for shall be stored by the committee
and held for a period not to exceed one year in trust by the
Mutual Alliance Trust Co. The trust company is to hold
the certificates of purchase, and, under the direction of the
special committee, attend to the buying, insurance and
storage charges.
Reports from Sylvania, Ga., under date of September 23
state that cotton warehouse certificates issued by the consolidated warehouses of Scriven County are circulating as
freely in the town as greenbacks and pass as freely as real
money. The certificates are issued to farmers for cotton
stored in the warehouses to the value of 7 cents a pound
basis middling and can be redeemed in six months. They
are being accepted, it is stated, by merchants on account
and in payment for goods, and by the banks in discharge
of obligations due them by the farmers, and are even being
accepted by the Sylvania & Girard RR. in payment for
freight.
The Retail Merchants' Association of Savannah, Ga.,
recently put in process of development a plan by which
several thousand bales of cotton may be taken off the market.
It is the purpose of the organization to form the Retail Merchants' Association Cotton Club and to take cotton direct
from the producer for merchandise bought or in payment of
account on a basis of8 cents a pound for good middling f.
Savannah. The cotton is to be consigned to the Retail
Merchants' Association of Savannah and the producer may
945
make his purchases from any member of the association.
In this manner he may be able to get everything he may
need in his home and hold the greater part of his production
for higher prices.
The decision is announced by the Corn Products Co. to
make use of cotton bags instead of jute for its products.
It is figured by the company that this change will increase
the consumption of cotton about 17,000 bales, or in round
figures $1,000,000. The company states that it "cheerfully
contributes the additional cost of using cotton in place of
jute on account of the help it will give the cotton growers,
so greatly needed at the present time, at the same time
permanently increasing the consumption of cotton. AA
FEDERAL RESERVE MATTERS.
The Class C directors for the Federal Reserve banks of
New York, Boston, Richmond, St. Louis and Minneapolis
were announced by the Federal Reserve Board on Wednesday. The list of Class A and Class B directors for the
twelve districts were printed in our issue of Sept. 5. In
making known the Class C directors for the Reserve banks
in the five above cities, the Board said:
In selecting the directors the Board has made the utmost effort to weigh
and compare the merits of all those whose names were presented to it. It
has also inquired into the qualifications of all other suitable men as to whom
it could get information, to the end that in every case the best might be
chosen. Members of the Board have made special journeys for the purpose of investigating conditions in various Federal Reserve cities and of
ascertaining facts regarding those who were being considered by the Board.
In other instances persons have been invited to Washington for consultation.
In each case the Board has endeavored to assure itself that the man
selected is able to comply with the requirements of the Federal Reserve
Act, is a man of ability and has the confidence of the banking and business
community in which he is placed. So far as reasonably possible. geographical considerations have been taken into account in order that different portions of each district might be represented on the board of directors."
The following is the list of Class C directors announced:
New York—Pierre Jay, New York City. Reserve Agent and Chairman
of the Board; Charles Starek, New York City, Deputy Agent and ViceChairman; George Foster Peabody, Lake George, N. Y.
Boston—Frederick H. Curtiss of Boston, Federal Reserve Agent and
Chairman of the board; Walter S. Hackney, Providence, R. I., Deputy
Agent and Vice-Chairman; Allen Hollis, Concord, N. H.
St. Louis—William McC.Martin,St. Louis, Reserve Agent and Chairman
of the board; Walter W. Smith, St. Louis, Deputy Agent and Vice-Chair man; John Boehm°, Evansville. Ind.
Minneapolis—John F. Rich, Red Wing, Minn., Federal Agent and
Chairman of the board; T. M. Kerst, St. Paul, Deputy Agent and ViceChairman; John W. Black, Houghton, Mich.
Richmond—William Ingle,(Vice-President of the Merchants'-Mechanics'
National Bank) Baltimore, Reserve Agent and Chairman of the board:
James A. Moncure, Richmond, Deputy Agent and Vice-Chairman; M. F.
H. Gouverneur,(of the banking firm of Hugh MacRae & Co. Wilmington, N. C.
Brief sketches of the New York appointees were furnished
by the Board, as follows:
Pierre Jay was born 1870; is a banker. He was President of the Old
Colony Trust Co. of Boston from 1903 to 1906; Bank Commissioner of
Massachusetts from 1906 to 1909, Vice-President of the Bank of Manhattan, New York,from 1909 to 1914. He is a trustee or director of many
financial institutions. He has had special experience in investment and
foreign exchange operations. He drafted the bill for the incorporation of
credit unions in Massachusetts.
Charles Stare& was first appointed National Bank;Examiner on March 1
1903. At the time of his appointment he was employed by the Department
of Commerce and Labor as a special accountant. He resigned in 1911 to go
to the First National Bank, New York City. He was re-appointed Bank
Examiner on Aug. 3 1912, and assigned to New York.
George Foster Peabody, philanthropist, financier and now and again
politician, was born at Columbus,Ga., In 1852. He was a member of the
firm of Spencer Trask & Co.from 1881 to 1906, when he retired from active
business. While in the banking business he was a director in a number
of railroad and industrial companies. He was Treasurer of the Democratic
National Committee from 1896 to 1905. He is prominent in educational and
philanthropic work, to which he has largely devoted himself in recent years.
He Is a director of the General Educational Board and is actively interested
in Booker T. Washington's work.
The House Committee on Banking and Currency on
Sept. 18 voted to report favorably the Senate bill extending
the amount of commercial paper available as a basis for
emergency currency; the law at present authorizes the national banks to issue emergency currency notes on commercial paper up to 30% of their unimpaired capital and surplus; under the bill passed by the Senate on the 11th inst.
the banks would be empowered to use commercial paper as a
basis for the emergency notes to the extent of 75% of capital
and surplus; the House Committee has raised the limit to
100%. The Committee has strickenlfrom the bill the provision granting State banks and trust companies the emergency currency privileges accorded the national banks.
The bill passed by the Senate on Sept. 18 embodying the
Federal Reserve Board suggestion, that member banks be
permitted to carry all their reserves in the reserve banks, was
approved by the House Banking and Currency Committee
oniSept. 19th, with allimitation of three years upon the
946
THE CHRONICLE
authority conferred upon the Board to grant this permission.
Paul M. Warburg, of the Board, explained the necessity and
estimated that the result would be to increase credit by about
$600,000,000 and ease the transition of the fincncial world
into the new Federal system. The Committee also ordered
favorably reported the bills to increase the amount of acceptance which Federal Reserve banks may discount up to a
maximum of one-half of the unimpaired capital and surplus
of these banks and to provide for a system of clearance of
national bank notes between the Treasury and reserve and
member banks.
THE WAR TAX BILL.
The passage of the war tax bill in the House on the 25th
tilt. was effected by a vote of 234 to 135. With the single
exception of the vote of Representative Copley of Illinois,
all the affirmative votes were cast by Democrats; eleven
Democrats voted with the Republicans and Progressives,
against the bill, the dissenting Democrats being Representatives Callaway of Texas, Church of California, Hobson of
Alabama, O'Hair of Illinois, Ragsdale of South Carolina,
Sisson, Stephens and Witherspoon of Mississippi, Stevens
of New Hampshire, Thompson of Oklahoma and Wingo of
Texas. The bill was sent to the Senate on the 26th ult.and
referred to its Finance Committee; on the 29th the Democratic members of the Committee decided not to grant any
hearings on the bill, but consented to consider written communications regarding the measure. Following a suggestion that the proposed talc& $2 a thousand on bank capital
and surplus be reduced to $1, Senator John Sharp Williams,
a member of the Finance Committee, introduced on Sept. 30
an amendment (approved by the sub-committee) to strike
out the tax. On the 1st inst. the Democrats of the SubCommittee on Finance decided to eliminate the proposed
tax of 2 cents a gallon on gasoline and to substitute instead
a tax of 25 cents per horse-power on automobiles and a
selling tax on manufacturers of $1 per horse-power. It is
estimated this tax will yield $16,000,000. Other amendments which have been proposed to make up for the deficiency that would be caused by abandoning the bank tax
and the elimination of the tax of 2 cents a gallon on gasoline
are: A tax of 2 cents on all bank checks, drafts, letters of
credit, &c.; a tax of 5 cents a gallon on rectified whiskies,
which, it is estimated, would yield about $5,000,000 revenue;
an increase of 25 cents a barrel in the proposed $1 50 tax on
beer, making the total levy $1 75 a barrel, to yield a total
estimated revenue of $52,000,000. Another of the amendments proposed this week called for a tax of one-half of one
per cent on the salaries of Federal officers and employees
except the President and members of the Supreme Court. A
readjustment of the proposed tax on policies of insurance
companies, which has raised a protest, is said to be under
consideration, and there is said to be a probability of the
elimination altogether of the tax on accident insurance.
A NEW YORK CITY DEPARTMENT OF TRADE AND
COMMERCE.
The proposed establishment in New York City of a
Bureau or Department of Trade and Commerce, advocated
by Joseph Hartigan, Commissioner of Weights and Measures
and Secretary of Mayor Mitchel's Committee on Food Supply has received the indorsement of Secretary of Commerce
William C. Redfield. In explaining the plan he had in mind,
Commissioner Hartigan was quoted on Sept. 13th as saying:
The new branch of the City Government will co-operate with the Merchants' Association, the New York Board of Trade and Transportation,
the foreign Chambers of Commerce and other civic bodies. It will act
as a clearing house of information as to the laws in this and other States
and in other countries as they affect trade and commerce. It will tell the
manufacturer how to comply with the laws, and it will also inform the
purchasing public as to their rights and what they can expect from their
dealer in the matter of weight, marking of packages, and the other
requirements put on the statute books for the consumers' "protection."
The proposed department is also designed as a medium
for the exchange of ideas between the railroads and the
shippers, to encourage farmers to bring their goods to the
city and to help the producers find a market. It is not the
intention to have the new department assume the management of the free food markets recently established, but to
encourage their development. Secretary Redfield, in approving Commissioner Hartigan's suggestion, has written
him as follows:
[VOL. xoix.
Department of Commerce.
Washington. September 18 1914.
My Dear Mr. Commissioner—I have noted with interest your kind favor
of the 16th with its suggestion of establishing as a part of the official Government of New York City a bureau or department of trade and commerce.
Mr. Tighe, your Deputy Commissioner, has submitted to me a memorandum of the scope of this bureau, and I am glad to write you concerning it.
Naturally such a bureau will depend for its value upon the knowledge
and character of the men who have the work in charge and upon the funds
furnished for its support. You will need at least one man with a thorough
knowledge of export trade and another well-posted on marine and inland
transportation. Your outlook must necessarily be a wide one, for to look
inland from New York would be to cover but half the field. The city's
outreach is toward all the lands abroad as well as toward your own country.
Your proposed department, therefore, should measure up to the greatness
of the city and to its still greater opportunity.
Treated in this spirit such a department ought to be of great value to
the State Legislature and the Government, and especially to the Board
of Estimate and Apportionment and to the Board of Aldermen, by informing them concerning that commerce which is the very life of the city.
Your new department, also, would have an added relation to the national
Government, since through the numerous Representatives in Congress
from the City of New York its voice would be heard in the national councils.
I note with pleasure your spirit of co-operation with the existing quasipublic bodies who had done and are doing so much for the development
of the commerce of the city. The functions of these organizations have
been and are very useful. Your department, if organized in a broad way,
would co-ordinate these different services and, keeping in touch with the
Government of the nation and the State upon the one hand and the city
and these other commercial bodies upon the other hand, could be, in a
sense, a clearing-house through which much of value would flow and out
of which much good would come.
I can quite assure you that this department, through the New York
office of its bureau of foreign and domestic commerce, would co-operate
with you in the fullest practical way and would take a keen, sympathetic
Interest in the progress of your work.
I look with great pleasure upon the official recognition of the importance
of public care to that commerce out of which a great city has grown and
upon which it depends for its further growth.
Yours very truly,
WILLIAM C. REDFIELD, Secretary.
THE FEDERAL TRADE COMMISSION BILL.
The Federal Trade Commission Bill, as agreed on in conference and approved by the Senate on the 8th inst. and the
House on the 10th inst., was signed by President Wilson on
Sept. 26. It is understood that the President will not name
the members of the new Commission until December. We
give below the text of the bill as enacted into law:
An Act to create a Federal Trade Commission, to define its powers and
duties, and for other purposes.
"Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled. That a commission is hereby
created and established, to be known as the Federal Trade Commission (hereinafter referred to as the Commission), which shall be composed of five commissioners, who shall be appointed by the President, by and with the advice and consent of the Senate.
Not more
than three of the commissioners shall be members of the same political party. The first commissioners appointed shall continue in office for
terms of three, four, five, six and seven years, respectively, from the date
of the taking effect of this Act, the term of each to be designated by the
President, but their successors shall be appointed for terms of seven years,
except that any person chosen to fill a vacancy shall be appointed only for
the unexpired term of the commissioner whom he shall succeed. The
Commission shall choose a Chairman from its own membership. No
commissioner shall engage in any other business, vocation, or employment.
Any commissioner may be removed by the President for inefficiency,
neglect of duty, or malfeasance in office. A vacancy in the Commission
shall not impair the right of the remaining commissioners to exercise all the
powers of the Commission.
"The Commission shall have an official seal, which shall be judicially
noticed.
"Sec. 2. That each commissioner shall receive a salary of $10,000 a
year, payable in the same manner as the salaries of the judges of the courts
of the United States. The Commission shalt appoint a Secretary, who
shall receive a salary of $5,030 a year, payable in like manner, and it
shall have authority to employ and fix the compensation of such attorneys,
special experts, examiners, clerks and other employees as it may from time
to time find necessary for the proper performance of its duties and as may
be from time to time appropriated for by Congress.
"With the exception of the Secretary, a clerk to each commissioner, the
attorneys, and such special experts and examiners as the Commission
may from time to time find necessary for the conduct of its work, all employees of the Commission shall be a part of the classified civil service, and
shall enter the service under such rules and regulations as may be prescribed
by the Commission and by the Civil Service Commission.
necessary expenses
"All of the expenses of the Commission, including
for transportation incurred by the commissioners or by their employees
investigation,
any
or
upon
making
official business in
under their orders, in
any other places than in the City of Washington, shall be allowed and paid
on the presentation of itemized vouchers therefor approved by the Commission.
"Until otherwise provided by law, the Commission may rent suitable
offices for its use.
"The Auditor for the State and other departments shall receive and
examine all accounts of expenditures of the Commission.
"Sec. 3. That upon the organization of the Commission and election
of its Chairman,the Bureau of Corporations and the offices of Commissioner
and Deputy Commissioner of Corporations shall cease to exist; and all
pending investigations and proceedings of the Bureau of Corporations shall
be continued by the Commission.
"All clerks and employees of the said Bureau shall be transferred to and
become clerks and employees of the Commission at their present grades
and salaries. All records, papers and property of the said Bureau shall
records, papers and property of the Commission, and all unexpended
funds and appropriations for the use and maintenance of the said Bureau,
including any allotment already made to it by the Secretary of Commerce
from the contingent appropriation for the Department of Commerce for
all
come
be-
Occ. 31914.1
THE CHRONICLE
the fiscal year 1915. or from the departmental printing fund for the fiscal
year 1915, shall become funds and appropriations available to be expended
by the Commission in the exercise of the powers, authority and duties
conferred on it by this Act.
"The principal office of the Commission shall be in the City of Washington, but it may meet and exercise all its powers at any other place. The
Commission may. by one or more of its members, or by such examiners
as it may designate, prosecute any inquiry necessary to its duties in any
part of the United States.
"Sec. 4. That the words defined in this section shall have the following
meaning when found in this Act, to wit:
"'Commerce' means commerce among the several States or with foreign
nations, or in any Territory of the United States, or in the District of
Columbia, or between any such Territory and another, or between any
such Territory and any State or foreign nation, or between the District
of Columbia and any State or Territory or foreign nation.
"'Corporation' means any company or associaticn incorporated or unincorporated, which is organized to carry on business for profit and has
shares of capital or capital stock, and any company or association, incorporated or unincorporated, without shares of capital or capital stock, except
partnerships, which is organized to carry on lousiness for its own profit or
that of its members.
"'Documentary evidence' means all documents, papers and correspondence in existence at and after the passage of this Act.
"'Acts to regulate commerce' means the Act entitled 'An Act to Regulate
Commerce. approved February 14 1887, and all Acts amendatory thereof
and supplementary thereto.
"Anti trust Acts' means the Act entitled 'An Act to Protect Trade and
Commerce against Unlawful Restraints and Monopolles,';approved July 2
1890; also the sections 73 to 77, inclusive, of an Act entitled 'An Act to
Reduce Taxation, to Provide Revenue for the Government, and for Other
Purposes,' approved August 27 1894; and also the Act entitled 'An Act to
Amend Sections 73 and 76 of the Act of August 27 1894, entitled "An Act
to Reduce Taxation, to Provide Revenue for the Government, and for
Other Purposes,"' approved February 12 1913.
"Sec. 5. That unfair methods of competition in commerce are hereby
declared unlawful.
"The Commission is hereby empowered and directed to prevent persons,
partnerships or corporations, except banks, and common carriers subject
to the Acts to regulate commerce,from using unfair methods of competition
in commerce.
Whenever the Commission shall have reason to believe that any such
person, partnership, or corporation has been or is using any unfair method
of competition in commerce, and if it shall appear to the Commission that
a proceeding by it in respect thereof would be to the interest of the public,
it shall issue and serve upon such person, partnership, or corporation
a complaint stating its charges in that respect, and containing a notice
of a hearing upon a day and at a place therein fixed at least 30 days after
the service of said complaint. The person, partnership, or corporation so
complained of shall have the right to appear at the place and time so fixed
and show cause why an order should not be entered by the Commission
requiring such person, partnership, or corporation to cease and desist
from the violation of the law so charged in said complaint. Any person,
partnership, or corporation may make application, and upon good cause
shown may be allowed by the Commission to intervene and appear in said
proceeding by counsel or in person. The testimony in any such proceeding
shall be reduced to writing and filed in the office of the Commission. If
upon such hearing the Commission shall be of the opinion that the method
of competition in question is prohibited by this Act, it shall make a report
In writing in which it shall state its findings as to the facts, and shall issue
and cause to be served on such person, partnership, or corporation an order
requiring such person, partnership or corporation to cease and desist from
using such method of competition. Until a transcript of the record in
such hearing shall have been filed in a Circuit Court of Appeals of the
United States, as hereinafter provided, the Commission may at any time,
upon such notice and in such manner as it shall deem proper, modify or
set aside, in whole or in part, any report or any order made or issued by It
under this section.
If such person, partnership, or corporation fails or neglects to obey such
order of the Commission while the same is in effect, the Commission may
apply to the Circuit Court of Appeals of the United States, within any
circuit where the method of competition in question was used or where such
person, partnership, or corporation resides or carries on business, for the
enforcement of its order, and shall certify and file with its application a
transcript of the entire record in the proceeding,including all the testimony
taken and the report and order of the Commission. Upon such filing of
the application and transcript the Court shall cause notice thereof to be
served upon such person, partnership, or corporation, and thereupon shall
have jurisdiction of the proceeding and of the qtestion determined therein,
and shall have power to make and enter upon the pleadings, testimony,
amd proceedings set forth in such transcript a decree affirming, modifying,
or setting aside the order of the Commission. The findings of the Commission as to the facts,if supported by testimony,shall be conclusive. If either
party shall apply to the Court for leave to adduce additional evidence, and
shall show to the satisfaction of the Court that such additional evidence is
material and that there were reasonable grounds for the failure to adduce
such evidence in the proceeding before the Commission, the Court may order such additional evidence to be taken before the Commission and to be
adduced upon the hearing in such manner and upon such terms and conditions as to the Court may seem proper. The Commission may modify
its findings as to the facts.or make new findings, by reason of the additional
evidence so taken, and it shall file such modified or new findings, which.
If supported by the testimony,shall be conclusive, and its recommendation,
if any, for the modification or setting aside of its original order, with the
return of such additional evidence. The judgment and decree of the Court
shall be final,except that the same shall be subject to review by the Supreme
Court upon certiorari as provided in Section 240 of the Judicial Code.
Any party required by such order of the Commission to cease and desist
from using such method of competition may obtain a review of such order
in said Circuit Court of Appeals by filing in the Court a written petition
praying that the order of the Commission be set aside. A copy of such
petition shall be forthwith served upon the Commission, and thereupon the
Commission forthwith shall certify and file in the court a transcript of the
record as hereinbefore provided. Upon the filing of the transcript the
Court shall have the same jurisdiction to affirm, set aside, or modify the
order of the Commission as in the case of an application by the Commission
for the enforcement of its order, and the findings of the Commission as to
the facts, if supported by testimony, shall in like manner be conclusive.
The jurisdiction of the Circuit Court of Appeals of the United States
to enforce, set aside, or modify orders of the Commission shall be exclusive.
Such proceedings in the Circuit Court of Appeals shall be given precedence
over other cases pending therein, and shall be in every way expedited.
No order of the Commission or judgment of the Court to enforce the
same shall in anywise relieve or absolve any/person, partnership, or corporation from any liability under the Anti-Trust Acts.
947
"Complaints, orders and other processes of the Commission under this
section may be served by any one duly authorized by the Commission,
either (a) by delivering a copy thereof to the person to be served, or to a
member of the partnership to be served, or to .the president, secretary or
other executive officer or a director of the corporation to be served; or (b) by
leaving a copy thereof at the principal office or place of business of such
person, partnership or corporation; or (c) by registering and mailing a copy
thereof addressed to such person, partnership or corporation at his or its
principal office or place of business. The verified return by the person
so serving said complaint, order or other process setting forth the manner
of said service shall be proof of the same, and the return post office receipt
for said complaint, order or other process registered and mailed as aforesaid shall be proof of the service of the same.
"Sec. 6. That the Commission shall also have power—
"(a) To gather and compile information concerning and to investigate
from time to time the organization, business, conduct, practices and management of any corporation, engaged in commerce, excepting banks and
common carriers subject to the act to regulate commerce, and its relation
to other corporations and to individuals, associations and partnerships.
"(b) To require, by general or special orders, corporations engaged in
commerce, excepting banks and common carriers subject to the act to
regulate commerce, or any class of them, or any of them, respectively, to
file with the Commission tin such form as the Commission may prescribe
annual or special, or both annual and special, reports or answers in writing
to specific questions, furnishing to the Commission such information as it
may require as to the organization, business, conduct, practices, management and relation to other corporations, partnerships and individuals of
the respective corporations filing such reports or answers in writing. Such
reports and answers shall be made under oath, or otherwise, as the Commission may prescribe, and shall be filed with the Commission within such
reasonable period as the Commission may prescribe, unless additional time
be granted in any case by the Commission.
"(c) Whenever a final decree has been entered against any defendant corporation in any suit brought by the United States to prevent and restrain
any violation of the anti-trust acts, to make investigation, upon its own initiative, of the manner in which the decree has been or is being carried out,
and upon the application of the Attorney-General it shall be its duty to
make such investigation. It shall transmit to the Attorney-General a
report embodying its findings and recommendations as a result of any such
investigation, and the report shall be made public in the discretion of the
Commission.
"(d) Upon the direction of the President or either House of Congress
to investigate and report the facts relating to any alleged violations of the
anti-trust Acts by any corporation.
"(e) Upon the application of the Attorney-General to investigate and
make recommendations for the readjustment of the business of any corporation alleged to be violating the anti-trust Acts in order that the corporation may thereafter maintain its organization, management and conduct of business in accordance with law.
"(f) To make public from time to time such portions of the information
obtained by it hereunder, except trade secrets and names of customers, as
it shall deem expedient in the public interest; and to make annual and
special reports to the Congress and to submit therewith recommendations
for additional legislation; and to provide for the publication of its reports
and decisions in such form and manner as may be best adapted for public
information and use.
"(g) From time to time to classify corporations and to make rules and
regulations for the purpose of carrying out the provisions of this Act.
"(11) To investigate, from time to time, trade conditions in and with
foreign countries where associations, combinations or practices of manufacturers, merchants, or traders, or other conditions, may affect the foreign
trade of the United States, and to report to Congress thereon, with such
recommendations as it deems advisable.
"Sec. 7. That in any suit in equity brought by or under the direction
of the Attorney-General as provided in the anti-trust Acts, the Court may,
upon the conclusion of the testimony therein, if it shall be then of opinion
that the complainant is entitled to relief, refer said suit to the Commission, as a master in chancery, to ascertain and report an appropriate form
of decree therein. The Commission shall proceed upon such notice to
the parties and under such rules of procedure as the Court may prescribe,
and upon the coming in of such report, such exceptions may be filed and
such proceedings had in relation thereto as upon the report of a master
In other equity causes, but the Court may adopt or reject such report, in
whole or in part, and enter such decree as the nature of the case may in
Its judgment require.
"Sec. 8. That the several departments and bureaus of the Government,
when directed by the President, shall furnish the Commission, upon its
request, all records, papers and information in their possession relating to
any corporation subject to any of the provisions of this Act,and shall detail
from time to time such officials and employees to the Commission as he
may direct.
"Sec. 9. That for the purposes of this Act the Commission, or its duly
authorized agent or agents, shall at all reasonable times have access to,
for the purpose of examination, and the right to copy, any documentary
evidence of any corporation being investigated or proceeded against; and
the Commission shall have power to require by subpoena the attendance
and testimony of witnesses, and the production of all such documentary
evidence relating to any matter under investigation. Any member of
the Commission may sign subpoenas, and members and examiners of the
Commission may administer oaths and affirmations, examine witnesses.
and receive evidence.
"Such attendance of witnesses, and the production of such documentary
evidence, may be required from any place in the United States, at any
designated place of hearing. And in case of disobedience to a subpoena
the Commission may invoke the aid of any court of the United States in
requiring the attendance and testimony of witnesses and the production
of documentary evidence.
"Any of the district courts of the United States within the jurisdiction
of which such inquiry is carried on may, in case of contumacy or refusal
to obey a subpoena issued to any corporation or other person, issue an order
requiring such corporation or other person to appear before the Commissten,or to produce documentary evidence if so ordered,or to give evidence
touching the matter in question; and any failure to obey such order of the
court may be punished by such court as a contempt thereof.
"Upon the application of the Attorney-General of the United States,
at the request of the Commission, the district courts of the United States
shall have jurisidction to issue writs of mandamus commanding any person
or corporation to comply with the provisions of this Act or any order of
the Commission made in pursuance thereof.
"The Commission may order testimony to be taken by deposition in any
proceeding or investigation pending under this Act at any stage of such proceeding or investigation. Such depositions may be taken before any person
designated by the Commission and having power to administer oaths,
Such testimony shall be reduced to writing by the person taking the depo-
948
THE CHRONICLE
sition, or under his direction, and shall then be subscribed by the deponent.
Any person may be compelled to appear and depose and to produce documentary evidence in the same manner as witnesses may be compelled to
appear and testify and produce documentary evidence before the Commission as hereinbefore provided.
"Witnesses summoned before the Commission shall be paid the same fees
and mileage that are paid witnesses in the courts of the United States, and
witnesses whose depositions are taken and the persons taking the same
shall severally be entitled to the same fees as are paid for like services in
the courts of the United States.
"No person shall be excused from attending and testifying or from producing documentary evidence before the Commission or in obedience to
the subpoena of the Commission on the ground or for the reason that the
testimony or evidence,documentary or otherwise,required of him may tend
to incriminate him or subject him to a penalty or forfeiture. But no natural
person shall be prosecuted or subjected to any penalty or forfeiture for or
on account of any transaction, matter, or thing concerning which he may
testify, or produce evidence, documentary or otherwise, before the Commission in obedience to a subpoena issued by it: Provided, That no natural person so testit, big shall be exempt from prosecution and punishment for
perjury committed in so testifying.
"Sec. 10. That any person who shall neglect or refuse to attend and
testify, or to answer any lawful inquiry. or to produce documentary evidence, if in his power to do so, in obedience to the subpoena or lawful requirement of the Commission.shall be guilty of an offense, and upon conViction thereof by a court of competent jurisdiction shall be punished by a
fine of not less than $1,000 nor more than $5,000, or by imprisonment for
not more than one year. or by both such fine and imprisonment.
"Any person who shall wilfully make, or cause to be made, any false
entry or statement of fact in any report required to be made under this
Act, or who shall wilfully make, or cause to be made, any false entry in
any account, record, or memorandum kept by any corporation subject to
this Act, or who shall wilfully neglect or fail to make, or cause to be made.
full, true, and correct entries in such accounts, records, or memoranda of
all facts and transactions appertaining to the business of such corporation.
or who shall wilfully remove out of the jurisdiction of the United States, or
wilfully mutilate, alter, or by any other means falsify any documentary
evidence of such corporation, or who shall wilfully refuse to submit to the
Commission or to any of its authorized agents,for the purpose of inspection
and taking copies, any documentary evidence of such corporation in his
possession or within his control, shall be deemed guilty of an offense
against the United States, and shall be subject, upon conviction in any
court of the United States of competent jurisdiction, to a fine of not less
than $1,000 nor more than $5,000, or to imprisonment for a term of not
more than three years, or to both such fine and imprisonment.
"If any corporation required by this Act to file any annual or specia
report shall fail so to do within the time fixed by the Commission for filing
the same, and such failure shall continue for 30 days after notice of such
default, the corporation shall forfeit to the United States the sum of $100
for each and every day of the continuance of such failure, which forfeiture
shall be payable into the Treasury of the United Stales, and shall be
recoverable in a civil suit in the name of the United States brought in the
district where the corporation has its principal office or in any district
in which it shall do business. It shall be the duty of the various district
attorneys, under the direction of the Attorney-General of the United
States,to prosecute for the recovery of forfeitures. The costs and expenses
of such prosecution shall be paid out of the appropriation for the expenses of the courts of the United States.
"Any officer or employee of the Commission who shall make public any
information obtained by the Commission, without its authority, unless
directed by a court, shall be deemed guilty of a misdemeanor, and,upon
conviction, thereof, shall be punished by a fine not exceeding $5,000, or
by imprisonment not exceeding one year, or by fine and imprisonment, in
the discretion of the court.
"Sec. 11. Nothing contained in this Act shall be construed to prevent or
Interfere with the enforcement of the provisions of the anti-trust Acts or
the Acts to regulate commerce, nor shall anything contained in the Act be
construed to alter, modify, or repeal the said anti-trust Acts or the Acts to
regulate commerce or any part or parts thereof."
Approved. September 26 1914.
A protest against the provision in the Clayton Anti-Trust
Bill as agreed on in conference, prohibiting any one from being a director of more than one bank or trust company in
any city having a population of over 200,000, was sent to
Vice-President Marshall by George M. Reynolds, President
of the Continental & Commercial National Bank of Chicago
on Sept. 25. The conference report on the bill is now awaiting the action of the two houses. Mr. Reynolds in protesting against the provision in question writes Mr. Marshall as
follows:
Chicago, Ill., Sept. 25
1914.
Hon. Thomas R. Marshall, Senate, Washington, D. C.:
the
conference
contains
a
reported
by
committee
as
The Clayton bill
provision that prohibits a person from being a director of more than one
bank or trust company in any city having a population of over 200,000.
Such legislation is harmful and unjust to the general banking interests of
this country and tends to impair their strength,and will result in weakening
the personnel and standing of the directors. There are twenty-eight cities
in the United States with a population exceeding 200,000. The financial
resources of the banks of these cities represent more than half of the finanthese
cial strength of all the banks in this country. It is upon the banks of
industry.
cities that the burden largely rests to protect our commerce and
those in the larger cities for asThe banks of the smaller cities rely upon
the
sistance and support. It is not right to attempt to discriminate against
time, when acute
banks of these twenty-eight cities, particularly at this
sound
I
submit
that
no
financial disorders prevail throughout the world.
trust company or bank
reason can be advanced why the director of a State
bank. State banks
should be prohibited from being a director of a national
recognized corporate
act as trustees, executors, administrators, and in other
be exercised by natrust positions. They discharge functions that cannot
of institutions cortional banks. The business of each of these two classes
not conflict or compete.
relates and fits in with that of the other and does
have affiliations with
There are several hundred national banks which
more common directors.
State trust companies or banks and have one or
and, in my opinion.
The proposed legislation will introduce uncertainties,
ought to be attempted
no bank legislation that is not absolutely necessary
interests are greatly
financial
at a time like this, when our commercial and
importdistressed. Furthermore, I do not think it right to mix up an
that
ant banking question with the provisions of the Clayton Bill,
has to do with the regulation of trusts and monopolies. I submit these
[VOL. xc
views in the interest of the people and of the banking institutions of the
country generally, and not because of any peculiar hardship that the proposed legislation will work against me or the institution of which I am President. I therefore urge that the prior action of the Senate in striking out
the entire provision should be maintained.
GEORGE at. REYNOLDS,
President Continental & Commercial National Bank, Chicago.
The Philadelphia Clearing-House Association has also,
through its President, Joseph Moore Jr., and the Chairman
of its Clearing-House Committee, Levi L. Rue, filed a protest to the provision referred to. The provision, it is stated,
if enacted, would affect sixteen of the thirty-two national
banks of the city and at least nineteen of the sixty-six trust
companies and State banks. In setting out its opposition,
the Association says:
It is our opinion that if section 8, Clayton anti-trust bill, respecting
interlocking directors, is adopted by Congress and becomes a law, it will
deal a serious blow to the banks and trust companies of the larger cities of
the country, and, while doubtless intended to conserve the people's interests, is really most detrimental to those interests. The country is about
to inaugurate a new banking system. Vast changes in banking methods
are to take place, and if there ever was a time in the history of the country
when the managements of the banks and trust companies should be in strong
and experienced hands, it is now.
The resources of the banks and trust companies belong to the people.
With them they place their savings and the managements of their estates,
the beneficiaries of which are largely women and children. Their directors
should be men of broad vision, wide experience, sound Judgment and in
touch with the commerce and trade of the world. The bill as written will
strip these institutions of many of the ablest men on their boards of directors.
We therefore most respectfully urge upon Congress that section 8 of
the Clayton anti-trust bill as affecting banks and trust companies be stricken
out.
The American Bankers' Association also expressed its objection to the section this week. President Wilson is said
to have indicated on Monday, however, that the opposition
to the provision would be of no avail at this time.
Senator Reed of Missouri vigorously attacked the bill
during a two-days' address to the Senate this week. In
opening his remarks against it on Monday Mr. Reed referred
to the title of the bill, "An Act to supplement existing laws
against unlawful restraints and monopolies, and for other
purposes," and declared that he would endeavor to show
that if it passes in its present form, it ought to be entitled
"An Act to apologize to unlawful restraints and monopolies."
The measure, he declared, "has long been heralded as the
Clayton anti-trust bill. It should be known as the "Conferees' Capitulation bill.'" He added:
If the Sherman Act was in itself sufficient to destroy monopoly and prevent restraint of trade, then it needs no change. Amendment of the trust
laws can only be justified upon the theory that in some important respect
the law has failed to protect against the trust practices under which the
People have suffered. There are four well-known devices, each of which has
long been employed by the great combinations and trusts of the country
to destroy competition. To eradicate these evils the House passed the
Clayton bill, an Act defining, prohibiting and penalizing four of the most
aggressive practices of monopolies.
Section 2 prohibited price discriminations done for the purpose of destroying or wrongfully injuring the business of a competitor.
Section 4 denounced tying contracts in general. This is the device by
which a manufacturer controlling a patented or staple article compels all
who purchase or lease it to agree to purchase other goods or supplies from
the seller, thus aiding him in restricting the trade of rivals and enabling him
to create a monopoly.
Section 8 prohibited a corporation from owning the capital stock of another corporation where the effect would be to substantially limit or lessen
competition. It also prohibited holding companies where the effect of
their stock holdings was to substantially lessen competition.
Section 12 broadly declared that whenever a corporation should violate
any of the provisions of the Anti-Trust laws,the responsible directors and
officers should be guilty of a misdemeanor.
Criminal penalties were embraced in every one of the four sections of the
Clayton Bill. As that provision came to us, all of them had attached this
language: "Whoever shall violate the provisions of this section shall be
ideemed guilty of a misdemeanor and upon conviction thereof shall be punished by a fine not exceeding $5,000 or by imprisonment not exceeding one
Year. or by both,in the discretion of the Court."
This criminal penalty has in every instance been stricken from the antitrust sections of the bill. The trusts of the country under this bill cannOt
be fined, cannot be imprisoned, cannot be sent to jail, cannot be punished
In any way except by a command to please stop doing what you are now doing. Criminal penalties have been preserved in the bill, but they do not
touch industrial monopoly. From every section denouncing the evil practices of these monsters of the commercial world have been drawn the last
fang and claw which by any possibility might draw oven a drop of blood
from the veins of monopoly.
According to the "Journal of Commerce," one of the
most significant things in connection with the Clayton Bill
which was brought out in the debate on the report on Tuesday is a section in the anti-interlocking directorates provisition. One proviso in this section, it is said, will legalize the
practice of some large city banks organizing and operating
trust companies under State laws. The proviso would legalize such a company as was sought to be organized by the National City Bank of New York a few years ago under the
name of the National City Company,and to which AttorneyGeneral Wickersham objected as being contrary to the national banking laws and the Sherman Act. The Clayton
Bill as adopted by the House would legalize such action, it
is claimed, whereas the Senate eliminated the section en-
OCT. 3 1914.]
THE CHRONICLE
tirely. The conferees have re-written the section carrying
the proviso which has caused so much discussion. This
reads as follows:
Provided further, That a director or other officer or employee of such bank,
banking association or trust company may be a director or other officer or
employee of not more than one other bank or trust company organized under the laws of the United States or any State where the entire capital stock
of one is owned by stockholders of the other.
Senator Borah of Idaho, in attacking the bill on Wednesday, stated that, while he thought that in its final form it
did not repeal the Sherman Act, its practical effect would be
to make the Sherman law a dead letter and destroy the beneficial effects of the enforcement of that statute for the past
decade.
THE FREIGHT RATE CASE.
representing the Investment Bankers' Assodelegation
A
ciation will appear in behalf of the railroads at the rehearing
of the freight rate case on the 19th inst. The Inter-State
Commerce Commission has signified its willingness to hear a
committee of the Association, and the following has been
chosen to represent the organization at the reopening of the
case:
George B. Caldwell, Chairman; John E. Blunt Jr., Merchants' Loan &
Trust Co., Chicago; Frederick Strauss, J.& W.Seligman & Co.. New York;
Moritz Rosenthal, Ladenburg, Thalmann & Co., New York; S. L. Fuller,
Kissel, Kinnicutt & Co., New York; A. G. Hoyt, N. W. Halsey & Co.,
New York; Lawrence Chamberlain, Kountze Bros., New York; Warren S.
Hayden, Hayden, Miller & Co., Cleveland; Stedman Butterick, Rain..
brook & Co., Boston; R.B. Young,E. H. Rollins & Sons, Boston; Howard
Graham, Graham & Co., Philadelphia; R. Lancaster Williams, Middendorf, Williams & Co., Baltimore; J. R. Edwards, Cincinnati; W. R. Compton, William R. Compton Co., St. Louis; R. T. Field, Field, Richards &
Co., Cincinnati; B. B. Veech, United States Trust Co., Louisville; Lynn H.
Dinldns, Interstate Trust & Banking Co., New Orleans; W. G. Lackey,
Mississippi Valley Trust Co., St. Louis; J. Herndon Smith, Smith, Moore
& Co., St. Louis; J. A. Prescott, John A. Prescott & Co., Kansas City:
Gardner P. Stickney, Wisconsin Trust Co., Milwaukee, and Eugene M.
Stevens, Stevens, Chapman & Co.. Minneapolis.
949
"Bond and note obligations of American railroads maturing before the
end of the next year aggregate over $520,000,000. The Pennsylvania RR.
must next year refund some $96,000.000 of capital liabilities. In addition
the amount of new capital required for the normal development of the
American railroad system amounts to upwards of $400,000,000 per annum.
And yet what is the railroad situation? In general, it is one of reduced
revenues and of inability to reduce expenses to correspond. Anybody
will concede that the Pennsylvania is an ably-managed railroad; that it
has not watered its stock; that its accounts have been accurately kept, and
its money carefully spent. The evils in American railroads that are sometimas complained of are not laid at the door cf the Pennsylvania. But what
is the Pennsylvania situation?
During the four years ended June 30 1914 the Pennsylvania system increased its investment in railroad property by over $272,000,000. During
that time its gross earnings derived from an increased service to the public
increased over $34,000.000, while its expenses increased nearly $55.000,000.
Thus, at the end of four years, after having dedicated 8272,000,000 irrevocably to the public service, the system's net revenues were worse
off by $21,000,000 than they were before the $272,000.000 had been spent.
Obviously that is a situation which must be met. It is a situation which
has been intensified by the war.for now,obviously,a higher rate of return
upon investments must be earned else new capital cannot he obtained
and the price of existing securities will inevitably fall.
There are many impediments in the way of reducing expenses. For
example,there are arbitrary laws compelling the employment of unnecessary
men. An examination of our accounts shows that the lines of the Pennsyl
vania system spent last year upwards of $1,100,000 because of the extracrew law alone.
The management of the Pennsylvania Railroad would shrink from reducing wages. The system paid in wages last year about $190.000.000.
This was at a rate of wages nearly 35% higher than that which prevailed
in 1900 and over 10% higher than those in 1909.
The Pennsylvania always paid a dividend on its stock. Its policy has
been to pay moderate dividends and make those dividends regular and reliable. No corporation in the world as a consequence enjoys a greater
confidence on the part of the invseting public. Over 90,000 persons are
investors in Pennsylvania stock, nearly half of them women. The Pennsylvania dividend, conservative as it is, should continue to be a bulwark
of American railroad finance. Its permanence and safety constitute an
assurance to the public that the public service of the greatest railroad in
the world will be maintained at a high standard.
It is believed that the public is coming to understand the importance of
seeing to it that proper protection is given to the earnings of railroads
"the one common interest of our whole industrial life," to use the words of
the President of the United States.
A general investigation into the subject of embargoes is
A resolution introduced in Congress by Representative to be made by the Inter-State Commerce Commission as
Lewis of Maryland, and referred to the House Committee a result of complaints entered against the roads. The order
the Commission in the matter is as follows:
on Inter-State and Foreign Commerce, asks speedy consid- ofThe
subject of the rules,
and practices of common carriers by
eration and decision by the Inter-State Commerce Commis- rail having been brought toregulations
the attention of the Commission by informal
question.
The
resolution
complaints,
rate
follows:
wherein it was alleged that certain coal roads established emsion of the
Resolved by the Senate and House of Representatives of the United States of bargoes which resulted in unjust discrimination against shippers, and the
America in Congress assembled, That in the exercise of the legislative Commission, as a consequence, desiring to inform itself generally as to
powers granted it in the matter of the regulation of freight rates, the condi- the question of embargoes, the conditions under which they are established.
tions prevailing in the railway industry are such as to necessitate the most and the manner in which notice is given, with a view to prescribing reasonexpeditious consideration and decision by the Inter-State Commerce Com- able regulations for such embargoes.
It is ordered. That a proceeding of inquiry and investigation be, and the
mission of the changes in freight rates proposed by the steam carriers of
same is hereby instituted into, concerning the subject of the rules, regthe country consistent with a fair hearing of the parties interested.
Sec. 2. That if it shall be found that increases in the railway rates are ulations and practices of carriers in establishing embargoes.
justified in order to produce adequate revenue for such carriers, then the
It is further ordered, That all common carriers by rail, subject to the Act
Inter-State Commerce Commission,in revising such railway rate, is directed to regulate commerce, be, and they are hereby, made parties respondent
to apportion such increases among the several classes of freight and commod- to this proceeding; that this proceeding be set for hearings at such times
ities carried rather than upon the rates for the conveyance of persons, and places as the Commission hereafter shall designate; that the parties
in order that such transportation taxes shall not unduly impede the free- respondent be required to appear and testify or to produce books, documents and papers as the Commission shall deem necessary.
dom of movement of persons between the respective States.
To afford an opportunity to shippers and railroads to prepare for this
general investigation, the Commission has announced that the first hearing
"The Effect of the European War on the Railroad Busi- will be held at Chicago on January 20 1915.
ness" was discussed by Ivy L. Lee, executive Assistant of the
Pennsylvania RR., at a mass-meeting of employees of the
DEVELOPING FOREIGN TRADE.
road, held at Altoona on the 29th ult. under the auspices of
The appointment of seven commercial attaches who will
the Altoona Railroad Club. We take from the Philadelphia
serve as the Government's business diplomats abroad and
"Press" the following extract from his remarks:
"The war has brought us face to face with a crisis in the railroad business. will investigate and report on manufacturing, industrial
It is true that other lines of business are also faced with a critical situation, and trade conditions, was announced by Secretary Redfield
but the railroad should receive sympathetic attention for two reasons: (1)
That its function is one of the necessities of civilization, and (2) that its on Sept. 27. The appointees are A. T. Harrington of
property, although privately owned, is devoted to the public service.
Ohio, to Lima, Peru; A. H. Baldwin, former Chief of the
"At the close of the war, or even during the war,if shipping and exchange Bureau of Foreign and Domestic Commerce, to London;
facilities can be re-established, there is likely to be a spurt in business in
Rethe United States to supply the needs of the world. But the disarrange- Dr. Albert Hale, now with the Bureau of Pan-American
ment in the machinery of trade is vital and may have results of far-reaching publics, to Buenos Aires; Edwin M. Thompson of North
magnitude. In concluding a careful analysis of the effects of the war upon Carolina, to Berlin; J. H. Arnold, former Consul-General at
the world's trade,in its issue of Aug. 22 1914, the London "Statist" said:
"'The reduction to poverty of the losing nations, and the waste of Hankow, to Peking; Prof. Lincoln Hutchinson, of the Uniwealth and consequent diminution of purchasing power all around, cannot versity of California, to Rio Janeiro, and C. W. A. Veditz
but adversely affect for a long time the prosperity of the whole world.
of Pennsylvania,to Paris. Seven more are to be named later.
"Whatever the effects of the war may be. it is certain that the United
States will suffer least among the great nations of the world. Whether the The attaches are named under a newly enacted law. Through
war will lead with us to a period of great commercial activity or to a period the State Department they will be accredited to American
of depression, this much can be safely predicted.
missions abroad, but will be under the immediate direction
"There will be a very material and world-wide increase in interest rates,
of the Secretary of Commerce. They ere exempt from
and the demand for capital will be upon an unprecedented scale.
"This would be inevitable if the world had no more to take account of civil service requirements, but compelled to stand tests
than the cost of the war and of replacing the destroyed wealth now thrown established by Secretary Redfield. Congress authorized
into the caldron of war.
"Europe can pay her own debts only by liquidating a large portion of her $100,000 for their salaries and maintenance the first year.
holdings of American securities. It is estimated that from three to seven The attaches to Great Britain, Germany and France will
billion dollars of our capital liabilities are now held abroad; inevitably we each receive salaries of $5,000 a year.
The remainder is
shall have to buy back a huge quantity of these, once a free security market
divided into groups, each receiving $4,000 and $4,500.
is re-established.
"We cannot possibly look to Europe for new capital for several years to
come, and we shall be obliged to finance our own vast enterprise. If we
are to enjoy an era of expansion, we shall have to finance that, too.
"It thus becomes incumbent upon us to make our securities so attractive
that Europe will be disposed to withhold them from sale as long as passible.
As our railroads are, as President Wilson says, 'at the very heart of most
investments,' we must see to it that our railroad liabilities are made sound
and that fortifications are erected against the possible siege.
Supplementing his precautionary statement regarding
Latin-American trade conditions, which we referred to last
week, John Barrett, Director General of the Pan-American
Union, this week issued some further words of caution to
American commercial interests. Cable advices received by
950
THE CHRONICLE
[VOL.
him from the southern republics are said to have disclosed
a new phase of the situation, which is the occasion of his
latest statement, in which he says:
"The Mississippi River offers a great outlet and cheap freight to New
Orleans for all the manufacturers of the Mississippi River Valley and also
the Missouri River Valley. In the Central part of the United States we
have been overlooking the natural advantages. It is planned at this
These advices emphasize that what is needed at this hour in Latin- conference to develop this route, arrange for better dock facilities at St.
America is not so much a supply of the manufactured products of the Louis and New Orleans, and take care of the traffic that belongs down the
United States, though these are required in considerable quantities, but valley.
money,loans and advances, credits on purchases,and markets at reasonable
"New Orleans already is improving its dock facilities, and we want to
rates for raw products which usually go to Europe. If Latin-America can make it easy for the manufacturers of Illinois to ship through our port.
sell at a fair figure her accumulating raw products and buy,in turn, through It is three days closer to South and Central America than New York, and
receiving financial help and co-operation in the form of advances and we have arranged se the freight rates will be cheaper.
credits from United States exporters, importers and bankers, the situation
"The representation at the St. Louis meeting will be worked out on the
will speedily be remedied and a new era of Pan-American commerce and National Chamber of Commerce representation, and we expect a large
comity will open.
delegation of business men in attendance there.
The fact that twenty Latin-Ameridan countries last year bought imports
"It Is proposed to have the questions in such shape at this conference that
and sold exports to the vast total of 53,000,000.000,of which $2,000,000,000 definite action can be taken. The meeting is held purposely before the
were transactions with Europe, proves beyond doubt that the opportunity conference at Washington se our representatives may present the views of
is there; but it Is subject to conditions. That the United States already this section of the United States at that meeting."
has a good start, and is making encouraging progress, is shown by the fact
that its exchange of trade with Latin-America has grown nearly 100% in
the last seven years, or from $450,000,000 to $850,000,000.
Steps for the furtherance of trade with South America
The European war, while greatly lessening the sources of Latin-American
imports and the market for exports, and opening a correspondingly greater were taken in
Philadelphia on Tuesday with the
opportunity to United States exports and imports, has so unavoidably
formation of the Foreign Trade Committee of Philadelphia
crippled Latin-American financial resources and commercial machinery
that it will take several months, or a year, for conditions to readjust them- at a meeting of business men, manufacturers and bankers
selves and make possible results which many business men in this country representative of the Philadelphia Commercial Museum.
expect immediately.
The danger of acting hastily in commercial expansion was
Despite the efforts not only of the Latin-American embassies, legations
and consulates, but of the Pan-American Union, as an international or- pointed out by Alba B. Johnson, President of the Baldwin
ganization, and of the United States Departments of State and Commerce, Locomotive Works, who, in addressing the gathering, said:
to state the situation exactly as it exists, countless articles have been apThe other day I talked with the Minister from Argentina. I said that'
pearing in various newspapers and magazines emphasizing an alleged we
"golden opportunity" without pointing out its present environments of In hoped the United States would obtain the trade of Argentine and he said
reply: "Let me stop you. Argentine will not turn to the United States
money tightness and dislocation of international commercial methods.
and will not open any new channels unless they are opened for her by you.
Numerous business men and commercial agents, in consequence, are
crowding the steamers bound south with the expectation that they will find We wait until the doors are opened to us." There Is a movement on foot
the Latin-Americans awaiting them with outstretched hands filled with by a large company to send salesmen down into those countries for united
gold and ready to buy everything and anything they have to sell. These action. We should act in unison.
Several cities have sent expeditions into Latin-America. They were
men will presently return north and unfairly condemn and criticize the
received cordially, but the actual increase resulting from such visits is
markets and peoples of the countries they have visited. The
Latin- almost insignificant. That is not the way to get business. We must
American market, while vastly potential, is at this moment embarrassed
go about it in the same manner as if we were dealing with Seattle or Winniby a serious financial stringency and dislocation of commercial
conditions peg. We must know the requirements before we go. We must stay long
for which it is not in itself to blame. The opportunity of the
hour is not so enough to know the people.
much for immediate large sales of United States manufactured
products
We must go slow in our plans to establish new and broader trade relations
as for co-operation and mutual help, together with caraul
investigation of with the Latin-American countries. We have been told that Brazil,
commercial conditions and preparation to meet future
competition suc- through the financial follies of her Government, practically is bankrupt.
cessfully.
Since Chile has lost the European market for the output of her nitrate
mines her condition is not prosperous. Just before the war began the
Following a meeting of the Buffalo Chamber of Commerce Argentine Republic spent vast sums upon public improvement schemes,
and so has little money.
on the 25th ult., it was
announced that the Chamber will
send a commercial agent to South America for the purpose
of studying the trade situation. Edward Albes, business
investigator of the Pan-American Union, and personal representative of John Barrett, was one of the speakers at
the
meeting, and he is quoted in the New York "Sun" as
saying:
"Capturing the South
A resolution was adopted to the effect that the scope of
the committee, which consists of fifty-five members, should,
be made nation-wide through co-operation with similar organizations in other cities. The appointment of subcommittees to act upon nine suggestions bearing on the work
of the general committee was authorized at Tuesday's meet—
.
ing; three members are to be assigned to each of the following•
subjects submitted by the Commercial Museum for consideration:
1. Latin-American trade convention in Philadelphia; a plan to attract
American trade will not be as easy as
picking
eierries. England has her eyes upon to the
main chance. She is just as
keen for the German trade in South America as we
are. She is mere determined to keep her own trade with South America than
we are to get It.
She has not sent her skilled artisans in steel and
iron products to the front
to be shot by the Germans, and she has not
called her skilled workmen
from the textile mills. Before an English
soldier had crossed over to foreign buyers to this city.
Belgium the English Board of Trade had
cabled to its consular agents
Points to consider: Inducements which may be offered to foreign visitors
throughout the world to send home cable advises
as to the best methods to attend. Costs and methods of meeting same. Plans of organization.
to be followed in a campaign to increase
expert trade. If. therefore,
2. Adoption of some system for keeping informed regarding business
American manufacturers want to increase their export
trade, particularly men from abroad who visit the United States for the purpose of inducing
with South America,they must understand that
while competition is lessened them to come to Philadelphia. Points to consider: How to accomplish this
It has not been stifled by the ar."
in touch
purpose. Possibility of a New York office or headquarters to keep
with foreign visitors.
men to South America.
Plans for the development of trade with South America
3. Trade expedition of Philadelphia business
Possibility of using this means to extend invitations to
were considered at a conference of Chicago and New Orleans Points to consider:
of similar attempts
results
investigation
of
a convention in Philadelphia;
business men held at Chicago on Sept. 25. As a
cities; effect on the manufacturing community at large.
result of the by other
information bureaus in some of the'
meeting a call was prepared for a general
4. Establishment of Philadelphia
conference of the largest
commercial centres in Latin-America. Principal work of this
business interests of the Mississippi Valley, to take place
secure the confidence of importing
and
with
in bureau, to become acquainted
St. Louis. Oct. 23 has been tentatively
and the larger merchants, and to carry a full line of catalogues and
agreed on as its housessimilar
literature of Philadelphia manufacturers. Points to consider:
date. We learn from the Chicago "Tribune"
other
that it was Investigation of Chicago plan and results obtained; method of maintaining
decided to place these four points before the St.
of advertising Philadelphia-made goods.
Louis con- such bureau; value as a means
ference:
5. A study of the raw products of South America with a view to finding
1. Transportation by way of the Mississippi Valley to South and Cen- a larger market for them among the manufacturers of Philadelphia. Points
tral America.
to consider: The value of such efforts in assisting the sale of our own prodascertaining what South America has to offer that may be
2. Promotion and development of trading and
export companies to ucts: plan for
effect change of raw materials and manufactured
used by Philadelphia manufacturers.
commodities.
Philadelphia. Ninety per cent of the Manu3. Direct exchange of credits so as to eliminate the
6. Direct shipment from
London bill cf exchange.
factured goods which Philadelphia exports are sold or shipped through New
4. To establish industries to manufacture the raw
York, paying tribute in New York to bankers, draymen,forwarders, &c.
America and to work for legislation which will protect materials of South
7. Agreement upon some common method for meeting the demand for
these manufactures
either by means of now patent laws, revenue acts or
long credits in South America. A compromise between what foreign
tariff measures.
receive and we are accustomed to give. Points
At the Chicago gathering the members of the foreign trade buyers are accustomed toEuropean
manufacturers and exporters.
consider: Methods of
committees of the Association of Commerce and the Illinois to8.
a local trade mark and consideration of
adopting
Advisability of
Manufacturers' tssociation met with Mayor Behan of Possible advantages and disadvantages.
manufacturers to
9. Group combinations of allied but non-competing
New Orleans; M.B. Trezevant, Manager of the New Orleans
Chamber of Commerce, and J. E. Edmunds, of the First
National Bank of Chicago. The following sub-committee
of five was appointed to arrange the details of the St. Louis
conference: M. B. Trezevant, William G. Dufour of New
Orleans, F. R. McMullen, Thomas L. Stitt and R. L.
Crampton of Chicago. In addressing the conference, Mr.
Edmunds said:
"It is significant that in a report of the Department of Commerce at
Washington issued recently New York was given as the only seaport for
South and Central American shipping. The railroads have been throwing
all the business possible to Now York in recent years by making rates
almost discriminatory.
Push foreign trade.
James Mapes Dodge was chosen Chairman of the organization; Nathan T. Folwell, Howard B. French, C. W. Asbury,
George W. Norris and Dr. William P. Wilson, Vice-Chairman; Charles S. Calwell, President of the Corn Exchange
National Bank, Treasurer; Wilfred H. Schoff, Recording
Secretary, and Dudley Bartlett, Corresponding Secretary.
The opportunity now presented for trading with the
British West Indies is pointed out by Consul Chester W.
Martin at Barbadoes, who in calling attention thereto, says:
WT. 3 1914.]
THE CHRONICLE
This is an opportune time for the American exporter to secure a share
of the trade of the British West Indies in certain lines of manufactured
articles that have come largely from Europe. While trade will not be
entirely cut off from Great Britain, it will be badly hampereed during the
war, while steamship communication with the United States will not be
curtailed.
There is an opening for the sale of cotton textiles, furnishing goods,
hosiery, boots and shoes, canned fruits and meats, Jams, condensed milk,
groceries of all kinds and builders' hardware. An agency should be established in Barbadoes with a full line of samples, in charge of a wellinformed man, whose personality would inspire confidence, merchants
visited daily and all orders carefully filled. This has been the plan of the
European exporter and has been very successful.
The other British islands and British Guiana should be canvassed by
salesmen from Barbadoes and by inviting leading merchants to visit the
agency and inspect the lines carried. Trade once established can be
maintained.
In flour, cornmeal, grain, salted meats, lard and other foodstuffs, the
United States has a fair share of the trade at present, but in manufactured
articles Americans have only a small percentage. The American exporter
has a decided advantage in lower freight rates and time in filling orders.
INCIDENTS OF THE SITUATION.
Some interesting figures concerning the collateral for the
emergency currency issued by the New York City banks
were made public this week. Up to the close of Monday,
September 28, the currency applications approved amounted
to $140,798,200. The total market value of the collateral
deposited for this $140,798,200 additional circulation is
$185,500,000, classified as.follows :
Commercial
bonds
d notes
t
l
Industrial securities
Public utilities
Municipal securities
State securities
Total
$90,000,000
46,000,000
12,000,000
10.250,000
21,500,000
5,750.000
$185.500,000
The applications approved last night brought the emergency currency figures for New York City slightly over
$142,000,000. Several new rulings have been made by the
Treasury Department governing the issuance of the new
currency. New York City short-term notes will be accepted
on the basis of 75% and not 85% as for other New York
City obligations. The percentage on State and municipal
securities has been reduced to 85%. The Aldrich-Vreeland
Law provides that currency may be issued to an amount
not exceeding 75% of the cash value of commercial paper
deposited and to an amount not exceeding 90% of market
value for State, city, town, county or municipal bonds.
The Secretary of the Treasury has also directed all currency
associations to obtain information from banks applying for
emergency currency regarding the legal reserve held, the
rate of interest charged on time and call loan renewals and
also the rate of interest charged on new time and call loans.
A resolution adopted by the farmers of Murray County,
Okla., requesting the calling of an extra session of the State
Legislature to enact a law postponing the payment of all
debts in Oklahoma during the continuance of the European
war was submitted to Governor Crime on September 18.
The latter, in declining to convene the Legislature in extra
session, is said to have stated that he did not think a State
moratorium would offer the needed remedy. He expressed
his belief that in the early part of the present crisis the best
plan would have been for the Federal Government to pass
such a law, since to be of any benefit it ought to be national
in its scope.
Following the important steps taken last week, hopes of an
early resumption of general trading in securities are now felt
to be brighter than at any time since the Exchange closed.
The last of the measures—the appointment of a Committee
to supervise dealings in unlisted stocks and the decision of
the committee to allow trading at concessions from the
closing prices of July 30—has added decidedly to the more
hopeful feeling. A material evidence of this has been the
increasing volume of trading being done through the
Committee.
The Committee has announced methods of procedure for
those trading in unlisted stocks. These rules are practically
the same as those provided for dealings in unlisted bonds.
The Committee, however, especially states it will not
actually consummate any transactions or take any responsibility therewith. No restrictions are placed on trading in
mining stocks listed on the New York "Curb" that sell at
not over $3 provided that no transactions or quotations are
published. Following is the letter sent out:
New York, September 25 1914.
Dear SO.—Referring to the circular letter of the Committee on Unlisted
Stocks dated September 24 1914, relative to the sale of unlisted stocks not
owned by the dealer, the Committee has arranged the following procedure
for taking care of such transactions :
1. Bids or offerings should be made in writing, on separate slips, at
specified prices and addressed to the Committee on Unlisted Stocks, New
951
York Stock Exchange Building, No. 18 Broad St., New York City, where
representatives of the Committee will be present daily, except Saturday,
between'the hours of 10 A. M. and 12 o'clock noon, and 2 and 3 o'clock
P. M. and on Saturday between 10 A. M. and 12 o'clock noon.
2. It is advisable that all such bids and offerings should be good until
countermanded and for all or any part of the amount of stocks mentioned.
3. Where bids and offerings on the same stocks are received by the
Committee, but at prices which do not permit of an immediate trade, the
Committee will endeavor to bring buyer and seller together.
4. In the event that bids are filed at prices in excess of the prices at
which the same stocks are offered, the Committee will adjust transactions,
subject to the price being approved, on a fair basis.
5. Requests for offerings or bids without definite prices may also be
filed.
6. Orders may be placed with brokers in good standing provided they
are instructed to file them with the Committee. It is the desire of the
Committee that the broker's position should not be prejudiced.
7. The Committee rules that it will not require orders in mining stocks
listed on the New York Curb and selling at not over $3 per share to be
filed with them. It will permit trading to take place provided no transactions or quotations are made public.
8. It should be understood that the Committee will not actually con-'
summate any transactions or take any responsibility in connection there- ,
with and transactions made by this method should not be considered as
having been finally consummated until confirmed between the principals.'
It is important that the principals should report in writing to the Committee the consummation of each transaction, to enable them to keep their
records accurately.
The Committee on Unlisted Stocks will meet daily at 18 Broad St., 6th
floor, from 11 to 12 o'clock except Saturday.
Yours very truly,
A. C. GWYNNE, of Jenks. Gwynne & Co.
FREDERIC H. HATCH,of Frederic H. Hatch & Co.
A. H. LOCKETT, of Wm. P. Bonbright & Co., Inc.
E. R. McOORMICK,Chairman, N.Y.Curb Market Assn.
H. B. SMITHERS,of F. S. Smithers & Co., Chairman.
As a protest against the action of the Committee in charge
of trading in unlisted stocks, representatives of over one
hundred brokers in outside securities have held meetings
this week, and a committee consisting of C. B. Coady SS .
chairman; Chauncey Coles,.Arthur Myles and J. K. Rice Jr.,
were appointed to make recommendations to the New York
Stock Exchange Committee of Five suggesting certain
changes.
..
A circular has been issued emitodying these changes which.
any broker in the class of securities affected may sign:.
Among other things, it is suggested that the personnel Of:
the committee in charge of trading in outside stocks be
changed so that no dealer shall be a member. Also it is :
thought that where unlisted stocks have had an. open and
active market, transactions might be made without sub
mission to the Committee when such trades are at or above
the closing prices of July 30. The circular follows :
To the Committee of Five, New York Stack Exchange, 18 Broad St.. City.
Gentlemen.—Owing to a general feeling of dissatisfaction amongst minn=
bers and non-members of the New York Steck Exchange resulting from the..
formation of a Committee of Five to supervise dealings in unlisted seetwir v
ties, we, the undersigned, desire to suggest the following recommendations
for your consideration:
First.—That the personnel of this Committee be changed to the effect;
that same be composed of parties not identified as dealers.
Second.—That in stocks which have had an open or active market,transactions may be made without restrictions or necessity of report to the
committee, when at or above the closing prices.
Third.—That where securities have not had an active or open market,
the bid prices as published in the "Chronicle" of August 1st be accepted sis; ;
the closing prices.
Fourth.—That in the case of securities where the committee may deem it
possible to trade at prices below those prevailing on July 30th they establish'
minimum prices good for as long a time as the committee deems practical,
and that a list of these prices be furnished to those making application for
Same.
We think that if the above recommendations are put into force, it will
do away with the criticism which has been made as to the committee is
at present constituted, and by so doing increase the efficiency of this Committee on Unlisted Securities, by securing thorough and hearty co-operation on the part of all brokers and dealers in these issues.
Yours very respectfully.
The Special Committee of Five of the New York Stock
Exchange has made the following ruling:
24.
September 28.
On all loans of securities between members, as well as on contracts for
securities still unsettled, the interest to and including Sept. 30 must be
paid on Oct. 1.
One refreshing indication of the progress made toward
normal conditions in the securities market is the issuance of
monthly circulars of bond offerings by investment houses.
One such received this week from N. W. Halsey & Co. has
some pertinent remarks on the investment situation. The
firm states:
The past six weeks have been a period of a good deal of perplexity/to
the investor. With most of the Stock Exchanges of the country closed,
with practically no dealings in securities outside of the exchanges, bond
buyers, many of whom have had funds available for investment, have been
in something of a quandary as to what course to pursue. As a matter of
fact, until very recently there has been practically nothing the investor
could do but await developments. Now, however, a limited list of securities is being offered by many dealers and any one who has funds may put
them to work by buying interest-bearing bonds if he desires. The extraordinary large subscription, embracing all sections of the country,l.to
the recent offering of New York City short-time securities, indicates
that
a very large number of investors has reached the decision that there is no
reason for a continuation of the do-nothing policy. On the
contrary, such
952
THE CHRONICLE
Investors believe this is the time to take advantage of the opportunity
to purchase sound securities if offered on an attractive basis.
The following is from the same circular:
There are, then, many influences at work which make for an improvement in the security markets. Are all these influences to be more than offset by a flood of liquidation of American securities held by foreign investors?
If we, at this time, were to open our exchanges and at the same time were
to establish a free market for gold, we have no doubt there would be an
attempt on the part of Europe, so extremely exigent are the financial needs
of the warring nations, to convert into gold, through our markets, a very
great volume of securities. Prices would be accepted which would have
little regard for intrinsic values.
We can hardly be expected to open our markets to Europe if, as a result,
the prices of our securities are to be slaughtered without regard to value or
if our gold supply is to be seriously depleted. Yet we cannot keep our
markets closed indefinitely. The problem is one of the greatest difficulty,
but we have no doubt a way will be found to meet the situation.
A plan for relieving the European situation has been suggested by John Muir of the Stock Exchange firm of John Muir
& Co. Mr. Muir's proposal relates particularly to the payment for the securities which Europe wants to sell and suggests that settlement be made on a partial-payment basis.
In explanation of his plan, Mr. Muir says:
America is in the position of a willing investor, with a good, steady income, but with limited capital immediately available.
Allowing Europe to sell on a partial-payment basis would broaden our
absorption power and permit us to take the offerings without endangering
our gold supply. If the American agents of the European sellers must
remit cash immediately, good as is our credit we cannot pay, because we
have not the necessary gold. We could, however, buy on a partial-payment basis, 25% on purchase and 25% in three, six and nine months.
The initial payment in gold is reduced by this method, and the succeeding payments should be reduced by grain exports. Possibly final payments
may be largely or wholly met by the steadlly increasing new credits thus
established.
Under such a plan of deferred payment we would have little fear of the
volume of offerings.
The Committee of Five of the Boston Stock Exchange has
made the following rulings:
That orders to buy and sell stocks listed on the Boston Stock Exchange
and closing at $8 or under may be submitted at concessions from the closing
prices. So much of the ruling of August 12 regarding the submission of
orders as conflicts with this is rescinded. The Committee of Five recommends that on all loans of securities between members, and on contracts
for securities still unsettled, the interest shall be adjusted and paid to
October 1. Members dealing in outside securities are requested before
making any transactions to get the authority of the Special Outside Committee.
The Special Committee of Five of the Philadelphia Stock
Exchange rules that it will not require orders in mining stocks
selling at not over $3 a share to be filed with them. The
Special Committee rules that until further notice members
who desire to issue descriptive circulars offering securities
may do so provided they first submit copy of proposed circular to the committee for approval.
The Committee on Unlisted Securities in Philadelphia
makes the following ruling: "On and after Sept. 29 1914,
and until further notice, dealers in unlisted securities may
trade as between themselves, provided they do so at prices
that have been approved. Circulars or lists of offerings may
now be issued provided the prices quoted are those that have
been approved."
The Committee on Securities of the Pittsburgh Stock Exchange has issued the following notice to members:
All members are hereby notified that unlisted securities which have been
traded in on the Exchange and which are used as collateral security for
loans are included in the resolutions adopted by the board of directors on
Aug. 13 1914.
Another ruling allows transactions in mining shares selling
at not over $3 without submission to the Committee.
President A. E. Masten called a special meeting of the
Stock Exchange Directors Sept. 28 at which the general
situation was discussed. Later in the day the Committee
on Securities met and authorized the following statement:
[VOL. xca.
mately normal. The Buckeye Pipe Line, which has been
taking two-thirds of the oil produced in its territory, is
stated to have instructed gaugers in Southeastern Ohio to
run all oil. The Cumberland Pipe Line Co., it is reported,
began taking all Kentucky oil on Oct. 1. Previous to this
the company was taking only two-thirds of the current
production. Transportation and marketing will thus be
back to normal in the Eastern fields. The Eureka Pipe
Line Co., the largest oil-gathering system in West Virginia, on Monday of this week is reported to have made its
highest run with a total of 69,454 barrels, more than 41,000
barrels in excess of the normal daily production of West
Virginia fields. The surplus represented a part of the production that had backed up in the fields during the period
of curtailed operations. Only a few weeks ago the South
Penn Oil Co. almost completely stopped its purchases of
crude oil in the Eastern fields. Operations of many of the
pipe lines were almost at a standstill. Now,it is stated, the
South Penn Oil Co. is taking all the oil offered and the pipe
lines are again running all the producers' oil.
The above applies more particularly to the Eastern situation. In the West, in Oklahoma considerable trouble has
arisen, due, it is stated, according to Eastern operators, to
the interference of the Oklahoma State officials and the State
Corporation Commission. It seems that some months ago
the Prairie Oil & Gas Co. notifed operators that the continuance of work and the bringing in of large wells must result
in the loss of oil and lower prices. This warning was unheeded, except that the company was threatened with legal
action by the producers and the Corporation Commission
if it did not take care of production and maintain the market price.
Now, according to a tentative order issued Sept. 22, the
Corporation Commission proposes to do the very thing suggested by the Prairie Oil & Gas Co., using, if necessary, the
military authority of the State. A statement in the Dallas
"News" says the order was drawn by Commissioner Henshaw and goes exhaustively into a discussion of the power
of the State and the condition of the industry. It was
framed with a view to getting the matter before the Supreme
Court for judicial determination of the powers of the Commission in such cases. The order is to come up for hearing
Sept. 28 before the Commission, at which time oil producers
and pipe lines will present their arguments. It is the desire
of Commissioner Renshaw that the permanent order then to
be made be taken at once into the higher Court, there to be
decided. The order is as follows:
It is hereby ordered that all producers shall not take more oil from their
wells than can be sold upon the market at 65c. per barrel, or stored in
regulation steel tankage, until the first day of October, 1914; that the rules
and regulations for the curtailing of production will be considered by the
Commission at the hearing on Sept. 28, at which time it will be determined
how long the price shall remain at 65c. per barrel, with a view of raising
the same to 75c. per barrel, the basis which the Commission has found to
be Just to prevent waste. The Commission will also consider rules and
regulations with reference to storing oil with a view of limiting the storing
to a minimum amount.
It is further ordered that no common purchaser or other purchasers of
crude oil in the State of Oklahoma shall buy oil at a price less than 65c. per
barrel until further ordered by the Commission.
For the hearing of Sept. 28 the Commission suggests that the business interests, including the oil producers as well as other affiliated interests, give
full consideration to the plan outlined, that is, the curtailing of production
to the reasonable market demands, and in what manner this can best be
done. The Commission can give but little consideration to options based
upon self-interests alone, but invites a consideration of the subject from
a broad public and business standpoint, with that iron will of determination
that characterized Andrew Jackson.
The above order of the Commission, forbidding the buying or selling of Oklahoma crude oil at less than 65 cents a
barrel, was issued almost simultaneously with the announcement by the Prairie Oil & Gas Co. of a cut of 10 cents to
55 cents a barrel, and a refusal, it is reported, to take runs
at the higher figure.
At the special meeting of the Board of Directors of the Pittsburgh Stock
A dispatch from Oklahoma City under date of Sept. 30
Exchange this morning,great satisfaction was expressed at the progress of
states, however, that the State Corporation Commission,
local financial affairs. It was decided that the situation did not require
any concessions in the price of stocks cleared through the Committee on which has been considering the condition of the oil fields in
Securities, but that members wishing to trade in bonds must file bids the eastern section of Oklahoma, on that day ordered a uniand offers with the committee, which may, at its discretion, authorize form
price of 55 cents per barrel for oil and prohibited the
transactions in bonds at moderate concessions from the closing prices
further drilling of wells without permission of the Commisof July 30.
sion, the Prairie Co. at the same time resuming the tak.The Committee of Five of the Chicago Stock Exchange ing of oil.
has ruled that members cannot trade over the telephone or
otherwise carry out transactions which are not put through
Suspension and reduction of dividends in consequence of
the committee.
the financial disturbance attendant upon the world-wide
Evidences that the situation in the oil industry is recover- business disturbance continue to multiply. In recent weeks
ing from the demoralization produced by the European war the following have been forced to make changes in their disIs had in the announcements by the various transit companies bursements: The Washington Water Power Co. reduced the
4%,as against 2% paid previously.
indicating that transportation and marketing is approxi- dividend paid Oct. 1 to 13
OCT. 3 1914.]
THE CHRONICLE
West Penn Traction Co. has postponed the quarterly dividend of 134% due Oct. 15 on pref. stock. Amer. Public
Utilities will not pay the usual October dividend of 1
on the preferred stock. Amer. Shipbuilding Co. has decided that, because of the falling off in earnings and present
war conditions, it will not pay dividends on the preferred
stock at present. Atlantic City Co. deferred its October
dividend on preferred stock. The Singer Mfg. Co. has
reduced its dividend from 4% to 2%. United Gas & Electric
Corporation has voted to defer action on the dividend on
first preferred stock.
Former Standard Oil subsidiaries announcing changes in
their distributions this week are the Eureka Pipe Line Co.,
to $6. The Indiana
which reduced its dividend from
Pipe Line Co. makes its dividend $2 50, as against $3 paid
previously.
Copper-mining companies have been affected probably
more than any other industry. The Anaconda Copper
Mining Co. declares a dividend of 25 cents, as against 75
cents. The North Butte Mining Co. will take no formal
action, but will omit to authorize the dividend. The
Shattuck-Arizona Copper Co. passed its October dividend.
U. S. Smelting, Refining & Mining Co. has deferred action
on the common stock dividend usually paid Oct. 15. Canadian concerns add to the list, the following being forced to
suspend distributions: Dominion Steel Corporation, Canadian Consolidated Felt Co. and Smart-Woods, Ltd.
The extension of the Italian moratorium was announced
through a dispatch to Paris on the 27th ult.from Rome,which
stated that a royal decree, issued at the latter point, prolongs
the moratorium from Sept. 30 to Dec. 31. Banks are permitted to limit payments to 10% of the deposits during each
of the next three months. Postal savings banks and banks
issuing currency must pay deposits in full.
953
Nov. 18. The Committee passed a new rule empowering
it to suspend the rules relative to defaults. The Committee, when informed of a default, may direct liquidation, notice of which will be posted on the Exchange. Such notice
will not be given to the press unless the Committee decides
to terminate the liquidating member's membership in the
Exchange.
An announcement was made on the 29th ult. of a modification by the English Government of the licenses under which
the German banks in London were permitted to re-open.
Further restrictions are put on their operations in closing up
their existing accounts, and any balance after payment
of all liabilities must be placed in the Bank of England to
the Government's account.
It was also reported on the 29th ult. from London that
wool brokers of England have formed a league to prevent the
purchase of wools suitable for army requirements by neutrals
on behalf of Germany. The "Journal of Commerce" says:
"There have been heavy purchases of Yorkshires on behalf
of firms residing in neutral territory who were known to be
doing business with Germany. This has aroused suspicion,
and brokers now have organized to find out the ultimate
destination of the wool before any suspicious order even is
considered.
Accounts from London also state that many German firms
who owe money to Bradford exporters have sent intimations
to their creditors that they are investing the amounts due
them in the German war loan and that they will send scrip
to Bradford in payment of their trade debts.
The merchants of the Bradford district are creditors of
German and Austrian merchants to the extent of $5,750,000.
They are urging the Government to take some action to
assist them in collecting this money.
A Petrograd dispatch to the Exchange Telegraph Co. on
A telegram from Vienna on the 26th ult. stated that the
the 29th ult, stated that the Russian moratorium had been Minister of Finance is considering
the question of the payextended for a month.
ment of the coupons of Austrian Rentes due Oct. 1 to holders
At a meeting of the French Cabinet on the 27th ult. two in France and England. In view of the action, it is said,
decrees were adopted. One, it was stated, continued taken by those countries regarding the payment of debts
the moratorium during the month of October, but in- due in Austria, it is expected that the Minister will decide
creased the amount of current bank account that may be to withhold the payments.
withdrawn to one-fourth of the total deposits. The other
The Amsterdam Stock Exchange, according to the
decree makes all contracts between Frenchmen and sub- "Journal
of Commerce," will be supervised, as long as the
jects of the belligerents drawn since the outbreak of hos- present
situation continues, by the Government, which will
tilities null and void. It is explained that the French decide
upon its re-opening and the quotations. The paper
Government considers that it would be contrary to the quoted
says:
public welfare if contracts with belligerents made prior to
An important law has been promulgated with reference to the Stock
the outbreak of the war were either suspended if partially Exchange. The Amsterdam Bourse was closed on July 29 by order of the
This being a private body, the Government has thought it fit
executed or canceled by order of the Court. A dispatch Committee.
to take the matter in its own hands, in order to be able to enact such
from M. Delcasse, Minister for Foreign Affairs, received at regulations as it may deem needful, from a general point of view,
as soon
as the Stock Exchange will re-open. It has, therefore, been promulgated
Washington later in the week, said:
The decree of the French Government dated yesterday (Sept. 28) confirming the moratorium, increases the limit to which manufacturers and
merchants may draw on their accounts to two-thirds of their accounts as
balanced on Aug. 4, the date of the first moratorium.
The "Wall Street Journal" of the 29th ult. published the
following detailed information concerning the French moratorium under the revised extension:
By the revision of the commercial and financial moratorium, which has
been prolonged to the end of October. the percentage of bank deposits
allowed to be withdrawn was raised to a maximum of 2.5% above the initial
250 francs of new facilities granted for withdrawals to pay workmen pensions
and purchasing material for agricultural purposes, payments by agricultural, co-operative and other mutual credit associations.
Checks unpaid on presentation must be certified by the drawee, and
a
corresponding amount set aside on account of the drawer. Holders
of
unpaid checks are entitled to 3% Interest, and depositors cannot make
withdrawals except with the assent of the holders of the certified checks
or by a judicial decision. The benefit of the moratorium is not available
to companies having paid dividends or interest to holders of their shares
or founders' shares since the beginning of the war. All claims against
Stock Exchange made prior to Aug. 4 have been temporarily suspended,
but claimants are entitled to 5% interest.
The new decree prohibits any commercial relations, directly or indirectly,
with Germany and Austria-Hungary, and cancels all contracts entered into
with these countries since the beginning of the war. The fulfilment of
all financial contracts and other obligations entered into with these camtrips prior to the war was canceled during hostilities. Special decrees
will settle the question of patents and trade-marks, and those concerning
German and Austrian subjects and life insurance and workmen's compensation policies of companies having their headquarters in these two
countries. The commercial treaty of Frankfort, made with Germany in
1871, and the commercial treary of Zurich, made with Austria-Hungary in
1859, have been canceled.
A proclamation signed by King George on Sept. 30 grants
a further fourteen or thirty days' grace on certain bills of
exchange.
The London Stock Exchange Committee, following
Wednesday's moratorium proclamation, re-postponed on
the 2d inst. the next general and Consols settlements t
that the Government will supervise the Stock Exchange as long as the
present situation lasts. It will decide about the re-opening of the Exchange
and the quotations. It is intended to make official quotations only slightly
below the end-July level, which will be the basis for margins to be paid
by borrowers. If the actual quotations are lower, as may be expected, the
Government will fix the time when further margins will have to be paid.
Many parties are of the opinion that it will be necessary to create some
sort of a trust or of a banking company for the liquidation of commitments,
which will otherwise remain a grave menace for the market. Lenders may
also be obliged, under the terms of the new law, to take over the securities
which they received for their loans,at prices to be fixed by the Government, if they want to have their loans liquidated and if there are no buyers
for the securities at higher prices than those fixed by the Government. For
the time being the law has only an academic interest, as it may be some
time before the Stock Exchange will actually re-open.
A decree is reported to have been signed on Sept. 15 extending until Oct. 1 the general Egyptian moratorium on
commercial affairs which was declared on Aug. 9 and expired on the 15th, without prejudice to the decree of Aug. 4,
delaying the enforcement of payment of negotiable instruments until Nov. 1 next. Depositors, it is stated, will be
allowed to increase their withdrawals from 5% to 15% up
to a maximum of £E9,000; deposits under £E200 will receive
a maximum of £E30; and charitable institutions will be allowed to withdraw a maximum of 30%. Fifteen per cent
of the amount of commercial debts and negotiable instruments which matured before Aug. 4, the recovery whereof
was delayed by the decree of Aug. 9, were payable on the
16th, "set-offs" between deposits and debts on bills held by
the same bank will be permissible, while all drafts in favor
of State municipal bodies for the settlement of taxes will be
fully payable. This, combined with the opening of the spot
market at the Minet Bassel, indicates, it is averred, a
vast
improvement in the economic situation.
954
THE CHRONICLE
From the "Monetary Times of Canada" we take the following statement emanating from the Hon. R. A. Pyne,
Acting Prime Minister of Canada, with reference to the proposed steps to be taken by the Ontario Government in the interest of mortgagors and purchasers of property unable to
make their payments:
(VOL.
xc tx
The program for the Clearing House section is as follows:
TUESDAY, OCTOBER 13 1914
The Jefferson Hotel (Salon).
Ten O'clock A. M.
Call to Order—President John K. Ottley.
Invocation—Rev. Frank T. McFaden, First Presbyterian Church.
Annual Address of the President, John K. Ottloy.
Annual Report of Executive Committee, J. D. Ayres, Chairman,
Annual Report of the Secretary, 0. Howard Wolfe.
Action on the above reports.
Address—"Credits from the Standpoint of A Certified Public Accountant". Frederick H. Hurdman, New York City.
Address—"The Effect of the Federal Reserve Act Upon Clearing House
Examinations." Francis Coates Jr., Examiner Cleveland Clearing House
Association, Cleveland, Ohio.
The Ontario Government is of opinion that conditions in the Province
do not call for any legislation in the way of a general moratorium. It has,
however, been brought to the attention of the Government that mortgagees
and vendors of property in some cases are taking advantage of their legal
position to foreclose their mortgages and securities where, owing to circumstances brought about by the present war, the mortgagors and purchasers are unable to make their payments, and where it would be unjust
and unfair under the circumstances that they should lose their properties,
upon which in many cases they have paid large amounts.
On Sept. 29 the Treasury Department ruled that bonds
It is therefore the intention of the Government at the next session of the
Legislature to introduce an Act requiring mortgagees, holders of agree- of the Territory of Hawaii are at this time an
acceptable
ments of sale, options and other like securities to secure an order from a
Judge before taking proceedings, either through the Court or otherwise, security as a basis of issuance of currency to national banks
to foreclose or forfeit such mortgages or securities for default in payment of through national currency associations, under the terms
principal, and giving Judges power, upon a proper case being made out. and provisions of the Aldrich-Vreeland Act
as amended.
to relieve from forfeiture and to extend the time for payment of principal
moneys.
In announcing that there is to be no postponement of the
It is not intended by such proposed legislation to in any way interfere
with rent. interest or other payments of this character, or in any case where Panama-Pacific International
Exposition, Secretary of State
a Judge does not feel that justice and right demand that some relief be
Bryan on the 24th ult. said:
given.
no
postponement
There
will
be
of
the Panama-Pacific International ExpoIt is the intention of the Government to make such legislation retroactive
and the Judges and the legal profession are particularly requested to make sition. It will open according to the original plan on Feb. 20 1915. The
Government has received official notice from thirty-seven foreign governnote of the proposed legislation and of this fact.
ments of' their intention to participate in the Exposition, and no foreign
nation has given notice of its intention to withdraw on account of the war.
In addition to the official acceptances, the Exposition received assurances
BANKING, FINANCIAL AND LEGISLATIVE NEWS. from committees in four nations that the people of' those nations would
participate. Among those committees were two formed in Great Britain
The full program of the business sessions arranged for the and
Germany. Neither of those nations had given notice of Governmental
annual convention at Richmond of the American Bankers' participation.
The governments cf France and Italy have given notice that they will
Association was issued this week. The convention will be
proceed with their plans for participation, notwithstanding the disturbed
held the week of October 12 and Wednesday and Thursd y conditions in Europe.
The European moms which have given notice of participation are France.
have been set apart for the business proceedings of the main
Portugal. Sweden, the Netherlands, Denmark,
body. As stated last week,the meetings of the Trust Com- Italy, Austro-Hungary,
Greece, Norway and Turkey; and Spain has recently advised this Governpany and Savings Bank sections will be held on Tuesday, ment that it intends to participate.
Twenty-nine other nations in Latin-America. the Orient and AustralOctober 14. The Clearing House and State Secretaries'
asia, have given notice of participation, and many of them are at work on
sections will also meet on Tuesday. The program of the their
buildings.
Savings Bank and Trust Company sections were outlined in
these columns last week. The following is the order of
The Rivers and Harbors bill was signed by President
proceedings for the general convention.
Wilson yesterday, October 2. The bill as it becomes a law
WEDNESDAY. OCTOBER 14 1914.
calls for an appropriation of $20,000,000. As it had originFirst Day's Session.
ally passed the House some months ago it called fer an
The Jefferson Hotel (Auditorium)
Convention Called to Order at 9:30 o'clock A.M.sharp by the President, appropriation of $43,000,000 and the Senate Committee
Arthur Reynolds.
added $10,000,000 to this; a filibuster in the Senate led
Invocation by Rt. Rev. Collins Denny, Bishop Methodist Episcopal
by Senator Burton of Ohio resulted in the adoption of a
Church, South Richmond.
Addresses of Welcome—Hon. Henry C. Stuart, Governor of Virginia: motion on September 21 to re-commit the bill, and to report
Hon. George Ainslie, Mayor City of Richmond, and Col. John B. Purcell, a substitute carrying not more than $20,000,000. The
President Richmond Clearing House Association.
the substitute measure on September 22 and
Response to Addresses of Welcome and Annual Address—Arthur Rey- Senate passed
the House accepted it on the 29th.
nolds. Des Moines, Iowa, President.
Annual Report of the General Secretary, Fred. E. Farnsworth, New
York City.
Annual Report of the Treasurer, J. W. Hoopes, Galveston, Texas.
Annual Report of the General Counsel, Thomas B.Paton, N. Y. City.
Annual Report of the Executive Council, President, Arthur Reynolds,
Chairman.
Annual Report of the Protective Committee, Fred. E. Farnsworth,
Secretary.
Reports of Sections and Committees.
Address—Hon. Martin W. Littleton, New York City.
Announcements.
Afternoon Session, Two O'clock.
Address—Hon. Carter Glass, Chairman Committee on Banking and
Currency of' the House of Representatives, "Federal Reserve System."
Address—(Speaker to be announced.)
Discussion on the above subject led by the members of the Currency
Commission of the American Bankers' Association.
Announcements.
Adjournment.
THURSDAY, OCTOBER 15 1914.
Second Day's Session.
The Jefferson Hotel (Auditorium).
Convention Called to Order at 9:30 o'clock sharp by the President,
Arthur Reynolds.
Invocation by Rt. Rev. D. J. O'Connell, Bishop of the Diocese of
Virginia.
Agricultural Symposium—
Report of the Agricultural Commission: B. F. Harris, Champaign, Ill.,
Chairman.
Action on Report.
Short Addresses—Hon. Logan Waller Page, Director, Office of Public
Roads, U. S. Department of Agriculture, Washington, D. C., "Fundamental Problems in Highway Improvement."
Edward K. Graham, President of the University of North Carolina,
Chapel Hill, N. C.. "The Banker and the Larger Citizenship."
Dr. C. G. Hopkins. Department of Soil. University of Illinois, Champaign,"Soil Fertility: Greatest Necessity and the Best Investment,"
J. D. Eggleston, President of the Virginia Polytechnic Institute, Blacksburg, Va., "Educating the Producer."
Announcements.
Afternoon Session, Two O'clock.
Address—To be announced.
Reports of Committees.
Invitations for Next Convention.
Unfinished Business.
Communications from Executive Council.
Resolutions.
Report of Committee on Nominations.
Action on Same.
Installation of Officers.
Announcements.
Adjournment, sine die.
At the close of the convention a meeting of the new Executive Council for
organization will be held at the Jefferson Hotel.
Two resolutions bearing on the Standard Oil Co. were
passed by the Senate on Sept. 28. One of them, introduced
by Senator Chilton, proposes a thorough investigation by
the Inter-State Commerce Commission of the oil situation
in New York Pennsylvania, Ohio, West Virginia and Oklahoma. While it makes no specific mention of the Standard
Oil Co., it is said to have been prompted by the fact that
since the war began,the company has been purchasing only
about 25% of the amount of oil it formerly purchased from
independents of the Appalachian oil field. Mr. Chilton,
in offering the resolution, complained that the independents, having no extensive pipe line system, rely for their
market wholly on the Standard Oil Co., and that the reduction of the Standard's purchases from them to one-fourth
of their normal supply would cut the profits of the independents to such an extent, he feared, that they might be
forced to dispose of their properties. The text of the resolution is as follows:
Resolved, That the Inter-State Commerce Commission be requested to
make thorough investigation of the conditions
prevailing and that have
prevailed in the States of New York, Pennsylvania, West Virginia, Oklahome and Ohio, or elsewhere, affecting the production, transportation and
marketing of crude petroleum, with especial reference to the manner in
which the market for same has been created, maintained and controlled,
and by whom,and the effect of such market and the maintenance and control thereof upon the inducement of capital to seek investment in the oil
business, and especially in the development of new fields.
Said Commission shall also ascertain what connection or relation of any
kind has existed or now exists between or among any two or more of the
pipe-line companies which have been or are now transporting crude oil
within said field, together with what, if any, common ownership, interest
or control has at any time existed or now exists between such pipe lines or
any of them, and the various agencies that have purchased crude oil in
said States since 1890, and what disposition such agencies have made of
the crude oil so purchased, and to whom it has been turned over for refining
and manufacture, and under what conditions, with the object of ascertaining for the information of the Senate whether the charge is true, that substantially the same interests have operated the pipe lines, made the market,
bought the crude oil, refined it, and fixed the price of the refined products,
and whether in such respect the laws of the United States have been violated.
Said Commission shall also inquire into and ascertain if it is true that said
pipe-line companies, or any of them, have recently stopped taking all or
OCT. 3 1914.i
THE CHRONICLE
any part of the crude oil produced by independent producers into tanks
to which such pipe-line companies have connected their pipe lines, and
whether it is true that said purchasing agencies, or any of them, have recently stopped muytha-sing all or any part of the crude oil so produced by
independent producers in said States, together with any information the
Commission may be able to obtain as to the reasons for such refusal to run
and purchase oil, and that effect the same is having upon the oil industry,
and especially properties already developed in the States named.
Said Commission shall report to the Senate its findings, together with the
evidence taken, when its work hereunder is completed.
955
Application will be made Dec. 7 for a State charter for
the Twenty-second Street Bank of Philadelphia, Pa. It wil
have a capital stock of $100,000. The incorporators include Samuel Mosca, Paul Keuger, Charles Seeto, Charles
F. Burger and Benjamin Kauffman.
The Mercantile State Bank of Minneapolis, Minn., was
The other resolution, submitted by Senator Gore, calls for organized on Sept. 10 with a capital of $300,000 and a sura general investigation by the Federal Trade Commission plus of $90,000. The bank will begin business about Nov. 1.
It will start under the presidency of W.B. Tscharner, Presiinto the affairs of the Standard Oil Co. We print it below:
ResoMed, That the Federal Trade Commission be requested, as soon as dent of the Exchange State Bank of La Crosse, Wis. The
organized, to investigate the following matters and report its findings to the
vice-presidents of the new organization will be Lauritz S.
Senate:
First, The relation now existing among the several branches or companies Swenson, formerly Vice-President of the Union State Bank
into which the Standard Oil Co. was resolved after its dissolution in pur- of Minneapolis and former Ambassador to Denmark, Norsuance of the decision of the Supreme Court.
way and Switzerland, and Judge M. C. Tifft. The Cashier
Second. The relation between the producing, purchasing, transporting
and refining agencies of the Standard Oil Co.or its branches, and the meth- is to be William D. Olsen.
ods and practices on the part of such agencies toward the independent producers, transporters and refiners of oil.
Third. The efforts of the Standard Oil Co. or the companies into which it
was divided to control the price of crude oil and the price of its refined
products, as well as the results of such efforts.
Fourth. The capital and declared dividends of the Standard Oil Co. for
three years prior te dissolution, and as to the capital and declared dividends
of the several companies into which it was resolved since the date of its
dissolution, together with a comparison of such earnings with the earnings
of independent oil-refining companies.
The stockholders of the Northern Trust Co. of Chicago
voted on Wednesday to increase its capital from $1,500,000
to $2,000,000, the $500,000 new stock to be offered to holders
of present shares at par. Stockholders of record September 30 are entitled to subscribe for the new stock at the rate
of one share of new stock for each three shares of old stock.
Payment for the stock will be provided for in a cash dividend
of 33 1-3%, payable to the stockholders on October 31 out
of the institution's undivided profits. After the distribution of new stock the bank will have a capital of $2,000,000,
surplus and undivided profits of more than $2,500,000,
while its deposits on September 14 last were $30,126,000.
The company also will increase its directors from nine to
eleven.
The Farm Mortgage Bankers' Association of America
holds its first annual convention in Chicago next week
(Oct. 7 and 8) at the Hotel La Salle, and indications point to
a large attendance. The principal speaker will be John Lee
Coulter, Secretary of the United States Commission for the
Study of European Systems of Rural Credit, Agricultural
Expert United States Census Bureau, and Professor of Rural
Economics of George Peabody College. George Roberts,
Director of the United States Mint, will speak at the banquet.
At a special meeting of the directors of the Live Stock ExA number of other speakers of note who have made a study
change
National Bank of Chicago, on Sept. 19, Melvin A.
of rural credits, &c., will also address the convention. F. W.
Traylor was elected a Vice-President. Mr. Traylor had
Thompson is President of the Association. H. M. Hanson'
formerly been Vice-President of the National Stock Yards
is Secretary.
National Bank of National Stock Yards, Ill.
The New York Chamber of Commerce on Thursday elected
Jacob H. Schiff Vice-President, in place of Paul M. WarOn October 1st Charles R. Holden will become actively asburg, resigned. The Chamber also decided to abandon sociated with the Union Trust Co. of Chicago as a
Viceits annual dinner and to contribute its cost to the Red Cross President and as Counsel. Mr. Holden comes from
the
Society for use in the European War.
legal firm of Kraus, Alschuler & Holden, for many years
Ex-Judge E. H. Gary, Chairman of the United States the bank's counsel. He will devote his attention to all the
Steel Corporation, it is announced has resigned from all interests of the bank, and will be of peculiar benefit to the
companies not identified with the Corporation, his with- trust, real estate and bond departments.
drawal from the directorate of the Southern Railway Co.
On Monday next the Continental & Commercial National
being the last of a long list of resignations. It is said that
Judge Gary began to resign from boards of different cor- Bank of Chicago and the Continental & Commercial Trust
porations as far back as two years ago so as to conform & Savings Bank will open for business in their magnificent
to the growing sentiment against "interlocking director- quarters in their new building, 208 La Salle Street; the new
home of the bank,which has been previously described in these
ates".
columns, is said to have cost $12,000,000. Its main office
On Monday morning the Franklin Trust Co. of Brooklyn, floor is claimed to be the largest in the world. Gold and
Arthur King Wood, President will open a New York office securities valued approximately at $250,000,000 will be
at 46 Wall Street, corner William Street, in the Bank of removed secretly between the bank's closing to-day and
America Building. The company will have a fully equipped its opening on Monday morning.
office in this prominent Wall Street location. The offices
areilocated on the ground floor and provided with every facilSherrill Smith, National Bank Examiner in the Pittsburgh
ity for the transaction of business in the metropolis. The district, has been appointed Chief Examiner of the Chicago
company also announces the election of two new officers, district, succeeding Owen T. Reeves, who recently resigned
who will be stationed at the New York office: Edward C. to become President of the Drovers' National Bank of ChiDelafield, as Vice-President, and C. Carlton Kelley, as cago.
Assistant Secretary. Mr. Delafield is a cousin of Richard
Delafield, President of the National Park Bank, and for
The directors of the National Bank of Commerce, St.
some years past has been Managing Director of the Delafield Louis, voted
the past week to reduce the quarterly dividend
Estate. Mr. Kelley is a nephew of Augustus W. Kelley, to 1
the previous rate having been 2%, or 8% yearly.
for many years Vice-President of the Union Trust Co., and It is officially
stated that the reduction is made in the
received his early banking training in the Union Trust Co. desire to
strengthen the institution by building up its surplus
For the past four years he has been Secretary and Treasurer fund, and particularly in view
of the condition of business
of the Rockland County Trust Co. at Nyack, N. Y.
in general. The recent official call showed the bank to have
Spencer Wells Richardson, a founder of the banking and surplus and undivided profits of $2,450,000.
brokerage firm of Richardson, Hill & Co. of Boston, died
The Hamilton Trust & Savings Bank of Chattanooga,
suddenly at his home on the 19th ult. at the age of eighty
years. Mr. Richardson was formerly a member of the bank- Tenn., celebrated recently its silver anniversary, having
ing firm of Dwight, Richardson & Co., established in 1866. commenced business in September 1889. The institution
In 1870, with William H. Hill Jr. and Edward D. Adams, he has enjoyed a marked degree of prosperity during the
established the firm of Richardson, Hill & Co. He had been quarter of a century, its capital having been increased from
Treasurer of the Saco Water Power Machine Shop of Bidde- $50,000 to $250,000, while its deposits have grown to $1,ford, Me,. a director of the Bangor & Boston Steamship Co., 400,000. Between 7 and 9 p. m. the bank held a reception,
a director of the Boston & Colorado Smelting Co. and a when nearly four thousand of its friends called to offer
trustee of the Aberdeen Land Co.
congratulations. President T. R.Preston is the only official
of the bank to-day who has served continuously for the 25
956
xc
THE CHRONICLE
years. C. M. Preston is Vice-President of the bank and
F. L. Underwood, Cashier.
Commercial antlIftiscellancons
xus
..11.1•••••••*•
National Banks.-The following information regarding
In accordance with plans heretofore outlined in these national banks is from the office of the Comptroller of the
columns, the business of the Chatham Bank of Savannah, Currency, Treasury Department:
APPLICATIONS TO CONVERT APPROVED.
Ga., was merged into that of the Savannah Trust Co. on
The Planters'Bank, Rocky Mount, N. C., into "The Planters' National
the 14th ult. The enlarged Savannah Trust Co. has va- Bank
of Rocky Mount." Capital, 21110,000.
Bank of Lumberton, Lumberton, N. C., into "The National Bank
cated its own quarters and moved into the new Chatham Bank ofThe
Lumberton." Capital. $100.000.
has
been placed in liquidaThe Skagit State Bank, Burlington, Wash. into '"The Burlington NaBuilding. The Chatham Bank
tional Bank," Burlington, Wash. Capital, 125.000.
tion and its President, Leopold Adler, has succeeded W. W. The Bank of Wayne of Goldsboro. C., into "The Wayne National
N.
of Goldsboro." Capital. $325,000.
Mackall as President of the trust company; Mr. Mackall has Bank
The First State Bank of Honey Grove. Tem., into "The State National
of Honey Grove." Capital, $125,000.
become Chairman of the executive committee; F. W.Clarke, Bank
The Peoples Bank of Greenville, S. C., into "The Peoples National
Vice-President of the Chatham Bank, becomes Vice-Presi- Bank of Greenville.' Capital, $200,000.
The Dank of Mount Olive, N. C., into "The First National Bank of
dent of the Savannah Trust; H. C. Anderson remains as Mount
Olive." Capital,$25,000.
The
State Bank of Eddy, Tex., Into "The First National Bank of
Secretary; J. H. Calais continues as Treasurer and J. J. Eddy.'yirst
Capital, $50.000.
The First State Bank of Edgewood. Tex., into "The First National Bank
Cornell, Cashier of the Chatham Bank, becomes Assistant
of Edgev,00d." Capital, $25,000.
Secretary and Treasurer. W. V. Davis, who had been ViceThe First State Bank of Hamlin, Tex.,into "The State National Bank of
Capital, $25,000.
President of the trust company, withdrew from the manage- Hamlin.
The Farmers State Bank of Cooper, Tex., into "The Farmers National
Bank
Cooper."
Capital, 850,000.
of
on
29.
ment
Aug.
The Bank of Rocky 'Mount, N. C., into "The National Bank of Rocky
Charles Edmonston, Cashier of the Commercial Bank of
Savannah, Ga., died on the 14th ult. He had been in the
employ of the bank for the past ten years.
The Standard Bank of Canada, home office Toronto,
on the 29th ult. declared a dividend for the current quarter
ending October 31st 1914 at 33%,being at the rate of 13%
per annum upon the paid-up capital stock of the bank, and
which will be payable on and after the 2nd of November to
shareholders of record as of the 23rd of October 1914.
The stockholders of the Metropolitan- Bank (head office
Toronto) ratified on the 14th ult. the proposal to sell its
assets to the Bank of Nova Scotia (head office Halifax) in
accordance with the plans for its merger with the Bank of
Nova Scotia as announced in these columns Aug. 1. Under
the arrangements for its absorption the stockholders of the
Metropolitan Bank will receive $200 cash and one share of
Bank of Nova Scotia stock for two shares of Metropolitan
stock.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Sept. 17 1914:
GOLD.
Gold continues to flow steadily into the Bank of England reserves. The
following receipts have been notified by the Bank:
Sept. 14._ £65,000 MILT. S. gold coin.
Sept. 10..81,062,0001n bar gold.
66,000 "6bar gold.
' 15-_
10._ 151,000 " U. S. gold coin.
" 15__ 125,000 " U. S. gold coin.
11,000" bar gold.
" II__
34,000 "[bar gold.
" 16._
" 11._ 124,000 " U. S. gold coin.
74,000 "U.S. gold coin.
" 16_
" 12_
10,000 " bar gold.
Withdrawals were made as under: Sept. 16, £500,000 set aside for H. M.
Treasury note redemption account.
The net influx during the week is £1,222,000.
Owing to a shortage of currency. it is proposed to mint gold coin of loca
design in British South Africa.
SILVER.
The trend of prices has been downward. The lowest price during the
week was 23 15-16d. on Tuesday- a drop of 11-16d. from that of Monday,
notwithstanding that supplies were far from plentiful. S ellers were placed
at a disadvantage owing to the continued absence of Eastern support.
The desire to supplement currency facilities is not confined to this hemisphere, for the United States of America is committed to the purchase of
no less than 25,000,000 ozs. for subsidiary silver coin. The authorization
stipulated that the price paid should not be above the average of the
quotations between Jan. 15 and June 15 1914, namely about 2734d. per
ounce standard. Therefore, until that price is exceeded, supplies from
America are likely to be cut off considerably at the source.
Certain of the Mexican refineries are at work, but the high rate of insurance ncw necessary to cover war risk does not encourage shipments.
On the other hand, it is announced that silver to the value of £40,000,
which sank with the "Empress of Ireland," has been recovered.
One thing is very plain, the character of the market is such that any rea
competition can hardly fail to cause upward movements as pronounced as
those which take place in a downward direction.
The extreme strain placed upon currency systems as a consequence of the
war is not likely to be relaxed at once, whether the war come to an unexpectedly swift end, or be unduly prolonged, and an exceptionally large demand for silver coin is likely to arise for some time to come.
The following Indian currency statement was issued on Aug. 11:
7,069 lacs
Note circulation
3,360 "
Rupees
765 "
Gold in England
1,546 "
Gold in India
600 "
reserve
*Silver rupees in gold standard
* These have since been replaced by gold transferred from the preceding
item.
The stock in Bombay on the 15th inst. was 4,800 bars.
No shipment has been made from San Francisco to Hong Kong during
the week.
The quotation to-day for cash delivery is one penny below that fixed a
week ago.
Quotations for bar silver per ounce standard:
5%
Bank rate
No
Sept. 11..25 3-16 cash
Bar gold, per ounce standard__ _ 778 9d!
quotation
12..25
Nominal
French gold coin per ounee
fixed
14...24%
for
German geld coin per ounce_ _ _Nomina 1
" 15_23 15-16 "
Nominal
U S. gold coin per ounce
forward
"
'•
" 17_24
delivery.
Ave. for week 24.5 cash
Mount.' Capital, $100.000.
The First State Bank of Avery, Tex., into "The First National Bank of
Avery." Capital, $40,000.
The First State Bank of Bogota, Tex.,into "The Bogota National Bank."
Capital, $50,000.
The Bank of Seale, Ala.,into "The First National Bank of Seale." Capital, 260,000.
The First State Bank of Quitman. Tex., into "The First National Bank
of Quitman." Capital, $50,000.
VOLUNTARY LIQUIDATION.
close
8,413-The First National Bank of Wolbach. Neb., Aug. 18 1914, at Wolof business on that date. Liquidating agent, F. E. Seavey,
bach. Neb. (Succeeded by the State Bank of Wolbach.)
8.965-The Cresson National Bank,Cresson, Tax., Aug. 27 1914. Liquidating agent, C. C. Fidler, Cresson, Tex.
9,822-The Olean National Bank, Olean, N. Y.,Sept. 15 1914. Succeeded by the Olean Trust Co.. which is to act as liquidating agent.
1914.
9,662-The Mercantile National Bank of Seattle, Wash-, Aug. 29
11
.
Consolidated with the German-American Bank of Seattle, which
Bank.'
Mercantile
ican
'German-Amer
the
to
to change its title
Wash.
Liquidating agents, H. Middaugh and C.S. Harley. Seattle.
14 1914. Liquidat9,490-The First National Bank of Edina. Mo.,Sept.
ing committee, R. L. Wilson, Monroe City, Mo.; J. M. Beal,
Edina, Mo.
Miss., Sept. 21 1914.
10,326-The Citizens' National Bank of Columbia,
Succeeded
Liquidating agent, C. H. McCoy, Columbia, Miss.
by a State bank.
TO
SEPT.21.
BANKS SEPT. 2
CHARTERS ISSUED TO NATIONAL
of Sherman, 'Fox. Capital.
Bank
National
Commercial
10.607-The
F. Z. Edwards, Cashier. (Con2200,000. W. R. Brenta, Pres.;
State Bank of Sherman, Tex.)
version of the Commercial
Mount, N. C. Capital,
Rocky
of
Bank
National
Planters
10,608-The
Pres.; J. W. Aycock, Cashier. (Con$100,000. J. C. Braswell.
of Rocky Mount, N. C.)
version of the Planters' Bank
Bank of Fort Smith. Ark. Capital, $100.000.
10,609-The City NationalPres.;
,Cashier.
1. H. Nakdimen,
a Lumberton, N. C. Capital, 2100,000.
Bank
National
-The
10,610
V.
0.
Brown.
Pres.;
Cashier. (Conversion of the
McLean,
A. W.
Bank of Lumberton, N. Bank of Wise
National
Va. Capital. $25,000.
County
Wise
-The
10,611
B. McElroy, Cashier. (Conversion of the
C. F. Bruce. Pres.; E.
Va.)
Wise County Bank, Wise,of
Arcadia. Okla. Capital, 625,000.
National Bank
10,612-The First
Cashier.
A. H. Crabb, Pres.; J. A. Lynn.
Bank of Boonville, Ind. Capital. $75,000.
10,613-The City National
William F. Weyerbacher, Pres.: Charles E. Powell, Cashier.
(Succeeds the Boonville National lank, Boonville, Ind.)
Bank of Goldsboro, N. C. Capital. $325.10,614-The Wayne NationalPres.;
W.E. Borden. Cashier. (Conversion
000. E. B. Borden.
of the Bank of Wayne, Goldsboro. N. C•)
Stroud, Okla. Capital, 225,000.
10,615-The Stroud National Bank,
J. B. Charles, Pres.; A. A. Seaton, Cashier. (Succeeds the Stroud
State Bank, Stroud, Okla.)
Ind. Capital, 225,10,616-The American National Bank of Kewanna,
000. Thomas J. N. Willoughby, President; John C. Gorsline,
Cashier.
10,617-The State National Bank of Honey Grove, Tex. Capital, $125,000. J. A. Underwood, President; H. L. Allen, Cashier. (Conversion of The First State Bank of Honey Grove, Tex.)
10,618-The National Bank of Charlottesville, Va. Capital, $200,000.
Hollis Rinehart, President; R. T. Miner Jr., Cashier.
10,619-The First National Bank of Canby Ore. Capital, $25,000.
H. A. Dedman, President; H. B. E;,rans, Cashier. (Succeeds
Commercial Department of Canby State Bank, Canby, Ore.)
10,620-The First National Bank of Oregon, Ws. Capital, $25,000.
A. H. Shoits, President; C. N. Shilton, Cashier.
10,621-The Citizens' National Bank of Bedford, Va. Capital, $50.000.
S. S. Lambeth Jr., President; R. E. White, Cashier, Post Office,
Bedford City.
Canadian Bank Clearings.-The clearings for the week
ending Sept. 26 at Canadian cities, in comparison with the
same week of 1913, shows a decrease in the aggregate!of
15.3%.
Week ending Sept. 26.
Clearings at1914.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Bt. John
Calgary
London
Victoria
Edmonton
Regina
Brandon
Lethbridge
3a8katoon
%loose Jaw
Brantford
"ort William
Pew Westminster
dedicine Hat
'eterborough
,.......•-, ,,-,.....
1913.
$
3
50,083,676 56,740,368
32,522.175 41,319,055
33,071,813 33,764,438
7,465,286 11,734,049
3,795,279 4,516,274
3,782,342 3,536,588
1,943,213 2,132,879
2,516,197 3,020,984
1,623,367 1,590,882
3,519,091 4,784,382
1,508,769 1,648,492
1,966,638 3,207,390
2,365,854 3,942,000
2,319,210 2,523,340
608,017
518,383
608,704
375,139
1,041,148 1.562,390
909,013 1,200,557
572,979
429,538
846,337 1,019,845
516,478
347,715
547,121
386,960
440.821 Not incl. in
152 227 145
fee, or
Dec.
%
-11.7
-21.3
-2.1
-36.4
-16.0
+6.9
-8.9
-16.7
+2.1
-26.7
-8.5
-38.7
-40.0
-8.1
-14.8
-38.3
-33.3
-24.2
-24.9
-17.0
-32.7
-29.8
total.
1912.
1911.
3
59,515,883
38,683,303
25,024,280
12,241,019
3,569,071
2,938,511
1,600.776
3,202,299
1,822,242
8,445,201
1,565,678
3,620,066
4,271,230
2,208,843
605.590
679,705
2,279.051
1,657,151
612,071
734,682
3
42,136,000
30,128,186
21,246,283
11,706,064
3,663,179
2,217,128
1,527,277
2,130,938
1,143,578
3,588.454
1,118,952
2,049,834
2,173.876
1,651,827
480,605
498,767
1,363,466
818,693
373,005
181.092.212 -15.3 175,276,661 130.016,112
OCT. 3 1914.1
THE CHRONICLE
BANK NOTES-CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &c.-We give below tables which
show all the monthly changes in bank notes and in bonds
and legal tenders on deposit.
Name of Company.
957
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Banks.
Fifth National(guar.)
Oct. 1 Holders of rec. Sept. 30a
3
First National, Brooklyn (guar.)
235 Oct. 1 Holders of rec. Sept. 250
Metropolis, Bank of the (guar.)
4
Oct. 1 Sept. 26 to Sept.30
Produce Exchange, New York (No.59)-4
Oct. 1 5Holders of rec. Oct. 7
Circulation Afloat UnderWashington Heights, Bank of (guar.)
bonds and Legal Tenders
2
Sept.30 Holders of rec. Sept. 30a
Fire Insurance.
on Deposit for
Hanover Fire (guar.) (No.•132)
1913-14.
214
Holders of rec. Oct. 1
Legal
North River
Legal
5
Oct. 10 Holders of rec. Oct. 2
Tenders.
Bonds.
Total.
Tenders.
Miscellaneous.
Alliance Realty (quar.)
2
Oct. 15 Holders of rec. Oct. 5
Amer. Agile. Chem., corn.(au.)(No. 12) 1
Oct. 15 Holders of rec. Sept.256
Preferred (quar.) (No. 37)
870,289,600 15,447,138 •862093143 15,447,138 877,510,281
Aug. 31 1914
155 Oct. 15 Holders of rec. Sept. 28a
15,684,220
735,222,801
750,907,021
American
15,684,220
740,220,660
Chicle, common (monthly)
July 31 1914
1
Oct. 20 Holders of rec. Oct. 15a
Common (extra)
740,796,910 15,142,939 735,528,960 15,142,939 750,671,899
June 30 1914
1
Oct. 20 Holders of rec. Oct. 15a
May 30 1914
740,818,360 16,131,271 735,423,425 16,131,271 751,554,696 Amer. Coal Products, preferred (attar.). 134 Oct. 15 Oct. 11 to Oct. 14
15,585,726
736,180,040
751,765,766 Amer. Gas & Elec. pref..(q.)(No. 31). 155 Nov. 2 Holders of rec. Oct. 21
741,213,210 15,585.726
April 30 1914
740,603,400 16.605,018 735,445,281 16,605,018 752,050,299 American Locomotive, preferred (quar.)Mar. 31 1914
134 Oct. 21 Sept.22 to Oct. 21
741,445,500 16,653,993 736,509.638 16,658,993 753,168.831 American Malt Corporation, pref. (No. 13) 1
Feb. 28 1914
Nov. 4 Oct. 17 to
741,645.500 17.828.533 736.194,233 17.828.533 754.022,766 American Malting, preferred
Jan. 31 1914
620.
Nov. 2 Oct. 17 to
743,066,500 17.209,310 740,633,645 17.209,316 757,842.961 American Public Utilities, pref. (guar.).Dec. 31 1913
IA Oct. 10 Holders of rec. Sept.30
17.481.906
739.677.565
17.481,906
743,590,500
1913
757.159.471
American
Seeding Machine, corn. (quar.) 1
Nov. 29
Oct. 15 Holders of rec. Sept.300
743,513,990 18,835,933 740,063,776 18,835.933 758,899.709
Preferred (quar.)
Oct. 31 1913
155 Oct. 15 Holders of rec. Sept.300
741,846,850 20,563,626 738.467.068 20,563,626 759.030.694 American Telephone & Telegraph (quar.) 2
Sept. 30 1913
Oct. 15 Holders of rec. Sept.300
Amer. Type Founders,common (quar.)
Oct. 15 Holders of rec. Oct. 100
1
Preferred (quar.)
'
,Of which $126,241,760 miscellaneous securities, Act of May 30 1908.
151 Oct. 15 Holders of rec. Oct. 100
American Woolen, pref.(quar.)(No.62)_
134 Oct. 15 Sept. 19 to Sept.30
Copper Mining (guar.) (No. 56) 25c. Oct. 14 Holders of rec. Oct. 20
The following shows the amount of each class of bonds Anaconda
Associated Oil (qua?.)
134 Oct. 15 Holders of rec. Oct. la
held against national bank circulation and to secure public Bell Telephone of Canada (qua?.)
2
Oct. 15 Holders of me. Sept.25
Bell Telephone of Pa. (quar.)
1)4 Oct. 15 Oct. 6 to Oct. 15
moneys in national bank depositaries on Aug. 31.
Boribright(Wm.P.) Co.,Inc.„IirstPf.(gu.) 154 Oct. 10 Holders of
rec. Sept.30
Borne, Scrymser Co. (annual)
$20
Oct. 15 Sept. 19 to Oct. 14
Canadian Cottons, Ltd., pref.(quar.)_
U. S. Bonds Held Aug. 3110 Secure155 Oct. 5 Sept. 26 to Oct. 4
Canadian
Ik'est'house. Ltd.(qu.)(No.39)
Bonds on Deposit
134 Oct. 10 Holders of rec. Sept. 30a
Central Coal & Coke, pref. (guar.)
Bank
15/ Oct. 15 Oct. 1 to Oct. 15
August 31 1914.
PublicDeposits
Total
Central & South Amer. Teleg. (quar.)
Circulation.
In Banks.
155 Oct. 8 Holders of rec. Sept. 30a
Held.
Chicago Pneumatic Tool (guar.)
1
Oct. 26 On. 16 to Oct. 26
Commonwealth Edison (guar.)
2
Nov. 2 Holders of rec. Oct. 15
605,777,750 : 12,877,200 618,654,950 Continental Paper Bag, corn. (gu.)(No.38) 154 Sept.30 Holders of rec. Sept.29
2%,U.S. consols of 1930
Preferred (guar.) (No. 57)
21,436,680
5,034,400
26,471,080
155 Sept.30 Holders of rec. Sept. 29
3%,U.S.loan of 1908-18
34,094,300
3,996,700
151 Oct. 15 Holders of rec. Oct. 50
4%,U.S. loan of 1925
38,091,000 Corn Products Refining, pref. (quer.) _
53,051,180
1,199,500
54,250,680 Dayton Power & Light, pref.(quar.)
135 Oct. 15 Holders of rec. Sept. 300
2%,U.S.Panama of 1936
28,958,140
574,000
29,532,140 Delaware Inevaicanna & Western Coal(gu.) 235 Oct. 15 Holders of rec. Oct. la
2%,U.S.Panama of 1938
Detroit
Edison
(quar.)
14,112,900
14,112,900
154 Oct. 15 Holders of rec. Sept.300
3%,U.S.Panama of 1961
783,000
3.65%. District of Columbia
783,000 Distilling Co. of America, pref. (quar.)
54 Oct. 31 Holders of rec. Sept. 300
5,925,000
154 Oct. 15 Holders of rec. Sept. 300
5,925,000 Dominion Textile, Ltd., Prof. (quar.)
4%,Philippine loans
du
Pont
(E.
I.)
de
Nem.Pow., pref.(qu.)
918,000
918,000
1
51 Oct. 26 Oct. 16 to Oct. 26
4%,Philippine Railway
10,000
10,000 Electrical Securities Corp., pref. (quar.). 151 Nov. 1 Oct. 27 to Nov. 11
4%, Manila Railroad
2,065,000
2,065,000 Electrical Utilities Corp.,pt.(qu.)(No.18) 131 Oct. 15 Holders of rec. Oct. 1
4%,Porto Rico loans
Eureka
Pipe
Line (guar.)
2,088,000
2,088,000
6
Various, Territory of Hawaii
Nov. 2 Holders of rec. Oct. 15
14,315,000
2
14,315,000 General Electric (quar.)
Oct. 15 Holders of rec. Aug. 290
Various,State, city,railroad,&c
General Gas de Electric, pref.(guar.)
1
Oct. 1 Holders of rm. Sept.30a
General
Motors. preferred
743,318,050
63,898,700 807,216.750
355 Nov. 1 Holders of rec. Oct. 15o
Total
General Railway Signal, corn. & pref.
Miscellaneous securities (approved issue
(01.)- 135 Oct. 1 Sept.30 to Oct. 1
5126,971,550
126,971,550 Globe-Wernicke, pref. (guar.)
134 Oct. 15 Holders of rec. Sept.30
value)
Houghton County El. Lt., corn.(No. 19) 6235
Nov. 2 Holders of rec. Oct. 184
Preferred (No. 24)
870,289,600
63,898,700 934,188,300
75c. Nov. 2 Holders of rec. Oct. Ma
Total bond and other securities
Illinois Northern Utilities, pref. (guar.)... 134 Nov. 2 Holders of
rec. Oct. 20
Indep.5 & 10-Cent Stores, p1.(gu.)(NO.
7) 151 Oct. 1 Holders of rec. Sept.300
b Exclusive of securities accepted but not scheduled.
Indiana Pipe Line (guar.)
14 Holders of rec. Oct. 17
Nov.
$2.50
fat. Buttonhole Sew.
(qu.)(No. 68)_
1
Oct. 15 Holders of rec. Oct. 1
The following shows the amount of national bank notes Internat. HarvesterMach.
Co.of N.J..com.(qu) 131 Oct. 15 Holders of rec. Sept. 280
Nickel, common (quar.)
afloat and the amount of legal-tender deposits Aug. 1 and International
Dec. 1 Nov. 15 to Dec. 1
234
Preferred
135 Nov. 2 Oct. 15 to Nov. 3
Sept. 1 and their increase or decrease during the month of International(quar.)
Paper, preferred (guar.)._
35 Oct. 15 Holders of rec. Oct. 84
Int.
Smokeless Pow.& Chem.,Prof
August:
4
Nov. 16 Holders of rec. Nov. 50
International Text Book (guar.)
234 Oct. 1 Holders of rec. Sept.30a
National Bank Notes-Total Afloat500. Nov. 2 Holders of rec. Oct. 23
$750,907,021 Island Creek Coal. common (guar.)
Amount afloat August 1 1914
(Julluteds Co.,1st & 2nd pf.(qu.)- 151 Nov. 2 Holders of roc. Oct. 21a
126,633,260 Kayser
Net amount issued during August
La Rose Consolidated Mines (quer.)_ _
255 Oct. 20 Oct. 1 to Oct. 18
Lehigh Valley Coal Sales (quar.)
Oct. 17 Holders of rec. Oct. 8
5877,540,281
Amount of bank notes afloat Sept. 1 1914
Loose-Wiles Biscuit, 2nd pr.(qu.)(No.10) $11.54
25 Nov. 2 Oct. 16 to Nov. 1
Legal-Tender NotesMacAndrews
ds
Forbes,
common
(guar.) 235 Oct. 15 Holders of rec. Sept. 30a
Amount on deposit to redeem national bank notes August 1 1914._.. $15,684,220
Preferred (quar.)
154 Oct. 15 Holders of rec. Sept. 30a
237,082 Manufacturers'
Net amount of bank notes retired in August
Light & Heat (quar.)
2
Oct. 15 Oct. 1 to Oct. 15
Massachusetts Gas Cos., corn. (quar.)
$1.25 Nov. 2 Holders of rec. Oct. 15
Amount On deposit to redeem national bank notes Sept. 1 1914 ____ $15,447,138 Massachusetts Lighting,
old coin.(qu.)
$1.75 Oct. 15 Holders of rec. Sept. 25a
New common (quar.)
25c. Oct 15 Holders of rec. Sept. 250
New preferred (guar.)
511.50 Oct. 15 Holders of rec. Sept. 25a
McCall Corporation, common (guar.)
DIVIDENDS.
Nov. 16 Holders of rec. Nov. 2
Mexican Telegraph (quar.)
235 Oct. 15 Holders of rec. Sept. 300
The following shows all the dividends announced for the Mountain States Telep.
& Teleg. (gear.)... 131 Oct. 15 Holders of rec. Sept. 300
National Biscuit, corn.(quar.)(No.65)
141 Oct. 15 Holders of rec. Sept.280
future by large or important corporations.
National Carbon, common (guar.)
Oct. 15 Oct. 6 to Oct. 15
Dividends announced this week are printed in italics.
National Fireproofing, pref. (quar.)
1
Oct. 15 Holders of rec. Oct. 3
National Light, Heat & Power, pro'.(guar.)
Oct. 1 Sept.26 to Sept.30
New York Transit (quar.)
Oct. 15 Holders of rec. Sept. 24
6
Books Closed.
When
Per
Niagara Falls Power (guar.)
Oct. 15 Holders of rec. Sept. 30a
2
Days Inclusive.
Name of Company.
Cent. Payable.
Niptssing Alines Co.(quar.)
5
Oct. 20 Oct. 1 to Oct. 18
Northern States Power, Preferred (guar.)
(
1
1,
A Oct. 15
Railroads (Steam).
Otis Elevator, common (qu.)
Oct. 15 Holders of rec. Sept.30
ar
Belt RR. & Stock Yards, Indianap.,p1.(gu.) 155 Oct. 1
Preferred (quar.)
134 Oct. 15 Holders of rec. Sept.30
Delaware Lackawanna & Western (quar.) 255 Oct. 20 Holders of rec. Oct. 30
Pacific Telep. & Teleg., preferred (guar.)
155
1
Oct. 15 Oct. 1 to Oct. 15
Georgia RR. & Banking (guar,)
Oct. 15 Oct. 2 to Oct. 14
3
Penmans
fe .LW.,common (quar.)
Nov. 16 Holders of rec. Nov. 5
Grand Trunk, guaranteed
2
Oct. 31
Preferred (quar.)
Great Northern (quar.)
134 Nov. 2 Holders of rec. Oct. 21
151 Nov. 2 Holders of rec. Oct. I5a
Joliet & Chicago (qua?.)
134 Oct. 15 Holders Of rec. Oct. la
15‘ Oct. 5 Holders of rec. Sept. 250 Pennsylvania Lighting, pref. (guar.)
Kansas City Southern, preferred (quar.)3
Oct. 15 Holders of rec. Sept. 30a
1
Oct. 15 Holders of rec. Sept. 30a Pennsylvania Salt Manufaauring (guar.)_ _
Lehigh Valley. corn. dr pref. (guar.)
1 4 Oct. 26 Holders of rec. Oct. 15a
$1.25 Oct. 10 Holders of rec. Sept.26a Pittsburgh Coal, pref. (quer.) •
M.St. P.& 5.5. M..com.& pt.(No. 23) 355 Oct. 15 Holders of rec. Sept. 21a Pittsburgh Term. Whse.& Tran.e.(mthly.). 21510 • Oct. 15 Oct. 9 to
Procter & Gamble, pref. (quay.)
New London Northern (gudr.)
2
Oct. 15 Sept. 27 to Oct. 15
251 Oct. 1 Sept.25 to Oct. 1
New York Central & Ilud. River (quar.)_
134 Oct. 15 Holders of rec. Sept. 21a Public Sera. Corp. of Nor.Ill., corn. (guar.) 132 Nov. 2 Holders of rec. Oct. 15
Preferred (guar.)
Norfolk & Western. adj. pref. (quar.)
1
134 Nov. 2 Holders of rec. Oct. 15
Nov. 19 Holders of rec. Oct. 31a
Quaker Oats, common (quar.)
Northern Pacific (guar.)
235 Oct. 15 Holders of rec. Oct. 1
111 Nov. 2 Holders of rec. Oct. 8
Preferred lunar.)
Philadelphia & Trenton (quar.)
134 Nov. 30 Holders of rec. Nov. 2a
255 Oct. 10 Oct. 1 to Oct. 11
Reece Buttonhole Mach.(guar.) (No. 114)_
Pittsb. Ft.W.& Chic. reg. guar.(quar.)_
Oct. 15 Holders of rec. Oct. 1
15( Oct. 6 Sept. 13 to Oct. 6
3
Reading Company, common (quar.)....._
Oct. 15 Holders of rec. Oct. 1
2
Nov. 12 Holders of rec. Oct. 27a Reece Folding Machine (guar.) (No. 22)...
1
Securities Corporation General, pre.(guar.) 134 Oct. 15 Holders of rec. Sept. 30a
Second preferred (quar.)
1
Oct. 8 Holders of rec. Sept. 22a
Shawinigan Water & Power (quar.)
United N.J. RR.& Canal Cos.,gu.(qu.)- 255 Oct. 10 Sept. 20 to Sept.30
155 Oct 10 Holders of rec. Oct. 1
Warren
31.4 Oct. 15 Holders of rec. Oct. 6a Southern Calif. Edison, pf.(qu.)(No.21) 14 Oct. 15 Holders of rec. Sept.30
Wisconsin Central, preferred
2
Oct. 1 Holders of roe. Sept. 12a Southern New England Telephone (guar.).- 134 Oct. 15 Oct. 1 to Oct. 15
Standard Milling, preferred (No.23)
Street and Electric Railways.
234 Oct. 31 Oct. 27 to Nov. 1
Temple Coal, preferred (No. 1)
Aurora Elgin & Chicago RR.,pref.(quar.) 114 Nov. 1 Sept. 24 to Oct. 22
2
Oct. 9 Holders of rec. Sept.30
Union Natural Gas Corp.(qu.)(No. 45)_
Cin. Newport & Coo. L. & T.,corn. (guar.) 155 Oct. 15 Oct. 1 to Oct. 15
23.4 Oct. 15 Oct. 1 to Oct. 150
Union Switch & Signal,cons..4 pre/. (gu.)- 134 Oct. 15 Holders of rec. Sept. 300
Preferred (guar.)
155 Oct. 15 Oct. 1 to Oct. 15
United Electric Securities, preferred
2
Sept.30 Sept. 21 to Sept.30
City Railway, Dayton,0.,corn. (guar.)_._
Nov. 2 Holders of me. Oct. 140
United Fruit (quer.)(No. 61)
135 Sept.30 Sept. 21 to Sept.30
Preferred (guar.)
Oct. 15 Holders of rec. Sept.260
United Gas Improvement (quar.)
155 Oct. 1 Sept. 26 to Sept.30
Coluns. Newark dh Zmeso.El.Ry., pf.0114.)_
$1 Oct. 15 Holders Of rec. Sept.300
Commonwealth Pow.,Ry.& L.,ann.(gu.)_
1
Nov. 2 Holders of rec. Oct. 184 United Shoe Machinery, common (qua?.) SOc. Oct. 5 Holders of rec. Sept.15
Preferred (quer)
155 Nov. 2 Holders of rec. Oct. 16a
Preferred (guar.)
37540. Oct. 5 Holders of rec. Sept.15
3
Oct. 13 Holders of rec. Sept. 22a U.S.Industrial Akohol,pf. (gti.) (No.32) 151 Oct. 15 Holders of rec. Oct. 80
Dallas Electric Corp.,first pref.(No.3)- _
United States Rubber, corn. (guar.)
215 Oct. 13 Holders of rec. Sept. 22a
Second preferred (No. 3)
134 Oct. 31 Holders of rec. Oct. 15s
First preferred (guar.)
114 Sept.30 Holders of rec. Sept. 23a
2
Oct. 31 Holders of rec. Oct. 15a
Dayton & Troll Elec.,pro'.(qu.)(No.54)_
Second preferred (guar.)
155 Oct. 1 Sept. 27 to Sept.30
134 Oct. 31 Holders of rec. Oct. 15z
Georgia Light, Power & Rys., pref. (guar.)_
U.S. Smelt. Ref. & Min., pref. (qu.)
Germantown Pam. Ky.. Phila.(quer.)- -$ 1.3151 Oct. 6 Sept. 16 to Oct. 5
8734e. Oct. 15 Holders of rec. Sept.30
Utah Gas & Coke, pre.(guar.)
Green & Coates Su.,Phila.,Pass.(guar.).. $1.50 Oct. 7 Holders of rec. Sept.30
154 Oct. I Sept. 20 to Sept.30
Vacuum Oil
154 Oct. 15 Oct. 1 to Oct. 14
3
Oct. 31,11olders of rec. Oct. 15a
Kentucky Securities Corp., pref. (quar.) _
Virginia-Caro. Chem.,pf.(qu.)(No.76-) 2
Oct. 15 Oct. 2 to Oct. 15
Nov. 15 Holders of rec. Sept. 300
Manchester Tract. Light & Pow.(qUar.)- 2
Warner
(Chas.)
Co.
of
Del.,1st&2d pf.(gu.) 144 Oct. 22 Holders of rm. Sept. 30a
Northampton (Mass.) Street By
234 Oct. 1
Septembcr 3
3
Oct. 1 Holders of rec. Sept. 30 a Western States Gas & Electric, pro'. (guar.) 154 Oct. 15'
Ottawa Electric By. (guar.)
Western Un. Telegraph (nu.)(No. 182).
1
1
Oct. 1 Holders of rec. Sept. 30a
Oct. 15,Holders of rec. Sept. I9a
Ottawa Traction, Ltd
Westinghouse Air Brake (guar.)
92
134 Oct. 15
Oct. 15 Oct. 1 to Oct. 15
Ottumwa Railway & Light. pref.(guar.)
WestIn
fegrhrouse
ed (gE
ww)
le & Mfg., corn.
.(quer.) 1
Oct. 30Moidens of rec. Sept. 30a
Philadelphia Co.,corn.(quar.)(No.132)- p13/ Nov. 2 Holders of rec. Oct. la
Preferred
134 Oct. 15 Holders of rec. Sept.30a
Nov. 2 Holders of rec. Oct. la
3
6% cumulative preferred (NO. 4)
Yale
& Towne Manufacturing (guar.).151 Oct. 1 Holders of rec. Sept. 24a
134 Oct. LSept.26 to Sept.30
Porto Rico Railways, Ltd., pref. (guar.)_
155 Oct. 15 Holders of rec. Oct. la
Puget Sound Tr., L.& P., pt.(quar.)
Republic KY. & Lt., pref. (qu.)(No. 13). 115 Oct. 15 Holders of rec. Sept. 30
a Transfer books not closed for this dividend. b Less Brit1111
Sept.30 Holders of rec. Sept. 25a
2
Springfield & Xenia By., pref. (guar.)- income tax. d CorUnited Rys. & Electric, Ball., corn. (guar.) 50e. Oct. 15 Holders of rec. Oct. 3a rection, e Payable in stock. !Payable In common stock. g Payable In scrip.
155 Oct. 20 Holders of rec. Oct. 6a h On account of accumulated dividends.
Owing to an error In the
Virginia Railway & Power, common
adSept.30 Holders of rec. Sept. 284 vert93ement, the dividend on the common stock of the Otis Elevatorpublished
Youngstown & Ohio River RR.. pref.(guar.) 1
Co. reported
in this column last week was made 1%, whereas it
should have been 134%.
134
[VoL. xcix.
THE CHRONICLE
958
STATE BANKS AND TRUST COMPANIES
Statement of New York City Clearing-House Banks
Trust Cos.
State Banks
State Xmas
Trust Cos.
New
-The
York
Clearing
House
Companies.
and Trust
in
outside Of
Week ended Sept. 28
in
outstde of
Greater N. F. Greater N. I" Greater N. Y. Greater X. 1'
has discontinued for the present issuing its detailed state$
$
$
5
ment *showing the weekly averages of condition of the sep67,300,000
23.8.50,000
Capital as of June 30____
10.758,000
11.300,000
arate banks and trust companies, both the member and the Surplus
155.158,200
38,502.800
11,702.800
13.894.100
all of June 30---"non-member" institutions. The reserve items "Cash re- Loans and Investments._ 337,385,200 1,138,481,600 134,305,900 190,541,500
-1,574,600 -5,734,200
week_
+515,800
+439,900
Change
from
last
"Trust
companies'
reserve
and
with
vault"
C.
H.
in
serve
83,171,500
Gold
49,656,700
members carrying 25% cash reserve" are separately stated
Change from last week_
-978,900 -1,355,7,0
24,570.000
34,138,100
and bank notes
as to banks and trust companies in the summarized state- Currency
+916,500
Change from last week_ +1,058,400
ment furnished by the Clearing House; but with these ex- Deposita
405,043,400 1,208,318,400 138,030,900 196,631,000
+833,900
-814,700
-240,900
Change from last week_ -5,668,900
ceptions the figures are for banks and trust companies to23,995,500
25,020,800
99,078,200 230,432,600
on deposits
gether and are not apportioned between the two classes of Reserve
-246,100
-337,800
Change from last week_ -1,643,100 +4,786,200
institutions. The publication of the statement in the usual P. C. reserve to deposits_
19.2%
15.1%
23.9%
27.4%
23.7%. 4_15.2% .
Percentage last week
27.7%
form, it is stated, will not be resumed until all outstanding
-I- Increase over last- meek. -Decrease from last week.
Clearing-House loan certificates are retired. The last
and Philadelphia Banks.-Below is a summary
complete statement issued, that for August 1 1914, will be of Boston
the weekly totals of the Clearing-House banks of Boston
found in the "Chronicle" of August 8 on page 398.
and Philadelphia:
We show below the figures as given out by the Clearing
lye omit tmo ciphers (00) in nil these figures.
House and also print the totals reported by the State BankCapita
Cisco- clenrings.
Deposits
Banks
Specie. Legato
and
Loans.
ing Department for the State banks and trust companies
a
Surplus.
In Greater New York not in the Clearing House. In addition Boston
137,775,3
S. No state ment issu ed
• we combine, as has been our custom, each corresponding item Aug.
109,652,7
Aug. 15
staleNo
merit Isar) ed.
109,922,0
In the two statements, thus affording an aggregate for the Aug. 22. No state ment lam
ed.
96,427,2
Aug. 29
No
ed.
ment
issu
state
whole of the banks and trust companies in Greater New Sept. 5_ No state ment issu ed.
108.788.1
Sept. 12_ No state ment 1101 ed.
91.840.1
York.
118,484,6
Sept. 19. No state ment issu ed.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Week ended Sept. 26.
Clear.-11011Se Clear:House State Banks At Total of all
Members
Members
Trust Cos. not Banks cit Tr.
Actual Figs
Average
in C-H.. Av
Cos_ Aver.
Capital as of June 30____ $175,300,000 5175,300,000
Surplus as of June 30____
296,930,800
296.930,800
828,950,000 8204,250.000
70,887,900
367.818,700
Loans and investments_ _
Change from last week
2,226,706,000
-3,576,000
585,639,100 2,812,345,100
-3,248,400 --6,824,400
Deposits
Change from last week
1,983,246,000
-990,000
a576,753,700 2,559,999,700
-3,927,200 -4,917,200
Specie
Change from last week
325,774,000
+5,225,000
541,146,000
-250,100
366,920,000
+4,974,900
ACTUAL
Legal-tenders
Change from last week FIGURES
NOT
GIVEN.
Banks: Cash In vault
Ratio to deposits
89,905,000
+1,657,000
c13,477,500
+5,500
103,382,500
+1,682,500
12,995,500
13.79%
362,487,500
Trust Coe.: trash in vault_
66,187,000
41,628,000
107,815,000
Aggete money holdings..
Changefrom last week
415,679,000
+6,882,000
54,623,500
-244,600
470,302,500
+6,637,400
Money on deposit with
other bks. & trust cos_
Change from last week
52,327,000
+2,733,000
77,466,100
+1,625,800
129,793,100
+4,358,800
Total reserve
Change from last week
468,006,000
+9,615,000
132,089,600 600,095,600
+1,381,200 +10,996,200
Surplus CASH reserveBanks (above 25%)--Trust cos.(above 15%)
Not given
Not given
Total
Not given
Not given
9.75%
15.56%
Not even
25.31%
The averages of the New York City Clearing-House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House, compare as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We seen Ws ciphers In all these figures.
--
July
A tig.
Aug.
Aug.
Aug. 22
Aug.
Sept.
Sept.
Sept. 19.... _
Sept.
$
2.631,527,5
2,627,002,4
2,654,887.9
2.694.560,3
2,701,090,3
2.607,812,8
2,706,988.9
2,715,541,5
2,819,169,5
2,812,345,1
Deposits.
Specie.
$
2,530,917,6
2,503,437,3
2,472,122.6
2,477.574,6
2.474.555.6
2.461,561,5
2,461.728,7
2.485.101,8
2.564.916,9
2,559,999,7
$
427,809,1
406,912,1
355,460,5
352,248.9
354,200.1
359,257.6
357,901,2
Legals.
91,313.7
90,805,7
85.556,5
85.578,9
87,069,5
88,792,6
87,221,7
362.7,si,3 89.770,9
361,945,1 101.720,0
366,920,0 103,382,5
TotMoney snipe Res
Holdings anDeposit
519,122,8
497,717,8
441,017,0
437,827,8
441,269,6
448.0.50,2
445,122,9
452,156,2
463,685.1
470,302,5
667.378,3
642.550,9
563,381,5
558,181.8
568,329,9
577.765,6
568,786,1
574,424.9
.140,099,4
600 095 6
We add herewith the weekly returns furnished by the Stat
Banking Department of the State banks and trust compan
under its charge. These returns cover all the institutio •
of this class in the whole State, but the figures are compile
so as to distinguish between the results for New York City
(Greater New York) and those for the rest of the State, as
per the following:
For definitions and rules under which the various items
are made up, see "Chronicle," V. 98, p. 1661
FOREIGN IMPORTS AT NEW YORK
1912
1913
1914
Total
Since Jan. 1.
Dry Goods
General Merchandise
$3,539,392 $2,814,492
16.223,018, 17,972,166
$3,250,653
15,414,697
1911
52,6311,154
13,125,813
$19,762,410 $20,786,658 $18,665,350 $15,755,967
$131,649.558 $114,283,229 $111,716,000 $105,429,753
612,319,6271 620,003,937 4337.626,502 544.932,685
5743,969,195 5734,287,166 5749.342.502 5650.362.438
Total 39 weeks
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Sept. 26 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
1913.
1912
1914.
+ Increase over last week. - Decrease from last week.
a These are the deposits after eliminating the item "Due from reserve depositaries
and from other banks and trust companies in New York City and exchanges": with
this Item included, deposits amounted to $650,534,309. a decrease of $3,606,800
over last week. In the case of the Clearing-House members, the deposits are "legal
net deposits" both for the average and the actual figures. 0 Gold. c currency
and bank notes.
CIRCULATION.-Circulation of national banks September 26 reported at
8137,261,000: Sept. 19.8129.716.000; Sept. 12, 5124,516,000: Sept. 5,5114,362.000;
Aug. 29, 5103,157,000: Aug. 22, 588,539,000; Aug. 15, $74,017,000: Aug. 8, $51,093,000; Aug. I, 541,578,000.
Loans and
Week Ended- Investments
Imports and Exports for the Week.-The following are
the imports at New York for the week ending Sept. 26; also
totals since the beginning of the first week in January:
Dry Goods
General Merchandise
def30,709,400
+7,674,700
% of cash reserves of true I cosCash In vault
Cash on Sep. with bks_
102,639,7
No state ment issu ed.
Aug. 8. 103,684,3 400,172,0
87.213,0
*423,473,0 11,613,0 140.810,9
Aug. 1.5 103,684.3 401,553,1)
.424.113,0 12.525,0 119,364.7
85,902.0
Aug. 22_ 103,684,3 399.898,0
.421,292.0 13,179.0 131,601,2
85,451,0
Aug. 29.. 103,684,3 399.830,0
.418.421,0 13.441,0 125.425.7
84,017,0
Sept. 5_ 103,684,3 400.601.0
.422 326 0 13,723,0 148,756,1
85.651,0
.422.596,0 14.064,0 109,702.9
Sept. 12. 103,684,3 401,8.33.0
86,457.0
Sept. 19_ 103,684,3 402,276,0
.428,773,0 15,018,0 135,785,7
89,669,0
Sept. 26. 103,684,3 401,256,0
90,426,0
*425,477,0 15,358,0 124,965,4
a Include) Government depos to and the item "due to other banks."
•"Deposits" now include the item "Exchanges for Clearing House," which were
reported on September 26 as $10,058.000•
For Week.
349,492,000
Not given
Total
Change from last week
Sept. 26_
1911.
For the week
Previously reported
$20,032,132 516,810,536 $17,740,768 $17,472,978
620,021,583 647,260,285 600,577,466 561,646,657
Total 39 weeks
$640,053,715 $664,070,821 5618,318,234 5579,119,635
The following table shows the exports and imports of
specie at the port of New York for the week ending Sept.26
and since Jan. 1 1914, and for the corresponding periods in
1913 and 1912:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Ezports.
Imports
Gold.
Week. Since Jan. 1
Week. Since Jan. I
$
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1914
Total 1913
Total 1912
Great Britain
France
Germany
West Indira
Mexico
South America
All other countries
Total 1914
Total 1913
Total 1912
$
537,671,460
85,540,015
1,018,913
935,049
1,105,124
$78,000
989,487
338,900
$31,690
122,381
14,589
$17,3el
124,195
3,602
1,593,733
996,678
2,751,668
1.443,704
578,000 5127598948
350 88,768,548
50.750 32,713,685
$168,680 $6,030,046
640,591 19,209,143
573,548 17,625,175
5655,403 526,882,865
3,204,408
$0,305
13,226
18,267
41.540
3.461,797
2,258,210
1,193,569
26,163
130,000
202,895
91,346
1,193.9113
849,537
5811,566 $32,431,014
1,245,6119 37,536,213
1,356.123 42,623,808
$454
25,000
1,833
31,581
$54,868 $5,995,914
152,700 7,634.497
90,564 6,988,233
Of the above imports for the week in 1914, $45,957 were
American gold coin and $454 American silver coin.
For General Distribution
Circular No. 616 describing Conservative Bonds
Circular No. 617 describing Convertible Bonds
Circular No. 618 describing Listed Stocks
Spencer Trask & Co.
43 EXCHANGE PLACE NEW YORK
Boston
Albany
Chicago
Members New York and ChicagoiStock Exchanges.
OCT. 3 1914.1
THE CHRONICLE
959
vaulters? Gazette.
Wall Street, Friday Night. Oct. 2 1914.
The Money Market and Financial Situation.—The foreign exchange situation has again been a matter of absorbi
in the financial district this week. Exchange
ing interest
rates advanced on Monday on a demand which may have been
for month-end settlements, but declined subsequently when
it was announced that an initiative shipment of gold to Ottawa had been made by the Gold Fund Committee. With
the further announcement that the plan for supply* the
demand for exchange under certain conditions or restrictions
would become operative to-day, a further decline in exchange
occurred.
In the meantime,the restrictions placed by the Stock Exchange officials upon stock transactions have been somewhat
relaxed, and such trading is reported to be increasing week
by week. Some houses are said to be doing nearly or quite
25% of the normal amount of such business as is transacted. On this subject the New York "Evening Post" of
Thursday says:
"Trading in unlisted stocks through the special committee
of five was reported to-day to have been the largest of the
week. Since the beginning of the week there has been a substantial volume of orders received from out of town. If these
orders increase along with the orders from local sources, there
is assured a broadening market for the time that business is
conducted under the present method. No definite information as to prices or amounts can yet be obtained, but those
who should have full knowledge of the situation state that
in no case has there been any substantial decline from July 30
f gures.
"Dealings at concessions from the July 30 prices are being
carried forward in Philadelphia with permission of the committee which is handling the situation there. Although the
quotations made are withheld from publication, the understanding is that the concessions equal no more than 1 to 2%—
which is hardly enough to worry either banks with collateral
loans, or investors."
The Government report of exports for the third week of
September are interesting, especially in the light of present
international exchange conditions. This report shows that
the shipments amounted to somewhat over $20,000,000, as
against $8,400,000 for the third week in August and a weekly
average of from $14,000,000 to 815,000,000 before the war
began.
Traffic!returns of the Pennsylvania and N.Y.Central railroads illustrate the reduced volume of general business and
also to whatextent economies in operation are being enforced.
In case of the former, gross receipts declined $2,500,000 and
expenses $3,000,900, while the latter's gross declined $2,000,000 and net increased $1,000,000.
1st Reviews of the iron and steel industry continue to show a
decreasing output and the prospect is not a hopeful one.
In the money market, however, there is a more cheerful
outlook, as a result of the drop in foreign exchange, more activity in investment securities, a better demand for shortterm notes from local and out-of-town banks, large receipts
of fundslfroml,the interior and the Bank of England's gold
accessions. The latter have brought the Bank's holdings
up to £52,900,000, as against £27,600,000 on Aug. 6 and a
previous high record of £49,200,000 sterling.
The open market rates for call loans on the Stock Exchange
during the week on stock and bond collaterals have ranged
from 6% to 8%. Friday's rates on call were 6@8%. Commercial paper closed at 63@7% for sixty to ninety-day
endorsements and prime four to six months' single names
and 73'@8 and higher for good single names.
The Bank of England weekly statement on Thursday
showed an increase of £1,243,545 in gold coin and bullion
holdings and the percentage of reserve to liabilities was
22.81, against 23.33 the week before. The rate of discount
remains unchanged at 5%, as fixed Aug. 13. The Bank of
France issued no statement.
In the following table the totals for all the Clearing-House
members, both banks and trust companies, are compared
with corresponding dates in 1913 and 1912.
NEW YORK CLEARING-HOUSE BANKS AND TRUST COMPANIES.
1914.
Averages for
week ending
Sept. 26.
Differences
from
previous week.
E
Capital (June 30)
175,300,000
Surplus (June 30)
296,930,800
Loans and investments 2,226,706,000 Dec.
Circulation
137,261,000 Inc.
Deposits
1,983,246,000 Dec.
Specie
325,774,000 Inc.
Legal-tenders
89,905,000 Inc.
I
Cash reserve held
415,679,000 Inc.
Cash reserve required
446,388,4001Dec.
Surplus
def30,709,400 Inc.
1913.
Averagesfor
week ending
Sept. 27.
179,900,000 174,275,000
305,760,200 297.729,900
3,576,000 1,942,871,000 1,964,450,000
7,545,000 45,175,000 46,434,000
990,000 1,783,343,000 1,807,558,000
5,225,000 338.660,000, 327,526,000
1,657,000 77,564,000' 83,458,000
6.882,000 416,224,000 410,984.000
792,700 403,008,550 404,634,000
7,674,700 13,215,450 6,350.000
Foreign Exchange.—The market for sterling exchange
ruled firm and higher early in the week, but subsequently
broke sharply on the beginning of the operations of the committee having charge of the $100,000,000 Gold Pool.
CO
To-day's (Friday's) actual rates for sterling exchange were-F4 92%
for sixty days. 4 95%04 96% for cheques and 4 96%(4)4 973. for cables.
Commercial on banks, nominal, and documents for payment nominal.
Cotton for
payment nominal and grain for payment nominal.
There were no rates for sterling posted by international bankers this week.
To-day's (Friday's) actual rates for Paris bankers' francs were nominal
for long and nominal for short. Germany bankers' marks were nominal.
Amsterdam bankers' guilders were nominal.
Exchange at Paris on London, not quoted.
Exchange at Berlin on London, not quoted.
The range for foreign exchange for the week follows:
Sterling, Actual— Sixty Days.
Cheques.
Cables.
High for the week_ _ _4 96
501
5 02Yi
Low for the week_ _ _4 92%
4 95%
4 96%
Paris Bankers' Francs—
High for the week_
505
502
Low for the week_
5 09%
5 08%
Germany Bankers' Marks—
High for the week_ _ _ ____
95
954
•
Low for the week_ __ ___ _
93
93511
Amsterdam Bankers' Guilders—
High for the week_ __ : __ _ _
41',i
--- Low for the week_ __1•__ _ _ NI
40%
-- -1 Domestic Exchange.—Chicago. no market. Boston, par. St. Louis.
75e. per $1,000 premium bid and 85e. asked. San Francisco, 50c. per
$1,000 premium. Montreal, % @11-16% discount. Minneapolis, 30c.
per $1,000 premium. Cincinnati. 25c. peri$1,000 premium.
Owing to the fact that the New York" Stock Exchange has
remained closed since the afternoon of July 30, that business is
also suspended at the Stock Exchanges at Boston, Philadelphia,
Baltimore, Pittsburgh, Chicago, and nearly everywhere else in the
United States, and that security dealings have by common consent
been discontinued, it having been decided to omit even the customary auction sales of securities at New York, Boston and Philadelphia so long as the Stock Exchanges are closed, we are compelled to omit the 10 pages of stock and bond prices ordinarily
appearing in this department.
1912.
Averages for
week ending
Sept. 28.
THE CHRONICLE
960
[VOL. xca.
ftruestnient and aailroad interliqeace.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
oan be obtained. 1 he first two columns of figures give the gross earnings for the latest week or month, and the last two
oolumns the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
July 1 to Latest Date.
Current
Year.
Previous
Year.
$
$
$
Ala N 0& Tex Pac$
717,475
650,881
N 0 & Nor East_ August ___ 317,245 355,916
Ala &Vicksburg_ August --- 138,626 152,953
301,768
272,842
August
___
Shrev&Pac.
300,404
135,767 153,084
Vicks
271.374
45,385
50,205
2d wk Sept
504,318
509,820
Ann Arbor
Atch Top 8: S Fe_ _ August ___ 10166489 9,731,956 19,775,731 18,874,941
260,671 261,966
261,966
Atlanta BIrm & Atl July
260.671
2,213,766 2,331,716 4.751,905 4,788,868
Atlantic Coast Line August
Chariest & W Car July
143.062 146.460
146,460
143,062
124,709 109,438
109,438
Lou Bend & St L July
124,709
8,700,376 9,629,267 16,847,064 18,661,887
g Baltimore & Ohio_ August
147,371 158,684
318.160
B &0 Ch Ter RR August
286,032
242,344 214,474
Bangor & Aroostook July
214,474
242,344
1,150,608 1,037.328 2,269,070 2,130,535
Bessemer & L Erie_ August
84,038 111,833
Birmingham South- August
230,623
174,696
July
4,222.986 4,340,608 4,222,986 4.340,608
Boston & Maine
Buff Roch & Pittsb_ 3d wk Sep 218.802 258.834 2.604.879 2,997,575
307,797
259,521
143,936 154,672
AUfillst
Buffalo & susa
Canadian Northern 3d wk Sept 566.700 488.200 4,307,400 5,022,200
Canadian Pacific 3d wk Sept 2.578.000 2.769,000 27,197.972 30.782.062
1,031,504 1,013,009 2,197,875 2.029,028
Central of Georgia- August
2.724.602 2,947,826 2.724,602 2,947,826
Cent of New Jersey July
276,993 276,704
276,704
276,993
Cent New England_ July
336.100 374,145
Central Vermont.... July
336,100
374,145
Ches & Ohio Lines_ 3d wk Sept 814.512 777,374 9,057,706 8,403,807
Chicago & Alton...... 3d wk Sept 311,603 326,904 3.438,667 2,750,196
7,861,573 7,823,061 7,861,573 7.823.061
Chic Burl & Quincy July
1,315,453 1.374,720 1.315,453 1,374.720
I Chic & East Ill...... July
p Chic Great West.. 3d wk Sept 371,482 382,773 3,424,636 3,567,756
Chic Ind & Louisv_ 3d wk Sept 135.508 143,449 1,653.122 1,675.776
7,824,986 7.920,834 7.824,986 7,920,834
Chic Milw & St P..1 July
Chic MII & Pug S J
8,378,082 8,520,420 15,740,894 16,116,439
oChic & North West August
1,708,324 1,558,294 3,289,313 3,028.072
sChic St PM & Om August
190,313 150,244
150,244
Chic Terre H & SE July
190,313
977,456 969,432 1,916,194 1,852,025
Cin Ham & Dayton August
135,024 129,372
Colorado Midland.. July
129.372
135,024
b Colorado & South 3d wk Sept 278,922 313,005 3,054,777 3,485,965
July
12.454
Cornwall
17,637
17,637
12,454
35,299
Cornwall &Lebanon August
33,067
64,577
61,789
July
382,544 324,187
324,187
Cuba Railroad
382,544
1,997,294 2,086,708 1,997,294 2,086,708
Delaware & Hudson July
3.752.0053,853.131 3,752,005 3.853,131
Del Lack & West July
Deny & Rio Grande 3d wk Sent 513.000 565.700 5,631,630 6,000,403
Western Pacific 3d wk Sept 138,500 159,200 1,515,238 1,687,257
35,349
Denver & Salt Lake 3d wk Sept
30,700
430,806
385,412
Detroit Tol Sr Iront August
193,360 146.240
282,193
344.950
-22,049
Detroit & Mackinac 3d wk Septp
22,252
296,081
267,317
August
_
Range
- 685.699 1,231.116 1,497,952 2,404,556
Dul & Iron
Duluth So Sh & Atl 3d wk Sept
62,902
70,190
889,829
782,432
Elgin Jollet & East.. July
800,348 1.101,274
800,348 1.101,274
El Paso & Sou West August
704,910 671,560 1,445,069 1,375,956
August
5,488,767 5,651,031 10.908,347 11,189.254
Erie
Florida East Coast.. July
291,866 289.170
289.170
291.866
Fonda Johns& Glov August
90.198 102,785
201,673
180,434
255,426 229,057
229,057
Georgia Railroad July
255,426
Grand Trunk Pac 2d wk Sept 167,589 154,813 1,229,469 1,244,911
Grand Trk System- 3/1 wk Sent 1.082,811 1.134.021 12.845,623 13.674,452
Grand Trunk By 2d wk Sept 903.836 956,560 9,636,104 10,378,546
Grand Trk West_ 2d wk Sept 140,695 137.459 1,568,148 1.538.605
522,824
52.373
Det Gr H & Milw 2d wk Sept
557,981
50.797
6,790,640 7,221,330 13,631.087 14,916,142
Great North System August
366.789
Gulf & Ship Island_ August ...... 150,765 185,283
300,446
704,015
451,414
451,414 704,015
Hocking Valley_ _ _ July
Illinois Central_ _ _ _ August
5,845.350 5,697.121 11,241,473 11,055.030
763,509
738.937
738,937 763.509
Internet & Grt Nor July
910.778
225.474
42.403 181.276
a Interoceanlc Mex. 1st wk Aug
303,773
279,393
279.393 303,773
Kanawha & Mich.._ July
885,643 912.991 1,830.909 1,724,497
Kansas City South. August
137,246
233,342
233.342 137,246
Lehigh & New Eng_ July
August - 3,770,347 3.909.476 7,352.428 7,605,189
Lehigh Valley
155,777 143,543
143.543
155,777
Louisiana & Arkan_ July
s Louisv & Nashv 3d wk Sept 1,115,825 1.242,705 12,786,828 13,718,647
22,650
27,367
13.039
12,320
Macon & Birm'ham August
1,066.624 1,088.477 2,081,492 2,115,334
August _
Maine Central
Maryland & Penna.. August
48,067
_
88,410
49,011
93,191
_a Mexican Railways 2d wk Sept
214,100 200,800 1,992,900 2,140,300
3d wk Sept
5,452
13,721
Mineral Range
192,894
99,205
Minn & St Louis....) 3d wk Sept 237,909 222,654 2,419,471 2,238,066
Iowa Central_ f
Minn St P & S S M_ 3d wk Sept 750,349 689,994 6,871,940 7,259,998
SItssissippi Central_ July
79,439
90.341
79,439
90,341
4 Mo Kan & Texas_ 3d wk Sept 626,515 626,388 7,222,649 7,485,191
:Missouri Pacific_ 3d wk Sept 1,183,000 1,230,000 14,009,933 4,266,194
gashv Chatt & St f, August
985,872 1,050,715 2,057,652 2.077.943
1 Nat Rys of Mex../ 1st wk Aug 208.408 603,778 1,583,461 3.327.255
Slavada-Cal-Oregon 3d wk Sept
9,898
100,264
102,794
7,935
gew Orl Great Nor.. August
322,075
141,759 155,890
296,828
: NYC & Bud Riv August
8,891,381 ,399,660 16,764,661 18,331,676
Boston & Albany August
1,487,009 1,633,165 2,957,189 3,179,890
Lake Shore & MS August
4,800,087 5,302,224 9,392,327 10.424,442
nLake Erie & W.. August ...... 566,603 546,895 1,074,559 1,042,533
Chic Ind & South
688,081
349.679 364,456
681.433
Michigan Central August
3,021,357 3,123,306 5,859,699 6,147,747
Clev C C & St L) August ...... 3,367,0003,621,856 6,514,147 6,924,742
Peoria & Eastern!
Cincinnati North. August ...... 157,402 138,412
251,379
287,622
Pitts & Lake Erie August
1,518,102 1,770,427 3,021,763 3,516,915
N Y Chic Pc St L_ August...... 967.114 1,032,704 1,887,772 1,991,151
Tol & Ohio Cent_ August
544,932 576,907
861,339 1,164.887
Tot alllines above August
25470666 27510012 49.302.511 53.663.443
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
July 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
$
$
$
ll
181.592 185.804
NO Mobile & Chic_ July
181.592
185,804
NY N 11 & Hartf__ August
5.756,909 6,168.287 11,512,543 12,012,222
1,000.730 996.677 1,993.291 2,004,974
NY Ont & West___ August
315,072 335,468
NY Susta & West_ August
604,704
627,486
365,997 338,435
385,997
Norfolk Southern__ .)uly
338.435
3.743,588 3,858,538 3,743,588 3.858,538
Norfolk & Western_ July
5,792,063 6,272,973 5,792,063 6,272,973
Northern Pacific__ July
423.537
428.799
July
428,799
Northwestern Pac_
423,537
589,470 728,593
589,470
Pacific Coast Co..__ July
728.593
17001206 18191528 33,069,793 34,643,462
zPennsylvania RR__ August
154,066
166,760
August
341,524
Balt Ches &
313,715
282,482 298,463
522,736
Vail.. August
CumberlandAtl_586,869
August .._ _ 1,505,277 1,435,331 3,025,083 2,984,738
Long Island
121,574 121,285
233,679
Maryl'd Del & Va August
233,785
363,123 356.723
805,742
N Y Phila. & Norf August
769,285
1.905,048 1,884,005 3,757,065 3,670,016
PhilaBalt & Wash August
1,010,298 1,075,882 1,841.603 1,927,103
W Jersey & Seash August
5,496,066 6,368,212 10,694,560 12,649,911
Pennsylvania Co__ August
560,140 564,905 1,049,719 1,067,150
Grand Rap & lnd August
3,585,259 3,990,963 7,061,469 7,808,750
Pitts CC & St L_ August
1,004,976 1,032,133 1,961,438 2,013.016
August
Vandalla
Total lines23011495 24213884 44,823,078 47,637,125
East Pitts & Erie August
10784046 12095765 21,030,182 23,815,546
West Pitts & Erie August
All East & West_ August _....'33795542 36309650 65,853,261 71,452,672
1,378,927 1,405,041 1,378,927 1,405,041
July
Pere Marquette
Reading Co4,129,396 4,439,108 7,951,195 8,650,515
Phila & Reading_ August
2,477,393 2,140,258 4,300,345 4,202,464
Coal & Iron Co August
6,606.7896.579.366 12,251,540 12,852,979
Total both Cos August
207,9161 217,060
465,829
Rich Fred & Potom August
451,457
78,5051 83,516
July
78,505
Rio Grande June
83,516
11,190. 13,945
3d wk Sept
128,872
Rio Grande South
151,207
6,036.141'5,838,891 6,036,141 5.838,891
Rock "'stand Lines July
325,279,
363,452
August
632,187
Rutland
711,244
196,108i 175,158
196.108
St Jos & Grand Isl July
175,158
2,735,067[2,679,162 2,735,067 2,679.182
St L Iron Mt & Sou July
238,445 166,470
456,825
St L Rocky Mt & P August
353,257
3,815,950 3,929,398 3,815.950 3,929.398
St Louis & San Fran July
St Louis Southwest.. 3d wk Sept 195,000 267,000 2,479,342 2.938,546
878.791 884,419
878,791
884,419
San Fed LA & S L.. July
Seaboard Air Line 3d wk Sept 353,907 456,789 4,641,054 4,996,834
Southern Pacific...... August ..-.. 11672 159 12254090 23.305,177 24,015,101
Southern Railway 3d wk Sept 1,256,815 1,396,171 15,171,995 15,343,360
Mobile & Ohio...... 3d wk Sept 210,073 229,689 2,799,819 2,825,727
,
204,624 2,214,756 2,280,647
Chi NO & Tex 1- 3d wk Sept
3d wk Sept
87,070
96,582 1,137,215 1,155,516
Ala Great Sou
46,681
50,193
540,732
Georgia Sou & Fla 3d wk Sept
536,177
470,694 476,782
9pok Portl & Seattle July
470,694
476,782
1,512
1,866
19,006
Tenn Ala & Georgia 3d wk Sept
22,684
July
Central_
154,153 154,153
Tennessee
154,153
148,398
Texas & Pacific........ 3d wk Sept 335.941 360,996 3,856,136 3,949,561
8,012
Tidewater & West_ August
6,370
15,553
13,975
22,518
Toledo Pear & West 3d lirk Sept
28,924
305,015
313,655
96,838
97,773 1,097,035 1,119,222
Toledo St L & West 3d wk Sept
August
Syst_
Pacific
Union
8.468.0278,441,501 16,027,284 16,264,110
178,076 174,403
Virginia & Sou West August
347,378
329,045
July
469,511 497,394
Virginian
469,511
497,394
August
2,734,303 2.876,761 5,383,756 5,614.577
Wabash
763,128 751,143 1,475,557 1,491,801
Western Maryland_ August
Wheel & Lake Erie_ August
516,541 786,037 1.047,634 1,563.962
Wrightsv & Tennille August
19,245
18,217
37,863
34,782
Yazoo & Miss Vall_ August ...... 925,111 890,380 1,778.302 1.698,209
Various Fiscal Years.
Current
Year.
Period.
Delaware & Hudson
Jan
NY Central & Hudson River_e_ Jan
Boston & Albany
Jan
Lake Shore & Michigan South Jan
Lake Erie & Western..n
Jan
Chicago Indiana & Southern- Jan
Michigan Central
Jan
Cleve Cincin Chic & St Louis Jan
Cincinnati Northern
Jan
Pittsburgh & Lake Erie
Jan
New York Chicago & St Louis Jan
Toledo & Ohio Central
Jan
Total all lines
Jan
zPennsylvania Railroad
Jan
Baltimore Chosen & Atlantic.. Jan
Cumberland Valley
Jan
Long Island
Jan
Maryland Del & V
la
Jan
N Y Philadelphia & orfolk_ Jan
Phlla Baltimore & Washing n Jan
West Jersey & Seashore
Jan
Pennsylvania Company
Jan
Grand Rapids & Indiana...._.. Jan
Pitts Cin Chic & St Louis
Jan
Vandalia
Jan
Total lines-East Pitts & Erie Jan
-WestPitts & Erie Jan
-All lines E & W.Jan
Rio Grande Junction
Dec
Jan
Rutland
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
July
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
July
Aug
Previous
Year.
$
$
31 12,753,800 13.835,832
31 62,686,704 68,181,758
31 11,015,637 11,626,491
31 34,373,057 40,065,723
31 3,4759,821 3,918,789
31 2,755,629 2,895,194
31 22,121,986 24,155,945
31 23,097,992 24,716,507
31
866,409
925,222
31 11,017,340 13,487,242
31 7,450,674 8,138,558
31 2,917,288 3,900,331
31 182121350 201952947
31 124856342 134610206
808,983
31
842,866
31 2,231,197 2,357,550
31 8,980,336 8,998,455
622,685
626,054
31
31 2,698,804 2,680,739
31 13,575,991 13,996,293
31 4,557,932 4,855,491
31 37,156,520 44,190,280
31 3,588,388 3,651,018
31 26.095,711 28,985,442
31 7,092,146 7,288,421
31 161438262 172497525
31 74,945,401 85,145,349
31 236383663 25'642874
609,013
563,485
31
31 2,305,947 2,422,990
......
AGGREGATES OF GROSS EARNINGS-Weekly and Montht
'Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
*Monthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
3
3
S
$
$
Cur. Yr. Prey. Yr.
$
Mileage.
278.364.475 -9143.593 3.35
2d week July (37 roads)„._ 12.692.480 13.393,790
)269220882 266.224.678-12:005.787
ber_243.745 241,45'
-701,330 5.24
4.51
241.180254:218:891
3d week July (37 roads)._ 12,891,583 13,810.667
-243.322
December
Novern
-919,084 6.57
249.958.641 -16.884,807 6.75
4th week July (39 roads)____ 19,122,365 19,809.127
__243.732 241.469 233,073,834 233,056,143
ary
-686,762
Jan
3.47
-23,823,138
10.22
let week Aug (36 roads)--__ 12.937.673 13,778,005
--....244,925 242.928 209.233.005 249.514.091
February_l
-840.332 8.10
+660.166 0.27
2d week Aug (37 roads)...... 12.911.396 14.002,634 -1,091.238 7.79
245.200 243.184 250.174.257 245.048,870 -8,517.270
March
3.48
3d week Aug (38 roads)____ 13.037.906 14.034,147
243.513 241.547 236.531.600
April
-996.241
7.09
9.73
4th week Aug (36 roads)........ 17,581,257 19.019,926 -1.438,669 7.56
246.070 243,954 239.427,102 265,435.022 -26,007.920
May
-10,355,877 4.30
241.107.727
230.751.850
219,691
let week Sept (37 roads)....„ 12,517,613 13,573,362 -1,055.749 7.78
222,001
June
2d week Sept (36 roads)___- 13.565,225 14,138.352
235,407 231,639 252.231,248 261,803,011 -9,571,763 3.67
July..
-573,127 4.04
90.579 73.690,35378.645.832 -4,955,479 6.37
92,136
3d week Sept (37 roads)____ 13,863,558 14,711,282
August
-847724 n715
New York &
a Mexican currency. b Does not Include earnings of Colorado Springs & Cripple Creek District Ry.from Nov. 1 1911. e Includes thereturns
to the
a Canadian road, does not make
being
Ottawa, the St. Lawrence & Adirondack and the Ottawa & New York Ry.. the latter of which,
& Wheeling
Inter-State Commerce Commission. I Includes Evansville Sc Terre Haute and Evansville & Indiana RR. g Includes the Cleveland Lorain
s InBy. in both years. ri Includes the Northern Ohio RR. p Includes earnings of Mason City & Fort Dodge and Wisconsin Minnesota 8z Pacific.
Wichita
cludes Louisville & Atlantic and the Frankfort & Cincinnati
t Includes the Mexican International. u Includes the Texas Central and the
Falls Lines. v Includes not only operating revenues, but also *all other receipts. a Includes St. Louis Iron Mountain & Southern. z Includes the Norhorn Central beginning July 1 1914. • We no longer include the Mexican roadlin any of our totals.
THE CHRONICLE
OCT. 3 1914.]
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the third week
of September. The table covers 37 roads and shows 5.76%
decrease in the aggregate under the same week last year.
Third week of September.
I
1914.
1913.
$
$
96,582
87,070
Alabama Great Southern
258.834
218,802
Buffalo Rochester & Pittsburgh
488,200
566,700
Canadian Northern
2,578,000 2,769,000
Canadian Pacific
777,374
814,512
Chesapeake & Ohio
326.904
311,603
Chicago & Alton
382.773
371,482
Chicago Great Western
143,449
135,508
Chicago Ind & Louisville
204,624
178,656
Chic New On & Texas Pacific
313,005
278,922
Colorado & Southern
565,700
513,000
Denver & Rio Grande
159,200
138,500
Western Pacific
30,700
35,349
Denver & Salt Lake
22,252
22,049
Detroit & Mackinac
70,190
62.902
Duluth South Shore & Atlantic_
50,193
46,681
Georgia Southern & Florida
Grand Trunk of Canada
1,082,811 1,134,021
Grand Trunk Western
Detroit Or Hay & Milw
Canada Atlantic
1,115,825 1,242.705
Louisville & Nashville
5,452
13.721
Mineral Range
222.654
237,909
}
Minneapolis & St Louis
Iowa Central
689,994
750,349
Minneapolis St Paul & S S M__
666,388
626.515
Missouri Kansas & Texas
1,183,000 1,230,000
Missouri Pacific
229,689
210,073
Mobile & Ohio
7,935
9,898
Nevada-California-Oregon
13.945
11,190
Rio Grande Southern
267,000
195,000
St Louis Southwestern
456,789
353,907
Seaboard Air Line
1,256,815 1,396,171
Southern Railway
1,866
1,512
Tennessee Alabama & Georgia_
360,996
335.941
Texas & Pacific
28,924
22,518
Toledo Peoria & Western
96,838
97,773
Toledo St Louts & Western
Total (37 roads)
Nat finerrt4CLA (A.7ficAl
13,863,558 14,711,282
Increase. Decrease.
$
$
9,512
40,032
78,500
191,000
37,138
4,649
15,301
11.291
7,941
25,968
34,083
52,700
20,700
203
7.288
3,512
51,210
8,269
15,255
126,880
60.355
1,963
39.873
47.000
19,616
2,755
72,000
102.882
139,356
354
25,055
6,406
935
206,129 1.053,853
847.724
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings of STEAM
railroads and industrial companies reported this week:
-Gross Earnings-- -Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
103,528
177,521
Atlantic Coast Line_a_Aug 2,213,766 2,331,716
4,788,868
419.920
512,849
4,751,905
July 1 to Aug 31
303,926
362.265
Buffalo Roch & Pitts_b_Aug 1,040,682 1,087,237
1,922,136 2,162,128
553,405
688,397
July 1 to Aug 31
244,700
408,600
Canadian NorthernAug 1,367,700 1,824,800
2,962,000 3,753.600
675,200
922,900
July 1 to Aug 31
Aug 9,917,765 11,434,459 3,363,158 3,961,139
Canadian Pacifica
20,399,736 23.427,521 7,141,604 8,077.932
July 1 to Aug 31
Central of Georgia_ b_ - _Aug 1,031,504 1,013,009 c221,276 0139,608
2,197,875 2,029,028 c531,600 c308,507
July 1 to Aug 31
Central of New Jersey.b.July 2,724,602 2,947,826 1,123,928 1.341.136
Chicago Great West_ b.- Aug 1,309,309 1,316,699
422,736
432.692
2,391,866 2,520,719
635.875
754.687
July 1 to Aug 31
166,294
581,890
163,079
Chicago Ind & Louisv.b.July 596,067
Chic & North West_a_-Aug 8,378,082 8,520,420 2,656,637 2,734,992
July 1 to Aug 31
15,740,894 16,116,439 4,572,383 4,585,076
536,957
Chic St P M & 0_a___Aug 1,708,324 1,558,294
328,199
988,126 657,028
July 1 to Aug 31
3,289,313 3,028.072
242,463
208,582
Gin Ham & Da3rton_b__Aug 977,456
969,432
466,951
357,182
July 1 to Aug 31
1,916,194 1,852,025
362,800
435,313
Colorado & Southern_b_Aug 1,190,511 1,371,634
750,616
July 1 to Aug 31
2,315,005 2,575,990
599,634
804,315
725,934
Delaware & Hudson_b__July 1,997,294 2,086,708
Jan 1 to July 31
12,753,800 13,835,830 3,875,055 5,087,093
117,268
25,711
40,241
Detroit & Mackinac_a_ _Aug 102,057
July 1 to Aug 31
228,571
50,003
68.997
205,715
El Paso & Southwest_b_Aug 704,910
671,560
289,444
227,003
July 1 to Aug 31
1,445,069 1,375,956
583,163
458,274
Erie_a
Aug 5,488,767 5,651,031 1.500,128 1,348,478
July 1 to Aug 31
10,908,347 11,189,254 2,758,060 2,792,920
Fairchild & Nor East_b_Aug
2,560
def462
def212
2,828
July 1 to Aug 31
5,808
5,370def2,101
228
Illinois Central_a
Aug 5.845,350 5,697,122 1,260.264
991.805
July 1 to Aug 31
11,241.473 11,055,030 1,966,605 1.760,285
Maine Central-b
Aug 1.066,624 1,088,477
365,007
304.966
July 1 to Aug 31
2,081,492 2,115,334
660,591
553,308
minneap & St Louis_a_-Aug 904,698
818,207 k274,493 k222,431
July 1 to Aug 31
1,689,382 1,560,994 k472,011 k416.870
Mo Kan & Texas_b__-_Aug 2,699,333 2,963,540 1806,670 1868,207
July 1 to Aug 31
5,416,034 5.653,365 11.549,705 11,590,953
Missouri Pacifica
Aug 5,353,569 5,514,130 h1,391,611 h1,342.438
July 1 to Aug 31
10,606,541 10,667,504 82.800,507 82,615.640
Nashv Chatt & St L.__ -Aug 985,872 1,050,745
159,722
195,281
July 1 to Aug 31
2,057,632 2,077,943
393,608
354,586
N Y Cent & Hud Riv b_Aug 8,691,381 9,399.660 2,823,172 2,576,040
62,686,704 68,181,758 14,679,504 16,087,769
Jan 1 to Aug 31
Boston & Albany b__Aug 1,487,009 1,633,165
468,786
485,270
11,015.637 11,626,491 2,595,600 3.022,783
Jan 1 to Aug 31
Lake Sh & Mich So b_Aug 4,800.087 5,302,224 1,650,908 1,578.841
34,373,057 40,065,723 8,852,249 11,983,341
Jan 1 to Aug 31
546,895
200,087
Lake Erie & West b_ _Aug 566,603
104,278
31
Aug
3,759,821 3,918,789
to
810,773
1
Jan
709.667
364,456
78,057
Chic Ind & Sou b__Aug 349,679
39,357
2,755,629 2,895,194
417,636
500,629
Jan 1 to Aug 31
Michigan Central b_ _Aug 3,021,357 3,123,306 1,018,698
651,834
22,121,986 24,155,945 5,277,230 6,077,022
Jan 1 to Aug 31
946,163
Clev Cin Ch & St L b_Aug 3,367,000 3,621,856
647,181
23,097,992 24,716,507 2,991,049 2,716:74
Jan 1 to Aug 31
8 610
0
138,412
54,687
Cincin Northern b_ __Aug 157,402
31
925,222
Aug
866,409
80.858
def16,640
Jan 1 to
606,643
Pittsb & Lake Erie b_Aug 1,518,102 1,770,427
783,238
11,017,340 13,487,242 3.896,431 6,293,560
Jan 1 to Aug 31
249,662
223,547
N Y Chic & St L b__ _Aug 967,114 1,032,704
7,450,674 8,138,558 1,089,804 1,560,765
Jan 1 to Aug 31
131,685
Toledo & Ohio Cent b Aug 544,932
576,907
220,838
2,917.288 3.900,331
308,649
Jan 1 to Aug 31
910,128
Total all lines b____Aug25,470,666 27,510,012 8,317,501 7,230,011
Jan 1 to Aug 31__-_182,121,350 201952,947 40.999,783 49,845,634
NY N II & Hartford_ b_Aug 5,756,909 6,168,287 1,852,498 2,095,425
11,512,543 12,012,222 3,724,779 3,995.852
July 1 to Aug 31
Roads.
961
-Gross Earnings- -Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
N Y Ontario & West_a_ _Aug 1,000,730
996,677
361,679
356.566
July 1 to Aug 31
1,993,291 2,004,974
723,545
714,130
N Y Susq & Western_a_Aug 315,072
79,439
64,281
335,468
July 1 to Aug 31
604,704
627,486
142,217
128.661
Pennsylvania RR a____Aug 17,001,206 18,191,528 4,600,454 4,226,410
Jan 1 to Aug 31
124.856.342 134610.206 23,025,047 25,616,55
Bait Ches & Atl_a___Aug 166.760
49,561
40.797
154,066
Jan 1 to Aug 31
842,866
808,983
112,242
92,614
Cumberland Valley_a_Aug 282,482
298.463
87,701
81,900
Jan 1 to Aug 31
2,231,197 2,357,550
708,749
724,633
Long Island_a
Aug 1,505,277 1,435,331
649,516
565,499
Jan 1 to Aug 31
8.980,336 8,998,455 2,356,836 2,155,003
Maryl'd Del & Va_a__Aug 121,574
121,285
30.321
34,087
Jan 1 to Aug 31
626,054
622,685
68,134
72,831
N Y Philo,& Norf_a__Aug 363,123
356.723
75,969
88,982
Jan 1 to Aug 31
2,598,804 2,680.739
466,552
573,614
Phila Balt & Wash_a_Aug 1.905.048 1,884,005
380,223
324,974
Jan 1 to Aug 31
13,575.991 13,996,293 1,935,736 1,777,341
W Jers & Seashore_a_Aug 1,010,298 1,075,882
459,993
488,276
Jan 1 to Aug 31
4,557,932 4,655,491
907,862
825,085
Pennsylvania Co_a
Aug 5,496,066 6,368,212 1.607,414 1,821,402
Jan 1 to Aug 31
37,156,520 44,190,280 6,929,996 7,896,495
Grand Rap & Ind_a- _Aug 560,140
564.905
142,270
187,767
Jan 1 to Aug 31
3,588,388 3,651,018
541,330
393,539
Pitts C C & St L_aAug 3,585,259 3,990.963
956,543
915,704
Jan 1 to Aug 31
26,095,711 28,985,442 4,807,392 3,649,074
Vandalia-a
Aug 1,004,976 1,032,133
227,441
234.810
Jan 1 to Aug 31
7,092,146 7,288.421 1,023,940 1.018,911
Total East P & E_aAug23,011,495 24.213,884 6,612,831 6,135,676
Jan 1 to Aug 31
161,438,262172497.525 30,712,851 33,396,429
Total West P & E_a__Aug10,784.046 12,095,765 3,002.088 3,144,352
Jan 1 to Aug 31
74,945,401 84,145,350 13,456,002 13,157,869
Total all lines_a
Aug33,795,542 36.309,650 9,614,921 9,280,030
Jan 1 to Aug 31
236,383,663 257642,874 44,168,854 46,554.298
Reading CompanyPhila & Reading_b__Aug 4,129,396 4.439,108 1.236,126 1,322,667
July 1 to Aug 31
7.951.195 8,650,514 2,363,727 2.662.959
Coal & Iron Co_b--__Aug 2,477,393 2,140,258 def27,032 def149,373
July 1 to Aug 31
4.300,345 4,202,465 def118,091 def238.597
Total both cos_b
Aug 6.606,789 6,579.366 1,209,094 1,173,924
July 1 to Aug 31
12,251,540 12,852,979 2,245,636 2,424,362
Reading Comoany_ Aug
552,584
557,852
July 1 to Aug 31
1,107,422 1,104,818
Total all companies-- _Aug
1.761,678 1,731,146
July 1 to Aug 31
3,353.058 3,529,180
Rich Fred & Potom_bAug 207,916
217,060
63.532
70,335
July 1 to Aug 31
465,829
451,457
168,399
160,176
Rio Grande Junction___July
78,505
83.516
n23.551
n25,055
Dec 1 to Julyil
563.485
609.013 n169,046 n182,704
Rutland_b
Aug 325,279
363.452
93,137
125,213
Jan 1 to Aug 31
2,305,947 2,422,990
457,129
495,135
St L Rocky Mt& Pac_a-Aug 238,445
166,470
78,763
40,933
July 1 to Aug 31
456,825
353.257
143,927
83.758
Seaboard Air Linea _ _ _ _Aug 1,690,828 1.794,398
363,018
414.345
July 1 to Aug 31
3,523,999 3,612,745
796,967
841,041
Southern Railway_b_ __ _Aug 5,688,044 5,757.180 1,326,283 1,606,855
July 1 to Aug 31
11,393,163 11,270.394 2.721,075 3,039,802
Mobile & Ohlo_b
Aug 1,034,442 1,069,808
217,263
270,832
July 1 to Aug 31
2.133,048 2.128,952
478.011
536,341
Cin N 0& Tex Pac_b_Aug 828,787
852.415
208,639
262,254
July 1 to Aug 31
1,660,287 1,679,516
429,661
508,876
Alabama Great So_b_Aug 465,394
451.283
111,923
116.758
July 1 to Aug 31
879,011
886,934
212.831
212,882
Georgia Sou & Fla_b_Aug 188,182
182,494
20,391
14.153
July 1 to Aug 31
405,434
385.601
67,314
46,010
Tidewater & Western-b-Aug
8,012
6,370
1,490 def1,238
July 1 to Aug 31
15,553
13,974
2,757
def 376
Aug 8,468,027 8,441,501 3,455,946 3,252,748
Union Pacific-a
16,027,264 16,265,110 6,132.282 5,950,359
July 1 to Aug 31
174,403
58,315
Virginia & Southwest_ b_Aug 178,076
59.330
July 1 to Aug 31
347,378
329,045
114,072
109.429
751.143
225,919
Western Maryland_b..-Aug 763,128
167.745
416.846
338,704
July 1 to Aug 31
1.475,557 1,491.801
18,217
57
1,187
Wrightsv & Tennllle_b_Aug
19,245
34,782
def160
July 1 to Aug31
37,863
909
170,220
139.895
890,380
Yazoo & Miss Valley_a_Aug 925.111
251,106
178,555
1,778,302 1,698,209
July 1 to Aug 31
Roads.
INDUSTRIAL COMPANIES.
-Gross Earnings- -Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Companies.
Year.
n & Rockland Electric
t & Power_a
Aug
13,302
11,761
1,752
3,694
an 1 to Aug 31
89,991
87,711
18,298
15,623
Adirondack El Pow_a_..Aug
98,062
99,681
24,072
4,725
Jan 1 to Aug 31
808,332
771,111
262.682
173,246
Blackstone Val0 & E.a.Aug 103,468
103,319
39.305
37,600
Jan 1 to Aug 31
848.309
307,907
336.151
856,407
Aug 286,431
130,037
Cleve Elec Ill Co_ a
289,886
138.487
Jan 1 to Aug 31
2,826,528 2,576,077 1,359,042 1,245,779
37,697
Edison Ill(Brockton)_a_Aug
32,116
11,295
8,775
Jan 1 to Aug 31
307,190
283,027
98,964
101,427
43.856
43,182
Fall River Gas Works.a.Aug
13,634
17.392
Jan 1 to Aug 31
330,607
314,011
74,851
102,187
Houghton Co El Lt_a_ -Aug
23,140
19,390
8,362
7,319
Jan 1 to Aug 31
199,302
193,315
87.871
87,234
Lowell Elec Lt Corp_a _ _Aug
33,695
32,738
10,173
9,713
Jan 1 to Aug 31
296,552
290,324
105.514
105.708
Sierra Pacific Elec_a_ Aug
48,149
54,085
26.445
31,763
Jan 1 to Aug 31
432,650
429,956
258,396
258,037
Southern Cal Edison_ _ _ _Aug 411,053
412,355
225,495
194,092
Jan 1 to Aug 31
3,145,174 3.105,430 1,567,468 1,538,339
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
c After allowing for uncollectible revenue and taxes, operating income
Aug. 1914 was $168,939. against $89,238; and from July 1 to Aug.for
31
was $426,865 in 1914, against $209,767 last year.
jAfter allowing for uncollectible railway revenue and taxes, operating
income for Aug. 1914 was $691,748, against $761,210 from July 1
to
Aug. 31, was $1,321,396 in 1914, against $1,376,958 last year.
h Includes St. Louis Iron Mountain & Southern. After
allowing
for
other income,total income was $1,468,000 in Aug. 1914, against
In 1913, and from July 1 to Aug. 31 was $2,965,558 in 1914, $1.397,156
against $2,756,293 last year.
k For August 1914 additional income showed a- debit of
812,751,
against
a debit of 35,390 in 1913, and for the period from July 1 to
Aug. 31 was
a deficit of $17,734 in 1914, against a credit of $13,285 last year.
n These figures represent 30% of gross earnings.
Ab
THE CHRONICLE
962
Interest Charges and Surplus.
Latest Gross Earnings.
Jan. 1 to latest date.
Name of
-Int., Rentals, &c.- -Bat. of Net Earns.Road.
Current Previous Curt eat
Week
or
Previous
Current
Current
Previous
Previous
Month.
Year.
Year.
Year.
Year.
Year.
Year.
Roads.
Year.
$
$
3
3
$
184,426 :169,171 :236,784 Cape Breton Elec Co August ___
Buffalo Roch & Pitts__ _Aug 198,328
32,742 33.454
231,520
240,623
395,524
364,728 :278,080 x448,374 Chattanooga Ry & Lt July
July 1 to Aug 31
92.696 95.521
644.810
690,529
46,695 46,001
664,404
676.733 Cleve Painesv & East July
Central of New Jersey_ _July 677,723
446,206
242.988
234.541
& Col_ August
123,058 129,052
837,571
912,153 1,710.608 1,822,839 Cleve Southw
Chicago & North West__Aug 946,029
824,768
(GM El Co July
53,827 48.875
380.228
1,832,133 1,719,876 2,740,250 2,865,200 Columbus
337.408
July 1 to Aug 31
Comwth Pow,Ry & L August
210,585 201,221 1.928,591 01.324,056
232,408
95,792 Connecticut Co
Chicago St P Minn & O_Aug 232.378
304,580
July
798.767 834.033 4.601,832 4.704.937
459,104
July 1 to Aug 31
428.942
529,022
228.087 Consum Pow (Mich) July
258,356 233.677 1,938.981 1.771,936
258,004 235,247 1.395,590 1,280,227
126,392
230,174 Cumb Co(Me)P& L July
NY Ontario & Western_Aug 128,509
233.170
253,809
July 1 to Aug 31
247,106
467,024 Dallas Electric Co_ _ _ August174,775 180,734 1.467.881 1,384,288
469,736
Detroit
Lines 26 wk Aug 235,328 258,860 7,451.340 7,937.668
Reading (all companies)_Aug 1,240,667 1,233,333
497,812 0 I) E BUnited
521,013
& Bat
44.205 53.001
May
212,260
248.877
July 1 to Aug 31
2.481.334 2,466,666
871.724 1,062,513 Duluth-Superior(Roc)
Trac August
116.829 117,097
876,489
834,294
Rio Grande Junction_ __July
8,333
16,722 East St Louis & Sub_ July
8,333
15,218
218,659 224,352 1.549,551 1,489.574
El
Paso
Dec 1 to July 31
66,666
66,666
Electric Co_ August
102,379
116,037
86,433 65.590
685,675
570,1.52
170.715 166,869
737.674
44.293
6.129 42d St M & St N Ave May
St L Rocky Mt & Pac_ __Aug
34.804
771,491
34.470
Galv-Hous Elm Co August
228.733 223.139 1,6.51.631 1,564.297
July 1 to Aug 31
82.853
66,719
61,074
17,039 Grand
Rapids By Co July
115.756 118,261
736,775
743,675
INDUSTRIAL COMPANIES.
Harrisburg Railways. August
89.959 97,924
666,107
661,955
-Int., Rentals, &c.-- -Bat, of Net Earns.- Havana El Ry,L & P
Wk Sep 27 49,949 51.519 2,075,431 2,102,739
RailwayDept_
Current
Previous
Current
Previous
H
oughton
Co
Tr
August
Co_
24.573
25.115
193,034
205,507
Companies
Year.
Year.
Year.
Year.
S Hudson & Manhat_ August
424,660 430,291 3.704,551 3,619,801
Illinois Traction
August
656,864 655,684 5,351,512 5,071,614
Abington & Rockland Elec.
lnterboro Rap Tran_ July
2511,171 2341.826 20,027,112,19,102,527
Light & Power
Aug
515
1,385 Jacksonville Trac Co August _
367
3,179
55.798 55,255
495,919
443,883
Jan 1 to Aug 31
3,652
2,619
13,004 Key NVest Electric_ _ August
14,645
11,388 11,719
88,805
,
Adirondack El Pow_ _ _ _Aug
22,511
151,999 154,483
21,226
1,561 def16,500 Lake Shore Eke RY_ July
810,105
78£I,183
Jan 1 to Aug 31
169,486
179,055 175,964 1,212,227 1,132.828
170,337
2.909 Lehigh Valley Transit August
93,196
Lewis Aug & Watery_ July
72.565 75.102
376,485
Blackstone Val G & EL _Aug
376.854
18,105
16,785
20,815 Long Island Electric_
21,200
May
23.452 21,169
85,065
83,406
Jan 1 to Aug 31
142,574
204,940 Louisville Railway
131,211
165,333
August
261.034
274.139 2.121,641 2,127.429
Aug
Cleveland Elec Ill
34.358
33,250
105,237 Milw El Ry & Lt eo_ July
95,679
487,590 478.743 3,511.261 3,444,084
Jan 1 to Aug 31
288,569
Milw
966,318
Lt.
In
&
Tr
Co
July
279.460 1,070,473
154,797 150,541
861.826
797,434
90.857 78.737
3,724
6,431 Monongahela Val Tr_ June
Edison Ill (Brockton)__ .Aug
2,344
7,571
494,717
442,066
61,662 54.233
21,216
Jan 1 to Aug 31
18,209
83,218 N Y City Interboro May
77,748
262.984
238,686
NY & Long Island
May
38,658 37,057
145,822
151,451
2,428
15,750 N Y & North Shore June
Fall River Gas WorksAug
1.642
11.206
15,799 15,504
76,740
75.090
Jan 1 to Aug 31
7,709
94,471 NY & Queens Co_
7,716
67,142
May
133.647 128,681
523,732
537,650
Houghton Co Elec LtAug
3,444
3,496
3,823 New York RallwaYs- May
4.918
1199.849 1232.152 5.509.710 5,876,534
Jan 1 to Aug 31
29,926
30.379
57,945
56,855 NY Westches & Bos_ July
37,199 33.331
232,869
203,072
49,667 51,359
Lowell Elec Light Corp-Aug
230
238
9,943
9,475 N Y & Stamford Ry- July
210,996
215,621
Northampton Trac August
17.785 19.450
Jan 1 to Aug 31
1,940
2,089
103,574
123,583
103,619 Nor
125,481
Ohio Trac & Lt_ August
343,543
339,306 2.416,902 2,155,676
Sierra Pacific Electric__ _Aug
6,260
7.067
19,378
25,563 North Texas Elea Lt_ August
174,662 185,885 1,402.163 1,376,110
Jan 1 to Aug 31
57,396
47,653
201,000
210,384 Northw Pennsylv Ry July
38.889 41,151
201,298
203,251
72,703 :149,936 x125,696 Ocean Electric (L 1)_ May
Southern Cal Edison_ _ _ _Aug
80,307
12.217
9,919
35.592
30,547
Jan 1 to Aug 3L
610,094
554.107 :1.016,162 x1,007,806 Paducah Tr & Lt Co_ August
21.804 26.312
199,311
189,126
Pensacola Electric Co August
22,668 24.953
165,546
188,064
x After allowing for other income received.
Phlla Rap Transit Co August
1912,970 1970,032 15,860,506 15,967,696
Port(Ore)Ry,L&PC0 July
511.005 568.871 3.782,664 3.861,894
EXPRESS COMPANIES.
116.551 120,011
Portland (Me) RR July
584.472
577.575
-Month of June- -July 1.to June 30- Puget Sound Tr.L &P July
726,373 736.695 4.963,018 4,884.981
256,524 261,648 2,013,294 1,942,441
Republic Ry & Light August
1913.
1914.
1913-14.
1912-13.
July
535,578 550,628 3.081.055 3,105.715
Rhode Island
Adams Express Co.$
•
36,345 32.753
& RR_ May
Gross receiptsfrom operation 2,767,749 2,942,748 33,613,441 35,182,127 Richmond Lt Co_135.405
133.047
Express privileges-Dr
1,520,820 1,709,763 17.532,431 18,444,344 StJneph(NT0)ity,tx.
113.454 106.091
Heat & Power Co_ August
656.964
814,724
38.624 38.418
Total operating revenues_ 1,246,928 1,232.985 16.081,010 16,737,782 Santiago El Lt & Tr- August
309,984
302,452
71,339 70.985
Total operating expenses___ _ 1.485.296 1,420.731 16,842,652 16.565,816 Savannah Electric Co August
568.360
545.105
86,127 92.230
349,645
Second Avenue (Roc) May
410.942
Net operating revenue_ __ _def236,368 def187,745 def761,642
20.778 19.359
85.423
76.539
171,966 Southern Boulevard_ May
One-twelfth of annual taxes29.868 26.110
22,916
102.843
17.479
97,617
203,742
196,617 Staten Tslci Midland_ May
82,811 71,624
Tampa Electric Co August _
650,814
538,730
Operating income
351.298 354,363 1,619,115 1.642,213
May
Loss259,284 loss205,224 loss965,385 loss24,651 Third Avenue
August
507.912 538,322 4,059,097 3.932.186
-Month of June- -July 1 to June 31)- Toronto Street Ry
200.402 170.362 6.517,320 6,162,685
wk
Sept
2d
Tran_
Twin
Rap
City
1914.
1913.
1913-14.
1912-13.
261.552 246.884 1.061,730 1,048,503
Union Ry Co of NYC May
American Express Co.3
$
$
$
1050,552 1065.928 7,363,333 7,287,650
Gross receipts from operation 3,816,809 3,891,702 45,102.949 47,849,009 United Rvs of St L July
446,197 438,927 3.426,944 3,297,010
Power August
Express privileges-Dr
1,847,990 2,095,183 22.151,306 23.277.072 Virginia Ry &Annap_
July
70,760 72.171
Wash Balt &
452,728
472,482
55,818 50,450
220,488
212.176
Total operating revenues_ 1,968,819 1,796.518 22,051,142 24,571,937 Westchester Electric_ May
27,198 26,080
142.375
140.294
Total operating expenses____ 1,082,375 2,109,895 23.214,574 23,639,867 Westchester St RR July
231,007 226,346 1,767,346 1,665.736
Western Itys & Light August
53.519 58.139
iee July
Wisconsin
444,593
418,016
Net operating revenue_ _ _ _ def13,556 def313,376 def263.431
932,069 Yonkers
67,206 66,896
Rb
'
aas
Irot1 May
280,454
261,794
One-twelfth of annual taxes_
37,103
20,048
381.337
360,192 York Railways
66,348 67,193
..,440
432,256
25,461 25,564
August
& Ohio_ July170,921
164,473
Operating income
loss50,659 1oss333,425 loss644.769
571,877 Youngstown
ft. Ine
Inn 01A
17 /n0
17 059
-Month of June- -July 1 to June 30additional
the
stock
earnings
on
acquired
a
Includes
May
1
1913.
1914.
1913.
1912-13.
1913-14.
S Represents income from all sources. c These figures are for consolidated
Globe Express Co.
Gross receipts from operation
62,298
820.911 company.
65,939
679,294
Express privileges-Dr
29,759
32,366
407.457
336,570
Total operating revenues_
Total operating expenses_ _ _ _
32,538
29,706
Net oerating revenue_ _
One-twe fib of annual axes
2.831
649
33,572
31,195
342,723
357,916
413,453
379.267
2,377 def15,193
2,050
12,049
34,185
12.250
Electric Railway Net Earnings.-The following table
gives the returns of ELECTRIC railway gross and net
earnings reported this week:
-Gross Earnings- -Net Earnings
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
2,182
327 loss27,242
21,935
a
S
-Month of June- -July 1 to June 30- Baton Rouge Elec a__Aug
13,862
14.158
4,735
4,440
1914.
1913.
1913-14.
1912-13.
Jan
1
to Aug 31
101,980
116,051
39.191
38,359
Great Northern Express Co.
$
$
$
S
Gross receipts from operation 308.120
Cape
Breton
Elec
a_
__
_Aug
32,748
33.454
15,257
16,154
303,494 3,296,064 3,351,531
Express privileges-Dr
Jan 1 to Aug 31
171,760
231,52
240,623
93,377
102,092
174,990 1,970,918 2,009.028
Cleve Southw & Col _ b_ _Aug 123,056
129,052
58,294
58,143
Total operating revenues_
136,360
128,504 1,325,146 1.342.503
Jan 1 to Aug 31
837,571
824,768
329,247
334,675
Total operating expenses_ ___
101,051
95,523 1,086.304 1,037.875 Dallas Elect
Co a
Aug 174,775
77,089
180,734
71.302
Jan
1
to
Aug
31
563,001
1,467,881
1,384,288
572.796
Net operating revenue _ _ _
35,309
32.980
238,842
304,627
One-twelfth of annual taxes3,908
3,975
56,366
57,028
45.659
47,073 Duluth-Superior Trac_b.Aug 116,829
117.097
Jan 1 to Aug 31
343,275
876,489
834,294
336,635
Operating income
31,400
29,005
193.182
257,553 Eastern Tex Elec a
Aug
61,087
15,888
44,989
27,230
-Month of June- -July 1 to June 30Jan 1 to Aug 31
444,250
172,627
1914.
1913.
1913-14.
1912-13.
El Paso Elect a
Aug
86.433
65,590
35,207
28.511
Southern Express Co.$
$
$
$
Jan 1 to Aug 31
685,675
570.152
293,247
258,981
Gross receipts from operation 1,222,373 1,182.728 15,992,883 16,182,357
105,125
223.139
119,506
611,374
Express privileges-DI r
587.398 8,041.709 8,045,073 GMT-Houston Elec a_ _Aug 228,733
Jan 1 to Aug 31
1,651,631 1,564,297
757.176
674.863
610.999
595,329 7,951.174 8,137.283 Harrisburg Railways__ _Aug
Total operating revenues_
69,959
97,924
19,347
25,441
550.055
543,424 6.878.912 6,782,976
Total operating expenses_ _ _ _
Jan 1 to Aug 31
666,107
661,955
107,988
126,186
Houghton
25,115
10,390
11.393
Co
Tract
a_
_Aug
24,573
51,904 1,072,261 1,354,306
60.943
Net operating revenue_ _
83,111
205,507
69,906
Jan 1 to Aug 31
193,034
15,338
14,527
181,488
161,242
One-twelfth of annual taxes_
*424,660
*430,291
239,907
242.538
Hudson & Manhattan a Aug
:Jan 1 to Aug 31
*3,704,591 *3.619.891 2.138,094 2.047,890
37,377
890,773 1,193,064
45,605
Operating income
655,684
249,255
266,370
Illinois Traction_a
Aug 656,864
Jan
1
to
Aug
31
5,351,512 5,071.614 2,039,633 2,032,899
TRACTION
AND
COMPANIES.
ELECTRIC RAILWAY
55,255
17,108
Jacksonville Tract Co a Aug
55,798
25,718
443.883
180,712
Jan 1 to Aug 31
495.919
159,068
Jan. 1 to latest date.
Latest Gross Earnings.
Kentucky Securities Co_Aug
77,366
78,384
39,789
37,845
July 1 to Aug 31
157,367
143,092
79,661
Name of
70,393
Previous
Current Previous Current
j Week or
Road.
Keokuk Electric a
Aug
21,529
24,479
7,054
11,192
Year.
Year.
Year.
Year.
Month.
Sept 1 to Aug 31
246,951
254,977
90,529
102,471
Key West Elect a
Aug
11.388
11,719
3.834
4,503
Jan 1 to Aug 31
88,805
91,124
31,488
32.608
American Rys Co__ August __- 492,894 506,832 3.604,960 3.437,526
265,013 Northern Texas El a---Aug 174,662
248,784
53,357 60.233
185,885
79,543
Atlantic Shore Ry_ __ August ___
80.748
905,236
938,710
186,770 184.786
Jan 1 to Aug 31
1,402.163 1,376,110
605.670
cAur Elgin & Chic By June
604,916
421.910
436.491
67.805 72.090
Bangor By & Electric July
617.293
458,590
101,080 Pacific Gas St Eleetrie__Aug 1,347,706 1,249,724
116,051
14.158 13,862
Baton Rouge Elec Co August
Jan 1 to Aug 31
11,286.018 10,506,604 5,418,514 4,315,841
308.601
296.740
65.721
67.092
Belt LRyCorp(NYC) May
565.966 Paducah Trac & Lt a_ -Aug
24,804
26,312
9.054
550,782
9.988
97,654 103,680
Berkshire Street Ry_ July
Jan 1 to Aug 31
199,311
189.126
68,486
60,861
2072.261 2033,211 13.863.616 13,586,098
Brazilian Trac L & P_ 'July
66,488
Brock & Plym St By July
15,694 16,883
70,349 Pensacola Elect a
Aug
22,669
24,953
7,879
9,483
Rklyn Ran Tran Syst May
2482.243 2.3.56634 19 734 655 10.298.201
Jan 1 to Aug 31
185,546
188,064
67,818
65,069
Operating income
Roads.
I
OCT. 3 1914.]
THE CHRONICLE
963
-Gross Earnings
--Net Earnings
1912-13.
1913-14.
1911-12.
Current
Other IncomePrevious
Previous
Current
$
3
$
Year.
Hire of equipment
Year.
110.530
Year.
Year.
Joint facility rents, &c
1.519.699
1,392,769
S
1,359,269
interest,
141.697
dividends,
&c
339,306
Ohio
151,135
Trac & Lt a_ _Aug 343,543
5,690,371
Nor
4,606,583
3,011,490
949,252
Jan 1 to Aug 31
853,860
2,416,902 2,155,676
Gross corporate income
19,060,075 17,250,200 12,183,478
24,822
24.674
70.985
Savannah Elea Co a_Aug
71,339
Deductions
192.316
177,801 Lease of other roads
545,105
Jan 1 to Aug 31
568.361
3,669,24L 3.139.789
3,995,150
40,289
71,624
31,959 Hire of equipment
Tampa Elec Co a
82,811
Aug
531.413
154,894
300,956
538,730
244,771 Joint facility rents, &c
Jan 1 to Aug 31
650,814
664.010
657.714
602,584
385,963
6,094.528
5.653,217
776,841
383,732 Interest on bonds
4.813,092
Twin City Rap Tran_h_Aug 798,560
159,089
159.861
2,715
Jan 1 to .Aug 31
6,141,175 5,780,871 2,931,096 2,832.004 Other interest
Miscellaneous
8,473
3,641.
9,501
25,564
9,378 *Dividends
Youngst & Ohio Riv_a_ _Aug
25,461
(5)5,464,800
(6)6,557,760
(7)7,050.720
63,581
164,473
53,919 Additions and betterments
Jan 1 to Aug 31
170,921
41.643
61,482
a Net earnings here given are after deducting taxes.
Total deductions
16.427,693 17,232.847 111.429.232
I, Net earnings here given are before deducting taxes.
Balance for year
sur2432.382 sur17,353def4,245.754
* Gross revenue from all sources.
*Deducted by the company from profit and loss, but here shown for the
Surplus.
sake of simplicity.-V.99, p. 196, 48.
Interest Charges and
-Int., Rentals. &e.- -Bal. of Net Earns.
Current
Previous
Previous
Current
Kansas City Southern Railway.
Year.
Year.
Year.
Year.
Roads.
8
8
$
(Report for Fiscal Year ending June 30 1914.)
2.665
2,125
2,315
2,070
Aug
Baton Rouge Elec
The full text of the remarks of President J. A. Edson will
22,419
16.319
22,040
16.772
Jan 1 to Aug 31
8,850
6,081
10.073 be found on subsequent pages. Below we give various sta6,407
Aug
Cape Breton Elect
42,002
48,385
53,707 tistics of interest:
51,375
Jan 1 to Aug 31
25,457
32,613
32,837
25.529
Cleve Southw & Colum_Aug
ROLLING STOCK JUNE 30.
252,134
75,909
258,766
77,112
Jan 1 to Aug 31
Locomotives. Pass.Cars. Freight Cars. Miscellan.
25.010
37.827
33,475
52,079
Aug
Dallas Elect Co
1914
335,328
197,711
195
237,468
889 •
90
365,290
5,567
Jan 1 to Aug 31
1913
196
5,847
91
1.112
25,376
25,416
31,612
_Aug
Trac_
30,989 1912
Duluth-Superior
188
94
1.148
5,479
183,551
199.952
203,083
143,322 1911
Jan 1 to Aug 31
5,036
79
168
1.102
8,802
18,428
4,869
Aug
Eastern Texas Elect_
11,019 1910
202
6.536
86
872
105,568
67.059
Jan 1 to Aug 31
STATEMENT
FOR
YEARS
ENDING
JUNE 30.
2,562
4,178
Aug
31.029
El Paso Elect
25,949
22,115
34,598
258,649
1913-14.
Jan 1 to Aug 31
1910-11.
236,866
1912-13. '1911-12.
Miles operated
827
827
827
827
83,298
34,644
Galv-Houston Blec_ _ _ _ Aug
36,208
70.481
Operations
277,643
296,035
461,141
Jan 1 to Aug 31
397,220 Gross earnings per mile_
512,673
$11,493
$10,633
312.365
4,792
5,625
5,598
Houghton Co Tract_ _ _ _Aug
5,768 Net earnings per mile_
$1.757
53,310
54.641
$4,085
45,112
44,605
25,301
Jan 1 to Aug 31
37,999 *Tons carried
4,066,018
3,326,572
3,915.083
3,605.461
205,025
a30,946
Hudson St Manhattan_ _ Aug a34,882
211,592 *Tons carried one mile_1052756,263 1017522,676 810.995,242 925.279.313
7.84 eta.
a263,778 a277,005 1,874,315 1,770,884 Av. per ton p.m.(mills)
7.88 cts.
Jan 1 to Aug 31
7.87 eta.
7.94 eta.
Freight rects. per mile
$10.069 '
18,864
$9.691 58.113
12,475
Aug
12.975 , 4.633
Jacksonville Tract
7,743 Fgt. rec, per rev. tr. mile $3.98422
53.01505
54.09357
83.29778
91.579
101,365
79,347
Jan 1 to Aug 31
67.489 Rev. train-load, tons_
_
.508.38
10.49
520.11
3
,
413.31
16,548
17.253
19,484
Kentucky Securities Co_Aug
17,341 Rev, passengers carried_ 2,005,881
1,839.357
1,701.032
1,775,973
34.238
33,096
39,088
July 1 to Aug 31
29.476 Rev. pass. carried 1 mile 73,356,612 67,533.444 63,662.816 66.510.967
3,140
1.852
Aug
• 5,202
Keokuk Elect
2.525 cts.
8,052 Aver. per pass. per mile_ 2.311 cts. ._ 2.542 cts.
2.547 eta.
27,943
28,802
61,727
Sept 1 to Aug 31
74,428
*Revenue
freight
only.
2,575
2,589
Aug
1,259
Key West Elec
1,914
_ INCOME ACCOUNT.
20,623
20,307
11,181
11,985
Jan 1 to Aug 31
Gross ReceiptsAug
1913-14.
24.166
26,060
53,483
1910-11;
1911-12.
1912-13.
56.582
Nor Texas Elec
Freight
$8,241,359 $7,955,386 $6.658,269 $7.278,970
188,911
206,080
399,610
31
Aug
416,005
to
1
Jan
Passenger
1,675,168
1.657,662
1,599,346
1,694,580
7,505
1,549
7,583
2,405 Mail, express, ,te
Paducah Trac & Lt_ _ _ _Aug
1,058,542
1,076.927
1,015.244
1.056,343
59,456
60,971
7,515
1,405
Jan 1 to Aug 31
•
7,188
Total
receipts
709
7,055
Aug
2,428
Pensacola Elect
$10,993,454 $10,706,309 $9,272.859 89,995,174
52,371
57,505
Operating Expenses10,313
12,698
Jan 1 to Aug 31
of way & struc
$1,135,525 $1,024,840 $1,041,393
$939,962
51,136
90,561
47,353
103,782 Maint.
Nor Ohio Trac & Lt._ _ _ Aug
aint. of equipment__ _ 1,339,155
1.394,547
1,289,937
1,344,625
403,820
545,432
365,666
488,194
Jan 1 to Aug 31
Transportation expenses 3.660,700
3,376,631
3,318,608
3,661,311
Aug
22.932
1.890
22,800
1,874 Traffic expenses
Savannah Elec Co
324,677
316.940
315,868
316,575
182,944
9.372
171,117
Jan 1 to Aug 31
6.684 General expenses
450,264
375.918
400,512
366.326
Aug
35,831
Tampa Elec Co
4,353
4.458
27,606
Total
oper.
expenses_ 86.910,321 $6,747,157 $6.332.839 66,404,001
36,926
264.030
36,942
Jan 1 to Aug 31
207.829
Net earnings
84,083,133 $3,959.152 $2,910.020 63.591.178
153,803
239,558
Twin City Rapid Tran-Aug 232,155
144,174 P.
C. of exp. to earnings
(62.46)
(64.07)
(62.47)
(68.59)
1,823.040 1,880,630 1,108,056
Jan 1 to Aug 31
951.374 Int., discount,
rents,&c.
167,982
174,363
130.460
149.172
Youngstown & Ohio Riv.Aug
4,167
5,334
4,167
5,211
Jan 1 to Aug 31
33,333
33,410
30,172
20.587
Net income
$4,257,496 $4,127,134 $3.089,192 $3,721,633
Deducta Does not include interest on bonds, after deducting which the amount Taxes
$567,857
$410.369
$465,339
$361,875
available for interest on dajttstment income bands was $28,308 In Aug. Interest on bonds
1.677.784
1,700.659
1.334.186
1.505.791
1914, against $34,884.
Rents, &c
32,300
38.527
30.500
23,676
x After allowing for other income received.
Interest on equip. notes..
31,144
65,084
39,060
43,240
Hire of equipment
159.920
274,362
286,597
217.522
Adinst. of current accts.
2,400
840.000
840,000
810.000
x Div. on pref. stk., 4%
840,000
Roads.
ANNUAL REPORTS.
Annual Reports.-An index to annual reports.of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the "Chronicle" in which
it is published. The latest index will be found in the issue
of Sept. 26. The next will appear in that of Oct. 31.
Illinois Cetntral Railroad.
(Report for Fiscal Year ending June 30 1914.)
The full text of the remarks of President Markham is given
on subsequent pages; also the detailed operating revenues and
expenses and income account for three years, comparative
balance sheet for two years and numerous tables, including
comparative traffic and operating results, &c. Below we
give comparative operating revenues and expenses for four
years and the income account ofr three years.
OPERATING REVENUE AND EXPENSES FOR FOUR YEARS.
1912-13.
1911-12.
1910-11.
Average miles operated_
4,769
.
4.763
4,763
.750
Revenues84
Freight
43,871,272 42,589,299 37,881,766 41.503,985
Passenger
13.715.979 13,455,884 13,337,562 13,168.863
Mail, express & miar
7,805,325
7,702,440
7,055,838
6,996.312
Revenue other than from
transportation
481,123
533,271
442,105
419.547
Total Guar. revenues_ 65,873,700 64.280.903 58,727.272 62.088,737
ExpensnMaint. of way & struct_ 9.205,946
8,519,025
7,691.214
7,750,525
Maint. of equipment_._ 14,510,079 13,952,654 13,857.549 12,495.333
Traffic expenses
1,290,778
1,320,583
1,400,942
1,364,141
Transportation expenses 24,150.040 24,743,324 23,653,249 21,778.531
General expenses
1.618,484
1,513.325
1,518.512
1.369.327
Total toper. expenses_ 50,775,327 50.048,911 48,121.466 44,757,857
Net operating revenues_ 15,098.373 14,231,992 10.605.806 17.330.880
INCOME ACCOUNT FOR THREE YEARS.
1913-14.
1912-13.
1911-12.
Net terating revenue
15.098,373 14.231,991 10,605,806
Outside operations, net deficit
17.651
77.592
107.357
Total net revenue
15,086,722 14.151,399 10,498.419
Taxes accrued
3.341,247
2,903.551
2,685.730
Operating income
11,739,475 11,250,848
7,812,719
Total
Balance,surplus
$3,372,047
$885,449
3,320,929 83,013,242 $2.886,974
$806,205
$824,659
$445,950
x Charged against profit and loss account but here deducted from Income
account.
OPERATIONS OF SUBSID. PROPERTIES OPERATED SEPARATELY.
Gross. Net (over tax.) Int.,Itc. Balance.
Arkansas West. Ry_1913-14354,495 def.$9,319
$38,180 def.S47,499
do
1912-13.. 54.622 sur.3,987
do
38,676 def.34,688
8,000
.124
K. C. Sh. & G. Ter_ _ 1913-14_ 30,355 sur.7.124
6,000 def.2,537
do
1912-13_ 26,249 sur.3,463
do
50,000 def.59.915
Pt. Arthur Can & D._1913-14_ 42,621 def.9,915
do
do
1912-13_ 65.617 sur.16,700
50,000 def.33.300
Poteau Valley RR _ _ 11113-14 _ 10,716 def.2,918
1,518 def.4,506
do
do
1912-13_ 11,292 sur.2,756
1.473 sur.1:283
BALANCE SHEET JUNE 30.
1914.
1914.
1913.
1913.
Assets-$
LfabtliStes3
$
Property Sect-09.720,323 100,115,841 Preferred stock_ 21,000,000 21,000,000
Property abanCommon stock_ 30,000.000 30,000,000
doned
b 1,023,250
462,844 First mtge. bds. 30,000,000 30,000,000
MR
Agfa. & conduc_
230,848
213,756 Refund.& inset.
Cash
.2,029,395 1,715,836
16.750,000 16,500,000
bonds
Co.'s stock In
Equip. tr. notes: 1,302,000 1,426,000
treasury (par)
40,100
40,100 Unpaid coupons
442,076
445,146
Material &supp. 838,410
867,923 Accrued interest
230,886
230,206
Loans on collatTaisho balances
168,993
179,102
eral security_
115,063
144,021 Pay-rolls & aceta 1,142,340 1,144,838
Bills receivable_
45,834
29,075 Bills payable...
343.122
324,122
Trafric balances
320,129
268,682 Accrued taxes
217,891
192,078
Indiv'uals & cos.
og
787,641
599,804 Renewal and reU.B.Governm't
11,169
10,668
serve funds
238,087
237.256
Wells,F.&Co.Ex.
32,187
32,953 Pref. dIv. payInvestm'ts in &
able July 15_
210,000
210,000
advs. to proMiscellaneous _
27.744
114.715
prietary cos__ 2,303,919 2,212,567 Profit and loss d5,669,247 4,953,572
Miscellaneous__
236,788
250,297
Total assets_ _107,735,056 106,964,367 Tot. liabilities.107,735,056 106,964,367
a Includes in 1914. cost of properties,$79,521,643. and Prinrovements and
rehabilitation, 321.521.724, less value of equipment, buildings and tracks
destroyed or abandoned, which, less salvage, has been charged to onerating
expenses, 5871.286: and also less credit of $209.100 to equipment from renewal and reserve fends and $248,658 salvage from eoutpmmt sold
or dismantled. h This Is property abandoned In course of hunrovements.
less
salvage which was taken out of cost of nroperties under protest
and is shown
here as a separate item pending final disposition by order of the
Commerce Commission, $1,079.984, less $36,052 charged to Inter-State
operating expenses account of other property and $20.682 to profit and loss
account of
right of way, leaving a balance of $1,023,250. c The item
of
$2,029,395. includes reserve for dividend. $210.000: reservecash in 1914.
for coupons
unpaid. 3445,116 available for other purposes,$1.374.249.
d After deducting $119,673. the estimated original cost of property
abandoned and not
replaced, less salvage. 812,500 discount on refunding
mortgage and $37,602 for miscellaneous adjustments. and improvement
-V. 99, p. 120.
964
THE CHRONICLE
[VOL. xca.
MISSOURI PACIFIC RY. BALANCE SHEET JUNE 30.
1913.
1914.
1913.
1914.
LiabilitiesAssets$
$
Road and equ1p_154,970.927 154554.504 Capital stock_ _83,251,085 83,251,085
Scours. pledged_x114,362,186 110192,460 Fund,debt outat'g
(see Railway &
Secur. of subsid.
cos. unpiedged_ 5,235,929 5,280,933 Indus. Sec.")_161,910,500 162896.500
Other investm'ts_23,228,889 25,505,524 Funded debt In
treasury, &c__ _50,932,500 50,932,500
503,151
Cash
500,503
705,502
910,500
Scours. In tress_ _ _ 427,500
Statement of Mileage of Rail in Track June 30 (Total System).
378,683 Loans & bills pay_ 825,000
425,000
613,300
Marketable
secur_
-lb.
80
52-561b
.
-lb.
75-75.5lb
85
70-1b.
80-65lb:
90-lb.
100-lb.
Vouchers & wages 4,380,590 3,947,151
64,270
&
Loans
bills
rec..
60,605
247.64 338.90 2,404.35 27.72 1,068.85 89.59 892.35 2,266.25 Agta. de condue_
1914
141,686
1,060,537 Mizzen. accounts_ 204,983
245.83 261.82 2.468.18 27.82 1.080.84 89.67 846.13 2,312.95 Traffic, &c.. balls- 1,028,455
1913
152,074
209,854 Matur. int.. &c__ 166,461
225,540
Mileage of Ballasted and Unballasted Tracks June 30 (Total System).
Misc. accounts_ _ 2,221,111 1,971,902 Other working lia118,370
Gravel. Rock. Cinders. Chatts. StoneDust. Tot.Bal Unbolt. St.L.I.M.& S.Ry. 437,761 4,034,780 bilities
117,483
1,875.93 251.82 1,292.46 1,670.14 40.39 5,130.74 2,204.91 Material & supp__ 2,887,428 3,626,601 Unmatur.int.,&a. 2,093,329 2,079,298
1914
215,984
662,227 Def'd credit items 113,929
1.860.54 268.89 1.321.58 1,624.00 40.39 5,115.40 2,216.84 Matured int., &c_ 757,441
1913
73,177 Profit and loss-y3,580,246 6,597,989
53,328
Advances
OPERATIONS AND FISCAL RESULTS OF MISSOURI PACIFIC AND Special
1,451,353
852,481
deposita
ST. LOUIS IRON MOUNTAIN & SOUTHERN (INCLUDING
Other deferred debit
PREDECESSOR COMPANIES OF PRESENT MISSOURI
281,856
394,135
items
PACIFIC PRIOR TO AUGUST 9 1909).
308,266,519 311462,312
1912-13.
1910-11.
1913-14.
1911-12.
308,266,519 311462,312 Total
Total
7,257
7.285
7,235
7,231
Miles operated, average
Operationsx Includes securities of proprietary,affiliated and controlled companies,
14,193,115 12,520,830 11,825,687 12,224,723
Passengers carried
Pass. carried one mile_ _548,846,160 502,112.957 463,119,912 488,320,059 $63,447,186, and securities issued or assumed,$50,915,000.
23,310.266
23,280,733
(rev.)
carried
(tons)
19.485.422
20.139.122
Fr't
Y After debiting debt discount extinguished through surplus. $61,830.
do carried! mile (rev.)5504871000 5668404076 4794367947 4392415679 and loss on retired road and equipment,$135.978; reduction in investment
373.29
388.91
332.90
290.80 in preferred stock of the Wabash RR. to market values, $1,733,715, and
No. rev, tons per tr.mile
$3.01275
$3.10814
$2.74374
Earns per fr't tr. mile
S2.49147 malting miscellaneous debits (net), $110,570.
$1.10737
$1.06712
$1.12291
Earns, per pass. tr. mile $1.10365
$8.565
$8.208
17,538
Gross earns. perm.road
$7,295
ST. LOUIS IRON MTN. & SOUTHERN BALANCE SHEET JUNE 30.
$
$
Earnings$
$
43,995.027 45,748.269 39,514,356 37,629,213
From freight
1913.
1913.
1914.
11,827,110
11.342.977
passengers
10.858,449 11,089,674
From
LiabilitiesAssets$
1,507,422 1.450,608 1,429,608 1,431,554 Road
From mails
44,396,574
74
_
_
5
.
,
4
6
1
stock_
9
9
3
1
_44,
& equip_.-161,450,697 159935,601 Capital
1,513.060 1.711,305 1,374,454 1,178,619
From express
pledged__.2,863,665 2,863,665 Fund. deb. outst'g
925,026
934.168
891,225 1,004,222 Secure.
From miscellaneous_ --(see "R)'.& Ind.
of subsld.
510,388
484,046
443,311 Secure.
435.158
Other than from trans....
143,152,120 139445,120
1,900 Sec.")
cos. unpledged_
5,300
debt In
Funded
23,825,603
Other
investmls_23,213,902
59.793,900 62.155.506 54.503,250 52.776,593 Cash
Total earnings
1,847,887 2,673,387
&c-_treasury,
654,196
640,614
Expenses56,631
71,435
Traffic balances__
8.536,046 9,263,360 8,684,769 8,984,132 Secure. In treas.. 1,812,887 2,638,387
Maint. of way, &c
830,315
801,855
wages__
&
Vouch.
200
42,200
_
_
sec_
Marketable
10,252,256 9,860,188 8,321.787 8,283,521
Maintenance of equip
51,227
44,067
1,092,257 MIAMI. accounts_
21,292,357 22.528.447 21,268,314 22,745,409 Agents & conduc. 897,973 2,008,304
Transportation
Missouri Pee. Ry_ 437,761 4,034,780
1,330,086 1,425,168 1,358.014 1.410,780 Material & supp 1,696,302
Traffic
86,778
85,867
Mdisce
te
vanes
taneous
610.349
656.956 Other work. Habil_
1,711,628 1.621,834
General
1.667,708 1.906,095 A
130,134 Matured Int., &c_ 1,543,886 1,411,269
93,380
859,248
867,594
&c__
Int.,
Unmat.
228,089
28,667
Special
deposits
43.122.373 44.698,997 41.280.592 43.329.937
Total expenses
22,978
28,730
Def. credit Items_
(71.91)
Ratio oper. exp. to earns.
(75.74)
(72.12)
(82.10) Cash & scours. In
405,291
77,503 Profit and loss_ ___ 6239,024
89,202
sink.,&c.,funds
16,671,527 17,456.509 13,222.658 9.446,656
Net earnings
274,384
0th.
156,080
def'd items
73,364
93,005
Outside oper.-net def
120.853
86.082
2,513,432 2,314.349 2.218.018
Taxes accrued
193,516,800194273,597
193,516,800 194273,597 Total
Total
14,084.731 15,049.155 10,883,787
Operating income_ _
2,447.779
divs.,Int.,&c.
inc.,
2,463.599 2.246.645
Misc.
a Includes securities of proprietary, affiliated, &c., companies. $2.828.Compari665, and securities issued or assumed, $385,000.
16,532.510 17,512.754 13,130.432
Total
son of
loss
b After debiting discount extinguished through surplus, $443.052;
Deductitems
in comon retired road and equipment, $89.125; reduction in investment
1.047,274
998,580
Rent
882,750 changed.
RR. to market values. $734,812,
Wabash
the
of
stock
mon
preferred
and
787.010
477.240
Equip. rents, debit bal_
746,367
and making miscellaneous credits aggregating $51,549.
14.575,746 14,408,125 13,436.314
Interest
of $2.47,788
66.076
Miscellaneous
44,093
Note.-The company has also a contingent liability as endorser
were accepted
583,400 discounted notes of the Texas & Pacific By., which
Total
16.457,818 15,950,021 15,109.524
in payment of Interest.-V.99, p. 894, 748, 674.
Balance
sur.74,692 sr.1,562,733def1.979.092 def5.232,539
MISSOURI PACIFIC RY.PROPER-INCOME ACCOUNT.
Wheeling & Lake Erie Railroad.
1913-14.
1912-13.
1911-12.
1910-11.
Miles operated June 303,920
3,920
3,916
3,920
(Report for Fiscal Year ending June 30 1914.)
Earnings:
$
i
:
Passengers
4,918,402 5.239,691 4,756,512 4,781,624
Receiver W. M. Duncan, Sept. 1, wrote in substance:
Freight
19,490,425 20.528,498 17,514,172 17.246,926
Mall. express, &c
2,213,214 2,250,720 2,130,451
due entirely to the reduc
2,180,222
The decrease (of $194,602) in gross income is
suspension
tion (of 3455.4121 in earnings from coal freight on account of the
Total
26,622.041 28.018,909 24.401.135 24,208,772 of all mines on the railroad since April 1. owing to strike difficulties. The
were it not for the increases [of
Expensesreduction would have been much greater
Maint. of way & struc
4,100,381
3.814.427 4.028,591 4,574,765 847.398 and $185.084. respectively] in general freight and ore freight.
Maint. of equipment_., 4,974,142 4.853,669 4.227,377 4,272,038
There were issued during the year $820.000 receivers' certificates (V. 97.
11,179,599 11,809.090 11,316,939 12,213,847 p. 1288) for repairing, strengthening and reconstructing car equipment,
Transportation
Traffic expenses
727,085 construction of cabooses, purchasing and laying of 90-1b. rail and re743,648
711,559
680,954
961.145 laying released rail. completing reconstruction of flood bridges, strengthenGeneral
809,142
810.551
841,007
bridges. reconstructing terminal facilities at
ing and reconstructing otherand
relaying rail on Cleveland Belt and making
22,748.880
Total
21.093,605
Zanesville,rebuilding bridges
21,776,083 22,031,385
and completing the general office buildFour'
"Big
1,459,892 connection with the
Net earnings
4,845,958 5,987,524 3,307,530
978,009 ing at Brewster. The greater portion has been expended, supplementing
1,099.519
Taxes
1,125,711
1,170,180
and betterments from income.
additions
under
expended
35.528
49,987
39.410
Outside oper.-net deff42.647
the amounts
Recommendations regarding future requirements are thought unneces,is
446,355 sary, owing to the decree of foreclosure pursuant to which the property
4,822,403 2,158,024
3,633.131
Operating income_ _
Sept. 25 1914. [Sale postponed for want of bidDivs.,int., rents, &c_ _- 1.927.758 1,947.653 1,678.249 g1.306.247 advertised to be sold on
necessary
expenditures
speaking,
however,
Generally
1.773,468
1.773.468
ders, V. 99. p. 896.]
1.773.468
St. L. I. M.& S.
earnings,
for the safety of the property will no doubt be taken care of out of
1,752,602 and unless there is a material change in business conditions there will be
Total net income-- 7.334,357 8,543.524 5,609.741
equipspecial
though
possibly
some
rehabilitation,
no expense necessary for
Disbursementsment may be needed for certain classes of business.
Interest on bonds, &c-- 7,739.742 7,741.794 7,434,011 0,621,947
169.438
189.940
238,119
239,684
Rentals
207,963 Data from Oen. Mgr. H. W. McMaster. Cleveland, Sept. 1 1914.
Interest and exchange_
627,860
278.009
154.395
290,090
Hire of equipment
Under normal business conditions for the first five months substantial
g176,508
33,800
39.520
44.288
Miscellaneous
increases were made over the previous year, but beginning with December
was a marked falling of in tonnage moved, due to general business
there
Total disbursements_ 8,313,804 8,173,828 7,935,760 7.803,717 depression. During the last three months all coal mines located on our
def.979,447 sur.369,697 def2,326,019 def6,051,115 lines and practically all coal operations on tributary connections were
Surplus or defic
settlement of wage disputes, causing a decrease of $455.000
f Outside operations (net) in 1913-14 include dining car revenues, $73,- closed pending
in coal freight earnings as compared with the previous year, but as the
974; expenses, $116,621; leaving net loss as above,$42,647.
1913 were greatly reduced by reason of the flood, a conyears,
later
April
in
changed
somewhat
of
earnings
"g"
marked
items
of
It Comparison
servative estimate of our loss in gross earnings on account of the suspension
but final results remain unchanged.
mining districts would be $650,000.
the
in
The heavy expenditures for maintenance during the previous year and
ST. LOUIS IRON MTN.& SOUTHERN RY.-INCOME ACCOUNT.
1910-11.
the permanent repairing of flood damages made it possible to maintain the
1911-12.
1912-13.
1913-14.
3,315
in good condition for operation at a considerably reducee cost;
property
3,314
3,338
3.365
Miles oper. end of period
rail and tie renewals were somewhat below normal.
:
:
:
$
Earnings fromThe increase of $60,663. or 2.33%, in transportation expenses was
6,424,575 6,587.418 6,101,937 6,308,050
Passengers
1913, and
24,504,603 25,219,772 22,000.184 20,382,287 caused by increase in pay of train and yard men,effective Oct. awards
Freight
of
1,877.484 in wages of agents and operators, effective Dec. 1 1913, under
Mall, express and misc.. 2.242,682 2.329.408 1.999.994
arbitration boards. There was an increase of$38,000for injuries to persons,
in
1911
accidents
1912.
and
of
settlement
28,567.821
in
largely
33,171,860 34,136,598 30,102,115
Total earnings
In Nov. 1913 an agreement was reached with the C. C. C. & St. L. Ry.
Expenses4.409,367 for trackage rights for freight trains between Cleveland and Wellington,
Maint. way & structures 4,435,665 5,448.933 4.636.178 4,011,483
was inaugurated on Feb. 15 1914, shortening the distance
Maint, of equipment- _ _ 5,278.115 5.006.518 4,094,409 10.531,561 and the service
between Cleveland and Wellington and points west by 88 miles. hopper
10,112,758 10,719,358 9,951,378
Transportation
the year 1.000 50-ton and 500 55-ton steel
683,695
Egutpment.-During
646,455
681.520
649,132
Traffic
9441950 cars, 20 heavy consolidation freight engines and 10 passenger cars were
858,567
811,283
870,620
General
added to existing equipment by purchase. One switching locomotive.
cars and 3 passenger cars were retired during the
21,346,290 22,667,612 20,186,987 20,581,056 2,141 freight and work
Total expenses
and worn out, taken out of service(72.04) year, being almost entirely antiquated
(67.06)
(66.40)
(64.35)
P.C.of exp. to earns
periods and held for disposition. During the
previous
in
equipment
7,986,765
able
11,825.569 11.468,986 9,915.128
Net earnings
of receiver's certificates to reproceeds
from
expended
was
50.554 year $262,427
70,866
53,595
30,716
Outside oper.-net def.
gondolas, to renew and strengthen 108 box cars, 412
1.118,500 *1,005,780 construct 455 40-ton
1,343.253 1.188,638
Taxes
steel
hoppers,
and also 717 cars of various
-ton
50
51
and
gondolas
-ton
40
We
6.930.431 other classes, thus restoring a total of 1,743 cars to revenue service.
Operating income_ _ _ _ 10,451.600 10,226,753 8,725,762
999 40-ton gondola cars
138
cars.
box
approximately
hand
on
have
*503,309
now
568,397
515,946
520,538
undergo
should
Divs., int., rents, &c_ _ _
order,
bad
which
heavy
in
cars
hopper
steel
-ton
and 37 50
Total net income_._ _ 10,972,138 10,742,699 9,294,159 7.433,740 similar repairs as soon as funds are available.
is our inability to
Under present conditions our greatest loss in traffic of
Disbursements5.383,356
water-tight box
5.977,525
6.537,509
6,740.640
proper equipment. We are constantly in need
Interest on bonds
*408,605 furnish
706,731
789.135
plate, manufactured products, merchandise and
tin
of
829,916
loading
for
cars
Rentals
781,639
or from
equipment
own
our
from
obtain
468,358
to
difficult
find
322,845
we
496,920
which
powder.
Hire of equipment
*41,564 connecting
18,968
124.524
74.873
lines. We have also lost considerable business through our
Sundry items
1,775,649
1,775.649
1.775.649
inability to furnish low side drop-end gondolas for brick shipments and for
Dividends (4%)
6,615.164 steel loading.
Total disbursements_ 9,917,998 9,549.662 8,947,231
818,576
346.928
All improvement work, including the purchase of new equipment and
1.193.037
1.054,140
Balance,surplus
but the rehabilitation of existing equipment, will be postponed pending possible
years,
later
in
changed
somewhat
)
5
(
marked
items
of
* Comparison
reorganization.
early
final results remain unchanged.
Missouri Pacific Railway.
(Report for Fiscal Year ending June 30 1914.)
The report of President B. F.Bush will be found at length
on subsequent pages. The report contains a comparative
consolidated balance sheet of the entire system. Below we
give the usual comparative tables:
THE CHRONICLE
OCT. 3 1914.1
OPERATIONS AND FISCAL RESULTS.
1910-11.
1913-14.
1912-13.
1911-12.
457
457
459
459
Average revenue mileage
Operations9.525.749
Total tonnage (revenue) 12,076,785 11,667.451 10,641,187
Tot. tonnage 1 m.(rev.)1192862,166 1255097,127 1175463,368 1059785,592
1,673.953
1,656,054
1,674.315
1,556.091
Freight train miles
740
789
680
801
Av. net tons per tr. m..
Revenue per ton per mile 0.549 cts. 0.539 cts. 0.547 cts. 0.543 cts.
$3.84
$4.04$3.48
Revenue per train mile..
$4.21
1.806.7
1,754.901
1.812,055
Passengers (No.)
1,789,128
passengers 1 mile(No.)- 40,257.750 41.859.992 40,004,638 39.219.243
1.51 cts.
1.55 cts.
1.49 cts.
Rev. per pass. per mile_
1.54 cts.
$16.395
$17.056
$14,870
Gross earnings per mile$16,632
35.379
$4,497
$4,240
$5,145
Net earnings per mile_ _ _
INCOME ACCOUNT.
1910-11.
1911-12.
1912-13.
Operating Revenue-1913-14.
$2.690,441 $3,145,853 33.157.650 32.717.782
Coal freight
3.276.444
3,621,977
3,037,334
freight
3,854,458
Other
603.763
624,376
607,836
Passengers
621,034
105,028
95,917
98.811
113.417
Mail and express
285,545
288,958
270,586
Miscellaneous
309.812
69.716
54.867
68.358
48.184
Other than transport n_
Total oper. revenue._ 37.637.346 $7.831,948 $7.498,146 $6,800,707
Operating Expenses$871,515
$747.538
$997,393 $1,322,651
Maint. of way, &c
1,402,075
1,621.987
1.328.110
Maint. of equipment_ _ _ 1,279.201
90,315
98,274
110,180
96,136
Traffic expenses
2,602.232
2,485.884
Transportation expenses 2.662.895
2,406,282
188,546
239.667
224,873
166,201
General expenses
Total oper. expenses.. $5,274,542 $5,884,811 35,038,335 $4,744,267
$2,362,804 $1.947,137 82.459,811 $2.056,440
Net operating revenue
362.426
367.225
396,831
248.007
Taxes
Operating income
Outside operations
31.965.973 31.584,711 32.092.586 31.808.433
Dr.!.403
1.776
Dr.1,040
515
Total
Miscellaneous
$1,964,933 $1.583.308 32,094,362 $1.808.948
31.102
63.369
24.157
32,920
32,028,302 $1.614.410 $2,118,519 $1,841,868
Total income
Deductions$268,353
$325,928
$64,752
Hire of equipment-bal- $303,985
633,030
633,030
633.030
633,030
Int, on mtge. bonda&c.x
72,997
94,982
84,791
106,590
Int.on equip. obligations
44,571
68,996
70.853
69,741
Int. on notes payable..
296.766
446,004
244,466
Int.on receivers'certifs_
250.655
6,465
2.828
Disc't on receiv. certifs..
57,734
83.571
90,574
66,311
Rents paid
143,059
765.171
Additions & betterments
536.977
595.480
Equipment obligations
224,000
426,000
224,000
275,000
paid by receiver
Total deductions
Balance,deficit
$2,127,380 $2,490,575 32,161,378 $2.064,387
$99,078
$42,859 $ 222,519
$876,165
x Deductions of $633,030 yearly on account of mortgage bond interest
include 12 mos.' int. on the following issues: Lake Erie Division 5s,$2,000.000, $100,000; Wheeling Division 5s, $894,000, $44,700; extension and improvement 5s. 3409,000, 320,450; consolidated 4s.$11.697,000.$467,880.
COMPANY'S BALANCE SHEET JUNE 30.
1913.
1914.
1914.
1913.
Liabilities8
$
Assets57,542,038
equIpnft_58,482,906
Common stock20,000,000 20,000,000
Road &
First pref. stock__ 4,986,900 4,988.900
Securities issued or
assum-pledged 12,000,000 12,000,000 Second pref. stock 11,993,500 11,993,500
Mortgage bonds 35,000,000 35,000.000
Secs. of controlled
cos.-unpledged 833,915
833,915 Loans & bills pay_ 855,000 1,155,000
641,972
Other investments 2,629,190 2,629,190 Vouchers & wages 281,481
1,255
1,255 Miscell. accounts_
2,145
2,235
Cash
Interest, &c., due
Miscell. accounts,
and accrued__ __ 2,606,422 2,291,922
advances,&c__. 119,871
119,909
Condemned equip732,210
ment suspense
35,852
35,852
Def. debit items
Reer.W.&L.E.RR. 379,419
255,234
Profit and loss_ 2,510,830 2,654,136
Total
75,725,448 76,071,529
Total
75,725,448 76,071,529
RECEIVER'S BALANCE SHEET JUNE 30.
1914.
1914.
1913.
AssetsRoad & equip't___s9,055,317
Adv. to controlled
cos. for construe. 1,614,700
Cash
939,485
Agts.& conductors
81,107
Materials & Rupp_ 843,400
Miscell. accounts_ 713,417
Def'd debit items_
47,182
Profit and loss_
1,389,506
1913.
8,035,719 Equip.s. f. bonds_ 1,387,500 1,611,500
Receiver's certifs. 7,258,850 8,840,850
7,223
1,614,700 Real est. mtges__
194,602
1,026,338 Traffic, &c., bale_ 156,990
104,459 Vouchers & wages 634,848
987,963
588,401 Miscell. accounts_ 149,112
117,600
1,014,178 W.&L.E.RR.acct. 379,419
255,234
112,077 Int. & taxes accr_ 473,395
512,726
1,274,095 Def. credit items_ 150,134
149,726
Surplus
3,886,825 3,317,766
Total
14,484,094 13,767,987
14,484,094 13,767,967
Total
a Road and equipment (before crediting $785.737 for reserve for accrued
depreciation and equipment, viz.. $9,841,053) consists of (1) road, $3,785,956,of which $1.970,225 was derived from receiver's certfs. and 31.815,731
from income:(2) equipment. $6,055.098, of which $2.798.504
was provided
by receiver's certificates. $439,217 from income, and obligations
are outstanding for the remainder, 32.817,377.-V.
99, p. 896, 469.
(53rd
Maine Central Railroad.
Annual Report-Year Ended June
30 1914.)
Pres. Morris McDonald, Portland, Me., Sept. 16 wrote:
Results.-The operating revenues show an increase of 3354.563, or
3.13%; operating expenses, an increase of 3240.422, or 2.927p: payments
for taxes of all classes, an increase of $62,874, or 11.46%. Operating income amounted to $2,536,886, an increase of 341,494. or 1.66%. During
the year there have been laid 6,800 tons of new steel rails of standard weight
and pattern and 9,874 tons of relay rails.
The .year's income has been charged with additions and betterments to
leased lines to the amount of $203,335. leaving net corporate income
applicable to dividends amounting to $1.348.061. or 5.42%, on the company's capital stock. Dividends were paid on outstanding capital stock at
the rate of 6% and amounted to $1,491,797 for the year. leaving a deficit
of $143,736, which has been charged to the contingent fund.
No.ofEmployees and Avge. Daily Compensatian for 10 Years end. June 30'14.
1905. 1906. 1907. 1908. 1909. 1910. 1911. 1912. 1913. 1914.
Employecs.4.559 4.894 5.669 5.614 5.401 6.871 6.399 7.474 7.626 7,198
Rate(day)_31.91 $1 95 $201 *209 $2 10 32 11 $230 $230 $236 8245
Reserve for Accrued Depreciation of Equipment.-Balance June 30 1913.
$3,911,001: depreciation charged to oper. exp., year 1913-14. 3252,388:
charged outside operations, year 1913-14. $17.295: total, $4,180,684; less
depreciation of equipment retired $231,870: bal. June 30 1914. $3.948.814.
New Equipment -Charges aggregating 31.072,712 (net, $760.740) have
been made during the past year for equipment as follows: (a) Purchased and
built: 10 locomotives, 8 passenger-train cars. 177 gondola cars. 350 steel
underframe cars. 100 flat cars, 12 caboose cars,
total. 81.007.960.
(c) Miscellaneous addi(b) Transferred from other classes: 32 cars, 38,023. &c.•.
tions and betterments to equipment, 856,729. Offset retired, transferred
or sold: 9 locomotives, 13 passenger-train cars, 334 freight-train cars and
56 work equipment cars; total, $311,972. The balance,$760,740, has been
debited to additions and betterments.
965
Additions and Betterments to Property.-There has been expended during
the year for additions and betterments the sum of $1.055,554, made up
chiefly as follows: Additional main tracks, $80,613: steam locomotives,
$114,653; passenger-train cars, $47,742: freight-train cars, $623.091.
There has been expended during the year for additions and betterments
to leased roads. $203,335, including for European & North American Ry.,
$151,860. As this $203,335 will not be recovered from the lessor companies, it has been charged against current income as rent of leased roads.
Funded Debt.-On May 1 1914 this company sold $6,000.000 5-year 5%
coupon notes, due May 1 1919, in order to provide funds for the payment
at maturity of the 5-year coupon notes amounting to $2,000,000, due
April 1 1914, and to pay note a $3,000,000 dated April 1 1914, issued at
the date of purchase of the shares of the Maine Railways Companies, and
to provide for other corporate purposes (V. 98, p. 1071. 1244)•
The interest on funded debt for the year was $362.549, an increase of
828,579. due to the accrual of two months'interest on the issue of 36,000,000
in coupon notes dated May 1 1914, less decrease caused by payment of
$2,000,000 in coupon notes duo April 1 1914.
Interest and discount for the year shows a credit balance of $52,652, as
compared with a debit balance for 1912-13 of $181,733. This result is due
to the general balance of interest account being in our favor, by reason of
there being surplus funds on hand in the treasury, whereas during the
previous year there was included as a debit to interest account the interest
on $12,000.000 in one-year notes which were paid off March 15 1913 from
the proceeds of previous issues of capital stock.
Maine Railways Companies.-Your company entered into an agreement
and declaration of trust on April 1 1914 with Charles 0. Bancroft, Morris
McDonald and Harry M. Verrill, all of Portland, Me., and their successors
as trustees under the name of Maine Railways Companies. The Maine
Central RR. Co. subscribed and paid for at par the entire capital of the
Maine Railways Companies, namely 30.000 shares, amounting to $3.000,000. The Maine Railways Companies issued its 5% gold notes, dated
April 1 1914. due April 1 1919. to the amount of $12,202,000. and with
these notes at par and the $3.000,000 derived from the sale of its shares,
purchased from the Boston & Maine RR.. 159,601 shares of the
stock of the Maine Central HR. Co. at $95 25 per share, this stockCapital
being
all of this company's capital stock formerly owned by the Boston & Maine
RR.(V. 98, p. 1071. 1244).
The Maine Central RR. stock so acquired by the Maine Railways Companies was deposited with the Fiedlity Trust Co. of Portland.'Me., as
trustee, as security for the $12,202.000 5% gold notes of the Maine Railways Companies. Later, with the consent of the owners of all of the notes.
$5.000,000 par value of these Maine Railways Comranies' notes were endorsed exchangeable for the same par value of Maine Central Railroad Co.
capital stock after Oct. 1 1914, and on or before Oct. 1 1918. but prior to
any date fixed for redemption of notes (V:98. p. 912,
1245: V. 99. p. 674).)
Any profits from the operation of the trust, after paying
interest charges
and the necessary expenses of the Maine Railways
Companies, will accrue
to the Maine Central RR. Co. It is expected that the trust will expire
April 1 1919. or earlier, if all the notes and liabilities of the Maine Railways
Companies are paid prior to that date.
By the foregoing arrangement your directors have secured the control
of the majority stock in this company to
residents of the State of Maine.
acting solely in the interests of the Maine Central RR. Co., and this is
considered a distinct advantage to this company at this time. Under the
operation of the trust it is also expected that the Maine Central RR. Co.'s
capital stock which has been purchased from the Boston & Maine RR. will
be distributed finally among a large number of stockholders.
Mileage Ticket Sales.-On April 1 1914 the sale of 1,000-mile mileage
tickets good on the entire line at a rate of 2c. per mile was discontinued.
leaving on sale the 500-mile mileage ticket at a rate of 2Kc. per mile.
Anticipating the increase in rate, the traveling public purchased during
March 1914, 1,000-mile mileage tickets to tho value of $295.720. The sale
for March, under ordinary conditions, was estimated
$100.720. which
was credited to passenger revenue in that month,and theat
balance. 3195.000.
was credited to passenger revenue, as follows: April 1914.
$68,000; May
1914, 358.000; June 1914. 845.000: after June
1914. 324.000. Commencing July 11914, "passenger revenue" will be30
credited with only those
mileage coupons collected on trains Instead of on the basis of sales.
Improvements at Rumford. Me.-A new brick passenger station providing
suitable division offices has been erected at Rumford on the direct line
to the
Rangelely region. The main and yard tracks at Rumford have also been
re-located and extended, two highway grade crossings eliminated. The
cost of this work. $264.978, has been charged to "improvements at Rumford. Me.. until this company is reimbursed by the bonds to be issued by
the Portland & Rumford Falls Ry. under terms of the lease.
Augusta Bridge.-A new double-track steel bridge with change of alignmentfor reduction of curvature at each end is being erected in a new location
across the Kennebec River and Water St. at Augusta, Me., to replace the
single-track structure at that point, and should be ready for pse late in 1914.
The replacement cost of the old bridge, estimated at $98.200. will be distributed against operating expenses during 4 years beginning July 1 1914.
Other New Work.-Includes improvements at Vanceboro. Me.. and between Mattawamkeag and Vanceboro, new steel bridges of increased capacity. Two highway grade crossings abolished, trestle filled. &c.
Steel Passenger-Train Cars.-Twenty-one
passenger-train cars
have been purchased, of which 8, costing $92,529. were received during the
year: the final 13 cars received since June 30 1914 will be included in the
accounts for next fiscal year. These are the first all-steel passenger-train
cars purchased under the plan for all-steel passenger equipment in the future
TRAFFIC STATISTICS (INCLUDING MERGED LINES IN 1913-14.)
1912-13.
1910-11.
1913-14.
1911-12.
Average miles operated..
932
1,207
1.192
1,205
Operations7,282.464 6,793,519 6.309.491
No.tons carried (rev.)__ 7,353.703
do do 1 mile (rev.)_ _708.894,306 656,351,489 612,514.656 534,643,972
276.18
Rev. train-load (tons)__
270.741
250.87
259.487
1.086 eta.
1.034 cts.
Av.rate per ton per mile 1.050 eta.
1.088 eta.
4,115.603
Total passengers carried 4,147,913 4,766,403 4,640,398
do do
1 mile
161,050.920 168,639.687 161,341.874 144.672.467
Passengers per train mile
58.75
56.96
58.52
56.55
2.05 cts.
Aver. per pa.ss. mile_ _ _ _
2.18 cts.
2.07 cts.
2.08 cts.
INCOME ACCOUNT (INCLUDING MERGED LINES IN BOTH YRS.).
1910-11.
1911-12.
1912-13.
1913-14.
Earnings fromPassengers
3.242,616
3,333.504
3,511.171
3.517.583
Freight
6,666.535 6.071.681
7,440,035 7,126,071
Mail, express. &c
633.971
643.012
694,164
728,351
Total
11.685,969
Operating ExpensesMaint. of way. &c
1.671,469
Maint. of equipment__ _ 1,796,981
Traffic expenses
138,025
Transportation
4,516,044
General expenses
364.901
Total
8.487,420
Net oner. revenue
3,198.540
Outside operations
dr.50.167
Total net revenue_ _ _ _ 3,148.382
Taxes accrued
611,496
Operating Income..
Rents received
Income from investm'ts
Int.,discount.&c
Hire of equipment bal
2,536.886
131.782
152.782
52.652
91,372
11,331,406
10,643,051
9,948.268
1,792,298
1,646,417
132,519
4,330,613
345,151
1,880,247
1,434,052
104,473
3,967,278
304,796
1,610.872
1.460,002
89.761
3 720,894
323,157
8,246,998
3,084,408
dr.40,393
7.690.646
2,952,205
627
7.204,687
2,743.581
19.821
3,044.015
548.622
2,952,832
530.223
2.763.402
481.861
2.495.393
100.121
154.986
2,422,609
79.792
80.396
2,281.541
48.402
260,819
94.158
31,757
D ross corp. income_ _ _ 2.965,475
2.782.257
2,582,797
2,684.920
DeductInterest on debt
362.549
333.970
931.580
1,150.676
Miscellaneous interest_
181,733
3,107
Rents
1,030,185
1,027,220
1,012.941;
906,721
Leased line imp. (rent)_
203.335
100.355
52.982
159,159
Dividends
(6)1.491,797(6)1.010,277 (6)441.897 (8)396,152
Dire of equipment
41.772
29.924
Sinking fund
21,345
20.435
13.440
13,440
Total
3.109,211
2,673,990
2,497,726
2.658.072
Balance, stir, or def
def$143,736 sur108,267
sur85,071
sur26,848
THE CHRONICLE
966
BALANCE SHEET JUNE 30.
1914.
1913.
1914.
Liabilities$
AssetsRoad & equip___a32,243,454 31,225,712 Stock (R.&I.Sec.).24,907,467
Equip, leased rds_ 1,078,824 1,078,824 Bonds (R.&I,Sec.)12,661,500
Stocks owned____ 6,428,801 3,403,801 Equip.leasehld eat 1,078,824
593,800 Traffic, &c., bal__ 237,519
Bonds owned__ __ 600,800
Vouchers & wages 991,706
Hotel Rockwood
82,220
30,319 MaceII. acc'ts_
30,319
property
162,864 Int. and dividends
Bar Harbor prop'Y 255,311
for__
uncalled
39,004
2,057,571
879,042
Cash
Notes receivable 1,551,001 1,078,986 Rentals, int. and
dlys. July
561,066
380,200
341,279
Traffic, &c., bal
231,708 Accr. lot. rentso4c 205,360
Agts.& conduers. 216,655
648,287 Sundry lease acc'ts 104,934
1,063,802
Misc. accounts
Mat'l & supplies 1,414,152 1,292,246 Sundry funds____ 61,317,133
39,694 Approp. surplus__ 1,583,751
38,385
Prepaid insurance_
Profit and loss_ _ _ 3,136,288
Disc't on securities 125,860
608,335
639,087
Sinking funds
Total
46,906,772 42,832,347
Total
1913.
24,774,142
8,661,500
1,078,824
292,808
915,820
73,072
40,661
584,917
153,293
104,934
1,450,893
1,552,999
3,143,484
46,906,772 42,832,347
a Includes in 1914 road, $23,465,884; equipment. $12,637,350; Maine
Central RR.(New Brunswick). $89,034; less reserve for accrued depreciation, $3,948,814.
b Sundry funds include in 1914 $18,683 for improvements, $92,922 for
injuries and $1,205,528 for contingencies, &c.
EARNINGS or CONTROLLED COMPANIES YEAR ENDING JUNE 30.
Sandy River & Rangeley Lakes RR.
DialInterest,
Balance,
Gross Net(after Other
Fiscal
deeds.
Sur.orDef.
Earn'gs. Taxes). Income. Rents,&c.
Year$252 $35,268 (1%)33,250 sur$1,683
1913-14_..__$174,369 $39,949
1,579. 35.849 (4)'111.687
def3,128
1912-13---- 176,267 42,830
Bridgeton Ft Saco River RR$383
$11,412
$6,800
sur$905
$56,207
(4%)34,090
1913-14-306
6,800 (53(4)5,368
sur5,899
191243-- _ 57,486 17,761
Portland Terminal Co.
1913-14--3102,644 $87,597 $226,672 $260,967 (5%)$50,000 sur$3,302
sur1,215
1912-13__-_ 91,182 79,484 219,642 247,911 (5%)50,000
Rangeley Lakes dc Megantic RR.
$16,529
def$23,611
1913-14- $4,579def$7,082
7.935
5,089 def480
def8,415
*191243_
*For seven months ending June 30 1913.-V. 99, p. 816, 811.
Carolina Clinchfield & Ohio Railway.
(Fourth Annual Report-Year ended June 30 1914.)
Pres. Mark W.Potter, N. Y., Aug. 1, wrote in substance
(compare map on page 26 of"Railway & Industrial Section"):
INCOME ACCOUNT FOR YEAR ENDING JUNE 30.
1913-14.
1912-13.
1911-12.
$1,423,921 $1,516,005 $1,261,077
Net operating revenue
131,322
86.637
106.978
Taxes
81.292,599 $1,409,026 $1,174,440
373,822
98,591
280,211
Operating income
Other income
Total income
Bond interest
Interest on equipment trust
Miscellaneous interest and rents
Preferred dividends
$1,666,421 $1.689,237 $1,273,031
$781,736
$887,196
$761,352
153,222
159,667
134,625
24,901
69,081
32,350
(6%)600,000(3%)300,000
$1,566.307 $1,246,923 $1,090,902
100,114
442,314
182,129
BALANCE SHEETS JUNE 30.
-Car. Clin. & 0. Ry.- -Car. CI. & 0.Ry.of S.C.1914.
1913.
1913.
1914.
Assets$52,979,469 850,055,015 $3,037.154 33,033,107
Property owned
5,757,361
5,757,361
Securities owned
209,146
402,381
Materials and supplies....
2,294
3,136
453,028
742,186
Cash
32.999
150,761
77.177
Traffic, &c., balances
13,281
15,550
49,565
51,665
Agents and conductors_
512.500
525,000
Matured int.S.C.Co.bds.
189.215
21,763
497,257
249,813
Miscellaneous
1,115
1.081
220,802
193,078
Deferred debit items
401,735
502,317
Profit and loss
Total deductions
Balance, surplus
560,978,130 $57,905,435 83,577,890 $3,676,857
Total
Liabitities$12,000
$12,000
325.000,000 $25,000,000
Common stock
10,000.000 10,000,000
Preferred stock
3,000.000 3,000,000
23,645,000 20,480.000
Bonded debt
130,000
Bills payable
91,584
33,244
5,440
35.326
Traffic, &c., balances
27,232
512,379
278,162
17,931
Vouchers and wages__ _
16
564,746
550,522
Miscellaneous
3,375
8.150
525.000
525.000
Matured interest unpaid
5,000
50,000
5,000
50,000
Accrued taxes
Contractors'retained per165,142
212,268
centages
12,500
185,594
213,833
12,500
Accrued interest
525
152,652
194,646
18
Deferred credit items__ _
626,221
a792,305
Profit and loss
Total
860,978.130 $57,905,435 33.577.890 53,676,857
a After crediting 821.630 miscellaneous adiustments of accounts and deducting $52,750 discount on securities and 32.971 miscellaneous.-V. 98.
1)• 688.
Results.-For the first six months of the year the increase in revenues
from operation was $170,687, or 13.02%. Owing to the widesrread busiChicago & Eastern Illinois Railroad.
ness depression, this ratio of increase was not maintained for the last six
months. On the contrary, there was a falling off of about $125,000, as
Annual Report-Year ended June 30 1914.)
(25th
six
last
months
the
of
the
with
previous year.
compared
For the year operating revenue increased $44.574, or 1.69% and operatReceivers William J. Jackson, Chicago, and Edwin W.
ing expenses increased $136,657, or 12.22%; net operating revenue, therefore, decreased $92,084. or 6.07%. Moreover, while miscellaneous income Winter, New York, Sept. 16, wrote in substance:
increased $93,611. or 33.41%, taxes increased $24,344, or 22.76%, and
$670.687, or 4.1%; operating
Results.-Total operating revenue decreased
interest, rentals and other fixed charges increased $19,383. or 2.05%, with
operating revenue decreased
the result that income carried to profit and loss was $700,114, being a expenses increased $84,343, or .7%; net
or 3%. The total income
3755.030. or 22.7%,and taxes increased $18.656,
decrease of $12,200, or 5.68%.
charges (including
The revenue from transportation of merchandise freight amounted to was 33,035,966 and interest, rentals and miscellaneous
not paid) aggregated
$817,143, being an increase of $22,559, the number of tons of such freight interest amounting to $510.570 due July 1 1914, butall
$1,525,892.
carried one mile showing an increase of 2.19%. From transportation of $4,561,858,leaving the net deficit after providing forwascharges
caused by the gencoal there was derived $1,583,207, an increase of $371: the number of tons The decrease of $670.687 in total operating revenue
of the fiscal year,
of coal carried one mile increased 4.25%. The percentage'of coal revenues eral depression in business during the last seven months about
two months
to gross revenues was 59.09%, a decrease of 0.99%.
accentuated in this territory by the closing on April 1 for
The expenditure for maintenance of way and structures amounted to of practically all producing coal mines pending the signing of wage agree3190.866. or $745 per mile operated, against $709 for the year 1912-13. ment between the operators and miners.
was
The total expenses for maintenance of equipment amounted to $330,396,
The marked decrease in traffic, transportation and general expenses
of way and
an increase over the previous year of $69,685, or 26.73%. There was an more than counterbalanced by increase in cost of maintenance
property
the
bring
to
order
in
incurred
cars)
freight
(especially
service
equipment
and an increase in the arbiincrease in the amount of equipment in
material retrary charge for depreciation of equipment.
The total cost of conducting to a higher standard of efficiency. While there has been no
that class
transportation was $506,225, an increase over the previous year of $39,251. duction in the number of bad-order cars, the general condition of
improved.
substantially
of equipment is
or 8.41%, due to increase of tonnage and cost of fuel.
(including
$354,929
from
Taxes.-In the ten years past taxes have grown
Equipment Trusts.-On July 11013 there were purchased 475 steel underon 1,138.85 miles owned for the year
frame box cars and 25 steel underframe stock cars at a cost of 3431,646, of Evansville & Terre Haute RR.)miles
owned for the year 1913-14, equal
on 1,140.12
which amount $81,646 was paid in cash and an issue made of $350.000 5% 1904-05. to $630,500
practically the same mileage.
equipment trust certificates, Series D, payable in 14 semi-annual install- to 75% onTerminal.
1913, the use of the Rock Island1
Aug.
-Effective
Chicago
ments of $25,000 each, commencing Jan. 1 1914 and ending July 1 1920.
passenger terminals at Chicago was for economical reasons disPayments aggregating $485,000 were made on account of principal of equip- Lake Shore
passenger service restored to the Chicago & Western Indiana
and
continued
and
D.
A.B.0
notes,
Series
ment trust
of which the Chicago & Eastern Illinois is part owner.
Bonds.-On Aug. 18 1913 $500.000 1st M. 5s were sold, bringing the terminals,
the proceeds of
Receivers' Certificates.-The receivers having exhausted
under order
amount outstanding up to $13,500,000 (V. 97, p. 1897). The proceeds $4,000,000
of receivers' certificates, dated July 1 1913, issued
C.
and
B
A.
series
notes,
equipment
additional 6% receivers' cerwere used in paying principal of
of
$2,000.000
1913.
13
Dec.
entered
court
of
falling due June 1. July 15 and Aug. 1 1913. respectively, initial payment tificates dated Jan. 11914. payable July 1 1914, and has used the proceeds
accrued on
of equipment notes. Series 11, and for additions and betterments.
pay the principal of equipment obligations, the interest
There were issued during the year $2.800,000 Elkhorn Extension 1st M. to
other than its Refunding & Imp. M. bonds.
ex- bonds and various obligationsthe
6%
receivers'
$6,000,000
5% gold notes, the proceeds being applied to the construction of the
issued
receivers
1914,
15
Under order of June
tension from Dante. Va.. to Elkhorn City. Ky. The total amount of these certificates
dated July 1 1914, payable July 1 1915, for the purpose of
notes outstanding June 30 1914 was 35,000.000 (V. 98, n. 688).
certificates
(V.
99,
47)•
P•
outstanding
of
$6,000,000
the
paying
Dividends.-.Semi-annual dividends of 3% each on 310,000.000 prof.
Purposes for which the Proceeds of the $6,000.000 Certificates were Used.
stock outstanding. payable Sept. 1 1913 and Mar. 1 1914, respectively,
Interest due on bonds from July 1 1913 to June 30 1914. other
were declared and paid.
Dante.
..$2,336,440
than on Chicago & Eastern Ill. Ref. and Imp. M. bonds
Construction.-Work on the extension of the line of railway from
Va., to a connection with the line of the Chesapeake & Ohio Ry. Co. at Equipment trust obligations (principal) due from July 1 1913 to
that
1,633,000
July 11914, inclusive
Elkkorn City, Ky. has progressed satisfactorily, and It is expected
(V. 98, p. 1692).
Equipment trust obligations (interest) due from July 1 1913
the extension will he in operation in October next S.
C. a pier and modern
317,308
to July 1 1914, inclusive
There is now under construction at Charleston.
E.
&
C.
Ill. Ref. &
to vessels. These facilities Interest due July 1 1914 on bonds other than
coal-handling facilities for the loading of coalearnings
as
our
and
to
company,
Evansv.
Coal
&
By.
AR.
bds_
Ind.
Co.
118,329
Ind.
&
increased
Chic.
of
Imp.,
assurance
important
an
be
will
supply accounts
they will afford an opportunity for the coals of Southwest Virginia and East- Prior to receivership voucher and
to mature after July 1 1914_ _ 1.50
1
32
59
,3
'
4
90
ern Kentucky to reach tidewater and the markets beyond, via the Clinch- Balance to apply' on obligations
Discount of $73,125 on these ctfs, was charged against income.
field Ry.(Compare V. 98. p. 999).
Court
-13y
and
order
the
Defaults.
Payments
of
Interest
June
1914
15
CLASSIFICATION OF TONNAGE FOR YEARS ENDING JUNE 30.
directed the receivers to pay the interest due July 1 1914 on all bonds
Forests. Manufac. Mdse. issued under mortgages which are liens upon any part of the property of.
Aaricul. Animals. Mines.
Products235,471 44,327 or are charges against, the railroad company,except(a) the Re.& Imp. M.
247.421
2,017,091
18.955
(tons)____75,647
191344
228,702 211.531 47,040 bonds of the railroad: (b) the 1st M. bonds of the Chicago & Indiana Coal
1912-13 (tons)____63,637 15.534 1,927,403
Ry. Co.(V. 98, p. 1919, 1992; V. 99, p. 195, 269):(c) the 1st M. bonds of
TRAFFIC STATISTICS.
the Evansville & Indianapolis RR. Co., and (d) the Crewel. M. bonds of
1911-12.
1912-13.
1913-14.
the Evansville & Indianapolis RR. Co.(V. 98, p. 1919, V.99, p. 119. 341).
256 also to pay the principal and interest a such equipment obligations of the
256
256
Average miles operated
330,076 railroad company as should become
403,432
438,641
duo July 1 1914. The receivers have
Passengers carried
6.998,585 fully complied with this order. The interest on the excepted bonds,
9.143,487
10.776.055
mile
one
carried
Passengers
eta.
2.39
eta.
2.21
cts.
2.08
_
_
mile_
paid.
not
amounting to $510.570. was
Average receipts per nem. per
1.654,13
,760,440
1,688.611 1
15
Equipment Trusts.-The principal was reduced 31.565.000.
Bituminous coal carried (tons)
358.222,520 343.618,877 351.792.523
Additions, tic.-In the last annual report (V. 99. p. 1496) mention was
Coal carried 1 mile (tons)
cts.
0.44
eta.
0.46
cts.
0.44
made that authority had been granted to the receivers to make sundry
Average receipts per tun ner mile
2,150,145
2,493.847
2,634,115
out of revenue for additions and betterments. As a result
expenditures
carried
tons
revenue
Total
407.482.363 390.683,156 of these expenditures, additions and betterments were made which, includTotal revenue freight tons 1 mile_ __ _423.485,518
ets. ing the new equipment referred to in the preceding paragraph, amounted
$9,060
0.51
0.58 ets.
0.57 ets.
Average receipts per ton per mile..
$10,288
to $1.051,922; deducting a creditof$4,933 leaves the net expenditure from
$10.462
Gross revenue rer mile
May 28 1913 to June 30 1914, incl.. $1,046.989.
30.
INCOME ACCOUNT FOR YEAR ENDING JUNE
Additions and Betterments, Total $1,268.700 (Credits for Salvage, cte..
1910-11.
1911-12.
1912-13.
1913-14.
$1,140,606 New equipment $221,711; Net, $1,046,989,as above).
$1.583,207 $1,582,836 $1,537,258
$
430 Construction of tracks, &c-$260,911
23
8
1:
57
18
Coal freight
448,894 New o fice bldg.,
566,732
794,584
817.143
Chicago
o to promote revenue- 167,773
Merchandise freight_ _ _ _
71
14
1:5
20
17
167,334
202,103
224.579
Rail renewals
39.718
117,926
Automatic si ale
Passenrer
22.338
24,556
26,317
Safety
Appl'ce
Federal
Feral
Law
38,972
applied
Ballast
Mail end express
30,580 Car-repair shop facilities...... 223.349
28,142
30,556
27.962
Miscellaneous
Miscellaneous
691195.
:62a
4197r
1w
31.811.755 There were laid 2,920 tons of 100-1b. and 7.764 tons of 90-1b. ne
Total open revenue__ 32.679,208 32.634,635 $2.321,803
Rolling Stock.-For a number of years the facilities for repairing the
$165,200
$167,761;
3131.625
$190,867
road
Maint. of way de struc__
this
the
and
of
equipment
passenger
unusually
equipment
freight
238,334
large
256.518
260.711
330,396
Maint. of equipment__ _
R1.305 have been far short of the requirements. During the year repair shops
82.9314
96,763
102.917
Traffic expenses
4118,676 have been provided at Yard Center (Chicago terminals) and the work of
456,926
466,973
506,225
of
Transportation expenses
106.341 constructing the car shop plant at Oaklawn, Danville, adjoining those as
96,575
112,357
124.882
General expenses
the excellent locomotive shops at that point, has been so far advanced
part
good
a
a
economically
within
short
possible
time
to
it
handle
make
to
6997.1458
Total oner. expenses_ *1,255,287 31,118,630 s1.060,726
8813,898 of the freight-car repair work at this central point.
$1.423,921 31.516.005 81.261,077
Net operating revenue
OCT. 3 1914.
located
New Industries.-During the fiscal year the industrial department
and employ
33 new industries, which it is estimated will cost 51,097.550.
of 17.452 cars. Ar1.093 men, with a yearly tonnage (in and out-bound)location
of two addirangements have been practically completed for the
tional industries which will cost $375,000 and employ 250 men, with a
Yearly tonnage (in and out-bound) of 200 cars. See tables in V. 99, p. 888.
Central of Georgia Railway Co.
(19th Annual Report-Year ended June 30 1914.)
Chairman C. H. Markham, Chicago, says in substance:
Results.-There was an increase of $365,973 in freight revenue, a decrease
of $12,725 in passenger revenue and an increase of $2,623 in other operating
revenue, making a total increase in revenue from operations of $355,870.
Operating expenses, however, increased 5420,304, so that net operating
revenue decreased $64,434.
The expenditures for maintenance of way and structures increased
$44.410 68,or 2.20%. The total number of cross-ties renewed was 823,200;
16.646 miles of track were re-laid with new steel of the same weight. Maintenance of equipment expenses increased $216,876, or 8.42%; charges for
depreciation of equipment amounted to 5482,706, compared with $463.840
for the previous year, an increase of $18,866. Average age of locomotives
S 15.8 years. Taxes increased $33,059, or 5.52%.
Funded Debt.-During the year $4,199,000 Gen. St Ref. M. bonds were
authenticated by the trustee and delivered to the company, making a total
to date of $6.637,000, all in the treasury of the company. On account of
the unsatifactory market conditions, none of these bonds has been sold.
To meet the temporary needs of the company pending the sale of these
securities, bills payable were increased by $1,099,895. Equipment trust
obligations amounting to $408,000 and Greenville & Newnan main line
and Upper Cahaba branch bonds amounting to $60,000 matured and were
paid. Income bonds of the par value of $60,150 were purchased and retired, leaving income bonds outstanding at June 30 1914, $299,300.
Upson County RR. (Barnesville to Thomaston), whose entire capital
stock was owned, has conveyed its franchises, railway and appurtenances
to your company, and its capital stock has been canceled
Securities Owned.-New England & Savanah SS. Co., originally organized to operate between Savannah and Boston, but which ceased active
operations in 1897 and has not for several years owned any steamships,
went into voluntary liquidation. Its stock has been canceled, and in place
thereof your company has acquired and has pledged under its Consolidated
mortgage a certificate of indebtedness for $500,000 of the Ocean SS. Co. of
Savannah acquired by the New England & Savannah SS. Co. in settlement
of accounts between the two steamship companies.
Dividends.-Daring the year there were paid dividends Nos. 3 and 4 on
the $15.000,000 of pref. stack at the stipulated rate of 6% per annum,
aggregating $900,000, charged to income, and dividend No. 2 on the
$5.000,000 common stock at the rate of 5% per annum, aggregating
$250,000. charged to profit and loss.
Additions and Betterments.-The expenditures for additions and betterments during the year for road aggregated net $630,817, notably: Widening
cuts and fills, $51,134; increased weight of rail, $73,873; track fastenings
and appurtenances. $114,108: ballast. 848,863; terminal yards, $151,048,
and elimination of grade crossings, $53,030.
Additions and betterments to equipment aggregated (net) 5874.627, viz.:
Steam locomotives, $93,698; passenger train cars, $177,587; freight train
1.•
equincars, $728,108; work equinment, $33.480: total, 51.032.870 -CS.4
ment retired during year. $158,245; net, 5874.627. During the year $408,000 equipment trust obligations matured and were paid.
Physical Changes.-There were 15.245 miles of track re-laid with 90-lb.
new steel rail, 3.086 miles with 95-1b. new steel rail, 61.784 miles with 80-1b.
new steel rail, making a total of 80.115 miles of track re-laid with new steel
rail. 46.522 miles of track were re-laid with second-hand steel rail, replacing rail of lighter pattern. There were 12.02 miles of track ballasted
with slag and 37 miles with gravel, total 49.02 miles. 5151.999 was expended on new gravity yard at Macon, Ga. An underpass 750 ft. long,
carrying Bay St., Macon,Ga.. under tracks was completed; our proportion
of the cost was 549,280.
Equipment.-Four new locomotives were added during the year and five
were sold and one destroyed, a decrease of two locomotives, with an increase of 18.16 tons in tractive efficiency; 14 new steel passenger train cars
were added during the year and four wooden passengertrain cars destroyed,
an increase of ten cars; 501 new freight train cars were added and 599
were sold, destroyed or transferred to work service, a decrease of eight
cars. The average capacity of cars owned June 30 1914 was 36.2 tons;
total capacity of cars 365,930 tons.
OPERATIONS AND FISCAL RESULTS.
1913-14.
1912-13.
1911-12.
1910-11.
Average miles operated_
1,924
1,915
1,924
1,915
Oper. (rev, traffic only)Passengers carried
5,258,945 4,994,447
5,333,215
5,196,886
Pass. carried one mile_ _181,675,928 176,588,453 179,233,141 166,22.3.927
Rate per pass. per mile_ 2.100 cts.
2.120 eta.
2.096 cts.
2.168 cts.
5.165.4RR
Rev. freight (tons) car'd 5,631,579
5.712,117
5,375.309
Rev.fr't(tons)carr.1 m847.095,494 839,528,685 793,902,844 758.229,638
Rate per ton per mile_ _ _ 1.083 cts.
1.096 etc.
1.049 cts.
1.120 cts.
Aver. rev.(tr.-load) tons
278
256
264
290
Earns, per fet-tr. load_ _
.92.970
52.912
$2.990
53.032
Earns, per pass.-tr. mile
50.9933
50.0961
50.9714
$0.9753
Earns, per mile of road_
$7,276
$7.201
$6,739
$7.386
INCOME ACCOUNT FOR YEAR ENDING JUNE 30.
1913-14.
1912-13.
1911-12.
1910-11.
5
5
5
9,169,090 8,803.117 8,897,839
9,309,019
3.815,474
3,828,199
3.777,498
3,04,399
686,071
682,539
620.093
505,475
200,602
206,963
223,919
209.373
339.506
334,054
413.814
309,632
Total operating rev__
°aerating Expenses- 14,210,743 13,854,872 13,932.153 12.907,788
Maint. of way & struc__ 2.065,362
2.020,951
1,843,881
1,745,093
Maintenance of equip__ 2.794.131
2,577,254
2.351,625
2,132,967
Traffic expenses
429,583
421.029
415,829
397,613
Transportation expenses 4,963,498
4.837.723
4,345.930
4,10(1.247
General expenses
492.705
468,007
466,698
495,243
Total
10.745,269 10,324,964
9.923,262
9,0211,003
P.c. op. exp. to op. rev_
(75.62)
(74.52)
(71.23)
(69.88)
Net oper. revenues_ _
3.465,474
3,529.909 4.009,901
3,837.695
Net rev, outside oper
75,337
73,483
69,590
77,856
Total net revenue_... 3.540,811
3,603,301
4,077,491
3,065,551
Taxes
631,597
598,538
625,504
560,125
Operating income_ _ _ _ 2,909,214
3,001,853
3,451.977
3,405,426
Other IncomeRentals
176,346
137,054
150,671)
100,475
Hire of equinment
139,992
*768,874
rnt. on securities, &c_ _ _
509,029 •
4412.341
552.0371
Miscellaneous
17,326
25,229
40,098)
Total income
3,750,806
3,730,853
4,194,773
4.174,300
DeductionsLease of other roads_
369,034
$69,475i
368,407
Hire equin. (deb. bal.)..
53,7221
Joint facilities
116.131
71.419
65.5461
Miscellaneous rents.. _ _ _
123,461
110,331)
103.862 *3,598,867
Interest on bonds
x1,840,403
1.894.498 *1.0/0.1061
int. on unfunded debt
201.090
59,686
*2(i.2R71
Miscellaneous
9,655
4.049
10.492)
Div. on pref. stock ((105)
000,009
onn,nryi
Div. on corn.stock(5%)
250,000
250,000
Operating RevenuesFreight revenue
Passenger revenue
Mall, express & miscell_
Other transp'n revenue_
Other than transport'n_
Total
3,909.764
Balance, surplus or def.. def.58,958
3.657,399
2,529,590
3,508,967
sur.73,464 sr.1,665,193 sur.575,433
* Comparison of items so marked is inaccurate, the figures having been
somewhat changed in later years, the general results, however, remain
unchanged.
967
THE CHRONICLE
BALANCE SHEET JUNE 30.
1914.
1914.
1913.
AssetsRoad & equipm't a58,581,051 57,419,125 Commonstock___ 5,000,000
Stocks of prop ty,
Preferred stock_ _ _15,000,000
affil.Acontr.cos. 216,145
43,249,300
256,150 Bonds
Other investments b6,734,034 6,762,387 Equip. tr. oblig's_ 657,000
Bonds pledged_ _ _ 600,000 2,438,000 Loans & bills pay_ 3.320,109
Cash
1,081,915 1,420,452 Traffic balances
231,904
Secur.heldintreas. 6,037,950
Vouchers & wages 1,108,098
Traffic balances
92,367
139,985 Int.. divs. & rents
Agts.& conductors 121,516
1,019,622
unpaid
154,095
Material & suppl's 1,354.286 1,642,438 Other work. Habil_
84,942
Other work. assets 556,558
569,372 Accr'd int., diva.,
Accrued int., &c
55,693
rents & taxes_
699,175
58,897
Advances
807,301
778,979 Def. credit items_ 254,369
Oth.def.deb.ltems 185,472
206,378 Approp. surplus 3.856.511
Profit and loss_ _ .1.943,258
1913.
$
5,000,000
15,000,000
39,170,450
1,065,000
2,220,214
314,003
1,174,373
1.003,886
128,226
667,713
238,455
3,856,511
2.007.427
Total
76,424,288 71,846,258
Total
76,424,288 71,846,258
a Includes investment in road Juno 30 1907. 545,679,120, and in equipment, $8,344,248; improvements since June 30 1907 to road, 55,074.236;
to equipment, $2,549.849; less reserve for accrued depreciation. $3,006,403;
b Other investments in 1914 include advances to proprietary. Wit. R/c..
cos., $17,936; physical property, $347,958; securities pledged under collateral trust mtge. (Cent. RR. & Bkg. Co. of Ga.), $4.838.352: other securities pledged, $663,351; securities unpledged, $865,937. c After adding
$16,016 (net) sundry adjustments and deducting miscellaneous adjustments
(net), 521,227.-V. 99, p. 888.
H. B. Claflin Company and Allied Companies.
(Balance Sheets, &c.)
In connection with the reorganization plan outlined on
other pages of this issue, the following balance sheets, &c.,
have been given out, based on the status of the several companies as going concerns,as determined by M.W. Thompson,
C. P. A. accountant for the Noteholders' Committee,from
balance sleets prepared by Marwick, Mitchell, Peat & Co.,
chartered accountants:
Sales of Retail Cos. for Years ending Jan. 31 (Except Joslin-& Whitehouse.
approximately this Period).
H.Batterman Co.,Brooklyn, N.Y__ 5
9.
49
12
8,123
11
1-51.2
0-51,4
8.
99 5
12
8
.1
02
681,38
0.4 5118.9
Bacon
&
J.
Sons. Louisville, KY
1.237,600
1.152,529
The Bedford Co.. Brooklyn, N. Y_ 366.288
486,436
640,287
Castner-Knott Dry Goods Co., Nashville, Term
735.762
860.002
1.063.059
M.J. Connell Co.. Butte, Mont
730.200
623.200
The Fair Co.,Cincinnati, Ohio
989.944
1,141.219
1,262,388
Hennessy Co., Butte, Mont
4.499,300
4,554.400
Jones Store Co., Kan. City, Mo
2
1,
:8
13
57
9163
81
4
2:9
24
77
1:3
16
14
0:5
55
79
4 2
1:2
92
20
Joslin Dry Goods Co., Denver,Col
Kline Bros., Altoona. Pa
Mili
395.229
410.308
Lion Dry Goods Co., Toledo,Faod 0
1.053,980
1,175.483
Lord & Gage.Inc., Reading.
George W. McAlpine°.,CincInnati.O. 1,8
1,8
17
10
7:06
1336
7 83
8
821
MacDougall & Southwick Co.,Seattle, 32
Wash
1,149,179
35
4.
.86
23
2
1,8
44
18
3:3
58
56
8
1.7
12
Montgomery Fair, Montgom., Ala
751.522
People's Store Co., Tacoma
571
Root Dry Goods Co.,Terre Haute,Ind. 7
552:031
86
38
3 39
682897:720838
8
Spring Dry Goods Co., Gr.Rap„Mich
534.585
515.960
531,807
Watt,Rettew & Clay,Inc.. Norfolk,Va. 544,480
540,671
554.169
Thos. C. Watkins,Ltd.,Hamilton,Ont. 1,180,324
1,063,773
892,805
J. B.White Ss Co., Augusta. Ga
704,151
718,741
754,434
Whitehouse Co., Spokane, Wash_ _ _ _
402,545
385,190
431.348
Total (supplied by Ed.)
528.249,125 524,914.906
The output of the Defender Mfg. Co., consisting of sheets and pillow
cases, was all taken by the H. B. Claflin Co.
1PS:9g
STATUS OF H. B. CLAFLIN CO. AND 23 ALLIED COS. JUNE 24 TO
JUNE 30 1914 (BACON & SONS JULY 13)•
[Not including for H.B. Claflin Co. capital stocks or bonds of the 23 companies delivered to the H.B. Claflin Co.or its receivers by John Claflin.)
Book
(See
Asfsuelile
srparticulars, V.99,p. 268) Values.
Companies.
pa
Antiles.
ied
z Total.
Cash, subject in part to offsets
5567,897
5436,616 31,004.513
Merchandise bills receivable
39
5,18.6
362
1.4
98
83,380
446,319
General accountsreceivable
3,166,192
8.347.678
Due from French and German offices
608
608
Inventory of merchandise
6,724.442
8.234.800 14,959.242
Due from two cos. in excess of notes
discounted
675,879
675,879
Due from McCreery & Co., Pittsb.
(subordinated to 51,100,000 of
other debts of McCreery & Co.) .
758.859
758.859
Due from Associated Merchants Co.,
O'Neill-Adams Co. and cos. affiliated with United Dry Goods Cos.,
Associated Merchants Co., &c.,
on open account (of this there is
due from O'Neill-Adams Co. $3,945,648, on which it is expected
4.809,198
4,809,198
that $1,500,000 will be realized)
402,872
50.025
Bon,
Bonds, mtgs. and miscell. stocks _
352,847
Stocks in United Dry Goods Cos.,
Scruggs-Vandervoort-Barney D.G.
Co., Higbee Co.and O'Neill-Adams
6,874,417
Co
x6,874,417
Stocks of 3cos. not in hands if receivers(McCreery & Co., Pittsb.; MacCallum & Cloutier Mercantile Co.
and Wilkes-Barre Dry Goods Co)_ 1,240,000
1.240,000
Real estate and buildings
668,506 6,088.296
y5,419,790
Improvements and fixtures
1,728,957
1,553,462
175,495
Unexpired interest and other working
assets, incl. $300,000 unexpired
discount on notes
570.553
243,294
327.259
Total book values
$33,471,116 514.436.275 547,907.391
Liabilities (see also V. 99, p. 268)Taxes and salaries
$39,214
539.214
Collateral notes
341.989
341.989
Merchandise accounts,&c
5,854,412
1,244,897
7,099.309
Due United Dry Goods Cos., Hahne
•St Co., Stewart Dry Goods Co. and
Powers Mercantile Co. (partly secured by pledge of the 34th St.(Mc-.
Creery real estate listed in assets) 2.613,668
2.61$.668
Due to 5 of 23 cos. on open account....
386.557
386.557
Miscellaneous indebtedness
295,878
291,577
587.455
Merchandise certificates
368
36i
Notes payable to others
104.421
104,421
Notes Icliscounted by H.B.Claflin Co.
31,157,709 31,157,709
Notes as coll. to H.B. C. Co.loans_
504.120
504.120
Reserve for trading stamps
10.763
10,763
Total
$9.531,718 533,313,855 $,42.845,57
The H. B. Claflin Co. is liable on the notes aggregating $31,11:7570
which were issued to the H. B. Claflin Co. by the 23 cos. See list below.
x This includes United Dry Goods Cos. common stock (par S6.268,000),
upon which no dividends are noW being paid; Scruggs-Vandervoort-Barney
Dry Goods Co., 2d pref. stock (par 5187.000),
upon which 7%
are being paid, and common stock (par 52,103.650), upon whichdividends
no dividends have as yet been paid; Higbee Co. common stock (par
5400,030).
upon which no dividends have as yet been paid; stock ofO'Neill-Adams
Co.,
without value. y This includes Worth St. property, at book
$2,739,182. assessed valuation approximately 51,400,000; 34thvaluation,
St.
(McCreery) property, at book valuation, $2,013,859; pledged to secure
sundry
advances by United Dry Goods Cos.included in liabilities shown below,
and
THE CHRONICLE
968
also claimed to be subject to an option to purchase. z These columns inserted by "Chronicle" in manner shown by preliminary statement. There
are also outstanding against certain of the 23 companies the following securities which it is agreed shall be canceled in case the plan goes through:
Castner-Knott Dry Goods Co., $250,000 income bonds with accrued interest, $31,646; Jones Store Co., $300.000 income bonds: Kline Bros.,
$300,000 debenture bonds with accrued interest, 890,155; MacDougall &
Southw ith Co.. $800,000 income bonds with accrued interest $5,573:
Thomas C. Watkins, Ltd.. $800.000 income bonds with ace. int., $159.400:
Whitehouse Co. debenture bonds. $500,000. with acc. int.. $112,677.
BALANCE SHEETS OF CLAFLIN STORES THAT EXECUTED NOTES.
Status as of June 24 to June 30 1914, except J. Bacon & Sons, July 13 1914.
J. Bacon H. Bat- Bedford Cramer- M. J. Defender
Co.
Knott. Connell. Mfg.Co.
dc Sons. terman.
s
5
$
$
Assets$
a
38,731
45,005
910
18,155
10.781
2,148
Cash
50,155 269,732 138,331
Customers' Rats__. 90,714 207,307
83
Miscellaneous acc'ts658
23,573
31,238
Due from Claflln Co. 93,209
52
79
76
Customers' notes.-317,841 506,617 245,726 358,277 217,395 429,445
Merchandise
38,500
6,341
Investments
73,672
Real estate & bides- 15.959
21,787
6,592
Impts.,&c.,to bidgs.
Machinery & equip..
109,043
29,041
35,192
Fixtures, &c
15,441
66,391
28,402
9.974
Stables, &c
5,685
4,544
1,234
5.696
725
Supplies
3,474
16,387
Prepaid expenses_._
4,988
9,109
2,000
4,561
Total assets
611,723 872,930 440,890 740,697 402,686 542,056
Liabilities24,086 138,648
Mdse.accounts
79,846
52,884
20,025
2,023
Miscellaneous acels_ 19.421
52,199
29,861
11,246
1,829
Notes pay. to others
11.389
20.000
Notes discounted by
H.B. ClafIln Co _2,269,510 978,305 1,307,420 666,790 1,175,449 1,459,950
Notes as collat. to
Claillia Co. loans. 60,000
3,104
Miscellaneous
3,500
[VOL. xca.
Willys-Overland Company, Toledo, Ohio.
(Report for Fiscal Year ending June 30 1914.)
The annual statement contains no text, but Pres. John
N. Willys was quoted on or about Sept. 15 as follows:
Upon returning to this country after an absence of two months,I find that
never in the history of the Willys-Overland Co. has our business been better.
For Sept. and Oct. our contract schedules call for approximately 75% more
cars than the schedules of a year ago. Our factory men are working full
force, full time and full pay, yet we have on hand fully 1,000 more unfilled
orders than we had at this time last year. We have orders for more than
$5,000,000 worth of cars for immediate shipment, in spite of the fact that
our shipments are averaging over 50 more cars per day than during the corresponding period of 1913.
From June 30 to Sept. 1 the start of our fiscal year, we have received
more than double the number of orders received during the same space of
time last,year, and our business was more than $2,000,000 greater than that
of 1913, our best previous year. [The company announced this week the
receipt of an order for 300 motor trucks from the Belgian Government.]
CONSOLIDATED INCOME ACCOUNT (INCL. SUBSIDIARY COS.).
1913-14.
1912-13.
Net earnings and income of all companies, after deducting all expenses of the business, including
allowances for Income Tax and all expenditures
for repairs and maintenance of the properties,
incl. an adequate allowancefor accruing renewals
135,864,858 ($5.705,537
and depreciation
un receivable and
Add interest on notes and accounts
176,830
miscellaneous income
Total earnings and income from all sources
Deduct-Interest on floating debt,&c
Reserve for contingencies
$5,864,858 $5,882,367
228,469
333,583
300,000
Balance,surplus net income for year end. June 30 $5,231,275
Proportion accrued to Nov. 30 1912. the date
adopted for the purposes of the accounts as the
commencement of operations of the new co.___
$5,653,898
1,686,221
Balance, net income (for 7 mos. in 1912-13)---- 35 231.275 $3,967.677
Total liabilities_ -2,377,950 1.118,976 1,450,854 773.035 1,195,474 1,471,196
Fair
HenJanes
Joslin
Kline
Lion DIP Preferred dividends
03600,000
(11%72,200.00065
Co.Pnessy.
Store. D. G. Co. Bros., a. Goods Co. Common dividends
34,217
Divs, on outstanding pref. of affiliated cos
$
$
Assets$
$
$
$
2R1,000
retirement of prof
for
Provision
Cash
13,386
14,709 108,823
16,002
12,785
3,601
Customers' ace'ts_ 68,909 518,570 281,595 161,856
107,592
$2,431,275 $3.070,959
Balance, surplus
Miscellaneous acc'ts
1,946
Due from ClafIln Co.
174.465
(TOTALS $38.737,840IN 1914: $32,602.836 IN '13)
30
JUNE
SHEET
BAL.
Customers' notes
17,576
3,954
1913.
1914.
AssetsMerchandise
290,484 1,174.347 822,149 402,583 114,573 370,733
$14,059,932 $14.060,000
patents, trade-marks, &c
Investments
1,500
332 Good-will,
400
as
equipment,
and
plant
buildings,
estate,
Real estate & bldgs_
39,525
5,118
123,456 Real
based on appraisals made by the American ApBldgs. on leased land
.248,119
26.769
praisal Co. as of June 30 1912, adjusted in reImpts.,&e.,to bldgs. 15,592
15,644
40,000
42,641
spect of additions and deductions since-Real
Fixtures, &c
35,000 138.205 164,085
60,857
74,885
8,840
$541444: buildings, $3,909.973; machinestate,
Stables, &c
38,255
22,665
11,586
6,295
862
ery and equipment, $2,972,295; tools, dies, patSupplies
12,705
7,500
2,616
(as depreciated), $636,674; furniture
&c.
terns,
3,593
12,546
Prepaid expenses_ _ 24,822
7,460
8,848
1,514
and fixtures. $115,655; due from European
agent, $656,199; automobile equipment in servTotal assets
426,964 1,937,657 1,720,129 713,362 303,855 840,906
5,621,008
8,231.852
ice, $55,810; total
Liabilities4,065.617
2,156,029
in and advances to affiliated cos
Investments
Mdse. accounts_ _ _ _ 56,143 167,705 173,393
65,814
8,155 100,373 Inventories of raw and worked materials and sup17,062
Miscellaneous sects 11.007
34,571
8,987
19,451
1,301
plies and finished and partly finished cars and
Due H.B.CROW Co.
parts on hand or in transit, $7.116,433; accounts
over notes diseled
(less reserve). $2,929,660; notes rereceivable
or used as collat._
246,218
ceivable, $1,301,770: miscellaneous investments,
Notes pay, to others
18,231
5,000
7,139
$53.525; cash in banks and on hand, $2,112,760;
Notes discounted by
8,805,922
14,170,347
finished cars and parts. $656,199; total
H.B. Claflin Co_ _1,829,438 1,783,800 259,687 692,341 1,542.930 2,020,126
50,289
119,679
Deferred charges to future operations
Notes as coll. to H.B.
Clanin Co.loans__
100,000 301,500
Liabilities42,620
Miscellaneous
Pref. stock, $5,000,000; common stock, $20,000,4,160
$25,000,000 $25,000,000
000; total
Total liabilities_ __1,896,588 2,068,567 1,037,760 772,142 1,552,386 2,189.709 Capital stock of subsidiary cos. outstanding, in37,514
12,825
appertaining thereto
surplus
of
proportion
cluding
Lord &
McDoug.dh MontgomRoot
131.500
Purch. money obl-sub cos. (real est. mtgs. ass'd)
Gage. McAlpin. Southwick. ery Fair. People's.
D.G.
Bills payable-Notes discounted. $921,109; trade
Assetss
$
$
s
s
S
accounts, 82.979.747: accounts payable, $1,Cash
41,375
6,283
5,004
14,125
2,866
4,905
727,202; pay-rolls and salaries accrued,$174.570;
Customers' accounts 49,063 111,722 135,378 127,149 186,141 185,739
customers' deposits, $287,111; taxes and interest
Due from ClaIlln Co.
13,839
$102,260; reserve for quantity and other
accrued.
do John Clanin1,715
rebates to customers. $682,005; reserve for car
Customers' notes__ 47,950
1,099
2,941
200
911
guaranty. $30,000; pref. stock
under
repairs
Merchandise
250,135 334,868 556,393 254,701 267,923 250,575
4,358,591
6,991,503
dividends payable July 1, $87,500; total
Real estate & bldgs_
4,101 Reserve
and accruing renewals:
depreciation
for
Impts.,&c.,to bldgs. 18,682
6,887
9,583
66,500
$135,772; amount pro1913,
30
June
at
Balance
Fixtures, &c
42,181
22,431
40,000 104,825
38,752
36,030
of
vided out of earnings for the year, exclusive
Stables, &c
4,605
6,065
5,785
10,000
3,632
6,334
provision for depreciation of tools, dies, patSupplies
2,341
1,102
2,369
2,078
265
deducted from the asset,
(S317,573),
&c.
terns,
Prepaid expenses-.
3,786
1,704
3,614
15,421
34,593
19,585
value of dis$471,188; total, $606,960; less book expenditures
mantled property and replacement
Total assets
439.466 530,709 914,137 451,058 525,943 504,718
contingencies, $300,000,
for
$57,182;
off.
written
Liabilitiesand for redemption of pref.stock, 1st installment
Merchandise accts._ 61,027
72,651
58,504
27,800
87,837
29,115
maturing July 31 1914,$250,000; remainder_ __ _ 1,099,778
8,124
Mlseell's accounts
9,901
4,461
15,266
10,002
14,093
5,502,234
3,118gi
and loss
Profit
Due to H. B. Claflin
-V.99, p. 613, 412.
Co. over notes discounted or used as
429,661
collateral
368
Mdse.certificates
8,945
20,469
Notes pay. to others
G=NER kL INVESTMENT NEWS.
Notes discounted by
H.B. Clatlin Co_ _1,408,012 490,910 1,935,293 1,299,910 1,975,436 1,381,470
Total liabilities...1 ,473,500
snrwo.
Assets18,020
Cash
Customers' accts._ 61,067
Miscell's accounts_
Due fromClaflinCo.
do John Clailln
Customers' notes_
203,830
Merchandise
Investments
Real estate & bides. y110,000
Bides. on leased la'd
Impts.,&c.,to bldgs.
Machinery dr equip.
36,996
Fixtures, &c
Stables, &c
Supplies
2,893
Prepaid expenses.
989,434 2,032,155 1,337,712 2,039,113 1,475,431
Watkins. J.B.While WMtehouse. Tot.23Cos
Watt.
$
$
$
8
$
436,613
15,734
823
25,986
16,456
14,717 3.138,216
30,546 164,536 117.397
26,260
386,558
73,807
1,715
83,391
8.403
150
130,504 361,451 247,383 126,871 8,234,804
50,026
250
200
2,500
393,618
274,888
240,951
18,851
109,043
20,288 1,024,007
29,992
10,000
14,775
179,462
6,242
3,262
4,035
41,470
831
2,742
500
201,843
12,266
1,214
5,429
2,031
RAILROADS, INCLUDING ELECTRIC ROADS.
Arkansas & Memphis Railway, Bridge & Terminal
Co.-To Build New Memphis Bridge-Guaranteed Bonds.See Missouri Pacific Ry. on a subsequent page and St. Louis
Southwestern Ry. report, V. 97, p. 1140.
The bridge, it is stated, is expected to be completed by the fall of 1915.
The bridge structure proper will be about 8,400 feet long. The main span
will be 700 feet, one of the longest cantilever spans in the world. There will
be two tracks for steam roads, space for interurban lines and a free road
for wagons and pedestrians.-V. 94, D. 277.
Atlanta Birmingham & Atlantic Ry.-In Possession.Official notice of the reorganization of the A. B. & A. Railroad, the predecessor company, has been filed in the office
of the Secretary of State of Georgia.
The notice states that the company has been withdrawn from the hands
of the receiver and that Lee 0.Bradley has been appointed Alabama agent.
432,805 290,232 576,794 412,189 190,957 14,822,865 Compare V. 99. p. 673. 536.
Total assets
LiabililteS24,255 1,344,894
Aurora Elgin & Chicago RR.-Circular.-Referring to
11,030
36,256
10,186
Mdse.accounts_ _ 39,071
291,581
5,405
8,369
4,552
995
5,284
Miseell's accounts_
the omission of the usual quarterly dividend on the common
Due to H.B.Claflin
stock, a letter states:
Co.over notes discounted or used
the dividends were earned, the directors decided, in view of exist675,879 ingWhile
conditions, to suspend the payment of dividends on the common for
as collateral
being. Public utilities properties are required continually to
Mdse.certificates_
time
the
104,422
1,420
Notes pay.to others 10,000
extend their service and facilities to meet the growing demands of their
communities. Capital for these requirements is provided ordinarily from
Notes discounted by
31,157,710
1,017,126
H.B. Millis Co_1,267,452 1,327,148 1,315,857 1,753,350
surplus earnings and by sale of new securities. Under existing conditions,
securities markets are closed, this company must be prepared
Notes collateral to
51040;716201
,120 when allcapital
504
requirements out of income. Your directors believe as a
Clank)Co.loans.
to meet
761
10
Miscellaneous
result of their decision the position of the company will be strengthened and
the investment of its stockholders will be fortified. Compare V. 99, p. 894.
34,089,758
Total Ilabillties-_1,321,807 1,338,329 1,356,665 1,772,749 1,048,206
Buffalo Rochester & Pittsburgh Ry.-Bonds Called.Buildings, $316,119, less mortgages, $68,000; equity, $248,119.
Ninety-five ($95,000) 434% equipment bonds, Series "D," for payment
3,Real estate and buildings, $200,000: less mortgage,$90,000; equity, $100,000.
at 105 and int. on Nov. 1 at Guaranty Trust Co., N.Y.-V .99,D.403,341.
As to bonds omitted from above, see "a" following H. B. Clanin balance sheet.
Our. 3 1914.]
THE CHRONICLE
969
Buffalo & Susquehanna Ry.—To Be Discontinued.— semi-annually in 20 series of $45,000 each. Drexel & Co.
Justice Bissell in the Supreme Court at Buffalo on Sept. 30 early in the summer arranged to purchase the entire issue
on application of the United States Trust Co., trustee of at 97 and interest.
equipment covered is to cost $1,103,312, of which $203,312 is paid
the mortgage securing the $6,000,000 1st 43/25, granted an in The
cash. This equipment is to consist of 6 locomotives, one of which is
order permitting Receiver Harry I. Miller to discontinue the large triple articulated machine which has been tried out in freight
service on some of the company's heavy grades in Southern New York.
operation of the road on Nov. 1. The receiver was also said
to be the largest locomotive in the world (V. 99, p. 406); 7 all-steel
ordered to sell the road and equipment. The newspaper suburban
coaches, one all-steel combination baggage and passenger coach,
underframe club cars, 200 46-ton drop and gondola cars, and 600
reports that the road was ordered to be torn up is discredited 4 steel
side-dump
-ton
hopper cars. Edward T. Stotesbuty will lease the equip50
city.
by a party in interest in this
ment and assign the lease to the Commercial Trust Co. of Philadelphia.
of from $6,500 to
It was shown that the road was being run at a loss
New Notes.—The holders of a substantial part of the $4,$10,000 a month; that on April 1 1914 the Buffalo & Susquehanna Railroad
severed its relations with the Railway company, transferring its excess 550,000 notes maturing Oct. 1 have, it is announced, accepthe
Through
loss
lines.
of
this
allied
traffic over the Pennsylvania and
business the affairs of the Railway became still more involved and it was ted the offer of J. P. Morgan & Co. to give new 5% one-year
found that it would be impossible any longer to operate the road. The notes in exchange and the remainder of the $44,550,000 new
bondholders' committee consented to the order.—V. 97, p. 1662.
notes have been placed. Compare V. 99, p. 815, 748.
Canadian Northern Ry.—Acquisition.—The company
Fitchburg RR.—Authorized.—The stockholders on Sept.
has, it is reported, taken over the Stettler-Nordegg Ry. in 30 authorized the proposed issue of $2,550,000 bonds
to
Alberta, extending from the main line at Stettler, Alberta, reimburse the Boston & Maine for improvements on the
to Nordegg, a colliery town, 123 miles, and will operate it. road and to refund $1,359,000 bonds due March 1 1915.
The colliery at Nordegg is said to be owned by Kaiser Wil- —V. 99, p. 816.
helm of Germany.—V. 99, p. 747, 608.
Interurban Railway & Terminal Co., Cincinnati.—
Chicago Indianapolis & Louisville Ry.—Earnings.—
Other
Fixed
Net (after
Gross
Balance. Receivership.—The Common Pleas Court at Cincinnati, on
June 30.
Income.
Charges.
Taxes).
Earnings.
Surplus. application of the Westinghouse Electric & Mfg. Co., a crediYear—
$6,944,005 $1,426,287 $200,320 $1,480,808 E145,799
1913-14
1,587,968
311,268
1.360,875
6.985,944
538,361 tor for $2,500, this week appointed Charles S. Thrasher of
1912-13
During each of the fiscal years there were paid from accumulated surplus Cleveland and Charles M. Leslie of Cincinnati, receivers.
1913-14
1%% ($170,4% on the preferred stock ($199,752); in
dividends of
568) was paid on the common, against 3M% ($341,136) in 1912-13.
—Ar, 99, p. 673, 47.
Chicago & Oak Park Elevated RR.—Receiver's Certifs.—
Judge Kohlsaat in the U. S. District Court has ordered
receiver Samuel Insull to present within ten days a petition
for permission to issue receiver's certificates to raise money
for elevating the company's tracks near the Western terminus, the cost to be between $1,500,000 and $2,000,000.
The certificates will be a first lien on the propetry.
The Court took full jurisdiction of the affairs of the road, and enjoined
further litigation by the State Public Utilities Cmomission, holding that his
Court appointed the receiver, and that the business is being conducted under
his supervision. The Commission is trying to force the receiver to elevate
the tracks.—V. 97, p. 175.
Chicago Rock Island & Pacific RR.—Mr. Amster's
Appeal to Bondholders.—With reference to the recent advertisement by N. L.Amster as to the formation of a new committee of holders of 4% collateral trust bonds (see last
week's "Chronicle"), the following statement is at hand:
In view of the pending developments in the ownership of the company,
N. L. Amster of Boston proposes that holders of these bonds break away
from the policy which has grown up in past years of placing their securities,
under such circumstances, in the hands of some self-constituted committee.
Ills proposal is that these bond owners meet together and select their own
committee to represent them in the conducting of any further negotiations
necessary to complete the work under way. The existing committee is not
making any plans to finance the needs of the railway company; that problem will have to be taken up by the new stockholders who are at present
owners of these collateral trust bonds. Mr. Amster, therefore, proposes
that all bondholders communicate with him that he may call a meeting
at which the bondholders may elect a committee to represent them.
Some of the purposes of Mr. Amster's proposal is to secure a committee
empowered by the bondholders to co-operate in securing promptly deposits
of bonds to procure the sale of the stock and its acquisition by the collateral
trust bondholders; to adjust charges against the bondholders representing
their share of the expenses incurred by the trustee; to yorocure the election
of a board of directors of the railway company actually representing the
Interests of the bondholders; to take up the question of payment of funds
of the operating company to the holding company.
The most important proposal is the question of providing a plan for taking
care of the financial needs of the railway company, of whose great intrinsic
value Mr. Amster is satisfied. See also V. 99. p. 894, 815.
[Judge Mayer in the U. S. District Court yesterday, on the protest of Samuel Untermyer, as counsel for minority bondholders, reserved
decision on the application of the Wallace committee for a decree
ordering the sale of the C. R. I. & P. Railway stock deposited as collateral
for the bonds. The Amster interests desire to getinto the foreclosure decree
a clause providing that any bondholder may receive his pro rata share of the
stock in exchange for his bonds after the foreclosure, and not be compelled
to take his share of the cash proceeds of the sale. —V.99, p. 895, 815.
Cincinnati Hamilton & Dayton Ry.—Application Postponed.—The receivers have postponed application for permission to issue $3,000,000 certificates. They say:
In view of the financial situation, largely the result of the war in Europe,
the receivers have decided not to ask the Court for an order permitting
them to purchase new equipment, as was contemplated. While favorable
contracts might be made at this time for equipment, the receivers were of
the opinion that the higher rate of interest for money borrowed would more
than offset the advantage of any saving in the amount paid for the equipment. The hearing of the application has, therefore, been postponed to
some later date, when it is hoped conditions may have improved. Compare V. 99. p. 815, 747.
Cleveland (0.) Ry.—Option to Subscribe.—The directors on Sept.28 authorized the sale, subject to the Ohio P.U.
Commission, at not less than par, of additional capital stock
in an amount equal to 10% of the stock outstanding Oct. 1,
the proceeds to be used for extensions, betterments and improvements proposed or approved by the City Council.
Stockholders of record Oct. 1 are offered the right up to Oct 15 to
subscribe for the new stock Toro rata, payable one-quarter or more each on
or before Nov. 1 1914 and Jan. 1 1915, and the remainder in one or more
installments on sixty days' notice. The company reserves the right to
limit the amount of the first two payments.
The Commission recently authorized the sale of not less than $1,068,500
stock at par, but this is not being offered to stockholders.—V.99.1p.815.747.
Commonwealth Power, Railway & Light Co.—Earnings.—The regular dividends have been announced, namely
13/2% on the pref. and 1% on the com.stock, payable Nov.2
1914 to holders of record Oct. 16 1914. An authoritative
statement reports:
•
The company in August showed an increase in gross earnings of 5.88'
over August 1913 and of 12.26% in net earnings. The totals for the 12
months ended Aug. 31 were the largest gross and net earnings in the history
of the company. Considering conditions, due to the general slowing up of
business throughout the United States, this increase is remarkable, indicating the strength of public utility companies whose operations cover a
number of communities. ,The earnings for the quarter ended Sept. 30 have
not been compiled as yet, but it is stated will show also a good increase.—
V. 99. p. 533.
The Westinghouse Co. charged that the company had defaulted inIthe
payment of interest on its bonds and is insolvent. The company joined in
the application.—V. 95, p. 1331.
Kansas City & Memphis Ry.—Decision.—Judge Sanborn in the U. S. District Court at St. Paul, Minn., on
Sept. 24 granted the application of the company to enjoin
the receivers of the St.Louis & San Francisco from abrogating
the contract by which it uses the St. L.& S. F. tracks to enter
Fayetteville. The trackage contract is ordered to be extended from Oct. 1 to June 1 1915.
The Court stated that the extension is for the purpose of giving the K.C
& M. an opportunity to build a road into Fayetteville. The road, which
is 31 miles in length, now must use the trackage in question or be shut out
of the town.—V. 99, p. 816, 608.
Keokuk & Des Moines Ry.—Remanded to State Court.—
Judge Mayer in the U.S. District Court has remanded to the
New York Supreme Court the suit brouht by Henry I. Clark
and other owners of preferred shares of the Chic. R. I. &
Pan. Ry.for an accounting under the lease, which was transferred from the State court in August last.—V.99, p.609,49.
Little Miami Ry.—Authorized.—The Ohio Utilities Commission has authorized $306,500 additional special guar.
betterment stock to re-pay the Pittsburgh Cincinnati Chicago & St. Louis Ry. for advances under the terms of the
lease from 1908 to 1913.—V. 99, p. 467.
Maine Central RR.—See "Annual Reports."
Acquisition.—The stockholders will vote on Oct. 21 on
purchasing the property and franchises of the Rangeley
Lakes & Megantic RR. (V. 95, p. 1202).—V. 99, p. 816,
811, 609.
Maine Railways Companies.—Official Statement.—
See Maine Central RR. under "Reports" above.—V. 99, p. 674.
Maryland & Pennsylvania RR.—No Income Interest.—
The company will not make the usual semi-annual payment
on the $900,000 income bonds, as the income for the six
months was not sufficient to pay the interest.
In 1901 37 was paid, but the full 4% rate (2% each in April and Oct.)
has been paid since to April 1914.
An advertisement signed by President John Wilson Brown says in substance: "In view of the large expenditures for improvements and betterments upon the road and equipment, and other such expenditures still remaining to be made, and the fact that net earnings during the six months
ended June 30 1914, after deducting fixed charges but without deducting
any part of cost of such betterments, would not be sufficient to pay the
whole amount of such interest, the directors have determined that there
is no income for said period applicable to pay such interest; and the interest on the income bonds maturing Oct. 1 1914 will not be paid.
"Tne company had shown for a number of years a very satisfactory increase in traffic. The expense of handling the traffic, however, grew very
heavy, and the operating officials stated that this was due to lack of funds
for capital improvements and for rehabilitating the property. Funds were
made available to the company and extensive improvements have been made
to the property, but the company did not show any improvement in earnings during the last six months' period. The operating officials claim that
the improvements have not been in operation long enough to feel their
effect during the period referred to, and this, they say, is borne out to
a considerable extent by the fact that a substantial reduction was shown in
the operating cost during the last month."—V. 98. n• 999.
Massachusetts Electric Companies.—Earnings.—
June 30
Divs. on
Year—
Stocks.
1913-14
$1,077,292
1912-13
1,133,293
—Ir. 98, p. 1920.
Misc.
Total
Interest, Pf Divs. Bal.,
Income. Income.
&c.
(4%).
.
Surp.
$79,008 $1,156,300 $178.214 $968,256 $9,830
71,433 1.204.726 204,012 968,256 32,458
Muscatine North & South Ry.—Receivership.—Judge
McPherson,in the U.S. District Court on Sept. 16 appointed
Charles N. Voss, President of the German Savings Bank of
Davenport, Ia. and E. H. Ryan, also of Davenport, receivers. The $425,000 3-year 6% syndicate notes secured
by all of the $800,000 bonds and $425,000 stock of the railroad company matured on Oct. 1.—V.93, p. 1534.
National Railways of Mexico.—October Interest.—No
arrangements have yet been made for the payment of the
interest payments due Oct. 1.
It had been hoped to make an issue of notes, as at prior interest periods
during the year, but, owing to the disturbed conditions in Mexico, it has
been impossible for the New York representatives of the company to obtain
the desired information from the present administration as to whether it
would pledge Government securities as collateral for the notes as in
months. The annual meeting is scheduled to be held on Oct. 7. previous
If it is
held and the developments are favorable, it is hoped to make
satisfactory
arrangements in regard to interest.—V. 99, p. 816, 675.
Erie RR.—Car Trusts.—The P. S. Commission yesterNew England Investment & Security Co.—Earnings.—
day authorized the company to issue $900,000 43/
2% The following statement for the year ending June 30 1914 has
ear trust certificates, to be known as series B, due been filed with the Mass. P. S. Commission:
970
THE CHRONICLE
$72,499
for year
Divs. and int. received_ -__$712,215 Surplus def.
June 30 1913_ _ 525.717
24,173 Accum.
Deductions
$453,218
Total deficit
3688,042
Net
$445,543 Disc't on sales of inv. bds__ 23,920
Int. on coupon notes
170.000
Dividends
$477,138
Deficit June 30 1914
$72.4991
Surplus for yeax
-V. 9. P. 675. 609.
[VoL. xc
tered holders. The committee expects to receive funds to pay the interest
within a few days, when announcement will be made.
During the 12 months past the receivers have spent $120,000 in additions
and betterments, as required by their agreement with the protective committee. Liberal amounts have been spent in maintenance. The committee required an average expenditure of $7,800 per month, whereas the
receivers have spent upwards of $11,000 on this item. The railroad, therefore, it is stated, is in much better condition than when the protective committee was formed about a year ago. Compare V. 97. p. 237. 444, 803.
887, 951.
New York Central & Hudson River RR.-Note Issue.Pacific Gas & Electric Co., San Fran.-Bonds Called.It was announced on Tuesday that the company is contemOne hundred ($100,000) gen. M. 4 % sinking fund 30-year gold bonds
the San Francisco Gas & Electric Co., dated Nov. 1 1903 for payment at
plating an issue of not exceeding $40,000,000 of 6 months of
' p. 817. 609.
105 and hit. on Nov. 1 at Union Trust Co., San Fran.-V.99,
and one-year coupon notes, divided equally between the two
Pere Marquette RR.-Amended Order.-Judg3 Tuttle in
maturities, to meet the company's financial requirements
well into 1915. The first maturity to be met is an issue of the U. S. District Court on Sept. 28 filed an order amending
$12,000,000 one-year 5% notes on Nov. 5. The new notes the original order so as to provide for the issuance of only
of the 82,000,000 of receivers' certificates ser. A.
will bear interest at 5%. The company has requested the $600,000
The order was based on an agreement among counsel for first M. bondfirm to manage a syndicate which will purchase the notes holders, who had appealed from the original order, authorizing the issuance
of series A, that there be no appeal against $600.000 of the amount, so
on what is believed to be approximately a 7% basis.
paid. This will eliminate a monthly
The date of the public offering of the notes has not yet been determined.
but it is understood that the company s depositary banks are taking a
large interest in the underwriting syndicate. If conditions had been normal
the company would have handled its financial needs through the sale of
new refunding bonds.-V. 99, p. 748, 538.
New York New Haven & Hartford RR.-Directors.William Rockefeller and George F. Baker, also Charles F.
Brooker of Ansonia, Conn., and James S. Elton of Waterbury, Conn., on Tuesday resigned as directors. J. Horace
Harding, of C. D.Barney & Co., has been elected a director.
The four resignations leave 20 members on the board, compared with 27
a year ago. The directors voted to recommend to the stockholders at the
annual meeting on Oct. 28 that the board be reduced to 17 members, in
accordance with the general policy now being followed by corporations and
banking institutions.-V. 99, IL 817, 675.
penalty
that the State taxes may be
of nearly $5,000 imposed by the State on account of delinquency
V. 99, p. 895. 817.
St. Louis & San Francisco RR.-Extension of Bonds.-
See Ozark & Cherokee Central Ry. above and compare V. 99, p. 895.
Deposits.-About 85% of the 4% refunding M. gold bonds
had on Oct. 1 been deposited with the protective committee
(Frederick Strauss, Chairman). No formal extension of
time has been granted, but the committee will, for the time
being, consent to receive further deposits.-V.99,p. 895,609.
Salt Lake Light & Traction Co.-Merger.See Utah Securities Corporation below.-V.99, p. 675, 609.
Second Avenue RR., New York.-Default.-The company has defaulted on the payment of the principal of the
Western
Ry.-New
&
Ontario
Directors.New York
$3,140,000 6% certificates due Oct. 1. The semi-annual
The following directors have been elected:
interest due on that date has been paid.
Francis
Falls,
T.
Niagara
of
Maxwell
Rockville,
of
Lovelace
L.
Frederick
A bankers' circular to their customers says in substance:
Conn., and Lorenzo M Gillett of New York, to succeed the late Edward
When the certificates were issued it was expected that a plan of reorganization for the property could be consummated before their maturity, and a
tentative plan was prepared last July which provided for the payment of
Owing to the outbreak of the European war, and
New York Railways.-Notice to Holders of Adjustment the certificates in full. financial
conditions, it was decided it would be
the
resulting disturbed
Incomes.-Charles F. Cushman, Secretary of a proxy com- useless
to attempt to consummate the plan, which has therefore been held
same reason the receiver has
mittee, Room 1800, 14 Wall St., N. Y.,in circular of Sept. 24 in abeyance. We are informed that for the certificates.
found it impossible to finance a new issue of
says in substance:
ago the receiver presented the facts in the case to the Court
weeks
Some
At the annual meeting in December the Adjustment Income bonds will which authorized the issuance of the certificates which you hold, and
be entitled to elect 5 of the 11 directors. The following will present our requested permission to pay the interest due Oct. 1, and asked the Court
proxies: Darwin P. Kingsley, Pres. N. Y. Life Ins. Co.; William A. Day, for instructions as to the action to be taken in respect to the principal of the
Pres. Equitable Life Assur. Soc.; Haley Fiske, V.-Pres. Metropolitan Life certificates then due. While the decision of the Court has not yet been
Ins. Co., all of N.Y.: Allan Forbes,Pres. State Street Trust Co., Boston.
handed down,it is not likely that any provision can be made by the Court or
Coupon bonds registered as to ownership, as well as full registered bonds, by the receiver for payment.
registration.
Coupon
bonds
which
further
have
been
not
without
vote
can
The certificates constitute a first lien on the assets of the corporation,
registered as to ownership will be registered for voting if presented at the which,according to a recent valuation,show a substantial equity,and as the
reorganization department of the Guaranty Trust Co., 140 Broadway. N.Y., receiver reports earnings more than sufficient to meet the interest, we feel
which company, without inscribing anything on the bonds, will make a that the payment of the principal is only deferred.
record of the name of the owner and the numbers of the bonds. Bonds once
Pending final payment of the certificates, or until further notice,
registered are good for voting at all subsequent elections.
holders should retain their old certificates, which we understand will conThe suit of the N. Y. Life Insurance Co.on behalf of all said bondholders tinue to bear interest at the rate of 6% per annum.-V.99, p. 749.
to re-open and re-cast the accounts under which interest payments were
made for the years 1912 and 1913, on the ground that money properly due
Southern Pacific RR.-Application.-The company on
the bondholders has been withheld, is being actively prosecuted. The Sept. 23 applied to the California RR. Comm. for leave to
bondholders can make sure that from now on these income bonds will receive every dollar of interest to which they are entitled by standing together issue $2,789,153 74 first refunding bonds. The bonds are to
and electing directors who will protect their interests.
be sold at 91.0388. The proceeds are to be used to replace
Milner and J. P. Morgan and C. F. Brooker, who resigned. Mr. Lovelace
represents the minority stockholders.-V. 99, P. 889. 609.
Income Interest.-A payment of 1.288% ($12.88 per capital expenditures for the 14 months ending Dec. 31 1912.
$1,000) will be made on Oct.1 for the 6 months ending June 30 -V. 92, p. 264.
1914. The statement originally prepared by the company
Southern Ry.-Mr. Gary Retires as Director.See item under "Banking, Legislative and Financial News."-V. 99,
showed the amount available as interest to be 1.24%.
P. 818. 749.
Swartwout & Appenzellar in a circular say:
Tidewater Southern (Electric) Ry.-Further Data.-As
The board of experts on Sept. 30 reported $12 88 per bond, as against
$12 40 reported by the company. We are, of course, sorry that the board stated last week, L. N. Rosenbaum, 80 Wall St., is offering
direcexplicit
the
company,
any
than
follow,
more
the
of experts did not
and int. the unsold portion of $750,000 30-year 5%
tions of the mortgage regarding net income, reserves. &c. but it must not at 85
bondholders had 1st M.sinking fund gold bonds of 1912. A circular shows:
be forgotten by bondholders that on this committee the'
no representative, for the committee was appointed one by the company.
one by the trustee, the two selecting a third. In this particular case the
trustee, the Farmers' Loan & Trust Co. is the same as the company,for its
President (as a director of New York Railways Co.) has regularly signed
each report prepared by the company and has not been influenced by the
of the New York Life Insurance Co. and some $6.000,000 other
ro
ptest
bonds regarding the policy followed by the company of setting up reserves
in years when less than 5% is paid on the income bonds. The mortgage,
by
in providing for a board of arbitration, provided for one appointment
the trustee, it being anticipated that, in any dispute, the trustee would
favor the bonds as against the stock-holding interests as represented by
the company. Compare V. 99, p. 675, 343.
Northern Electric Ry., California.-Receivership-Default.-The General Railway Signal Co. on Thursday applied
to Judge Dooling in the U.S. District Court at San Francisco
for the appointment of three receivers. The company joined
in the application. The company has defaulted on the interest
on the $3,750,000 1st M.50-year 5% bonds due Oct. 1. Int.
on $6,652,000 1st & consol. M.5s was defaulted on June 1.
The
The current liabilities amount, it is stated, to about $1,100,000.
company recently applied to the California Commission for authority to
Issue $37.079 notes.-V. 98. P. 1845-
Ottawa (Can.) Traction Co., Ltd.-Dividend.-A diviholders of record Sept. 30.
dend of 1% was paid on Oct. 1 to was
paid Oct. 1 on the Ottawa
The usual quarterly dividend of 3%
Electric Ry. stock.-V. 98, p. 763.
Ozark & Cherokee Central RR.-Extension of BondsInterest Payment.-The protective committee, consisting of
E. S. Page, Chairman, Howard Bayne, Robert C. Drayton,
A. B. Leach and Robert L. Montgomery, now representing
over 93% of the $2,880,000 outstanding 1st M.5% bonds,
announces that an agreement has been made with the receivers of the St. Louis & San Francisco RR. Co. for an extension of the bonds represented, for a period not exceeding
one year from Oct. 1 1914, the arrangement providing that
interest at the rate of five per cent(5%)shall be paid for the
six months ending Oct. 1 1914, or within a few days therewill
after, and that interest at the rate of six per cent (6%)days
be paid for the six months ending April 1 1915 or a few
thereafter.
of
Holders of the certificates of deposit issued by the Girard Trust Co.
Philadelphia and the Columbia Trust Co. of New York should forward
the same to the respective depositaries in order that the extension may be
stamped on them, and checks for the interest will be mailed to the regis-
Earnings for First Seven Months of Operation as an Electric Road.
Nov. 13. Dec.'13. Jan.'14. Feb.'14.Mar.'14. Apr.'14
9,794 12,448 15,572
7,003
5,759
3,451
Passengers, No
revenue
$1.184 32,594 $3,358 $4,548 $5,562 $6.612
Passenger
1,489
1,214
2,464
1,526
1.660
1.730
Freight revenue
Total revenue-for April 1914,39.078: net for interest and surplus, $3.875.
all
of
carried
90%
over
1914
passenger
July
and
June
May.
During April.
traffic between Stockton and Modesto. Will not compete with the steam
roads except for terminals, and will touch an entirely unserved territory
already well developed. Has arrangements with Western Pacific, Central
California Traction Co., California Navigation & Impt. Co., Southern
Pacific and Atch. Top. & S. Fe. for interchange of passengers and freight.
In Oct. 19125. G. White & Co. estimated the earnings for the first full year
of operation from Stockton to Turlock (50 miles) as an electric road as
follows: Gross earnings, passengers, $149.000; freight, 331.000; total,
$180,000(company's estimate-13225,000); net earnings,after taxes, $63,000.
Capitalization May 1 1914: Capital stock (par $1 a share), $5,000,000;
outstanding, 3894,132, owned by some 3,000 stockholders, largely locally.
Bonds authorized, 34,000.000; outstanding May 11914,$271,000.
Bonds dated Apr. 15 1912 and due Apr. 15 1942. but red, on any interest
date at 103 and int. Denom. $500 and 31.000. Int. A. & 0. 15. Sinking fund to retire the bonds: Oct. 15 1916 to Oct. 15 1921,2% of outstanding
bonds; 1922 to 1941, 3% yearly. Bonds limited to $16,000 Per mile between Stockton and Modesto and $20,000 per mile for extension purposes.
$750.000 authorized by RR. Commission of State of California, the proceeds to be used for the completion and equipment of the road between
Stockton and Turlock. a distance of 51) miles.
Assets May 1 1914: Construction, 3591.159; equipment, $53,542; land.
$35,860; cash and bills receivable, $206,507; rights of way (95 miles), city
franchises, 3350.000; total. $1,237.068. including 34 miles operating electric railroad, stations, station grounds, side tracks, terminals, equipment,
5 miles additional track. 15 miles additional grading.
The system as projected will embrace about 227 miles of standard-gauge
high-speed interurban electric road for passengers,freight, &c.,front Stockton southerly through French Camp, Atlanta. Escaion, Modesto, Ceres.
Turlock, Merced and Madera to the City of Fresno, with branches to Manteca, Ripon, Oakdale, Patterson. Newman and Crows Landing. The estimated cost of this line is 35.000.000, but in no event may bonds be issued
In excess of the actual cost of the road, nor for more than $20,000 per mile,
for each single mile of main line or side track, regardless of the cost. The
first division of road from Stockton to Atlanta, Escalon and Modesto, 33.1
miles, is now completed and being operated as an electric road. The road
south of Modesto will be extended when and as the directors approve.
There have been completed south of Modesto 5 miles of track, from Turlock westerly to Hatch, and 15 mimes of grading from Hatch to within 2
miles of Modesto. Private right of way 50 to 100 feet in width, excepting
in cities. Satisfactory franchises on Pilgrim St., Stockton, to connect
with the tracks of the Central California Traction Co., Southern Pacific,
Western Pacific and Atch. Top. & S. Fe. New 60-lb. steel "T" rail.
standard 6x8x8 redwood ties, with tie plates. Bridge across Stanislaus
River is built to stand a 100-ton engine under all conditions. Has 10-year
contract with the Sierra-San Francisco Power Co.for electric motive power.
Officers and directors: Byron A. Bearce (Pres.). Karl 0. Bruock (Sec.).
F. A. West, W.G. Wallace, J. L. Craig. Geo. F. Schuler and Wm.C. Peck.
all of Stockton; J. A. Coley (Vice-Pres.), Escalon; T. J. Wisecarver, Modesto; Claus Johnson. Turlock; M. D. Wood, Merced; A. T. J. Reynolds.
Courtiand; J. N. Stuhr, Newman.-V.99. p. 818.
OCT. 3 1914.J
THE CHRONICLE
Toledo Peoria & Western Ry.-Earnings.-
911
American Public Utilities Co.-Com. Div. Omitted.-
The directors have decided to omit the usual quarterly distribution on the
Balance,
June 30.
Net (after Hire of Interest,
Gross
YearTaxes). Equip.,&c. Rent.,&c. Sur. or Def. common stock, which Is made on Oct. 1. Payments of % of 1% were made
Earnings.
July 1912 to Oct. 1913, and from Jan., April and July 19141 % of 1%.
$230,257
from
def$187,842
$58,883
1913-14
def$16,468
$1,293,609
228,354
stu•37,672 An official statement says:
72,200
1912-13
193,826
1,392,961
"At the breaking out of the European war the company had undertaken
-V. 98, p. 232.
certain large construction work, particularly at Indianapolis, some of which
could not be postponed at the usual time for the declaration of quarterly
Union Railway, New York.-Decision.The Court of Appeals has affirmed the judgment of the lower Court dividends, owing to the disturbed financial conditions. The board was not
fixing the special franchise assessment for 1910 at $4,018,756 and $216,097 certain that the construction operations could be carried forward without
in Manhattan and the Bronx, respectively. This is a reduction of nearly using funds available for dividends. Action on the matter of the payment
was, therefore, deferred until Monday, Sept. 28, when the
$200.000 over the assessment fixed by the State Tax Board.-V.99, p. 50. of
board was pleased to determine that it not only could carry on and complete
the necessary construction work, but could also prudently pay the dividends
Utah Light & Traction Co.-Merger.on the preferred stock."-V. 99, p. 892, 819.
See Utah Securities Corporation below.
Utah Securities Corporation.-Acguisition.-New Securities.-The company, as was planned, has purchased
a 98% interest in the stock of the Utah Light & Ry.and
the property of the latter is now owned by the Utah Light
& Traction Co., all of whose stock, other than that which
accrues to the minority holders of the Utah Light & Ry.,
is owned by the Utah Securities Corporation.
exchange
either cash or
This minority stock has been offered in
& Traction Co. was formed
stock in the new company. The Utah LightLight
& Ry. and the Salt Lake
Sept. 18 1914 by a consolidation of the Utah
by the same interest
Light & Traction Co., which was recently organized
The capital
with paid capital of about $1,000,000 (V. 99, p. 675, 609).
in $25 shares.
stock of the new company will approximate $1,000,000
mortgage
to
a
the
made
has
Bankers
Co.
Traction
&
Light
Utah
The
Trust Co., as trustee, to secure an unlimited issue of First & Refunding
5% 30-year gold bonds,dated Oct. 1 1914 (int. A.& 0.atofficeof company's
agent), subject to call on any interest date at 105 and int.; coupon bonds
81,000, $500 and $100: registered bonds, $1,000. Sinking and improvement fund, 1917 to 1919, 1% of bonds outstanding: 192010 1934, 2%; 1935
to 1943, 2%%, all dates inclusive. Of the bonds $11,661,000 have been
Issued, of which $3,816,000 are reserved to provide for the underlying liens
below shown. The rest were sold to cancel large floating debt of the
Utah Light & Ry. and to provide the necessary cash to pay the Utah Light
& By. and the Salt Lake Light & Traction stockholders who elected to
take cash in payment or exchange for their holdings, because of the merger.
The bonds were not sold to bankers and none of them, it is expected, will
get into the hands of the public.
Underlying Bonds for $3,816,000 to Retire which New Bonds are Reserved.
$745,000 Utah Lt.& P.1st M.gold 5s dueJan. 1 1930,subject to call at par.
1,113,000 Utah Lt.& P.Consol. M.g. 4s due Jan. 21930.sub. to call at par.
1.472,000 Consol. R.& P. 1st M.gold 5s due July 1 1921 (not sub, to call).
486,000 Utah Lt. & Ry. 1st Consol. 5s, due Jan. 1934, call at par.
The $993,000 Utah Lt. & Ry. 1st Cons. 53 and 82.003 Utah Lt. & P.
Consol. 4s formerly owned by Oregon Short Line RR.(U. P.) have been
turned over as Part consideration for the property acquired, and have been
deposited as additional security for the new 1st Sc Ref. Mtge.
Just what will be done by the new interests with the property is a matter
that will be worked out deliberately along conservative lines. It is still
undetermined whether the Utah Light & Traction Co. will be merged
into the Utah Securities Corporation or again whether the gas and electriclight business of the new property be turned over to the Utah Power &
Light Co. and the new company left to operate simply the traction
property.-V. 99, P. 347. 54.
Assets Realization Co.-Financial Report.-G. M. P.
Murphy, Chairman of the executive committee under the
new regime, has made to the creditors' committee an elaborate 40-page report regarding the company and its assets,
a digest of which will be published in the "Chronicle" later.
The company's direct obligations, as far as Mr. Murphy has been able
to determine them,aggregated in Dec. 1913$7.073,711,of which $1,179.627
has since been discharged by payment in cash, sales and relizations on collateral, sale of lots, &c. The Icnown contingent liabilities (guaranties, endorsements, &c.) have in the same interval been reduced from $2,321.127
to $169,684, in addition to which there are some indefinite contingent
liabilities and a $150,000 contingent claim of doubtful validity. Against
an annual income of not exceeding $100.000, there are interest charges of
about $300,000, fixed executive expenses of $132.159 and legal and incidental expenses of probably $68,000, a total of, say, $500.000. Many of
the assets are in a partially undeveloped condition, requiring the making
of further advances and Mr. Murphy therefore warns the stockholders
against undue optimism as to the final result and intimates the possibility
that the assets may not prove sufficient to meet the claims of the unsecured
creditors in full with ihterest. Compare V. 98. p. 996: V. 99, p. 540.
Associated Merchants Co. New York.-Plan.--
See (H. B.) Claflin Co. below.-V.
'
99. p. 51.
Atlantic Gas & Electric Co., N. Y.-Assignment.This holding company, having filed a voluntary petition in
bankruptcy, Judge Mayer in the U. S. District Court, N. Y.
City, on Sept. 29 appointed Calvert Brewer (V.-Pres. of the
United States Mortgage & Trust Co.)as receiver for the property as a preliminary to a readjustment of finances.
The liabilities are stated as $2,478,212. of which $2.420,852 are secured
(including with other items bonds of series A and B).$28,523 are unsecured.
$28,286 are due to sub-companies and $550 are for wages. The assets consist of $1,112 cash, $20.000 construction materials at Easton, Pa., and securities of the face value of $5,238.710. Spooner & Cotton. 14 Wall St.,
attorneys for the company,are quoted as saying that the company's embarrassment is due to difficulty in financing improvements and that the underlying companies are sound and will not be affected. See Eastern Pennsylvania Power Co. below.
A full statement regarding the Atlantic Gas & Electric Co. was given in
V. 97. p. 1585, but subsequently the Pennsylvania Utilities Co. was organized as a merger of certain of the underlying companies and made a
mortgage to secure not exceeding $25,000,003 1st consol. M. 30-year 5s
Wrightsville & Tennille RR.-Earnings.dated Nov. 1 1913, of which $3,620,000 were reserved to retire outstandFixed Dividends Balance,
Operating Net (after Other
June 30.
Revenues. Taxes). Income. Charges. (6%). Sur. or Dir. ing underlying bonds of Eastern Pennsylvania Power Co., Nazareth El.
YearLt. Co. and State Belt El. Lt., Ht. & P. Co.: the remainder as issued for
$352,119 $98,121 $2,015 $25,078 $36,000 sur.$39,0 8 additions,
1913-14
&c., it was said, would be taken and held by the Atlantic Gas
1,465
23,583
36,000 def. 15.828
306.583 42,290
1912-13
Of the dividends paid in 1912-13, 3% ($18.000) was paid from profit & Electric Co.-V. 98.9 1696.
above
for
the
sake
of
shown
comparison.
-V.
97,
are
but
p. 1026.
and loss,
Buffalo (N. Y.) Gas Co.-Notice
-See
to Bondholders.
advertisement on another page, also V. 99, p. 896.
INDUSTRIAL, GAS AND MISCELLANEOUS.
Central & South American Telegraph Co.-Partly EstiAgricultural Credit Co.-Preferred Dividend 0Mitted.- mated Earnings.-For 3 and 9 months ending Sept. 30:
3 Mos.- Tot.
The directors on Sept. 21 voted to omit the 1
quarterly dividend on
the $2,000,000 7% cum. participating pref., paid usually on Oct. 1. The
resolution states: "On account of the extraordinary financial conditions
resulting from the European war, it is deemed advisable to omit the usual
quarterly dividend of I%% on the pref. stock, although current earnings
continue in excess of the dividend requirements."-V.96, p. 864.
American Malt Corp., N. Y.-Pref. Div. Reduced.-
4
1913
Inc. Net Income.
Dividends.
Bal., gulp. Total Sur.
$547,500 $388,918 (1%%)$143,565 $245,353 $3.731.282
365,000
209,856 (13i%) 143,565
66,291
3.256.250
9M
1914°3.- $1,325.200 $854,368 (414%)$430.695 $423,673 $3,731,282
1913
1,209,500
761,780 (434%) 430,695
331,085
3,256,250
-V. 99, p. 201.
Chandler Motor Car Co., Cleveland.-Special Dividend.
The directors on Sept. 30 declared a dividend of I% on the $8,843,990
A special dividend of 10% has been declared on the $225.000 common
6% cumulative pref. stock, payable Nov. 4 1914 to shareholders of record
Oct. 16. This contrasts with 2% each in May 1914 and Nov. 1913. 214% stock along with the usual quarterly payment of 1%% on the $200,000 7%
each in May 1913 and Nov. 1912, 2% each In May 1912 and Nov. 1911. cumulative preferred stock. A dividend of 5% on the common was also
1% each in May 1911 and Nov. 1910, and with 244% each six months paid within 90 days. The plant, which has been in operation less than two
years, is said to be running at its full capacity, with prospects of a large
(5% per annum) from Nov. 1908 to May 1910, inclusive.
The American Malting Co., the operating company, has declared a fall business.
dividend cf 62c. a share on its $14,440,000 pref. stock, payable on Nov. 2. - Chicago Lumber & Coal Co.-Bonds Called.This compares with $1 24 a share each in May 1914 and Nov. 1913, $1 55
First mortgage 6% bonds, Nos. 3479-3500, inclusive, of the Gulf Lumber
each in May 1913 and Nov. 1912, 81 24 each in May 1912 and Nov. 1911.
with 62c. each in May 1911 and Nov. 1910 and with $1 56 half-yearly Co. for payment at 103 and int. on Nov. 1 at Guaranty Trust Co., N. Y.
Chicago Lumber & Coal Co. guarantees both principal and interest of
The
(3.12% a year) from Nov. 2 1908 to May 1910. The American Malt Corp.
as owner of an amount in excess of 142,645 shares (98%) of "company" the bonds.-V.98. D. 1843.
pref., will receive from the dividend now declared about $88,440. which is
(The) H. B. Claflin Co., N. Y.-Plan of Reorganization
just sufficient to cover its own 2% distribution.
Preliminary Statement for Year ending Aug. 31 1914 (compare V.91. p. 1250)• Sept. 25 1914.-The noteholders' committee having formuAmerican Malting Co.1913-14. 1912-13. 1911-12. 1910-11. lated a plan of reorganization for the company and the 23
Surplus for year after all charges_ __ _$330.775
8403.368 $810,319 $763,040
Pref. divs. paid in November
$89,528 5179.056 $223,820 $179,056 allied properties named below, now in receivers' hands, preProf. diva following May.._ _ _(not declared)
179.056 223,820 179,056 sents the financial statements which are cited under "Annual
Balance after divs. (6 mos.' div.
Reports" on a preceding page and gives notice that deonly in 1913-14)
845,256 $362.679 $404,928 positors who do not withdraw on or before Oct. 30 will be
Div. to Am. Malt Corp., about_ _. _ $241,247
*88.40
al76.880
b436.496
C347.860
Div. Amer. Malt Corp. pref., about_ 88,440 5176.880
bound by the plan and that further deposits are limited to
436.496 347.860
Oct. 26. This plan has been approved by the general cred•62 cts. a 1.24%. b 3.30%. c 2.48%.
itors'
committee and the creditors' audit and adjustment
Bond Extension.-See Am. Malting Co. below.-V.98, p.
committee representing general creditors of the company.
1921.
Noteholders'
James S. Alexander (Chairman). Lewis L.
American Malting Co., N. Y.-New Circular as to Ex- Clarke, Howlandcommittee:
Davis, William T. Elliott, Charles W. Folds, Ernest A.
Hamill, Seward Prosser, Philip Stockton and Festus J. Wade, with B. W.
tending Bonds.-A circular dated Sept. 25 has been sent to Jones,
Secretary, 16 Wall St., and the Bankers Trust Co., N. Y. City, as
the bondholders, urging them to aid the company at this depositary
and Northern Trust Co., Chicago, Girard Trust Co., Phila..
'Trust Co., St. Louis. and Old Colony.Trust Co., Boston.
juncture by the early presentation of their bonds to the Guar- Mercantile
as agents of depositary.
anty Trust Co. of N. Y., 140 Broadway, N. Y., to be exDigest of Plan of Reorganization.
tended to June 1 1917 on payment of a commission of $41)
.200.000 Present Indebtedness of II. B. Claflin Co. and the 23 Corporations
per bond, in accordance with circular of Sept. 9 1914 (V. 99, $42
(Exclusive of indebtedness between the 23 companies and the H. B'
Claflin Co. and of all of said companies to John Clafiln.)
p. 818). The circular shows:
Expenditures, Aggregating $2,675,861, for Improvements, Construction &c
Since the $4,000,000 Bonds(Now only $2,402,000) Were Issued.
New plant at Buffalo, N. Y.-on Buffalo Creek, where the largest Lake steamers can discharge cargoes into the elevator attached to the malt house-the largest malt house with the
'largest storage capacity of any in the world
81,252,417
Additions and improvements to other plants
1,152,334
Property at 72d, 71st Streets and Ave. A,N. Y. City
271.110
Of the above expenditures, there was paid from earnings $2,119.529:
from proceeds of property sold, $556,332. The balance of proceeds of
property sold was used for retirement of bonds. All of the newly-acquired
property is covered by the mortgage.
Statement Showing Conservative Dividend Policy-6 Yrs. ending Aug.311913.
Surplus net earnings Sept. 1 1907 to Aug. 31 1913 in excess of
all charges
$3,729,265
Dividends paid in the period from Sept. 1 190710 Sept. 1 1914
2,288,740
Balance surplus net earnings for the 6 yrs. in excess of divs____$1,440,525
To this add the surplus net earnings for the year 1913-14. (See Amer.
Malt. Corp. above.)-V.99. p. 818.
Class A-11. B. Claflin Co.'s debts for merchandise, direct loans.
expense accounts, foreign drafts, &c. total (claims against
the assets of the company only) about
'
Class B-H. B. Claflin Co. endorsements of notes of the 2359.000.000
(retail, &c.) companies discounted by it, being claims against
the assets of the FI. B. Claflin Co. in common with the Class A
claims, and also against the assets of the individual companies
in common with the merchandise and other general creditors
of the individual companies (Class C below), about
Class C-Indebtedness of one or more of the 23 companies (other31.500.000
than upon notes discounted by the H. B.Claflinro. and liability upon income and debenture bonds), being claims for
labor, taxes. &c., entitled to priority and for merchandise sold
or money advanced direct to One of the companies, but
having
no claims against the assets of the H. B. Claflin C., about_
1,700.000
Two New Companies to be Organized.
(1) The "Mercantile Stores Corporation," to be organized
under
N. Y.
State laws.(its share capital,all of one class, to have
par value and the
number of shares to be determined by the committee.)no
to acquire at judicial
sale or through composition proceedings, or
otherwise:
972
THE CHRONICLE
All
B. Claflin Co. as are deemed desirable
(a) Such assets of the H.
Claflin or of the United Mercantile Co.
(b) Such assets of John
advantageous, viz:
delivered to the receivers as may behands,
All
capital stock_
Allied 23 companies now in receivers'
Wilkes-Barre Dry Goods Co.
• McCreery & Co. of Pittsburgh,
Mercantile Co.(these 3 cos. not
•and MacCallurn & Cloutier
All
in receivers hands), entire capital stocks
Scruggs, Vandevoort-Bamey Dry Goods Co. Common
$2,103.650
$1,250.(Issued stock $2,500,000 common,
2d pref
187,000
000 1st pref. and $750,000 2d pref
Higbee Co. (1st pref. $200.000: 2d pref. 421,600), entire
tock
is $1,050,000 common,
James H. Dunham & Co. (issued stock
400,000
2d pref.). common stock_
$1.000.000 1st pref. and $500,000
stock
(issued
$14,427,500 common,
Cos.
Goods
Dry
United
6.268,000
510.844,000 pref.), common stock
equities owned by John Claflin but transferred to
(c) Other assets andthe
noteholders' committee for the benefit of the Merrepresentatives of
cantile Corporation, subject to the terms and provisions of the agreetransfer.
of
ment
be organized to take over the profitable
(2) H. B. Claflin Corporation to
of the present H.B. Claflin Co.(of N.J.).
portion of the wholesale business
this new corporation approximately $6.000.000
There will be transferred to B.
Claflin Co. In exchange for its (56,000,0001
H.
of assets of the present
capital stock, alfof which will be owned by the Mercantile Corporation.
and Holders of Notes Endorsed by It.
Creditors
General
Co.'s
the
Offered
erms
all creditors H. B.Claflin Co., both classes
(1) Cash payment toof
amount of their respective
principal
the
account
A and B. on
a partial liquidation of the assets of the
claims to be obtained fromcash,
is
it
will be available for
believed,
which
Co.,
Claflin
H. B.
15%
distribution within four months from Oct. 1 1914
-year collateral trust notes (called
(2) Mercantile Corporation's 3
form.
dated
1
Dec.
registered
"bear
1914,
to
in
notes")
"collateral
interest at not exceeding 5% per annum, interest payable. however,
income," such notes to be issued in
prior to maturity, only out of
No. 1 for about $7,650,000 to be delivered
24 separate series, series(Class
A. aggregating about $9,000,000) of
to the general creditors
each of the other 23 series to be delivered
the H. B. Claflin Co., and
by one of the 23 comto the holders of notes (Class B);executed
Claflin Co. (series 2, about $830,panies and endorsed by the H. B.
Co.
notes:
Batterman
series
3, $1,980,000 for
H.
of
000 for 85%
85% of J. Bacon & Sons notes. and so on. (See table below)--85%
be
to
-Collateral
under
Deposited
Trust Agreement.
Security for New Notes
creditors will be secured by one(1) Series 1 notes received by Class A
of
the
stock
capital
the
H.
B. Claflin Corof
proposed
sixth [S1.000,0001
poration, the wholesale trading company.
of notes received by Class B creditors
series
23
remaining
the
of
Each
(2)
will be secured by the entire capital stock of the particular company which
executed the notes to be exchanged for the new notes. Thus: Series 2
stock of the H. Batterman Co. and
will be secured by the entire capital
of J. Bacon & Sons.
series 3 by all of the capital stock
of
Payment
Interest upon Series 1 Notes.
for
Funds
Source of
(a) From dividends upon one-sixth the stock of H.B.Claflin Corp.
upon
the unpledged investments and
earnings
of
distribution
From
(b)
property of the Mercantile Corporation, such as five-sixths of the capital
Corporation, the capital stocks of the United
stock of the H. B. Claflin
Dry Goods Companies, Scruggs, Vandervoort-Barney Dry Goods Co.,
Higbee Co., McCreery & Co. of Pittsburgh, various equities in real estate
and other assets.
capital stocks of the 23 companies deposited
(c) From dividends upontothe
secure the other series of collateral notes. after
under the trust agreement
payment in full of the series of notes for which said stock is pledged.
Source of Funds for Payment of Interest upon Notes of Series 2 to 24.
the stock pledged to secure that series.
(a) From dividends upon
of earnings upon the unpledged investments and
(b) From distribution
as specified in sub-division (b) above.
Mercantile
Corp.,
the
of
property
(c) From dividends upon the capital stocks of the companies deposited
under the trust agreement to secure the other series of collateral notes after
payment in full of the notes for which said stock is specifically pledged.
Proposed Equitable Settlements with General(Class C)Creditors ofthe Several Cos
It is proposed that settlements be made with the general creditors'
(Class C), the capital stock of which will be deof the several companies
notes, Series 2 to 24, inclusive.
posited as security for the collateral trust
at the sole discretion of the committee by
Such settlement may be made
or otherwise for cash or by the delivery
way of composition, sale, purchase
of notes and indebtedness on open account between the cos. may also be
settled at the discretion of the committee.] If such settlements are effected
said companies will be practically free of debt.
Salient Provisions Respecting Notes Series 1 to 24-Default.-Extension.
(a) The trustees, unless more than one trustee dissents, shall have the
appraisement to dispose of all or any part of the capright at any time afterany
company the capital stock of which is pledged to
ital stock or assets of
of notes, provided the proceeds be distributed
secure any of the series
of that series; but such payment shall not prevent the
pro rata to the holders
the noteholders making proof of the notes at
of
benefit
the
trustees for
full amount thereof with unpaid interest, if any.
final maturity for the
by any company anr of whose stock is dedeclared
dividends
All
(b)
of notes shall be used by the trustees as far as may
posited to secure a seriesfull
5% annual interest to date upon the collateral
paying
be necessary inseries,
and any surplus thereof remaining shall be applied
totes of that
of the notes of that series. The
forthwith pro rata upon the principal
after a satisfactory appraisal or audit.
companies may pay dividends only
notes, Mercantile Corporacollateral
the
of
maturity
final
"Prior to
upon the said notes only out of its net income, but
tion shall pay interest
upon the principal amount of each
paid
be
shall
interest
of
rate
the same
irrespective of interest payments that may
series of notes outstanding,
thereon by the trustees out of dividends received by
have been made
by the Mercantile Corporation upon any
paid
so
interest
the
them. If
with the interest paid by the trustees from
series of notes shall, together
deposited to secure said series of notes, exceed 5%
specifically
collateral
the
shall be forthwith applied ,pro rata on account
per annum, such excess
said series of notes outstanding.
of the principal of
5% interest on any particular series of notes
year
One
for
(c) In case
upon the written request of holders of 75%
remains unpaid. the trustees,
outstanding notes of such series, must sell
the
of
amount
and
in number
series or sell the assets of the company
that
secure
to
the stock deposited so pledged; and distribute the net proceeds pro rata
the stock of which is
series.
such
of
among the notes
of a majority in number and amount of the
(d) Upon consent in writing
then outstanding, the trustees may excollateral notes of all of theofseries
notes nee, to exceed two years.
all
maturity
tend the time of
to be Canceled.
Debts to John Cleftin Except as Stated,
Inter-Co. Debts and between
' Co. and the 23 companies,and
H. B. Claflin
All indebtedness
be canceled, except that the indebtedness
shall
companies,
said
between
any company in excess of the notes of that
to the H. B. Claflin Co. from be exchanged for an equal principal amount
company discounted by it shall
shall hold for the benefit of the Mertrustees
the
which
of collateral notes
noteholders. This provision applies only to
cantile Corporation and its
George W. McAlpin Co. and Jones Store Co..
the excess indebtedness of the
$246.000 respectively, which will be exchanged
Mcamounting to $429,000 and
notes of the eeries secured respectively by the
for equal amounts of the
Co. capital stock.
the
from
due
indebtedness
Alpin Co. and Jcnes Store
excess
$405.000
Not exceeding in the aggregate
upon open account, may receive the
A.
H. B. Claflin Co. to the companies
Class
of
creditors
general
benefits provided for other
Stores Corporation-Dissolution.
Capital Stock of the Mercantile
hold by the trustees,
Mercantile Corporation will be
protecting
All of the stock of the instrument,
the pi Unary purpose of power to
for
under a separate trust
will have
trustees
the
and
of the
merger
all of the holders of collateral notes,
or
including a dissolution
vote the same upon all matters, in whole or in part.
been paid in
corporation or the sale of its assetsMercantile
has
Corporation
the
When said indebtedness of Mercantile
Corporaticn shall be delivered to
full, the capital stock of the corporation),
pursuant to an agreement made
the II. B. Claflin Co.(N. J.
whereby John Claflin has transbetween the committee and John Claflin
for the benefit of the Mercanhim
ferred assets and claims now owned by
agreement.
tile Corporation, subject to the terms of said
Management-Trustees.
Corporation and of
Mercantile
the
of
management
The administrative
entirely independent, and
the proposed H. B. Claflin Corporation shall beto
purchase from the prothe 23 companies shall be under no obligations
be retained.
posed wholesale co. Local managers, if efficient, will
[VOL. XCIX.
The trustees will select the first board of directors of the Mercantile
Stores Corporation, which will consist of seven members (at least three
shall be merchants),four to be nominated by a majority and the remainder by unanimous vote of the trustees. The directors of the 11. B. Clottin
Corporation, a majority of whom shall be merchants, shall be nominated
by the directors of the Mercantile Corporation. No sale of any of the
capital stock of the H. B. Claflin Corporation held by the Mercantile Corporation shall be made except upon the affirmative vote offive of the seven
directors of the Mercantile Corporation.
The trustees under the agreement securing the notes shall be five in
number, selected by the committee (two of'whom shall represent Class A
creditors), and they shall act also as trustees under the agreement under
which the capital stock of the Mercantile Corporation is held.
Each of the 24 companies will commence business practically without
indebtedness and under strong and independent management.
Extracts from Neport of Noteholders' Committee, Sept. 25 1914.
The entire capital stock of the 23 companies that executed notes endorsed by the H. B. Claflin Co. was owned by John Claflin individually.
Such notes aggregate about $31,500,000. All the makers are corporations
operating retail stores in various cities, except the Defender Mfg. Co. of
N. Y. [manufacturer of sheets and pillow cases]. These stores generally
are well located, but some of them have not been conducted Profitably.
The assets of unprofitable stores can, however, be disposed of to better
advantage through orderly sales rather than by receivers. The H. B..
Claflin Co has liabilities of about $9,000,000 in addition to its liability
upon the notes.
The reorganization contemplated by the plan is to be distinctly
a creditors reorganization and the creditors or their representatives are
to select the entire board of directors of the Mercantile Corporation, of
the H. B. Claflin Corporation and of the 23 companies the entire capital
stock of which will be owned by the Mercantile Corporation. The embarrassment of the H. B. Claflin Co. and of the 23 companies that executed notes came at a time when general conditions made it impossible to
interest new capital, and present unprecedented conditions growing out
of the European wars emphasize this situation.
The members of the committee are unanimously of the opinion that it is
unquestionably for the bast interests of all the creditors that the plan be
promptly adopted, in that, in every practicable respect, it preserves for
and confirms to the creditors all of their rights now existing. The general
creditors' committee and the creditors' audit and adiustment committee,
representing general creditors of the H. B. Clafiln Co.. have co-operated
with this committee and have approved the plan now submitted.
An extension of the proposed notes of the Mercantile Corporation for
two years is provided for, but only with the affirmative consent in writing
of a majority in number and amount of the notes remaining outstanding
at the expiration of three years.
Unless the creditors co-operate in some comprehensive plan of adjustment, a liquidation of the assets of the H. B. Claflin Co and of the makers
of the notes must be had, with serious loss to creditors.
In the financial statement of several of the companies, reference is made
to outstanding issues of debenture or income bonds. Under an arrangemeat made by the committee, these bonds will be canceled if the proposed
plan of reorganization becomes effective, and need not then be considered
In computing the liabilities.
The following have consented to act as trustees in the agreements called
for by the plan: James S. Alexander, President National Bank of Commerce, N. Y.; Ernest A. Hamill. President Corn Exchange Nat. Bank,
Chicago; John W. T. Nichols, of Minot, Hooper & Co. N. Y.; Philip
Stockton, President Old Colony Trust Co., Boston, and Henry W. Howe,
of Lawrence Jr Co.. Boston and New York.
Mr. John Claflin has transferred to representatives of this committee,
as trustees, to be delivered to the Mercantile Stores Corporation when the
the
plan of reorganization is declared effective, assets and claims which
value.
committee is assured and believes to be all his assets of substantial
certain
to
Co.
Clank
B.
H.
the
of
He has confirmed the title of the receivers
other assets formerly owned by him and now in the possession of the
receivers. The committee believes that this immediate transfer of Mr.
Clatlin's assets is preferable to his endorsement of the notes to be issued
by the Mercantile Corporation. [The personal assets so transferred include, it is understood, not alone Mr. Claflin's holdings in various dry goods
corperations and his bank stock, but his home at Morristown, N. J., and
his summer home in the Adirondacks as well.'
After settlement of current indebtedness,the retail stores will commence
further
business practically free from debt and in condition to finance theirbusiness
requirements. New indebtedness may be created only for current
needs under proper supervision.
of
The committee is confident that considerable reductions in expenses
effioperation can be made and that these companies, competently andeffect
ciently managed, should have an earning power that will ultimately
a solution more favorable than is indicated by a superficial examination.
Depositors under the agreement of June 25 1914 will be deemed to have
assented to the plan unless they affirmatively dissent therefrom within
30 days from Sept. 28 1914. [On Oct. 2 about $23,000,000 of the outstanding notes had been deposited with the committee.]
Deposits of claims will not be received after Oct. 26 1914.
Liabilities of the Companies: Also Proposed Amounts of Several Series of Notes
of New 'Mercantile Stores Corporation," Series 1 to 24, Respectively,
[8570], Issuable (with 15% Cash) for Endorsed Notes.
fere. Corp.
"A"Due Endorsed
"B" Notes z
(1) If. B. Claflin Co.- Class "A." Sub Cos. Notes.
below
abt.
38,000.00
See
$405,000
Notes.open acc'ts, ere_ _abt.89,000.000
Notes Given Mere. Corp.
Class
x Due
Co.y
Claflin
Notes.z
ClaflinCo.
"C."
(2) "The 23 Companies"5978.305
$831,559
H. Batterman Co., Bklyn_ - 5140.671
2,329,510
1,980,085
48,440
J. Bacon & Sons, Louisville_
1,307.419
1,111,306
143,435
Brooklyn
Bedford Co..
Castner-Knott Dry Goods
666,790
566,772
106,245
Co., Nashville
1,175,449
999,131
20.025
M.J. Connell Co., Butte...
1,459,950
1,240,958
11,246
Defender Mfg. Co., N.Y ___
1,829,438
1,555,023
67,150
Fair Co.. Cincinnati
1,883,800
1,601,230
184,767
Hennessy Co.,Butte
561,186
x723.226
230.355 $246.218
Jones Store Co., Kan. City_
588,489
692,341
79.801
Deny.
Co..
Goods
Joslin Dry
1,542,930
1.311.490
9.456
Kline Bros., Altoona
1,753,334
2,062.746
Lion Dry Goods Co.. Toledo 126,963
1,408.012
1,196,810
65,488
Lord & Gage, Reading, Pa__
x846,935
490,910
68,863 429,661
Geo. W.McAlpin Co.. Chic_
Southwick
&
Co..
McDougall
1,644,999
1,935,293
96.862
Seattle, Wash
1.104,923
1,299.910
37,802
Montgomery Fair,Montg'y_
1,679,120
1,975,436
63,677
People's Store Co.,Tacoma..
1,174,249
1,381.470
Root Dry Goods Co.,T.'Me
93.960
Spring Dry Goods Co.,Grand
1,077,334
1.267,453
54,354
Rapids, Mich
1,128,076
1,327,148
11,181
Watt,Rettew & Clay, Norf'k
Thos, 0. Watkins, Ltd.,
1,118.479
1,315,857
40,807
Hamilton, Opt
1,490,348
1,753,350
19,399
J.13. White & Co., Augusta_
864.557
1,017,126
31,080
Whitehouse Co., Spokane__
Total
51,752,027 $675.879y$31,661,829 527.588,433
Grand total of new notes, Series 1 to 24(in order of names
abt.$35.600.000
above)
x In addition to the series of endorsed notes in place of which will be given
of
in
notes the Mercantile Corporation, there is due the
157 cash and 85%
11. B. Ciaflin Co. $246,218 by the Jones Store Co. and 8429,661 by the
George W. McAlpin Co., in exchange for which are to be Issued equal
amounts of the new collateral notes of the Jones and McAlpin series, respectively. but both of said blocks of new notes are to be held by the trustees for the benefit of the Mercantile Corporation and its noteholders.
Y Of these existing 831,661,829 notes, S31.157,709 have been discounted
and $504.120 have been deposited as collateral to loans by H. B. Claflin
Co. This list includes no notes unsold in hands of H. B. Claflin Co. or of
note brokers. z Supplied by Ed.
See also financial statements under "Annual Reports," above.-V.99.
lo• 897.
Cleveland Stone Co.-Dividend.-
Regarding the reduction of the dividend to a 4% basis, Secretary E. A.
Merritt, in a letter to stockholders, says that the step was taken because
the directors thought it wise to conserve the resources of the company at
this time. Compare V. 99, p. 819.
OCT. 3 1914.]
THE CHRONICLE
Colorado Fuel & Iron Co.-Settlement Outlook.-
See article on "Attitude of Colorado Mine Owners Toward Strike Settlement," on a previous page.-V.99. p. 897,819.
Corn Products Refining Co.-Bonds Called.One hundred and fourteen ($114,000) 25-year 5 sinking fund gold bonds
dated Oct. 1 1906 for payment at par and int. on Nov. 1 at Title Guarantee
& Trust Co., New York.-V.99, p. 345.
Dominion Iron & Steel Co.-Preferred Dividend Deferred.-The directors have decided to defer the usual semiannual payment on the $5,000,000 7% cumulative pref.
stock due Oct. 1. The Dominion Steel Corp. also deferred
the payment on its pref. stock due on the same date (V. 99,
p. 897).-V. 94, p. 1625.
Draper Co., Hopedale, Mass.-Extra Dividend.In addition to the regular 3% quarterly dividend on the 36.000.000 corn.
stock and 2% on the $2,000,000 pref., on extra cash dividend of $25 (25%)
has been declared on the common stock.
George A. Draper, Treasurer, says that the dividend is not from current
profits but from the accumulations of cash not at present required in the
business and which, it Is presumed, will be especially acceptable to stockholders under present strained conditions.-V. 96, p. 1843.
(James H.) Dunham & Co.-Stock Pledge.See (H. B.) Claflin Co. above.
Eastern Pennsylvania Power Co.-Purchase of Coupons.
973
(1) The plan arranges for a reorganization without litigation. In'exchangefor $650,000 pref.stock and 32.000,000 common stock of the new
pany. claimed priorities and other items, amounting to $18,830,718com[including $5,758.000 of the existing income bonds and 19.487.300 cap. stock),
will in final settlement be eliminated. The settlement also porovides for
the acquirement of the Taliassee Falls 1st M. bonds. $250,000 with accrued interest, in exchange for the $300,000 note of the Draycott
[Note this correction of statement in last week's digest of plan.) Mills.
The entire property will thus be returned to the control of the holders of
the 1st M. bonds free from all encumbrance.
(2) The reorganization will reduce the capitalization from 327,335,418
to $10,850,000. a reduction of $16.180,718.
(3) The new company will have no debts, save such obligations as may
be issued to provide for the cash requirements of the plan and
capital, and it is expected that these obligations will be exceededworking
by the
cash, merchandise and current assets acquired with such capital. Arrangements for providing working capital have not yet been determined
upon:
but whatever arrangements may be made will not be to the
of
the present 1st M. bondholders, because the working capitaldetriment
for the purpose of operating the property will be an asset against any liability
which
may be incurred. The company has on hand goods in process
of manufacture, which it will retain, valued at $375,000.
(4) The control of the company is vested in the present bondholders.
Out of a total of $8.000,000 7% cum. pref. stock the bondholders will receive $5,600.000 (*700 per bond) and of the total issue of common
stock
($5,600,000) the bondholders will receive 52,600,000 ($325
per bond) and
there will remain in treasury $1.750,000 pref. and $1,000,000
common.
There are no fixed charges placed upon the property, except an
ground rent of 83.200 per annum. The present company has existing
a fixedinterest-bearing indebtedness of $11,360,423. withannual
charge $601,625.
Not only is it greatly to the advantage of the present
bondholders
to
accept this plan, but we believe there is nothing else which
they can do that
could save them from almost total loss.
(There is nothing in the plan which forbids the new company from
creating
any mortgage indebtedness or issuing debentures
or mortgage bonds, or
any other kind of securities.-Ed.) See V. 99, p. 898,
202.
The October coupons from the $1,880,000 outstanding First & Ref. M.
5s will, it is announced, be purchased by Lee, Higginson & Co. See Atlantic Gas & Electric Co. above. Compare V.94, p. 210. 354.
Digest of Statement by the Bankers Dated Oct. 1 1914.
We are informed that the company's action in deferring this payment is
due to the present financial stringency and the consequent inability to sell
Niagara Lockport & Ontario Power Co.
securities to reimburse its treasury for expenditures heretofore made for
-The P. S. Commission has authorized the company to-Authorized.
additions and extensions to its properties. It is hoped that the company
issue $800,000 2-yr
will be able to adjust its affairs so as to cure this default before Jan. 1 1915. secured 6% gold notes, to be sold at not less than 95, the proceeds, with
We believe that both the physical value and earnings of the properties, on $140,000 from other sources, to be used to take up 1-yr. notes due Oct. 1.which these $1,880,000 bonds are a first lien, afford ample security. Since V. 99. p. 52.
these bonds were sold a large amount of additional property has been acNorth Butte Mining Co.-No Dividend.-The directors
quired by the sale of Junior securities.
Acting independently of the company, we are prepared to purchase the have not authorized the usual quarterly dividend on the
Oct. 1 1914 coupons prior to Jan. 1 1915, if accompanied by the bonds or $6,450,000 stock (par $15).
From July 1912 to July 1914
by evidence of ownership, at our offices. 44 State St., Boston; 43 Exchange
50 cents per share (3 1-3%) was paid.
Place, N. Y., or The Rookery, Chicago.-V. 94, p. 354, 210.
Previous Dividend Record (Per Cen1).
Eureka Pipe Line Co.-Dividend Reduced.1905. 1906. 1907. 1908. 1909. 1910. 1911. 1912.
1913.
1914.
A quarterly dividend of 6% has been declared on the $5,000,000 stock. 8 1-3 48 1-3 40
20
26 2-3 7 1-3
8
11 1-3 13 1-3 10 1-3
payable Nov. 2 to holders of record Oct. 15. This compares with 8% in -V.99, p. 465.
.Aug. and May last and 10% quarterly from May 1912 to Feb. 1914, incl.Northern Liberties Gas Co., Phila.-New President.V. 98, p. 1075.
Joseph Moore Jr. has been elected President,
to succeed John S. Naylor.
General Gas & Electric Co. (Maine).-Pref. Div.deceased.-V. 85. p. 1007.
A quarterly dividend of 1% was paid Oct. ion the $1,350.000 6-7% cum.
Oil Fields of Mexico Co.-Financial Plan.-The compref. stock. Quarterly dividends of 1)i% were paid from Oct. 1 1912, the
Initial distribution, to July 11914. The stock is entitled to 7% from Jan. 1 pany has suffered so seriously from
the Mexican disturbances
1915. Compare V.96, p. 364.-V.96, p. 1159.
that the resumption of development work, it is stated, canHart-Parr Co., Charles City, Ia.-Dividend Deferred.- not be undertaken without
additional capital. The Mexiaction
on
deferred
the
have
quarterly
directors
The
dividend of 131%, can Eagle Oil Co., Ltd.,
has therefore authorized Pres.
usually paid on Oct. 1, on the 31.500.000 7% cumulative pref. stock. A
circular says that the step is due to the war. Business in the first half of Percy N. Furber to make the following proposition:
(1) Mexican Eagle
year was good, but prospects for the last half are
the
not encouraging. It
Oil Co., Ltd., will guarantee,both principal and int.
of the $1.000,000 10-year 6% convertible
Is expected that a good buying movement will develop by next spring.
gold
dated July 1
A letter dated Sept. 29 says: "Our earnings for the first half year war- 1912, provided the holders of these debentures bydebentures
Oct.31 1914 effectually
ranted the payment of dividends. While spring business was light, orders agree to forego their right of conversion into common
any taxes
for the middle of the year were above normal, with the outlook most en- lawfully imposed by the Mexican Government in respectstock,
of these debencouraging. Since July, however, the war, with resulting uncertainty, tures to be payable by the debenture holders.
has made business very dull. We have depended on fall collections and
(2) Mexican Eagle Oil Co., Ltd., will deposit with trustees 100,000
of
our Southern and European trade for meeting the winter's requirements. its ordinary shares, fully paid (with Coupon 3 attached),
be held in trust
We look for very slow collections in Canada and our Western States: the for throe years, counting from July 11914, at the end of to
South is in no shape to buy, and Europe will give us neither collections nor of the Oil Fields of Mexico Co., if deposited on or before which time shares
Jan. 1 1915, may
orders. It then becomes imperative, in the interest of our policy of safe be exchanged for them in the proportion of one Mexican
Eagle ordinary
and conservative management, that we conserve our cash resources. We share, fully paid, for four-fully-paid shares of pref.
stock of Oil Fields of
have reliable indications that if condlitons become settled our sales will be Mexico Co. and one Mexican Eagle ordinary share,
fully paid, for 14 fullyheavy in the early spring.-V.98,P. 1688.
shares
paid
of common stock of Oil Fields of Mexico Co.
(3) During said three years the dividends payable on
Eagle
Higbee Co. Cleveland, 0.-Stock as Collateral.shares from profits earned during the period beginning JulyMexican
1
will be
See (H. B.) Claflin Co. above.-V.96, p. 1632.
distributed by the trustees, in the proportions set out above,1914
among the
Mexico
of
Fields
Oil
shareholders
as
and
when
they deposit their shares.
Indiana Pipe Line Co.-Dividend Reduced.(4) Oil Fields of Mexico Co. to agree during the currency of the agreeA quarierly dividend of $2 50 a share (5%) has been declared on the ment
not to increase its capital stock or its band issue nor to increase its
35,000.000 stock, payable Nov. 14 to holders of record Oct. 17, comparing Indebtedness
beyond ordinary current expenses without consent of Mexiwith 33(6%) in Aug. last and $4 (8%) quarterly from Nov. 1912 to May
Eagle Oil Co.. I.td.
1914, incl., and $3 (6%) in May and Aug. 1912. An official statement can
(5) Mexican Eagle Oil Co., Ltd., to have the right to fill all vacancies
says: "Owing to the still unsettled conditions of business affairs.thedirecboard of the Oil Fields of Mexico Co. at the annual meetings.
tors deemed it wise to make a reduction in amount of this dividend from on thePercy
N. Author to remain President until July 11917.
(6)
the amount of that paid in August."-V.99. p. 52.
(7) This entire plan to be operative only in case the holders of a majority
International Mercantile Marine Co.-New Committee of each class of shares (amounts out, $4,500,000 common and $1,000,000
pref.) shall assent on or before Oct. 31 by filing the official form at comMember-Depositaries.-Frederick H. Shipman has been pany's
576 5th Ave., N. Y., or with British & Foreign General Seadded to the bondholders' protective committee, to repre- curitiesoffice,
& Investment Trust, Ltd., London.
To facilitate this scheme, Mexican Eagle Oil Co.,Ltd..agrees that where
sent the New York Life Insurance Co.
a shareholder holds either odd shares or less than four shares of pref.
Boissevain & Co.,
Glyn. Mills, Currie & Co. 67 Lombard stock or 14 shares of common, to purchase these shares for cash at 10s.
St., London, and theAmsterdam;
Land lc Title Trust Co., Philadelphia, have been for each pref. share and 2s. 10d. for each common share. See V.
95, p. 684.
named as additional depositaries
to the N. Y. Trust Co. for the 4% collateral trust bonds.-V.99, p. 897,
Otis Elevator Co., N. Y.-Dividend Unchanged.202.
The quarterly dividend which has been declared on the 36,375.300 comInternational Steam Pump Co.-Stockholders' Commit- mon
stock, payable Oct. 15 to holders of record Sept. 30, is at the rate of
tee.-See adv. on another page and compare
1 % (see advertisement in last week's "Chronicle," page xiii), being the
V.99, p.820,898. same
as in April and July 1914, and compares with 1% quarterly
Kansas Natural Gas Co.-State Receivers in Possession. from amount
April 1911 to Jan. 1914, inclusive. An advertisement in a daily
Judge Pollock in the U. S.
Court on Sept. 22 signed the formal paper showing the dividend as 1% (a misprint) and used by the editor
order putting into effect theDistrict
mandate of the Circuit Court of Appeals for convenience, as customary, led to the error in our news columns last
turning over to the State receivers
appointed in 1912 the assets of the com- week.-V.99, p. 898.
pany. The Federal receivers on Sept.
23 handed over to the State receivers
a check for 31,099.899.-V. 99, p. 541.
Pennsylvania Canal Co.-Re-argument Denied.472.
The Pennsylvania Supreme Court has denied the application for a reMcCleery & Co. of Pittsburgh.-Stock Pledge.argument of the decision rendered on July 9 holding that the Pennsylvania
See (H. II.) Claflin Co. above.
RR. is entitled to recover on the unpaid coupons paid by it as a preferred
creditor ahead of the bondholders. Compare V. 99, p. 202.
Mexican Eagle Oil Co., Ltd.-Financial Plan.See Oil Fields of Mexico below.-V. 99. P. 202.
Pennsylvania Water & Power Co., N. Y.-Bonds-
Mexican Telegraph Co.-Partly Estimated Earnings.- Earnings.-Pres. J.E.Aldred in circular dated Sept.30 says:
For the eight months ending Aug. 31 1914 the gross earnings show an inFor 3 and 9 months ending Sept. 30:
Total
Net
Mexican
Dividends
Balance,
3 Months- Income.
Income. Government.
Paid.
Surplus.
$280,000 3252.200 $18,000
1914
(234 %)$89.735 $144,465
266,000
1913
250,898
17,500 (2%%) 89.735
143.663
9 Months$845,000 $757.990 $53,886 (7%70)3269,205 $434,899
1914
1913
789.000
752,405
41,500 (7% %) 269,205
441.700
-V. 99. p. 52.
Midwest Refining Co., Denver, Colo.-Earnings.-
For the six months ending Sept. 1 earnings were
and expenses
$1.363,358, leaving, net, $662,908. Development32.026,266
in the Grass Creek field
has, it Is reported, resulted in an output from that district
of 1,000 bbls. a
day, with a prospect that it will reach 2,500 bbls. The company
acquired leases in the Buffalo Basin in Park County, Wyoming. has also
Mount Vernon-Woodberry Cotton Duck Co., Baltimore.-Plan-Exchange of $250,000 Bonds of Tallassee
Falls Mfg. Co. for $300,000 Draycott Mills Mortgage Note.Nelson, Cook & Co., Baltimore, in circular say in brief:
In out opinion, the plan of reorganization (see V. 99, p.
is a most
excellent one in the interest of the holders of the 1st M.898)
bonds, and one
which should be unanimously accepted. The advantages are:
crease over the same period last year of $161,169 (31%): increase in net,
$147,321 (34%). We owe to banks only $100,000.
and have considerably
more than this amount on hand in cash, while the sale of our entire
to public utility companies assures the receipt of future revenue inoutput
cash.
The second transmission line to Baltimore is in operation, and the eighth
generating unit will be in operation in about one month, making the total
installed capacity 111,000 h.p. These extensions will increase our revenue.
To reimburse the treasury for moneys expended out of income on these
extensions, the company offers (without pro rata limit) $500,000
of its
1st M. 5% gold bonds due Jan. 1 1940, in amounts of $1,000 and multiples, to shareholders of record on Sept. 22 1914, until 3 p. m. Oct. 30, at
Its N. Y. office, 24 Exchange Place. at the low price of 88 and Interest.
Subscriptions payable 50% Oct. 30 1914, 50% Dec. 29 1914, in each
case
with interest from July 11914.
Total bonds authorized, viz.: Outstanding, $8,887,000; held in treasury,
$748,000; reserved for betterments and additions to plant.
Equity indicated by last quotation on stock, about $6,000,000.32,865.000.
Earnings for Calendar Years (1914 Based on Actual Figures for 8
months).
Est.1914. 1913. I
Est.1914.
Gross earninga-$1.009.502 $826,815!Int. on 1st M.bds.3441.970 1913.
$407,105
Net earninse___
869.827 709,767 I Balance, surplus_ 427,857
302,662
Through contracts with the leading public utility cos.supplies
the major
portion of electricity used in Baltimore, Md., and
V. 98, p. 456, 520, 527, 1160, 1464.-V.99, p. 123. Lancaster, Pa. See
For Other Investment News, see page 987.
tVOL. xc
THE CHRONICLE
974
TrIti.larts and
Documents.
PUBLISHED AS ASSES tiASSIENTS.
ILLINOIS CENTRAL RAILROAD COMPANY
SIXTY-FOURTH ANNUAL REPORT-FOR THE YEAR ENDED JUNE 30 1914.
•
To the Stockholders of the Illinois Central Railroad CompanyThere is submitted herewith the report of the Board of Directors covering the operations and affairs of your Company
or the year ended June 30th 1914.
4.762 70
June 30th 1913 was
The number of miles of road operated onextension
.
of the Bloomington Southern Railroad of 6.30 miles and on April 3rd 1914 an additional
There a as added on July 29tli 1913 an
extension of .37 miles, a total of
4.769
6..3677
the line between Pinckneyville. Ill., and Murphysboro, Ill.,.09 miles,and
There was a decrease in mileage due to a change in the junction ofIlls.,
miles
.01
Ill.,
.10
and
Branch,
Olive
Mounds,
line
the
between
of
remeasurement
to
a decrease due
The number of miles of road operated on June 30th 1914 was
4,768.51
The average number of miles of road operated during the year was
INCOME.
The following is a statement of the Company's income for the year compared with the previous year:
1914.
Average miles operated during year
Railway operating revenuesFreight
Bridge tolls and miscellaneous freight
Passenger
Bridge tolls and miscellaneous passenger
Mali
Express
Other passenger train
Other transportation
Revenue from operations other than transportation
Total railway operating revenues
Railway operating expensesMaintenance of way and structures
Maintenance of equipment
Traffic expenses
Transportation expenses
General expenses
Total railway operating expenses
Net revenue-rail operations
Outside operationsRevenues
Expenses
'
Net deficit-outside operation,
Net railway operating revenue
Railway tax accruals_
Railway operating income
Other income
Gross income
Decductions from gross income
Net income
Disposition of net incomeAppropriated for additions and betterments
Balance transferred to credit of profit and loss
1913.
Increase (+),
Decrease (-).
4,768.51
4.76270
+5.81
$43,871,271 70
3,464,624 56
13.715,979 06
247,762 37
1,042.042 96
1,770.646 75
475,668 53
804.580 88
481,123 21
842,589,298 68
3,371,419 24
13.455.884 45
248.20236
987,249 52
1,788,53002
528.87450
778,173 47
533.27078
+$1.281,973 02
+93,205 32
+260,094 61
-439 99
+54.793 44
-17.883 27
-53,205 97
+26,407 41
-52,147 57
$65.873,700 02
$64.280,903 02
+$1.592,797 00
$9,205.946 38
14,510,079 49
1,2E0,777 98
24,150,039 98
1.618,483 63
$8.519,024 94
13,952.654 02
1,320.583 43
24,743.324 38
1,513.324 80
+$686,921 44
+557.425 47
-29,80545
-593,284 40
+105,15883
350.775.327 46
350,048,911 57
+3726.415 89
315,098,372 56
314,231,991 45
+3866,381 11
$499,802 61
517,453 45
3505,511 58
583,103 98
-$5,708 97
-65,650 53
317,65084
$77,59240
-$59,941 56
$15,080,721 72
3,341,247 07
$14,154,39905
2,903,55098
+3926,322 67
+437,696 09
$11,739,474 65
7,320,600 33
$11,250.848 07
5,999.351 71
+3488.626 58
+1,321,248 62
319.060,074 98
10,921,250 55
$17,250,199 78
10,675,086 91
+31,809,875 20
+246,163 64
$8.138,82443
36,575,11287
+$1,563,711 56
$41,642 66
8.097,181 77
$6.575,11287
+341,642 66
+1.522.068 90
REVENUES.
The operating revenues for the current year were $65,873,700 02, as compared with $64,280,903 02 in the preceding
year, an increase of $1,592,797, or 2.48 per cent.
The revenue from the transportation of freight amounted to 3,871,271 70,.an increase of $1,281,973 02, or 3.01
per cent. The increase was general over the system but was more marked on the lines north of the Ohio River and east
of the Mississippi River than on either the southern or western lines. The increased earnings on the northern lines can be
attributed largely to the substantial increase in the tonnage of bituminous coal transported, the total increase for the year
amounting to 1,657,331 tons. In the current year the tonnage of this commodity transported represented 37.55 per cent
of the total carried by the Company, while in the preceding year it was 34.45 per cent.
The revenue from the transportation of passengers was $13,715,979 06,being an increase of $260,094 61, or 1.93 per
cent as compared with the previous year. All portions of the system contributed to this increase.
Table No. 12 shows the general statistics of the freight and passenger traffic.
EXPENSES.
The operating expenses for the year amounted to $50,775,327 46, compared with $50,048,911 57 for the preceding
year, being an increase of $726,415 89, or 1.45 per cent.
MAINTENANCE OF WAY AND STRUCTURES.
The expenditures for maintenance of way and structures were $9,205,946 381 an increase of $686,921 44, or 8.06 per
cent. This increase was principally due to the mileage of track relaid with new rail of heavier type and to the substantial
expenditures for strenghtenmg and renewing bridges. In making these expenditures the Company continued its policy
of bringing the roadbed up to the standard required to properly handle the heavier equipment which has been purchased
to economically take care of its steadily increasing traffic. There were also substantial charges to this account in connection with the erection of the new passenger station at Memphis and additions and betterments work at other points.
Some of the important renewals made, the cost of which was charged to operating expenses, were as follows:
2,223,117 cross ties were renewed, being 10.20 per cent of all ties in track, including sidings, and the equivalent of
741.06 miles of continuous track.
13.70 miles of track were relaid with new steel rail and 3.70 miles with second-hand rail, replacing rail of the same
weight..
4,088 lineal feet of timber and pile bridges were rebuilt or replaced by embankments.
1,648 lineal feet of iron pipe culverts and 2,707 lineal feet of concrete pipe culverts wore put in.
320 miles of ballasted track were repaired or renewed to restore the track to its original standard.Betterments" will
Data with reference to work the cost of which was charged wholly or in part to "Additions and
be found on a subsequent page under the head of "Physical Changes."
MAINTENANCE OF EQUIPMENT.
as .compared with
Maintenance of equipment expenses increased $557,425 47 or 4 per cent, being $14,510,0.79 49,repairs,
to charging
car
$13,952,654 02 the preceding year. The entire increase can be attributed to the cost of freight train
were put out of service, and to into expenses the depreciated value less salvage of old light locomotives and cars which
preceding year.
creased charges to depreciation on account of the substantial additions to equipment made during the
OCT. 3 1914.)
THE CHRONICLE
975
There was a substantial decrease in the cost of repairs to locomotives, which can be attributed to the new locomotives
received during the current and preceding year,replacing a large number of old and light locomotives.
Depreciation charges for equipment were $1,699,615 96 this year, being an increase over the preceding year of $138,885 40.
The unsatisfactory labor conditions referred to in the report of last year have practically disappeared. The several
shop organizations over the system are now working under normal conditions and turning out work efficiently and economically.
306 locomotives received general repairs compared with 358 in the previous year, and 398 were given thorough repairs
as compared with 323 last year.
43,571 freight cars received medium repairs this year as against 57,963 last year, and 25,404 had heavy repairs as
compared with 31,060 last year.
459 passenger train cars received general repairs this year and 453 last year. 165 were given thorough repairs as compared with 151 last year.
The average mileage per serviceable locomotive for the year was 30,286.
The average age of locomotives was 12.63 years this year and 12.77 years last year; of revenue freight cars 9.49 and
10.19 years for the respective years and passenger train cars 15.6 years this year as against 17.8 years last year.
TRAFFIC EXPENSES.
Traffic expenses for the year amounted to $1,290,777 98, being a decrease of $29,805 45, or 2.26 per cent.
TRANSPORTATION EXPENSES.
Transportation expenses were $24,150,039 98, being a decrease of $593,284 40, or 2.40 per cent. This saving was due
in part to the more favorable operating conditions of the past year as compared with the previous year, resulting in a decrease of overtime paid employees, of fuel consumed and in the amount paid for loss and damage to freight, there having
been fewer delays and damages in the handling and transportation of that traffic.
GENERAL EXPENSES.
General expenses increased $105,158 83, or 6.95 per cent.
TAXES.
There was an increase of $437,696 09, or 15.07 per cent, compared with the previous year.
There was an increase of $55,559 54, due to the increased gross revenues on our Charter Lines, and there was also a
marked increase in the amount paid to the Federal Government as income tax.
Practically every State through which the Company operates has increased the amount of taxes assessed against the
Company.
FINANCIAL.
The general balance.sheet, Table No. 4, shows the financial condition of the Company at the close of the fiscal year,
compared with the previous year.
CAPITAL STOCK AND FUNDED DEBT.
The capital stock remained unchanged during the year.
$2,000,000 00 of Illinois Central Refunding Mortgage Gold Bonds of 1955 were issued and sold in August 1913 and
$2,000,000 00 more of the same class of bonds were issued and disposed of in May 1914.
$3,500,000 00 of Illinois Central Equipment Trust Certificates Series "B" were issued and sold in the month of August
1913.
Anticipating the maturity of $15,000,000 00 of Illinois Central Railroad Company Four and One-Half Per Cent Secured
Gold Notes due July 1st 1914, the Company purchased $4,220,000 00 in the month of June 1914, leaving a balance of
$10,780,000 00 matured and payable July 1st 1914.
There were delivered to the Trustee and canceled under the terms of the mortgage $2,000,000 00 Illinois Central Railroad
Company First Lien Equipment Bonds.
Under the terms of the respective Trust Agreements, $800,000 00 of Illinois Central Equipment Trust Certificates
Series "A" and $175,000 00 of Illinois Central Equipment Trust Certificates Series "B" have been retired and canceled.
SECURITIES OWNED.
Under the terms 01 the Illinois Central Railroad Company and Chicago St. Louis & New Orleans Railroad Company
Joint First Refunding Mortgage, the Company received $33,348,100 00 of bonds.
There were taken over from a subsidiary company the following securities:
$1,000,000 00 par value of Dunleith & Dubuque Bridge Company capital stock.
$100,800 00 par value of Cuban-American Sugar Company Seven Per Cent Preferred stock and $151,000 00 par value
of Cuban-American Sugar Company Six Per Cent Bonds.
The Company purchased $6,600 00 par value of Dubuque & Sioux City Railroad Company capital stock.
During the year the Company sold securities as follows:
$10,000,000 00 Illinois Central Railroad Company and Chicago St. Louis & New Orleans Railroad Company Joint
First Refunding Mortgage Bonds in December 1913, $7,400,000 00 in May 1914 and $2,600,000 00 in June 1914.
0,000.00 of Chicago St. Louis & New Orleans Railroad Company Five Per Cent Gold Bonds of 1951 in August 1913.
$87,000 00 of Illinois Central Railroad Company Litchfield Division First Mortgage Gold Bonds of 1951 in February
1914.
$5,000 00 par value of miscellaneous stocks in March 1914.
The Peoria & Pekin Union Railway Company redeemed $12,500 00 par value of
its Five Per Cent Debenture Bonds
maturing August 1st 1913.
There were transferred to Insurance Funds $43,000 00 Yazoo & Mississippi Valley
Railroad Company Gold Improvement Bonds.
INSURANCE AND OTHER FUNDS.
The changes in the Insurance Fund during the year and the oondition of the fund at the close of
the year are shown in
the following table:.
Amount at credit of fund July 1st
Added through monthly charges to operating expenses
Collected from lessees account of insurance
Interest received on investments of the fund
Fire losses collected
Losses by fire
Premiums paid for re-insurance
Amount at credit of fund June 30th
Year ending
June 30 1914.
32,089,844 54
60.000 00
2.106 68
94,630 00
6.941 30
Year ending
June 30 1913.
32.086.259 39
60.000 00
3,417 18
84.300 00
13.670 74
32.253,522 52
$2,247.647 31
$80,479 61
43.207 39
$110,234 11
47.568 66
3123,687 00
*157.80277
32.126.835 52
32,089.844 54
The balances in the several other funds of the Company as of June 30th 1914 and the increases during the
year were
as follows:
The Farmers' Loan & Trust Company, Trustee—Cairo Bridge Contingent Fund, $504,180 00.
The Farmers' Loan & Trust Company, Trustee—Cairo Bridge Sinking Fund, $312,167 27, an increase of
$30,614 64.
United States Trust Company of New York, Trustee—Sinking Fund for Western Lines Bonds, $1,317,593
52, an
increase of $94,959 25.
United States Trust Company of New York, Trustee—Sinking Fund for Omaha Division Bonds,
$175,844 85, an
increase of $16,048 41.
976
[Vol, XCIX.
THE CHRONICLE
ADDITIONS AND BETTERMENTS.
There was expended during the year for Additions and Betterments (including improvements on subsidiary properties)
$11,814,018 02. The following is a classified statement of these expenditures:
Additions and
Additions and
om Additions and
Paid for fris
Proceeds of
Betterments
Represented
s
pruotporf
Apo
General Reiated
by Advances
funding Mort
-toSubsidiary
gar Bonds.
Income.
Lines.
3167,79
0
76
28
55
and station grounds _______________________________________________________________
Right of way
Real estate_____________________________________________ _ ______________________________________ 3
8,666 24
Widening cuts and fills _
85
22,914
15,848 44
Protection of banks and drainage
366.388 (12
14,637 33
Grade reductions and changes of line
2,310 00
'Funnel improvements_
21
230.314
323.949
23
309,597 27
Bridges, trestles and culverts
141,195 54
6.367 52
192,054 77
Increased weight of rail
Improved frogs and switches
8 ______,-3-0-9-(51
99
14
3
38
9.746
78 9
383
185,4
Track fastenings and appurtenances
70,747 19
Ballast
58,406 84
441,405 23
Additional main tracks
1.17999
88.029 09
152,109 82
Sidings and spur tracks
85,667 80
215.116 73
Terminal yards
1,669 09
Fencing right of way
97,783 94
5,695 73
Improvements of crossings under or over grade
14
184,237
09
141,731
crossings
grade
of
Elimination
Cr.14,567 49
18,349 09
Interlocking* apparatus
98,038 46
397 45
Block and other signal apparatus
4,540 56
25 4
89
3.'4
2
3
30
Telegraph and telephone lines
106,211 55
Station buildings and fixtures
2.211 84
619'9
44
99
78
7
20
Roadway machinery and tools
59,285 66
376,999 67
Shops, enginehouses and turntables______________________________________________________________
l_e_s
52,650 62
56,803 05
Shop machinery and tools __
20,007 77
41,391 21
Water and fuel stations
1,397 85
743 11
Grain elevators and storage warehouses
12,803 27
Dock and wharf property
3.121 52
69
25
8,9
4
99
77
Other additions and betterments
Covered by
Covered by
tirpum
EipT
stent
Equipment
Trust
"Series B."
. Series "A."
EquipmentCr.248,592 86
01
s3220
otive
Steam locom
371,123 23
3393.129 27
Passenger train cars
3.954,295 54 Cr.348.379 34
2,567.856 19
Freight train cars
57,944 57
equipment
Work
Cr.26.200 00
Floating equipment
till g2
32,568,076 20 34,347,424 81
31.725,50956
341,642 66 33.131,38478
The following shows the amount advanced during the year to each of the subsidiary lines, these amounts being included
in total advances shown in Table No. 6 of this report:
Chicago St. Louis & New Orleans Railroad
Canton Aberdeen & Nashville Railroad
South Chicago Railroad ____________________________________________________________ _
Blue Island Railroad
Dubuque & Sioux City Railroad
Kensington & Eastern Railroad
BatesvHie Southaestern Railroad ____________ Bloomington Southern Railroad
32;766.681 62
'72,887 14
754 15
3,666 12
227,177 14
Cr.1.889 86
12,520 53
49,547 95
33,131.364 79
PHYSICAL CHANGES.
The physical condition of the Company's road and equipment was materially improved during the year.
The most important improvements, the cost of which was wholly or partially charged to additions and betterments,
are as follows:
ROADWAY AND STRUCTURES.
370.56 miles of track were re-laid with new 90-1b. steel rail, 1.67 miles with new 75-lb. steel rail, and 154.40 miles were
re-laid with second-hand steel rail. The total mileage of track re-laid with new and second-hand steel rail was 526.63 miles,
all replacing rail of lighter pattern.
One hundred and sixteen new industrial tracks were added and, after allowing for the tracks taken up, made a net
addition in the mileage of 9.26 miles.
One hundred and thirteen new Company sidings were added, making a net addition to the mileage of 19.96 miles after
allowing for the tracks taken up.
90.19 miles of partially ballasted track were re-ballasted and brought up to the present standard.
The construction of a new second main track between Fulton, Ky., and Memphis, Tenn., was in progress at the close
of the year. This work embraces 33 miles of new second main track and with its completion there will be a continuous
double track between Chicago and Memphis, with the exception of the Cairo Bridge.
The capacity of Nonconnah Yard at Memphis, Tenn., was increased during the year by lengthening tracks to accommodate the longer freight trains now using this terminal.
The grade crossing elimination work at Grand Crossing, Chicago, was continued.
The work of eliminating highway grade crossings and separating grades with the Cleveland Cincinnati Chicago &
St. Louis Railway at Mattoon, Ill., was started and a considerable amount of work performed during the year.
Other grade crossing elimination work of unusual importance started during the year was the elevation of tracks between
79th Street and 116th Street, Chicago, and the elevation of tracks at Cicero, Ill.
The raising of tracks above high-water mark between Mounds, Ill., and Cairo Junction, Ill., was completed during
the year.
The work of reducing grades and straightening the alignment between Princeton, Ky., and Paducah, Ky., so as to
admit of the handling of heavier tonnage trains was started.
was made in last year's report, was nearly
Work on the new passenger station at Memphis, Tenn., to which reference
The elevation of tracks at Memphis was also
completed, although the station was not in operation at the close of the year.
contmued and is nearing completion.
Ill., and Flossmoor, Ill.
New freight houses were erected at Mattoon,
at Starkville, Miss.
A new passenger station was constructed
erected at Anchor, Ill., Galton, Ill., Benton, Ill., Remsen, Iowa,
New combination freight and passenger stations were
and Independence, La.
Roseland, La. Three new wells were sunk at Nonconnah Yard, Memphis, and one
A new water station was built at
tank, one electrically-driven centrifugal fire pump and two 750-gallon
300,000 gallon storage reservoir, one 100,000-gallon
surface pumps, installed.
Nonconnah Yard, Memphis, referred to in last year's report, was completed
The new mechanical coaling plant at at that point. A new mechanical coaling plant was erected at Morgantown,
and new mechanical buildings were erected
•
Ind.
Ky., and Memphis, Tenn.
Power plants were improved at Paducah,
was installed at Fulton, Ky.
1-4 A new eighty-five-foot turntableblock
signals were installed at various points on the system and put in operation during
Fdl 68.5 miles of electric automatic
1,100.4 miles of protected track were in operation at the close of the
the year. With the trackage previously equipped,
year.
at the following locations: Champaign, Ill.? 4.7 miles; Rantoul,
ofti Electric block signals are in course of installation
to Birkbeck, Ill., 6.6 miles; Branch Junction to Centralia, Ill.,
Ill., 3.4 miles; Sigel to Effingham, Ill., 11.6 miles; DeWitt
to Glen Carbon, Ill. 13.2 miles; Coleman to Plato Center, Ill., 11.0
7.6 miles; Du Quoin Branch, Ill., .4 miles; Marine
6.0 miles; Mona Siding to Benson, Iowa, 9.3 miles; Tip Top
miles; Clinton Yard, Ill. .7 miles; La Salle to Oglesby, Ill.,
10.8 miles; Leitchfield to Horse Branch, Ky., 26.2 miles; Beaver
to Dugan, Ky., 10.9 miles; Cecilia to East View, Ky.,Ky.,
12.1 miles; and Bogue Chitto, Miss., .4 miles, a total of 146.4
Dam to Rockport, Ky., 11.5 miles; Mercer to Graham,
miles.
5,645 lineal feet of permanent bridges and trestles were constructed, replacing timber and pile bridges, trestles and
embankments.
00tr. 3 1914.]
THE CHRONICLE
977
1,837 lineal feet of permanent bridges and trestles were rebuilt or replaced by embankments.
24,623 lineal feet of timber and pile bridges and trestles were rebuilt or replaced by embankments.
EQUIPMENT.
Fifty Mikado type freight locomotives and twenty-two switching locomotives were added during the year and eightfour locomotives were disposed of, resulting in a decrease of twelve locomotives with an increase of 1,041.61 tons in tractive
power.
One hundred and seventy-nine passenger train .cars were added during the year and twenty-two were sold or transferred to other service, resulting in a net increase of one hundred and fifty-seven passenger train cars.
Seven thousand one hundred and ninety-five freight tran cars were added during the year and four thousand and sixtyfive cars were sold, destroyed or transferred to work service, a net increase of three thousand one hundred and thirty cars.
The average capacity of cars owned at the close of the year was 41.52 tons, compared with 40.24 tons last year, and the total
capacity of cars was 2467,995 tons, compared with 2,266,490 tons last year.
$32,354,858 91 in additions
During the four years from July 1st 1910 to June 30th 1914, the Company has expended
properties. Of this large expendiand betterments to its road and equipment, including improvements on its subsidiary
ture, $16,576,492 05 was on account of additions and betterments to its roadway and structures and $15,778,366 86 on
account of additions and betterments to its equipment. The following is a condensed summary of these improvements.
ROADWAY AND STRUCTURES.
106.22 miles of new 75-1b. steel rail and 221.41 miles of second-hand rail, in all 1.081.71 miles re754.08 miles of new 90-1b• steel rail.
laid to replace rail of lighter pattern, the increased value costing
New and improved track fastenings
and 486 Company sidings embracing 128.33 miles, after allowing for tracks taken UP
383 industrial tracks agajogating 40.90 miles
Bloomington Southern UR. extension of 6.67 miles Yocona
to
Miss.,
River. 16.09 miles
Batesville,
RR.,
Batesville Southwestern
La., to Orleans Junction, La., and Fulton,..Ky., to Memphis, Tenn
Second main track, Chicago to Parkway, Ill., Ponchatoula.
Third and fourth main tracks from Blue Island Junction to Matteson, Ill
Ill.,
Nonconnah,
Tenn., and Chalmette. La
Mounds,
Ill.,
Louis,
St.
Yard facilities at East
Track elevation work at Grand Crossing and Burnside to Kensington, Chicago, Ill., at Cicero. Ill., and from Mounds to Cairo Junction,
Ill., and grade separation work at Mattoon, Ill
Passenger station and track elevation at Memphis. Tenn
feet of permanent bridges and trestles
14,988 lineal feet of permanent construction replacing wooden bridges and trestles. 6,177 lineal
rebuilt or replaced, 89,597 lineal feet of wooden structures rebuilt or replaced: 1,003 lineal feet of stone culverts put in
Automatic block signals, 514.43 miles
Ballasting, 267 miles standardized
Telegraph and telephone lines
interlocking plants built, enlarged or improved
New mechanical facilities, including tracks, shop machinery, tools, &c., at various places
New classification yard and mechanical terminal at Centralia, Ill
33 new station buildings at various points
New water and fuel stations at various points
9 new turntables. 7 new track scales and 31 track scales renewed
Miscellaneous structures
Real estate purchased at various points
Various betterments.suchas improving and enlarging station buildings and platforms shop buildings, engine-houses and office buildings,
fencing station and shop grounds, ditching and drainage systems, heating systems, electric lighting systems, viaducts, subways,
sewer systems, ice houses, &c
EQUIPMENT.
New Equipment:
locomotives
310 Steam
394 Passenger train cars
10,517 Freight train cars
Work and floating equipment
Improsements to existing equipment and miscellaneous
Total—Equipment
1,113,040 29
816.752 04
1,975,982 96
707,227 84
232,73S 85
73,072 17
132,105 64
1,765,804 91
1.185.280 68
311.030 24
283,385 25
4i,410 22
124.944 41
840.596 95
1.941,936 88
$16.576,49205
Total—Roadway and Structures
Total new equipment
Less Book Value of Equipment Retired:
Steam locomotives
Passenger train cars
Freight train cars
Work and floating equipment
$732,595 51
812,171 97 •
1,128.782 53
222.276
100.073 05
1.030,558 30
839.507 57
157.217 25
$6,749,175 51
3,394,020 89
10,479.631 19
268.906 52
231.644 86
$21.123,378 97
$1,360,085 44
32,412 73
3,734.792 09
217.721 85
5.345,012 11
415.778,366 86
GENERAL REMARKS.
Your Company has cause for satisfaction in that the depressed business conditions and, in many localities, the poor
crops which have resulted unfavorably for many of the other railroads of the country, have not prevailed throughout the
territory traversed by your Company's lines.
Nearing the close of the last fiscal year, it could be seen that your Company had practically recovered from the ill effects
of the strike which occurred in the fall of 1911 as far as maintenance and operation were concerned and that, barring something unforeseen,the present year would show a substantial improvement over the past year. The operating conditions
have been even more favorable than last year; and the confidence in the present year has been fully borne out by the operating results attained.
Since 1890 important additions and betterments to the lines of the Chicago St. Louis & New Orleans Railroad Company have been made, and additional lines of railroad south of the Ohio River constructed. None of these expenditures
had been financed,and as considerable additional work on these lines was contemplated,it was thought well that the Chicago
St. Louis & New
Railroad Company should purchase the various railroads and terminal properties south of the
Ohio River which had been operated as a part of your Company's lines of railroad.
In furtherance of this plan, the stockholders authorized a mortgage of $120,000,000 00, dated December 1st 1913,
known as the Illinois Central Railroad Company and Chicago St. Louis & New Orleans Railroad Company Joint First
Refunding Mortgage, which covered all the railroads operated by your Company south of the Ohio River, and provided
for the payment to your Company of an amount of bonds at par equal to the cost of the additions and betterments previously made to the Chieago St. Louis & New Orleans Railroad and for the purchase of the different railroads and terminal
properties south of the Ohio River; for the refunding at maturity of all the outstanding bonds on the lines covered by the
mortgage and for the reservation of $36,519,900 00 of bonds which could be expended under proper restrictions for additions
and betterments to the mortgaged lines. Your Company joined in the execution of the bonds secured by this mortgage
and as lessee of the mortgaged property participated in the execution of the mortgage so as to make it a first lien on the
property:
Under the terms of this mortgage, your Company received the securities referred to under the caption "Securities
Owned."
As the early part of the current fiscal year was not favorable for the issuance of long-term securities and your Company
desired to purchase an additional number of freight and passenger train cars, it was decided to purchase the equipment
under an equipment lease. Equipment trust certificates aggregating $3,500,000 00 dated August 1st 1913 were issued
under lease and agreement known as "Illinois Central Equipment Trust Series B" and were sold to provide in part for funds
with which to pay for 3,300 freight train cars and 30 passenger train cars. All of this equipment, and in addition such
equipment covered by Equipment Trust Series "A" as had not been received at the end of the previous fiscal year, hn.s
been received and placed in service.
Provision has been made for the payment at maturity on July 1st 1914 of the $15,000,000 00 of Four and a Half Per Cent
Secured Gold Notes.
The Company had 10,840 stockholders of record as of June 30th 1914, compared with 10,545 on the same date last year.
The number of pensioners carried on the rolls at the close of the year was 451. The amount paid for pensions during
the year was $119,425 91, an increase of $14,710 18 as compared with the previous year.
The Board takes this opportunity of expressing its appreciation to the officers and employees for their loyal and efficient services during the past year.
By order of the Board of Directors,
C. H. MARKHAM, President.
THE CHRONICLE
978
[VOL. xe
TABLE 2-INCOME STATEMENT FOR THE YEARS ENDING JUNE 30 1914 AND 1913.
Per Cent of
TotalOperating
Rerenues.
1914.
Average Miles Operated
1913.
4,768 51
Revenue from TransportationFreight
Bridge tolls and miscellaneous freight
Passenger
Bridge tolls and miscellaneous passenger
Excess baggage
Parlor and chair car
Mail
Express
•
Milk (on passenger trains)
Other passenger trains
Switching
Special service train
Other miscellaneous transportation
Total revenue from transportation
Revenue from Operations Other Than TransportationStation and train privileges
Parcel room receipts
Storage-freight
Storage-baggage
Car sonic°
Rents of buildings and other property
Miscellaneous
joint facilities revenue-Dr
Join fachities revenue-Cr
Total revenue from orerations otner than transportation
Per Cent of
TotalOperatmg
Revenues.
4,762 70
Increase.
Decrease.
5.81
843,871,271 70
3,464.624 56
13.715,979 06
247,762 37
169,993 90
23.895 90
1,042,042 96
1,770,646 75
216.648 73
65.130 00
739.190 67
33,928 21
31,462 00
•
66.60
5.26
20.82
0.38
0.26
0.03
1.58
2.69
0.33
0.10
1.12
0.05
0.05
842,589,298 68
3,371,419 24
13.455.884 45
248,202 36
174.877 11
25,181 40
987,249 52
1,788,530 02
209.424 47
119,391 52
708,305 42
45,960 55
23,907 50
66.25
5.24
20.93
0.39
0.27
0.04
1.54
2.78
0.33
0.19
1.10
0.07
0.04
81,281,973 02
93,205 32
260.094 61
$65,392,576 81
99.27
863.747.632 24
99.17
$1,644,944 57
$85.142 90
27,504 00
61.599 07
13,011 68
217,166 66
67,806 95
35,238 83
Dr.34,310 17
7.96329
0.13
0.04
0.10
0.02
0.33
0.10
0.05
Dr.0.05
0.01
$72,558 19
25,636 45
57,989 60
13,866 90
209,657 02
60,875 08
102.295 83
Dr.27,725 97
18,117 68
0.11
0.04
0.09
0.02
0.33
0.09
0.16
Dr.0.04
0.03
$12,584 71
1,867 55
3,60947
54.793 44
7,224 26
30,885 25
7.55450
7,509 64
6,931 87
$481,123 21
0.73
$533,270 78
0.83
100.00
$64,280,903 02
100.00
$1.592,797 00
$9,205,946 38
14.510,07940
1.290,777 98
24,150,039 98
1.618,483 63
13.97
22.03
1.96
36.66
2.46
88,519.024 94
13,952.654 02
1,320,583 43
24,743.324 38
• 1,513.324 80
13.25
21.71.
2.06
38.49
2.35
$686,921 44
557,425 47
Total railway operating expenses
$50,775,327 46
77.08
850,048,911 57
77.86
$726,415 89
Net revenue-rail operations
$15,098,372 56
22.92
814.231.991 45
22.14
8866,381 11
Railway Operating ExpensesMaintenance of way and structures
Maintenance of equipment
Traffic expenses
Transportation expenses
General expenses
Outside operations-revenues
Outside operations-expenses
$499,802 61
517,453 45
$505,511 58
583,103 98
Net deficit-outside operations
817.650 84
377,592 40
Net railway operating revenue
$15,080,721 72
814,154.399 05
Railway tax accruals
Railway operating income
Other IncomeHire of equipment-credit balance
Joint facility rent income
Miscellaneous rent income
Net profit from miscellaneous physical property
Dividend income
Income from funded securities
Income from unfunded securities and accounts
Income from sinking and otehr reserve funds
Miscellaneous income
Total other income
Gross income
Deductions from Gross IncomeDeductions for lease of other roads
Hire of equipment,-(lebit balance
Joint facility rent deductions
Miscellaneous rent deductions
Miscellaneous tax accruals
Separately operated properties--loss
Interest deductions for funded debt
Interest deductions for unfunded debt
Miscellaneous deductions
Total deductions
Net income
Disposed of as FollowsAppropriated for additions and betterments
Balance transferred to credit of profit and loss
12,032 34
8855 22
$52,147 57
105,158 83
593.284 40
$5,708 97
65,650 53
$59,941 56
$926.322 67
83,341,247 07
82.903,550 98
$437.696 09
$11,739,474 65
811,250,848 07
8488.626 58
110,530 11
1,341,074 48
178,624 45
23,515 73
1,625,168 74
3,386,276 65
633,007 79
11,250 00
11,152 38
1,206,736 10
186.032 56
20.544 80
1.536,902 74
2,372.653 80
653,215 69
10,000 00
13,266 02
2,970 93
88.266 00
1.013,622 85
$7,320,600 33
85.999,351 71
81.321,24862
319,060,07498
$17,250,199 78
81.809.875 20
$3,995,150 55
113,669.240 90
531,413 14
648,170 92
9,542 83
3,640 66
3325.909 65
655,208 79
8.801 11
2,816 55
494 78
6.094.52806
159.088 74
5.161 97
17,883 27
54,261 52
67,057 00
6,584 20
10.15439
$65,873,700 02
Total railway operating revenues
$439 99
4.883 21
1.285 50
110,530 11
134,338 38
1,250 00
87,408 11
20,207 90
2.11364
7,037 87
494 78
441,310 84
5,653,217 22
159,861 24
5,161 97
810.921.250 55
$10,675,086 91
$246,163 64
18.138.82443
86.575312 87
$1,563,711 56
541,642 66
8.097,181 77
56,575,112 87
$41,642 66
1,522,068 90
$531.413 14
741 72
824 11
772 50
TABLE 3-PROFIT AND LOSS.
Discount on securities sold
Abandoned facilities
Miscellaneous accounts, Src
Dividends declared on I. C.stock:
Dividend payable March 2 1914
Dividend payable Sept. 1 1914
Balance June 30 1914
$683,490 00
18,868 49
57,099 45
310,277,832 27
$10,277.832 27
32.732,400 00
2,732.400 00
TABLE 4-CONDENSED
GENERAL BALANCE SHEET JUNE 30 1914, AND COMPARISON WITH
PREVIOUS YEAR.
ASSETS.
Property Investmentlioad and Equipment:
Investment to June 30 1907
Investment since June 30 1907
5,464,800 00
4,053,574 33
Balance June 30 1913
$1,996,461 86
Sale of miscellaneous properties,fix
1,67500
Excess received from the sale of property over the cost
as carried on the nooks of the Company. less discount
and expenses in connection with the issuance and sale cf
bonds
182.513 64
Balance for year transferred from Income account '
8,097,181 77
1914.
1913.
$95,198,329 47 $95,198,02947
41,831.09343 42,121,371 35
Increase.
Decrease.
$30000 --------$290,277 92
8289,977 92
$137,029,422 905137.319,400 82
Less-Reserve for accrued depreciation
5,704,170 81 51,562.092 40
7,266.263 21
Total road and equipment
$1,852,070 32
8129,763,159 69 8131.615,230 01
Securities:
Securities of proprietary, affiliated and controlled
$27.664,070 67 $27,664,070 67
Securities of proprietary, affiliated and controlled companies-pledged
21,189,418 39 18.471.116 39 $2,718,302 00
companies-unpledged
Other Investments:
Advances to proprietary, affiliated and controlled companies for
construction,
equipment and betterments
20,476,464 56
42,195,612 81 62.672,077 37
Miscellaneous investments
1.17486
53,214,544 82 53,215.719 68
--.,UhO,OUU
......e. ne.z, oo deon0 WU/ 91A 19
S19.611.407 74
Total property investment
00
979
THE CH R ONICLE
OCT. 3 1914.1
ASSETS-CONCLUDED.
I
1914.
Working Assets210,858.745 45
Cash
21,665,883 33
Securities issued or assumed-held in treasury
15.718,308 10
Marketable securities
3,694,916 62
Loans and bills receivable------- -----------------------------------2.388,428 40
conductors
Net balance due from agents and
4,808,849 25
Miscellaneous accounts receivable
4.810,900 53
Material and supplies------------------------------------------------------
1913.
1
Decrease.
Increase.
22,234,240 38 28,624.505 07
$2,084,850 00
23,750,733 33
2,260,718 10 13,457.590 00
330,930 21 3,363,98641
466.899 40
2.855.327 80
96,923 14
4.905,772 39
2,171,616 65
6.982.517 18
Total working assets--------------------------------------------------- 263.946,031 68 $43,320,239 39 $20,625,792 29,
Accrued Income Not DueUnmatured interest, dividends and rents receivable
22,209,086 40
21.104,45929 $1,104,627 11
Deferred Debit Items:
Advances--------------------------------------------------------Rents and insurance paidin advance
---------Special deposits_ -- _ - _ ---------- - ---------------------------and other reserve funds
insurance
Crash and securities in
Cash and securities in provident funds
Other deferred debit items
26.001,341 42
8,754 15
59,425 19
2,129,835 52
250,000 00
827,771 45
$9.248,108 49
6,678 17
2.518,471 51
2.089,844 54
250,000 00
819,575 27
$3.246.767 07
$2,075 98
2.459.046 32
39,990 98
8,196 18
$5,655,550 25
$9,277,127 73 214,932,677 98
Total deferred debit items---------------------------------------------------------------------------- 2349,459.052 19 $352,995,590 78
---------------------------Grand total
LIABILITIES.
1914.
1913.
$3,536,538 59
Decrease.
Increase.
Stock:
--------------------------------------------- 2109.296,000 00 2109,296,000 00
Common capital stock---- _ 9.989,700 00
9,989,700 00
Debenture 4% leased line stock
----------------------------------------------------------- 5119.285.700 002119,285,70000
Total stock
Mortgage, Bonded and Secured Debt:
Bonded debt
Real estate mortgage
$197,161,000 0012207,636,000 00
100,000 00
100,000 001
$10,475,000 00
Total mortgage, bonded and secured debt
2197,261,000 0012207,736,000 00
1210,475,000 00
Total capital liabilities
$316,546,700 0012327,021,700 00
1210.475,000 00
Working Liabilities:
Loans and bills payable
Traffic and car-service balances due to other companies
Audited vouchers and wages unpaid
Miscellaneous accounts payable
Matured interest, dividends and rents unpaid
Matured mortgage, bonded and secured debt unpaid
Other working liabilities
$725,000 00
420,859 34
6,718,660 57
411,867 29
1,778,852 92
10,788.691 97
148,600 38
$5,775,000 00
26,500.000 00
285,487 21
2135,372 13
556,156 77
7,274.817 34
391,166 93
20,70036
64.992 13
1,843,845 05
9,096 97 10.779.595 00
5.348 87
153,949 25
$20.992,532 47 $16,458,362 75 $4,534,179 72
Total working liabilities
Accrued Liabilities Not Due:
Unmatured interest, dividends and rents payable
Taxes accrued
Total accrued liabilities not due
Deferred Credit Items:
Operating reserves
Liability on account of provident funds
Other deferred credit items
Total deferred credit items
Grand total liabilities
Appropriated Surplus:
Additions to property since June 30 1907
Reserve for insurance fund
Profit and Loss:
Balance
$3,924,630 62
478,456 78
23,797,038 67
382,972 68
$127.591 95
95,484 10
24.403,087 40
$4.180.011 35
$223,076 05
$376,098 72
250,000 00
171,570 34
2339,607 69
251,205 59
164,386 25
$36,491 03
$797,669 06
$755,199 53
242.469 53
$5.675,284 70
$342.739,988 93 2348,415,273 63
535,653 41
2.129,835 52
24,053,574 33
494,010 75
2,089,844 54
$41,642 66
39,990 98
21,996.461 86 22.057,11247
23,536.538 59
$349,459,052 19 $352.995.590 78
Grand total
51.205 59
7.18409
TABLE 5-INVESTMENT SECURITIES OWNED-PAR VALUE.
KIND.
Pledged.
.
Stock,
Illinois Central RR. Co
Central of Georgia Ry. Co.-Preferred
Central of Georgia By. Co.-Common
Chicago St. Louis & New Orleans RR. Co
Dubuque & Sioux City RR.Co
Dunleith & Dubuque Bridge Co_
Chicago Memphis & Gulf RR, Co.-Preferred
Chicago Memphis & Gulf RR. Co.-Common
Belt Railway Company of Chicago
Miscellaneous
29,883 33
15,000,000,00
4.998,500 00
10,200 00
11,753.500 00
1.000,00000
150.000 00
520,000 00
240.000 00
2.476,12800
Total Bonds
Other Securities
Grand Total
$71,000 00
20,485,000 00
13,348,100 00
1.100,00000
a$830,000 00
a3,100.00000
65.266,000 00
c3,000.000 00
d16,832,000 00
d9.104.000 00
d6.553,276 90
219,000 00
600,000 00
1,338,000 00
a2,800,000 00
4,296,694 03
151,000 00
29.883 33
15,000,000 00 2900.000 00
249,925 00
4,998,500 00
408 00
10,200 00
323,221 25
11,753.500 00
143,375 08
1,000,000 00
150.000 00
520010 00
4,680 00
240,000 00
3,559.41
2,476,128 00
271.000 00e
20,485,000 00 e
13.348.100 00 e
1,100,000 00 e
241.500 00
830,000 00
155.000 00
3,100.000 00
263.844 44
5.266,000 00
150,030 00
3,000,000 00
673,280 60
16.832.000 00
9,104,000 00 1,658,709 52
6,553,276 90
11,002 08
219,000 00
24,000 00
600,000 00
53,520 00
1.338.000 00
140.000 00
2,800,000 00
191,611 23
4,296,694 03
3,775 00
151,000 00
$47.485,276 90 541,608.794 03 289,094,070 93 23.369,242 27
$126,442 78
2126.442 78
217.034 38
$47,485,276 93 277,893,448 14 $125,378.725 04i$5,011,445 39
The book value of the securities listed above is 5110.820,902 53, and on the balance sheet is Included in the items:
Securities of proprietary, affiliated and controlled companies-pledged
Securities of proprietary, affiliated and controlled companies-unpleged
Miscellaneous investments
Securities issued or assumed-held in treasury
Marketable securities
Loans and bills receivable
Other deferred debit items
a_pledgea to secure in part Illinois Central 4% Bonds of 1952.
b-Pledged to secure Illinois Central 3%% Sterling Bonds of 1950.
e-pledged to secure Illinois Central Cairo Bridge Bonds of 1950.
d-Pledged to secure Illinois Central 4% Bonds of 1953.
e-Excludes interest on Company's bonds and issues of Subsidiary Companies guaranteed.
Dividends
and Interest
Received.
Total.
$36,158,211 33 236,158.211 33 21,625,168 74
Total Stocks
Bonds:
Illinois Central Gold 4s of 1953
Illinois Central Interim Certificates, 4s, First Lien Equipment
1.0. RR.Co. and C. St. L.& N. O. RR.Co. Joint First Refunding Mtge. Bonds _
Louisville Division and Terminal 310 of 1953
Cedar Rapids & Chicago RR. Co. First Mortgage Gold 5s of 1935
Cherokee & Dakota RR.Co., First Mortgage Gold 5s of 1935
Chicago St. Louis & New Orleans RR. Co. Gold 54 of 1951
Chicago St. Louis & New Orleans RR. Co. Gold Bridge 54 of 1950
Louisville New Orleans & Texas By. Co. First Mortgage 45 of 1934
Louisville New Orleans & Texas Ry. Co., Second Mortgage Income 5s of 1934
Louisville New Orleans & Texas By.Co., Land Grant Non-Cum. Inc. 68 of 1934
PeoriaSz Pekin Union By. Co., Debenture 5s
Southern Illinois At Missouri Bridge Co., 48 of 1951
Tennessee Central RR. Co., Prior Lien 4s of 1934
Yazoo & Mississippi Valley B. Co., First Mortgage Gold 58 of 1952
Yazoo & Mississippi Valley RR. Co., Gold Improvement Bonds and Scrip
Mi3ccLaseoUs
Unpledged.
$17.661,070 67
21,189,418 39
53 214,544 82
21.665,883 33
15,718,308 10
3,694,016 62
827.771 45
THE CHRONICLE
980
[VoL. XCIX.
TABLE &--CAPITAL ADVANCES TO OTHER COMPANIES.
RindCapital Advances to Other Companies:
Total.
Batesville Southwestern Railroad Company
$99,582 84
Bloomington Southern Railroad Company
303,077 50
Blue Island Railroad Company
61,887 32
Canton Aberdeen & Nashville Railroad Company
42,287 52
Chicago St. Louis & New Orleans Railroad Company
2,204,554 49
Dubuque & Sioux City Railroad Company
1.849,480 23
Kensington & Eastern Railroad Company
1,207,179 18
Kensington & Eastern Railroad Company of Indiana
280 79
Memphis Railroad Terminal Company
113,147 22
Omaha Bridge & Terminal Railway Company
1,750,000 00
South Chicago Railroad Company
251,135 72
Chicago St. Louis & New Orleans Railroad Company:
Advances to that Company account mortgage lien as represented by Louisville Division and Terminal Bonds____ 23,888,000 00
Dubuque & Sioux City Railroad Company:
Advances to that Company account mortgage liens as represented by:
Western Lines Bonds
5,425.000 00
Omaha Division Bonds
5,000,000 00
Central Fruit Despatch
Madison Coal Corporation
Mississippi Valley Corporation
Mississippi Valley Company
Southern Property Company
Yazoo & Micsissippi Valley Railroad Company
Total Capital Advances to Other Companies
Interest
Received.
$64,892 12
36,047 85
87,500 00
$42,195,612 81
718.492 85
1,977,450 20
549,025 99
40,790 90
4,781 78
3,422,264 40
$188,439 97
$48.908.418 93
$458,348 22
79,085 23
87,078 Si
103,744 21
TABLE 11-GENERAL OPERATING RESULTS FOR THE YEARS ENDING JUNE 30 1914 AND 1913.
Train and Locomotire MileageRevenue freight train miles
Revenue passenger train miles
Revenue mixed train miles
Revenue special train miles
Total revenue service train miles
Helping and light freight locomotives miles
Helping and light passenger locomotive miles
Helping and light mixed locomotive miles
Helping and light special locomotive miles
Total revenue service locomotive miles, excluding switching
Switching locomotive miles
Total revenue service locomotive miles
Non-revenue service locomotive miles
Per cent of helping and light mileage to revenue train mileage
Car Milcage-Freight car miles-loaded
Freight car miles-empty
Freight car miles-caboose
,
Total freight car miles
Average number of loaded freight cars per train mile
Average number of empty freight cars per train mile
Average number of all freight cars per train mile
Per cent of loaded car mileage to total car mileage
Per cent of empty car mileage to total car mileage
Per cent of caboose car mileage to total car mileage
Passenger car miles
Average number of passenger cars per train mile
Special revenue service car miles
Non-revenue
service car miles
_
1V14.
1151.5.
18,395,176
13.180,317
287,415
7,732
31.870,640
686,518
393.356
3,335
95
32,953,944
7,430,437
40,384,381
881,704
3.40
17,853,585
13.641,200
290,030
16,848
31,801,663
609.590
379.801
3,109
632
32,794.795
7,822.032
40,616,827
930,277
3.12
Increase.
_increase. I-. ,..
1 3.03
460,883 3.38
2,615 0.90
9.116 54.11
0.22
68,977
112.62
76.928
3.57
13,555
7.27
226
--------537 84.97
0.49
15949
391,595 5.01
232,446 0.57
48,573 5.22
8.97
0.28
541,591
387,428,046 383.387,960 4,040,086
186,568,256 156,128.618 30.439,638
300,804
18,554,119 18,253,315
592.550,421 57,769.893 34,780,528
21.13
20.74
1.38
8.61
9.99
0.98
30.74
31.72
68.74
65.38
3.50
27.99
31.49
3.27
3.13
75,471,287 75,792,962
0.16
5.44
5.60
260,598
96,151
6.027.964 6,140,311
1.05
19.50
1.65
6.24
0.39 1.85
16.03
3.19
3.36 4.89
12.50
0.14 4.28
321,675 0.42
2.94
164,447 63.10
112.347 1.83
TABLE 12-GENERAL TRAFFIC RESULTS.
cuto cnumg
vune own.
1VAU.
1911.
1913.
1914.
1912.
Average miles of road operated
4,736.91
4,749.64
4,762.70
4,762.70
carried4.768.51
Freight Traffic-Tons of revenue freight
27,945,377
27,966,035
26,339,149
30,447.165
32.342,709
Tons of company freight carried
5,576,661
6,445,783
6,113,998
6.444,889
Tons of all freight carried6,844,266
33.522,038
34,411,818
32,453,147
36,892,054
39,186,975
Tons of revenue freight carried one mile
7,789.173,596 7,385.261,210 6,210,461,853 6,817,235,728 6,691,943,818
Tons of company freight carried one mile
1,372,533,328 1,227,244,521
1.239,346,673
1,381,335,080
1.325,961,521
Tons of all freight carried one mile
9.115,135,117 8,766,596,290 7,449,808,526 8,189,769,056 7,919,188,339
Tons of revenue freight carried one mile per mile of road
1,412,723
1,435.316
1.303,979
1,550,646
1,633,461
Average distance revenue freight earn -in miles
239.47
243.77
235.79
242.56
240.83
49
Revenue from freight
$39,528,830
23
$41,503,985
$37,881,765
94
$42,589.298
68
543,871,271 70
31.41-450
Average revenue per ton carried
31.48-409
$1.43-823
$1.39-879
31.35-645
.591
Average revenue par ton per mile-in cents
.609
.610
.577
.563
Freight revenue per mile of road operated
$8,344 86
$8,738 34
87,953 84
$8,942 26
$9,200 21
Freight revenue per revenue freight train mile
$2.13-326
32.18-068
$2.17-201
$2.34-734
32.34-824
361.15
Tons of revenue freight carried per revenue freight train mile
358.19
356.09
407.04
416.92
427.38
Tons of all freight carried per revenue freight train mile487.89
430.30
427.15
483.18
Tons of all freight carried per revenue service locomotive mile, exclud414.56
416.22
ing switching miles
414.46
467.39
470.52
21.71
21.91
Average number of tons of all freight in each
21.52
22.87
23.53
25,855,738
27,437,911
Passenger Traffic-Revenue passengers carried loaded car
27.005,956
27,537,947
27,522,774
661,981,773
712,353,402
Revenue passengers carried one mile
709,596,363
711,368,242
718,962.391
139,750
149,981
Revenue passengers carried one mile per mile of road
148.990
149,362
150.773 .
25.60
25.96
Average distance carried-in miles
26.28
25.83
26.12
70
$12,107,528
313,168,862
89
Revenue from passengers
40
$13,337,562
45
313,455,884
$13,715,979 06
46.827
Average revenue per passenger-in cents
47.995
49.387
48.863
49.835
1.829
Average revenue per passenger per raile-in cents1,908
1.849
1.880
1.892
$0.90-883
Average revenue from passengers per passenger train
30.97-791
$0.95-807
30.98-588
$1.01-843
mile
Passenger service train revenue
56 $15,026,027 30
317.004.337 30 316,760,538 49 $16,570,743 10 $16,091,528
Passenger service train revenue per mile of road
$3,172 12
$3,387
95
28
33,479
13
$3,519
$3,565 96
Passenger service train revenue per train mile
31.12-790
$1.19-495
51.19-032
$1.20-309
51.26-260
Average revenue passengers per car mile
14
14
14
14
14
Average revenue passengers per train mile
50
53
51
51
53
Revenue and Expenses-Freight and passenger revenue
13 $51,219,328 34 $54,672,848 12 351,636,359 19
$56,045,183
$57,587,250
76
Freight and passenger revenue per mile of road
$10,900 85
$11,510 95
$10,754 26
$11,767 52
$12,076 57
Total operating revenues
40
$65,873,700 02 $64,280,903 02 $58,727,272 17 362,088,736 52 358,908,034
Total operating revenues per mile of road
$12,435 96
$13,072 30
312,330 67
74
$13,496
32
$13,814
Total operating revenues per train mile
$1.87-205
93-192
$1
32.02-130
32.06-691
'
Operating expenses
43
$50,775,327 46 $50,048,911 57 $48,121,466 64344.757.858 70 344,077,534
Operating expenses per mile of road
$9,305 12
39.423 42
$10,103 82
$10,508 52
$10,648 05
Operating expenses per train mile
$1.40-075
31.39-266
$1.54-765
$1.57-378
$1.59-317
Net operating revenue
97
$15,098,372 56 314,231.991 45 $10,605,805 63 $17,330,879 82 $14,830,499
Net operating revenue per mile of road
$3,130 84
$3,648 88
$2,226 85
11,pfot,3F,
$3,166 27
Net operating revenue tier train mile__
VI 57-Inn
en KO_Ann
on oA_inn
A
•
•
•
TABLE 13-CLASSIFICATION OF REVENUE FREIGHT YEARS ENDING RINE 30 1914 AND 1913.
Products of AgricultureGrain
Flour
Other mill products
Hay
Tobacco
Cotton
.Fruit and vegetables
Total
• Products of AnimalsLive stock
Packing-house products
Poultry,game and fish
Wool
Hides and leather
1914
1913-----Tons. Per Cent. Tons.
Per Cent
Products of Forests3,290,781 10.17 3,493,272 11.47 Lumber
318.721 0.99
298.735 0.98
278.575 0.86
Manufactures286,961 0.94
199,645 0.62
239,252 0.79 Petroleum and other oils
76.350 0.24
73,775 0.24 Sugar
303,837 0.94
215,500 0.71 Naval stores
1••••••••••••••
1,075,452 3.32
979,039 3.22 Iron, pig and bloom
Iron and steel rails
5,543,361 17.14
5.586.534 18.35 Other castings and machinery
Bar and sheet metal
430,942
1.33
456,198
1.50
brick and lime
194,151 0.60
192.830 0.64 Cement,
Agricultural implements
35,486 0.11
36,541 0.12 Wagons, carriages, tools, etc
12.906 0.04
9.080 0.03 Wines liquors and beers
15,085 0.05
16,333 0.05 Household goods and furniture
688.570 2.13
710.982 2.34
Total
Total
Products of MinesAnthracite coal
68.450 0.21
90,659 0.30
Bituminous cbal
12.145,945 37.55
34.45
Coke
126.028 0.39
0.42
Ores0.59
192,515 0.63
Stone, sand and other like articles
1,313:105 4.06 1,285,957 4.22
Total
13,843,421 42.80 12.1.85,425 40.02
10,488,614
VIII
Merchandise
-1913
Tons. Per Cent. Tons. PerCent.
15.80
4,811,532
14.85
4,804,433
328,991
296,878
32,288
186,469
106.020
214,847
79,671
1,040.846
85,221
45.203
165.918
57,465
1.02
0.92
0.10
0.57
0.33
0.66
0.25
3.22
0.26
0.14
0.51
0.18
299,234
252,754
38,547
184,335
118,823
238,288
93,752
1.091,169
95,223
45,407
171,435
62.476
0.98
0.83
0.13
0.62
0.39
0.78
0.31
3.58
0.31
0.15
0.56
0.20
2,639,817
1,994,727
8.16
6.17
2,691.443
1,858,623
8.84
6.10
MiscellaneousOther commodities not mentioned 2,828,380 8.75 2,602,626 8.55
above
32,342,709 100.00 30.447,165 100.00
Total tonnage
OCT. 3
THE CHRONICLE
1914.]
981
THE KANSAS CITY SOUTHERN RAILWAY COMPANY
FOURTEENTH ANNUAL REPORT-FOR THE FISCAL YEAR ENDING JUNE 30 1914.
During the past fiscal year the total track mileage of the
Kansas City, Mo., Sept. 15 1914.
was increased from 1,272.67 to 1,277.72, making
To the Stockholders of The Kansas City jaatLisrn Railway Co.:'? aSystem
net addition of 5.05 miles, which consists of the following
orto-fthe affairs of your Com- items:
io-Th-e-fourteenth'aiumalYeit
pany, being for the year ended June 30 1914, is herewith preAdditions4& ,fi141 A -2.1 A -4j
sented.
Net additions to operated Yard, Terminal and
s
MILES OF RAILROAD.2,1ZEM-'"
The track mileage of your Company on June 30 1914 was
as follows:
otae..1 A
Liner MainCity.
199 miles
Mo.,to Belt Junction, Mo
T'
765.14 "
Kansas
Grandview, Mo.,to Port Arthur, Tex
777.13 miles
Branches16.44 miles
Spiro, Okla., to Fort Smith, Ark
2.80 "
Jenson. Ark., to Bonanza Mine
4.03 "
West Lake, La., to Lockport, La
to
Lake
Charles,
La
22.59
La.,
Quincey,
De
Yard, Terminal and Side TracksNorth of Belt Junction, Mo.,and in and around
82.38 miles
Kansas City
All other Yard. Terminal and Side Tracks.. _ _ _ 340.07 "
Second TrackBetween Second and Wyandotte Streets, Kansas City. Mo.,and Air Line Junction, Mo.
Between De Queen, Ark., and Neal Springs,
Ark
5.46 miles
1.18 "
DeductionsUnused sidings on Bonanza Coal Mine Spur
abandoned
Decrease in various sidings due to remeasurement of track
6.64 miles
1.23 mites
.36 "
1.59 "
Net Increase in System Mileage
45.86 "
5.05 miles
Of the total System mileage, the following was not operated by your Company during the year ended June 30 1914:
422.45 "
Bonanza Coal Mine SpurOperated by the Central Coal & Coke Co. under contract:
Main Branch
2.80 miles
Sidings
2.17 "
14.02 "
Lockport BranchOperated by the Edgewood Land & Logging Co. under lease:
Main Branch
4.03 miles
Sidings
1.07 '
5.57 miles
8.45 "
1,259.46 miles
Total owned or controlled
Operated Under Trackage RightsTracks of the St. Louts & San Francisco Railroad Co., between Belt Junction, Mo., and Grandview. Mo., used under contract.
11.01 miles 1
Length of track so used-Main Line
Sidings
2.33 "
- 13.34 "
Operated Under Lease3.83 miles
Yard track to plant of the Armour Packing Co_
1.09 "
Yard Track to plant of the Fowler Packing Co_
1,277.72 miles
Total Miles in System
Side Tracks
Increase in Yard Tracks to plants of the Armour Packing Co. and the Fowler Packing
Co. at Kansas City, operated uhder lease__ _
4.97 miles
5.10 "
Total not operated by The Kansas City Southern Railway Co
10.07 miles
Therefore the total mileage operated by your Company was:
Main Line
Branches
788.14 miles
39.03 "
Second Track
Yard, Terminal and Side Tracks
Total Mileage Operated
827.17 miles
14.02 "
426.46 "
1.267.65 miles
SAME BY STATES.
Owned by The K. C. S. fly. Co. and Subsidiary Cos.
State.
Second
Main Line. Main Track.
Missouri
Kansas
Arkansas
Oklahoma
Louisiana
Texas
174.65
18.38
152.92
127.64
222.46
81.08
Total
777.13
Branches.
5.57
Operated
Under
Yard Track
Leaseand Sidings. Yard Track.
Operated
Under
Trackage
Rights.
Total.
4.20
15.04
26.62
113.09
59.80
55.17
48.23
90.11
56.05
.83
4.09
13.34
8.45
307.48
82.27
220.74
190.91
339.19
137.13
14.02
45.86
422.45
4.92
13.34
1,277.72
In addition to this railroad property, its rights of way,
During the past fiscal year the total operated track mileage increased from 1,261.37 to 1,267.65, making a net addi- real estate, buildings, equipment, appurtenances, etc., the
Company on June 30 1914 controlled, by virtue of its ownertion of 6.28 miles, which consists of the following items:
ship of securities, all the property of the following corporaAdditionstions, viz.:
Yard and Terminal Tracks at Fort Smith, Ark.,
acquired July 21 1913 by ownership of all the
capital stock of the Fort Smith & Van
Buren Railway Co
Net additions to other operated Yard. Terminal
and Side Tracks
Increase in Yard Tracks to plants of the Armour
Packing Co. and the Fowler Packing Co. at
Kansas City, operated under lease
THE ARKANSAS WESTERN RAILWAY COMPANY.
2.52 miles
2.94 "
1.18 "
DeductionsDecrease in various sidings due to remeasurement of track.._ _
Net Increase in Operated Mileage
6.64 miles
.36 "
A standard-gauge line from Heavener, Oklahoma, to Waldron, Arkansas, 32.33 miles, together with rights of way,
buildings, appurtenances, etc.; controlled by your Company
through ownership of all the capital stock and bonds.
THE POTEAU VALLEY RAILROAD COMPANY.
6.28 miles
A standard-gauge line from Shady Point, Oklahoma, to
Calhoun, Oklahoma, 6.59 miles, together with rights of way,
EQUIPMENT.
The Rolling Equipment owned or otherwise controlled buildings, appurtenances, etc.; controlled by your Company
through ownership of all the capital stock.
on June 30 1914 consisted of:
LocomotivesPassenger
Freight
Switching
Acquired
Under
Equipm't
Owned. Trusts.
Total
112
33
15
5
175
20
Acquircd
Under
Equiptn't
Passenger Equipment Owned.Trusts.
Coaches
23
Chair Cars
25
Coach and Baggage_ __ _
4
Coach and Mail
1
Baggage
18
Baggage, Coach and
Mail
1
Express and Mail
10
Excursion
3
Office and Pay Cars___
5
Freight EquipmentIn Commercial Service:
2,530
Box Cars
158
Furniture
100
318
Stock
193
Total
Tank
635 1,000
Coal
433
199
Work EquipmentFlat
1 Outfit Coaches
Vinegar Tank
Derrick
Total
4,267 1,300 Steam Shovels
Slope Levelers
In Work Service:
253
Ditchers
Box Cars
Pile Drivers
Coal
191
66
Flat
Lidgerwoods.
Ballast
148
Convert. Coal & Ballast 98
Total
Cabooses
Grand Total
756
----
*92
5,115
• --
1,300
*Includes 9 Box Car Cabooses.
Total
90
9
10
e
4
3
2
7
- __ _
THE KANSAS CITY SHREVEPORT & GULF TERMINAL CO.
Union depot property at Shreveport, Louisiana, including
its real estate, buildings and 1.16 miles of yard and terminal
track; controlled by your Company through ownership of
all the capital stock.
PORT ARTHUR CANAL & DOCK COMPANY.
Lands, slips, docks, wharves, warehouses, one grain elevator (capacity 500,000 bushels), etc., all at Port Arthur,
Texas; controlled by your Company through ownership of all
the capital stock and bonds.
THE K. C. S. ELEVATOR COMPANY.
One first-class elevator, of capacity 650,000 bushels, situated at Kansas City, Missouri; controlled by your Company through ownership of all the capital stock.
THE MENA LAND & IMPROVEMENT COMPANY.
A Company formed for taking title to real estate at Mena,
Arkansas, abandoned and vacated in consequence of the
establishment of new division terminals at Heavener, Oklahoma,and DeQueen, Arkansas, controlled by your Company
through ownership of all the capital stock.
THE CHRONICLE
982
GLENN-POOL TANK LINE COMPANY.
A Company operating 166 tank cars, under equipment
trust; controlled jointly by your Company as the owner of
three-quarters of the capital stock, and the Midland Valley
Railroad Company as owner of the remaining one-quarter
of the stock.
That portion of the System lying within the State of
Texas, the mileage of which is included in the operated mileage of your Company, is operated separately by its owner,
the Texarkana & Fort Smith Railway Company, which company has its own general offices and books of account at
Texarkana, Texas, in accordance with the Texas law.
For the sake of completeness, however, the reports of that
Company are included in those of The Kansas City Southern
Railway Company in so far as is necessary to show the results
of the operation of the whole line from Kansas City to the
Gulf.
RESULTS OF OPERATION.
The following statement shows the results of operation
of the Kansas City Southern Railway for the year ended
June 30 1914, compared with corresponding results for the
preceding year:
Operated MileageMiles of Main Line
Miles of Branches
Miles of Sidings and Spurs_ _
Miles of Second Main Track
1913-1914.
788.14
39.03
426.46
14.02
Increase(+)or
1912-1913. Decrease (-).
788.14
39.03
420.18
+6.28
14.02
Revenues from OperationFreight Revenue
$8,241,359 04 $7,955,38632 +3285.972 72
Switching Revenue
577,634 27
532,89803
+44,736 24
Passenger Revenue
1.675.168 43 1,694,58041 -19,411 98
Excess Baggage Revenue__ _
17,370 66
18,00593
-1.53527
SpecialServiceTrain Revenue
4,838 71
5,881 80
-1.043 09
Other Passenger-Train Rev_
1,762 53
1,339 11
+423 42
Mail Revenue
128,595 52
123,247 16
+5,348 36
Express Revenue
243,624 58
251,11829
-7,493 71
Miscellaneous Transportation
Revenue
17,392 89
4,235,51
+13.15738
Revenue from Operations
Other than Transportation
85,707 02
118,716 72 -33.00970
Gross Revenues
$10,993,453 65 $10,706,309 28 +5287,144 37
Operating ExpensesMaintenance of Way and
Structures
$1,135,525 14 $1,024,840 37 +5110,684 77
Maintenance of Equipment- 1,339,154 76
1,344.624 70
-5,469 94
Traffic Expenses
324,676 43
315.868 27
+8,808 16
Transportation Expenses_ _ - 3,660,700 31 3.661,311 30
-610 99
General Expenses
450,264 26
400.512 46
+49.751 80
[VOL. xcrx
Brought forward
$20,947 258349,638 12
Decrease in Special Service Train RevenueDue to a diminished movement of circus trains_ _ _
1,043 09
Decrease in Express RevenueDue principally to the handling by Parcels Post of
traffic which had previously moved by express
7,493 71
Decrease in Revenue from Operations Other than
TransportationDue to a change in classification by the Inter-State
Commerce Commission transferring revenue
from Track Rentals directly to the Income
$24,749 61
Account
Due to the more prompt loading and
unloading of cars,resulting in a reduc5,980 27
tion of charges for Car Service
2,279 82
Due to miscellaneous cars
33,009 70
62,493 75
Net Increase in Gross Revenues
$287,144 37
The decline in Passenger Revenue resulting from the reduction of intra-State rates by State Railroad Commissions is as follows:
In Missouri, from 23/i to 2 cents per passenger-mile,
effective July 4 1913.
In Arkansas, from 3 to 2 cents per passenger-mile, effective July 4 1913.
In Oklahoma, from 3 to 2 cents per passenger-mile, effective July 3 1913.
Passenger Revenue of the Southern Division was 4.83
per cent in excess of that for the previous year. Hence it is
fair to assume that, had there been no reduction of fares,
this class of revenue for the Northern Division would have
been affected by the same rate of increase. Revenue of the
Northern Division from that source during the preceding
year was $840,928 95, and an increase of 4.83 per cent
would amount to 0,616 87. The aggregate loss in this
item and the actual decline for the year may therefore be
stated thus:
Natural increase in Passenger Traffic if undisturbed by rate-regulation:
$40,616 87
Northern Division-Estimated
41,236 43
Southern Division-Actual
$81.853 30
19.411 98
Actual decline in comparison with the previous year
Actual decrease resulting from the reduction of rates
$60,648 41
In Missouri. Arkansas and Oklahoma
40,616 87
Estimated increase with former rates in effect
Estimated loss consequent upon the reduction of rates
5101.265 28
The large loss entailed by these reductions tends strongly
to prove that the original rates were not unreasonable; for,
had the contrary been true, new and additional traffic
Net Revenue
$4,083,132 75 $3.959,152 18 +5123,980 57 should have been stimulated to movement thereby, in
Taxes
567,857 33
465,339 16 +102,518 17
Operating Income
3,515.275 42 3.493.813 02
+21.46240 quantity sufficient at least to compensate for the sacrifice
Ratio of Operating Expenses
m rate.
to Gross Revenues
62.86%
63.02%
-.16%
No revenue charge was made against any Company
Ratio of Operating Expenses
and Taxes to Gross Revefreight.
nues
68.02%
67.37%
+.65%
The increase of $165,163 80 in Operating Expenses was due
The following detailed comparison of Gross Revenues for to the following causes:
of Way and Structures:
Increase in Maintenance
the year ended June 30 1914 with those of the previous year Changes
made under orders of the Inter-State Comis respectfully submitted:
merce Commission on account of property abanTotal
$6,910.320 90 $6.747,157 10 +5163,163 80
$35,332 14
doned in the course of improvements
Increases in Freight RevenueChanging rail between De Quincey, La., and BeauProducts of Agriculture-Due to the
mont,-Tex.,from 60 to 85 lbs. per yard-Proporacquisition of competitive perishable
50.134 73
tion applicable to Expenses
traffic through New Orleans by reason
Increase in renewal of ties due to the replacement of
of improvement of the property and
24,522 98
untreated with treated ties
the resulting expeditious service__--$167.155 11
694 92
Miscellaneous (net)
Manufactures-Due to the
$110,684 77
enlarged movement of oil $248,305 19
Expenses:
Traffic
Increase
in
Due to the movement of
Increased cost of solicitation, advertisement and development
pipe and machinery for
of traffic relations and conditions
8,808 16
development of the
Increases in General Expenses:
Caddo, La., oil fields_ - 100,793 76
cost of preparing data for use in State rate cases__ $25,281 21
Due to the general deExpenditures in connection with Federal valuation. 19,847 40
velopment of territory
Removal of General Offices from Ninth Street and
tributary to the line__ _ 94,978 38
Broadway to Eleventh and Wyandotte Streets,
444,077 33
Kansas City, Mo., in May 1914
Merchandise and Miscellaneous-Due
2,37858
Miscellaneous (net)
52.238 17
2,244 61
to the development of territory
$663,470 61
49,751 80
Less Decreases, viz.:
Products of Agriculture-Due to the
Total Increase
$225,929 46
shortage of crops
$169,244 73
Products of Animals-Due to the
Decrease in Maintenance of Equipment:
foregoing cause
36,393 75
Miscellaneous (net)
$5,469
94
Products of Mines-Due to tempoDecrease in Transportation Expenses:
rary commercial depression
70.264 54
Miscellaneous (net)
610 99
Products of Forests-Due to a restricted demand
44,910 14
6,080 93
377,497 89
$285,972 72
Net Increase in Operating Expenses
Increases in Switching Revenue5163,163 80
Due to an enlarged movement atKansas City
332,517 01
Fort Smith
It will be observed that this increase in Operating Expenses
403 50
Texarkana
558 50
includes the following items over which the management
Shreveport
6,126 00
Mansfield
naturally had no control:
450 00
Lake Charles
618 00
Arbitrary charges to Maintenance of Way and
Port Arthur
3,233 50
Structures ordered by the Inter-State Commerce
Other Places
829 73
$35,332 14
Commission
44,736 24 Expenses
of rate litigation
25,281 21
Increase in Other Passenger Passenger-Train RevenueExpenses
19,847 40
of
Federal
valuation
Due principally to adjustments of the account
423 42
$80,460 75
Increase in Mail Revenueadditional
compensation
Due to
allowed by the U. S. Railway
Post Office Department by reason of the Parcels Post
5,34836
Increase in Miscellaneous Transportation RevenueAfter deduction of this last amount from the total increase
Due principally to collections from the owners of tank cars for
in
Operating Expenses there remains a normal increase of
the excess ofempty over loaded car mileage
13,157 38
$82,703 05 for an increase in Gross Revenues of $287,144 37.
Total Increase
$349,638 12 Had no reduction of passenger rates been made by State
Decreases in Passenger Revenueauthorities, Gross Revenues would have been further inDue to the enforced reduction of rates
560,648 41
on the Northern Division
creased by the estimated amount of $101,265 28, as above
Southern
the
Divisionon
41.236
43
Less Increase
indicated. Therefore, under natural conditions, there would
$19,411 98
Decrease in Excess Baggage Revenue-have been an increase of $388,409 65 in Gross Revenues and
Due to the reduction of passenger fares on the
an increase in Net Revenue of $305,706 60-over 78 per cent
Northern Division. excess baggage rates being
based upon a percentage thereof
1.535 27
of the increment in gross return.
983
THE CHRONICLE
00T. 3 1914.]
The tonnage movement was as follows:
For the year ended June 30 1914: 1,336,017,723
Gross Tons One Mile—North
Gross Tons One Mile—South
1,192,503,014
2,528,520,737
For the year ended June 30 1913:
1,232,110.697
1,082,202.786
2,314,313,483
Gross Tons One Mile—North
Gross Tons One Mile—South
214,207,254
Increase in Gross Tons One Mile
For the year ended June 30 1914:
Net Tons One Mile—North
Net Tons One Mile—South
For the year ended June 30 1913:
Net Tons One Mile—North
Net Tons One Mile—South
NEW TRACKS TO SERVE EXISTING INDUSTRIES.
Completed—
Port Arthur, Tex.
Gulf Refining Co
Beaumont, Tex.
Magnolia Petroleum Co
Lake Charles, La.
Hodge Fence Sz Lumber Co
Port Arthur. Tex.
The Texas Co
Anderson. Mo.
J. L. Eliff and Geo. Tatum (Lumber)
Mansfield. La.
Gulf Refining Co
Leeds, Mo.
Corrigan-McGee Rock Crusher Co
The Texas Co
So. Mansfield. La.
Uncompleted—
Fort Smith, Ark.
Ballman-Cummings Furniture Co
Fuller, Kan.
McCormick Coal Co
653.365,059
485,380,811
1,138.745,870
During the year 47.34 miles of your track from DeQuincey,
Louisiana, to Beaumont, Texas, were laid with new 85pound rail, making the total mileage of main line laid with
heavy steel rail to June 30, as follows:
633,299,124
450,986.864
1.084,285,988
Between Kansas City, Mo.,and Leesville,La
669.4 miles
Less trackage through yards laid with 56, 60 and
70-lb. rail
5.2 " 664.2 miles
54.459,882
Increase in Net Tons One Mile
Between DeQuincey, La.,and Port Arthur, Tex
67.1 "
The fact that this increased tonnage was hauled with a
Total
731.3 miles
slight decrease in Transportation Expenses indicates both
program
of
the
additions
to
improved service attributable
The bridges and culverts of your road were improved
and betterments heretofore inaugurated and yet in progress,
and the capacity of the property, under existing conditions, during the year by reducing the total length of trestles from
traffic
of
without
a
enlargement
63,173 feet to 63,082 feet; increasing the total length of steel
to accommodate a further
bridges from 21,662 feet to 21,810 feet; increasing the number
proportionate increase in the cost of movement.
of stone and concrete culverts from 636 to 638; increasing
REFUNDING AND IMPROVEMENT MORTGAGE BONDS.
the number of cast-iron pipe culverts from 557 to 563 and
To provide funds for ballasting and other additions to and the number of concrete pipe culverts from 68 to 77.
Among the Statements and Statistics following is a table
betterments of the property, there were sold during the year
$250,000 00 par value of the $21,000,000 00 Refunding and showing the progressive improvements made in bridges and
Improvement Mortgage Bonds authorized by the Stockhold- culverts from June 30 1900 to June 30 1914.
The management of the Kansas City Terminal Railway
ers on June 29 1909. An agreement of sale with respect to
an additional $250,000 00 face value, for delivery during the Company,in which your Company owns a one-twelfth intersucceeding fiscal year, was entered into at the same time and est, advises that, on account of labor troubles, the date of
opening the new Union Passenger Station and track connecupon identical terms.
The situation June 30 with respect to such bonds was tions is uncertain.
as follows:
$21,000,000 00
Total authorized issue
Issued and sold—
July 1 1909
February 15 1911
November 1 1912
December 2 1912
April 2 1913
May 5 1914
LITIGATION.
The.courts having sustained the Inter-State Commerce
Commission in its regulations regarding the disposition of the
value of property retired as a necessary incident to betterments, the accounts of your Company have been adjusted
accordingly.
16,750,000 00
To June 30 1914 the total amount of property abandoned
54,250,000 00 in the course of improvements was $1,079,983 90, which
Unissued June 30 1914
has been segregated from the capital accounts. Of this
The status at June 30 as regards the Refunding and Im- amount, $20,682 46 has been disposed of in compliance with
provement Mortgage Bonds issued and outstanding on that instructions of the Commission by charge to Profit and Loss
and $36,052 02 by charges to Operating Expenses, leaving
date was:
$16.750,000 00 for future disposition a balance of $1,023,249 42, as shown
Total issued and outstanding
by the Balance Sheet. Under existing requirements, this
Expended as shown by the Annual Report for
515,000.000 00
the year ended June 30 1912
remainder is chargeable to Operating Expenses at the rate
Expended as shown by the Annual Report for
974.150 77
of approximately $90,000 00 per annum.
the year ended June 30 1913
Expended during the year ended June 30 1914:
The Guardian Trust Company litigation mentioned in
$12,500 00
Discount
previous reports is now awaiting argument before the SuNet expenditures for Additions
40,849 23
and Betterments
preme Court of the United States, and will probably be heard
53,34923
16.027,500 00 during the spring of 1915.
510,000,000 00
5,000,000 00
500,000 00
500,000 00
500,000 00
250,000 00
Balance unexpended June 30 1914
5722,500 00
FEDERAL VALUATION.
EQUIPMENT TRUSTS.
Under the Federal Valuation Act approved March 1 1913,
The total Equipment Trust Obligations outstanding the Inter-State Commerce Commission began the valuation
of the property of your Company on January 26 1914 and
June 30 1913 was:
$1,426,000 00 is still engaged in that work.
Series "D," dated December 15 1912
00
124,000
Paid during the year
In order that all items shall be included at full cost and
51,302,000 00 value, it was decided to make independent surveys and inOutstanding June 30 1914
ventories in advance of the Government parties.
ADDITIONS AND BETTERMENTS.
As of June 30 1914, your Company's forces had completed
ballast, tracks,
During the year the net expenditures for Additions and the survey and inventory of all grading,
buildings, bridges, fences and other structures on 220 miles
Betterments to Road and Equipment were:
of main line, 21.9 miles of branch line and 151.84 miles of
From proceeds of Refunding and Improvement
sidings and spurs, making a total of 393.74 miles, and had
Mortgage Bonds
$40,849 23
From current funds
388,764 70
completed the measurements and inventory of 27.87 miles
$429,613 93 of abandoned line.
The Government, at that date, had made an inventory of
These expenditures include the cost of a number of new grading,
ballast, tracks and fences on 138 miles of main line
spurs to serve industries not heretofore reached by your and
67.9 miles of sidings, making an aggregate of 205.9 miles.
tracks, and to accommodate new industries in process of
The expenses incurred by reason of this valuation to June 30
establishment.
The following is a list of such spurs, some of which have 1914 were as follows:
$3,374 54
Office expenses
been complete and others are in course of construction:
15,537 86
Field parties
NEW TRACKS TO SERVE NEW INDUSTRIES.
935 00 $19.847 40
Pilot for the Government
Complcted—
Ayres,
La.
Wyatt Lumber Co
Mile 115.
Pierce Coal Co
The appended Balance Sheets and statistical statements
Mansfield, La.
Gulf Refining Co
give full detailed information concerning expenditures for
Hawthorne, La.
W.G. Strange Lumber Co
Leeds, Mo.
Improvements and the results of operation.
B. Corrigan (Rock Crusher)
Cedar Grove, La.
Brown Stave Co
The form of balance sheet prescribed by the Inter-State
Mansfield, La.
Continental Supply Co
Spiro, Okla.
Commerce Commission has been filed with that Commission
City of Spiro
Shreveport,
La.
Caddo Window Glass Co
Lake Charles, La. at Washington. Your Board has deemed it advisable, howLake Charles Grain Co
Kansas City, Mo. ever, to retain herein the form of balance sheet heretofore
Barber Asphalt Paving Co
So. Mansfield, La. adopted, since the Stockholders are familiar wth it, and since
The Texas Co
Kansas City, Kan.
The Commonwealth Storage Co
Cedar Grove, La. it is believed to set out more clearly the financial condition
Louisiana Handle Co
Kansas City, Kan. of your Company.
Kansas City Sand Co
Shreveport, La.
Robinson Bros. (Grain)
Oretta, La.
American Farm Lands Co
By order of the Board of Directors.
Texarkana, Tex.
Purified Gasoline Oil Co
Uncompleted—
Kansas City, Kan.
Missouri Valley Bridge Co
J. A. EDSON, President.
Mooringsport, La.
Caddo Parish
Cedar Grove, La.
Western Silo Co
comparative
[For
statistical
tables
see under Annual Reports on
Mansfield, La.
National Supply Co
Port Arthur, Tex• a preceding page.]
United States Government
THE CHRONICLE
984
[VOL. xc
THE MISSOURI PACIFIC RAILWAY COMPANY
FIFTH ANNUAL REPORT-FOR THE FISCAL YEAR ENDING JUNE 30 1914.
St. Louis, Mo., September 10 1914.
To the Stockholders of
Missouri
Pacific
The
Railway Company and the
St. Louis Iron Mountain dc Southern Railway Company:
Directors
Boards
of
herewith
The
submit their report of affairs for the fiscal year ended June 30 1914.
The summary of results from operation is as follows:
1914.
Average Mileage Operated
RAILWAY OPERATING INCOME:
Rail Operations-Revenue:
Freight
Passenger
Passenger-Other
Mail
Express
Miscellaneous
Total Revenue from Transportation
Non-transportation Revenue
Total Operating Revenues
Rail Operations-Expenses:
Maintenance of Way and Structures
Maintenance of Equipment
Traffic Expenses
Transportation Expenses
General Expenses
Total Operating Expenses
Net Revenues-Rail Operations
Net Deficit from Auxiliary Operations
Net Railway Operating Revenue
Railway Tax Accruals
Railway Operating Income
OTHER INCOME:
Rent
Dividends from Stock
Interest
Miscellaneous Income
Total Other Income
Gross Income
DEDUCTIONS FROM GROSS INCOME:
Rent
Equipment Rents-Debit Balance
Interest
Miscellaneous Deductions
Total Deductions
Net Income or Loss
Operating Revenue per mile of road
Operating Revenue per revenue train mile
Operating Expenses per mile of road
Operating Expenses per revenue train mile
Net Operating Revenue per mile of road
Net Operating Revenue per revenue train mile
Ratio of Operating Expense to Operating Revenue
In,'GUSG
1913.
Amount.
sJecrease.
Per Ct.
Amount.
Per CI.
7,284 53
7,257 00
$43,995,027 21
11,159.634 09
183,343 24
1,507.422 53
1.513.059 78
925,025 62
545.748,269 39
11,627,480 60
199.628 55
1.450,607 97
1.711.30535
934.168 02
556.814 56
*59.283.51247
510,387 70
$61,671,459 88
484.046 26
526.341 44
$59,793,900 17
562,155.506 14
$8,536,046 14
10,252,256 29
1.330.086 51
21,292.356 67
1,711,627 08
59,263,360 32
9,860.187 54
1.425,167 92
22.528,447 44
1,621,833 83
$43,122.372 69
544.698,997 05
81,576,624 36
3.53
516,671.527 48
73.363 79
$17,456,509 09
93,004 62
$784,981 61
19,640 83
4.50
21.12
$16.598,163 69
$17,363,504 47
5765,340 78
4.41
*2,513,43241
$2,314,348 73
$14,084,731 28
515.049,155 74
3964,424 46
6.41
$574,894 20
61,265 75
1,808.051 65
3,567 64
$519,527 98
78.751 50
1,833,771 35
31,548 07
$17,485 75
25.719 70
27.980 43
22.20
1.40
88.69
27.53
$392,068 75
89,793 25
*199,083 68
555,366 22
0.38
3.92
5.44
3.98
5.54
51,753.242 18
467.846 51
16,285 31
3.83
4.02
8.16
198,245 57
9,14240
11.58
0.98
52,387,947 41
3.87
52,361.605 97
3.80
$727,314 18
7.85
95,081 41
1,236.090 77
6.67
5.49
8.60
10.66
$2,447.779 24
$2,463,598 90
515,819 66
0.64
$16,532,510 52
517.512,754 64
8980.244 12
5.60
$1,047,273 64
787,009 69
14,575,746 31
47.788 42
$998,580 08
477,240 27
14,408,124 59
66.075 82
$48,693 56
309,769 42
167,621 72
4.88
64.91
1.16
818,287 40
27.68
$16,457,818 06
515,950,020 76
$507,797 30
318
574.692 46
$1,562,733 88
$1,488,041 42
95.22
$356 56
4.16
$8.208.34
2.28697
5,919.72
1.64932
2,288.62
.63765
72.12%
$8,564.90
2.23867
6.159.43
1.60993
2,405.47
.62874
71.91%
S.04830
.03939
.00891
0.21%
2.16
239.71
3.89
116.85
4.86
2.45
1.42
CAPITAL STOCK.
NEW LINES.
There has been no change in the Capital Stock.
No new lines or extensions were constructed during the
year. A reduction of 0.32 miles is recorded m the main line
FUNDED DEBT.
The following changes were effected during the year in mileage of the St. Louis Iron Mountain & Southern Railway
Company, due to re-measurements and abandoned track,
the funded debt in hands of the public:
The Missouri Pacific Railwaydetails of which are shown on page 55 [of pamphlet report].
Funded Debt decreased
334,000 00
Equipment Trust Obligations decreased
952,000 00
EQUIPMENT.
Total Decrease
$986,000 00
The following new equipment was acquired and taken into
St. Louis Iron Mountain & Southern Railway Co.
Funded Debt increased
$4,144,000 00
the accounts, at a cost of $989,091 23:
Equipment
Trust Obligations decreased
Total Increase
437,000 00
$3.707,000 00
Statements on pages 21 and 27 [pamphlet] give the details of these changes.
Under an Extension Agreement dated May 11 1914 the
Three-Year Five per Cent Secured Gold Notes issued by
The Missouri Pacific Railway Company under its Trust
Indenture dated June 1 1911 (the total amount of such notes
now outstanding being $24,942,000) were extended to June 1
1915, with interest at the rate of six per cent. Additional
collateral was deposited with the Trustee, The Union Trust
Company of New York, to the extent of $3,000,000 face
value of the St. Louis Iron Mountain & Southern Railway
Company First and Refunding Mortgage Six Per Cent
Forty-Year Gold Bonds, Series "A.'
The collateral now pledged as security for these notes is
as follows:
$25,000,000 face value St. Louis Iron Mountain & Southern Railway Company 6% Forty-Year Gold Bonds, Series "A" (non-convertible), due July 11952. secured by the first and refunding mortgage and indenture supplemental thereto;
1.070,000 par value (10,700 shares) St. Louis Iron Mountain & Southern
Railway Company Stock;
1,972.000 face value The Missouri Pacific Railway Company First and
Refunding Mortgage Fifty-Year 5% Gold Bonds, Series "B"
(non-convertible), due Sept. 1 1959;
9.800,000 par value (98,000 shares) The Denver & Rio Grande Railroad
Company Preferred Stock;
15,000,000 par value (150.000 shares) The Denver & Rio Grande Railroad
Company Common Stock;
828,380 face value The Texas & Pacific Railway Company 5% Gold
Notes, due June 1 1915;
490,000 face value Concordia Coal Company First Mortgage 5% Bonds,
due Oct. 11945:
150,000 par value (1,500 shares) Baring Cross Bridge Company 7%
Stock;
125,000 par value(1.250 shares) Pueblo Stock Yards Company stock;
1,000,000 par value (10,000 shares) Western Coal & Mining Company
Stock.
7 Mountain Type Locomotives.
5 Pacific Type Locomotives.
30 Mikado Type Locomotives.
1 Business Car.
1 Caboose.
2 Steam Pile-Drivers.
Orders were placed for the purchase of the following additional equipment, but delivery had not been made at close
of year:
3 Steel Letter Cars.
1 Steel Passenger-Baggage Car.
4 Steel Paper Cars.
1 Steam
18 Steel Baggage Cars,
11 Steel Baggage-Mail Cars.
9 Steel Divided Coaches.
27 Steel Chair Cars.
Wrecking-Crane.
3 Locomotive Cranes,
1 Locomotive Pile-Driver.
1 Bridge-Erecting Derrick.
25 Caboose Cars.
Comparisons of inventory and capacity of equipment appear in statements on pages 50 and 51 [of pamphlet report].
ADDITIONS AND BETTERMENTS.
For the acquisition of right-of-way for extensions to tracks
and station grounds, $25,887 74 were expended.
The expenditures for widening cuts and fills were nominal.
The charges against this account were almost wholly attributable to bridge filling.
For protection of navigable channels and to prevent further encroachments of the Arkansas River, a large expenditure was recorded and accounts for almost all of the charge
against "Protection of Banks and Drainage."
Except to conform to newly established grade line of levee
along the Mississippi River at Helena and near Fulton, Ark.,
involving a betterment charge of about $10,000, no grade
reductions or changes of line were undertaken.
Because largely in replacement of inadequate structures
for waterways, the betterment charges for bridge work were
relatively small (approximately $30,000), but the results of
total expenditures, including maintenance charges, are reflected in the work performed and listed as follows:
OCT. 3 19141
THE CHRONICLE
985
greater than last year, yet the combined revenues therefrom
were less by $141,431.
The detail of Operating Expenses with comparisons are
on Pages 46 and 47 [of pamphlet report.] The
The filling of wooden trestles involved the handling of recorded
total expenses were $43,122,372 69, a decrease of $1,576,409,543 cubic yards of material.
36, or 3.53 per cent, compared with last year. The
New rail in replacement of lighter sections was laid in 624
operation of the property was not confronted with any
main tracks to the extent of 83.59 miles, more than 92 per extraordinarily
adverse conditions. The expenditures for
cent being standard 90-pound section; 131.13 miles were laid
of
with re-rolled section, and 2.13 miles of released rail were Maintenance of Way and Structures and Maintenance
re-layed. This work involved a betterment charge of Equipment, together, equaled 31.43 per cent of total
operating revenue. The condition of road-bed, locomotives
.
$56,000.
Ballast, involving the handling of 221,859 cubic yards of and cars, generally, has been substantially improved. The
particular increases in charges for road-work were against
material, was applied as follows:
85.52 miles ties and against bridges, which make for greater stability
Gravel
.99
"
and permanence.
Rock
2.05 "
Cinders
Applying the Maintenance of Equipment charges to the
10.80 "
Chatts
equipment list as it existed at the beginning of the year, the
99.36 miles
Total
expenditure equaled, per locomotive, $3,240 57; per pasThe composition of tracks as to Rail and Ballast, Main senger-train car, 82 96; per freight-train car, $112 40.
49
[of
page
on
pamphlet
statementized
Branches,
is
Traffic Expenses declined 6.67 per cent.
Line and
report].
A reduction was accomplished in Transportation Expenses
1.29
aggregating
miles,
was
second
track,
Additional
equaling 5.49 per cent; the ratio of the total of such expenses
year
at
Omaha.
previous
installed
in
that
added to
to total Operating Revenue was this year 35.61 per cent—
Additional yard facilities were provided at Kansas City, last year 36.25 per cent. These figures exhibit a further
Horace,
Kansas,
and
Nebraska;
AlexanOmaha,
Missouri;
refinement in these branches of the service, which directly
dria, Louisiana, which, with newly constructed sidings and and largely concern the shipper and passenger; the results
the
track
points,
increased
mileage
11.59
various
at
spurs
reflect the ardent efforts of all Officers and Employees.
miles.
General Expenses increased 5.54 per cent, which includes
Right-of-way fencing to the extent of 47.18 miles, was $57,265 for "Valuation Expenses"—a Federal requirement.
constructed.
There have been some increases in compensation to emBy the construction of subways or overhead crossings, in ployees, affecting Maintenance of Equipment, but more
order to comply with State laws and city ordinances, grade particularly in the Transportation Department, which were
crossings were eliminated at six important points, and work is not in effect throughout all of the previous year, necesprogressing upon viaducts at Nicholas Street, Omaha, and sitated by Federal or State action, like the so-called "Full
Tower Grove Avenue, St. Louis, which are expensive, and Crew Law," which have burdened Transportation Expenses
will require several months to complete.
without resulting in any compensating advantages.
Interlocking plants were installed at three crossings with
New industries to the number of 547 were established
foreign lines.
on or adjacent to the right-of-way; additional sidings or
Automatic block signals were extended eight-tenths of a extensions thereof were constructed to meet industrial
mile, and crossing signals, including alarm bells, automatic necessities, to the number of 124.
flag-men and other mechanical contrivances were installed
The transactions of the Land Department may be found
at a large number of points, involving a betterment expendi- recorded on Page 59 of pamphlet report.
$28,000.
than
more
ture of
During the year a total of 129 shares of the capital stock
Telephone train dispatching circuits were increased 145.72 of the St. Louis Iron Mountain & Southern Railway Comtelegraph
circuits
were
extended
10.29
existing
pany were acquired by The Missouri Pacific Railway Commiles and
pany, and are held in its treasury.
miles.
brick,
9;
were
constructed
of
frame,
11;
stations
New
Negotiations looking to the construction of a new bridge
or
re-modeled,
improved
extended
were
at
16
stations
other
across the Mississippi River at Memphis have finally
points.
led to the formation of the Arkansas & Memphis Railway
New ear-repair shed was constructed at Paragould, Ar- Bridge & Terminal Company, having an authorized capital
kansas, and existing car-repair sheds were extended or en- stock of $100,000, of which $10,200 is paid in, and a 5 per
larged at four terminal points.
cent Bond First Mortgage issuable not in excess of $5,Extensions have been made to the water and fuel stations 000,000. The stock is equally divided between the St.
expenditure
to
points,
involving
an
betterments
eleven
at
Louis Southwestern Railway Company, the Chicago Rock
of about $28,000.
Island & Pacific Railway Company and the St. Louis Iron
established
at
station
for
eastbound
shipments
was
ice
An
Mountain & Southern Railway Company, each of the comOsawatomie, and one at Hoisington, Kansas, necessitating panies subscribing to an operating agreement extending a
former
ice-house
at
the
the construction of a 500-ton capacity
period of 50 years, and guaranteeing the principal and inand a 4,000-ton capacity ice-house at the latter.
terest of the bonds.
(inThe net expenditures for Additions and Betterments
Not only will the new bridge afford adequate facilities for
cluding Equipment) for the year, of which the foregoing are each Company, but will insure their accommodation at a
the most important items, aggregated $1,931,518 56, and reduced cost. It is estimated that the economy to the
are enumerated under "Road and Equipment" on pages Missouri Pacific System will be in excess of $100,00 per
32 and 33 [of pamphlet report].
annum. The foundations and some of the piers are partially
completed, and it is hoped to place the bridge in commission
OPERATIONS.
in the course of another year.
The total operating revenues were $59,793,900 17, a deThe desirability of the System,having a direct outlet and
crease of $2,361,605 97, or 3.8 per cent under last year; access to the gulf port of New Orleans, had led to a 99-year
applied to the average operated mileage of the System, the contract with the Texas & Pacific Railway Company for
revenues amounted to ,208 34 per mile.
The decrease in revenue from freight traffic was $1,753,- the use of its tracks between Alexandria and New Orleans,
242 18, or 3.83 per cent. Herein is recorded the direct Louisiana. Permanent terminal facilities at the latter
effect of the unfortunate, if not misguided, insistence upon point are assured by the St. Louis Iron Mountain & Southern
reductions in tariffs, the legal right, although not necessarily Railway Company acquiring one-half of the stock of the
the propriety, of exacting which, was finally confirmed by Trans-Mississippi Terminal Company, which will, by deed
the United States Supreme Court, and which reductions or lease, have immediate control of all the terminals in and
were made effective during July 1913; for the number of about New Orleans which are especially necessary to the
tons of revenue freight handled this year was but 29,533 transaction of the business of the St. Louis Iron Mountain
(0.13 per cent) less than the previous year, against which the & Southern Railway Company and the Texas & Pacific
revenues for transporting the tonnage show a shrinkage of Railway Company, which companies jointly guarantee the
3.83 per cent. A similar, although grosser presentation, is principal and interest upon, not to exceed $.7,500,000, of
found in the revenue of passengers carried, which declined the First Mortgage 5 per cent Bonds of the Trans-Mississippi
$467,846 51, or 4.02 per cent, although the number of pas- Terminal Company. This transaction will shortly be subsengers carried increased 13.36 per cent. Combining the mitted to the stockholders of the Texas & Pacific Railway
returns from both freight and passenger transportation, and Company and the St. Louis Iron Mountain & Southern
striking.an average, arrived at by utilizing all of the active Railway Company for ratification.
The Companies' investment in the capital stock of the
factors involved, it is estimated that the enforced reductions
Wabash Railroad Company was adjusted to market value of
in freight and passenger tariffs have caused a loss in revenue June
30th 1914, resulting in a charge of $2,468,527 45 to
based upon the volume of this year's traffic of not less than
$1,800,000, even though the facilities and appointments nec- Profit and Loss during the year covered by this report.
There is presented on Pages 18 and 19 [pamphlet report]
essary for such transportation—and involving large capital
a consolidated balance sheet of the Missouri Pacific and the
expenditures—have been substantially increased.
Iron Mountain & Southern Railway Companies.
As partial compensation for the enforced handling of St. Louis
exhibit is prepared in the same form as the individual
Parcel Post, the Post-Office Department has alloted the This
balance sheets shown herein, excluding all accounts between
System about $55,000 advance, which accounts for the the
two Companies; the Securities Issued or Assumed, held
increase in mail revenue.
in the Treasury of either Company, having been deducted
The important effect of the introduction of the Parcel Post from the total securities
resulting in a statement of
has naturally been to force Express Companies to reduce the securities outstandingissued,
in the hands of the public.
their rates, which in turn has an adverse effect upon the
By order of the Board of Directors.
revenues from that business to the railroads. The volume
of the combined Parcel Post, Mail and Expresitraffic was
BUSH, President.
New steel spans placed
Culverts constructed (Concrete)
(Cast Iron Pipe)
Wooden bridges eliminated
311 lineal feet
1.262
"
1,909
"
16,843
"
THE CHRONICLE
[VoL. xcur.
THE MISSOURI PACIFIC SYSTEM.
CONSOLIDATED GENERAL BALANCE SHEET OF THE MISSOURI PACIFIC RAILWAY CO.
AND ST. LOUIS,
IRON MOUNTAIN & SOUTHERN RAILWAY CO. JUNE 30 1914, COMPARED WITH
PREVIOUS YEAR.
ASSETS.
Increase (±)
1914.
1913.
or Decrease(-).
Property Investment:
$
$
$
316.491,947 68 314,560,429 12 +1,931,518 56
Road and Equipment
Reserved for Accrued Depreciation-Credit ____
70,32.423
70.324 23
Total Road and Equip.316,421,623 45 314.490.10489 +1,931,518 56
Securities:
Securities of Proprietary,
AffiliatedandControlled
Companies-Pledged __ 3,228,665 28
Securities of Proprietary,
AffiliatedandControlled
Companies-Unpledged
332,928 84
3,228,665 28
329,528 84
+3,400 00
3,561,594 12
3,558,194 12
Total Securities
+3,40000
Other InvestmentsAdvances to Proprietary,
AffiliatedandControlled
Companies for Construction. Equipment
2.061,896 56
2,125,396 94
+63,500 38
and Betterments
Miscellaneous investm'ts,
43,918.299 75 46,868,13524 --2,949,835 49
at cost
LIABILITIES.
Increase(±)or
1914.
1913.
Decrease (-).
Stock:
$
$
$
Capital Stock
127,503,883 59 127,503,883 59
Stock Liability for Conversion of Outstanding Securities of Constituent
Companies
143,775 00
143,775 00
Total Stock
127,647,658 59 T67,6559
Less in Treasury:
Pledged
39,445,000 00 38,683.400 00
+761,600
Unpledged
5.316.103 59
6.064.803 59 -748.700 00
00
Total
44.761.103 59 44,748.203 50 ---1-12.900 00
Outstanding in Hands of
Public
82,886,555 00 82,899,455 00
--12.900 00
Mortgage, Bonded and Secured Debt:
Funded Debt
357.843.00682 355,947,506 82 +1,895,500 00
Less Held in Treasury, Etc:
Pledged
76.198,00000 72.467,00000 +3,731,000 00
Unpreclged
1.830,386 82 3.165,886 82 --1,335,500 00
Total
78.028,386 82 75,632.886 82 +2,395,500 00
Outstanding
in
Hands
of
Total Other Investru'ts 46,043,696 69 48,930.031 80 --2,886,335 11
Public
279,814,620 00 280,314.620 00 -500.000 00
Total Capital Liabilities362,701.175 00 353,214,075 00
Total Property Invest't 366,026,914 26 366,978,330 81 --951.416 55
-512.90000
Working Liabilities:
Working Assets:
Loans and Bills Payable_ _ _
825.000
00
425.000
00
1,163,699 37
1,143,764 74
+400,000 00
+19,934 63 Traffic and Car Service BalCash
655,500 00
Marketable Securities
353,500 00 +302,000 00
ances due to other Com63.791 85
72,603 80
Loans and Bills Receivable_
-8,811 95
panies
754,055
10
762,193
10
-7,238 00
Traffic and Car Service BalAudited Vouchersand Wages
ances due from other
Unpaid
5,188,445 73
4,777.465 71
225,540 09
+410,080 02
Companies
209,854 38
+15,68571 Miscellaneous Accounts PayNet Balance due from
able
249,049 58
192,912 77
+56,136 81
1,920,428 05
Agents and Cenductors
2,152,793 70 -226,365 65 Matured Interest, Dividends
Miscellaneous Accounts Reand Rents Unpaid
952,907
43
902,532 43
+50.375
00
2,650,288 60
ceivable
2,442.275 50 +208.013 10 Other Working Liabilities
204.243 33
204,261 39
-18 06
4,583.730 12 5.634,905 33 -1,051,175 21
Material and Supplies
Total Working Liabili59,948 93
Other Working Assets
69,177 24
-9.22831
ties
8,174.601 17
7,264,365 40 +910,235 77
*Total Working Assets_ 11.328,92701 12,078,874 69 -749,947 68 Accrued Liabilities NotDue:
Unmaturod Interest, DiviAccrued Income Not Due:
dends and Rents Payable 2,960,923 42
2,938,546 31
+22.377 11
Unmatured Interest, DiviDeferred Credit Items:
18,035 34
dends & Rents Receivable
10,488 67
+7,54667 Operating Reserves
64,817 00
63,061 32
+1,755 68
Other Deferred Credit Items
77,84220
175.900 45
--98,058 25
Deferred Debit Items:
Total Deferred Credit
146,707 69
Advances
203,311 35
-56,603 66
Items
142,659 20
238.961 77
Rents and Insurance Paid
-96,302 57
16,075 12
in Advance
13,427 71
+2,647 41
Consolidated Surplus Bal881,148 06
Special Deposits
1,679,441 57 -798.293 51
ance:
SinkCash and Securities in
Net Discount on Securities
89.201 83
ing and Redemption Funds
77,503 18
+11,698 65
Issued or Assumed in
534.141 78
Other Deferred Debit Items
542,812 68
-8.67090
1,242,522 70
Treasury
924.962 07
+317,560 63
3,819,269 60 7,003,280 11 -3,184,01051
Profit and Loss
Total Deferred Debit
SurConsolidated
Total
Items
1,667,274 48
2.51(3.49649 -849,22201
5,061,792 30
plus Balances
7,928,242 18 -2,866,449 88
379,041,151 09 381,584,190 66 -2,543.039 5
379,041,151 09 381,584,190 66 -2,543,039 57
*Notice.-Securities issued or assumed in the Treasury-unpledged, shown contra.
MISSOURI PACIFIC RAILWAY COMPANY-INCOME ACCOUNT YEARS ENDED JUNE 30 1914 & 1913.
Increase.
1914
Average Mileage Operated
Railway Operating Income:
Rail Operations-Revenues'
Freight
Passenger
Passenger-Other
Mall
Express
Miscellaneous
.
Total Revenue from Transportation
Non-transportation Revenue
Total Operating Revenues
Rail Operations-Expenses:
Maintenance of Way and Structures
Maintenance of Equipment
Traffic Expenses
Transportation Expenses
General Expenses
Total Operating Expenses
Net Revenues-Rail Operations
Auxiliary Operations:
Revenue--------------------------------Expenses
Net Deficit from Auxiliary Operations
Decrease.
1913.
Amount. •
3,919.58
3,919.50
.08
$19,490,424 70
4,848,431 25
69,971 23
790,788 09
612,317 33
603,977 40
820,528.497 50
5,155,913 86
83,777 08
758,134 80
676,249 55
607,737 19
$32.653 29
826,415.910 00
206,130 52
Per Cent.
Per Ct.
81.038,07280
307,482 61
13,805 85
5.06
5.96
16.48
63.932 22
3.75979
9.45
0.62
827,810,309 98
208,598 52
$1,394,39998
2,46800
5.01
1.18
$26,622,040 52
$28,018,908 50
81,396,867 98
4.99
$4,100,381 18
4,974,141 52
680,954 03
11.179,548 77
841,006 93
83,814,427 09
4,853.669 40
743.648 17
11,809.089 88
810,550 97
i62:6-9114
8.43
5.33
$21,776,082 43
$22,031.385 51
$255,303 08
1.16
$4,845,95809
$5,987,52299
$1,141,56490
19.07
573,97332
116,62088
$72.938 76
112,34888
$1.034 56
4,272 00
1.42
3.80
$1,144,80234
19.25
$1,189,271 22
24.66
$12,059 11
12.674 35
10,288 99
22.10
22.52
78.70
27,446 92
21.42
4.31
$285,954 09
120.472 12
7.50
2.48
30,455 96
3.76
$42,647 56
$39,410 12
83,237 44
8.21
Net Railway Operating Revenue
Railway Tax Acruals
$4,803,310 53
1,170,179 51
$594811287
1,125,71063
344.468 88
3.95
Railway Operating Income
53,633,131 02
$4,822.40224
$27,035 04
109,456 43
42,504 90
43.593 79
2,784 03
1,809,281 CO
1,565,671 59
100.694 93
203 95
82,160 00
95.337 70
54,564 01
56,268 14
13,073 02
1.808.765 00
1,562.758 78
128,141 85
52 57
Other Income:
Income from Lease of Road
Joint Facility Rent Income
Miscellaneous Rent Income
Net Profit from Miscellaneous Physical Property
Separately. Operated Properties-Profit
Dividend Income
Income from Funded Securities
Income from Unfunded Securities, and Accounts
Miscellaneous Income
Amount.
$24,87504
14,11873
629.491 11
1,151.62
14.81
516 00
2,91281
0.03
0.19
151 38
--2F87-.156
Total Other Income
33,701,22566
$3,721.12107
$19,895 41
0.53
Gross Income
37,334,35668
38.543,52331
$1,209.16663
14.15
833,203 64
290,090 19
182,369 61
24,110 55
11,120 14
8,678 23
7,739.741 80
22,599 87
1,890 14
$33.096 52
154.395 10
184,489 98
20,531 79
14.120 51
16.100 75
7.741,793 77
6,531 07
2,766 50
$107 12
135,695 09
0.32
87.89
3,57876
17.43
16,068 80
246.04
Total Deductions__ ________________________________
$8,313,804 17
Net Income______
______________________________ def.$979,447 49
$8,173.825 99
5139,978 18
1.71
Deductions from Gross Income:
Deductions for Lease of Other Roads
Hire of Equipment_
___________
Joint Facility Rent Deductions
Miscellaneous Rent Deductions
Miscellaneous Tax Accruals
Separately Operated Properties-Loss
Interest Deductions for Funded Debt
Interest Deductions for Unfunded Debt
Miscellaneous Deductions
5369,697 32
$2,12037
1.15
3.00037
7,422 52
2,051 97
21.25
46.10
0.03
876 36
31.68
8/.349,144 81
364.93
987
TIIE CHRONICLE
OCT. 3 1914.]
w he
MISSOURI PACIFIC RAILWAY COMPANY.
PROFIT AND LOSS JUNE 30 1914.
Credit Balance, Juno 30th 1913
Delayal Income Credits
Miscellaneous Credits
S6.597,98898
33.797
5.871 35
$9.668 61
Less:
Debit Balance Transferral from
$979,447 49
Income Account
Extinguished
Discount
Debt
61.9.30 07
through Surplus
54
Loss on retired Rend and Equip't 135.077 34
60.813
Debits
Delayed Income
55,607 71 .
Miscellaneou.s Debits
Reduction in Investment in Preferr al Stock Wabash RR. Co. 1.733.715 45 3,027.411 60 3,017.742 99
to Market Value
53,580.245 09
Credit Balance, June 30th 1914
--- ----------Dissolved.Pierce Oil Corporation.-Syndicate
to underwrite the 510.000,000 of 6% con-
The syndicate formed last June
finally expired by limitation on Thursday.
vertible gold debenture bondsconditions, were never offered publicly, but
The bonds, owing to marketand the remainder has been distributed among
made
were
sales
private
some
Compare V. 99, p. 203.
the syndicate participants.
Co.-Runs Resumed.-
Gas
Prairie Oil & resumed
the action
oil runs in Oklahoma. following
The company hasCommission
in fixing the minimum price for oil at 55
Corporation
of the
price of 65 cents. The comprevious
the
with
compared
cents a barrel,
the higher figure.-V.99. P. 898. 53.
pany had refused to make runs at
Co., Philadelphia.-Earnings.-
Pure Oil
aggregated 5112,000, or at the rate
Net earnings for Aug., it is reported.
outstanding common.
25% a year on the
of $1,344,000 a year, or over
earnings are reported to have been
net
31
For the eight months ending Aug.
a year, comparing with $2,186.636
$2.752,256
of
rate
the
at
or
,504.
$1,835
The export, business was practically
for 1913 and $1.678,602 in 1912.
early part of September but
suspended throughout August and during thein
the situation since Sept. 15.
improvement
great
a
been
said,
is
it
there has,
-V.09. p. 542, 411.
Quaker Oats Co., Chicago.-Foreign Mills Running.The company's mills in Germany, it is stated, are running
and doing a large business.-V.98, p. 1004.
Scruggs-Vandervoort-Barney Dry Goods Co.-Stock.
See (H. B.) Claflin Co. above.
Roebuck & Co.-Total Sales.-
Sears,
1914-sretember-1913. Increased 1914-9 Mos.-1913.
16.35% 1369.136,820 $64,648.938
$7,526,477
$8,757,287
-V.99, p. 411, 124.
Increase.
6.94%
Co.-Dividend Omitted.Shattuck-Arizona Copper
omit the usual quarterly dividend on the
The directors have decided to to depression in the metal market. On
$3,500,000 stock (par 310), owing
1914 and Jan., July and Oct. 20 1913 50 cents was
Jan., April and July 20
second half of 1910 $2 per share.
paid: in Jan. 1911 $1 and in the
Tomuternal
TiMrS.
COMMERCIAL EPITOME.
Friday Night, Oct. 2 1914.
Everywhere conservatism is still observable. Most industries are quiet. The building trades are sluggish. .So are
transactions in iron and steel, though there is admittedly
some foreign demand. The numerous failures are far from
agreeable reading. The great exchanges remain closed. On
the other hand, the wheat exports for the week are the largest
on record, being close to 10,000,000 bushels. The total
thus far this season is approximately 96,000,000 bushels, or
some 23,000,000 bushels more than in the same period last
year. Within the last few days further large export sales
of wheat have beenreported. A considerable export busIness
has been done in flour and important export sales of oats have
been made to Europe, even though they were smaller than
those of last week. Estimates of the corn crop show a
tendency to.increase. In the great grain belt of the West
trade conditions are naturally in this era of high grain prices
more satisfactory than in any other section of the country.
Collections at the Northwest are improving. The successful
formation of the $100,000,000 gold pool and the decline in
foreign exchange are regarded as encouraging incidents.
Textile trades are doing a good business with Europe, owing
to the great war. The cotton crop seems to be nearly as
large as the high record yield of 1911-12. It is said that
efforts continue to be made to form a syndicate of merchants
and bankers to finance open cotton contracts here,to encourage spinners to buy, and also to reopen the New York
Cotton Exchange at the earliest practicable date.
LARD has been quiet, with prime Western latterly 10.10c.;
refined to the Continent 10.75e.; South America 11.35e. and
Brazil 12.35e. Lard futures have declined somewhat,
though of late showing rather more strength. Packers have
been buyers, their purchases have been large enough to
attract attention. Receipts of hogs have been running
below those of last year. To-day prices declined.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO,
Mon.
Thurs.
cts_
9.55
9.42
g21.
9.65
9.55
9.55
9.47
9.62
9.67
9.95
9.97
10.05
9.77
10.10
10.15
Sept. delivery
October delivery
January delivery
PORK lower; mess $22(022 75; clear $22(025; family
Machine) Mfg. Co.-Div. Reduced.- $26(028. Beef steady; mess $23(024; packet $24@$25;
Singer (Sewing 2%
stock,
$60,000,000
was paid on Sept. 30 on the
family $29®$30; extra India mess $40@$45. Cut meats
A quarterly dividend of
both inclusive.
comparing with 4% quarterly. from Dec. 1912 to June 1914,
steady; pickled hams, 10 to 20 lbs., 15(15,c.; pickled
Dividend Record Since 1902 (Per Cent).
bellies, 6 to 12 lbs., 163/i to 18c. Butter, creamery extras
1911. 1912. 1913. 1914.
1903. 1904. 1905. 1906. 1907. 1908. 1909. 1910.
_
2,
4,
4,
16
13
12
19
30
15
293ic. Cheese, State whole milk, colored specials, 15@
11
8
13
31
12
1160.
p.
98,
-V.
paid.
was
dividend
stock
100%
a
1910
in
Also
16o. Eggs, fresh gathered extras, 29®31c.
COFFEE has been dull and more or less depressed. No.7
Smart-Woods Co., Ltd., Montreal.-Pref. Div. Omitted.
$1,500.The directors have voted to defer the quarterly dividend on the
®10%c.; fair to good
on Oct. 1. The "Toronto- Rio 6M(0%c.; No. 4 Santos 10
000 7% cumulative pref. stock usually paid at
conin
time,
present
the
Cucuta 10M®11c. December has sold down to 5.85@5.95c.
Globe" says. "The plants are well employed
benefitted
nection with Government orders. War requirements have
it is said, in unofficial trading here and March to 6.15©
trade considerably, because of the huge shipments of flour from Canada,
6.20c. The liquidation of futures, that is, on old contracts
which has resulted in a heavy consumption of bags.''-V.98. p. 1923.
- has been very slow. From present appearances the Coffee
Syndicate Film Corporation, Chicago.-Dividends.
The company has declared initial dividends of 75 each on both classes Exchange is not likely to be reopened in the near future.
of stock ($100.000 Pref. and $200,000 corn.), payable Oct. 1 to holders of The uncertainty as to future prices causes a sharp conrecord Sept. 26. The directors also charged off $125,000 to depreciation.
traction in the demand. There has been very.little disThis company was formed by John Burnham & Co. last May.
position to buy cost and freight coffee. Interior dealers
United Dry Goods Co., New York.-Plan.--maintain that the U. S. is about the only buyer Brazil now
See (H. B.) Ciallin Co. above.-V.99, p. 347.
must therefore sooner or later sell freely
United Grocers Corporation, Toledo.-Pref. Stock, &c. has and that Brazil
prices than are now current.
-Pres. C. C. Truax, writing from the Pittsburgh office at even lower
SUGAR has remained at 5.02c. for 96-degrees teat, cen(1508 Union Bank Bldg.) on Sept. 30 1914 says:
4.77c. for 89-degrees test molasses, with cost
Our company has increased its capital stock from $10,000,000 to $16,- trifugal and
500,000, the increase being pref. stock. The company also has changed its and freight 4c.; fine granulated 6.75e. The tone of the raw
Grocers
Corporation.
United
the
to
Co.
name from the United Grocers
been somewhat depressed, though closing
Part of the new stock will be offered to our present stockholders, which are sugar market has
hundreds of retail grocers. The business of our company is manufacturing. rather more steady. Refined has been dull, though it is
special
own
brands,
our
packing and cartoning r,f food commodities under
the United Kingdom. Of
and buying and brokering grocery merchandise for the accounts of our said there is some inquiry from
stockholders.
late, too, there has been less re-selling of refined. The stock
[A Delaware corporation, organized July 13 1913, with C. L. Grumm
Newville, Pa.: S. R. Williams, Toledo, 0., and J. H. Hurzell, Detroit, here of raw is 72,999 tons.
Mich.. as incorporators.]
OILS.-Linseed in moderate demand; city, raw AmeriUnited States Rubber Co.-Status.-In commenting can seed, 530.; boiled 57c.; Calcutta 680. Cocoanut
on the action of the board in declaring the regular quarterly steady; Cochin 15 ®16c.; Ceylon 123/2 ®13c. Olive $1®
dividends on the pref. and common stocks, Pres. Colt says: $1 10. Castor 8).4 ®8%.3. Palm steady at 834.®943, for
winter
The dividends haying been amply earned, and the finances of the com- Lagos. Cod, domestic, 35(06e. Cottonseed oil;
pany being in an easy condition, with $8,000,000 cash on hand, I think 5.75(0.50c.; summer white 5.60(4)6.90c. Corn lower at
the action of the board is not only conservative but one that is entitled to
Common
commendation in these times of war and financial stress. The division of 5.60@5.65c. Spirits of turpentine 473/2@48c.
$1.700,000 at this time among the 15.001 stockholders of the comp y to good strained rosin $3 80(03 90.
will, I am satisfied, do much good, and be most thankfully receiver."
PETROLEUM steady; refined in barrels 8.25©9.25c.;
-V.99. p• 906, 474.
bulk 4.75(0.75c.; cases 10.75 ®11.75c. Naptha 73 to 76Westinghouse Air Brake Co.-Earnings.degrees in 100-gallon drums, 23 Mc.; drums, $8 50 extra.
Sundry Special Dividends
Total
Year's
July 31. Profits
76-degrees, 250.; 67 to 70Surplus. re'Surpius. Gasoline, 86-degrees, 266.; 74 to
Year- for Year. Adjust. Depen.,&c. Paid.
$3,139,884 $145,8074$5,648.866 degrees, 22c. Crude prices remain unchangel. Pittsburgh
191344 __$3,482.994 $197,303
3809.519 2,985,922 2,269,338 5,503,059 advices state that conditions in the Eastern fields are rapidly
1912-13--6,064.779
_-v, 97, p. 1827.
getting back to normal and that in the near f ture marketing
Wheeling (W. Va.) Steel & Iron Co.-Postponed.-4499 and running all of the oil in the various fields will be restored.
The proposed issue of $1,200,000 new stock has, it is stated, been postponed indefinitely because of the uncertainty in the money market:due to
the European war. Compare V. 99. p. 347, 275.
-Deloitte, Plender, Griffiths & Co., chartered accountants and auditors, 49 Wall St., this city, announce that
they have opened a branch office in Havana, Cuba, at
Edificio de la Lonja 505 and 506, under the management of
Mr. M. W. Maclachlan.
-N. W. Halsey & Co., 49 Wall St., are distributing a
general circular listing a variety of high-grade investment
bonds at attractive prices. A page of this circular is devoted
' to a discussion of the present investment situation.
Pennsylvania dark Si 45
1 45
Second.sand
Tiona
1 45
black
1 05
Mercer
1 02
New Castle
1 02
Corning
Wooster
North Lima
South Lima
Indiana
Princeton
85c. Somerset,32 deg-- 85c.
9161c8
above 30 65c.
degrees
91c.
97c.
96c. Kansas and Oklahoma
97c.
55c.
TOBACCO has continued quiet. Buyers are keeping
close to shore. The tobacco trade feels the general effects
of the European war. There is some business in Sumatra
wrappers when manufacturers are obliged to purchase:
But the buying, as already intimated, is limited to actual
necessities. It is not a cheerful state of affairs.
COPPER has been dull and rather depressed; Lake 117
/s ®
4e. In Germany the price is said to
12o.; electrolytic 113
THE CHRONICLE
988
be 190. and in London something like .54. Export business
with Great Britain and Italyhas increased, though no
large sales have been made. Tin dr9ppe4 to 30.90c.@310.
on the spot here; supplies are increasing. The Jewish holidays have caused some falling off in business, in tin and
it may be added, in copper, but tin closes firmer. Lead
here is down to 3.700. and dull; spelter has fallen to 5.10c.
at New York. Pig iron has been dull; it is said to be duller
than at any time for the last twenty years; No. 2 Eastern
$13 75, No. 2 Southern Birmingham $10(010 25; but it is
believed that these quotations are largely nominal. There
has been some export demand for steel. About 15,000 tons
of sheet bars have been sold to England, a total likely to be
increased to 100,000 tons during October. But British
buyers complain that American quotations for sheet bars
are too high. Also British steel works are said to be running to nearly their full.capacity and British rolling mills
to about 50% of it. It
therefore, inferred that no very
large quantities of semi-finished steel are likely to be bought
in this country. Russia is inquiring for 10,000 tons of plates
and several thousand tons have been sold, it is stated, to
Australia. Foreign countries want wire products, apparently more than anything else. It is said that contracts for
200,000 tons of finished or partly finished steel for Europe
are pending.
COTTON.
Week ending Oct. 2 1914.
Exported toExports
from-
From Aug. 1 1914 to Oct. 2 1914.
Exported to-
ContiGreat
Great
Britain.France neat. Total. Britain. France.
Galveston__ 27,838
Texas City_
Port Arthur
New Ornas_
667
Savsnnah__ 1,15
Brunswick
Charleston_ 1,00
Norfolk
New York_
900
Boston
8
Baltimore
Philadel'ia_
San Fran
Pt. T'wns'd
5,410 5,410
2,587 2,587
9,175 37,013
853
853
42,278
5,466 6,133
7,178 8,328
5,146
2,407
800
1,0 I
500
7,611
81
Total...._ 31,635
34,248 65,883
1,011
3,579
4,479
80
Contineat.
Total.
30,814
1,581
40
8,242
8,604
1
9,53i
115
101
765
10,453
5,687
5
76,290 136,947
3O
60,652
73,092
1,580
• 400
13,388
11,011
800
1,000
500
17,146
195
100
1,595
10,453
5,687
Total 1913_ 143,268 82,462171,757397,487 449,260 162,127 570,7881,182,175
Note.-New York exports since Aug. 1 Include 1,161 bales Peruvian and 25 bales
West Indian to Liverpool.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
On Shipboard, Not Cleared forOct. 2 at-
Friday Night, Oct. 2 1914.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
158,124 bales, against 97,716 bales last week and 67,936
bales the previous week, making the total receipts since
Aug. 1 1914 440,592 bales, against 1,734,431 bales for the
same period of 1913, showing a decrease since Aug. 1
1914 of 1,293,839 bales.
[VOL. xc
I Great
GerOther CoastBritain. France] many. Foreign wise.
New Orleans__ 1,985
4,105
Galveston _--- 13039 2,350
Savannah
Charleston
Mobile
338
Norfolk
!
600
New York_ _ _ -,I
700
Other ports_ --! 1,200
Total 1914_ _ 17,524 2,350 4.443
Total 1913_ _ 59,184 27,921 52479
Tota11912_- 87,037 17.140 62.467
1
1,511
27,546
500
800
Total.
55 7.656
1,898 44,833
700
700
338
10,200 10,800
1.200
2,000
Leaving
Stock.
57,279
68,581
45.421
18.148
10,751
5,813
71,031
33,948
30.357 12,853 67.527 300,972
21028 12011 172623 282960
42.3
6 4 17.0 5 226.023 463.026
Speculation in cotton for future delivery has remained in
abeyance, as the Cotton Exchange here is not yet reopened.
Mon. Tues. Wed. Thurs. Fri.
Sat.
Total. The Liverpool Exchange remains closed. The New Orleans
10,513 12,222 19.399 15,041 11,416 11.276 79,867 Exchange is open only for the quotation of spot cotton. It
Galveston
is a fact, however, that unofficial trading in December cot105
Texas City
Port Arthur______________ 1_?! ton here has continued throughout the week. Supposedly
_-_ - ________________________ 1,987 1.987
Aran. Pass, &c
1,664 2,222 2,561 3,243 1,113 3,696 13,899 most of it is in the liquidation of old contracts though it is
New Orleans_ _ _ _
also said that the South has deemed it advisable to sell to
Gallfrt
e __________ lab ---5i5L -Liii
Mob
-3,565 some extent here as a hedge. During the week, according
Pensacola
Jacksonville -----------------------------------ifliiii -1.666 to some reports, December sold here at as low as 7.50c.,
4,785 5,060 5,934 7,374 4,
Savannah
6.686 33,999 certainly as low as 7.60c.,. but latterly there has been a
Brunswick ---------------------------------1,200-----1,200
1,600 1,708 2,082 1,740 1.817 2,140 11,087
Charleston
rise to 7.96c coincident with reports of victories for the
Georgetown
,bring the date of peace in Europe
---------------------------------------733 1,040
655
774 1,092 1,332 -5;626 Allies, which,it is assumed.
Wilmington
871
887
162
439
Norfolk
520 1,812 4,691 so much the nearer. An interesting event too was the fact
N'port News,&c.
that Liverpool has reduced the price of Jan.-Feb. to 5d.
New York-------------------------------------15 This has given rise to more or less excitement
--!
here, as it was
Boston
i
-------TO
--Baltimore
assumed for a time that it meant a calling of margins on
Philadelphia_ _ _ _ ---------------------------------------1(
.
_!_1 December contracts at New York down to 83.c., whereas
Totals this week 19,6681 23,242 32,592 29,425 20.390 32.807115g:124 the straddle agreement with Liverpool on Sept. 3 was that
margins should not be called below 9 cents. One of the
The following shows the week's total receipts, the total Liverpool committee here has stated that this agreement is
since Aug. 1 1914 and the stocks to-night, compared with still in force. There is a misunderstanding at New York
last year:
on this subject, however. It grew out of a mistake, it is
claimed,. in the announcement made by the Chairman of
1913.
1914.
the Voluntary Committee here in announcing on Sept. 23
Stock.
*
Receipts to
that there would be no reduction in the price below 9 cents.
This Since Aug This Since Aug
Oct. 2.
He has since stated that he meant to say that there would
Week. 1 1914. Week. 1 1913.
1914.
1913.
be no calls for margin on December contracts here below
79,867 230.569 149,165 836,512 113,414 112,205
Galveston
3,252 15,753
50,659
105
6,096 9 cents. A meeting was held at the New York Cotton ExTexas City
2,716
400
Port Arthur
change last Wednesday.to protest against the reduction in
46.274
4,346 5,642
8.777
4,519
Aransas Pass.&c_ 1,987
78,930 54,935
34,506 26,749
49,807 the price of Jan.-Feb. in Liverpool to 5d. as something in
New Orleans__ _ 13,899
Gulfport
contravention of the agreement of Sept. 3, and considerable
53.004
11,089
33,330
12.703 15,684
3,565
Mobile
feeling has been aroused. If the level is to be 9c. it keeps the
8,709
7,410
Pensacola
2,294
857
233
4,714
495 difference between the two markets at 150 points, something
Jacksonville, &c_ 1,600
46,121 111,586
89,011 106,294 373,120
33.999
Savannah
1,634
13.234 that the Liverpool straddlers seem determined to stick for,
68.742
2,748 14,100
1,200
Brunswick
18.148
54.009 in spite of reports from the other side that the House of Com21,594 32,919 104,897
11,087
Charleston
Georgetown
14,485
26,759 mons is investigation a complaint brought by British spin68,074
11,971 27,811
5.626
Wilmington
30.506
16,613
10.953 ners against the cotton trade of Liverpool that prices there
12,994 10,559
4,691
Norfolk
2,619
287
8,533
315
N'port News,&c_
74
72,231
19.777 are being artificially maintained at a level 50% above the
---50
New York_
1,366
2,890
656
3,279 cost in America. It is assumed, rightly or wrongly, that
1,517
47
Boston
3,743
8,021
1,594 2,413
1,978
136
Baltimore
5,728
3,298 fear of a Goveriunent investigation on the other side was the
Philadelphia ----------90
cause of the reduction in Jan.-Feb. at Liverpool to 5d.
15g.124 440.592 416.299 1.734.431 368.499 455.583
mm...1.,
Recently, however, spot markets at the South have been de
dining. That of itself may very naturally have had more
In order that comparison may. be made with other years, or
less effect. Also the steady decline in December here in
we give below the totals at leading ports for six seasons:
the unofficial trading may easily have had more or less to do
this
with the drop in the Liverpool quotation. In any ease,inti1912.
1911.
1910.
1909.
1914. 1 1913.
already
Receipts atreduction has been made and has caused,
s feared that
Galveston ___
79.867, 149,165 206,138 146.463 128,003 159,711 mated, no small perturbation here, where it is
69,440
36,798
21.395
7.431
784
TexasCity.dm
2,092
yet be made to a considerably lower
30,134
26,749
25,900
21,608
43,833 further reductions may
New Orleans_
13.899
agreement is made to the
15,684
7,919
16,316
Mobile
11,411
14,066 level unless some hard and fast
3,565
lower price
Savannah__
65,979 118,955
97,064
99,082 contrary. Whether margins are called for nowho
33,999 106,294
Brunswick..
1,200
14.110
16,000
18,180
3,568
11.569
happens
not, the pasty
24,173
Charieston,ic
11,087, 32.919
19,570
20,410
18,278 than 9 cents for December or
. will neverWilmington
5,626
27,811
23,687
23,762
39,587
34,340 to be holding the long end of the straddle here
Norfolk
4.691; 10,559
16.035
25,732
18,638
30,577
obliged, when it comes time to liquiN'port N.,&c.
315
287
877
348 theless, it is argued, be
the price to which December
All others_ __ _
1783
11,336
882
4.587
7.748
6,027
ate his contracts, to settle athowever,
December
7.96 er Ihteripsdhas
Latterly,
Total this wk. 158.124: 416,299 460.366 444,027 349,502 418.615 has finally fallen.
acreports
say
some
and
sold up to 7.950.
peace
oneca
lunstiiin
Since-Aug. 1_ 440.592 1.734.421 1.621.882 1.008.006 1.448.941 1.615.760
oneofp
that the cm
cepted as an indisputable fact
exports
e
for cotton.
The exports for the week ending this evening reach a total would mean higher prices relatively large and some cotton
of 65,883 bales, rof which 31,635 were to Great Britain, from Galveston have been
Europe from New York,Savannah,
torrance and 34,248 to the rest of the Continent. has also been shipped tobeen
exporting on a fair scale to the
eco. Pacific ports have
Below are the exports for the week and since Aug. 1 1913.!
2_'i
15
989
THE CHRONICLE
OM.31914.]
1911.
1912.
October 21913.
1914.
Far East. Foreign exchange has latterly been getting into Stock
at Liverpool
bales. 815.000 411,000 487.000 244,000
7,000
11,000
5,000
19.000
better shape. Certainly Galveston has shipped on a scale Stock at London
18.000
56,000
60,000
31.000
that has suggested something of this sort. Here at New York Stock at Manchester
Total Great Britain
the $100,000,000 Gold Pool has awakened hopes of an early
894,000 447,000 554,000 269,000
at Hamburg
8,000
12,000
*29,000
17,000
readjustment of foreign exchange to something like a normal took
took at Bremen
44,000
*180,000
96,000 149.000
basis. Cotton as well as grain bills have been, it is stated,in took at Havre
51.000
76,000
226,000
61.000
took at Marseilles
3,000
2.000
3,000
2,000
better supply and $10,000,000 has been shipped to Ottawa took
at
11.000
15.000
29,000
10,000
something which of itself will facilitate sales of exchange. took at Barcelona
Genoa
22,000
13,000
6.000
10.000
4.000
*20,000
6.000
12,000
Furthermore, a Committee of Seven has been appointed by took at Trieste
the New York Cotton Exchange to formulate a plan for the
Total Continental stocks
509,000 204,000 263,000 141,000
establishment of a clearing house in connection with the ExTotal European stocks
1,403,000 651,000 817,000 410,000
change. A clearing house, it is assumed, would greatly India
cotton afloat for Europe
86,000
28,000
87.000
53,000
Amer. cotton afloat for Europe_ 98,146 762.573 690.314 795.713
facilitate business here. It would obviate the tying up of Egypt
Brazil,
&c.,aflt.for Europe 10,000
42.000
19,000
35,000
funds. It would put everybody on an even keel, according Stock in Alexandria.,
Egypt
*95,000 125.000
43.000
80.000
to their resources;it would keep down the volume of outstand- Stock in Bombay, India
569,000 413,000 351,000 286.000
Stock
in
S. ports
368,499 455,583 689,049 525,266
ing contracts. It might easily cause increased trading here. Stock in U.
U. S.interior towns.... 344.863 290,756 271,703 359,703
The Committee on Rules, moreover, is understood to be at U. S. exports to-day
73,760
6,181
19.355
work formulating regulations for trading under the Lever
Total visible supply
2,974,508 2,846,267 2,993,247 2,540.552
Act. The Department of Agriculture shows a disposition
Of the above, totals of American and other descriptions are as follows:
American-.
to do everything in its power to facilitate this work and it is Liverpool
bales_ 511.000 246,000 339,000 121.000
hoped that it will soon be completed. When the Exchange is Manchesterstock
stock
41,000
19,000
41.000
12.000
reopened the trading, it is understood, will be on the basis Continental stock
*385.000 163,000 236,000 101.000
American afloat for Europe
98,146 762,573 690,314 795,713
of the new contract. As to the proposed syndicate to finance 13.
S.
port
stocks
368,499 455.583 689.049 525,266
open long contracts here as a prelude to the opening of the U. S. interior stocks
344,863 290,756 271.703 359.703
Exchange, nothing very definite has yet been accomplished. U. S. exports to-day
19,355
6.181
73.760
It is stated, however, that while no complete plans for reTotal American
1,748,508
1.956,267
2.273,247
1,988,442
sumption of business have yet been adopted, tentative pro-. East Indian, Brazil, &c.stock
304,000 165.000 148.000 123,000
posals submitted to prominent bankers here have been ap- Liverpool
London stock
19,000
5,000
11.000
7.000
proved subject to certain modifications. It is stated that Manchester stock
19,000
12.000
15,000
6,000
Continental
*124,000
41,000
27,000
40,000
bankers will be asked to subscribed to a fund for the pro- India afloat stock
for Europe
86,000
87.000
53.000
28.000
tection of cotton here on the resumption of trading. With Egypt, Brazil, &c.,afloat
10,000
42.000
35,000
19,000
Stock in Alexandria. Egypt
*95,000
125,000
80.000
43,000
the Exchange reopened, it is argued,a large general business Stock
in Bombay, India
569,000 413.000 351.000 286.000
including export trading, would naturally follow. In other
Total East India, &c
1,226,000 890.000 720,000 552.000
words,it is contended that domestic spinners would buy more
Total American
1.748,508 1.956,267 2,273,247 1,988,442
freely and that foreign spinners would be apt to follow suit.
Total visible supply
To-day December sold at 7.80 to 7.90, ending at 7.80c. Middling
2,974,508 2,846.267 2,993,247 2,540.442
Upland,
Liverpool
5.30d.
7.87d.
6.32d.
5.59d.
The Government report stated the condition at 73.5%, Middling Upland, New York.._ al1.00c.
14.10c.
11.25c.
9.950.
against 78% on Aug. 25, 64.1% a year ago and 68.5% as Egypt, Good Brown,Liverpool
8.20d. 10.906.
1044d. 10 7-16d.
Peruvian.
Rough
Good,
9.00d. 10.00d.
10.25d.
the ten,-year average. The indicated average yield of lint Broach, Fine, LiverpoolLiverpool 8.75d.
4.903.
7d.
5 11-16d.
per acre is put at 200.2%. Some of the trade think this Thmevelly, Good, Liverpool__ -- 5.05d. 7 1-16d. 6 3-16d.
634d.
indicates a crop of around 15,400,000 to 15,500,000 bales, * Estimated. a August 17.
but that with favorable weather the crop may really exceed
Continental imports for past week have been 28,000 bales.
the previous high record. The ginning report also appeared,
The above figures for 1914 show an increase over last week
making the total up to Sept. 24 3,381,863 bales,
3,246,655 in the same time last season, 3,007,271 in 1912 of 123,616 bales, a gain of 128,247 bales over 1913,a decrease
of 18,739 bales from 1912 and a gain of 434,066 bales over
and 3,676,594 in 1911.
The rates on and off middling, as established Sept. 9 1914 1911.
by the Revision Committee, at which grades other than
AT THE INTERIOR TOWNS the movement-that is
middling may be delivered on contract, are as follows:
receipts for the week since Aug. 1, the shipments for
the
Middling
0.70
on
c
Basis
c
Good
mid.
tinged_c
Even
Fair
0.63 on Strict low mIddling.0.50 off Strict mid. tinged__0.20 off the week and the stocks to-night, and the same items for
Strict mid fair
the
0 56 on Low middling
1 25 off Middling tinged...0.40 off
Middlin fair
Strict good mid_ _ _ _0.42 on Strict good ord.__ _2.00 off Strict low mid. ting.1.25 off corresponding period of the previous year-is set out in
Good mldd ling__ _ _0.28 on Good ordinary___ _3.00 off Low mid. tinged__3.00 off
0.14 on Strict g'd mid. tIng.0.14 on Middling stained_ _1.25 off detail below.
Strict middling
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Sept. 26 to Oct. 2Middling uplands
Sat.
Mon. Tues. Wed. Thurs. Fri.
NEW YORK QUOTATION FOR 32 YEARS.
The quotation for middling upland at New York on
Jan. 11 for each of the past 32 years have been as follows:
1914_c_--- *11.00
1913
14.20
1912
11.25
1911
10.20
1910
13.75
1909
13.60
1908
9.25
1907
11.60
*Aug. 17.
1906_c
1905
1904
1903
1902
1901
1900
1899
10.55 1898..c
10.65 1897
10.50 1896
10.09 1895
8.88 1894
8.19 1893
10.88 1892
7.19 1891
5.38 1890.c
6.50 1889
8.38 1888
9.00 1887
6.25 1886
8.06 1885
7.69 1884
8.69 1883
10.38
10.75
10.44
9.50
9.50
10.06
10.12
10.62
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reaser we also add columns which
show at a glance how the market for spot and futures closed
on same days.
Spot Market
Closed.
Saturday.- _ Nominal
Monday --Tuesday _
Wednesday_
Thursday _ _
Friday
Futures.
Market
Closed.
SA&BS.
Spot. Contr'ct Total.
2706
1765
2700
2780
80
Total....801
80
FUTURES.-The highest, lowest and closing prices at
New York for the past week have been as follows:
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Towns.
Ala.,Eufaula_ _
Montgomery _
Selma
Ark., Helena
Little Rock_ _
Ga.,Albany.._
Athens
Atlanta
Augusta
Columbus_ _ _ _
Macon
Rome
La.,Shrevepo
Miss.,Columb'
Greenville _
Greenwood_._
Meridian _ _
Natchez
Vicksburg
Yazoo City_ _
Mo.,St. Louis_
N.C., Raleigh.
0., Cincinnati_
Okla.. Hugo__ _
S.C.,Greenw'd _
Tenn.,Memphi
Nashville _ _
Tex., Brenham
Clarksville_ _
Dallas
Honey Grove_
Houston
Paris
Movement to Oct.2 1914.
Movement to Oct. 3 1913.
Receipts.
Receipts.
Ship- 1Stocks
menus. Oct.
Week. Season. Week.
2.
1,384
11,250
6,922,0731
3,736
1,917
3,512
1,656
18,402
3,58
3,137
2,083
6,407
665
4,090
3,558
768
1,285
823
1,762
1,53
125
604
800
480
19,568
-1,444
1,000
3,522
900
78,308
4.690
Week. I Season.
6,0871
77 4,104
994
6,987
41,457 2.320 35,380 11,919 46,958
25,760 2,009 20,067 8,193 35,667
4,248
218 4,683 1,530
2,878
5,547 1,099 7,989 5,980 10,972
9,793
10,118 2,000 12,645
6,007
850 5,522 4,955
9,547
3,162 1,216 1.611 13,093 21,320
59.956 8,029 42,167 20,151 70,968
13,117
575 9,852 3,670 11,420
8.040
203 7,215 3,792
8,232
3,956 1,656 1,627 3,081
8,480
16,813
925 18,605 6,260 22,710
1,662
75 1,643 i,766
4,742
8.791
9,294 2,987
6,489
8,392
10,674 4,500
7,905
2,425
105 3,383
970
3,488
3,0952,209
3,785
800
2,160
282 2,300 1,016
2,102
4,267,
5,086 1,334
3,253
8,734 1,703 12,527 3,173 15,166
190
100
2,925
60 1,166
7,599,
887 4.81
998
9,997
1,540
400 1,100 1,307
4,906
6i2
1,072,
44 1,125
1,981
38,929 6.595, 38,036 21,666 41,181
6,
6 440
893
5,394
5561 3,958 1,542 14,818
3,600
200 2,700
831
5,059
9,8031 2,722 3,030 2,73
14,326
4.200;
200 3,000
500
3,728
265,134! 67.491 58,558 132,06. 781,399
14,390,
741 10,000. 1,50
16,764
Ship- Stocks
ments. Oct.
Week.
3.
1,524
7,063
6,843
290
1,232
1,933
2,678
8,522
15,783
2,75
3,607
2,271
2,888
1,267
576
600
617
700
579
293
3.495
1.050
2,945
229
728
9,449
84
1.537
1,304
1,207
1,635
13.744
1,119
1,887
15,805
6,356
2,623
10,770
2,000
4,409
7,958
23,159
6,726
838
4,038
10,768
2,735
5.052
7,500
3,142
940
1,826
4.508
3,058
321
17,008
1,828
384
30,804
798
1,228
1,615
5,721
1,404
98,136
5,411
Total. 33 towns 191,991 595,126 102,278344,863 267,535 1.212,115200,548290.756
OVERLAND MOVEMENT FOR THE WEEK AVD SINCE AUG. I.
----1913-------1914---Oct. 2Since
Since
ShippedWeek. Aug. 1.
Week. Aug. 1.
Via.St. Louis
1.703
21,332
3,495
24.153
Via Cairo
1,031
3,921
8,461
14,269
Via Rock Island
50
160
Via Louisville
428
3,551
1.493
7,504
Via Cincinnati
335
1,534
698
4,666
Via Virginia points
879
4,949
3,217
11,561
Via other routes,&c
10.762
18,022
8.104
21.020
Total gross overland
15.138
Deduct shipmentsOverland to N. Y., Boston,&c... 183
Between interior towns
276
Inland, &c.. from South
6.247
Total to be deducted
6.706
Leaving total net overland *
8.432
* Including movement by rail to Canada.
53,309
25,518
83.333
3,251
8,523
26.624
3,069
641
3,996
9,461
5.779
19,636
38,398
7.706
34,876
114,911
17,812
48.457
[VOL. xcix.
THE CHRONICLE
990
Shreveport, La.—There has been rain on three days of the
The foregoing shows the week's net overland movement
has been 8,432 bales, against 17,812 bales for the week last past week, the rainfall reaching thirty-seven hundredths
year, and that for the season to date the aggregate net over- of an inch. The thermometer has averaged 67, ranging
from 54 to 80.
land exhibits a decrease from a year ago of 33,546 bales.
—1914--1913
Columbus, Miss.—We have had rain on four days during
Since
Since
rainfall being two inches and twenty-four
Week.
Aug. 1. the week, the
/n Sight and Spinners' Takings. Week. Aug. 1.
158,124
440.592 416.299 1,734,431 hundredths. The thermometer has ranged from 51 to 84,
Receipts at ports to Oct. 2
8,432
14,911
17,812
48,457 averaging 68.
Net overland to Oct. 2
546,000
Southern consumption to Oct. 2- _ 60.000
510.000 60,000
Greenwood, Miss.—It has rained on two days of the week,
226,556
Total marketed
965.503 494,111 2,328,888 the rainfall being one inch and forty-five hundredths.
89,713
224.724 66,987
Interior stocks in excess
147,298 Average thermometer 65, highest 82,lowest 48.
Vicksburg, Miss.—There has been rain on three days during
Came into sight during week 316,269
561,098
Total in sight Oct. 2
1.190,227
2,476,186 the week, the precipitation reaching sixty-six hundredths
North.spinners takings to Oct. 2 65.368
306.276 of an inch. The thermometer has averaged 66, the highest
198.162 64.663
QUOTATIONSFOR MIDDLING COTTON AT OTHER being 79 and the lowest 56.
Livingston, Ala.—Rain has fallen on one day of the week,
MARKETS.—Below are the closing quotations of middling
two inches. The thermometer has
cotton at Southern and other principal cotton markets for the rainfall reachingfrom
52 to 78.
averaged 65, ranging
each day of the week.
Mobile, Ala.—Weather .generally favorable, but some
points report damage by rain. Picking is going on rapidly.
Closing Quotations for Middling Cotton on—
Week ending
It has rained on four days of the week, the precipitation
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Oct. 2.
reaching three inches and thirty-seven hundredths. The
80
8
Galveston
8
thermometer has ranged from 57 to 81, averaging 70.
8
New Orleans__ _
834
1 1-16
8 1-16
8 1-16
Montgomery, Ala.—There has been rain on three days
84
Mobile
734
834
734
7%
71/4
734
71
Savannah
7%
during the week, the precipitation being two inches and
734
7%
Charleston __ _ 834
734
77t1
thirty-one hundredths. Average thermometer 66, highest
8
7%
7%
78 and lowest 54.
8
8
Norfolk
7%
1
70
7
7
8%
734
77;1
Augusta
7%
7%
Selma, Ala.—There has been rain on four days during.the
8%
734
8
834
8
Memphis
8
8
week, the precipitation being one inch and thirty-eight
834
8%
St. Louis
8%
8
7
Houston
7
hundredths. The thermometer has averaged 64.5, the high75
8
834
834
Little Rock
71/i
7;1
est being 74, and the lowest 53.
Madison, Fla.—There has been rain on five days during
NEW ORLEANS CONTRACT MARKET.—There have
the week, the rainfall reaching one inch and seventy-eight
been no dealings at New Orleans this past week.
has averaged 70, ranging
WEATHER REPORTS BY TELEGRAPH.—Advices to hundredths. The thermometer
from 57 to 83.
us by telegraph from the South this evening indicate that
Tallahassee, Fla.—It has rained on four days of the week,
while rain has been quite general in Atlantic and Gulf sec- the precipitation reaching two inches and forty-three huntions during the week, the rainfall has not as a rule been dredths. The thermometer has ranged from 59 to 80,
excessive. Picking has made excellent progress] but mar- averaging 70.
Albany, Ga.—Rain has fallen on five days of the week.
keting continues very much restricted.
The rainfall reached seventy-two hundredths of an inch.
Galveston, Tex.—Clear and cool weather has prevailed Average thermometer 69, highest 81, lowest 57.
throughout the week. Army worms are reported to have
Augusta, Ga.—There has been rain on two days during
seriously dammed late planted cotton, but with this ex- the week, the precipitation being four hundredths of an inch.
ception, conditions are excellent. Exportation of cotton The thermometer has averaged --66, the highest being 80 and
to foreign countries. has increased considerable. There the lowest 52.
has been no rain during the week. The thermometer has
Charleston, S. C.—We have had rain on two days during
averaged 74, the highest being 82 and the lowest 66.
the week, to the extent of seventy-seven hundredths of an
Abilene, Tex.—Mmimum thermometer 46.
inch. The thermometer has averaged 67, ranging from
Brenham, Tex.—The thermometer has ranged from 58 to 55 to 80.
80, averaging 69.
Greenville, S. C.—We have had rain on two days during
Cuero, Tex.—Average thermometer 68, highest 84, low- the week, the rainfall being three hundredths of an inch.
est 52.
The thermometer has ranged from 44 to 82, averaging 63.
Dallas, Tex.—The thermometer has averaged 68, the
Spartanburg, S. C.—Ram on one day of the week, to the
highest being 80 and the lowest 56.
extent of two hundredths of an inch. Average thermometer
Henrietta, Tex.—Thermometer has averaged 65, ranging 64, highest 81, lowest 46.
from 48 to 82.
Charlotte, N. C.—We have had rain on one day the past
Huntsville, Tex.—The thermometer has ranged from 48 week, the rainfall reaching eight hundredths of an inch. The
to 80, averaging 64.
thermometer has averaged 62, the highest being 76 and the
Kerrville, Tex.—Average thermometer 62, highest 82, lowest 49.
Goldsboro, N. C.—There has been rain on one day the past
lowest 42.
Lampassas, Tex.—The thermometer has averaged 63, week, the rainfall reaching fifty-six hundredths of an inch.
the highest being 80 and the lowest 46.
The thermometer has averaged 61, ranging from 42 to 80.
Weldon, N. C.—Rain has fallen on one day of the week.
Longview, Tex.—The thermometer has averaged 66,
the rainfall being sixty-nine hundredths of an inch. The
ranging from 52 to 80.
Luling, Tex.—The thermometer has ranged from 54 to 84, thermometer has ranged from 39 to 80, averaging 60.
Dyersburg, Tenn.—We have had rain on one day during
averaging 69.
Nacogdoches, Tex.—Average thermometer 66, highest 82, the week, the rainfall being ten hundredths of an inch.
Average thermometer 65, highest 80, lowest 50.
lowest 50.
Palestine, Tex.—The thermometer has averaged 67, the
Milan, Tenn.—The week's rainfall has been one hunhighest being 80 and the lowest 54.
dredth of an inch on one day. The thermometer has averParis, Tex.—The thermometer has averaged 68, ranging aged 64, the highest being 80 and the lowest 48.
Memphis, Tenn.—We have had rain on one day during
from 52 to 84.
San Antonio, Tex.—The thermometer has ranged from the week, to the extent of four hundredths of an inch.
.1.
The thermometer has averaged 66, ranging from 53 to 79.
58 to 84, averaging '7
Savannah, Ga.—We have had rain on three days during
Taylor, Tex.—Mimmum thermometer 54.
Weatherford, Tex.—The thermometer has averaged 64, the week, the rainfall being ninety-one hundredths of an
inch. The thermometer has ranged from 55 to 76, averagthe highest being 80 and the lowest 48. .
Ardmore, Okla.—There has been no rain the past week. ing 68.
The thermometer has averaged 67, ranging from 50 to 84.
THE AGRICULTURAL DEPARTMENT'S SEPTEMHoldenville, Okla.—There has been no rain during the BER REPORT.—The following statement,showing the conweek. The thermometer has ranged from 50 to 80, aver- dition of cotton on Sept. 25, was issued by the Department
aging 65.
of Agriculture on Oct. 2:
Marlow, Okla.—There has been no rain the past week.
The Crop Reporting Board of the Bureau of Statistics of the United
States Department of Agriculture estimates, from the reports of the correAverage thermometer 68, highest 87,lowest 49.
and agents of the Bureau, that thecond7t
Eldorado, Ark.—There has. been rain on one day of the spondents
tton17
zas73nofa normal,compared
nsep253sand
Ieit.25
68.5 the average of the past ten years Sept. 25.
week, the precipitation reaching sixty-five hundredths of.an
follow:
10-year
inch. The thermometer has averaged 65, the highest being Comparisons by States
Aug.
Sept. 2525
10-year
average
82 and the lowest 49.
average.
change.
1914.
1913.
1914.
States—
Fort Smith, Ark.—We have had no rain the past week. Virginia
76
--5
75
86
80
73
82
—4
70
79
The thermometer has averaged 66, ranging from 52 to 80.
North Carolina
—4
71
72
77
Little Rock, Ark.—It has rained on one day of the week, South Carolina
—4
72
72
81
Georgia
71
—7
78
83
81
with rainfall to the extent of five hundredths of an inch. Florida
—6
67
78
69
77
Alabama
The thermometer has ranged from 54 to 78, averaging 66:
—7
63
66
68
76
Mississippi
Alexandria, La.—There has been rain on one day during Louisiana
—6
60
62
67
66
—3
inch.
an
forty
of
70
63
reaching
67
hundredths
79
rainfall
Texas
the
the week,
--8
63
69
68
75
Arkansas
Average thermometer 67, highest 83, lowest 51.
—8
76
70
68
74
Tennessee
—8
64
72
75
72
New Orleans, La.—There has been rain on three days the Missouri
—7
80
42
66
80
an
of
reached
seven
hundredths
Oklahoma
rainfall
The
past week.
96
100
98
California
_
inch. The thermometer has averaged 71, the highest being
78.0
64.1
68.5
73.5
United States
80 and the lowest 62.
87$
4.h3c°
i?
THE CHRONICLE
OCT. 3 1914.]
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season.
I
1914.
Week.
Season.
2,850,892
Visible supply Sept.25
3,176.816
Visible supply Aug. 1
American in sight to Oct. 2.. 316,269 1,190.227
88,000
520.000
Bombay receipts to Oct.
168,000
57.000
Other India shipments to Oct. 1
63,000
Alexandria receipts to Sept. 30- 530.000
28,000
3,000
Other supply to Sept. 30
1913.
Week.
Season.
2,540,051
2,581,551
561,098 2.476,186
97,000
25,000
65.000
4.000
98.600
43,000
59,000
9,000
3,217,161 4,714,043 3,182,149 5,377,337
2.974,508 2,974.5082.846,267 2,846.267
242.653 1,739,535 335,882 2,531.070
Total takings to Oct. 2_a
173.653 1,121,535 264,882 1,853.470
Of which American
71.000
677.600
618,000
69.000
Of which other
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
S Estimated.
by Southern mills.
a This total embraces the total estimated consumption
-takings not being available
510,000 bales in 1914 and 546,000 bales in 1913
and
foreign spinners,
Northern
by
taken
amounts
aggregate
the
-and
1913, of which 611,535
1,229,535 bales in 1914 and 1,985,070 bales in
bales and 1,307,470 bales American.
Total supply
DeductVisible sunply Oct. 2
MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that the market is
irregular and easier for both yarns and shirtings.
SHIPPING NEWS.-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 65,883 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Total bales.
NEW YORK-To Liverpool-Sept. 30-Adriatic, 900
500
To Rotterdam-Sept. 29-Nieuw Amsterdam, 500
To Barcelona-Sept. 30-Hero,700700
2,029
To Genoa-Sept. 26-Cretic,2,029
300
To Naples-Sept. 26-Cretic, 300
• 50
50
To Mexico-Sept. 25GALVESTON-To Liverpool-Sept. 26-Hackness, 8,729__ _Sept.
29-Chancellor, 8.091__ _Sept. 30-Ikala, 9,507; Florres27,838
ton„
425
To Gothenburg-Sept. 25-Mexicano, 425
1,200
To Christiania-Sept. 25-Mexicano, 1,200
7,550
To Genoa-Sept. 28-Principessa Laetitia, 7,550
853
TEXAS CITY-To Mexico-Sept. 26-City of Tampico,853
667
NEW ORLEANS-To Liverpool-Sept. 28-Napierian,667
1,766
To Genoa-Sept. 28-Monginevro, 1,766
1.000
To Barcelona-Sept. 29-Valbanera. 1,000
1.300
To Mexico-Sept. 26-Haakon, 400__ _Oct. 1-Oaxaca, 900
1,400
To Rotterdam-Sept.29-Gorrediik, 1,400
SAVANNAH-To Liverpool-Sept. 29-Romsadalen, 850_--Sept.
1,150
30-Concord, 300
450
To Gothenburg-SePt.30-Concord,450
50
To Christiania-Sept. 30-Concord, 50
-Concord,
29-Romsadlaen,
400
Sept.
30
Onorto--Sept.
To
500
106
900
To Malaga-Sept. 30-Concord, 900
3.007
To Barcelona-Oct. 1-Dora Baltea, 3.007
2,271
To Genoa-Oct. 1-Dora Baltea, 2,271
1,000
CHARLESTON-To Liverpool-Sept. 30-Romsdalen, 1,000
80
BOSTON-To Liverpool-Sept. 24-Franconia, 80
5,410
SAN FRANCISCO-To Japan-Sept. 25-Manchuria,5,410
PORT TOWNSEND-To Japan-Sept. 29-Panama Maru, 2,587- 2,587
65.838
Total
The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
Great French Ger- -Oth.Buipoe-- Mex.,
ctc. Japan. Total.
Britain. Ports. many. North. South.
50 ---4,479
500 3,029
New York
900
Galveston
1,625 7,550 --------37,013
27,838
853
--- 853 ---Texas City_ __ _ _-_
New Orleans__ - 667
1,456 2,766 1.300 ---- 6.133
Savannah
500 6,678 --------8,328
1,150
Charleston
1,000
80
___. -_- --__
Boston
-_-80
5,410
____
___- _--_ 5,410
San Francisco_ - ---2,587
___- ---- -___ 2,587
Port Townsend_ ____
4.025 20,023 2,203 7,997 65,883
Total
31,635
Exports since Aug. 1 include 16,140 bales to Japan from Pacific ports.
Cotton freights at New York, as reported by Lambert &
Barrows,are as follows, quotations being in cents per 100 lbs.:
Liverpool, 35; Manchester, 35; Havre, 45; Rotterdam, 75; Bergen, 68-75;
Nykoping, 75; Barcelona, 75; Genoa, 75; Naples, 75; Japan, 75; China 75.
LIVERPOOL.-By cable from Liverpool we have the
following statement of the week's sales, stocks, &c., at that
port:
Sales of the week
Of which speculators took_ Of which exporters took
Sales, American
Actual export
Forwarded
'Total stock
Of which American
'Total imports of the week
Of which American
Amount afloat
Of which American
Sept. 11. Sept. 18. Sept. 25.
13.000
21,000
200
1,000
1,100
11,000.
18.000
4,000
3,000
2.000
26.000
30.000
30,000
867.000 855.000 829,000
577,000 560,000 535,000
16.000
20,000
6.000
9.000
3,000
21.000
27.000
5.000
7,000
Oct. 2.
2.000
34,000
815,000
511.000
22,000
4,000
Dealings in spot cotton during the past week have been
.as follows:
Spot.
Saturday.
12:15 ____l Limited
P. m_I demand.
Iviid.Uprds
Fair
demand,
5.55
Sales
American
Imports_
American
Monday.
550
Tuesday. Wednesday. Thursday.
Moderate
demand,
Fair
demand,
Good
demand.
Friday.
Moderate
demand.
5.55
5.65
5.30
5.30
5.30
5,000
4,100
5,000
3,200
4,100
2,200
5,800
4.100
4,300
3.600
1,250
4,017
492
6,758
511
1,000
1.100
9,405
1.200
BREADSTUFFS.
Friday Night, Oct. 2 1914.
Flour early in the week was rather quiet, but later on a
better demand sprang up, and it is said that an active business was done. Some attempt is being made to push the
99
sale of rye flour by food investigators as being cheaper and
more nutritious than wheat flour. The prices of the two
kinds, however, are very close together nowadays, and it
may be doubted whether sales of wheat flour will suffer much
through recommendations by food experts of rye flour.
The exports of flour have been on a very liberal scale. This
fact has excited comment. Grain bills of exchange have
been reported more plentiful and rates easier, coincident with
the arrangements to send gold to Ottawa as a first installment of the proposed gold pool to facilitate transactions in
foreign exchange. Even apart from this, some of the trade
are inclined to believe that the general trend of prices must
be upward for some time to come. The war, it is assumed,
will cut down supplies in Europe and interfere with agriculture to a very serious extent, so that even after peace is
established prices are expected by many to rule high for a
certain period. Last Tuesday there was a report that 100,000
barrels of flour had been sold to Greece at Kansas City.
St. Louis, Minneapolis and Kansas City have all reported
a good foreign demand. St. Louis advices state: "The
largest sale of flour ever consummated in St. Louis is reported
on Sept. 30 of 110,000 barrels to one of the foreign nations."
The total production last week was 450,360 barrels, against
462,925 in the previous week and 475,085 last year.
Wheat has declined with less speculation, large receipts
and no remarkable export demand considering the times.
Northwestern banks are not encouraging farmers to hold their
wheat. That is one reason why the receipts have been so
large. Also the victories latterly reported for the Allies have
encouraged the hope that peace may not be very far off.
Peace would be, theoretically at least, a bearish factor. A
prolongation of the war would conversely be taken as pointing to higher prices. Although export business has been
comparatively moderate, the clearances from the seaboard
have been noticeably large. Last Tuesday, for instance,
they reached the striking total of 1,383,000 bushels, all
domestic wheat. Recent exports of wheat have been so
large as to excite remark. But a good deal of emphasis has
been laid on the receipts at primary points at the West.
Taken in connection with the recent increase in the world's
available supply and some falling off at times in the European
demand these receipts have exerted no slight effect on the
market. And small wonder. The total world's available
supply increased last week no less than 19,046,000 bushels, as
against an increase in the same time last year of only 5,674,000 bushels. The increase in the total American supply
amounted to 17,546,000 bushels, which was practically
10,000,000 bushels larger than the increase in the same week
last year. The increase in American wheat east of the
Rocky Mountains was 8,445,000 bushels, as contrasted with
an actual decrease in the same week last year of 114,000
bushels. Things of this sort have been commented upon in
Liverpool and have helped to depress prices there, especially
as the weather and crop advices from Argentina of late have
been favorable. The total world's wheat supply is now put
at 158,663,000 bushels, against 152,290,000 bushels at the
same time last year and 123,500,000 in 1912. The European
visible supply increased 1,400,000 bushels, as against a decrease in the same week last year of 1,900,000 bushels, a
difference of 3,300,000 bushels. The European visible total
now amounts to 70,408,000 bushels, against 71,400,000 a
year ago. From France it is reported that some progress
is being made in field work, the weather now being favorable.
Similar news comes from Russia. In India the weather is
fine and crop prospects are good. On the other hand, some
factors in the situation have had a more or less steadying
tendency. Early in the week there was a report that
the Dardanelles had been closed and that 100,000 barrels of
flour had been sold to Greece at Kansas City. Also the Russian official crop estimate put the total at about 200,000,000
bushels less than the crop of last year. In other words, the
wheat yield of Russia is stated at 778,800,000 bushels, against
977,248,000 bushels last year. This of itself caused a firmer
tone for a time. This decrease in Russia more than offsets
an increase in the crop of Argentina, where the total is put
at 176,000,000 bushels, or some 42,000,000 bushels more
than was harvested last year. Also, though France sends
more cheerful reports about the weather and field work, the
advices confirm the damage to wheat in the French war
region. Moreover, in Russia prices for all kinds of grain
are firm, with holders offering sparingly. And in India, if
the crop prospects are good, it is none the less true that offerings of wheat just now continue very small. Australia
promises only a moderate crop; more rain is needed there.
The crop of Spain will be even smaller than was expected.
It will be less than that of last year. Still, as already intimated, prices have sagged under increasing supplies at home
and abroad, and the effect of reported victories by the
Allies. Meantime, Germany is reporting the crops as much
under expectations, but Liverpool advices add: "It is
believed here that this is done to encourage economy in the
use of wheat for bread-making as the crop was largely gathered before the wax." France reports less favorable weather
now, with Paris prices of wheat and flour rising sharply
on full confirmation of damage to the crop in the North.
To-day prices again declined. Within 48 hours, however,
export sales estimated at as high as 1,500,000 bushels have
been made partly,for shipment via the Gulf ports. AustriaHungary's crop is reported as 44,000,000 bushels below
normal needs.
992
THE CHRONICLE
[VOL. xoIX.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
GRAIN.
Sat. Mon. Tues. Wed. Thurs. Fri.
corn,per bushelWheat.per bushel-f.o. b.
cts-11534 11434 11734 115
11434 11234
No. 2 red
No. 2 mixed
N.
SPring,
No.
1_
$11434
September delivery in elevator_ _ -114% 115% 11434
N.Spring,No.2
No. 2 yellow
December delivery in elevator____117% 11834 118
11634 11434 115
Red
No.
3 yellow
1
1234
winter,
No.
2
evator
12434
125
el
12434 12434 123 121%
May delivery in
Hard winter,No.2
Argentina in bags
1 1134
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO. Oats, per bushel, newRye, per bushelcts
Sat. Mon. Tues. Wed. Thurs. Fri.
New York
Standard
5034 @51
September delivery in elevator_cts-1053i 106U 106% 104
Western
No. 2, white
51(815134
December delivery in elevator__108% 109
109
10834 10634 10534
No. 3, white
5O@5034 Barley-Malting
11534 116
11534 115
May delivery in elevator
11334 11134
Indian corn has declined in company with wheat. In
fact, like wheat, within the last ten days corn has declined
materially. No great export business has been done for
one thing. Also, the tendency is to increase the crop
estimates. One issued in Chicago yesterday was 2,668,000,000 bushels, or 40,000,000 bushels more than was
indicated by the Government. Outside business has been
small. The weather at the West has been clear and cool,
making ideal conditions for curing the crop. The Eastern
demands at Chicago has been comparatively small. The
weather has been so favorable that the expectation is very
general that receipts will increase materially in the near
future. In Argentina the weather has been favorable so
that increased shipments from that quarter are expected
very shortly. On the other hand, American country offerings have not increased materially and for a time the receipts may be small or until the new crop begins to move.
Also, there have been some rumors of export sales. Not
that they have been fully confirmed, but the mere circulation of such rumors has from time to time caused more or
less covering, and it appears that a moderate export trade
was actually done. Also, a Western authority stated the
supply of corn in seven surplus States of the West as 44,000,000 bushels smaller than on September 11th. It is a
fact, too,that whatever may be the actual size of this season's
crop available supplies for the time being at any rate are
decreasing. The falling, off last week was 816,000 bushels,
as contrasted with an increase on the other hand, in the
same week last year of 784,000 bushels. Stocks at Chicago
decreased 845,000 bushels last week and are now only about
half as large as they were a year ago. The total American
available supply is 7,210,000 bushels, according to one
computation, or 1,500,000 bushels less than at this time last
year, even if it is 3,000,000 bushels larger than at the same
time two years ago. Argentine corn has been quoted at
times here at 68 cents cost freight and insurance, or several
cents below the Chicago level. To-day prices again deelined.
cts.
80
80
79%
-
68-4
661;478
WEATHER BULLETIN FOR THE WEEK ENDING
SEPT. 28.-The general summary of the weather bulletin
issued by the Department of Agriculture for the week ending
Sept. 28 is as follows:
A change to decidedly cool weather over the cotton region as compared
with several preceding weeks, and a further deficiency in the rainfall over
the upper Ohio drainage region and thence eastward to the Atlantic Coast,
were the notable features of the weather of the week. Over the principal
corn-growing States the crop has matured without injury from frost; cutting is progressing rapidly and much of it is now in shock, with prospects
of a fair yield. In the winter-wheat growing States the weather has continued favorable, the soil remains in good condition, except in portions of
the Atlantic Coast States, and seeding is progressing satisfactorily except
that it is being delayed to some extent to avoid damage from fly. Tobacco
has improved greatly and much is now being housed. Pastures are reported in excellent condition in most districts, and feed of all kinds is plentiful. In the spring-wheat States the weather was favorable for all farm
work and most crops are now safely housed. In the cotton region some
damage occurred from wind and heavy rains, and picking was slightly delayed, but on the whole the weather was favorable for picking, and for the
development of late cotton and the top crop, although these are reported
as being injured in some districts by insects. All late truck and other crops
are in good condition and feed is plentiful. Some citrus fruits is being
shipped from Florida. Over the Atlantic Coast States from Virginia northward, severe drought continues over much of Pennsylvania and New JerseY, and plowing and seeding are delayed. In other portions of this district the weather was more favorable and the ripening and gathering of
crops and preparations for seeding were continued without interruption. Over the great range country of the Southwest the grass is maturing
under favorable conditions, and stock is reported ready for market. Over
the northern portions of the Mountain and Plateau districts favorable
weather for fall work continued, except that the ground is too dry for seeding in some localities. In the fruit-growing regions of the far Northwest,
apples are being picked, the hop harvest has been completed and other farm
work progressed satisfactorily. In California damp weather caused some
Injury to raisins, but the gathering, drying and shipping of other fruits
continued without interruption.
The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
Receipts at-
Flour.
Wheal.
Corn.
Oats.
Barley.
Rye.
tbs.
bbls.1961bs. bush. 60 lbs. bush.56 lbs. bush. 32lbs. bush.481b5. bu.56
78,000
821,000 2,810,000 846,000
228,000 4,345,000
803,000 133,000
680,000
102,000
555,000
105,000
543,000 287,000
589,000
4,644,000
790,000 1,683,000 215,000
107,000
4,157.000
3,000
69,000
14,000
240,000
116,000
13,000
77,000
9,000
3,000
1,000
18,000
31,000
2,000
13,000
64.000
3,000
048,000
142,000
857,000
90,000
22,000
83,000
199,000
252,000
51,000
87,000
191,000
97,000
2,242,000
494,000
221,000
440,000
Chicago__
Milwaukee__
Duluth
Minneapolis
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW
Toledo
YORK. Detroit
Sat. Mon. Tues. Wed. Thurs.
Fri.
No. 2 mixed
Cleveland _..
cts- 85
85
8231 8134 8034 80
St. Louis
"DAILY CLOSING PRICES OF CORN FUTURES IN
CHICAGO.
Peoria
Sat. Mon. Tues. Wed.
Kansas City
September delivery in elevator_ cts- 7634 7534 7334 71 Thurs. Fri.
December delivery in elevator_-_ 70
6934 6734 6734 6634 6634 Omaha
May delivery in elevator
7234 7234 7034 7034 6934 6834
521,000 17,621,000 1,800,000 6,604,000 4,023,000 744,000
Total wk.'14
Oats, like other grains, have declined, although there have Same
451,000 10,964,000 4,991,000 6,228,000 4,344,000 545,000
wk.'13
been persistent rumors at times of large sales to Greece. Same wk.'12 441576 13,640,655 3,978,588 6,587,623 2,761,464 714,561
Aug. 1
Last Monday Chicago reported export sales at the seaboard of Since
3,508,000 106,813.000 31,510,000 67,873,000 16,883,000 4,561,000
1914
3,731,000
3,258,000 79,983,000 33,004,000 55,333,000 17,568,000 3,956,782
1913
1,250,000 bushels, though only 200,000 bushels were reImo
o amo ang 59 527414 01_271.040 47.550.182 12.510.593
ported here. On Tuesday there were rumors of sales at Kansas City to Greece of 1,000,000 bushels, while it was said
Total receipts of flour and grain at the seaboard ports for
at the same time that 750,000 bushels had been sold here for the week ended Sept. 26 1914 follow:
Oats,
Barley,
Rye,
Corn,
export to Europe. The reports in regard to the Kansas City
Wheat,
Flour,
bush.
bush.
bush,
bush,
bush,
bids.
Receipts atsales, however, were not fully confirmed, and it was noticea148,000
162,000
1,229,000
329,000
1,092,000
293,000
New York
109,000 40,000 81,000
ble that Chicago prices on that day, in spite of the rumors of Boston
44,000
220,000
47,000
289,000 40,000 61,000
37,000
539,000
64,000
immense sales to Europe, actually closed lower. Of late Philadelphia
1,000 190,000
1,428,000
34,000
938,000
40,000
the seaboard business for export has undoubtedly slowed Baltimore
279,000
29,000
272,000
112,000
Orleans*
112,000
down. At the same time there has been considerable pressure New
3,000
Newport News-__
1,100.000
to sell. Still, there has been moderate export demand, a Galveston
1,000
11,000
16,000
263,000 12,000
demand, in fact, which in ordinary times would be con- Mobile
102,000 2,088,000
Montreal
sidered rather large. But nowadays if not more than 250,484.000 3,598,000 255,000 481,000
week 1914._ 677,000 6,361,000 19,673,000
40,829,000 9034,000 3314,000
000 bushels of oats are sold in a single day for Total
11914_16,145,000 163411,000
775,000 247.000 25,000
530,000
3,383,000
488,000
export people speak of it as a rather slim business. Within SinceJan,
Week 1913
41,838,000
16044000 2515,000
44,785,000
136510,000
the last ten days it is a fact beyond question that the decline Since Jan.11913_16,340,000
Orleans
for foreign ports
through
New
passing
in oats has been much smaller than in either wheat or corn.
grain
include
*Receipts do not
Country offerings continue small. The farmer has got the on through bills of lading.
idea that prices are going very much higher. Here at New
The exports from the several seaboard ports for the week
York prices are only about 5Y cents above the quotations ending Sept. 26 are shown in the annexed statement:
Peas,
Rye, Barley,
Oats,
Corn, Flour,
ruling for No. 2 white a year ago. In spite of the fact that
Wheat,
bush.
bush.
bush, bush.
bbls.
bush.
bush,
the available supply last week increased 1,016,000 bushels, Exportsfrom1,290
24,821
105,000
504,204
836,935 240,277 140,419
New York
or more than double the increase in the'same week last year, Boston
2,404 25,700
43,240 17,569
119,382
43,000 25,000
32,000
the American stock is over 10,000,000 bushels smaller than Philadelphia
126,000
7,617 1,951,737 186,514
726,703
at this time in 1913. That is to say, the total is put at Baltimore
41,000
328,000
106,000
718,000
Orleans
32,114,000 bushels, against 42,939,000 bushels at this time New
3,000
Newport News
112,000
-----17,000
1,541,000
last year. Bulls who have recently sold out have latterly Galveston
-----1,000
11,000 16,000
been buying !wain, on the assumption that a recent decline Mobile
26,000 -----72,000
1,911,000
Montreal
of December in Chicago of about 3 cents was enough and that
156.000 1,290
Total week___6,091,020 400,517 346,605 2,787,345 280,035
537
the general situation warrants higher prices sooner or later. Week
30,874 283,370 282,563 52,945 341,000
3,318,252
1913
prices
declined
and
then
To-day
rallied on renewed export
since
and
week
The destination of these exports for the
buying, a demand for December from cash houses and coverJuly 1 1914 is as below:
ing of shorts.
Corn
-Wheat
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
Mon.
Tues.
Wed. Thurs. Fri.
Standards_ _ _ _cts_5234-52% 5234-53 52-5234 5134-52 5034-5134 5034-51
5234-53
53-5334 5234-53 5234-53 5134-5134 51-5134
No. 2 white
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September delivery in elevator_cts_ 4634 4634 4534 4534
December delivery in elevator,,.,,. 4934 4934 4734 48
4734 47%
5234 5234 51
51
May delivery in elevator
6034 5034
The following are closing quotations:
FLOUR.
Winter, low grades--$4 001E4 50 Spring clears
5 60 600 Kansas straights.sacks-5
$5 28285 3
Winter patents
45
0
5 10 5 25 Kansas clears, sacks __- 4 80
Winter straights
5 10
4 50 4 75 City patents
7 15
Winter clears
5 75 Rye our
5 50
5 25® 575
Spring patents
5 40 Graham flour
5 25
5 150 5 40
Spring straights
Flour
Since
Since
July 1
Week
TVeek
July 1
1914.
1914. Sept. N.
EzPorts for week and Sept. 26.
bush,
bush.
bbls.
bbls.
stare July 1 to-United Kingdom-153,077 1,229,889 2,540,375 39,848,235
41,048,357
3,158,645
718,892
55,539
Continent
So. & cent. Amer_ 80.817 498,170 392,000 1,522,219
17.328
47.085 440,282
West Indies
25,530
Brit. No. Am.Cols_ 1,976
24,448
57,988
8,111
Other countries
Total
Total 1913
346,605 2.970,531 6,091,020 82,458,587
283,370 2,756,998 3,318,252 55,658,432
Week
Sept. 26.
bush.
43,240
238,947
103,000
17,015
Since
July 1
1914.
bush.
45,490
236,947
646,933
585,392
4,132
9,168
315
400,517 1,528,062
30,874 1,431,275
The world's shipments of wheat and corn for the week
ending Sept.26 1914 and since July 1 1914 and 1913 are shown
n the following:
Orr.31014.1
THE CHRONICLE
Corn.
Wheat.
1914.
Exports.
Week' 1
26.
Sept.
1914.
1913.
Since
July 1.
Week
Sept. 26
Since
July 1.
1913.
Since
July 1.
Since
July 1.
Bushels.
Bushels. Bushels. Bushels.
Bushels. I Bushels.
810,000
623,000
North Amer. 8,473,000 105,080,000 75,650,000 325,000
1,531,000 4,746,000
a
a
11,922,000 35,396,000
Russia
•
5,548,000 894,000 9,385,000 4,456,000
2,347000
,
Danube _-__
80:0
083 3,128,000 35,614,000 78,477,000
Argentina __ 136,000 3,274,000
2:1
104
,000 8
Australia --_ 184,000 6,392
India
704,000 9,576,000 20.664,000
Oth. countes 186,000 1,330,000 1,834,000
Total ____ 9,683,000 140,421,000 156,376,000 4,347,000 47,340,000 88.302,000
a Available only in part since Aug. 1. • Not available since Aug 1
993
The downward tendency in prices on cotton staples seems to
have been checked, at least temporarily, probably due to the
fact that buyers are finding the market not over-stocked,
and that sellers are not anxious to reduce prices to secure new
business. Export trade other than the incluiries for army
supplies mentioned above is quiet. Only mqniries are received from the Far East, and while a new field is opening up
in South America, no actual improvement in business has
yet been noted.
DOMESTIC COTTON GOODS.-The exports of cotton
goods from this port for the week ending Sept. 26 were
5,023 packages, valued at $464,155.
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Corn.
Wheat.
United
Kingdom. Continent.
Total.
United
Kingdom. Continent.
Total.
Bushels. I Bushels.
Bushels. Bushels.
30,904,000
'12,997,000
Sept. 26 1914.
29,536,000
111.866,000
Sept. 19 1914.
Sept. 27 1913_ 12,632,000 20,360,000 32,992,000 13,532,000 15,674,000,29,206,000
Sept. 28 1912_ 18,920,000 19,896,000 38,816,000 8,942,000 21.768,00030,710,000
Bushels.
Bushels.
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Sept. 26 1914 was as follows:
UNITED STATES GRAIN 'STOCKS.
Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded
Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley
bush, bush, bush, bush. bush, bush, bush. bush.
In Thousands1,010
31
386 1,278
New York
11
155
88
291
Boston
12
28
62
52
769
Philadelphia
18
159
476
Baltimore
1,862 ____
229
815
"165
2,719 ____
112
346
New Orleans
---212
Galveston
2,395
2,126
473
Buffalo
681 2:325
"175 "an :1,418 ____
60
798
3
Toledo
450 ____
42
99
15
Detroit
4,625 ____ 2,047 9,736
Chicago
90
76 ---50
" afloat
-- -334 ____
136 -13.
3.
1
Milwaukee
--bi "iii
5,169
254 ____
753
14
84 1,563
Duluth
-ii
6,272 ____
16 2,541
317
2
640
16
Minneapolis
3,433 ____
71
521
St. Louis
6,583 ____
124
595
11
Kansas City
- _3 ---95 1,336
__._
Peoria
282
352
757 ___Indianapolis
122 2,084
917 _ .._ _
--ii -i- b -_-_-_-_
Omaha
4,117 _-_ 1,003
128
125
505 ---On Lakes
---- -On Canal and River... 132 --------216
788
Total Sept. 26 1914._45,382
197
Total Sept. 19 1914-30,821
407
Total Sept. 27 1913..49,026
258
Total Sept.28 1912 _31,658
CANADIAN
Canadian Bonded
Wheat. Wheat.
bush. bush.
In ThousandsMontreal
3,417
Ft. William & Pt. Arth_14,348
Other Canadian
2,347
5,855 25,088
25
6,620 24,778
23
7,382 31,398
467
3,101 9,260
59
GRAIN STOCKS.
Cauca/it:a Bonded
Corn. Oats. Oats.
bush, bush. bush.
87
317
1,803
172
Total Sept. 26 1914..20,112 ____
87
Total Sept. 19 1914..l4,372 ____
99
Total Sept. 27 1913_ _ 9,118 ____ •
7
Total Sept. 28 1912.- 4,230 ___
2
SUMMARY.
Bonded
Wheat. Wheat. Corn.
In Thousandsbush, bush, bush,
American
45,382
788 5,855
Canadian
20,112
_
87
Total Sept. 26 191465,494
Total Sept. 19 1914
1914__51,193
51,193
Total Sept. 27 1913_ _58,132
Total Sept. 28 1912..35,888
788
197
407
258
5,942
6,719
7,369
3,103
2,392
1,368
5,293
898
Oats.
bush.
25,088
2,392
27,480
26,146
36,691
10,158
1,210
1,029
1,391
1,062
3,663
3,026
4,509
2,217
22
18
48
22
Canadian Bonded
Rye. Barley. Barley
bush, bush. bush.
82
-- -
-8(1
52
82
53
319
112
Bonded
Bonded
Oats. Rye. Barley. Barley
bush. bush. bush. bush.
22
25 1,210 3,683
25
23
467
59
1,210
1,029
1,457
1,114
3,745
3,079
4,828
2,329
22
18
48
22
THE DRY GOODS TRADE.
New York, Friday Night, Oct. 2 1914.
Sentiment throughout the dry goods trade is generally
cheerful, with the volume of business satisfactory. The feature. of the market at present is the heavy export inquiry
arising from the European war. Representatives of the
various countries with armies in the field are making inquiries through the market for supplies of underwear, hosiery,
blankets and other army materials,in large quantities. This
is doing much to offset the dulness in domestic trade resulting from the suspension of the cotton business in the South.
The inquiries for underwear and hosiery for export are for
large quantates and immediate shipment, and as manufacturers are already .pretty heavily under order for domestic
delivery many are in no position to accept more than a portion of any one of the contracts. It has been reported that
large orders for both underwear and hosiery have already been
accepted and that some shipments have been made through
Canada. Inquiries in various quarters, however, have failed
to bring out a confirmation of these sales. Manufacturers
of hosiery have not reported any business for army purposes,
but manufacturers of woolen underwear have accepted several large contracts for woolen underwear, which call for the
shipment of fair-sized quantities each week for a series of
months. Blanket manufacturers state that they have received inquiries for large amounts of army blankets but at
prices and delivery dates which they cannot see their way
clear to accept. Blanket manufacturers have had a good
season and their bookings of domestic business are heavy;
therefore they do not care to neglect this business for the sake
of temporary foreign business.With local jobbers business
is satisfactory. They are receiving good mail orders from
out-of-town retailers and also doing quite a good business
over the counter. The Jewish holiday slackened business
somewhat, but sales for the week have been satisfactory.
Total 1914
9,183 2.713,043 407.862 102,758.828
Total 1913
5,524 1,639.866 336,999 83,668.772
Warehouse Withdrawals Thrown Upon the Market.
Manufactures of
Wool
487
127.483
32,080
8,937.530
Cotton
562
178,195
29,895
8.353,299
Silk
229
92.983
11,113
4,756,952
Flax
433
109.615
21,133
5,452,576
Miscellaneous
74,987
704
94,246
4,576,289
Total withdrawals
Entered for consumption
2,415
602.522 170,108 32.076,646
9,183 2,713,043 407,862 102.758.828
Total marketed
d 1914
11.598 3,315.565 577.970 134,835,474
Total marketed 1913
9,626 2,373,816 483,756 107.603.691
Imports Entered for Warehouse During Same Period.
Manufactures ofWool
511
186,145
25,354
7,577,092
Cotton
524
188,972
26,679
7,768,500
Silk
292
116,068
10,601
4,558,056
Flax
705
247,509
20,553
5.176,447
Miscellaneous
213
87.655
50,046
3,810,645
Total...,
2,245
826,349 133,233 28.890,740
Entered for consumption
9.183 2.713,043 407.862 102.758.828
Total imports 1914
11,428 3,539,392 541,095 131,640,568
Total imports 1913
10,227 2.814,492 525,690 114.283.229
[VOL. xcix.
THE CHRONICLE
994
STATE MID CITY I)tPMTMNT.
News Items.
Hawaii (Territory of).-Bonds Acceptable Security as
Basis of Issuance of Currency to National Banks under AldrichVreeland Act.-See item on a preceding page in our "BankingFinancial and Legislative News."
Bond Sale.-Bids were opened at 10 o'clock yesterday
morning (October 2) for the $750,000 4% coupon publicimprovement bonds, a description of which was given in
V. 99, p. 686. Offers at par were submitted by Bishop &
Co., the First American & Say. Trust Co., the Fashion
Clothing Co. and Thos. Lillie, all of Honolulu, while 98 was
bid by both the Fletcher-American Nat. Bank and MeyerKiser Bank, of Indianapolis. The amount asked for by
each bidder is not stated. Up to the hour of going to press
no award had been made.
Kansas.-Proposed Constitutional Amendments.-Amendments to the constitution, one relative to finance and taxation and the other for the recall of public officers, will be
voted upon at the general election on Nov. 3.
Madison Township (P. 0. Manhattan), Riley County,
Kan.-Bond Issue Enjoined.-7A temporary injunction has
been granted restraining the issuance of the $15,000 highschool-building bonds voted Aug. 1 (V. 99, p. 558).
Manitoba.-7Moratorium. Bill on Land Payments.-The
full text of this measure will be found on a preceding page
under the head of "Incidents of the Situation."
Minneapolis, Minn.-Municipal Ownership of Public
Utilities Discussed.-City Council on Sept. 25 provided for
the submission to the voters at the coming election of the
question of erecting a municipal ice plant at a cost of $500,000. At the same meeting an ordinance submitting the
question of acquiring the Minneapolis Gas Light Co. was
voted down. A motion that the City Attorney be directed
to frame all ordinance for the purpose of voting on the question of taking over the properties of the Minneapolis General
Electric Co. and Minneapolis Street Railway Co. was referred to the Committee on Efficiency and Economy.
Minnesota.-Proposed Constitutional Amendments.-On
Nov. 3 the following proposed constitutional amendments
will be voted upon:
No. 1 (Art. 4, Sec. 1), to enable the electors to submit by petition to the
Legislature constitutional amendments and likewise to propose legislation,
and in the event the Legislature fails to submit any sue,h constitutional
amendment or fails to enact any such proposed law, then such amendment
or proposed law may be submitted directly to the voters; also, to permit the
electors to cause any law or laws enacted by the Legislature to be submitted
to the electors and if a majority of the votes cast thereon be opposed to
such law,the same shall be repealed.
No.2 (Art. 6, Sec. 2), to increase the number of Associate Justices of the
Supreme Court from four to six; to require the concurrence of five Justices
of the Supreme Court, instead of a majority, as at present, before any law
shall be declared unconstitutional by such Court, and make the office of
Clerk of the Supreme Court appointive.
No.3 (Art. 8, Sec. 2). to authorize the State to construct roads, ditches,
fire brakes through and around unsold State school and swamp lands, and
a $250,000 revolving fund, realized and kept up from the sale of such lands,
Is to be set apart for such purpose.
No. 4, to repeal Sec. 11 of Art. 9, which requires the publication yearly
of a statement of the moneys drawn from the treasury, to whom paid. &c.
No.5(Art.8,Sec.6): The present constitution authorizes the investment
of the permanent school and university funds of this State in the bonds of
any county,school district. city, town or village of this State. The amendment proposed, if adopted, will permit in addition to the foregoing investments, said school and university funds to be invested also in first mortgage loans secured upon improved and cultivated farm lands of this State.
The present constitution provides that no investment shall be made for a
longer peroid than twenty years, while the proposed amendment extends
the period to thirty years.
No. 6 (Art. 6, Sec. 7), changing the term of office of Judge of Probate
from two to four years.
No. 7 (Art. 4, Sec. 2), limiting the State Senate to 63 members and to
prevent any one county from having more than 7 Senators.
No.8, to add Sec. 17a to Art. 9. so as to permit the Legislature to enact
laws providing for the payment by the State of a limited bounty for a
limited term to persons who shall plant, cultivate and protect useful forest
trees upon their own land.
Legislature to set
No. 9, to add Sec. 7 to Art. 8, so as to authorize thepublic
lands which
apart for State school forests or other State forests, State
manage the same
to
and
agriculture,
for
than
timber
are better adapted for
upon forestry principles.
the purNo. 10. to add Sec. 10 to Art. 7 so as to provide for the recall,
to be
pose being to enable a certain number of voters to petition and cause
submitted to a vote the question of removing from office any elective or appointive public official.
the Legislature to enact
No. 11. adding Sec. 18 to Art. 9, so as to permit
is now upon actual value.
laws changing the basis for taxing dogs, which
domestic animals may
of
owners
which
of
out
It is proposed to create a fund
dogs.
be reimbursed for loss sustained by reason of injuries caused by
Tentative Figures- Final Rolls,
1915.
1914.
1914.
ManhattanfOrdinary real estate_ _ _ _34.828,184,875 $4,833.369,710 34,774,277,780
104,179,385
92.778.886
96,364,536
Real estate of corpor'ns_
611,037,571
Bronx __
Ordinary real estate_ _
593,267,014
589,396,955
45,273,200
44,226,500
43,087.300
Real estate of corpoens_
Brooklyn .Ordinary real estate_ _ __ 1,605,226,102 1,584,388,237 1,571,486,932
23,042.255
21,427,360
22,331,660
Real estate of corpoens_
467.996,959
446,686,477
452,865,527
Queens ___ Ordinary real estate_ _
32,229,340
26,554,240
28,453,975
Real estate of corporns.
80,121,435
76,936,481
77,716,606
Richmond_ Ordinary real estate_ _ _ _
2,889,410
2,807,190
2,928.950
Real estate of corpoens_
37,592,566,942 37,541,607,094 $7,458,784,625
Total ordinary real estate
194,305,621
186,654,976
Total real estate of corporations... 207,613,590
Grand total real estate
*7,800,180,532 87,735,912,715 $7,645,439,601
The above does not include special franchises. The
assessments for these are made by the State Board of Tax
Commissioners and returned to the Tax Department of
the city in March each year. They were reported as follows for 1914: Manhattan, $282,194,094; The Bronx, $26,147,758; Brooklyn, $78,261,638; Queens, $15,446,039; Richmond, $2,370,782; total, $404,420,311.
The total of the tentative personal tax list for 1915 is
$859,640,140, or 2,304,545 more than the tentative figures
for 1914. In order to show the enormous reductions usually
made in these figures by the "swearing off" process, a comparison may be made of the 1914 totals, the estimated figures
of $777,335,595 being reduced more than 400 millions, the
final figures amounting to only $340,295,560. In 1913 over
500 millions were deducted from the estimated figures.
The following table- shows the amounts for the various
classes of personal property on the 1915 list, compared with
the tentative and final lists for 1914; the final figures for 1914
being designated by means of an asterisk (*):
Ordinary
Boroughs- Personal.
Manhattan- $
1915__272,126,350
1914.......280.455,920
1914...A09,589,870
Bronxi915.._ _ 10,151,300
1914.... 7,783,400
1914.___ 2,488,300
Brooklyn1915._ 82,515,675
1914_ 63,949,460
1914.... 23,199,475
Queens-1915.... 19,514,500
1914._ 14,069,800
3,372,100
1914._
Richmond1,762,700
1914._ 1,388,450
718,300
1914...._
Personal of -Corporation Perel- -Non-Res. PerilNon-Res. Ordinary. Saxe Law.
Resident.
Estates.
156,941,200 166,482,000 40,930,000 30,977,500 3,597,600
130,752,300 153,140,500 34.763,000 38,589,200 4,073.700
29,606,400 100,111,100 26,413,300 18,570,000 3,477,800
3,427,000
2,896,400
2.158,000
345.000
125,000
117,600
44,529,790 11,598,000
38,737,140 13,794,000
6,794,990 8,577,600
803,000
855,000
689,000
3,073,450
3,170,250
763,750
2,513,500
2,257,000
1,629,300
191,000
150.000
150,000
1,500,275
1,390.275
412,575
472,000
465,000
364,000
160,000
60,000
60,000
5,993,400
4,444,800
997,300
35,000
45,000
35,000
3,632,500
Total 1915386,070.525 212,038,115 184,492,500 42,429,000 30,977,500 4,118,700
Total 191&347.627,030 178,494,765 172,552,900 35,953,000 38.589,200
Total '14..139,368,045 38,575,015 112,840,000 27,429,900 18,570,000 3,512,600
GRAND TOTAL BY BOROUGHS.
Total.
Queens. Richmond.
Brooklyn.
Manhattan. Bronx.
$
$
$
$
$
$
859,640,140
3,894,975
25,292,450
139,481,465
19,916,700
671,054,550
1915
621,774,620 15,249,600 117,380,600 19.647,050 3,283,725 777,335,595
1914
287,768,270 5,761,200 39,296,065 5,915.150 1,554,875 340,295,560
1914.
Mr. Lawson Purdy,President of the Department of Taxes
and Assessments, makes the following statement explaining
the increase in the real estate values:
asThe figures now presented do not include special franchises, which are desessed by the State Board of Tax Commissioners and certified to thisreal
partment in January. The increase in the assessed value of ordinary figestate is one hundred and thirty-three millions, but in arriving at these
ures decreases were made aggregating one hundred and eight millions.
of the total inNew buildings account for one hundred and thirty millions
crease. There is an increase of twenty-one millions in the assessed valuawith the imcorporations,
service
public
of
-way
-of
rights
tion of private
provements on such rights-of-way and buildings in streets and public
places. This class of property is generally known as real estate of corporations, but of course it does not include all property owned by corporations
or any large fraction of it.
In all boroughs there have been very important decreases; in Manhattan
eighty-six millions, in Brooklyn eleven millions and in Queens four millions. In Manhattan certain sections have suffered greatly by the change
in trade centres and especially in those sections the decreases have been
very large; for example,in the third district of Manhattan, which includ on
Broadway from Bleecker Street to 14th Street, the decrease was nearly
sixteen millions, with a net decrease of nearly fifteen million dollars.
In the fourth district, which includes Broadway from Worth Street to
Bleecker Street, there is a net decrease of seven and one-half millions and
a gross decrease of over ten millions. In the sixth district there were
bright spots as well as dark spots; the sixth district includes Broadway from
14th Street to 32d Street, also Fourth Avenue from 14th Street to 40th
Street; in that district there was a decrease of eleven and one-half millions,
new buildings amounting to over twelve millions, and a net increase of a
little over thirteen millions. The most striking increase in Manhattan
was in the territory north of 40th Street between Sixth Avenue to Third
Avenue to 96th Street. The decrease here was very slight, and the net increase is a little over twenty-four millions. In the Bronx there are a few
districts in which there is a net decrease; the amount added for new buildings indicates a healthy condition, that being nearly sixteen million dollars. In Brooklyn the increase was not large, but there were no districts
showing a net decrease.
Every effort has been made to take fully into account the business conditions and to do the work with eyes wide open to all conditions showing a
decrease in value; at the same time, for the benefit of those whose property
is falling in value, it was all the more important to increase assessments
where new buildings were erected and where there was any actual rise in
and value.
New Mexico.-Constitutional Amendments.-Three proposed amendments to the State constitution will be submitted
Article
at the general election Nov. 3. One of these amendssections
VIII, entitled "Taxation and Revenue." Certain
North Carolina.-Proposed Constitutional Amendments.
concerning the Board of Equalization and its powers are -The following proposed amendments to the State Constituomitted in the revision of the article. The other two amend- tion will be voted upon on Nov.3:
No. 1. Amendment substituting the phrase "War between the States"
ments change the terms of State and county officers from
for the words"insurrection or rebellion against the United States," in Art. 1,
four to two years.
Sec.6,and the word "rebellion" in Art. VII, Sec. 13.
No. 2. Amendment to Art. II, See. 28, increasing compensation of
New York City.-Tentative Values of Real Estate and Permembers of the General Assembly and decreasing mileage.
and
Taxes
of
Department
-The
No. 3. Amendment to Art. II (new section), restricting local, private
sonal Property for 1915.
the and special legislation.
Assessments on Oct. 1 opened the assessment books for real
No. 4. Amendment to Art. III, Sec. 1, fixing the day of inauguration
of the Governor.
year 1915. The tentative assessed value of ordinary
announced
5. Amendment to Art. W, Sec. 11, to permit delays in trials by
is
No.
1915
for
corporations
estate and real estate of
emergency Judges.
the providing
to be $7,800,180,532, an increase of $64,267,817 over the
No. 6. Amendment to Art. IV, Secs. 20. 26 and 33, removing obsolete
than
constitution.
more
from
$154,740,931
sections
tentative figures for 1914 and
7. Striking out Art. V and Sec.9 of Art. VII and substituting therefinal rolls for 1914. We give below the estimated figures forNo.
an article to revise and reform the system of revenue and taxation.
No. 8. Amendment to Art. VIII, Sec. 1, to prevent special charters
for 1915, comparison being made with both the estimated
to corporations by the General Asesmbly.
and the final figures for 1914:
OCT. 3 1914.1
THE CHRONICLE
No. 9. Amendment to Art. VIII, Sec. 4, to prevent special charters to
towns, cities and incorporated villages.
No. 10. Amendment to Art. IX, Sec. 3, to require six months public
school term.
North Plainfield, N. J.—Voters Favor Consolidation with
Plainfield.—The election held in North Plainfield on Sept. 24
to vote on the question of consolidating with the city of
Plainfield resulted in a vote of 369 "for" to 330 "against"
(V. 98, p. 2006).
Rhode Island.—Proposed Constitutional Amendment.—A
proposed amendment to the constitution authorizing the
acquisition or taking in fee of more land and property than
is needed for actual construction in establishing, laying out
widening,extending or re-locating of public highways,streets,
places, parks or parkways. The amendment in full is as
follows:
the acquiring or takSection 1. The General Assembly may authorize
of more land and property
ing in fee by the State. or by any cities or towns,
laying out, widthan is needed for actual construction in the establishing,
streets, places, parks or
ening, extending or re-locating of public highways,
property so
land
and
additional
the
parkways: Provided, however, that
extent than would be
authorized to be acquired or taken shall be no more inon
such public highsufficient to form suitable building sites abutting
and propway, street. place, park or parkway. After so much of the land
place, park or
erty has been appropriated for such public highway, street, and
improved
parkway as is needed therefor. the remainder may be held
leased for value
for any public purpose or purposes, or may be soldoforany
such sale or
with or without suitable restrictions, and in case
lease, the person or persons from whom such remainder was taken shall
have the first right to purchase or lease the same upon such terms as the
State or city or town is willing to sell or lease the same.
995
to the people at the general election in November are as follows:
Amendments conferring upon the Legislature express power to enact
legislation providing for State insurance. Two amendments are proposed
for this same purpose, one adding Section 13 and another Section 11 to
Article S.
Amendment to Sec. 1 of Art.XII: Ifadopted,this amendment will change
the method of amending the constitution so that amendments may be
adopted by an affirmativevote ofthree-fifths of the memberselected to both
houses of one Legislature and approval by the people, instead of by a majority vote of both houses of two succeeding Legislatures and approval
by the people, as now required.
Amendment creating Sec. 3a of Art. XI, to empower cities and villages
to amend their own charters and determine their own powers and authority,
instead of, as now, restricting them to only such powers as are granted to
them by the Legislature.
Amendment to Sec. 1, Art. IV, giving the people power to propose laws
and to enact or reject the same at the polls, and to approve or reject at
the polls any Act of the Legislature and to create Sec. 3 of Art. XII, providing for the submission of amendments to the constitution upon the petition of the people.
Amendment to Sec. 21 of Art. IV, increasing the compensation of members of the Legislature from $500 for each regular session to $600 per annum
and to reduce their traveling allowance from 10 cents a mile to 2 cents a
mile.
Amendment to Art. XI,adding Sec. 3b, enlarging the power of municipal
corporations to acquire private property for public use.
Amendment to Sections 6 and 7 of Art. VII will, if adopted, permit the
Legislature to change the number of judicial circuits and to provide for
one or more circuit judges in each circuit, whereas the constitution now
requires one judge in each circuit except in Milwaukee County.
Bond Calls and Redemptions.
Abington Township, Montgomery County, Pa.—
Bond Call.—Payment will be made on Nov. 1 at the JenSouth Carolina.—Proposed Constitutional Amendments.— kintown Nat.Bank,Jenkintown,of the road bonds numbered
The voters of this State on Nov.3 will pass upon the following 10 and 11 of the loan of 1907, class "A,"for $1,000 each.
ten proposed amendments to the State constitution:
Lawrence County (P. 0. Deadwood), So. Dak.—Bond
Amendment to Section 8, Article II., by inserting the words "South
Carolina School for the Deaf and Blind, located at Cedar Springs," on line Call.—Payment will be made on Nov. 1 at the office of the
County Treas. or at the Mechanics' & Metals Nat. Bank,
three of said section.
Amendment to Section 7. Article VIII. providing that the limitations N. Y., of the following 5% bonds
for $1,000 each of the issue,
of Article X shall not apply to
imposed by that section and by Section 5'
the bonded indebtedness incurred by the School District of Yorkville in of July 1 1899, numbered 23, 29, 45, 46, 55, 59, 60, 63, 71,
the County of York,when the proceeds of said bonds are applied exclusively 81 and 86.
to erecting, or making additions to. school buildings in said district, and
where the question of incurring such indebtedness is submitted to the
Spokane, Wash.—Bond Call.—The following specialqualified electors of said district.
Amendment to Article X. byadding Section 16, empowering the cities of improvement bonds are called for payment at the City TreasFlorence and Orangeburg and the town of Landrum to assess abutting urer's office on Oct. 15:
improvements.
property for permanent
Amendment to Section 20, Article III., providing that in all elections
by the General Assembly, where there Is only one candidate nominated for
the place to be filled at such election,the election shall be viva voce without
any roll-call."
Amendment to Section 7, Article Arm.. providing that the limitations
imposed by this section and by Section 5, Article X,shall not apply to the
bonded indebtedness incurred by the City of Florence. in the Counly of
Florence, when the proceeds of said bonds are applied exclusively for the
building, erecting, establishing and maintaining of streets, water-works,
lighting plants and sewerage-system,or for the payment of debts already
incurred, exclusively for any of said purposes; and when the question of
incurring such indebtedness is submitted to the qualified electors of said
municipality.
Amendment to Section 7, Article VIII., providing that the limitations
imposed by this section and by Section 5,Article X,shall not apply to the
bonded indebtedness incurred by the cities of Chester and Sumter, but the
said cities of Chester and Sumter may increase each its bonded indebtedness
to an amount not exceeding 15% of the assessed value of the taxable
property therein where said bonds are issued for the sole purpose of paying
the expenses or liabilities incurred or to be incurred in the improvement
of streets and sidewalks where the abutting property-owners are being
assessed for two-thirds or one-half of the cost thereof.
Amendment to Article X.by adding Section 15a empowering the towns
of Latta and Dillon to assess abutting property for permanent improvements.
Amendment to Section 1, Article XII.,by striking out the words "blind,
deaf and dumb" on line two of said section.
Amendment to Article X.by adding Section 17 empowering the town of
Fort Mill to assess abutting property for permanent improvements.
Amendment to Article X.by adding Section 16 empowering the cities of
Anderson and Greenwood and towns of Bennettsville, Timmonsville and
Honea Path to levy an assessment upon abutting property for the purpose
of paying for permanent improvements on streets and sidewalks immediately
abutting such property.
Stolen Securities.—Some time between Saturday night
(Sept. 26) and Monday morning (Sept. 28) burglars entered
the offices of Sidney Spitzer & Co.,234-240 Spitzer Building,
Toledo, Ohio, and stole from the vault and cash drawer
$2,500 worth of municipal bonds, coupons amounting to
$422 50 and $45 in cash. The bonds taken consist of $1,000
Warren County, No. Caro., 5% road bond for Warrenton
Township, No. 19, due Feb. 1 1954; $500 Perry Township
School District, Ohio, No. 4, 5% bond due Sept. 1 1924,
and $1,000 7% bonds No. 5 of Edson School District, Alberta, due Nov. 1 1916. The coupons stolen comprised $55
worth of Port Clinton School District, Ohio; $135 Continent
tal School District, Ohio; $120 Akron, Ohio, and $112 50
Navarre, Ohio.
Tennessee.—Temporary Loan.—In our editorial columns
this week we print a statement by Senator Luke Lea of Tennessee giving the details of the $1,400,000 loan recently negotiated by that State with the National Park Bank of New
York.
Toledo, Ohio.—Solicitor Rules that Question of Purchasing
Toledo Railway & Light Co. Carried.—City Solicitor Thurston
has rendered an opinion to the effect that the question of
purchasing the Toledo Railways & Light Co. and issuing
$8,000,000 city bonds therefor carried at the special election
held Aug. 4 (V. 99, p. 488). The proposition received a
majority of the votes cast but the question was raised, it
will be remembered, whether the ordinance required a bare
majority or two-thirds of the votes cast, in order to carry.
Virginia-West Virginia.—Special Master Granted Indefinite Extension of Time to Complete Report.—The U. S Supreme Court on Oct. 1 granted Special Master C. E. Littlefield an indefinite extension of time in which to complete his
report on whether West Virginia's counter claims against
Virginia should be allowed in the final settlement of the litigation between the two States. V. 98, p. 2006.
Wisconsin.—Proposed Constitutional Amendments.—Proposed amendments to the State constitution to be submitted
Name.
Grade—
Browne St
Buckeye Av e
Euclid Ave
Garfield Ave
Jackson Ave
Kiernan Ave
Latawah St
Lacy St
Madison St
Nora Ave
19th Ave
Oak St
Poet St
16th Ave
16th Ave
Walk—
Post St
Kiernan Ave
Bds. called
Dist. up to and
No. inclusive.
39
16
471
12
861
4
659
30
457
17
1027
2
480
7
645
35
863
10
4
16
652
15
860
8
461
18
407
13
6
866
434
1028
8
3
Name.
Water Main—
Sanson Ave
17th Ave
This. called
Dist. up to and
No. inclusive.
W40
3
W45
5
Sewer—
First Ward
16
Fifth Ward
6
Havermale Ave ____ 862
Indiana Ave
693
McClellan St
694
Sheridan St
875
10
7
7
5
6
17
Paving—
First Ave
271
Lincoln St
793
Monroe St
658
Newark and Perry
St
521
28
23
103
63
Bond Proposals and Negotiations this week
nave been as follows:
ADAMS SCHOOL DISTRICT, San Diego County, Cal.—BOND
OFFERING.—According to reports, the Clerk of Board of County Supervisors (P. 0. San Diego), is offering for sale an issue of $6,000 improvement bonds.
ALDERPOINT SCHOOL DISTRICT, Humboldt County, Calif.—
BOND SALE.—The $2,000 6% 63 -year (aver.) gold school bonds offered
without success on Oct. 14 1913 (V. 98, p. 627) have been dold to J. M.
McKnight of Alderpoint at 100.01 and int. Denom. $200.
ALPHA SCHOOL DISTRICT (P. 0. Alpha), Fayette County,
Iowa.—BOND SALE.—On Sept. 15 an issue of $15,000 5% building
bonds w as awarded to the First State Bank of Hawkeye at par. Denom.
$500. Date Dec. 1 1914. Int. semi-ann. Due Dec. 1 1924, part subject to call.
ANDERSON SCHOOL DISTRICT, Mendocino County, Calif.—
BOND OFFERING.—lt is reported that bids will be received until 2 p. m.
Oct. 6, by the Board of County Supervisors (P. 0. Ukiah) for $2,000 6%
school bonds in the denomination of $500.
ANTWERP, Paulding County, Ohio.—BONDS NOT SOLD.—We
are advised concerning the $43,000 5% 1-10-year (ser.) coup. bonds
offered but not sold on June 23 (V. 98, p. 2007) that the improvement of
Main St.. for which the issue was made, has been held up by an injunction
and what the outcome will be is in doubt.
ARCAD/A, Los Angeles County, Calif.—BONDS VOTED.—According to reports the election held Sept. 22 resulted in favor of the questions of
issuing 8150,000 street-Improvement and $131,250 water-system-construction bonds. The vote was 169 to 45 and 171 to 48, respectively.
ARCHBOLD, Fulton County Ohio.—BONDS NOT SOLD.—There
were no bidders for the $15,000(v
54 734-year (aver.) water-works-systemimpt. bonds offered on Sept. 28 .99, p.821).
ARGENTA SEWER IMPROVEMENT DISTRICT NO. 1 (P. 0.
Argenta), Ark.—BONDS OFFERED BY BANKERS.—Whitaker & Co. of
St. Louis are offering to investors $350,000 6% sewer-improvement bonds.
Denom. $500 and $1,000. Date Oct. 1 1914. Int. M.& S. at St. Louis.
Union Trust Co.. St. Louis. Due on March 1 as follows:
$10.500_ _1916 $13.500_ _1920 $17,500-1924 $22.000_1928 $28,000_ 1932
11.500--1917 14.500..1921!18.000.._19251 23,00019291 29,500_ 1933
12.500-1918 15.500--1922 19,500- _1926 25,000-1930 13,000- 1934
13.000-_19191 16,500--1923 21,000-19271 26,000-19311
ASHTABULA, Ashtabula County, Ohio.—BONDS NOT SOLD.—
No bids were received for the four issues of 5% coupon bonds, aggregating
$69,600. offered on Oct. 1 (V. 99, p. 842), it is stated.
AZUSA, Los Anglees County, Calif.—BOND ELECTION PROPOSED.—Reports state that an election will be held in the near future
to vote on the questions of issuing $35,000 water and $20,000 light-systemsconstruction bonds.
BANGOR, Penobscot County, Me.—BOND OFFERING.—Proposals
will be received until 10 a. m. Oct. 10 by H.0. Pierce, City Treasurer, for
$100,000 4% coupon tax-free refunding bonds. Denom. $1,000. Date
Nov.2 1914. Int. M.& N.at office of City Treasurer or at the Merchants'
National Bank of Boston. Due $5,000 yearly on Nov.2from 1915 to 1934,
Inclusive. These bonds will be certified as to genuineness by the First
National Bank of Boston,and their legality approved by Storey, Thorndike,
Palmer & Dodge of Boston, whose opinion will be furnished purchaser.
Bonds to be delivered to purchaser on Nov.2at the First Nat. Bank,Boston.
ce.t. Check for $500, payable to City Treas., required.
The official notice of this bond offering will be found among the
adveritsemerits elsewhere in this Department.
996
THE CHRONICLE
xcix
BONDS AUTHORIZED.-Ordinances were passed by the City Council on
BANGOR, Northampton County, Pa.-BOND SALE.-The Bangor
Trust Co. Bangor, was awarded during June at 100.50 the $10,000 fire- Sept. 21. providing for the issuance of the following 434% coup. bonds:
engine-purchase bonds authorized by the Town Council on Dec. 20 1913 $1,000,000 water-works bonds. Due $20,000 yearly on Oct. 1 from 1915
to 1954 inclusive.
(1,7.
- 98, p. 1863).
1915 to 1954 incl.
BEDFORD, Calhoun County, Mich.-NO BONDS VOTED.-We are
950,000 Clark Ave. bridge bonds voted Aug. 11 (V. 99, p. 489). Due
advised that the reports stating that this city on July 21 voted in favor of
yearly on Oct. 1 from 1915 to 1954 incl.
$19,000
$18,000
water-works
bonds (V. 99, p. 359) are
the question of issuing
Denom. $1.000. Date Oct. 1 1914. Int. A. & 0. at Amer. Exch. Nat.
erroneous.
Bank. New York City.
BELLEVILLE, Essex County, N. J.-BONDS AUTHORIZED.
The City Council on Sept. 21 adopted a resolution providing for the
Reports state that the Town Council on Sept. 29 adopted an ordinance issuance of $18,000 434% 10-year coup. electric-light refunding bonds.
authorizing the issuance of $7,000 fire-engine-purchase bonds.
Denom.
$1,000. Date Jan. 1 1915. Int. J. & .1. at American Exchange
LOANS AUTHORIZED.-Resolutions authorizing the borrowing of National Bank. New York.
$11,500 3-months sewer-construction and $350 street-impt. notes were
SCHOOL DISTRICT, Ohio.-BOND SALE.-ResoluCLEVELAND
passed. It is stated, by the Town Council on Sept. 29.
tions were passed Sept. 14 by the Board of Education to sell 5100,000
BELLEVILLE SCHOOL DISTRICT (P.O. Belleville), Essex County, building-improvement and $400,000 building 434% bonds, being part of
N. J.-BOND OFFERING.-Further details are at hand relative to the the 51.500,000 voted Aug. 11 (V. 99, p. 556). The bonds have since been
offering on Oct.6 of the $120,500 434% coup. school bonds(V. 99, 842)• accepted by the Board of Commissioners cf the Sinking Fund of the City
Proposals for these bonds will be received until 8:15 p. m. on that day by School District.
James J. Turner, District Clerk. Denom. (1) $500, (120) $1.000. Date
CLEVELAND SCHOOL DISTRICT (P. 0. Cleveland), White
Nov. 1 1914. Int. M.& N. Due $1,500 Nov. 1 1927 and $7,000 yearly
on Nov. 1 from 1928 to 1944 incl. Certified check on an incorporated County, Ga.-BONDS VOTED.-By a vote of 67 to 12 the question of
bank or trust company for 2% of bonds bid for, payable to "Board of issuing $10,000 5% 25-year building and equipment bonds carried at an
Education," required. Purchaser to pay accrued interest. Bids must be election held Sept. 22.
made on forms furnished by said board. These bonds will be certified as
CLYDE, Sandusky County, Ohio.-BOND SALE.-The $3,000 5%
to genuineness by the U. S. Mtge.& Trust Co. and their validity approved
offered without success on
by Hawkins, Delafield & Longfellow of N. Y., whose opinion will be 534-year (aver.) State St. impt. (assess.) bondsClyde
Savings Bank at par
Sept. 14 (V. 99, p. 843) have been sold to the
furnished purchaser.
and
interest.
BENTON HARBOR, Berrien County, Mich.-BOND OFFERING.
COLUMBUS, Ohio.-BOND SALE.-The following bids were received
Tins city is offering over the counter 827,000 sower and $23,000 paving
5% serial tax-free coup. bonds. Denom. 9200 to $500. Int. A. & O. at for the thirteen issues of 4% tax-free bonds, aggregating $300,000, offered
on Sept. 30(V.99, p. 914):
office of City Treasurer. B. Spaulding is City Clerk.
Item 1-$30,000 street-opening and widening.
BIBB COUNTY (P. 0. Macon), Ga.-BOND ELECTION.-The quesItem 2- 20.000 cluster-lights, city's portion.
tions of issuing 5500,000 court-house, $150,000 schools. $150,000 roads,
Item
3- 20,000 street-cleaning equipment.
$150,000 bridges and $100.000 county hospital bonds will be submitted
Item 4- 20,000 public-recreation equipment.
to a vote on Nov. 3. it is stated.
Item 5- 30.000 street-repair.
BIG HORN COUNTY SCHOOL DISTRICT NO. 26, Wyo.-POND
Item 6- 50.000 street-repair (No. 2)•
OFFERING.-Proposals will be received until 1 p. m. Oct. 10 by Geo. S.
Item 7- 35.000 Milo main trunk sewer, Section "B."
Mailer, District Clerk, for $1,200 6% 10-year coupon building and equipItem 8- 10,000 Columbus Street improvement.
Item 9- 11,000 Gates Street improvement.
ment bonds. Denom. $700 and $500. Date Oct. 1 1914. Interest annuItem 10- 13,000 Ohio Avenue improvement.
ally on Oct. 1 at office of County or State Treasurer.
Item
11- 18,000 Wood Avenue improvement.
COUNTY
BLACKFORD
(P. 0. Hartford City), Ind.-BOND OFItem 12- 20,000 Burgess Avenue improvement.
FERINGS.-Rids will be received until 12 m. Oct.6 by Geo. H.Newbauer
Item 13- 23,000 Terrace Avenue improvement.
County Treasurer, for 318,600 434% Trant Road improvement bonds in Cleveland
Trust Co., leveland-Item 3, 519.466 00.
Licking Township. Int. semi-ann. Cert. check for 3% of bid required.
Well. Roth & Co., dncinnati-Item (1), $28,830;(2) $19,000; (3) 519,050:
Bids will be received until 12 m. Oct. 5 by G. H. Newbauer, County
4) $19,275;(5) 528,600;(6) 847,260;(7) $33,450;(8)$9,610;(9) 510,505;
Treasurer, for $3,600 434% highway bonds, it is stated. Due part each
10) $12,350; (11) 517,100; (12) $19,215;(13) $21,855.
six months for ten years.
Spitzer, Rorick & Co., Toledo-Item (1) $28,293; (3) 519,266.
BLAINE COUNTY (P. 0. Halley), Idaho.-BOND SALE.-The $18,- The Ohio National Bank, Columbus-Item (1) $29,199; (2) 519,466;
(3 519,324;(4)$19,324;(5) 528,986;(6) $48,310;(7) $33,817;(8) 59,710;
000 10-19-year (ser.) coupon refunding bonds offered on Aug. 26 (V. 99,
(9 $10,681;(10) $12,623; 8(11) $17.478* 8(12) $19,420; 8(13) $22,333.
p. 555) were awarded on that day, it is stated, to James N. Wright & Co., Fields.
Richards& Co., Cincinnati-Item (1)
. 329.025;(2)$19,375;(3) 519.for
6s
Denver
for
(100.111)
-a
basis
of
about
818,020
of
5.99%.
280; (4) 519.252; (5) 528.890: (6) $48.095; (7) $33,673 50; (8) 59,660;
BONNEVILLE COUNTY SCHOOL DISTRICT NO. 46 (P. 0. Idaho
(9) $10,621 60;(10) 512.547 60;(11) 517.362 80; (12) 819.280; (13) $22.Falls), Ida.-BOND OFFERING.-Reports state that bids will be received
176 60.
until Oct. 14 by the Dist. Trustees for $5,000 6% school bonds. A similar Hoehler, Cummings & Prudden, Toledo-Item (4) 519,525; (5) $29,275.
issue of bonds was awarded to Sweet, Causey, Foster & Co. of Denver Provident Savings Bank & Trust Co., Cincinnati-Item (6) 547,685.
E. Denison & Co.
on July 30 (V. 99, p. 488).
Cleveland (conditional)-Item (1) $29,004;(3) $19,336; (4) 519.336: (5) $29,004; (6) $48,340.
BOONE COUNTY (P. 0. Lebanon), Ind.-BOND OFFERING.-Proposals will be received until 10 a. m. Oct. 5, by J. T. Frank Laughner, Stacy & Braun, Toledo-Item (1) $28,758; (2) $19,172; (3) 518.908;
(4) 518.908;(5) 528,302; (12) $19,068.
Co. Treas., for $66,300 43,4% highway bonds.
& Mayer, Cincinnati-All Items. (total) 5288,508 50.
BRISTOL COUNTY (P. 0. Taunton), Mass.-BOND SALE.-On Seasongood
Atlas National Bank, Cincinnati-Item (6) 547.630.
Sept. 29 the $10,000 4% 10-year court-house-construction bonds (V. 99, Sidney Spitzer & Co., Toledo-Item
(1) $28,601 60; (2) 519,101 60.
p. 913) were awarded to Blake Bros. & Co. of Boston at 96.84 and interest. Mayer, Deppe &
Walter, The Davies-Bertram Co. and Breed, Elliott &
The First National Bank bid 96.81.
Harrison, Cincinnati-Item (1) $28.950; (2) $19.300; (3) $19,250;
BRUNSWICK, Frederick County, Md.-BOND ELECTION PRO(4) 519.100:(5)528,650:(6)$47,750,(7)$33,425;(8) $9,650:(9) 810,615;
POSED.-This city proposes to call an election to vote on the question of
(10) $12,545; (11) $17,370:(12) $19,300;(13) 522.195; (all or none).
Issuing $30,000 water-supply-extension bonds, it is stated.
Tillotson & Wolcott Co.. Cleveland-Item *(1) 829,439; 8(2) $19,626;
8(3) $19,626: 8(4) 519.626; 8(5) $29,439; 8(3) $49,065; 8(7) 833,869 50;
BUENA VISTA SCHOOL DISTRICT, Tulare County, Cal.8(8)$9,813; 8(9)$10.794 30;8(10) 812.756 90;(11) $17,418 60;(12) 519,BOND SALE.-Reports state that the 512.000 school bonds offered without
354; (13) 522,257 10.
success on Aug. 21 (V. 99, p. 687) have been sold to the Capital National
* It is stated that these were the successful bids. The above are not new
Bank of Visalia at par and interest.
BURL, St. Louis County, Minn.-BONDS WITHDRAWN.-Reports issues, but securities which were held by the sinking fund as an investment.
state that the issue of $55,000 8-year (aver.) water, light and heat bonds
CORVALLIS, Benton County, Ore.-BOND SALE.-The 57.0005%
offered on Sept. 23 at not exceeding 6% (V. 99, p. 766) has been with- 40-year water-shed-purchase bonds offered on March 27 have been purdrawn from the market.
chased by the Benton County Nat. Bank of Corvallis at par. Denom.
BURNHAM, Mifflin County, Pa.-BOND SALE.-This borough has $500. Date April 1 1914. Int. A. & 0.
disposed of an issue of $11,000 paving bonds to local investors.
CROCKETT COUNTY (P. 0. Ozona), Tex.-BONDS AWARDED IN
BUTLER, Richland County, Ohio.-BONDS VOTED.-Reports PART.-Ofthe 540.0005% 5-40-year (opt.) road bonds voted during March
state that the question of issuing the $4,000 light-plant-impt. bonds (V• 99. (V• 98. lo• 941), 513,000 was awarded at par during April to the County
p. 687) carried by a vote of 131 to 38 at the election held Sept. 22.
Permanent School Fund. Denom. $1,000. Date April 10 1914. IntCALDWELL, Burleson County, Tex.-BOND ELECTION.-An erest A. & 0.
election will be held Oct. 15, reports state, to vote on a proposition to issue
CURTIS CREEK SCHOOL DISTRICT, Tuolumne County, Calif.$12,000 5% 10-40-yr. (opt.) street-grading and paving bonds.
BOND SALE.-The Sonora Nat. Bank of Sonora has been awarded, it is
CAMP POINT, Adams County, Ills.-BOND SALE.-This village stated, an issue of $7,500 school bonds at par and interest.
has sold an issue of $3,500 sidewalk bonds.
DADE CITY, Pasco County, Fla.-BOND SALE.-Reports state that
CARBON COUNTY SCHOOL DISTRICT NO. 33, Mont.-BOND
B. McCrary Co. of Atlanta has agreed to purchase the $20,000 waterOFFERING.-Rids will be received until 8 p. m. Oct. 13 by F. B. Eirky, J.
works
and 56.500 sewer 6% 30-year bonds offered on July 21 (V.99, p. 213)
Dist. Clerk (P. 0. Edgar). for 57.500 5-10-year (opt.) coupcn school at 95 and
interest.
bonds at not exceeding 6% int., payable J. & D.
DANCY DRAINAGE DISTRICT (P. 0. Wausau), Marathon Conn.
CASS COUNTY (P. 0. Logansport), Ind.-BOND OFFERING.
- ty. Wis.-BOND OFFERING.-II. M. Jones, Clerk Bd. of Co. Commrs.,
Proposals will be received until 10 a. m. Oct. 5 by M. M. Minnick, County will receive bids, it Is stated, until October 10 for $36.500 drainage bonds.
Treasurer, for 31.254 5% Martin Ulerich et al ditch bonds. Denom.
DARKE COUNTY (P. 0. Greenville), Ohio.-BOND OFFERING.
(1) 5254, (4) $250. Interest semi-annual. Due $250 yearly on June 1
Proposals will be received until 11 a. m. Oct. 26 by J. L. Morgan, Co.
from 1915 to 1918. inclusive, and 5254 June 1 1919.
Aud., for the following 5% bonds:
CEDAR CREEK TOWNSHIP (P. 0. Lowell), Lake County, Ind.- $10,000 road bonds. Due $2.000 yearly on Oct. 26 from 1915 to 1919 incl.
BOND OFFERING.-Proposals will be received until 2 p. m. Oct. 17, by
34,000 ditch bonds. Due $12,000 Oct. 26 1915, 312,500 Oct. 26 1916
by James Black. Township Trustee. for 511,5005% school bonds. Denom.
and $9,500 Oct. 26 1917.
$500. Date July 15 1914. Due ENO each 6 months, Jan. 15 1918 to
Denom. $500. Date Oct. 281914. Int. A. Sr Oat office of Co. Treas.
Jan. 15 1929,incl.
An unconditional certified check for $500. payable to Board of County
CENTERBURG, Knox County, Ohio.-BOND SALE.-The two Commissioners, required. Bids must be unconditional.
Issues of 5% bonds. aggregating $35,600. offered on Aug. 27(V.99, p. 360).
DAWSON COUNTY SCHOOL DISTRICT NO. 94 (P. 0. Terry),
have been awarded to Geo. A. Harrop of South Bend at par and int.
Mont.-BOND SALE.-The 31,000 2-10-year (opt.) site-purchase. conCENTER SCHOOL TOWNSHIP (P. 0. Greenfield), Hancock struction and equipment bonds offered on Aug. 26(V.99, p. 556) have been
County, Ind.-BID REJECTED.-Reports state that the only bid awarded to the State Board of Land Commissioners at par for 68.
received Sept. 25 for the 547.000 434% 734-year (average) building bonds in
DAYTON, Hamilton County, Ohio.-BOND ELECTION.-The
District No. 13(V.99, p. 766) was submitted by Wm.A. Hughes of Green- questions of Issuing 5250.000 park and playground-site-purchase and $1,field, who bid par and interest. This offer was rejected.9,
000,000 grade-crossing-elimination (city's share) bonds will be submitted
CHEVIOT (P. 0. Cincinnati), Hamilton County, Ohio.-BOND to the voters on Nov. 3.
SALE.-On Sept. 24 the $5,500 5% 53,4-year (aver.) Center St. Impt.
BOND SALE.-The Sinking Fund Trustees of Dayton have purchased
(assess.) bonds (V. 99, p. 691). were awarded to the First Nat. Bank of at par the 54,500 434% 20-year storm-sewer-replacement bonds authorized
Cheviot at par and int. There were no other bidders.
on July 15 (V• 99. p. 360.)
CHICAGO JUNCTION, Huron County, Ohio.-BOND SALE.BONDS TO BE OFFERED SHORTLY.-According to reports, this city
Tillotson & Wolcott Co. of Cleveland were recently awarded at par and will offer for sale about Dec. 1 5100.000534% water-works-extension bonds
Int. the four issues of 534% street-improvement bonds. aggregating $27.- in the denominations of 520. 550 and5100.
•
561 35, offered without success on Aug. 17 (V. 99, p. 556)•
DECATUR COUNTY (P. 0. Greensburg), Ind.-BONDS N T
CHILLICOTHE, Ross County, Ohio.-BONDS AWARDED IN SOLD.-No bids were received on Sept. 28 for the $2,660 414% 534 year
PART.-The City Auditor advises us under date of Sept. 25 that of the two (aver.) .7.:Nse B. Armstrong et al. road bonds offered on that day (V.
Issues of 454% 20-year bonds aggregating $32018 offered without success 99, p. 914).
DEFIANCE COUNTY (P. 0. Defiance), Ohio.-BONDS TO B 0
on Sept. 1 (V. 99. P. 687). 57,000 have been sold to private bidders at
ERRED SHORTLY.-We are advised that the $11,000 5% ditch- , n
par and interest.
offered
without success on Aug.3(V. 99, p. 423) and the $5,200 6%, /1Is 1
Fla.
County,
CHIPLEY SCHOOL DISTRICT NO. 1, Washington
ditch bonds offered but not sold on Aug. 24 (V. 99, p. 622) will shortly b
BOND OFFERING.-Proposals will be received until 2 p. m. Oct. 5 by re-offered for sale.
Vernon),
Instruction
(P.O.
Public
W.T. Horne, County Superintendent of
DELAWARE, Delaware County, Ohio.-BOND SALE.-The two
for 530,000 6% 20-year reg. tax-free construction-and-equiPment bonds.
aggregating $10,050, offered without success
Denom. $1,000. Int. ann. on July 1 at Vernon. A cash deposit of 2%4 issues of 5% coupon bonds,
on Aug.3(V.99, p. 423) have been purchased by the Metropolitan Constr.
required.
Canton
at
par
and
int.
of
Co.
-On
S
-7717t4
SALE.
CLAY COUNTY (P. 0. Brazil), Ind.-BOND
DELAWARE COUNTY (P. 0. Muncie), Ind.-BOND SALE.-On
the 512,000434% 554-year (average) James E. Crouse eta! highway-impt.
bonds (V: 99, p. 843) were awarded, reports state, to Brazil Trust Co. of Sept. 25 the 82.000 434% 534-year (aver.) highway-improvement bonds
(V.I99, p. 843) were awarded to Thos. Wirt for $2,002 55(100.127)and int.
Brazil at par and interest.
-a basis of about 4.474%.
CLEVELAND, Ohio.-BONDS AWARDED IN PART.-Of th77Zr
DENVILLE TOWNSHIP (P. 0. Denville), Morris County, N. J.issues of 434% coup. or reg. bonds, aggregating 5280,000, offered without
Viaduct
BONDS NOT YET ISSUED.-We are advised by the Dist. Clerk under
Central
success on Sept. 8 (V. 99. E.. 767), the $110,000 21-year
improvement bonds dated Aug.1 1914 have been sold to the Sinking Fund date of Sept. 28 that the $7,000 5% tax-free school-building bonds mentioned in V.99,13. 622 have not yet been issued.
Commission at par.
Our. 31914.]
THE CHRONICLE
997
GLASTONBURY, Hartford County, Conn.-BOND ELECTION.
DOVER (P. 0. Canal Dover), Tuscarawas County, Ohio.-BONDS
election will be held Oct. 5 to authorize the Town Treasurer to borrow
AWARDED IN PART.-Of the six issues of 5% bonds, aggregating 8115.- An
exceeding
not
$30,000.
at
credit
town
the
the
on
of
money
were
bonds
These
of.
disposed
been
informed
that $9.000 has
800, we are
GRAND RAPIDS SCHOOL DISTRICT (P. 0. Grand Rapids), Kent
awarded on July 6 to the Provident Say. Bank & Trust Co. of Cincinnati,
County, Mich.-BONDS TO BE OFFERED NEXT YEAR -Under date
but were subsequently turned down by this company. See V. 99,P. 489.
Sept. 28 we are advised that this district will offer for sale early next year
of
II.
-C.
USED.
REF
Nev.-BONDS
EAST ELY, White Pine County,
an issue of $390,000 school bonds.
Coffin of Chicago has refused to accept the $16,000 6% 20-year storm.
GREELEY INDEPENDENT SCHOOL DISTRICT (P. 0. Hazleton),
sewer and improvement bonds awarded him in August (V. 99. P. 688).
Buchanan County, Iowa.-BOND OFFERING.-N. M. Miguet, Prest.
because of some defect in the bond form.
of Ed., is offering at private sale $17,000 5% 10-year coupon building
River), Hood Bd.
EAST
IRRIGATION DISTRICT (P. 0. Hood
bonds. Denom. $500 and $1,000. Date Oct. 1 1914. Int. J. & D. at
is at Iowa
State Bank. No bonded or floating debt. Assessed val. 1913
River County, Ore.-BOND OFFER/NO.-Additional information
tax-free
coupon
6%
$25,000
hand relative to the offering on Oct. 6 of the
will be
Improvement bonds (V. 99, p. 843). Proposals for these bonds
0ME COUNTY (P. 0. Bloomfield), Ind.-BOND SALE.-On
28E
0/E
0. R. Bone, 5727
received until 1:30 p. m. on that day by Bd. of Directors.
at office Sept. 29 $5,100 44% 534-year (aver.) Richland Twp. gravel-road bonds
Date July 1 1913. Int. J.& J.
Prest. Denom.$100 to $1.000.
Cert. check for 2%. pay- were awarded, it is stated, to the Bloomfield State Bank at par.
of Treas., or in N. Y. Due from 1924 to 1933. incl.
this issue),$150,000,
BONDS NOT SOLD.-Reports state that no bids were received for the
able to above Prest.,required. Bonded debt(not
gravel-road bonds offered on Sept. 30. (V. 99.
95,000 435% Taylor Twp. gr
no floating debt. Assess. val. 1913 $2.293.381.
p.
Forrest County,
EATON CONSOLIDATED SCHOOL DISTRICT,
GREENLEE COUNTY (P. 0. Clifton), Ariz.-BOND OFFERING.
it is stated, for the
Miss.-BONDS NOT SOLD.-No bids were received,
Bids will be received until 10 a. m. Oct. 5 by A. L. Terry, Bd. of Supers.,
(V. 99. P. 557.)
$5,000 5% 20-year school bonds offered Sept. 7.
it is stated, for $30.000 6% 15-year school bonds. Cert. check for 10%
0. Alta), Buena Vista required.
ELK TOWNSHIP SCHOOL DISTRICT (P.
C. Anderson, Secy. Bd. of Ed.,
GREENSBORO, Guilford County, No. Caro.-BONDS TO BE
County, Iowa.-BOND OFFERING.-L.
$10.000 5% reg. tax-free building OFFERED
NEXT YEAR.-Reports state that the City Commissioners have
is offering at private sale an issue ofand
are subject to call. Cert. check decided not
to offer the $100,000 street-paving bnds voted July 21 until
bonds. Due part yearly for 10 years required.
or
bonded
floating
No
next year.
for 5%, payable to above Secretary,
debt. Assess. val. $800,000.
GUERNSEY COUNTY (P. 0. Cambridge), Ohio.-BONDS NOT TO
SALE.-Geo. M. Bechtel & BE RE-OFFERED THIS YEAR.-The county Auditor advises us that the
ELMA, Howard County, Iowa.-BOND
par during August an issue of $13,000 $17.000 5% 7-year (aver.) Cambridge-Caldwell road-improvement (assess.)
Co. of Davenport were awarded at
A.
&
$500. Int. F.
bonds offered without success on Aug. 14 (V. 99, p. 557) will probably not
5% 5-20-year (opt.) water-works bonds. Denom.
- be re-offered for sale until next spring.
Ohio.-BONDS PROPOSED.
ERIE COUNTY (P. 0. Sandusky),
BOND ISSUE RESCI1VDED.-The Auditor further advises us that the
the
of
issuance
contemplating
$25.000
is
county
this
reports
According to
55,750 5% 434-year (aver.) Cambridge-Coshocton road-improvement
road-improvement bonds.
bonds offered without success on Aug.26(V.99,P.622) have been called off.
SALE
ENJOINED.
-BOND
Mich.
County,
ESSEXVILLE, Bay
HADDON HEIGHTS, Camden County, N. J.-BOND ELECTION
C. L.
A newspaper dispatch from Bay City says that on Sept. 26 Judgeof the PROPOSED.-The question of issuing $5,000 automobile fire-engine-purCollins issued a temporary injunction restraining the issuance
bonds will, reports state, be submitted to a vote in November.
chase
The
688).
report
14 (V. 99, p.
$20,000 5% 15-year bonds offered Sept.the
amount named fcr park purHAMBURG, Fremont County, Iowa.-BOND SALE.-Geo. M.
says that while it was voted to bond for
to
free
leased
the
be
North
to
site
a
purchase
to
& Co. of Davenport have been awarded an issue of 515.000 5%
was
Bechtel
poses, the real idea
its plant in the village funding bonds at par. Denom. $1.000. Date July 1 1914. Int. J. & J.
American Construction Co., which agreed to erect
the
of
change
to
name
plan
the
of
part
also
subject to call $1,000 yearly, beginning 1920.
was
1935,
in
Due
It
furnished.
was
site
ifs
the village to Aladdin City, after the trade-mark name of the product
HAMILTON, Butler County, Ohio.-BONDS NOT TO BE REOFFERED AT PRESENT.-We are advised that the $25,000 5% 54-year
of the company.
EUGENE, Lane County, Ore.-BOND SALE.-The Lumberman's (aver.) street-impt. (city's portion) bonds offered without success on Sept. 1
$26,900 6.% (V. 99, p. 688) will not be reoffered at present.
Trust Co. of Portland has been awarded at par an issue of Int.
A. & O.
HAMTRAMCK, Wayne)County, Mich.-BOND SALE.-On Sept. 17
1-10-year (opt.) bonds. Denom. $500. Date Oct. 1 1914.
Terrell),
0.
Kaufman the two issues of 5% 30-year water and fire-hall bonds. aggregating $93.000,
(P.
DISTRICT
SCHOOL
EVENING STAR
this district voted Aug.4 (V. 99, p. 424) were awarded to Matthew Finn of Detroit for
County, Tex.-BONDS VOTED.-According to reports
bonds.
994,200-equal to 101.29. Denom. $1,000. Date Aug. 1 1914. Int.
at a recent election voted in favor of the issuance of building
-The F.& A.
FANNIN COUNTY (P. 0. Bonham), Tex.-BOND SALE.
1631)
have
(V.
16
May
98,,p.
voted
bonds
road
HANOVER TOWNSHIP SCHOOL DISTRICT (P. 0. Toboso),
$250,000 Precinct No. 1First Nat.. Fannin Co. Nat. and te First State
Licking County, Ohio.-BONDS NOT SOLD.-There were no bidders
been purchased by the
the $25,000 5% school bonds offered on Sept. 30 (V. 99, p. 688), refor
Bonham.
banks of
state.
FELLSMERE SCHOOL DISTRICT (P. 0. Fellsmere), St. Lucie ports
contemdistrict
PROPOSED.
-This
ELECTION
HARDIN
COUNTY (P. 0. Kountze), Tex.-BONDS VOTED.-The
County, Fla.-BOND
question proposition to issue the $125,000 Saratoga and Batson Road Dist. bonds
plates holding an election this winter or next spring to vote on the
bonds.
99,
carried, reports state, at the election held Sept. 12 by a
(V.
622)
p.
school
of issuing $30,000
NO. So (p. 0. Stanford), vote of 277 to 99.
FERG1T8 COUNTY SCHOOL DISTRICT
the
for
received
were
6%
bids
$1,500
-No
HARRIS
COUNTY
COMMON SCHOOL DISTRICT NO. 28, Tex.Mont.-BONDS NOT SOLD.
BOND SALE.-Powell, Gerard & Co. of Chicago have purchased the $20.building bonds offered on Sept. 15.
voted
building
000
bonds
May 26 (V. 98, p. 1789).
ISSUED.
FINDLAY, Hancock County, Ohio.-BONDS NOT YET
bonds authorized Aug. 10
HARRISON COUNTY (P. 0. Gulfport), Miss.-BONDS TO BE OFThe $25,135 5% Hagerman Run improvement
$500.
(40)
$635,
Denom.
(1)
issued.
been
yet
SHORTLY.
FERED
-According to reports, an issue of 53.000 road bonds
(V. 99, p. 767) have not
Date Oct. 15 1914. Int. A. & 0. Due $2,635 Oct. 1 1915 and $2,500 will be offered for sale in the near future.
incl.
1924
to
1916
from
15
Oct.
on
yearly
HARTLAND SCHOOL TOWNSHIP (P. 0. Emmons, Minn.), Worth
FINDLAY SCHOOL DISTRICT (P. 0. Findlay), Hancock County, County, Iowa.-BOND SALE.-On Sept. 19 the 53,000 5% 10-year
Ohio.-BONDS TO BE OFFERED NEXT YEAR.-The Clerk of the Board building bonds (V. 98, p. 1866) were awarded to Schanke & Co. of Mason
of Education advises us that the $300,000 building bonds recently voted City, according to reports.
(V. 99, p. 490) will be offered for sale early next year (1915)•
HENRY COUNTY (P. 0. Napoleon), Ohio.-BONDS NOT TO BE
FLOYDADA, Floyd County, Tex.-BONDS NOT SOLD.-Reports RE-OFFERED AT PRESENT.-We are advised that the seven issues of
state that no bids were received for the $20.000 5% 15-40-yr. (opt.) coupon 5% coupon road-impt. bonds, aggregating $76,000, offered without success on Aug. 17 (Y. 99. p. 557) and the two issues of 5% coupon Holgatewater-works-construction bonds offered Sept. 24. (V. 99. p. 688.)
inter-county highway No. 320 bonds, aggregating 59.050,
FOSTORIA, Seneca County, Ohio.-BOND SALE.-The two issues Kiefersville
offered without success on Aug. 24 (V. 99, p. 622) will not be reoffered
offered
without
aggregating
$23,450,
bonds,
nt
street-improveme
of 5%
situation improves.
financial
the
until
success on Aug. 4 (V. 99, p. 423), have been taken by local banks.
HILL COUNTY SCHOOL DISTRICT NO. 24 (P. 0. Hingham),
BONDS AUTHORIZED.-Reports state that the City Council has auMont-BOND SALE.-The $9,000 6% 16-20-year (opt.) site-purchase,
thorized the issuance of $75,000 water-works-ext. and impt. bonds.
bonds offered on Aug. 25 (V. 99, p. 490) were
FOUNTAIN COUNTY (P. 0. Covington) Ind.-BOND OFFERING. building and equipment
on Sept.2to C.H.Coffin of Chicago for $9,009, equal to 100.10.
awarded
$95.260
the
of
5
Oct.
on
offering
the
to
relative
hand
at
-Further details are
HODGENVILLE, Larue County, Ky.-BIDS REJECTED.-All bids
44% highway-improvement bonds (V. 99. p. 915). Proposals for these
bonds will be received until 10:30 a. m. on that day (and from day to day received on Sept. 26 for the $14,000 5% 1435-yr. (aver.) coup. water-works
thereafter until sold) by Lee Philpott, Co. Treas. These bonds consist bonds offered on that day (V.99, p. 915) were rejected.
of 8 separate issues as follows: 95,960, $6,300. 511.300, 58,000. $9,200,
HOUSTON,Harris County, Tex.-BOND ELECTION.-Thequestions
$10,100, $23,200 and $21,200. Denom. 20 bonds of like amount of each of issuing $3,000,000 wharves; $200,000 school: 51.000,000 sewerage;
Issue. Date Sept. 15 1914. Int. M. & N. Due 2 bonds of each issue $1,000,000 drainage,and $250,000 park 5% serial bonds will be submitted
each year.
to the voters on Oct. 28.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.-BOND OFFERINDIANA.-TEMPORARY LOAN.-On Sept. 29 a temporary loan of
INO.-Proposals will be received until Oct. 17 by John Scott, Clerk of $250,000, due Dec. 30 was negotiated, reports state, at 54% interest
Board of Co. Conamrs.,for the following 5% road-impt. bonds •
banks; the Merchants' Nat. Bank. 8100,$20,000 State St. Worthington Road improvement bonds. Date Sept. 1 with the following Indianapolis
000; the Indiana Nat. Bank, 550,000 and the Indiana Trust Co., 5100,000.
1914. Due $2,000 yearly on Sept. 1 from 1915 to 1924 incl.
temporary indebtedness of the State now
total
the
makes
loan
above
The
7,500 East Fifth St. road-improvement bonds. Date Sept. 1 1914.
$685,000. Of this amount $400,000 was lent the State by the FletcherDue $1.500 every other year on Sept. 1 from 1916 to 1924 incl.
lent the State
30.000 Georgesville Road improvement bonds. Data Sept. 1 1914. Due American National Bank early in August and $35,000 was
by three banks, as fellows: Central National, Greencastle, 520.000: Citizens
$6.000 yearly on Sept. 1 from 1915 to 1919 incl.
$30,500 highway No. 1 ponds. Date Aug. 11914. Due $3,000 yearly on National, Greencastle. 55.000. and Citizens National, Tipton, $10.000.
Aug. 1 from 1915 to 1923 incl. and $3,500 Aug. 1 1924.
INDIANAPOLIS, Ind.-TEMPORARY LOAN.-On Sept. 26 the loan
17.500 highway No. 50 bonds. Date Aug. 1 1914. Due 92,000 yearly ioeft$,
$5dated Sept. 28 1914 and maturing Dec. 1 1914 (V. 99. 13. 915)
,000
lus
pO
10
on Aug. 1 from 1915 to 1922 incl. and $1.500 Aug. 1 1923.
was negotiated with the Indiana Tr.Co.of Indianapolis on its bid of 6%
Denom. $500. Int. semi-am. at County Treasury. Certified chock
(or cash) on a solvent bank or trust company for 1% of bonds bid upon,
IOLA, Allen County, Kans.-NO BOND ELECTION.-We are adpayable to Board of County Commissioners, required with first 3 issues vised
by the City Clerk that the reports stating that an election is to be
and for same amount only payable to F. M.Sayre, Co. Aid- required with held Nov. 3 to vote on the question of issuing $20,000 monument bonds.
last two issues. Bonds will be ready for delivery on day of sale. A com- are erroneous.
plete transcript of all proceedings had in each of said road improvements
JACKSON, Madison County, Tenn.-BOND OFFERING.-Proposals
will be furnished successful bidder at time of award and a reasonable length
of time will be allowed purchaser for examination of same. Bids for the will be received until 12 m. Oct.6 by F. E. Howard, City Recorder, for the
following
6% coup. bonds:
be
will
issues
received
the
until
for
on
m.
and
a.
17
10
Oct.
first three
last
two issues until 12 m. on same date. The first three issues were offered $6,306 general-improvement bonds, Series No. 1. Due Oct. 1 1919.
6,295 general-improvement bonds, series No. 2. Due Oct. 1 1924.
without stICTMS on Sept. 22 (V. GO. P. 915) and the last two issues were
12,585 street-improvement bonds, series Nos. 4, 5. 9, 10, 11, 12 and 13.
offered without success on Sept. 10 (V. 99, p• 767.)
Due in annual installments from 1 to 5 years incl.
FREDONIA, Wilson County, Kans.-BOND SALE.-We are advised 12,610 street-improvement bonds, series Nos. 2 and 3. Due in annual
by the City Clerk that this city has disposed of an issue of $4.500 waterinstallments from 1 to 5 years incl.
bonds.
works
Date Oct. 11914. Int. A.& 0. Certified check for 10% of bid required.
FRESNO COUNTY (P. 0. Fresno), Cal.-BOND ELECTION.-The
JACKSONVILLE, Athens County, Ohlo.-BOND OFFERING.
question of issuing $200,000 hall of records construction bonds will, reports Proposals will be received until 12 m. Nov. 2 by C. N. Darst. WI. Clerk,
for the following 6% coupon street-improvement (assess.) bonds:
state, be submitted to a vote on Nov. 3.
GALLATIN SCHOOL DISTRICT, Los Angeles County, Calif.- 51.750 Fourth St. improvement bonds. Denom. $175. Due $175 yearly
on Sept. 1 from 1915 to 1924 incl.
BOND OFFERING.-Bids will be received until 2 p. m. Oct. 13. it is stated.
1,500 Fifth St.-improvement bonds. Denom. $150. Due $150 yearly
by the Clerk of Board of County Supervisors (P. 0. Los Angeles), for
on Sept. 1 from 1915 to 1924 incl.
$10.000 534% school bonds. Denom. $1,000.
Date Sept. 1 1914. Int. ann. Cert. check for 10% of bonds, payable
GARY, Lake County, Ind.-BOND OFFERING.-Proposals will be
"Vil. of Jacksonville'', required. Bids must be unconditional.
received until 3 p. m. Oct. 13 by Geo. H. Manlove. City Comptroller, for to
.TASPER -COUNTY (P. 0. Rensselaer), Ind.-BONDS AWARDED
$60,000 5% 20-year coupon municipal water-works-construction bonds.
Denom. $1,000. Date Oct. 13 1914. Interes annual. An issue of IN PART.-On Sept. 28 the $12,600 435% 54-yr. (aver.) highway-Impt.
(V. 99, p. 844) were awarded to the Fletcher-American Nat. Bank
was
it
bonds
and
first
688).
on
voted
26
was
p.
Aug.
99,
bonds
(V.
water
$76,000
reported that the whole issue would be offered (V. 99, p. 915), but this is of Indianapolis at par and int., less $175 discount. Denom. $630. Date
Oct. 1 1914. Int. M.& N.
erroneous.
No sale was made of the $11,600 434% 534-Yr. (aver.) highway-impt.
GARZA COUNTY (P. 0. Post), Tex.-BONDS AWARDED IN PART. bonds also offered on Sept. 28 (V. 99, p. 844).
-The County Permanent School Fund purchased $32.000 of an issue of
COUNTY (P. 0. Madison), Ind.-BOND-SALE.
JEFFERSON
$50,000 5% 10-40-year road bonds at par and int. Denom. $1,000.
On Sept. 2851.335 43.4% Sullivan road, Smyrna Twp. bonds were avrarded,
Date April 10 1914. Interest annual on April 10.
B.Lawler of Madison for $1,340 25 (100.393) and int.
John
to
state,
reports
GILMAN SCHOOL DISTRICT (P. 0. Gilman), Lewis and Clark
JENNINGS SCHOOL TOWNSHIP (P. 0. Leavenworth), Crawford
County, Mont.-BONDS VOTED.-Reports state that this district
County, Ind.-BOND SALE.-On Sept. 9 the $2,000 434% sChool-bldg.
at a recent election voted in favor of the issuance of $5,000 bldg. bonds.
FORK
998
THE CHRONICLE
[VOL. acnc.
MARION COUNTY (P. 0. Indianapolis), Ind.-BONDS PROPOSED.
bonds (V. 99. p. 623) were awarded to M. R. Shrewsburry for 12,007 41-According to reports this county is contemplating the
equal to 100.37. T. B. Somer bid par.
issuance of 1300.000
- Washington Township road bonds.
JOHNSTOWN, Licking County, Ohio.-BONDS NOT YET SOLD.
MARSHFIELD, Coos County, Ore.-130N135 VOTED.-At a recent
Unto Sept. 26 no sale had yet been made of the 55.0005% 554-year (aver.)
success
on
Aug.
10(V.99,p.490). These election the proposition to issue 513,000 gymnasium
refunding bonds offered without
-construction bonds
received a favorable vote, reports state.
bonds will be re-offered when the market improves.
KEEWATIN, Itasca County, Minn.-BOND OFFERING.-Bids will
MARTIN COUNTY (P. 0. Fairmount), Minn.-BONDS AWARDED
be received until 8 p. m. Oct.5 by C. W.Extrum, VII. Clerk,for the follow- IN PART.-Of the 8 issues of ditch bonds aggregating 1110,000 (V. 99,
P. 491) offered on Aug. 28, /38,000 were awarded, it is stated, to
ing 5% bonds:
the
$80.000 funding and refunding bonds. Due $8.000 a year beginning Minnesota Loan Az Trust Co., the Wells & Dickey Co. Minneapolis Tr. Co.
and C. 0. Kalman
Co., all of Minneapolis, at their joint bid of par for
Aug. 29 1915.
bonds.
Due 15,000 a year beginning 6s. with option on balance of $112,000 at same rate to Jan. 1 1915.
50,000 street-improvement
Sept. 15 1915.
MAUMEE, Lucas County, Ohio.-BOND OFFERING.-Proposals
20.000 village bonds. Due $2,000 a year beginning Sept. 15 1915.
will be received until 12 in. Oct. 26 by Thos. N. Dowling, Vil.
cleik, for
Int. semi-ann. Cert. check for 10% of bid, payable to VII. Treas.. $1g,000 6% Key St. sewer district (assess.) bonds.
1500. Date
required. Purchaser to pay accrued interest. These bonds were offered Sept. 1 1914. Int. M. & S. Due $1,000 yearly on Denom.
Sept.
I
from
1918 to
Sept.
15
on
(V.
99.
success
p• 915.)
without
1921 incl. and $1,500 yearly on Sept. 1 from 1922 to 1925 incl. Certified
KENTON, Hardin County, 01110.-BOND OFFERING.-Proposals check for 12.000 of bonds bid for, payable to Village Treasurer, required.
will he received until 12 m. Oct. 22 by the Sinking Fund Trustees, W. F. Rends to be delivered and paid for within 10 days from time of award.
Purchaser to pay accrued interest. A similar issue of $11,000 4)4% bondk
Alt.. Secy., for the following 5% bonds:
$7,800 Wayne St. paving (assess.) bonds. Denom. 1780. Due $780 was offered without success on Sept. 1 (V. 99. P. 689)•
yearly on April 1 from 1915 to 1924 incl.
MIAMI COUNTY (P. 0. Troy), Ohio.-BONDS TO BE SOLD LOCAL2.800 Wayne St. (city's portion) bonds. Denom. 1280. Due $280 LY.-The County Aud. advises is that the 114,000
5% 3-year (aver.)
yearly on April 1 from 1918 to 1927 incl.
Shook road-impt. (assess.) bonds offered without success on Sept. 4 (V.99,
3.300 local sewer No. 13 improvement bonds. Denom. $660. Due P. 768) will probably be sold to local investors.
$660 yearly on April 1 from 1915 to 1919 incl.
MIDDLEFIELD, Geauga County, Ohio.-BOND SALE.-We are
1.200 local sewer No. 13 improvement (city's portion) bonds. Denom.
advised that the $4,000 5% 1854-year (aver.) street-impt. (village's por$240. Due $240 yearly on April 1 from 1918 to 1922 incl.
tion) bonds offered without success on Aug. 24 (V. 99, p. 689) have been
Date Aug. 1 1914. Int. F. & A. A deposit of 5% of bid required.
sold.
KERR CREEK DRAINAGE DISTRICT, Rowan County, No. Caro.
MINNESOTA.-BOND SALES.-During the month of September the
-BOND OFFERING.-Bids will be considered until 10 a. m. Nov. 2 at
following
twenty-four Issues of 4% bonds, aggregating $484,400, were
the office of the Clerk of the Superior Court (P. 0. Salisbury) for $12,000
6% drainage impt. bonds. Denom. to suit purchaser. Int. semi-ann. purchased by the State at par:
Amount.
Place Issuing BondsPurpose
yrly.
on
Date.
Dec.
part
1 from 1917 to 1926 incl.
Due
$4,000 Albany, Stearns County
Municipal Sept. 5 1914
KNOXVILLE, Knox County, Tenn.-BOND SALE.-On Sept. 21 20,000 Aurora, St. Louis County
do
Sept.
5 1914
$25.000 6% 1-5-yr. (ser.) Gay St. paving (city's portion) bonds were 15,000 Aurora, St. Louis County
do
Sept. 5 1914
awarded, it is stated, to E. E. McMillan of Knoxville at par.
8,000 Barrett. Grant County
do
Sept. 23 1914
LAKE COUNTY (P. 0. Crown Point), Ind.-BOND OFFERING.
- 25,000 Big Stone County Judicial Ditch No.4
Ditch
Sept. 23 1914
Proposals will be received until 10 a. in. to-day (Oct. 3) (and from day to 20.000 Brown County School District No. 1
School
Sept. 23 1914
day thereafter until sold) by A. J. Swanson, Co. Treas., for the following 18,000 Chippewa County Ind. School Dist. No. 1
do
Sept. 5 1914
44% highway-improvement bonds:
42,000 Faribault County Co. Ditch No. 17
Ditch
Sept. 23 1914
8,000 Faribault County Co. Ditch No. 18
114,000 Chas. C. Seydel road-improvement bonds in Hobart Twp. Denom.
do
Sept. 23 1914
6,410 Faribault County Co. Ditch No. 19
$700.
do
Sept. 23 1914
15,925 A. H. Gibbs road-impt. bonds in Winfield Twp. Denom. 1796 25. 14,000 Heron Lake, Jackson County
Municipal Sept. 5 1914
Marshall,
Lyon County
35,000
12,000 C.A.Borman road-impt. bonds in Calumet Twp. Denom.$600.
do
Sept. 23 1914
7,000 Harry Call road-impt. bonds in Calumet Twp. Denom. $350.
5,800 Hills, Rock County
do
Sept. 23 1914
34,000 Henry Schreiber road-impt. bonds in North Twp. Denom.1850.
1.500 Miliewood, Aitken County
do
Sept. 5 1914
12.500 Chas. H.Frederich road-impt. bonds In North Twp. Denom.1625.
7,500 Nicolett County Consol. S. D. No. 43_
School
Sept. 23 1914
12.500 Fred Man road-impt. bonds in Ross Twp. Denom. 1625.
5.000 Paynesville, Stearns County
Municipal Sept. 5 1914
Int. M.& N. Due one bond of each issue each six months from May 15
4.400 Pennock, Kandiyohi County
do
Sept. 5 1914
1915 to Nov. 15 1924 incl.
3.000 Pine County School District No. 100_ _
School
Sept. 5 1914
Ditch
Sept. 23 1914
LANSDOWNE SCHOOL DISTRICT (P. 0. Lansdowne), Delaware 17,800 Polk County Co. Ditch No. 19
do
Sept. 23 1914
County, Pa.-BOND SALE.-The $30,000 of an issue of 160.000 4t% 100,000St. Louis County Co. Ditch No. 1
Sept. 5 1914
coupon tax-free school bonds offered on Sept. 1 have been sold to a Phila- 93,000 St. Louis County School District No. 12_ School
County
Traverse
Judicial
Ditch No. 4
Ditch
Sept. 23 1914
delphia firm, it is stated. Denom. $1.000. Date May 28 1914. Int. 10.200
Municipal Sept. 5 1914
5.700 Walnut Grove Redwood County
M.& N. Due on May 1 as follows: 52.000 in 1924. 1925, 1929. 1930, 1931,
15,000 Watonwan County School Dist, No. 20_ _ School
Sept. 5 1914
1932, 1933 and 14,000 in 1935, 1936, 1937 and 1938.
MODESTO SCHOOL DISTRICT (P. 0. Modesto), Stanislaus
LA SALLE, La Salle County, Ills.-BOND OFFERING.-proposals
will be received by John B. Lawniczak, City Clerk, until 8 p. m. Oct. 6 County, Cal.-BOND ELECTION.-An election will be held Oct. 31,
for 140,000 5% sewer bonds. Denom. $500. Date Nov. 1 1914. Int. reports state, to vote on the question of issuing $20,000 grammar-schoolM. & N. Due 14,000 yearly on Nov. 1 from 1919 to 1928 incl. These site-purchase bonds.
MONTEREY COUNTY (P. 0. Salinas), Calif.-BOND ELECTION.bonds were offered without success on Sept. 15 (V. 99, p. 915.)
According to reports the proposition to issue about 1500,000 road and
LAWRENCE COUNTY (P. 0. Bedford), Ind.-BONDS NOT SOLD.
No bids were received on Sept. 28 for the $4,800 44% road-Improvement bridge-improvement bonds will be submitted to a vote on Nov. 3,
MONTGOMERY COUNTY (P. 0. Rockville), Md.-BOND SALE
bonds offered on that day (V. 99, p. 915).
sale of the two issues of 5% coup. road-construction
LE ROY, McLean County, Ills.-BOND SALE.-The 18,000 improve- POSTPONED.-The526.000,
which was to have taken place on Sept. 29
bonds, aggregating
ment bonds voted Aug. 25 (V. 99, p. 689) have been sold.
768 , has been postponed.
(V. 99, p.)
LESTERSHIRE, Broome County, N. Y.-CERTIFIFCATE SALE.
Hancock
BLANCHARD,
County, Ohio.-BOND ELECTION
MT.
On Sept. 28 the $3,696 18 paving (assess.) certificates of indebtedness PROPOSED.
-According to reports an election will be held in the near
p• 915) were awarded to the First Nat. Bank, Lestershire, at par future to vote on the question of issuing 5100,000 water-works-construction
or 5s.
r III
bonds.
LETCHER COUNTY (P. 0. Whitesburg), KY.-BOND ELECTION
MOUNT OLIVER, Allegheny County, Pa.-BOND ELECTION.PROPOSED.-Reports state that the question of issuing road-construction
be held Nov. 3 to vote on the question of issuing $43,000
will
election
An
bonds will be submitted to a vote in November.
playground-purchase and equipment bonds.
LEWIS SCHOOL TOWNSHIP (P. 0. Brazil), Clay County, Ind.
MUSKEGON HEIGHTS, Muskegon County, Mich.-BOND ELECBOND OFFERING.-Proposals will be received by Elitzu Puckett, Twp. TION RESCINDED.-Reports state that the election to vote on the quesTrustee. until 9 a. in. Oct. 16 for $1,300 4t% school bonds. Denom. tion of issuing the 825.000 water-system-Improvement bonds which was
$100. Date Aug. 11914. Due not over 4 years. Bids must be made on to have been held Oct. 5(V. 99, p. 844) has been rescinded.
formsfurnished by above Trustee.
NASSAU COUNTY (P. 0. Mineola), N. Y.-BOND ELECTION.
LIMA, Allen County, Ohio.-BONDS TO BE SOLD LOCALLY.- The question of issuing $100,000 tuberculosis-hospital bonds will be subReports state that this city will sell to local investors $9,000 water bonds mitted to a vote on Nov. 3. it is stated.
in denominations of $100 each.
NEWBURGH, Orange County, N. Y.-BONDS NOT SOLD.-No bids
the 528,000 4)4% 15-year William St.-paving bonds
LONDON VILLAGE SCHOOL DISTRICT (P. 0. London), Madison were received for19. Denom. 1100. Date Nov. 1 1914. Int. M. & N.
County, Ohio.-BOND OFFERING.-proposals will be received until offered on Sept.
office,
or in N. Y. exchange at the option of purchaser.
Treas.
City
at
the
12m. Oct. 15 by M.M.Creath, Clerk Bd. of Ed.,for $7,500 6% refunding
withdrawn for the present.
bonds. Auth. Sec. 5656, Gen. Code. Denom. (10) 5250, (10) 1500. The sale of these bonds has been
Perry County, 01110.-BOND SALE-The
LEXINGTON,
Date "day of sale". Int. M.& S. at office of Treas.
NEW
of Bd. of Ed. Due
$500 on Mar. 1 and 1250 Sept. 1 from Mar. 1 1916 to Sept. 1 1925 incl. 11,200 556% 2-11-yr. (ser.) coupon Orchard St.-improvement (city's porCert. check for 5% of bonds bid for, required. Purchaser to pay accrued tion) bonds described in V. 99. p. 217 have been taken by the sinking Fund
interest.
Trustees at per and accrued Interest.
LORAIN, Lorain County, Ohio.--Bnivns NOT SOLD.-No bids were
NEW LEXINGTON VILLAGE SCHOOL DISTRICT (P. 0. New
received on Sept. 28 for the two {VW:3 of 5% coupon bonds.
County, Ohio.-BOND SALE.-Reports state that
aggregating Lexington), Perry
522.321 14 offered on that day (V. 99. D. 788).
the 14.000 5% 754-year (aver.) public-school-property-impt. bonds (V. 99.
No bids were received, it is stated, for the 520,000 5%
p. 845) were awarded to the Perry County Bank of New Lexington at par.
754-year
(aver.)
coup. cemetery-impt. bonds offered on Sept. 30 (V. 99,
NEW MADISON VILLAGE SCHOOL DISTRICT (P. 0.NPNew
p. 768)•
LORAIN COUNTY (P. 0. Elyria), Ohio.-BOND SALE.-The In- Madison), Darke County, Ohio.-BOND SALE.-On Sept. 26 the $1,599
2-6-yr. (ser.) coupon building and improvement bonds (V. 99,
916)
dustrial Commission of Ohio has purchased the two
5%
issues of 5% road-bunt. were awarded to the Farmers' Banking Co. of New Madison at 100.80.
p.
bonds, aggregating $37.000, offered without success
on Aug. 26 (V. 99.
p.623.)
PhilaSCHOOL
PHILADELPHIA
DISTRICT
(P. 0. New
NEW
McARTHUR, Vinton County, 01110.-BOND OFFERING.-Pro- delphia), Tuscarawas County, Ottio.-BOND SALE.-On Oct. 1 the
posals will be received until 12 m. Oct. 26 by
120M00 6% 17)4-year (aver.) school bonds (V. 99. p. 845) were awarded
E.
H.
Perkins
,
VII.
Clerk.
for $9,000 54% coup. street-impt. bonds. Denom.
to Davies, Bertram & Co. of Cincinnati at 103.005. it is stated, a basis
$1,000. Date Oct. 28 of
about 5.632%•
1914. Int. ann. at Vinton County Nat. Bank. Due
on
$1,000
yearly
Sept. 15 from 1937 to 1945 incl. Cert. check for $100, payable to
Vii. 5" NEWcRICHMOND,"Clermont County, Ohio.-BONDS NOTIYET
Clerk, required. Bonds to be delivered and paid for within
SOLD.
-Up to Sept. 26 no sale had been made of the 12,000 5% coupon
time of award. Purchaser to pay accrued int. These bonds10 days from spt.ree
76t-improvement bonds offered without success on Sept. 7. (V. 99.
were offered
without success as 5s on Aug. 31 (V. 99. P. 689.)
MADEIRA SCHOOL DISTRICT (P. 0. Madeira), Hamilton
SALE.-In addition to the $100,000,000
County, • NEW YORK CITY.-BOND In
Ohio.-BOND SALE.-The $1,000 5i'% 35
September (V. 99, p• 792 and 871), the
-year school bonds offered
on 6% gold loan placed by this city
Sept. 19 (V. 99. p. 689) have been awarded to Mayer,
during that month by the Sinking Fund
purchased
following
were
bonds
Deppe
&
Walter
of Cincinnati at par and interest, it is stated.
• Par:
int. Matt/HO/. Amount.
MADISON COUNTY (P. 0. London), Ohio.-730ND
PurposeSALE-The
$200,000 00
3 1923
530.0005% coupon bridge bonds offered without
success on Aug. 10 (V.99. Various municipal purposes
1.198,267 66
3 1039
p.558) have been sold.
do
do
do
3.000,00000
1930
3
General fund bonds
MAMAKATING (Town) Union Free School District
No. 1, Sullivan
_14.398.267 66
County, N. Y.-BOND OPFERING.-Proposals
Total
be received until
$2,127.800,and consist1 p. m. Oct. 10 by J. TT. Seybolt. Member Bd. of will
aggregating
Ed. (P. 0. BloomingThe following short-term securities,
notes, were also issued
burg), fcr $8,000 4)4% school bonds. Denom. 51.000.
stock
corporate
and
bonds
revenue
Mg
special
of
1914. Int. A. & 0. at Orange County Tr, Co., Middletown,Date Oct. 10 during September:
Amount.
Maturity.
yearly on Oct. 10 from 1915 to 1924 incl. Cert. check, cash orDue 111.000
Int.
Revenue !lands, 1914-bank draft
for 10% of bonds required.
554 Jan. 15 1015 5200.00000
SPecial
44,3001)1)
Mar.
1
1915
do
MANCANITA SCHOOL DISTRICT, Butte County, Calif.
April 2 1915
2.50000
5
-BOND
do
OFFERING -It is stated that bids will be received
until 10 a. in. Oct. 6
by C. F. Belding, County Clerk (P. 0. Oroville) for the
5246,800 00
5% buildTotal revenue bonds (special)
ing and equipment bonds voted during August (V. 99, 112,000
p. 623). Denom.
Corporate Stock Notes51.000.
5% Feb. 26 1915 *250.00000
Various municipal purposes
31.000 00
Dec. 1 1914
5
do
MANLIUS, Onondaga County, N. Y.-BOND SALE.-On
do
Sept.
23
200.000 00
10n or beforel
3
do
(ser.)
-year
refunding
do
bonds were awarded as follows:
110.000 5% 1-10
1Dec.
311914$
55,000 to Mary 0. Scoville, $3,000 to Minnie Rowland, 12,000 to the
300.000 00
5% Feb. 26 1915
Manlius Cemetery Association: 81,000 to Christ Church and $1.000 to the Water
300,000 00
fOn or before)
3
do
Board of Village Trustees, all at par. Denom. $1,000. Date Oct. 11914.
Dec. 31 19141
Int. ann.
800.000 00
On or before)
transit
I'MARION, Marion'County,'"Ohio.-BONDS NOT SOLD.-Reports Rapid
Dec. 31 19141
state that no bids were received on Sept. 29 for the two issues of 5% bonds,
aggregating 163,000, offered on that day (V. 99. p. 768).
/1,881,000 00
Total corporate stock notes
4 l
OCT. 3 1914.1
THE CHRONICLE
999
Treas. Due $6,000 Sept. I 1915 and 58.000 yearly on Sept. 1 from
NEW VIENNA, Clinton County, Ohio.-BONDS NOT SOLD.--It is City
1916 to 1924 incl. Cert, check for 2% of bonds bid for, payable to City
stated that there were no bidders for the 55,000 5% 10-yr. water-works- Aud.,
required. Bids must be unconditional.
offered
Sept.
bonds
1 (V. 99, 1)• 363)•
impt.
PULASKI COUNTY (P. 0. Winamac), Ind.-BOND OFFERING.
Floyd
NORA SPRINGS SCHOOL DISTRICT (P. 0. Nora Springs),
will be received until 3 p. m. Oct. 17 by J. J. Lowry. Co. Treas..
Proposals
on
that
advised
been
just
County, Iowa.-BOND SALE.-We have
Tippein
bonds
highway-impt.
al
for
et
H.
W.
$4,600 43-5%
Thompson
April 10 535.000 5% building bonds were awarded to the Geo. M. Bechtel canoe
Twp. Denom. $230. Date Sept. 8 1914. Int. M. & N. Due
& Co. of Davenport for $36.032 60, equal to 102.95. Denom. 51.000. $230
each six months from May 15 1915 to Nov. 15 1924 incl.
Date April 15 1914. Int. A. & 0. Due April 15 1924, optional $1,000
PUTNAM COUNTY (P. O. Greencastle), Ind.-BOND SALE.
yearly for last 5 Years.
Reports state that the Central Nat. Bank of Greencastle has purchased
SALg:=Tre the
NORTH WALES, Montgomery County, Pa.-BOND
three issues of 4.14% highway-improvement bonds, aggregating $32.local
to
$40,000 sewer bonds voted Jan. 20 (V. 99, p. 426) have been sold
750 offered without success on Sept. 7 (V. 99, Ir. 769-)
investors.
COUNTY (P. O. Huntsville), Mo.-BOND ELECTION.
RANDOLPH
NORTON TOWNSHIP (P. 0. Barberton), Summit County, Ohio.state than an election will be held Nov.3 to submit to a vote the
57,724 24 5% -Reports
BONDS NOT SOLD.-No sale has yet been made of thewithout
ofissuing $100,000 court-house and $30,000infirmary-bldg. bonds
questions
success
coupon Norton Center road-improvement bonds offered
RED BLUFF, Tehama County, Calif.-BOND ELECTION PROon Aug. 7 (V. 99, p. 286). These bonds are still for sale. Roger 0. POSED.Reports state that a petition is being circulated calling for an elecMiller is Twp. Clerk.
tion to vote on the question of issuing $85,000 municipal-water-sytem bds.
-BONDS VOTED.
OKTIBBEHA COUNTY (P. 0. Starkville), Miss.
BUD,
RED
Randolph County, Ills.-BONDS TO BE SOLD LOCALLY.
1 (V.99. p. 845) -The Mayor under
-The question of issuing the $130,000 road bonds ina Beat
date of Sept. 28 advises us that the water-works bonds
carried, it is stated, at the election held Sept. 25 by vote of 273 to 157.
recently voted will be sold to local investors.
-The
VOTED.
-BONDS
REGAN,Burleigh County, No. Dak.-BONDS VOTED.-Local newsONTANAGON, Ontonagon County, Mich.
p. 916) carried, paper reports state that the proposition to issue $3,000 bldg. bonds carried
question of issuing the $3,000 water-works bonds (V. 99,5500
yearly.
at a recent election.
at the election held Sept. 28 by a vote of 72 to 18. Due
SALE.-An issue of
REYNOLDSBURG, Franklin County, Ohio.-BOND ELECTION.
ONTARIO, Malheur County, Ore.-BOND
has been awarded to Morrison- Reports state that the question of issuing 55.000 school playground en513,664 6% sewer improvement bonds Date
J.
&
vote
J.
a
to
the
Int.
be
election.
at
will
Nov.
submitted
bonds
1913.
largement
3
Aug.
Knudson Co. at par. Denom. $500.
RIO BONITO SCHOOL DISTRICT (P. 0. Biggs), Butte County,
Due Aug. 3 1924, optional after one year.
PROPOSED.-According Calif.-BOND SALE.-The $6,000 building bonds voted Aug. 15 and
ORANGE, Orange County, Tex.-BONDS
for sale on Sept. 21 (Y. 99, p. 624) have been sold at par and int.
offered
school,
$100,000
of
issuance
the
contemplating
to reports, this city is
to Major A. F. Jones, it is stated.
$150,600 wharves and docks, $25,000 municipal-building and $25,000
RIPPERDAM SCHOOL DISTRICT, Madera County, Cal.-BOND
street-improvement bonds.
SALE.-On Sept. 21 the $3,500 6% 1-7-year (serial) school bonds (V. 99,
ORIENTAL SCHOOL DISTRICT(P.O. Oriental), Pamlico County, p. 559) were awarded to the First National Bank of Madera at par. DeNo. Caro.-BOND SALE.-According to reports this district has sold nom. 500. Date Sept. 21 1914. Interest annually in September.
$10,000 school-building bonds to an Ohio concern.
ROANOKE COUNTY (P. 0. Salem), Va.-BOND ELECTION PROOSTRANDER SCHOOL DISTRICT (P. 0. Ostrander), Delaware POSED.-This county is contemplating the question of calling an election
County, Ohio.-BONDS NOT YET ISSUED.-We are informed that to vote on the proposition to issue 5300.000 highway-impt. bonds.
the $15,000 school-bldg.-impt. bonds voted Feb. 17 (V. 98, p. 1868) have
ROCKHAM SCHOOL DISTRICT (P. 0. Rockham), Faulk County,
not yet been issued.
So. Dak.-BOND ELECTION PROPOSED.-The Town Council has been
OTERO COUNTY (P. 0. Alamogordo), N. Mex.-BOND ELECTION petitioned to call an election to vote on the question of issuing $10,000
PROPOSED.-According to reports, an election will probably be called to school-building bonds.
vote on the proposition to issue $100,000 road-construction bonds.
ROCK ISLAND COUNTY (P. 0. Rock Island), Ill.-BOND ELECPAINESVILLE, Lake County, Ohio.-BOND SALE.-The two issues TION.-Reports state that the propositions to issue $75,000 county-jailon Aug. 3 building, $30,000 Colona ferry bridge and $45,000 Rock River bridge
of 5% coup. bonds, aggregating S8,500, offered without successint.
bonds wilLbe.submitted to a vote on Nov. 3.
(Y. 99, p. 426) have been awarded to a local investor at par and
PARK COUNTY SCHOOL DISTRICT NO. 4, Mont.-BOND OF- PIROCIIMART, Polk County, Ga.-BOND SALE.-The 35,000 5°7
FERING.-Bids will be received until 8 p. m. Nov. 2,it is stated, by E.M. 1-10-year (ser.) electric-plant-improvement bonds voted Aug. 8 (V. 99. 13°
.
Sybert, Clerk of Board of School Trustees (P. O. Livingston). for $10,000 492) have been sold at private sale at par. Interest annual in Jan. at
office of City Treasurer.
5% 10-20-year (opt.) school bonds. Certified check for $300 required.
ROCKSPRINGS SCHOOL DISTRICT (P. 0. Rocksprings), Ed.
PARNASSUS, Westmoreland County, Pa.-BOND SALE.-The
$35,000 4.4% 5-25-yr. (opt.) bonds offered without success on July 7 wards County, Tex.-BONDS NOT ,SOLD.-The County Judge advises
(V. 99, p. 217) have been purchased by the Parnassus Nat. Bank. This us under date of Sept. 24 that no sale has yet been made of the 515.000 5%
item was inadvertently reported in last week's "Chronicle" under the head 10-40-year (opt.) school bonds offered in March (V.98. p• 854)•
of Parnassus. Md.
ROCKVILLE, Montgomery, County, Md.-BOND OFFERING.PASADENA SCHOOL DISTRICT (P. 0. Pasadena), Los Angeles Proposals will be received until 12 m. Oct. 7 by Lee Offutt, Mayor, for
M.& N. at
County, Calif.-BOND ELECTION.-It is stated that the election to $50,000 5% bonds. Denom. $500. Date Nov. 1 1914. Int. years.
incl.,
vote on the question of issuing the $24,000 school bonds (V. 99. p• 917) office of Mayor and Council. Due 31,000 yearly from 2 to 11 to Mayor
payable
and
$1,500
3250,
yearly
for
Certified
check
thereafter.
20.
will be held Oct.
and Council, required.
Minn.
River
Thief
0.
(P.
-BOND
Falls),
PENNINGTON COUNTY
ROCKY COMFORT SCHOOL DISTRICT, Riverside County, Calif.
ELECTION.-According to local newspaper, an election will beheldNov.3
-BOND OFFERING.-Bids will be received, it is stated, until 11 a. m.
to submit to a vote the question of issuing $50.000 hospital bonds.
Oct. 7 by the Clerk Bd. of Co. Supervisors (P.0. Riverside) for 54,0006%
PETOSKEY, Emmet County, Mich.-BOND SALE.-On Sept. 1 the school bonds. Denom. $500. Cert. check for 10% required.
$12,100 5% 1-4-year (serial) paving bonds (V. 99, P• 363) were awarded to
RIVER, Cuyahoga County, Ohio.-BOND ELECTION.local people at par. Denom.$100. Date Aug. 1 1914. Interest annually AnROCKY
election will be held Nov. 3 to vote on the question of issuing 550.000
on Aug. 1.
sewer. sewage-disposal -works and municipal-improvement bonds.41•11,
Minn.
SOLD.-BONDS NOT
PIPESTONE, Pipestone County,
NOT YET soLD.-No sale has yet been made of the 327,392 20
Reports state that no bids were r•3ceived for the 55,000 5% 20-year sewer 5%
5 2-3-yr. (aver.) Frazier Drive-impt. (assess.) bonds offered without
bonds offered on Aug. 28.
success on Aug. 11 (V. 99, p. 492). These bonds, we are advised, will
PLAIN CITY, Madison County, Ohio.-BOND OFFERING.-Pro- probably be re-offered when the market improves.
posals will be received until 12 m. Oct. 22 by Lloyd McCampbell. Vii.
ROSEBURG, Douglass County, Ore.-BOND ELECTION.-An elecClerk, for 56,500 555% 3-year coupon munidpal-1%ht and water-planton the question of issuing
impt. bonds. Auth. Sec. 3939 Gen. Code. Denom. $500. Date Nov. 1 tion will be held Oct. 5, reports state, to vote1:311001M WIMP
5500,000
railroad-aid bonds?. al
1914. Int. M.& N. at Farmers' Nat. Bank, Plain City. Cert. check for
PRO$150, payable to Vil. Treas., required. Bonds to be delivered and paid
OAK, Oakland County, Mich.-BOND ELECTIONfuture
for within 10 days from time of award. Purchaser to pay accrued int.
POSED.-According to reports, an election will be held in the near bonds.
of issuing $20,000 water-works-system-impt.
vote
question
to
the
on
PLANT CITY, Hillsborough County, Fla.-BONDS VOTED.-AcRUSHVILLE SCHOOL CITY (P. 0. Rushville), Rush County,Ind.
cording to reports, the question of issuing $20,000 water and $20,000 streetuntil
-BOND OFFERING.-According to reports bids will be received
impt. 6% bonds carried, at the election held Sept. 15.
School Board for $25,000 school bonds.
- Oct. 15 by the
PLEASANT TOWNSHIP (P. 0. Old Fort), Seneca County, Ohio.
-Local
ELECTION.
-BOND
Ohio.
RUSSELL, Highland County,
BOND SALE.-On Sept. 26 the $10.000 5% highway-improvement bonds
that the question of issuing $5,000 water-worksseries No. 3(V. 99. p. 917) were awarded to the Commercial Nat. Bank of newspaper reports state
constr. bonds will be submitted to a vote on Nov. 3. krrt351,4Tiffin at par and interest, it is stated.
(P. 0. Sacramento) Cal.-BOND ELECCOUNTY
SACRAMENTO
PLUMSTED TOWNSHIP SCHOOL DISTRICT (P. 0. New EgYpt)
the question of issuing the 52.425.000 5%
Ocean County, N. J.-BONDS NOT TO BE OFFERED THIS YEAR.= TION.-The election to vote on
will be held Oct. 16. Denom.$1,000. Int.
p.363)
99,
road
(V.
gold
bonds
The District Clerk advises us under date of Oct. 1 that the $3,000 school
semi-annually at office a County Treasurer or at fiscal agency of said county
bonds recently voted will not be offered for sale before June 1 191 5.
New York. Due $25,000 in 1 year. $50,000 yearly from 2 to 7 years
POLK COUNTY SCHOOL DISTRICT NO, 13 (P. 0. Monmouth In
0•^9
37 years. inclusive.
County, Ore.-BONDS VOTED.-Tho issuance of 51,000 gymnasium- inclusive. and 370,000 yearly from 8 to
building bonds received a favorable vote,it is stated, at a recent election.
P"' ST. CLAIR HEIGHTS, Wayne County, Mich.-BOND SALE.-On
Ave.
Mack
POPLAR SCHOOL DISTRICT, Lassen County, Calif.-BOND Sept. 4 $5,000 water-main-ext., 35.000 trunk-sewer and $16,000
Matthew Finn
SALE.-The $1.750 6% school bonds offered on Sept. 15 (V. 99 B. 690) paving 5% 30-year bonds dated July 1 1914 were awarded to
0011111
1.1
,,
31'e-I
Mae
,1r
were awarded on Sept. 22 to the Bank of Lassen County, Susan.
ville, for of Detroit for $26,500, equal to 101.923431343545
$1,796 40-equal to 102.651.
ST. JOHNS, Multnomah County, Ore.-BOND OFFERING.-ProPORTLAND, Ore.-BOND SALE.-The following bids were received posals will be received until 6 p. m. Oct. 6 by A. E. Dunsmore, City Refor the $300,000 6% improvement bonds offered on Spet. 22.(V. 99.P.845): corder, for $4,801 68. dated June 3 1914. 53.169 52 dated July 15 1914.
$5,917 07 dated July 29 1914, and 312.128 67 dated Aug. 5 1914. 6%
Amount
Price
Amount
Price
coup. improvement bonds. Denom. $500 or less. Interest semi-annual.
BidderBid For.
Bid.
BidderBid.
Bid For.
Due in 10 years, subject to call any interest-paying date after 1 year.
W. F. White
*3225,000 100.022 Wm.Adams, Sinking} $15,000 100
Certified check for 2% of bid, payable to "City of St. Johns," required.
.14,500 100.134
Fund
Morris Bros
to be delivered within 15 days after acceptance of bid.
Bonds
5,000 100
Bank of California... •15,000 101.01 A. L. Sauvie
*500 102.50 Sequest Bros
1,000 100
Gust Bartman
ST. JOSEPH COUNTY (P. 0. South Bend), Ind.-BONDS NOT
•2,500 101.02 Joseph H. Spain
1,000 100
Flora A. Pike
SOLD.-According to reports no bids were received on Sept. 25 for the
*2,000 101.50 Women of Woodcraft_
20,000 100
F. S. Biwer
3100.000 4% 15)4-yr. (aver.) gold coupon bridge bonds offered on that
9,000 100
*5,500 100.125 W. L. Page
John Murphy
day (V. 99. p. 559).
5,000 100
Geo. L. & J. A. Me} *200,000 100.025 Audrey B. Shannon
According to newspaper dispatches, no bids were received for the 3180.000
Henry Teal
55,000 100
Pherson
4)4% Lincoln highway-improvement bonds offered on Oct. 1(V.99.P.917)•
100
/tenet's
L.
4,000
*2,500 100.50 R.
Sanderson Reed____ I
PST. MARY'S, Anglaise County,Ohio.-BONDS NOT YETM77."-L.
3,000 100
*2,500 101.10 Frances A. Pearey__ _
1
Up to Sept. 28 no sale had yet been made of the two issues of 5% bonds ag3,000 100
•16,000 100.25 Oregon Fire Relief As'n
J. Henry Page
gregating $3,200, offered without success on Sept. 5 (V. 99, p. 769). These
5,000 100
•1,500 100.50 Mary Jenkins
Henry Schollhorn
bonds will probably be re-offered next spring.
S. F. Siferd
6,000 100
1,000 100
IV
A J. Devoid
G. J. Kaufman
2,500 100
2,000 100
p luPgrarze
'
ST. MARY'S SCHOOL DISTRICT (P. 0. St. Mary's),
D. K. Butler
Eleanor Roxworthy1,500 100
500 100
County, Ohio.-BOND ELECTION PROPOSED.-According to reports,
Cordell& Palmer
1,500 100
I. N. Delamater
4,000 100
an election will be held in Nov. to vote on the question of issuing 550,000
W. L. Page
•strq
a tall ^sP434
bldg. and kept. bonds.111
W.F. White was only awarded $37,500 for a prom• Successful bids.
ST. PARIS SCHOOL DISTRICT (P. 0. St. Paris), Champaign
Hun of $8 83. The Security Say. Bank & Trust Co. of Portland submitted County, Ohio.-NO BONDS TO BE ISSUED.-The Clerk Board of Ed..
a conditional bid of 100.26 for $25,000.
advises us that this district is not contemplating the issuance of 33.000
UMW SI
BOND OFFERING.-Proposals will be received until 2 p. m. Oct. 6 by school bonds as stated in V.99. p. 363.m1
dock
gold
-year
bonds,
25
3100,000
4l%
for
Auditor,
City
Barhur,
L.
A.
SALEM, Columbiana County, Okio.-BOND ELECTION PROPOSED.
1 1914. Int. A. & 0. at the
Series "E.' Denom. $1,000. Date Oct.
police-dept.
of
$20,000
reports,
questions
to
the
issuing
-According
in N. Y. City.
City Treasurer's office or at fiscal agency of City of Portland
to the
of fire dept. bonds will be submitted -equip.
for 5% of and $10,000 motorization
Certified or cashiers check on a responsible bank of Portland
voters in November. .1i
bends bid for, payable to the Mayor, required. Bonds to be delivered
SAN ANTONIO, Bexar County, Tex.-BONDS NOT YET!SOLD.
An issue of $150,000 dock bonds,
in Portland at bank to suit purchaser.
Up to Sept. 24 no sale had been made of the $723,000 1-40-yearr(sej
.4re,
.
Series "E,'was offered without success on Sept. 14 (V. 99. p. 845).
gr
'
funding bonds offered but not sold on June 1 (V.98,p. 1634).r.
PORTSMOUTH, Scioto County, Ohio.-BOND SALE POSTPONED. P•
SANTA FE, Santa Fe County, N. Mex.-BONDS REFusED.-Local
$12,000 41% 11-year
-The City Auditor advises us that the sale of theSept.
1 (V. 99, p. 690) papers state that Sweet. Causey, Foster & Co. of Denver have refused
sold on
but
d-etsiptietlal
ty
stoererncIn
au
to
to accept the 37.000 535% 20-yr. sewer bonds awarded to them on July 1
12 m. Oct. 27 by (V. 99, p. 218).
BOND OMR/a-Proposals will be received until
SCE ANTON, Lackawanna County, Pa.-BONDS PROPOSED._
street-impt. (assess.)
Geo. L. Gablernan, City And.. for $78,000 5% coup.M. & S. at office
of According to reports this city is contemplating the issuance of park bonds1
bonds. Denom. $500. Date Sept. 1 1914. Int.
BoWDS
r ROYAL
ise-virem
1000
THE CHRONICLE
[VOL. xcix.
SEATTLE, Wash.-BOND ELECTION PROPOSED.-This city, ac- $20,000, 1925; $3,000 from 1926 to 1930 incl.; $3,500 from 1931 to 1935
cording to reports, proposes to submit to the voters on Nov. 3 the question incl.; $4,500 from 1936 to 1940 incl.; $5,500 from 1941 to 1948 ind. and
of issuing bonds for the construction of a bridge at Latona, spanning the $6,000 in 1949.
Lake Washington Canal.
TROY SCHOOL DISTRICT (P. 0. Troy), Miami County, Ohio.BONDS NOT SOLD.-PART TO BE SOLD LOCALLY.-Local papers BOND SALE.-The Troy Nat. Bank of Troy was awarded on Sept. 1 the
state that no bids were received for the following bonds offered on Sept. 12. $12,500 5% school bonds voted Aug. 11 (V. 99. p. 364).
(V.99,P.
TULLY TOWNSHIP SCHOOL DISTRICT (P. 0. Martel), Marion
6251 ridge bonds. Denom.(829)$1,000.(1)$500. Due $83,000 County,
$829,500 5
Ohio.-BONDS AUTHORIZED.-This district has authorized
yearly on Oct. 1 from 1924 to 1932 incl. and $82,500 Oct. 1 the issuance
of $30,000 534% coup. taxable school bonds. Denom. $500.
1933.
Date
Jan.
1915. Int. M. & S. at Caledonia Banking Co., Caledonia.
404,000 5% light-ext. bonds.
Denom. $1,000.
Due $21,000 yearly Due part each
six months. No bonded or floating debt. Assessed valuaon July 1 from 1915 to 1932 incl. and $26,000 July 11933.
tion 1914, 52,096,000. G. J. Heileman is Clerk of Board of Education.
400,000 4H% light-ext. bonds. Denom. $1,000. Due Oct. 1 1934.
TURLOCK IRRIGATION DISTRICT (P. 0. Turlock), Stanislaus
125,000 43,6%9 hospital bonds. Denom. $1,000. Due $12,000 yearly on
Oct. 1 from 1923 to 1927 incl. and $13,000 yearly on Oct. 1 County, Calif.-BOND ELECTION.-Reports state that an election will
be held Oct. 9 to vote on the question of issuing irrigation bonds.
from 1928 to 1932 incl.
A resolution was introduced on Sept. 28 providing for the sale in small
TWINSBURG TOWNSHIP (P. 0. Twinsburg Center), Summit
units to Seattle citizens of the $404,000 light-ext. bonds. The bonds will County, Ohio.-BOND SALE.-The $2,000 5% 2 2-3-year (aver.) coup.
be sold in $100 and $500 denominations.
highway-improvement bonds offered on Aug. 5 (V. 99, p. 219) have been
SEWARD,Nobles County, Minn.-BOND OFFERINO.-Proposals will sold.
be received by Chas. West,Town Clerk (P.0.Fulda),for $3.000 5% bridge
UNION COUNTY (P. 0. Marysville), Ohio.-BOND SALE.-On
bonds. Denom. $500. Int. ann. on Jan. 1. Due $500 yearly on Jan. 1 Sept. 25 the $11,300 5% 2 2-3-yr. (aver.) Highland and Croy road-impt.
from 1917 to 1922 incl. Cert. check for 5% of bid required.
bonds(V.99,p.846) were awarded to the Commercial Say.Bank,of MarysSHEBOYGAN FALLS, Sheboygan County, Wis.-BONDS PRO- ville at par and int.
BONDS NOT TO BE RE-OFFERED AT PRESENT.-We are advised
POSED.-Reports state that the Common Council on Sept. 1 passed an ordinance providing for the issuance of $40,000 water-works and sewer- that the $6,700 5% Vansant & Beaver road-impt. bonds offered without
construction bonds. This item was inadvertently reported in V.99,P.769, success on Sept. 15(V.99,p.846) will not be re-offered at present.
under the head of Sheboygan, Wis.
UNION (Town)(P. 0. Weehawken), Hudson County, N. J.-BOND
SHELBY COUNTY (P. 0. Shelbyville), Ind.-BONDS NOT SOLD.
- SALE.-On Sept. 28 the $15,000 5% 4-year (aver.) coup. or reg. fire-hall
No bids were received for the $6,100 4HN 5H-year (aver.) highway-impt. construction and site-purchase bonds (V. 99, p. 918) were awarded to the
bonds offered on Sept. 26 (V. 99, P. 8460
Weehawken Trust Co. of Weehawken at par and interest. There were
no other bidders.
SISKIY017 COUNTY (P. 0. Yreka), Calif.-BOND ELECTION.
The question of issuing $720,000 5% bridge and road-impt. bonds will be
UNION COUNTY (P. 0. Elizabeth), N. J.-BOND OFFERING.
submitted to a vote on Nov. 3, it is stated.
Proposals will be received until 10 a. m. Oct. 15 by Nathan R. Leavitt,
SISSETON, Roberts County, So. Dak.-BOND ELECTION.-An County Collector, for $35,000 414% 20-year bridge-rebuilding bonds.
election will be held Oct. 6 to submit to a vote the proposition to issue Denom. $1.000. Date Oct. 1 1914. Int. A. & 0. at the National State
$40,000 5% 20-year sewer-construction bonds. Denom. $1,000 or mulBank of Elizabeth, at Elizabeth. Certified check on an incorporated bank
tiples thereof. Interest semi-annual.
Chosen
SMITH TOWNSHIP (P. 0. Sebring), Mahoning County, Ohio. or trust company for 2% of bonds bid for, payable to the Board of
BOND SALE.-On Sept. 26 the $3,000 5% 22H-year (average) school Freeholders, required. Purchaser to pay accrued interest. These bonds
bonds (V. 99, p. 690) were awarded, reports state, to E. M. Whitelaw of will be certified as to genuineness by the Columbia Trust Co. and their
Columbus at par.
validity approved by Hawkins, Delafield & Longfellow of N.Y.City, whose
SPARKS, Washoe County, Nev.-BONDS DEFEATED.-The City
the purchaser. These will be coup. bonds of
Clerk advises us that the proposition to issue the $25,000 street,and sewer opinion will be delivered to
$1,000 denom., with privilege of registration as to principal only of conbonds(V. 99, p. 70)"was defeated by action of the City Council.
SPRINGDALE, ALLEGHENY COUNTY, Pa.-BOND SALE.-We version into fully registered bonds.
The official notice of this bond offering will be found among the advertiseare advised that the two issues of water-works and funding bonds, aggregating $20,000, voted June 15 (V. 98, p. 2014) have been sold to a local merits elsewhere in this Department.
party.
UNION TOWNSHIP (P. 0. Ripley), Brown County, Ohio.-BOND
SPRINGFIELD, Hampden County, Mass.-NO ACTION
SALE.-On Sept. 26 the $2,000 5% 5-year coupon road-improvement bonds
TAKEN.-The City Treasurer advises us under date of Sept. 27 YET
(V. 99, p. 769) were awarded to the Ripley Nat. Bank, Ripley at par and
that
no action has yet been taken looking towards the issuance of the
int. There were no other bidders.
Fulton St. improvement bonds authorized by the City Council on$400,000
July 13.
VIGO COUNTY (P. 0. Terre Haute), Ind.-BOND SALE.-On
(v. 99,p. 218)•
Sept. 15 an issue of $12,000 20-year road bonds was awarded to the FletcherSPRINGFIELD, Clark County, Ohio.-BOND OFFERING.-Pro- American Nat. Bank of Indianapolis at par and int., less $160. Denom.
posals will be received until 1 p. m. Oct. 7 by Walter J. Barrett, Secretary $600. Date Oct. 1 1914. Interest M. & N.
of Sinking Fund Trustees, for $6.700 and $500, dated March 1 1911 and
BOND OFFERING.-Proposals will be received until 10 a. in. Oct. 5 by
maturing March 1 1932; $6,820 50, dated March 11911.due March 1 1933; Thos.
% highway-impt.
J. Dailey, County Treasurer, for the following
$1.332 90, dated Sept. 1 1910, due Sept. 1 1925. and $7.252 20, dated bonds
in Sugar Creek Township:
March 1 112 and maturing March 1 1938. These are city's portion bonds
-improvement bonds. Denom. $380.
road
Pothast
A.
F.
$7,600
bearing 4,14% interest and are tax-free.
3,250 Simon Maher road-improvement bonds. Denom. $162 50.
Date Oct. 11914. Int. M.& N. Due one bond of each issue yearly on
STEUBENVILLE, Jefferson County, Ohio.-BOND OFFERING,
Proposals will be received until 12 m.Oct. 23 by Chas. It. Wells, City And., May 15 from 1916 to 1935. inclusive.
for the following bonds:
VILLE PLATTE, Evangeline Parish, La.-BOND SALE.-We Just
$65,000 6% filtration-plant-completion bonds. Denom. $1,000. Date learn
that the $15,000 5% reg. water-works-construction bonds (V. 98. p.
Oct. 11914. Due Sept. 1 1916.
255)
were awarded on Dec. 23 1913 to C. S. Jackson Co., Ltd., of New
18,000 5% street-impt. (city's portion) bonds authorized July 27 (V. 99, Iberia.
at par.
p. 427). Denom. $500. Date Sept. 1 1914. Due $3,000
WASHINGTON COUNTY (P. 0. Salem), Ind.-BOND SALE.
yearly on Sept. 1 from 1916 to 1921. incl.
Int. semi-ann. Cert. check for 3% of bonds bid for, payable to City On Sept. 24 the $4,840 414% 514-year (aver.) gravel-road bonds (V. 99,
Farmers'
the
State
Salem
for
to
Bank
of
$4,866
78
awarded
were
770)
Treas., required. Bonds to be delivered and paid for within 10 days from ro•
(100.553)-a basis of about 4.386%. There were no other bidders. Denom.
time of award. Purchaser to pay accrued interest.
$242. Date Sept. 7 1914. Int. M. & N.
STILLWATER COUNTY SCHOOL DISTRICT NO. 19, Mont.
WASHINGTON COURT HOUSE, Fayette County, Ohio.-BONDS
BOND OFFERING.-We are advised that an issue of $1,500 6% school NOT YET SOLD.-No sale has yet been made of the 51,875 4H% 3-year
bonds will be offered for sale on Dec. 1. Miss Nannie Nelson is Clerk of (aver.) Oakland Ave. improvement (assess.) bonds offered without sucTrustees (P. 0. Columbus).
cess on Aug. 22 (V. 99, P. 625). These bonds will probably be sold at
STILLWATER COUNTY SCHOOL DISTRICT NO. 31, Mont.
- private sale.
BOND OFFERING.-Proposals will be received on or before Dec. 15 for an
WASHINGTON TOWNSHIP SCHOOL DISTRICT (P. 0. Rich.
issue of $1.500 school bonds. Walter E. Hanks is Clerk of School Trustees. wood) Union County, Ohio.-NO ACTION YET TAKEN.-The Clerk
STONE HARBOR,Cape May County, N.J.-BONDS AUTHORIZED. of Board of Education advises us under date of Sept. 29 that no action has
-Reports state that this town recently authorized the issuance of $12,500 yet been taken toward the offering of the $30,000 5% school bonds voted
in August(V.99. p. 494).
school-building bonds.
WESSINGTON SPRINGS, Jerauld County, So. Dak.-BONDS TO
STRONG, Chase County, Kan.-BOND SALE.-On Sept. 21 the
advises us that the $20,000 electric$6.000 5% 20-year water-works-extension bonds (V. 99. p. 288) were BE OFFERED SHORTLY.-The Mayor
awarded to D.E. Dunne & Co. of Wichita at par. Denom.$1,000. Date light bonds voted Aug. 11 (V. 99, p. 560) will be offered for sale in the near
future.
Aug. 1 1914. Int. F. & A.
WEST CREEK TOWNSHIP (P. 0. Lowell), Lake County, Ind.
STUART, Patrick County, Va.-BONDS NOT YET ISSUED.-We
are advised that the $6,000 water and $4,000 sewer 6% bonds voted BOND OFFERING.-It is reported that proposals will be received until
2 p. m. Oct. 17 by Henry Hathaway, Township Trustee;for $11,500 5%
March 24 (V. 98, p. 1107) have not yet been issued.
SUPERIOR, Douglas County, Wis.-BONDS AWARDED IN PART. 13-year school bonsd.
-Local papers state that up to Sept. 22 the city has disposed of $15,000
WEST HOBOKEN, Hudson County, N. J.-BOND OFFERING.
of the $23,500 5% 10-year gold coupon main-sewer-construction bonds Proposals will be received until 9 p. m. Oct. 14 by Aug. L. Wachlin, Town
being offered over the counter (V. 99. p. 917).
Clerk, for $205,000 5% coupon or reg. school bonds. Denom. $1,000.
Int.
F.
&
A.
Due $6,000 yearly on Aug. 1 from 1924
- Date Aug. 1 1914.
SYLVANIA, Lucas County, Ohio.-BONDS NOT YET ISSUED.
and $7,000 yearly on Aug. 1 from 1936 to 1954 incl. Cert.
n to 1935 incl.incorporated
The two issues of 514% street-improvement (city's )cmrtion) bonds. atgereebank or trust company for 2% of bonds bid for,
check on an
authorized on June 19 (V• 99, p• 560) have not yet
tin
payable to Town Treas., required. These bonds will be certified as to
$7,000*
genuineness by the Columbia Trust Co. and their validity approved by
TACOMA, Wash.-BOND SALE.-On Sept. 19 the $35,000 6% 4-year Hawkins, Delafield & Longfellow of N. Y., whose opinion will be furnished
(aver.) street-railway bonds, date Oct. 1 1914 (V.99,Ir. 690) were awarded to the purchaser. These bonds were offered without success as 4)4s on
There were no other Sept. 9. (V. 99. p. 770.)
to the Tacoma Clearing House Assn. at par and int. incl.
bidders. Due $5,000 yearly Oct. 1 from 1915 to 1921
WEST UNION, Adams County, Ohio.-BOND SALE.-On Sept. 21
TEXAS.-BONDS REGISTERED.-The following 5% bonds were the $2,000 6% 10H-year (aver.) refunding bonds (V. 99, P. 847) were
awarded to the Miami Deposit Bank of Yellow Springs at 10_ .0 55 and int.registered during the week ending Sept. 26 by the State Comptroller:
a basis of about 5.944%. The First Nat. Bank of West Union and the
Option.
Due.
Place and PurposeAmount.
20 years 40 years Somerset Bank. Somerset, each bid par.
$6,500 Pottsville Independent School District
"
Dist.
No.
3_
_
_
5
20
School
"
Common
County
500 Shelby
WEST VIEW SCHOOL DISTRICT (P. 0. Pittsburgh) Allegheny
5 "
20 "
1.200 Leon County Common School Dist. No. 37
County, Pa.-BOND ELECTION.-An election will be held Nov. 3 to
None
3,000 Karnes County Common School Dist. No.4_ _20 "
vote
on the question of issuing $25,000 school bonds.
"
District
10
"
20
School
2,500 Hugh Springs Independent
WEYMOUTH, Norfolk County, Mass.-TEMPORARY LOAN.
20 "
3.800 Henderson County Common School Dist. No.47- 5 "
Reports
state that a loan of $30,000 dated Sept. 28 1914 and maturing
40
"
30
"
District
School
Independent
10,000 Avery
May 24 1915 has been negotiated with Perry, Coffin & Burr of Boston
20 "
1.500 Dickens County Common School Dist. No. 11 10 "
at 5.375% discount, plus 50 cents.
5 "
20 "
2,500 Sacul Independent School District
40 "
10 "
WHITELY COUNTY (P. 0. Columbia City), Ind.-BOND OFFER14,000 Lampasas County Bridge
20 "
5 "
ING.-Proposals will be received by Oliver E. Long Co. Treas., until
500 Wheeler County Common School Dist. No. 20
20 "
Oct. 15 between the hours of 1 p. in. and 6 p. m. (arid from day to day
2,000 Donley County Common School Dist. No. 18_ _ - 1 "
- thereafter until sold) for $12,625 4H% Stone roads Nos. 1 and 2 improveTHURSTON COUNTY SCHOOL DISTRICT NO. 67, Wash.
in Smith Twp. Denom.$631 25.Int. M.& N. Due $631125
and con- ment bonds
BOND SALE.-On Sept. 19 an issue of $4,000 514% site-purchase
each six months from May 15 1915 to Nov. 15 1924 incl
Denom.
par.
at
Washington
Proposals will be received by Oliver E. Long. CountiTreasurer, for the
struction bonds was awarded to the State of
following 434% road bonds:
$500. Interest annual.
$16,307 Stephen D. Shaw road bonds. Denom. $819 85.
TOLEDO, Lucas County, Ohio.-TEMPORARY LOAN.-Reports
the
with
negotiated
been
16,498 John C. Lawrence road bonds. Denom. $824 90.
days
has
ninety
state that a loan of $5,000 for
Date Aug. 27 1914. Int. M. & N. Due one bond of each issue each
First National Bank of Toledo.
months from May 15 1915 to Nov. 15 1924, inclusive. These bonds,
six
TOMAH, Monroe County, Wis.-BOND SALE.-According to re- with an issue of $16,397 road bonds, were offered without successlon
Sept.
23
(V.
99.
offered
bonds
refund.
(aver.)
414-yr.
ports. the $15,000 5%
27 (V. 99. p. 691).
Aug.
D• 690) were sold at par to local bidders.
BOND SALE.-The $16,397 414% road bonds offered without success
TRACY SCHOOL DISTRICT (P. 0. Tracy), Marion County, Iowa. on Aug. 27 (V. 99. p. 691) has been sold.
-BOND SALE.-An issue of $12,000 5% building bonds was awarded
WHITTIER HIGH SCHOOL DISTRICT, Los Angeles County, Cal.
to Geo. M. Bechtel & Co. of Davenport on June 1 for $12,160-equal to -BOND
SALE.-On Sept. 21 the $15.000 5%% school bonds (V. 99. p.
101.333. Denom. $500. Int. J. & D. Due serially to 1929.
770) were awarded to the Los Angeles County Supervisors it is stated,
Ohio
Triadelphia),
TRIADELPHIA SCHOOL DISTRICT (P. 0.
par
and
int.
at
County, W. Va.-BOND ELECTION.-An election will be held Nov. 3
WILLOUGHBY TOWNSHIP SCHOOL DISTRICT (P. 0. Willoughto vote on the question of issuing $125,000 5% coupon school-buildingNOT SOLD.-Reports state that no
improvement bonds. Denom. $500. Date April 1 1915. Int. ann. on by), Lake County, Ohlo.-BONDS
April 1 at office of Co.Sheriff, Wheeling. Due yearly on April 1 as follows: bids were received on Oct. 1 for thel$40,00015%121M-yearEaverage)site-
OCT. 3 1914.]
1001
THE CHRONICLE
purchase and construction bonds in Sub-District No.8 offered on that day
(V. 99. p. 770).
WILMINGTON,Clinton County, Ohio.-BONDS NOT YET SOLD.
No sale has yet been made of the three issues of 5% 5.5-year (aver.) streetimprovement bonds, aggregating $47,161 60, offered without success on
Aug. 24 (V. 99, p. 625).
WOLCOTT (TOWN) UNION FREE SCHOOL DISTRICT NO.V1,
Wayne County, N. Y.-BOND SALE.-On Sept. 21 $8,000 6% 1-8-year
(serial) building bonds were awarded, it is stated, to the First National
Bank of Wolcott at par. Purchaser to pay expenses.
WOOLSTOCK, Wright County, Iowa.-BOND SALE.-The $6,000
5;i% electric-transmission-line bonds voted June 15 (V. 98, p. 2015) have
been awarded to Geo. NI. Bechtel & Co. of Davenport at par. Denom.
$500. Date July 1 1914. Int. J. & J. Due $500 yearly from 1917 to
1928 incl.
WOOSTER, Wayne County, Ohio.-BOND SALE.-On Sept. 24 the
three issues of sewer bonds, aggregating $9,587 42 (V. 99. p. 691) were
awarded to the Citizens' National Bank of Wooster at par and accrued int.
WEIGHTS SCHOOL DISTRICT, Santa Clara County, Calif.BOND SALE.-On Sept. 8 the $1,800 55,5% 1-9-year (ser.) coupon school
bonds (V. 99, p. 560) were awarded, it is stated, to the First Nat. Bank of
Los Gatos for $1,810 (100.555)-a basis of about 5.394%•
County, Ind.
WRIGHT TOWNSHIP (P. 0. Midland), Green$3,500
(due Sept. 1
WARRANT SALE.-The $3,000(due Sept. 1 1915) and560)
were
awarded,
p.
(V.
99.
Sept.
1
offered
1916) 6% tax-free warrants
reports state, to W. V. Moffett at 100.15.
-BONDS NOT SOLD.
YAVAPAI COUNTY (P. 0. Prescott), Ariz.gold
coupon court-house5%
No offers were received for the $250,000
be
sold
99,
to
Sept.
23.
(V.
advertised
bonds
equipment
construction and
p.691.)
YEAGER SCHOOL DISTRICT (P. 0. Yeager), Hughes County.
Okla.-BOND SALE.-This district has disposed of an issue of $9,900
school bonds.
YORK TOWNSHIP,Belmont County, Ohio.-BONDS NOT SOLD
No sale was made on Sept. 26 of the $2,000 5% road bonds offered on that
day (V• 99, p. 691). They will be re-advertised.
YORK TOWNSHIP RURAL SCHOOL DISTRICT, Union County,
Ohio.-BONDS NOT SOLD.-Reports state that no bids were received on
Sept. 5 for the $3,950 5 % 3X-year (average) coupon building bonds
offered on that day (V. 99. p. 626).
YPSILANTI, Washtenaw County, Mich.-BOND OFFERING.
Beginning Sept. 22, subscriptions were invited at par by the City Clerk,
Sumner Damon, for the $130,000 6% first mortgage gold coupon bonds
issued by the city for the purpose of purchasing the plant and property of
the Ypsilanti Gas Co. Authority election held July 27 (V. 99. P. 560)•
Denom. $1,000. $500 and $100. Date Sept. 1 1914. Int. M.& S. at the
Union Trust Co. of Detroit or at the City Treasurer's office. Due on
Sept. 1 as follows: $1,000 in 1916,$2.000 in 1917 and 1918,$3,000 in 1919
$4,000 in 1920. 1921 and 1922, and $5,000 yearly 1923 to 1944, inclusive.
Cash deposit of 5% of subscription required. The bonds are secured by
a first mortgage running to the Union Trust Co., as trustee, upon all the
property and revenues of the gas plant.
YUBA COUNTY (P. 0. Marysville), Calif.-BOND ELECTION.
The proposition to issue $550,000 road-improvement bonds will be submitted to a vote, it is stated, at the November election.
YUBA COUNTY RECLAMATION DISTRICT NO. 10 (P. 0. Marysville), Calif.-BONDS VOTED.-According to reports, this district at a
recent election voted in favor of the issuance of $100,000 impt. bonds.
ZANESVILLE, Ohio.-BONDS NOT YET OFFERED.-We are advised that the $5,300 5% 6-year coup. street-improvement (city's portion)
bonds authorized on July 6 (V. 99, p. 220) and the $9,000 5% 10-year
coup. water-works improvement bonds authorized Aug. 17 (V. 99. p. 691)
have not yet been offered for sale.
ZAVALLA COUNTY (P. 0. Batesville), Tex.-BOND SALE.-On
Sept. 1 the $30,000 5% 10-40-year (opt.) road bonds (V. 98. p. 1714) were
awarded to John Zackman of Batesville at par and int. Denom. $1,000.
Date July 10 1914. Int. A. & 0.
Canada, Its Provinces and Municipalities.
BARTON TOWNSHIP, Ont.-DEBENTURE OFFERING.-Reports
state that A. E. Bryant, Twp. Clerk, is offering for sale an issue of $61,000
5% debentures.
BERLIN, Ont.-DEBENTURES VOTED.-Reports state that this
place recently authorized the Issuance of $40,000 water-works debentures.
BOLTON, Ont.-DEBENTURE SALE.-The 29,500 5% 30-yr. hydroelectric debentures offered on Sept. 15 (V. 99, p. 691) have been awarded,
It is stated, to the Bolton Light, Heat & Power Co. for $9,515-equal to
100.157.
CHATHAM, Ont.-DEBENTURE ELECTION.-The questions of issu
ing $90,000 hydro-electric sub-station and $12.000 Concrete Products Co
site debentures will, reports state, be submitted to a vote on Oct. 12.
EDMONTON, Alta.-DEBENTURE SALE.-An issue of $78,840 5%
exhibition-building debentures has been sold to the Sinking Fund on a 04%
basis. Date July 1 1914. Int. J. & J. Due July 1 1934. Newspaper
reports stated that the amount of debentures sold to the Sinking Fund
was $100,000.
EDMONTON SCHOOL DISTRICT NO.7(P. 0. Edmonton), Alta.DEBENTURE SALE.-H, C. Nickerson of N. Y. recently purchased
$850,000 5% 40-year gold debentures. Denom. $500. Date him 30 1914
Int. J. & D. in Toronto, New York and London. Total debt (including
this issue). $3,850,000: assets of School District (est.). $3,807,354 60.
Assessed value (real estate only). $171,376,740.
GRANARD,Alta.-DEBENTURES VOTED.-It is stated that the question of issuing $50,000 cemetery-site purchase, town and fire-hall-sites
debentures carried at a recent election.
MITCHELL, Ont.-DEBENTURE OFFERING.-Bids will be received
until Oct. 5 by Wm.Ryan, Town Clerk,for $30,000 5% debentures. Due
in 30 annual installments of principal and interest.
MONTREAL ROMAN CATHOLIC SCHOOL DISTRICT (P. 0.
Montreal), Que.-DEBENTURES AUTHORIZED.-It is stated that the
School Commrs. recently passed a by-law authorizing the issuance of
81.000,000 school debentures.
NANAIb10, B. C.-DEBENTURES TO BE OFFERED OVER THE
COUNTER.-Newspaper dispatches state that this town will shortly offer
for sale "over the counter" $7,000 street-impt. debentures in the denomof $100.
PORT MOODY, B. C.-DEBENTURES REFUSED.-Reports state
that Terry, Briggs & Slayton of Toledo have refused to accept the $80,000
6% 30-year water-supply debentures awarded to them in August (V. 99.
p.495).
STEELTON, Ont.-DEBENTURES AUTHORIZED.-It is stated
that the Municipal Council on Sept. R passed a by-law providing for the
issuance of 210,000 house of refuge debentures.
SUDBURY, Ont.-DEBENTURE SALE.-According to reports, the
$15.000 5% 15-ann. installment coup. street lighting debentures mentioned in V. 99. p. 561, have been sold to Wood, Gundy & Co. of Toronto
at 90.
TORONTO, Ont.-DEBENTURES AUTHORIZED.-According to
reports, the City Council, recently passed 5 by-laws providing for the issuance of municipal debentures aggregating $1,284.343.
VANCOUVER, B. C.-DEBENTURE SALE.-The City Sinking Fund
has, reports state, purchased $400,000 local impt. debentures.
WALKERSVILLE, Ont.-DEBENTURE ELECTION.-An election
will be held Oct. 10, reports state, to vote on the question of issuing $26.000
street-lighting-system debentures.
WEST VANCOUVER, B. C.-DEBENTURE ELECTION PROPOSED.
-An election will be held in the near future, reports state, to vote on the
proposition to issue $150,000 5 % 30-yr. water-works-system-installation
debentures.
WINDSOR, Ont.-DEBENTURES NOT SOLD.-No tenders were
received for the five issues of debentures, aggregating $214,588 96. offered
on Sept. 25. (V. 99. p 919.).
NEW LOANS
NEW LOANS.
BONDS WANTED,
The City Treasurer will receive proposals
for the purchase of
$35,000
BONDS WANTED
CITY OF BANGOR,MAINE UNION COUNTY, N. J., CITY OF WESTMOUNT,
CANADA
BRIDGE REBUILDING BONDS
$100,000
SINKING FUND COMMISSION
Sealed proposals will be received at the office
the County Collector of Union County, Eliza4% Coupon "Refunding Bonds" of
The Sinking Fund Commissioners of the City
beth, N. J., until OCTOBER 15TH, 1914, at
of Westmount desire to purchase approximately
Interest payable semi-annually May 2nd and
November 2nd.
Issued in denomination of $1,000 each, dated
November 2, 1914, payable $5,000 on the second
day of November in each of the years 1915 to
1934, inclusive. Principal and interest payable
at The Merchants' National Bank of Boston, in
Boston, Mass.
Said Bonds are Exempt from Taxation in
Maine.
Bonds engraved under the supervision of and
certified as to genuineness by THE FIRST
NATIONAL BANK OF BOSTON, and their
legality approved by Messrs. STOREY,THORNDIKE. PALMER & DODGE, whose opinion
will be furnished the purchaser. All legal papers
incident to this issue will be filed with said bank,
where they may be inspected at any time.
Bonds will be delivered to the purchaser on the
second day of November, 1914, at THE FIRST
NATIONAL BANK OF BOSTON.
Proposals will be received until 10 a. in.
Saturday. October 10th, 1914, and are to be
sealed and addressed to H. 0. Pierce, City
Treasurer, Bangor. Maine, and marked "Proposal for Bonds."
Each bid must be accompanied by a certified
check for $500, payable to the order of the City
Treasurer.
The right is reserved to reject any and all bids.
H. 0. PIERCE, City Treasurer.
Bangor, Maine. September 29th, 1914.
BLODGET & CO.
BONDS
60 STATE STREET. BOSTON
30 PINE STREET. NEW YORK
STATE, CITY & RAILROAD BONDS
10 o'clock a. m., for the purchase of $35,000
Bridge Rebuilding Bonds of Union County, N. J.
Said bonds will be coupon bonds of the denomination of $1,000 each, with the privilege of registration as to principal only of conversion into
fully registered bonds. The bonds will be dated
October 1, 1914, will be payable October 1,1934.
and will bear interest at the rate of 43% per
cent per annum, payable semi-annually on the
first days of April and October in each year.
Both principal and interest will be payable in lawful money of the United States at the National
State Bank of Elizabeth, at Elizabeth, N. J.
All bids must provide for the payment of accrued interest from the date of said bonds to the
date of delivery, and must be accompanied by a
certified check upon an incorporated bank or
trust company to the order of "The Board of
Chosen Freeholders of Union County" for 27,
of the amount of bonds bid for. Proposals should
be addressed to Nathan R. Leavitt, County Collector, Elizabeth, N. J., and should be marked
upon the outside thereof "Proposal for Bridge Rebuilding Bonds."
The validity of the Bonds will be approved by
Messrs. Hawkins, Delafield & Longfellow, attorneys, of New York City, whose opinion will
be furnished to the successful bidder and the
bonds will be prepared and certified as to genuineness by the Columbia Trust Company of New
York City.
The right is reserved to reject any or all bids
and no bid for less than par and accrued interest
will be accepted.
JOHN N. CADY,
Director of the Board of Chosen
Freeholders,
NATHAN R. LEAVITT,
County Collector.
$40,000 00 of Municipal Debentures, those issued
by the City orWestmount preferred.
Sealed offers, marked "Sinking Fund Commissioners of Westmount," will be received at the
offices of the Montreal Trust Company until
noon on Monday, the 28th October, 1914.
A full description of bonds offered for sale is
essential. Delivery of the bonds to the Commissioners must be made on 1st of November, 1914.
ARTHUR F. BELL,
Secretary-Treasurer.
MUNICIPAL AND RAILROAD
BONDS
LIST ON APPLICATION
SEASONGOOD & MAYER
Ingalls Building
CINCINNATI
Adrian H. Muller & Soh
AUCTIONEERS
Office, No. 55 WILLIAM STREET
Corner Pine Street
Regular Weekly Sales
Bolger, Mosser & Willaman
MUNICIPAL BONDS
Legal for Savings Banks,
Postal Savings and Trust Funda.
SEND FOR LIST.
29 South La Salle St., CHICAGO
OF
STOCKS and BONDS
EVERY WEDNESDAY
At the Exchange Sales Rooms
14-16 Vesey Street
THE CHRONICLE
1002
ifinane tat
_financial
BANKERS TRUST COMPANY
CAPITAL, $10,000,000
xcrx.
SURPLUS, $10,000,000
HIS Company is authorized and equipped to act in all fiduciary capacities for individuals and corporations and seeks
appointment as:
T
Trustee under Corporate Mortgages
Registrar of Stocks and Bonds
Transfer Agent
Coupon Agent
Executor or Trustee under Will
Trustee under Deed of Trust
Escrow Depositary
Custodian of Securities
Public Utilities
in drowind communities boudht
and financed.
gTheir securities offered
to investor...
Middle West
Utilities Co.
112 West Adam
St.
CHICAGO, ILLINOIS
The Officers will appreciate an opportunity to explain fully
the Company's facilities.
16 WALL STREET
NEW YORK CITY
ATLANTIC MUTUAL INSURANCE COMPANY.
New York. January 22d, 1914.
The Trustees, in conformity with the Charter of the Company, submit the following statement of its affairs on Oil
3151 of December, 1913.
The Company's business has been confined to marine and inland transportation
insurance.
Premiums on such risks from the let January, 1913, to the 31st December, 1913
83,600,334 83
Premiums on Policies not marked off let January, 1913
767,050 84
Total Premiums
$4,387,385 77
Premiums marked off from January 1st, 1913. to December 31st, 1913
Interest on the Investments of the Company received during the year____8308,419 46
Interest on Deposits in Banks and Trust Companies, etc
39,877 94
Rest received less Taxes and Expenses
130,212 32
Losses paid during the year
Less Salvages
Re-insurances
Discount
STONE & WEBSTER
SECURITIES OP
PUBLIC SERVICE CORPORATIONS
STONE & WEBSTER
ENGINEERING CORPORATION
CONSTRUCTING ENGINEERS
$3,712,602 51
478,609 72
.790,888 32
$233.482 0651
320,813 71
47 58 654.3433.5
51.236,544 97
STONE & WEBSTER
MANAGEMENT ASSOCIATION
GENERAL MANAGERS OP
PUBLIC SERVICE CORPORATIONS
Returns of Premiums
8105,033 85
Expenses, Including officers' salaries and clerks' compensation, stationery, advertise650.942 08
ments,etc
BOSTON
147 MILK STREET
A dividend of interest of Slx per cent on the outstanding certificates of profits will be paid to the holden)
thereof, or their legal representatives, on and after Tuesday the third of February next.
The outstanding certificates of the issue of 1908 will be redeemed and paid to the holders thereof, or their
legal representatives, on and after Tuesday the third of February next, from which date all interest thereon
will cease The certificates to be produced at the time of payment and canceled.
A dividend of Forty per cent is declared on the earned premiums of the Company for the year ending 31st
December, 1913. which are entitled to participate In dividend, for which, upon application, certificates will be
Issued on and after Tuesday the fifth of May next.
0. STANTON FLOYD-JONES, Secretary.
By order of the Board.
TRUSTEES
CHARLES H. PRA'IT,1
SAMUEL T. HUBBARD,
JOHN N. BEACH,
DALLAS B. PRATT,
THOMAS II. HUBBARD.
ERNEST C. BLISS,
ANTON A. RAVEN,
LEWIS CASS LEDYARD,
WALDRON P. BROWN.
JOHN J. RIKER,
WILLIAM H.LEFFERTS,
JOHN CLAFLIN
LEVERICH.
DOUGLAS
ROBINSON,
CHARLES D.
GEORGE C. CLARK
WILLIAM J. SCHIEFFEL1N
GEORGE H. MACY,
CLEVELAND H. DODGE.
WILLIAM SLOANE.
NICHOLAS F. PALMER.
CORNELIUS ELBERT,
LOUIS STERN.
HENRY PARISH,
RICHARD H. EWART,
WILLIAM A. STREET,
ADOLF PAVENSTEDT.
PHILII A. S FRANKLINI
JAMES H. POST,
GEORGE E. TURNURE.
HERBERT L. GRIGGS.
RICHARD H. WILLIAMS.
ANSON W. HARD.
A. A. RAVEN, President,
CORNELIUS ELDERT, Vice-President.
WALTER WOOD PARSONS, 24 Vice-Presidenl.
CHARLES E. FAY, 3d Vice-President,
ASSETS.
United States and State of New York
$070,000 00
Bonds
New York City and New York Trust
1.783 700 00
Companies and Bank Stocks
2,737 412 00
Stocks and Bonds of Railroads
282,520 00
Other Securities
Special Deposits In Banks and Trust
1.000,000 00
Companies
Real Estate cor. Wall and William Streets
and Exchange Flare, containing offices 4,295,426 04
Real Estate on Staten Island (held under
75,000 00
provisions of Chapter 481,Laws of 1887)
475.727 45
Premium Notes
605,891 79
B us Receivable
Cash In and of European Bankers to
pay losses under policies payable in
177,881 39
foreign countries
636,465 49
Cash in Bank
Janu(payable
Investments
Temporary
505.000 00
ary and February. 1914)
10.00000
Loan..
113,259.024 16
LIABILITIES.
Estimated Losses and LOS8C8 Unsettled
In process of Adjustment
81,806,024 00
Premiums on Unterminated Risks
654,783 26
Certificates of Profits and Interest Un264,136 25
paid
108,786 90
Return Premiums Unpaid
28,905 88
Reserve for Taxes
221,485 06
Re-Insurance Premiums_
Claims not Settled. Including Compensation, etc
70,799 43
Certificates of Profits Ordered Redeemed,
Withheld for Unpaid Premiums
22,556 09
7,240,320 00
Certificates '
- Profits Outstanding
CHICAGO
PIRST NAT.BANK BLDG.
H. M. Byllesby & Co.
Incorporated
NEW YORK
CHICAGO
TACOMA
Trinity Bldg. Cont. & Comm. Washington
Bank Bldg.
Purchase, Finance, Construct and
Operate Electric Light, Gas, Street
Railway and Water Power Properties.
Examinations and Reports
Utility Securities Bought and Sold
Investment Problems
s107,17,79787
$°,84].227 29
Thus leaving a balance of
$51,65::
to
Accrued Interest on the 31st day of December, 1913, amounted
28,378 26
amounted
to
1913,
December,
day
of
31st
the
accrued
on
Rents due and
December,
day
of
31st
the
York,
on
New
authorized
In
Re-Insurance due or accrued. In companies
166.830 00
1913, amounted to
55,903 22
amounted to
Unexpired re-insurance premiums on the 31st day of December, 1913.
the Real Estate corner Wall and
Note: The Insurance Department has estimated the value of
450,573
ee
above,
at
given
Value
Book
the
Wiltiam Streets and Exchange Place in excess of
63,700 00
And the property at Staten Island in excess of the Book Value, at
December, 1913. exof
day
31st
the
on
Securities
other
am:
Stocks,
Bonds
Value
of
Market
fibe
1,268,075 10
ceeded the Compaay's valuation by
54,926,338 010
a the basis of three Increased valuatinua the baltnce would be
NEW VORIS
5 NASSAU ST.
This is a time to scrutinize your Investments
carefully and seek the best advice in connection
therewith.
We have NOTIIING TO SELL, but are Interested only in what will best meet the special
requirements of each Individual customer.
Closing prices of all securities furnished on
request.
Send for our pamphlet SHIFTING OF INVESTMENTS.
SCHMID
- T ALLATIN
Members of the New York Stock Exchange
111 Broadway. New York
@FedFRASER